Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 06, 2022 | |
Document Information Line Items | ||
Entity Registrant Name | CONNECTONE BANCORP, INC. | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 39,524,417 | |
Amendment Flag | false | |
Entity Central Index Key | 0000712771 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 000-11486 | |
Entity Incorporation, State or Country Code | NJ | |
Entity Tax Identification Number | 52-1273725 | |
Entity Address, Address Line One | 301 Sylvan Avenue | |
Entity Address, City or Town | Englewood Cliffs | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07632 | |
Local Phone Number | 816-8900 | |
City Area Code | 201 | |
Entity Interactive Data Current | Yes | |
Entity Information, Former Legal or Registered Name | N/A | |
Common Stock [Member] | ||
Document Information Line Items | ||
Trading Symbol | CNOB | |
Title of 12(b) Security | Common stock | |
Security Exchange Name | NASDAQ | |
Depositary Shares [Member] | ||
Document Information Line Items | ||
Trading Symbol | CNOBP | |
Title of 12(b) Security | Depositary Shares (each representing a 1/40th interest in a share of 5.25% Series A Non-Cumulative, perpetual preferred stock) | |
Security Exchange Name | NASDAQ |
CONSOLIDATED STATEMENTS OF COND
CONSOLIDATED STATEMENTS OF CONDITION (unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and due from banks | $ 61,849 | $ 54,352 |
Interest-bearing deposits with banks | 249,695 | 211,184 |
Cash and cash equivalents | 311,544 | 265,536 |
Investment securities | 512,030 | 534,507 |
Equity securities | 13,198 | 13,794 |
Loans held-for-sale | 2,742 | 250 |
Loans receivable | 6,979,595 | 6,828,622 |
Less: Allowance for credit losses - loans | 80,070 | 78,773 |
Net loans receivable | 6,899,525 | 6,749,849 |
Investment in restricted stock, at cost | 25,254 | 27,826 |
Bank premises and equipment, net | 28,779 | 29,032 |
Accrued interest receivable | 34,081 | 34,152 |
Bank owned life insurance | 196,937 | 195,731 |
Right of use operating lease assets | 10,400 | 11,017 |
Other real estate owned | 316 | |
Goodwill | 208,372 | 208,372 |
Core deposit intangibles | 8,564 | 8,997 |
Other assets | 82,559 | 50,417 |
Total assets | 8,334,301 | 8,129,480 |
Deposits: | ||
Noninterest-bearing | 1,631,292 | 1,617,049 |
Interest-bearing | 4,929,113 | 4,715,904 |
Total deposits | 6,560,405 | 6,332,953 |
Borrowings | 412,170 | 468,193 |
Subordinated debentures, net | 153,027 | 152,951 |
Operating lease liabilities | 11,773 | 12,417 |
Other liabilities | 58,407 | 38,754 |
Total liabilities | 7,195,782 | 7,005,268 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS’ EQUITY | ||
Preferred Stock, no par value; $1,000 per share liquidation preference; Authorized 5,000,000 shares; issued 115,000 shares as of March 31, 2022 and as of December 31, 2021; outstanding 115,000 shares as of March 31, 2022 and as of December 31, 2021 | 110,927 | 110,927 |
Common stock, no par value: Authorized 100,000,000 shares; issued 42,652,378 shares as of March 31, 2022 and 42,557,264 shares as of December 31, 2021; outstanding 39,518,411 shares as of March 31, 2022 and 39,568,090 as of December 31, 2021 | 586,946 | 586,946 |
Additional paid-in capital | 28,484 | 27,246 |
Retained earnings | 464,889 | 440,169 |
Treasury stock, at cost 3,133,967 common shares as of March 31, 2022 and 2,989,174 as of December 31, 2021 | (44,458) | (39,672) |
Accumulated other comprehensive loss | (8,269) | (1,404) |
Total stockholders’ equity | 1,138,519 | 1,124,212 |
Total liabilities and stockholders’ equity | $ 8,334,301 | $ 8,129,480 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF CONDITION (unaudited) (Parentheticals) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in Dollars per share) | ||
Preferred stock, liquidation preference par share (in Dollars per share) | $ 1,000 | $ 1,000 |
Preferred stock, authorized shares | 5,000,000 | 5,000,000 |
Preferred stock, issued shares | 115,000 | 115,000 |
Preferred stock, outstanding shares | 115,000 | 115,000 |
Common stock, par value (in Dollars per share) | ||
Common stock, authorized shares | 100,000,000 | 100,000,000 |
Common stock, issued shares | 42,652,378 | 42,557,264 |
Common stock, outstanding shares | 39,518,411 | 39,568,090 |
Treasury Stock, Shares | 3,133,967 | 2,989,174 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Interest income | ||
Interest and fees on loans | $ 76,025 | $ 70,462 |
Interest and dividends on investment securities: | ||
Taxable | 1,873 | 1,088 |
Tax-exempt | 709 | 766 |
Dividends | 214 | 256 |
Interest on federal funds sold and other short-term investments | 120 | 49 |
Total interest income | 78,941 | 72,621 |
Interest expense | ||
Deposits | 5,010 | 7,585 |
Borrowings | 3,573 | 3,873 |
Total interest expense | 8,583 | 11,458 |
Net interest income | 70,358 | 61,163 |
Provision for (reversal of) credit losses | 1,450 | (5,766) |
Net interest income after provision for (reversal of) credit losses | 68,908 | 66,929 |
Noninterest income | ||
Deposit, loan and other income | 1,743 | 1,168 |
Income on bank owned life insurance | 1,206 | 1,064 |
Net gains on sale of loans held-for-sale | 701 | 707 |
Gain on sale of branches | 674 | |
Net losses on equity securities | (596) | (187) |
Total noninterest income | 3,054 | 3,426 |
Noninterest expenses | ||
Salaries and employee benefits | 18,783 | 15,632 |
Occupancy and equipment | 1,929 | 3,404 |
FDIC insurance | 606 | 935 |
Professional and consulting | 1,792 | 1,956 |
Marketing and advertising | 351 | 241 |
Information technology and communications | 2,866 | 2,525 |
Amortization of core deposit intangibles | 433 | 507 |
Other components of net periodic pension expense | (143) | (67) |
Increase in value of acquisition price | 683 | |
Other expenses | 1,930 | 1,352 |
Total noninterest expenses | 29,230 | 26,485 |
Income before income tax expense | 42,732 | 43,870 |
Income tax expense | 11,351 | 10,871 |
Net income | 31,381 | 32,999 |
Preferred dividends | 1,509 | |
Net income available to common stockholders | $ 29,872 | $ 32,999 |
Earnings per common share | ||
Basic (in Dollars per share) | $ 0.76 | $ 0.83 |
Diluted (in Dollars per share) | $ 0.75 | $ 0.82 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 31,381 | $ 32,999 |
Other comprehensive income (loss): | ||
Unrealized holding losses on available-for-sale securities arising during the period | (30,625) | (5,440) |
Tax effect | 8,139 | 1,432 |
Net of tax | (22,486) | (4,008) |
Unrealized gains on cash flow hedges | 19,000 | 24 |
Tax effect | (5,341) | (11) |
Net of tax | 13,659 | 13 |
Reclassification adjustment for realized losses on cash flow hedges included in net income | 525 | 631 |
Tax effect | (147) | (177) |
Net of tax | 378 | 454 |
Unrealized gains on pension plan | 2,187 | |
Tax effect | (615) | |
Net of tax | 1,572 | |
Reclassification adjustment for realized losses on pension plan included in net income | 16 | 75 |
Tax effect | (4) | (20) |
Net of tax | 12 | 55 |
Total other comprehensive loss | (6,865) | (3,486) |
Total comprehensive income | $ 24,516 | $ 29,513 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (unaudited) - USD ($) $ in Thousands | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Dec. 31, 2020 | $ 586,946 | $ 23,887 | $ 331,951 | $ (30,271) | $ 2,797 | $ 915,310 | |
Cumulative effect of change in accounting principle (see note 1b. “Authoritative Accounting Guidance Presentation”), net of tax | (2,925) | (2,925) | |||||
Balance as of January 1, 2021 as adjusted for changes in accounting principle | 586,946 | 23,887 | 329,026 | (30,271) | 2,797 | 912,385 | |
Net income | 32,999 | 32,999 | |||||
Other comprehensive loss, net of tax | (3,486) | (3,486) | |||||
Cash dividends declared on common stock | (3,584) | (3,584) | |||||
Exercise of stock options | 45 | 45 | |||||
Restricted stock grants | |||||||
Stock grants | |||||||
Net shares issued in satisfaction of restricted stock units earned | |||||||
Net shares issued in satisfaction of performance units earned | |||||||
Share redemption for tax withholdings on performance units and restricted stock units earned | (1,283) | (1,283) | |||||
Repurchase of treasury stock | (2,411) | (2,411) | |||||
Stock-based compensation | 972 | 972 | |||||
Balance at Mar. 31, 2021 | 586,946 | 23,621 | 358,441 | (32,682) | (689) | 935,637 | |
Balance at Dec. 31, 2021 | 110,927 | 586,946 | 27,246 | 440,169 | (39,672) | (1,404) | 1,124,212 |
Net income | 31,381 | 31,381 | |||||
Other comprehensive loss, net of tax | (6,865) | (6,865) | |||||
Cash dividends declared on common stock | (5,152) | (5,152) | |||||
Cash dividends declared on preferred stock | (1,509) | (1,509) | |||||
Exercise of stock options | 91 | 91 | |||||
Restricted stock grants, net of forfeitures | |||||||
Stock grants | |||||||
Net shares issued in satisfaction of restricted stock units earned | |||||||
Net shares issued in satisfaction of performance units earned | |||||||
Repurchase of treasury stock | (4,786) | (4,786) | |||||
Stock-based compensation | 1,147 | 1,147 | |||||
Balance at Mar. 31, 2022 | $ 110,927 | $ 586,946 | $ 28,484 | $ 464,889 | $ (44,458) | $ (8,269) | $ 1,138,519 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends declared on common stock (in Dollars per share) | $ 0.13 | $ 0.11 |
Exercise of stock options, shares | 8,774 | 5,449 |
Restricted stock grants | 26,769 | |
Stock grants | 153 | 446 |
Net shares issued in satisfaction of restricted stock units earned | 31,383 | 14,711 |
Net shares issued in satisfaction of performance units earned | 22,350 | 34,458 |
Repurchase of treasury stock | 144,793 | 93,629 |
Cash dividends declared on preferred stock (in Dollars per share) | $ 0.328125 | |
Restricted stock grants, net of forfeitures | 32,454 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities | ||
Net income | $ 31,381 | $ 32,999 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of premises and equipment | 983 | 880 |
Provision for (reversal of) credit losses | 1,450 | (5,766) |
Amortization of intangibles | 433 | 507 |
Net accretion of loans | (874) | (1,406) |
Accretion on bank premises | (12) | (23) |
Accretion on deposits | (321) | (650) |
Amortization (accretion) on borrowings, net | 16 | (17) |
Stock-based compensation | 1,147 | 972 |
Losses on equity securities, net | 596 | 187 |
Gains on sale of loans held-for-sale, net | (701) | (707) |
Loans originated for resale | (8,872) | (23,348) |
Proceeds from sale of loans held-for-sale | 9,472 | 21,856 |
Gain on sale of branches | (674) | |
Net losses on disposition of other premises and equipment | 22 | |
Increase in cash surrender value of bank owned life insurance | (1,206) | (1,064) |
Amortization of premiums and accretion of discounts on securities available-for-sale | 872 | 1,605 |
Amortization of subordinated debentures issuance costs | 76 | 76 |
Decrease in accrued interest receivable | 71 | 68 |
Net change in operating leases | (27) | (131) |
(Increase) decrease in other assets | (10,585) | 47,156 |
Increase in other liabilities | 21,945 | 7,589 |
Net cash provided by operating activities | 45,844 | 80,131 |
Investment securities available-for-sale: | ||
Purchases | (52,970) | (33,305) |
Maturities, calls and principal repayments | 43,950 | 72,193 |
Net redemptions of restricted investment in bank stocks | 2,572 | 2,616 |
Payments on loans held-for-sale | 9 | |
Net increase in loans | (153,048) | (36,553) |
Purchases of premises and equipment | (718) | (67) |
Proceeds from sale of branches | 729 | |
Net cash (used in) provided by investing activities | (160,214) | 5,622 |
Cash flows from financing activities | ||
Net increase (decrease) in deposits | 227,773 | (7,240) |
Advances of Federal Home Loan Bank (“FHLB”) borrowings | 150,000 | |
Repayments of FHLB borrowings | (206,039) | (66,227) |
Decrease in subordinated debt | (50,000) | |
Cash dividends on preferred stock | (1,509) | |
Cash dividends paid on common stock | (5,152) | (3,584) |
Repurchase of treasury stock | (4,786) | (2,411) |
Proceeds from exercise of stock options | 91 | 45 |
Net cash provided by (used in) financing activities | 160,378 | (129,417) |
Net change in cash and cash equivalents | 46,008 | (43,664) |
Cash and cash equivalents at beginning of period | 265,536 | 303,756 |
Cash and cash equivalents at end of period | 311,544 | 260,092 |
Cash payments for: | ||
Interest paid on deposits and borrowings | 8,794 | 11,690 |
Income taxes | 300 | 4,350 |
Transfer of loans to other real estate owned | 316 | |
Transfer of loans from held-for-investment to held-for-sale | $ 2,391 |
Nature of Operations, Principle
Nature of Operations, Principles of Consolidation and Risk and Uncertainties | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Nature of Operations, Principles of Consolidation and Risk and Uncertainties | Note 1a. Nature of Operations ConnectOne Bancorp, Inc. (the “Parent Corporation”) is incorporated under the laws of the State of New Jersey and is a registered bank holding company under the Bank Holding Company Act of 1956, as amended (the “BHCA”). The Parent Corporation’s business currently consists of the operation of its wholly-owned subsidiary, ConnectOne Bank (the “Bank” and, collectively with the Parent Corporation and the Parent Corporation’s subsidiaries, the “Company”). The Bank’s subsidiaries include Union Investment Co. (a New Jersey investment company), Twin Bridge Investment Co. (a Delaware investment company), ConnectOne Preferred Funding Corp. (a New Jersey real estate investment trust), Center Financial Group, LLC (a New Jersey financial services company), Center Advertising, Inc. (a New Jersey advertising company), Morris Property Company, LLC, (a New Jersey limited liability company), Volosin Holdings, LLC, (a New Jersey limited liability company), NJCB Spec-1, LLC (a New Jersey limited liability company), Port Jervis Holdings, LLC (a New Jersey limited liability company), BONJ Special Properties, LLC (a New Jersey limited liability company) and BoeFly, Inc. (a New Jersey financial technology company). The Bank is a community-based, full-service New Jersey-chartered commercial bank that was founded in 2005. The Bank operates from its headquarters located at 301 Sylvan Avenue in the Borough of Englewood Cliffs, Bergen County, New Jersey and through its twenty-three other banking offices. Substantially all loans are secured with various types of collateral, including business assets, consumer assets and commercial/residential real estate. Each borrower’s ability to repay its loans is dependent on the conversion of assets, cash flows generated from the borrowers’ business, real estate rental and consumer wages. The preceding unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X, and, accordingly, do not include all of the information and footnotes required by GAAP for complete financial statements. However, in the opinion of management, all adjustments (consisting only of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2022, or for any other interim period. The Company’s 2021 Annual Report on Form 10-K should be read in conjunction with these consolidated financial statements. Basis of Presentation The consolidated financial statements have been prepared in conformity with GAAP. Some items in the prior year consolidated financial statements were reclassified to conform to current presentation. Reclassifications had no effect on prior year net income or stockholders’ equity. Use of Estimates In preparing the consolidated financial statements, management has made estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the consolidated statements of condition and that affect the results of operations for the periods presented. Actual results could differ significantly from those estimates. Risks and Uncertainties As previously disclosed, on March 11, 2020 the World Health Organization declared the outbreak of COVID-19 as a global pandemic, which continues to impact the United States and the world. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act |
Authoritative Accounting Guidan
Authoritative Accounting Guidance | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Authoritative Accounting Guidance | Note 1b. Authoritative Accounting Guidance Newly Issued, But Not Yet Effective Accounting Standards In March 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-02, “Financial Instruments – Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures” (“ASU 2022-02”). ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings (“TDRs”) in ASC 310-40, “Receivables - Troubled Debt Restructurings by Creditors” for entities that have adopted the current expected credit loss (“CECL”) model introduced by ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (ASU 2016-13”). ASU 2022-02 also requires that public business entities disclose current-period gross charge-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, “Financial Instruments—Credit Losses—Measured at Amortized Cost”. ASU 2022-02 is effective for the Company for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. The Company is evaluating the effect that ASU 2022-02 will have on its consolidated financial statements. |
Earnings per Common Share
Earnings per Common Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | Note 2. Earnings per Common Share Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) No. 260-10-45 addresses whether instruments granted in share-based payment transactions are participating securities prior to vesting and, therefore, need to be included in the earnings allocation in computing earnings per share (“EPS”). The restricted stock awards granted by the Company contain non-forfeitable rights to dividends and therefore are considered participating securities. The two-class method for calculating basic EPS excludes dividends paid to participating securities and any undistributed earnings attributable to participating securities. Earnings per common share have been computed based on the following: Three Months Ended (dollars in thousands, except for per share data) 2022 2021 Net income available to common stockholders $ 29,872 $ 32,999 Earnings allocated to participating securities (80 ) (186 ) Income attributable to common stock $ 29,792 $ 32,813 Weighted average common shares outstanding, including participating securities 39,560 39,738 Weighted average participating securities (107 ) (181 ) Weighted average common shares outstanding 39,453 39,557 Incremental shares from assumed conversions of options, performance units and restricted shares 274 232 Weighted average common and equivalent shares outstanding 39,727 39,789 Earnings per common share: Basic $ 0.76 $ 0.83 Diluted 0.75 0.82 There were no antidilutive share equivalents for the quarters ended March 31, 2022 and March 31, 2021. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Note 3. Investment Securities The Company’s investment securities are classified as available-for-sale as of March 31, 2022 and December 31, 2021. Investment securities available-for-sale are reported at fair value with unrealized gains or losses included in stockholders’ equity, net of tax. Accordingly, the carrying value of such securities reflects their fair value as of March 31, 2022 and December 31, 2021. Fair value is based upon either quoted market prices, or in certain cases where there is limited activity in the market for a particular instrument, assumptions are made to determine their fair value. See Note 6 of the Notes to Consolidated Financial Statements for a further discussion. The following tables present information related to the Company’s portfolio of securities available-for-sale as of March 31, 2022 and December 31, 2021. Amortized Gross Gross Fair Allowance (dollars in thousands) March 31, 2022 Securities available-for-sale Federal agency obligations $ 51,506 $ 46 $ (3,003 ) $ 48,549 $ - Residential mortgage pass-through securities 320,605 160 (19,789 ) 300,976 - Commercial mortgage pass-through securities 18,713 8 (1,313 ) 17,408 - Obligations of U.S. states and political subdivisions 144,474 446 (7,869 ) 137,051 - Corporate bonds and notes 5,477 35 (11 ) 5,501 - Asset-backed securities 2,364 7 (17 ) 2,354 Other securities 191 - - 191 - Total securities available-for-sale $ 543,330 $ 702 $ (32,002 ) $ 512,030 $ - December 31, 2021 Securities available-for-sale Federal agency obligations $ 50,336 $ 649 $ (625 ) $ 50,360 $ - Residential mortgage pass-through securities 317,111 1,868 (2,884 ) 316,095 - Commercial mortgage pass-through securities 10,814 118 (463 ) 10,469 - Obligations of U.S. states and political subdivisions 145,045 1,562 (982 ) 145,625 - Corporate bonds and notes 8,968 81 - 9,049 - Asset-backed securities 2,563 3 (2 ) 2,564 - Certificates of deposit 150 - - 150 - Other securities 195 - - 195 - Total securities available-for-sale $ 535,182 $ 4,281 $ (4,956 ) $ 534,507 $ - Investment securities having a carrying value of approximately $95.0 million and $71.2 million as of March 31, 2022 and December 31, 2021, respectively, were pledged to secure public deposits, borrowings, repurchase agreements, Federal Reserve Discount Window borrowings and Federal Home Loan Bank advances and for other purposes required or permitted by law. As of March 31, 2022 and December 31, 2021, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity. The following table presents information for investments in securities available-for-sale as of March 31, 2022, based on scheduled maturities. Actual maturities can be expected to differ from scheduled maturities due to prepayment or early call options of the issuer. Securities not due at a single maturity date are shown separately. March 31, 2022 Amortized Fair (dollars in thousands) Securities available-for-sale: Due in one year or less $ 3,391 $ 3,394 Due after one year through five years 6,118 6,135 Due after five years through ten years 4,694 4,774 Due after ten years 189,618 179,152 Residential mortgage pass-through securities 320,605 300,976 Commercial mortgage pass-through securities 18,713 17,408 Other securities 191 191 Total securities available-for-sale $ 543,330 $ 512,030 We had no gross gains or losses from the sale of securities for the three months ended March 31, 2022 and 2021. Impairment Analysis of Available--for-sale Debt Securities The following tables indicate gross unrealized losses in an unrealized loss position for which an allowance for credit losses (“ACL”) has not been recorded, aggregated by investment category and by the length of continuous time individual securities have been in an unrealized loss position as of March 31, 2022 and December 31, 2021. March 31, 2022 Total Less than 12 Months 12 Months or Longer Fair Unrealized Fair Unrealized Fair Unrealized (dollars in thousands) Investment Securities Available-for-Sale: Federal agency obligations $ 43,257 $ (3,003 ) $ 43,257 $ (3,003 ) $ - $ - Residential mortgage pass-through securities 284,118 (19,789 ) 223,718 (14,696 ) 60,400 (5,093 ) Commercial mortgage pass-through securities 14,437 (1,313 ) 10,532 (483 ) 3,905 (830 ) Obligations of U.S. states and political subdivisions 111,635 (7,869 ) 111,635 (7,869 ) - - Corporate bonds and notes 1,988 (11 ) 1,988 (11 ) - - Asset-backed securities 1,837 (17 ) 1,837 (17 ) - - Total temporarily impaired securities $ 457,272 $ (32,002 ) $ 392,967 $ (26,079 ) $ 64,305 $ (5,923 ) December 31, 2021 Total Less than 12 Months 12 Months or Longer Fair Unrealized Fair Unrealized Fair Unrealized (dollars in thousands) Investment Securities Available-for-Sale: Federal agency obligations $ 28,974 $ (625 ) $ 28,974 $ (625 ) $ - $ - Residential mortgage pass-through securities 246,396 (2,884 ) 214,701 (2,111 ) 31,695 (773 ) Commercial mortgage pass-through securities 8,370 (463 ) 4,682 (75 ) 3,688 (388 ) Obligations of U.S. states and political subdivisions 89,473 (982 ) 89,473 (982 ) - - Asset-backed securities 802 (2 ) 802 (2 ) - - Total Temporarily Impaired Securities $ 374,015 $ (4,956 ) $ 338,632 $ (3,795 ) $ 35,383 $ (1,161 ) The Company has elected to exclude accrued interest from the amortized cost of its investment securities available-for-sale. Accrued interest receivable for investment securities available for sale as of March 31, 2022 and December 31, 2021, totaled $1.4 million and $1.6 million, respectively. The Company evaluates securities in unrealized loss position for impairment related to credit losses on at least a quarterly basis. Securities in unrealized loss positions are first assessed as to whether we intend to sell, or if it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If one of the criteria is met, the security’s amortized cost basis is written down to fair value through current earnings. For securities that do not meet these criteria, the Company evaluates whether the decline in fair value resulted from credit losses or other factors. If this assessment indicates that a credit loss exists, we compare the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis for the security, a credit loss exists and an allowance for credit losses is recorded, limited to the amount that the fair value of the security is less than its amortized cost basis. Unrealized losses on asset backed securities and state and municipal securities have not been recognized into income because the issuers are of high credit quality, we do not intend to sell and it is likely that we will not be required to sell the securities prior to their anticipated recovery. The decline in fair value is largely due to changes in interest rates and other market conditions. The issuers continue to make timely principal and interest payments on the securities. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income, net of applicable taxes. No allowance for credit losses for available-for-sale securities was recorded as of March 31, 2022. Federal agency obligations, residential mortgage backed pass-through securities and commercial mortgage back pass-through securities are issued by U.S. Government agencies and U.S. Government sponsored enterprises. Although a government guarantee exists on these investments, these entities are not legally backed by the full faith and credit of the federal government, and the current support they receive is subject to a cap as part of the agreement entered into in 2008. Nonetheless, at this time we do not foresee any set of circumstances in which the government would not fund its commitments on these investments as the issuers are an integral part of the U.S. housing market in providing liquidity and stability. Therefore, we concluded that a zero-allowance approach for these investment securities is appropriate. |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Note 4. Derivatives The Company utilizes interest rate swap agreements as part of its asset liability management strategy to help manage its interest rate risk position. The notional amount of the interest rate swap does not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual interest rate swap agreements. An interest rate swap was entered into on April 13, 2017 with a respective notional amount of $25.0 million and was designated as a cash flow hedge of a Federal Home Loan Bank advance. We are required to pay a fixed-rate of interest of 1.93% and receive variable rates of interest that reset quarterly based on three-month LIBOR. The expiration date for the swap is April 2022. The swap is determined to be fully effective during the period presented and therefore no amount of ineffectiveness has been included in net income. Therefore, the aggregate fair value of the swap is recorded in other assets (liabilities) with changes in fair value recorded in other comprehensive income (loss). The amount included in accumulated other comprehensive income (loss) would be reclassified to current earnings should the hedges no longer be considered effective. The Company expects the hedges to remain fully effective during the remaining term of the swap. In addition, during 2021, the Company entered into 9 forward starting pay fixed-rate interest rate swaps, 7 of which have since commenced, with a total notional amount of $400 million, which are also designated as a cash flow hedges of current, or future, Federal Home Loan Bank advance. We are required to pay fixed rates of interest ranging from 0.631% to 1.23% and receive variable rates of interest that reset quarterly based on the daily compounding secured overnight financing rate (“SOFR”). The 2 remaining forward starting swaps have commencing payment dates in May 2022 and August 2022, with expiration dates on the 9 positions ranging from December 2025 to March 2028. Interest expense recorded on these swap transactions totaled approximately $0.5 million and $0.6 million during the three months ended March 31, 2022 and 2021, respectively, and is reported as a component of interest expense on FHLB Advances. Cash Flow Hedge The following table presents the net losses recorded in other comprehensive income and the Consolidated Statements of Income relating to the cash flow derivative instruments for the following periods: Three Months Ended March 31, 2022 Amount of gain Amount of (gain) Amount of gain (dollars in thousands) Interest rate contracts $ 19,000 $ 525 $ - Three Months Ended March 31, 2021 Amount of gain Amount of gain Amount of gain (dollars in thousands) Interest rate contracts $ 24 $ 631 $ - The following table reflects the cash flow hedges included in the consolidated statements of condition as of March 31, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 Notional Amount Fair Value Notional Amount Fair Value (dollars in thousands) Interest rate swaps related to FHLB advances included in assets $ 425,000 $ 22,872 $ 475,000 $ 3,347 |
Loans and the Allowance for Cre
Loans and the Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Loans and the Allowance for Credit Losses | Note 5. Loans and the Allowance for Credit Losses Loans Receivable March 31, December 31, (dollars in thousands) Commercial (1) $ 1,278,477 $ 1,299,428 Commercial real estate 4,919,093 4,741,590 Commercial construction 539,058 540,178 Residential real estate 250,205 255,269 Consumer 1,140 1,886 Gross loans 6,987,973 6,838,351 Net deferred loan fees (8,378 ) (9,729 ) Total loans receivable $ 6,979,595 $ 6,828,622 (1) Included in commercial loans as of March 31, 2022 and December 31, 2021 are PPP loans of $54.3 million and $93.1 million, respectively. As of both March 31, 2022 and December 31, 2021, loan balances of approximately $2.5 billion were pledged to secure borrowings from the FHLB of New York. Loans held-for-sale March 31, December 31, 2021 (dollars in thousands) Commercial real estate $ 2,390 $ - Residential real estate 352 250 Total carrying amount $ 2,742 $ 250 Loans Receivable on Nonaccrual Status March 31, 2022 Nonaccrual Nonaccrual Total (dollars in thousands) Commercial $ 29,148 $ 1,193 $ 30,341 Commercial real estate 17,497 8,819 26,316 Commercial construction - - - Residential real estate 1,172 1,574 2,746 Consumer - - - Total $ 47,817 $ 11,586 $ 59,403 December 31, 2021 Nonaccrual loans with ACL Nonaccrual loans without ACL Total Nonaccrual loans (dollars in thousands) Commercial $ 28,746 $ 1,316 $ 30,062 Commercial real estate 15,362 10,031 25,393 Commercial construction - 3,150 3,150 Residential real estate 1,239 1,856 3,095 Consumer - - - Total $ 45,347 $ 16,353 $ 61,700 Nonaccrual loans and loans 90 days or greater past due and still accruing include both smaller balance homogeneous loans that are collectively evaluated for impairment and loans individually evaluated for impairment. Credit Quality Indicators We evaluate whether a modification, extension or renewal of a loan is a current period origination in accordance with GAAP. Generally, loans up for renewal are subject to a full credit evaluation before the renewal is granted and such loans are considered current period originations for purpose of the table below. The following table presents loans by origination and risk designation as of March 31, 2022 (dollars in thousands): Term loans amortized cost basis by origination year Revolving Total 2022 2021 2020 2019 2018 Prior Loans Gross Loans Commercial Pass $ 38,767 $ 371,431 $ 56,980 $ 41,829 $ 58,230 $ 175,970 $ 471,742 $ 1,214,949 Special mention - - - - 632 9,656 4,310 14,598 Substandard 448 164 - 1,649 12,203 20,388 14,078 48,930 Doubtful - - - - - - - - Total Commercial $ 39,215 $ 371,595 $ 56,980 $ 43,478 $ 71,065 $ 206,014 $ 490,130 $ 1,278,477 Commercial Real Estate Pass $ 371,604 $ 1,655,013 $ 507,117 $ 389,017 $ 452,309 $ 1,241,085 $ 166,342 $ 4,782,487 Special mention - - - 3,340 - 53,982 15,537 72,859 Substandard - 1,958 4,500 7,302 20,445 21,117 8,425 63,747 Doubtful - - - - - - - - Total Commercial Real Estate $ 371,604 $ 1,656,971 $ 511,617 $ 399,659 $ 472,754 $ 1,316,184 $ 190,304 $ 4,919,093 Commercial Construction Pass $ - $ 1,518 $ 7,370 $ 6,508 $ 2,600 $ - $ 510,174 $ 528,170 Special mention - - - - 350 - 1,443 1,793 Substandard - - - - - - 9,095 9,095 Doubtful - - - - - - - - Total Commercial Construction $ - $ 1,518 $ 7,370 $ 6,508 $ 2,950 $ - $ 520,712 $ 539,058 Residential Real Estate Pass $ 9,604 $ 25,905 $ 27,697 $ 23,056 $ 23,589 $ 88,610 $ 42,361 $ 240,822 Special mention - - - - - - - - Substandard - - - - - 5,919 3,464 9,383 Doubtful - - - - - - - - Total Residential Real Estate $ 9,604 $ 25,905 $ 27,697 $ 23,056 $ 23,589 $ 94,529 $ 45,825 $ 250,205 Consumer Pass $ 908 $ - $ 75 $ 35 $ 17 $ 4 $ 101 $ 1,140 Special mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total Consumer $ 908 $ - $ 75 $ 35 $ 17 $ 4 $ 101 $ 1,140 Total Pass $ 420,883 $ 2,053,867 $ 599,239 $ 460,445 $ 536,745 $ 1,505,669 $ 1,190,720 $ 6,767,568 Special mention - - - 3,340 982 63,638 21,290 89,250 Substandard 448 2,122 4,500 8,951 32,648 47,424 35,062 131,155 Doubtful - - - - - - - - Grand Total $ 421,331 $ 2,055,989 $ 603,739 $ 472,736 $ 570,375 $ 1,616,731 $ 1,247,072 $ 6,987,973 The following table presents loans by origination and risk designation as of December 31, 2021 (dollars in thousands): Term loans amortized cost basis by origination year Revolving Total 2021 2020 2019 2018 8.5 Prior Loans Gross Loans Commercial Pass $ 403,203 $ 58,534 $ 54,485 $ 60,409 $ 95,727 $ 86,556 $ 471,588 $ 1,230,502 Special mention - - - - 1 4,045 4,266 8,312 Substandard 170 - 1,842 13,298 9,740 21,024 14,540 60,614 Doubtful - - - - - - - - Total Commercial $ 403,373 $ 58,534 $ 56,327 $ 73,707 $ 105,468 $ 111,625 $ 490,394 $ 1,299,428 Commercial Real Estate Pass $ 1,692,098 $ 533,315 $ 420,995 $ 452,262 $ 497,065 $ 842,244 $ 170,721 $ 4,608,700 Special mention - - - - 5,142 50,438 6,601 62,181 Substandard 1,968 9,039 4,006 20,624 - 26,108 8,964 70,709 Doubtful - - - - - - - - Total Commercial Real Estate $ 1,694,066 $ 542,354 $ 425,001 $ 472,886 $ 502,207 $ 918,790 $ 186,286 $ 4,741,590 Commercial Construction Pass $ 8,018 $ 7,370 $ 12,625 $ 2,600 $ 2,339 $ - $ 490,119 $ 523,071 Special mention - - - - 350 - 1,443 1,793 Substandard - - - - - - 15,314 15,314 Doubtful - - - - - - - - Total Commercial Construction $ 8,018 $ 7,370 $ 12,625 $ 2,600 $ 2,689 $ - $ 506,876 $ 540,178 Residential Real Estate Pass $ 27,081 $ 29,539 $ 23,611 $ 25,070 $ 28,701 $ 66,249 $ 44,221 $ 244,472 Special mention - - - - - - - - Substandard - - - - - 7,262 3,535 10,797 Doubtful - - - - - - - - Total Residential Real Estate $ 27,081 $ 29,539 $ 23,611 $ 25,070 $ 28,701 $ 73,511 $ 47,756 $ 255,269 Consumer Pass $ 1,594 $ 85 $ 39 $ 21 $ 28 $ (4 ) $ 123 $ 1,886 Special mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total Consumer $ 1,594 $ 85 $ 39 $ 21 $ 28 $ (4 ) $ 123 $ 1,886 Total Pass $ 2,131,994 $ 628,843 $ 511,755 $ 540,362 $ 623,860 $ 995,045 $ 1,176,772 $ 6,608,631 Special mention - - - - 5,493 54,483 12,310 72,286 Substandard 2,138 9,039 5,848 33,922 9,740 54,394 42,353 157,434 Doubtful - - - - - - - - Grand Total $ 2,134,132 $ 637,882 $ 517,603 $ 574,284 $ 639,093 $ 1,103,922 $ 1,231,435 $ 6,838,351 Collateral Dependent Loans March 31, 2022 Real Other Total (dollars in thousands) Commercial $ 6,120 $ 25,982 $ 32,102 Commercial real estate 62,753 - 62,753 Commercial construction 7,042 - 7,042 Residential real estate 7,528 - 7,528 Consumer - - - Total $ 83,443 $ 25,982 $ 109,425 December 31, 2021 Real Other Total (dollars in thousands) Commercial $ 6,385 $ 26,182 $ 32,567 Commercial real estate 55,244 - 55,244 Commercial construction 13,196 - 13,196 Residential real estate 8,856 - 8,856 Consumer - - - Total $ 83,681 $ 26,182 $ 109,863 Aging Analysis March 31, 2022 30-59 Days 60-89 Days 90 Days or Nonaccrual Total Past Current Gross Loans (dollars in thousands) Commercial $ 3,561 $ - $ 4,420 $ 30,341 $ 38,322 $ 1,240,155 $ 1,278,477 Commercial real Estate 3,098 - 5,848 26,316 35,262 4,883,831 4,919,093 Commercial construction 123 - - - 123 538,935 539,058 Residential real Estate 1,970 - 1,487 2,746 6,203 244,002 250,205 Consumer - - 625 - 625 515 1,140 Total $ 8,752 $ - $ 12,380 $ 59,403 $ 80,535 $ 6,907,438 $ 6,987,973 December 31, 2021 30-59 Days 60-89 Days 90 Days or Greater Past Due and Still Accruing Nonaccrual Total Past Due and Nonaccrual Current Gross Loans (dollars in thousands) Commercial $ 4,305 $ 729 $ 4,457 $ 30,062 $ 39,553 $ 1,259,875 $ 1,299,428 Commercial real Estate 1,622 1,009 5,935 25,393 33,959 4,707,631 4,741,590 Commercial construction - - - 3,150 3,150 537,028 540,178 Residential real Estate 1,437 292 3,139 3,095 7,963 247,306 255,269 Consumer - - - - - 1,886 1,886 Total $ 7,364 $ 2,030 $ 13,531 $ 61,700 $ 84,625 $ 6,753,726 $ 6,838,351 The following tables detail, at the period-end presented, the amount of gross loans (excluding loans held-for-sale) that are evaluated individually, and collectively, for impairment, those acquired with deteriorated quality, and the related portion of the allowance for credit losses that are allocated to each loan portfolio segment: March 31, 2022 Commercial Commercial real estate Commercial construction Residential real estate Consumer Total (dollars in thousands) Allowance for credit losses - loans Individually evaluated impairment $ 14,028 $ 1,859 $ - $ 94 $ - $ 15,981 Collectively evaluated impairment 9,154 44,088 3,281 3,361 7 59,891 Acquired with deteriorated credit quality individually analyzed 2,277 1,921 - - - 4,198 Total $ 25,459 $ 47,868 $ 3,281 $ 3,455 $ 7 $ 80,070 Gross loans Individually evaluated impairment $ 34,224 $ 56,905 $ 7,042 $ 5,415 $ - $ 103,586 Collectively evaluated impairment 1,239,157 4,856,340 532,016 242,678 1,140 6,871,331 Acquired with deteriorated credit quality individually analyzed 5,096 5,848 - 2,112 - 13,056 Total $ 1,278,477 $ 4,919,093 $ 539,058 $ 250,205 $ 1,140 $ 6,987,973 December 31, 2021 Commercial Commercial real estate Commercial construction Residential real estate Consumer Total (dollars in thousands) Allowance for credit losses - loans Individually evaluated impairment $ 15,131 $ 955 $ - $ 131 $ - $ 16,217 Collectively evaluated impairment 8,561 42,713 3,580 3,497 7 58,358 Acquired with deteriorated credit quality individually analyzed 2,277 1,921 - - - 4,198 Total $ 25,969 $ 45,589 $ 3,580 $ 3,628 $ 7 $ 78,773 Gross loans Individually evaluated impairment $ 33,726 $ 49,310 $ 13,196 $ 5,717 $ - $ 101,949 Collectively evaluated impairment 1,260,537 4,686,346 526,982 246,413 1,886 6,722,164 Acquired with deteriorated credit quality individually analyzed 5,165 5,934 - 3,139 - 14,238 Total $ 1,299,428 $ 4,741,590 $ 540,178 $ 255,269 $ 1,886 $ 6,838,351 Activity in the Company’s ACL for loans for the three months ended March 31, 2022 is summarized in the table below. Three Months Ended March 31, 2022 Commercial Commercial real estate Commercial construction Residential real estate Consumer Unallocated Total (dollars in thousands) Balance as of December 31, 2021 $ 25,969 $ 45,589 $ 3,580 $ 3,628 $ 7 $ - $ 78,773 Charge-offs (49 ) (225 ) - - - - (274 ) Recoveries 1 - - 31 - - 32 (Reversal of) provision for credit losses (loans) (462 ) 2,504 (299 ) (204 ) - - 1,539 Balance as of March 31, 2022 $ 25,459 $ 47,868 $ 3,281 $ 3,455 $ 7 $ - $ 80,070 Activity in the Company’s ACL for loans for the three months ended March 31, 2021 is summarized in the table below. The CECL Day 1 row presents adjustments recorded through retained earnings to adopt the CECL standard and the increase to the ACL for loans associated with nonaccretable purchase accounting marks on loans that were classified as PCI as of December 31, 2020. Three Months Ended March 31, 2021 Commercial Commercial real estate Commercial construction Residential real estate Consumer Unallocated Total (dollars in thousands) Balance as of December 31, 2020 $ 28,443 $ 39,330 $ 8,194 $ 2,687 $ 4 $ 568 $ 79,226 Day 1 effect of CECL (4,225 ) 9,605 (961 ) 2,697 9 (568 ) 6,557 Balance as of January 1, 2021 as adjusted for changes in accounting principle 24,218 48,935 7,233 5,384 13 - 85,783 Charge-offs - - - - - - - Recoveries 60 - - - 1 - 61 (Reversal of) provision for credit losses (loans) 2,157 (5,038 ) (1,712 ) (680 ) (3 ) - (5,276 ) Balance as of March 31, 2021 $ 26,435 $ 43,897 $ 5,521 $ 4,704 $ 11 $ - $ 80,568 Troubled Debt Restructurings Loans are considered to have been modified in a troubled debt restructuring (“TDRs”) when, except as discussed below, due to a borrower’s financial difficulties, the Company makes certain concessions to the borrower that it would not otherwise consider. Modifications may include interest rate reductions, principal or interest forgiveness, forbearance, and other actions intended to minimize economic loss and to avoid foreclosure or repossession of collateral. Generally, a nonaccrual loan that has been modified in a troubled debt restructuring remains on nonaccrual status for a period of six months to demonstrate that the borrower is able to meet the terms of the modified loan. However, performance prior to the modification, or significant events that coincide with the modification, are included in assessing whether the borrower can meet the new terms and may result in the loan being returned to accrual status at the time of loan modification or after a shorter performance period. If the borrower’s ability to meet the revised payment schedule is uncertain, the loan remains on nonaccrual status. As of March 31, 2022, there were no commitments to lend additional funds to borrowers whose loans were on nonaccrual status or were contractually past due 90 days or greater and still accruing interest, or whose terms have been modified in troubled debt restructurings. As of March 31, 2022, TDRs totaled $76.5 million, of which $29.1 million were on nonaccrual status and $47.4 million were performing under their restructured terms. As of December 31, 2021, TDRs totaled $79.5 million, of which $35.9 million were on nonaccrual status and $43.6 million were performing under their restructured terms. The Company has allocated $9.1 million and $10.4 million of specific allowance related to TDRs as of March 31, 2022 and December 31, 2021, respectively. The following table presents loans by class modified as TDRs that occurred during the three months ended March 31, 2022: Pre-Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded Loans Investment Investment (dollars in thousands) Troubled debt restructurings: Commercial 1 $ 98 $ 98 Commercial real estate 1 8,751 8,251 Total 2 $ 8,849 $ 8,349 The commercial loan modified as a TDR during the three months ended March 31, 2022 was a maturity extension, while the commercial real estate loan modified as a TDR during the three months ended March 31, 2022 was an interest rate reduction, that was commensurate with a one-time, $500,000, principal paydown. The following table presents loans by class modified as TDRs that occurred during the three months ended March 31, 2021: Pre-Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded Loans Investment Investment (dollars in thousands) Troubled debt restructurings: Commercial real estate 1 $ 1,658 $ 1,658 Residential real estate 2 1,996 1,996 Total 3 $ 3,654 $ 3,654 The two residential real estate loans modified as TDRs during the three months ended March 31, 2021 were maturity extensions, while the one commercial real estate loan was a recast of a nonaccrual credit. There were no TDRs for which there was a payment default within twelve months following the modification during the three months ended March 31, 2022 and March 31, 2021. Allowance for Credit Losses for Unfunded Commitments The Company has recorded an ACL for unfunded credit commitments, which was recorded in other liabilities. The provision is recorded within the (reversal of) provision for credit losses on the Company’s income statement. The following table presents a rollforward of the allowance for credit losses for unfunded commitments for the three months ended March 31, 2022 and March 31, 2021: Three Months Ended Three Months Ended (dollars in thousands) Balance at beginning of period $ 2,351 $ - Day 1 Effect of CECL - 2,833 (Reversal of) provision for credit losses (unfunded commitments) (89 ) (490 ) Balance at end of period $ 2,262 $ 2,343 Components of (Reversal of) Provision for Credit Losses The following table summarizes the (reversal of) provision for credit losses for the three months ended March 31, 2022 and March 31, 2021: Three Months Ended Three Months Ended (dollars in thousands) Provision for (Reversal of) credit losses (loans) $ 1,539 $ (5,276 ) Reversal of credit losses (unfunded commitments) (89 ) (490 ) Provision for (Reversal of) credit losses $ 1,450 $ (5,766 ) |
Fair Value Measurements and Fai
Fair Value Measurements and Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Fair Value of Financial Instruments | Note 6. Fair Value Measurements and Fair Value of Financial Instruments Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Level 1: Level 2: Level 3: An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The following information should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following methods and assumptions were used to estimate the fair values of the Company’s assets measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021: Securities Available-for-Sale and Equity Securities Derivatives value the position. The majority of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions and third-party pricing services. For financial assets and liabilities measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used as of March 31, 2022 and December 31, 2021 are as follows: March 31, 2022 Fair Value Measurements at Reporting Date Using Total Fair Value Quoted Prices Significant Significant (dollars in thousands) Recurring fair value measurements: Assets Investment securities Available-for-sale Federal agency obligations $ 48,549 $ - $ 48,549 $ - Residential mortgage pass-through securities 300,976 - 300,976 - Commercial mortgage pass-through securities 17,408 - 17,408 - Obligations of U.S. states and political subdivision 137,051 - 128,558 8,493 Corporate bonds and notes 5,501 - 5,501 - Asset-backed securities 2,354 - 2,354 - Certificates of deposit - - - - Other securities 191 191 - - Total available-for-sale 512,030 191 503,346 8,493 Equity securities 13,198 10,550 2,648 - Derivatives 22,872 - 22,872 - Total assets $ 548,100 $ 10,741 $ 528,866 $ 8,493 December 31, 2021 Fair Value Measurements at Reporting Date Using Total Fair Value Quoted Prices Significant Significant (dollars in thousands) Recurring fair value measurements: Assets Investment securities Available-for-sale Federal agency obligations $ 50,360 $ - $ 50,360 $ - Residential mortgage pass- through securities 316,095 - 316,095 - Commercial mortgage pass-through securities 10,469 - 10,469 - Obligations of U.S. states and political subdivision 145,625 - 137,060 8,565 Corporate bonds and notes 9,049 - 9,049 - Asset-backed securities 2,564 - 2,564 - Certificates of deposit 150 - 150 - Other securities 195 195 - - Total available-for-sale $ 534,507 $ 195 $ 525,747 $ 8,565 Equity securities 13,794 11,081 2,713 - Derivatives 3,347 - 3,347 - Total assets $ 551,648 $ 11,276 $ 531,807 $ 8,565 There were no transfers between Level 1 and Level 2 during the three months ended March 31, 2022 and during the year ended December 31, 2021. Assets Measured at Fair Value on a Nonrecurring Basis The Company may be required periodically to measure certain assets at fair value on a nonrecurring basis in accordance with GAAP. These adjustments to fair value usually result from the application of lower of cost or fair value accounting or impairment write-downs of individual assets. The following methods and assumptions were used to estimate the fair values of the Company’s assets measured at fair value on a nonrecurring basis as of March 31, 2022 and December 31, 2021. Loans Held-for-Sale Other loans held-for-sale are carried at the lower of aggregate cost or estimated fair value. Fair value of these loans is determined based on the terms of the loan, such as interest rate, maturity date, reset term, as well as sales of similar assets (Level 3). Collateral Dependent Loans For assets measured at fair value on a nonrecurring basis, the fair value measurements as of March 31, 2022 and December 31, 2021 are as follows: Fair Value Measurements at Reporting Date Using Assets measured at fair value on a nonrecurring basis: Carrying Value as of March 31, 2022 Quoted Significant Significant Collateral dependent loans (dollars in thousands) Commercial $ 14,698 $ - $ - $ 14,698 Commercial real estate 29,370 - - 29,370 Residential real estate 1,366 - - 1,366 Fair Value Measurements at Reporting Date Using Assets measured at fair value on a nonrecurring basis: December 31, Quoted Significant Significant Collateral dependent loans (dollars in thousands) Commercial $ 13,399 $ - $ - $ 13,399 Commercial real estate 20,185 - - 20,185 Residential real estate 2,794 - - 2,794 Collateral dependent loans – Assets Measured with Significant Unobservable Level 3 Inputs Recurring basis The tables below present a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2022 and for the year ended December 31, 2021: Municipal (dollars in thousands) Beginning balance, December 31, 2021 $ 8,565 Principal paydowns (72 ) Ending balance, March 31, 2022 $ 8,493 Municipal (dollars in thousands) Beginning balance, December 31, 2020 $ 8,844 Principal paydowns (279 ) Ending balance, December 31, 2021 $ 8,565 The following methods and assumptions were used to estimate the fair values of the Company’s assets measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021. The table below provides quantitative information about significant unobservable inputs used in fair value measurements within Level 3 hierarchy. March 31, 2022 Fair Value Valuation Unobservable Rate Securities available-for-sale: (dollars in thousands) Municipal securities $ 8,493 Discounted cash flows Discount rate 2.9 % December 31, 2021 Fair Value Valuation Unobservable Rate Securities available-for-sale: (dollars in thousands) Municipal securities $ 8,565 Discounted cash flows Discount rate 2.9 % Nonrecurring basis : March 31, 2022 (dollars in thousands) Fair Value Valuation Unobservable Range (weighted average) Commercial $ 13,993 Market approach (100%) Average transfer price as a price to unpaid principal balance 56% – 85% (57%) Commercial $ 705 Appraisals of collateral value Comparable sales -10% to +35% (+8%) Commercial real estate $ 29,370 Appraisals of collateral value Comparable sales -25% to 10% (-14%) Residential real estate $ 1,366 Appraisals of collateral value Comparable sales +21% to +39% (+22%) December 31, 2021 (dollars in thousands) Fair Value Valuation Unobservable Range (weighed average) Commercial $ 12,193 Market approach (100%) Average transfer price as a price to unpaid principal balance 48% to 73% (49%) Commercial $ 1,206 Appraisals of collateral value Adjustment for comparable sales -10% to +35% (+6%) Commercial real estate $ 20,185 Appraisals of collateral value Adjustment for comparable sales -20% to +15% (-6%) Residential real estate $ 2,794 Appraisals of collateral value Adjustment for comparable sales -15% to +39% (5%) As of March 31, 2022 the fair value measurements presented are consistent with Topic 820, Fair Value Measurement Fair Value Measurements Carrying Fair Quoted Significant Significant (dollars in thousands) March 31, 2022 Financial assets: Cash and due from banks $ 311,544 $ 311,544 $ 311,544 $ - $ - Securities available-for-sale 512,030 512,030 191 503,346 8,493 Restricted investments in bank stocks 25,254 n/a n/a n/a n/a Equity securities 13,198 13,198 10,550 2,648 - Net loans 6,899,525 6,874,974 - - 6,874,974 Derivatives 22,872 22,872 - 22,872 - Accrued interest receivable 34,081 34,081 - 1,472 32,609 Financial liabilities: Noninterest-bearing deposits 1,631,292 1,631,292 1,631,292 - - Interest-bearing deposits 4,929,113 4,909,128 3,863,299 1,045,829 - Borrowings 412,170 410,535 - 410,535 - Subordinated debentures 153,027 155,940 - 155,940 - Accrued interest payable 2,889 2,889 - 2,889 - December 31, 2021 Financial assets: Cash and due from banks $ 265,536 $ 265,536 $ 265,536 $ - $ - Investment securities available-for-sale 534,507 534,507 195 525,747 8,565 Restricted investment in bank stocks 27,826 n/a n/a n/a n/a Equity securities 13,794 13,794 11,081 2,713 - Net loans 6,749,849 6,800,287 - - 6,800,287 Derivatives 3,347 3,347 - 3,347 - Accrued interest receivable 34,152 34,152 - 1,554 32,598 Financial liabilities: Noninterest-bearing deposits Interest-bearing deposits 1,617,049 1,617,049 1,617,049 - - Borrowings 4,715,904 4,716,358 3,565,795 1,150,563 - Subordinated debentures 468,193 469,671 - 469,671 - Accrued interest payable 152,951 163,995 - 163,995 - The fair value of commitments to originate loans is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair values of letters of credit and lines of credit are based on fees currently charged for similar agreements or on the estimated cost to terminate or otherwise settle the obligations with the counterparties at the reporting date. The fair value of commitments to originate loans is immaterial and not included in the tables above. Changes in assumptions or estimation methodologies may have a material effect on these estimated fair values. Fair value estimates are based on existing balance sheet financial instruments, without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. For example, there are certain significant assets and liabilities that are not considered financial assets or liabilities, such as deferred taxes, premises and equipment, and goodwill. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates. Management believes that reasonable comparability between financial institutions may not be likely, due to the wide range of permitted valuation techniques and numerous estimates which must be made, given the absence of active secondary markets for many of the financial instruments. This lack of uniform valuation methodologies also introduces a greater degree of subjectivity to these estimated fair values. |
Comprehensive (Loss) Income
Comprehensive (Loss) Income | 3 Months Ended |
Mar. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Comprehensive (Loss) Income | Note 7. Comprehensive (Loss) Income Total comprehensive (loss) income includes all changes in equity during a period from transactions and other events and circumstances from non-owner sources. The Company’s other comprehensive income is comprised of unrealized holding gains and losses on securities available-for-sale, unrealized gains (losses) on cash flow hedges, obligations for defined benefit pension plan and an adjustment to reflect the curtailment of the Company’s defined benefit pension plan, each net of taxes. The following table represents the reclassification out of accumulated other comprehensive (loss) for the periods presented (dollars in thousands): Details about Accumulated Other Amounts Reclassified from Accumulated Affected Line item in the Three Months Ended March 31, 2022 2021 Net interest income on swaps $ (525 ) $ (631 ) Interest expense 147 177 Income tax expense $ (378 ) $ (454 ) Amortization of pension plan net actuarial losses $ (16 ) $ (75 ) Other components of net periodic pension expense 4 20 Income tax expense $ (12 ) $ (55 ) Total reclassification $ (390 ) $ (509 ) Accumulated other comprehensive (loss) as of March 31, 2022 and December 31, 2021 consisted of the following: March 31, December 31, 2021 (dollars in thousands) Investment securities available-for-sale, net of tax $ (22,970 ) $ (484 ) Cash flow hedge, net of tax 16,443 2,406 Defined benefit pension and post-retirement plans, net of tax (1,742 ) (3,326 ) Total $ (8,269 ) $ (1,404 ) |
Stock-based Compensation
Stock-based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based Compensation | Note 8. Stock-based Compensation The Company’s stockholders approved the 2017 Equity Compensation Plan (“the Plan”) on May 23, 2017. The Plan eliminates all remaining issuable shares under previous plans and is the only outstanding plan as of March 31, 2022. The maximum number of shares of common stock or equivalents which may be issued under the Plan, is 750,000. Grants under the Plan can be in the form of stock options (qualified or non-qualified), restricted shares, restricted share units or performance units. Shares available for grant and issuance under the Plan as of March 31, 2022 are approximately 222,593. The Company intends to issue all shares under the Plan in the form of newly issued shares. Restricted stock, options and restricted stock units typically have a three-year vesting period starting one year after the date of grant with one-third vesting each year. The options generally expire ten years from the date of grant. Restricted stock and units granted to new employees and board members may be granted with shorter vesting periods. Grants of performance units typically have a cliff vesting after three All awards are issued at the fair value of the underlying shares at the grant date. The Company expenses the cost of the awards, which is determined to be the fair market value of the awards at the date of grant, ratably over the vesting period. Forfeiture rates are not estimated but are recorded as incurred. Stock-based compensation expense for the three months ended March 31, 2022 and March 31, 2021 was $1.1 million and $1.0 million, respectively. Activity under the Company’s options for the three months ended March 31, 2022 was as follows: Number of Stock Options Weighted- Weighted- Aggregate Outstanding as of December 31, 2021 23,766 $ 9.94 Granted - - Exercised (8,774 ) 9.09 Forfeited/cancelled/expired Outstanding as of March 31, 2022 14,992 10.44 0.63 $ 323,303 Exercisable as of March 31, 2022 14,992 $ 10.44 0.63 $ 323,303 The aggregate intrinsic value of outstanding and exercisable options above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on March 31, 2022 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on March 31, 2022. This amount changes based on the fair market value of the Company’s stock. Activity under the Company’s restricted shares for the three months ended March 31, 2022 was as follows: Nonvested Shares Weighted- Nonvested as of December 31, 2021 82,693 $ 21.78 Granted 32,522 32.71 Vested (18,742 ) 23.13 Forfeited/cancelled/expired (68 ) 23.23 Nonvested March 31, 2022 96,405 $ 25.20 As of March 31, 2022, there was approximately $1.4 million of total unrecognized compensation cost related to nonvested restricted shares granted. The cost is expected to be recognized over a weighted average period of 1.6 years. A summary of the status of unearned performance unit awards and the change during the period is presented in the table below: Units (expected) Units (maximum) Weighted Average Grant Date Fair Value Unearned as of December 31, 2021 209,994 $ 16.18 Awarded 34,874 32.80 Vested shares (49,604 ) 20.79 Unearned as of March 31, 2022 195,264 221,541 $ 17.98 As of March 31, 2022, the specific number of shares related to performance units that were expected to vest was 195,264, determined by actual performance in consideration of the established range of the performance targets, which is consistent with the level of expense currently being recognized over the vesting period. Should this expectation change, additional compensation expense could be recorded in future periods or previously recognized expense could be reversed. As of March 31, 2022, the maximum amount of performance units that ultimately could vest if performance targets were exceeded is 221,541. During the three months ended March 31, 2022, 49,604 shares vested. A total of 27,254 shares were netted from the vested shares to satisfy employee tax obligations. The net shares issued from vesting of performance units during the three months ended March 31, 2022 were 22,350 shares. As of March 31, 2022, compensation cost of approximately $2.1 million related to non-vested performance units not yet recognized is expected to be recognized over a weighted-average period of 2.1 years. A summary of the status of unearned restricted stock units and the changes in restricted stock units during the period is presented in the table below: Units Weighted Unearned as of December 31, 2021 136,948 $ 16.52 Awarded 52,312 32.80 Vested shares (69,584 ) 16.13 Unearned as of March 31, 2022 119,676 $ 23.86 Any forfeitures would result in previously recognized expense being reversed. A portion of the shares that vest will be netted out to satisfy the tax obligations of the recipient. During the three months ended March 31, 2022, 69,584 shares vested. A total of 38,201 shares were netted from the vested shares to satisfy employee tax obligations. The net shares issued from vesting of restricted stock units during the three months ended March 31, 2022 were 31,383 shares. As of March 31, 2022, compensation cost of approximately $2.4 million related to non-vested restricted stock units, not yet recognized, is expected to be recognized over a weighted-average period of 1.8 years. |
Components of Net Periodic Pens
Components of Net Periodic Pension Cost | 3 Months Ended |
Mar. 31, 2022 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Pension Cost | Note 9. Components of Net Periodic Pension Cost The Company maintained a non-contributory defined benefit pension plan for substantially all of its employees until June 30, 2007, at which time the Company froze the plan. The following table sets forth the net periodic pension cost of the Company’s pension plan for the periods indicated. Three Months Ended Affected Line Item in the Consolidated March 31, Statements of Income 2022 2021 (dollars in thousands) Service cost $ - $ - Interest cost 78 71 Other components of net periodic pension expense Expected return on plan assets (237 ) (213 ) Other components of net periodic pension expense Net amortization 16 75 Other components of net periodic pension expense Total periodic pension income $ (143 ) $ (67 ) Contributions The Company did not contribute to the Pension Trust during the three months ended March 31, 2022. The Company does not plan on contributing amounts to the Pension Trust for the remainder of 2022. The trust is established to provide retirement and other benefits for eligible employees and their beneficiaries. No part of the trust assets may be applied to any purpose other than providing benefits under the plan and for defraying expenses of administering the plan and the trust. |
FHLB Borrowings
FHLB Borrowings | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
FHLB Borrowings | Note 10. FHLB Borrowings The Company’s FHLB borrowings and weighted average interest rates are summarized below: March 31, 2022 December 31, 2021 Amount Rate Amount Rate (dollars in thousands) By remaining period to maturity: Less than 1 year $ 359,526 0.79 % $ 390,549 0.56 % 1 year through less than 2 years 25,000 2.92 % 50,000 1.84 % 2 years through less than 3 years - n/a - n/a 3 years through less than 4 years 25,000 1.00 % 25,000 1.00 % 4 years through 5 years 2,050 2.23 % 2,050 2.23 % After 5 years 698 2.91 % 714 2.91 % FHLB borrowings - gross 412,274 0.94 % 468,313 0.73 % Fair value (discount) (104 ) (120 ) Total FHLB borrowings $ 412,170 $ 468,193 The FHLB borrowings are secured by pledges of certain collateral including, but not limited to, U.S. government and agency mortgage-backed securities and a blanket assignment of qualifying first lien mortgage loans, consisting of both residential mortgages and commercial real estate loans. Advances are payable at stated maturity, with a prepayment penalty for fixed rate advances. All FHLB advances are fixed rates. The advances as of March 31, 2022 were primarily collateralized by approximately $1.9 billion of commercial mortgage loans, net of required over collateralization amounts, under a blanket lien arrangement. As of March 31, 2022 the Company had remaining borrowing capacity of approximately $1.0 billion at FHLB. |
Subordinated Debentures
Subordinated Debentures | 3 Months Ended |
Mar. 31, 2022 | |
Subordinated Borrowings [Abstract] | |
Subordinated Debentures | Note 11. Subordinated Debentures During December 2003, Center Bancorp Statutory Trust II, a statutory business trust and wholly owned subsidiary of the Parent Corporation issued $5.0 million of MMCapS capital securities to investors due on January 23, 2034. The trust loaned the proceeds of this offering to the Company and received in exchange $5.2 million of the Parent Corporation’s subordinated debentures. The subordinated debentures are redeemable in whole or part. The floating interest rate on the subordinated debentures is three-month LIBOR plus 2.85% and re-prices quarterly. The rate as of March 31, 2022 was 3.15%. The following table summarizes the mandatory redeemable trust preferred securities of the Company’s Statutory Trust II as of March 31, 2022 and December 31, 2021. Issuance Date Securities Liquidation Value Coupon Rate Maturity Redeemable by 12/19/2003 $ 5,000,000 $1,000 per Capital Security Floating 3-month LIBOR + 285 Basis Points 01/23/2034 01/23/2009 During June 2020, the Parent Corporation issued $75 million in aggregate principal amount of fixed-to-floating rate subordinated notes (the “2020 Notes”). The 2020 Notes bear interest at 5.75% annually from, and including, the date of initial issuance to, but excluding, June 15, 2025 or the date of earlier redemption, payable semi-annually in arrears on June 15 and December 15 of each year, commencing December 15, 2020. From and including June 15, 2025 through maturity or earlier redemption, the interest rate shall reset quarterly to an interest rate per annum equal to a benchmark rate, which is expected to be Three-Month Term SOFR (as defined in the Second Supplemental Indenture), plus 560.5 basis points, payable quarterly in arrears on March 15, June 15, September 15 and December 15 of each year, commencing on September 15, 2025. Notwithstanding the foregoing, if the benchmark rate is less than zero, then the benchmark rate shall be deemed to be zero. During January 2018, the Parent Corporation issued $75 million in aggregate principal amount of fixed-to-floating rate subordinated notes (the “Notes”) to certain accredited investors. The net proceeds from the sale of the Notes were used in the first quarter of 2018 for general corporate purposes, which included the Parent Corporation contributing $65 million of the net proceeds to the Bank in the form of debt and common equity. The Notes are non-callable for five years, have a stated maturity of February 1, 2028 and bear interest at a fixed rate of 5.20% per year, from and including January 17, 2018 to, but excluding February 1, 2023. From and including February 1, 2023 to, but excluding the maturity date, or early redemption date, the interest rate will reset quarterly to a level equal to the then current three-month LIBOR rate plus 284 basis points. |
Preferred Stock
Preferred Stock | 3 Months Ended |
Mar. 31, 2022 | |
Disclosure Text Block Supplement [Abstract] | |
Preferred Stock | Note 12. Preferred Stock On August 19, 2021, the Company completed an underwritten public offering of 115,000 shares, or $115.0 million in aggregate liquidation preference, of its 5.25% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series A, no par value, with a liquidation preference of $1,000 per share. The net proceeds received from the issuance of preferred stock at the time of closing were $110.9 million. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations ConnectOne Bancorp, Inc. (the “Parent Corporation”) is incorporated under the laws of the State of New Jersey and is a registered bank holding company under the Bank Holding Company Act of 1956, as amended (the “BHCA”). The Parent Corporation’s business currently consists of the operation of its wholly-owned subsidiary, ConnectOne Bank (the “Bank” and, collectively with the Parent Corporation and the Parent Corporation’s subsidiaries, the “Company”). The Bank’s subsidiaries include Union Investment Co. (a New Jersey investment company), Twin Bridge Investment Co. (a Delaware investment company), ConnectOne Preferred Funding Corp. (a New Jersey real estate investment trust), Center Financial Group, LLC (a New Jersey financial services company), Center Advertising, Inc. (a New Jersey advertising company), Morris Property Company, LLC, (a New Jersey limited liability company), Volosin Holdings, LLC, (a New Jersey limited liability company), NJCB Spec-1, LLC (a New Jersey limited liability company), Port Jervis Holdings, LLC (a New Jersey limited liability company), BONJ Special Properties, LLC (a New Jersey limited liability company) and BoeFly, Inc. (a New Jersey financial technology company). The Bank is a community-based, full-service New Jersey-chartered commercial bank that was founded in 2005. The Bank operates from its headquarters located at 301 Sylvan Avenue in the Borough of Englewood Cliffs, Bergen County, New Jersey and through its twenty-three other banking offices. Substantially all loans are secured with various types of collateral, including business assets, consumer assets and commercial/residential real estate. Each borrower’s ability to repay its loans is dependent on the conversion of assets, cash flows generated from the borrowers’ business, real estate rental and consumer wages. The preceding unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X, and, accordingly, do not include all of the information and footnotes required by GAAP for complete financial statements. However, in the opinion of management, all adjustments (consisting only of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2022, or for any other interim period. The Company’s 2021 Annual Report on Form 10-K should be read in conjunction with these consolidated financial statements. |
Basis of Presentation | Basis of Presentation The consolidated financial statements have been prepared in conformity with GAAP. Some items in the prior year consolidated financial statements were reclassified to conform to current presentation. Reclassifications had no effect on prior year net income or stockholders’ equity. |
Use of Estimates | Use of Estimates In preparing the consolidated financial statements, management has made estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the consolidated statements of condition and that affect the results of operations for the periods presented. Actual results could differ significantly from those estimates. |
Risks and Uncertainties | Risks and Uncertainties As previously disclosed, on March 11, 2020 the World Health Organization declared the outbreak of COVID-19 as a global pandemic, which continues to impact the United States and the world. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act |
Newly Issued, But Not Yet Effective Accounting Standards | Newly Issued, But Not Yet Effective Accounting Standards In March 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-02, “Financial Instruments – Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures” (“ASU 2022-02”). ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings (“TDRs”) in ASC 310-40, “Receivables - Troubled Debt Restructurings by Creditors” for entities that have adopted the current expected credit loss (“CECL”) model introduced by ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (ASU 2016-13”). ASU 2022-02 also requires that public business entities disclose current-period gross charge-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, “Financial Instruments—Credit Losses—Measured at Amortized Cost”. ASU 2022-02 is effective for the Company for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. The Company is evaluating the effect that ASU 2022-02 will have on its consolidated financial statements. |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended (dollars in thousands, except for per share data) 2022 2021 Net income available to common stockholders $ 29,872 $ 32,999 Earnings allocated to participating securities (80 ) (186 ) Income attributable to common stock $ 29,792 $ 32,813 Weighted average common shares outstanding, including participating securities 39,560 39,738 Weighted average participating securities (107 ) (181 ) Weighted average common shares outstanding 39,453 39,557 Incremental shares from assumed conversions of options, performance units and restricted shares 274 232 Weighted average common and equivalent shares outstanding 39,727 39,789 Earnings per common share: Basic $ 0.76 $ 0.83 Diluted 0.75 0.82 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Unrealized Gain (Loss) on Investments [Table Text Block] | Amortized Gross Gross Fair Allowance (dollars in thousands) March 31, 2022 Securities available-for-sale Federal agency obligations $ 51,506 $ 46 $ (3,003 ) $ 48,549 $ - Residential mortgage pass-through securities 320,605 160 (19,789 ) 300,976 - Commercial mortgage pass-through securities 18,713 8 (1,313 ) 17,408 - Obligations of U.S. states and political subdivisions 144,474 446 (7,869 ) 137,051 - Corporate bonds and notes 5,477 35 (11 ) 5,501 - Asset-backed securities 2,364 7 (17 ) 2,354 Other securities 191 - - 191 - Total securities available-for-sale $ 543,330 $ 702 $ (32,002 ) $ 512,030 $ - December 31, 2021 Securities available-for-sale Federal agency obligations $ 50,336 $ 649 $ (625 ) $ 50,360 $ - Residential mortgage pass-through securities 317,111 1,868 (2,884 ) 316,095 - Commercial mortgage pass-through securities 10,814 118 (463 ) 10,469 - Obligations of U.S. states and political subdivisions 145,045 1,562 (982 ) 145,625 - Corporate bonds and notes 8,968 81 - 9,049 - Asset-backed securities 2,563 3 (2 ) 2,564 - Certificates of deposit 150 - - 150 - Other securities 195 - - 195 - Total securities available-for-sale $ 535,182 $ 4,281 $ (4,956 ) $ 534,507 $ - |
Investments Classified by Contractual Maturity Date [Table Text Block] | March 31, 2022 Amortized Fair (dollars in thousands) Securities available-for-sale: Due in one year or less $ 3,391 $ 3,394 Due after one year through five years 6,118 6,135 Due after five years through ten years 4,694 4,774 Due after ten years 189,618 179,152 Residential mortgage pass-through securities 320,605 300,976 Commercial mortgage pass-through securities 18,713 17,408 Other securities 191 191 Total securities available-for-sale $ 543,330 $ 512,030 |
Schedule of Unrealized Loss on Investments [Table Text Block] | March 31, 2022 Total Less than 12 Months 12 Months or Longer Fair Unrealized Fair Unrealized Fair Unrealized (dollars in thousands) Investment Securities Available-for-Sale: Federal agency obligations $ 43,257 $ (3,003 ) $ 43,257 $ (3,003 ) $ - $ - Residential mortgage pass-through securities 284,118 (19,789 ) 223,718 (14,696 ) 60,400 (5,093 ) Commercial mortgage pass-through securities 14,437 (1,313 ) 10,532 (483 ) 3,905 (830 ) Obligations of U.S. states and political subdivisions 111,635 (7,869 ) 111,635 (7,869 ) - - Corporate bonds and notes 1,988 (11 ) 1,988 (11 ) - - Asset-backed securities 1,837 (17 ) 1,837 (17 ) - - Total temporarily impaired securities $ 457,272 $ (32,002 ) $ 392,967 $ (26,079 ) $ 64,305 $ (5,923 ) December 31, 2021 Total Less than 12 Months 12 Months or Longer Fair Unrealized Fair Unrealized Fair Unrealized (dollars in thousands) Investment Securities Available-for-Sale: Federal agency obligations $ 28,974 $ (625 ) $ 28,974 $ (625 ) $ - $ - Residential mortgage pass-through securities 246,396 (2,884 ) 214,701 (2,111 ) 31,695 (773 ) Commercial mortgage pass-through securities 8,370 (463 ) 4,682 (75 ) 3,688 (388 ) Obligations of U.S. states and political subdivisions 89,473 (982 ) 89,473 (982 ) - - Asset-backed securities 802 (2 ) 802 (2 ) - - Total Temporarily Impaired Securities $ 374,015 $ (4,956 ) $ 338,632 $ (3,795 ) $ 35,383 $ (1,161 ) |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Three Months Ended March 31, 2022 Amount of gain Amount of (gain) Amount of gain (dollars in thousands) Interest rate contracts $ 19,000 $ 525 $ - Three Months Ended March 31, 2021 Amount of gain Amount of gain Amount of gain (dollars in thousands) Interest rate contracts $ 24 $ 631 $ - |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | March 31, 2022 December 31, 2021 Notional Amount Fair Value Notional Amount Fair Value (dollars in thousands) Interest rate swaps related to FHLB advances included in assets $ 425,000 $ 22,872 $ 475,000 $ 3,347 |
Loans and the Allowance for C_2
Loans and the Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, December 31, (dollars in thousands) Commercial (1) $ 1,278,477 $ 1,299,428 Commercial real estate 4,919,093 4,741,590 Commercial construction 539,058 540,178 Residential real estate 250,205 255,269 Consumer 1,140 1,886 Gross loans 6,987,973 6,838,351 Net deferred loan fees (8,378 ) (9,729 ) Total loans receivable $ 6,979,595 $ 6,828,622 (1) Included in commercial loans as of March 31, 2022 and December 31, 2021 are PPP loans of $54.3 million and $93.1 million, respectively. |
Loans held for sale [Table Text Block] | March 31, December 31, 2021 (dollars in thousands) Commercial real estate $ 2,390 $ - Residential real estate 352 250 Total carrying amount $ 2,742 $ 250 |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | March 31, 2022 Nonaccrual Nonaccrual Total (dollars in thousands) Commercial $ 29,148 $ 1,193 $ 30,341 Commercial real estate 17,497 8,819 26,316 Commercial construction - - - Residential real estate 1,172 1,574 2,746 Consumer - - - Total $ 47,817 $ 11,586 $ 59,403 December 31, 2021 Nonaccrual loans with ACL Nonaccrual loans without ACL Total Nonaccrual loans (dollars in thousands) Commercial $ 28,746 $ 1,316 $ 30,062 Commercial real estate 15,362 10,031 25,393 Commercial construction - 3,150 3,150 Residential real estate 1,239 1,856 3,095 Consumer - - - Total $ 45,347 $ 16,353 $ 61,700 |
Financing Receivable Origination and Risk Designation [Table Text Block] | Term loans amortized cost basis by origination year Revolving Total 2022 2021 2020 2019 2018 Prior Loans Gross Loans Commercial Pass $ 38,767 $ 371,431 $ 56,980 $ 41,829 $ 58,230 $ 175,970 $ 471,742 $ 1,214,949 Special mention - - - - 632 9,656 4,310 14,598 Substandard 448 164 - 1,649 12,203 20,388 14,078 48,930 Doubtful - - - - - - - - Total Commercial $ 39,215 $ 371,595 $ 56,980 $ 43,478 $ 71,065 $ 206,014 $ 490,130 $ 1,278,477 Commercial Real Estate Pass $ 371,604 $ 1,655,013 $ 507,117 $ 389,017 $ 452,309 $ 1,241,085 $ 166,342 $ 4,782,487 Special mention - - - 3,340 - 53,982 15,537 72,859 Substandard - 1,958 4,500 7,302 20,445 21,117 8,425 63,747 Doubtful - - - - - - - - Total Commercial Real Estate $ 371,604 $ 1,656,971 $ 511,617 $ 399,659 $ 472,754 $ 1,316,184 $ 190,304 $ 4,919,093 Commercial Construction Pass $ - $ 1,518 $ 7,370 $ 6,508 $ 2,600 $ - $ 510,174 $ 528,170 Special mention - - - - 350 - 1,443 1,793 Substandard - - - - - - 9,095 9,095 Doubtful - - - - - - - - Total Commercial Construction $ - $ 1,518 $ 7,370 $ 6,508 $ 2,950 $ - $ 520,712 $ 539,058 Residential Real Estate Pass $ 9,604 $ 25,905 $ 27,697 $ 23,056 $ 23,589 $ 88,610 $ 42,361 $ 240,822 Special mention - - - - - - - - Substandard - - - - - 5,919 3,464 9,383 Doubtful - - - - - - - - Total Residential Real Estate $ 9,604 $ 25,905 $ 27,697 $ 23,056 $ 23,589 $ 94,529 $ 45,825 $ 250,205 Consumer Pass $ 908 $ - $ 75 $ 35 $ 17 $ 4 $ 101 $ 1,140 Special mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total Consumer $ 908 $ - $ 75 $ 35 $ 17 $ 4 $ 101 $ 1,140 Total Pass $ 420,883 $ 2,053,867 $ 599,239 $ 460,445 $ 536,745 $ 1,505,669 $ 1,190,720 $ 6,767,568 Special mention - - - 3,340 982 63,638 21,290 89,250 Substandard 448 2,122 4,500 8,951 32,648 47,424 35,062 131,155 Doubtful - - - - - - - - Grand Total $ 421,331 $ 2,055,989 $ 603,739 $ 472,736 $ 570,375 $ 1,616,731 $ 1,247,072 $ 6,987,973 Term loans amortized cost basis by origination year Revolving Total 2021 2020 2019 2018 8.5 Prior Loans Gross Loans Commercial Pass $ 403,203 $ 58,534 $ 54,485 $ 60,409 $ 95,727 $ 86,556 $ 471,588 $ 1,230,502 Special mention - - - - 1 4,045 4,266 8,312 Substandard 170 - 1,842 13,298 9,740 21,024 14,540 60,614 Doubtful - - - - - - - - Total Commercial $ 403,373 $ 58,534 $ 56,327 $ 73,707 $ 105,468 $ 111,625 $ 490,394 $ 1,299,428 Commercial Real Estate Pass $ 1,692,098 $ 533,315 $ 420,995 $ 452,262 $ 497,065 $ 842,244 $ 170,721 $ 4,608,700 Special mention - - - - 5,142 50,438 6,601 62,181 Substandard 1,968 9,039 4,006 20,624 - 26,108 8,964 70,709 Doubtful - - - - - - - - Total Commercial Real Estate $ 1,694,066 $ 542,354 $ 425,001 $ 472,886 $ 502,207 $ 918,790 $ 186,286 $ 4,741,590 Commercial Construction Pass $ 8,018 $ 7,370 $ 12,625 $ 2,600 $ 2,339 $ - $ 490,119 $ 523,071 Special mention - - - - 350 - 1,443 1,793 Substandard - - - - - - 15,314 15,314 Doubtful - - - - - - - - Total Commercial Construction $ 8,018 $ 7,370 $ 12,625 $ 2,600 $ 2,689 $ - $ 506,876 $ 540,178 Residential Real Estate Pass $ 27,081 $ 29,539 $ 23,611 $ 25,070 $ 28,701 $ 66,249 $ 44,221 $ 244,472 Special mention - - - - - - - - Substandard - - - - - 7,262 3,535 10,797 Doubtful - - - - - - - - Total Residential Real Estate $ 27,081 $ 29,539 $ 23,611 $ 25,070 $ 28,701 $ 73,511 $ 47,756 $ 255,269 Consumer Pass $ 1,594 $ 85 $ 39 $ 21 $ 28 $ (4 ) $ 123 $ 1,886 Special mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total Consumer $ 1,594 $ 85 $ 39 $ 21 $ 28 $ (4 ) $ 123 $ 1,886 Total Pass $ 2,131,994 $ 628,843 $ 511,755 $ 540,362 $ 623,860 $ 995,045 $ 1,176,772 $ 6,608,631 Special mention - - - - 5,493 54,483 12,310 72,286 Substandard 2,138 9,039 5,848 33,922 9,740 54,394 42,353 157,434 Doubtful - - - - - - - - Grand Total $ 2,134,132 $ 637,882 $ 517,603 $ 574,284 $ 639,093 $ 1,103,922 $ 1,231,435 $ 6,838,351 |
Schedule of Fair Value of Collateral [Table Text Block] | March 31, 2022 Real Other Total (dollars in thousands) Commercial $ 6,120 $ 25,982 $ 32,102 Commercial real estate 62,753 - 62,753 Commercial construction 7,042 - 7,042 Residential real estate 7,528 - 7,528 Consumer - - - Total $ 83,443 $ 25,982 $ 109,425 December 31, 2021 Real Other Total (dollars in thousands) Commercial $ 6,385 $ 26,182 $ 32,567 Commercial real estate 55,244 - 55,244 Commercial construction 13,196 - 13,196 Residential real estate 8,856 - 8,856 Consumer - - - Total $ 83,681 $ 26,182 $ 109,863 |
Past Due Financing Receivables [Table Text Block] | March 31, 2022 30-59 Days 60-89 Days 90 Days or Nonaccrual Total Past Current Gross Loans (dollars in thousands) Commercial $ 3,561 $ - $ 4,420 $ 30,341 $ 38,322 $ 1,240,155 $ 1,278,477 Commercial real Estate 3,098 - 5,848 26,316 35,262 4,883,831 4,919,093 Commercial construction 123 - - - 123 538,935 539,058 Residential real Estate 1,970 - 1,487 2,746 6,203 244,002 250,205 Consumer - - 625 - 625 515 1,140 Total $ 8,752 $ - $ 12,380 $ 59,403 $ 80,535 $ 6,907,438 $ 6,987,973 December 31, 2021 30-59 Days 60-89 Days 90 Days or Greater Past Due and Still Accruing Nonaccrual Total Past Due and Nonaccrual Current Gross Loans (dollars in thousands) Commercial $ 4,305 $ 729 $ 4,457 $ 30,062 $ 39,553 $ 1,259,875 $ 1,299,428 Commercial real Estate 1,622 1,009 5,935 25,393 33,959 4,707,631 4,741,590 Commercial construction - - - 3,150 3,150 537,028 540,178 Residential real Estate 1,437 292 3,139 3,095 7,963 247,306 255,269 Consumer - - - - - 1,886 1,886 Total $ 7,364 $ 2,030 $ 13,531 $ 61,700 $ 84,625 $ 6,753,726 $ 6,838,351 |
Schedule of Recorded Investment in Financing Receivables [Table Text Block] | March 31, 2022 Commercial Commercial real estate Commercial construction Residential real estate Consumer Total (dollars in thousands) Allowance for credit losses - loans Individually evaluated impairment $ 14,028 $ 1,859 $ - $ 94 $ - $ 15,981 Collectively evaluated impairment 9,154 44,088 3,281 3,361 7 59,891 Acquired with deteriorated credit quality individually analyzed 2,277 1,921 - - - 4,198 Total $ 25,459 $ 47,868 $ 3,281 $ 3,455 $ 7 $ 80,070 Gross loans Individually evaluated impairment $ 34,224 $ 56,905 $ 7,042 $ 5,415 $ - $ 103,586 Collectively evaluated impairment 1,239,157 4,856,340 532,016 242,678 1,140 6,871,331 Acquired with deteriorated credit quality individually analyzed 5,096 5,848 - 2,112 - 13,056 Total $ 1,278,477 $ 4,919,093 $ 539,058 $ 250,205 $ 1,140 $ 6,987,973 December 31, 2021 Commercial Commercial real estate Commercial construction Residential real estate Consumer Total (dollars in thousands) Allowance for credit losses - loans Individually evaluated impairment $ 15,131 $ 955 $ - $ 131 $ - $ 16,217 Collectively evaluated impairment 8,561 42,713 3,580 3,497 7 58,358 Acquired with deteriorated credit quality individually analyzed 2,277 1,921 - - - 4,198 Total $ 25,969 $ 45,589 $ 3,580 $ 3,628 $ 7 $ 78,773 Gross loans Individually evaluated impairment $ 33,726 $ 49,310 $ 13,196 $ 5,717 $ - $ 101,949 Collectively evaluated impairment 1,260,537 4,686,346 526,982 246,413 1,886 6,722,164 Acquired with deteriorated credit quality individually analyzed 5,165 5,934 - 3,139 - 14,238 Total $ 1,299,428 $ 4,741,590 $ 540,178 $ 255,269 $ 1,886 $ 6,838,351 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Three Months Ended March 31, 2022 Commercial Commercial real estate Commercial construction Residential real estate Consumer Unallocated Total (dollars in thousands) Balance as of December 31, 2021 $ 25,969 $ 45,589 $ 3,580 $ 3,628 $ 7 $ - $ 78,773 Charge-offs (49 ) (225 ) - - - - (274 ) Recoveries 1 - - 31 - - 32 (Reversal of) provision for credit losses (loans) (462 ) 2,504 (299 ) (204 ) - - 1,539 Balance as of March 31, 2022 $ 25,459 $ 47,868 $ 3,281 $ 3,455 $ 7 $ - $ 80,070 Three Months Ended March 31, 2021 Commercial Commercial real estate Commercial construction Residential real estate Consumer Unallocated Total (dollars in thousands) Balance as of December 31, 2020 $ 28,443 $ 39,330 $ 8,194 $ 2,687 $ 4 $ 568 $ 79,226 Day 1 effect of CECL (4,225 ) 9,605 (961 ) 2,697 9 (568 ) 6,557 Balance as of January 1, 2021 as adjusted for changes in accounting principle 24,218 48,935 7,233 5,384 13 - 85,783 Charge-offs - - - - - - - Recoveries 60 - - - 1 - 61 (Reversal of) provision for credit losses (loans) 2,157 (5,038 ) (1,712 ) (680 ) (3 ) - (5,276 ) Balance as of March 31, 2021 $ 26,435 $ 43,897 $ 5,521 $ 4,704 $ 11 $ - $ 80,568 |
Schedule of Debtor Troubled Debt Restructuring, Current Period [Table Text Block] | Pre-Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded Loans Investment Investment (dollars in thousands) Troubled debt restructurings: Commercial 1 $ 98 $ 98 Commercial real estate 1 8,751 8,251 Total 2 $ 8,849 $ 8,349 Pre-Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded Loans Investment Investment (dollars in thousands) Troubled debt restructurings: Commercial real estate 1 $ 1,658 $ 1,658 Residential real estate 2 1,996 1,996 Total 3 $ 3,654 $ 3,654 |
Schedule of ACL for off-balance sheet credit exposure | Three Months Ended Three Months Ended (dollars in thousands) Balance at beginning of period $ 2,351 $ - Day 1 Effect of CECL - 2,833 (Reversal of) provision for credit losses (unfunded commitments) (89 ) (490 ) Balance at end of period $ 2,262 $ 2,343 |
Schedule of (Reversal of) provision for credit losses | Three Months Ended Three Months Ended (dollars in thousands) Provision for (Reversal of) credit losses (loans) $ 1,539 $ (5,276 ) Reversal of credit losses (unfunded commitments) (89 ) (490 ) Provision for (Reversal of) credit losses $ 1,450 $ (5,766 ) |
Fair Value Measurements and F_2
Fair Value Measurements and Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | March 31, 2022 Fair Value Measurements at Reporting Date Using Total Fair Value Quoted Prices Significant Significant (dollars in thousands) Recurring fair value measurements: Assets Investment securities Available-for-sale Federal agency obligations $ 48,549 $ - $ 48,549 $ - Residential mortgage pass-through securities 300,976 - 300,976 - Commercial mortgage pass-through securities 17,408 - 17,408 - Obligations of U.S. states and political subdivision 137,051 - 128,558 8,493 Corporate bonds and notes 5,501 - 5,501 - Asset-backed securities 2,354 - 2,354 - Certificates of deposit - - - - Other securities 191 191 - - Total available-for-sale 512,030 191 503,346 8,493 Equity securities 13,198 10,550 2,648 - Derivatives 22,872 - 22,872 - Total assets $ 548,100 $ 10,741 $ 528,866 $ 8,493 December 31, 2021 Fair Value Measurements at Reporting Date Using Total Fair Value Quoted Prices Significant Significant (dollars in thousands) Recurring fair value measurements: Assets Investment securities Available-for-sale Federal agency obligations $ 50,360 $ - $ 50,360 $ - Residential mortgage pass- through securities 316,095 - 316,095 - Commercial mortgage pass-through securities 10,469 - 10,469 - Obligations of U.S. states and political subdivision 145,625 - 137,060 8,565 Corporate bonds and notes 9,049 - 9,049 - Asset-backed securities 2,564 - 2,564 - Certificates of deposit 150 - 150 - Other securities 195 195 - - Total available-for-sale $ 534,507 $ 195 $ 525,747 $ 8,565 Equity securities 13,794 11,081 2,713 - Derivatives 3,347 - 3,347 - Total assets $ 551,648 $ 11,276 $ 531,807 $ 8,565 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | Fair Value Measurements at Reporting Date Using Assets measured at fair value on a nonrecurring basis: Carrying Value as of March 31, 2022 Quoted Significant Significant Collateral dependent loans (dollars in thousands) Commercial $ 14,698 $ - $ - $ 14,698 Commercial real estate 29,370 - - 29,370 Residential real estate 1,366 - - 1,366 Fair Value Measurements at Reporting Date Using Assets measured at fair value on a nonrecurring basis: December 31, Quoted Significant Significant Collateral dependent loans (dollars in thousands) Commercial $ 13,399 $ - $ - $ 13,399 Commercial real estate 20,185 - - 20,185 Residential real estate 2,794 - - 2,794 |
Fair Value, Recurring basis [Table Text Block] | Municipal (dollars in thousands) Beginning balance, December 31, 2021 $ 8,565 Principal paydowns (72 ) Ending balance, March 31, 2022 $ 8,493 Municipal (dollars in thousands) Beginning balance, December 31, 2020 $ 8,844 Principal paydowns (279 ) Ending balance, December 31, 2021 $ 8,565 |
Significant unobservable inputs used in fair value measurements [Table Text Block] | March 31, 2022 Fair Value Valuation Unobservable Rate Securities available-for-sale: (dollars in thousands) Municipal securities $ 8,493 Discounted cash flows Discount rate 2.9 % December 31, 2021 Fair Value Valuation Unobservable Rate Securities available-for-sale: (dollars in thousands) Municipal securities $ 8,565 Discounted cash flows Discount rate 2.9 % |
Fair Value Measurements, Nonrecurring [Table Text Block] | March 31, 2022 (dollars in thousands) Fair Value Valuation Unobservable Range (weighted average) Commercial $ 13,993 Market approach (100%) Average transfer price as a price to unpaid principal balance 56% – 85% (57%) Commercial $ 705 Appraisals of collateral value Comparable sales -10% to +35% (+8%) Commercial real estate $ 29,370 Appraisals of collateral value Comparable sales -25% to 10% (-14%) Residential real estate $ 1,366 Appraisals of collateral value Comparable sales +21% to +39% (+22%) December 31, 2021 (dollars in thousands) Fair Value Valuation Unobservable Range (weighed average) Commercial $ 12,193 Market approach (100%) Average transfer price as a price to unpaid principal balance 48% to 73% (49%) Commercial $ 1,206 Appraisals of collateral value Adjustment for comparable sales -10% to +35% (+6%) Commercial real estate $ 20,185 Appraisals of collateral value Adjustment for comparable sales -20% to +15% (-6%) Residential real estate $ 2,794 Appraisals of collateral value Adjustment for comparable sales -15% to +39% (5%) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements Carrying Fair Quoted Significant Significant (dollars in thousands) March 31, 2022 Financial assets: Cash and due from banks $ 311,544 $ 311,544 $ 311,544 $ - $ - Securities available-for-sale 512,030 512,030 191 503,346 8,493 Restricted investments in bank stocks 25,254 n/a n/a n/a n/a Equity securities 13,198 13,198 10,550 2,648 - Net loans 6,899,525 6,874,974 - - 6,874,974 Derivatives 22,872 22,872 - 22,872 - Accrued interest receivable 34,081 34,081 - 1,472 32,609 Financial liabilities: Noninterest-bearing deposits 1,631,292 1,631,292 1,631,292 - - Interest-bearing deposits 4,929,113 4,909,128 3,863,299 1,045,829 - Borrowings 412,170 410,535 - 410,535 - Subordinated debentures 153,027 155,940 - 155,940 - Accrued interest payable 2,889 2,889 - 2,889 - December 31, 2021 Financial assets: Cash and due from banks $ 265,536 $ 265,536 $ 265,536 $ - $ - Investment securities available-for-sale 534,507 534,507 195 525,747 8,565 Restricted investment in bank stocks 27,826 n/a n/a n/a n/a Equity securities 13,794 13,794 11,081 2,713 - Net loans 6,749,849 6,800,287 - - 6,800,287 Derivatives 3,347 3,347 - 3,347 - Accrued interest receivable 34,152 34,152 - 1,554 32,598 Financial liabilities: Noninterest-bearing deposits Interest-bearing deposits 1,617,049 1,617,049 1,617,049 - - Borrowings 4,715,904 4,716,358 3,565,795 1,150,563 - Subordinated debentures 468,193 469,671 - 469,671 - Accrued interest payable 152,951 163,995 - 163,995 - |
Comprehensive (Loss) Income (Ta
Comprehensive (Loss) Income (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Comprehensive Income (Loss) [Table Text Block] | Details about Accumulated Other Amounts Reclassified from Accumulated Affected Line item in the Three Months Ended March 31, 2022 2021 Net interest income on swaps $ (525 ) $ (631 ) Interest expense 147 177 Income tax expense $ (378 ) $ (454 ) Amortization of pension plan net actuarial losses $ (16 ) $ (75 ) Other components of net periodic pension expense 4 20 Income tax expense $ (12 ) $ (55 ) Total reclassification $ (390 ) $ (509 ) |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | March 31, December 31, 2021 (dollars in thousands) Investment securities available-for-sale, net of tax $ (22,970 ) $ (484 ) Cash flow hedge, net of tax 16,443 2,406 Defined benefit pension and post-retirement plans, net of tax (1,742 ) (3,326 ) Total $ (8,269 ) $ (1,404 ) |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award [Table Text Block] | Number of Stock Options Weighted- Weighted- Aggregate Outstanding as of December 31, 2021 23,766 $ 9.94 Granted - - Exercised (8,774 ) 9.09 Forfeited/cancelled/expired Outstanding as of March 31, 2022 14,992 10.44 0.63 $ 323,303 Exercisable as of March 31, 2022 14,992 $ 10.44 0.63 $ 323,303 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Nonvested Shares Weighted- Nonvested as of December 31, 2021 82,693 $ 21.78 Granted 32,522 32.71 Vested (18,742 ) 23.13 Forfeited/cancelled/expired (68 ) 23.23 Nonvested March 31, 2022 96,405 $ 25.20 |
Schedule of Unearned Performance Unit Awards [Table Text Block] | Units (expected) Units (maximum) Weighted Average Grant Date Fair Value Unearned as of December 31, 2021 209,994 $ 16.18 Awarded 34,874 32.80 Vested shares (49,604 ) 20.79 Unearned as of March 31, 2022 195,264 221,541 $ 17.98 Units Weighted Unearned as of December 31, 2021 136,948 $ 16.52 Awarded 52,312 32.80 Vested shares (69,584 ) 16.13 Unearned as of March 31, 2022 119,676 $ 23.86 |
Components of Net Periodic Pe_2
Components of Net Periodic Pension Cost (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended Affected Line Item in the Consolidated March 31, Statements of Income 2022 2021 (dollars in thousands) Service cost $ - $ - Interest cost 78 71 Other components of net periodic pension expense Expected return on plan assets (237 ) (213 ) Other components of net periodic pension expense Net amortization 16 75 Other components of net periodic pension expense Total periodic pension income $ (143 ) $ (67 ) |
FHLB Borrowings (Tables)
FHLB Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of FHLB borrowings and weighted average interest rates | March 31, 2022 December 31, 2021 Amount Rate Amount Rate (dollars in thousands) By remaining period to maturity: Less than 1 year $ 359,526 0.79 % $ 390,549 0.56 % 1 year through less than 2 years 25,000 2.92 % 50,000 1.84 % 2 years through less than 3 years - n/a - n/a 3 years through less than 4 years 25,000 1.00 % 25,000 1.00 % 4 years through 5 years 2,050 2.23 % 2,050 2.23 % After 5 years 698 2.91 % 714 2.91 % FHLB borrowings - gross 412,274 0.94 % 468,313 0.73 % Fair value (discount) (104 ) (120 ) Total FHLB borrowings $ 412,170 $ 468,193 |
Subordinated Debentures (Tables
Subordinated Debentures (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Subordinated Borrowings [Abstract] | |
Schedule of Subordinated Borrowing [Table Text Block] | Issuance Date Securities Liquidation Value Coupon Rate Maturity Redeemable by 12/19/2003 $ 5,000,000 $1,000 per Capital Security Floating 3-month LIBOR + 285 Basis Points 01/23/2034 01/23/2009 |
Earnings per Common Share (Deta
Earnings per Common Share (Details) - Schedule of earnings per common share - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Schedule of earnings per common share [Abstract] | ||
Net income available to common stockholders (in Dollars) | $ 29,872 | $ 32,999 |
Earnings allocated to participating securities (in Dollars) | (80) | (186) |
Income attributable to common stock (in Dollars) | $ 29,792 | $ 32,813 |
Weighted average common shares outstanding, including participating securities | 39,560 | 39,738 |
Weighted average participating securities | (107) | (181) |
Weighted average common shares outstanding | 39,453 | 39,557 |
Incremental shares from assumed conversions of options, performance units and restricted shares | 274 | 232 |
Weighted average common and equivalent shares outstanding | 39,727 | 39,789 |
Earnings per common share: | ||
Basic (in Dollars per share) | $ 0.76 | $ 0.83 |
Diluted (in Dollars per share) | $ 0.75 | $ 0.82 |
Investment Securities (Details)
Investment Securities (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-sale Securities Pledged as Collateral | $ 95 | $ 71.2 |
Description of Holding Securities | there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity. | there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity. |
Accrued interest receivable for investment securities available for sale | $ 1.4 | $ 1.6 |
Investment Securities (Detail_2
Investment Securities (Details) - Schedule of unrealized gains on investment securities - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Securities available-for-sale | ||
Securities, Amortized Cost | $ 543,330 | $ 535,182 |
Securities, Gross Unrealized Gains | 702 | 4,281 |
Securities, Gross Unrealized Losses | (32,002) | (4,956) |
Securities, Fair Value | 512,030 | 534,507 |
Securities, Allowance for Investment Credit Losses | ||
Federal agency obligations [Member] | ||
Securities available-for-sale | ||
Securities, Amortized Cost | 51,506 | 50,336 |
Securities, Gross Unrealized Gains | 46 | 649 |
Securities, Gross Unrealized Losses | (3,003) | (625) |
Securities, Fair Value | 48,549 | 50,360 |
Securities, Allowance for Investment Credit Losses | ||
Residential Mortgage-Backed Securities [Member] | ||
Securities available-for-sale | ||
Securities, Amortized Cost | 320,605 | 317,111 |
Securities, Gross Unrealized Gains | 160 | 1,868 |
Securities, Gross Unrealized Losses | (19,789) | (2,884) |
Securities, Fair Value | 300,976 | 316,095 |
Securities, Allowance for Investment Credit Losses | ||
Commercial Mortgage-Backed Securities [Member] | ||
Securities available-for-sale | ||
Securities, Amortized Cost | 18,713 | 10,814 |
Securities, Gross Unrealized Gains | 8 | 118 |
Securities, Gross Unrealized Losses | (1,313) | (463) |
Securities, Fair Value | 17,408 | 10,469 |
Securities, Allowance for Investment Credit Losses | ||
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available-for-sale | ||
Securities, Amortized Cost | 144,474 | 145,045 |
Securities, Gross Unrealized Gains | 446 | 1,562 |
Securities, Gross Unrealized Losses | (7,869) | (982) |
Securities, Fair Value | 137,051 | 145,625 |
Securities, Allowance for Investment Credit Losses | ||
Corporate bonds and notes [Member] | ||
Securities available-for-sale | ||
Securities, Amortized Cost | 5,477 | 8,968 |
Securities, Gross Unrealized Gains | 35 | 81 |
Securities, Gross Unrealized Losses | (11) | |
Securities, Fair Value | 5,501 | 9,049 |
Securities, Allowance for Investment Credit Losses | ||
Asset-Backed Securities [Member] | ||
Securities available-for-sale | ||
Securities, Amortized Cost | 2,364 | 2,563 |
Securities, Gross Unrealized Gains | 7 | 3 |
Securities, Gross Unrealized Losses | (17) | (2) |
Securities, Fair Value | 2,354 | 2,564 |
Securities, Allowance for Investment Credit Losses | ||
Other securities [Member] | ||
Securities available-for-sale | ||
Securities, Amortized Cost | 191 | 195 |
Securities, Gross Unrealized Gains | ||
Securities, Gross Unrealized Losses | ||
Securities, Fair Value | 191 | 195 |
Securities, Allowance for Investment Credit Losses | ||
Certificates of Deposit [Member] | ||
Securities available-for-sale | ||
Securities, Amortized Cost | 150 | |
Securities, Gross Unrealized Gains | ||
Securities, Gross Unrealized Losses | ||
Securities, Fair Value | 150 | |
Securities, Allowance for Investment Credit Losses |
Investment Securities (Detail_3
Investment Securities (Details) - Schedule of Investments classified by maturity date - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Securities available-for-sale: | ||
Due in one year or less, amortized cost | $ 3,391 | |
Due in one year or less, fair value | 3,394 | |
Due after one year through five years, amortized cost | 6,118 | |
Due after one year through five years, fair value | 6,135 | |
Due after five years through ten years, amortized cost | 4,694 | |
Due after five years through ten years, fair value | 4,774 | |
Due after ten years, amortized cost | 189,618 | |
Due after ten years, fair value | 179,152 | |
Total, amortized cost | 543,330 | $ 535,182 |
Total, fair value | 512,030 | 534,507 |
Residential Mortgage-Backed Securities [Member] | ||
Securities available-for-sale: | ||
Total, amortized cost | 320,605 | 317,111 |
Total, fair value | 300,976 | 316,095 |
Commercial Mortgage-Backed Securities [Member] | ||
Securities available-for-sale: | ||
Total, amortized cost | 18,713 | 10,814 |
Total, fair value | 17,408 | 10,469 |
Other securities [Member] | ||
Securities available-for-sale: | ||
Total, amortized cost | 191 | 195 |
Total, fair value | $ 191 | $ 195 |
Investment Securities (Detail_4
Investment Securities (Details) - Schedule of unrealized losses not recognized in income - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Investment Securities (Details) - Schedule of unrealized losses not recognized in income [Line Items] | ||
Investment Securities Available-for-Sale: Total, Fair Value | $ 457,272 | $ 374,015 |
Investment Securities Available-for-Sale: Total, Unrealized Losses | (32,002) | (4,956) |
Investment Securities Available-for-Sale: Less than 12 Months, Fair Value | 392,967 | 338,632 |
Investment Securities Available-for-Sale: Less than 12 Months, Unrealized Losses | (26,079) | (3,795) |
Investment Securities Available-for-Sale: 12 Months or Longer, Fair Value | 64,305 | 35,383 |
Investment Securities Available-for-Sale: 12 Months or Longer, Unrealized Losses | (5,923) | (1,161) |
Federal agency obligations [Member] | ||
Investment Securities (Details) - Schedule of unrealized losses not recognized in income [Line Items] | ||
Investment Securities Available-for-Sale: Total, Fair Value | 43,257 | 28,974 |
Investment Securities Available-for-Sale: Total, Unrealized Losses | (3,003) | (625) |
Investment Securities Available-for-Sale: Less than 12 Months, Fair Value | 43,257 | 28,974 |
Investment Securities Available-for-Sale: Less than 12 Months, Unrealized Losses | (3,003) | (625) |
Investment Securities Available-for-Sale: 12 Months or Longer, Fair Value | ||
Investment Securities Available-for-Sale: 12 Months or Longer, Unrealized Losses | ||
Residential Mortgage-Backed Securities [Member] | ||
Investment Securities (Details) - Schedule of unrealized losses not recognized in income [Line Items] | ||
Investment Securities Available-for-Sale: Total, Fair Value | 284,118 | 246,396 |
Investment Securities Available-for-Sale: Total, Unrealized Losses | (19,789) | (2,884) |
Investment Securities Available-for-Sale: Less than 12 Months, Fair Value | 223,718 | 214,701 |
Investment Securities Available-for-Sale: Less than 12 Months, Unrealized Losses | (14,696) | (2,111) |
Investment Securities Available-for-Sale: 12 Months or Longer, Fair Value | 60,400 | 31,695 |
Investment Securities Available-for-Sale: 12 Months or Longer, Unrealized Losses | (5,093) | (773) |
Commercial Mortgage-Backed Securities [Member] | ||
Investment Securities (Details) - Schedule of unrealized losses not recognized in income [Line Items] | ||
Investment Securities Available-for-Sale: Total, Fair Value | 14,437 | 8,370 |
Investment Securities Available-for-Sale: Total, Unrealized Losses | (1,313) | (463) |
Investment Securities Available-for-Sale: Less than 12 Months, Fair Value | 10,532 | 4,682 |
Investment Securities Available-for-Sale: Less than 12 Months, Unrealized Losses | (483) | (75) |
Investment Securities Available-for-Sale: 12 Months or Longer, Fair Value | 3,905 | 3,688 |
Investment Securities Available-for-Sale: 12 Months or Longer, Unrealized Losses | (830) | (388) |
Obligation Of Us States And Political Subdivisions [Member] | ||
Investment Securities (Details) - Schedule of unrealized losses not recognized in income [Line Items] | ||
Investment Securities Available-for-Sale: Total, Fair Value | 111,635 | |
Investment Securities Available-for-Sale: Total, Unrealized Losses | (7,869) | |
Investment Securities Available-for-Sale: Less than 12 Months, Fair Value | 111,635 | |
Investment Securities Available-for-Sale: Less than 12 Months, Unrealized Losses | (7,869) | |
Investment Securities Available-for-Sale: 12 Months or Longer, Fair Value | ||
Investment Securities Available-for-Sale: 12 Months or Longer, Unrealized Losses | ||
Corporate bonds and notes [Member] | ||
Investment Securities (Details) - Schedule of unrealized losses not recognized in income [Line Items] | ||
Investment Securities Available-for-Sale: Total, Fair Value | 1,988 | 89,473 |
Investment Securities Available-for-Sale: Total, Unrealized Losses | (11) | (982) |
Investment Securities Available-for-Sale: Less than 12 Months, Fair Value | 1,988 | 89,473 |
Investment Securities Available-for-Sale: Less than 12 Months, Unrealized Losses | (11) | (982) |
Investment Securities Available-for-Sale: 12 Months or Longer, Fair Value | ||
Investment Securities Available-for-Sale: 12 Months or Longer, Unrealized Losses | ||
Asset-Backed Securities [Member] | ||
Investment Securities (Details) - Schedule of unrealized losses not recognized in income [Line Items] | ||
Investment Securities Available-for-Sale: Total, Fair Value | 1,837 | 802 |
Investment Securities Available-for-Sale: Total, Unrealized Losses | (17) | (2) |
Investment Securities Available-for-Sale: Less than 12 Months, Fair Value | 1,837 | 802 |
Investment Securities Available-for-Sale: Less than 12 Months, Unrealized Losses | (17) | (2) |
Investment Securities Available-for-Sale: 12 Months or Longer, Fair Value | ||
Investment Securities Available-for-Sale: 12 Months or Longer, Unrealized Losses |
Derivatives (Details)
Derivatives (Details) - USD ($) $ in Millions | Apr. 13, 2017 | Mar. 31, 2022 | Mar. 31, 2021 |
Derivatives (Details) [Line Items] | |||
Notional Amount of Interest Rate Cash Flow Hedge Derivatives | $ 25 | $ 400 | |
Federal Home Loan Bank advance Fixed-rates of interest | 1.93% | ||
Net interest income on swaps - Borrowings | $ 0.5 | $ 0.6 | |
Minimum [Member] | |||
Derivatives (Details) [Line Items] | |||
Federal Home Loan Bank advance Fixed-rates of interest | 0.631% | ||
Expiration date | 2025-12 | ||
Maximum [Member] | |||
Derivatives (Details) [Line Items] | |||
Federal Home Loan Bank advance Fixed-rates of interest | 1.23% | ||
Expiration date | 2028-03 |
Derivatives (Details) - Summary
Derivatives (Details) - Summary of net gains (losses) recorded in accumulated other comprehensive income - Interest Rate Contract [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivatives (Details) - Summary of net gains (losses) recorded in accumulated other comprehensive income [Line Items] | ||
Amount of gain (loss) recognized in OCI (Effective Portion) | $ 19,000 | $ 24 |
Amount of (gain) loss reclassified from OCI to interest income | 525 | 631 |
Amount of gain recognized in other Noninterest income (Ineffective Portion) |
Derivatives (Details) - Summa_2
Derivatives (Details) - Summary of cash flow hedges included in the consolidated balance sheets - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Summary of cash flow hedges included in the consolidated balance sheets [Abstract] | ||
Notional Amount | $ 425,000 | $ 475,000 |
Fair Value | $ 22,872 | $ 3,347 |
Loans and the Allowance for C_3
Loans and the Allowance for Credit Losses (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Loans and the Allowance for Credit Losses (Details) [Line Items] | ||
Commercial loan amount | $ 54,300,000 | $ 93,100,000 |
Loan balance amount | 2,500,000,000 | 2,500,000,000 |
TDRs total | 76,500,000 | 79,500,000 |
Nonaccrual status | 29,100,000 | 35,900,000 |
Restructured terms | 47,400,000 | 43,600,000 |
Specific allowance related to TDRs | 8,349,000 | 3,654,000 |
Principal paydown | 500,000 | |
Troubled Debt Restructuring [Member] | ||
Loans and the Allowance for Credit Losses (Details) [Line Items] | ||
Specific allowance related to TDRs | $ 9,100,000 | $ 10,400,000 |
Loans and the Allowance for C_4
Loans and the Allowance for Credit Losses (Details) - Schedule of Accounts, Notes, Loans and Financing Receivable - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | $ 6,987,973 | $ 6,838,351 | |
Net deferred loan fees | (8,378) | (9,729) | |
Total loans receivable | 6,979,595 | 6,828,622 | |
Commercial Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | [1] | 1,278,477 | 1,299,428 |
Commercial Real Estate Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 4,919,093 | 4,741,590 | |
Commercial Construction Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 539,058 | 540,178 | |
Residential Real Estate Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 250,205 | 255,269 | |
Consumer Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | $ 1,140 | $ 1,886 | |
[1] | Included in commercial loans as of March 31, 2022 and December 31, 2021 are PPP loans of $54.3 million and $93.1 million, respectively. |
Loans and the Allowance for C_5
Loans and the Allowance for Credit Losses (Details) - Loans held for sale - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Loans and the Allowance for Credit Losses (Details) - Loans held for sale [Line Items] | ||
Total carrying amount | $ 2,742 | $ 250 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans and the Allowance for Credit Losses (Details) - Loans held for sale [Line Items] | ||
Total carrying amount | 2,390 | |
Residential Real Estate Portfolio Segment [Member] | ||
Loans and the Allowance for Credit Losses (Details) - Loans held for sale [Line Items] | ||
Total carrying amount | $ 352 | $ 250 |
Loans and the Allowance for C_6
Loans and the Allowance for Credit Losses (Details) - Schedule of Financing Receivables, Non Accrual Status - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Nonaccrual [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 59,403 | $ 61,700 |
Nonaccrual Loans with an ACL [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 47,817 | 45,347 |
Nonaccrual Loans without an ACL [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 11,586 | 16,353 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 30,341 | 30,062 |
Commercial Portfolio Segment [Member] | Nonaccrual Loans with an ACL [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 29,148 | 28,746 |
Commercial Portfolio Segment [Member] | Nonaccrual Loans without an ACL [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,193 | 1,316 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 26,316 | 25,393 |
Commercial Real Estate Portfolio Segment [Member] | Nonaccrual Loans with an ACL [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 17,497 | 15,362 |
Commercial Real Estate Portfolio Segment [Member] | Nonaccrual Loans without an ACL [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 8,819 | 10,031 |
Commercial Construction Portfolio Segment [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 3,150 | |
Commercial Construction Portfolio Segment [Member] | Nonaccrual Loans with an ACL [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Commercial Construction Portfolio Segment [Member] | Nonaccrual Loans without an ACL [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 3,150 | |
Residential Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,746 | 3,095 |
Residential Real Estate Portfolio Segment [Member] | Nonaccrual Loans with an ACL [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,172 | 1,239 |
Residential Real Estate Portfolio Segment [Member] | Nonaccrual Loans without an ACL [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,574 | 1,856 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Consumer Portfolio Segment [Member] | Nonaccrual Loans with an ACL [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | ||
Consumer Portfolio Segment [Member] | Nonaccrual Loans without an ACL [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status |
Loans and the Allowance for C_7
Loans and the Allowance for Credit Losses (Details) - Financing Receivable Origination and Risk Designation - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
Commercial | |||
2022 | $ 421,331 | ||
2021 | 2,055,989 | $ 2,134,132 | |
2020 | 603,739 | 637,882 | |
2019 | 472,736 | 517,603 | |
2018 | 570,375 | 574,284 | |
Prior | 1,616,731 | 1,103,922 | |
Revolving loans | 1,247,072 | 1,231,435 | |
Gross loans | 6,987,973 | 6,838,351 | |
8.5 | 639,093 | ||
Pass [Member] | |||
Commercial | |||
2022 | 420,883 | ||
2021 | 2,053,867 | 2,131,994 | |
2020 | 599,239 | 628,843 | |
2019 | 460,445 | 511,755 | |
2018 | 536,745 | 540,362 | |
Prior | 1,505,669 | 995,045 | |
Revolving loans | 1,190,720 | 1,176,772 | |
Gross loans | 6,767,568 | 6,608,631 | |
8.5 | 623,860 | ||
Special Mention [Member] | |||
Commercial | |||
2022 | |||
2021 | |||
2020 | |||
2019 | 3,340 | ||
2018 | 982 | ||
Prior | 63,638 | 54,483 | |
Revolving loans | 21,290 | 12,310 | |
Gross loans | 89,250 | 72,286 | |
8.5 | 5,493 | ||
Substandard [Member] | |||
Commercial | |||
2022 | 448 | ||
2021 | 2,122 | 2,138 | |
2020 | 4,500 | 9,039 | |
2019 | 8,951 | 5,848 | |
2018 | 32,648 | 33,922 | |
Prior | 47,424 | 54,394 | |
Revolving loans | 35,062 | 42,353 | |
Gross loans | 131,155 | 157,434 | |
8.5 | 9,740 | ||
Doubtful [Member] | |||
Commercial | |||
2022 | |||
2021 | |||
2020 | |||
2019 | |||
2018 | |||
Prior | |||
Revolving loans | |||
Gross loans | |||
8.5 | |||
Commercial Portfolio Segment [Member] | |||
Commercial | |||
2022 | 39,215 | ||
2021 | 371,595 | 403,373 | |
2020 | 56,980 | 58,534 | |
2019 | 43,478 | 56,327 | |
2018 | 71,065 | 73,707 | |
Prior | 206,014 | 111,625 | |
Revolving loans | 490,130 | 490,394 | |
Gross loans | [1] | 1,278,477 | 1,299,428 |
8.5 | 105,468 | ||
Commercial Portfolio Segment [Member] | Pass [Member] | |||
Commercial | |||
2022 | 38,767 | ||
2021 | 371,431 | 403,203 | |
2020 | 56,980 | 58,534 | |
2019 | 41,829 | 54,485 | |
2018 | 58,230 | 60,409 | |
Prior | 175,970 | 86,556 | |
Revolving loans | 471,742 | 471,588 | |
Gross loans | 1,214,949 | 1,230,502 | |
8.5 | 95,727 | ||
Commercial Portfolio Segment [Member] | Special Mention [Member] | |||
Commercial | |||
2022 | |||
2021 | |||
2020 | |||
2019 | |||
2018 | 632 | ||
Prior | 9,656 | 4,045 | |
Revolving loans | 4,310 | 4,266 | |
Gross loans | 14,598 | 8,312 | |
8.5 | 1 | ||
Commercial Portfolio Segment [Member] | Substandard [Member] | |||
Commercial | |||
2022 | 448 | ||
2021 | 164 | 170 | |
2020 | |||
2019 | 1,649 | 1,842 | |
2018 | 12,203 | 13,298 | |
Prior | 20,388 | 21,024 | |
Revolving loans | 14,078 | 14,540 | |
Gross loans | 48,930 | 60,614 | |
8.5 | 9,740 | ||
Commercial Portfolio Segment [Member] | Doubtful [Member] | |||
Commercial | |||
2022 | |||
2021 | |||
2020 | |||
2019 | |||
2018 | |||
Prior | |||
Revolving loans | |||
Gross loans | |||
8.5 | |||
Commercial Real Estate Portfolio Segment [Member] | |||
Commercial | |||
2022 | 371,604 | ||
2021 | 1,656,971 | 1,694,066 | |
2020 | 511,617 | 542,354 | |
2019 | 399,659 | 425,001 | |
2018 | 472,754 | 472,886 | |
Prior | 1,316,184 | 918,790 | |
Revolving loans | 190,304 | 186,286 | |
Gross loans | 4,919,093 | 4,741,590 | |
8.5 | 502,207 | ||
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | |||
Commercial | |||
2022 | 371,604 | ||
2021 | 1,655,013 | 1,692,098 | |
2020 | 507,117 | 533,315 | |
2019 | 389,017 | 420,995 | |
2018 | 452,309 | 452,262 | |
Prior | 1,241,085 | 842,244 | |
Revolving loans | 166,342 | 170,721 | |
Gross loans | 4,782,487 | 4,608,700 | |
8.5 | 497,065 | ||
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | |||
Commercial | |||
2022 | |||
2021 | |||
2020 | |||
2019 | 3,340 | ||
2018 | |||
Prior | 53,982 | 50,438 | |
Revolving loans | 15,537 | 6,601 | |
Gross loans | 72,859 | 62,181 | |
8.5 | 5,142 | ||
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | |||
Commercial | |||
2022 | |||
2021 | 1,958 | 1,968 | |
2020 | 4,500 | 9,039 | |
2019 | 7,302 | 4,006 | |
2018 | 20,445 | 20,624 | |
Prior | 21,117 | 26,108 | |
Revolving loans | 8,425 | 8,964 | |
Gross loans | 63,747 | 70,709 | |
8.5 | |||
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | |||
Commercial | |||
2022 | |||
2021 | |||
2020 | |||
2019 | |||
2018 | |||
Prior | |||
Revolving loans | |||
Gross loans | |||
8.5 | |||
Commercial Construction Portfolio Segment [Member] | |||
Commercial | |||
2022 | |||
2021 | 1,518 | 8,018 | |
2020 | 7,370 | 7,370 | |
2019 | 6,508 | 12,625 | |
2018 | 2,950 | 2,600 | |
Prior | |||
Revolving loans | 520,712 | 506,876 | |
Gross loans | 539,058 | 540,178 | |
8.5 | 2,689 | ||
Commercial Construction Portfolio Segment [Member] | Pass [Member] | |||
Commercial | |||
2022 | |||
2021 | 1,518 | 8,018 | |
2020 | 7,370 | 7,370 | |
2019 | 6,508 | 12,625 | |
2018 | 2,600 | 2,600 | |
Prior | |||
Revolving loans | 510,174 | 490,119 | |
Gross loans | 528,170 | 523,071 | |
8.5 | 2,339 | ||
Commercial Construction Portfolio Segment [Member] | Special Mention [Member] | |||
Commercial | |||
2022 | |||
2021 | |||
2020 | |||
2019 | |||
2018 | 350 | ||
Prior | |||
Revolving loans | 1,443 | 1,443 | |
Gross loans | 1,793 | 1,793 | |
8.5 | 350 | ||
Commercial Construction Portfolio Segment [Member] | Substandard [Member] | |||
Commercial | |||
2022 | |||
2021 | |||
2020 | |||
2019 | |||
2018 | |||
Prior | |||
Revolving loans | 9,095 | 15,314 | |
Gross loans | 9,095 | 15,314 | |
8.5 | |||
Commercial Construction Portfolio Segment [Member] | Doubtful [Member] | |||
Commercial | |||
2022 | |||
2021 | |||
2020 | |||
2019 | |||
2018 | |||
Prior | |||
Revolving loans | |||
Gross loans | |||
8.5 | |||
Residential Real Estate Portfolio Segment [Member] | |||
Commercial | |||
2022 | 9,604 | ||
2021 | 25,905 | 27,081 | |
2020 | 27,697 | 29,539 | |
2019 | 23,056 | 23,611 | |
2018 | 23,589 | 25,070 | |
Prior | 94,529 | 73,511 | |
Revolving loans | 45,825 | 47,756 | |
Gross loans | 250,205 | 255,269 | |
8.5 | 28,701 | ||
Residential Real Estate Portfolio Segment [Member] | Pass [Member] | |||
Commercial | |||
2022 | 9,604 | ||
2021 | 25,905 | 27,081 | |
2020 | 27,697 | 29,539 | |
2019 | 23,056 | 23,611 | |
2018 | 23,589 | 25,070 | |
Prior | 88,610 | 66,249 | |
Revolving loans | 42,361 | 44,221 | |
Gross loans | 240,822 | 244,472 | |
8.5 | 28,701 | ||
Residential Real Estate Portfolio Segment [Member] | Special Mention [Member] | |||
Commercial | |||
2022 | |||
2021 | |||
2020 | |||
2019 | |||
2018 | |||
Prior | |||
Revolving loans | |||
Gross loans | |||
8.5 | |||
Residential Real Estate Portfolio Segment [Member] | Substandard [Member] | |||
Commercial | |||
2022 | |||
2021 | |||
2020 | |||
2019 | |||
2018 | |||
Prior | 5,919 | 7,262 | |
Revolving loans | 3,464 | 3,535 | |
Gross loans | 9,383 | 10,797 | |
8.5 | |||
Residential Real Estate Portfolio Segment [Member] | Doubtful [Member] | |||
Commercial | |||
2022 | |||
2021 | |||
2020 | |||
2019 | |||
2018 | |||
Prior | |||
Revolving loans | |||
Gross loans | |||
8.5 | |||
Consumer Portfolio Segment [Member] | |||
Commercial | |||
2022 | 908 | ||
2021 | 1,594 | ||
2020 | 75 | 85 | |
2019 | 35 | 39 | |
2018 | 17 | 21 | |
Prior | 4 | (4) | |
Revolving loans | 101 | 123 | |
Gross loans | 1,140 | 1,886 | |
8.5 | 28 | ||
Consumer Portfolio Segment [Member] | Pass [Member] | |||
Commercial | |||
2022 | 908 | ||
2021 | 1,594 | ||
2020 | 75 | 85 | |
2019 | 35 | 39 | |
2018 | 17 | 21 | |
Prior | 4 | (4) | |
Revolving loans | 101 | 123 | |
Gross loans | 1,140 | 1,886 | |
8.5 | 28 | ||
Consumer Portfolio Segment [Member] | Special Mention [Member] | |||
Commercial | |||
2022 | |||
2021 | |||
2020 | |||
2019 | |||
2018 | |||
Prior | |||
Revolving loans | |||
Gross loans | |||
8.5 | |||
Consumer Portfolio Segment [Member] | Substandard [Member] | |||
Commercial | |||
2022 | |||
2021 | |||
2020 | |||
2019 | |||
2018 | |||
Prior | |||
Revolving loans | |||
Gross loans | |||
8.5 | |||
Consumer Portfolio Segment [Member] | Doubtful [Member] | |||
Commercial | |||
2022 | |||
2021 | |||
2020 | |||
2019 | |||
2018 | |||
Prior | |||
Revolving loans | |||
Gross loans | |||
8.5 | |||
[1] | Included in commercial loans as of March 31, 2022 and December 31, 2021 are PPP loans of $54.3 million and $93.1 million, respectively. |
Loans and the Allowance for C_8
Loans and the Allowance for Credit Losses (Details) - Schedule of Fair Value of Collateral - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Loans and the Allowance for Credit Losses (Details) - Schedule of Fair Value of Collateral [Line Items] | ||
Fair value of collateral | $ 109,425 | $ 109,863 |
Real Estate [Member] | ||
Loans and the Allowance for Credit Losses (Details) - Schedule of Fair Value of Collateral [Line Items] | ||
Fair value of collateral | 83,443 | 83,681 |
Other [Member] | ||
Loans and the Allowance for Credit Losses (Details) - Schedule of Fair Value of Collateral [Line Items] | ||
Fair value of collateral | 25,982 | 26,182 |
Commercial Portfolio Segment [Member] | ||
Loans and the Allowance for Credit Losses (Details) - Schedule of Fair Value of Collateral [Line Items] | ||
Fair value of collateral | 32,102 | 32,567 |
Commercial Portfolio Segment [Member] | Real Estate [Member] | ||
Loans and the Allowance for Credit Losses (Details) - Schedule of Fair Value of Collateral [Line Items] | ||
Fair value of collateral | 6,120 | 6,385 |
Commercial Portfolio Segment [Member] | Other [Member] | ||
Loans and the Allowance for Credit Losses (Details) - Schedule of Fair Value of Collateral [Line Items] | ||
Fair value of collateral | 25,982 | 26,182 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans and the Allowance for Credit Losses (Details) - Schedule of Fair Value of Collateral [Line Items] | ||
Fair value of collateral | 62,753 | 55,244 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate [Member] | ||
Loans and the Allowance for Credit Losses (Details) - Schedule of Fair Value of Collateral [Line Items] | ||
Fair value of collateral | 62,753 | 55,244 |
Commercial Real Estate Portfolio Segment [Member] | Other [Member] | ||
Loans and the Allowance for Credit Losses (Details) - Schedule of Fair Value of Collateral [Line Items] | ||
Fair value of collateral | ||
Commercial Construction Portfolio Segment [Member] | ||
Loans and the Allowance for Credit Losses (Details) - Schedule of Fair Value of Collateral [Line Items] | ||
Fair value of collateral | 7,042 | 13,196 |
Commercial Construction Portfolio Segment [Member] | Real Estate [Member] | ||
Loans and the Allowance for Credit Losses (Details) - Schedule of Fair Value of Collateral [Line Items] | ||
Fair value of collateral | 7,042 | 13,196 |
Commercial Construction Portfolio Segment [Member] | Other [Member] | ||
Loans and the Allowance for Credit Losses (Details) - Schedule of Fair Value of Collateral [Line Items] | ||
Fair value of collateral | ||
Residential Real Estate Portfolio Segment [Member] | ||
Loans and the Allowance for Credit Losses (Details) - Schedule of Fair Value of Collateral [Line Items] | ||
Fair value of collateral | 7,528 | 8,856 |
Residential Real Estate Portfolio Segment [Member] | Real Estate [Member] | ||
Loans and the Allowance for Credit Losses (Details) - Schedule of Fair Value of Collateral [Line Items] | ||
Fair value of collateral | 7,528 | 8,856 |
Residential Real Estate Portfolio Segment [Member] | Other [Member] | ||
Loans and the Allowance for Credit Losses (Details) - Schedule of Fair Value of Collateral [Line Items] | ||
Fair value of collateral | ||
Consumer Portfolio Segment [Member] | ||
Loans and the Allowance for Credit Losses (Details) - Schedule of Fair Value of Collateral [Line Items] | ||
Fair value of collateral | ||
Consumer Portfolio Segment [Member] | Real Estate [Member] | ||
Loans and the Allowance for Credit Losses (Details) - Schedule of Fair Value of Collateral [Line Items] | ||
Fair value of collateral | ||
Consumer Portfolio Segment [Member] | Other [Member] | ||
Loans and the Allowance for Credit Losses (Details) - Schedule of Fair Value of Collateral [Line Items] | ||
Fair value of collateral |
Loans and the Allowance for C_9
Loans and the Allowance for Credit Losses (Details) - Past Due Financing Receivables - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Nonaccrual | $ 80,535 | $ 84,625 |
Nonaccrual | 59,403 | 61,700 |
Gross Loans | 6,987,973 | 6,838,351 |
30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Nonaccrual | 8,752 | 7,364 |
60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Nonaccrual | 2,030 | |
90 Days or Greater Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Nonaccrual | 12,380 | 13,531 |
Current [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Nonaccrual | 6,907,438 | 6,753,726 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Nonaccrual | 38,322 | 39,553 |
Nonaccrual | 30,341 | 30,062 |
Gross Loans | 1,278,477 | 1,299,428 |
Commercial Portfolio Segment [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Nonaccrual | 3,561 | 4,305 |
Commercial Portfolio Segment [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Nonaccrual | 729 | |
Commercial Portfolio Segment [Member] | 90 Days or Greater Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Nonaccrual | 4,420 | 4,457 |
Commercial Portfolio Segment [Member] | Current [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Nonaccrual | 1,240,155 | 1,259,875 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Nonaccrual | 35,262 | 33,959 |
Nonaccrual | 26,316 | 25,393 |
Gross Loans | 4,919,093 | 4,741,590 |
Commercial Real Estate Portfolio Segment [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Nonaccrual | 3,098 | 1,622 |
Commercial Real Estate Portfolio Segment [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Nonaccrual | 1,009 | |
Commercial Real Estate Portfolio Segment [Member] | 90 Days or Greater Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Nonaccrual | 5,848 | 5,935 |
Commercial Real Estate Portfolio Segment [Member] | Current [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Nonaccrual | 4,883,831 | 4,707,631 |
Commercial Construction Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Nonaccrual | 123 | 3,150 |
Nonaccrual | 3,150 | |
Gross Loans | 539,058 | 540,178 |
Commercial Construction Portfolio Segment [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Nonaccrual | 123 | |
Commercial Construction Portfolio Segment [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Nonaccrual | ||
Commercial Construction Portfolio Segment [Member] | 90 Days or Greater Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Nonaccrual | ||
Commercial Construction Portfolio Segment [Member] | Current [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Nonaccrual | 538,935 | 537,028 |
Residential Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Nonaccrual | 6,203 | 7,963 |
Nonaccrual | 2,746 | 3,095 |
Gross Loans | 250,205 | 255,269 |
Residential Real Estate Portfolio Segment [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Nonaccrual | 1,970 | 1,437 |
Residential Real Estate Portfolio Segment [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Nonaccrual | 292 | |
Residential Real Estate Portfolio Segment [Member] | 90 Days or Greater Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Nonaccrual | 1,487 | 3,139 |
Residential Real Estate Portfolio Segment [Member] | Current [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Nonaccrual | 244,002 | 247,306 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Nonaccrual | 625 | |
Nonaccrual | ||
Gross Loans | 1,140 | 1,886 |
Consumer Portfolio Segment [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Nonaccrual | ||
Consumer Portfolio Segment [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Nonaccrual | ||
Consumer Portfolio Segment [Member] | 90 Days or Greater Past Due and Still Accruing [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Nonaccrual | 625 | |
Consumer Portfolio Segment [Member] | Current [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Nonaccrual | $ 515 | $ 1,886 |
Loans and the Allowance for _10
Loans and the Allowance for Credit Losses (Details) - Schedule of Recorded Investment in Financing Receivables - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Loans and the Allowance for Credit Losses (Details) - Schedule of Recorded Investment in Financing Receivables [Line Items] | ||
Allowance for credit losses - loans, Individually evaluated impairment | $ 15,981 | $ 16,217 |
Allowance for credit losses - loans, Collectively evaluated impairment | 59,891 | 58,358 |
Allowance for credit losses - loans, Acquired with deteriorated credit quality individually analyzed | 4,198 | 4,198 |
Total | 80,070 | 78,773 |
Gross loans, Individually evaluated impairment | 103,586 | 101,949 |
Gross loans, Collectively evaluated impairment | 6,871,331 | 6,722,164 |
Gross loans, Acquired with deteriorated credit quality individually analyzed | 13,056 | 14,238 |
Total | 6,987,973 | 6,838,351 |
Commercial Portfolio Segment [Member] | ||
Loans and the Allowance for Credit Losses (Details) - Schedule of Recorded Investment in Financing Receivables [Line Items] | ||
Allowance for credit losses - loans, Individually evaluated impairment | 14,028 | 15,131 |
Allowance for credit losses - loans, Collectively evaluated impairment | 9,154 | 8,561 |
Allowance for credit losses - loans, Acquired with deteriorated credit quality individually analyzed | 2,277 | 2,277 |
Total | 25,459 | 25,969 |
Gross loans, Individually evaluated impairment | 34,224 | 33,726 |
Gross loans, Collectively evaluated impairment | 1,239,157 | 1,260,537 |
Gross loans, Acquired with deteriorated credit quality individually analyzed | 5,096 | 5,165 |
Total | 1,278,477 | 1,299,428 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans and the Allowance for Credit Losses (Details) - Schedule of Recorded Investment in Financing Receivables [Line Items] | ||
Allowance for credit losses - loans, Individually evaluated impairment | 1,859 | 955 |
Allowance for credit losses - loans, Collectively evaluated impairment | 44,088 | 42,713 |
Allowance for credit losses - loans, Acquired with deteriorated credit quality individually analyzed | 1,921 | 1,921 |
Total | 47,868 | 45,589 |
Gross loans, Individually evaluated impairment | 56,905 | 49,310 |
Gross loans, Collectively evaluated impairment | 4,856,340 | 4,686,346 |
Gross loans, Acquired with deteriorated credit quality individually analyzed | 5,848 | 5,934 |
Total | 4,919,093 | 4,741,590 |
Commercial Construction Portfolio Segment [Member] | ||
Loans and the Allowance for Credit Losses (Details) - Schedule of Recorded Investment in Financing Receivables [Line Items] | ||
Allowance for credit losses - loans, Individually evaluated impairment | ||
Allowance for credit losses - loans, Collectively evaluated impairment | 3,281 | 3,580 |
Allowance for credit losses - loans, Acquired with deteriorated credit quality individually analyzed | ||
Total | 3,281 | 3,580 |
Gross loans, Individually evaluated impairment | 7,042 | 13,196 |
Gross loans, Collectively evaluated impairment | 532,016 | 526,982 |
Gross loans, Acquired with deteriorated credit quality individually analyzed | ||
Total | 539,058 | 540,178 |
Residential Real Estate Portfolio Segment [Member] | ||
Loans and the Allowance for Credit Losses (Details) - Schedule of Recorded Investment in Financing Receivables [Line Items] | ||
Allowance for credit losses - loans, Individually evaluated impairment | 94 | 131 |
Allowance for credit losses - loans, Collectively evaluated impairment | 3,361 | 3,497 |
Allowance for credit losses - loans, Acquired with deteriorated credit quality individually analyzed | ||
Total | 3,455 | 3,628 |
Gross loans, Individually evaluated impairment | 5,415 | 5,717 |
Gross loans, Collectively evaluated impairment | 242,678 | 246,413 |
Gross loans, Acquired with deteriorated credit quality individually analyzed | 2,112 | 3,139 |
Total | 250,205 | 255,269 |
Consumer Portfolio Segment [Member] | ||
Loans and the Allowance for Credit Losses (Details) - Schedule of Recorded Investment in Financing Receivables [Line Items] | ||
Allowance for credit losses - loans, Individually evaluated impairment | ||
Allowance for credit losses - loans, Collectively evaluated impairment | 7 | 7 |
Allowance for credit losses - loans, Acquired with deteriorated credit quality individually analyzed | ||
Total | 7 | 7 |
Gross loans, Individually evaluated impairment | ||
Gross loans, Collectively evaluated impairment | 1,140 | 1,886 |
Gross loans, Acquired with deteriorated credit quality individually analyzed | ||
Total | $ 1,140 | $ 1,886 |
Loans and the Allowance for _11
Loans and the Allowance for Credit Losses (Details) - Allowance for Credit Losses on Financing Receivables - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Balance | $ 78,773 | $ 79,226 |
Day 1 effect of CECL | 6,557 | |
Balance as of January 1, 2021 as adjusted for changes in accounting principle | 85,783 | |
Charge-offs | (274) | |
Recoveries | 32 | 61 |
(Reversal of) provision for credit losses (loans) | 1,539 | (5,276) |
Balance | 80,070 | 80,568 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Balance | 25,969 | 28,443 |
Day 1 effect of CECL | (4,225) | |
Balance as of January 1, 2021 as adjusted for changes in accounting principle | 24,218 | |
Charge-offs | (49) | |
Recoveries | 1 | 60 |
(Reversal of) provision for credit losses (loans) | (462) | 2,157 |
Balance | 25,459 | 26,435 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Balance | 45,589 | 39,330 |
Day 1 effect of CECL | 9,605 | |
Balance as of January 1, 2021 as adjusted for changes in accounting principle | 48,935 | |
Charge-offs | (225) | |
Recoveries | ||
(Reversal of) provision for credit losses (loans) | 2,504 | (5,038) |
Balance | 47,868 | 43,897 |
Commercial Construction Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Balance | 3,580 | 8,194 |
Day 1 effect of CECL | (961) | |
Balance as of January 1, 2021 as adjusted for changes in accounting principle | 7,233 | |
Charge-offs | ||
Recoveries | ||
(Reversal of) provision for credit losses (loans) | (299) | (1,712) |
Balance | 3,281 | 5,521 |
Residential Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Balance | 3,628 | 2,687 |
Day 1 effect of CECL | 2,697 | |
Balance as of January 1, 2021 as adjusted for changes in accounting principle | 5,384 | |
Charge-offs | ||
Recoveries | 31 | |
(Reversal of) provision for credit losses (loans) | (204) | (680) |
Balance | 3,455 | 4,704 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Balance | 7 | 4 |
Day 1 effect of CECL | 9 | |
Balance as of January 1, 2021 as adjusted for changes in accounting principle | 13 | |
Charge-offs | ||
Recoveries | 1 | |
(Reversal of) provision for credit losses (loans) | (3) | |
Balance | 7 | 11 |
Unallocated [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Balance | 568 | |
Day 1 effect of CECL | (568) | |
Balance as of January 1, 2021 as adjusted for changes in accounting principle | ||
Charge-offs | ||
Recoveries | ||
(Reversal of) provision for credit losses (loans) | ||
Balance |
Loans and the Allowance for _12
Loans and the Allowance for Credit Losses (Details) - Schedule of Debtor Troubled Debt Restructuring, Current Period $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) | |
Troubled debt restructurings: | ||
Number of Loans | 2 | 3 |
Pre-Modification Outstanding Recorded Investment | $ 8,849 | $ 3,654 |
Post-Modification Outstanding Recorded Investment | $ 8,349 | $ 3,654 |
Commercial Portfolio Segment [Member] | ||
Troubled debt restructurings: | ||
Number of Loans | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 98 | |
Post-Modification Outstanding Recorded Investment | $ 98 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Troubled debt restructurings: | ||
Number of Loans | 1 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 8,751 | $ 1,658 |
Post-Modification Outstanding Recorded Investment | $ 8,251 | $ 1,658 |
Residential Real Estate Portfolio Segment [Member] | ||
Troubled debt restructurings: | ||
Number of Loans | 2 | |
Pre-Modification Outstanding Recorded Investment | $ 1,996 | |
Post-Modification Outstanding Recorded Investment | $ 1,996 |
Loans and the Allowance for _13
Loans and the Allowance for Credit Losses (Details) - Schedule of ACL for off-balance sheet credit exposure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Schedule of ACL for off-balance sheet credit exposure [Abstract] | ||
Balance | $ 2,351 | |
Day 1 Effect of CECL | 2,833 | |
(Reversal of) provision for credit losses (unfunded commitments) | (89) | (490) |
Balance | $ 2,262 | $ 2,343 |
Loans and the Allowance for _14
Loans and the Allowance for Credit Losses (Details) - Schedule of (Reversal of) provision for credit losses - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Schedule of (Reversal of) provision for credit losses [Abstract] | ||
Provision for (Reversal of) credit losses (loans) | $ 1,539 | $ (5,276) |
Reversal of credit losses (unfunded commitments) | (89) | (490) |
Provision for (Reversal of) credit losses | $ 1,450 | $ (5,766) |
Fair Value Measurements and F_3
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Impaired Loans [Member] - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value Measurements and Fair Value of Financial Instruments (Details) [Line Items] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | $ 62.4 | $ 54.1 |
Impaired Financing Receivable, Related Allowance | $ 16.9 | $ 17.8 |
Fair Value Measurements and F_4
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Fair Value on a recurring basis - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Available-for-sale: | ||
Securities available-for-sale | $ 512,030 | $ 534,507 |
Derivatives | 22,872 | 3,347 |
Recurring [Member] | ||
Available-for-sale: | ||
Securities available-for-sale | 512,030 | 534,507 |
Equity securities | 13,198 | 13,794 |
Derivatives | 22,872 | 3,347 |
Total assets | 548,100 | 551,648 |
Federal agency obligations [Member] | ||
Available-for-sale: | ||
Securities available-for-sale | 48,549 | 50,360 |
Residential mortgage pass-through securities [Member] | ||
Available-for-sale: | ||
Securities available-for-sale | 300,976 | 316,095 |
Commercial mortgage pass-through securities [Member] | ||
Available-for-sale: | ||
Securities available-for-sale | 17,408 | 10,469 |
Obligations of U.S. states and political subdivisions [Member] | ||
Available-for-sale: | ||
Securities available-for-sale | 137,051 | 145,625 |
Corporate bonds and notes [Member] | ||
Available-for-sale: | ||
Securities available-for-sale | 5,501 | 9,049 |
Asset-backed securities [Member] | ||
Available-for-sale: | ||
Securities available-for-sale | 2,354 | 2,564 |
Certificates of deposit [Member] | ||
Available-for-sale: | ||
Securities available-for-sale | 150 | |
Other securities [Member] | ||
Available-for-sale: | ||
Securities available-for-sale | 191 | 195 |
Fair Value, Inputs, Level 1 [Member] | Recurring [Member] | ||
Available-for-sale: | ||
Securities available-for-sale | 191 | 195 |
Equity securities | 10,550 | 11,081 |
Derivatives | ||
Total assets | 10,741 | 11,276 |
Fair Value, Inputs, Level 1 [Member] | Federal agency obligations [Member] | ||
Available-for-sale: | ||
Securities available-for-sale | ||
Fair Value, Inputs, Level 1 [Member] | Residential mortgage pass-through securities [Member] | ||
Available-for-sale: | ||
Securities available-for-sale | ||
Fair Value, Inputs, Level 1 [Member] | Commercial mortgage pass-through securities [Member] | ||
Available-for-sale: | ||
Securities available-for-sale | ||
Fair Value, Inputs, Level 1 [Member] | Obligations of U.S. states and political subdivisions [Member] | ||
Available-for-sale: | ||
Securities available-for-sale | ||
Fair Value, Inputs, Level 1 [Member] | Corporate bonds and notes [Member] | ||
Available-for-sale: | ||
Securities available-for-sale | ||
Fair Value, Inputs, Level 1 [Member] | Asset-backed securities [Member] | ||
Available-for-sale: | ||
Securities available-for-sale | ||
Fair Value, Inputs, Level 1 [Member] | Certificates of deposit [Member] | ||
Available-for-sale: | ||
Securities available-for-sale | ||
Fair Value, Inputs, Level 1 [Member] | Other securities [Member] | ||
Available-for-sale: | ||
Securities available-for-sale | 191 | 195 |
Fair Value, Inputs, Level 2 [Member] | Recurring [Member] | ||
Available-for-sale: | ||
Securities available-for-sale | 503,346 | 525,747 |
Equity securities | 2,648 | 2,713 |
Derivatives | 22,872 | 3,347 |
Total assets | 528,866 | 531,807 |
Fair Value, Inputs, Level 2 [Member] | Federal agency obligations [Member] | ||
Available-for-sale: | ||
Securities available-for-sale | 48,549 | 50,360 |
Fair Value, Inputs, Level 2 [Member] | Residential mortgage pass-through securities [Member] | ||
Available-for-sale: | ||
Securities available-for-sale | 300,976 | 316,095 |
Fair Value, Inputs, Level 2 [Member] | Commercial mortgage pass-through securities [Member] | ||
Available-for-sale: | ||
Securities available-for-sale | 17,408 | 10,469 |
Fair Value, Inputs, Level 2 [Member] | Obligations of U.S. states and political subdivisions [Member] | ||
Available-for-sale: | ||
Securities available-for-sale | 128,558 | 137,060 |
Fair Value, Inputs, Level 2 [Member] | Corporate bonds and notes [Member] | ||
Available-for-sale: | ||
Securities available-for-sale | 5,501 | 9,049 |
Fair Value, Inputs, Level 2 [Member] | Asset-backed securities [Member] | ||
Available-for-sale: | ||
Securities available-for-sale | 2,354 | 2,564 |
Fair Value, Inputs, Level 2 [Member] | Certificates of deposit [Member] | ||
Available-for-sale: | ||
Securities available-for-sale | 150 | |
Fair Value, Inputs, Level 2 [Member] | Other securities [Member] | ||
Available-for-sale: | ||
Securities available-for-sale | ||
Fair Value, Inputs, Level 3 [Member] | Recurring [Member] | ||
Available-for-sale: | ||
Securities available-for-sale | 8,493 | 8,565 |
Equity securities | ||
Derivatives | ||
Total assets | 8,493 | 8,565 |
Fair Value, Inputs, Level 3 [Member] | Federal agency obligations [Member] | ||
Available-for-sale: | ||
Securities available-for-sale | ||
Fair Value, Inputs, Level 3 [Member] | Residential mortgage pass-through securities [Member] | ||
Available-for-sale: | ||
Securities available-for-sale | ||
Fair Value, Inputs, Level 3 [Member] | Commercial mortgage pass-through securities [Member] | ||
Available-for-sale: | ||
Securities available-for-sale | ||
Fair Value, Inputs, Level 3 [Member] | Obligations of U.S. states and political subdivisions [Member] | ||
Available-for-sale: | ||
Securities available-for-sale | 8,493 | 8,565 |
Fair Value, Inputs, Level 3 [Member] | Corporate bonds and notes [Member] | ||
Available-for-sale: | ||
Securities available-for-sale | ||
Fair Value, Inputs, Level 3 [Member] | Asset-backed securities [Member] | ||
Available-for-sale: | ||
Securities available-for-sale | ||
Fair Value, Inputs, Level 3 [Member] | Certificates of deposit [Member] | ||
Available-for-sale: | ||
Securities available-for-sale | ||
Fair Value, Inputs, Level 3 [Member] | Other securities [Member] | ||
Available-for-sale: | ||
Securities available-for-sale |
Fair Value Measurements and F_5
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Assets at Fair Value on Non-Recurring - Fair Value, Nonrecurring [Member] - Impaired Loans [Member] - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Commercial Portfolio Segment [Member] | ||
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Assets at Fair Value on Non-Recurring [Line Items] | ||
Fair value | $ 14,698 | $ 13,399 |
Commercial Real Estate Portfolio Segment [Member] | ||
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Assets at Fair Value on Non-Recurring [Line Items] | ||
Fair value | 29,370 | 20,185 |
Residential Real Estate Portfolio Segment [Member] | ||
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Assets at Fair Value on Non-Recurring [Line Items] | ||
Fair value | 1,366 | 2,794 |
Fair Value, Inputs, Level 1 [Member] | Commercial Portfolio Segment [Member] | ||
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Assets at Fair Value on Non-Recurring [Line Items] | ||
Fair value | ||
Fair Value, Inputs, Level 1 [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Assets at Fair Value on Non-Recurring [Line Items] | ||
Fair value | ||
Fair Value, Inputs, Level 1 [Member] | Residential Real Estate Portfolio Segment [Member] | ||
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Assets at Fair Value on Non-Recurring [Line Items] | ||
Fair value | ||
Fair Value, Inputs, Level 2 [Member] | Commercial Portfolio Segment [Member] | ||
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Assets at Fair Value on Non-Recurring [Line Items] | ||
Fair value | ||
Fair Value, Inputs, Level 2 [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Assets at Fair Value on Non-Recurring [Line Items] | ||
Fair value | ||
Fair Value, Inputs, Level 2 [Member] | Residential Real Estate Portfolio Segment [Member] | ||
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Assets at Fair Value on Non-Recurring [Line Items] | ||
Fair value | ||
Fair Value, Inputs, Level 3 [Member] | Commercial Portfolio Segment [Member] | ||
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Assets at Fair Value on Non-Recurring [Line Items] | ||
Fair value | 14,698 | 13,399 |
Fair Value, Inputs, Level 3 [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Assets at Fair Value on Non-Recurring [Line Items] | ||
Fair value | 29,370 | 20,185 |
Fair Value, Inputs, Level 3 [Member] | Residential Real Estate Portfolio Segment [Member] | ||
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Assets at Fair Value on Non-Recurring [Line Items] | ||
Fair value | $ 1,366 | $ 2,794 |
Fair Value Measurements and F_6
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of fair value recurring basis - Municipal Securities [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of fair value recurring basis [Line Items] | ||
Balance of recurring Level 3 assets at December 31 | $ 8,565 | $ 8,844 |
Principal paydowns | (72) | (279) |
Balance of recurring Level 3 assets At March 31 | $ 8,493 | $ 8,565 |
Fair Value Measurements and F_7
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of fair value on recurring item basis - Municipal Securities [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value | $ 8,493 | $ 8,565 |
Valuation Techniques | Discounted cash flows | Discounted cash flows |
Unobservable Input | Discount rate | Discount rate |
Range | 2.90% | 2.90% |
Fair Value Measurements and F_8
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Fair Value on a non-recurring basis - Impaired Loans [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Commercial Portfolio Segment [Member] | ||
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Fair Value on a non-recurring basis [Line Items] | ||
Fair Value (in Dollars) | $ 13,993 | $ 12,193 |
Valuation Technique | Market approach (100%) | Market approach (100%) |
Unobservable Inputs | Average transfer price as a price to unpaid principal balance | Average transfer price as a price to unpaid principal balance |
Commercial Portfolio Segment [Member] | Market Approach [Member] | ||
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Fair Value on a non-recurring basis [Line Items] | ||
Capitalization rate | (57.00%) | (49.00%) |
Commercial Portfolio Segment [Member] | Market Approach [Member] | Minimum [Member] | ||
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Fair Value on a non-recurring basis [Line Items] | ||
Capitalization rate | 56.00% | 48.00% |
Commercial Portfolio Segment [Member] | Market Approach [Member] | Maximum [Member] | ||
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Fair Value on a non-recurring basis [Line Items] | ||
Capitalization rate | 85.00% | 73.00% |
Commercial Portfolio Segment1 [Member] | ||
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Fair Value on a non-recurring basis [Line Items] | ||
Fair Value (in Dollars) | $ 705 | $ 1,206 |
Valuation Technique | Appraisals of collateral value | Appraisals of collateral value |
Unobservable Inputs | Comparable sales | Adjustment for comparable sales |
Commercial Portfolio Segment1 [Member] | Market Approach [Member] | Minimum [Member] | ||
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Fair Value on a non-recurring basis [Line Items] | ||
Capitalization rate | 10.00% | 10.00% |
Commercial Portfolio Segment1 [Member] | Market Approach [Member] | Maximum [Member] | ||
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Fair Value on a non-recurring basis [Line Items] | ||
Capitalization rate | 35.00% | 35.00% |
Commercial Real Estate [Member] | ||
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Fair Value on a non-recurring basis [Line Items] | ||
Fair Value (in Dollars) | $ 29,370 | $ 20,185 |
Valuation Technique | Appraisals of collateral value | Appraisals of collateral value |
Unobservable Inputs | Comparable sales | Adjustment for comparable sales |
Commercial Real Estate [Member] | Market Approach [Member] | Minimum [Member] | ||
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Fair Value on a non-recurring basis [Line Items] | ||
Capitalization rate | 25.00% | 20.00% |
Commercial Real Estate [Member] | Market Approach [Member] | Maximum [Member] | ||
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Fair Value on a non-recurring basis [Line Items] | ||
Capitalization rate | 10.00% | 15.00% |
Residential Real Estate [Member] | ||
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Fair Value on a non-recurring basis [Line Items] | ||
Fair Value (in Dollars) | $ 1,366 | $ 2,794 |
Valuation Technique | Appraisals of collateral value | Appraisals of collateral value |
Unobservable Inputs | Comparable sales | Adjustment for comparable sales |
Residential Real Estate [Member] | Market Approach [Member] | ||
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Fair Value on a non-recurring basis [Line Items] | ||
Capitalization rate | (5.00%) | |
Residential Real Estate [Member] | Market Approach [Member] | Minimum [Member] | ||
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Fair Value on a non-recurring basis [Line Items] | ||
Capitalization rate | 21.00% | 15.00% |
Residential Real Estate [Member] | Market Approach [Member] | Maximum [Member] | ||
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of Fair Value on a non-recurring basis [Line Items] | ||
Capitalization rate | 39.00% | 39.00% |
Fair Value Measurements and F_9
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Schedule of fair value hierarchy - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financial assets: | ||
Cash and due from banks Carrying Amount | $ 311,544 | $ 265,536 |
Cash and due from banks Fair Value | 311,544 | 265,536 |
Investment securities available-for-sale Carrying Amount | 534,507 | |
Investment securities available-for-sale Fair Value | 534,507 | |
Securities available-for-sale Carrying Amount | 512,030 | |
Securities available-for-sale Fair Value | 512,030 | |
Restricted investment Carrying Amount | 25,254 | 27,826 |
Equity securities Carrying Amount | 13,198 | 13,794 |
Equity securities Fair Value | 13,198 | 13,794 |
Net loans Carrying Amount | 6,899,525 | 6,749,849 |
Net loans Fair Value | 6,874,974 | 6,800,287 |
Derivatives Carrying Amount | 22,872 | 3,347 |
Derivatives Fair Value | 22,872 | 3,347 |
Accrued interest receivable Carrying Amount | 34,081 | 34,152 |
Accrued interest receivable Fair Value | 34,081 | 34,152 |
Financial liabilities: | ||
Noninterest-bearing deposits Carrying Amount | 1,631,292 | 1,617,049 |
Noninterest-bearing deposits Fair Value | 1,631,292 | |
Interest-bearing deposits Carrying Amount | 4,929,113 | 1,617,049 |
Interest-bearing deposits Fair Value | 4,909,128 | 1,617,049 |
Borrowings Carrying Amount | 412,170 | 4,715,904 |
Borrowings Fair Value | 410,535 | 4,716,358 |
Subordinated debentures Carrying Amount | 153,027 | 468,193 |
Subordinated debentures Fair Value | 155,940 | 469,671 |
Accrued interest payable Carrying Amount | 2,889 | 152,951 |
Accrued interest payable Fair Value | 2,889 | 163,995 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Financial assets: | ||
Cash and due from banks Fair Value | 311,544 | 265,536 |
Investment securities available-for-sale Fair Value | 195 | |
Securities available-for-sale Fair Value | 191 | |
Equity securities Fair Value | 10,550 | 11,081 |
Net loans Fair Value | ||
Derivatives Fair Value | ||
Accrued interest receivable Fair Value | ||
Financial liabilities: | ||
Noninterest-bearing deposits Fair Value | 1,631,292 | |
Interest-bearing deposits Fair Value | 3,863,299 | 1,617,049 |
Borrowings Fair Value | 3,565,795 | |
Subordinated debentures Fair Value | ||
Accrued interest payable Fair Value | ||
Significant Other Observable Inputs (Level 2) [Member] | ||
Financial assets: | ||
Cash and due from banks Fair Value | ||
Investment securities available-for-sale Fair Value | 525,747 | |
Securities available-for-sale Fair Value | 503,346 | |
Equity securities Fair Value | 2,648 | 2,713 |
Net loans Fair Value | ||
Derivatives Fair Value | 22,872 | 3,347 |
Accrued interest receivable Fair Value | 1,472 | 1,554 |
Financial liabilities: | ||
Noninterest-bearing deposits Fair Value | ||
Interest-bearing deposits Fair Value | 1,045,829 | |
Borrowings Fair Value | 410,535 | 1,150,563 |
Subordinated debentures Fair Value | 155,940 | 469,671 |
Accrued interest payable Fair Value | 2,889 | 163,995 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Financial assets: | ||
Cash and due from banks Fair Value | ||
Investment securities available-for-sale Fair Value | 8,565 | |
Securities available-for-sale Fair Value | 8,493 | |
Equity securities Fair Value | ||
Net loans Fair Value | 6,874,974 | 6,800,287 |
Derivatives Fair Value | ||
Accrued interest receivable Fair Value | 32,609 | 32,598 |
Financial liabilities: | ||
Noninterest-bearing deposits Fair Value | ||
Interest-bearing deposits Fair Value | ||
Borrowings Fair Value | ||
Subordinated debentures Fair Value | ||
Accrued interest payable Fair Value |
Comprehensive (Loss) Income (De
Comprehensive (Loss) Income (Details) - Comprehensive Income (Loss) - Reclassification out of Accumulated Other Comprehensive Income [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Comprehensive (Loss) Income (Details) - Comprehensive Income (Loss) [Line Items] | ||
Sale of securities available-for-sale Net gains on sale of securities available-for-sale | $ (525) | $ (631) |
Sale of securities available-for-sale Income tax expense | 147 | 177 |
Net interest income on swaps - Borrowings | (378) | (454) |
Amortization of pension plan net actuarial losses | (16) | (75) |
Net interest income on swaps Income tax expense | 4 | 20 |
Net interest income on swaps | (12) | (55) |
Total reclassification | $ (390) | $ (509) |
Comprehensive (Loss) Income (_2
Comprehensive (Loss) Income (Details) - Schedule of Accumulated Other Comprehensive Income (Loss) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Abstract] | ||
Investment securities available-for-sale, net of tax | $ (22,970) | $ (484) |
Cash flow hedge, net of tax | 16,443 | 2,406 |
Defined benefit pension and post-retirement plans, net of tax | (1,742) | (3,326) |
Total accumulated other comprehensive loss | $ (8,269) | $ (1,404) |
Stock-based Compensation (Detai
Stock-based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2017 | |
Stock-based Compensation (Details) [Line Items] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period | 10 years | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period | 3 years | ||
Share-Based Payment Arrangement, Noncash Expense (in Dollars) | $ 1,147 | $ 972 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Number of Shares | 69,584 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Description | Should this expectation change, additional compensation expense could be recorded in future periods or previously recognized expense could be reversed. As of March 31, 2022, the maximum amount of performance units that ultimately could vest if performance targets were exceeded is 221,541. | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 49,604 | ||
Performance unit shares to satisfy tax obligation created from vesting, net | 38,201 | ||
2017 Equity Compensation Plan [Member] | |||
Stock-based Compensation (Details) [Line Items] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant | 750,000 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross | 222,593 | ||
Restricted Stock [Member] | |||
Stock-based Compensation (Details) [Line Items] | |||
Unrecognized compensation cost related to nonvested shares (in Dollars) | $ 1,400 | ||
Weighted average period related to compensation cost | 1 year 7 months 6 days | ||
Performance unit shares to satisfy tax obligation created from vesting, net | 31,383 | ||
Performance Units [Member] | |||
Stock-based Compensation (Details) [Line Items] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross | 27,254 | ||
Unrecognized compensation cost related to nonvested shares (in Dollars) | $ 2,100 | ||
Weighted average period related to compensation cost | 2 years 1 month 6 days | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Number of Shares | 195,264 | ||
Performance unit shares to satisfy tax obligation created from vesting, net | 22,350 | ||
Non-vested restricted stock units [Member] | |||
Stock-based Compensation (Details) [Line Items] | |||
Unrecognized compensation cost related to nonvested shares (in Dollars) | $ 2,400 | ||
Weighted average period related to compensation cost | 1 year 9 months 18 days |
Stock-based Compensation (Det_2
Stock-based Compensation (Details) - Disclosure of Share-based Compensation Arrangements by Share-based Payment Award - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Abstract] | ||
Outstanding Beginning Balance | 23,766 | |
Outstanding Beginning Balance, Weighted-Average Exercise Price | $ 9.94 | |
Granted | ||
Granted, Weighted-Average Exercise Price | ||
Exercised | (8,774) | (5,449) |
Exercised, Weighted-Average Exercise Price | $ 9.09 | |
Forfeited/cancelled/expired | ||
Forfeited/cancelled/expired, Weighted-Average Exercise Price | ||
Outstanding Ending Balance | 14,992 | |
Outstanding Ending Balance, Weighted-Average Exercise Price | $ 10.44 | |
Outstanding Ending Balance - Weighted average remaining contractual term (years) | 7 months 17 days | |
Outstanding Ending Balance - Aggregate intrinsic value | $ 323,303 | |
Exercisable Ending Balance | 14,992 | |
Exercisable Ending Balance, Weighted-Average Exercise Price | $ 10.44 | |
Exercisable Ending Balance - Weighted average remaining contractual term (years) | 7 months 17 days | |
Exercisable Ending Balance - Aggregate intrinsic value | $ 323,303 |
Stock-based Compensation (Det_3
Stock-based Compensation (Details) - Schedule of Share-based Payment Award, Nonvested Shares - Nonvested [Member] | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Stock-based Compensation (Details) - Schedule of Share-based Payment Award, Nonvested Shares [Line Items] | |
Nonvested | shares | 82,693 |
Nonvested | $ / shares | $ 21.78 |
Granted | shares | 32,522 |
Granted | $ / shares | $ 32.71 |
Vested | shares | (18,742) |
Vested | $ / shares | $ 23.13 |
Forfeited/cancelled/expired | shares | (68) |
Forfeited/cancelled/expired | $ / shares | $ 23.23 |
Nonvested | shares | 96,405 |
Nonvested | $ / shares | $ 25.2 |
Stock-based Compensation (Det_4
Stock-based Compensation (Details) - Schedule of Share-based Payment Award, Unearned Shares | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Performance Unit Awards [Member] | |
Stock-based Compensation (Details) - Schedule of Share-based Payment Award, Unearned Shares [Line Items] | |
Outstanding Beginning Balance | 209,994 |
Outstanding Beginning Balance (in Dollars per share) | $ / shares | $ 16.18 |
Awarded | 34,874 |
Awarded (in Dollars per share) | $ / shares | $ 32.8 |
Vested shares | (49,604) |
Vested shares (in Dollars per share) | $ / shares | $ 20.79 |
Outstanding, ending balance | 195,264 |
Outstanding, ending balance (in Dollars per share) | $ / shares | $ 17.98 |
Performance Unit Awards [Member] | Maximum [Member] | |
Stock-based Compensation (Details) - Schedule of Share-based Payment Award, Unearned Shares [Line Items] | |
Outstanding, ending balance | 221,541 |
Unearned Restricted Stock Units [Member] | |
Stock-based Compensation (Details) - Schedule of Share-based Payment Award, Unearned Shares [Line Items] | |
Outstanding Beginning Balance | 136,948 |
Outstanding Beginning Balance (in Dollars per share) | $ / shares | $ 16.52 |
Awarded | 52,312 |
Awarded (in Dollars per share) | $ / shares | $ 32.8 |
Vested shares | (69,584) |
Vested shares (in Dollars per share) | $ / shares | $ 16.13 |
Outstanding, ending balance | 119,676 |
Outstanding, ending balance (in Dollars per share) | $ / shares | $ 23.86 |
Components of Net Periodic Pe_3
Components of Net Periodic Pension Cost (Details) - Schedule of Net Benefit Costs - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Schedule of Net Benefit Costs [Abstract] | ||
Service cost | ||
Interest cost | 78 | 71 |
Expected return on plan assets | (237) | (213) |
Net amortization | 16 | 75 |
Total periodic pension income | $ (143) | $ (67) |
FHLB Borrowings (Details)
FHLB Borrowings (Details) $ in Billions | Mar. 31, 2022USD ($) |
Debt Disclosure [Abstract] | |
Commercial mortgage loans | $ 1.9 |
Remaining borrowing capacity | $ 1 |
FHLB Borrowings (Details) - Sch
FHLB Borrowings (Details) - Schedule of FHLB borrowings and weighted average interest rates - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
By remaining period to maturity: | ||
Less than 1 year | $ 359,526 | $ 390,549 |
Less than 1 year | 0.79% | 0.56% |
1 year through less than 2 years | $ 25,000 | $ 50,000 |
1 year through less than 2 years | 2.92% | 1.84% |
2 years through less than 3 years | ||
2 years through less than 3 years | ||
3 years through less than 4 years | $ 25,000 | $ 25,000 |
3 years through less than 4 years | 1.00% | 1.00% |
4 years through 5 years | $ 2,050 | $ 2,050 |
4 years through 5 years | 2.23% | 2.23% |
After 5 years | $ 698 | $ 714 |
After 5 years | 2.91% | 2.91% |
FHLB borrowings - gross | $ 412,274 | $ 468,313 |
FHLB borrowings - gross | 0.94% | 0.73% |
Fair value (discount) | $ (104) | $ (120) |
Total FHLB borrowings | $ 412,170 | $ 468,193 |
Subordinated Debentures (Detail
Subordinated Debentures (Details) - USD ($) $ in Millions | Jun. 10, 2020 | Jan. 11, 2018 | Jun. 30, 2020 | Mar. 31, 2022 |
Subordinated Debt from Trust [Member] | ||||
Subordinated Debentures (Details) [Line Items] | ||||
Value of subordinated debentures received by Trust | $ 5 | |||
Debt Instrument, Maturity Date | Jan. 23, 2034 | |||
Proceeds from Issuance of Debt | $ 5.2 | |||
Percentage Rate Added to Libor | 2.85% | |||
Floating interest rate on subordinated debentures | 3.15% | |||
Fixed-to-floating Rate Subordinated 2020 Notes [Member] | ||||
Subordinated Debentures (Details) [Line Items] | ||||
Debt Instrument, Maturity Date | Sep. 15, 2025 | |||
Proceeds from Issuance of Debt | $ 75 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | |||
Debt Instrument, Description of Variable Rate Basis | Three-Month Term SOFR (as defined in the Second Supplemental Indenture), plus 560.5 basis points, payable quarterly in arrears on March 15, June 15, September 15 and December 15 of each year | |||
Fixed-to-floating Rate Subordinated Notes [Member] | ||||
Subordinated Debentures (Details) [Line Items] | ||||
Debt Instrument, Maturity Date | Jun. 15, 2025 | |||
Fixed-to-floating Rate Subordinated 2018 Notes [Member] | ||||
Subordinated Debentures (Details) [Line Items] | ||||
Debt Instrument, Maturity Date | Feb. 1, 2028 | |||
Proceeds from Issuance of Debt | $ 75 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.20% | |||
Debt Instrument, Description of Variable Rate Basis | three-month LIBOR rate plus 284 basis points | |||
Bank [Member] | ||||
Subordinated Debentures (Details) [Line Items] | ||||
Proceeds from Issuance of Debt | $ 65 |
Subordinated Debentures (Deta_2
Subordinated Debentures (Details) - Schedule of Subordinated Borrowing $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Schedule of Subordinated Borrowing [Abstract] | |
Issuance Date | Dec. 19, 2003 |
Securities Issued | $ 5,000,000 |
Liquidation Value | $1,000 per Capital Security |
Coupon Rate | Floating 3-month LIBOR + 285 Basis Points |
Maturity | Jan. 23, 2034 |
Redeemable by Issuer Beginning | Jan. 23, 2009 |
Preferred Stock (Details)
Preferred Stock (Details) - USD ($) $ in Thousands | 1 Months Ended | ||
Aug. 19, 2021 | Mar. 31, 2022 | Dec. 31, 2021 | |
Preferred Stock (Details) [Line Items] | |||
Preferred shares issued (in Shares) | 115,000 | 115,000 | |
Proceeds from issuance of preferred stock | $ 110,900 | ||
Underwritten Public Offering [Member] | |||
Preferred Stock (Details) [Line Items] | |||
Preferred shares issued (in Shares) | 115,000 | ||
Preferred stock liquidation preference | $ 115,000 | ||
Series A Preferred Stock [Member] | |||
Preferred Stock (Details) [Line Items] | |||
Preferred stock liquidation preference | $ 1,000 | ||
Percentage of fixed-rate non-cumulative perpetual preferred stock | 5.25% |