Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 15, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
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 | 460-8728 | ||
Title of 12(b) Security | Class A Common Stock, par value $0.10 per share | ||
Trading Symbol | AMTB | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 503 | ||
Entity Common Stock, Shares Outstanding | 33,596,687 | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive proxy statement pursuant to Regulation 14A for the 2024 Annual Meeting of Shareholders, to be filed within 120 days of the registrant’s fiscal year end, are incorporated by reference into Part III hereof. | ||
Entity Central Index Key | 0001734342 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | RSM US LLP |
Auditor Location | Fort Lauderdale, Florida |
Auditor Firm ID | 49 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and due from banks | $ 47,234,000 | $ 19,486,000 |
Interest earning deposits with banks | 242,709,000 | 228,955,000 |
Restricted cash | 25,849,000 | 42,160,000 |
Other short-term investments | 6,080,000 | 0 |
Cash and cash equivalents | 321,872,000 | 290,601,000 |
Securities | ||
Debt securities available for sale | 1,217,502,000 | 1,057,621,000 |
Debt securities held to maturity, at amortized cost (estimated fair value of $204,945 and $217,609 at December 31, 2023 and 2022, respectively) | 226,645,000 | 242,101,000 |
Equity securities with readily determinable fair value not held for trading | 2,534,000 | 11,383,000 |
Federal Reserve Bank and Federal Home Loan Bank stock | 50,294,000 | 55,575,000 |
Securities | 1,496,975,000 | 1,366,680,000 |
Loans held for sale, at lower of cost or fair value | 365,219,000 | 0 |
Mortgage loans held for sale, at fair value | 26,200,000 | 62,438,000 |
Loans held for investment, gross | 6,873,493,000 | 6,857,194,000 |
Less: allowance for credit losses | 95,504,000 | 83,500,000 |
Loans held for investment, net | 6,777,989,000 | 6,773,694,000 |
Bank owned life insurance | 234,972,000 | 228,412,000 |
Premises and equipment, net | 43,603,000 | 41,772,000 |
Deferred tax assets, net | 55,635,000 | 48,703,000 |
Operating lease right-of-use assets | 118,484,000 | 139,987,000 |
Goodwill | 19,193,000 | 19,506,000 |
Accrued interest receivable and other assets | 256,185,000 | 156,011,000 |
Total assets | 9,716,327,000 | 9,127,804,000 |
Deposits | ||
Noninterest bearing | 1,426,919,000 | 1,367,664,000 |
Interest bearing | 2,560,629,000 | 2,300,469,000 |
Savings and money market | 1,610,218,000 | 1,647,811,000 |
Time | 2,297,097,000 | 1,728,255,000 |
Total deposits | 7,894,863,000 | 7,044,199,000 |
Advances from the Federal Home Loan Bank | 645,000,000 | 906,486,000 |
Senior notes | 59,526,000 | 59,210,000 |
Subordinated notes | 29,454,000 | 29,284,000 |
Junior subordinated debentures held by trust subsidiaries | 64,178,000 | 64,178,000 |
Operating lease liabilities | 123,167,000 | 140,147,000 |
Accounts payable, accrued liabilities and other liabilities | 164,071,000 | 178,574,000 |
Total liabilities | 8,980,259,000 | 8,422,078,000 |
Commitments and contingencies (Note 19) | ||
Stockholders’ equity | ||
Class A common stock, $0.10 par value, 250 million shares authorized; 33,603,242 shares issued and outstanding (2022- 33,815,161 shares issued and outstanding) | 3,361,000 | 3,382,000 |
Additional paid in capital | 192,701,000 | 194,694,000 |
Retained earnings | 610,802,000 | 590,375,000 |
Accumulated other comprehensive loss | (70,796,000) | (80,635,000) |
Total stockholders' equity before noncontrolling interest | 736,068,000 | 707,816,000 |
Noncontrolling interest | 0 | (2,090,000) |
Total stockholders' equity | 736,068,000 | 705,726,000 |
Total liabilities and stockholders' equity | $ 9,716,327,000 | $ 9,127,804,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Aug. 03, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | |||
Estimated Fair Value | $ 204,945 | $ 217,609 | |
Common Stock, Shares Authorized | 250,000,000 | ||
Common stock, shares issued (in shares) | 33,603,242 | 33,815,161 | |
Class A | |||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 | $ 0.10 |
Common Stock, Shares Authorized | 250,000,000 | 250,000,000 | |
Common stock, shares issued (in shares) | 33,603,242 | 33,815,161 | |
Common stock, shares outstanding (in shares) | 33,603,242 | 33,815,161 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest income | |||
Loans | $ 475,405 | $ 293,210 | $ 216,097 |
Investment securities | 54,860 | 41,413 | 31,500 |
Interest earning deposits with banks and other interest income | 18,314 | 4,153 | 247 |
Total interest income | 548,579 | 338,776 | 247,844 |
Interest expense | |||
Interest bearing demand deposits | 62,551 | 15,118 | 591 |
Savings and money market deposits | 42,356 | 11,808 | 3,533 |
Time deposits | 78,829 | 22,124 | 23,766 |
Advances from the Federal Home Loan Bank | 28,816 | 15,092 | 8,595 |
Senior notes | 3,766 | 3,766 | 3,768 |
Subordinated notes | 1,445 | 1,172 | 0 |
Junior subordinated debentures | 4,345 | 3,030 | 2,449 |
Securities sold under agreements to repurchase | 7 | 1 | 1 |
Total interest expense | 222,115 | 72,111 | 42,703 |
Net interest income | 326,464 | 266,665 | 205,141 |
Provision for (reversal of) credit losses | 61,277 | 13,945 | (16,500) |
Net interest income after provision for (reversal of) credit losses | 265,187 | 252,720 | 221,641 |
Noninterest income | |||
Deposits and service fees | 19,376 | 18,592 | 17,214 |
Brokerage, advisory and fiduciary activities | 17,057 | 17,708 | 18,616 |
Gain (loss) on early extinguishment of advances from the Federal Home Loan Bank, net | 40,084 | 10,678 | (2,488) |
Loan level derivative income | 4,580 | 10,360 | 3,951 |
Change in cash surrender value of bank owned life insurance | 5,173 | 5,406 | 5,459 |
Cards and trade finance servicing fees | 3,067 | 2,276 | 1,771 |
Derivative gains, net | 28 | 455 | 0 |
Gain on sale of headquarters building | 0 | 0 | 62,387 |
Securities (losses) gains, net | (10,989) | (3,689) | 3,740 |
Other noninterest income | 9,120 | 5,491 | 9,971 |
Total noninterest income | 87,496 | 67,277 | 120,621 |
Noninterest expense | |||
Salaries and employee benefits | 133,506 | 123,510 | 117,585 |
Occupancy and equipment | 27,843 | 27,393 | 20,364 |
Professional and other services fees | 34,569 | 22,142 | 19,096 |
Telecommunication and data processing | 15,485 | 14,735 | 14,949 |
Advertising expenses | 12,811 | 11,620 | 3,382 |
Loan level derivative expense | 1,910 | 8,146 | 815 |
Contract termination costs | 1,550 | 7,103 | 0 |
FDIC assessments and insurance | 10,601 | 6,598 | 6,423 |
Depreciation and amortization | 6,842 | 5,883 | 7,269 |
Other real estate owned and repossessed assets expense, net | 2,092 | 3,408 | 0 |
Losses on loans held for sale carried at the lower of cost or fair value | 43,057 | 159 | 0 |
Other operating expenses | 21,089 | 10,716 | 8,359 |
Total noninterest expenses | 311,355 | 241,413 | 198,242 |
Income before income tax expense | 41,328 | 78,584 | 144,020 |
Income tax expense | (10,539) | (16,621) | (33,709) |
Net income before attribution of noncontrolling interest | 30,789 | 61,963 | 110,311 |
Noncontrolling interest | (1,701) | (1,347) | (2,610) |
Net income attributable to Amerant Bancorp Inc. | 32,490 | 63,310 | 112,921 |
Other comprehensive income (loss), net of tax | |||
Net unrealized holding gains (losses) on debt securities available for sale arising during the period | 9,357 | (97,151) | (12,960) |
Net unrealized holding (losses) gains on cash flow hedges arising during the period | (15) | 220 | 137 |
Reclassification adjustment for items included in net income | 497 | 1,079 | (3,624) |
Other comprehensive income (loss) | 9,839 | (95,852) | (16,447) |
Comprehensive income (loss) | $ 42,329 | $ (32,542) | $ 96,474 |
Earnings Per Share (Note 23) | |||
Basic earnings per common share (in dollars per share) | $ 0.97 | $ 1.87 | $ 3.04 |
Diluted earnings per common share (in dollars per share) | $ 0.96 | $ 1.85 | $ 3.01 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Stock issued for employee stock purchase plan | Class A | Class B | Total Stockholders' Equity Before Noncontrolling Interest | Total Stockholders' Equity Before Noncontrolling Interest Stock issued for employee stock purchase plan | Total Stockholders' Equity Before Noncontrolling Interest Class A | Common Stock | Common Stock Class A | Common Stock Class B | Additional Paid in Capital | Treasury Stock | Treasury Stock Class A | Treasury Stock Class B | Retained Earnings | Retained Earnings Stock issued for employee stock purchase plan | Retained Earnings Class A | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest |
Beginning balance (in shares) at Dec. 31, 2020 | 28,806,344 | 9,036,352 | |||||||||||||||||
Beginning balance at Dec. 31, 2020 | $ 783,421 | $ 783,421 | $ 2,882 | $ 904 | $ 305,569 | $ 0 | $ 442,402 | $ 31,664 | $ 0 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Conversion of stock (in shares) | 8,047,564 | (8,471,120) | |||||||||||||||||
Conversion of stock | 0 | 0 | $ 805 | $ (847) | 42 | ||||||||||||||
Repurchase of common stock (in shares) | (1,175,119) | (565,232) | |||||||||||||||||
Repurchase of common stock | $ (36,332) | $ (9,563) | (9,563) | $ (36,332) | $ (36,332) | $ (9,563) | $ 0 | ||||||||||||
Treasury stock retired | 0 | 0 | $ (118) | $ (57) | (45,720) | 45,895 | |||||||||||||
Restricted stock issued (in shares) | 252,503 | ||||||||||||||||||
Restricted stock issued | 0 | 0 | $ 25 | (25) | |||||||||||||||
Issuance of common shares for restricted stock unit vesting (in shares) | 45,586 | ||||||||||||||||||
Issuance of common shares for restricted stock unit vesting | 0 | 0 | $ 5 | (5) | |||||||||||||||
Issuance of common shares for performance shares unit vesting (in shares) | 1,729 | ||||||||||||||||||
Issuance of common shares for performance shares unit vesting | 0 | 0 | |||||||||||||||||
Restricted stock surrendered (in shares) | (66,491) | ||||||||||||||||||
Restricted stock, restricted stock units and performance stock units surrendered | (2,143) | (2,143) | $ (7) | (2,136) | |||||||||||||||
Restricted stock forfeited (in shares) | (28,796) | ||||||||||||||||||
Restricted Stock forfeited | 0 | 0 | $ (3) | 3 | |||||||||||||||
Stock-based compensation expense | 4,782 | 4,782 | 4,782 | ||||||||||||||||
Dividends Paid | (2,156) | (2,156) | (2,156) | ||||||||||||||||
Net income attributable to Amerant Bancorp Inc. | 112,921 | 112,921 | 112,921 | ||||||||||||||||
Net loss attributable to noncontrolling-interest shareholders | (2,610) | 0 | (2,610) | ||||||||||||||||
Other comprehensive income (loss) | (16,447) | (16,447) | (16,447) | ||||||||||||||||
Ending (in shares) at Dec. 31, 2021 | 35,883,320 | 0 | |||||||||||||||||
Ending balance at Dec. 31, 2021 | 831,873 | $ 13,872 | 834,483 | $ 13,872 | $ 3,589 | $ 0 | 262,510 | 0 | 553,167 | $ (13,872) | 15,217 | (2,610) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Repurchase of common stock (in shares) | (2,255,005) | ||||||||||||||||||
Repurchase of common stock | $ (72,060) | (72,060) | (72,060) | $ 0 | |||||||||||||||
Transfer of subsidiary shares from noncontrolling interest | 0 | (1,867) | (1,867) | 1,867 | |||||||||||||||
Treasury stock retired | 0 | 0 | $ (226) | $ 0 | (71,834) | 72,060 | |||||||||||||
Restricted stock issued (in shares) | 175,601 | ||||||||||||||||||
Restricted stock issued | 0 | 0 | $ 18 | (18) | |||||||||||||||
Issuance of common shares for restricted stock unit vesting (in shares) | 33,349 | ||||||||||||||||||
Issuance of common shares for restricted stock unit vesting | 0 | 0 | $ 3 | (3) | |||||||||||||||
Restricted stock surrendered (in shares) | (17,768) | ||||||||||||||||||
Restricted stock, restricted stock units and performance stock units surrendered | (1,063) | (1,063) | $ (2) | (1,061) | |||||||||||||||
Restricted stock forfeited (in shares) | (39,673) | ||||||||||||||||||
Restricted Stock forfeited | 0 | 0 | $ (4) | 4 | |||||||||||||||
Stock issued for employee stock purchase plan (in shares) | 35,337 | ||||||||||||||||||
Stock issued for employee stock purchase plan | 1,179 | 1,179 | $ 4 | 1,175 | |||||||||||||||
Stock-based compensation expense | 5,788 | 5,788 | 5,788 | ||||||||||||||||
Dividends Paid | (12,230) | (12,230) | (12,230) | ||||||||||||||||
Net income attributable to Amerant Bancorp Inc. | 63,310 | 63,310 | 63,310 | ||||||||||||||||
Net loss attributable to noncontrolling-interest shareholders | (1,347) | 0 | (1,347) | ||||||||||||||||
Other comprehensive income (loss) | (95,852) | (95,852) | (95,852) | ||||||||||||||||
Ending (in shares) at Dec. 31, 2022 | 33,815,161 | 33,815,161 | 0 | ||||||||||||||||
Ending balance at Dec. 31, 2022 | 705,726 | 707,816 | $ 3,382 | $ 0 | 194,694 | 0 | 590,375 | (80,635) | (2,090) | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Repurchase of common stock (in shares) | (259,853) | ||||||||||||||||||
Repurchase of common stock | $ (4,933) | $ (4,933) | $ (4,933) | ||||||||||||||||
Transfer of subsidiary shares from noncontrolling interest | 0 | (3,791) | (3,791) | 3,791 | |||||||||||||||
Treasury stock retired | 0 | 0 | $ (26) | (4,907) | 4,933 | ||||||||||||||
Restricted stock issued (in shares) | 10,440 | ||||||||||||||||||
Restricted stock issued | 0 | 0 | $ 1 | (1) | |||||||||||||||
Issuance of common shares for restricted stock unit vesting (in shares) | 65,526 | ||||||||||||||||||
Issuance of common shares for restricted stock unit vesting | 0 | 0 | $ 7 | (7) | |||||||||||||||
Issuance of common shares for performance shares unit vesting (in shares) | 10,621 | ||||||||||||||||||
Issuance of common shares for performance shares unit vesting | 0 | 0 | $ 1 | (1) | |||||||||||||||
Restricted stock surrendered (in shares) | (53,607) | ||||||||||||||||||
Restricted stock, restricted stock units and performance stock units surrendered | (1,427) | (1,427) | $ (5) | (1,422) | |||||||||||||||
Restricted stock forfeited (in shares) | (41,973) | ||||||||||||||||||
Restricted Stock forfeited | 0 | 0 | $ (4) | 4 | |||||||||||||||
Stock issued for employee stock purchase plan (in shares) | 56,927 | ||||||||||||||||||
Stock issued for employee stock purchase plan | 1,362 | 1,362 | $ 5 | 1,357 | |||||||||||||||
Stock-based compensation expense | 6,775 | 6,775 | 6,775 | ||||||||||||||||
Dividends Paid | (12,063) | (12,063) | (12,063) | ||||||||||||||||
Net income attributable to Amerant Bancorp Inc. | 32,490 | 32,490 | 32,490 | ||||||||||||||||
Net loss attributable to noncontrolling-interest shareholders | (1,701) | 0 | (1,701) | ||||||||||||||||
Other comprehensive income (loss) | 9,839 | 9,839 | 9,839 | ||||||||||||||||
Ending (in shares) at Dec. 31, 2023 | 33,603,242 | 33,603,242 | 0 | ||||||||||||||||
Ending balance at Dec. 31, 2023 | $ 736,068 | $ 736,068 | $ 3,361 | $ 0 | $ 192,701 | $ 0 | $ 610,802 | $ (70,796) | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities | |||
Net income before attribution of noncontrolling interest | $ 30,789 | $ 61,963 | $ 110,311 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities | |||
Provision for (reversal of) credit losses | 61,277 | 13,945 | (16,500) |
Net premium amortization on securities and other short-term investments | 4,850 | 8,537 | 12,596 |
Depreciation and amortization | 6,842 | 5,883 | 7,269 |
Stock-based compensation expense | 6,775 | 5,788 | 4,782 |
Losses on loans held for sale carried at the lower of cost or fair value | 43,057 | 159 | 0 |
Loans on sale of repossessed assets | 2,649 | 0 | 0 |
Impairment on investment carried at cost | 1,963 | 0 | 0 |
Change in cash surrender value of bank owned life insurance | (5,173) | (5,406) | (5,459) |
Securities losses (gains), net | 10,989 | 3,689 | (3,740) |
Derivative gains, net | (28) | (455) | 0 |
(Gain) loss on sale of loans, net | (4,355) | 320 | (4,276) |
Net gain on sale of headquarters building | 0 | 0 | (62,387) |
Net loss on sale of premises and equipment | 0 | 0 | 71 |
Deferred taxes and others | (5,508) | 4,998 | 6,000 |
(Gain) loss on early extinguishment of advances from the FHLB, net | (40,084) | (10,678) | 2,488 |
Proceeds from sales and repayments of mortgage loans originated for sale (at fair value) | 286,504 | 143,082 | 20,859 |
Originations and purchases of mortgage loans originated for sale (at fair value) | (343,524) | (286,715) | (35,108) |
Net changes in operating assets and liabilities | |||
Accrued interest receivable and other assets | (34,449) | (15,348) | (4,432) |
Account payable, accrued liabilities and other liabilities | 4,147 | 21,078 | 34,957 |
Net cash provided by (used in) operating activities | 26,721 | (49,160) | 67,431 |
Purchases of investment securities: | |||
Available for sale | (264,094) | (266,667) | (425,864) |
Held to maturity | 0 | (140,028) | (100,403) |
Federal Home Loan Bank stock | (83,119) | (38,044) | (4,565) |
Equity securities with readily determinable fair value not held for trading | (2,500) | (12,656) | 0 |
Purchases of investment securities | (349,713) | (457,395) | (530,832) |
Maturities, sales, calls, paydowns and redemptions of investment securities: | |||
Available for sale | 104,191 | 246,394 | 446,436 |
Held to maturity | 14,718 | 15,354 | 39,695 |
Federal Home Loan Bank stock | 88,400 | 29,964 | 22,110 |
Equity securities with readily determinable fair value not held for trading | 11,168 | 252 | 23,470 |
Maturities, sales, calls and paydowns of investment securities | 218,477 | 291,964 | 531,711 |
Net proceeds from sale of headquarters building | 0 | 0 | 132,360 |
Net (increase) decrease in loans | (509,687) | (1,311,608) | 93,321 |
Proceeds from loan portfolio sales | 109,224 | 84,029 | 166,329 |
Purchase of bank owned life insurance | (65,015) | 0 | 0 |
Purchases of premises and equipment and others | (10,933) | (10,629) | (6,577) |
Proceeds from sales of premises and equipment | 535 | 0 | 28 |
Proceeds from sales of repossessed assets and other real estate owned | 2,464 | 6,393 | 16 |
Cash paid in business acquisition, net | (1,970) | 0 | (1,037) |
Net cash (used in) provided by investing activities | (606,618) | (1,397,246) | 385,319 |
Cash flows from financing activities | |||
Net increase in demand, savings and money market accounts | 281,822 | 1,022,913 | 602,950 |
Net increase (decrease) in time deposits | 568,842 | 390,415 | (703,722) |
Proceeds from advances from the Federal Home Loan Bank | 1,955,000 | 1,130,000 | 485,500 |
Repayments of advances from the Federal Home Loan Bank | (2,176,977) | (1,024,322) | (729,618) |
Proceeds from issuance of subordinated notes, net of issuance costs | 0 | 29,146 | 0 |
Repurchase of common stock - Class A | (4,933) | (72,060) | (36,332) |
Dividends paid | (12,063) | (12,230) | 0 |
Repurchase of common stock - Class B | 0 | 0 | (9,563) |
Disbursements arising from stock based compensation, net | (523) | (1,063) | (2,143) |
Net cash provided by (used in) financing activities | 611,168 | 1,462,799 | (392,928) |
Net increase in cash and cash equivalents and restricted cash | 31,271 | 16,393 | 59,822 |
Cash and cash equivalents and restricted cash | |||
Beginning of period | 290,601 | 274,208 | 214,386 |
End of period | 321,872 | 290,601 | 274,208 |
Supplemental disclosures of cash flow information | |||
Cash paid for Interest | 211,769 | 67,295 | 46,327 |
Cash paid for Income taxes | 24,966 | 27,537 | 14,538 |
Initial recognition of operating lease right-of-use assets | 0 | 0 | 55,670 |
Initial recognition of operating lease liabilities | 0 | 0 | 56,024 |
Right-of-use assets obtained in exchange for new lease obligations | 12,001 | 8,887 | 91,797 |
Noncash investing activities: | |||
Surrender of bank owned life insurance receivable from former insurance carrier | 63,628 | 0 | 0 |
Mortgage loans held for sale (at fair value) transferred to loans held for investment | 98,918 | 96,233 | 0 |
Loans held for sale (at lower cost or fair value) transferred to loans held for investment | 0 | 65,802 | 0 |
Loans held for investment transferred to loans held for sale (at lower of fair value or cost) | 449,563 | 0 | 256,154 |
Net transfers from premises and equipments to operating lease right-of-use assets | 0 | 0 | 69,931 |
Loans transferred to other assets | $ 26,534 | $ 0 | $ 9,400 |
Business, Basis of Presentation
Business, Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business, Basis of Presentation and Summary of Significant Accounting Policies | Business, Basis of Presentation and Summary of Significant Accounting Policies a) Business Amerant Bancorp Inc (the “Company”) is a Florida corporation incorporated in 1985, which has operated since January 1987. The Company is a bank holding company registered under the Bank Holding Company Act of 1956 (“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 is a national bank subject to regulation and regular examinations by the Office of the Comptroller of the Currency (“OCC”). The Bank has three operating subsidiaries: Amerant Investments, Inc., a securities broker-dealer (“Amerant Investments”), Amerant Mortgage, LLC (“Amerant Mortgage”), a mortgage lending company domiciled in Florida (“Amerant Mortgage”) and Elant Bank & Trust Ltd., a Grand-Cayman based trust company (the “Cayman Bank”). The Bank has been serving the communities in which it operates for over 40 years. The Bank has 23 Banking Centers, including 16 located in South Florida, six in the Greater Houston area, Texas, and one in Tampa, Fl. As the main operating subsidiary of the Company, the Bank offers a wide variety of domestic, international, personal and commercial banking services. Investment, trust, fiduciary and wealth management services are provided through the Bank’s operating subsidiaries Amerant Investments and the Cayman Bank. Amerant Mortgage offers a full complement of residential lending solutions including conventional, government, construction, Jumbo loans, and other residential lending product offerings. The Company’s main activities are concentrated in its primary markets, with domestic customers located within those markets, and with international customers mainly located in Latin America. The Company does not have any significant concentrations to any one customer. In May 2021, the Company incorporated a new wholly owned subsidiary, Amerant SPV, LLC, or Amerant SPV. From time to time, the Company may evaluate select opportunities to invest and acquire non-controlling interests, through Amerant SPV, in companies it partners with, or may acquire non-controlling interests of fintech and specialty finance companies that the Company believes will be strategic or accretive. In addition, through Amerant SPV, we may also invest in companies and funds that invest in technology companies that are developing solutions aimed at allowing financial institutions and community banks to more effectively compete and serve their customers. The Company’s Class A common stock, par value $0.10 per common share (the “Common Stock”) was listed and traded on the The Nasdaq Stock Market LLC (“Nasdaq”) Global Select Market under the symbol “AMTB” until August 28, 2023. On August 3, 2023, the Company provided written notice to Nasdaq of its determination to voluntarily withdraw the principal listing of the Company’s 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 Activities The Company continues to work at optimizing its operating structure to best support its business activities. In 2021, the Bank entered into a new multi-year outsourcing agreement with a recognized third party financial technology services provider (the “Financial Technology Services Agreement”). Under the terms of this agreement, the third party has assumed full responsibility over a significant number of the Bank’s former support functions and staff, including certain back-office operations. This new relationship entails transitioning of our core data processing platform and other applications from previous software vendors to those offered by this third party financial technology service provider. This new agreement is expected to allow the Bank to achieve greater operational efficiencies and deliver more advanced solutions and services to our customers. Effective January 1, 2022, there were 80 employees who are no longer working for the Company as a result of this new agreement. The Company completed the transition of its core data processing platform and other applications in the fourth quarter of 2023. Contract termination Costs In connection with the implementation of the Financial Technology Services Agreement, the Company recorded estimated contract termination and related costs of approximately of $1.6 million and $7.1 million in 2023 and 2022, respectively. The Company does not expect to incur significant contract termination costs in the future in connection with the implementation of this agreement. Other Restructuring Costs In 2023, the Company recorded severance costs of approximately $4.0 million, branch closure expenses and related charges of $2.3 million, consulting and other professional fees and software expenses totaling of $6.4 million and a charge of $1.4 million related to the disposition of fixed assets due to the write off of in-development software. In 2022, the Company recorded severance costs of approximately $3.0 million, consulting and other professional fees of $3.6 million and branch closure expenses and related charges of $1.6 million. Severance costs are included in “salaries and employees benefits expense” in the Company’s consolidated statement of operations and comprehensive income (loss). Optimizing Capital Structure Subordinated Notes . On March 9, 2022, the Company completed a $30.0 million offering of subordinated notes with a 4.25% fixed-to-floating rate and due on March 15, 2032 (the “Subordinated Notes”). See Note 10-Subordinated Notes, for details. Stock Repurchases . In March of 2021, the Company announced a repurchase program to purchase up to $40 million of shares of Class B common stock (the “Class B Common Stock Repurchase Program”). In September 2021, the Company’s Board of Directors authorized a stock repurchase program to repurchase up to $50 million of shares of the Company’s Class A common stock (the “Class A Common Stock Repurchase Program”), and terminated the Class B Common Stock Repurchase Program, previously authorized in March 2021. In January 2022, the Company’s Board of Directors authorized a new repurchase program to repurchase up to $50 million of its shares of Class A common stock (the “New Common Stock Repurchase Program”). Also, in January 2022, the Company announced the completion of the Class A Common Stock Repurchase Program, previously authorized in September 2021. Lastly, in May 2022, the Company announced the completion of the New Common Stock Repurchase Program, previously authorized in January 2022. 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”). In 2023, 2022 and 2021 the Company’s Board of Directors authorized the cancellation of all shares of Class A common stock and Class B common stock repurchased in 2023, 2022 and 2021. See Note 18-Stockholders’ Equity for details on all stock repurchases. Clean-Up Merger . In November 2021, the Company’s shareholders approved a clean-up merger pursuant to which a newly-created subsidiary of the Company, formed with the only purpose of effecting the clean-up merger, merged with and into the Company (the “Clean-Up Merger”). Under the terms of the Clean-up Merger, among other actions, each outstanding share of Class B common stock was converted to 0.95 of a share of Class A common stock without any action on the part of the holders of Class B common stock. See Note 18-Stockholders’ Equity for details on the Clean-Up Merger. Dividends . In January 2024, and each of the four quarters of 2023 and 2022, the Company’s Board of Directors declared a cash dividend of $0.09 per share of the Company’s Class A common stock. In 2021, the Company’s Board of Directors declared a cash dividend of $0.06 per share of the Company’s Class A common stock. See Note 18-Stockholders’ Equity for details on all dividends declared. Wholly-owned Subsidiaries Mergers On August 2, 2022, the Company completed an intercompany transaction of entities under common control, pursuant to which the Company’s wholly owned subsidiary, Amerant Florida Bancorp Inc. (“Amerant Florida”), merged with and into the Company, with the Company as sole survivor (the “Amerant Florida Merger”). In connection with the Amerant Florida Merger, the Company assumed all assets and liabilities of Amerant Florida, including its direct ownership of the Bank, the common capital securities issued by the 5 trust subsidiaries, and the junior subordinated debentures issued by Amerant Florida and related agreements. The Amerant Florida Merger had no impact to the Company’s consolidated financial condition and results of operations. See Note 11- Junior Subordinated Debentures Held By Trust Subsidiaries for additional information on the common capital securities issued by the five trust subsidiaries, and the junior subordinated debentures. Changes in Ownership Interest in Amerant Mortgage At December 31, 2023 and 2022, the Company had an ownership interest of 100% and 80% in Amerant Mortgage, respectively. On December 31, 2023, Amerant Mortgage became a wholly-owned subsidiary of the Company as it increased its ownership interest to 100% effective as of December 31, 2023. This transaction had no material impact to the Company’s results of operations in the year ended December 31, 2023. In connection with the change in ownership interest, which brought the noncontrolling interest share of equity to zero, the Company derecognized the equity attributable to noncontrolling interest of $3.8 million at December 31, 2023, with a corresponding reduction to additional paid-in capital as of that date. On March 31, 2022, the Company contributed $1.5 million in cash to Amerant Mortgage, increasing its ownership interest to 57.4% as of March 31, 2022 from 51% as of December 31, 2021. In addition, in the three months ended June 30, 2022, the Company increased its ownership interest in Amerant Mortgage to 80% from 57.4% at March 31, 2022. This change was the result of: (i) two former principals of Amerant Mortgage surrendering their interest in Amerant Mortgage to the Company, when they became full time employees of the Bank (the “Transfer of Subsidiary Shares From Noncontrolling Interest”), and (ii) an additional contribution made by the Company of $1 million, in cash, to Amerant Mortgage in the three months ended June 30, 2022. As a result of the Transfer of Subsidiary Shares From Noncontrolling Interest, in the year ended December 31, 2022, the Company reduced its Additional Paid-in Capital by a total of $1.9 million with a corresponding increase to the equity attributable to Noncontrolling Interest. Business Acquisition On January 13, 2023 (the “ 2023 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 constituted a business (the “F&B Acquisition.”) The F&B Acquisition was recorded as a business acquisition using the acquisition method of accounting. The 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. Upon completion of the purchase price allowance in the forth quarter of 2023, the Company determined there was no contingent consideration required to be included as part of purchase price. The Company recorded goodwill of $1.0 million, which represented the excess of the initial purchase price over the estimated fair value of tangible and intangible assets acquired, net of the liabilities assumed. On May 12, 2021 (the “Acquisition Date”), Amerant Mortgage completed the acquisition of First Mortgage Company (“FMC”). Amerant Mortgage and FMC were ultimately merged, allowing Amerant Mortgage to operate its business nationally with direct access to federal housing agencies. We refer to these transactions as the “FMC Acquisition.” The FMC Acquisition was recorded as a business acquisition using the acquisition method of accounting. The purchase price of approximately $1.0 million was paid in cash and represented the fair value of $0.5 million in mortgage servicing rights (“MSR”) acquired, plus a premium of $0.5 million. No liabilities were assumed in the transaction. The Company allocated the premium paid on the purchase to an indefinite-lived intangible license which was recorded at its fair value of $0.5 million as of the Acquisition Date. The MSRs and premium assigned to an intangible asset were recorded in “Other assets” in the consolidated balance sheets. The transaction resulted in no goodwill. 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. Amerant SPV Investments The Company, through Amerant SPV, has invested in equity and non-equity instruments issued by Marstone, Inc (“Marstone”), a digital wealth management fintech it has partnered with to provide digital wealth management and financial planning capabilities to new and existing customers. In connection with the equity investment, in November 2021, Gerald P. Plush, our Company’s Chairman, President & CEO, was appointed to Marstone’s Board of Directors as one of its seven individual members. In July 2023, the Company’s Chief Operating Officer replaced Mr. Plush in the role, and does not have individual power to control or direct the operations of Marstone. The Company’s equity investment in Marstone represents less than 5% of its voting power. In addition, the Company considers it does not have a variable interest in Marstone. At December 31, 2023 and 2022, the Company’s investments in Marstone include equity investments of $0.5 million and $2.5 million, respectively, and non-equity investments of $1.6 million and $1.3 million, respectively. In 2023, the Company recorded an impairment charge of $2.0 million related to its equity investments in Marstone. In October 2021, the Company invested $2.5 million in an equity instrument issued by Raistone Financial Corp (“Raistone”), a financial technology solutions provider launched in 2017 that offers working capital financing solutions. This equity investment represents less than 5% of Raistone’s voting power. In addition, the Company considers it does not have a variable interest in Raistone. There were no additional investments in Raistone in 2023 and 2022. In December 2021, the Company became a strategic lead investor in the JAM FINTOP Blockchain fund (the “JAM FINTOP Fund”), with an initial commitment of approximately $5.4 million that may be expanded to $9.8 million should the Fund increase to its maximum target size of $200 million. Initially, the JAM FINTOP Fund will focus its investments on the blockchain “infrastructure layer” that will help regulated financial institutions compliantly operate blockchain-powered applications in areas such as lending, payments, and exchanges. As a strategic lead investor in the JAM FINTOP Fund, the Company expects to have access and become an early adopter of this transformational technology. At December 31, 2023 and 2022 the investment in the JAM FINTOP Fund amounts to $1.4 million and $1.2 million, respectively. In May 2023, the Company became an investor in the Black Dragon Fund (“Black Dragon”). At December 31, 2023, the investment in Black Dragon amounted to $1.0 million. These investments in Marstone, Raistone, Black Dragon and the Fund are recorded at their original cost and are included in the Company’s consolidated balance sheet in other assets. The Company reviews these investments periodically for deterioration. At December 31, 2023, 2022 and 2021, other than the impairment charge discussed above in connection with the Company's investments in Marstone, the Company considers these investments are not deteriorated and did not record an impairment charge as a result. Bank Owned Life Insurance In the fourth quarter of 2023, the Company completed a restructuring of its bank-owned life insurance (“BOLI”) program. This was executed through a combination of a 1035 exchange and a surrender and reinvestment into a higher-yielding general account with a new investment grade insurance carrier. This transaction allowed for higher team member participation through an enhanced split-dollar plan. Estimated improved yields resulting from the enhancement have an earn-back period of approximately 2 years. In the fourth quarter of 2023, the Company recorded total additional expenses and charges of $4.6 million in connection with this transaction, including: (i) a reduction of $0.7 million to the cash surrender value of BOLI; (ii) transaction costs of $1.1 million, included as part of other operating expenses, and (iii) income tax expense of $2.8 million. In addition, as of December 31, 2023, the Company had a receivable from the prior insurance carrier for $62.5 million in connection with the restructuring of the Company’s BOLI in the fourth quarter of 2023, which was included as part of other assets in the Company’s consolidated balance sheet. The Company collected in full this receivable from the prior insurance carrier in February 2024. Employee Stock Purchase Plan On June 8, 2022, the shareholders of the Company approved the Amerant Bancorp Inc. 2021 Employee Stock Purchase Plan (the “ESPP” or the “Plan”). The purpose of the Plan is to provide eligible employees of the Company and its designated subsidiaries with the opportunity to acquire a stock ownership interest in the Company on favorable terms and to pay for such acquisitions through payroll deductions. All named executive officers, and all other executive officers of the Company who were eligible as of the enrollment deadline for the first offering period elected to participate in the Plan. See Note 14-Incentive Compensation and Benefit Plans for more details on the ESPP. COVID-19 Pandemic CARES Act. On March 11, 2020, the World Health Organization recognized an outbreak of a novel strain of the coronavirus, COVID-19, as a pandemic. The COVID-19 pandemic adversely affected the economy, including significant changes in interest rates, and resulted in the enactment of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The CARES Act provided emergency economic relief to individuals, small businesses, mid-size companies, large corporations, hospitals and other public health facilities, and state and local governments, and allocated the Small Business Administration, or SBA, $350.0 billion to provide loans of up to $10.0 million per small business as defined in the CARES Act. On April 2, 2020, the Bank began participating in the SBA’s Paycheck Protection Program, or “PPP”, by providing loans to qualifying businesses to cover payroll, rent, mortgage, healthcare, and utilities costs, among other essential expenses. As of December 31, 2023 and 2022, PPP loan balances were not significant. In the second quarter of 2021, the Company sold to a third party, in cash, PPP loans with an outstanding balance of approximately $95.1 million, and realized a pretax gain on sale of $3.8 million. The Company retained no loan servicing rights on these PPP loans. Loan Modification Program s. On March 26, 2020, the Company began offering loan payment relief options to customers impacted by the COVID-19 pandemic, including interest only and/or forbearance options. These programs continued throughout 2020 and in the six months ended June 30, 2021. In the third quarter of 2021, the Company ceased to offer these loan payment relief options, including interest-only and/or forbearance options. Loans that had been modified under these programs totaled $1.1 billion as of December 31, 2021. As of December 31, 2023 and 2022, there were no loans under these deferral and/or forbearance options. b) Basis of Presentation and Summary of Significant Accounting Policies Emerging Growth Company Section 107 of the JOBS Act provides that, as an “emerging growth company”, or EGC, a Company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. Therefore, an EGC can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. In 2019, the Federal bank regulators recognized or permitted public companies that are EGCs to delay the adoption of accounting pronouncements until those standards would otherwise apply to private companies. The Company benefited from this extended transition period from the date it became a publicly traded company through the date immediately prior to December 31, 2022. As of December 31, 2022, the Company determined that it no longer qualified as an EGC as of December 31, 2022 and, therefore, was unable to continue to benefit from any extended transition period for complying with new or revised accounting standards as of that date. See discussion below of recently adopted accounting pronouncements as a result of this transition. See sections below for more details. Significant Accounting Policies The following is a description of the significant accounting policies and practices followed by the Company in the preparation of the accompanying consolidated financial statements. These policies conform with generally accepted accounting principles in the United States (GAAP). Segment Reporting The Company is managed using a single segment concept, on a consolidated basis, and management determined that no separate current or historical reportable segment disclosures are required under GAAP. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The Company evaluates whether it has a controlling financial interest in an entity in the form of a variable-interest entity, or a voting interest entity. Non-Controlling Interest The Company records net loss attributable to non-controlling interests in its consolidated statement of operations and comprehensive income (loss) equal to the percentage of the economic or ownership interest retained in the interest of Amerant Mortgage and presents non-controlling interests as a component of stockholders’ equity on the consolidated balance sheets and separately as net loss attributable to non-controlling interests on the consolidated statement of operations and comprehensive income (loss). At December 31, 2023, Amerant Mortgage became a wholly-owned subsidiary and, as result, there was no noncontrolling interests at that date. At December 31, 2022 and 2021, non-controlling interests in Amerant Mortgage were 20% and 49%, respectively. In 2021 and throughout the first quarter of 2022, non-controlling interests in Amerant Mortgage was 49%. 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 period. Significant estimates made by management include: (i) the determination of the allowance for credit losses; (ii) the fair values of loans, securities and derivative contracts; (iii) the cash surrender value of bank owned life insurance; (iv) the determination of whether the amount of deferred tax assets will more likely than not be realized; and (v) the determination of estimated contract termination costs. Management believes that these estimates are appropriate. Actual results could differ from these estimates. In 2023 and 2022, noninterest expenses include $1.6 million and $7.1 million, respectively, of estimated contract termination costs associated with third party vendors resulting from the Company’s transition to our new technology provider. Contract termination costs represent estimated expenses to terminate contracts before the end of their terms, and are recognized when the Company terminates a contract in accordance with its terms, generally considered the time when the Company gives written notice to the counterparty within the notification period contractually established, or when the Company determines that it no longer derives economic benefits from the contracts. Contract termination costs also include expenses associated with the abandonment of existing capitalized projects which are no longer expected to be completed as a result of a contract termination. Changes to initial estimated expenses to terminate contracts resulting from revisions to timing or the amount of estimated cash flows are recognized in the period of the changes. Earnings per Share Basic earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding during each period. Unvested shares of restricted stock are excluded from the basic earnings per share computation. Diluted net income per common share reflects the number of additional common stock that would have been outstanding if the dilutive potential common stock had been issued. Dilutive potential common stock consist of unvested shares of restricted stock, restricted stock units and performance stock units outstanding during the period. The dilutive effect of potential common stock is calculated by applying the treasury stock method. The latter assumes dilutive potential common stock are issued and outstanding and the proceeds from the exercise, are used to purchase common stock at the average market price during the period. The difference between the numbers of dilutive potential common stock issued and the number of shares purchased is included as incremental shares in the denominator to compute diluted net income per common stock. Dilutive potential common stock are excluded from the diluted earnings per share computation in the period in which the effect is anti-dilutive. Changes in the number of shares outstanding as a result of stock dividends, stock splits, stock exchanges or reverse stock splits are given effect retroactively for all periods presented to reflect those changes in capital structure. Income Recognition Interest income is generally recognized on the accrual basis using the interest method. Non-refundable loan origination fees, net of direct costs of originating or acquiring loans, as well as loan purchase premiums and discounts, are deferred and amortized over the term of the related loans as adjustments to interest income using the level yield method. Purchase premiums and discounts on debt securities are amortized as adjustments to interest income over the estimated lives of the securities using the level yield method. Brokerage and advisory activities include brokerage commissions and advisory fees. Brokerage commissions earned are related to the dollar amount of trading volume of customers’ transactions. Commissions and related clearing expenses are recorded on a trade-date basis as securities transactions occur. The Company believes that the performance obligation is satisfied on the trade date because that is when the underlying financial instrument has been transferred to/from the customer. Advisory fees are derived from investment advisory fees and account administrative services. Investment advisory fees are recorded as earned on a pro rata basis over the term of the contracts, based on a percentage of the average value of assets managed during the period. The Company believes the performance obligation for providing advisory services is satisfied over time because the customer is receiving and consuming benefits as they are provided by the Company. These fees are assessed and collected at least quarterly. Account administrative fees are charged to customers for the maintenance of their accounts and are earned and collected on a quarterly basis. Fiduciary activities fee income is recognized as earned on a pro rata basis over the term of contracts. Card servicing fees include credit and debit card interchange fees and other fees. Interchange fees are recognized when earned. Trade finance servicing fees, which primarily include commissions on letters of credit, are generally recognized over the service period on a straight line basis. Deposits and services fees include service charges on deposit accounts, fees for banking services provided to customers including wire transfers, overdrafts and non-sufficient funds. Revenue from these sources is generally recognized in accordance with published deposit account agreements for customer accounts or when fixed and determinable per contractual agreements. Loan-level derivative income is generated from back-to-back derivative transactions with commercial loan clients and with brokers. The Company earns a fee upon inception of the back-to-back derivative transactions, corresponding to the spread between a wholesale rate and a retail rate. Stock-based Compensation The Company may grant share-based compensation and other related awards to its non-employee directors, officers, employees and certain consultants. Compensation cost is measured based on the estimated fair value of the award at the grant date and recognized in earnings as an increase in additional paid in capital on a straight-line basis over the requisite service period or vesting period for each separately vesting portion of each award when awards have graded vesting features. The fair value of the unvested shares of restricted stock and restricted stock units is based on the market price of the Company’s Class A common stock at the date of the grant. The fair value of performance stock units at the grant date is based on estimated fair values using an option pricing model. The Company maintains an ESPP. The ESPP allows eligible employees to purchase common stock at a 15% discount applied to the stock price at the beginning or end of the offering period, whichever is lower. Each offering period is six months in length with a purchase limit of 5,000 shares per eligible employee per offering period and a $25,000 per eligible employee contribution limit per year. Each offering period will begin the first trading day on or after June 1 and December 1 of each year. The fair value of the ESPP at the beginning of the offering period is based on an estimated fair value using an option pricing model. The Company recognizes compensation expense in an amount equal to the estimated fair value of the 15% discount plus the fair value of the look-back option, over the offering period. Advertising Expenses Advertising expenses are expensed as incurred, and includes amortization of naming rights intangible, except for media production costs which are expensed upon the first airing of the advertisement, and are included in other noninterest expenses. Voluntary and Involuntary Early Retirement Plan Expenses and other Staff Reduction Costs The Company accounts for voluntary and involuntary early retirement plan expenses and other staff reduction costs by establishing a liability for costs associated with the exit or disposal activity, including severance and other related costs, when the liability is incurred, rather than when we commit to an exit plan. In 2023, 2022 and 2021, salaries and employment benefits include $4.0 million, $3.0 million and $3.6 million, respectively, of severance expenses mainly in connection with the Company’s restructuring activities. Offering Expenses Specific, non-reimbursable, incremental costs directly attributable to a propose |
Interest Earning Deposits with
Interest Earning Deposits with Banks, Other Short-Term Investments and Restricted Cash | 12 Months Ended |
Dec. 31, 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 December 31, 2023 and 2022 interest earning deposits with banks are mainly comprised of deposits with the Federal Reserve of approximately $243 million and $229 million, respectively. At December 31, 2023 and 2022 the average interest rate on these deposits was approximately 5.64% and 1.79%, respectively. These deposits mature within one year. As of December 31, 2023, the Company held US Treasury Bills classified as part of other short-term investments in the Company’s consolidated balance sheets. As of December 31, 2023, the Company held $6.1 million with an average yield of 4.80% 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. At December 31, 2023 and 2022, the Company had restricted cash balances of $25.8 million and $42.2 million, respectively. These balances include cash pledged as collateral, by other banks to us, to secure derivatives’ margin calls. This cash pledged as collateral also represents an obligation, by the bank, to repay according to margin requirements. At December 31, 2023 and 2022, this obligation was $25.0 million and $41.6 million, respectively, which is included as part of other liabilities in the Company’s consolidated balance sheets. In addition, we have cash balances pledged as collateral to secure the issuance of letters of credit by other banks on behalf of our customers. |
Securities
Securities | 12 Months Ended |
Dec. 31, 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 at December 31, 2023 and 2022 are summarized as follows: December 31, 2023 Amortized Gross Unrealized Allowance for Credit Losses Estimated (in thousands) Gains Losses U.S. government sponsored enterprise debt securities (1) (2) $ 591,972 $ 2,297 $ (36,962) $ — $ 557,307 Corporate debt securities (2) 285,217 — (24,415) — 260,802 U.S. government agency debt securities (1) (2) 428,626 933 (38,782) — 390,777 U.S. treasury securities 1,998 — (7) — 1,991 Municipal bonds (1) 1,731 — (63) — 1,668 Collateralized loan obligations 5,000 — (43) — 4,957 Total debt securities available for sale (3) $ 1,314,544 $ 3,230 $ (100,272) $ — $ 1,217,502 __________________ (1) Includes residential mortgage-backed securities. As of December 31, 2023, we had total residential-mortgage backed securities, included as part of total debt securities available for sale, with amortized cost of $910.1 million and fair value of $844.5 million. (2) Includes commercial mortgage-backed securities. As of December 31, 2023, we had total commercial mortgage-backed securities, included as part of total debt securities available for sale, with amortized cost of $99.7 million and fair value of $91.8 million. (3) Excludes accrued interest receivable of $6.7 million as of December 31, 2023, which is included as part of 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 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 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 $10.5 million and $9.7 million at December 31, 2023 and 2022, respectively. At December 31, 2023 and 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 years ended December 31, 2023 and 2022, proceeds from sales, redemptions and calls, gross realized gains, gross realized losses of debt securities available for sale were as follows: Years Ended December 31 (in thousands) 2023 2022 2021 Proceeds from sales, redemptions and calls of debt securities available for sale $ 4,069 $ 61,399 $ 114,923 Gross realized gains — 73 4,307 Gross realized losses (10,823) (2,522) (33) Realized (loss) gain, net $ (10,823) $ (2,449) $ 4,274 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: December 31, 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 sponsored enterprise debt securities 7 $ 68,923 $ (187) 328 $ 347,632 $ (36,775) $ 416,555 $ (36,962) Corporate debt securities 2 3,992 (13) 59 256,810 (24,402) 260,802 (24,415) U.S. government agency debt securities 12 19,475 (137) 158 296,632 (38,645) 316,107 (38,782) Municipal bonds — — — 3 1,668 (63) 1,668 (63) U.S. treasury securities 1 1,991 (7) — — — 1,991 (7) Collateralized Loan Obligations 1 $ 4,957 $ (43) — — — 4,957 (43) 23 $ 99,338 $ (387) 548 $ 902,742 $ (99,885) $ 1,002,080 $ (100,272) 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 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) There were no debt securities available for sale held by the Company considered delinquent on contractual payments as of December 31, 2023 and 2022, nor were there any securities placed on non-accrual status during the year ended December 31, 2023 and 2022. U.S. Government Sponsored Enterprise Debt Securities and U.S. Government Agency Debt Securities At December 31, 2023 and 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 securities markets, generally, and not credit quality. As a result, the Company did not record an ACL on these securities as of December 31, 2023 and 2022. Corporate Debt Securities Investments in corporate debt securities available for sale in an unrealized loss position as of December 31, 2023 include: (i) securities considered “investment-grade-quality,” primarily issued by financial institutions, with a fair value of $252.4 million ($258.8 million at December 31, 2022) and total unrealized losses of $23.8 million at that date ($24.1 million at December 31, 2022), and (ii) a security considered “non-investment-grade-quality,” issued by a company in the technology industry, with a fair value of $8.4 million ($16.9 million at December 31, 2022) and total unrealized losses of $0.6 million at that date ($2.1 million at December 31, 2022). As of December 31, 2023 and 2022, our corporate debt securities available for sale issued by financial institutions were primarily “investment-grade-quality”, and had a fair value of $186.9 million and $206.3 million, respectively, and net unrealized losses of $18.2 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 operations and comprehensive income (loss) for the year ended December 31, 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 operations and comprehensive income (loss) for the year ended December 31, 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 December 31, 2023 and 2022. Debt securities held to maturity Amortized cost and approximate fair values of debt securities held to maturity are summarized as follows: December 31, 2023 Amortized Gross Unrealized Estimated Allowance for Credit Losses (in thousands) Gains Losses U.S. government agency debt securities (1) $ 63,883 $ 387 $ (6,914) $ 57,356 $ — U.S. government sponsored enterprise debt securities (1)(2) 162,762 — (15,173) 147,589 — Total debt securities held to maturity (3) $ 226,645 $ 387 $ (22,087) $ 204,945 $ — __________________ (1) Includes residential mortgage-backed securities. As of December 31, 2023, we had total residential mortgage-backed securities, included as part of total debt securities held to maturity, with amortized cost of $199.2 million and fair value of $179.2 million (2) Includes commercial mortgage-backed securities. As of December 31, 2023, we had total commercial mortgage-backed securities, included as part of total debt securities held to maturity, with amortized cost of $27.5 million and fair value of $25.7 million. (3) Excludes accrued interest receivable of $0.7 million as of December 31, 2023, which is included as part of 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 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, we had total commercial mortgage-backed securities, included as part of total debt securities held to maturity, 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 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: December 31, 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 — $ — $ — 12 $ 47,370 $ (6,914) $ 47,370 $ (6,914) U.S. government sponsored enterprise debt securities — — — 34 147,590 (15,173) 147,590 (15,173) — $ — $ — 46 $ 194,960 $ (22,087) $ 194,960 $ (22,087) 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 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 considers there are not 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 December 31, 2023. 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 December 31, 2023 and 2022, all held to maturity securities held by the Company were rated investment grade or higher. Contractual maturities Contractual maturities of debt securities at December 31, 2023 are as follows: Available for Sale Held to Maturity (in thousands) Amortized Estimated Amortized Estimated Within 1 year $ 2,760 $ 2,741 $ — $ — After 1 year through 5 years 142,642 136,681 — — After 5 years through 10 years 206,451 187,107 19,099 18,237 After 10 years 962,691 890,973 207,546 186,708 $ 1,314,544 $ 1,217,502 $ 226,645 $ 204,945 Actual maturities of debt securities available for sale and held to maturity may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without prepayment penalties. b) Equity securities with readily available fair value not held for trading As of December 31, 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 $2.5 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 in earnings unrealized losses of $33 thousand and $1.3 million during the years ended December 31, 2023 and 2022, respectively, related to the change in fair value of equity securities with readily available fair value not held for trading. In February 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 December 31, 2023 and 2022, the Company had $206.4 million and $314.5 million, respectively, in securities pledged as collateral. These securities were pledged to secure public funds, advances from the Federal Home Loan Bank and for other purposes as permitted by law. |
Loans
Loans | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Loans | Loans a) Loans held for investment Loans held for investment consist of the following loan classes: (in thousands) December 31, December 31, Real estate loans Commercial real estate Nonowner occupied $ 1,616,200 $ 1,615,716 Multi-family residential 407,214 820,023 Land development and construction loans 300,378 273,174 2,323,792 2,708,913 Single-family residential 1,466,608 1,102,845 Owner occupied 1,175,331 1,046,450 4,965,731 4,858,208 Commercial loans 1,503,187 1,381,234 Loans to financial institutions and acceptances 13,375 13,292 Consumer loans and overdrafts 391,200 604,460 Total loans held for investment, gross (1) $ 6,873,493 $ 6,857,194 _________________ (1) Excludes accrued interest receivable. Real estate loans include commercial loans secured by real estate properties. Commercial loans secured by non-owner occupied real estate properties are generally granted to finance the acquisition or operation of commercial real estate properties, with terms similar to the properties’ useful lives or the operating cycle of the businesses. The main source of repayment of these real estate loans is derived from cash flows or conversion of productive assets and not from the income generated by the disposition of the property held as collateral. The main repayment source of loans granted to finance land acquisition, development and construction projects is generally derived from the disposition of the properties held as collateral, with the repayment capacity of the borrowers and any guarantors considered as alternative sources of repayment. Commercial loans secured by owner-occupied real estate properties are generally granted to finance the acquisition or operation of commercial real estate properties, with terms similar to the properties’ useful lives or the operating cycle of the businesses. The main source of repayment of these commercial real estate loans is derived from cash flows and not from the income generated by the disposition of the property held as collateral. Commercial loans correspond to facilities established for specific business purposes such as financing working capital and capital improvements projects and asset-based lending, among others. These may be loan commitments, uncommitted lines of credit to qualifying customers, short term (one year or less) or longer term credit facilities, and may be secured, unsecured or partially secured. Terms on commercial loans generally do not exceed five years, and exceptions are documented. The Company provides equipment financing using a variety of loan and lease structures, as part of its commercial lending activities. These equipment loans and leases are originated under a white-label equipment financing solution launched in the second quarter of 2022. Commercial loans to borrowers in similar businesses or products with similar characteristics or specific credit requirements are generally evaluated under a standardized commercial credit program. Commercial loans outside the scope of those programs are evaluated on a case by case basis, with consideration of any exposure under an existing commercial credit program. Loans to financial institutions and acceptances are facilities granted to fund certain transactions classified according to their risk level, and primarily include trade financing facilities through letters of credits, bankers’ acceptances, pre- and post-export financing, and working capital loans, among others. Loans in this portfolio segment are generally granted for terms not exceeding three years and on an unsecured basis under the limits of an existing credit program, primarily to large financial institutions in Latin America which the Company believes are of high quality. Prior to approval, management also considers cross-border and portfolio limits set forth in its programs and credit policies. Single-family residential and consumer and other loans are retail open-end and closed-end credits extended to individuals for household, family and other personal expenditures. Single-family and consumer loans include loans to individuals secured by their personal residence, including first mortgage, home equity and home improvement loans as well as revolving credit card agreements. In addition, consumer and other loans, include purchased indirect lending loans we purchase from time to time from third parties. Because these loans generally consist of a large number of relatively small-balance, homogeneous loans for each type, their risks are generally evaluated collectively. In 2023, the Company purchased $26.5 million in single-family residential loans. In 2022, the Company purchased $385.8 million in indirect consumer loans and $173.1 million in single-family residential loans. There were no purchases of indirect consumer loans in 2023. At December 31, 2023 and 2022, loans with an outstanding principal balance of $2.5 billion and $1.2 billion, respectively, were pledged as collateral to secure advances from the FHLB. The amounts in the table above include loans held for investment under syndication facilities for approximately $271.8 million and $367.0 million at December 31, 2023 and 2022, respectively, which include Shared National Credit facilities, or SNCs, and agreements to enter into credit agreements among other lenders (club deals), and other agreements. These loans are primarily designed for providing working capital to certain qualified domestic and international commercial entities meeting our credit quality criteria and concentration limits, and approved in accordance with credit policies. In addition, consumer loans and overdrafts in the table above include indirect consumer loans purchased totaling $210.9 million and $433.0 million at December 31, 2023 and 2022, respectively. International loans included above were $87.6 million and $99.2 million at December 31, 2023 and 2022, respectively, mainly single-family residential loans. These loans are generally fully collateralized with cash, cash equivalents or other financial instruments. The age analysis of the loan portfolio by class as of December 31, 2023 and 2022 is summarized in the following table: December 31, 2023 Total Loans, Loans Past Due (in thousands) Current Loans 30-59 60-89 Greater than Total Past Real estate loans Commercial real estate Nonowner occupied $ 1,616,200 $ 1,615,772 $ 428 $ — $ — $ 428 Multi-family residential 407,214 403,288 2,360 1,558 8 3,926 Land development and construction loans 300,378 300,378 — — — — 2,323,792 2,319,438 2,788 1,558 8 4,354 Single-family residential 1,466,608 1,453,073 4,196 3,511 5,828 13,535 Owner occupied 1,175,331 1,164,059 9,642 185 1,445 11,272 4,965,731 4,936,570 16,626 5,254 7,281 29,161 Commercial loans 1,503,187 1,472,531 23,128 1,626 5,902 $ 30,656 Loans to financial institutions and acceptances 13,375 13,375 — — — — Consumer loans and overdrafts 391,200 383,689 3,142 4,277 92 7,511 $ 6,873,493 $ 6,806,165 $ 42,896 $ 11,157 $ 13,275 $ 67,328 December 31, 2022 Total Loans, Loans Past Due (in thousands) Current Loans 30-59 60-89 Greater than Total Past Real estate loans Commercial real estate Nonowner 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 table presents the amortized cost basis of loans on nonaccrual status and loans past due over 90 days and still accruing as of December 31, 2023 and 2022: December 31, 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 8 — 8 — Single-family residential 773 1,686 2,459 5,218 Owner occupied 3,693 129 3,822 — 4,474 1,815 6,289 5,218 Commercial loans 3,669 18,280 21,949 857 Consumer loans and overdrafts — 38 38 49 Total (1) $ 8,143 $ 20,133 $ 28,276 $ 6,124 _____________ (1) The Company did not recognize any interest income on nonaccrual loans during the year ended December 31, 2023. 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 — — — — 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 (1) $ 26,475 $ 10,653 $ 37,128 $ 471 _____________ (1) The Company did not recognize any interest income on nonaccrual loans during the year ended December 31, 2022. b) Loans held for sale (in thousands) December 31, December 31, Loans held for sale at the lower of cost or fair value Real estate loans Commercial real estate Multi-family residential $ 309,612 $ — Land development and construction loans 55,607 — Total loans held for sale at the lower of fair value or cost (1) $ 365,219 $ — Mortgage loans held for sale at fair value Land development and construction loans 12,778 9,424 Single-family residential 13,422 53,014 Total Mortgage loans held for sale, at fair value (2) $ 26,200 $ 62,438 Total loans held for sale (3) $ 391,419 $ 62,438 __________________ (1) In the fourth quarter of 2023, the Company transferred an aggregate of $401 million in Houston-based CRE loans held for investment to the loans held for sale category, and recognized a valuation allowance of $35.5 million as a result of the fair value adjustment of these loans. (2) L oans held for sale in connection with Amerant Mortgage’s ongoing business. (3) Excludes accrued interest receivable. In January 2024, the Company completed the sale of approximately $365.2 million in Houston-based CRE loans carried at the lower of fair value or cost at December 31, 2023. There was no material impact to the Company’s results of operations in 2024 as result of this transaction. In 2023, the Company sold one New York-based CRE loan carried at the lower of fair value or cost of approximately $43.3 million, and recognized a loss on sale of $2.0 million in connection with this transaction. In 2022, the Company completed the sale of approximately $57.3 million in loans held for sale carried at the lower of fair value or cost related to the New York portfolio, at their par value. c) Concentration of risk While seeking diversification of our loan portfolio held for investment and held for sale, the Company is dependent mostly on the economic conditions that affect South Florida and the greater Houston and New York City areas, especially the five New York City boroughs. At December 31, 2023, our commercial real estate loans held for investment based in South Florida, Houston, New York and other regions were $1.7 billion, $317 million, $217 million and $65 million, respectively. Diversification is managed through policies with limitations for exposure to individual or related debtors and for country risk exposure. d) Accrued interest receivable on loans |
Allowance for Credit Losses
Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Allowance for Credit Losses | Allowance for Credit Losses The analyses by loan segment of the changes in the ACL for the years ended December 31, 2023 and 2022 are summarized in the following tables: December 31, 2023 (in thousands) Real Estate Commercial Financial Consumer Total Balances at beginning of the year $ 25,237 $ 25,888 $ — $ 32,375 $ 83,500 Provision for credit losses - loans 10,761 27,412 — 22,004 60,177 Loans charged-off (10,418) (21,395) — (28,052) (59,865) Recoveries 296 9,904 — 1,492 11,692 Balances at end of the year $ 25,876 $ 41,809 $ — $ 27,819 $ 95,504 December 31, 2022 (in thousands) Real Estate Commercial Financial Consumer Total Balances at beginning of the year $ 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 Provision for (reversal of) credit losses - loans (6,328) 1,619 — 18,654 13,945 Loans charged-off (3,852) (9,114) — (9,140) (22,106) Recoveries 47 2,685 — 356 3,088 Balances at end of the year $ 25,237 $ 25,888 $ — $ 32,375 $ 83,500 _________________ (1) The Company adopted CECL effective as of January 1, 2022. See Note 1 to our audited annual consolidated financial statements in this Form 10-K for details on the adoption of CECL. The analyses by loan segment of the changes in the allowance for loan losses or ALL (ACL in 2023 and 2022) for the year ended December 31, 2021 and its allocation by impairment methodology and the related investment in loans, net as of December 31, 2021 is summarized in the following table: December 31, 2021 (in thousands) Real Estate Commercial Financial Consumer Total Balances at beginning of the year $ 50,227 $ 48,130 $ 1 $ 12,544 $ 110,902 Reversal of (provision for) credit losses (21,338) 1,463 41 3,334 (16,500) Loans charged-off Domestic (11,062) (13,227) — (3,491) (27,780) International — — — — — Recoveries 125 2,613 — 539 3,277 Balances at end of the year $ 17,952 $ 38,979 $ 42 $ 12,926 $ 69,899 Allowance for loan losses by impairment methodology Individually evaluated $ 546 $ 10,462 $ — $ 783 $ 11,791 Collectively evaluated 17,406 28,517 42 12,143 58,108 $ 17,952 $ 38,979 $ 42 $ 12,926 $ 69,899 Investment in loans, net of unearned income Individually evaluated $ 7,285 $ 39,785 $ — $ 5,634 $ 52,704 Collectively evaluated 2,346,923 2,075,338 14,127 920,348 5,356,736 $ 2,354,208 $ 2,115,123 $ 14,127 $ 925,982 $ 5,409,440 The ACL increased by $12.0 million, or14.4% at December 31, 2023, compared to December 31, 2022. The ACL as a percentage of total loans held for investment was 1.39% at December 31, 2023 compared to 1.22% at December 31, 2022. The provision for credit losses on loans in 2023 was partially offset by net charge-offs. The $60.2 million provision for credit losses on loans includes $48.4 million in additional reserve requirements for loan charge-offs and credit quality, $4.1 million to account for loan growth and composition changes during the period, and $12.2 million to reflect macroeconomic conditions and loss factor updates. This provision was offset by a release of $4.5 million related to the classification of the Houston CRE multifamily portfolio as held-for-sale. The following is a summary of net proceeds from sales of loans held for investment by portfolio segment in the three years ended December 31, 2023: (in thousands) Real Estate Commercial Financial Consumer Total 2023 $ 34,409 $ 33,307 $ — $ — $ 67,716 2022 $ 11,566 $ 13,897 $ — $ 1,313 $ 26,776 2021 $ 11,243 $ 102,247 $ — $ 3,524 $ 117,014 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 year ended December 31, 2023. There were no loans that defaulted in the year ended December 31, 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 in 2022, the Company had no reportable balances related to TDRs as of and for the year ended December 31, 2023. See Note 1 “Business, Basis of Presentation and Summary of Significant Accounting Policies” for additional information. The following table shows information about loans modified in TDRs as of December 31, 2022. As of December 31, 2022 (in thousands) Number of Contracts Recorded Investment Real estate loans Commercial real estate Non-owner occupied 1 $ 448 Single-family residential 1 265 Owner occupied 2 7,065 4 7,778 Commercial loans 9 3,416 Total (1) 13 $ 11,194 _________________ (1) As of December 31, 2022, included a multiple loan relationship with a South Florida customer consisting of CRE, owner occupied and commercial loans totaling $9.8 million. This TDR consisted of extending repayment terms and adjusting future periodic payments which resulted in no additional reserves. During the year ended December 31, 2022, there were no loans that were modified and met the definition of a TDR. In the year ended December 31, 2021, there were two commercial loans that were modified and met the definition of a TDR, totaling $0.9 million. There were no charge-offs against the ACL as a result of these TDRs during 2022 and 2021. During the years ended December 31, 2022 and 2021, there were no TDR loans that subsequently defaulted within the 12 months of restructuring. 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 December 31, 2023 and 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 December 31, 2023 and 2022: December 31, 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 $ 163,018 $ 189,356 $ 564,003 $ 35,615 $ 89,920 $ 401,140 $ 173,148 $ 1,616,200 Special Mention — — — — — — — — Classified Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total Nonowner occupied 163,018 189,356 564,003 35,615 89,920 401,140 173,148 1,616,200 Multi-family residential Credit Risk Rating: Nonclassified Pass 1,860 69,875 96,028 5,930 72,389 119,550 41,574 407,206 Special Mention — — — — — — — — Classified Substandard — — — — — 8 — 8 Doubtful — — — — — — — — Loss — — — — — — — — Total Multi-family residential 1,860 69,875 96,028 5,930 72,389 119,558 41,574 407,214 Land development and construction loans Credit Risk Rating: Nonclassified Pass 71,157 9,920 28,934 21,959 — 26,942 141,466 300,378 Special Mention — — — — — — — — Classified Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total land development and construction loans 71,157 9,920 28,934 21,959 — 26,942 141,466 300,378 Single-family residential Credit Risk Rating: Nonclassified Pass 410,185 454,011 166,997 64,228 20,571 69,479 278,337 1,463,808 Special Mention — — — — — — — — Classified Substandard — — — — — 384 2,416 2,800 Doubtful — — — — — — — — Loss — — — — — — — — Total Single-family residential 410,185 454,011 166,997 64,228 20,571 69,863 280,753 1,466,608 Owner occupied Credit Risk Rating: Nonclassified Pass 221,137 245,680 414,263 20,741 57,681 158,678 37,538 1,155,718 Special Mention — 4,186 7,926 — — — 3,611 15,723 Classified Substandard — — 2,530 — — 825 535 3,890 Doubtful — — — — — — — — Loss — — — — — — — — Total owner occupied 221,137 249,866 424,719 20,741 57,681 159,503 41,684 1,175,331 December 31, 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 414,882 280,911 13,432 9,738 34,209 34,804 661,979 1,449,955 Special Mention — — — — — 2,056 28,205 30,261 Classified Substandard 563 500 — 91 1,775 794 19,248 22,971 Doubtful — — — — — — — — Loss — — — — — — — — Total commercial loans 415,445 281,411 13,432 9,829 35,984 37,654 709,432 1,503,187 Loans to financial institutions and acceptances Credit Risk Rating: Nonclassified Pass — — — — — 13,375 — 13,375 Special Mention — — — — — — — — Classified Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total loans to financial institutions and acceptances — — — — — 13,375 — 13,375 Consumer loans Credit Risk Rating: Nonclassified Pass 27,977 183,235 51,278 12,833 26 — 115,810 391,159 Special Mention — — — — — — — — Classified Substandard — — — — — — 41 41 Doubtful — — — — — — — — Loss — — — — — — — — Total consumer loans and overdrafts 27,977 183,235 51,278 12,833 26 — 115,851 391,200 Total loans held for investment, gross $ 1,310,779 $ 1,437,674 $ 1,345,391 $ 171,135 $ 276,571 $ 828,035 $ 1,503,908 $ 6,873,493 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 years ended December 31, 2023 and 2022: December 31, 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 — — — — — 10,328 — 10,328 Land development and construction loans — — — — — — — — — — — — — 10,418 — 10,418 Single-family residential — — — — — 39 — 39 Owner occupied — — — — — — — — — — — — — 10,457 — 10,457 Commercial loans 183 11,846 468 6,608 1,901 389 — 21,395 Loans to financial institutions and acceptances — — — — — — — Consumer loans and overdrafts 1,002 13,700 11,415 1,260 24 612 — 28,013 Total Year-To-Date Gross Charge-Offs $ 1,185 $ 25,546 $ 11,883 $ 7,868 $ 1,925 $ 11,458 $ — $ 59,865 December 31, 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 $ — $ — $ — $ 3,852 $ — $ — $ — $ 3,852 Multi-family residential — — — — — — — — Land development and construction loans — — — — — — — — — — — 3,852 — — — 3,852 Single-family residential — — — — — 14 — 14 Owner occupied — — — — — — — — — — — 3,852 — 14 — 3,866 Commercial loans 2,524 527 4,545 1,033 — 485 — 9,114 Loans to financial institutions and acceptances — — — — — — — — Consumer loans and overdrafts 3,120 4,604 1,395 2 — 5 — 9,126 Total Year-To-Date Gross Charge-Offs $ 5,644 $ 5,131 $ 5,940 $ 4,887 $ — $ 504 $ — $ 22,106 Credit Risk Quality Indicators - Consumer Loan Classes The credit risk quality of the Company’s residential real estate and consumer loan portfolios is evaluated by considering the repayment performance of individual borrowers, and then classified on an aggregate or pool basis. Loan secured by real estate in these classes which have been past due 90 days or more, and 120 days or 180 days or more, are classified as Substandard and Loss, respectively. Beginning in 2022, unsecured consumer loans which become past due 90 days are charged- off (120 days previously). When the Company has documented that past due loans in these classes are well-secured and in the process of collection, then the loans may not be classified. Loan-To-Value and FICO scores are also an important indicator of credit quality for single-family residential loans and consumer loans. When loans are classified, loan-to-value is updated at least annually. FICO scores are typically at origination, except for a significant portion of indirect consumer loans which are updated at least quarterly. Single-family residential loans: December 31, (in thousands, except percentages) 2023 2022 2021 Loan Balance % Loan Balance % Loan Balance % Accrual Loans Current $ 1,451,346 98.95 % $ 1,097,952 99.56 % $ 655,270 99.09 % 30-59 Days Past Due 4,046 0.28 % 2,965 0.27 % 531 0.08 % 60-89 Days Past Due 3,511 0.24 % 149 0.01 % 412 0.06 % 90+ Days Past Due 5,246 0.36 % 253 0.02 % — — % 12,803 0.88 % 3,367 0.30 % 943 0.14 % Total Accrual Loans $ 1,464,149 99.83 % $ 1,101,319 99.86 % $ 656,213 99.23 % Non-Accrual Loans Current $ 1,727 0.12 % $ 358 0.03 % $ 2,612 0.39 % 30-59 Days Past Due 150 0.01 % 175 0.02 % 459 0.07 % 60-89 Days Past Due — — % 1 — % — — % 90+ Days Past Due 582 0.04 % 992 0.09 % 2,055 0.31 % 732 0.05 % 1,168 0.11 % 2,514 0.38 % Total Non-Accrual Loans 2,459 0.17 % 1,526 0.14 % 5,126 0.77 % Total single-family residential loans $ 1,466,608 100.00 % $ 1,102,845 100.00 % $ 661,339 100.00 % Consumer loans and overdrafts: December 31, (in thousands, except percentages) 2023 2022 2021 Loan Balance % Loan Balance % Loan Balance % Accrual Loans Current $ 383,689 98.09 % $ 601,920 99.58 % $ 423,373 99.93 % 30-59 Days Past Due 3,142 0.80 % 2,439 0.40 % 22 0.01 % 60-89 Days Past Due 4,277 1.09 % 62 0.01 % 5 — % 90+ Days Past Due 54 0.01 % 35 0.01 % 8 — % 7,473 1.90 % 2,536 0.42 % 35 0.01 % Total Accrual Loans $ 391,162 99.99 % $ 604,456 100.00 % $ 423,408 99.94 % Non-Accrual Loans Current $ — — % $ 1 — % $ 251 0.06 % 30-59 Days Past Due — — % — — % — — % 60-89 Days Past Due — — % — — % 2 — % 90+ Days Past Due 38 0.01 % 3 — % 4 — % 38 0.01 % 3 — % 6 — % Total Non-Accrual Loans 38 0.01 % 4 — % 257 0.06 % Total consumer loans and overdrafts $ 391,200 100.00 % $ 604,460 100.00 % $ 423,665 100.00 % 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 December 31, 2023 and 2022: As of December 31, 2023 Collateral Type (in thousands) Commercial Real Estate Residential Real Estate Other Total Specific Reserves Real estate loans Commercial real estate Multi-family residential $ 8 $ — $ — $ 8 $ — 8 — — 8 — Single-family residential (1) — 773 — 773 — Owner occupied (2) 3,684 — — 3,684 — 3,692 773 — 4,465 — Commercial loans — — 21,250 21,250 8,073 Consumer loans and overdrafts — — 36 36 34 Total $ 3,692 $ 773 $ 21,286 $ 25,751 $ 8,107 _________________ (1) Weighted-average loan-to-value was approximately 64.8% at December 31, 2023. (2) Weighted-average loan-to-value was approximately 73.0% at December 31, 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% Collateral dependent loans are evaluated on an individual basis for purposes for determining expected credit losses. For collateral-dependent loans where the borrower is experiencing financial difficulty and the Company expects repayment of the financial asset to be provided substantially through the operation or sale of the collateral, the ACL is measured based on the difference between the fair value of the collateral and the amortized cost basis of the loan as of the measurement date. When repayment is expected to be from the operation of the collateral, expected credit losses are calculated as the amount by which the amortized cost basis of the loan exceeds the present value of expected cash flows from the operation of the collateral. When repayment is expected to be from the sale of the collateral, expected credit losses are calculated as the amount by which the amortized cost basis of the loan exceeds the fair value of the underlying collateral less estimated costs to sell. The ACL may be zero if the fair value of the collateral at the measurement date exceeds the amortized cost basis of the loan. In the year ended December 31, 2023, the weighted-average loan-to-values related to existing owner-occupied collateral-dependent loans increased approximately 10.9% since December 31, 2022. |
Premises and Equipment, Net
Premises and Equipment, Net | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment, Net | Premises and Equipment, Net Premises and equipment, net include the following: December 31, Estimated (in thousands) 2023 2022 (in years) Land $ 6,307 $ 6,307 NA Buildings and improvements 9,773 9,303 10–30 Furniture and equipment 18,684 21,499 3–10 Computer equipment and software 26,831 27,327 3 Leasehold improvements 29,724 23,587 3–30 Work in progress 5,315 6,644 NA $ 96,634 $ 94,667 Less: Accumulated depreciation and amortization (53,031) (52,895) $ 43,603 $ 41,772 In October 2021, the Company committed to a plan for the sale and leaseback of its headquarters building in Coral Gables, Florida. At the time, the Company estimated the fair value less the cost to sell the property exceeded the carrying value, and therefore no adjustment was needed. In December 2021, the Company sold its headquarters building for $135.0 million, with a carrying value of approximately $69.9 million at the time of sale, and realized a pretax gain of $62.4 million, net of transactions costs. Following the sale of the Headquarters Building, the Company leased-back the property for an eighteen-year term. In 2020, the Company sold its operations center in the Beacon Industrial Park area of Doral, Florida (the “Beacon Operations Center”) with a carrying value of approximately $13.7 million and realized a loss of $1.7 million. Following the sale of the Beacon Operations Center, the Company leased-back the the property for a two-year term. |
Time Deposits
Time Deposits | 12 Months Ended |
Dec. 31, 2023 | |
Time Deposits Disclosure [Abstract] | |
Time Deposits | Time Deposits Time deposits in denominations of $100,000 or more amounted to approximately $1.3 billion and $928 million at December 31, 2023 and 2022, respectively. Time deposits in denominations of more than $250,000 amounted to approximately $693 million and $486 million at December 31, 2023 and 2022, respectively. The average interest rate paid on time deposits was approximately 3.80% in 2023 and 1.75% in 2022. As of December 31, 2023 and 2022 brokered time deposits amounted to $720 million and $609 million, respectively. At December 31, 2023 and 2022 the maturity of time deposits were as follows: (in thousands, except percentages) 2023 2022 Year of Maturity Amount % Amount % 2023 $ — — % $ 1,461,456 84.5 % 2024 1,494,035 65.0 % 133,059 7.7 % 2025 517,694 22.5 % 75,984 4.4 % 2026 166,783 7.3 % 1,340 0.1 % 2027 64,668 2.8 % 52,976 3.1 % 2028 and thereafter 53,917 2.4 % 3,440 0.2 % Total $ 2,297,097 100.0 % $ 1,728,255 100.0 % |
Advances From the Federal Home
Advances From the Federal Home Loan Bank and Other Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Federal Home Loan Bank Advances, Disclosure [Abstract] | |
Advances From the Federal Home Loan Bank and Other Borrowings | Advances From the Federal Home Loan Bank and Other Borrowings At December 31, 2023 and 2022, the Company had outstanding advances from the FHLB and other borrowings as follows: Outstanding Balance at December 31, Year of Maturity Interest Interest 2023 2022 (in thousands) 2023 0.61% to 4.84% Fixed — 304,821 2024 1.68% to 5.46% Fixed 40,000 100,000 2025 1.40% to 3.07% Fixed — 451,665 2026 4.90% Fixed 10,000 — 2027 and after (1) 1.82% to 3.58% Fixed 595,000 50,000 $ 645,000 $ 906,486 _________________ (1) As of December 31, 2023, there were $595.0 million in advances from the FHLB with quarterly callable features, and with fixed interest rates ranging from 3.44% to 3.58%. As of December 31, 2022, there were no callable advances from the FHLB. At December 31, 2023 and 2022, the Company held stock of the FHLB for approximately $37 million and $42 million, respectively. The terms of the Company’s advance agreement with the FHLB require the Company to maintain certain investment securities and loans as collateral for these advances. At December 31, 2023 and 2022 the Company was in compliance with this requirement. There were no other borrowings at December 31, 2023 and 2022. In 2023, the Company realized total pretax gains of $40.1 million on the early repayment of $1.7 billion in advances from the FHLB. In 2022, the Company realized a net gain of $11.4 million on the early termination of $175 million of advances from the FHLB. In addition, in 2022, the Company incurred a loss of $0.7 million on the early repayment of $530 million in callable advances from the FHLB. |
Senior Notes
Senior Notes | 12 Months Ended |
Dec. 31, 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 December 31, 2023 and 2022, these Senior Notes amounted to $59.5 million and $59.2 million, respectively, net of direct unamortized issuance costs of $0.5 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, 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 (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 December 31, 2023 and 2022, these Subordinated Notes amounted to $29.5 million and $29.3 million, respectively, net of direct unamortized issuance costs of $0.5 million and $0.7 million, respectively. The Subordinated Notes will 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. On June 21, 2022, the Company successfully completed the exchange of all of its outstanding Subordinated Notes for an equal principal amount of its registered 4.25% Fixed-to-Floating Rate Subordinated Notes due 2032 (the “Registered Subordinated Notes”). The terms of the Registered Subordinated Notes are substantially identical to the terms of the Subordinated Notes, except that the Registered Subordinated Notes are not subject to the transfer restrictions, registration rights and additional interest provisions (under the circumstances described in the registration rights agreement relating to our fulfillment of our registration obligations) applicable to the Subordinated Notes. On August 2, 2022, the Company completed an intercompany transaction of entities under common control, pursuant to which the Guarantor, merged with and into the Company, with the Company as sole survivor . See |
Subordinated Notes
Subordinated Notes | 12 Months Ended |
Dec. 31, 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 December 31, 2023 and 2022, these Senior Notes amounted to $59.5 million and $59.2 million, respectively, net of direct unamortized issuance costs of $0.5 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, 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 (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 December 31, 2023 and 2022, these Subordinated Notes amounted to $29.5 million and $29.3 million, respectively, net of direct unamortized issuance costs of $0.5 million and $0.7 million, respectively. The Subordinated Notes will 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. On June 21, 2022, the Company successfully completed the exchange of all of its outstanding Subordinated Notes for an equal principal amount of its registered 4.25% Fixed-to-Floating Rate Subordinated Notes due 2032 (the “Registered Subordinated Notes”). The terms of the Registered Subordinated Notes are substantially identical to the terms of the Subordinated Notes, except that the Registered Subordinated Notes are not subject to the transfer restrictions, registration rights and additional interest provisions (under the circumstances described in the registration rights agreement relating to our fulfillment of our registration obligations) applicable to the Subordinated Notes. On August 2, 2022, the Company completed an intercompany transaction of entities under common control, pursuant to which the Guarantor, merged with and into the Company, with the Company as sole survivor . See |
Junior Subordinated Debentures
Junior Subordinated Debentures Held by Trust Subsidiaries | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Junior Subordinated Debentures Held by Trust Subsidiaries | Junior Subordinated Debentures Held by Trust Subsidiaries At December 31, 2023 and 2022, the Company owns all of the common capital securities issued by 5 statutory trust subsidiaries (the “Trust Subsidiaries”), respectively. These Trust Subsidiaries were first formed by the Company for the purpose of issuing trust preferred securities (the “Trust Preferred Securities”) and investing the proceeds in junior subordinated debentures issued by the Company (the “Debentures”). The Debentures are guaranteed by the Company. The Company records the common capital securities issued by the Trust Subsidiaries in other assets in its consolidated balance sheets using the equity method. The Debentures issued to the Trust Subsidiaries, less the common securities of the Trust Subsidiaries, qualify as Tier 1 regulatory capital. The following tables provide information on the outstanding Trust Preferred Securities issued by, and the Debentures issued to, each of the Trust Subsidiaries as of December 31, 2023 and 2022: December 31, 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 The Company and the Trust Subsidiaries have the option to defer payment of interest on the obligations for up to 10 semi-annual periods. In 2023 and 2022, no payments of interest have been deferred on these obligations. The Trust Preferred Securities are subject to mandatory redemption, in whole or in part, upon the maturity or early redemption of the debentures. Early redemption premiums may be payable. LIBOR Cessation and Replacement Rate The Trust Preferred Securities and the Debentures issued by the Company include calculations that are based on 3-month LIBOR. On March 15, 2022, the Adjustable Interest Rate (LIBOR) Act (the ‘LIBOR Act”) was signed into law. Under the LIBOR Act, on the first London banking day after June 30, 2023 (the “LIBOR Replacement Date”), a benchmark replacement recommend by the Federal Reserve will replace LIBOR in certain contracts, including those that contain no fallback provisions and other related aspects. The Federal Reserve issued its final regulations under the LIBOR Act. The final regulations: (i) address the applicability of the LIBOR Act to various LIBOR contracts, which include the Trust Preferred Securities and the Debentures, (ii) identify the benchmark replacements, (iii) include certain benchmark replacement conforming changes, (iv) address the issue of preemption and (v) provide other clarifications, definitions and information. Based on a review of the Trust Preferred Securities and the Debentures documents, these documents do not provide a replacement rate for 3-month LIBOR or include other fallback provisions which would apply on the LIBOR Replacement Date. Based on the U.K. Financial Conduct Authority’s current statements, it does not appear that a synthetic LIBOR benchmark will be applicable to the Trust Preferred Securities and Debentures. Accordingly, absent an amendment to the Trust Preferred Securities and Debenture documents, some other change in applicable law, rule, regulation, or some other development, on and after the LIBOR Replacement Date, 3-month CME term SOFR or 6-month CME Term SOFR (as defined in the regulations) as adjusted by the relevant spread adjustment of 0.26161%, shall be the benchmark replacement for 3-month LIBOR in the Trust Preferred Securities and Debentures documents, and all applicable benchmark replacement conforming changes as specified in the regulations will become an integral part of the Trust Preferred Securities and Debenture documents, without any action by any party. The Company did not seek to amend the Trust Preferred Securities and Debentures documents to reflect any other LIBOR benchmark replacement. Accordingly, after the LIBOR Replacement Date, the 3-month CME term SOFR as adjusted by the relevant spread adjustment of 0.26161%, became the benchmark replacement for 3-month LIBOR in the Trust Preferred Securities and Debentures documents, and all applicable benchmark replacement conforming changes as specified in the regulations became an integral part of the Trust Preferred Securities and Debenture documents. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments From time to time, the Company enters into derivative financial instruments as part of its interest rate management activities and to facilitate customer transactions. Those instruments may or may not be designated and qualify as part of a hedging relationship. The customer derivatives we use for the Company’s account are generally matched against derivatives from third parties, but are not designated as hedging instruments. At December 31, 2023 and 2022 the fair value of the Company’s derivative instruments was as follows: December 31, 2023 December 31, 2022 Fair value Fair value (in thousands) Number of contracts Notional Amounts Other Assets Other Liabilities Number of contracts Notional Amounts Other Assets Other Liabilities Interest rate swaps designated as cash flow hedges 6 $ 114,178 $ 296 $ 366 5 $ 64,178 $ 167 $ 45 Derivatives not designated as hedging instruments: Interest rate swaps: Customers 146 1,037,773 6,767 47,221 143 925,433 603 66,439 Third party broker 146 1,037,773 47,221 6,767 143 925,433 66,439 603 292 2,075,546 53,988 53,988 286 1,850,866 67,042 67,042 Interest rate caps: Customers 13 325,995 — 4,983 19 448,817 — 10,002 Third party broker 14 360,995 5,195 — 20 511,900 10,207 — 27 686,990 5,195 4,983 39 960,717 10,207 10,002 Credit risk participation agreements 7 92,654 — — 4 73,968 — — Mortgage derivatives: Interest rate lock commitments 93 43,087 447 2 86 77,034 727 — Forward contracts 11 16,000 6 94 9 17,000 107 71 104 59,087 453 96 95 94,034 834 71 Total derivatives not designated as hedging instruments 430 2,914,277 59,636 59,067 424 2,979,585 78,083 77,115 Total 436 $ 3,028,455 $ 59,932 $ 59,433 429 $ 3,043,763 $ 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 December 31, 2023 and 2022, the Company had five interest rate swap contracts 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 December 31, 2023 and 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. In 2023 and 2022, the Company recognized unrealized gains and losses of $0.6 million and $0.4 million, respectively, in connection with these interest rate swap contracts, which were included as part of interest expense on junior subordinated debentures in the Company’s consolidated statement of operations and comprehensive income (loss). As of December 31, 2023, the estimated net unrealized gains in accumulated other comprehensive expected to be reclassified into expense in the next twelve months amounted to $0.6 million. In 2019, the Company terminated 16 interest rate swaps that had been designated as cash flow hedges of variable rate interest payments on the outstanding and expected rollover of variable-rate advances from the FHLB. The Company is recognizing the contracts’ cumulative net unrealized gains of $8.9 million in earnings over the remaining original life of the terminated interest rate swaps ranging between one month and seven years. In 2023 and 2022 , the Company recognized approximately $1.3 million and $1.4 million, respectively, as a reduction of interest expense on FHLB advances as a result of this amortization. As of December 31, 2023, the remaining cumulative net unrealized gains related to these interest rate swaps was $2.3 million. 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 2023, the Company recognized unrealized losses of $0.4 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 December 31, 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 $0.4 million. Derivatives Not Designated as Hedging Instruments a) Customer related positions The Company offers certain derivatives products, including interest rate swaps and caps, directly to qualified commercial banking customers to facilitate their risk management strategies. The Company partially offsets its exposure to interest rate swaps and caps by entering similar derivative contracts with various third-party brokers. Interest Rate Swaps Interest rate swap contracts 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. These instruments have maturities ranging from less than 1 to 13 years in 2023 (1 to 14 years in 2022). 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. The notional amount of these agreements is based on the Company’s pro-rata share of the related interest rate swap contracts. Interest Rate Caps Interest rate cap contracts involve the Company making payments if an interest rate exceeds the agreed strike price. These instruments have maturities ranging from less than 1 to 11 years in 2023 (less than 1 to 12 years in 2022). 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, 2023 and 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. b) Mortgage Derivatives The Company enters into interest rate lock commitments and forward sale contracts to manage the risk exposure in the mortgage banking area. 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. In 2023 and 2022, the change in the fair value of these instruments was an unrealized loss and gain of $0.4 million and $0.2 million, respectively. These amounts were recorded as part of other noninterest income in the consolidated statements of operations and comprehensive income. Credit Risk-Related Contingent Features Some agreements may require the Company to pledge securities as collateral when the valuation of the interest rate swap derivative contracts fall below a certain amount. There were no securities pledged as collateral for interest rate swaps in a liability position at December 31, 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. Additionally, most of our derivative arrangements with counterparties require the posting of collateral upon meeting certain net exposure threshold. At December 31, 2023 and 2022, the Company had cash held as collateral for derivatives margin calls of $25.0 million and $41.6 million, respectively. See Note 2 “Interest Earning Deposits with Banks” for additional information about cash held as collateral. As of December 31, 2023 and 2022, there were no collateral requirements related to interest rate swaps with third-party brokers not designated as hedging instruments. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Leases The Company leases certain premises and equipment under operating leases. The operating 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. Certain operating leases contain variable lease payments which include mostly common area maintenance and taxes, included in occupancy and equipment on the consolidated statements of income. The Company had $2.2 million, $1.7 million and $1.4 million in variable lease payments during the years ended December 31, 2023, 2022 and 2021, respectively. The following table presents lease costs for the years ended December 31, 2023, 2022 and 2021: (in thousands) December 31, 2023 December 31, 2022 December 31, 2021 Lease cost Operating lease cost $ 18,390 $ 17,568 $ 8,497 Short-term lease cost 49 62 176 Variable lease cost 2,238 1,746 1,371 Sublease income (3,171) (3,312) (105) Total lease cost $ 17,506 $ 16,064 $ 9,939 As of December 31, 2023 and 2022, the Company had a right-of-use (“ROU”) asset of $118.5 million and $140.0 million and total operating lease liability of $126.9 million and $145.3 million, respectively. As of December 31, 2023 and 2022, the Company had a short-term lease liability of $3.8 million and $5.2 million, respectively, included as part of other liabilities The following table provides supplemental information to leases as of and for the years ended December 31, 2023, 2022 and 2021: December 31, 2023 December 31, 2022 December 31, 2021 (in thousands, except weighted average data) Cash paid for amounts included in the measurement of operating lease liabilities $ 15,544 $ 14,492 $ 8,202 Weighted average remaining lease term for operating leases 16.6 years 18.1 years 19.2 years Weighted average discount rate for operating leases 9.85 % 5.94 % 5.94 % The following table presents a maturity analysis and reconciliation of the undiscounted cash flows to the total operating lease liabilities as of December 31, 2023: (in thousands) Twelve Months Ended December 31, 2024 $ 15,195 2025 15,487 2026 15,748 2027 16,042 Thereafter 201,028 Total minimum payments required 263,500 Less: implied interest (136,551) Total lease obligations $ 126,949 Actual rental expenses may include deferred rents that are recognized as rent expense on a straight line basis. Rent expense under these leases, net of sublease income, was approximately $17.5 million, $16.1 million and $9.9 million for the years ended December 31, 2023, 2022 and 2021, respectively. In 2023 and 2022, rental income associated with the subleasing of portions of the Company’s headquarters building is presented as a reduction to rent expense under lease agreements under occupancy and equipment cost (included as part of other noninterest income in 2021 in connection with the previously-owned headquarters building). Rental income from subleases was $3.2 million, $3.3 million and $2.9 million in the years ended December 31, 2023, 2022 and 2021, respectively. In 2023 and 2022, rental income includes $2.6 million and $2.9 million, respectively, related to the subleasing of portions of the Company’s headquarters building, and $0.6 million and $0.4 million, respectively, mainly associated with the sublease of NY office space ($2.9 million in 2021 related to the subleasing of portions of the Company’s headquarters building). In 2023, rent expense includes an additional expense of $0.3 million related to the closing of one branch in the third quarter of 2023. In 2021, rent expense includes an additional expense of $0.5 million related to the closing of one branch in the fourth quarter of 2021. In the years ended December 31, 2023, 2022 and 2021, the Company recorded ROU asset impairment charges of $1.1 million, $1.6 million and $0.8 million, respectively. ROU asset impairment charges in 2023 were in connection with the closure of a branch in Houston, Texas in 2023, and with the closure of another branch in Miami, Florida in 2023. In 2022 and 2021, ROU asset impairment charges were associated with the closure of a branch in Pembroke Pines, Florida in 2022 and the closure of the NYC loan production office in 2021, respectively. These impairments were recorded as occupancy and equipment expense on the consolidated statements of operations and comprehensive income (loss). 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 December 31, 2023 and 2022, there were $3.2 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 December 31, 2023, there were $2.9 million in operating leases included as part of premises and equipment, net of accumulated depreciation, in the Company’s consolidated balance sheet. |
Leases | Leases The Company leases certain premises and equipment under operating leases. The operating 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. Certain operating leases contain variable lease payments which include mostly common area maintenance and taxes, included in occupancy and equipment on the consolidated statements of income. The Company had $2.2 million, $1.7 million and $1.4 million in variable lease payments during the years ended December 31, 2023, 2022 and 2021, respectively. The following table presents lease costs for the years ended December 31, 2023, 2022 and 2021: (in thousands) December 31, 2023 December 31, 2022 December 31, 2021 Lease cost Operating lease cost $ 18,390 $ 17,568 $ 8,497 Short-term lease cost 49 62 176 Variable lease cost 2,238 1,746 1,371 Sublease income (3,171) (3,312) (105) Total lease cost $ 17,506 $ 16,064 $ 9,939 As of December 31, 2023 and 2022, the Company had a right-of-use (“ROU”) asset of $118.5 million and $140.0 million and total operating lease liability of $126.9 million and $145.3 million, respectively. As of December 31, 2023 and 2022, the Company had a short-term lease liability of $3.8 million and $5.2 million, respectively, included as part of other liabilities The following table provides supplemental information to leases as of and for the years ended December 31, 2023, 2022 and 2021: December 31, 2023 December 31, 2022 December 31, 2021 (in thousands, except weighted average data) Cash paid for amounts included in the measurement of operating lease liabilities $ 15,544 $ 14,492 $ 8,202 Weighted average remaining lease term for operating leases 16.6 years 18.1 years 19.2 years Weighted average discount rate for operating leases 9.85 % 5.94 % 5.94 % The following table presents a maturity analysis and reconciliation of the undiscounted cash flows to the total operating lease liabilities as of December 31, 2023: (in thousands) Twelve Months Ended December 31, 2024 $ 15,195 2025 15,487 2026 15,748 2027 16,042 Thereafter 201,028 Total minimum payments required 263,500 Less: implied interest (136,551) Total lease obligations $ 126,949 Actual rental expenses may include deferred rents that are recognized as rent expense on a straight line basis. Rent expense under these leases, net of sublease income, was approximately $17.5 million, $16.1 million and $9.9 million for the years ended December 31, 2023, 2022 and 2021, respectively. In 2023 and 2022, rental income associated with the subleasing of portions of the Company’s headquarters building is presented as a reduction to rent expense under lease agreements under occupancy and equipment cost (included as part of other noninterest income in 2021 in connection with the previously-owned headquarters building). Rental income from subleases was $3.2 million, $3.3 million and $2.9 million in the years ended December 31, 2023, 2022 and 2021, respectively. In 2023 and 2022, rental income includes $2.6 million and $2.9 million, respectively, related to the subleasing of portions of the Company’s headquarters building, and $0.6 million and $0.4 million, respectively, mainly associated with the sublease of NY office space ($2.9 million in 2021 related to the subleasing of portions of the Company’s headquarters building). In 2023, rent expense includes an additional expense of $0.3 million related to the closing of one branch in the third quarter of 2023. In 2021, rent expense includes an additional expense of $0.5 million related to the closing of one branch in the fourth quarter of 2021. In the years ended December 31, 2023, 2022 and 2021, the Company recorded ROU asset impairment charges of $1.1 million, $1.6 million and $0.8 million, respectively. ROU asset impairment charges in 2023 were in connection with the closure of a branch in Houston, Texas in 2023, and with the closure of another branch in Miami, Florida in 2023. In 2022 and 2021, ROU asset impairment charges were associated with the closure of a branch in Pembroke Pines, Florida in 2022 and the closure of the NYC loan production office in 2021, respectively. These impairments were recorded as occupancy and equipment expense on the consolidated statements of operations and comprehensive income (loss). 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 December 31, 2023 and 2022, there were $3.2 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 December 31, 2023, there were $2.9 million in operating leases included as part of premises and equipment, net of accumulated depreciation, in the Company’s consolidated balance sheet. |
Incentive Compensation and Bene
Incentive Compensation and Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Incentive Compensation and Benefit Plans | Incentive Compensation and Benefit Plans a) Stock-based Incentive Compensation Plan The Company has reserved up to 3,333,333 shares of Class A common stock for issuance pursuant to the grant of options, rights, appreciation rights, restricted stock, restricted stock units and other awards under the Amerant Bancorp Inc. 2018 Equity and Incentive Compensation Plan (the “2018 Equity Plan”). On February 11, 2021, the Company adopted a new form of performance based restricted stock unit agreement (“PSU Agreement”), and a new form of restricted stock unit agreement (the “RSU Agreement”) that is used in connection with a Long-Term Incentive Plan (the “LTI Plan”), a sub-plan under the 2018 Equity Plan. Restricted Stock Awards The following table shows the activity of restricted stock awards in 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 (112,263) 24.36 Forfeited (41,973) 24.20 Non-vested shares, end of year 151,280 27.49 In 2023, the Company granted 10,440 shares of restricted Class A common stock (“RSAs”) to various employees, under the LTI plan. These RSAs will vest in three three In 2022, the Company granted 175,601 RSAs to various executive officers and certain employees, under the LTI plan. These shares of restricted stock will vest in three In 2021, the Company granted 252,503 RSAs to certain employees, under the LTI plan, including: (i) 203,692 RSAs that will vest in three substantially equal amounts on the first three 48,811 shares of which 50% will vest in two two In 2023, 2022 and 2021, the Company recorded $2.3 million , $3.7 million and $2.8 million of compensation expense, respectively, related to RSAs. The total unearned deferred compensation expense of $1.1 million for all unvested RSAs outstanding at December 31, 2023 will be recognized over a weighted average period of 1.1 years. Restricted Stock Units (“RSUs”) and Performance Stock Units (“PSUs”) The following table shows the activity of RSUs and PSUs in 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 Nonvested, beginning of year 123,970 22.83 137,199 17.43 Granted 246,965 24.02 53,420 25.09 Vested (65,526) 22.68 (10,621) 18.99 Forfeited (16,464) 25.10 (2,867) 33.63 Non-vested, end of year 288,945 23.75 177,131 19.39 The tables below show detailed information about RSUs and PSUs granted to various Company executives and employees for the years ended December 31, 2023, 2022, and 2021: December 31, 2023 Award Type Number of Units Vesting Period Awardee Weighted-Average Grant Date Fair Value RSUs 195,547 1/3 Each Year Equally for Three Years Various Executive(s) and Employees RSUs 22,498 20% Vesting Equally In Each of First Two Years, and 60% Vesting in Third Year Various Executive(s) and Employees Total RSUs 218,045 24.46 Total PSUs 53,420 Three Year Performance Target Various Executive(s) and Employees 25.09 December 31, 2022 Award Type Number of Units Vesting Period Awardee Weighted-Average Grant Date Fair Value Total RSUs 34,589 1/3 Each Year Equally for Three Years Various Executive(s) and Employees 33.23 Total PSUs 26,415 Three Year Performance Target Various Executive(s) and Employees 33.63 December 31, 2021 Award Type Number of Units Vesting Period Awardee Weighted-Average Grant Date Fair Value Total RSUs 120,513 1/3 Each Year Equally for Three Years Various Executive(s) and Employees 16.65 Total PSUs 120,513 Three Year Performance Target Various Executive(s) and Employees 13.81 For each of the years where PSUs were granted, the PSUs generally vest at the end of a three-year performance period, but only results in the issuance of shares of Class A common stock if the Company achieves a performance target. The actual amount of PSUs, if earned, varies on the percentage of the performance target achieved and could result in more or less shares issued than the number of units granted in each of the precedent years outlined in the tables above. The table below shows detailed information about RSUs granted to the Company’s independent directors for the years ended December 31, 2023, 2022, and 2021: Year Stock-Settled RSUs Cash-Settled RSU Total RSU Vesting Period Awardee Weighted-average grant date fair value 2023 28,920 — 28,920 1 Year Independent Directors 20.74 2022 17,250 — 17,250 1 Year Independent Directors 28.98 2021 — 6,573 6,573 1 Year Independent Directors 22.82 2021 13,146 — 13,146 1 Year Independent Directors 22.82 In 2023, 2022 and 2021, the Company recorded compensation expense related to RSUs and PSUs of $4.5 million, $2.1 million and $2.6 million, respectively. The total unearned compensation of $4.3 million for all unvested stock-settled RSUs and PSUs at December 31, 2023 will be recognized over a weighted average period of 1.1 years. b) Employee Stock Purchase Plan The Company offers an ESPP. The ESPP became effective on February 14, 2022, subject to obtaining shareholder approval. On June 8, 2022, the shareholders of the Company approved the ESPP. An aggregate of one million (1,000,000) shares of the Company’s Class A Common Stock (“Common Stock”) have been reserved for issuance under the ESPP. The purpose of the ESPP is to provide eligible employees of the Company and its designated subsidiaries with the opportunity to acquire a stock ownership interest in the Company on favorable terms and to pay for such acquisitions through payroll deductions. The number of shares of Class A common stock issued in 2023 and 2022 under the ESPP was 56,927 and 35,337, respectively. For the years ended December 31, 2023 and 2022, the Company recognized compensation expense of $0.5 million and $0.3 million, respectively, in connection with the ESPP. c) Employee Benefit Plan The Amerant Bank, N.A. Retirement Benefits Plan (the “401(k) Plan”) is a 401(k) benefit plan covering substantially all employees of the Company. The Company matches 100% of each participant’s contribution up to a maximum of 5% of their annual salary. Contributions by the Company to the Plan are based upon a fixed percentage of participants’ salaries as defined by the Plan. The Plan enables Highly Compensated employees to contribute up to the maximum allowed without further restrictions. All contributions made by the Company to the participants’ accounts are vested immediately. In addition, employees with at least three months of service and who have reached a certain age may contribute a percentage of their salaries to the Plan as elected by each participant. The Company contributed to the Plan approximately $3.6 million and $3.3 million in 2023 and 2022 respectively, in matching contributions. The Company maintains the Amerant Bank, N.A. Executive Deferred Compensation Plan as a non-qualified plan for eligible highly compensated employees (the “Deferred Compensation Plan”). The Deferred Compensation Plan permits deferrals of compensation above the amounts that can be contributed for retirement under the 401(k) Plan. Under the Deferred Compensation Plan, eligible employees may elect to defer all or a portion of their annual salary and cash incentive awards. Effective January 1, 2022, there were no matching contributions from the Company under the Deferred Compensation Plan. Prior to 2022, eligible employees were allowed to receive matching contributions up to 5% of their annual salary if the maximum amount allowed in the 401k had been reached. All deferrals, employer contributions, earnings, and gains on each participant’s account in the Deferred Compensation Plan are vested immediately. d) Subsequent Events On February 16, 2024, the Company granted an aggregate of 141,219 RSUs and a target of 68,473 PSUs to various executive officers and other employees under the LTI Plan. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of the income tax expense for the years ended December 31, 2023, 2022 and 2021 are as follows: (in thousands) 2023 2022 2021 Current tax expense: Federal $ 19,768 $ 15,609 $ 23,225 State 1,313 1,116 4,681 Deferred tax (expense) benefit (10,542) (104) 5,803 Total income tax expense $ 10,539 $ 16,621 $ 33,709 The following table shows a reconciliation of the income tax expense at the statutory federal income tax rate to the Company’s effective income tax rate for each of the three years ended December 31, 2023: 2023 2022 2021 (in thousands, except percentages) Amount % Amount % Amount % Tax expense calculated at the statutory federal income tax rate $ 8,679 21.00 % $ 16,503 21.00 % $ 30,244 21.00 % Increases (decreases) resulting from: Non-taxable interest income (491) (1.19) % (342) (0.44) % (350) (0.24) % Taxable (non-taxable) BOLI income 1,302 3.15 % (1,135) (1.44) % (1,146) (0.80) % Stock-based compensation (40) (0.10) % (251) (0.32) % (856) (0.59) % State and city income taxes, net of federal income tax benefit 1,037 2.51 % 882 1.12 % 3,697 2.57 % Rate differential on deferred items (2,159) (5.22) % (245) (0.31) % 769 0.53 % Noncontrolling interest 357 0.87 % 283 0.36 % 548 0.38 % Disallowed interest expense and other expenses 1,547 3.74 % 891 1.13 % 421 0.29 % Other, net 307 0.74 % 35 0.05 % 382 0.27 % Total income tax expense $ 10,539 25.50 % $ 16,621 21.15 % $ 33,709 23.41 % The composition of the net deferred tax asset is as follows: December 31, (in thousands) 2023 2022 Tax effect of temporary differences Lease liability $ 32,449 $ 37,345 Net unrealized losses in other comprehensive loss 24,053 27,663 Allowance for credit losses 23,177 19,811 Valuation allowance on loans held for sale 9,130 — Deferred compensation 5,026 5,090 Stock-based compensation expense 1,761 1,333 Dividend income (1,221) (645) Depreciation and amortization (4,625) (2,869) Goodwill amortization (4,926) (4,949) Right-of-use asset (30,284) (35,979) Other 1,095 1,903 Net deferred tax assets $ 55,635 $ 48,703 The Company evaluates the deferred tax asset for recoverability using a consistent approach which considers the relative impact of negative and positive evidence, including its own historical financial performance and that of its operating subsidiaries and projections of future taxable income. This evaluation involves significant judgment by management about assumptions that are subject to change from period to period. Management believes that the weight of all the positive evidence currently available exceeds the negative evidence in support of the realization of the future tax benefits associated with the federal net deferred tax asset. As a result, management has concluded that the federal net deferred tax asset in its entirety will more likely than not be realized. Therefore, a valuation allowance is not considered necessary. If future results differ significantly from the Company’s current projections, a valuation allowance against the net deferred tax asset may be required. At December 31, 2023 and 2022, the Company had accumulated net operating losses (“NOLs”) in the State of Florida of approximately $160.2 million and $161.0 million, respectively. These NOLs are carried forward for a maximum of 20 years or indefinitely, depending on the year generated, based on applicable Florida law. The deferred tax asset related to these NOLs at December 31, 2023 and 2022 is approximately $7.0 million and $7.0 million, respectively. A valuation allowance has been recorded against the state deferred tax asset as management believes it is more likely than not that the tax benefit will not be realized. At December 31, 2023 and 2022, the Company had no unrecognized tax benefits or associated interest or penalties that needed to be accrued. The Company and its subsidiaries file a consolidated federal income tax return as well as combined state income tax returns where combined filings are required. The federal and state tax returns for years 2020 through 2023 remain subject to examination by the corresponding tax jurisdictions. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (“AOCL/AOCI”) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (“AOCL/AOCI”) | Accumulated Other Comprehensive Income (“AOCL/AOCI”): The components of AOCL/AOCI are summarized as follows using applicable blended average federal and state tax rates for each period: December 31, 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 $ (97,042) $ 24,614 $ (72,428) $ (111,957) $ 28,605 $ (83,352) Net unrealized holding gains on interest rate swaps designated as cash flow hedges 2,193 (561) 1,632 3,659 (942) 2,717 Total (AOCL) AOCI $ (94,849) $ 24,053 $ (70,796) $ (108,298) $ 27,663 $ (80,635) The components of other comprehensive (loss) income for the three-year period ended December 31, 2023 is summarized as follows: December 31, 2023 (in thousands) Before Tax Tax Net of Tax Net unrealized holding gains on debt securities available for sale: Change in fair value arising during the period $ 12,817 $ (3,460) $ 9,357 Reclassification adjustment for net losses included in net income 2,098 (531) 1,567 14,915 (3,991) 10,924 Net unrealized holding losses on interest rate swaps designated as cash flow hedges: Change in fair value arising during the period (20) 5 (15) Reclassification adjustment for net interest income included in net income (1,446) 376 (1,070) (1,466) 381 (1,085) Total other comprehensive income $ 13,449 $ (3,610) $ 9,839 December 31, 2022 (in thousands) Before Tax Tax Net of Tax Net unrealized holding losses on debt securities available for sale: Change in fair value arising during the period $ (130,165) $ 33,014 $ (97,151) Reclassification adjustment for net gains included in net income 2,433 (621) 1,812 (127,732) 32,393 (95,339) Net unrealized holding losses on interest rate swaps designated as cash flow hedges: Change in fair value arising during the period 369 (149) 220 Reclassification adjustment for net interest income included in net income (985) 252 (733) (616) 103 (513) Total other comprehensive loss $ (128,348) $ 32,496 $ (95,852) December 31, 2021 (in thousands) Before Tax Tax Net of Tax Net unrealized holding losses on debt securities available for sale: Change in fair value arising during the period $ (17,264) $ 4,304 $ (12,960) Reclassification adjustment for net gains included in net income (4,266) 1,028 (3,238) (21,530) 5,332 (16,198) Net unrealized holding losses on interest rate swaps designated as cash flow hedges: Change in fair value arising during the period 178 (41) 137 Reclassification adjustment for net interest income included in net income (508) 122 (386) (330) 81 (249) Total other comprehensive loss $ (21,860) $ 5,413 $ (16,447) |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The Company’s related parties include directors, executive officers, holders of 5% or more of the Company’s common stock, or any member of the immediate family of these persons. Transactions with related parties were entered into pursuant to the Company’s policies and procedures and applicable law, including Federal Reserve Regulation W, on substantially the same terms and conditions as transactions with unaffiliated third parties. In addition to loans to related parties and associated interest income, which are described further below, consolidated balance sheets and the consolidated statements of operations include the following amounts with related parties: December 31, (in thousands) 2023 2022 Liabilities Demand deposits, noninterest bearing $ 1,228 $ 1,733 Demand deposits, interest bearing 11,119 9,376 Savings and money market 3,981 1,703 Time deposits and accounts payable 4,089 4,652 Total due to related parties $ 20,417 $ 17,464 Years Ended December 31, (in thousands) 2023 2022 2021 Expenses Interest expense $ 103 $ 46 $ 13 Fees and other expenses 56 58 53 $ (159) $ (104) $ (66) Loan transactions The Company originates loans in the normal course of business to certain related parties. At December 31, 2023 and 2022, these loans amounted to $4.2 million and $5.9 million, respectively. These loans are generally made to persons who participate or have authority to participate (other than in the capacity of a director) in major policymaking functions of the Company or its affiliates, such as principal owners and management of the Company and their immediate families. Interest income on these loans was approximately $0.1 million, $0.2 million in each of the years ended December 31, 2023 and 2022, respectively. Other assets and liabilities In connection with litigation between the Bank, one of its former subsidiaries which merged with and into the Bank in prior years, and Kunde Management, LLC (”Kunde”), the parties entered into a confidential settlement agreement and the court entered an agreed order of dismissal with prejudice on July 6, 2020. The Company incurred approximately $1.1 million in legal fees through June 30, 2020 litigating this case. In connection with this litigation and settlement, certain related parties agreed to reimburse Amerant Trust, a maximum of $1.0 million of all legal fees and costs related to and arising from the litigation. As of December 31, 2020, the Company expected to be reimbursed up to $750,000 of these legal fees. In 2021, the Company was reimbursed $875,000 in connection with this event. The terms of the settlement agreement did not have a material impact on the Company's consolidated financial condition or operating results. The Company had approximately $1.4 million and $1.3 million, respectively, due to its Trust Subsidiaries as of December 31, 2023 and 2022. This amount is included in accounts payable in the precedent table. |
Stockholders_ Equity
Stockholders’ Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Stockholders’ Equity | Stockholders’ Equity (a) Amended and Restated Articles of Incorporation Clean-Up Merger In November 2021, the Company’s shareholders approved a clean-up merger, previously announced by the Company in September 2021, pursuant to which a subsidiary of the Company merged with and into the Company (the “Clean-up Merger”). Under the terms of the Clean-up Merger, each outstanding share of Class B common stock was converted to 0.95 of a share of Class A common stock without any action on the part of the holders of Class B common stock; however, any shareholder, together with its affiliates, who owned more than 8.9% of the outstanding shares of Class A common stock as a result of the Clean-up Merger, such holder’s shares of Class A common stock or Class B common stock, as the case may have been, were converted into shares of a new class of Non-Voting Class A common stock, solely with respect to holdings that were in excess of the 8.9% limitation. The terms of the Clean-up Merger included the creation of a new class of Non-Voting Class A common stock. Following the Clean-up Merger, no shares of Class B common stock are authorized or outstanding, and November 17, 2021 was the last day they traded on the Nasdaq Global Select Market. In addition, all shareholders who held fractional shares as a result of the Clean-up Merger received a cash payment in lieu of such fractional shares. Following the Clean-up Merger, any holder who beneficially owned fewer than 100 shares of Class A common stock received cash in lieu of Class A common stock. On November, 17, 2021, the Company filed amended and restated articles of incorporation with the Secretary of State of Florida. Pursuant to the amended and restated articles, the total number of authorized shares of stock of all classes is 300,000,000, consisting of the following classes: Class Number of Par Value Common Stock: Class A - voting common stock 225,000,000 $ 0.10 Class A - non-voting common stock 25,000,000 0.10 250,000,000 Preferred Stock 50,000,000 0.10 300,000,000 Common Stock The Class A voting common stock and the Class A non-voting common stock are identical in all respects except that the Class A non-voting common stock are not be entitled to vote on any matter (unless such a vote is required by applicable laws or NYSE regulations in a particular case). On August 3, 2023, the Company provided written notice to Nasdaq of its determination to voluntarily withdraw the principal listing of the Company’s Class A common stock from Nasdaq and transfer the listing of the Common Stock to the 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” Preferred Stock The Board of Directors is authorized to provide for and designate, out of the authorized but unissued shares of Preferred Stock, one or more series of Preferred Stock and, with respect to each such series, to fix the number of shares, the price, dividend rates, rights, preferences, privileges and restrictions, including voting rights, of one or more series of preferred stock from time to time, without any vote or further action by the shareholders. There are currently no outstanding shares of preferred stock. Dividends Dividends shall be payable only when, as and if declared by the Board of Directors from lawful available funds, and may be paid in cash, property, or shares of any class or series or other securities or evidences of indebtedness of the Company or any other issuer, as may be determined by resolution or resolutions of the Board of Directors. b) Common Stock Shares of the Company’s Class A common stock issued and outstanding as of December 31, 2023 and December 31, 2022 were 33,603,242 and 33,815,161, respectively. 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 was set to expire on December 31, 2023 and on December 15, 2023, the Company announced that the Board approved to extend the expiration date to December 31, 2024. In 2023, the Company repurchased an aggregate of 259,853 shares of Class A common stock at a weighted average price of $18.98 per share, under the 2023 Class A Common Stock Repurchase Program. The aggregate purchase price for these transactions was approximately $4.9 million, including transaction costs. At December 2023, the Company had $20 million available for repurchase under this repurchase program. 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. Under the New Class A Common Stock Repurchase Program, the Company was able to repurchase shares of Class A common stock through open market purchases, by block purchase, in privately negotiated transactions or otherwise in compliance with Rule 10b-18 under the Exchange Act. The extent to which the Company was able to repurchase its shares of Class A common stock and the timing of such purchases depended upon market conditions, regulatory requirements, other corporate liquidity requirements and priorities and other factors as may have been considered in the Company’s sole discretion. Repurchases may also have been made pursuant to a trading plan under Rule 10b5-1 under the Exchange Act, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so because of self-imposed trading blackout periods or other regulatory restrictions. The New Class A Common Stock Repurchase Program did not obligate the Company to repurchase any particular amount of shares of Class A common stock, and may have been suspended or discontinued at any time without notice. In 2022, the Company repurchased an aggregate of 1,602,887 shares of Class A common stock at a weighted average price of $31.14 per share, under the New 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 New Common Stock Repurchase Program. In November 2021, the Company repurchased 281,725 shares of Class A Common Stock that were cashed out in accordance with the terms of the Clean-Up Merger. These shares were repurchased at a price per share of $30.10 and an aggregate purchase price of approximately $8.5 million. In September 2021, the Company’s Board of Directors authorized a stock repurchase program which provided for the potential to repurchase up to $50 million of shares of the Company’s Class A common stock. Under the Class A Common Stock Repurchase Program, the Company was able to repurchase shares of Class A common stock through open market purchases, by block purchase, in privately negotiated transactions or otherwise in compliance with Rule 10b-18 under the Exchange Act. The extent to which the Company was able to repurchase its shares of Class A common stock and the timing of such purchases depended upon market conditions, regulatory requirements, other corporate liquidity requirements and priorities and other factors as may have been considered in the Company’s sole discretion. Repurchases may also have been made pursuant to a trading plan under Rule 10b5-1 under the Exchange Act, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so because of self-imposed trading blackout periods or other regulatory restrictions. The Class A Common Stock Repurchase Program did not obligate the Company to repurchase any particular amount of shares of Class A common stock, and may have been suspended or discontinued at any time without notice. In 2022 and 2021, the Company repurchased an aggregate of 652,118 shares and 893,394 shares, respectively, of Class A common stock at a weighted average price per share of $33.96 and $31.18, respectively, under the Class A Common Stock Repurchase Program. In 2022 and 2021, the aggregate purchase price for these transactions was approximately $22.1 million and $27.9 million, respectively, including transaction costs. On January 31, 2022, the Company announced the completion of the Class A Common Stock Repurchase Program. On March 10, 2021, the Company’s Board of Directors approved a stock repurchase program which provided for the potential repurchase of up to $40 million of shares of the Company’s Class B common stock. Under the Class B Common Stock Repurchase Program, the Company was able to repurchase shares of Class B common stock through open market purchases, by block purchase, in privately-negotiated transactions, or otherwise in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The extent to which the Company was able to repurchase its shares of Class B common stock and the timing of such purchases depended upon market conditions, regulatory requirements, other corporate liquidity requirements and priorities and other factors as may have been considered in the Company’s sole discretion. Repurchases may also have been made pursuant to a trading plan under Rule 10b5-1 under the Exchange Act, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so because of self-imposed trading blackout periods or other regulatory restrictions. The Class B Common Stock Repurchase Program did not obligate the Company to repurchase any particular amount of shares of Class B common stock, and may have been suspended or discontinued at any time without notice. In 2021, the Company repurchased an aggregate of 565,232 shares of Class B common stock at a weighted average price per share of $16.92, under the Class B Common Stock Repurchase Program. The aggregate purchase price for these transactions was approximately $9.6 million, including transaction costs. In September 2021, in connection with the Merger, the Company’s Board of Directors terminated the Class B Common Stock Repurchase Program. In 2023, 2022 and 2021, the Company’s Board of Directors authorized the cancellation of all shares of Class A common stock and Class B common stock previously held as treasury stock, including all shares repurchased in 2023, 2022 and 2021. Therefore, the Company had no shares of common stock held in treasury stock at December 31, 2023, 2022 and 2021. Stock-Based Compensation Awards The Company grants, from time to time, stock-based compensation awards which are reflected as changes in the Company’s Stockholders’ equity. See Note 14 “Stock-Based Incentive Compensation Plan” for additional information about common stock transactions under the Company’s 2018 Equity Plan. c) Dividends Set forth below are the details of dividends by the Company for the periods ended December 31, 2023 and 2022 and 2021, and subsequent to December 31, 2023: Declaration Date Record Date Payment Date Dividend Per Share Dividend Amount 01/17/2024 02/14/2024 02/29/2024 $0.09 $3.0 million 10/18/2023 11/14/2023 11/30/2023 $0.09 $3.0 million 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 12/09/2021 12/22/2021 01/15/2022 $0.06 $2.2 million |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and 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 likelihood 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. The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, derivative contracts, and letters of credit. Most of our derivative arrangements with counterparties require the posting of collateral upon meeting certain net exposure threshold. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for loan commitments and letters of credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making loan commitments and letters of credit as it does for on-balance sheet instruments. The Company controls the credit risk of loan commitments and letters of credit through credit approvals, customer limits, and monitoring procedures. Loan commitments are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Loan commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The Company evaluates each customer’s credit-worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation. Collateral held varies but may include cash, accounts receivable, inventory, property and equipment, real estate in varying stages of development and occupancy, and income-producing commercial properties. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support borrowing arrangements. They generally have one year terms and are renewable annually, if agreed. The credit risk involved in issuing standby letters of credit is generally the same as that involved in extending loan facilities to customers. The Company generally holds deposits, investments and real estate as collateral supporting those commitments. The extent of collateral held for those commitments at December 31, 2023 ranges from unsecured commitments to commitments fully collateralized by cash and securities. Commercial letters of credit are conditional commitments issued by the Company to guarantee payment by a customer to a third party, and are used primarily for importing or exporting goods and are terminated when proper payment is made by the customer. Financial instruments whose contract amount represents off-balance sheet credit risk at December 31, 2023 are generally short-term and are as follows: (in thousands) Approximate Commitments to extend credit $ 1,305,816 Standby letters of credit 29,605 $ 1,335,421 The following table summarizes the changes in the allowance for credit losses for off-balance sheet credit risk exposures for the years ended December 31, 2023, 2022 and 2021: (in thousands) Years Ended December 31, 2023 2022 2021 Balances at beginning of the period $ 1,702 $ 1,702 $ 1,952 Provision for (reversal of) credit losses - off balance sheet exposures 1,400 — (250) Balances at end of period $ 3,102 $ 1,702 $ 1,702 Beginning in the third quarter of 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 operations and 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 operations and comprehensive income (loss). In 2023, the provision for credit losses for off-balance sheet exposures includes: (i) $0.3 million recorded in the first half of 2023 and included within other operating expenses in the Company’s consolidated statements of operations and comprehensive income (loss), and (ii) $1.1 million recorded in the second half of 2023 and included within provision for (reversal of) credit losses in the Company’s consolidated statements of operations and comprehensive income (loss). |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 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: December 31, 2023 (in thousands) Quoted Third-Party Internal Total Assets Cash and Cash equivalents Other short-term investments $ — $ 6,080 $ — $ 6,080 Securities Debt Securities available for sale U.S. government sponsored enterprise debt securities — 557,307 — 557,307 Corporate debt securities — 260,802 — 260,802 U.S. government agency debt securities — 390,777 — 390,777 Collateralized loan obligations — 4,957 — 4,957 U.S. treasury securities — 1,991 — 1,991 Municipal bonds — 1,668 — 1,668 — 1,217,502 — 1,217,502 Equity securities with readily determinable fair values not held for trading 2,534 — — 2,534 2,534 1,217,502 — 1,220,036 Mortgage loans held for sale (at fair value) — 26,200 — 26,200 Bank owned life insurance — 234,972 — 234,972 Other assets Mortgage servicing rights (MSRs) — — 1,372 1,372 Derivative instruments — 59,932 — 59,932 $ 2,534 $ 1,544,686 $ 1,372 $ 1,548,592 Liabilities Other liabilities Derivative instruments $ — $ 59,433 $ — $ 59,433 December 31, 2022 (in thousands) Quoted Third-Party Internal Total Assets Securities 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 Level 2 Valuation Techniques The valuation of short-term securities, debt securities available for sale, equity securities not held for trading, and derivative instruments is performed through a monthly pricing process using data provided by generally recognized providers of independent data pricing services (the “Pricing Providers”). These Pricing Providers collect, use and incorporate descriptive market data from various sources, quotes and indicators from leading broker dealers to generate independent and objective valuations. The fair value of mortgage loans held for sale is generally determined using observable market information including pricing from actual market transactions, investor commitment prices or broker quotations on similar loans. The fair value of bank-owned life insurance policies is based on the cash surrender values of the policies as reported by the insurance companies. The valuation techniques and the inputs used in our consolidated financial statements to measure the fair value of our recurring Level 2 financial instruments consider, among other factors, the following: • Similar securities actively traded which are selected from recent market transactions; • Observable market data which includes spreads in relationship to SOFR and other relevant interest rate benchmarks that may become available from time to time, such as swap curve, and prepayment speed rates, as applicable. • The captured spread and prepayment speed is used to obtain the fair value for each related security. On a quarterly basis, the Company evaluates the reasonableness of the monthly pricing process for the valuation of short-term securities, debt securities available for sale and equity securities not held for trading and derivative instruments. This evaluation includes challenging a random sample of the different types of securities in the investment portfolio as of the end of the quarter selected. This challenge consists of obtaining from the Pricing Providers a document explaining the methodology applied to obtain their fair value assessments for each type of investment included in the sample selection. The Company then analyzes in detail the various inputs used in the fair value calculation, both observable and unobservable (e.g., prepayment speeds, yield curve benchmarks, spreads, delinquency rates). Management considers that the consistent application of this methodology allows the Company to understand and evaluate the categorization of its investment portfolio. The methods described above may produce a fair value calculation that may differ from the net realizable value or may not be reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of its financial instruments could result in different estimates of fair value at the reporting date. Level 3 Valuation Techniques Mortgage Servicing Rights MSRs are initially and subsequently measured at fair value, with changes in fair value recorded as part of noninterest income. The Company estimates the fair value of MSRs through the use of prevailing market participants assumptions and market participant valuation processes. This valuation is periodically tested and validated against other third-party firm valuations. There were no transfers in or out of level 3 in the years ended December 31, 2023, 2022 and 2021. 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 December 31, 2023 and 2022: December 31, 2023 (in thousands) Carrying Amount Quoted Significant Significant Total Write Downs Description Loans held for sale, at lower of cost or fair value $ 365,219 $ — $ — $ 365,219 $ 35,525 Loans held for investment measured for credit deterioration using the fair value of the collateral (1) 18,439 — — 18,439 4,371 Other Real Estate Owned (2) 20,181 — — 20,181 — $ 403,839 $ — $ — $ 403,839 $ 39,896 _______________ (1) Include loans with specific reserves of $ 8.1 million and total write downs of $4.4 million at December 31, 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 credit deterioration using the fair value of the collateral $ 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 December 31, 2023 and 2022. Loans Held for Sale, at Lower of Fair Value or Cost The fair value used for loans held for sale that are carried at the lower of cost or fair value is generally based on quoted market prices of similar loans less estimated cost to sell and is considered to be Level 3. 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. Other Real Estate Owned 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. The Company had no OREO balances as of December 31, 2022. The fair value of a financial instrument represents the price that would be received from its sale in an orderly transaction between market participants at the measurement date. The best indication of the fair value of a financial instrument is determined based upon quoted market prices. However, in many cases, there are no quoted market prices for the Company’s various financial instruments. As a result, the Company derives the fair value of the financial instruments held at the reporting period-end, in part, using present value or other valuation techniques. Those techniques are significantly affected by management’s assumptions, the estimated amount and timing of future cash flows and estimated discount rates included in present value and other techniques. The use of different assumptions could significantly affect the estimated fair values of the Company’s financial instruments. Accordingly, the net realized values could be materially different from the estimates presented below. The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: • Because of their nature and short-term maturities, the carrying values of the following financial instruments were used as a reasonable estimate of their fair value: cash and cash equivalents, interest earning deposits with banks, variable-rate loans with re-pricing terms shorter than twelve months, demand and savings deposits, short-term time deposits and other borrowings. • The fair value of mortgage loans held for sale at fair value and loans held for sale carried at the lower of cost or fair value, debt and equity securities, bank owned life insurance and derivative instruments, are based on quoted market prices, when available. If quoted market prices are unavailable, fair value is estimated using the pricing process described in Note 20. • The fair value of commitments and letters of credit is based on the assumption that the Company will be required to perform on all such instruments. The commitment amount approximates estimated fair value. • The fair value of fixed-rate loans, advances from the FHLB, senior notes, subordinated notes and junior subordinated debentures are estimated using a present value technique by discounting the future expected contractual cash flows using the current rates at which similar instruments would be issued with comparable credit ratings and terms at the measurement date. • The fair value of long-term time deposits, including certificates of deposit, is determined using a present value technique by discounting the future expected contractual cash flows using current rates at which similar instruments would be issued at the measurement date. The estimated fair value of financial instruments where fair value differs from carrying value are as follows: December 31, 2023 December 31, 2022 (in thousands) Carrying Estimated Carrying Estimated Financial assets Debt securities held to maturity $ 226,645 $ 204,945 $ 242,101 $ 217,609 Loans 3,514,114 3,321,308 3,314,553 3,181,696 Financial liabilities Time deposits 1,577,579 1,575,569 1,119,510 1,099,294 Advances from the FHLB 645,000 644,572 906,486 873,852 Senior notes 59,526 58,337 59,210 58,755 Subordinated notes 29,454 28,481 29,284 28,481 Junior subordinated debentures 64,178 63,285 64,178 64,182 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value Measurements Assets and liabilities measured at fair value on a recurring basis are summarized below: December 31, 2023 (in thousands) Quoted Third-Party Internal Total Assets Cash and Cash equivalents Other short-term investments $ — $ 6,080 $ — $ 6,080 Securities Debt Securities available for sale U.S. government sponsored enterprise debt securities — 557,307 — 557,307 Corporate debt securities — 260,802 — 260,802 U.S. government agency debt securities — 390,777 — 390,777 Collateralized loan obligations — 4,957 — 4,957 U.S. treasury securities — 1,991 — 1,991 Municipal bonds — 1,668 — 1,668 — 1,217,502 — 1,217,502 Equity securities with readily determinable fair values not held for trading 2,534 — — 2,534 2,534 1,217,502 — 1,220,036 Mortgage loans held for sale (at fair value) — 26,200 — 26,200 Bank owned life insurance — 234,972 — 234,972 Other assets Mortgage servicing rights (MSRs) — — 1,372 1,372 Derivative instruments — 59,932 — 59,932 $ 2,534 $ 1,544,686 $ 1,372 $ 1,548,592 Liabilities Other liabilities Derivative instruments $ — $ 59,433 $ — $ 59,433 December 31, 2022 (in thousands) Quoted Third-Party Internal Total Assets Securities 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 Level 2 Valuation Techniques The valuation of short-term securities, debt securities available for sale, equity securities not held for trading, and derivative instruments is performed through a monthly pricing process using data provided by generally recognized providers of independent data pricing services (the “Pricing Providers”). These Pricing Providers collect, use and incorporate descriptive market data from various sources, quotes and indicators from leading broker dealers to generate independent and objective valuations. The fair value of mortgage loans held for sale is generally determined using observable market information including pricing from actual market transactions, investor commitment prices or broker quotations on similar loans. The fair value of bank-owned life insurance policies is based on the cash surrender values of the policies as reported by the insurance companies. The valuation techniques and the inputs used in our consolidated financial statements to measure the fair value of our recurring Level 2 financial instruments consider, among other factors, the following: • Similar securities actively traded which are selected from recent market transactions; • Observable market data which includes spreads in relationship to SOFR and other relevant interest rate benchmarks that may become available from time to time, such as swap curve, and prepayment speed rates, as applicable. • The captured spread and prepayment speed is used to obtain the fair value for each related security. On a quarterly basis, the Company evaluates the reasonableness of the monthly pricing process for the valuation of short-term securities, debt securities available for sale and equity securities not held for trading and derivative instruments. This evaluation includes challenging a random sample of the different types of securities in the investment portfolio as of the end of the quarter selected. This challenge consists of obtaining from the Pricing Providers a document explaining the methodology applied to obtain their fair value assessments for each type of investment included in the sample selection. The Company then analyzes in detail the various inputs used in the fair value calculation, both observable and unobservable (e.g., prepayment speeds, yield curve benchmarks, spreads, delinquency rates). Management considers that the consistent application of this methodology allows the Company to understand and evaluate the categorization of its investment portfolio. The methods described above may produce a fair value calculation that may differ from the net realizable value or may not be reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of its financial instruments could result in different estimates of fair value at the reporting date. Level 3 Valuation Techniques Mortgage Servicing Rights MSRs are initially and subsequently measured at fair value, with changes in fair value recorded as part of noninterest income. The Company estimates the fair value of MSRs through the use of prevailing market participants assumptions and market participant valuation processes. This valuation is periodically tested and validated against other third-party firm valuations. There were no transfers in or out of level 3 in the years ended December 31, 2023, 2022 and 2021. 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 December 31, 2023 and 2022: December 31, 2023 (in thousands) Carrying Amount Quoted Significant Significant Total Write Downs Description Loans held for sale, at lower of cost or fair value $ 365,219 $ — $ — $ 365,219 $ 35,525 Loans held for investment measured for credit deterioration using the fair value of the collateral (1) 18,439 — — 18,439 4,371 Other Real Estate Owned (2) 20,181 — — 20,181 — $ 403,839 $ — $ — $ 403,839 $ 39,896 _______________ (1) Include loans with specific reserves of $ 8.1 million and total write downs of $4.4 million at December 31, 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 credit deterioration using the fair value of the collateral $ 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 December 31, 2023 and 2022. Loans Held for Sale, at Lower of Fair Value or Cost The fair value used for loans held for sale that are carried at the lower of cost or fair value is generally based on quoted market prices of similar loans less estimated cost to sell and is considered to be Level 3. 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. Other Real Estate Owned 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. The Company had no OREO balances as of December 31, 2022. The fair value of a financial instrument represents the price that would be received from its sale in an orderly transaction between market participants at the measurement date. The best indication of the fair value of a financial instrument is determined based upon quoted market prices. However, in many cases, there are no quoted market prices for the Company’s various financial instruments. As a result, the Company derives the fair value of the financial instruments held at the reporting period-end, in part, using present value or other valuation techniques. Those techniques are significantly affected by management’s assumptions, the estimated amount and timing of future cash flows and estimated discount rates included in present value and other techniques. The use of different assumptions could significantly affect the estimated fair values of the Company’s financial instruments. Accordingly, the net realized values could be materially different from the estimates presented below. The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: • Because of their nature and short-term maturities, the carrying values of the following financial instruments were used as a reasonable estimate of their fair value: cash and cash equivalents, interest earning deposits with banks, variable-rate loans with re-pricing terms shorter than twelve months, demand and savings deposits, short-term time deposits and other borrowings. • The fair value of mortgage loans held for sale at fair value and loans held for sale carried at the lower of cost or fair value, debt and equity securities, bank owned life insurance and derivative instruments, are based on quoted market prices, when available. If quoted market prices are unavailable, fair value is estimated using the pricing process described in Note 20. • The fair value of commitments and letters of credit is based on the assumption that the Company will be required to perform on all such instruments. The commitment amount approximates estimated fair value. • The fair value of fixed-rate loans, advances from the FHLB, senior notes, subordinated notes and junior subordinated debentures are estimated using a present value technique by discounting the future expected contractual cash flows using the current rates at which similar instruments would be issued with comparable credit ratings and terms at the measurement date. • The fair value of long-term time deposits, including certificates of deposit, is determined using a present value technique by discounting the future expected contractual cash flows using current rates at which similar instruments would be issued at the measurement date. The estimated fair value of financial instruments where fair value differs from carrying value are as follows: December 31, 2023 December 31, 2022 (in thousands) Carrying Estimated Carrying Estimated Financial assets Debt securities held to maturity $ 226,645 $ 204,945 $ 242,101 $ 217,609 Loans 3,514,114 3,321,308 3,314,553 3,181,696 Financial liabilities Time deposits 1,577,579 1,575,569 1,119,510 1,099,294 Advances from the FHLB 645,000 644,572 906,486 873,852 Senior notes 59,526 58,337 59,210 58,755 Subordinated notes 29,454 28,481 29,284 28,481 Junior subordinated debentures 64,178 63,285 64,178 64,182 |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2023 | |
Regulatory Matters Disclosure [Abstract] | |
Regulatory Matters | Regulatory Matters The Company and the Bank are subject to various regulatory requirements administered by federal banking agencies. Amerant Mortgage is an approved Fannie Mae seller and servicer and is subject to certain Lender Adjusted Net Worth requirements. Amerant Investments is subject to the Uniform Capital Rule 15x3-1 under the Securities Act of 1934, which requires the maintenance of minimum net capital as defined under such rule. At December 31, 2023 and 2022 Amerant Investments was in compliance with those rules. The following is a summary of restrictions related to dividend payments, and capital adequacy as well as Lender Adjusted Net Worth requirement. Dividend Restrictions Dividends payable by the Bank as a national bank subsidiary of the Company, are limited by law and OCC regulations. A dividend may not be paid if the total of all dividends declared by a bank in any calendar year is in excess of the current year’s net income combined with the retained net income of the two preceding years, unless the national bank obtains the approval of the OCC. At December 31, 2023 and 2022, the Bank could have paid dividends of $117.3 million and $43.8 million, respectively, without prior OCC approval. In addition, the Company and the Bank are subject to various general regulatory policies and requirements relating to the payment of dividends, including requirements to maintain capital above regulatory minimums and the maintenance of capital in excess of capital conservation buffers required by the Federal Reserve and OCC capital regulations. Capital Adequacy Under the Basel III capital and prompt corrective action rules, the Company and the Bank must meet specific capital guidelines that involve quantitative measures and qualitative judgments about capital components, risk weightings, and other factors. The Basel III rules became effective for the Company and the Bank on January 1, 2015 with full compliance with all of the requirements being phased in by January 1, 2019. The Company and the Bank opted to not include the AOCI in computing regulatory capital. As of December 31, 2023, management believes that the Company and the Bank meet all capital adequacy requirements to which they are subject, and are well capitalized. In addition, Basel III rules required the Company and the Bank to hold a minimum capital conservation buffer of 2.50%. The Company’s capital conservation buffer at year end 2023 and 2022 was 4.1% and 4.4%, respectively, and therefore no regulatory restrictions exist under the applicable capital rules on dividends or discretionary bonuses or other payments. The Bank’s actual capital amounts and ratios are presented in the following table: Actual Minimums Required for Capital Adequacy Purposes Regulatory Minimums to be Well Capitalized (in thousands, except percentages) Amount Ratio Amount Ratio Amount Ratio December 31, 2023 Total capital ratio $ 964,678 11.95 % $ 645,662 8.00 % $ 807,077 10.00 % Tier 1 capital ratio 866,141 10.73 % 484,246 6.00 % 645,662 8.00 % Tier 1 leverage ratio 866,141 9.03 % 383,864 4.00 % 479,830 5.00 % Common equity tier 1 (CET1) capital ratio 866,141 10.73 % 363,185 4.50 % 524,600 6.50 % December 31, 2022 Total capital ratio $ 923,113 12.10 % $ 610,149 8.00 % $ 762,686 10.00 % Tier 1 capital ratio 837,970 10.99 % 457,612 6.00 % 610,149 8.00 % Tier 1 leverage ratio 837,970 9.27 % 361,655 4.00 % 452,069 5.00 % Common equity tier 1 (CET1) capital ratio 837,970 10.99 % 343,209 4.50 % 495,746 6.50 % The Company’s actual capital amounts and ratios are presented in the following table: Actual Minimums Required for Capital Adequacy Purposes Regulatory Minimums To be Well Capitalized (in thousands, except percentages) Amount Ratio Amount Ratio Amount Ratio December 31, 2023 Total capital ratio $ 979,777 12.12 % $ 646,481 8.00 % $ 808,101 10.00 % Tier 1 capital ratio 851,787 10.54 % 484,860 6.00 % 646,481 8.00 % Tier 1 leverage ratio 851,787 8.84 % 385,598 4.00 % 481,998 5.00 % CET1 capital ratio 790,959 9.79 % 363,645 4.50 % 525,266 6.50 % December 31, 2022 Total capital ratio $ 947,505 12.39 % $ 611,733 8.00 % $ 764,666 10.00 % Tier 1 capital ratio 833,078 10.89 % 458,799 6.00 % 611,733 8.00 % Tier 1 leverage ratio 833,078 9.18 % 363,130 4.00 % 453,913 5.00 % CET1 capital ratio 772,105 10.10 % 344,100 4.50 % 497,033 6.50 % The Company adopted CECL effective as of January 1, 2022. The Company has not elected to apply an available three-year transition provision to its regulatory capital computations as a result of its adoption of CECL in 2022. Mortgage Banking Lender Net Worth Adjusted Requirements Amerant Mortgage is currently an approved seller and servicer with Fannie Mae for the purpose of selling Fannie Mae eligible loan production and retaining the MSRs of those same loans. As an approved Fannie Mae seller and servicer, Amerant Mortgage must meet certain net worth covenants outlined in Maintaining Seller/Servicer Eligibility section of the Fannie Mae Selling Guide, the “Selling Guide”. Under the Selling Guide, Amerant Mortgage must meet a minimum net worth requirement of $2.5 million plus 0.25% of the outstanding unpaid principal balance of the portfolio of loans Amerant Mortgage is contractually obligated to service for Fannie Mae and other investors (the “Lender Adjusted Net Worth”). As of December 31, 2023 and 2022, Amerant Mortgage had a Lender Adjusted Net Worth of approximately $11.0 million and $7.7 million and was in compliance with the requirement. In addition, Amerant Mortgage is subject to net worth decline tolerance requirements that shall not exceed 25% over one quarter or 40% over two consecutive quarters. Amerant Mortgage has demonstrated compliance with all financial eligibility requirements as of December 31, 2023. Failure to meet the minimum net worth or net worth decline tolerance outlined above, may prompt the suspension of Amerant Mortgage as an approved seller and/or servicer, which would prevent Amerant Mortgage from taking down new commitments to deliver loans to Fannie Mae and adding loans to any portfolio that Amerant Mortgage services for Fannie Mae. While Amerant Mortgage is not required to operate as an approved Fannie Mae seller and servicer, failure to operate as such may impact Amerant Mortgage’s overall margins, profitability and financial flexibility. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table shows the calculation of basic and diluted earnings per share: (in thousands, except per share data) 2023 2022 2021 Numerator: Net income before attribution of noncontrolling interest $ 30,789 $ 61,963 $ 110,311 Noncontrolling interest (1,701) (1,347) (2,610) Net income attributable to Amerant Bancorp Inc. $ 32,490 $ 63,310 $ 112,921 Net income available to common stockholders $ 32,490 $ 63,310 $ 112,921 Denominator: Basic weighted averages shares outstanding 33,511,321 33,862,410 37,169,283 Dilutive effect of shared-based compensation awards 164,067 280,153 358,240 Diluted weighted average shares outstanding 33,675,388 34,142,563 37,527,523 Basic earnings per common share $ 0.97 $ 1.87 $ 3.04 Diluted earnings per common share $ 0.96 $ 1.85 $ 3.01 As of December 31, 2023, 2022 and 2021, potential dilutive instruments consisted of unvested shares of restricted stock, restricted stock units and performance stock units totaling 595,420, 529,830 and 462,302, respectively. |
Condensed Unconsolidated Holdin
Condensed Unconsolidated Holding Companies’ Financial Statements | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Unconsolidated Holding Companies’ Financial Statements | Condensed Unconsolidated Holding Companies’ Financial Statements The separate condensed unconsolidated financial statements of the Company has been prepared using the same basis of accounting that the Company used to prepare its consolidated financial statements described in Note 1, except for its investment in subsidiaries which is accounted for using the equity method. Under the equity method, investments in subsidiaries are initially recorded at cost, and they are periodically adjusted due to changes in the interest of the parent company over the net assets of the subsidiaries. The Company records in the results for the period, its participation in the profit or loss of the subsidiaries, and in AOCI/AOCL its participation in the “Other comprehensive (loss) income account” of the subsidiary. In applying the equity method the Company uses the subsidiaries consolidated financial statements at the end of the period prepared under GAAP. Condensed financial statements of Amerant Bancorp Inc. are presented below: Condensed Balance Sheets: December 31, (in thousands) 2023 2022 Assets Cash and due from banks $ 46,789 $ 64,899 Investments in subsidiaries 818,815 791,837 U.S. treasury securities 1,991 1,996 Dividends from subsidiary bank receivable 20,000 — Other assets 6,668 4,903 $ 894,263 $ 863,635 Liabilities and Stockholders' Equity Senior notes $ 59,526 $ 59,210 Subordinated notes 29,454 29,284 Junior Subordinated Debentures 64,178 64,178 Other liabilities 5,037 3,147 Stockholders' equity 736,068 707,816 $ 894,263 $ 863,635 Condensed Statements of Income: Years ended December 31 (in thousands) 2023 2022 2021 Income: Interest $ 247 $ 182 $ 117 Equity in earnings of subsidiary 43,795 73,986 120,253 Total income 44,042 74,168 120,370 Expenses: Interest expense 9,556 7,968 3,766 Other expenses (1) 5,726 5,656 6,082 Total expense 15,282 13,624 9,848 Income before income tax benefit 28,760 60,544 110,522 Income tax benefit 3,730 2,766 2,399 Net income $ 32,490 $ 63,310 $ 112,921 __________________ (1) Other expenses mainly consist of professional and other service fees. Condensed Statements of Cash Flows: Years ended December 31, (in thousands) 2023 2022 2021 Cash flows from operating activities Net income $ 32,490 $ 63,310 $ 112,921 Adjustments to reconcile net income to net cash used in operating activities - Equity in earnings of subsidiaries (43,795) (73,986) (120,253) Stock-based compensation expense 537 341 927 Net change in other assets and liabilities (2,318) (13,098) (6,919) Net cash used in operating activities (13,086) (23,433) (13,324) Cash flows from investing activities Cash received from Amerant Florida Merger — 6,663 — Dividends from subsidiary — 114,000 40,000 Return of equity from investment in subsidiary 11,068 — — Purchases of available for sale securities — (1,997) — Maturities of available for sale securities — 1,000 — Net cash provided by investment activities 11,068 119,666 40,000 Cash flows from financing activities Repurchase of common stock - Class A (4,933) (72,060) (36,332) Repurchase of common stock - Class B — — (9,563) Proceeds from issuance of common stock under Employee Stock Purchase Plan 904 — — Proceeds from issuance of Subordinated Notes, net of issuance costs — 29,146 — Dividends Paid (12,063) (12,230) — Net cash used in financing activities (16,092) (55,144) (45,895) Net increase (decrease) in cash and cash equivalents (18,110) 41,089 (19,219) Cash and cash equivalents Beginning of year 64,899 23,810 43,029 End of year $ 46,789 $ 64,899 $ 23,810 On August 2, 2022, the Company completed an intercompany transaction of entities under common control, pursuant to which the Company’s wholly owned subsidiary, Amerant Florida Bancorp Inc. (“Amerant Florida”), merged with and into the Company, with the Company as sole survivor (the “Amerant Florida Merger”). In connection with the Amerant Florida Merger, the Company assumed all assets and liabilities of Amerant Florida, including its direct ownership of the Bank, the common capital securities issued by the 5 trust subsidiaries, and the junior subordinated debentures issued by Amerant Florida and related agreements. The Amerant Florida Merger had no impact to the Company’s consolidated financial condition and results of operations. There were no reportable balances as of and for the years ended December 31, 2023 and 2022 related to Amerant Florida as of result of the Amerant Florida Merger. Condensed financial statements of Amerant Florida as of and for the year ended December 31, 2021 are presented below: Condensed Statements of Income: Year ended December 31 (in thousands) 2021 Income: Interest $ 41 Equity in earnings of subsidiary 122,311 Total income 122,352 Expenses: Interest expense 2,451 Other expenses 263 Total expenses 2,714 Income before income tax benefit 119,638 Income tax benefit 616 Net income $ 120,254 Condensed Statements of Cash Flows: Year ended December 31, (in thousands) 2021 Cash flows from operating activities Net income $ 120,254 Adjustments to reconcile net income to net cash used in operating activities - Equity in earnings of subsidiaries (122,311) Net change in other assets and liabilities 1,838 Net cash used in operating activities (219) Cash flows from investing activities Dividends received from subsidiary 30,000 Net cash provided by investing activities 30,000 Cash flows from financing activities Dividends paid (40,000) Net cash used in financing activities (40,000) Net decrease in cash and cash equivalents (10,219) Cash and cash equivalents Beginning of year 16,559 End of year $ 6,340 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ 32,490 | $ 63,310 | $ 112,921 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 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) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Restructuring Activities | Restructuring Activities The Company continues to work at optimizing its operating structure to best support its business activities. In 2021, the Bank entered into a new multi-year outsourcing agreement with a recognized third party financial technology services provider (the “Financial Technology Services Agreement”). Under the terms of this agreement, the third party has assumed full responsibility over a significant number of the Bank’s former support functions and staff, including certain back-office operations. This new relationship entails transitioning of our core data processing platform and other applications from previous software vendors to those offered by this third party financial technology service provider. This new agreement is expected to allow the Bank to achieve greater operational efficiencies and deliver more advanced solutions and services to our customers. Effective January 1, 2022, there were 80 employees who are no longer working for the Company as a result of this new agreement. The Company completed the transition of its core data processing platform and other applications in the fourth quarter of 2023. Contract termination Costs In connection with the implementation of the Financial Technology Services Agreement, the Company recorded estimated contract termination and related costs of approximately of $1.6 million and $7.1 million in 2023 and 2022, respectively. The Company does not expect to incur significant contract termination costs in the future in connection with the implementation of this agreement. Other Restructuring Costs In 2023, the Company recorded severance costs of approximately $4.0 million, branch closure expenses and related charges of $2.3 million, consulting and other professional fees and software expenses totaling of $6.4 million and a charge of $1.4 million related to the disposition of fixed assets due to the write off of in-development software. In 2022, the Company recorded severance costs of approximately $3.0 million, consulting and other professional fees of $3.6 million and branch closure expenses and related charges of $1.6 million. |
Employee Stock Purchase Plan | Employee Stock Purchase Plan On June 8, 2022, the shareholders of the Company approved the Amerant Bancorp Inc. 2021 Employee Stock Purchase Plan (the “ESPP” or the “Plan”). The purpose of the Plan is to provide eligible employees of the Company and its designated subsidiaries with the opportunity to acquire a stock ownership interest in the Company on favorable terms and to pay for such acquisitions through payroll deductions. All named executive officers, and all other executive officers of the Company who were eligible as of the enrollment deadline for the first offering period elected to participate in the Plan. See Note 14-Incentive Compensation and Benefit Plans for more details on the ESPP. |
Segment Reporting | Segment Reporting |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The Company evaluates whether it has a controlling financial interest in an entity in the form of a variable-interest entity, or a voting interest entity. Non-Controlling Interest The Company records net loss attributable to non-controlling interests in its consolidated statement of operations and comprehensive income (loss) equal to the percentage of the economic or ownership interest retained in the interest of Amerant Mortgage and presents non-controlling interests as a component of stockholders’ equity on the consolidated balance sheets and separately as net loss attributable to non-controlling interests on the consolidated statement of operations and comprehensive income (loss). At December 31, 2023, Amerant Mortgage became a wholly-owned subsidiary and, as result, there was no noncontrolling interests at that date. At December 31, 2022 and 2021, non-controlling interests in Amerant Mortgage were 20% and 49%, respectively. In 2021 and throughout the first quarter of 2022, non-controlling interests in Amerant Mortgage was 49%. |
Estimates | Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates made by management include: (i) the determination of the allowance for credit losses; (ii) the fair values of loans, securities and derivative contracts; (iii) the cash surrender value of bank owned life insurance; (iv) the determination of whether the amount of deferred tax assets will more likely than not be realized; and (v) the determination of estimated contract termination costs. Management believes that these estimates are appropriate. Actual results could differ from these estimates. In 2023 and 2022, noninterest expenses include $1.6 million and $7.1 million, respectively, of estimated contract termination costs associated with third party vendors resulting from the Company’s transition to our new technology provider. Contract termination costs represent estimated expenses to terminate contracts before the end of their terms, and are recognized when the Company terminates a contract in accordance with its terms, generally considered the time when the Company gives written notice to the counterparty within the notification period contractually established, or when the Company determines that it no longer derives economic benefits from the contracts. Contract termination costs also include expenses associated with the abandonment of existing capitalized projects which are no longer expected to be completed as a result of a contract termination. Changes to initial estimated expenses to terminate contracts resulting from revisions to timing or the amount of estimated cash flows are recognized in the period of the changes. |
Earnings per Share | Earnings per Share Basic earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding during each period. Unvested shares of restricted stock are excluded from the basic earnings per share computation. Diluted net income per common share reflects the number of additional common stock that would have been outstanding if the dilutive potential common stock had been issued. Dilutive potential common stock consist of unvested shares of restricted stock, restricted stock units and performance stock units outstanding during the period. The dilutive effect of potential common stock is calculated by applying the treasury stock method. The latter assumes dilutive potential common stock are issued and outstanding and the proceeds from the exercise, are used to purchase common stock at the average market price during the period. The difference between the numbers of dilutive potential common stock issued and the number of shares purchased is included as incremental shares in the denominator to compute diluted net income per common stock. Dilutive potential common stock are excluded from the diluted earnings per share computation in the period in which the effect is anti-dilutive. |
Income Recognition, Interest | Interest income is generally recognized on the accrual basis using the interest method. Non-refundable loan origination fees, net of direct costs of originating or acquiring loans, as well as loan purchase premiums and discounts, are deferred and amortized over the term of the related loans as adjustments to interest income using the level yield method. Purchase premiums and discounts on debt securities are amortized as adjustments to interest income over the estimated lives of the securities using the level yield method. |
Income Recognition, Fees | Brokerage and advisory activities include brokerage commissions and advisory fees. Brokerage commissions earned are related to the dollar amount of trading volume of customers’ transactions. Commissions and related clearing expenses are recorded on a trade-date basis as securities transactions occur. The Company believes that the performance obligation is satisfied on the trade date because that is when the underlying financial instrument has been transferred to/from the customer. Advisory fees are derived from investment advisory fees and account administrative services. Investment advisory fees are recorded as earned on a pro rata basis over the term of the contracts, based on a percentage of the average value of assets managed during the period. The Company believes the performance obligation for providing advisory services is satisfied over time because the customer is receiving and consuming benefits as they are provided by the Company. These fees are assessed and collected at least quarterly. Account administrative fees are charged to customers for the maintenance of their accounts and are earned and collected on a quarterly basis. Fiduciary activities fee income is recognized as earned on a pro rata basis over the term of contracts. Card servicing fees include credit and debit card interchange fees and other fees. Interchange fees are recognized when earned. Trade finance servicing fees, which primarily include commissions on letters of credit, are generally recognized over the service period on a straight line basis. Deposits and services fees include service charges on deposit accounts, fees for banking services provided to customers including wire transfers, overdrafts and non-sufficient funds. Revenue from these sources is generally recognized in accordance with published deposit account agreements for customer accounts or when fixed and determinable per contractual agreements. Loan-level derivative income is generated from back-to-back derivative transactions with commercial loan clients and with brokers. The Company earns a fee upon inception of the back-to-back derivative transactions, corresponding to the spread between a wholesale rate and a retail rate. |
Stock-based Compensation | Stock-based Compensation The Company may grant share-based compensation and other related awards to its non-employee directors, officers, employees and certain consultants. Compensation cost is measured based on the estimated fair value of the award at the grant date and recognized in earnings as an increase in additional paid in capital on a straight-line basis over the requisite service period or vesting period for each separately vesting portion of each award when awards have graded vesting features. The fair value of the unvested shares of restricted stock and restricted stock units is based on the market price of the Company’s Class A common stock at the date of the grant. The fair value of performance stock units at the grant date is based on estimated fair values using an option pricing model. |
Advertising Expenses | Advertising Expenses |
Voluntary and Involuntary Early Retirement Plan Expenses and other Staff Reduction Costs | Voluntary and Involuntary Early Retirement Plan Expenses and other Staff Reduction Costs The Company accounts for voluntary and involuntary early retirement plan expenses and other staff reduction costs by establishing a liability for costs associated with the exit or disposal activity, including severance and other related costs, when the liability is incurred, rather than when we commit to an exit plan. In 2023, 2022 and 2021, salaries and employment benefits include $4.0 million, $3.0 million and $3.6 million, respectively, of severance expenses mainly in connection with the Company’s restructuring activities. |
Offering Expenses | Offering Expenses |
Loan-level derivative expenses | Loan-level derivative expenses Loan-level derivative expenses are incurred in back-to-back derivative transactions with commercial loan clients and with brokers. The Company pays a fee upon inception of the back-to-back derivative transactions, corresponding to the spread between a wholesale rate and a retail rate. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company has defined as cash equivalents those highly liquid instruments purchased with an original maturity of three months or less and include cash and cash due from banks, federal funds sold and deposits with banks and other short-term investments. The Company must comply with federal regulations requiring the maintenance of minimum reserve balances against its deposits. Effective March 26, 2020, the Board of Governors of the Federal Reserve System reduced reserve requirements ratios to zero percent in response to the COVID-19 pandemic, therefore, there were no reserves required at December 31, 2023 and 2022. |
Securities | Securities The Company classifies its investments in securities as debt securities available for sale, debt securities held to maturity and equity securities with readily determinable fair value not held for trading. Securities classified as debt securities available for sale are carried at fair value with unrealized gains and losses included in accumulated other comprehensive income (“AOCI”) or accumulated other comprehensive loss (“AOCL”) in stockholders’ equity on an after-tax basis. Equity securities with readily determinable fair value not held for trading primarily consists of mutual funds carried at fair value with unrealized gains and losses included in earnings. Securities classified as debt securities held to maturity are securities the Company has both the ability and intent to hold until maturity and are carried at amortized cost. Investments in stock issued by the Federal Reserve and Federal Home Loan Bank of Atlanta (“FHLB”) are stated at their original cost, which approximates their realizable value. Realized gains and losses from sales of securities are recorded on the trade date and are determined using the specific identification method. Securities purchased or sold are recorded on the consolidated balance sheets as of the trade date. Receivables and payables to and from clearing organizations relating to outstanding transactions are included in other assets or other liabilities. At December 31, 2023 and 2022, securities receivables included in other assets amounted to $0.8 million and $0.9 million, respectively. At December 31, 2023 and 2022, securities payable related to purchases pending settlement and included in other liabilities amounted to $0.3 million. For debt securities available for sale, the Company evaluates whether: (i) the fair value of the securities is less than the amortized costs basis; (ii) it intends to sell, or it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis, and (iii) the decline in fair value has resulted from credit losses or other factors. The Company estimates credit losses on debt securities available for sale using a discounted cash flow model. The present value of an impaired debt security results from estimating future cash flows that are expected to be collected, discounted at the debt security’s effective interest rate. The Company develops its estimates about cash flows expected to be collected and determines whether a credit loss exists, generally using information about past events, current conditions, reasonable and supportable forecasts and other qualitative factors including the extent to which fair value is less than amortized cost basis, adverse conditions specifically related to the security, industry or geographic area, changes in conditions of any collateral underlying the securities, changes in credit ratings, failure of the issuer to make scheduled payments, among other qualitative factors specific to the applicable security. If a credit loss exists, the Company records an allowance for the credit losses, limited to the amount by which the fair value is less than the amortized cost basis. The Company recognizes in AOCI/AOCL any decline in the fair value below amortized cost on debt securities available for sale that has not been recorded through an allowance for credit losses. |
Mortgage Loans Held for Sale, at Fair Value | Loans Held for Sale, at Lower of Cost or Fair Value Loans originated for investment are transferred into the held for sale classification at the lower of carrying amount or fair value, when they are specifically identified for sale and a formal plan exists to sell them. When the Company determines that a formal plan to sell loans in this category no longer exists, the Company reclassifies these loans to loans held for investment at their carrying value at the date of the transfer, with the loans’ carrying value becoming their new basis. Any resulting difference between the loans unpaid principal amount and their carrying value is amortized through earning for the remainder lives of the loans. Mortgage Loans Held for Sale, at Fair Value |
Loans Held for Investment | Loans Held for Investment Loans represent extensions of credit which the Company has the intent and ability to hold for the foreseeable future or until maturity or payoff. These extensions of credit consist of commercial real estate loans, or CRE loans, (including land acquisition, development and construction loans), owner occupied real estate loans, single-family residential loans, commercial loans, loans to financial institutions and acceptances, and consumer loans. Amounts included in the loan portfolio are stated at the loans unamortized costs reduced by an allowance for credit losses if any. The unamortized cost of a loan consists of its unpaid principal balance, unamortized premiums, discounts and deferred loan origination fees and costs, net of amounts previously charged off. Unamortized premiums, discounts and deferred loan origination costs, including premiums paid on purchases of indirect consumer loans as well as purchases of single-family residential loans and other loans, amounted to $11.2 million and $17.8 million at December 31, 2023 and 2022, respectively. A loan is placed in nonaccrual status when management believes that collection in full of the principal amount of the loan or related interest is in doubt. Management considers that collectability is in doubt when any of the following factors are present, among others: (1) there is a reasonable probability of inability to collect principal, interest or both, on a loan for which payments are current or delinquent for less than ninety days; or (2) when a required payment of principal, interest or both, is delinquent for ninety days or longer, unless the loan is considered well secured and in the process of collection in accordance with regulatory guidelines. Once a loan to a single borrower has been placed in nonaccrual status, management reviews all loans to the same borrower to determine their appropriate accrual status. When a loan is placed in nonaccrual status, accrual of interest and amortization of net deferred loan fees or costs are discontinued, and any accrued interest receivable is reversed against interest income. Payments received on a loan in nonaccrual status are generally applied to its outstanding principal amount, unless there are no doubts on the full collection of the remaining recorded investment in the loan. When there are no doubts on the full collection of the remaining recorded investment in the loan, and there is sufficient documentation to support the collectability of that amount, payments of interest received may be recorded as interest income. A loan in nonaccrual status is returned to accrual status when none of the conditions noted when first placed in nonaccrual status are currently present, none of its principal and interest is past due, and management believes there are reasonable prospects of the loan performing in accordance with its terms. For this purpose, management generally considers there are reasonable prospects of performance in accordance with the loan terms when at least six months of principal and interest payments or principal curtailments have been received, and current financial information of the borrower demonstrates that the borrower has the capacity to continue to perform into the near future. The total outstanding principal amount of a loan is reported as past due thirty days following the date of a missed scheduled payment, based on the contractual terms of the loan. Loans which have been modified because the borrowers were experiencing financial difficulty and the Company, for economic or legal reasons related to the debtors’ financial difficulties, granted a concession to the debtors that it would not have otherwise considered, are considered troubled debt restructurings (“TDR”). In 2020, the Company began offering customized loan payment relief options as a result of the impact of the COVID-19 pandemic, including deferral and forbearance options. Consistent with accounting and regulatory guidance, temporary modifications granted under these programs are not considered TDRs. See |
Allowance for Loan Losses | Allowance for Credit Losses (ACL) In 2022, the Company adopted Accounting Standards Codification Topic 326 - Financial Instruments - Credit Losses (ASC Topic 326), which replaced the incurred loss methodology for estimated probable loan losses with an expected credit loss methodology that is referred to as the current expected credit loss (“CECL”) methodology. The ACL is a valuation account that is deducted from the amortized cost basis of financial assets carried at their amortized cost, including loans held for investment and debt securities held to maturity, to present the net amount that is expected to be collected throughout the life of the financial asset. The estimated ACL is recorded through a provision for credit losses charged against operations. Management periodically evaluates the adequacy of the ACL to maintain it at a level it believes to be reasonable. The Company uses the same methods used to determine the ACL to assess any reserves needed for off-balance sheet credit risks such as unfunded loan commitments and contingent obligations on letters of credit. These reserves for off-balance sheet credit risks are presented in the liabilities section in the consolidated balance sheets. The ACL consists of two components: an asset-specific component for estimating credit losses for individual loans that do not share similar risk characteristics with other loans; and a pooled component for estimating credit losses for pools of loans that share similar risk characteristics. The ACL for the pooled component is derived from an estimate of expected credit losses primarily using an expected loss methodology that incorporates risk parameters such as probability of default (“PD”) and loss given default (“LGD”) which are derived from various vendor models and/or internally developed model estimation approaches for smaller homogenous loans. PD is projected in these models or estimation approaches using economic scenarios, whose outcomes are weighted based on the Company’s economic outlook and are developed to incorporate relevant information about past events, current conditions, and reasonable and supportable forecasts. For commercial loans above $3 million, LGD is typically derived from the Company’s own loss experience based on specific risk characteristics. For commercial real estate loans, the LGD is derived from vendor models using property and loan risk characteristics. The estimation of the ACL for pools of loans that share similar risk characteristics involves inputs and assumptions, many of which are derived from vendor and internally-developed models. These inputs and assumptions include, among others, the selection, evaluation and measurement of the reasonable and supportable forecast scenarios, PD and LGD which requires management to apply a significant amount of judgment and involves a high degree of estimation uncertainty. The ACL estimation process applies an economic forecast scenario or a composite of scenarios based on management's judgment and expectations around the current and future macroeconomic outlook. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term of a loan excludes expected extensions, renewals, and modification under certain conditions. For smaller-balance homogeneous pooled loans with similar risk characteristics such as collateral type and loan purpose (e.g., residential, small business lending under $3 million, consumer and land loans), other modeling techniques are used. These include modeling that relies upon observable inputs such as historical or average loss rates by year of loan origination (i.e.,vintage) and prepayment considerations for future expected contractual loan outstanding balances. For the smaller-balance homogenous pooled loan segments, the quantitative estimates of expected credit losses are then adjusted to incorporate considerations of current trends and conditions that are not captured in the quantitative credit loss estimates through the use of qualitative or environmental factors. The measurement of expected credit losses on these loan segments is influenced by macro-economic conditions. Expected credit losses on loans to borrowers that are domiciled in foreign countries, primarily loans in the Consumer and Financial Institutions portfolios are generally estimated by assessing available cash or other types of collateral, and the probability of losses arising from the Company’s exposure to those collateral assets. Loans in these portfolio are generally fully collateralized with cash, securities and other assets and, therefore, generally have no expected credit losses. Commercial real estate, commercial and financial institution loans are charged off against the ACL when they are considered uncollectible. These loans are considered uncollectible when a loss becomes evident to management, which generally occurs when the following conditions are present, among others: (1) a loan or portions of a loan are classified as “loss” in accordance with the internal risk and credit monitoring grading system; (2) a collection attorney has provided a written statement indicating that a loan or portions of a loan are considered uncollectible; and (3) when loans are evaluated individually and the carrying value of a collateral-dependent loan exceeds the appraised value of the asset held as collateral. Consumer and other retail loans are charged off against the ACL at the earlier of (1) when management becomes aware that a loss has occurred, or (2) beginning effective as of and for the year ended December 31, 2022, when closed-end retail loans become past due 90 days (120 days previously) or open-end retail loans become past due 180 days from the contractual due date. For open and closed-end retail loans secured by residential real estate, any outstanding loan balance in excess of the fair value of the property, less cost to sell, is charged off no later than when the loan is 180 days past due from the contractual due date. Consumer and other retail loans may not be charged off when management can clearly document that a past due loan is well secured and in the process of collection such that collection will occur regardless of delinquency status in accordance with regulatory guidelines applicable to these types of loans. The Company modifies loans related to borrowers experiencing financial difficulties by providing multiple types of concessions. When the Company modifies loans by providing principal forgiveness, the amount of the principal forgiveness is deemed to be uncollectible and, therefore, that portion of the loan is written off resulting in a reduction of the amortized cost basis and a corresponding adjustment to the ACL. |
Accrued Interest Receivable | Accrued Interest Receivable |
Transfers of Financial Assets | Transfers of Financial Assets |
Debt Modification | Debt Modifications |
Premises and Equipment, Net | Premises and Equipment, Net Premises and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation is computed on the straight-line basis over the estimated useful lives of the related assets. Repairs and maintenance are charged to operations as incurred; renewals, betterments and interest during construction are capitalized. Gains or losses on sales of premises and equipment are recorded as noninterest income at the date of sale. The Company leases various premises for bank branches under operating leases. The leases have varying terms, with most containing renewal options and annual increases in base rents. Leasehold improvements are amortized over the remaining term of the lease. |
Leases | Leases The Company determines whether a contract is or contains a lease at inception. For leases with terms greater than twelve months under which the Company is lessee, right-of-use assets and lease liabilities are recorded at the commencement date. Lease liabilities are initially recorded based on the present value of future lease payments over the lease term. Right-of-use assets are initially recorded at the amount of the associated lease liabilities plus prepaid lease payments and initial direct costs, less any lease incentives received. The cost of short term leases is recognized on a straight line basis over the lease term. The lease term includes options to extend if the exercise of those options is reasonably certain and includes termination options if there is reasonable certainty the options will not be exercised. The Company uses its incremental borrowing rate based on the appropriate term and information available at commencement date in determining the present value of lease payments, unless an implicit rate is defined in the contract or is determinable, which is generally not the case. Leases are classified as financing or operating leases at commencement; generally, leases are classified as finance leases when effective control of the underlying asset is transferred. All the leases under which the Company is lessee are classified as operating leases. For operating leases, lease cost is recognized in earnings on a straight line basis over the lease terms.Variable lease costs are recognized in the period in which the obligation for those costs is incurred. Sublease income is recognized as a reduction to lease cost over a straight line basis over the lease terms. The Company provides equipment financing through a variety of loan and lease structures, including direct or sale type finance leases and operating leases. Direct or sale type finance leases are carried at the aggregate of lease payments receivable and estimated residual value of the leased property, if applicable, less unearned income. Interest income is recognized over the term of the direct or sale type finance leases to achieve a constant periodic rate of return on the outstanding investment. Operating leases are stated at cost, less accumulated depreciation. Rental income in connection with operating leases are included as part of other noninterest income in the Company’s consolidated statement of operations and comprehensive income (loss). |
Mortgage Servicing Rights | Mortgage Servicing Rights |
Bank Owned Life Insurance | Bank Owned Life Insurance BOLI policies are recorded at the cash surrender value of the insurance contracts, which represent the amount that may be realizable under the contracts, at the consolidated balance sheet dates. Changes to the cash surrender value are recorded as other noninterest income in the consolidated statements of operations. Other Real Estate Owned and Repossessed Assets The Company, from time to time, receives other real estate property, or OREO, and non-real estate repossessed assets, in full or partial satisfaction of its loans. OREO and non-real estate repossessed assets are recorded at the fair value of the asset less the estimated cost to sell, and the loan amount reduced for the remaining balance of the loan. The amount by which the cost basis in the loan exceeds the fair value (net of estimated cost to sell) of the asset is charged to the ACL. Upon transfer to OREO and repossessed assets, the fair value less cost to sell becomes the new cost basis for the asset. Subsequent declines in the fair value of the assets below the new cost basis are recorded through the use of a valuation allowance. The fair value of OREO is generally based upon recent appraisal values of the property, less cost to sell. The fair value of non-real estate repossessed assets is generally provided by third parties based om their assumptions and quoted market prices for similar assets, when available. At December 31, 2023 the Company had OREO totaling $20.2 million (none at December 31, 2022) and is reported on the consolidated balance sheet in Other assets. In 2023, the Company repossessed and sold assets with a carrying value of $6.4 million and realized a loss on sale of approximately $2.6 million. There was no other repossessed assets activity in 2022. |
Other Real Estate Owned and Repossessed Assets | Other Real Estate Owned and Repossessed Assets The Company, from time to time, receives other real estate property, or OREO, and non-real estate repossessed assets, in full or partial satisfaction of its loans. OREO and non-real estate repossessed assets are recorded at the fair value of the asset less the estimated cost to sell, and the loan amount reduced for the remaining balance of the loan. The amount by which the cost basis in the loan exceeds the fair value (net of estimated cost to sell) of the asset is charged to the ACL. Upon transfer to OREO and repossessed assets, the fair value less cost to sell becomes the new cost basis for the asset. Subsequent declines in the fair value of the assets below the new cost basis are recorded through the use of a valuation allowance. The fair value of OREO is generally based upon recent appraisal values of the property, less cost to sell. The fair value of non-real estate repossessed assets is generally provided by third parties based om their assumptions and quoted market prices for similar assets, when available. At December 31, 2023 the Company had OREO totaling $20.2 million (none at December 31, 2022) and is reported on the consolidated balance sheet in Other assets. In 2023, the Company repossessed and sold assets with a carrying value of $6.4 million and realized a loss on sale of approximately $2.6 million. There was no other repossessed assets activity in 2022. |
Income Taxes | Income Taxes Deferred income tax assets and liabilities are determined using the balance sheet method. Under this method, the resulting net deferred tax asset is determined based on the future tax consequences attributable to differences between the financial statement carrying amount of existing assets and liabilities and their respective tax basis. The effect of changes in tax laws or rates is recognized in results in the period that includes the legislation enactment date. A valuation allowance is established against the deferred tax asset to the extent that management believes that it is more likely than not that any tax benefit will not be realized. Income tax expense is recognized on the periodic change in deferred tax assets and liabilities at the current statutory rates. The results of operations of the Company and the majority of its wholly owned subsidiaries are included in the consolidated federal income tax return of the Company and its subsidiaries as members of the same consolidated tax group. |
Goodwill | Goodwill |
Securities Sold Under Agreements to Repurchase | Securities Sold Under Agreements to Repurchase |
Derivative Instruments | Derivative Instruments Derivative instruments are recognized on the consolidated balance sheets as other assets or other liabilities, at their respective fair values. The accounting for changes in the fair value of a derivative instrument is dependent upon whether the derivative has been designated and qualifies as part of a hedging relationship. For derivative instruments that have not been designated and qualified as hedging relationships, the change in their fair value is recognized in current period earnings. For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative instruments is initially recognized as a component of AOCI or AOCL, and subsequently reclassified into earnings in the same period during which the hedged transactions affect earnings. The ineffective portion of the gain or loss, if any, is recognized immediately in earnings. The Company has designated certain derivatives as cash flow hedges. Management periodically evaluates the effectiveness of these hedges in offsetting the fluctuations in cash flows due to changes in benchmark interest rates. The Company also enters into interest rate swaps to provide commercial loan clients the ability to swap from a variable interest rate to a fixed rate. The Company enters into a floating-rate loan with a customer with a separately issued swap agreement allowing the customer to convert floating payments of the loan into a fixed interest rate. To mitigate risk, the Company will generally enter into a matching agreement with a third party to offset the exposure on the customer agreement. These swaps are not considered to be qualified hedging relationships and therefore, all unrealized gain or loss is recorded as part of other noninterest income. |
Fair Value Measurement | Fair Value Measurement Financial instruments are classified based on a three-level valuation hierarchy required by GAAP. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: Level 1 Inputs to the valuation methodology are quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities may include debt and equity securities that are traded in an active exchange market, as well as certain U.S. securities that are highly liquid and are actively traded in over-the-counter markets. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets and liabilities. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange traded instruments which value is determined by using a pricing model with inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. This category generally may include U.S. government and U.S. Government Sponsored Enterprise mortgage backed debt securities and corporate debt securities. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities may include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The valuation of short-term securities, debt securities available for sale, equity securities not held for trading, and derivative instruments is performed through a monthly pricing process using data provided by generally recognized providers of independent data pricing services (the “Pricing Providers”). These Pricing Providers collect, use and incorporate descriptive market data from various sources, quotes and indicators from leading broker dealers to generate independent and objective valuations. The fair value of mortgage loans held for sale is generally determined using observable market information including pricing from actual market transactions, investor commitment prices or broker quotations on similar loans. The fair value of bank-owned life insurance policies is based on the cash surrender values of the policies as reported by the insurance companies. The valuation techniques and the inputs used in our consolidated financial statements to measure the fair value of our recurring Level 2 financial instruments consider, among other factors, the following: • Similar securities actively traded which are selected from recent market transactions; • Observable market data which includes spreads in relationship to SOFR and other relevant interest rate benchmarks that may become available from time to time, such as swap curve, and prepayment speed rates, as applicable. • The captured spread and prepayment speed is used to obtain the fair value for each related security. On a quarterly basis, the Company evaluates the reasonableness of the monthly pricing process for the valuation of short-term securities, debt securities available for sale and equity securities not held for trading and derivative instruments. This evaluation includes challenging a random sample of the different types of securities in the investment portfolio as of the end of the quarter selected. This challenge consists of obtaining from the Pricing Providers a document explaining the methodology applied to obtain their fair value assessments for each type of investment included in the sample selection. The Company then analyzes in detail the various inputs used in the fair value calculation, both observable and unobservable (e.g., prepayment speeds, yield curve benchmarks, spreads, delinquency rates). Management considers that the consistent application of this methodology allows the Company to understand and evaluate the categorization of its investment portfolio. The methods described above may produce a fair value calculation that may differ from the net realizable value or may not be reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of its financial instruments could result in different estimates of fair value at the reporting date. Level 3 Valuation Techniques Mortgage Servicing Rights MSRs are initially and subsequently measured at fair value, with changes in fair value recorded as part of noninterest income. The Company estimates the fair value of MSRs through the use of prevailing market participants assumptions and market participant valuation processes. This valuation is periodically tested and validated against other third-party firm valuations. There were no transfers in or out of level 3 in the years ended December 31, 2023, 2022 and 2021. |
Reclassifications | Reclassifications In 2023 and 2022, advertising expenses are presented separately in the Company’s consolidated statement of operations and comprehensive income (loss). Prior to 2022, these expenses were presented as a component of other noninterest expenses in the Company’s consolidated statement of operations and comprehensive income (loss). Also, in 2023 and 2022, loan- level derivative expenses are presented separately in the Company’s consolidated statement of operations and comprehensive income (loss). Prior to 2022, these expenses were presented as a component of professional and other services fees in the Company’s consolidated statement of operations and comprehensive income (loss). |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Issued and Adopted 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. The following table reflects the impact of adopting CECL on the Company’s consolidated balance sheets: January 1, 2022 (in thousands) As Reported Under ASC 326 Pre-ASC 326 Adoption Impact of ASC 326 Adoption Assets Allowance for credit losses $ 88,573 $ 69,899 $ 18,674 Deferred tax assets, net 16,103 11,301 4,802 Liabilities Reserve for unfunded credit commitments 1,702 1,702 — Stockholder’s Equity Retained earnings 539,295 553,167 (13,872) Upon CECL adoption, the Company did not record a change to the allowance for credit losses for off-balance sheet credit exposures, and the Company did not record an allowance for credit losses for debt securities available for sale and held to maturity. See Note 3-Securities for more details on the determination of expected credit losses on debt securities available for sale and held to maturity. 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 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. Facilitation of the Effects of Reference Rate Reform on Financial Reporting On March 12, 2020, the FASB issued amendments to guidance applicable to contracts, hedging relationships, and other transactions affected by that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. These amendments provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The amendments also allow entities to make a one-time election to sell, transfer, or both sell and transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform and that are classified as held to maturity before January 1, 2020. In December 2022, the FASB issued new guidance to extend the sunset date of this guidance from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief under this guidance. Prior to this new guidance, these amendments were effective for all entities as of March 12, 2020 through December 31, 2022. During 2021, the Company completed its assessment of all third-party-provided products, services, and systems that would be affected by any changes to references to LIBOR, including changes to all relevant systems. Beginning in January 2022, the Company started referencing new loans and other products, including loan-level derivatives to the Secured Overnight Financing Rate (“SOFR”). In 2023, the Company completed the migration of all variable rate loans, derivative contracts and other financial instruments from LIBOR to SOFR. Issued and Not Yet Adopted New Guidance for Segment Reporting In November 2023, the FASB issued new guidance to improve disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments require entities to provide all annual disclosures about a reportable segment’s profit or loss and assets currently required under FASB ASC Topic 280 in interim periods. Also, this guidance clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss and provides new segment disclosure requirements for entities with a single reportable segment. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is in the process of evaluating the impact of this guidance on its consolidated financial statements when adopted. New Guidance on Income Taxes In December 2023, the FASB issued amended guidance that requires entities to provide additional income tax disclosures for annual and interim periods. This includes the disclosure of more detailed information on income tax reconciliations and income tax paid. In addition, the amendments remove certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2025. The Company is in the process of evaluating the impact of this guidance on its consolidated financial statements when adopted. New Guidance for Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions On June 30, 2022, the FASB issued new guidance to improve fair value guidance for equity securities subject to contractual sale restrictions. These amendments clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. The Company is in the process of evaluating the impact of this guidance on its consolidated financial statements when adopted. |
Subsequent Events | Subsequent Events |
Fair Value of Financial Instruments | The fair value of a financial instrument represents the price that would be received from its sale in an orderly transaction between market participants at the measurement date. The best indication of the fair value of a financial instrument is determined based upon quoted market prices. However, in many cases, there are no quoted market prices for the Company’s various financial instruments. As a result, the Company derives the fair value of the financial instruments held at the reporting period-end, in part, using present value or other valuation techniques. Those techniques are significantly affected by management’s assumptions, the estimated amount and timing of future cash flows and estimated discount rates included in present value and other techniques. The use of different assumptions could significantly affect the estimated fair values of the Company’s financial instruments. Accordingly, the net realized values could be materially different from the estimates presented below. The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: • Because of their nature and short-term maturities, the carrying values of the following financial instruments were used as a reasonable estimate of their fair value: cash and cash equivalents, interest earning deposits with banks, variable-rate loans with re-pricing terms shorter than twelve months, demand and savings deposits, short-term time deposits and other borrowings. • The fair value of mortgage loans held for sale at fair value and loans held for sale carried at the lower of cost or fair value, debt and equity securities, bank owned life insurance and derivative instruments, are based on quoted market prices, when available. If quoted market prices are unavailable, fair value is estimated using the pricing process described in Note 20. • The fair value of commitments and letters of credit is based on the assumption that the Company will be required to perform on all such instruments. The commitment amount approximates estimated fair value. • The fair value of fixed-rate loans, advances from the FHLB, senior notes, subordinated notes and junior subordinated debentures are estimated using a present value technique by discounting the future expected contractual cash flows using the current rates at which similar instruments would be issued with comparable credit ratings and terms at the measurement date. • The fair value of long-term time deposits, including certificates of deposit, is determined using a present value technique by discounting the future expected contractual cash flows using current rates at which similar instruments would be issued at the measurement date. |
Business, Basis of Presentati_3
Business, Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Impact of Adopting CECL | The following table reflects the impact of adopting CECL on the Company’s consolidated balance sheets: January 1, 2022 (in thousands) As Reported Under ASC 326 Pre-ASC 326 Adoption Impact of ASC 326 Adoption Assets Allowance for credit losses $ 88,573 $ 69,899 $ 18,674 Deferred tax assets, net 16,103 11,301 4,802 Liabilities Reserve for unfunded credit commitments 1,702 1,702 — Stockholder’s Equity Retained earnings 539,295 553,167 (13,872) |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 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 at December 31, 2023 and 2022 are summarized as follows: December 31, 2023 Amortized Gross Unrealized Allowance for Credit Losses Estimated (in thousands) Gains Losses U.S. government sponsored enterprise debt securities (1) (2) $ 591,972 $ 2,297 $ (36,962) $ — $ 557,307 Corporate debt securities (2) 285,217 — (24,415) — 260,802 U.S. government agency debt securities (1) (2) 428,626 933 (38,782) — 390,777 U.S. treasury securities 1,998 — (7) — 1,991 Municipal bonds (1) 1,731 — (63) — 1,668 Collateralized loan obligations 5,000 — (43) — 4,957 Total debt securities available for sale (3) $ 1,314,544 $ 3,230 $ (100,272) $ — $ 1,217,502 __________________ (1) Includes residential mortgage-backed securities. As of December 31, 2023, we had total residential-mortgage backed securities, included as part of total debt securities available for sale, with amortized cost of $910.1 million and fair value of $844.5 million. (2) Includes commercial mortgage-backed securities. As of December 31, 2023, we had total commercial mortgage-backed securities, included as part of total debt securities available for sale, with amortized cost of $99.7 million and fair value of $91.8 million. (3) Excludes accrued interest receivable of $6.7 million as of December 31, 2023, which is included as part of 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 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 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 years ended December 31, 2023 and 2022, proceeds from sales, redemptions and calls, gross realized gains, gross realized losses of debt securities available for sale were as follows: Years Ended December 31 (in thousands) 2023 2022 2021 Proceeds from sales, redemptions and calls of debt securities available for sale $ 4,069 $ 61,399 $ 114,923 Gross realized gains — 73 4,307 Gross realized losses (10,823) (2,522) (33) Realized (loss) gain, net $ (10,823) $ (2,449) $ 4,274 |
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: December 31, 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 sponsored enterprise debt securities 7 $ 68,923 $ (187) 328 $ 347,632 $ (36,775) $ 416,555 $ (36,962) Corporate debt securities 2 3,992 (13) 59 256,810 (24,402) 260,802 (24,415) U.S. government agency debt securities 12 19,475 (137) 158 296,632 (38,645) 316,107 (38,782) Municipal bonds — — — 3 1,668 (63) 1,668 (63) U.S. treasury securities 1 1,991 (7) — — — 1,991 (7) Collateralized Loan Obligations 1 $ 4,957 $ (43) — — — 4,957 (43) 23 $ 99,338 $ (387) 548 $ 902,742 $ (99,885) $ 1,002,080 $ (100,272) 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 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) |
Schedule of Held to Maturity Securities | Amortized cost and approximate fair values of debt securities held to maturity are summarized as follows: December 31, 2023 Amortized Gross Unrealized Estimated Allowance for Credit Losses (in thousands) Gains Losses U.S. government agency debt securities (1) $ 63,883 $ 387 $ (6,914) $ 57,356 $ — U.S. government sponsored enterprise debt securities (1)(2) 162,762 — (15,173) 147,589 — Total debt securities held to maturity (3) $ 226,645 $ 387 $ (22,087) $ 204,945 $ — __________________ (1) Includes residential mortgage-backed securities. As of December 31, 2023, we had total residential mortgage-backed securities, included as part of total debt securities held to maturity, with amortized cost of $199.2 million and fair value of $179.2 million (2) Includes commercial mortgage-backed securities. As of December 31, 2023, we had total commercial mortgage-backed securities, included as part of total debt securities held to maturity, with amortized cost of $27.5 million and fair value of $25.7 million. (3) Excludes accrued interest receivable of $0.7 million as of December 31, 2023, which is included as part of 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 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, we had total commercial mortgage-backed securities, included as part of total debt securities held to maturity, 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 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: December 31, 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 — $ — $ — 12 $ 47,370 $ (6,914) $ 47,370 $ (6,914) U.S. government sponsored enterprise debt securities — — — 34 147,590 (15,173) 147,590 (15,173) — $ — $ — 46 $ 194,960 $ (22,087) $ 194,960 $ (22,087) 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 Contractual Maturities of Securities | Contractual maturities of debt securities at December 31, 2023 are as follows: Available for Sale Held to Maturity (in thousands) Amortized Estimated Amortized Estimated Within 1 year $ 2,760 $ 2,741 $ — $ — After 1 year through 5 years 142,642 136,681 — — After 5 years through 10 years 206,451 187,107 19,099 18,237 After 10 years 962,691 890,973 207,546 186,708 $ 1,314,544 $ 1,217,502 $ 226,645 $ 204,945 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Schedule of Loan Portfolio by Classes and Countries | Loans held for investment consist of the following loan classes: (in thousands) December 31, December 31, Real estate loans Commercial real estate Nonowner occupied $ 1,616,200 $ 1,615,716 Multi-family residential 407,214 820,023 Land development and construction loans 300,378 273,174 2,323,792 2,708,913 Single-family residential 1,466,608 1,102,845 Owner occupied 1,175,331 1,046,450 4,965,731 4,858,208 Commercial loans 1,503,187 1,381,234 Loans to financial institutions and acceptances 13,375 13,292 Consumer loans and overdrafts 391,200 604,460 Total loans held for investment, gross (1) $ 6,873,493 $ 6,857,194 _________________ (1) Excludes accrued interest receivable. (in thousands) December 31, December 31, Loans held for sale at the lower of cost or fair value Real estate loans Commercial real estate Multi-family residential $ 309,612 $ — Land development and construction loans 55,607 — Total loans held for sale at the lower of fair value or cost (1) $ 365,219 $ — Mortgage loans held for sale at fair value Land development and construction loans 12,778 9,424 Single-family residential 13,422 53,014 Total Mortgage loans held for sale, at fair value (2) $ 26,200 $ 62,438 Total loans held for sale (3) $ 391,419 $ 62,438 __________________ (1) In the fourth quarter of 2023, the Company transferred an aggregate of $401 million in Houston-based CRE loans held for investment to the loans held for sale category, and recognized a valuation allowance of $35.5 million as a result of the fair value adjustment of these loans. (2) L oans held for sale in connection with Amerant Mortgage’s ongoing business. (3) Excludes accrued interest receivable. |
Schedule of Loan Portfolio Delinquencies | The age analysis of the loan portfolio by class as of December 31, 2023 and 2022 is summarized in the following table: December 31, 2023 Total Loans, Loans Past Due (in thousands) Current Loans 30-59 60-89 Greater than Total Past Real estate loans Commercial real estate Nonowner occupied $ 1,616,200 $ 1,615,772 $ 428 $ — $ — $ 428 Multi-family residential 407,214 403,288 2,360 1,558 8 3,926 Land development and construction loans 300,378 300,378 — — — — 2,323,792 2,319,438 2,788 1,558 8 4,354 Single-family residential 1,466,608 1,453,073 4,196 3,511 5,828 13,535 Owner occupied 1,175,331 1,164,059 9,642 185 1,445 11,272 4,965,731 4,936,570 16,626 5,254 7,281 29,161 Commercial loans 1,503,187 1,472,531 23,128 1,626 5,902 $ 30,656 Loans to financial institutions and acceptances 13,375 13,375 — — — — Consumer loans and overdrafts 391,200 383,689 3,142 4,277 92 7,511 $ 6,873,493 $ 6,806,165 $ 42,896 $ 11,157 $ 13,275 $ 67,328 December 31, 2022 Total Loans, Loans Past Due (in thousands) Current Loans 30-59 60-89 Greater than Total Past Real estate loans Commercial real estate Nonowner 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 table presents the amortized cost basis of loans on nonaccrual status and loans past due over 90 days and still accruing as of December 31, 2023 and 2022: December 31, 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 8 — 8 — Single-family residential 773 1,686 2,459 5,218 Owner occupied 3,693 129 3,822 — 4,474 1,815 6,289 5,218 Commercial loans 3,669 18,280 21,949 857 Consumer loans and overdrafts — 38 38 49 Total (1) $ 8,143 $ 20,133 $ 28,276 $ 6,124 _____________ (1) The Company did not recognize any interest income on nonaccrual loans during the year ended December 31, 2023. 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 — — — — 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 (1) $ 26,475 $ 10,653 $ 37,128 $ 471 _____________ (1) The Company did not recognize any interest income on nonaccrual loans during the year ended December 31, 2022. |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Schedule of Allowance For Credit Losses | The analyses by loan segment of the changes in the ACL for the years ended December 31, 2023 and 2022 are summarized in the following tables: December 31, 2023 (in thousands) Real Estate Commercial Financial Consumer Total Balances at beginning of the year $ 25,237 $ 25,888 $ — $ 32,375 $ 83,500 Provision for credit losses - loans 10,761 27,412 — 22,004 60,177 Loans charged-off (10,418) (21,395) — (28,052) (59,865) Recoveries 296 9,904 — 1,492 11,692 Balances at end of the year $ 25,876 $ 41,809 $ — $ 27,819 $ 95,504 December 31, 2022 (in thousands) Real Estate Commercial Financial Consumer Total Balances at beginning of the year $ 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 Provision for (reversal of) credit losses - loans (6,328) 1,619 — 18,654 13,945 Loans charged-off (3,852) (9,114) — (9,140) (22,106) Recoveries 47 2,685 — 356 3,088 Balances at end of the year $ 25,237 $ 25,888 $ — $ 32,375 $ 83,500 _________________ (1) The Company adopted CECL effective as of January 1, 2022. See Note 1 to our audited annual consolidated financial statements in this Form 10-K for details on the adoption of CECL. The analyses by loan segment of the changes in the allowance for loan losses or ALL (ACL in 2023 and 2022) for the year ended December 31, 2021 and its allocation by impairment methodology and the related investment in loans, net as of December 31, 2021 is summarized in the following table: December 31, 2021 (in thousands) Real Estate Commercial Financial Consumer Total Balances at beginning of the year $ 50,227 $ 48,130 $ 1 $ 12,544 $ 110,902 Reversal of (provision for) credit losses (21,338) 1,463 41 3,334 (16,500) Loans charged-off Domestic (11,062) (13,227) — (3,491) (27,780) International — — — — — Recoveries 125 2,613 — 539 3,277 Balances at end of the year $ 17,952 $ 38,979 $ 42 $ 12,926 $ 69,899 Allowance for loan losses by impairment methodology Individually evaluated $ 546 $ 10,462 $ — $ 783 $ 11,791 Collectively evaluated 17,406 28,517 42 12,143 58,108 $ 17,952 $ 38,979 $ 42 $ 12,926 $ 69,899 Investment in loans, net of unearned income Individually evaluated $ 7,285 $ 39,785 $ — $ 5,634 $ 52,704 Collectively evaluated 2,346,923 2,075,338 14,127 920,348 5,356,736 $ 2,354,208 $ 2,115,123 $ 14,127 $ 925,982 $ 5,409,440 The following is a summary of net proceeds from sales of loans held for investment by portfolio segment in the three years ended December 31, 2023: (in thousands) Real Estate Commercial Financial Consumer Total 2023 $ 34,409 $ 33,307 $ — $ — $ 67,716 2022 $ 11,566 $ 13,897 $ — $ 1,313 $ 26,776 2021 $ 11,243 $ 102,247 $ — $ 3,524 $ 117,014 |
Schedule of Troubled Debt Restructurings | The following table shows information about loans modified in TDRs as of December 31, 2022. As of December 31, 2022 (in thousands) Number of Contracts Recorded Investment Real estate loans Commercial real estate Non-owner occupied 1 $ 448 Single-family residential 1 265 Owner occupied 2 7,065 4 7,778 Commercial loans 9 3,416 Total (1) 13 $ 11,194 _________________ (1) |
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 December 31, 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 $ 163,018 $ 189,356 $ 564,003 $ 35,615 $ 89,920 $ 401,140 $ 173,148 $ 1,616,200 Special Mention — — — — — — — — Classified Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total Nonowner occupied 163,018 189,356 564,003 35,615 89,920 401,140 173,148 1,616,200 Multi-family residential Credit Risk Rating: Nonclassified Pass 1,860 69,875 96,028 5,930 72,389 119,550 41,574 407,206 Special Mention — — — — — — — — Classified Substandard — — — — — 8 — 8 Doubtful — — — — — — — — Loss — — — — — — — — Total Multi-family residential 1,860 69,875 96,028 5,930 72,389 119,558 41,574 407,214 Land development and construction loans Credit Risk Rating: Nonclassified Pass 71,157 9,920 28,934 21,959 — 26,942 141,466 300,378 Special Mention — — — — — — — — Classified Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total land development and construction loans 71,157 9,920 28,934 21,959 — 26,942 141,466 300,378 Single-family residential Credit Risk Rating: Nonclassified Pass 410,185 454,011 166,997 64,228 20,571 69,479 278,337 1,463,808 Special Mention — — — — — — — — Classified Substandard — — — — — 384 2,416 2,800 Doubtful — — — — — — — — Loss — — — — — — — — Total Single-family residential 410,185 454,011 166,997 64,228 20,571 69,863 280,753 1,466,608 Owner occupied Credit Risk Rating: Nonclassified Pass 221,137 245,680 414,263 20,741 57,681 158,678 37,538 1,155,718 Special Mention — 4,186 7,926 — — — 3,611 15,723 Classified Substandard — — 2,530 — — 825 535 3,890 Doubtful — — — — — — — — Loss — — — — — — — — Total owner occupied 221,137 249,866 424,719 20,741 57,681 159,503 41,684 1,175,331 December 31, 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 414,882 280,911 13,432 9,738 34,209 34,804 661,979 1,449,955 Special Mention — — — — — 2,056 28,205 30,261 Classified Substandard 563 500 — 91 1,775 794 19,248 22,971 Doubtful — — — — — — — — Loss — — — — — — — — Total commercial loans 415,445 281,411 13,432 9,829 35,984 37,654 709,432 1,503,187 Loans to financial institutions and acceptances Credit Risk Rating: Nonclassified Pass — — — — — 13,375 — 13,375 Special Mention — — — — — — — — Classified Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total loans to financial institutions and acceptances — — — — — 13,375 — 13,375 Consumer loans Credit Risk Rating: Nonclassified Pass 27,977 183,235 51,278 12,833 26 — 115,810 391,159 Special Mention — — — — — — — — Classified Substandard — — — — — — 41 41 Doubtful — — — — — — — — Loss — — — — — — — — Total consumer loans and overdrafts 27,977 183,235 51,278 12,833 26 — 115,851 391,200 Total loans held for investment, gross $ 1,310,779 $ 1,437,674 $ 1,345,391 $ 171,135 $ 276,571 $ 828,035 $ 1,503,908 $ 6,873,493 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 years ended December 31, 2023 and 2022: December 31, 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 — — — — — 10,328 — 10,328 Land development and construction loans — — — — — — — — — — — — — 10,418 — 10,418 Single-family residential — — — — — 39 — 39 Owner occupied — — — — — — — — — — — — — 10,457 — 10,457 Commercial loans 183 11,846 468 6,608 1,901 389 — 21,395 Loans to financial institutions and acceptances — — — — — — — Consumer loans and overdrafts 1,002 13,700 11,415 1,260 24 612 — 28,013 Total Year-To-Date Gross Charge-Offs $ 1,185 $ 25,546 $ 11,883 $ 7,868 $ 1,925 $ 11,458 $ — $ 59,865 December 31, 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 $ — $ — $ — $ 3,852 $ — $ — $ — $ 3,852 Multi-family residential — — — — — — — — Land development and construction loans — — — — — — — — — — — 3,852 — — — 3,852 Single-family residential — — — — — 14 — 14 Owner occupied — — — — — — — — — — — 3,852 — 14 — 3,866 Commercial loans 2,524 527 4,545 1,033 — 485 — 9,114 Loans to financial institutions and acceptances — — — — — — — — Consumer loans and overdrafts 3,120 4,604 1,395 2 — 5 — 9,126 Total Year-To-Date Gross Charge-Offs $ 5,644 $ 5,131 $ 5,940 $ 4,887 $ — $ 504 $ — $ 22,106 |
Schedule of Financing Receivables, Non Accrual Status | Single-family residential loans: December 31, (in thousands, except percentages) 2023 2022 2021 Loan Balance % Loan Balance % Loan Balance % Accrual Loans Current $ 1,451,346 98.95 % $ 1,097,952 99.56 % $ 655,270 99.09 % 30-59 Days Past Due 4,046 0.28 % 2,965 0.27 % 531 0.08 % 60-89 Days Past Due 3,511 0.24 % 149 0.01 % 412 0.06 % 90+ Days Past Due 5,246 0.36 % 253 0.02 % — — % 12,803 0.88 % 3,367 0.30 % 943 0.14 % Total Accrual Loans $ 1,464,149 99.83 % $ 1,101,319 99.86 % $ 656,213 99.23 % Non-Accrual Loans Current $ 1,727 0.12 % $ 358 0.03 % $ 2,612 0.39 % 30-59 Days Past Due 150 0.01 % 175 0.02 % 459 0.07 % 60-89 Days Past Due — — % 1 — % — — % 90+ Days Past Due 582 0.04 % 992 0.09 % 2,055 0.31 % 732 0.05 % 1,168 0.11 % 2,514 0.38 % Total Non-Accrual Loans 2,459 0.17 % 1,526 0.14 % 5,126 0.77 % Total single-family residential loans $ 1,466,608 100.00 % $ 1,102,845 100.00 % $ 661,339 100.00 % Consumer loans and overdrafts: December 31, (in thousands, except percentages) 2023 2022 2021 Loan Balance % Loan Balance % Loan Balance % Accrual Loans Current $ 383,689 98.09 % $ 601,920 99.58 % $ 423,373 99.93 % 30-59 Days Past Due 3,142 0.80 % 2,439 0.40 % 22 0.01 % 60-89 Days Past Due 4,277 1.09 % 62 0.01 % 5 — % 90+ Days Past Due 54 0.01 % 35 0.01 % 8 — % 7,473 1.90 % 2,536 0.42 % 35 0.01 % Total Accrual Loans $ 391,162 99.99 % $ 604,456 100.00 % $ 423,408 99.94 % Non-Accrual Loans Current $ — — % $ 1 — % $ 251 0.06 % 30-59 Days Past Due — — % — — % — — % 60-89 Days Past Due — — % — — % 2 — % 90+ Days Past Due 38 0.01 % 3 — % 4 — % 38 0.01 % 3 — % 6 — % Total Non-Accrual Loans 38 0.01 % 4 — % 257 0.06 % Total consumer loans and overdrafts $ 391,200 100.00 % $ 604,460 100.00 % $ 423,665 100.00 % |
Schedule of Amortized Cost Basis of Collateral Dependent/ Impaired 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 December 31, 2023 and 2022: As of December 31, 2023 Collateral Type (in thousands) Commercial Real Estate Residential Real Estate Other Total Specific Reserves Real estate loans Commercial real estate Multi-family residential $ 8 $ — $ — $ 8 $ — 8 — — 8 — Single-family residential (1) — 773 — 773 — Owner occupied (2) 3,684 — — 3,684 — 3,692 773 — 4,465 — Commercial loans — — 21,250 21,250 8,073 Consumer loans and overdrafts — — 36 36 34 Total $ 3,692 $ 773 $ 21,286 $ 25,751 $ 8,107 _________________ (1) Weighted-average loan-to-value was approximately 64.8% at December 31, 2023. (2) Weighted-average loan-to-value was approximately 73.0% at December 31, 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% |
Premises and Equipment, Net (Ta
Premises and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Premises and Equipment | Premises and equipment, net include the following: December 31, Estimated (in thousands) 2023 2022 (in years) Land $ 6,307 $ 6,307 NA Buildings and improvements 9,773 9,303 10–30 Furniture and equipment 18,684 21,499 3–10 Computer equipment and software 26,831 27,327 3 Leasehold improvements 29,724 23,587 3–30 Work in progress 5,315 6,644 NA $ 96,634 $ 94,667 Less: Accumulated depreciation and amortization (53,031) (52,895) $ 43,603 $ 41,772 |
Time Deposits (Tables)
Time Deposits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Time Deposits Disclosure [Abstract] | |
Schedule of Time Deposit Maturities | At December 31, 2023 and 2022 the maturity of time deposits were as follows: (in thousands, except percentages) 2023 2022 Year of Maturity Amount % Amount % 2023 $ — — % $ 1,461,456 84.5 % 2024 1,494,035 65.0 % 133,059 7.7 % 2025 517,694 22.5 % 75,984 4.4 % 2026 166,783 7.3 % 1,340 0.1 % 2027 64,668 2.8 % 52,976 3.1 % 2028 and thereafter 53,917 2.4 % 3,440 0.2 % Total $ 2,297,097 100.0 % $ 1,728,255 100.0 % |
Advances From the Federal Hom_2
Advances From the Federal Home Loan Bank and Other Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Federal Home Loan Bank Advances, Disclosure [Abstract] | |
Schedule of Outstanding Advances from the FHLB | At December 31, 2023 and 2022, the Company had outstanding advances from the FHLB and other borrowings as follows: Outstanding Balance at December 31, Year of Maturity Interest Interest 2023 2022 (in thousands) 2023 0.61% to 4.84% Fixed — 304,821 2024 1.68% to 5.46% Fixed 40,000 100,000 2025 1.40% to 3.07% Fixed — 451,665 2026 4.90% Fixed 10,000 — 2027 and after (1) 1.82% to 3.58% Fixed 595,000 50,000 $ 645,000 $ 906,486 _________________ (1) As of December 31, 2023, there were $595.0 million in advances from the FHLB with quarterly callable features, and with fixed interest rates ranging from 3.44% to 3.58%. As of December 31, 2022, there were no callable advances from the FHLB. |
Junior Subordinated Debenture_2
Junior Subordinated Debentures Held by Trust Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 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 Debentures issued to, each of the Trust Subsidiaries as of December 31, 2023 and 2022: December 31, 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) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | At December 31, 2023 and 2022 the fair value of the Company’s derivative instruments was as follows: December 31, 2023 December 31, 2022 Fair value Fair value (in thousands) Number of contracts Notional Amounts Other Assets Other Liabilities Number of contracts Notional Amounts Other Assets Other Liabilities Interest rate swaps designated as cash flow hedges 6 $ 114,178 $ 296 $ 366 5 $ 64,178 $ 167 $ 45 Derivatives not designated as hedging instruments: Interest rate swaps: Customers 146 1,037,773 6,767 47,221 143 925,433 603 66,439 Third party broker 146 1,037,773 47,221 6,767 143 925,433 66,439 603 292 2,075,546 53,988 53,988 286 1,850,866 67,042 67,042 Interest rate caps: Customers 13 325,995 — 4,983 19 448,817 — 10,002 Third party broker 14 360,995 5,195 — 20 511,900 10,207 — 27 686,990 5,195 4,983 39 960,717 10,207 10,002 Credit risk participation agreements 7 92,654 — — 4 73,968 — — Mortgage derivatives: Interest rate lock commitments 93 43,087 447 2 86 77,034 727 — Forward contracts 11 16,000 6 94 9 17,000 107 71 104 59,087 453 96 95 94,034 834 71 Total derivatives not designated as hedging instruments 430 2,914,277 59,636 59,067 424 2,979,585 78,083 77,115 Total 436 $ 3,028,455 $ 59,932 $ 59,433 429 $ 3,043,763 $ 78,250 $ 77,160 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Lease Cost | The following table presents lease costs for the years ended December 31, 2023, 2022 and 2021: (in thousands) December 31, 2023 December 31, 2022 December 31, 2021 Lease cost Operating lease cost $ 18,390 $ 17,568 $ 8,497 Short-term lease cost 49 62 176 Variable lease cost 2,238 1,746 1,371 Sublease income (3,171) (3,312) (105) Total lease cost $ 17,506 $ 16,064 $ 9,939 The following table provides supplemental information to leases as of and for the years ended December 31, 2023, 2022 and 2021: December 31, 2023 December 31, 2022 December 31, 2021 (in thousands, except weighted average data) Cash paid for amounts included in the measurement of operating lease liabilities $ 15,544 $ 14,492 $ 8,202 Weighted average remaining lease term for operating leases 16.6 years 18.1 years 19.2 years Weighted average discount rate for operating leases 9.85 % 5.94 % 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 December 31, 2023: (in thousands) Twelve Months Ended December 31, 2024 $ 15,195 2025 15,487 2026 15,748 2027 16,042 Thereafter 201,028 Total minimum payments required 263,500 Less: implied interest (136,551) Total lease obligations $ 126,949 |
Incentive Compensation and Be_2
Incentive Compensation and Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Restricted Stock Activity | The following table shows the activity of restricted stock awards in 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 (112,263) 24.36 Forfeited (41,973) 24.20 Non-vested shares, end of year 151,280 27.49 |
Schedule of Activities | The following table shows the activity of RSUs and PSUs in 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 Nonvested, beginning of year 123,970 22.83 137,199 17.43 Granted 246,965 24.02 53,420 25.09 Vested (65,526) 22.68 (10,621) 18.99 Forfeited (16,464) 25.10 (2,867) 33.63 Non-vested, end of year 288,945 23.75 177,131 19.39 The tables below show detailed information about RSUs and PSUs granted to various Company executives and employees for the years ended December 31, 2023, 2022, and 2021: December 31, 2023 Award Type Number of Units Vesting Period Awardee Weighted-Average Grant Date Fair Value RSUs 195,547 1/3 Each Year Equally for Three Years Various Executive(s) and Employees RSUs 22,498 20% Vesting Equally In Each of First Two Years, and 60% Vesting in Third Year Various Executive(s) and Employees Total RSUs 218,045 24.46 Total PSUs 53,420 Three Year Performance Target Various Executive(s) and Employees 25.09 December 31, 2022 Award Type Number of Units Vesting Period Awardee Weighted-Average Grant Date Fair Value Total RSUs 34,589 1/3 Each Year Equally for Three Years Various Executive(s) and Employees 33.23 Total PSUs 26,415 Three Year Performance Target Various Executive(s) and Employees 33.63 December 31, 2021 Award Type Number of Units Vesting Period Awardee Weighted-Average Grant Date Fair Value Total RSUs 120,513 1/3 Each Year Equally for Three Years Various Executive(s) and Employees 16.65 Total PSUs 120,513 Three Year Performance Target Various Executive(s) and Employees 13.81 For each of the years where PSUs were granted, the PSUs generally vest at the end of a three-year performance period, but only results in the issuance of shares of Class A common stock if the Company achieves a performance target. The actual amount of PSUs, if earned, varies on the percentage of the performance target achieved and could result in more or less shares issued than the number of units granted in each of the precedent years outlined in the tables above. The table below shows detailed information about RSUs granted to the Company’s independent directors for the years ended December 31, 2023, 2022, and 2021: Year Stock-Settled RSUs Cash-Settled RSU Total RSU Vesting Period Awardee Weighted-average grant date fair value 2023 28,920 — 28,920 1 Year Independent Directors 20.74 2022 17,250 — 17,250 1 Year Independent Directors 28.98 2021 — 6,573 6,573 1 Year Independent Directors 22.82 2021 13,146 — 13,146 1 Year Independent Directors 22.82 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of the income tax expense for the years ended December 31, 2023, 2022 and 2021 are as follows: (in thousands) 2023 2022 2021 Current tax expense: Federal $ 19,768 $ 15,609 $ 23,225 State 1,313 1,116 4,681 Deferred tax (expense) benefit (10,542) (104) 5,803 Total income tax expense $ 10,539 $ 16,621 $ 33,709 |
Schedule of Effective Income Tax Rate Reconciliation | The following table shows a reconciliation of the income tax expense at the statutory federal income tax rate to the Company’s effective income tax rate for each of the three years ended December 31, 2023: 2023 2022 2021 (in thousands, except percentages) Amount % Amount % Amount % Tax expense calculated at the statutory federal income tax rate $ 8,679 21.00 % $ 16,503 21.00 % $ 30,244 21.00 % Increases (decreases) resulting from: Non-taxable interest income (491) (1.19) % (342) (0.44) % (350) (0.24) % Taxable (non-taxable) BOLI income 1,302 3.15 % (1,135) (1.44) % (1,146) (0.80) % Stock-based compensation (40) (0.10) % (251) (0.32) % (856) (0.59) % State and city income taxes, net of federal income tax benefit 1,037 2.51 % 882 1.12 % 3,697 2.57 % Rate differential on deferred items (2,159) (5.22) % (245) (0.31) % 769 0.53 % Noncontrolling interest 357 0.87 % 283 0.36 % 548 0.38 % Disallowed interest expense and other expenses 1,547 3.74 % 891 1.13 % 421 0.29 % Other, net 307 0.74 % 35 0.05 % 382 0.27 % Total income tax expense $ 10,539 25.50 % $ 16,621 21.15 % $ 33,709 23.41 % |
Schedule of Deferred Tax Assets | The composition of the net deferred tax asset is as follows: December 31, (in thousands) 2023 2022 Tax effect of temporary differences Lease liability $ 32,449 $ 37,345 Net unrealized losses in other comprehensive loss 24,053 27,663 Allowance for credit losses 23,177 19,811 Valuation allowance on loans held for sale 9,130 — Deferred compensation 5,026 5,090 Stock-based compensation expense 1,761 1,333 Dividend income (1,221) (645) Depreciation and amortization (4,625) (2,869) Goodwill amortization (4,926) (4,949) Right-of-use asset (30,284) (35,979) Other 1,095 1,903 Net deferred tax assets $ 55,635 $ 48,703 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (“AOCL/AOCI”) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Components of AOCL | The components of AOCL/AOCI are summarized as follows using applicable blended average federal and state tax rates for each period: December 31, 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 $ (97,042) $ 24,614 $ (72,428) $ (111,957) $ 28,605 $ (83,352) Net unrealized holding gains on interest rate swaps designated as cash flow hedges 2,193 (561) 1,632 3,659 (942) 2,717 Total (AOCL) AOCI $ (94,849) $ 24,053 $ (70,796) $ (108,298) $ 27,663 $ (80,635) |
Schedule of Components of Other Comprehensive Loss | The components of other comprehensive (loss) income for the three-year period ended December 31, 2023 is summarized as follows: December 31, 2023 (in thousands) Before Tax Tax Net of Tax Net unrealized holding gains on debt securities available for sale: Change in fair value arising during the period $ 12,817 $ (3,460) $ 9,357 Reclassification adjustment for net losses included in net income 2,098 (531) 1,567 14,915 (3,991) 10,924 Net unrealized holding losses on interest rate swaps designated as cash flow hedges: Change in fair value arising during the period (20) 5 (15) Reclassification adjustment for net interest income included in net income (1,446) 376 (1,070) (1,466) 381 (1,085) Total other comprehensive income $ 13,449 $ (3,610) $ 9,839 December 31, 2022 (in thousands) Before Tax Tax Net of Tax Net unrealized holding losses on debt securities available for sale: Change in fair value arising during the period $ (130,165) $ 33,014 $ (97,151) Reclassification adjustment for net gains included in net income 2,433 (621) 1,812 (127,732) 32,393 (95,339) Net unrealized holding losses on interest rate swaps designated as cash flow hedges: Change in fair value arising during the period 369 (149) 220 Reclassification adjustment for net interest income included in net income (985) 252 (733) (616) 103 (513) Total other comprehensive loss $ (128,348) $ 32,496 $ (95,852) December 31, 2021 (in thousands) Before Tax Tax Net of Tax Net unrealized holding losses on debt securities available for sale: Change in fair value arising during the period $ (17,264) $ 4,304 $ (12,960) Reclassification adjustment for net gains included in net income (4,266) 1,028 (3,238) (21,530) 5,332 (16,198) Net unrealized holding losses on interest rate swaps designated as cash flow hedges: Change in fair value arising during the period 178 (41) 137 Reclassification adjustment for net interest income included in net income (508) 122 (386) (330) 81 (249) Total other comprehensive loss $ (21,860) $ 5,413 $ (16,447) |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Amounts with Related Parties | In addition to loans to related parties and associated interest income, which are described further below, consolidated balance sheets and the consolidated statements of operations include the following amounts with related parties: December 31, (in thousands) 2023 2022 Liabilities Demand deposits, noninterest bearing $ 1,228 $ 1,733 Demand deposits, interest bearing 11,119 9,376 Savings and money market 3,981 1,703 Time deposits and accounts payable 4,089 4,652 Total due to related parties $ 20,417 $ 17,464 Years Ended December 31, (in thousands) 2023 2022 2021 Expenses Interest expense $ 103 $ 46 $ 13 Fees and other expenses 56 58 53 $ (159) $ (104) $ (66) |
Stockholders_ Equity (Tables)
Stockholders’ Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Stockholders Equity | On November, 17, 2021, the Company filed amended and restated articles of incorporation with the Secretary of State of Florida. Pursuant to the amended and restated articles, the total number of authorized shares of stock of all classes is 300,000,000, consisting of the following classes: Class Number of Par Value Common Stock: Class A - voting common stock 225,000,000 $ 0.10 Class A - non-voting common stock 25,000,000 0.10 250,000,000 Preferred Stock 50,000,000 0.10 300,000,000 |
Schedule of Dividends Declared | Set forth below are the details of dividends by the Company for the periods ended December 31, 2023 and 2022 and 2021, and subsequent to December 31, 2023: Declaration Date Record Date Payment Date Dividend Per Share Dividend Amount 01/17/2024 02/14/2024 02/29/2024 $0.09 $3.0 million 10/18/2023 11/14/2023 11/30/2023 $0.09 $3.0 million 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 12/09/2021 12/22/2021 01/15/2022 $0.06 $2.2 million |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2023 are generally short-term and are as follows: (in thousands) Approximate Commitments to extend credit $ 1,305,816 Standby letters of credit 29,605 $ 1,335,421 |
Schedule of Accounts Receivable, Allowance for Credit Loss | The following table summarizes the changes in the allowance for credit losses for off-balance sheet credit risk exposures for the years ended December 31, 2023, 2022 and 2021: (in thousands) Years Ended December 31, 2023 2022 2021 Balances at beginning of the period $ 1,702 $ 1,702 $ 1,952 Provision for (reversal of) credit losses - off balance sheet exposures 1,400 — (250) Balances at end of period $ 3,102 $ 1,702 $ 1,702 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 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: December 31, 2023 (in thousands) Quoted Third-Party Internal Total Assets Cash and Cash equivalents Other short-term investments $ — $ 6,080 $ — $ 6,080 Securities Debt Securities available for sale U.S. government sponsored enterprise debt securities — 557,307 — 557,307 Corporate debt securities — 260,802 — 260,802 U.S. government agency debt securities — 390,777 — 390,777 Collateralized loan obligations — 4,957 — 4,957 U.S. treasury securities — 1,991 — 1,991 Municipal bonds — 1,668 — 1,668 — 1,217,502 — 1,217,502 Equity securities with readily determinable fair values not held for trading 2,534 — — 2,534 2,534 1,217,502 — 1,220,036 Mortgage loans held for sale (at fair value) — 26,200 — 26,200 Bank owned life insurance — 234,972 — 234,972 Other assets Mortgage servicing rights (MSRs) — — 1,372 1,372 Derivative instruments — 59,932 — 59,932 $ 2,534 $ 1,544,686 $ 1,372 $ 1,548,592 Liabilities Other liabilities Derivative instruments $ — $ 59,433 $ — $ 59,433 December 31, 2022 (in thousands) Quoted Third-Party Internal Total Assets Securities 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 December 31, 2023 and 2022: December 31, 2023 (in thousands) Carrying Amount Quoted Significant Significant Total Write Downs Description Loans held for sale, at lower of cost or fair value $ 365,219 $ — $ — $ 365,219 $ 35,525 Loans held for investment measured for credit deterioration using the fair value of the collateral (1) 18,439 — — 18,439 4,371 Other Real Estate Owned (2) 20,181 — — 20,181 — $ 403,839 $ — $ — $ 403,839 $ 39,896 _______________ (1) Include loans with specific reserves of $ 8.1 million and total write downs of $4.4 million at December 31, 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 credit deterioration using the fair value of the collateral $ 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% |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
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: December 31, 2023 December 31, 2022 (in thousands) Carrying Estimated Carrying Estimated Financial assets Debt securities held to maturity $ 226,645 $ 204,945 $ 242,101 $ 217,609 Loans 3,514,114 3,321,308 3,314,553 3,181,696 Financial liabilities Time deposits 1,577,579 1,575,569 1,119,510 1,099,294 Advances from the FHLB 645,000 644,572 906,486 873,852 Senior notes 59,526 58,337 59,210 58,755 Subordinated notes 29,454 28,481 29,284 28,481 Junior subordinated debentures 64,178 63,285 64,178 64,182 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Regulatory Matters Disclosure [Abstract] | |
Schedule of the Bank's and the Company's Actual Capital Amounts and Ratios | The Bank’s actual capital amounts and ratios are presented in the following table: Actual Minimums Required for Capital Adequacy Purposes Regulatory Minimums to be Well Capitalized (in thousands, except percentages) Amount Ratio Amount Ratio Amount Ratio December 31, 2023 Total capital ratio $ 964,678 11.95 % $ 645,662 8.00 % $ 807,077 10.00 % Tier 1 capital ratio 866,141 10.73 % 484,246 6.00 % 645,662 8.00 % Tier 1 leverage ratio 866,141 9.03 % 383,864 4.00 % 479,830 5.00 % Common equity tier 1 (CET1) capital ratio 866,141 10.73 % 363,185 4.50 % 524,600 6.50 % December 31, 2022 Total capital ratio $ 923,113 12.10 % $ 610,149 8.00 % $ 762,686 10.00 % Tier 1 capital ratio 837,970 10.99 % 457,612 6.00 % 610,149 8.00 % Tier 1 leverage ratio 837,970 9.27 % 361,655 4.00 % 452,069 5.00 % Common equity tier 1 (CET1) capital ratio 837,970 10.99 % 343,209 4.50 % 495,746 6.50 % The Company’s actual capital amounts and ratios are presented in the following table: Actual Minimums Required for Capital Adequacy Purposes Regulatory Minimums To be Well Capitalized (in thousands, except percentages) Amount Ratio Amount Ratio Amount Ratio December 31, 2023 Total capital ratio $ 979,777 12.12 % $ 646,481 8.00 % $ 808,101 10.00 % Tier 1 capital ratio 851,787 10.54 % 484,860 6.00 % 646,481 8.00 % Tier 1 leverage ratio 851,787 8.84 % 385,598 4.00 % 481,998 5.00 % CET1 capital ratio 790,959 9.79 % 363,645 4.50 % 525,266 6.50 % December 31, 2022 Total capital ratio $ 947,505 12.39 % $ 611,733 8.00 % $ 764,666 10.00 % Tier 1 capital ratio 833,078 10.89 % 458,799 6.00 % 611,733 8.00 % Tier 1 leverage ratio 833,078 9.18 % 363,130 4.00 % 453,913 5.00 % CET1 capital ratio 772,105 10.10 % 344,100 4.50 % 497,033 6.50 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | The following table shows the calculation of basic and diluted earnings per share: (in thousands, except per share data) 2023 2022 2021 Numerator: Net income before attribution of noncontrolling interest $ 30,789 $ 61,963 $ 110,311 Noncontrolling interest (1,701) (1,347) (2,610) Net income attributable to Amerant Bancorp Inc. $ 32,490 $ 63,310 $ 112,921 Net income available to common stockholders $ 32,490 $ 63,310 $ 112,921 Denominator: Basic weighted averages shares outstanding 33,511,321 33,862,410 37,169,283 Dilutive effect of shared-based compensation awards 164,067 280,153 358,240 Diluted weighted average shares outstanding 33,675,388 34,142,563 37,527,523 Basic earnings per common share $ 0.97 $ 1.87 $ 3.04 Diluted earnings per common share $ 0.96 $ 1.85 $ 3.01 |
Condensed Unconsolidated Hold_2
Condensed Unconsolidated Holding Companies’ Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule of Condensed Balance Sheets | Condensed Balance Sheets: December 31, (in thousands) 2023 2022 Assets Cash and due from banks $ 46,789 $ 64,899 Investments in subsidiaries 818,815 791,837 U.S. treasury securities 1,991 1,996 Dividends from subsidiary bank receivable 20,000 — Other assets 6,668 4,903 $ 894,263 $ 863,635 Liabilities and Stockholders' Equity Senior notes $ 59,526 $ 59,210 Subordinated notes 29,454 29,284 Junior Subordinated Debentures 64,178 64,178 Other liabilities 5,037 3,147 Stockholders' equity 736,068 707,816 $ 894,263 $ 863,635 |
Schedule of Condensed Statements of Income | Condensed Statements of Income: Years ended December 31 (in thousands) 2023 2022 2021 Income: Interest $ 247 $ 182 $ 117 Equity in earnings of subsidiary 43,795 73,986 120,253 Total income 44,042 74,168 120,370 Expenses: Interest expense 9,556 7,968 3,766 Other expenses (1) 5,726 5,656 6,082 Total expense 15,282 13,624 9,848 Income before income tax benefit 28,760 60,544 110,522 Income tax benefit 3,730 2,766 2,399 Net income $ 32,490 $ 63,310 $ 112,921 __________________ (1) Other expenses mainly consist of professional and other service fees. Condensed Statements of Income: Year ended December 31 (in thousands) 2021 Income: Interest $ 41 Equity in earnings of subsidiary 122,311 Total income 122,352 Expenses: Interest expense 2,451 Other expenses 263 Total expenses 2,714 Income before income tax benefit 119,638 Income tax benefit 616 Net income $ 120,254 |
Schedule of Condensed Statements of Cash Flows | Condensed Statements of Cash Flows: Years ended December 31, (in thousands) 2023 2022 2021 Cash flows from operating activities Net income $ 32,490 $ 63,310 $ 112,921 Adjustments to reconcile net income to net cash used in operating activities - Equity in earnings of subsidiaries (43,795) (73,986) (120,253) Stock-based compensation expense 537 341 927 Net change in other assets and liabilities (2,318) (13,098) (6,919) Net cash used in operating activities (13,086) (23,433) (13,324) Cash flows from investing activities Cash received from Amerant Florida Merger — 6,663 — Dividends from subsidiary — 114,000 40,000 Return of equity from investment in subsidiary 11,068 — — Purchases of available for sale securities — (1,997) — Maturities of available for sale securities — 1,000 — Net cash provided by investment activities 11,068 119,666 40,000 Cash flows from financing activities Repurchase of common stock - Class A (4,933) (72,060) (36,332) Repurchase of common stock - Class B — — (9,563) Proceeds from issuance of common stock under Employee Stock Purchase Plan 904 — — Proceeds from issuance of Subordinated Notes, net of issuance costs — 29,146 — Dividends Paid (12,063) (12,230) — Net cash used in financing activities (16,092) (55,144) (45,895) Net increase (decrease) in cash and cash equivalents (18,110) 41,089 (19,219) Cash and cash equivalents Beginning of year 64,899 23,810 43,029 End of year $ 46,789 $ 64,899 $ 23,810 Condensed Statements of Cash Flows: Year ended December 31, (in thousands) 2021 Cash flows from operating activities Net income $ 120,254 Adjustments to reconcile net income to net cash used in operating activities - Equity in earnings of subsidiaries (122,311) Net change in other assets and liabilities 1,838 Net cash used in operating activities (219) Cash flows from investing activities Dividends received from subsidiary 30,000 Net cash provided by investing activities 30,000 Cash flows from financing activities Dividends paid (40,000) Net cash used in financing activities (40,000) Net decrease in cash and cash equivalents (10,219) Cash and cash equivalents Beginning of year 16,559 End of year $ 6,340 |
Business, Basis of Presentati_4
Business, Basis of Presentation and Summary of Significant Accounting Policies - Business (Details) | 9 Months Ended | 12 Months Ended | |||
Jan. 01, 2022 employee | Dec. 31, 2019 segment | Dec. 31, 2023 banking_center subsidiary $ / shares | Aug. 03, 2023 $ / shares | Dec. 31, 2022 $ / shares | |
Class of Stock [Line Items] | |||||
Number of subsidiaries | subsidiary | 3 | ||||
Number of banking centers | 23 | ||||
Number of employee terminated | employee | 80 | ||||
Reportable business segments | segment | 1 | ||||
Class A | |||||
Class of Stock [Line Items] | |||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.10 | $ 0.10 | $ 0.10 | ||
South Florida | |||||
Class of Stock [Line Items] | |||||
Number of banking centers | 16 | ||||
Texas | |||||
Class of Stock [Line Items] | |||||
Number of banking centers | 6 | ||||
Tampa, Florida | |||||
Class of Stock [Line Items] | |||||
Number of banking centers | 1 | ||||
Amerant Bank, N.A | |||||
Class of Stock [Line Items] | |||||
Ownership percentage of subsidiary | 100% |
Business, Basis of Presentati_5
Business, Basis of Presentation and Summary of Significant Accounting Policies - Restructuring (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | |||
Contract termination costs | $ 1,550 | $ 7,103 | $ 0 |
Employee Severance | |||
Class of Stock [Line Items] | |||
Severance costs | 4,000 | 3,000 | $ 3,600 |
Lease Impaired Charges | |||
Class of Stock [Line Items] | |||
Other restructuring costs | 2,300 | 1,600 | |
Other Restructuring | |||
Class of Stock [Line Items] | |||
Severance costs | 6,400 | $ 3,600 | |
Facility Closing | Multi Year Outsourcing Agreement | |||
Class of Stock [Line Items] | |||
Capitalized computer software, impairments | $ 1,400 |
Business, Basis of Presentati_6
Business, Basis of Presentation and Summary of Significant Accounting Policies - Optimizing Capital Structure (Details) - USD ($) | Dec. 19, 2022 | Mar. 09, 2022 | Jan. 31, 2022 | Sep. 30, 2021 | Sep. 13, 2021 | Mar. 31, 2021 | Mar. 10, 2021 |
Class B | Common Stock | |||||||
Class of Stock [Line Items] | |||||||
Stock repurchase program, authorized amount | $ 40,000,000 | $ 40,000,000 | |||||
Class A | New Class A Common Stock Repurchase Program | |||||||
Class of Stock [Line Items] | |||||||
Stock repurchase program, authorized amount | $ 25,000,000 | $ 50,000,000 | |||||
Class A | Common Stock | |||||||
Class of Stock [Line Items] | |||||||
Stock repurchase program, authorized amount | $ 50,000,000 | $ 50,000,000 | |||||
4.50% Fixed-to-Floating Rate and Due in March 15, 2032 | Subordinated Debt | |||||||
Class of Stock [Line Items] | |||||||
Face amount | $ 30,000,000 | ||||||
Interest rate, stated percentage | 4.25% |
Business, Basis of Presentati_7
Business, Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Feb. 16, 2024 $ / shares | Nov. 30, 2023 $ / shares | Aug. 31, 2023 $ / shares | May 31, 2023 $ / shares | Feb. 28, 2023 $ / shares | Aug. 31, 2022 $ / shares | May 31, 2022 $ / shares | Feb. 28, 2022 $ / shares | Jan. 15, 2022 $ / shares | Jan. 31, 2024 $ / shares | Dec. 31, 2023 USD ($) $ / shares | Sep. 30, 2023 $ / shares | Jun. 30, 2023 $ / shares | Mar. 31, 2023 $ / shares | Dec. 31, 2022 USD ($) $ / shares | Sep. 30, 2022 $ / shares | Jun. 30, 2022 USD ($) $ / shares | Mar. 31, 2022 USD ($) $ / shares | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 $ / shares | Nov. 30, 2021 | |
Class of Stock [Line Items] | ||||||||||||||||||||||
Dividends, declared (in dollars per share) | $ / shares | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.06 | ||||||||||||||
Noncontrolling interest | $ 0 | $ (2,090) | $ 0 | $ (2,090) | ||||||||||||||||||
Transfer of subsidiary shares from noncontrolling interest | $ 0 | $ 0 | ||||||||||||||||||||
Amerant Mortgage | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Ownership percentage of subsidiary | 100% | 80% | 80% | 57.40% | 100% | 80% | 51% | |||||||||||||||
Noncontrolling interest | $ 3,800 | $ 3,800 | ||||||||||||||||||||
Payments to noncontrolling interests | $ 1,500 | |||||||||||||||||||||
Payments of dividends, noncontrolling interest | $ 1,000 | |||||||||||||||||||||
Amerant Mortgage | Maximum | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Ownership percentage of subsidiary | 100% | 100% | ||||||||||||||||||||
Subsequent Event | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Dividends, declared (in dollars per share) | $ / shares | $ 0.09 | |||||||||||||||||||||
Common Stock | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Dividends, declared (in dollars per share) | $ / shares | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.09 | ||||||||||||||||||
Common Stock | Subsequent Event | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Dividends, declared (in dollars per share) | $ / shares | $ 0.09 | |||||||||||||||||||||
Additional Paid in Capital | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Transfer of subsidiary shares from noncontrolling interest | $ 1,900 | $ 3,791 | $ 1,867 | |||||||||||||||||||
Class A | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Dividends, declared (in dollars per share) | $ / shares | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.06 | |||||||||||||||||
Clean-Up Merger | Class B | Common Stock | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Stock, conversion ratio | 0.95 | 0.95 |
Business, Basis of Presentati_8
Business, Basis of Presentation and Summary of Significant Accounting Policies - Changes in Ownership Interest and Acquisition (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||
Jan. 13, 2023 | May 12, 2021 | Dec. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | ||||||||
Noncontrolling interest | $ 0 | $ 0 | $ (2,090,000) | |||||
Transfer of subsidiary shares from noncontrolling interest | 0 | 0 | ||||||
Goodwill | 19,193,000 | 19,193,000 | 19,506,000 | |||||
F&B Acquisition Group LLC | ||||||||
Class of Stock [Line Items] | ||||||||
Cash paid | $ 2,000,000 | |||||||
Total loans held for sale at fair value | 1,000,000 | |||||||
Goodwill | $ 1,000,000 | |||||||
First Mortgage Company (FMC) | ||||||||
Class of Stock [Line Items] | ||||||||
Cash paid | $ 1,000,000 | |||||||
Goodwill | 0 | |||||||
Fair value of mortgage servicing rights acquired | 500,000 | |||||||
Premium | 500,000 | |||||||
Liabilities assumed | 0 | |||||||
Indefinite-lived intangible assets acquired | $ 500,000 | |||||||
Additional Paid in Capital | ||||||||
Class of Stock [Line Items] | ||||||||
Transfer of subsidiary shares from noncontrolling interest | $ 1,900,000 | $ 3,791,000 | $ 1,867,000 | |||||
Amerant Mortgage | ||||||||
Class of Stock [Line Items] | ||||||||
Ownership percentage of subsidiary | 100% | 80% | 57.40% | 100% | 80% | 51% | ||
Noncontrolling interest | $ 3,800,000 | $ 3,800,000 | ||||||
Payments to noncontrolling interests | $ 1,500,000 | |||||||
Payments of dividends, noncontrolling interest | $ 1,000,000 | |||||||
Amerant Mortgage | Maximum | ||||||||
Class of Stock [Line Items] | ||||||||
Ownership percentage of subsidiary | 100% | 100% |
Business, Basis of Presentati_9
Business, Basis of Presentation and Summary of Significant Accounting Policies - Investments and Bank Owned Life Insurance (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 | Oct. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | ||||||
Amount of Trust Preferred Securities Issued by Trust | $ 62,250,000 | $ 62,250,000 | $ 62,250,000 | |||
Payments to acquire investments | 349,713,000 | 457,395,000 | $ 530,832,000 | |||
U.S. treasury securities | $ 1,496,975,000 | 1,496,975,000 | 1,366,680,000 | |||
Earn-back period | 2 years | |||||
Expenses and charges | $ 4,600,000 | |||||
Change in value | 700,000 | |||||
Transaction fees | 1,100,000 | |||||
Income tax expense | 2,800,000 | |||||
Receivable from insurance carrier | $ 62,500,000 | $ 62,500,000 | ||||
Marstone, Inc | ||||||
Class of Stock [Line Items] | ||||||
Equity investment, ownership percentage | 5% | 5% | ||||
Amount of Trust Preferred Securities Issued by Trust | $ 500,000 | $ 500,000 | 2,500,000 | |||
Non-equity investments | 1,600,000 | 1,600,000 | 1,300,000 | |||
Investments, impairment charge | 2,000,000 | |||||
Raistone Financial Corp | ||||||
Class of Stock [Line Items] | ||||||
Payments to acquire equity method investments | $ 2,500,000 | |||||
JAM FINTOP Blockchain Fund | ||||||
Class of Stock [Line Items] | ||||||
Payments to acquire investments | $ 5,400,000 | |||||
Maximum target size | 200,000,000 | 200,000,000 | ||||
U.S. treasury securities | 1,400,000 | 1,400,000 | $ 1,200,000 | |||
JAM FINTOP Blockchain Fund | If Investment Increase to Maximum Size | ||||||
Class of Stock [Line Items] | ||||||
Payments to acquire investments | $ 9,800,000 | |||||
Black Dragon Fund | ||||||
Class of Stock [Line Items] | ||||||
U.S. treasury securities | $ 1,000,000 | $ 1,000,000 |
Business, Basis of Presentat_10
Business, Basis of Presentation and Summary of Significant Accounting Policies - COVID, Non-Controlling Interest and Estimates (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2022 | Jun. 30, 2021 | |
Class of Stock [Line Items] | ||||||
Gain (loss) on sales | $ 3,800 | |||||
Contract termination costs | $ 1,550 | $ 7,103 | $ 0 | |||
Amerant Mortgage | ||||||
Class of Stock [Line Items] | ||||||
Ownership percentage | 20% | 49% | 49% | |||
COVID-19 | ||||||
Class of Stock [Line Items] | ||||||
Financing receivable modification, CARES Act | $ 1,100,000 | |||||
Paycheck Protection Program, CARES Act | ||||||
Class of Stock [Line Items] | ||||||
Loans and leases receivable, sold | $ 95,100 |
Business, Basis of Presentat_11
Business, Basis of Presentation and Summary of Significant Accounting Policies - Stock-based Compensation and Rest (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | |||
Cash reserve balances | $ 0 | $ 0 | |
Securities receivable | 800,000 | 900,000 | |
Securities payable | 300,000 | ||
Unamortized purchase premium | 11,200,000 | 17,800,000 | |
Mortgage servicing rights | 1,400,000 | 1,300,000 | |
Other real estate owned | 20,200,000 | 0 | |
Proceeds from sales of repossessed assets and other real estate owned | 6,400,000 | 0 | |
Losses on sales of other real estate | 2,600,000 | ||
Goodwill impairment charge | 1,300,000 | 0 | |
Employee Severance | |||
Class of Stock [Line Items] | |||
Severance costs | $ 4,000,000 | $ 3,000,000 | $ 3,600,000 |
Employee Stock | |||
Class of Stock [Line Items] | |||
Maximum number of shares per employee | 5,000 | ||
Maximum employee contribution | $ 25,000 | ||
Percentage of discount from market price | 15% |
Business, Basis of Presentat_12
Business, Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Impact of Adopting CECL (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit losses | $ 95,504 | $ 83,500 | $ 69,899 | $ 69,899 | $ 110,902 |
Deferred tax assets, net | 55,635 | 48,703 | 11,301 | ||
Reserve for unfunded credit commitments | 3,102 | 1,702 | 1,702 | 1,702 | $ 1,952 |
Retained earnings | $ 610,802 | $ 590,375 | 553,167 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit losses | 88,573 | ||||
Deferred tax assets, net | 16,103 | ||||
Reserve for unfunded credit commitments | 1,702 | ||||
Retained earnings | 539,295 | ||||
Stock issued for employee stock purchase plan | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit losses | 18,674 | $ 18,674 | |||
Deferred tax assets, net | 4,802 | ||||
Reserve for unfunded credit commitments | 0 | ||||
Retained earnings | $ (13,872) |
Interest Earning Deposits wit_2
Interest Earning Deposits with Banks, Other Short-Term Investments and Restricted Cash (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | ||
Interest earning deposits with banks | $ 242,709,000 | $ 228,955,000 |
Average interest rate on deposits with banks | 5.64% | 1.79% |
Interest earning deposits with banks, maturity | 1 year | |
Other short-term investments | $ 6,080,000 | $ 0 |
Debt securities, available-for-sale, weighted average yield | 4.80% | |
Restricted cash | $ 25,849,000 | 42,160,000 |
Cash pledged as collateral, obligation to repay | $ 25,000,000 | $ 41,600,000 |
Securities - Amortized Cost to
Securities - Amortized Cost to Fair Value of Available for Sale Securities (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 1,314,544,000 | $ 1,169,578,000 |
Gross Unrealized Gains | 3,230,000 | 1,024,000 |
Gross Unrealized Losses | (100,272,000) | (112,981,000) |
Allowance for Credit Losses | 0 | 0 |
Estimated Fair Value | 1,217,502,000 | 1,057,621,000 |
Accrued interest receivable | 6,700,000 | 5,600,000 |
U.S. government sponsored enterprise debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 591,972,000 | 480,359,000 |
Gross Unrealized Gains | 2,297,000 | 981,000 |
Gross Unrealized Losses | (36,962,000) | (43,666,000) |
Allowance for Credit Losses | 0 | 0 |
Estimated Fair Value | 557,307,000 | 437,674,000 |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 285,217,000 | 306,898,000 |
Gross Unrealized Gains | 0 | 1,000 |
Gross Unrealized Losses | (24,415,000) | (26,199,000) |
Allowance for Credit Losses | 0 | 0 |
Estimated Fair Value | 260,802,000 | 280,700,000 |
U.S. government agency debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 428,626,000 | 373,593,000 |
Gross Unrealized Gains | 933,000 | 42,000 |
Gross Unrealized Losses | (38,782,000) | (42,814,000) |
Allowance for Credit Losses | 0 | 0 |
Estimated Fair Value | 390,777,000 | 330,821,000 |
U.S. treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,998,000 | 1,997,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (7,000) | (1,000) |
Allowance for Credit Losses | 0 | 0 |
Estimated Fair Value | 1,991,000 | 1,996,000 |
Municipal bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,731,000 | 1,731,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (63,000) | (75,000) |
Allowance for Credit Losses | 0 | 0 |
Estimated Fair Value | 1,668,000 | 1,656,000 |
Collateralized loan obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 5,000,000 | 5,000,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (43,000) | (226,000) |
Allowance for Credit Losses | 0 | 0 |
Estimated Fair Value | 4,957,000 | 4,774,000 |
Residential mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 910,100,000 | 743,000,000 |
Estimated Fair Value | 844,500,000 | 666,500,000 |
Commercial mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 99,700,000 | 91,000,000 |
Estimated Fair Value | $ 91,800,000 | $ 80,900,000 |
Securities - Narrative (Details
Securities - Narrative (Details) | 1 Months Ended | 12 Months Ended | |||
May 31, 2023 USD ($) | Feb. 24, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) contract | Dec. 31, 2021 USD ($) | |
Debt Securities, Available-for-sale [Line Items] | |||||
Securities | $ 1,496,975,000 | $ 1,366,680,000 | |||
Debt securities available for sale | 1,217,502,000 | 1,057,621,000 | |||
Allowance for credit loss | 0 | 0 | |||
Unrealized loss | 1,002,080,000 | 1,002,437,000 | |||
Gross realized loss | 10,823,000 | 2,522,000 | $ 33,000 | ||
Allowance for credit loss | 0 | 0 | |||
Equity securities | 2,500,000 | ||||
Equity securities with readily determinable fair value not held for trading | 2,534,000 | 11,383,000 | |||
Realized loss | $ 200,000 | ||||
Asset Pledged as Collateral | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Securities pledged as collateral | 206,400,000 | 314,500,000 | |||
Foreign corporate debt security | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Securities | 10,500,000 | 9,700,000 | |||
Corporate Debt Securities, Investment-Grade | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Securities | 252,400,000 | 258,800,000 | |||
Allowance for credit loss | 0 | 0 | |||
Unrealized loss | 23,800,000 | 24,100,000 | |||
Net unrealized loss | 18,200,000 | 16,600,000 | |||
Corporate Debt Securities, Non-Investment-Grade | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Securities | 8,400,000 | 16,900,000 | |||
Unrealized loss | 600,000 | 2,100,000 | |||
Signature Bond | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Unrealized loss | 9,100,000 | ||||
Unrealized losses | $ 900,000 | ||||
Number of financial instruments held-for-sale | contract | 1 | ||||
Equity Securities, FV-NI, realized loss | 9,500,000 | ||||
Mutual funds | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Equity securities | $ 12,700,000 | ||||
Unrealized losses | 33,000 | 1,300,000 | |||
Foreign corporate debt security | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Debt securities available for sale | 0 | 0 | |||
Corporate debt securities | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Debt securities available for sale | 260,802,000 | 280,700,000 | |||
Allowance for credit loss | 0 | 0 | |||
Unrealized loss | 260,802,000 | 275,706,000 | |||
Proceeds from sales and calls of securities available-for-sale | $ 800,000 | ||||
Gross realized loss | $ 1,200,000 | ||||
Equity Securities | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Debt securities available for sale | 11,200,000 | ||||
Corporate Debt Securities, Investment-Grade | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Debt securities available for sale | $ 186,900,000 | $ 206,300,000 |
Securities - Gross Realized Gai
Securities - Gross Realized Gains (Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |||
Proceeds from sales, redemptions and calls of debt securities available for sale | $ 4,069 | $ 61,399 | $ 114,923 |
Gross realized gains | 0 | 73 | 4,307 |
Gross realized losses | (10,823) | (2,522) | (33) |
Realized (loss) gain, net | $ (10,823) | $ (2,449) | $ 4,274 |
Securities - Unrealized Loss on
Securities - Unrealized Loss on Available for Sale Securities (Details) $ in Thousands | Dec. 31, 2023 USD ($) contract | Dec. 31, 2022 USD ($) contract |
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Number of Securities | contract | 23 | 397 |
Less Than 12 Months, Estimated Fair Value | $ 99,338 | $ 592,593 |
Less Than 12 Months, Unrealized Loss | $ (387) | $ (40,967) |
12 Months or More, Number of Securities | contract | 548 | 226 |
12 Months or More, Estimated Fair Value | $ 902,742 | $ 409,844 |
12 Months or More, Unrealized Loss | (99,885) | (72,014) |
Total, Estimated Fair Value | 1,002,080 | 1,002,437 |
Total, Unrealized Loss | $ (100,272) | $ (112,981) |
U.S. government sponsored enterprise debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Number of Securities | contract | 7 | 250 |
Less Than 12 Months, Estimated Fair Value | $ 68,923 | $ 292,595 |
Less Than 12 Months, Unrealized Loss | $ (187) | $ (22,315) |
12 Months or More, Number of Securities | contract | 328 | 108 |
12 Months or More, Estimated Fair Value | $ 347,632 | $ 96,986 |
12 Months or More, Unrealized Loss | (36,775) | (21,351) |
Total, Estimated Fair Value | 416,555 | 389,581 |
Total, Unrealized Loss | $ (36,962) | $ (43,666) |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Number of Securities | contract | 2 | 50 |
Less Than 12 Months, Estimated Fair Value | $ 3,992 | $ 203,516 |
Less Than 12 Months, Unrealized Loss | $ (13) | $ (13,374) |
12 Months or More, Number of Securities | contract | 59 | 14 |
12 Months or More, Estimated Fair Value | $ 256,810 | $ 72,190 |
12 Months or More, Unrealized Loss | (24,402) | (12,825) |
Total, Estimated Fair Value | 260,802 | 275,706 |
Total, Unrealized Loss | $ (24,415) | $ (26,199) |
U.S. government agency debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Number of Securities | contract | 12 | 92 |
Less Than 12 Months, Estimated Fair Value | $ 19,475 | $ 88,056 |
Less Than 12 Months, Unrealized Loss | $ (137) | $ (4,976) |
12 Months or More, Number of Securities | contract | 158 | 104 |
12 Months or More, Estimated Fair Value | $ 296,632 | $ 240,668 |
12 Months or More, Unrealized Loss | (38,645) | (37,838) |
Total, Estimated Fair Value | 316,107 | 328,724 |
Total, Unrealized Loss | $ (38,782) | $ (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 | $ 1,668 | $ 0 |
12 Months or More, Unrealized Loss | (63) | 0 |
Total, Estimated Fair Value | 1,668 | 1,656 |
Total, Unrealized Loss | $ (63) | $ (75) |
U.S. treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Number of Securities | contract | 1 | 1 |
Less Than 12 Months, Estimated Fair Value | $ 1,991 | $ 1,996 |
Less Than 12 Months, Unrealized Loss | $ (7) | $ (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 | 1,991 | 1,996 |
Total, Unrealized Loss | $ (7) | $ (1) |
Collateralized Loan Obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Number of Securities | contract | 1 | 1 |
Less Than 12 Months, Estimated Fair Value | $ 4,957 | $ 4,774 |
Less Than 12 Months, Unrealized Loss | $ (43) | $ (226) |
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 | 4,957 | 4,774 |
Total, Unrealized Loss | $ (43) | $ (226) |
Securities - Held to Maturity S
Securities - Held to Maturity Securities - Amortized Cost and Fair Value (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 226,645,000 | $ 242,101,000 |
Gross Unrealized Gains | 387,000 | 109,000 |
Gross Unrealized Loss | (22,087,000) | (24,601,000) |
Estimated Fair Value | 204,945,000 | 217,609,000 |
Allowance for Credit Losses | 0 | 0 |
Accrued interest receivable | 700,000 | 800,000 |
U.S. government agency debt securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 63,883,000 | 68,556,000 |
Gross Unrealized Gains | 387,000 | 109,000 |
Gross Unrealized Loss | (6,914,000) | (7,778,000) |
Estimated Fair Value | 57,356,000 | 60,887,000 |
Allowance for Credit Losses | 0 | 0 |
U.S. government sponsored enterprise debt securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 162,762,000 | 173,545,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Loss | (15,173,000) | (16,823,000) |
Estimated Fair Value | 147,589,000 | 156,722,000 |
Allowance for Credit Losses | 0 | 0 |
Residential mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 199,200,000 | 213,900,000 |
Estimated Fair Value | 179,200,000 | 191,400,000 |
Commercial mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 27,500,000 | 28,200,000 |
Estimated Fair Value | $ 25,700,000 | $ 26,200,000 |
Securities - Held to Maturity_2
Securities - Held to Maturity Securities (Details) $ in Thousands | Dec. 31, 2023 USD ($) contract | Dec. 31, 2022 USD ($) contract |
Schedule of Held-to-maturity Securities [Line Items] | ||
Less Than 12 Months, Number of Positions | contract | 0 | 31 |
Estimated Fair Value | ||
Less Than 12 Months | $ 0 | $ 142,033 |
12 Months or More | 194,960 | 65,444 |
Total | $ 194,960 | $ 207,477 |
12 Months or More, Number of Positions | contract | 46 | 15 |
Unrealized Loss | ||
Less Than 12 Months | $ 0 | $ (9,085) |
12 Months or More | (22,087) | (15,516) |
Total | $ (22,087) | $ (24,601) |
U.S. government agency debt securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less Than 12 Months, Number of Positions | contract | 0 | 0 |
Estimated Fair Value | ||
Less Than 12 Months | $ 0 | $ 0 |
12 Months or More | 47,370 | 50,755 |
Total | $ 47,370 | $ 50,755 |
12 Months or More, Number of Positions | contract | 12 | 12 |
Unrealized Loss | ||
Less Than 12 Months | $ 0 | $ 0 |
12 Months or More | (6,914) | (7,778) |
Total | $ (6,914) | $ (7,778) |
U.S. government sponsored enterprise debt securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less Than 12 Months, Number of Positions | contract | 0 | 31 |
Estimated Fair Value | ||
Less Than 12 Months | $ 0 | $ 142,033 |
12 Months or More | 147,590 | 14,689 |
Total | $ 147,590 | $ 156,722 |
12 Months or More, Number of Positions | contract | 34 | 3 |
Unrealized Loss | ||
Less Than 12 Months | $ 0 | $ (9,085) |
12 Months or More | (15,173) | (7,738) |
Total | $ (15,173) | $ (16,823) |
Securities - Contractual Maturi
Securities - Contractual Maturities on Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Available for Sale, Amortized Cost | ||
Within 1 year | $ 2,760 | |
After 1 year through 5 years | 142,642 | |
After 5 years through 10 years | 206,451 | |
After 10 years | 962,691 | |
Amortized Cost | 1,314,544 | $ 1,169,578 |
Available for Sale, Estimated Fair Value | ||
Within 1 year | 2,741 | |
After 1 year through 5 years | 136,681 | |
After 5 years through 10 years | 187,107 | |
After 10 years | 890,973 | |
Estimated Fair Value | 1,217,502 | 1,057,621 |
Held to Maturity, Amortized Cost | ||
Within 1 year | 0 | |
After 1 year through 5 years | 0 | |
After 5 years through 10 years | 19,099 | |
After 10 years | 207,546 | |
Amortized Cost | 226,645 | 242,101 |
Held to Maturity, Estimated Fair Value | ||
Within 1 year | 0 | |
After 1 year through 5 years | 0 | |
After 5 years through 10 years | 18,237 | |
After 10 years | 186,708 | |
Estimated Fair Value | $ 204,945 | $ 217,609 |
Loans - Loan Portfolio by Class
Loans - Loan Portfolio by Classes (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 6,873,493 | $ 6,857,194 | |
Real estate loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 4,965,731 | 4,858,208 | |
Real estate loans | Nonowner occupied | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 1,616,200 | 1,615,716 | |
Real estate loans | Multi-family residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 407,214 | 820,023 | |
Real estate loans | Land development and construction loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 300,378 | 273,174 | |
Real estate loans | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 2,323,792 | 2,708,913 | |
Real estate loans | Single-family residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 1,466,608 | 1,102,845 | $ 661,339 |
Real estate loans | Owner occupied | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 1,175,331 | 1,046,450 | |
Commercial loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 1,503,187 | 1,381,234 | |
Loans to financial institutions and acceptances | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 13,375 | 13,292 | |
Consumer loans and overdrafts | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 391,200 | $ 604,460 | $ 423,665 |
Loans - Narrative (Details)
Loans - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) loan | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 6,873,493,000 | $ 6,857,194,000 | |
Syndication facilities included in loans | 271,800,000 | 367,000,000 | |
Loans held for sale, at lower of cost or fair value | 365,219,000 | 0 | |
Accrued interest receivable | 44,200,000 | 27,700,000 | |
Reversal of interest receivable | 900,000 | ||
South Florida | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loans held for investment | 1,700,000,000 | ||
Houston | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loans held for investment | 317,000,000 | ||
New York | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loans held for investment | 217,000,000 | ||
Other Regions | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loans held for investment | 65,000,000 | ||
International | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 87,600,000 | 99,200,000 | |
Asset Pledged as Collateral | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 2,500,000,000 | 1,200,000,000 | |
Commercial loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Payments to acquire loans held-for-investment | 0 | 385,800,000 | |
Loans | 1,503,187,000 | 1,381,234,000 | |
Real estate loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 4,965,731,000 | 4,858,208,000 | |
Loans held for sale, at lower of cost or fair value | 365,219,000 | 0 | |
Real estate loans | New York | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for sale, at lower of cost or fair value | $ 43,300,000 | ||
Number of loans sold (in loans) | loan | 1 | ||
Loss on sale | $ 2,000,000 | ||
Lower of cost or fair value | 57,300,000 | ||
Real estate loans | Single-family residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Payments to acquire loans held-for-investment | 26,500,000 | 173,100,000 | |
Loans | 1,466,608,000 | 1,102,845,000 | $ 661,339,000 |
Syndication facilities included in loans | 1,464,149,000 | 1,101,319,000 | 656,213,000 |
Real estate loans | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 2,323,792,000 | 2,708,913,000 | |
Reversal of interest receivable | 100,000 | ||
Consumer loans and overdrafts | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 391,200,000 | 604,460,000 | 423,665,000 |
Syndication facilities included in loans | 391,162,000 | 604,456,000 | $ 423,408,000 |
Reversal of interest receivable | 900,000 | ||
Consumer loans and overdrafts | Including Indirect Consumer Loans Purchased | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 210,900,000 | $ 433,000,000 |
Loans - Loans by Delinquency (D
Loans - Loans by Delinquency (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | $ 6,873,493 | $ 6,857,194 |
Nonaccrual Loans With No Related Allowance | 8,143 | 26,475 |
Nonaccrual Loans With Related Allowance | 20,133 | 10,653 |
Total Nonaccrual Loans | 28,276 | 37,128 |
Loans Past Due Over 90 Days and Still Accruing | 6,124 | 471 |
Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 6,806,165 | 6,833,777 |
Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 67,328 | 23,417 |
30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 42,896 | 8,661 |
60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 11,157 | 6,943 |
Greater than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 13,275 | 7,813 |
Real estate loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 4,965,731 | 4,858,208 |
Nonaccrual Loans With No Related Allowance | 4,474 | 25,993 |
Nonaccrual Loans With Related Allowance | 1,815 | 1,860 |
Total Nonaccrual Loans | 6,289 | 27,853 |
Loans Past Due Over 90 Days and Still Accruing | 5,218 | 253 |
Real estate loans | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 4,936,570 | 4,845,522 |
Real estate loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 29,161 | 12,686 |
Real estate loans | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 16,626 | 4,699 |
Real estate loans | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 5,254 | 6,406 |
Real estate loans | Greater than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 7,281 | 1,581 |
Real estate loans | Non-owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 1,616,200 | 1,615,716 |
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 |
Real estate loans | Non-owner occupied | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 1,615,772 | 1,615,716 |
Real estate loans | Non-owner occupied | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 428 | 0 |
Real estate loans | Non-owner occupied | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 428 | 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 | 407,214 | 820,023 |
Nonaccrual Loans With No Related Allowance | 8 | 0 |
Nonaccrual Loans With Related Allowance | 0 | 0 |
Total Nonaccrual Loans | 8 | 0 |
Loans Past Due Over 90 Days and Still Accruing | 0 | 0 |
Real estate loans | Multi-family residential | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 403,288 | 818,394 |
Real estate loans | Multi-family residential | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 3,926 | 1,629 |
Real estate loans | Multi-family residential | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 2,360 | 1,387 |
Real estate loans | Multi-family residential | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 1,558 | 242 |
Real estate loans | Multi-family residential | Greater than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 8 | 0 |
Real estate loans | Land development and construction loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 300,378 | 273,174 |
Real estate loans | Land development and construction loans | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 300,378 | 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 | 2,323,792 | 2,708,913 |
Real estate loans | Commercial real estate | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 2,319,438 | 2,707,284 |
Real estate loans | Commercial real estate | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 4,354 | 1,629 |
Real estate loans | Commercial real estate | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 2,788 | 1,387 |
Real estate loans | Commercial real estate | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 1,558 | 242 |
Real estate loans | Commercial real estate | Greater than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 8 | 0 |
Real estate loans | Single-family residential | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 1,466,608 | 1,102,845 |
Nonaccrual Loans With No Related Allowance | 773 | 0 |
Nonaccrual Loans With Related Allowance | 1,686 | 1,526 |
Total Nonaccrual Loans | 2,459 | 1,526 |
Loans Past Due Over 90 Days and Still Accruing | 5,218 | 253 |
Real estate loans | Single-family residential | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 1,453,073 | 1,098,310 |
Real estate loans | Single-family residential | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 13,535 | 4,535 |
Real estate loans | Single-family residential | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 4,196 | 3,140 |
Real estate loans | Single-family residential | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 3,511 | 150 |
Real estate loans | Single-family residential | Greater than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 5,828 | 1,245 |
Real estate loans | Owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 1,175,331 | 1,046,450 |
Nonaccrual Loans With No Related Allowance | 3,693 | 5,936 |
Nonaccrual Loans With Related Allowance | 129 | 334 |
Total Nonaccrual Loans | 3,822 | 6,270 |
Loans Past Due Over 90 Days and Still Accruing | 0 | 0 |
Real estate loans | Owner occupied | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 1,164,059 | 1,039,928 |
Real estate loans | Owner occupied | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 11,272 | 6,522 |
Real estate loans | Owner occupied | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 9,642 | 172 |
Real estate loans | Owner occupied | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 185 | 6,014 |
Real estate loans | Owner occupied | Greater than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 1,445 | 336 |
Commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 1,503,187 | 1,381,234 |
Nonaccrual Loans With No Related Allowance | 3,669 | 482 |
Nonaccrual Loans With Related Allowance | 18,280 | 8,789 |
Total Nonaccrual Loans | 21,949 | 9,271 |
Loans Past Due Over 90 Days and Still Accruing | 857 | 183 |
Commercial loans | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 1,472,531 | 1,373,042 |
Commercial loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 30,656 | 8,192 |
Commercial loans | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 23,128 | 1,523 |
Commercial loans | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 1,626 | 475 |
Commercial loans | Greater than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 5,902 | 6,194 |
Loans to financial institutions and acceptances | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 13,375 | 13,292 |
Loans to financial institutions and acceptances | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 13,375 | 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 | 391,200 | 604,460 |
Nonaccrual Loans With No Related Allowance | 0 | 0 |
Nonaccrual Loans With Related Allowance | 38 | 4 |
Total Nonaccrual Loans | 38 | 4 |
Loans Past Due Over 90 Days and Still Accruing | 49 | 35 |
Consumer loans and overdrafts | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 383,689 | 601,921 |
Consumer loans and overdrafts | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 7,511 | 2,539 |
Consumer loans and overdrafts | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 3,142 | 2,439 |
Consumer loans and overdrafts | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 4,277 | 62 |
Consumer loans and overdrafts | Greater than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | $ 92 | $ 38 |
Loans - Loans Held for Sale (De
Loans - Loans Held for Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for sale at the lower of fair value or cost | $ 365,219 | $ 365,219 | $ 0 | |
Mortgage loans held for sale (at fair value) transferred to loans held for investment | 98,918 | 96,233 | $ 0 | |
Real estate loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for sale at the lower of fair value or cost | 365,219 | 365,219 | 0 | |
Total loans held for sale at fair value | 26,200 | 26,200 | 62,438 | |
Total loans held for sale | 391,419 | 391,419 | 62,438 | |
Mortgage loans held for sale (at fair value) transferred to loans held for investment | 35,500 | |||
Real estate loans | Multi-family residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held for sale at the lower of fair value or cost | 309,612 | 309,612 | 0 | |
Real estate loans | Land development and construction loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held for sale at the lower of fair value or cost | 55,607 | 55,607 | 0 | |
Total loans held for sale at fair value | 12,778 | 12,778 | 9,424 | |
Real estate loans | Single-family residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans held for sale at fair value | 13,422 | $ 13,422 | $ 53,014 | |
Real estate loans | CRE Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage loans held for sale (at fair value) transferred to loans held for investment | $ 401,000 |
Allowance for Credit Losses - A
Allowance for Credit Losses - Allowances by Loan Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2022 | |
Allowance for Credit Losses | ||||
Balances at beginning of the period | $ 83,500 | $ 69,899 | $ 110,902 | |
Reversal of (provision for) credit losses | 61,277 | 13,945 | (16,500) | |
Loans charged-off | (59,865) | (22,106) | ||
Recoveries | 11,692 | 3,088 | 3,277 | |
Balances at end of the period | 95,504 | 83,500 | 69,899 | |
Allowance for loan losses by impairment methodology, Individually evaluated | 11,791 | |||
Allowance for loan losses by impairment methodology, Collectively evaluated | 58,108 | |||
Allowance for loan losses | 95,504 | 83,500 | 69,899 | $ 69,899 |
Total single-family residential loans | 6,873,493 | 6,857,194 | ||
Stock issued for employee stock purchase plan | ||||
Allowance for Credit Losses | ||||
Balances at beginning of the period | 18,674 | |||
Balances at end of the period | 18,674 | |||
Allowance for loan losses | 18,674 | $ 18,674 | ||
Financing Receivable | ||||
Allowance for Credit Losses | ||||
Investment in loans, net of unearned income, Individually evaluated | 52,704 | |||
Investment in loans, net of unearned income, Collectively evaluated | 5,356,736 | |||
Total single-family residential loans | 5,409,440 | |||
Domestic | ||||
Allowance for Credit Losses | ||||
Loans charged-off | (27,780) | |||
International | ||||
Allowance for Credit Losses | ||||
Loans charged-off | 0 | |||
Total single-family residential loans | 87,600 | 99,200 | ||
Real estate loans | ||||
Allowance for Credit Losses | ||||
Balances at beginning of the period | 25,237 | 17,952 | 50,227 | |
Reversal of (provision for) credit losses | 10,761 | (6,328) | (21,338) | |
Loans charged-off | (10,418) | (3,852) | ||
Recoveries | 296 | 47 | 125 | |
Balances at end of the period | 25,876 | 25,237 | 17,952 | |
Allowance for loan losses by impairment methodology, Individually evaluated | 546 | |||
Allowance for loan losses by impairment methodology, Collectively evaluated | 17,406 | |||
Allowance for loan losses | 25,876 | 25,237 | 17,952 | |
Total single-family residential loans | 4,965,731 | 4,858,208 | ||
Real estate loans | Stock issued for employee stock purchase plan | ||||
Allowance for Credit Losses | ||||
Balances at beginning of the period | 17,418 | |||
Balances at end of the period | 17,418 | |||
Allowance for loan losses | 17,418 | |||
Real estate loans | Financing Receivable | ||||
Allowance for Credit Losses | ||||
Investment in loans, net of unearned income, Individually evaluated | 7,285 | |||
Investment in loans, net of unearned income, Collectively evaluated | 2,346,923 | |||
Total single-family residential loans | 2,354,208 | |||
Real estate loans | Domestic | ||||
Allowance for Credit Losses | ||||
Loans charged-off | (11,062) | |||
Real estate loans | International | ||||
Allowance for Credit Losses | ||||
Loans charged-off | 0 | |||
Commercial loans | ||||
Allowance for Credit Losses | ||||
Balances at beginning of the period | 25,888 | 38,979 | 48,130 | |
Reversal of (provision for) credit losses | 27,412 | 1,619 | 1,463 | |
Loans charged-off | (21,395) | (9,114) | ||
Recoveries | 9,904 | 2,685 | 2,613 | |
Balances at end of the period | 41,809 | 25,888 | 38,979 | |
Allowance for loan losses by impairment methodology, Individually evaluated | 10,462 | |||
Allowance for loan losses by impairment methodology, Collectively evaluated | 28,517 | |||
Allowance for loan losses | 41,809 | 25,888 | 38,979 | |
Total single-family residential loans | 1,503,187 | 1,381,234 | ||
Commercial loans | Stock issued for employee stock purchase plan | ||||
Allowance for Credit Losses | ||||
Balances at beginning of the period | (8,281) | |||
Balances at end of the period | (8,281) | |||
Allowance for loan losses | (8,281) | |||
Commercial loans | Financing Receivable | ||||
Allowance for Credit Losses | ||||
Investment in loans, net of unearned income, Individually evaluated | 39,785 | |||
Investment in loans, net of unearned income, Collectively evaluated | 2,075,338 | |||
Total single-family residential loans | 2,115,123 | |||
Commercial loans | Domestic | ||||
Allowance for Credit Losses | ||||
Loans charged-off | (13,227) | |||
Commercial loans | International | ||||
Allowance for Credit Losses | ||||
Loans charged-off | 0 | |||
Loans to financial institutions and acceptances | ||||
Allowance for Credit Losses | ||||
Balances at beginning of the period | 0 | 42 | 1 | |
Reversal of (provision for) credit losses | 0 | 0 | 41 | |
Loans charged-off | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | |
Balances at end of the period | 0 | 0 | 42 | |
Allowance for loan losses by impairment methodology, Individually evaluated | 0 | |||
Allowance for loan losses by impairment methodology, Collectively evaluated | 42 | |||
Allowance for loan losses | 0 | 0 | 42 | |
Total single-family residential loans | 13,375 | 13,292 | ||
Loans to financial institutions and acceptances | Stock issued for employee stock purchase plan | ||||
Allowance for Credit Losses | ||||
Balances at beginning of the period | (42) | |||
Balances at end of the period | (42) | |||
Allowance for loan losses | (42) | |||
Loans to financial institutions and acceptances | Financing Receivable | ||||
Allowance for Credit Losses | ||||
Investment in loans, net of unearned income, Individually evaluated | 0 | |||
Investment in loans, net of unearned income, Collectively evaluated | 14,127 | |||
Total single-family residential loans | 14,127 | |||
Loans to financial institutions and acceptances | Domestic | ||||
Allowance for Credit Losses | ||||
Loans charged-off | 0 | |||
Loans to financial institutions and acceptances | International | ||||
Allowance for Credit Losses | ||||
Loans charged-off | 0 | |||
Consumer loans and overdrafts | ||||
Allowance for Credit Losses | ||||
Balances at beginning of the period | 32,375 | 12,926 | 12,544 | |
Reversal of (provision for) credit losses | 22,004 | 18,654 | 3,334 | |
Loans charged-off | (28,052) | (9,140) | ||
Recoveries | 1,492 | 356 | 539 | |
Balances at end of the period | 27,819 | 32,375 | 12,926 | |
Allowance for loan losses by impairment methodology, Individually evaluated | 783 | |||
Allowance for loan losses by impairment methodology, Collectively evaluated | 12,143 | |||
Allowance for loan losses | 27,819 | 32,375 | 12,926 | |
Total single-family residential loans | 391,200 | 604,460 | 423,665 | |
Consumer loans and overdrafts | Stock issued for employee stock purchase plan | ||||
Allowance for Credit Losses | ||||
Balances at beginning of the period | $ 9,579 | |||
Balances at end of the period | 9,579 | |||
Allowance for loan losses | 9,579 | |||
Consumer loans and overdrafts | Financing Receivable | ||||
Allowance for Credit Losses | ||||
Investment in loans, net of unearned income, Individually evaluated | 5,634 | |||
Investment in loans, net of unearned income, Collectively evaluated | 920,348 | |||
Total single-family residential loans | 925,982 | |||
Consumer loans and overdrafts | Domestic | ||||
Allowance for Credit Losses | ||||
Loans charged-off | (3,491) | |||
Consumer loans and overdrafts | International | ||||
Allowance for Credit Losses | ||||
Loans charged-off | $ 0 | |||
Loans | ||||
Allowance for Credit Losses | ||||
Reversal of (provision for) credit losses | $ 60,177 |
Allowance for Credit Losses - N
Allowance for Credit Losses - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Impaired [Line Items] | ||
Allowance for credit loss, increase | $ 12,000,000 | |
Allowance for credit loss, increase, percent | 14.40% | |
Allowance for credit loss, percent of total loans | 1.39% | 1.22% |
Provision for credit losses on loans | $ 60,200,000 | |
Additional reserve requirements for charge-offs and credit quality | 48,400,000 | |
Account for loan growth | 4,100,000 | |
Updated economic factors | 12,200,000 | |
Classification to held-for-sale | 4,500,000 | |
Commercial Real Estate and Commercial Portfolio Segments | ||
Financing Receivable, Impaired [Line Items] | ||
Internal risk ratings, loan balance, minimum | 3,000,000 | |
Real estate loans | Single-family residential | ||
Financing Receivable, Impaired [Line Items] | ||
Internal risk ratings, loan balance, maximum | $ 3,000,000 | |
Real estate loans | Owner occupied | Commercial Real Estate | Collateralized loan obligations | ||
Financing Receivable, Impaired [Line Items] | ||
Decrease in weighted-average loan-to-values | 10.90% |
Allowance for Credit Losses - R
Allowance for Credit Losses - Recorded Investment of Loan Sales (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, Impaired [Line Items] | |||
Amount of loan sales | $ 67,716 | $ 26,776 | $ 117,014 |
Real estate loans | |||
Financing Receivable, Impaired [Line Items] | |||
Amount of loan sales | 34,409 | 11,566 | 11,243 |
Commercial loans | |||
Financing Receivable, Impaired [Line Items] | |||
Amount of loan sales | 33,307 | 13,897 | 102,247 |
Loans to financial institutions and acceptances | |||
Financing Receivable, Impaired [Line Items] | |||
Amount of loan sales | 0 | 0 | 0 |
Consumer loans and overdrafts | |||
Financing Receivable, Impaired [Line Items] | |||
Amount of loan sales | $ 0 | $ 1,313 | $ 3,524 |
Allowance for Credit Losses - T
Allowance for Credit Losses - TDR Loans (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) contract loan | Dec. 31, 2021 USD ($) contract loan | Dec. 31, 2023 USD ($) | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 13 | ||
Recorded Investment | $ 11,194,000 | $ 0 | |
Number of contracts modified | contract | 0 | ||
Charge-offs | $ 0 | $ 0 | |
Number of contracts subsequently defaulted | loan | 0 | 0 | |
Real estate loans | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 4 | ||
Recorded Investment | $ 7,778,000 | ||
Number of contracts modified | contract | 2 | ||
Loans modified | $ 900,000 | ||
Real estate loans | South Florida | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Recorded Investment | $ 9,800,000 | ||
Real estate loans | Non-owner occupied | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 1 | ||
Recorded Investment | $ 448,000 | ||
Real estate loans | Single-family residential | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 1 | ||
Recorded Investment | $ 265,000 | ||
Real estate loans | Owner occupied | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 2 | ||
Recorded Investment | $ 7,065,000 | ||
Commercial loans | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 9 | ||
Recorded Investment | $ 3,416,000 |
Allowance for Credit Losses - M
Allowance for Credit Losses - Master Risk Category (Details) | Dec. 31, 2023 rating |
Pass | Minimum | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Loan Risk Rating | 4 |
Pass | Maximum | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Loan Risk Rating | 10 |
Classified | Minimum | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Loan Risk Rating | 1 |
Classified | Maximum | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Loan Risk Rating | 3 |
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 |
Allowance for Credit Losses -_2
Allowance for Credit Losses - Amortized Cost Basis by Origination Year (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | $ 1,310,779 | $ 1,751,231 |
2022 | 1,437,674 | 1,660,779 |
2021 | 1,345,391 | 227,850 |
2020 | 171,135 | 367,450 |
2019 | 276,571 | 182,525 |
Prior | 828,035 | 762,176 |
Revolving Loans Amortized Cost Basis | 1,503,908 | 1,905,183 |
Total | 6,873,493 | 6,857,194 |
Real estate loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 4,965,731 | 4,858,208 |
Real estate loans | Non-owner occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 163,018 | 177,852 |
2022 | 189,356 | 637,015 |
2021 | 564,003 | 34,525 |
2020 | 35,615 | 112,054 |
2019 | 89,920 | 82,385 |
Prior | 401,140 | 350,552 |
Revolving Loans Amortized Cost Basis | 173,148 | 221,333 |
Total | 1,616,200 | 1,615,716 |
Real estate loans | Multi-family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 1,860 | 85,670 |
2022 | 69,875 | 110,943 |
2021 | 96,028 | 26,881 |
2020 | 5,930 | 126,724 |
2019 | 72,389 | 27,242 |
Prior | 119,558 | 124,433 |
Revolving Loans Amortized Cost Basis | 41,574 | 318,130 |
Total | 407,214 | 820,023 |
Real estate loans | Land development and construction loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 71,157 | 8,846 |
2022 | 9,920 | 27,746 |
2021 | 28,934 | 23,459 |
2020 | 21,959 | 188 |
2019 | 0 | 0 |
Prior | 26,942 | 26,930 |
Revolving Loans Amortized Cost Basis | 141,466 | 186,005 |
Total | 300,378 | 273,174 |
Real estate loans | Single-family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 410,185 | 480,328 |
2022 | 454,011 | 186,790 |
2021 | 166,997 | 70,853 |
2020 | 64,228 | 21,654 |
2019 | 20,571 | 16,630 |
Prior | 69,863 | 65,990 |
Revolving Loans Amortized Cost Basis | 280,753 | 260,600 |
Total | 1,466,608 | 1,102,845 |
Real estate loans | Owner occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 221,137 | 258,912 |
2022 | 249,866 | 481,592 |
2021 | 424,719 | 22,997 |
2020 | 20,741 | 63,629 |
2019 | 57,681 | 22,440 |
Prior | 159,503 | 163,694 |
Revolving Loans Amortized Cost Basis | 41,684 | 33,186 |
Total | 1,175,331 | 1,046,450 |
Real estate loans | Pass | Non-owner occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 163,018 | 177,852 |
2022 | 189,356 | 637,015 |
2021 | 564,003 | 34,525 |
2020 | 35,615 | 91,941 |
2019 | 89,920 | 82,385 |
Prior | 401,140 | 342,174 |
Revolving Loans Amortized Cost Basis | 173,148 | 221,333 |
Total | 1,616,200 | 1,587,225 |
Real estate loans | Pass | Multi-family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 1,860 | 85,670 |
2022 | 69,875 | 110,943 |
2021 | 96,028 | 26,881 |
2020 | 5,930 | 126,724 |
2019 | 72,389 | 27,242 |
Prior | 119,550 | 124,433 |
Revolving Loans Amortized Cost Basis | 41,574 | 318,130 |
Total | 407,206 | 820,023 |
Real estate loans | Pass | Land development and construction loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 71,157 | 8,846 |
2022 | 9,920 | 27,746 |
2021 | 28,934 | 23,459 |
2020 | 21,959 | 188 |
2019 | 0 | 0 |
Prior | 26,942 | 26,930 |
Revolving Loans Amortized Cost Basis | 141,466 | 186,005 |
Total | 300,378 | 273,174 |
Real estate loans | Pass | Single-family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 410,185 | 480,328 |
2022 | 454,011 | 186,790 |
2021 | 166,997 | 70,853 |
2020 | 64,228 | 21,654 |
2019 | 20,571 | 16,630 |
Prior | 69,479 | 65,249 |
Revolving Loans Amortized Cost Basis | 278,337 | 259,411 |
Total | 1,463,808 | 1,100,915 |
Real estate loans | Pass | Owner occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 221,137 | 256,816 |
2022 | 245,680 | 479,961 |
2021 | 414,263 | 22,341 |
2020 | 20,741 | 63,629 |
2019 | 57,681 | 21,790 |
Prior | 158,678 | 162,411 |
Revolving Loans Amortized Cost Basis | 37,538 | 33,146 |
Total | 1,155,718 | 1,040,094 |
Real estate loans | Special Mention | Non-owner occupied | ||
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 | Special Mention | Multi-family residential | ||
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 | Special Mention | Land development and construction loans | ||
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 | Special Mention | Single-family residential | ||
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 | Special Mention | Owner occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 4,186 | 0 |
2021 | 7,926 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 3,611 | 0 |
Total | 15,723 | 0 |
Real estate loans | Substandard | Non-owner occupied | ||
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 | Substandard | Multi-family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 8 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 8 | 0 |
Real estate loans | Substandard | Land development and construction loans | ||
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 | Substandard | Single-family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 384 | 741 |
Revolving Loans Amortized Cost Basis | 2,416 | 1,189 |
Total | 2,800 | 1,930 |
Real estate loans | Substandard | Owner occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 2,096 |
2022 | 0 | 1,631 |
2021 | 2,530 | 656 |
2020 | 0 | 0 |
2019 | 0 | 650 |
Prior | 825 | 1,283 |
Revolving Loans Amortized Cost Basis | 535 | 40 |
Total | 3,890 | 6,356 |
Real estate loans | Doubtful | Non-owner occupied | ||
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 | Doubtful | Multi-family residential | ||
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 | Doubtful | Land development and construction loans | ||
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 | Doubtful | Single-family residential | ||
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 | Doubtful | Owner occupied | ||
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 | Loss | Non-owner occupied | ||
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 | Loss | Multi-family residential | ||
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 | Loss | Land development and construction loans | ||
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 | Loss | Single-family residential | ||
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 | Loss | Owner occupied | ||
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 | 415,445 | 400,781 |
2022 | 281,411 | 95,554 |
2021 | 13,432 | 20,082 |
2020 | 9,829 | 43,133 |
2019 | 35,984 | 33,774 |
Prior | 37,654 | 17,281 |
Revolving Loans Amortized Cost Basis | 709,432 | 770,629 |
Total | 1,503,187 | 1,381,234 |
Commercial loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 414,882 | 400,781 |
2022 | 280,911 | 95,470 |
2021 | 13,432 | 19,815 |
2020 | 9,738 | 42,936 |
2019 | 34,209 | 32,248 |
Prior | 34,804 | 16,297 |
Revolving Loans Amortized Cost Basis | 661,979 | 761,489 |
Total | 1,449,955 | 1,369,036 |
Commercial loans | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 1,499 |
Prior | 2,056 | 0 |
Revolving Loans Amortized Cost Basis | 28,205 | 250 |
Total | 30,261 | 1,749 |
Commercial loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 563 | 0 |
2022 | 500 | 84 |
2021 | 0 | 267 |
2020 | 91 | 194 |
2019 | 1,775 | 27 |
Prior | 794 | 984 |
Revolving Loans Amortized Cost Basis | 19,248 | 8,890 |
Total | 22,971 | 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 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 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 | 13,375 | 13,292 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 13,375 | 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 | 13,375 | 13,292 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 13,375 | 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 | 27,977 | 338,842 |
2022 | 183,235 | 121,139 |
2021 | 51,278 | 29,053 |
2020 | 12,833 | 68 |
2019 | 26 | 54 |
Prior | 0 | 4 |
Revolving Loans Amortized Cost Basis | 115,851 | 115,300 |
Total | 391,200 | 604,460 |
Consumer loans and overdrafts | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 27,977 | 338,744 |
2022 | 183,235 | 121,011 |
2021 | 51,278 | 29,053 |
2020 | 12,833 | 68 |
2019 | 26 | 54 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 115,810 | 115,300 |
Total | 391,159 | 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 | 0 | 4 |
Revolving Loans Amortized Cost Basis | 41 | 0 |
Total | 41 | 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 - C
Allowance for Credit Losses - Charge Offs by Origination Year (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | $ 1,185 | $ 5,644 |
2022 | 25,546 | 5,131 |
2021 | 11,883 | 5,940 |
2020 | 7,868 | 4,887 |
2019 | 1,925 | 0 |
Prior | 11,458 | 504 |
Revolving Loans Charge-Offs | 0 | 0 |
Total | 59,865 | 22,106 |
Real estate loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 3,852 |
2019 | 0 | 0 |
Prior | 10,457 | 14 |
Revolving Loans Charge-Offs | 0 | 0 |
Total | 10,457 | 3,866 |
Real estate loans | Non-owner occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 3,852 |
2019 | 0 | 0 |
Prior | 90 | 0 |
Revolving Loans Charge-Offs | 0 | 0 |
Total | 90 | 3,852 |
Real estate loans | Multi-family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 10,328 | 0 |
Revolving Loans Charge-Offs | 0 | 0 |
Total | 10,328 | 0 |
Real estate loans | Land development and construction loans | ||
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 Charge-Offs | 0 | 0 |
Total | 0 | 0 |
Real estate loans | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 3,852 |
2019 | 0 | 0 |
Prior | 10,418 | 0 |
Revolving Loans Charge-Offs | 0 | 0 |
Total | 10,418 | 3,852 |
Real estate loans | Single-family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 39 | 14 |
Revolving Loans Charge-Offs | 0 | 0 |
Total | 39 | 14 |
Real estate loans | Owner occupied | ||
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 Charge-Offs | 0 | 0 |
Total | 0 | 0 |
Commercial loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 183 | 2,524 |
2022 | 11,846 | 527 |
2021 | 468 | 4,545 |
2020 | 6,608 | 1,033 |
2019 | 1,901 | 0 |
Prior | 389 | 485 |
Revolving Loans Charge-Offs | 0 | 0 |
Total | 21,395 | 9,114 |
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 | |
Prior | 0 | 0 |
Revolving Loans Charge-Offs | 0 | 0 |
Total | 0 | 0 |
Consumer loans and overdrafts | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 1,002 | 3,120 |
2022 | 13,700 | 4,604 |
2021 | 11,415 | 1,395 |
2020 | 1,260 | 2 |
2019 | 24 | 0 |
Prior | 612 | 5 |
Revolving Loans Charge-Offs | 0 | 0 |
Total | $ 28,013 | $ 9,126 |
Allowance for Credit Losses -_3
Allowance for Credit Losses - Accrual and Non-Accrual Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Accrual Loans | |||
Accrual loan balance | $ 271,800 | $ 367,000 | |
Non-Accrual Loans, % | |||
Total single-family residential loans | 6,873,493 | 6,857,194 | |
Real estate loans | |||
Non-Accrual Loans, % | |||
Total single-family residential loans | 4,965,731 | 4,858,208 | |
Consumer loans and overdrafts | |||
Accrual Loans | |||
Accrual loan balance | $ 391,162 | $ 604,456 | $ 423,408 |
Accrued Loans, % | |||
Accrual loan balance, percent | 99.99% | 100% | 99.94% |
Non-Accrual Loans | |||
Financing receivable, nonaccrual | $ 38 | $ 4 | $ 257 |
Non-Accrual Loans, % | |||
Financing receivable, nonaccrual, percent past due | 0.01% | 0% | 0.06% |
Total single-family residential loans | $ 391,200 | $ 604,460 | $ 423,665 |
Total single-family residential loans, percent | 100% | 100% | 100% |
Consumer loans and overdrafts | Current Loans | |||
Accrual Loans | |||
Accrual loan balance | $ 383,689 | $ 601,920 | $ 423,373 |
Accrued Loans, % | |||
Accrual loan balance, percent | 98.09% | 99.58% | 99.93% |
Non-Accrual Loans | |||
Financing receivable, nonaccrual | $ 0 | $ 1 | $ 251 |
Non-Accrual Loans, % | |||
Financing receivable, nonaccrual, percent past due | 0% | 0% | 0.06% |
Consumer loans and overdrafts | Total Past Due | |||
Accrual Loans | |||
Accrual loan balance | $ 7,473 | $ 2,536 | $ 35 |
Accrued Loans, % | |||
Accrual loan balance, percent | 1.90% | 0.42% | 0.01% |
Non-Accrual Loans | |||
Financing receivable, nonaccrual | $ 38 | $ 3 | $ 6 |
Non-Accrual Loans, % | |||
Financing receivable, nonaccrual, percent past due | 0.01% | 0% | 0% |
Consumer loans and overdrafts | 30-59 Days Past Due | |||
Accrual Loans | |||
Accrual loan balance | $ 3,142 | $ 2,439 | $ 22 |
Accrued Loans, % | |||
Accrual loan balance, percent | 0.80% | 0.40% | 0.01% |
Non-Accrual Loans | |||
Financing receivable, nonaccrual | $ 0 | $ 0 | $ 0 |
Non-Accrual Loans, % | |||
Financing receivable, nonaccrual, percent past due | 0% | 0% | 0% |
Consumer loans and overdrafts | 60-89 Days Past Due | |||
Accrual Loans | |||
Accrual loan balance | $ 4,277 | $ 62 | $ 5 |
Accrued Loans, % | |||
Accrual loan balance, percent | 1.09% | 0.01% | 0% |
Non-Accrual Loans | |||
Financing receivable, nonaccrual | $ 0 | $ 0 | $ 2 |
Non-Accrual Loans, % | |||
Financing receivable, nonaccrual, percent past due | 0% | 0% | 0% |
Consumer loans and overdrafts | 90+ Days Past Due | |||
Accrual Loans | |||
Accrual loan balance | $ 54 | $ 35 | $ 8 |
Accrued Loans, % | |||
Accrual loan balance, percent | 0.01% | 0.01% | 0% |
Non-Accrual Loans | |||
Financing receivable, nonaccrual | $ 38 | $ 3 | $ 4 |
Non-Accrual Loans, % | |||
Financing receivable, nonaccrual, percent past due | 0.01% | 0% | 0% |
Single-family residential | Real estate loans | |||
Accrual Loans | |||
Accrual loan balance | $ 1,464,149 | $ 1,101,319 | $ 656,213 |
Accrued Loans, % | |||
Accrual loan balance, percent | 99.83% | 99.86% | 99.23% |
Non-Accrual Loans | |||
Financing receivable, nonaccrual | $ 2,459 | $ 1,526 | $ 5,126 |
Non-Accrual Loans, % | |||
Financing receivable, nonaccrual, percent past due | 0.17% | 0.14% | 0.77% |
Total single-family residential loans | $ 1,466,608 | $ 1,102,845 | $ 661,339 |
Total single-family residential loans, percent | 100% | 100% | 100% |
Single-family residential | Real estate loans | Current Loans | |||
Accrual Loans | |||
Accrual loan balance | $ 1,451,346 | $ 1,097,952 | $ 655,270 |
Accrued Loans, % | |||
Accrual loan balance, percent | 98.95% | 99.56% | 99.09% |
Non-Accrual Loans | |||
Financing receivable, nonaccrual | $ 1,727 | $ 358 | $ 2,612 |
Non-Accrual Loans, % | |||
Financing receivable, nonaccrual, percent past due | 0.12% | 0.03% | 0.39% |
Single-family residential | Real estate loans | Total Past Due | |||
Accrual Loans | |||
Accrual loan balance | $ 12,803 | $ 3,367 | $ 943 |
Accrued Loans, % | |||
Accrual loan balance, percent | 0.88% | 0.30% | 0.14% |
Non-Accrual Loans | |||
Financing receivable, nonaccrual | $ 732 | $ 1,168 | $ 2,514 |
Non-Accrual Loans, % | |||
Financing receivable, nonaccrual, percent past due | 0.05% | 0.11% | 0.38% |
Single-family residential | Real estate loans | 30-59 Days Past Due | |||
Accrual Loans | |||
Accrual loan balance | $ 4,046 | $ 2,965 | $ 531 |
Accrued Loans, % | |||
Accrual loan balance, percent | 0.28% | 0.27% | 0.08% |
Non-Accrual Loans | |||
Financing receivable, nonaccrual | $ 150 | $ 175 | $ 459 |
Non-Accrual Loans, % | |||
Financing receivable, nonaccrual, percent past due | 0.01% | 0.02% | 0.07% |
Single-family residential | Real estate loans | 60-89 Days Past Due | |||
Accrual Loans | |||
Accrual loan balance | $ 3,511 | $ 149 | $ 412 |
Accrued Loans, % | |||
Accrual loan balance, percent | 0.24% | 0.01% | 0.06% |
Non-Accrual Loans | |||
Financing receivable, nonaccrual | $ 0 | $ 1 | $ 0 |
Non-Accrual Loans, % | |||
Financing receivable, nonaccrual, percent past due | 0% | 0% | 0% |
Single-family residential | Real estate loans | 90+ Days Past Due | |||
Accrual Loans | |||
Accrual loan balance | $ 5,246 | $ 253 | $ 0 |
Accrued Loans, % | |||
Accrual loan balance, percent | 0.36% | 0.02% | 0% |
Non-Accrual Loans | |||
Financing receivable, nonaccrual | $ 582 | $ 992 | $ 2,055 |
Non-Accrual Loans, % | |||
Financing receivable, nonaccrual, percent past due | 0.04% | 0.09% | 0.31% |
Allowance for Credit Losses -_4
Allowance for Credit Losses - Amortized Cost Basis of Collateral Dependant Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | |||
Loans | $ 6,873,493 | $ 6,857,194 | |
Collateralized loan obligations | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 25,751 | 34,454 | |
Real estate loans | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 4,965,731 | 4,858,208 | |
Real estate loans | Collateralized loan obligations | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 4,465 | 26,055 | |
Real estate loans | Non-owner occupied | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 1,616,200 | 1,615,716 | |
Real estate loans | Non-owner occupied | Collateralized loan obligations | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 20,121 | ||
Real estate loans | Owner occupied | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 1,175,331 | 1,046,450 | |
Real estate loans | Owner occupied | Collateralized loan obligations | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 3,684 | 5,934 | |
Real estate loans | Multi-family residential | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 407,214 | 820,023 | |
Real estate loans | Multi-family residential | Collateralized loan obligations | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 8 | ||
Real estate loans | Commercial real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 2,323,792 | 2,708,913 | |
Real estate loans | Commercial real estate | Collateralized loan obligations | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 8 | ||
Real estate loans | Single-family residential | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 1,466,608 | 1,102,845 | $ 661,339 |
Real estate loans | Single-family residential | Collateralized loan obligations | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 773 | ||
Commercial loans | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 1,503,187 | 1,381,234 | |
Commercial loans | Collateralized loan obligations | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 21,250 | 8,399 | |
Consumer loans and overdrafts | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 391,200 | 604,460 | $ 423,665 |
Consumer loans and overdrafts | Collateralized loan obligations | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 36 | ||
Commercial Real Estate | Collateralized loan obligations | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 3,692 | 28,053 | |
Commercial Real Estate | Real estate loans | Collateralized loan obligations | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 3,692 | 26,055 | |
Commercial Real Estate | Real estate loans | Non-owner occupied | Collateralized loan obligations | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | $ 20,121 | ||
Weighted-average loan-to-value coverage | 92.70% | ||
Commercial Real Estate | Real estate loans | Owner occupied | Collateralized loan obligations | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | $ 3,684 | $ 5,934 | |
Weighted-average loan-to-value coverage | 73% | 62.70% | |
Commercial Real Estate | Real estate loans | Multi-family residential | Collateralized loan obligations | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | $ 8 | ||
Commercial Real Estate | Real estate loans | Commercial real estate | Collateralized loan obligations | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 8 | ||
Commercial Real Estate | Real estate loans | Single-family residential | Collateralized loan obligations | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | $ 0 | ||
Weighted-average loan-to-value coverage | 64.80% | ||
Commercial Real Estate | Commercial loans | Collateralized loan obligations | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | $ 0 | $ 1,998 | |
Commercial Real Estate | Consumer loans and overdrafts | Collateralized loan obligations | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 0 | ||
Residential Real Estate | Collateralized loan obligations | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 773 | 0 | |
Residential Real Estate | Real estate loans | Collateralized loan obligations | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 773 | 0 | |
Residential Real Estate | Real estate loans | Non-owner occupied | Collateralized loan obligations | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 0 | ||
Residential Real Estate | Real estate loans | Owner occupied | Collateralized loan obligations | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 0 | 0 | |
Residential Real Estate | Real estate loans | Multi-family residential | Collateralized loan obligations | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 0 | ||
Residential Real Estate | Real estate loans | Commercial real estate | Collateralized loan obligations | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 0 | ||
Residential Real Estate | Real estate loans | Single-family residential | Collateralized loan obligations | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 773 | ||
Residential Real Estate | Commercial loans | Collateralized loan obligations | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 0 | 0 | |
Residential Real Estate | Consumer loans and overdrafts | Collateralized loan obligations | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 0 | ||
Other | Collateralized loan obligations | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 21,286 | 6,401 | |
Other | Real estate loans | Collateralized loan obligations | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 0 | 0 | |
Other | Real estate loans | Non-owner occupied | Collateralized loan obligations | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 0 | ||
Other | Real estate loans | Owner occupied | Collateralized loan obligations | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 0 | 0 | |
Other | Real estate loans | Multi-family residential | Collateralized loan obligations | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 0 | ||
Other | Real estate loans | Commercial real estate | Collateralized loan obligations | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 0 | ||
Other | Real estate loans | Single-family residential | Collateralized loan obligations | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 0 | ||
Other | Commercial loans | Collateralized loan obligations | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 21,250 | 6,401 | |
Other | Consumer loans and overdrafts | Collateralized loan obligations | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 36 | ||
Specific Reserves | Collateralized loan obligations | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 8,107 | 5,179 | |
Specific Reserves | Real estate loans | Collateralized loan obligations | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 0 | 0 | |
Specific Reserves | Real estate loans | Non-owner occupied | Collateralized loan obligations | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 0 | ||
Specific Reserves | Real estate loans | Owner occupied | Collateralized loan obligations | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 0 | 0 | |
Specific Reserves | Real estate loans | Multi-family residential | Collateralized loan obligations | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 0 | ||
Specific Reserves | Real estate loans | Commercial real estate | Collateralized loan obligations | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 0 | ||
Specific Reserves | Real estate loans | Single-family residential | Collateralized loan obligations | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 0 | ||
Specific Reserves | Commercial loans | Collateralized loan obligations | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 8,073 | 5,179 | |
Specific Reserves | Consumer loans and overdrafts | Collateralized loan obligations | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | $ 34 | ||
No Specific Reserve | Commercial loans | Collateralized loan obligations | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | $ 500 | ||
Weighted-average loan-to-value coverage | 42% |
Premises and Equipment, Net - S
Premises and Equipment, Net - Schedule (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Premises and equipment, gross | $ 96,634 | $ 94,667 |
Less: Accumulated depreciation and amortization | (53,031) | (52,895) |
Premises and equipment, net | 43,603 | 41,772 |
Land | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Premises and equipment, gross | 6,307 | 6,307 |
Buildings and improvements | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Premises and equipment, gross | $ 9,773 | 9,303 |
Buildings and improvements | Minimum | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Estimated Useful Lives | 10 years | |
Buildings and improvements | Maximum | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Estimated Useful Lives | 30 years | |
Furniture and equipment | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Premises and equipment, gross | $ 18,684 | 21,499 |
Furniture and equipment | Minimum | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Estimated Useful Lives | 3 years | |
Furniture and equipment | Maximum | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Estimated Useful Lives | 10 years | |
Computer equipment and software | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Premises and equipment, gross | $ 26,831 | 27,327 |
Estimated Useful Lives | 3 years | |
Leasehold improvements | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Premises and equipment, gross | $ 29,724 | 23,587 |
Leasehold improvements | Minimum | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Estimated Useful Lives | 3 years | |
Leasehold improvements | Maximum | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Estimated Useful Lives | 30 years | |
Work in progress | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Premises and equipment, gross | $ 5,315 | $ 6,644 |
Premises and Equipment, Net - N
Premises and Equipment, Net - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Gains on sales of property | $ 0 | $ 0 | $ 62,387 | ||
Depreciation and amortization | 6,842 | 5,883 | 7,269 | ||
Premises and equipment original cost | 6,700 | 12,200 | 1,300 | ||
Depreciation | 1,800 | ||||
Accelerated depreciation from branch closure | $ 900 | $ 600 | 500 | ||
Florida | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net proceeds from sale of headquarters building | $ 135,000 | ||||
Leased-back period | 18 years | 2 years | |||
Florida | Disposed of by Sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Property, at carrying value | $ 69,900 | $ 69,900 | $ 13,700 | ||
Gains on sales of property | $ 62,400 | $ 1,700 |
Time Deposits - Narrative (Deta
Time Deposits - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Time Deposits Disclosure [Abstract] | ||
Time deposits, $100,000 or more | $ 1,300 | $ 928 |
Time deposits, $250,000 or more | $ 693 | $ 486 |
Time deposits, average interest rate | 3.80% | 1.75% |
Brokered time deposits | $ 720 | $ 609 |
Time Deposits - Schedule of Mat
Time Deposits - Schedule of Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Amount | ||
Maturities in year one | $ 0 | $ 1,461,456 |
Maturities in year two | 1,494,035 | 133,059 |
Maturities in year three | 517,694 | 75,984 |
Maturities in year four | 166,783 | 1,340 |
Maturities in year five | 64,668 | 52,976 |
2028 and thereafter | 53,917 | 3,440 |
Total | $ 2,297,097 | $ 1,728,255 |
% | ||
Maturities in year one | 0% | 84.50% |
Maturities in year two | 65% | 7.70% |
Maturities in year three | 22.50% | 4.40% |
Maturities in year four | 7.30% | 0.10% |
Maturities in year five | 2.80% | 3.10% |
2028 and thereafter | 2.40% | 0.20% |
Total | 100% | 100% |
Advances From the Federal Hom_3
Advances From the Federal Home Loan Bank and Other Borrowings (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Federal Home Loan Bank, Advances by Interest Rate Type, by Maturity [Abstract] | ||||
2023 | $ 0 | $ 304,821,000 | ||
2024 | 40,000,000 | 100,000,000 | ||
2025 | $ 0 | 451,665,000 | ||
Interest rate 2026 | 4.90% | |||
2026 | $ 10,000,000 | 0 | ||
2027 and after | 595,000,000 | 50,000,000 | ||
Advances from the Federal Home Loan Bank | 645,000,000 | 906,486,000 | ||
Stock held of FHLB | 37,000,000 | 42,000,000 | ||
Other borrowings | 0 | 0 | ||
Gain on early extinguishment of advances from the Federal Home Loan Bank, net | 40,100,000 | 11,400,000 | ||
Loss on early repayments of advances from Federal Home Loan Banks | 700,000 | |||
Repayments | 1,700,000,000 | 175,000,000 | ||
Amount of early repayments | 530,000,000 | |||
Advances from federal home loan banks with modified maturities | $ 285,000,000 | |||
Loss on advances from Federal Home Loan Banks with modified maturities | 6,600,000 | |||
Advances from federal home loan banks with modified maturities amortization | 600,000 | 1,900,000 | $ 1,200,000 | |
Federal Home Loan Bank, Advances, Callable Option | ||||
Federal Home Loan Bank, Advances by Interest Rate Type, by Maturity [Abstract] | ||||
Advances from the Federal Home Loan Bank | $ 595,000,000 | $ 0 | ||
Minimum | ||||
Federal Home Loan Bank, Advances by Interest Rate Type, by Maturity [Abstract] | ||||
Interest rate 2023 | 0.61% | |||
Interest rate 2024 | 1.68% | |||
Interest rate 2025 | 1.40% | |||
Interest rate 2027 and after | 1.82% | |||
FHLB advances, maturity period | 2 years | 2 years | ||
Minimum | Federal Home Loan Bank, Advances, Callable Option | ||||
Federal Home Loan Bank, Advances by Interest Rate Type, by Maturity [Abstract] | ||||
Interest rate | 3.44% | |||
Maximum | ||||
Federal Home Loan Bank, Advances by Interest Rate Type, by Maturity [Abstract] | ||||
Interest rate 2023 | 4.84% | |||
Interest rate 2024 | 5.46% | |||
Interest rate 2025 | 3.07% | |||
Interest rate 2027 and after | 3.58% | |||
FHLB advances, maturity period | 8 years | 4 years | ||
Maximum | Federal Home Loan Bank, Advances, Callable Option | ||||
Federal Home Loan Bank, Advances by Interest Rate Type, by Maturity [Abstract] | ||||
Interest rate | 3.58% |
Senior Notes (Details)
Senior Notes (Details) - USD ($) $ in Thousands | Jun. 23, 2020 | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | |||
Senior notes | $ 59,526 | $ 59,210 | |
Senior Notes | 5.75% Senior Notes due 2025 | |||
Debt Instrument [Line Items] | |||
Face amount | $ 60,000 | ||
Interest rate, stated percentage | 5.75% | ||
Debt issuance costs | $ 1,600 | $ 500 | $ 800 |
Proceeds from issuance of debt | $ 58,400 | ||
Debt issuance costs, amortization period | 5 years |
Subordinated Notes (Details)
Subordinated Notes (Details) - USD ($) | Mar. 09, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Jun. 21, 2022 |
Debt Instrument [Line Items] | ||||
Subordinated notes | $ 29,454,000 | $ 29,284,000 | ||
Subordinated Debt | 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 | 500,000 | 700,000 | |
Amortization period | 10 years | |||
Subordinated notes | $ 29,500,000 | $ 29,300,000 | ||
Interest rate, stated percentage | 4.25% | |||
Variable rate | 2.51% |
Junior Subordinated Debenture_3
Junior Subordinated Debentures Held by Trust Subsidiaries - Narrative (Details) | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 | Dec. 31, 2023 contract | Dec. 31, 2023 subsidiary | Dec. 31, 2023 payment | Dec. 31, 2022 payment | |
Debt Instrument [Line Items] | |||||
Number of trust subsidiaries | 5 | 5 | |||
Junior Subordinated Debt | SOFR | |||||
Debt Instrument [Line Items] | |||||
Variable rate | 0.26161% | 0.26161% | |||
Junior Subordinated Debt | |||||
Debt Instrument [Line Items] | |||||
Period of deferred payments of interest | 5 years | ||||
Number of interest payments deferred | 0 | 0 |
Junior Subordinated Debenture_4
Junior Subordinated Debentures Held by Trust Subsidiaries - Summary of Junior Subordinated Debentures (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | 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 |
Commercebank Capital Trust VI | Junior Subordinated Debt | Junior Subordinated Notes, Maturing 2033 | ||
Debt Instrument [Line Items] | ||
Principal Amount of Debenture Issued to Trust | $ 9,537 | $ 9,537 |
Commercebank Capital Trust VI | Junior Subordinated Debt | Junior Subordinated Notes, Maturing 2033 | 3-month LIBOR | ||
Debt Instrument [Line Items] | ||
Variable rate | 3.61% | 3.35% |
Commercebank Capital Trust VII | Junior Subordinated Debt | Junior Subordinated Notes, Maturing 2033 | ||
Debt Instrument [Line Items] | ||
Principal Amount of Debenture Issued to Trust | $ 8,248 | $ 8,248 |
Commercebank Capital Trust VII | Junior Subordinated Debt | Junior Subordinated Notes, Maturing 2033 | 3-month LIBOR | ||
Debt Instrument [Line Items] | ||
Variable rate | 3.51% | 3.25% |
Commercebank Capital Trust VIII | Junior Subordinated Debt | Junior Subordinated Notes, Maturing 2034 | ||
Debt Instrument [Line Items] | ||
Principal Amount of Debenture Issued to Trust | $ 5,155 | $ 5,155 |
Commercebank Capital Trust VIII | Junior Subordinated Debt | Junior Subordinated Notes, Maturing 2034 | 3-month LIBOR | ||
Debt Instrument [Line Items] | ||
Variable rate | 3.11% | 2.85% |
Commercebank Capital Trust IX | Junior Subordinated Debt | Junior Subordinated Notes, Maturing 2038 | ||
Debt Instrument [Line Items] | ||
Principal Amount of Debenture Issued to Trust | $ 25,774 | $ 25,774 |
Commercebank Capital Trust IX | Junior Subordinated Debt | Junior Subordinated Notes, Maturing 2038 | 3-month LIBOR | ||
Debt Instrument [Line Items] | ||
Variable rate | 2.01% | 1.75% |
Commercebank Capital Trust X | Junior Subordinated Debt | Junior Subordinated Notes, Maturing 2036 | ||
Debt Instrument [Line Items] | ||
Principal Amount of Debenture Issued to Trust | $ 15,464 | $ 15,464 |
Commercebank Capital Trust X | Junior Subordinated Debt | Junior Subordinated Notes, Maturing 2036 | 3-month LIBOR | ||
Debt Instrument [Line Items] | ||
Variable rate | 2.04% | 1.78% |
Commercebank Capital Trust VI | Junior Subordinated Notes, Maturing 2033 | ||
Debt Instrument [Line Items] | ||
Amount of Trust Preferred Securities Issued by Trust | $ 9,250 | $ 9,250 |
Commercebank Capital Trust VII | Junior Subordinated Notes, Maturing 2033 | ||
Debt Instrument [Line Items] | ||
Amount of Trust Preferred Securities Issued by Trust | 8,000 | 8,000 |
Commercebank Capital Trust VIII | Junior Subordinated Notes, Maturing 2034 | ||
Debt Instrument [Line Items] | ||
Amount of Trust Preferred Securities Issued by Trust | 5,000 | 5,000 |
Commercebank Capital Trust IX | Junior Subordinated Notes, Maturing 2038 | ||
Debt Instrument [Line Items] | ||
Amount of Trust Preferred Securities Issued by Trust | 25,000 | 25,000 |
Commercebank Capital Trust X | Junior Subordinated Notes, Maturing 2036 | ||
Debt Instrument [Line Items] | ||
Amount of Trust Preferred Securities Issued by Trust | $ 15,000 | $ 15,000 |
Derivative Instruments - Schedu
Derivative Instruments - Schedule of Derivatives (Details) | Dec. 31, 2023 contract | Dec. 31, 2023 USD ($) | Dec. 31, 2023 instrument | Jun. 30, 2023 USD ($) | Dec. 31, 2022 contract | Dec. 31, 2022 USD ($) | Dec. 31, 2022 instrument | Apr. 30, 2022 USD ($) instrument |
Derivatives, Fair Value [Line Items] | ||||||||
Number of contracts | contract | 436 | 429 | ||||||
Notional Amounts | $ 3,028,455,000 | $ 3,043,763,000 | ||||||
Other Assets | 59,932,000 | 78,250,000 | ||||||
Other Liabilities | 59,433,000 | 77,160,000 | ||||||
Interest Rate Swap Contracts | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Notional Amounts | $ 50,000,000 | |||||||
Derivatives Designated as Hedging Instruments | Interest Rate Swap Contracts | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Number of contracts | contract | 6 | 5 | ||||||
Notional Amounts | 114,178,000 | 64,178,000 | ||||||
Other Assets | 296,000 | 167,000 | ||||||
Other Liabilities | 366,000 | 45,000 | ||||||
Derivatives Not Designated as Hedging Instruments | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Number of contracts | contract | 430 | 424 | ||||||
Notional Amounts | 2,914,277,000 | 2,979,585,000 | ||||||
Other Assets | 59,636,000 | 78,083,000 | ||||||
Other Liabilities | 59,067,000 | 77,115,000 | ||||||
Derivatives Not Designated as Hedging Instruments | Interest Rate Swap Contracts | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Number of contracts | contract | 292 | 286 | ||||||
Notional Amounts | 2,075,546,000 | 1,850,866,000 | ||||||
Other Assets | 53,988,000 | 67,042,000 | ||||||
Other Liabilities | 53,988,000 | 67,042,000 | ||||||
Derivatives Not Designated as Hedging Instruments | Interest Rate Swap Contracts | Customers | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Number of contracts | contract | 146 | 143 | ||||||
Notional Amounts | 1,037,773,000 | 925,433,000 | ||||||
Other Assets | 6,767,000 | 603,000 | ||||||
Other Liabilities | 47,221,000 | 66,439,000 | ||||||
Derivatives Not Designated as Hedging Instruments | Interest Rate Swap Contracts | Third Party Broker | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Number of contracts | contract | 146 | 143 | ||||||
Notional Amounts | 1,037,773,000 | 925,433,000 | ||||||
Other Assets | 47,221,000 | 66,439,000 | ||||||
Other Liabilities | 6,767,000 | 603,000 | ||||||
Derivatives Not Designated as Hedging Instruments | Interest Rate Cap Contracts | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Number of contracts | contract | 27 | 39 | ||||||
Notional Amounts | 686,990,000 | 960,717,000 | ||||||
Other Assets | 5,195,000 | 10,207,000 | ||||||
Other Liabilities | 4,983,000 | 10,002,000 | ||||||
Derivatives Not Designated as Hedging Instruments | Interest Rate Cap Contracts | Customers | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Number of contracts | contract | 13 | 19 | ||||||
Notional Amounts | 325,995,000 | 448,817,000 | ||||||
Other Assets | 0 | 0 | ||||||
Other Liabilities | 4,983,000 | 10,002,000 | ||||||
Derivatives Not Designated as Hedging Instruments | Interest Rate Cap Contracts | Third Party Broker | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Number of contracts | 14 | 1 | 20 | 4 | 4 | |||
Notional Amounts | 360,995,000 | 511,900,000 | $ 140,000,000 | |||||
Other Assets | 5,195,000 | 10,207,000 | ||||||
Other Liabilities | 0 | 0 | ||||||
Derivatives Not Designated as Hedging Instruments | Credit Risk | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Number of contracts | contract | 7 | 4 | ||||||
Notional Amounts | 92,654,000 | 73,968,000 | ||||||
Other Assets | 0 | 0 | ||||||
Other Liabilities | 0 | 0 | ||||||
Derivatives Not Designated as Hedging Instruments | Mortgage Derivatives | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Number of contracts | contract | 104 | 95 | ||||||
Notional Amounts | 59,087,000 | 94,034,000 | ||||||
Other Assets | 453,000 | 834,000 | ||||||
Other Liabilities | 96,000 | 71,000 | ||||||
Derivatives Not Designated as Hedging Instruments | Mortgage Derivatives | Interest Rate Lock Commitments | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Number of contracts | contract | 93 | 86 | ||||||
Notional Amounts | 43,087,000 | 77,034,000 | ||||||
Other Assets | 447,000 | 727,000 | ||||||
Other Liabilities | 2,000 | 0 | ||||||
Derivatives Not Designated as Hedging Instruments | Mortgage Derivatives | Forward Contracts | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Number of contracts | contract | 11 | 9 | ||||||
Notional Amounts | 16,000,000 | 17,000,000 | ||||||
Other Assets | 6,000 | 107,000 | ||||||
Other Liabilities | $ 94,000 | $ 71,000 |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) | 12 Months Ended | ||||||||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2019 USD ($) contract | Dec. 31, 2023 contract | Dec. 31, 2023 instrument | Jun. 30, 2023 USD ($) | Dec. 31, 2022 contract | Dec. 31, 2022 instrument | Apr. 30, 2022 USD ($) instrument | |
Derivatives, Fair Value [Line Items] | |||||||||
Number of contracts | contract | 436 | 429 | |||||||
Notional Amounts | $ 3,028,455,000 | $ 3,043,763,000 | |||||||
Loses expected to be reclassified into expense in the next twelve months | 600,000 | ||||||||
Other Liabilities | 59,433,000 | 77,160,000 | |||||||
Cash pledged as collateral, obligation to repay | 25,000,000 | 41,600,000 | |||||||
Interest Rate Swap Contracts | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Notional Amounts | $ 50,000,000 | ||||||||
Unrealized loss on derivatives | (400,000) | ||||||||
Derivatives Designated as Hedging Instruments | Interest Rate Swap Contracts | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Number of contracts | contract | 6 | 5 | |||||||
Notional Amounts | 114,178,000 | 64,178,000 | |||||||
Loses expected to be reclassified into expense in the next twelve months | 400,000 | ||||||||
Securities pledged | 500,000 | ||||||||
Other Liabilities | 366,000 | 45,000 | |||||||
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 | 2,300,000 | $ 8,900,000 | |||||||
Reduction of interest expense on FHLB advances | 1,300,000 | (1,400,000) | |||||||
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 Debt | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Number of contracts | instrument | 5 | 5 | |||||||
Notional Amounts | 64,200,000 | 64,200,000 | |||||||
Derivative, amount of hedged item | 64,200,000 | 64,200,000 | |||||||
Unrealized loss on derivatives | (600,000) | (400,000) | |||||||
Derivatives Designated as Hedging Instruments | Variable Income Interest Rate | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Notional Amounts | $ 50,000,000 | ||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Number of contracts | contract | 430 | 424 | |||||||
Notional Amounts | 2,914,277,000 | 2,979,585,000 | |||||||
Other Liabilities | 59,067,000 | 77,115,000 | |||||||
Derivatives Not Designated as Hedging Instruments | Interest Rate Swap Contracts | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Number of contracts | contract | 292 | 286 | |||||||
Notional Amounts | 2,075,546,000 | 1,850,866,000 | |||||||
Other Liabilities | 53,988,000 | 67,042,000 | |||||||
Derivatives Not Designated as Hedging Instruments | Interest Rate Swap Contracts | Customers | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Number of contracts | contract | 146 | 143 | |||||||
Notional Amounts | 1,037,773,000 | 925,433,000 | |||||||
Other Liabilities | 47,221,000 | 66,439,000 | |||||||
Derivatives Not Designated as Hedging Instruments | Interest Rate Swap Contracts | Third Party Broker | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Number of contracts | contract | 146 | 143 | |||||||
Notional Amounts | 1,037,773,000 | 925,433,000 | |||||||
Other Liabilities | $ 6,767,000 | $ 603,000 | |||||||
Derivatives Not Designated as Hedging Instruments | Interest Rate Swap Contracts | Minimum | Customers | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Average remaining maturity | 1 year | 1 year | |||||||
Derivatives Not Designated as Hedging Instruments | Interest Rate Swap Contracts | Maximum | Customers | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Average remaining maturity | 13 years | 14 years | |||||||
Derivatives Not Designated as Hedging Instruments | Interest Rate Cap Contracts | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Number of contracts | contract | 27 | 39 | |||||||
Notional Amounts | $ 686,990,000 | $ 960,717,000 | |||||||
Other Liabilities | 4,983,000 | 10,002,000 | |||||||
Derivatives Not Designated as Hedging Instruments | Interest Rate Cap Contracts | Customers | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Number of contracts | contract | 13 | 19 | |||||||
Notional Amounts | 325,995,000 | 448,817,000 | |||||||
Other Liabilities | 4,983,000 | 10,002,000 | |||||||
Derivatives Not Designated as Hedging Instruments | Interest Rate Cap Contracts | Third Party Broker | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Number of contracts | 14 | 1 | 20 | 4 | 4 | ||||
Notional Amounts | 360,995,000 | 511,900,000 | $ 140,000,000 | ||||||
Other Liabilities | 0 | 0 | |||||||
Derivatives Not Designated as Hedging Instruments | Interest Rate Cap Contracts | Third Party Broker | April 2022 Transaction | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Notional Amounts | $ 35,000,000 | $ 140,000,000 | |||||||
Derivatives Not Designated as Hedging Instruments | Interest Rate Cap Contracts | Minimum | Third Party Broker | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Average remaining maturity | 1 year | 1 year | |||||||
Derivatives Not Designated as Hedging Instruments | Interest Rate Cap Contracts | Maximum | Third Party Broker | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Average remaining maturity | 11 years | 12 years | |||||||
Derivatives Not Designated as Hedging Instruments | Forward Contracts | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Effect of change in fair value | $ (400,000) | $ 200,000 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lessee, Lease, Description [Line Items] | |||||
Variable lease cost | $ 2,238 | $ 1,746 | $ 1,371 | ||
Right-of-use asset | 118,484 | 139,987 | |||
Total lease obligations | 126,949 | 145,300 | |||
Short-term lease liability | $ 3,800 | $ 5,200 | |||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accounts payable, accrued liabilities and other liabilities | Accounts payable, accrued liabilities and other liabilities | |||
Operating lease expense | $ 17,506 | $ 16,100 | 9,900 | ||
Rental income | 3,200 | 3,300 | 2,900 | ||
Sales-type or direct financing leases | 3,200 | 13,600 | |||
Premises and equipment, net | 43,603 | 41,772 | |||
New York | |||||
Lessee, Lease, Description [Line Items] | |||||
Rental income | 600 | 400 | |||
Florida | |||||
Lessee, Lease, Description [Line Items] | |||||
Operating lease expense | $ 300 | $ 500 | |||
Impairments of operating lease ROU asset | 1,100 | 1,600 | 800 | ||
Headquarters Building | |||||
Lessee, Lease, Description [Line Items] | |||||
Rental income | 2,600 | $ 2,900 | $ 2,900 | ||
Rental income from operating lease | |||||
Lessee, Lease, Description [Line Items] | |||||
Premises and equipment, net | $ 2,900 | ||||
Minimum | |||||
Lessee, Lease, Description [Line Items] | |||||
Term of contract | 1 year | ||||
Maximum | |||||
Lessee, Lease, Description [Line Items] | |||||
Term of contract | 42 years |
Leases - Cost (Details)
Leases - Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lease cost | |||
Operating lease cost | $ 18,390 | $ 17,568 | $ 8,497 |
Short-term lease cost | 49 | 62 | 176 |
Variable lease cost | 2,238 | 1,746 | 1,371 |
Sublease income | (3,171) | (3,312) | (105) |
Total lease cost | 16,064 | 9,939 | |
Cash paid for amounts included in the measurement of operating lease liabilities | $ 15,544 | $ 14,492 | $ 8,202 |
Weighted average remaining lease term for operating leases | 16 years 7 months 6 days | 18 years 1 month 6 days | 19 years 2 months 12 days |
Weighted average discount rate for operating leases | 9.85% | 5.94% | 5.94% |
Leases - Maturities (Details)
Leases - Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Twelve Months Ended September 30, | ||
2024 | $ 15,195 | |
2025 | 15,487 | |
2026 | 15,748 | |
2027 | 16,042 | |
Thereafter | 201,028 | |
Total minimum payments required | 263,500 | |
Less: implied interest | (136,551) | |
Total lease obligations | $ 126,949 | $ 145,300 |
Incentive Compensation and Be_3
Incentive Compensation and Benefit Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||||
Feb. 16, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 08, 2022 | Mar. 12, 2018 | |
Defined Contribution Plan Disclosure [Line Items] | ||||||
Employer matching contribution, percent of match | 100% | |||||
Employer matching, maximum annual employee salary, matched | 5% | |||||
Employee service requirements for plan participation | 3 months | |||||
Contributions by employer | $ 3.6 | $ 3.3 | ||||
Employee Stock | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Shares reserved for future issuance (in shares) | 1,000,000 | |||||
Share-based compensation expense | $ 0.5 | $ 0.3 | ||||
Restricted Stock | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Grants in period (in shares) | 10,440 | 175,601 | ||||
Award vesting period | 3 years | 3 years | 3 years | |||
Grants in period, weighted average grant date fair value (in dollars per share) | $ 27.42 | $ 31.83 | ||||
Unearned deferred compensation expense, weighted average period | 1 year 1 month 6 days | |||||
Restricted Stock Units (RSUs) | Non-employee Director | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Grants in period (in shares) | 28,920 | 17,250 | ||||
Award vesting period | 1 year | 1 year | ||||
Grants in period, weighted average grant date fair value (in dollars per share) | $ 20.74 | $ 28.98 | ||||
PSU | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Performance period | 3 years | |||||
Stock-settled RSUs | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Grants in period (in shares) | 246,965 | |||||
Grants in period, weighted average grant date fair value (in dollars per share) | $ 24.02 | |||||
Stock-settled RSUs | Non-employee Director | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Grants in period (in shares) | 28,920 | 17,250 | 13,146 | |||
Award vesting period | 1 year | |||||
Grants in period, weighted average grant date fair value (in dollars per share) | $ 22.82 | |||||
Cash-Settled RSU | Non-employee Director | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Grants in period (in shares) | 6,573 | |||||
Award vesting period | 1 year | |||||
Grants in period, weighted average grant date fair value (in dollars per share) | $ 22.82 | |||||
Restricted Stock Units (RSUs) and Performance Stock Units (PSUs) | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Unearned deferred compensation expense, weighted average period | 1 year 1 month 6 days | |||||
Restricted Stock Units (RSUs) and Performance Stock Units (PSUs) | Non-employee Director | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Share-based compensation expense | $ 4.5 | $ 2.1 | $ 2.6 | |||
Unearned deferred compensation expense | $ 4.3 | |||||
Class A common stock | Common Stock | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Stock issued for employee stock purchase plan (in shares) | 56,927 | 35,337 | ||||
Class A common stock | Restricted Stock | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Grants in period (in shares) | 252,503 | |||||
Grants in period, weighted average grant date fair value (in dollars per share) | $ 18.45 | |||||
Share-based compensation expense | $ 2.3 | $ 3.7 | $ 2.8 | |||
Unearned deferred compensation expense | $ 1.1 | |||||
Class A common stock | Restricted Stock | 20% Vesting Equally In Each of First Two Years, and 60% Vesting in Third Year | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Grants in period (in shares) | 203,692 | |||||
Award vesting rights, percentage | 50% | |||||
Class A common stock | Restricted Stock | 1/3 Each Year Equally for Three Years | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Grants in period (in shares) | 48,811 | |||||
Award vesting period | 2 years | |||||
Award vesting rights, percentage | 50% | |||||
2018 Equity Plan | Class A common stock | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Shares reserved for future issuance (in shares) | 3,333,333 | |||||
LTI Plan | Restricted Stock Units (RSUs) | Subsequent Event | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Grants in period (in shares) | 141,219 | |||||
LTI Plan | PSU | Subsequent Event | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Grants in period (in shares) | 68,473 |
Incentive Compensation and Be_4
Incentive Compensation and Benefit Plans - Restricted Stock (Details) - Restricted Stock - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Number of restricted shares (in shares) | ||
Non-vested shares, beginning of year (in shares) | 295,076 | |
Grants in period (in shares) | 10,440 | 175,601 |
Vested (in shares) | (112,263) | |
Forfeited (in shares) | (41,973) | |
Non-vested shares, end of year (in shares) | 151,280 | 295,076 |
Weighted-average grant date fair value (in dollars per share) | ||
Non-vested shares, beginning of year (in dollars per share) | $ 25.83 | |
Granted, Weighted average grant date fair value (in dollars per share) | 27.42 | $ 31.83 |
Vested, Weighted average grant date fair value (in dollars per share) | 24.36 | |
Forfeited, Weighted average grant date fair value (in dollars per share) | 24.20 | |
Non-vested shares, end of year (in dollars per share) | $ 27.49 | $ 25.83 |
Incentive Compensation and Be_5
Incentive Compensation and Benefit Plans - RSUs (Details) | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Stock-settled RSUs | |
Nonvested Restricted Stock Unit Activity | |
Non-vested shares, beginning of year (in shares) | shares | 123,970 |
Grants in period (in shares) | shares | 246,965 |
Vested (in shares) | shares | (65,526) |
Forfeited (in shares) | shares | (16,464) |
Non-vested shares, end of year (in shares) | shares | 288,945 |
Weighted-average grant date fair value (in dollars per share) | |
Non-vested shares, beginning of year (in dollars per share) | $ / shares | $ 22.83 |
Granted, Weighted average grant date fair value (in dollars per share) | $ / shares | 24.02 |
Vested, Weighted average grant date fair value (in dollars per share) | $ / shares | 22.68 |
Forfeited, Weighted average grant date fair value (in dollars per share) | $ / shares | 25.10 |
Non-vested shares, end of year (in dollars per share) | $ / shares | $ 23.75 |
Stock-settled Performance Shares | |
Nonvested Restricted Stock Unit Activity | |
Non-vested shares, beginning of year (in shares) | shares | 137,199 |
Grants in period (in shares) | shares | 53,420 |
Vested (in shares) | shares | (10,621) |
Forfeited (in shares) | shares | (2,867) |
Non-vested shares, end of year (in shares) | shares | 177,131 |
Weighted-average grant date fair value (in dollars per share) | |
Non-vested shares, beginning of year (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 | 18.99 |
Forfeited, Weighted average grant date fair value (in dollars per share) | $ / shares | 33.63 |
Non-vested shares, end of year (in dollars per share) | $ / shares | $ 19.39 |
Incentive Compensation and Be_6
Incentive Compensation and Benefit Plans - RSUs and PSUs (Details) - Various Executive(s) and Employees - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grants in period (in shares) | 218,045 | 34,589 | 120,513 |
Award vesting period | 3 years | ||
Grants in period, weighted average grant date fair value (in dollars per share) | $ 24.46 | $ 33.23 | $ 16.65 |
Restricted Stock Units (RSUs) | 1/3 Each Year Equally for Three Years | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grants in period (in shares) | 195,547 | ||
Award vesting rights, percentage | 33% | 33% | 33% |
Restricted Stock Units (RSUs) | 20% Vesting Equally In Each of First Two Years, and 60% Vesting in Third Year | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grants in period (in shares) | 22,498 | ||
Restricted Stock Units (RSUs) | 20% Vesting Equally In Each of First Two Years, and 60% Vesting in Third Year | Vesting Equally In Each of First Two Years | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting rights, percentage | 20% | ||
Restricted Stock Units (RSUs) | 20% Vesting Equally In Each of First Two Years, and 60% Vesting in Third Year | Vesting in Third Year | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting rights, percentage | 60% | ||
PSU | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grants in period (in shares) | 53,420 | 26,415 | 120,513 |
Award vesting period | 3 years | ||
Grants in period, weighted average grant date fair value (in dollars per share) | $ 25.09 | $ 33.63 | $ 13.81 |
Incentive Compensation and Be_7
Incentive Compensation and Benefit Plans - RSUs Independent Directors (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stock-settled RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grants in period (in shares) | 246,965 | ||
Grants in period, weighted average grant date fair value (in dollars per share) | $ 24.02 | ||
Non-employee Director | Stock-settled RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grants in period (in shares) | 28,920 | 17,250 | 13,146 |
Award vesting period | 1 year | ||
Grants in period, weighted average grant date fair value (in dollars per share) | $ 22.82 | ||
Non-employee Director | Cash-Settled RSU | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grants in period (in shares) | 6,573 | ||
Award vesting period | 1 year | ||
Grants in period, weighted average grant date fair value (in dollars per share) | $ 22.82 | ||
Non-employee Director | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grants in period (in shares) | 28,920 | 17,250 | |
Award vesting period | 1 year | 1 year | |
Grants in period, weighted average grant date fair value (in dollars per share) | $ 20.74 | $ 28.98 |
Income Taxes - Components (Deta
Income Taxes - Components (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current tax expense: | |||
Federal | $ 19,768 | $ 15,609 | $ 23,225 |
State | 1,313 | 1,116 | 4,681 |
Deferred tax (expense) benefit | (10,542) | (104) | 5,803 |
Total income tax expense | $ 10,539 | $ 16,621 | $ 33,709 |
Income Taxes - Reconciliation (
Income Taxes - Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Amount | |||
Tax expense calculated at the statutory federal income tax rate | $ 8,679 | $ 16,503 | $ 30,244 |
Non-taxable interest income | (491) | (342) | (350) |
Taxable (non-taxable) BOLI income | 1,302 | (1,135) | (1,146) |
Stock-based compensation | (40) | (251) | (856) |
State and city income taxes, net of federal income tax benefit | 1,037 | 882 | 3,697 |
Rate differential on deferred items | (2,159) | (245) | 769 |
Noncontrolling interest | 357 | 283 | 548 |
Disallowed interest expense and other expenses | 1,547 | 891 | 421 |
Other, net | 307 | 35 | 382 |
Total income tax expense | $ 10,539 | $ 16,621 | $ 33,709 |
% | |||
Tax expense calculated at the statutory federal income tax rate | 21% | 21% | 21% |
Non-taxable interest income | (1.19%) | (0.44%) | (0.24%) |
Taxable (non-taxable) BOLI income | 3.15% | (1.44%) | (0.80%) |
Stock-based compensation | (0.10%) | (0.32%) | (0.59%) |
State and city income taxes, net of federal income tax benefit | 2.51% | 1.12% | 2.57% |
Rate differential on deferred items | (5.22%) | (0.31%) | 0.53% |
Noncontrolling interest | 0.87% | 0.36% | 0.38% |
Disallowed interest expense and other expenses | 3.74% | 1.13% | 0.29% |
Other, net | 0.74% | 0.05% | 0.27% |
Total income tax expense | 25.50% | 21.15% | 23.41% |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
Lease liability | $ 32,449 | $ 37,345 |
Net unrealized losses in other comprehensive loss | 24,053 | 27,663 |
Allowance for credit losses | 23,177 | 19,811 |
Valuation allowance on loans held for sale | 9,130 | 0 |
Deferred compensation | 5,026 | 5,090 |
Stock-based compensation expense | 1,761 | 1,333 |
Dividend income | (1,221) | (645) |
Depreciation and amortization | (4,625) | (2,869) |
Goodwill amortization | (4,926) | (4,949) |
Right-of-use asset | (30,284) | (35,979) |
Other | 1,095 | 1,903 |
Net deferred tax assets | $ 55,635 | $ 48,703 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
Net operating loss | $ 160,200,000 | $ 161,000,000 |
Deferred tax assets, operating loss carryforwards | 7,000,000 | 7,000,000 |
Unrecognized tax benefits | $ 0 | $ 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (“AOCL/AOCI”) - Components of AOCL (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Before Tax Amount | $ (94,849) | $ (108,298) |
Tax Effect | 24,053 | 27,663 |
Net of Tax Amount | (70,796) | (80,635) |
Net unrealized holding losses on debt securities available for sale | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Before Tax Amount | (97,042) | (111,957) |
Tax Effect | 24,614 | 28,605 |
Net of Tax Amount | (72,428) | (83,352) |
Net unrealized holding gains on interest rate swaps designated as cash flow hedges | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Before Tax Amount | 2,193 | 3,659 |
Tax Effect | (561) | (942) |
Net of Tax Amount | $ 1,632 | $ 2,717 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (“AOCL/AOCI”) - Components of Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Before Tax Amount | |||
Total other comprehensive income | $ 13,449 | $ (128,348) | $ (21,860) |
Tax Effect | |||
Total other comprehensive income | (3,610) | 32,496 | 5,413 |
Net of Tax Amount | |||
Reclassification adjustment for net losses included in net income | 497 | 1,079 | (3,624) |
Other comprehensive income (loss) | 9,839 | (95,852) | (16,447) |
Net unrealized holding gains on debt securities available for sale: | |||
Before Tax Amount | |||
Change in fair value arising during the period | 12,817 | (130,165) | (17,264) |
Reclassification adjustment for net losses included in net income | 2,098 | 2,433 | (4,266) |
Total other comprehensive income | 14,915 | (127,732) | (21,530) |
Tax Effect | |||
Change in fair value arising during the period | (3,460) | 33,014 | 4,304 |
Reclassification adjustment for net losses included in net income | (531) | (621) | 1,028 |
Total other comprehensive income | (3,991) | 32,393 | 5,332 |
Net of Tax Amount | |||
Change in fair value arising during the period | 9,357 | (97,151) | (12,960) |
Reclassification adjustment for net losses included in net income | 1,567 | 1,812 | (3,238) |
Other comprehensive income (loss) | 10,924 | (95,339) | (16,198) |
Net unrealized holding losses on interest rate swaps designated as cash flow hedges: | |||
Before Tax Amount | |||
Change in fair value arising during the period | (20) | 369 | 178 |
Reclassification adjustment for net losses included in net income | (1,446) | (985) | (508) |
Total other comprehensive income | (1,466) | (616) | (330) |
Tax Effect | |||
Change in fair value arising during the period | 5 | (149) | (41) |
Reclassification adjustment for net losses included in net income | 376 | 252 | 122 |
Total other comprehensive income | 381 | 103 | 81 |
Net of Tax Amount | |||
Change in fair value arising during the period | (15) | 220 | 137 |
Reclassification adjustment for net losses included in net income | (1,070) | (733) | (386) |
Other comprehensive income (loss) | $ (1,085) | $ (513) | $ (249) |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | |||
Percent of common stock owned by holders | 5% | ||
Loans issued to related parties | $ 4,200 | $ 5,900 | |
Interest income, operating | 100 | 200 | |
Legal fees | $ 1,100 | ||
Potential reimbursement of legal fees | 1,000 | ||
Expected reimbursement of legal fees | $ 750 | ||
Reimbursement of legal fees | 875 | ||
Junior subordinated debentures held by trust subsidiaries | 64,178 | 64,178 | |
Mercantil Servicios Financieros, C.A. (MSF) | |||
Related Party Transaction [Line Items] | |||
Junior subordinated debentures held by trust subsidiaries | $ 1,400 | $ 1,300 |
Related Party Transactions - Ba
Related Party Transactions - Balance Sheet Information (Details) - Subsidiary of Common Parent - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Liabilities [Abstract] | ||
Other liabilities | $ 20,417 | $ 17,464 |
Demand deposits, noninterest bearing | ||
Liabilities [Abstract] | ||
Other liabilities | 1,228 | 1,733 |
Demand deposits, interest bearing | ||
Liabilities [Abstract] | ||
Other liabilities | 11,119 | 9,376 |
Savings and money market | ||
Liabilities [Abstract] | ||
Other liabilities | 3,981 | 1,703 |
Time deposits and accounts payable | ||
Liabilities [Abstract] | ||
Other liabilities | $ 4,089 | $ 4,652 |
Related Party Transactions - Su
Related Party Transactions - Summary of Income and Expenses (Details) - Subsidiary of Common Parent - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Expenses | |||
Revenue (expenses) from related parties | $ (159) | $ (104) | $ (66) |
Interest expense | |||
Expenses | |||
Expenses from transactions with related parties | 103 | 46 | 13 |
Fees and other expenses | |||
Expenses | |||
Expenses from transactions with related parties | $ 56 | $ 58 | $ 53 |
Stockholders_ Equity - Clean-Up
Stockholders’ Equity - Clean-Up Merger (Details) | Dec. 31, 2023 shares | Sep. 30, 2023 | Dec. 31, 2022 shares | Dec. 31, 2021 shares | Nov. 30, 2021 shares | Dec. 31, 2020 shares |
Class A | ||||||
Business Acquisition [Line Items] | ||||||
Common stock, shares outstanding (in shares) | 33,603,242 | 33,815,161 | ||||
Common Stock | Class A | ||||||
Business Acquisition [Line Items] | ||||||
Common stock, shares outstanding (in shares) | 33,603,242 | 33,815,161 | 35,883,320 | 28,806,344 | ||
Common Stock | Class B | ||||||
Business Acquisition [Line Items] | ||||||
Common stock, shares outstanding (in shares) | 0 | 0 | 0 | 9,036,352 | ||
Clean-Up Merger | Class B | ||||||
Business Acquisition [Line Items] | ||||||
Common stock, shares outstanding (in shares) | 0 | |||||
Clean-Up Merger | Common Stock | Class A | Minimum | ||||||
Business Acquisition [Line Items] | ||||||
Post merger, percent of outstanding shares owned | 8.90% | |||||
Clean-Up Merger | Common Stock | Class A | Maximum | ||||||
Business Acquisition [Line Items] | ||||||
Post merger, number of shares owned (in shares) | 100 | |||||
Clean-Up Merger | Common Stock | Class B | ||||||
Business Acquisition [Line Items] | ||||||
Stock, conversion ratio | 0.95 | 0.95 |
Stockholders_ Equity - Schedule
Stockholders’ Equity - Schedule of Shares (Details) | Dec. 31, 2023 $ / shares shares |
Class of Stock [Line Items] | |
Common stock, shares authorized (in shares) | 250,000,000 |
Preferred stock, shares authorized (in shares) | 50,000,000 |
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.10 |
Common and preferred stock, shares authorized (in shares) | 300,000,000 |
Class A - voting common stock | |
Class of Stock [Line Items] | |
Common stock, shares authorized (in shares) | 225,000,000 |
Common stock, par value (in dollars per share) | $ / shares | $ 0.10 |
Class A - non-voting common stock | |
Class of Stock [Line Items] | |
Common stock, shares authorized (in shares) | 25,000,000 |
Common stock, par value (in dollars per share) | $ / shares | $ 0.10 |
Stockholders_ Equity - Common S
Stockholders’ Equity - Common Stock (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||||||
Jan. 31, 2022 | Nov. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Aug. 03, 2023 | Dec. 19, 2022 | Sep. 30, 2021 | Sep. 13, 2021 | Mar. 31, 2021 | Mar. 10, 2021 | Dec. 31, 2020 | |
Class of Stock [Line Items] | ||||||||||||
Common stock, shares issued (in shares) | 33,603,242 | 33,815,161 | ||||||||||
Treasury stock (in shares) | 0 | 0 | 0 | |||||||||
Class A | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 | $ 0.10 | |||||||||
Common stock, shares issued (in shares) | 33,603,242 | 33,815,161 | ||||||||||
Common stock, shares outstanding (in shares) | 33,603,242 | 33,815,161 | ||||||||||
Treasury stock, acquired (in shares) | 281,725 | |||||||||||
Repurchase of common stock | $ 4,933,000 | $ 72,060,000 | $ 36,332,000 | |||||||||
Treasury stock acquired (in dollars per share) | $ 30.10 | |||||||||||
Treasury stock acquired | $ 8,500,000 | |||||||||||
Class A | A 2023 Class A Common Stock Repurchase Program | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Stock repurchase program, authorized amount | $ 25,000,000 | |||||||||||
Remaining authorized repurchase amount | $ 20,000,000 | |||||||||||
Class A | New Class A Common Stock Repurchase Program | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Stock repurchase program, authorized amount | $ 50,000,000 | $ 25,000,000 | ||||||||||
Treasury stock, acquired (in shares) | 1,602,887 | |||||||||||
Treasury stock acquired (in dollars per share) | $ 18.98 | $ 31.14 | ||||||||||
Treasury stock acquired | $ 49,900,000 | |||||||||||
Class A | Common Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Common stock, shares outstanding (in shares) | 33,603,242 | 33,815,161 | 35,883,320 | 28,806,344 | ||||||||
Stock repurchase program, authorized amount | $ 50,000,000 | $ 50,000,000 | ||||||||||
Repurchase of common stock (in shares) | 259,853 | 2,255,005 | 1,175,119 | |||||||||
Class A | Common Stock | Clean-Up Merger | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Repurchase of common stock (in shares) | 652,118 | 893,394 | ||||||||||
Repurchase of common stock (in dollars per share) | $ 33.96 | $ 31.18 | ||||||||||
Repurchase of common stock | $ 22,100,000 | $ 27,900,000 | ||||||||||
Class B | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Repurchase of common stock | $ 9,563,000 | |||||||||||
Class B | Clean-Up Merger | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Common stock, shares outstanding (in shares) | 0 | |||||||||||
Class B | Common Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Common stock, shares outstanding (in shares) | 0 | 0 | 0 | 9,036,352 | ||||||||
Stock repurchase program, authorized amount | $ 40,000,000 | $ 40,000,000 | ||||||||||
Repurchase of common stock (in shares) | 565,232 | |||||||||||
Treasury stock, acquired (in shares) | 565,232 | |||||||||||
Treasury stock acquired (in dollars per share) | $ 16.92 | |||||||||||
Treasury stock acquired | $ 9,600,000 |
Stockholders_ Equity - Dividend
Stockholders’ Equity - Dividends & Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 16, 2024 | Nov. 30, 2023 | Aug. 31, 2023 | May 31, 2023 | Feb. 28, 2023 | Aug. 31, 2022 | May 31, 2022 | Feb. 28, 2022 | Jan. 15, 2022 |
Dividends Payable [Line Items] | |||||||||
Dividends, declared (in dollars per share) | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.06 | |
Dividend paid | $ 3 | $ 3 | $ 3 | $ 3 | $ 3 | $ 3 | $ 3.2 | $ 2.2 | |
Subsequent Event | |||||||||
Dividends Payable [Line Items] | |||||||||
Dividends, declared (in dollars per share) | $ 0.09 | ||||||||
Dividend paid | $ 3 |
Commitments and Contingencies -
Commitments and Contingencies - Financial Instruments (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Approximate Contract Amount | $ 1,335,421 |
Commitments to extend credit | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Approximate Contract Amount | 1,305,816 |
Standby letters of credit | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Approximate Contract Amount | $ 29,605 |
Commitment and Contingencies -
Commitment and Contingencies - Schedule of Allowance for Credit Losses for Off-Balance Sheet Exposures (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Off-Balance-Sheet, Credit Loss, Liability [Roll Forward] | |||||
Beginning balance | $ 1,702 | $ 1,702 | $ 1,702 | $ 1,952 | |
Provision for (reversal of) credit losses - off balance sheet exposures | $ 1,100 | $ 300 | 1,400 | 0 | (250) |
Ending balance | $ 3,102 | $ 3,102 | $ 1,702 | $ 1,702 |
Commitments and Contingencies_2
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |||||
Provision for (reversal of) credit losses - off balance sheet exposures | $ 1,100 | $ 300 | $ 1,400 | $ 0 | $ (250) |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Other short-term investments | $ 6,080,000 | $ 0 |
Debt Securities available for sale | ||
Equity securities with readily determinable fair value not held for trading | 2,534,000 | 11,383,000 |
Securities | 1,496,975,000 | 1,366,680,000 |
Mortgage loans held for sale, at fair value | $ 26,200,000 | $ 62,438,000 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable and other assets | Accrued interest receivable and other assets |
Derivative instruments | $ 59,932,000 | $ 78,250,000 |
Liabilities | ||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accounts payable, accrued liabilities and other liabilities | Accounts payable, accrued liabilities and other liabilities |
Derivative instruments | $ 59,433,000 | $ 77,160,000 |
Fair Value, Measurements, Recurring | ||
Assets | ||
Other short-term investments | 6,080,000 | |
Debt Securities available for sale | ||
Debt Securities available for sale | 1,217,502,000 | 1,057,621,000 |
Equity securities with readily determinable fair value not held for trading | 2,534,000 | 11,383,000 |
Securities | 1,220,036,000 | 1,069,004,000 |
Mortgage loans held for sale, at fair value | 26,200,000 | 62,438,000 |
Bank owned life insurance | 234,972,000 | 228,412,000 |
Mortgage servicing rights (MSRs) | 1,372,000 | 1,307,000 |
Derivative instruments | 59,932,000 | 78,250,000 |
Assets, fair value | 1,548,592,000 | 1,439,411,000 |
Liabilities | ||
Derivative instruments | 59,433,000 | 77,160,000 |
Fair Value, Measurements, Recurring | U.S. government sponsored enterprise debt securities | ||
Debt Securities available for sale | ||
Debt Securities available for sale | 557,307,000 | 437,674,000 |
Fair Value, Measurements, Recurring | Corporate debt securities | ||
Debt Securities available for sale | ||
Debt Securities available for sale | 260,802,000 | 280,700,000 |
Fair Value, Measurements, Recurring | U.S. government agency debt securities | ||
Debt Securities available for sale | ||
Debt Securities available for sale | 390,777,000 | 330,821,000 |
Fair Value, Measurements, Recurring | Collateralized Loan Obligations | ||
Debt Securities available for sale | ||
Debt Securities available for sale | 4,957,000 | 4,774,000 |
Fair Value, Measurements, Recurring | U.S. treasury securities | ||
Debt Securities available for sale | ||
Debt Securities available for sale | 1,991,000 | 1,996,000 |
Fair Value, Measurements, Recurring | Municipal bonds | ||
Debt Securities available for sale | ||
Debt Securities available for sale | 1,668,000 | 1,656,000 |
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 | 2,534,000 | 11,383,000 |
Securities | 2,534,000 | 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, fair value | 2,534,000 | 11,383,000 |
Liabilities | ||
Derivative instruments | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. government sponsored enterprise debt securities | ||
Debt Securities available for sale | ||
Debt Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate debt securities | ||
Debt Securities available for sale | ||
Debt Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. government agency debt securities | ||
Debt Securities available for sale | ||
Debt Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Collateralized Loan Obligations | ||
Debt Securities available for sale | ||
Debt Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. treasury securities | ||
Debt Securities available for sale | ||
Debt Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Municipal bonds | ||
Debt Securities available for sale | ||
Debt Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Third-Party Models with Observable Market Inputs (Level 2) | ||
Assets | ||
Other short-term investments | 6,080,000 | |
Debt Securities available for sale | ||
Debt Securities available for sale | 1,217,502,000 | 1,057,621,000 |
Equity securities with readily determinable fair value not held for trading | 0 | 0 |
Securities | 1,217,502,000 | 1,057,621,000 |
Mortgage loans held for sale, at fair value | 26,200,000 | 62,438,000 |
Bank owned life insurance | 234,972,000 | 228,412,000 |
Mortgage servicing rights (MSRs) | 0 | 0 |
Derivative instruments | 59,932,000 | 78,250,000 |
Assets, fair value | 1,544,686,000 | 1,426,721,000 |
Liabilities | ||
Derivative instruments | 59,433,000 | 77,160,000 |
Fair Value, Measurements, Recurring | Third-Party Models with Observable Market Inputs (Level 2) | U.S. government sponsored enterprise debt securities | ||
Debt Securities available for sale | ||
Debt Securities available for sale | 557,307,000 | 437,674,000 |
Fair Value, Measurements, Recurring | Third-Party Models with Observable Market Inputs (Level 2) | Corporate debt securities | ||
Debt Securities available for sale | ||
Debt Securities available for sale | 260,802,000 | 280,700,000 |
Fair Value, Measurements, Recurring | Third-Party Models with Observable Market Inputs (Level 2) | U.S. government agency debt securities | ||
Debt Securities available for sale | ||
Debt Securities available for sale | 390,777,000 | 330,821,000 |
Fair Value, Measurements, Recurring | Third-Party Models with Observable Market Inputs (Level 2) | Collateralized Loan Obligations | ||
Debt Securities available for sale | ||
Debt Securities available for sale | 4,957,000 | 4,774,000 |
Fair Value, Measurements, Recurring | Third-Party Models with Observable Market Inputs (Level 2) | U.S. treasury securities | ||
Debt Securities available for sale | ||
Debt Securities available for sale | 1,991,000 | 1,996,000 |
Fair Value, Measurements, Recurring | Third-Party Models with Observable Market Inputs (Level 2) | Municipal bonds | ||
Debt Securities available for sale | ||
Debt Securities available for sale | 1,668,000 | 1,656,000 |
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) | 1,372,000 | 1,307,000 |
Derivative instruments | 0 | 0 |
Assets, fair value | 1,372,000 | 1,307,000 |
Liabilities | ||
Derivative instruments | 0 | 0 |
Fair Value, Measurements, Recurring | Internal Models with Unobservable Market Inputs (Level 3) | U.S. government sponsored enterprise debt securities | ||
Debt Securities available for sale | ||
Debt Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Internal Models with Unobservable Market Inputs (Level 3) | Corporate debt securities | ||
Debt Securities available for sale | ||
Debt Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Internal Models with Unobservable Market Inputs (Level 3) | U.S. government agency debt securities | ||
Debt Securities available for sale | ||
Debt Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Internal Models with Unobservable Market Inputs (Level 3) | Collateralized Loan Obligations | ||
Debt Securities available for sale | ||
Debt Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Internal Models with Unobservable Market Inputs (Level 3) | U.S. treasury securities | ||
Debt Securities available for sale | ||
Debt Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Internal Models with Unobservable Market Inputs (Level 3) | Municipal bonds | ||
Debt Securities available for sale | ||
Debt Securities available for sale | $ 0 | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value Disclosures [Abstract] | ||
Minimum outstanding balance of loans for third party appraisal | $ 1,000,000 | |
Other real estate owned | 20,200,000 | $ 0 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets (liabilities) measured at fair value | $ 0 | $ 0 |
Fair Value Measurements - Ass_2
Fair Value Measurements - Assets Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | $ 6,873,493 | $ 6,857,194 |
Collateralized loan obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 25,751 | 34,454 |
Specific Reserves | Collateralized loan obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 8,107 | 5,179 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 403,839 | |
Asset impairment charges | 39,896 | 3,900 |
Fair Value, Measurements, Nonrecurring | Loans held for sale, at lower of cost or fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 365,219 | |
Asset impairment charges | 35,525 | |
Fair Value, Measurements, Nonrecurring | Loans held for investment measured for credit deterioration using the fair value of the collateral | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 18,439 | 30,158 |
Asset impairment charges | 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, fair value | 20,181 | |
Asset impairment charges | 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, fair value | 0 | |
Fair Value, Measurements, Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Loans held for sale, at lower of cost or fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | |
Fair Value, Measurements, Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Loans held for investment measured for credit deterioration using the fair value of the collateral | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, 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, 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, fair value | 0 | |
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | Loans held for sale, at lower of cost or fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | |
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | Loans held for investment measured for credit deterioration using the fair value of the collateral | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, 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, fair value | 0 | |
Fair Value, Measurements, Nonrecurring | Significant Other Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 403,839 | |
Fair Value, Measurements, Nonrecurring | Significant Other Unobservable Inputs (Level 3) | Loans held for sale, at lower of cost or fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 365,219 | |
Fair Value, Measurements, Nonrecurring | Significant Other Unobservable Inputs (Level 3) | Loans held for investment measured for credit deterioration using the fair value of the collateral | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 18,439 | $ 30,158 |
Fair Value, Measurements, Nonrecurring | Significant Other Unobservable Inputs (Level 3) | Other Real Estate Owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | $ 20,181 |
Fair Value Measurements - Valua
Fair Value Measurements - Valuation of Assets (Details) - Level 3 - Fair Value, Measurements, Nonrecurring | 12 Months Ended |
Dec. 31, 2023 | |
Collateral dependent loans | Appraisal value, as adjusted | Minimum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Discount Range | 0% |
Typical Discount | 6% |
Collateral dependent loans | Appraisal value, as adjusted | Maximum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Discount Range | 30% |
Typical Discount | 7% |
Collateral dependent loans | Inventory | Minimum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Discount Range | 0% |
Typical Discount | 30% |
Collateral dependent loans | Inventory | Maximum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Discount Range | 100% |
Typical Discount | 50% |
Collateral dependent loans | Accounts receivables | Minimum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Discount Range | 0% |
Typical Discount | 20% |
Collateral dependent loans | Accounts receivables | Maximum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Discount Range | 100% |
Typical Discount | 30% |
Collateral dependent loans | Equipment | Minimum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Discount Range | 0% |
Typical Discount | 20% |
Collateral dependent loans | Equipment | Maximum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Discount Range | 100% |
Typical Discount | 30% |
Other Real Estate Owned | Appraisal value, as adjusted | Minimum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Typical Discount | 6% |
Other Real Estate Owned | Appraisal value, as adjusted | Maximum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Typical Discount | 7% |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financial assets | ||
Carrying Value | $ 226,645 | $ 242,101 |
Estimated Fair Value | 204,945 | 217,609 |
Carrying Value | ||
Financial assets | ||
Loans | 3,514,114 | 3,314,553 |
Financial liabilities | ||
Time deposits | 1,577,579 | 1,119,510 |
Advances from the FHLB | 645,000 | 906,486 |
Senior notes | 59,526 | 59,210 |
Junior subordinated debentures | 64,178 | 64,178 |
Carrying Value | Subordinated Debt | ||
Financial liabilities | ||
Junior subordinated debentures | 29,454 | 29,284 |
Estimated Fair Value | ||
Financial assets | ||
Loans | 3,321,308 | 3,181,696 |
Financial liabilities | ||
Time deposits | 1,575,569 | 1,099,294 |
Advances from the FHLB | 644,572 | 873,852 |
Senior notes | 58,337 | 58,755 |
Junior subordinated debentures | 63,285 | 64,182 |
Estimated Fair Value | Subordinated Debt | ||
Financial liabilities | ||
Junior subordinated debentures | $ 28,481 | $ 28,481 |
Regulatory Matters (Details)
Regulatory Matters (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Dividends | $ 117,300,000 | $ 43,800,000 |
Capital conservation buffer | 4.10% | 4.40% |
Minimum net worth requirement | $ 2,500,000 | |
Percent of outstanding unpaid principal balance | 0.25% | |
Net worth, actual | $ 11,000,000 | $ 7,700,000 |
Capital [Abstract] | ||
Total capital | $ 979,777,000 | $ 947,505,000 |
Total capital ratio | 0.1212 | 0.1239 |
Total minimums capital required for capital adequacy | $ 646,481,000 | $ 611,733,000 |
Total minimums capital required for capital adequacy, ratio | 0.0800 | 0.0800 |
Total capital required to be well capitalized | $ 808,101,000 | $ 764,666,000 |
Total capital required to be well capitalized, ratio | 0.1000 | 0.1000 |
Tier One Risk Based Capital [Abstract] | ||
Tier 1 capital | $ 851,787,000 | $ 833,078,000 |
Tier 1 capital ratio | 0.1054 | 0.1089 |
Tier 1 minimums capital required for capital adequacy | $ 484,860,000 | $ 458,799,000 |
Tier 1 minimums capital required for capital adequacy, ratio | 0.0600 | 0.0600 |
Tier 1 capital required to be well capitalized | $ 646,481,000 | $ 611,733,000 |
Tier 1 capital required to be well capitalized, ratio | 0.0800 | 0.0800 |
Tier One Leverage Capital [Abstract] | ||
Tier 1 leverage capital | $ 851,787,000 | $ 833,078,000 |
Tier 1 leverage ratio | 0.0884 | 0.0918 |
Tier 1 leverage minimums capital required for capital adequacy | $ 385,598,000 | $ 363,130,000 |
Tier 1 leverage minimums capital required for capital adequacy, ratio | 0.0400 | 0.0400 |
Tier 1 leverage capital required to be well capitalized | $ 481,998,000 | $ 453,913,000 |
Tier 1 leverage capital required to be well capitalized, ratio | 0.0500 | 0.0500 |
Common Equity Tier One Capital [Abstract] | ||
Common equity tier 1 (CET1), amount | $ 790,959,000 | $ 772,105,000 |
Common equity tier 1 (CET1) , ratio | 0.0979 | 0.1010 |
Common equity tier 1 (CET1) minimums capital required for capital adequacy | $ 363,645,000 | $ 344,100,000 |
Common equity tier 1 (CET1) minimums capital required for capital adequacy, ratio | 4.50% | 4.50% |
Common equity tier 1 (CET1) capital required to be well capitalized | $ 525,266,000 | $ 497,033,000 |
Common equity tier 1 (CET1) capital required to be well capitalized, ratio | 6.50% | 6.50% |
Over One Quarter | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Maximum net worth decline tolerance requirements as percent | 25% | |
Over Two Consecutive Quarters | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Maximum net worth decline tolerance requirements as percent | 40% | |
The Bank | ||
Capital [Abstract] | ||
Total capital | $ 964,678,000 | $ 923,113,000 |
Total capital ratio | 0.1195 | 0.1210 |
Total minimums capital required for capital adequacy | $ 645,662,000 | $ 610,149,000 |
Total minimums capital required for capital adequacy, ratio | 0.0800 | 0.0800 |
Total capital required to be well capitalized | $ 807,077,000 | $ 762,686,000 |
Total capital required to be well capitalized, ratio | 0.1000 | 0.1000 |
Tier One Risk Based Capital [Abstract] | ||
Tier 1 capital | $ 866,141,000 | $ 837,970,000 |
Tier 1 capital ratio | 0.1073 | 0.1099 |
Tier 1 minimums capital required for capital adequacy | $ 484,246,000 | $ 457,612,000 |
Tier 1 minimums capital required for capital adequacy, ratio | 0.0600 | 0.0600 |
Tier 1 capital required to be well capitalized | $ 645,662,000 | $ 610,149,000 |
Tier 1 capital required to be well capitalized, ratio | 0.0800 | 0.0800 |
Tier One Leverage Capital [Abstract] | ||
Tier 1 leverage capital | $ 866,141,000 | $ 837,970,000 |
Tier 1 leverage ratio | 0.0903 | 0.0927 |
Tier 1 leverage minimums capital required for capital adequacy | $ 383,864,000 | $ 361,655,000 |
Tier 1 leverage minimums capital required for capital adequacy, ratio | 0.0400 | 0.0400 |
Tier 1 leverage capital required to be well capitalized | $ 479,830,000 | $ 452,069,000 |
Tier 1 leverage capital required to be well capitalized, ratio | 0.0500 | 0.0500 |
Common Equity Tier One Capital [Abstract] | ||
Common equity tier 1 (CET1), amount | $ 866,141,000 | $ 837,970,000 |
Common equity tier 1 (CET1) , ratio | 0.1073 | 0.1099 |
Common equity tier 1 (CET1) minimums capital required for capital adequacy | $ 363,185,000 | $ 343,209,000 |
Common equity tier 1 (CET1) minimums capital required for capital adequacy, ratio | 4.50% | 4.50% |
Common equity tier 1 (CET1) capital required to be well capitalized | $ 524,600,000 | $ 495,746,000 |
Common equity tier 1 (CET1) capital required to be well capitalized, ratio | 6.50% | 6.50% |
Minimum | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capital conservation buffer | 2.50% |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||
Net income before attribution of noncontrolling interest | $ 30,789 | $ 61,963 | $ 110,311 |
Noncontrolling interest | (1,701) | (1,347) | (2,610) |
Net income attributable to Amerant Bancorp Inc. | $ 32,490 | $ 63,310 | $ 112,921 |
Basic weighted averages shares outstanding (in shares) | 33,511,321 | 33,862,410 | 37,169,283 |
Dilutive effect of shared-based compensation awards (in shares) | 164,067 | 280,153 | 358,240 |
Diluted weighted average shares outstanding (in shares) | 33,675,388 | 34,142,563 | 37,527,523 |
Basic earnings per common share (in dollars per share) | $ 0.97 | $ 1.87 | $ 3.04 |
Diluted earnings per common share (in dollars per share) | $ 0.96 | $ 1.85 | $ 3.01 |
Antidilutive securities excluded from computation | 595,420 | 529,830 | 462,302 |
Condensed Unconsolidated Hold_3
Condensed Unconsolidated Holding Companies’ Financial Statements - Balance Sheet Information (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2023 contract | Dec. 31, 2023 subsidiary | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) |
Condensed Financial Information Disclosure [Abstract] | ||||||
Number of trust subsidiaries | 5 | 5 | ||||
Assets | ||||||
Cash and due from banks | $ 47,234 | $ 19,486 | ||||
Investments in subsidiaries | 62,250 | 62,250 | ||||
U.S. treasury securities | 1,496,975 | 1,366,680 | ||||
Total assets | 9,716,327 | 9,127,804 | ||||
Liabilities and Stockholders' Equity | ||||||
Senior notes | 59,526 | 59,210 | ||||
Subordinated notes | 29,454 | 29,284 | ||||
Junior Subordinated Debentures | 64,178 | 64,178 | ||||
Stockholders' equity | 736,068 | 705,726 | $ 831,873 | $ 783,421 | ||
Total liabilities and stockholders' equity | 9,716,327 | 9,127,804 | ||||
Mercantil Bank Holding Corporation | Parent Company | Reportable Legal Entities | ||||||
Assets | ||||||
Cash and due from banks | 46,789 | 64,899 | ||||
Investments in subsidiaries | 818,815 | 791,837 | ||||
U.S. treasury securities | 1,991 | 1,996 | ||||
Dividends from subsidiary bank receivable | 20,000 | 0 | ||||
Other assets | 6,668 | 4,903 | ||||
Total assets | 894,263 | 863,635 | ||||
Liabilities and Stockholders' Equity | ||||||
Senior notes | 59,526 | 59,210 | ||||
Subordinated notes | 29,454 | 29,284 | ||||
Junior Subordinated Debentures | 64,178 | 64,178 | ||||
Other liabilities | 5,037 | 3,147 | ||||
Stockholders' equity | 736,068 | 707,816 | ||||
Total liabilities and stockholders' equity | $ 894,263 | $ 863,635 |
Condensed Unconsolidated Hold_4
Condensed Unconsolidated Holding Companies’ Financial Statements - Income Statement Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income | |||
Interest | $ 548,579 | $ 338,776 | $ 247,844 |
Expenses | |||
Interest expense | 222,115 | 72,111 | 42,703 |
Other expenses | 21,089 | 10,716 | 8,359 |
Income before income tax expense | 41,328 | 78,584 | 144,020 |
Income tax benefit | (10,539) | (16,621) | (33,709) |
Net income attributable to Amerant Bancorp Inc. | 32,490 | 63,310 | 112,921 |
Mercantil Bank Holding Corporation | Parent Company | Reportable Legal Entities | |||
Income | |||
Interest | 247 | 182 | 117 |
Equity in earnings of subsidiary | 43,795 | 73,986 | 120,253 |
Total income | 44,042 | 74,168 | 120,370 |
Expenses | |||
Interest expense | 9,556 | 7,968 | 3,766 |
Other expenses | 5,726 | 5,656 | 6,082 |
Total expense | 15,282 | 13,624 | 9,848 |
Income before income tax expense | 28,760 | 60,544 | 110,522 |
Income tax benefit | 3,730 | 2,766 | 2,399 |
Net income attributable to Amerant Bancorp Inc. | $ 32,490 | $ 63,310 | 112,921 |
Mercantil Florida Bancorp, Inc | Subsidiaries | Reportable Legal Entities | |||
Income | |||
Interest | 41 | ||
Equity in earnings of subsidiary | 122,311 | ||
Total income | 122,352 | ||
Expenses | |||
Interest expense | 2,451 | ||
Other expenses | 263 | ||
Total expense | 2,714 | ||
Income before income tax expense | 119,638 | ||
Income tax benefit | 616 | ||
Net income attributable to Amerant Bancorp Inc. | $ 120,254 |
Condensed Unconsolidated Hold_5
Condensed Unconsolidated Holding Companies’ Financial Statements - Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||||||
Nov. 30, 2023 | Aug. 31, 2023 | May 31, 2023 | Feb. 28, 2023 | Aug. 31, 2022 | May 31, 2022 | Feb. 28, 2022 | Jan. 15, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities | |||||||||||
Net income | $ 32,490 | $ 63,310 | $ 112,921 | ||||||||
Stock-based compensation expense | 6,775 | 5,788 | 4,782 | ||||||||
Net cash provided by (used in) operating activities | 26,721 | (49,160) | 67,431 | ||||||||
Cash flows from investing activities | |||||||||||
Return of equity from investment in subsidiary | 11,068 | 0 | 0 | ||||||||
Purchases of available for sale securities | (264,094) | (266,667) | (425,864) | ||||||||
Maturities of available for sale securities | 104,191 | 246,394 | 446,436 | ||||||||
Net cash (used in) provided by investing activities | (606,618) | (1,397,246) | 385,319 | ||||||||
Cash flows from financing activities | |||||||||||
Proceeds from issuance of common stock under Employee Stock Purchase Plan | 904 | 0 | 0 | ||||||||
Proceeds from issuance of subordinated notes, net of issuance costs | 0 | 29,146 | 0 | ||||||||
Dividends paid | $ (3,000) | $ (3,000) | $ (3,000) | $ (3,000) | $ (3,000) | $ (3,000) | $ (3,200) | $ (2,200) | |||
Net cash provided by (used in) financing activities | 611,168 | 1,462,799 | (392,928) | ||||||||
Net increase in cash and cash equivalents and restricted cash | 31,271 | 16,393 | 59,822 | ||||||||
Cash and cash equivalents and restricted cash | |||||||||||
Beginning of period | 290,601 | 274,208 | 214,386 | ||||||||
End of period | 321,872 | 290,601 | 274,208 | ||||||||
Mercantil Bank Holding Corporation | Parent Company | Reportable Legal Entities | |||||||||||
Cash flows from operating activities | |||||||||||
Net income | 32,490 | 63,310 | 112,921 | ||||||||
Adjustments to reconcile net income to net cash used in operating activities - Equity in earnings of subsidiaries | (43,795) | (73,986) | (120,253) | ||||||||
Stock-based compensation expense | 537 | 341 | 927 | ||||||||
Net change in other assets and liabilities | (2,318) | (13,098) | (6,919) | ||||||||
Net cash provided by (used in) operating activities | (13,086) | (23,433) | (13,324) | ||||||||
Cash flows from investing activities | |||||||||||
Cash received from Amerant Florida Merger | 0 | 6,663 | 0 | ||||||||
Dividends from subsidiary | 0 | 114,000 | 40,000 | ||||||||
Purchases of available for sale securities | 0 | (1,997) | 0 | ||||||||
Maturities of available for sale securities | 0 | 1,000 | 0 | ||||||||
Net cash (used in) provided by investing activities | 11,068 | 119,666 | 40,000 | ||||||||
Cash flows from financing activities | |||||||||||
Proceeds from issuance of subordinated notes, net of issuance costs | 0 | 29,146 | 0 | ||||||||
Dividends paid | (12,063) | (12,230) | 0 | ||||||||
Net cash provided by (used in) financing activities | (16,092) | (55,144) | (45,895) | ||||||||
Net increase in cash and cash equivalents and restricted cash | (18,110) | 41,089 | (19,219) | ||||||||
Cash and cash equivalents and restricted cash | |||||||||||
Beginning of period | 64,899 | 23,810 | 43,029 | ||||||||
End of period | 46,789 | 64,899 | 23,810 | ||||||||
Mercantil Bank Holding Corporation | Parent Company | Reportable Legal Entities | Common Stock | Class A | |||||||||||
Cash flows from financing activities | |||||||||||
Repurchase of common stock | (4,933) | (72,060) | (36,332) | ||||||||
Mercantil Bank Holding Corporation | Parent Company | Reportable Legal Entities | Common Stock | Class B | |||||||||||
Cash flows from financing activities | |||||||||||
Repurchase of common stock | $ 0 | 0 | (9,563) | ||||||||
Mercantil Florida Bancorp, Inc | Subsidiaries | Reportable Legal Entities | |||||||||||
Cash flows from operating activities | |||||||||||
Net income | 120,254 | ||||||||||
Adjustments to reconcile net income to net cash used in operating activities - Equity in earnings of subsidiaries | (122,311) | ||||||||||
Net change in other assets and liabilities | 1,838 | ||||||||||
Net cash provided by (used in) operating activities | (219) | ||||||||||
Cash flows from investing activities | |||||||||||
Dividends from subsidiary | 30,000 | ||||||||||
Net cash (used in) provided by investing activities | 30,000 | ||||||||||
Cash flows from financing activities | |||||||||||
Dividends paid | (40,000) | ||||||||||
Net cash provided by (used in) financing activities | (40,000) | ||||||||||
Net increase in cash and cash equivalents and restricted cash | (10,219) | ||||||||||
Cash and cash equivalents and restricted cash | |||||||||||
Beginning of period | $ 6,340 | 16,559 | |||||||||
End of period | $ 6,340 |