Cover Page
Cover Page | 9 Months Ended |
Sep. 30, 2020shares | |
Document Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Sep. 30, 2020 |
Document Transition Report | false |
Entity File Number | 001-34653 |
Entity Registrant Name | FIRST INTERSTATE BANCSYSTEM, INC. |
Entity Incorporation, State or Country Code | MT |
Entity Tax Identification Number | 81-0331430 |
Entity Address, Address Line One | 401 North 31st Street |
Entity Address, City or Town | Billings, |
Entity Address, State or Province | MT |
Entity Address, Postal Zip Code | 59116-0918 |
City Area Code | 406 |
Local Phone Number | 255-5390 |
Title of 12(b) Security | Class A common stock, no par value |
Trading Symbol | FIBK |
Security Exchange Name | NASDAQ |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Amendment Flag | false |
Entity Central Index Key | 0000860413 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q3 |
Class A Common Stock | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 41,143,592 |
Class B Common Stock | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 21,971,339 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and due from banks | $ 291.4 | $ 241.5 |
Interest bearing deposits in banks | 1,569.1 | 835.2 |
Federal funds sold | 0.1 | 0.1 |
Total cash and cash equivalents | 1,860.6 | 1,076.8 |
Investment securities: | ||
Available-for-sale | 3,453.5 | 2,960 |
Held-to-maturity, net (estimated fair values of $58.4 and $94.5 at September 30, 2020 and December 31, 2019, respectively) | 55 | 92.3 |
Total investment securities | 3,508.5 | 3,052.3 |
Mortgage loans held for sale, at fair value | 102 | 100.9 |
Loans held for investment, net of deferred fees and costs | 10,152.2 | 8,930.7 |
Allowance for credit losses | 145.5 | 73 |
Net loans held for investment | 10,006.7 | 8,857.7 |
Goodwill | 621.6 | 621.6 |
Company-owned life insurance | 294.9 | 293.8 |
Premises and equipment, net of accumulated depreciation | 307.8 | 306 |
Core deposit intangibles, net of accumulated amortization | 53.8 | 62.1 |
Accrued interest receivable | 56.7 | 46.7 |
Mortgage servicing rights, net of accumulated amortization and impairment reserve | 24.1 | 30.2 |
Other real estate owned (“OREO”) | 5.7 | 8.5 |
Other assets | 227.1 | 187.6 |
Total assets | 17,069.5 | 14,644.2 |
Deposits: | ||
Non-interest bearing | 4,798.2 | 3,426.5 |
Interest bearing | 9,084.2 | 8,237 |
Total deposits | 13,882.4 | 11,663.5 |
Securities sold under repurchase agreements | 820.3 | 697.6 |
Accounts payable and accrued expenses | 148.5 | 129.6 |
Accrued interest payable | 8.1 | 12.1 |
Deferred tax liability, net | 29.8 | 26.7 |
Long-term debt | 112.4 | 13.9 |
Allowance for credit losses on off-balance sheet credit exposures | 3.4 | 0 |
Subordinated debentures held by subsidiary trusts | 87 | 86.9 |
Total liabilities | 15,091.9 | 12,630.3 |
Stockholders’ equity: | ||
Nonvoting noncumulative preferred stock without par value; authorized 100,000 shares; no shares issued and outstanding as of September 30, 2020 or December 31, 2019 | 0 | 0 |
Common stock | 976.8 | 1,049.3 |
Retained earnings | 938.9 | 953.6 |
Accumulated other comprehensive income, net | 61.9 | 11 |
Total stockholders’ equity | 1,977.6 | 2,013.9 |
Total liabilities and stockholders’ equity | $ 17,069.5 | $ 14,644.2 |
Preferred Stock, Shares Authorized | 100,000 | 100,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Investment securities: | ||
Estimated fair value | $ 58.4 | $ 94.5 |
Stockholders' equity: | ||
Nonvoting, noncumulative preferred stock, shares authorized (in shares) | 100,000 | 100,000 |
Nonvoting, noncumulative preferred stock, shares issued (in shares) | 0 | 0 |
Nonvoting, noncumulative preferred stock, shares outstanding (in shares) | 0 | 0 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Interest income: | ||||
Interest and fees on loans | $ 112.3 | $ 120 | $ 336.4 | $ 352.3 |
Interest and dividends on investment securities: | ||||
Taxable | 15.5 | 15.1 | 48.4 | 45.9 |
Exempt from federal taxes | 0.6 | 0.5 | 1.6 | 1.5 |
Interest on deposits in banks | 0.5 | 5.7 | 3.5 | 14.3 |
Total interest income | 128.9 | 141.3 | 389.9 | 414 |
Interest expense: | ||||
Interest on deposits | 3.4 | 13.4 | 15.2 | 39.6 |
Interest on securities sold under repurchase agreements | 0.1 | 1 | 0.7 | 3.1 |
Interest on other debt | 1.7 | 0.3 | 3 | 1 |
Interest on subordinated debentures held by subsidiary trusts | 0.7 | 1.1 | 2.4 | 3.5 |
Total interest expense | 5.9 | 15.8 | 21.3 | 47.2 |
Net interest income | 123 | 125.5 | 368.6 | 366.8 |
Provision for credit losses | 5.2 | 2.6 | 53.7 | 10.1 |
Net interest income after provision for credit losses | 117.8 | 122.9 | 314.9 | 356.7 |
Non-interest income: | ||||
Mortgage banking revenues | 14.3 | 10.4 | 39.4 | 24.6 |
Investment securities gains (losses), net | 0.1 | 0.1 | 0.1 | 0.1 |
Other income | 4.6 | 4 | 12.5 | 13.4 |
Total non-interest income | 44.7 | 38.2 | 122.8 | 107.5 |
Non-interest expense: | ||||
Salaries and wages | 46 | 40.1 | 130.1 | 115.3 |
Employee benefits | 11.8 | 11.9 | 36.4 | 40.3 |
Outsourced technology services | 8.4 | 7.9 | 24.5 | 23.9 |
Occupancy, net | 7.2 | 7.1 | 21.3 | 21.2 |
Furniture and equipment | 4.1 | 3.3 | 11.1 | 10.2 |
OREO expense, net of income | 0 | (0.8) | (0.4) | (0.5) |
Professional fees | 2.9 | 3.5 | 8.6 | 9.3 |
FDIC insurance premiums | 1.3 | 0.4 | 4.5 | 3.5 |
Mortgage servicing rights impairment | 9.9 | 0 | ||
Core deposit intangibles amortization | 2.7 | 3 | 8.3 | 8.3 |
Other expenses | 15.1 | 16.5 | 45.7 | 46.9 |
Acquisition related expenses | 0 | 3.8 | 0 | 19.6 |
Noninterest Expense | 99.5 | 96.7 | 290.1 | 298 |
Income before income tax expense | 63 | 64.4 | 147.6 | 166.2 |
Income tax expense | 14.7 | 15.3 | 33.3 | 37.6 |
Net income | $ 48.3 | $ 49.1 | $ 114.3 | $ 128.6 |
Earnings per common share, basic (in dollars per share) | $ 0.76 | $ 0.76 | $ 1.78 | $ 2.03 |
Earnings per common share, diluted (in dollars per share) | $ 0.76 | $ 0.76 | $ 1.78 | $ 2.03 |
Weighted average common shares outstanding, basic (in shares) | 63,764,474 | 64,832,324 | 64,184,832 | 63,232,575 |
Weighted average common shares outstanding, diluted (in shares) | 63,861,457 | 65,043,486 | 64,295,525 | 63,471,283 |
Payment services revenues | ||||
Non-interest income: | ||||
Non-interest income | $ 10.5 | $ 10.8 | $ 30 | $ 30.7 |
Wealth management revenues | ||||
Non-interest income: | ||||
Wealth management revenues | 5.9 | 5.9 | 17.5 | 17.8 |
Service charges on deposit accounts | ||||
Non-interest income: | ||||
Non-interest income | 4.3 | 5.3 | 13.3 | 15.7 |
Other service charges, commissions and fees | ||||
Non-interest income: | ||||
Non-interest income | $ 5 | $ 1.7 | $ 10 | $ 5.2 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 48.3 | $ 49.1 | $ 114.3 | $ 128.6 |
Other comprehensive income, before tax: | ||||
Change in net unrealized (losses) gains during period | (4.2) | 4.2 | 69.9 | 58 |
Reclassification adjustment for net gains included in income | (0.1) | (0.1) | (0.1) | (0.1) |
Reclassification adjustment for securities transferred from held-to-maturity to available-for-sale | 0 | 0 | 0 | (6) |
Unrealized gain on derivatives | 0 | 0 | 0.2 | 0 |
Change in net actuarial loss | 0.1 | 0.2 | 0.5 | 0.5 |
Other comprehensive (loss) income, before tax | (4.4) | 3.9 | 69.5 | 51.4 |
Deferred tax expense related to other comprehensive loss (income) | 1.1 | (1) | (18.6) | (13.4) |
Other comprehensive (loss) income, net of tax | (3.3) | 2.9 | 50.9 | 38 |
Comprehensive income, net of tax | $ 45 | $ 52 | $ 165.2 | $ 166.6 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Millions | Total | Common stock | Retained earnings | Accumulated other comprehensive income (loss) |
Equity, beginning balance at Dec. 31, 2018 | $ 1,693.9 | $ 866.7 | $ 851.8 | $ (24.6) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 128.6 | 128.6 | ||
Other comprehensive income (loss), net of tax expense | 38 | 0 | 0 | 38 |
Common stock transactions: | ||||
Common shares purchased and retired | (2.5) | (2.5) | 0 | 0 |
Stock Issued During Period, Value, New Issues | 176.1 | 176.1 | 0 | 0 |
Non-vested common shares issued | 0 | 0 | 0 | 0 |
Non-vested common shares forfeited or canceled | 0 | 0 | 0 | 0 |
Stock options exercised, net of share tendered in payment of option price and income tax withholding amounts | 0.9 | 0.9 | 0 | 0 |
Stock-based compensation expense | 6.6 | 6.6 | 0 | 0 |
Common cash dividend declared | (59) | 0 | (59) | 0 |
Equity, ending balance at Sep. 30, 2019 | 1,982.6 | 1,047.8 | 921.4 | 13.4 |
Equity, beginning balance at Jun. 30, 2019 | 1,948.6 | 1,045.6 | 892.5 | 10.5 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 49.1 | 49.1 | ||
Other comprehensive income (loss), net of tax expense | 2.9 | 2.9 | ||
Common stock transactions: | ||||
Common shares purchased and retired | 0 | 0 | ||
Non-vested common shares forfeited or canceled | 0 | 0 | ||
Stock options exercised, net of share tendered in payment of option price and income tax withholding amounts | 0.2 | 0.2 | ||
Stock-based compensation expense | 2 | 2 | ||
Common cash dividend declared | (20.2) | (20.2) | ||
Equity, ending balance at Sep. 30, 2019 | 1,982.6 | 1,047.8 | 921.4 | 13.4 |
Income Tax Effects Allocated Directly to Equity, Cumulative Effect of Change in Accounting Principle | (24.1) | 0 | (24.1) | 0 |
Equity, beginning balance at Dec. 31, 2019 | 2,013.9 | 1,049.3 | 953.6 | 11 |
Equity, beginning balance at Dec. 31, 2019 | 2,013.9 | 1,049.3 | 953.6 | 11 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 114.3 | 114.3 | ||
Other comprehensive income (loss), net of tax expense | 50.9 | 0 | 0 | 50.9 |
Common stock transactions: | ||||
Common shares purchased and retired | (78.9) | (78.9) | 0 | 0 |
Stock Issued During Period, Value, New Issues | 0 | 0 | 0 | 0 |
Non-vested common shares issued | 0 | 0 | 0 | 0 |
Non-vested common shares forfeited or canceled | 0 | 0 | 0 | 0 |
Stock options exercised, net of share tendered in payment of option price and income tax withholding amounts | 0.8 | 0.8 | 0 | 0 |
Stock-based compensation expense | 5.6 | 5.6 | 0 | 0 |
Common cash dividend declared | (104.9) | 0 | (104.9) | 0 |
Equity, ending balance at Sep. 30, 2020 | 1,977.6 | 976.8 | 938.9 | 61.9 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,989.8 | 1,049.3 | 929.5 | 11 |
Equity, beginning balance at Jun. 30, 2020 | 1,998.9 | 1,021.2 | 912.5 | 65.2 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 48.3 | 48.3 | ||
Other comprehensive income (loss), net of tax expense | (3.3) | 0 | 0 | (3.3) |
Common stock transactions: | ||||
Common shares purchased and retired | (46.3) | (46.3) | 0 | 0 |
Non-vested common shares issued | 0 | 0 | 0 | 0 |
Non-vested common shares forfeited or canceled | 0 | 0 | 0 | 0 |
Stock options exercised, net of share tendered in payment of option price and income tax withholding amounts | 0.1 | 0.1 | 0 | 0 |
Stock-based compensation expense | 1.8 | 1.8 | 0 | 0 |
Common cash dividend declared | (21.9) | 0 | (21.9) | 0 |
Equity, ending balance at Sep. 30, 2020 | $ 1,977.6 | $ 976.8 | $ 938.9 | $ 61.9 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common shares purchased and retired (in shares) | 1,445,300 | 4,200 | 2,539,041 | 43,560 |
Common shares issued (in shares) | 19,491 | 4,356,498 | ||
Non-vested common shares issued (in shares) | 924 | 662 | 329,024 | 211,826 |
Non-vested common shares forfeited (in shares) | 4,735 | 14,502 | 30,323 | 35,919 |
stock options exercised (in shares) | 5,143 | 18,983 | 89,411 | 117,669 |
Shares tendered (in shares) | 0 | 5,425 | 26,124 | 40,533 |
Common dividends (in dollars per share) | $ 0.34 | $ 0.31 | $ 1.62 | $ 0.93 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities: | ||
Net income | $ 114.3 | $ 128.6 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 53.7 | 10.1 |
Net loss on disposal of premises and equipment | 0.1 | 0 |
Depreciation and amortization | 33 | 29 |
Net premium amortization on investment securities | 10.2 | 6.4 |
Debt and Equity Securities, Gain (Loss) | (0.1) | (0.1) |
Realized and unrealized net gains on mortgage banking activities | (39.3) | (21.1) |
Net gain on sale of investments in unrelated entities | (1) | 0 |
Net gain on sale of OREO | (0.7) | (1.7) |
Write-downs of OREO and other assets pending disposal | 0.1 | 0.7 |
Mortgage servicing rights impairment | 9.9 | 0 |
Deferred taxes | 7.1 | (0.5) |
Net increase in cash surrender value of company-owned life insurance | (5.6) | (4.2) |
Stock-based compensation expense | 5.6 | 6.6 |
Originations of mortgage loans held for sale | (1,148.7) | (770.1) |
Proceeds from sales of mortgage loans held for sale | 1,177.2 | 710.9 |
Changes in operating assets and liabilities, net of effects of acquisition: | ||
Increase in interest receivable | (10) | (4) |
Increase in other assets | (40.3) | (31) |
Decrease in accrued interest payable | (4) | (13.6) |
Increase in accounts payable and accrued expenses | 15.5 | 9.7 |
Net cash provided by operating activities | 162.8 | 56.7 |
Purchases of investment securities: | ||
Available-for-sale | (1,548.8) | (740.3) |
Proceeds from maturities and pay-downs of investment securities: | ||
Held-to-maturity | 37.2 | 33.2 |
Available-for-sale | 1,114.9 | 681.9 |
Proceeds from Life Insurance Policy | 4.4 | 1.6 |
Extensions of credit to clients, net of repayments | (1,240) | (136) |
Recoveries of loans charged-off | 5.1 | 8.2 |
Proceeds from sale of OREO | 6.6 | 14 |
Proceeds from the sale of Health Savings Accounts | 0 | 0.3 |
Proceeds from sale of investments in unrelated entities | 2.2 | 0 |
Acquisition of bank and bank holding company, net of cash and cash equivalents received | 0 | 298.4 |
Capital expenditures, net of sales | (17.7) | (10.2) |
Net cash (used in) provided by investing activities | (1,636.1) | 151.1 |
Cash flows from financing activities: | ||
Net increase in deposits | 2,218.9 | 412.3 |
Net increase (decrease) in securities sold under repurchase agreements | 122.7 | (105.9) |
Net decrease in other borrowed funds | 0 | (4.1) |
Repayments of long-term debt | (0.1) | (2) |
Advances on long-term debt | 98.6 | 0.1 |
Proceeds from issuance of common stock | 0.8 | 0.9 |
Purchase and retirement of common stock | (78.9) | (2.5) |
Dividends paid to common stockholders | (104.9) | (59) |
Net cash provided by financing activities | 2,257.1 | 239.8 |
Net increase in cash and cash equivalents | 783.8 | 447.6 |
Cash and cash equivalents at beginning of period | 1,076.8 | 822 |
Cash and cash equivalents at end of period | 1,860.6 | 1,269.6 |
Supplemental disclosures of cash flow information: | ||
Cash paid during the period for income taxes | 36 | 34.8 |
Cash paid during the period for interest expense | 25.4 | 42.7 |
Supplemental disclosures of non-cash investing and financing activities: | ||
Right-of-use assets obtained in exchange for operating lease liabilities | 3.5 | 39.6 |
Transfer of loans to other real estate owned | 3.2 | 14 |
Capitalization of internally originated mortgage servicing rights | 9.5 | 2.8 |
Supplemental schedule of noncash investing activities from acquisitions: | ||
Investment securities available for sale | 0 | 78.7 |
Loans held for sale | 0 | 0.5 |
Loans held for investment | 0 | 416.6 |
Premises and equipment | 0 | 23.6 |
Goodwill | 0 | 76.3 |
Core deposit intangible | 0 | 16.6 |
Company-owned life insurance | 0 | 15.2 |
Interest receivable | 0 | 2.2 |
Other real estate owned | 0 | 2.4 |
Other assets | 0 | 6.5 |
Total noncash assets acquired | 0 | 638.6 |
Deposits | 0 | 706.7 |
Securities sold under repurchase agreements | 0 | 30.4 |
Accounts payable and accrued expenses | 0 | 19.4 |
Deferred tax liability | 0 | 0.4 |
Total liabilities assumed | 0 | 760.2 |
Other Borrowings | $ 0 | $ 4.1 |
Other Comprehensive Income_Loss
Other Comprehensive Income/Loss - Schedule of Accumulated Other Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ 0.2 | $ 0 | ||
Net accumulated other comprehensive gains | $ 1,977.6 | 1,977.6 | 1,982.6 | $ 2,013.9 |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | (0.2) | (0.2) | 0 | |
Reclassification adjustment for net gains included in income | (0.1) | (0.1) | (0.1) | |
Other than Temporary Impairment Losses, Investments, Reclassification Adjustment of Noncredit Portion from Held-to-maturity to Available-for-sale Securities, before Tax | 0 | (6) | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | 0 | 0 | 0 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (0.1) | (0.1) | (0.1) | |
Other Comprehensive Loss, Held-to-maturity Security, Reclassification Adjustment from AOCI for Noncredit Portion of OTTI, Sale, after Tax | 0 | (4.4) | ||
Other Comprehensive Loss, Held-to-maturity Security, Reclassification Adjustment from AOCI for Noncredit Portion of OTTI, Sale, Tax | 0 | (1.6) | ||
Net unrealized gains on investment securities available-for-sale | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net accumulated other comprehensive gains | 62.1 | 62.1 | 10.6 | |
Net accumulated other comprehensive gains | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net accumulated other comprehensive gains | 61.9 | 61.9 | $ 13.4 | 11 |
Postretirement Health Coverage | Net actuarial gains on defined benefit post-retirement benefit plans | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net actuarial gains on defined benefit post-retirement benefit plans | $ 0 | $ 0 | $ 0.4 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation In the opinion of management, the accompanying unaudited consolidated financial statements of First Interstate BancSystem, Inc., First Interstate Bank (“FIB”), and its other subsidiaries (together, the “Company”) contain all adjustments (all of which are of a normal recurring nature) necessary to present fairly the financial position of the Company at September 30, 2020 and December 31, 2019, the results of operations and changes in stockholders’ equity for each of the three and nine month periods ended September 30, 2020 and 2019, and cash flows for each of the nine month periods ended September 30, 2020 and 2019, in conformity with U.S. generally accepted accounting principles (“GAAP”). The balance sheet information at December 31, 2019 is derived from audited consolidated financial statements. Certain reclassifications, none of which were material, have been made to conform prior year financial statements to the September 30, 2020 presentation. These reclassifications did not change previously reported net income or stockholders’ equity. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. Operating results for the three and nine months ended September 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. Current Expected Credit Losses On January 1, 2020, the Company adopted Accounting Standards Codification (“ASC”) 326, Measurement of Credit Losses on Financial Instruments (“ASC 326”), and replaced the historically used incurred loss methodology with an expected loss methodology that is referred to as the Current Expected Credit Loss (CECL) methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loans held for investment receivables and held-to-maturity debt securities. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor in accordance with Topic 842 on leases. In addition, ASC 326 made changes to the accounting for available-for-sale debt securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on available-for-sale debt securities that management does not intend to sell or believes that it is more likely than not they will be required to sell. See “Note 16 - Recent Authoritative Accounting Guidance” included in this report for additional details. The following table summarizes the estimated allowance for credit losses related to financial assets and off-balance sheet credit exposures and the corresponding impacts on the deferred tax liability and retained earnings upon adoption of ASC 326 on January 1, 2020: Pre-ASC 326 Adoption Post-ASC 326 Adoption Impact of ASC 326 Adoption Assets: Allowance for credit losses on HTM securities $ — $ — $ — Allowance for credit losses on loans held for investment 73.0 103.0 30.0 Liabilities: Off-balance sheet credit exposures — 2.3 2.3 Deferred tax liability 26.7 18.5 (8.2) Equity: Retained earnings 953.6 929.5 (24.1) Debt Security Investments Investments in debt securities that the Company has the positive intent and ability to hold to maturity are classified as held-to-maturity and carried at amortized cost. Investments in debt securities that may be sold in response to or in anticipation of changes in interest rates and resulting prepayment risk, or other factors, are classified as available-for-sale and carried at fair value. The unrealized gains and losses on these securities are reported, net of applicable income taxes, as a separate component of stockholders’ equity and comprehensive income. Management determines the appropriate classification of securities at the time of purchase and at each reporting date management reassesses the appropriateness of the classification. The amortized cost of debt securities classified as held-to-maturity or available-for-sale is adjusted for accretion of discounts to maturity and amortization of premiums over the estimated average life of the security, without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated, or in the case of callable securities, through the first call date, using the effective yield method. Such amortization and accretion is included in interest income. Realized gains and losses on sales are recorded on the trade date in investment securities gains and losses and determined using the specific identification method. Accrued interest receivable on investment securities totaled $10.5 million at September 30, 2020 and was reported in the accrued interest receivable line item on the consolidated balance sheets. Allowance for Credit Losses - Held-to-Maturity Securities: Management measures expected credit losses on held-to-maturity debt securities on a collective basis by major security type. Accrued interest receivable on held-to-maturity debt securities is excluded from the estimate of credit losses. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Management classifies the held-to-maturity portfolio into the following major security types: State, county and municipal securities. Municipal bonds issued by municipal governments within the U.S. These types of securities are primarily composed of general obligation bonds, or municipal bonds backed by the credit and taxing power of the issuing jurisdiction and revenue obligation bonds, or municipal bonds that are financed by income-producing projects and are secured by a specified source of revenue. Municipal issues shall have at least an "A-" rating by Moody's and/or Standard and Poor’s, or equivalent creditworthiness must be established prior to purchase. All non-rated or private placement securities must be analyzed and approved by the Company’s Credit Department and documented prior to purchase. Obligations of U.S. government agencies and entities. Securities held by the Company are primarily issued by The Federal Home Loan Mortgage Corporation, known as Freddie Mac, and The Federal National Mortgage Association, Fannie Mae, which are implicitly guaranteed by the U.S. government and are consistently highly rated by major rating agencies with very little risk to default. U.S. agency residential mortgage backed securities and Collateralized Mortgage Obligations. Residential mortgage backed securities held by the Company are primarily issued by U.S. government agencies and entities. These securities are either explicitly or implicitly guaranteed by the U.S. government, are consistently highly rated by major rating agencies with very little risk to default. Collateralized mortgage obligations include agency and non-agency residential securities which currently carry ratings no lower than investment grade “BBB-” and pass the federal financial institutions examinations test (Collateral Mortgage Obligation volatility test) at the time of purchase. Corporate securities. Securities held by the Company are primarily comprised of corporate bonds (both senior and subordinated-debt) issued by a firm or public entity which currently carry ratings no lower than investment grade “BBB-” or better by Moody’, Standard and Poor’s, or Kroll rating agencies. All corporate subordinated-debt securities are analyzed and approved by the Company prior to purchase. Allowance for Credit Losses - Available-For-Sale Securities: For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security's amortized cost basis is written down to fair value through income. For available-for-sale debt securities that do not meet the aforementioned criteria, the Company performs a qualitative assessment as to whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to 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, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance when management believes the uncollectibility of an available-for-sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Accrued interest receivable on available-for-sale debt securities is excluded from the estimate of credit losses. Loans Held for Investment Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost or principal balance outstanding. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts and deferred loan fees and costs. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the level-yield method without anticipating prepayments. Accrued interest receivable on loans held for investment totaled $45.7 million at September 30, 2020 and was reported in the accrued interest receivable line item on the consolidated balance sheets. Interest income is accrued on the unpaid principal balance of underlying loans. Interest income on mortgage and commercial loans is discontinued and placed on nonaccrual status at the time the loan is 90 days delinquent unless the loan is well secured and in process of collection. Mortgage loans that are 180 days past due and commercial loans are charged off to the extent principal or interest is deemed uncollectible. Consumer and credit card loans continue to accrue interest until they are charged off no later than 120 days past due unless the loan is in the process of collection. Past-due status is based on the contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not received for loans placed on nonaccrual is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Under the cost-recovery method, interest income is not recognized until the loan balance is reduced to zero. Under the cash-basis method, interest income is recorded when the payment is received in cash. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and when, in the opinion of management, the loans are estimated to be fully collectible as to both principal and interest. Purchased Credit Deteriorated (“PCD”) Loans The Company has purchased loans, some of which have experienced more than insignificant credit deterioration since origination. Loans that meet at least one of the following criteria are considered to have experienced more-than-insignificant credit deterioration since origination at the date of acquisition: 1) delinquent as of the acquisition date; 2) has been downgraded since origination; 3) has been placed on nonaccrual status at any point since origination; or 4) for which credit spreads have widened beyond market-level thresholds. PCD loans are recorded at the amount paid for the loan. An allowance for credit losses is determined using the same methodology as other loans held for investment. The initial allowance for credit losses determined on a collective basis is allocated to individual loans. The sum of the loan’s purchase price and allowance for credit losses becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized into interest income over the life of the loan. Subsequent changes to the allowance for credit losses are recorded through provision expense. Allowance for Credit Losses - Loans held for investment The allowance for credit losses is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes the uncollectibility of a loan balance is confirmed. When forecasting expected recoveries, the amounts should not exceed the aggregate of amounts that have previously been or are expected to be charged-off loans. The Company has elected to not forecast recoveries. Management estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, or term as well as for changes in environmental and economic conditions, such as changes in unemployment rates, property values, or other relevant factors. The allowance for credit losses is measured on a collective (pool) basis when similar risk characteristics exist. The Company applies Probability of Default (PD), and Loss Given Default (LGD), methodologies for all portfolio segments. The Company uses a Transition Matrix (TM) for PD components of the methodology and a historical average for the LGD components of methodology. The PD and LGD is applied to the current principal balance as of the reporting date. The TM determines the PD by tracking the historical movement of loans between loan risk tiers over a defined period of time. The Company currently has 16 portfolio segments for which we track monthly movement between either risk ratings or delinquency bands. While the TM functions similarly across all portfolio segments, generally speaking, commercial portfolios use the Company’s risk rating scale and consumer portfolios use the delinquency day count, or delinquency band. Loans using risk ratings are scored utilizing the Company’s risk rating scale. The risk rating scale is 1-10, with 1 being the best rating, 6 being a pass but on watch, and 7-10 being various stages of criticized loans. Risk ratings 8 or greater and in a non-accrual status are considered in a defaulted state. Loans using delinquency band are measured using a 5-grade band, with 1 being current and 5 being 90 or more days past due. The LGD used as the basis for the estimate of credit losses is comprised of the Company’s historical loss experience from 2008 to the current period. The model compares the most recent period losses to prior period defaults to calculate the LGD, which is averaged over the historical observations. Economic scenarios and forecasts along with current portfolio conditions and trends are monitored and accounted for through the Company’s qualitative framework. The Company utilizes a one-year forecast period. The Company segments the loan portfolio into pools based on the following risk characteristics: financial asset type, collateral type, loan characteristics, credit characteristics, outstanding loan balances, contractual terms and prepayment assumptions, vintage, industry of borrower and concentrations, and historical or expected credit loss. The Company has identified the following portfolio segments and measures the allowance for credit losses using the following methods: Portfolio segments using the Company’s risk ratings include the following: Commercial real estate non-owner-occupied loans. These loans include a mix of variable and fixed rate non-farm, non-residential real estate loans secured by non-owner-occupied properties. Commercial real estate non-owner-occupied loans are generally secured by first liens on income-producing real estate and generally mature in less than 10 years. Commercial real estate owner-occupied loans. Non-farm, non-residential real estate loans are generally secured by first liens on real estate where the owner occupant is the majority tenant of the property and generally mature in less than 10 years. Construction land acquisition and development loans. Construction land acquisition and development loans are primarily to commercial builders for residential lot development and the construction of single-family residences and commercial real estate properties. Construction loans are generally underwritten pursuant to pre-approved permanent financing. During the construction phase the borrower pays interest only. Construction land acquisition and development loans generally mature in three years or less. Residential construction loans. Residential construction loans are primarily to commercial builders or owner occupants for the construction of single-family residences. Construction loans are generally underwritten pursuant to credit worthiness or pre-qualification for permanent financing. During the construction phase the borrower pays interest only. Residential construction loans generally mature in one to two years. Commercial construction loans. Commercial construction loans are primarily to commercial builders for commercial real estate properties. Construction loans are generally underwritten pursuant to credit worthiness or pre-qualification for permanent financing. During the construction phase the borrower pays interest only. Commercial construction loans generally mature in two years or less. Agricultural real estate loans. These include loans secured by farmland or ranchland consisting of short, intermediate, and long-term structures to experienced agriculturalists who have demonstrated management capabilities, established production and historical financial performance. Agricultural real estate loans generally mature in ten years or less. Commercial and floor plan loans. The Company provides a mix of variable and fixed rate commercial loans in addition to loans to finance dealership floor inventories. The loans are typically made to small and medium-sized manufacturing, wholesale, retail, and service businesses for working capital needs and business expansions. Commercial loans generally include lines of credit, business credit cards, and loans with maturities of five years or less and outstanding balances tend to be cyclical in nature. The loans are generally made with business operations as the primary source of repayment, and are typically collateralized by inventory, accounts receivable, equipment, and/or personal guarantees. Commercial and floor plan loans generally mature in seven years or less. Commercial purpose secured by 1-4 family loans. These include loans for commercial purposes secured by 1-4 family residential property. Commercial purpose loans secured by 1-4 family generally mature in seven years or less. Agricultural loans. Agricultural loans generally consist of short and medium-term loans and lines of credit that are primarily used for crops, livestock, equipment, and general operations. Agricultural loans are ordinarily secured by assets such as livestock or equipment and are repaid from the operations of the farm or ranch. Agricultural loans generally have maturities of seven years or less, with operating lines for one production season. Portfolio segments utilizing the delinquency bands include the following: Consumer indirect loans. These include loan contracts advanced for the purchase of automobiles, boats, and other consumer goods from the consumer product dealer networks within the market areas we serve. Indirect dealer loans are generally secured by automobiles, recreational vehicles, boats, and other types of personal property and are made on an installment basis. Consumer indirect line loans generally mature in seven years or less. Consumer direct and advance line loans. These loans are originated for a variety of purposes including the purchase of automobiles, boats and other consumer goods, home improvements, medical expenses, vehicle repairs, debt consolidation, and planned expenses. Consumer direct and advance line loans generally mature in seven years or less. Consumer credit card loans. These are lines of credit offered to clients in our market areas that are generally floating rate loans and include both unsecured and secured lines. Consumer credit card loans generally do not have stated maturities but are reviewed periodically and are unconditionally cancellable. Consumer home equity and home equity lines of credit (“HELOC”). These include home equity loans and lines of credit that are secured by residential property. Consumer home equity loans generally mature in 15 years or less and HELOC loans generally mature in 25 years or less. Residential 1-4 family and multi-family lending. These are loans to finance the purchase or refinance of residential property which are typically secured by first liens, inclusive of 1-4 family as well as 5+ residential properties. Residential 1-4 family loans generally mature within 15 years but can be up to 30 years. Multi-family loans generally mature in 10 years or less. Commercial real estate multi-family loans. Commercial real estate multi-family loans are generally secured by first liens on income-producing rental real estate consisting of 5 or more residential dwelling units and generally mature in less than 10 years. For CECL related segmentation, multi-family loans are modeled with residential 1-4 family but are reported under Commercial Real Estate. Commercial credit card loans. These are lines of credit for commercial purposes that are generally floating rate loans and include both unsecured and secured lines. For CECL related segmentation, commercial credit card loans are modeled separately but are reported under Commercial. Commercial credit card loans generally do not have stated maturities but are reviewed periodically and are unconditionally cancellable. Agricultural credit card loans. Lines of credit for agricultural purposes that are generally floating rate loans and are unsecured or secured. For CECL related segmentation, agricultural credit card loans are modeled separately but are reported under Commercial. Agricultural credit card loans generally do not have stated maturities but are reviewed periodically and are unconditionally cancellable. Contractual Term Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either management has a reasonable expectation at the reporting date that a troubled debt restructuring will be executed with an individual borrower or the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by the Company. A loan for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, is considered to be a troubled debt restructurings. The allowance for credit loss on a troubled debt restructuring is measured using the same method as all other loans held for investment, except when the value of a concession cannot be measured using a method other than the discounted cash flow method. When the value of a concession is measured using the discounted cash flow method, the allowance for credit loss is determined by discounting the expected future cash flows at the original interest rate of the loan. Allowance for Credit Losses on Off-Balance Sheet Credit Exposures The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit unless that obligation is unconditionally cancellable by the Company. Management considers our unused credit card lines and federal fund lines, extended to others, to be considered unconditionally cancellable. Credit card receivables are run through the transition matrices and their unused lines are excluded from the final loss calculation because they are unconditionally cancellable. The allowance for credit losses on off-balance sheet credit exposures is adjusted as a provision for credit loss expense. The estimate considers the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over the estimated life. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Community 1 st Bank. On October 11, 2018, the Company entered into a definitive agreement to acquire all the outstanding stock of Community 1st Bank (“CMYF”), a community bank headquartered in Post Falls, Idaho with three banking offices in North Idaho. The acquisition was completed on April 8, 2019, and conversion of the data processing systems occurred on June 7, 2019. Consideration for the acquisition was $18.8 million, consisting of the issuance of 463,134 shares of the Company’s Class A common stock valued at $40.64 per share, the closing price of the Company’s Class A common stock as quoted on the NASDAQ stock market on the acquisition date. Holders of each share of CMYF common stock received 0.3784 shares of First Interstate Class A common stock for each share of CMYF common stock. Previously unvested CMYF restricted stock awards outstanding immediately prior to the close of the transaction vested and were considered issued and outstanding at acquisition close and included in consideration. All CMYF stock options outstanding vested and were settled by CMYF prior to the close of the transaction. The assets and liabilities of CMYF were recorded in the Company’s consolidated financial statements at their estimated fair values as of the acquisition date. The excess value of the consideration paid over the fair value of assets acquired and liabilities assumed was recorded as goodwill. The purchase price allocation resulted in goodwill of $2.3 million, which is not deductible for income tax purposes. Goodwill resulting from the acquisition was allocated to the Company’s one operating segment, community banking, and consists largely of the synergies and economies of scale expected from combining the operations of CMYF and the Company. The Company recorded net assets acquired of approximately $16.5 million consisting of approximately $129.1 million in assets, inclusive of $78.8 million of loans, of which $0.7 million were classified as credit impaired, and assumed approximately $112.6 million of liabilities, inclusive of $110.1 million of deposits. All amounts reported were finalized during the fourth quarter of 2019. Core deposit intangible assets of $3.0 million are being amortized using an accelerated method over the estimated useful lives of the related deposits of 10 years. Unaudited pro forma consolidated revenues and net income as if the CMYF acquisition had occurred as of January 1, 2019, are not presented because the effect of this acquisition was not considered significant. The accompanying consolidated statements of income for the three and nine months ended September 30, 2020, include the results of operations of the acquired entity from the April 8, 2019 acquisition date. Although legally merged with FIB, the acquired entity continued to do business as CMYF until June 7, 2019, at which point CMYF’s operations were integrated with the Company’s operations. Idaho Independent Bank. On October 11, 2018, the Company also entered into a definitive agreement to acquire all of the outstanding stock of Idaho Independent Bank (“IIBK”), a community bank headquartered in Coeur d’Alene, Idaho with 11 banking offices across Idaho. The acquisition was completed on April 8, 2019, and the Company converted data processing systems on June 7, 2019. Consideration for the acquisition was $157.3 million, consisting of the issuance of 3,871,422 shares of the Company’s Class A common stock valued at $40.64 per share, the closing price of the Company’s Class A common stock as quoted on the NASDAQ stock market on the acquisition date. Holders of each share of IIBK common stock received 0.50 shares of First Interstate Class A common stock for each share of IIBK common stock. Previously unvested IIBK restricted stock awards outstanding immediately prior to the close of the transaction vested and were considered issued and outstanding at acquisition close and were included in consideration. All IIBK stock options outstanding vested and were settled by IIBK prior to the close of the transaction. The assets and liabilities of IIBK were recorded in the Company’s consolidated financial statements at their estimated fair values as of the acquisition date. The excess value of the consideration paid over the fair value of assets acquired and liabilities assumed is recorded as goodwill. The purchase price allocation resulted in goodwill of $73.0 million, which is not deductible for income tax purposes. Goodwill resulting from the acquisition was allocated to the Company’s one operating segment, community banking, and consists largely of the synergies and economies of scale expected from combining the operations of IIBK and the Company. The following table summarizes the consideration paid, fair values of the IIBK assets acquired and liabilities assumed, and the resulting goodwill. All amounts reported were finalized during the fourth quarter of 2019. As Recorded Fair Value As Recorded As of April 8, 2019 by IIBK Adjustments by the Company Assets acquired: Cash and cash equivalents $ 270.7 $ — $ 270.7 Investment securities 62.7 0.5 (1) 63.2 Loans held for investment 347.6 (9.8) (2) 337.8 Mortgage loans held for sale 0.5 — 0.5 Allowance for loan loss (6.3) 6.3 (3) — Premises and equipment 16.5 4.8 (4) 21.3 Other real estate owned (“OREO”) 0.4 2.0 (5) 2.4 Company owned life insurance 15.2 — 15.2 Core deposit intangible assets — 13.6 (6) 13.6 Deferred tax assets, net 3.2 (2.6) (7) 0.6 Other assets 8.6 (0.7) (8) 7.9 Total assets acquired 719.1 14.1 733.2 Liabilities assumed: Deposits 596.5 0.1 (9) 596.6 Accounts payable and accrued expense 15.2 2.6 (10) 17.8 Other borrowed funds 4.0 0.1 (11) 4.1 Securities sold under repurchase agreements 30.4 — 30.4 Total liabilities assumed 646.1 2.8 648.9 Net assets acquired $ 73.0 $ 11.3 $ 84.3 Consideration paid: Class A common stock $ 157.3 Total consideration paid $ 157.3 Goodwill $ 73.0 Explanation of fair value adjustments and the removal of previously recorded fair value marks recorded by IIBK: (1) Write up of the book value of investments to their estimated fair values on the date of acquisition based upon quotes obtained from an independent third-party pricing service. (2) Write down of the book value of loans to their estimated fair values. The fair value of the loans was estimated using cash flow projections based on the remaining maturity and repricing terms, adjusted for estimated future credit losses and prepayments and discounted to present value using a risk-adjusted market rate for similar loans. The fair value of collateral dependent loans acquired with deteriorated credit quality was estimated based on the Company’s analysis of the fair value of each loan’s underlying collateral, discounted using market-derived rates of return with consideration given to the period of time and costs associated with foreclosure and disposition of the collateral. (3) Adjustment to remove the IIBK allowance for loan losses at acquisition date, as the credit risk is included in the fair value adjustment for loans receivable described in (2) above. (4) Write up of the book value of premises and equipment to their estimated fair values on the date of acquisition based upon broker’s opinion of value. (5) Adjustment to the book value of other real estate owned to their estimated fair values on the date of acquisition based on appraisal value. (6) Adjustment represents the value of the core deposit base assumed in the acquisition based upon valuation from an independent accounting and advisory firm. (7) Adjustment consists of the write-off of pre-existing deferred tax assets and purchase accounting adjustments as a result of the acquisition. (8) Adjustment consists of reductions to the fair value of other items. (9) Increase in book value of time deposits to their estimated fair values based upon interest rates of similar time deposits with similar terms on the date of acquisition based upon valuation from an independent accounting and advisory firm. (10) Adjustment to the liability for the nonqualified retirement plan. (11) Adjustment of the book value of debt to the estimated fair values on the date of acquisition based upon interest rates in the market. Core deposit intangible assets of $13.6 million are being amortized using an accelerated method over the estimated useful lives of the related deposits of 10 years. Effective January 1, 2020, the Company began accounting for PCD loans pursuant to ASC Topic 326. As such, the following disclosures are no longer applicable for the current period and are only presented for periods prior to the adoption of ASC Topic 326. Prior to the adoption of ASC 326, the Company acquired certain loans that were subject to Accounting Standards Codification (“ASC”) Topic 310-30 “Loans and Debt Securities Acquired with Deteriorated Credit Quality.” ASC Topic 310-30 provides recognition, measurement, and disclosure guidance for purchased loans acquired in business combinations, for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination. The Company has purchased such loans through business combinations. For loans that meet the criteria stipulated in ASC Topic 310-30, the excess of all cash flows expected at acquisition over the initial fair value of the loans acquired (“accretable yield” is amortized to interest income over the expected remaining lives of the underlying loans using the effective interest method. The accretable yield will fluctuate due to changes in (i) estimated lives of underlying credit-impaired loans, (ii) assumptions regarding future principal and interest amounts collected, and (iii) indices used to fair value variable rate loans. Information regarding IIBK loans acquired deemed credit impaired as of the April 8, 2019 acquisition date are as follows: Contractually required principal and interest payments $ 24.1 Contractual cash flows not expected to be collected (“non-accretable discount”) 3.9 Cash flows expected to be collected 20.2 Interest component of cash flows expected to be collected (“accretable discount”) 3.4 Fair value of acquired credit-impaired loans $ 16.8 Information regarding IIBK acquired loans not deemed credit-impaired at the April 8, 2019 acquisition date are as follows: Contractually required principal and interest payments $ 398.7 Contractual cash flows not expected to be collected 15.2 Fair value at acquisition $ 321.5 Unaudited pro forma consolidated revenues and net income as if the IIBK acquisition had occurred as of January 1, 2019, are not presented because the effect of this acquisition was not considered significant. The accompanying consolidated statements of income for the three and nine months ended September 30, 2020, include the results of operations of the acquired entity from the April 8, 2019 acquisition date. Although legally merged with FIB, the acquired entity continued to do business as IIBK until June 7, 2019, at which point IIBK’s operations were integrated with the Company’s operations. The Company recorded no pre-tax acquisition related expenses for the three and nine month periods ended September 30, 2020. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The amortized cost and the approximate fair values of investment securities are summarized for the periods indicated: September 30, 2020 Amortized Gross Gross Estimated Available-for-Sale: U.S. Treasury notes $ 8.0 $ — $ — $ 8.0 State, county and municipal securities 233.6 2.7 (0.2) 236.1 Obligations of U.S. government agencies 278.4 1.0 (0.6) 278.8 U.S. agency residential mortgage-backed securities & collateralized mortgage obligations 2,535.3 76.9 (0.5) 2,611.7 Private mortgage-backed securities 20.0 0.2 (0.1) 20.1 Corporate securities 292.9 5.4 (0.5) 297.8 Other investments 1.0 — — 1.0 Total $ 3,369.2 $ 86.2 $ (1.9) $ 3,453.5 September 30, 2020 Amortized Gross Gross Estimated Held-to-Maturity: State, county and municipal securities $ 49.9 $ 3.2 $ — $ 53.1 U.S agency residential mortgage-backed securities & collateralized mortgage obligations 1.0 0.1 — 1.1 Corporate securities 4.0 0.1 — 4.1 Other investments 0.1 — — 0.1 Total $ 55.0 $ 3.4 $ — $ 58.4 December 31, 2019 Amortized Gross Gross Estimated Available-for-Sale: U.S. Treasury notes $ 9.0 $ — $ — $ 9.0 State, county and municipal securities 80.1 0.8 — 80.9 Obligations of U.S. government agencies 367.5 0.1 (0.8) 366.8 U.S. agency residential mortgage-backed securities & collateralized mortgage obligations 2,303.6 19.6 (6.0) 2,317.2 Private mortgage-backed securities 47.6 — (0.4) 47.2 Corporate securities 134.5 1.2 — 135.7 Other investments 3.2 — — 3.2 Total $ 2,945.5 $ 21.7 $ (7.2) $ 2,960.0 December 31, 2019 Amortized Gross Gross Estimated Held-to-Maturity: State, county and municipal securities $ 57.3 $ 2.1 $ — $ 59.4 Obligations of U.S. government agencies 19.8 — — 19.8 U.S. agency residential mortgage-backed securities & collateralized mortgage obligations 1.2 — — 1.2 Corporate securities 13.9 0.1 — 14.0 Other investments 0.1 — — 0.1 Total $ 92.3 $ 2.2 $ — $ 94.5 There were no material gross realized gains or losses from the disposition of available-for-sale investment securities for the three and nine month periods ended September 30, 2020 and 2019. As of September 30, 2020, the Company had general obligation securities with amortized costs of $41.9 million included in state, county and municipal securities, of which $27.8 million, or 66.3%, were issued by political subdivisions or agencies within the states of Idaho, Montana, Oregon, South Dakota, Washington, and Wyoming. The following tables show the gross unrealized losses and fair values of available-for-sale investment securities, aggregated by investment category, and the length of time individual investment securities have been in a continuous unrealized loss position as of September 30, 2020 and December 31, 2019. There was no material allowance for credit loss as of September 30, 2020. Less than 12 Months 12 Months or More Total September 30, 2020 Fair Gross Fair Gross Fair Gross Available-for-Sale: State, county and municipal securities $ 22.6 $ (0.2) $ — $ — $ 22.6 $ (0.2) Obligations of U.S. government agencies 102.0 (0.6) — — 102.0 (0.6) U.S. agency residential mortgage-backed securities & collateralized mortgage obligations 88.2 (0.4) 11.4 (0.1) 99.6 (0.5) Private mortgage-backed securities — — 12.7 (0.1) 12.7 (0.1) Corporate securities 54.1 (0.5) — — 54.1 (0.5) Total $ 266.9 $ (1.7) $ 24.1 $ (0.2) $ 291.0 $ (1.9) Less than 12 Months 12 Months or More Total December 31, 2019 Fair Gross Fair Gross Fair Gross Available-for-Sale: Obligations of U.S. government agencies $ 185.3 $ (0.8) $ — $ — $ 185.3 $ (0.8) U.S. agency residential mortgage-backed securities & collateralized mortgage obligations 740.1 (4.6) 155.9 (1.4) 896.0 (6.0) Private mortgage-backed securities — — 46.6 (0.4) 46.6 (0.4) Total $ 925.4 $ (5.4) $ 202.5 $ (1.8) $ 1,127.9 $ (7.2) The available-for-sale securities portfolio contains securities that are guaranteed by a sovereign entity or are generally considered to have non-credit related risks, such as interest rate risk or prepayment and liquidity factors. The Company considers whether the securities are issued by the federal government or its agencies and whether downgrades by bond rating agencies have occurred. The unrealized losses are due to changes in interest rates and other market conditions. The Company had 127 and 331 individual available-for-sale investment securities that were in an unrealized loss position as of September 30, 2020 and December 31, 2019, respectively, related primarily to fluctuations in current interest rates. As of September 30, 2020, the Company had the intent and ability to hold these investment securities for a period of time sufficient to allow for an anticipated recovery. Furthermore, the Company does not have the intent to sell any of the available-for-sale securities in the above table and it is more likely than not that the Company will not have to sell any securities before a recovery in cost. There was not a material allowance for credit losses during the three and nine month periods ended September 30, 2020 or 2019 for available-for-sale or held-to-maturity securities. Maturities of investment securities at September 30, 2020 are shown below. Maturities of mortgage-backed securities have been adjusted to reflect shorter maturities based upon estimated prepayments of principal. All other investment securities maturities are shown at contractual maturity dates. Available-for-Sale Held-to-Maturity September 30, 2020 Amortized Estimated Amortized Estimated Within one year $ 652.4 $ 931.3 $ 8.9 $ 8.9 After one year but within five years 1,446.5 1,251.2 30.5 31.9 After five years but within ten years 627.9 864.5 14.1 16.1 After ten years 642.4 406.5 1.5 1.5 Total $ 3,369.2 $ 3,453.5 $ 55.0 $ 58.4 As of September 30, 2020, the Company held investment securities callable within one year with amortized costs and estimated fair values of $252.5 million and $252.5 million, respectively. These investment securities are primarily included in the “after one year but within five years” category in the table above. As of September 30, 2020, the Company held no callable structured notes. As of September 30, 2020 and December 31, 2019, the Company recorded amortized costs of $2,097.6 million and $2,132.0 million, respectively, for investment securities. These investment securities were pledged to secure public deposits and securities sold under repurchase agreements and had an approximate fair value at September 30, 2020 and December 31, 2019 of $2,165.0 million and $2,144.9 million, respectively. All securities sold under repurchase agreements are with clients and mature on the next banking day. The Company retains possession of the underlying securities sold under repurchase agreements. |
Loans Held for Sale
Loans Held for Sale | 6 Months Ended |
Jun. 30, 2020 | |
Loans Held for Sale [Abstract] | |
Loans Held for Sale | Loans Held for SaleMortgage loans held for immediate sale in the secondary market were $102.0 million as of September 30, 2020, compared to $100.9 million as of December 31, 2019. Residential loans that the Company originated with the intent to sell are recorded at fair value. Conforming agency mortgage production is sold on a servicing retained basis. Certain loans, such as government guaranteed mortgage loans, are sold on a servicing released basis. |
Loans
Loans | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Loans | Loans Held for Investment The following table presents loans by segment as of the dates indicated: September 30, December 31, Real estate loans: Commercial $ 3,690.9 $ 3,487.8 Construction loans: Land acquisition & development 274.8 302.1 Residential 227.9 244.1 Commercial 530.8 431.5 Total construction loans 1,033.5 977.7 Residential 1,311.2 1,246.1 Agricultural 227.7 226.6 Total real estate loans 6,263.3 5,938.2 Consumer loans: Indirect 812.8 784.6 Direct and advance lines 162.1 179.0 Credit card 69.9 81.6 Total consumer loans 1,044.8 1,045.2 Commercial 2,599.6 1,673.7 Agricultural 274.7 279.1 Other, including overdrafts 4.2 — Loans held for investment 10,186.6 8,936.2 Deferred loan fees and costs (34.4) (5.5) Loans held for investment, net of deferred fees and costs 10,152.2 8,930.7 Allowance for credit losses (145.5) (73.0) Net loans held for investment $ 10,006.7 $ 8,857.7 Allowance for Credit Losses The following tables represent, by loan portfolio segment, the activity in the allowance for credit losses for loans held for investment: Three Months Ended September 30, 2020 Beginning Balance Provision for Credit Loss Expense Loans Charged-Off Recoveries Collected Ending Balance Allowance for credit losses (1) Real estate: Commercial real estate: Non-owner occupied $ 23.6 $ 1.5 $ — $ 0.1 $ 25.2 Owner occupied 19.1 0.1 (0.2) 0.1 19.1 Multi-family 8.5 2.3 — — 10.8 Total commercial real estate 51.2 3.9 (0.2) 0.2 55.1 Construction: Land acquisition & development 1.5 (0.5) — 0.2 1.2 Residential construction 1.3 0.3 — — 1.6 Commercial construction 6.3 0.8 — — 7.1 Total construction 9.1 0.6 — 0.2 9.9 Residential real estate: Residential 1-4 family 10.3 (1.1) — — 9.2 Home equity and HELOC 1.5 — — — 1.5 Total residential real estate 11.8 (1.1) — — 10.7 Agricultural real estate 3.1 (0.2) — — 2.9 Total real estate 75.2 3.2 (0.2) 0.4 78.6 Consumer: Indirect 16.4 0.7 (0.8) 0.7 17.0 Direct and advance lines 5.1 0.6 (1.1) 0.2 4.8 Credit card 2.0 0.6 (0.6) 0.2 2.2 Total consumer 23.5 1.9 (2.5) 1.1 24.0 Commercial: Commercial and floor plans 41.0 (1.2) (3.3) 0.2 36.7 Commercial purpose secured by 1-4 family 5.1 (0.2) — 0.1 5.0 Credit card 0.4 0.3 (0.4) — 0.3 Total commercial 46.5 (1.1) (3.7) 0.3 42.0 Agricultural: Agricultural 0.9 — — — 0.9 Total agricultural 0.9 — — — 0.9 Total allowance for credit losses $ 146.1 $ 4.0 $ (6.4) $ 1.8 $ 145.5 (1) Amounts presented are exclusive of the allowance for credit losses related to unfunded commitments which are included in “Note 12 - Financial Instruments with Off-Balance Sheet Risk” included in this report. Nine Months Ended September 30, 2020 Beginning Balance Initial Impact of Adopting ASC 326 Provision for Credit Loss Expense Loans Charged-Off Recoveries Collected Ending Balance Allowance for credit losses (1) Real estate: Commercial real estate: Non-owner occupied $ 8.8 $ 4.9 $ 11.4 $ — $ 0.1 $ 25.2 Owner occupied 10.0 3.5 5.7 (0.3) 0.2 19.1 Multi-family 0.7 6.9 3.2 — — 10.8 Total commercial real estate 19.5 15.3 20.3 (0.3) 0.3 55.1 Construction: Land acquisition & development 1.9 (0.1) (0.3) (0.5) 0.2 1.2 Residential construction 1.5 (0.9) 1.0 — — 1.6 Commercial construction 2.7 1.3 3.1 — — 7.1 Total construction 6.1 0.3 3.8 (0.5) 0.2 9.9 Residential real estate: Residential 1-4 family 1.8 10.6 (3.3) — 0.1 9.2 Home equity and HELOC 1.0 0.5 (0.1) — 0.1 1.5 Total residential real estate 2.8 11.1 (3.4) — 0.2 10.7 Agricultural real estate 0.5 1.8 0.6 — — 2.9 Total real estate 28.9 28.5 21.3 (0.8) 0.7 78.6 Consumer: Indirect 4.5 8.8 5.1 (3.2) 1.8 17.0 Direct and advance lines 2.9 3.0 1.3 (3.1) 0.7 4.8 Credit card 2.5 0.3 1.0 (2.2) 0.6 2.2 Total consumer 9.9 12.1 7.4 (8.5) 3.1 24.0 Commercial: Commercial and floor plans 25.5 (5.1) 20.0 (4.7) 1.0 36.7 Commercial purpose secured by 1-4 family 5.9 (3.8) 2.8 (0.1) 0.2 5.0 Credit card 1.2 (1.1) 1.0 (0.9) 0.1 0.3 Total commercial 32.6 (10.0) 23.8 (5.7) 1.3 42.0 Agricultural: Agricultural 1.6 (0.6) — (0.1) — 0.9 Total agricultural 1.6 (0.6) — (0.1) — 0.9 Total allowance for credit losses $ 73.0 $ 30.0 $ 52.5 $ (15.1) $ 5.1 $ 145.5 (1) Amounts presented are exclusive of the allowance for credit losses related to unfunded commitments which are included in “Note 12 - Financial Instruments with Off-Balance Sheet Risk” included in this report. The following tables represent activity in the allowance for credit losses for loans held for investment under historical GAAP: Three Months Ended September 30, 2019 Beginning Balance Provision for Credit Loss Expense Loans Charged-Off Recoveries Collected Ending Balance Allowance for credit losses Real estate $ 27.7 $ 0.4 $ (0.3) $ 0.8 $ 28.6 Consumer 9.1 2.7 (2.8) 0.8 9.8 Commercial 35.7 (0.4) (1.6) 1.3 35.0 Agricultural 1.7 (0.1) — — 1.6 Total allowance for credit losses $ 74.2 $ 2.6 $ (4.7) $ 2.9 $ 75.0 Nine Months Ended September 30, 2019 Beginning Balance Provision for Credit Loss Expense Loans Charged-Off Recoveries Collected Ending Balance Allowance for credit losses Real estate $ 31.0 $ (1.3) $ (3.3) $ 2.2 $ 28.6 Consumer 8.7 7.1 (9.1) 3.1 9.8 Commercial 31.3 4.3 (3.5) 2.9 35.0 Agricultural 2.0 — (0.4) — 1.6 Total allowance for credit losses $ 73.0 $ 10.1 $ (16.3) $ 8.2 $ 75.0 Collateral-Dependent Financial Loans A collateral-dependent financial loan relies solely on the operation or sale of the collateral for repayment. In evaluating the overall risk associated with a loan, the Company considers character, overall financial condition and resources, and payment record of the borrower; the prospects for support from any financially responsible guarantors; and the nature and degree of protection provided by the cash flow and value of any underlying collateral. The loan may become collateral-dependent where the borrower is experiencing financial difficulty and as sources of repayment become inadequate over time and that repayment is expected to be provided substantially through the operation or sale of the collateral. The following tables present the amortized cost basis of collateral-dependent loans by class of loans as of September 30, 2020. The comparable period is not presented because the collateral-dependent loans classification did not exist under prior GAAP. Under historical guidance, the recorded investment of impaired loans and the related specific reserve was $64.7 million and $3.6 million, respectively, as of December 31, 2019. Collateral Type As of September 30, 2020 Business Assets Real Property Other Total Real estate $ 0.2 $ 0.5 $ — $ 0.7 Commercial 9.8 5.0 0.4 15.2 Agricultural — 0.1 — 0.1 Total collateral-dependent $ 10.0 $ 5.6 $ 0.4 $ 16.0 Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Loans classified in the following table as greater than 90 days past due are still accruing interest. The following tables present the contractual aging of the Company’s recorded amortized cost basis in loans by portfolio as of the dates indicated. Total Loans 30 - 59 60 - 89 > 90 30 or More Days Days Days Days Current Non-accrual Total As of September 30, 2020 Past Due Past Due Past Due Past Due Loans Loans (1) Loans Real estate Commercial $ 5.6 $ 0.6 $ 3.6 $ 9.8 $ 3,671.2 $ 9.9 $ 3,690.9 Construction: Land acquisition & development 1.4 0.6 0.5 2.5 271.7 0.6 274.8 Residential 0.4 0.2 1.5 2.1 225.8 — 227.9 Commercial 0.1 — — 0.1 530.2 0.5 530.8 Total construction loans 1.9 0.8 2.0 4.7 1,027.7 1.1 1,033.5 Residential 1.7 2.3 0.2 4.2 1,302.4 4.6 1,311.2 Agricultural — 0.1 — 0.1 220.0 7.6 227.7 Total real estate loans 9.2 3.8 5.8 18.8 6,221.3 23.2 6,263.3 Consumer: Indirect consumer 4.0 1.6 0.1 5.7 805.3 1.8 812.8 Other consumer 0.5 0.2 0.1 0.8 160.8 0.5 162.1 Credit card 0.7 0.3 0.6 1.6 68.3 — 69.9 Total consumer loans 5.2 2.1 0.8 8.1 1,034.4 2.3 1,044.8 Commercial 5.6 8.2 2.1 15.9 2,567.5 16.2 2,599.6 Agricultural 1.8 0.2 0.9 2.9 268.7 3.1 274.7 Other, including overdrafts — — — — 4.2 — 4.2 Loans held for investment $ 21.8 $ 14.3 $ 9.6 $ 45.7 $ 10,096.1 $ 44.8 $ 10,186.6 Total Loans 30 - 59 60 - 89 > 90 30 or More Days Days Days Days Current Non-accrual Total As of December 31, 2019 Past Due Past Due Past Due Past Due Loans Loans (1) Loans Real estate Commercial $ 5.5 $ 1.1 $ 0.6 $ 7.2 $ 3,467.6 $ 13.0 $ 3,487.8 Construction: Land acquisition & development 0.7 0.8 0.3 1.8 298.9 1.4 302.1 Residential 1.5 0.8 — 2.3 241.8 — 244.1 Commercial — — — — 431.0 0.5 431.5 Total construction loans 2.2 1.6 0.3 4.1 971.7 1.9 977.7 Residential 3.8 1.4 1.1 6.3 1,235.2 4.6 1,246.1 Agricultural 0.8 0.5 — 1.3 220.1 5.2 226.6 Total real estate loans 12.3 4.6 2.0 18.9 5,894.6 24.7 5,938.2 Consumer: Indirect consumer 7.6 1.9 0.5 10.0 773.0 1.6 784.6 Other consumer 1.2 0.5 0.1 1.8 176.7 0.5 179.0 Credit card 0.8 0.5 0.8 2.1 79.5 — 81.6 Total consumer loans 9.6 2.9 1.4 13.9 1,029.2 2.1 1,045.2 Commercial 4.8 2.6 2.3 9.7 1,650.3 13.7 1,673.7 Agricultural 0.9 0.1 — 1.0 275.7 2.4 279.1 Other, including overdrafts — — — — — — — Loans held for investment $ 27.6 $ 10.2 $ 5.7 $ 43.5 $ 8,849.8 $ 42.9 $ 8,936.2 (1) As of September 30, 2020 and December 31, 2019, none of our non-accrual loans were earning interest income. Additionally, no material interest income was recognized on non-accrual loans during the three and nine months ended September 30, 2020 and 2019, respectively. No material and $0.3 million of accrued interest was reversed during the three and nine months ended September 30, 2020. Troubled Debt Restructurings Modifications of performing loans are made in the ordinary course of business and are completed on a case-by-case basis as negotiated with the borrower in connection with the ongoing loan collection processes. Loan modifications typically include interest rate changes, interest only periods of less than twelve months, short-term payment deferrals and extension of amortization periods to provide payment relief. A loan modification is considered a troubled debt restructuring if the borrower is experiencing financial difficulties and the Company, for economic or legal reasons, grants a concession to the borrower that it would not otherwise consider. Certain troubled debt restructurings are on non-accrual status at the time of restructuring and may be returned to accrual status if the borrower has sustained repayment performance in accordance with the restructuring agreement for a period of at least six months and management is reasonably assured of the borrower’s future performance. If the troubled debt restructuring meets these performance criteria, and the interest rate granted at the modification is equal to or greater than the rate that the Company was willing to accept at the time of the restructuring for a new loan with comparable risk, then the loan will return to performing status and the accrual of interest will resume. Any such loan will continue to be individually evaluated for credit deterioration and disclosed as collateral dependent loans. The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into law on March 27, 2020 in response to the outbreak of a new strain of coronavirus (also known as, and hereinafter referred to as, “COVID-19”). Key provisions of the CARES Act include one-time payments to individuals, strengthened unemployment insurance, additional health-care funding, temporary amendments to the Internal Revenue Code, and loans and grants to certain businesses. The CARES Act provided financial institutions with options on the treatment of troubled debt restructurings, and the Company elected to apply these options at the individual loan level. Under the CARES Act, the Company can elect: (1) to suspend the requirements under GAAP for loan modifications related to the COVID–19 pandemic that would otherwise be categorized as a troubled debt restructuring; and/or (2) to suspend any determination of a loan modified as being a troubled debt restructuring as a result of the effects of the COVID–19 pandemic, including impairment for accounting purposes. If the Company elects a suspension noted above, the suspension (a) will be effective for the term of the loan modification, but solely with respect to any modification, including a forbearance arrangement, an interest rate modification, a repayment plan, and any other similar arrangement that defers or delays the payment of principal or interest, occurring for a loan that was not more than 30 days past due as of December 31, 2019; and (b) will not apply to any adverse impact on the credit of a borrower that is not related to the COVID–19 pandemic. These suspensions end the earlier of December 31, 2020 or the date that is 60 days after the termination of the national emergency. The Company renegotiated loans in troubled debt restructurings in the amount of $20.0 million as of September 30, 2020, of which $16.8 million were included in non-accrual loans and $3.2 million were on accrual status. As of September 30, 2020, the Company allocated $4.3 million of allowance for credit losses to those loans and the Company had no material commitments to lend additional funds to borrowers whose existing loans have been renegotiated or are classified as non-accrual. The Company renegotiated loans in troubled debt restructurings in the amount of $24.9 million as of December 31, 2019, of which $19.4 million were included in non-accrual loans and $5.5 million were on accrual status. As of December 31, 2019, the Company allocated $0.3 million of allowance for credit losses to those loans and the Company had no material commitments to lend additional funds to borrowers whose existing loans have been renegotiated or are classified as non-accrual. The Company had no material new troubled debt restructurings during the three and nine months ended September 30, 2020. For troubled debt restructurings that were on non-accrual status or otherwise deemed collateral-dependent before the modification, a specific reserve may already be recorded. In periods subsequent to modification, the Company continues to evaluate all troubled debt restructurings for possible credit deterioration and recognizes credit loss through the allowance. Additionally, these loans continue to work through the credit cycle through charge-off, pay-off, or foreclosure. Financial effects of modifications of troubled debt restructurings may include principal loan forgiveness or other charge-offs directly related to the restructuring. The Company had no charge-offs directly related to modifying troubled debt restructurings during the three and nine months ended September 30, 2020 or 2019. The Company had no material troubled debt restructurings during the previous 12 months for which there was a payment default during the three and nine months ended September 30, 2020. The Company considers a payment default to occur on troubled debt restructurings when the loan is 90 days or more past due or is placed on non-accrual status after the modification. The terms of certain other loans were modified during the quarter ended September 30, 2020 that did not meet the definition of a troubled debt restructuring. These loans have a total recorded investment of $65.9 million as of September 30, 2020. The modification of these loans involved either a modification of the terms of a loan to borrowers who were not experiencing financial difficulties or a delay in a payment that was considered to be insignificant. In order to determine whether a borrower is experiencing financial difficulty, the Company evaluates the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed under the Company’s internal underwriting policy. Credit Quality Indicators As part of the on-going and continuous monitoring of the credit quality of the Company’s loan portfolio, management tracks internally assigned risk classifications of loans based on relevant information about the ability of borrowers to service their debt including, among other factors, current financial information, historical payment experience, credit documentation, public information, and current economic trends. The Company analyzes loans individually to classify the credit risk of the loans. This analysis generally includes loans with an outstanding balance greater than $1.0 million, which are generally considered non-homogeneous loans, such as commercial and commercial real estate loans. This analysis is performed no less than on an annual basis, dependent upon the size of exposure and the financial reporting frequency to which the borrower is contractually obligated. Homogeneous loans, including small business loans are typically managed by payment performance. The Company risk rates its loans internally in accordance with a Uniform Classification System developed jointly by the various bank regulatory agencies to internally risk rate loans. The Uniform Classification System defines three broad categories of criticized assets, which the Company uses as credit quality indicators in addition to the 6 Pass ratings in its 10-point rating scale: Special Mention — includes loans that exhibit a potential weakness in financial condition, loan structure, or documentation that warrants management’s close attention. If not promptly corrected, the potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. Substandard — includes loans that are inadequately protected by the current net worth and paying capacity of the borrower which have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. Although the primary source of repayment for a substandard loan may not currently be sufficient, collateral or other sources of repayment are sufficient to satisfy the debt. Continuance of a substandard loan is not warranted unless positive steps are taken to improve the worthiness of the credit. Doubtful — includes loans that exhibit pronounced weaknesses on the basis of currently existing facts, conditions, and values to a point where collection or liquidation for full repayment is highly questionable and improbable. Doubtful loans are required to be placed on non-accrual status and are assigned specific loss exposure. Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass-rated loans. The Company evaluates the credit quality and loan performance for the allowance for credit loan losses of the following segments based on the aforementioned risk scale: September 30, 2020 Term Loans Amortized Cost Basis by Origination Year Risk by Collateral 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Total Commercial real estate non-owner occupied: Pass $ 397.3 $ 299.3 $ 213.8 $ 108.8 $ 159.0 $ 368.2 $ 12.8 $ 1,559.2 Special mention — 3.1 0.9 0.1 0.7 17.6 — 22.4 Substandard 15.9 2.8 0.9 4.1 1.1 14.8 — 39.6 Doubtful — — 0.2 — — — — 0.2 Total $ 413.2 $ 305.2 $ 215.8 $ 113.0 $ 160.8 $ 400.6 $ 12.8 $ 1,621.4 Commercial real estate owner occupied: Pass $ 325.0 $ 324.4 $ 220.9 $ 131.4 $ 166.3 $ 407.1 $ 13.9 $ 1,589.0 Special mention 7.3 8.7 7.8 3.1 15.4 14.6 0.2 57.1 Substandard 6.7 6.6 12.4 5.2 18.5 13.6 0.5 63.5 Doubtful 0.2 — — 0.1 — 0.1 — 0.4 Total $ 339.2 $ 339.7 $ 241.1 $ 139.8 $ 200.2 $ 435.4 $ 14.6 $ 1,710.0 Commercial multi-family: Pass $ 106.0 $ 63.0 $ 29.2 $ 42.4 $ 26.1 $ 90.8 $ 1.9 $ 359.4 Special mention — — — — — — — — Substandard — — — — — 0.1 — 0.1 Doubtful — — — — — — — — Total $ 106.0 $ 63.0 $ 29.2 $ 42.4 $ 26.1 $ 90.9 $ 1.9 $ 359.5 Land, acquisition and development: Pass $ 81.0 $ 71.0 $ 40.4 $ 33.0 $ 9.4 $ 28.5 $ 6.1 $ 269.4 Special mention 0.4 0.1 — 1.0 — 1.2 0.3 3.0 Substandard 0.4 — 1.2 0.1 — 0.2 0.4 2.3 Doubtful — — — — — 0.1 — 0.1 Total $ 81.8 $ 71.1 $ 41.6 $ 34.1 $ 9.4 $ 30.0 $ 6.8 $ 274.8 Residential construction: Pass $ 65.1 $ 73.3 $ 14.9 $ 5.6 $ 0.3 $ 0.1 $ 66.8 $ 226.1 Special mention — — — — — — — — Substandard 0.6 — 1.2 — — — — 1.8 Doubtful — — — — — — — — Total $ 65.7 $ 73.3 $ 16.1 $ 5.6 $ 0.3 $ 0.1 $ 66.8 $ 227.9 Commercial construction: Pass $ 188.4 $ 223.3 $ 84.2 $ 12.0 $ 9.7 $ 0.3 $ 8.7 $ 526.6 Special mention — 1.4 1.5 — — — — 2.9 Substandard — 0.8 — — — 0.1 — 0.9 Doubtful — — 0.4 — — — — 0.4 Total $ 188.4 $ 225.5 $ 86.1 $ 12.0 $ 9.7 $ 0.4 $ 8.7 $ 530.8 Agricultural real estate: Pass $ 35.7 $ 46.6 $ 31.2 $ 18.1 $ 14.3 $ 30.2 $ 6.4 $ 182.5 Special mention 3.4 7.6 1.2 1.6 0.9 3.9 0.9 19.5 Substandard 0.1 8.3 3.5 1.1 3.5 5.4 1.8 23.7 Doubtful — 2.0 — — — — — 2.0 Total $ 39.2 $ 64.5 $ 35.9 $ 20.8 $ 18.7 $ 39.5 $ 9.1 $ 227.7 September 30, 2020 Term Loans Amortized Cost Basis by Origination Year Risk by Collateral 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Total Commercial and floor plans: Pass $ 1,385.9 $ 173.4 $ 150.5 $ 86.3 $ 48.8 $ 100.3 $ 236.6 $ 2,181.8 Special mention 8.9 1.2 2.0 7.3 4.2 0.6 2.9 27.1 Substandard 6.0 4.6 4.5 0.5 4.5 2.5 11.9 34.5 Doubtful 2.2 3.7 0.1 — 0.1 2.6 0.1 8.8 Total $ 1,403.0 $ 182.9 $ 157.1 $ 94.1 $ 57.6 $ 106.0 $ 251.5 $ 2,252.2 Commercial purpose secured by 1-4 family: Pass $ 60.3 $ 62.9 $ 38.4 $ 23.8 $ 16.7 $ 42.4 $ 19.5 $ 264.0 Special mention 0.3 0.6 0.3 0.3 0.6 0.9 0.4 3.4 Substandard 2.4 1.1 4.4 0.3 1.4 1.4 0.1 11.1 Doubtful — — 0.1 — — — — 0.1 Total $ 63.0 $ 64.6 $ 43.2 $ 24.4 $ 18.7 $ 44.7 $ 20.0 $ 278.6 Agricultural: Pass $ 39.5 $ 26.5 $ 14.2 $ 5.7 $ 3.9 $ 1.4 $ 140.9 $ 232.1 Special mention 2.6 0.6 0.5 0.1 0.1 0.4 13.8 18.1 Substandard 6.4 1.9 4.3 1.4 0.1 0.4 8.2 22.7 Doubtful — 0.1 — 0.1 — — — 0.2 Total $ 48.5 $ 29.1 $ 19.0 $ 7.3 $ 4.1 $ 2.2 $ 162.9 $ 273.1 The Company evaluates the credit quality, loan performance, and the allowance for credit loan losses of its residential and consumer loan portfolios, based primarily on the aging status of the loan and payment activity. Accordingly, loans on nonaccrual status, loans past due 90 days or more and still accruing interest, and loans modified under troubled debt restructurings are considered to be nonperforming for purposes of credit quality evaluation. The following tables present the recorded investment of our other loan portfolios based on the credit risk profile of loans that are performing and loans that are nonperforming as of the periods indicated: September 30, 2020 Term Loans Amortized Cost Basis by Origination Year Risk by Collateral 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Total Residential 1-4 family: Performing $ 311.1 $ 119.8 $ 71.4 $ 57.9 $ 76.9 $ 270.2 $ — $ 907.3 Nonperforming — 0.7 0.2 — — 0.9 — 1.8 Total $ 311.1 $ 120.5 $ 71.6 $ 57.9 $ 76.9 $ 271.1 $ — $ 909.1 Consumer home equity and HELOC: Performing $ 10.2 $ 8.3 $ 9.6 $ 10.7 $ 5.3 $ 16.7 $ 340.7 $ 401.5 Nonperforming 0.1 — — 0.1 — 0.4 — 0.6 Total $ 10.3 $ 8.3 $ 9.6 $ 10.8 $ 5.3 $ 17.1 $ 340.7 $ 402.1 Consumer indirect: Performing $ 273.8 $ 212.9 $ 134.0 $ 85.9 $ 56.8 $ 48.9 $ — $ 812.3 Nonperforming — 0.2 0.1 — 0.1 0.1 — 0.5 Total $ 273.8 $ 213.1 $ 134.1 $ 85.9 $ 56.9 $ 49.0 $ — $ 812.8 Consumer direct and advance line: Performing $ 40.6 $ 34.1 $ 33.9 $ 14.1 $ 6.5 $ 9.8 $ 22.9 $ 161.9 Nonperforming — — 0.1 0.1 — — — 0.2 Total $ 40.6 $ 34.1 $ 34.0 $ 14.2 $ 6.5 $ 9.8 $ 22.9 $ 162.1 The Company considers the performance of the loan portfolio and its impact on the allowance for credit loan losses. For certain credit card loan classes, the Company also evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity. The following table presents the recorded investment in credit card loans based on payment activity: As of September 30, 2020 Consumer Commercial Agricultural Total Credit Card: Performing $ 69.3 $ 68.5 $ 1.5 $ 139.3 Nonperforming 0.6 0.3 0.1 1.0 Total $ 69.9 $ 68.8 $ 1.6 $ 140.3 The following presents the recorded investment in the Company’s loans by risk grades and loan class as of the date shown below: As of December 31, 2019 Pass Other Assets Substandard Doubtful Total Total Loans Real estate: Commercial $ 3,305.0 $ 84.7 $ 97.3 $ 0.8 $ 182.8 $ 3,487.8 Construction: Land acquisition & development 295.4 3.8 1.9 1.0 6.7 302.1 Residential 241.0 0.9 2.2 — 3.1 244.1 Commercial 428.3 1.7 1.5 — 3.2 431.5 Total construction loans 964.7 6.4 5.6 1.0 13.0 977.7 Residential 1,235.4 2.6 7.8 0.3 10.7 1,246.1 Agricultural 185.7 14.3 26.6 — 40.9 226.6 Total real estate loans 5,690.8 108.0 137.3 2.1 247.4 5,938.2 Consumer: Indirect consumer 781.5 0.2 2.9 — 3.1 784.6 Direct consumer 177.7 0.4 0.8 0.1 1.3 179.0 Credit card 81.6 — — — — 81.6 Total consumer loans 1,040.8 0.6 3.7 0.1 4.4 1,045.2 Commercial 1,569.4 40.4 60.3 3.6 104.3 1,673.7 Agricultural 247.8 8.5 22.7 0.1 31.3 279.1 Total $ 8,548.8 $ 157.5 $ 224.0 $ 5.9 $ 387.4 $ 8,936.2 There were no material purchases of portfolio loans and no material sales of loans held for investment during the three and nine months ended September 30, 2020 or 2019. Purchased Credit Deteriorated Loans The Company has purchased loans acquired in business combinations, for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination. See “Note 2 - Acquisitions” included in this report, for additional details. |
Other Real Estate Owned
Other Real Estate Owned | 9 Months Ended |
Sep. 30, 2020 | |
Repossessed Assets [Abstract] | |
Other Real Estate Owned | Other Real Estate Owned Other real estate owned is a category of real estate owned by the Company as a result of a default by the borrower. Information with respect to the Company’s other real estate owned follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Beginning balance $ 6.5 $ 27.5 $ 8.5 $ 14.4 OREO acquired through acquisition — — — 2.4 Additions 2.0 0.7 3.2 14.0 Valuation adjustments (0.1) (0.2) (0.1) (0.7) Dispositions (2.7) (10.2) (5.9) (12.3) Ending balance $ 5.7 $ 17.8 $ 5.7 $ 17.8 The carrying values of foreclosed residential real estate properties included in other real estate owned were $2.3 million and $2.3 million as of September 30, 2020 and December 31, 2019, respectively. The Company had recorded investments in consumer mortgage loans secured by residential real estate for which formal foreclosure proceedings were in process of foreclosure of $0.2 million and $1.4 million as of September 30, 2020 and December 31, 2019, respectively. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative and Hedging Activities | Derivatives and Hedging Activities For asset and liability management purposes, the Company enters into interest rate swap contracts to hedge against changes in forecasted cash flows due to interest rate exposures. Interest rate swaps are contracts in which a series of interest payments are exchanged over a prescribed period. The notional amount upon which the interest payments are based is not exchanged. The amount exchanged is determined by reference to the notional amount and the other terms of the individual agreements. The swap agreements are derivative instruments and convert a portion of the Company’s forecasted variable rate debt to a fixed rate (i.e., cash flow hedge) over the payment term of the interest rate swap. The effective portion of the gain or loss on cash flow hedging instruments is initially reported as a component of other comprehensive income and subsequently reclassified into earnings in the same period during which the transaction affects earnings. The ineffective portion of the gain or loss on derivative instruments, if any, is recognized in earnings. The Company does not enter into interest rate swap agreements for trading or speculative purposes. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in Accumulated Other Comprehensive Income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. On May 1, 2020, the Company entered into three interest rate swap contracts that were designated as cash flow hedges. The contracts included a notional amount of $46.4 million, $36.1 million, and $5.1 million. The Company pays a fixed interest rate of 0.40%, 0.34%, and 0.40%, respectively, and the counterparty pays to the Company a variable interest rate equal to the three-month LIBOR under the terms of the interest rate swap contracts. No cash was exchanged until the effective date, which began on May 1, 2020 and ends on April 1, 2022, March 15, 2022, and March 30, 2022, respectively. The Company designated the interest payments related to the trust preferred securities as the cash flow hedge. The hedge was fully effective during the current period. As such, no amount of hedge ineffectiveness was included in the Company's income statement for the three and nine months ended September 30, 2020. The Company expects the hedge to remain highly effective during the remaining term of the interest rate swap. The Company also enters into certain interest rate swap contracts that are not designated as hedging instruments. These derivative contracts relate to transactions in which the Company enters into an interest rate swap with a client while at the same time entering into an offsetting interest rate swap with a third-party financial institution. Because the Company acts as an intermediary for the client, changes in the fair value of the underlying derivative contracts for the most part offset each other and do not significantly impact the Company’s results of operations. In the normal course of business, the Company enters into interest rate lock commitments to finance residential mortgage loans that are not designated as accounting hedges. These commitments, which contain fixed expiration dates, offer the borrower an interest rate guarantee, provided the loan meets underwriting guidelines and closes within the timeframe established by the Company. Interest rate risk arises on these commitments and subsequently closed loans if interest rates change between the time of the interest rate lock and the delivery of the loan to the investor. Loan commitments related to residential mortgage loans intended to be sold are considered derivatives and are marked to market through earnings. In addition to the effects of the change in market interest rate, the fair value measurement of the derivative also contemplates the expected cash flows to be received from the counterparty from the future sale of the loan. The Company sells residential mortgage loans on either a best efforts or mandatory delivery basis. The Company mitigates the effect of the interest rate risk inherent in providing interest rate lock commitments by entering into forward loan sales contracts. During the interest rate lock commitment period, these forward loan sales contracts are marked to market through earnings and are not designated as accounting hedges. Exclusive of the fair value component associated with the projected cash flows from the loan delivery to the investor, the changes in fair value related to movements in market rates of the interest rate lock commitments and the forward loan sales contracts generally move in opposite directions, and the net impact of changes in these valuations on net income during the loan commitment period is generally inconsequential. When the loan is funded to the borrower, the interest rate lock commitment derivative expires, and the Company records a loan held for sale. The forward loan sales contract acts as a hedge against the variability in cash to be received from the loan sale. The changes in measurement of the estimated fair values of the interest rate lock commitments and forward loan sales contracts are included in mortgage banking revenues in the accompanying consolidated statements of income. The notional amounts and estimated fair values of the Company’s derivatives are presented in the following table. Fair value estimates are obtained from third parties and are based on pricing models. September 30, 2020 December 31, 2019 Notional Amount Estimated Notional Amount Estimated Derivative Assets (included in other assets on the consolidated balance sheets): Non-hedging interest rate derivatives: Interest rate swap contracts $ 754.3 $ 61.3 $ 503.2 $ 21.9 Interest rate lock commitments 186.9 7.0 67.8 1.3 Total derivative assets $ 941.2 $ 68.3 $ 571.0 $ 23.2 Derivative Liabilities (included in accounts payable and accrued expenses on the consolidated balance sheets): Derivatives designated as hedges: Interest rate swap contracts $ 87.6 $ 0.2 $ — $ — Non-hedging interest rate derivatives: Interest rate swap contracts 754.3 61.3 503.2 21.9 Forward loan sales contracts 237.0 1.6 128.0 0.3 Total derivative liabilities $ 1,078.9 $ 63.1 $ 631.2 $ 22.2 There were no material effects of derivative instruments in cash flow hedging relationships on the consolidated statements of income for the three and nine months ended September 30, 2020. Derivative assets and liabilities are recorded at fair value on the balance sheet and do not take into account the effects of master netting arrangements. Master netting arrangements allow the Company to settle all contracts held with a single counterparty on a net basis and to offset net contract position with related collateral where applicable. The following tables illustrate the potential effect of the Company’s master netting arrangements, by type of financial instrument, on the Company’s consolidated balance sheets for the periods indicated: September 30, 2020 Gross Amounts Recognized Gross Amounts Offset in the Balance Sheet Net Amounts in the Balance Sheet Financial Instruments Fair Value of Financial Collateral in the Balance Sheet Net Amount Financial Assets Interest rate swap contracts $ 61.3 $ — $ 61.3 $ — $ 28.7 $ 32.6 Mortgage related derivatives 7.0 — 7.0 — — 7.0 Total derivatives 68.3 — 68.3 — 28.7 39.6 Total assets $ 68.3 $ — $ 68.3 $ — $ 28.7 $ 39.6 Financial Liabilities Interest rate swap contracts $ 61.5 $ — $ 61.5 $ — $ — $ 61.5 Mortgage related derivatives 1.6 — 1.6 — — 1.6 Total derivatives 63.1 — 63.1 — — 63.1 Repurchase agreements 820.3 820.3 — 820.3 — Total liabilities $ 883.4 $ — $ 883.4 $ — $ 820.3 $ 63.1 December 31, 2019 Gross Amounts Recognized Gross Amounts Offset in the Balance Sheet Net Amounts in the Balance Sheet Financial Instruments Fair Value of Financial Collateral in the Balance Sheet Net Amount Financial Assets Interest rate swap contracts $ 21.9 $ — $ 21.9 $ 0.1 $ 18.0 $ 3.8 Mortgage related derivatives 1.3 — 1.3 — — 1.3 Total derivatives 23.2 — 23.2 0.1 18.0 5.1 Total assets $ 23.2 $ — $ 23.2 $ 0.1 $ 18.0 $ 5.1 Financial Liabilities Interest rate swap contracts $ 21.9 $ — $ 21.9 $ 0.1 $ — $ 21.8 Mortgage related derivatives 0.3 — 0.3 — — 0.3 Total derivatives 22.2 — 22.2 0.1 — 22.1 Repurchase agreements 697.6 — 697.6 — 697.6 — Total liabilities $ 719.8 $ — $ 719.8 $ 0.1 $ 697.6 $ 22.1 The following table presents the pre-tax gains or losses related to derivative contracts that were recorded in other non-interest income in the Company’s statements of income for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Derivatives designated as hedges: Amount of gain recognized in other comprehensive income (effective portion) $ — $ — $ 0.2 $ — Reclassification adjustment for derivatives net (gains) losses included in income — — 0.2 — Non-hedging interest rate derivatives: Amount of net fee income recognized in other non-interest income $ 3.7 $ 0.5 6.4 1.8 Amount of net (losses) gains recognized in mortgage banking revenues (0.6) 0.4 4.4 1.5 |
Capital Stock
Capital Stock | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Capital Stock | Capital Stock The Company had 41,143,592 shares of Class A common stock and 21,971,339 shares of Class B common stock outstanding as of September 30, 2020. The Company had 43,129,085 shares of Class A common stock and 22,117,254 shares of Class B common stock outstanding as of December 31, 2019. During the nine months ended September 30, 2020, the Company issued 19,491 shares of its Class A common stock to directors for their annual service on the Company's board of directors. The aggregate value of the shares issued to directors of $0.6 million is included in stock-based compensation expense in the accompanying consolidated statements of changes in stockholders' equity. On June 11, 2019, the Company’s board of directors adopted a stock repurchase program where the Company may repurchase up to 2.5 million of its outstanding shares of Class A common stock. On September 12, 2020, the Company’s board of directors increased the number of shares of Class A common stock authorized to be repurchased by the Company under the stock repurchase program by an additional 3.0 million shares for a total of 5.5 million shares. During the three months ended September 30, 2020, the Company repurchased and retired 1,445,300 shares of our Class A common stock at a total cost of $46.3 million, including costs and commissions, at an average cost of $32.05 per share. The shares of common stock repurchased during the period represented 26.3% of the total 5.5 million shares authorized to be repurchased. During the nine months ended September 30, 2020, the Company repurchased and retired 2.5 million shares of our Class A common stock at a total cost of $77.5 million, including costs and commissions, at an average cost of $31.01 per share. The shares of common stock repurchased during the period represented 45.5% of the total 5.5 million shares authorized to be repurchased. As of September 30, 2020, there were 3.0 million shares remaining authorized under the repurchase program. |
Earnings per Common Share
Earnings per Common Share | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | Earnings per Common Share Basic earnings per common share is calculated by dividing net income by the weighted average number of common shares outstanding during the period presented, excluding unvested restricted stock. Diluted earnings per share is calculated by dividing net income by the weighted average number of common shares determined for the basic earnings per share computation plus the dilutive effects of stock-based compensation using the treasury stock method. The following table sets forth the computation of basic and diluted earnings per share for the three and nine month periods ended September 30, 2020 and 2019: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Net income $ 48.3 $ 49.1 $ 114.3 $ 128.6 Weighted average common shares outstanding for basic earnings per share computation 63,764,474 64,832,324 64,184,832 63,232,575 Dilutive effects of stock-based compensation 96,983 211,162 110,693 238,708 Weighted average common shares outstanding for diluted earnings per common share computation 63,861,457 65,043,486 64,295,525 63,471,283 Basic earnings per common share $ 0.76 $ 0.76 $ 1.78 $ 2.03 Diluted earnings per common share $ 0.76 $ 0.76 $ 1.78 $ 2.03 Anti-dilutive unvested time restricted stock 68,397 4,808 73,633 5,569 |
Regulatory Capital
Regulatory Capital | 9 Months Ended |
Sep. 30, 2020 | |
Banking and Thrift, Other Disclosures [Abstract] | |
Regulatory Capital | Regulatory Capital As of September 30, 2020 and December 31, 2019, the Company exceeded all capital adequacy requirements to which it is subject. Actual capital amounts and ratios for the Company and its subsidiary Bank, as of September 30, 2020 and December 31, 2019 are presented in the following tables: Actual Minimum Required for Capital Adequacy Purposes For Capital Adequacy Purposes Plus Capital Conservation Buffer Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements(1) September 30, 2020 Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total risk-based capital: Consolidated $ 1,585.8 14.45 % $ 877.7 8.00 % $ 1,152.0 10.50 % $ 1,097.1 10.00 % FIB 1,412.5 12.91 875.1 8.00 1,148.6 10.50 1,093.9 10.00 Tier 1 risk-based capital: Consolidated 1,378.3 12.56 658.3 6.00 932.6 8.50 877.7 8.00 FIB 1,305.1 11.93 656.3 6.00 929.8 8.50 875.1 8.00 Common equity tier 1 risk-based capital: Consolidated 1,294.2 11.80 493.7 4.50 768.0 7.00 713.1 6.50 FIB 1,305.1 11.93 492.3 4.50 765.7 7.00 711.0 6.50 Leverage capital ratio: Consolidated 1,378.3 8.62 639.3 4.00 639.3 4.00 799.1 5.00 FIB 1,305.1 8.18 638.2 4.00 638.2 4.00 797.8 5.00 In connection with the adoption of CECL, or ASC 326, the Company recognized an after-tax cumulative effect reduction to retained earnings totaling $24.1 million. In March 2020, the Office of the Comptroller of Currency, the Board of Governors of the Federal Reserve System, and the FDIC issued an interim final rule that allows banking organizations to mitigate the effects of ASC 326 on their regulatory capital computations. This interim rule is in addition to the three-year transition period already in place under the capital transition rule previously issued in February 2019. Banking organizations can elect to mitigate the estimated cumulative regulatory capital effects for an additional two years. This rule allows an institution to defer transitioning the impact of ASC 326 into its regulatory capital calculation, including ratios, over an extended period. Additionally, the interim rule extends the transition period whereby an institution can defer the impact from ASC 326 on the current period, determined based on the difference between the new ASC 326 allowance for credit losses and the allowance for loan losses under the incurred loss method from previous GAAP, for up to two years. The total impact related to ASC 326 would then be transitioned into regulatory capital and the associated ratios over a three-year transition period, beginning after the initial two-year deferral period, for a total transition period of five years. The Company has elected to opt into the transition election and is adopting transition relief over the permissible five-year period. Actual Minimum Required for Capital Adequacy Purposes For Capital Adequacy Purposes Plus Capital Conservation Buffer Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements(1) December 31, 2019 Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total risk-based capital: Consolidated $ 1,495.3 14.10 % $ 848.5 8.00 % $ 1,113.6 10.50 % $ 1,060.6 10.00 % FIB 1,321.4 12.50 845.8 8.00 1,110.1 10.50 1,057.2 10.00 Tier 1 risk-based capital: Consolidated 1,422.3 13.41 636.3 6.00 901.5 8.50 848.5 8.00 FIB 1,248.4 11.81 634.3 6.00 898.6 8.50 845.8 8.00 Common equity tier 1 risk-based capital: Consolidated 1,338.2 12.62 477.3 4.50 742.4 7.00 689.4 6.50 FIB 1,248.4 11.81 475.7 4.50 740.0 7.00 687.2 6.50 Leverage capital ratio: Consolidated 1,422.3 10.13 561.6 4.00 561.6 4.00 702.0 5.00 FIB 1,248.4 8.91 560.4 4.00 560.4 4.00 700.4 5.00 (1) The ratios for the requirements to be deemed “well-capitalized” are only applicable to FIB. However, the Company manages its capital position as if the requirements apply to the consolidated company and has presented the ratios as if they also applied on a consolidated basis. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies In the normal course of business, the Company is involved in various other claims and litigation. In the opinion of management, following consultation with legal counsel, the ultimate liability or disposition thereof of all other claims and litigation is not expected to have a material adverse effect on the consolidated financial condition, results of operations, or liquidity of the Company. As of September 30, 2020, the Company had commitments under construction contracts of $10.6 million. |
Financial Instruments with Off-
Financial Instruments with Off-Balance Sheet Risk | 6 Months Ended |
Jun. 30, 2020 | |
Financial Instruments with Off-Balance Sheet Risk [Abstract] | |
Financial Instruments with Off-Balance Sheet Risk | Financial Instruments with Off-Balance Sheet Risk The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its clients. These financial instruments include commitments to extend credit and standby letters of credit. Commitments to extend credit are agreements to lend to a client as long as there is no violation of any condition established in the commitment contract. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a client to a third party. The following table presents our financial instruments with off-balance sheet risk, as well as the activity in the allowance for off-balance sheet credit losses related to those financial instruments: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Beginning balance $ 2.3 $ — $ — $ — Initial impact of adopting ASC 326 — — 2.3 — Provision for credit loss expense 1.2 — 1.2 — Ending balance of allowance for off-balance sheet credit losses $ 3.5 $ — $ 3.5 $ — September 30, December 31, Unused credit card lines* $ 691.9 $ 671.8 Commitments to extend credit* 2,173.2 2,067.0 Standby letter of credit 58.8 42.7 * In conjunction with the adoption of ASC 326, the Company presented the December 31, 2019 balances to conform to the September 30, 2020 presentation. |
Other Comprehensive Income_Lo_2
Other Comprehensive Income/Loss | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Other Comprehensive Income/Loss | Other Comprehensive Income/Loss The gross amounts of each component of other comprehensive income and the related tax effects are as follows: Pre-tax Tax Expense (Benefit) Net of Tax Three Months Ended September 30, 2020 2019 2020 2019 2020 2019 Investment securities available-for sale: Change in net unrealized (loss) gain during period $ (4.2) $ 4.2 $ (1.1) $ 1.0 $ (3.1) $ 3.2 Reclassification adjustment for net gains included in net income (0.1) (0.1) — — (0.1) (0.1) Defined benefits post-retirement benefit plan: Change in net actuarial gains (0.1) (0.2) — — (0.1) (0.2) Total other comprehensive (loss) income $ (4.4) $ 3.9 $ (1.1) $ 1.0 $ (3.3) $ 2.9 Pre-tax Tax Expense (Benefit) Net of Tax Nine Months Ended September 30, 2020 2019 2020 2019 2020 2019 Investment securities available-for sale: Change in net unrealized gains during period $ 69.9 $ 58.0 $ 18.7 $ 15.0 $ 51.2 $ 43.0 Reclassification adjustment for net gains included in net income (0.1) (0.1) — — (0.1) (0.1) Reclassification adjustment for securities transferred from held-to-maturity to available-for-sale — (6.0) — (1.6) — (4.4) Unrealized loss on derivatives 0.2 — — — 0.2 — Defined benefits post-retirement benefit plan: Change in net actuarial gains (0.5) (0.5) (0.1) — (0.4) (0.5) Total other comprehensive income $ 69.5 $ 51.4 $ 18.6 $ 13.4 $ 50.9 $ 38.0 The components of accumulated other comprehensive income, net of related tax effects, are as follows: September 30, 2020 December 31, 2019 Net unrealized gains on investment securities available-for-sale $ 62.1 $ 10.6 Net unrealized loss on derivatives (0.2) — Net actuarial gains on defined benefit post-retirement benefit plans — 0.4 Net accumulated other comprehensive gains $ 61.9 $ 11.0 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date. There is a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that may be used to measure fair value are as follows: • Level 1 - Quoted prices in active markets for identical assets or liabilities • Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities • Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of assets or liabilities The methodologies used by the Company in determining the fair values of each class of financial instruments are based primarily on the use of independent, market-based data to reflect a value that would be reasonably expected in an orderly transaction between market participants at the measurement date, and therefore are classified within Level 2 of the valuation hierarchy. There have been no significant changes in the valuation techniques during the three and nine months ended September 30, 2020 and 2019. The Company’s policy is to recognize transfers between levels as of the end of the reporting period. Transfers in and out of Level 1, Level 2, and Level 3 are recognized on the actual transfer date. There were no transfers between fair value hierarchy levels during the three and nine months ended September 30, 2020 and 2019. Further details on the methods used to estimate the fair value of each class of financial instruments above are discussed below: Investment Debt Securities Available-for-Sale . The Company obtains fair value measurements for investment securities from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information, and the investment’s terms and conditions, among other things. Vendors chosen by the Company are widely recognized vendors whose evaluations support the pricing functions of financial institutions, investment and mutual funds, and portfolio managers. If needed, a broker may be utilized to determine the reported fair value of investment securities. Loans Held for Sale. Fair value measurements for loans held for sale are obtained from an independent pricing service. The fair value measurements consider observable data that may include binding contracts or quotes or bids from third party investors as well as loan level pricing adjustments. Interest Rate Swap Contracts. Fair values for derivative interest rate swap contracts are based upon the estimated amounts to settle the contracts considering current interest rates and are calculated using discounted cash flows that are observable or that can be corroborated by observable market data. The inputs used to determine fair value include the three-month LIBOR forward curve to estimate variable rate cash inflows and the federal funds effective swap rate to estimate the discount rate. The estimated variable rate cash inflows are compared to the fixed rate outflows and such difference is discounted to a present value to estimate the fair value of the interest rate swaps. The change in the value of derivative assets attributable to basis risk, or the risk that offsetting investments in a hedging strategy will not experience price changes in entirely opposite directions from each other, was not significant in the reported periods. The Company also obtains and compares the reasonableness of the pricing from an independent third party. Interest Rate Lock Commitments. Fair value measurements for interest rate lock commitments are obtained from an independent pricing service. The fair value measurements consider observable data that may include prices available from secondary market investors taking into consideration various characteristics of the loan, including the loan amount, interest rate, value of the servicing, and loan to value ratio, among other things. Observable data is then adjusted to reflect changes in interest rates, the Company’s estimated pull-through rate, and estimated direct costs necessary to complete the commitment into a closed loan net of origination and processing fees collected from the borrower. Forward Loan Sales Contracts. The fair value measurements for forward loan sales contracts are obtained from an independent pricing service. The fair value measurements consider observable data that includes sales of similar loans. Deferred Compensation Plan Assets and Liabilities. The fair values of deferred compensation plan assets are based primarily on the use of independent, market-based data to reflect a value that would be reasonably expected in an orderly transaction between market participants at the measurement date. These investments are in the same funds and purchased in the same amounts as the participants’ selected investments, which represent the underlying liabilities to plan participants. Deferred compensation plan liabilities are recorded at amounts due to participants, based on the fair value of participants’ selected investments. Financial assets and liabilities measured at fair value on a recurring basis are as follows: Fair Value Measurements at Reporting Date Using As of September 30, 2020 Balance Quoted Prices in Significant Other Significant Investment debt securities available-for-sale: U.S. Treasury Notes $ 8.0 $ — $ 8.0 $ — State, county and municipal securities 236.1 — 236.1 — Obligations of U.S. government agencies 278.8 — 278.8 — U.S. agencies mortgage-backed securities & collateralized mortgage obligations 2,611.7 — 2,611.7 — Private mortgage-backed securities 20.1 — 20.1 — Corporate securities 297.8 — 297.8 — Other investments 1.0 — 1.0 — Loans held for sale 102.0 — 102.0 — Derivative assets: Interest rate swap contracts 61.3 — 61.3 — Interest rate lock commitments 7.0 — 7.0 — Derivative liabilities: Interest rate swap contracts 61.5 — 61.5 — Forward loan sale contracts 1.6 — 1.6 — Deferred compensation plan assets 18.9 — 18.9 — Deferred compensation plan liabilities 18.9 — 18.9 — Fair Value Measurements at Reporting Date Using As of December 31, 2019 Balance Quoted Prices in Significant Other Significant Investment debt securities available-for-sale: U.S. Treasury notes $ 9.0 $ — $ 9.0 $ — State, county and municipal securities 80.9 — 80.9 — Obligations of U.S. government agencies 366.8 — 366.8 — U.S. agencies mortgage-backed securities & collateralized mortgage obligations 2,317.2 — 2,317.2 — Private mortgage-backed securities 47.2 — 47.2 — Corporate securities 135.7 — 135.7 — Other investments 3.2 — 3.2 — Loans held for sale 100.9 — 100.9 — Derivative assets: Interest rate swap contracts 21.9 — 21.9 — Interest rate lock commitments 1.3 — 1.3 — Derivative liabilities Interest rate swap contracts 21.9 — 21.9 — Forward loan sales contracts 0.3 — 0.3 — Deferred compensation plan assets 18.2 — 18.2 — Deferred compensation plan liabilities 18.2 — 18.2 — Additionally, from time to time, certain assets are measured at fair value on a non-recurring basis. Adjustments to fair value generally result from the application of lower-of-cost-or-market accounting or write-downs of individual assets due to credit deterioration. The following table presents information about the Company’s assets and liabilities measured at fair value on a non-recurring basis: Fair Value Measurements at Reporting Date Using As of September 30, 2020 Balance Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Significant Collateral dependent loans* $ 11.4 $ — $ — $ 11.4 Other real estate owned 1.1 — — 1.1 Long-lived assets to be disposed of by sale 5.0 — — 5.0 Fair Value Measurements at Reporting Date Using As of December 31, 2019 Balance Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Significant Impaired Loans* $ 27.6 $ — $ — $ 27.6 Other real estate owned 2.2 — — 2.2 Long-lived assets to be disposed of by sale 6.2 — — 6.2 *The Company adopted ASC 326 as of January 1, 2020 which changes the methodology of impaired loans. The comparable period presents impaired loans under previously applicable GAAP. Collateral-dependent Loans. Collateral-dependent loans are reported at the fair value of the underlying collateral if repayment is expected solely from collateral. The collateral-dependent loans are reported at fair value through specific valuation allowance allocations. In addition, when it is determined that the fair value of a collateral-dependent loan is less than the recorded investment in the loan, the carrying value of the loan is adjusted to fair value through a charge to the allowance for credit losses. Collateral values are estimated using independent appraisals and management estimates of current market conditions. As of September 30, 2020, certain collateral dependent loans with a carrying value of $16.0 million were reduced by specific valuation allowance allocations of $4.6 million with no material loan charge-offs resulting in a reported fair value of $11.4 million. As of December 31, 2019, certain impaired loans with a carrying value of $41.3 million were reduced by specific valuation allowance allocations of $3.6 million and partial loan charge-offs of $10.1 million resulting in a reported fair value of $27.6 million. OREO. The fair values of OREO are estimated using independent appraisals and management estimates of current market conditions. Upon initial recognition, write-downs based on the foreclosed asset’s fair value at foreclosure are reported through charges to the allowance for credit losses. Periodically, the fair value of foreclosed assets is remeasured with any subsequent write-downs charged to OREO expense in the period in which they are identified. The Company had $0.1 million and $0.7 million of write downs on OREO properties during the nine months ended September 30, 2020 and 2019, respectively. Long-lived Assets to be Disposed of by Sale. Long-lived assets to be disposed of by sale are carried at the lower of carrying value or fair value less estimated costs to sell. The fair values of long-lived assets to be disposed of by sale are based upon observable market data and management estimates of current market conditions. As of September 30, 2020, the Company had long-lived assets to be disposed of by sale with carrying values aggregating $5.2 million, which was reduced by write-downs of $0.2 million, resulting in a fair value of $5.0 million. As of December 31, 2019, the Company had long-lived assets to be disposed of by sale with carrying values aggregating $6.4 million, reduced by write-downs of $0.2 million, resulting in a fair value of $6.2 million. The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis and for which the Company has utilized Level 3 inputs to determine fair values: Fair Value As of September 30, 2020 December 31, 2019 Valuation Unobservable Range Collateral dependent loans $ 11.4 $ 27.6 Appraisal Appraisal adjustment 0% - 56% (22%) Other real estate owned 1.1 2.2 Appraisal Appraisal adjustment 8% - 65% (27%) Long-lived assets to be disposed of by sale 5.0 6.2 Appraisal Appraisal adjustment 0% - 37% (3%) The Company is required to disclose the fair value of financial instruments for which it is practical to estimate fair value. The methodologies for estimating the fair value of financial instruments that are measured at fair value on a recurring or non-recurring basis are discussed above. The methodologies for estimating the fair value of other financial instruments are discussed below. For financial instruments bearing a variable interest rate where no credit risk exists, it is presumed that recorded book values are reasonable estimates of fair value. Financial Assets. Carrying values of cash, cash equivalents, and accrued interest receivable approximate fair values due to the liquid and/or short-term nature of these instruments. Fair values for investment securities held-to-maturity are obtained from an independent pricing service, which considers observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information, and the investment’s terms and conditions, among other things. Fair values of fixed rate loans and variable rate loans that reprice on an infrequent basis are estimated by discounting future cash flows using current interest rates at which similar loans with similar terms would be made to borrowers of similar credit quality using an exit price notion. Carrying values of variable rate loans that reprice frequently, and with no change in credit risk, approximate the fair values of these instruments. Financial Liabilities. The fair values of demand deposits, savings accounts, securities sold under repurchase agreements, and accrued interest payable are the amounts payable on demand at the reporting date. The fair values of fixed-maturity certificates of deposit are estimated using external market rates currently offered for deposits with similar remaining maturities. The fair values of derivative liabilities are obtained from an independent pricing service, which considers observable data that may include the three-month LIBOR forward curve, the federal funds effective swap rate and cash flows, among other things. The carrying values of the interest-bearing demand notes to the United States Treasury are deemed an approximation of fair values due to the frequent repayment and repricing at market rates. The fixed and floating rate subordinated debentures, floating rate subordinated term loan, notes payable to the FHLB, fixed rate subordinated term debt, and capital lease obligation are estimated by discounting future cash flows using current rates for advances with similar characteristics. Commitments to Extend Credit and Standby Letters of Credit. The fair value of commitments to extend credit and standby letters of credit, based on fees currently charged to enter into similar agreements, is not significant. The estimated fair values of financial instruments that are reported in the Company’s consolidated balance sheets, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value, are as follows: Fair Value Measurements at Reporting Date Using As of September 30, 2020 Carrying Amount Estimated Quoted Prices in Significant Other Significant Financial assets: Cash and cash equivalents $ 1,860.6 $ 1,860.6 $ 1,860.6 $ — $ — Investment debt securities available-for-sale 3,453.5 3,453.5 — 3,453.5 — Investment debt securities held-to-maturity 55.0 58.4 — 58.4 — Accrued interest receivable 56.7 56.7 — 56.7 — Mortgage servicing rights, net 24.1 24.1 — 24.1 — Loans held for sale 102.0 102.0 — 102.0 — Net loans held for investment 10,006.7 9,927.4 — 9,916.0 11.4 Derivative assets 68.3 68.3 — 68.3 — Deferred compensation plan assets 18.9 18.9 — 18.9 — Total financial assets $ 15,645.8 $ 15,569.9 $ 1,860.6 $ 13,697.9 $ 11.4 Financial liabilities: Total deposits, excluding time deposits $ 12,770.3 $ 12,770.3 $ 12,770.3 $ — $ — Time deposits 1,112.1 1,115.4 — 1,115.4 — Securities sold under repurchase agreements 820.3 820.3 — 820.3 — Accrued interest payable 8.1 8.1 — 8.1 — Long-term debt 112.4 111.6 — 111.6 — Subordinated debentures held by subsidiary trusts 87.0 82.0 — 82.0 — Derivative liabilities 63.1 63.1 — 63.1 — Deferred compensation plan liabilities 18.9 18.9 — 18.9 — Total financial liabilities $ 14,992.2 $ 14,989.7 $ 12,770.3 $ 2,219.4 $ — Fair Value Measurements at Reporting Date Using As of December 31, 2019 Carrying Amount Estimated Quoted Prices in Significant Other Significant Financial assets: Cash and cash equivalents $ 1,076.8 $ 1,076.8 $ 1,076.8 $ — $ — Investment debt securities available-for-sale 2,960.0 2,960.0 — 2,960.0 — Investment debt securities held-to-maturity 92.3 94.5 — 94.5 — Accrued interest receivable 46.7 46.7 — 46.7 — Mortgage servicing rights, net 30.2 34.8 — 34.8 — Loans held for sale 100.9 100.9 — 100.9 — Net loans held for investment 8,857.7 8,930.7 — 8,906.7 24.0 Derivative assets 23.2 23.2 — 23.2 — Deferred compensation plan assets 18.2 18.2 — 18.2 — Total financial assets $ 13,206.0 $ 13,285.8 $ 1,076.8 $ 12,185.0 $ 24.0 Financial liabilities: Total deposits, excluding time deposits $ 10,213.5 $ 10,213.5 $ 10,213.5 $ — $ — Time deposits 1,450.0 1,446.6 — 1,446.6 — Securities sold under repurchase agreements 697.6 697.6 — 697.6 — Accrued interest payable 12.1 12.1 — 12.1 — Long-term debt 13.9 10.4 — 10.4 — Subordinated debentures held by subsidiary trusts 86.9 81.3 — 81.3 — Derivative liabilities 22.2 22.2 — 22.2 — Deferred compensation plan liabilities 18.2 18.2 — 18.2 — Total financial liabilities $ 12,514.4 $ 12,501.9 $ 10,213.5 $ 2,288.4 $ — |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt |
Recent Authoritative Accounting
Recent Authoritative Accounting Guidance | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Recent Authoritative Accounting Guidance | Recent Authoritative Accounting Guidance ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The amendments in ASU 2016-13 require a financial asset or group of financial assets measured at amortized cost basis to be presented on a company’s financial statements at the net amount expected to be collected based on historical experience, current conditions and reasonable and supportable forecasts. ASU 2016-13 requires a company’s income statement to reflect the measurement of credit losses for newly recognized financial assets as well as the expected increases or decreases of expected credit losses that have taken place during the period. The amendments in ASU 2016-13 require that the allowance for credit losses for purchased financial assets with a more-than-insignificant amount of credit deterioration since origination be measured at amortized cost basis with the initial allowance for credit losses added to the purchase price rather than being reported as a credit loss expense. ASU 2016-13 also requires that credit losses relating to available-for-sale debt securities be recorded through an allowance for credit losses. The amendments in ASU 2016-13 are effective for the Company for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. A prospective transition approach is required for debt securities for which other-than-temporary impairment was recognized before the effective date. On January 1, 2020, the Company adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. The adoption of ASU 2016-13 resulted in an increase in the allowance for loan losses as a result of changing from the “incurred loss” model, which encompassed allowances for current known and inherent losses within the portfolio, to the “expected loss” model, which encompasses allowances for losses expected to be incurred over the life of the portfolio. The amendments, as applied to our debt securities, had no material impact. The amendments were applied through a cumulative-effect adjustment to retained earnings of $24.1 million as of January 1, 2020. The transition adjustment included an increase in the allowance for credit losses on loans of $30.0 million and an increase in the allowance for credit losses on off-balance sheet credit exposures of $2.3 million, net of the corresponding increases in deferred tax assets of $8.2 million. The Company adopted ASC 326 using the prospective transition approach for PCD financial assets, previously classified as purchased credit impaired, or PCI, and accounted for under ASC 310-30. In accordance with the standard, the Company did not reassess whether PCI assets met the criteria of PCD assets as of the date of adoption. The remaining discount on the PCD assets was determined to be related to noncredit factors and will be accreted into interest income on a level-yield method over the life of the loans. The Company has elected to opt into the transition election to mitigate the effects of ASC 326 on the regulatory capital ratios relative to recent legislation in relief of COVID‑19 pandemic on the economy and financial institutions in the United States. The referenced relief allows a total five-year phase in of the CECL impact on capital and relief over the next two years for the impact on the allowance for credit losses resulting from COVID‑19. Refer to “Note 10 - Regulatory Capital” for additional details of the election. ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement.” In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement: Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (ASU 2018-13). The amendments in this Update removes, modifies, and adds to the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts in the Concepts Statement, including the consideration of costs and benefits. The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The amendments in this Update became effective for the Company on January 1, 2020, and as the amendment is a revision to the disclosure requirements did not have a significant impact on the Company’s consolidated financial statements, results of operations, or liquidity. ASU 2018-14, “Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20): Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans.” In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General: Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans (ASU 2018-14). The amendments in this Update remove disclosures that no longer are considered cost beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant. Although narrow in scope, the amendments are considered an important part of the Board’s efforts to improve the effectiveness of disclosures in the notes to financial statements by applying concepts in the Concepts Statement. The amendments in this Update are effective for fiscal years ending after December 15, 2020, for public business entities. Early adoption is permitted. While the Company continues to assess all potential impacts of the standard, we currently expect adoption to have an immaterial impact on our consolidated financial statements disclosures. ASU 2018-15, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) - Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.” In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other- Internal-Use Software (Subtopic 350-40). The amendments in this Update clarifies certain aspects of ASU 2015-05, “Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement,” which was issued in April 2015. ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by the Update. The amendments in this Update are effective for fiscal years beginning after December 15, 2019, for public business entities. The amendments in this Update became effective for the Company on January 1, 2020 and did not have a significant impact on the Company’s consolidated financial statements, results of operations, or liquidity. ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments.” In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, that clarifies and improves areas of guidance related to the recently issued standards on credit losses (ASU 2016-13), hedging (ASU 2017-12), and recognition and measurement of financial instruments (ASU 2016-01). The amendments generally have the same effective dates as their related standards. If already adopted, the amendments of ASU 2016-01 and ASU 2016-13 are effective for fiscal years beginning after December 15, 2019 and the amendments of ASU 2017-12 are effective as of the beginning of the Company’s next annual reporting period; early adoption is permitted. The Company previously adopted both ASU 2017-12 and ASU 2016-01 and the amendments of ASU 2019-04 became effective upon adoption of ASU 2016-13. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Subsequent events have been evaluated for potential recognition and disclosure through the date financial statements were filed with the SEC. On October 26, 2020, the Company declared a quarterly dividend to common shareholders of $0.38 per share, to be paid on November 16, 2020 to shareholders of record as of November 6, 2020. No other undisclosed events requiring recognition or disclosure were identified. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date. There is a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that may be used to measure fair value are as follows: • Level 1 - Quoted prices in active markets for identical assets or liabilities • Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities • Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of assets or liabilities The methodologies used by the Company in determining the fair values of each class of financial instruments are based primarily on the use of independent, market-based data to reflect a value that would be reasonably expected in an orderly transaction between market participants at the measurement date, and therefore are classified within Level 2 of the valuation hierarchy. There have been no significant changes in the valuation techniques during the three and nine months ended September 30, 2020 and 2019. The Company’s policy is to recognize transfers between levels as of the end of the reporting period. Transfers in and out of Level 1, Level 2, and Level 3 are recognized on the actual transfer date. There were no transfers between fair value hierarchy levels during the three and nine months ended September 30, 2020 and 2019. Further details on the methods used to estimate the fair value of each class of financial instruments above are discussed below: Investment Debt Securities Available-for-Sale . The Company obtains fair value measurements for investment securities from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information, and the investment’s terms and conditions, among other things. Vendors chosen by the Company are widely recognized vendors whose evaluations support the pricing functions of financial institutions, investment and mutual funds, and portfolio managers. If needed, a broker may be utilized to determine the reported fair value of investment securities. Loans Held for Sale. Fair value measurements for loans held for sale are obtained from an independent pricing service. The fair value measurements consider observable data that may include binding contracts or quotes or bids from third party investors as well as loan level pricing adjustments. Interest Rate Swap Contracts. Fair values for derivative interest rate swap contracts are based upon the estimated amounts to settle the contracts considering current interest rates and are calculated using discounted cash flows that are observable or that can be corroborated by observable market data. The inputs used to determine fair value include the three-month LIBOR forward curve to estimate variable rate cash inflows and the federal funds effective swap rate to estimate the discount rate. The estimated variable rate cash inflows are compared to the fixed rate outflows and such difference is discounted to a present value to estimate the fair value of the interest rate swaps. The change in the value of derivative assets attributable to basis risk, or the risk that offsetting investments in a hedging strategy will not experience price changes in entirely opposite directions from each other, was not significant in the reported periods. The Company also obtains and compares the reasonableness of the pricing from an independent third party. Interest Rate Lock Commitments. Fair value measurements for interest rate lock commitments are obtained from an independent pricing service. The fair value measurements consider observable data that may include prices available from secondary market investors taking into consideration various characteristics of the loan, including the loan amount, interest rate, value of the servicing, and loan to value ratio, among other things. Observable data is then adjusted to reflect changes in interest rates, the Company’s estimated pull-through rate, and estimated direct costs necessary to complete the commitment into a closed loan net of origination and processing fees collected from the borrower. Forward Loan Sales Contracts. The fair value measurements for forward loan sales contracts are obtained from an independent pricing service. The fair value measurements consider observable data that includes sales of similar loans. |
Recent Authoritative Accounting Guidance | Recent Authoritative Accounting Guidance ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The amendments in ASU 2016-13 require a financial asset or group of financial assets measured at amortized cost basis to be presented on a company’s financial statements at the net amount expected to be collected based on historical experience, current conditions and reasonable and supportable forecasts. ASU 2016-13 requires a company’s income statement to reflect the measurement of credit losses for newly recognized financial assets as well as the expected increases or decreases of expected credit losses that have taken place during the period. The amendments in ASU 2016-13 require that the allowance for credit losses for purchased financial assets with a more-than-insignificant amount of credit deterioration since origination be measured at amortized cost basis with the initial allowance for credit losses added to the purchase price rather than being reported as a credit loss expense. ASU 2016-13 also requires that credit losses relating to available-for-sale debt securities be recorded through an allowance for credit losses. The amendments in ASU 2016-13 are effective for the Company for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. A prospective transition approach is required for debt securities for which other-than-temporary impairment was recognized before the effective date. On January 1, 2020, the Company adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. The adoption of ASU 2016-13 resulted in an increase in the allowance for loan losses as a result of changing from the “incurred loss” model, which encompassed allowances for current known and inherent losses within the portfolio, to the “expected loss” model, which encompasses allowances for losses expected to be incurred over the life of the portfolio. The amendments, as applied to our debt securities, had no material impact. The amendments were applied through a cumulative-effect adjustment to retained earnings of $24.1 million as of January 1, 2020. The transition adjustment included an increase in the allowance for credit losses on loans of $30.0 million and an increase in the allowance for credit losses on off-balance sheet credit exposures of $2.3 million, net of the corresponding increases in deferred tax assets of $8.2 million. The Company adopted ASC 326 using the prospective transition approach for PCD financial assets, previously classified as purchased credit impaired, or PCI, and accounted for under ASC 310-30. In accordance with the standard, the Company did not reassess whether PCI assets met the criteria of PCD assets as of the date of adoption. The remaining discount on the PCD assets was determined to be related to noncredit factors and will be accreted into interest income on a level-yield method over the life of the loans. The Company has elected to opt into the transition election to mitigate the effects of ASC 326 on the regulatory capital ratios relative to recent legislation in relief of COVID‑19 pandemic on the economy and financial institutions in the United States. The referenced relief allows a total five-year phase in of the CECL impact on capital and relief over the next two years for the impact on the allowance for credit losses resulting from COVID‑19. Refer to “Note 10 - Regulatory Capital” for additional details of the election. ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement.” In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement: Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (ASU 2018-13). The amendments in this Update removes, modifies, and adds to the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts in the Concepts Statement, including the consideration of costs and benefits. The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The amendments in this Update became effective for the Company on January 1, 2020, and as the amendment is a revision to the disclosure requirements did not have a significant impact on the Company’s consolidated financial statements, results of operations, or liquidity. ASU 2018-14, “Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20): Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans.” In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General: Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans (ASU 2018-14). The amendments in this Update remove disclosures that no longer are considered cost beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant. Although narrow in scope, the amendments are considered an important part of the Board’s efforts to improve the effectiveness of disclosures in the notes to financial statements by applying concepts in the Concepts Statement. The amendments in this Update are effective for fiscal years ending after December 15, 2020, for public business entities. Early adoption is permitted. While the Company continues to assess all potential impacts of the standard, we currently expect adoption to have an immaterial impact on our consolidated financial statements disclosures. ASU 2018-15, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) - Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.” In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other- Internal-Use Software (Subtopic 350-40). The amendments in this Update clarifies certain aspects of ASU 2015-05, “Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement,” which was issued in April 2015. ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by the Update. The amendments in this Update are effective for fiscal years beginning after December 15, 2019, for public business entities. The amendments in this Update became effective for the Company on January 1, 2020 and did not have a significant impact on the Company’s consolidated financial statements, results of operations, or liquidity. ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments.” In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, that clarifies and improves areas of guidance related to the recently issued standards on credit losses (ASU 2016-13), hedging (ASU 2017-12), and recognition and measurement of financial instruments (ASU 2016-01). The amendments generally have the same effective dates as their related standards. If already adopted, the amendments of ASU 2016-01 and ASU 2016-13 are effective for fiscal years beginning after December 15, 2019 and the amendments of ASU 2017-12 are effective as of the beginning of the Company’s next annual reporting period; early adoption is permitted. The Company previously adopted both ASU 2017-12 and ASU 2016-01 and the amendments of ASU 2019-04 became effective upon adoption of ASU 2016-13. |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the consideration paid, fair values of the IIBK assets acquired and liabilities assumed, and the resulting goodwill. All amounts reported were finalized during the fourth quarter of 2019. As Recorded Fair Value As Recorded As of April 8, 2019 by IIBK Adjustments by the Company Assets acquired: Cash and cash equivalents $ 270.7 $ — $ 270.7 Investment securities 62.7 0.5 (1) 63.2 Loans held for investment 347.6 (9.8) (2) 337.8 Mortgage loans held for sale 0.5 — 0.5 Allowance for loan loss (6.3) 6.3 (3) — Premises and equipment 16.5 4.8 (4) 21.3 Other real estate owned (“OREO”) 0.4 2.0 (5) 2.4 Company owned life insurance 15.2 — 15.2 Core deposit intangible assets — 13.6 (6) 13.6 Deferred tax assets, net 3.2 (2.6) (7) 0.6 Other assets 8.6 (0.7) (8) 7.9 Total assets acquired 719.1 14.1 733.2 Liabilities assumed: Deposits 596.5 0.1 (9) 596.6 Accounts payable and accrued expense 15.2 2.6 (10) 17.8 Other borrowed funds 4.0 0.1 (11) 4.1 Securities sold under repurchase agreements 30.4 — 30.4 Total liabilities assumed 646.1 2.8 648.9 Net assets acquired $ 73.0 $ 11.3 $ 84.3 Consideration paid: Class A common stock $ 157.3 Total consideration paid $ 157.3 Goodwill $ 73.0 Explanation of fair value adjustments and the removal of previously recorded fair value marks recorded by IIBK: (1) Write up of the book value of investments to their estimated fair values on the date of acquisition based upon quotes obtained from an independent third-party pricing service. (2) Write down of the book value of loans to their estimated fair values. The fair value of the loans was estimated using cash flow projections based on the remaining maturity and repricing terms, adjusted for estimated future credit losses and prepayments and discounted to present value using a risk-adjusted market rate for similar loans. The fair value of collateral dependent loans acquired with deteriorated credit quality was estimated based on the Company’s analysis of the fair value of each loan’s underlying collateral, discounted using market-derived rates of return with consideration given to the period of time and costs associated with foreclosure and disposition of the collateral. (3) Adjustment to remove the IIBK allowance for loan losses at acquisition date, as the credit risk is included in the fair value adjustment for loans receivable described in (2) above. (4) Write up of the book value of premises and equipment to their estimated fair values on the date of acquisition based upon broker’s opinion of value. (5) Adjustment to the book value of other real estate owned to their estimated fair values on the date of acquisition based on appraisal value. (6) Adjustment represents the value of the core deposit base assumed in the acquisition based upon valuation from an independent accounting and advisory firm. (7) Adjustment consists of the write-off of pre-existing deferred tax assets and purchase accounting adjustments as a result of the acquisition. (8) Adjustment consists of reductions to the fair value of other items. (9) Increase in book value of time deposits to their estimated fair values based upon interest rates of similar time deposits with similar terms on the date of acquisition based upon valuation from an independent accounting and advisory firm. (10) Adjustment to the liability for the nonqualified retirement plan. (11) Adjustment of the book value of debt to the estimated fair values on the date of acquisition based upon interest rates in the market. |
Schedule of Acquired Loans with Credit Impairment | Information regarding IIBK loans acquired deemed credit impaired as of the April 8, 2019 acquisition date are as follows: Contractually required principal and interest payments $ 24.1 Contractual cash flows not expected to be collected (“non-accretable discount”) 3.9 Cash flows expected to be collected 20.2 Interest component of cash flows expected to be collected (“accretable discount”) 3.4 Fair value of acquired credit-impaired loans $ 16.8 |
Schedule of Acquired Loans not Deemed to Have Credit Impairment | Information regarding IIBK acquired loans not deemed credit-impaired at the April 8, 2019 acquisition date are as follows: Contractually required principal and interest payments $ 398.7 Contractual cash flows not expected to be collected 15.2 Fair value at acquisition $ 321.5 |
Summary of Pre-tax Merger Related Expenses |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost and Approximate Fair Values of Investment Securities | The amortized cost and the approximate fair values of investment securities are summarized for the periods indicated: September 30, 2020 Amortized Gross Gross Estimated Available-for-Sale: U.S. Treasury notes $ 8.0 $ — $ — $ 8.0 State, county and municipal securities 233.6 2.7 (0.2) 236.1 Obligations of U.S. government agencies 278.4 1.0 (0.6) 278.8 U.S. agency residential mortgage-backed securities & collateralized mortgage obligations 2,535.3 76.9 (0.5) 2,611.7 Private mortgage-backed securities 20.0 0.2 (0.1) 20.1 Corporate securities 292.9 5.4 (0.5) 297.8 Other investments 1.0 — — 1.0 Total $ 3,369.2 $ 86.2 $ (1.9) $ 3,453.5 September 30, 2020 Amortized Gross Gross Estimated Held-to-Maturity: State, county and municipal securities $ 49.9 $ 3.2 $ — $ 53.1 U.S agency residential mortgage-backed securities & collateralized mortgage obligations 1.0 0.1 — 1.1 Corporate securities 4.0 0.1 — 4.1 Other investments 0.1 — — 0.1 Total $ 55.0 $ 3.4 $ — $ 58.4 December 31, 2019 Amortized Gross Gross Estimated Available-for-Sale: U.S. Treasury notes $ 9.0 $ — $ — $ 9.0 State, county and municipal securities 80.1 0.8 — 80.9 Obligations of U.S. government agencies 367.5 0.1 (0.8) 366.8 U.S. agency residential mortgage-backed securities & collateralized mortgage obligations 2,303.6 19.6 (6.0) 2,317.2 Private mortgage-backed securities 47.6 — (0.4) 47.2 Corporate securities 134.5 1.2 — 135.7 Other investments 3.2 — — 3.2 Total $ 2,945.5 $ 21.7 $ (7.2) $ 2,960.0 December 31, 2019 Amortized Gross Gross Estimated Held-to-Maturity: State, county and municipal securities $ 57.3 $ 2.1 $ — $ 59.4 Obligations of U.S. government agencies 19.8 — — 19.8 U.S. agency residential mortgage-backed securities & collateralized mortgage obligations 1.2 — — 1.2 Corporate securities 13.9 0.1 — 14.0 Other investments 0.1 — — 0.1 Total $ 92.3 $ 2.2 $ — $ 94.5 |
Gross Unrealized Losses and Fair Values of Investment Securities | The following tables show the gross unrealized losses and fair values of available-for-sale investment securities, aggregated by investment category, and the length of time individual investment securities have been in a continuous unrealized loss position as of September 30, 2020 and December 31, 2019. There was no material allowance for credit loss as of September 30, 2020. Less than 12 Months 12 Months or More Total September 30, 2020 Fair Gross Fair Gross Fair Gross Available-for-Sale: State, county and municipal securities $ 22.6 $ (0.2) $ — $ — $ 22.6 $ (0.2) Obligations of U.S. government agencies 102.0 (0.6) — — 102.0 (0.6) U.S. agency residential mortgage-backed securities & collateralized mortgage obligations 88.2 (0.4) 11.4 (0.1) 99.6 (0.5) Private mortgage-backed securities — — 12.7 (0.1) 12.7 (0.1) Corporate securities 54.1 (0.5) — — 54.1 (0.5) Total $ 266.9 $ (1.7) $ 24.1 $ (0.2) $ 291.0 $ (1.9) Less than 12 Months 12 Months or More Total December 31, 2019 Fair Gross Fair Gross Fair Gross Available-for-Sale: Obligations of U.S. government agencies $ 185.3 $ (0.8) $ — $ — $ 185.3 $ (0.8) U.S. agency residential mortgage-backed securities & collateralized mortgage obligations 740.1 (4.6) 155.9 (1.4) 896.0 (6.0) Private mortgage-backed securities — — 46.6 (0.4) 46.6 (0.4) Total $ 925.4 $ (5.4) $ 202.5 $ (1.8) $ 1,127.9 $ (7.2) |
Maturities of Investment Securities | Maturities of investment securities at September 30, 2020 are shown below. Maturities of mortgage-backed securities have been adjusted to reflect shorter maturities based upon estimated prepayments of principal. All other investment securities maturities are shown at contractual maturity dates. Available-for-Sale Held-to-Maturity September 30, 2020 Amortized Estimated Amortized Estimated Within one year $ 652.4 $ 931.3 $ 8.9 $ 8.9 After one year but within five years 1,446.5 1,251.2 30.5 31.9 After five years but within ten years 627.9 864.5 14.1 16.1 After ten years 642.4 406.5 1.5 1.5 Total $ 3,369.2 $ 3,453.5 $ 55.0 $ 58.4 |
Loans (Tables)
Loans (Tables) | 6 Months Ended | 9 Months Ended |
Jun. 30, 2020 | Sep. 30, 2020 | |
Receivables [Abstract] | ||
Schedule of Loans by Class | The following table presents loans by segment as of the dates indicated: September 30, December 31, Real estate loans: Commercial $ 3,690.9 $ 3,487.8 Construction loans: Land acquisition & development 274.8 302.1 Residential 227.9 244.1 Commercial 530.8 431.5 Total construction loans 1,033.5 977.7 Residential 1,311.2 1,246.1 Agricultural 227.7 226.6 Total real estate loans 6,263.3 5,938.2 Consumer loans: Indirect 812.8 784.6 Direct and advance lines 162.1 179.0 Credit card 69.9 81.6 Total consumer loans 1,044.8 1,045.2 Commercial 2,599.6 1,673.7 Agricultural 274.7 279.1 Other, including overdrafts 4.2 — Loans held for investment 10,186.6 8,936.2 Deferred loan fees and costs (34.4) (5.5) Loans held for investment, net of deferred fees and costs 10,152.2 8,930.7 Allowance for credit losses (145.5) (73.0) Net loans held for investment $ 10,006.7 $ 8,857.7 | |
Schedule of Allowance for Loan Losses by Portfolio Segment | The following tables represent, by loan portfolio segment, the activity in the allowance for credit losses for loans held for investment: Three Months Ended September 30, 2020 Beginning Balance Provision for Credit Loss Expense Loans Charged-Off Recoveries Collected Ending Balance Allowance for credit losses (1) Real estate: Commercial real estate: Non-owner occupied $ 23.6 $ 1.5 $ — $ 0.1 $ 25.2 Owner occupied 19.1 0.1 (0.2) 0.1 19.1 Multi-family 8.5 2.3 — — 10.8 Total commercial real estate 51.2 3.9 (0.2) 0.2 55.1 Construction: Land acquisition & development 1.5 (0.5) — 0.2 1.2 Residential construction 1.3 0.3 — — 1.6 Commercial construction 6.3 0.8 — — 7.1 Total construction 9.1 0.6 — 0.2 9.9 Residential real estate: Residential 1-4 family 10.3 (1.1) — — 9.2 Home equity and HELOC 1.5 — — — 1.5 Total residential real estate 11.8 (1.1) — — 10.7 Agricultural real estate 3.1 (0.2) — — 2.9 Total real estate 75.2 3.2 (0.2) 0.4 78.6 Consumer: Indirect 16.4 0.7 (0.8) 0.7 17.0 Direct and advance lines 5.1 0.6 (1.1) 0.2 4.8 Credit card 2.0 0.6 (0.6) 0.2 2.2 Total consumer 23.5 1.9 (2.5) 1.1 24.0 Commercial: Commercial and floor plans 41.0 (1.2) (3.3) 0.2 36.7 Commercial purpose secured by 1-4 family 5.1 (0.2) — 0.1 5.0 Credit card 0.4 0.3 (0.4) — 0.3 Total commercial 46.5 (1.1) (3.7) 0.3 42.0 Agricultural: Agricultural 0.9 — — — 0.9 Total agricultural 0.9 — — — 0.9 Total allowance for credit losses $ 146.1 $ 4.0 $ (6.4) $ 1.8 $ 145.5 (1) Amounts presented are exclusive of the allowance for credit losses related to unfunded commitments which are included in “Note 12 - Financial Instruments with Off-Balance Sheet Risk” included in this report. Nine Months Ended September 30, 2020 Beginning Balance Initial Impact of Adopting ASC 326 Provision for Credit Loss Expense Loans Charged-Off Recoveries Collected Ending Balance Allowance for credit losses (1) Real estate: Commercial real estate: Non-owner occupied $ 8.8 $ 4.9 $ 11.4 $ — $ 0.1 $ 25.2 Owner occupied 10.0 3.5 5.7 (0.3) 0.2 19.1 Multi-family 0.7 6.9 3.2 — — 10.8 Total commercial real estate 19.5 15.3 20.3 (0.3) 0.3 55.1 Construction: Land acquisition & development 1.9 (0.1) (0.3) (0.5) 0.2 1.2 Residential construction 1.5 (0.9) 1.0 — — 1.6 Commercial construction 2.7 1.3 3.1 — — 7.1 Total construction 6.1 0.3 3.8 (0.5) 0.2 9.9 Residential real estate: Residential 1-4 family 1.8 10.6 (3.3) — 0.1 9.2 Home equity and HELOC 1.0 0.5 (0.1) — 0.1 1.5 Total residential real estate 2.8 11.1 (3.4) — 0.2 10.7 Agricultural real estate 0.5 1.8 0.6 — — 2.9 Total real estate 28.9 28.5 21.3 (0.8) 0.7 78.6 Consumer: Indirect 4.5 8.8 5.1 (3.2) 1.8 17.0 Direct and advance lines 2.9 3.0 1.3 (3.1) 0.7 4.8 Credit card 2.5 0.3 1.0 (2.2) 0.6 2.2 Total consumer 9.9 12.1 7.4 (8.5) 3.1 24.0 Commercial: Commercial and floor plans 25.5 (5.1) 20.0 (4.7) 1.0 36.7 Commercial purpose secured by 1-4 family 5.9 (3.8) 2.8 (0.1) 0.2 5.0 Credit card 1.2 (1.1) 1.0 (0.9) 0.1 0.3 Total commercial 32.6 (10.0) 23.8 (5.7) 1.3 42.0 Agricultural: Agricultural 1.6 (0.6) — (0.1) — 0.9 Total agricultural 1.6 (0.6) — (0.1) — 0.9 Total allowance for credit losses $ 73.0 $ 30.0 $ 52.5 $ (15.1) $ 5.1 $ 145.5 (1) Amounts presented are exclusive of the allowance for credit losses related to unfunded commitments which are included in “Note 12 - Financial Instruments with Off-Balance Sheet Risk” included in this report. The following tables represent activity in the allowance for credit losses for loans held for investment under historical GAAP: Three Months Ended September 30, 2019 Beginning Balance Provision for Credit Loss Expense Loans Charged-Off Recoveries Collected Ending Balance Allowance for credit losses Real estate $ 27.7 $ 0.4 $ (0.3) $ 0.8 $ 28.6 Consumer 9.1 2.7 (2.8) 0.8 9.8 Commercial 35.7 (0.4) (1.6) 1.3 35.0 Agricultural 1.7 (0.1) — — 1.6 Total allowance for credit losses $ 74.2 $ 2.6 $ (4.7) $ 2.9 $ 75.0 | |
Schedule of Recorded Investment in Impaired Loans | The following tables present the amortized cost basis of collateral-dependent loans by class of loans as of September 30, 2020. The comparable period is not presented because the collateral-dependent loans classification did not exist under prior GAAP. Under historical guidance, the recorded investment of impaired loans and the related specific reserve was $64.7 million and $3.6 million, respectively, as of December 31, 2019. Collateral Type As of September 30, 2020 Business Assets Real Property Other Total Real estate $ 0.2 $ 0.5 $ — $ 0.7 Commercial 9.8 5.0 0.4 15.2 Agricultural — 0.1 — 0.1 Total collateral-dependent $ 10.0 $ 5.6 $ 0.4 $ 16.0 | |
Schedule of Recorded Investment in Past Due Loans by Class | Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Loans classified in the following table as greater than 90 days past due are still accruing interest. The following tables present the contractual aging of the Company’s recorded amortized cost basis in loans by portfolio as of the dates indicated. Total Loans 30 - 59 60 - 89 > 90 30 or More Days Days Days Days Current Non-accrual Total As of September 30, 2020 Past Due Past Due Past Due Past Due Loans Loans (1) Loans Real estate Commercial $ 5.6 $ 0.6 $ 3.6 $ 9.8 $ 3,671.2 $ 9.9 $ 3,690.9 Construction: Land acquisition & development 1.4 0.6 0.5 2.5 271.7 0.6 274.8 Residential 0.4 0.2 1.5 2.1 225.8 — 227.9 Commercial 0.1 — — 0.1 530.2 0.5 530.8 Total construction loans 1.9 0.8 2.0 4.7 1,027.7 1.1 1,033.5 Residential 1.7 2.3 0.2 4.2 1,302.4 4.6 1,311.2 Agricultural — 0.1 — 0.1 220.0 7.6 227.7 Total real estate loans 9.2 3.8 5.8 18.8 6,221.3 23.2 6,263.3 Consumer: Indirect consumer 4.0 1.6 0.1 5.7 805.3 1.8 812.8 Other consumer 0.5 0.2 0.1 0.8 160.8 0.5 162.1 Credit card 0.7 0.3 0.6 1.6 68.3 — 69.9 Total consumer loans 5.2 2.1 0.8 8.1 1,034.4 2.3 1,044.8 Commercial 5.6 8.2 2.1 15.9 2,567.5 16.2 2,599.6 Agricultural 1.8 0.2 0.9 2.9 268.7 3.1 274.7 Other, including overdrafts — — — — 4.2 — 4.2 Loans held for investment $ 21.8 $ 14.3 $ 9.6 $ 45.7 $ 10,096.1 $ 44.8 $ 10,186.6 Total Loans 30 - 59 60 - 89 > 90 30 or More Days Days Days Days Current Non-accrual Total As of December 31, 2019 Past Due Past Due Past Due Past Due Loans Loans (1) Loans Real estate Commercial $ 5.5 $ 1.1 $ 0.6 $ 7.2 $ 3,467.6 $ 13.0 $ 3,487.8 Construction: Land acquisition & development 0.7 0.8 0.3 1.8 298.9 1.4 302.1 Residential 1.5 0.8 — 2.3 241.8 — 244.1 Commercial — — — — 431.0 0.5 431.5 Total construction loans 2.2 1.6 0.3 4.1 971.7 1.9 977.7 Residential 3.8 1.4 1.1 6.3 1,235.2 4.6 1,246.1 Agricultural 0.8 0.5 — 1.3 220.1 5.2 226.6 Total real estate loans 12.3 4.6 2.0 18.9 5,894.6 24.7 5,938.2 Consumer: Indirect consumer 7.6 1.9 0.5 10.0 773.0 1.6 784.6 Other consumer 1.2 0.5 0.1 1.8 176.7 0.5 179.0 Credit card 0.8 0.5 0.8 2.1 79.5 — 81.6 Total consumer loans 9.6 2.9 1.4 13.9 1,029.2 2.1 1,045.2 Commercial 4.8 2.6 2.3 9.7 1,650.3 13.7 1,673.7 Agricultural 0.9 0.1 — 1.0 275.7 2.4 279.1 Other, including overdrafts — — — — — — — Loans held for investment $ 27.6 $ 10.2 $ 5.7 $ 43.5 $ 8,849.8 $ 42.9 $ 8,936.2 (1) As of September 30, 2020 and December 31, 2019, none of our non-accrual loans were earning interest income. Additionally, no material interest income was recognized on non-accrual loans during the three and nine months ended September 30, 2020 and 2019, respectively. No material and $0.3 million of accrued interest was reversed during the three and nine months ended September 30, 2020. | |
Schedule of Acquired Loans with Credit Impairment | Information regarding IIBK loans acquired deemed credit impaired as of the April 8, 2019 acquisition date are as follows: Contractually required principal and interest payments $ 24.1 Contractual cash flows not expected to be collected (“non-accretable discount”) 3.9 Cash flows expected to be collected 20.2 Interest component of cash flows expected to be collected (“accretable discount”) 3.4 Fair value of acquired credit-impaired loans $ 16.8 | |
Schedule of Recorded Investment in Criticized Loans by Class and Credit Quality Indicator | The Company evaluates the credit quality and loan performance for the allowance for credit loan losses of the following segments based on the aforementioned risk scale: September 30, 2020 Term Loans Amortized Cost Basis by Origination Year Risk by Collateral 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Total Commercial real estate non-owner occupied: Pass $ 397.3 $ 299.3 $ 213.8 $ 108.8 $ 159.0 $ 368.2 $ 12.8 $ 1,559.2 Special mention — 3.1 0.9 0.1 0.7 17.6 — 22.4 Substandard 15.9 2.8 0.9 4.1 1.1 14.8 — 39.6 Doubtful — — 0.2 — — — — 0.2 Total $ 413.2 $ 305.2 $ 215.8 $ 113.0 $ 160.8 $ 400.6 $ 12.8 $ 1,621.4 Commercial real estate owner occupied: Pass $ 325.0 $ 324.4 $ 220.9 $ 131.4 $ 166.3 $ 407.1 $ 13.9 $ 1,589.0 Special mention 7.3 8.7 7.8 3.1 15.4 14.6 0.2 57.1 Substandard 6.7 6.6 12.4 5.2 18.5 13.6 0.5 63.5 Doubtful 0.2 — — 0.1 — 0.1 — 0.4 Total $ 339.2 $ 339.7 $ 241.1 $ 139.8 $ 200.2 $ 435.4 $ 14.6 $ 1,710.0 Commercial multi-family: Pass $ 106.0 $ 63.0 $ 29.2 $ 42.4 $ 26.1 $ 90.8 $ 1.9 $ 359.4 Special mention — — — — — — — — Substandard — — — — — 0.1 — 0.1 Doubtful — — — — — — — — Total $ 106.0 $ 63.0 $ 29.2 $ 42.4 $ 26.1 $ 90.9 $ 1.9 $ 359.5 Land, acquisition and development: Pass $ 81.0 $ 71.0 $ 40.4 $ 33.0 $ 9.4 $ 28.5 $ 6.1 $ 269.4 Special mention 0.4 0.1 — 1.0 — 1.2 0.3 3.0 Substandard 0.4 — 1.2 0.1 — 0.2 0.4 2.3 Doubtful — — — — — 0.1 — 0.1 Total $ 81.8 $ 71.1 $ 41.6 $ 34.1 $ 9.4 $ 30.0 $ 6.8 $ 274.8 Residential construction: Pass $ 65.1 $ 73.3 $ 14.9 $ 5.6 $ 0.3 $ 0.1 $ 66.8 $ 226.1 Special mention — — — — — — — — Substandard 0.6 — 1.2 — — — — 1.8 Doubtful — — — — — — — — Total $ 65.7 $ 73.3 $ 16.1 $ 5.6 $ 0.3 $ 0.1 $ 66.8 $ 227.9 Commercial construction: Pass $ 188.4 $ 223.3 $ 84.2 $ 12.0 $ 9.7 $ 0.3 $ 8.7 $ 526.6 Special mention — 1.4 1.5 — — — — 2.9 Substandard — 0.8 — — — 0.1 — 0.9 Doubtful — — 0.4 — — — — 0.4 Total $ 188.4 $ 225.5 $ 86.1 $ 12.0 $ 9.7 $ 0.4 $ 8.7 $ 530.8 Agricultural real estate: Pass $ 35.7 $ 46.6 $ 31.2 $ 18.1 $ 14.3 $ 30.2 $ 6.4 $ 182.5 Special mention 3.4 7.6 1.2 1.6 0.9 3.9 0.9 19.5 Substandard 0.1 8.3 3.5 1.1 3.5 5.4 1.8 23.7 Doubtful — 2.0 — — — — — 2.0 Total $ 39.2 $ 64.5 $ 35.9 $ 20.8 $ 18.7 $ 39.5 $ 9.1 $ 227.7 September 30, 2020 Term Loans Amortized Cost Basis by Origination Year Risk by Collateral 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Total Commercial and floor plans: Pass $ 1,385.9 $ 173.4 $ 150.5 $ 86.3 $ 48.8 $ 100.3 $ 236.6 $ 2,181.8 Special mention 8.9 1.2 2.0 7.3 4.2 0.6 2.9 27.1 Substandard 6.0 4.6 4.5 0.5 4.5 2.5 11.9 34.5 Doubtful 2.2 3.7 0.1 — 0.1 2.6 0.1 8.8 Total $ 1,403.0 $ 182.9 $ 157.1 $ 94.1 $ 57.6 $ 106.0 $ 251.5 $ 2,252.2 Commercial purpose secured by 1-4 family: Pass $ 60.3 $ 62.9 $ 38.4 $ 23.8 $ 16.7 $ 42.4 $ 19.5 $ 264.0 Special mention 0.3 0.6 0.3 0.3 0.6 0.9 0.4 3.4 Substandard 2.4 1.1 4.4 0.3 1.4 1.4 0.1 11.1 Doubtful — — 0.1 — — — — 0.1 Total $ 63.0 $ 64.6 $ 43.2 $ 24.4 $ 18.7 $ 44.7 $ 20.0 $ 278.6 Agricultural: Pass $ 39.5 $ 26.5 $ 14.2 $ 5.7 $ 3.9 $ 1.4 $ 140.9 $ 232.1 Special mention 2.6 0.6 0.5 0.1 0.1 0.4 13.8 18.1 Substandard 6.4 1.9 4.3 1.4 0.1 0.4 8.2 22.7 Doubtful — 0.1 — 0.1 — — — 0.2 Total $ 48.5 $ 29.1 $ 19.0 $ 7.3 $ 4.1 $ 2.2 $ 162.9 $ 273.1 September 30, 2020 Term Loans Amortized Cost Basis by Origination Year Risk by Collateral 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Total Residential 1-4 family: Performing $ 311.1 $ 119.8 $ 71.4 $ 57.9 $ 76.9 $ 270.2 $ — $ 907.3 Nonperforming — 0.7 0.2 — — 0.9 — 1.8 Total $ 311.1 $ 120.5 $ 71.6 $ 57.9 $ 76.9 $ 271.1 $ — $ 909.1 Consumer home equity and HELOC: Performing $ 10.2 $ 8.3 $ 9.6 $ 10.7 $ 5.3 $ 16.7 $ 340.7 $ 401.5 Nonperforming 0.1 — — 0.1 — 0.4 — 0.6 Total $ 10.3 $ 8.3 $ 9.6 $ 10.8 $ 5.3 $ 17.1 $ 340.7 $ 402.1 Consumer indirect: Performing $ 273.8 $ 212.9 $ 134.0 $ 85.9 $ 56.8 $ 48.9 $ — $ 812.3 Nonperforming — 0.2 0.1 — 0.1 0.1 — 0.5 Total $ 273.8 $ 213.1 $ 134.1 $ 85.9 $ 56.9 $ 49.0 $ — $ 812.8 Consumer direct and advance line: Performing $ 40.6 $ 34.1 $ 33.9 $ 14.1 $ 6.5 $ 9.8 $ 22.9 $ 161.9 Nonperforming — — 0.1 0.1 — — — 0.2 Total $ 40.6 $ 34.1 $ 34.0 $ 14.2 $ 6.5 $ 9.8 $ 22.9 $ 162.1 As of September 30, 2020 Consumer Commercial Agricultural Total Credit Card: Performing $ 69.3 $ 68.5 $ 1.5 $ 139.3 Nonperforming 0.6 0.3 0.1 1.0 Total $ 69.9 $ 68.8 $ 1.6 $ 140.3 The following presents the recorded investment in the Company’s loans by risk grades and loan class as of the date shown below: As of December 31, 2019 Pass Other Assets Substandard Doubtful Total Total Loans Real estate: Commercial $ 3,305.0 $ 84.7 $ 97.3 $ 0.8 $ 182.8 $ 3,487.8 Construction: Land acquisition & development 295.4 3.8 1.9 1.0 6.7 302.1 Residential 241.0 0.9 2.2 — 3.1 244.1 Commercial 428.3 1.7 1.5 — 3.2 431.5 Total construction loans 964.7 6.4 5.6 1.0 13.0 977.7 Residential 1,235.4 2.6 7.8 0.3 10.7 1,246.1 Agricultural 185.7 14.3 26.6 — 40.9 226.6 Total real estate loans 5,690.8 108.0 137.3 2.1 247.4 5,938.2 Consumer: Indirect consumer 781.5 0.2 2.9 — 3.1 784.6 Direct consumer 177.7 0.4 0.8 0.1 1.3 179.0 Credit card 81.6 — — — — 81.6 Total consumer loans 1,040.8 0.6 3.7 0.1 4.4 1,045.2 Commercial 1,569.4 40.4 60.3 3.6 104.3 1,673.7 Agricultural 247.8 8.5 22.7 0.1 31.3 279.1 Total $ 8,548.8 $ 157.5 $ 224.0 $ 5.9 $ 387.4 $ 8,936.2 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Repossessed Assets [Abstract] | |
Other Real Estate Owned Roll Forward | Information with respect to the Company’s other real estate owned follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Beginning balance $ 6.5 $ 27.5 $ 8.5 $ 14.4 OREO acquired through acquisition — — — 2.4 Additions 2.0 0.7 3.2 14.0 Valuation adjustments (0.1) (0.2) (0.1) (0.7) Dispositions (2.7) (10.2) (5.9) (12.3) Ending balance $ 5.7 $ 17.8 $ 5.7 $ 17.8 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts and Estimated Fair Values of Derivatives | The notional amounts and estimated fair values of the Company’s derivatives are presented in the following table. Fair value estimates are obtained from third parties and are based on pricing models. September 30, 2020 December 31, 2019 Notional Amount Estimated Notional Amount Estimated Derivative Assets (included in other assets on the consolidated balance sheets): Non-hedging interest rate derivatives: Interest rate swap contracts $ 754.3 $ 61.3 $ 503.2 $ 21.9 Interest rate lock commitments 186.9 7.0 67.8 1.3 Total derivative assets $ 941.2 $ 68.3 $ 571.0 $ 23.2 Derivative Liabilities (included in accounts payable and accrued expenses on the consolidated balance sheets): Derivatives designated as hedges: Interest rate swap contracts $ 87.6 $ 0.2 $ — $ — Non-hedging interest rate derivatives: Interest rate swap contracts 754.3 61.3 503.2 21.9 Forward loan sales contracts 237.0 1.6 128.0 0.3 Total derivative liabilities $ 1,078.9 $ 63.1 $ 631.2 $ 22.2 |
Offsetting Assets and Liabilities | The following tables illustrate the potential effect of the Company’s master netting arrangements, by type of financial instrument, on the Company’s consolidated balance sheets for the periods indicated: September 30, 2020 Gross Amounts Recognized Gross Amounts Offset in the Balance Sheet Net Amounts in the Balance Sheet Financial Instruments Fair Value of Financial Collateral in the Balance Sheet Net Amount Financial Assets Interest rate swap contracts $ 61.3 $ — $ 61.3 $ — $ 28.7 $ 32.6 Mortgage related derivatives 7.0 — 7.0 — — 7.0 Total derivatives 68.3 — 68.3 — 28.7 39.6 Total assets $ 68.3 $ — $ 68.3 $ — $ 28.7 $ 39.6 Financial Liabilities Interest rate swap contracts $ 61.5 $ — $ 61.5 $ — $ — $ 61.5 Mortgage related derivatives 1.6 — 1.6 — — 1.6 Total derivatives 63.1 — 63.1 — — 63.1 Repurchase agreements 820.3 820.3 — 820.3 — Total liabilities $ 883.4 $ — $ 883.4 $ — $ 820.3 $ 63.1 December 31, 2019 Gross Amounts Recognized Gross Amounts Offset in the Balance Sheet Net Amounts in the Balance Sheet Financial Instruments Fair Value of Financial Collateral in the Balance Sheet Net Amount Financial Assets Interest rate swap contracts $ 21.9 $ — $ 21.9 $ 0.1 $ 18.0 $ 3.8 Mortgage related derivatives 1.3 — 1.3 — — 1.3 Total derivatives 23.2 — 23.2 0.1 18.0 5.1 Total assets $ 23.2 $ — $ 23.2 $ 0.1 $ 18.0 $ 5.1 Financial Liabilities Interest rate swap contracts $ 21.9 $ — $ 21.9 $ 0.1 $ — $ 21.8 Mortgage related derivatives 0.3 — 0.3 — — 0.3 Total derivatives 22.2 — 22.2 0.1 — 22.1 Repurchase agreements 697.6 — 697.6 — 697.6 — Total liabilities $ 719.8 $ — $ 719.8 $ 0.1 $ 697.6 $ 22.1 |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The following table presents the pre-tax gains or losses related to derivative contracts that were recorded in other non-interest income in the Company’s statements of income for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Derivatives designated as hedges: Amount of gain recognized in other comprehensive income (effective portion) $ — $ — $ 0.2 $ — Reclassification adjustment for derivatives net (gains) losses included in income — — 0.2 — Non-hedging interest rate derivatives: Amount of net fee income recognized in other non-interest income $ 3.7 $ 0.5 6.4 1.8 Amount of net (losses) gains recognized in mortgage banking revenues (0.6) 0.4 4.4 1.5 |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings per Share | The following table sets forth the computation of basic and diluted earnings per share for the three and nine month periods ended September 30, 2020 and 2019: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Net income $ 48.3 $ 49.1 $ 114.3 $ 128.6 Weighted average common shares outstanding for basic earnings per share computation 63,764,474 64,832,324 64,184,832 63,232,575 Dilutive effects of stock-based compensation 96,983 211,162 110,693 238,708 Weighted average common shares outstanding for diluted earnings per common share computation 63,861,457 65,043,486 64,295,525 63,471,283 Basic earnings per common share $ 0.76 $ 0.76 $ 1.78 $ 2.03 Diluted earnings per common share $ 0.76 $ 0.76 $ 1.78 $ 2.03 Anti-dilutive unvested time restricted stock 68,397 4,808 73,633 5,569 |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Banking and Thrift, Other Disclosures [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | Actual capital amounts and ratios for the Company and its subsidiary Bank, as of September 30, 2020 and December 31, 2019 are presented in the following tables: Actual Minimum Required for Capital Adequacy Purposes For Capital Adequacy Purposes Plus Capital Conservation Buffer Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements(1) September 30, 2020 Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total risk-based capital: Consolidated $ 1,585.8 14.45 % $ 877.7 8.00 % $ 1,152.0 10.50 % $ 1,097.1 10.00 % FIB 1,412.5 12.91 875.1 8.00 1,148.6 10.50 1,093.9 10.00 Tier 1 risk-based capital: Consolidated 1,378.3 12.56 658.3 6.00 932.6 8.50 877.7 8.00 FIB 1,305.1 11.93 656.3 6.00 929.8 8.50 875.1 8.00 Common equity tier 1 risk-based capital: Consolidated 1,294.2 11.80 493.7 4.50 768.0 7.00 713.1 6.50 FIB 1,305.1 11.93 492.3 4.50 765.7 7.00 711.0 6.50 Leverage capital ratio: Consolidated 1,378.3 8.62 639.3 4.00 639.3 4.00 799.1 5.00 FIB 1,305.1 8.18 638.2 4.00 638.2 4.00 797.8 5.00 In connection with the adoption of CECL, or ASC 326, the Company recognized an after-tax cumulative effect reduction to retained earnings totaling $24.1 million. In March 2020, the Office of the Comptroller of Currency, the Board of Governors of the Federal Reserve System, and the FDIC issued an interim final rule that allows banking organizations to mitigate the effects of ASC 326 on their regulatory capital computations. This interim rule is in addition to the three-year transition period already in place under the capital transition rule previously issued in February 2019. Banking organizations can elect to mitigate the estimated cumulative regulatory capital effects for an additional two years. This rule allows an institution to defer transitioning the impact of ASC 326 into its regulatory capital calculation, including ratios, over an extended period. Additionally, the interim rule extends the transition period whereby an institution can defer the impact from ASC 326 on the current period, determined based on the difference between the new ASC 326 allowance for credit losses and the allowance for loan losses under the incurred loss method from previous GAAP, for up to two years. The total impact related to ASC 326 would then be transitioned into regulatory capital and the associated ratios over a three-year transition period, beginning after the initial two-year deferral period, for a total transition period of five years. The Company has elected to opt into the transition election and is adopting transition relief over the permissible five-year period. Actual Minimum Required for Capital Adequacy Purposes For Capital Adequacy Purposes Plus Capital Conservation Buffer Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements(1) December 31, 2019 Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total risk-based capital: Consolidated $ 1,495.3 14.10 % $ 848.5 8.00 % $ 1,113.6 10.50 % $ 1,060.6 10.00 % FIB 1,321.4 12.50 845.8 8.00 1,110.1 10.50 1,057.2 10.00 Tier 1 risk-based capital: Consolidated 1,422.3 13.41 636.3 6.00 901.5 8.50 848.5 8.00 FIB 1,248.4 11.81 634.3 6.00 898.6 8.50 845.8 8.00 Common equity tier 1 risk-based capital: Consolidated 1,338.2 12.62 477.3 4.50 742.4 7.00 689.4 6.50 FIB 1,248.4 11.81 475.7 4.50 740.0 7.00 687.2 6.50 Leverage capital ratio: Consolidated 1,422.3 10.13 561.6 4.00 561.6 4.00 702.0 5.00 FIB 1,248.4 8.91 560.4 4.00 560.4 4.00 700.4 5.00 (1) The ratios for the requirements to be deemed “well-capitalized” are only applicable to FIB. However, the Company manages its capital position as if the requirements apply to the consolidated company and has presented the ratios as if they also applied on a consolidated basis. |
Other Comprehensive Income_Lo_3
Other Comprehensive Income/Loss (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Schedule of Other Comprehensive Income and Related Tax Effects | The gross amounts of each component of other comprehensive income and the related tax effects are as follows: Pre-tax Tax Expense (Benefit) Net of Tax Three Months Ended September 30, 2020 2019 2020 2019 2020 2019 Investment securities available-for sale: Change in net unrealized (loss) gain during period $ (4.2) $ 4.2 $ (1.1) $ 1.0 $ (3.1) $ 3.2 Reclassification adjustment for net gains included in net income (0.1) (0.1) — — (0.1) (0.1) Defined benefits post-retirement benefit plan: Change in net actuarial gains (0.1) (0.2) — — (0.1) (0.2) Total other comprehensive (loss) income $ (4.4) $ 3.9 $ (1.1) $ 1.0 $ (3.3) $ 2.9 Pre-tax Tax Expense (Benefit) Net of Tax Nine Months Ended September 30, 2020 2019 2020 2019 2020 2019 Investment securities available-for sale: Change in net unrealized gains during period $ 69.9 $ 58.0 $ 18.7 $ 15.0 $ 51.2 $ 43.0 Reclassification adjustment for net gains included in net income (0.1) (0.1) — — (0.1) (0.1) Reclassification adjustment for securities transferred from held-to-maturity to available-for-sale — (6.0) — (1.6) — (4.4) Unrealized loss on derivatives 0.2 — — — 0.2 — Defined benefits post-retirement benefit plan: Change in net actuarial gains (0.5) (0.5) (0.1) — (0.4) (0.5) Total other comprehensive income $ 69.5 $ 51.4 $ 18.6 $ 13.4 $ 50.9 $ 38.0 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive income, net of related tax effects, are as follows: September 30, 2020 December 31, 2019 Net unrealized gains on investment securities available-for-sale $ 62.1 $ 10.6 Net unrealized loss on derivatives (0.2) — Net actuarial gains on defined benefit post-retirement benefit plans — 0.4 Net accumulated other comprehensive gains $ 61.9 $ 11.0 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended | 9 Months Ended |
Jun. 30, 2020 | Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | ||
Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis | Financial assets and liabilities measured at fair value on a recurring basis are as follows: Fair Value Measurements at Reporting Date Using As of September 30, 2020 Balance Quoted Prices in Significant Other Significant Investment debt securities available-for-sale: U.S. Treasury Notes $ 8.0 $ — $ 8.0 $ — State, county and municipal securities 236.1 — 236.1 — Obligations of U.S. government agencies 278.8 — 278.8 — U.S. agencies mortgage-backed securities & collateralized mortgage obligations 2,611.7 — 2,611.7 — Private mortgage-backed securities 20.1 — 20.1 — Corporate securities 297.8 — 297.8 — Other investments 1.0 — 1.0 — Loans held for sale 102.0 — 102.0 — Derivative assets: Interest rate swap contracts 61.3 — 61.3 — Interest rate lock commitments 7.0 — 7.0 — Derivative liabilities: Interest rate swap contracts 61.5 — 61.5 — Forward loan sale contracts 1.6 — 1.6 — Deferred compensation plan assets 18.9 — 18.9 — Deferred compensation plan liabilities 18.9 — 18.9 — Fair Value Measurements at Reporting Date Using As of December 31, 2019 Balance Quoted Prices in Significant Other Significant Investment debt securities available-for-sale: U.S. Treasury notes $ 9.0 $ — $ 9.0 $ — State, county and municipal securities 80.9 — 80.9 — Obligations of U.S. government agencies 366.8 — 366.8 — U.S. agencies mortgage-backed securities & collateralized mortgage obligations 2,317.2 — 2,317.2 — Private mortgage-backed securities 47.2 — 47.2 — Corporate securities 135.7 — 135.7 — Other investments 3.2 — 3.2 — Loans held for sale 100.9 — 100.9 — Derivative assets: Interest rate swap contracts 21.9 — 21.9 — Interest rate lock commitments 1.3 — 1.3 — Derivative liabilities Interest rate swap contracts 21.9 — 21.9 — Forward loan sales contracts 0.3 — 0.3 — Deferred compensation plan assets 18.2 — 18.2 — Deferred compensation plan liabilities 18.2 — 18.2 — | |
Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Non-Recurring Basis | The following table presents information about the Company’s assets and liabilities measured at fair value on a non-recurring basis: Fair Value Measurements at Reporting Date Using As of September 30, 2020 Balance Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Significant Collateral dependent loans* $ 11.4 $ — $ — $ 11.4 Other real estate owned 1.1 — — 1.1 Long-lived assets to be disposed of by sale 5.0 — — 5.0 Fair Value Measurements at Reporting Date Using As of December 31, 2019 Balance Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Significant Impaired Loans* $ 27.6 $ — $ — $ 27.6 Other real estate owned 2.2 — — 2.2 Long-lived assets to be disposed of by sale 6.2 — — 6.2 *The Company adopted ASC 326 as of January 1, 2020 which changes the methodology of impaired loans. The comparable period presents impaired loans under previously applicable GAAP. | |
Fair Value Inputs, Assets, Quantitative Information | The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis and for which the Company has utilized Level 3 inputs to determine fair values: Fair Value As of September 30, 2020 December 31, 2019 Valuation Unobservable Range Collateral dependent loans $ 11.4 $ 27.6 Appraisal Appraisal adjustment 0% - 56% (22%) Other real estate owned 1.1 2.2 Appraisal Appraisal adjustment 8% - 65% (27%) Long-lived assets to be disposed of by sale 5.0 6.2 Appraisal Appraisal adjustment 0% - 37% (3%) | |
Fair Value, by Balance Sheet Grouping | The estimated fair values of financial instruments that are reported in the Company’s consolidated balance sheets, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value, are as follows: Fair Value Measurements at Reporting Date Using As of September 30, 2020 Carrying Amount Estimated Quoted Prices in Significant Other Significant Financial assets: Cash and cash equivalents $ 1,860.6 $ 1,860.6 $ 1,860.6 $ — $ — Investment debt securities available-for-sale 3,453.5 3,453.5 — 3,453.5 — Investment debt securities held-to-maturity 55.0 58.4 — 58.4 — Accrued interest receivable 56.7 56.7 — 56.7 — Mortgage servicing rights, net 24.1 24.1 — 24.1 — Loans held for sale 102.0 102.0 — 102.0 — Net loans held for investment 10,006.7 9,927.4 — 9,916.0 11.4 Derivative assets 68.3 68.3 — 68.3 — Deferred compensation plan assets 18.9 18.9 — 18.9 — Total financial assets $ 15,645.8 $ 15,569.9 $ 1,860.6 $ 13,697.9 $ 11.4 Financial liabilities: Total deposits, excluding time deposits $ 12,770.3 $ 12,770.3 $ 12,770.3 $ — $ — Time deposits 1,112.1 1,115.4 — 1,115.4 — Securities sold under repurchase agreements 820.3 820.3 — 820.3 — Accrued interest payable 8.1 8.1 — 8.1 — Long-term debt 112.4 111.6 — 111.6 — Subordinated debentures held by subsidiary trusts 87.0 82.0 — 82.0 — Derivative liabilities 63.1 63.1 — 63.1 — Deferred compensation plan liabilities 18.9 18.9 — 18.9 — Total financial liabilities $ 14,992.2 $ 14,989.7 $ 12,770.3 $ 2,219.4 $ — Fair Value Measurements at Reporting Date Using As of December 31, 2019 Carrying Amount Estimated Quoted Prices in Significant Other Significant Financial assets: Cash and cash equivalents $ 1,076.8 $ 1,076.8 $ 1,076.8 $ — $ — Investment debt securities available-for-sale 2,960.0 2,960.0 — 2,960.0 — Investment debt securities held-to-maturity 92.3 94.5 — 94.5 — Accrued interest receivable 46.7 46.7 — 46.7 — Mortgage servicing rights, net 30.2 34.8 — 34.8 — Loans held for sale 100.9 100.9 — 100.9 — Net loans held for investment 8,857.7 8,930.7 — 8,906.7 24.0 Derivative assets 23.2 23.2 — 23.2 — Deferred compensation plan assets 18.2 18.2 — 18.2 — Total financial assets $ 13,206.0 $ 13,285.8 $ 1,076.8 $ 12,185.0 $ 24.0 Financial liabilities: Total deposits, excluding time deposits $ 10,213.5 $ 10,213.5 $ 10,213.5 $ — $ — Time deposits 1,450.0 1,446.6 — 1,446.6 — Securities sold under repurchase agreements 697.6 697.6 — 697.6 — Accrued interest payable 12.1 12.1 — 12.1 — Long-term debt 13.9 10.4 — 10.4 — Subordinated debentures held by subsidiary trusts 86.9 81.3 — 81.3 — Derivative liabilities 22.2 22.2 — 22.2 — Deferred compensation plan liabilities 18.2 18.2 — 18.2 — Total financial liabilities $ 12,514.4 $ 12,501.9 $ 10,213.5 $ 2,288.4 $ — |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) $ in Millions | 9 Months Ended | |||||||||
Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Mar. 31, 2020 | Mar. 01, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | $ 0 | |||||||||
Proceeds from Interest Received | $ 10 | $ 4 | ||||||||
Accrued Investment Income Receivable | 10.5 | |||||||||
Accounts Receivable, Allowance for Credit Loss | 145.5 | 75 | $ 146.1 | 73 | $ 74.2 | $ 73 | ||||
Off-Balance Sheet, Credit Loss, Liability | 0 | |||||||||
Deferred tax liability, net | (29.8) | (26.7) | ||||||||
Retained Earnings (Accumulated Deficit) | 938.9 | 953.6 | ||||||||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||||||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | $ 0 | |||||||||
Accounts Receivable, Allowance for Credit Loss | $ 2.3 | 103 | 0 | $ 0 | 0 | |||||
Off-Balance Sheet, Credit Loss, Liability | 1.2 | $ 0 | $ 3.5 | $ 0 | 2.3 | $ 1.2 | $ 0 | $ 0 | $ 0 | |
Deferred tax liability, net | (18.5) | |||||||||
Retained Earnings (Accumulated Deficit) | 929.5 | |||||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 0 | |||||||||
Accounts Receivable, Allowance for Credit Loss | $ 30 | 30 | ||||||||
Off-Balance Sheet, Credit Loss, Liability | 2.3 | |||||||||
Deferred tax liability, net | (8.2) | |||||||||
Retained Earnings (Accumulated Deficit) | $ (24.1) |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) $ / shares in Units, $ in Millions | Apr. 08, 2019USD ($)officesegment$ / sharesshares | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 621.6 | $ 621.6 | $ 621.6 | |||
Acquisition related expenses | $ 0 | $ 3.8 | $ 0 | $ 19.6 | ||
Core Deposits | ||||||
Business Acquisition [Line Items] | ||||||
Amortization of Intangible Assets | $ 3 | |||||
Estimated useful lives of related deposits | 10 years | |||||
Community 1st Bank | ||||||
Business Acquisition [Line Items] | ||||||
Number of banking offices acquired | office | 3 | |||||
Total consideration exchanged | $ 18.8 | |||||
Goodwill | 2.3 | |||||
Provisional net assets acquired | 16.5 | |||||
Provisional assets recorded | 129.1 | |||||
Provisional loans recorded | 78.8 | |||||
Acquired debt impaired | 0.7 | |||||
Provisional liabilities recorded | 112.6 | |||||
Provisional deposits recorded | $ 110.1 | |||||
Community 1st Bank | Class A Common Stock | ||||||
Business Acquisition [Line Items] | ||||||
Number of shares issued in connection with Cascade merger (in shares) | shares | 463,134 | |||||
Price per share of First Interstate Class A common stock (in dollars per share) | $ / shares | $ 40.64 | |||||
Business acquisition conversion share rate (in shares) | shares | 0.3784 | |||||
Idaho Independent Bank | ||||||
Business Acquisition [Line Items] | ||||||
Number of banking offices acquired | office | 11 | |||||
Total consideration exchanged | $ 157.3 | |||||
Goodwill | $ 73 | |||||
Number of operating segments | segment | 1 | |||||
Core deposit intangible assets | $ 13.6 | |||||
Idaho Independent Bank | Class A Common Stock | ||||||
Business Acquisition [Line Items] | ||||||
Number of shares issued in connection with Cascade merger (in shares) | shares | 3,871,422 | |||||
Price per share of First Interstate Class A common stock (in dollars per share) | $ / shares | $ 40.64 | |||||
Business acquisition conversion share rate (in shares) | shares | 0.50 | |||||
Idaho Independent Bank | Core Deposits | ||||||
Business Acquisition [Line Items] | ||||||
Estimated useful lives of related deposits | 10 years |
Acquisitions - Schedule of Reco
Acquisitions - Schedule of Recognized Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | Apr. 08, 2019 | Sep. 30, 2020 | Dec. 31, 2019 |
Liabilities assumed: | |||
Goodwill | $ 621.6 | $ 621.6 | |
Idaho Independent Bank, As Recorded By Idaho Independent Bank | |||
Assets acquired: | |||
Mortgage loans held for sale | $ 0.5 | ||
Allowance for loan loss | (6.3) | ||
Premises and equipment | 16.5 | ||
Other real estate owned (“OREO”) | 0.4 | ||
Company owned life insurance | 15.2 | ||
Core deposit intangible assets | 0 | ||
Deferred tax assets, net | 3.2 | ||
Other assets | 8.6 | ||
Total assets acquired | 719.1 | ||
Liabilities assumed: | |||
Deposits | 596.5 | ||
Accounts payable and accrued expense | 15.2 | ||
Other borrowed funds | 4 | ||
Securities sold under repurchase agreements | 30.4 | ||
Total liabilities assumed | 646.1 | ||
Net assets acquired | 73 | ||
Idaho Independent Bank, Fair Value Adjustments | |||
Assets acquired: | |||
Cash and cash equivalents | 0 | ||
Investment securities | 0.5 | ||
Loans held for investment | (9.8) | ||
Mortgage loans held for sale | 0 | ||
Allowance for loan loss | 6.3 | ||
Premises and equipment | 4.8 | ||
Other real estate owned (“OREO”) | 2 | ||
Company owned life insurance | 0 | ||
Core deposit intangible assets | 13.6 | ||
Deferred tax assets, net | (2.6) | ||
Other assets | (0.7) | ||
Total assets acquired | 14.1 | ||
Liabilities assumed: | |||
Deposits | 0.1 | ||
Accounts payable and accrued expense | 2.6 | ||
Other borrowed funds | 0.1 | ||
Securities sold under repurchase agreements | 0 | ||
Total liabilities assumed | 2.8 | ||
Net assets acquired | 11.3 | ||
Idaho Independent Bank | |||
Assets acquired: | |||
Cash and cash equivalents | 270.7 | ||
Investment securities | 63.2 | ||
Loans held for investment | 337.8 | ||
Mortgage loans held for sale | 0.5 | ||
Allowance for loan loss | 0 | ||
Premises and equipment | 21.3 | ||
Other real estate owned (“OREO”) | 2.4 | ||
Company owned life insurance | 15.2 | ||
Core deposit intangible assets | 13.6 | ||
Deferred tax assets, net | 0.6 | ||
Other assets | 7.9 | ||
Total assets acquired | 733.2 | ||
Liabilities assumed: | |||
Deposits | 596.6 | ||
Accounts payable and accrued expense | 17.8 | ||
Other borrowed funds | 4.1 | ||
Securities sold under repurchase agreements | 30.4 | ||
Total liabilities assumed | 648.9 | ||
Net assets acquired | 84.3 | ||
Class A common stock | 157.3 | ||
Total consideration paid | 157.3 | ||
Goodwill | 73 | ||
Northwest Bank Acquisition, As Recorded By Inland Northwest Bank | |||
Assets acquired: | |||
Cash and cash equivalents | 270.7 | ||
Investment securities | 62.7 | ||
Loans held for investment | $ 347.6 |
Acquisitions - Schedule of Acqu
Acquisitions - Schedule of Acquired loans with Credit Impairment (Details) - Idaho Independent Bank $ in Millions | Apr. 08, 2019USD ($) |
Business Acquisition [Line Items] | |
Contractually required principal and interest payments | $ 24.1 |
Contractual cash flows not expected to be collected (“non-accretable discount”) | 3.9 |
Cash flows expected to be collected | 20.2 |
Interest component of cash flows expected to be collected (“accretable discount”) | 3.4 |
Fair value of acquired credit-impaired loans | $ 16.8 |
Acquisitions - Schedule of Ac_2
Acquisitions - Schedule of Acquired Loans not Deemed to Have Credit Impairment (Details) - Idaho Independent Bank $ in Millions | Apr. 08, 2019USD ($) |
Business Acquisition [Line Items] | |
Contractually required principal and interest payments | $ 398.7 |
Contractual cash flows not expected to be collected | 15.2 |
Fair value at acquisition | $ 321.5 |
Acquisitions - Summary of Pre-t
Acquisitions - Summary of Pre-tax Merger Related Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Business Combinations [Abstract] | ||||
Acquisition related expenses | $ 0 | $ 3.8 | $ 0 | $ 19.6 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Approximate Fair Values of Investment Securities (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Schedule of Available for Sale and Held-to-Maturity Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 0 | |
Gain (Loss) on Disposition of Assets | 0 | |
Available-for-Sale: | ||
Amortized Cost | 3,369.2 | $ 2,945.5 |
Gross Unrealized Gains | 86.2 | 21.7 |
Gross Unrealized Losses | (1.9) | (7.2) |
Estimated Fair Value | 3,453.5 | 2,960 |
Held-to-Maturity: | ||
Amortized Cost | 55 | 92.3 |
Gross Unrealized Gains | 3.4 | 2.2 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 58.4 | 94.5 |
U.S. Treasury Notes | ||
Available-for-Sale: | ||
Amortized Cost | 8 | 9 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 8 | 9 |
State, county and municipal securities | ||
Available-for-Sale: | ||
Amortized Cost | 233.6 | 80.1 |
Gross Unrealized Gains | 2.7 | 0.8 |
Gross Unrealized Losses | (0.2) | 0 |
Estimated Fair Value | 236.1 | 80.9 |
Held-to-Maturity: | ||
Amortized Cost | 49.9 | 57.3 |
Gross Unrealized Gains | 3.2 | 2.1 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 53.1 | 59.4 |
Obligations of U.S. government agencies | ||
Available-for-Sale: | ||
Amortized Cost | 278.4 | 367.5 |
Gross Unrealized Gains | 1 | 0.1 |
Gross Unrealized Losses | (0.6) | (0.8) |
Estimated Fair Value | 278.8 | 366.8 |
Held-to-Maturity: | ||
Amortized Cost | 19.8 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Estimated Fair Value | 19.8 | |
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations | ||
Available-for-Sale: | ||
Amortized Cost | 2,535.3 | 2,303.6 |
Gross Unrealized Gains | 76.9 | 19.6 |
Gross Unrealized Losses | (0.5) | (6) |
Estimated Fair Value | 2,611.7 | 2,317.2 |
Held-to-Maturity: | ||
Amortized Cost | 1 | 1.2 |
Gross Unrealized Gains | 0.1 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 1.1 | 1.2 |
Private mortgage-backed securities | ||
Available-for-Sale: | ||
Amortized Cost | 20 | 47.6 |
Gross Unrealized Gains | 0.2 | 0 |
Gross Unrealized Losses | (0.1) | (0.4) |
Estimated Fair Value | 20.1 | 47.2 |
Corporate securities | ||
Available-for-Sale: | ||
Amortized Cost | 292.9 | 134.5 |
Gross Unrealized Gains | 5.4 | 1.2 |
Gross Unrealized Losses | (0.5) | 0 |
Estimated Fair Value | 297.8 | 135.7 |
Held-to-Maturity: | ||
Amortized Cost | 4 | 13.9 |
Gross Unrealized Gains | 0.1 | 0.1 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 4.1 | 14 |
Other investments | ||
Available-for-Sale: | ||
Amortized Cost | 1 | 3.2 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 1 | 3.2 |
Other Investments | ||
Held-to-Maturity: | ||
Amortized Cost | 0.1 | 0.1 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | $ 0.1 | $ 0.1 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020USD ($)Investments | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)Investments | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($)Investments | |
Schedule of Held-to-maturity Securities [Line Items] | |||||
Investment securities classified as held to maturity | $ 55,000,000 | $ 55,000,000 | $ 92,300,000 | ||
Investment securities in an unrealized loss position (securities) | Investments | 127 | 127 | 331 | ||
Impairment loss | $ 0 | $ 0 | $ 0 | $ 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 | |||
Municipal Debt Securities, at Carrying Value | $ 41,900,000 | $ 41,900,000 | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Percent Debt Securities | 66.30% | 66.30% | |||
State, county and municipal securities | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Investment securities classified as held to maturity | $ 49,900,000 | $ 49,900,000 | $ 57,300,000 | ||
813940 Political Organizations [Member] | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Municipal Debt Securities, at Carrying Value | 27,800,000 | 27,800,000 | |||
Callable Within One Year | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Amortized cost of investment securities callable after one year but within five years | 252,500,000 | 252,500,000 | |||
Fair value of investment securities callable after one year but within five years | 252,500,000 | 252,500,000 | |||
Callable structured notes amortized costs | $ 0 | $ 0 |
Investment Securities - Gross U
Investment Securities - Gross Unrealized Losses and Fair Values of Investment Securities (Details) $ in Millions | Sep. 30, 2020USD ($)Investments | Dec. 31, 2019USD ($)Investments |
Available-for-Sale: | ||
Available-for-Sale, Less than 12 Months, Fair Value | $ 266.9 | $ 925.4 |
Available-for-sale, Less than 12 Months, Gross Unrealized Losses | (1.7) | (5.4) |
Available-for-Sale, 12 Months or More, Fair Value | 24.1 | 202.5 |
Available-for-Sale, 12 Months or More, Gross Unrealized Losses | (0.2) | (1.8) |
Available-for-Sale, Total Fair Value | 291 | 1,127.9 |
Available-for-Sale, Total Gross Unrealized Losses | (1.9) | (7.2) |
Held-to-Maturity: | ||
Gross Unrealized Losses | 0 | 0 |
Investment securities classified as held to maturity | 55 | 92.3 |
Investment debt securities held-to-maturity | 58.4 | 94.5 |
Debt Securities, Available-for-sale, Amortized Cost | 3,369.2 | 2,945.5 |
Gross Unrealized Gains | 86.2 | 21.7 |
Gross Unrealized Losses | (1.9) | (7.2) |
Gross Unrealized Gains | $ 3.4 | $ 2.2 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Percent Debt Securities | 66.30% | |
Investment securities in an unrealized loss position (securities) | Investments | 127 | 331 |
State, county and municipal securities | ||
Available-for-Sale: | ||
Available-for-Sale, Less than 12 Months, Fair Value | $ 22.6 | |
Available-for-sale, Less than 12 Months, Gross Unrealized Losses | (0.2) | |
Available-for-Sale, 12 Months or More, Fair Value | 0 | |
Available-for-Sale, 12 Months or More, Gross Unrealized Losses | 0 | |
Available-for-Sale, Total Fair Value | 22.6 | |
Available-for-Sale, Total Gross Unrealized Losses | (0.2) | |
Held-to-Maturity: | ||
Gross Unrealized Losses | 0 | $ 0 |
Investment securities classified as held to maturity | 49.9 | 57.3 |
Investment debt securities held-to-maturity | 53.1 | 59.4 |
Debt Securities, Available-for-sale, Amortized Cost | 233.6 | 80.1 |
Gross Unrealized Gains | 2.7 | 0.8 |
Gross Unrealized Losses | (0.2) | 0 |
Gross Unrealized Gains | 3.2 | 2.1 |
Obligations of U.S. government agencies | ||
Available-for-Sale: | ||
Available-for-Sale, Less than 12 Months, Fair Value | 102 | 185.3 |
Available-for-sale, Less than 12 Months, Gross Unrealized Losses | (0.6) | (0.8) |
Available-for-Sale, 12 Months or More, Fair Value | 0 | 0 |
Available-for-Sale, 12 Months or More, Gross Unrealized Losses | 0 | 0 |
Available-for-Sale, Total Fair Value | 102 | 185.3 |
Available-for-Sale, Total Gross Unrealized Losses | (0.6) | (0.8) |
Held-to-Maturity: | ||
Gross Unrealized Losses | 0 | |
Investment securities classified as held to maturity | 19.8 | |
Investment debt securities held-to-maturity | 19.8 | |
Debt Securities, Available-for-sale, Amortized Cost | 278.4 | 367.5 |
Gross Unrealized Gains | 1 | 0.1 |
Gross Unrealized Losses | (0.6) | (0.8) |
Gross Unrealized Gains | 0 | |
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations | ||
Available-for-Sale: | ||
Available-for-Sale, Less than 12 Months, Fair Value | 88.2 | 740.1 |
Available-for-sale, Less than 12 Months, Gross Unrealized Losses | (0.4) | (4.6) |
Available-for-Sale, 12 Months or More, Fair Value | 11.4 | 155.9 |
Available-for-Sale, 12 Months or More, Gross Unrealized Losses | (0.1) | (1.4) |
Available-for-Sale, Total Fair Value | 99.6 | 896 |
Available-for-Sale, Total Gross Unrealized Losses | (0.5) | (6) |
Held-to-Maturity: | ||
Gross Unrealized Losses | 0 | 0 |
Investment securities classified as held to maturity | 1 | 1.2 |
Investment debt securities held-to-maturity | 1.1 | 1.2 |
Debt Securities, Available-for-sale, Amortized Cost | 2,535.3 | 2,303.6 |
Gross Unrealized Gains | 76.9 | 19.6 |
Gross Unrealized Losses | (0.5) | (6) |
Gross Unrealized Gains | 0.1 | 0 |
Private mortgage-backed securities | ||
Available-for-Sale: | ||
Available-for-Sale, Less than 12 Months, Fair Value | 0 | 0 |
Available-for-sale, Less than 12 Months, Gross Unrealized Losses | 0 | 0 |
Available-for-Sale, 12 Months or More, Fair Value | 12.7 | 46.6 |
Available-for-Sale, 12 Months or More, Gross Unrealized Losses | (0.1) | (0.4) |
Available-for-Sale, Total Fair Value | 12.7 | 46.6 |
Available-for-Sale, Total Gross Unrealized Losses | (0.1) | (0.4) |
Held-to-Maturity: | ||
Debt Securities, Available-for-sale, Amortized Cost | 20 | 47.6 |
Gross Unrealized Gains | 0.2 | 0 |
Gross Unrealized Losses | (0.1) | (0.4) |
Corporate securities | ||
Available-for-Sale: | ||
Available-for-Sale, Less than 12 Months, Fair Value | 54.1 | |
Available-for-sale, Less than 12 Months, Gross Unrealized Losses | (0.5) | |
Available-for-Sale, 12 Months or More, Fair Value | 0 | |
Available-for-Sale, 12 Months or More, Gross Unrealized Losses | 0 | |
Available-for-Sale, Total Fair Value | 54.1 | |
Available-for-Sale, Total Gross Unrealized Losses | (0.5) | |
Held-to-Maturity: | ||
Gross Unrealized Losses | 0 | 0 |
Investment securities classified as held to maturity | 4 | 13.9 |
Investment debt securities held-to-maturity | 4.1 | 14 |
Debt Securities, Available-for-sale, Amortized Cost | 292.9 | 134.5 |
Gross Unrealized Gains | 5.4 | 1.2 |
Gross Unrealized Losses | (0.5) | 0 |
Gross Unrealized Gains | $ 0.1 | $ 0.1 |
Investment Securities - Maturit
Investment Securities - Maturities of Investment Securities (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Available-for-Sale, Amortized Cost | ||
Available-for-Sale Amortized Cost, Within One Year | $ 652.4 | |
Available-for-Sale Amortized Cost, After One Year but Within Five Years | 1,446.5 | |
Available-for-Sale Amortized Cost, After Five Years but Within Ten Years | 627.9 | |
Available-for-Sale Amortized Cost, After Ten Years | 642.4 | |
Amortized Cost | 3,369.2 | $ 2,945.5 |
Available-for-Sale, Estimated Fair Value | ||
Available-for-Sale Estimated Fair Value, Within One Year | 931.3 | |
Available-for-Sale Estimated Fair Value, After One Year but Within Five Years | 1,251.2 | |
Available-for-Sale Estimated Fair Value, After Five Years but Within Ten Years | 864.5 | |
Available-for-Sale Estimated Fair Value, After Ten Years | 406.5 | |
Available-for-Sale, Estimated Fair Value | 3,453.5 | 2,960 |
Held-to-Maturity, Amortized Cost | ||
Held-to-Maturity Amortized Cost, Within One Year | 8.9 | |
Held-to-Maturity Amortized Cost, After One Year but Within Five Years | 30.5 | |
Held-to-Maturity Amortized Cost, After Five Years but Within Ten Years | 14.1 | |
Held-to-Maturity Amortized Cost, After Ten Years | 1.5 | |
Amortized Cost | 55 | 92.3 |
Held-to-Maturity, Estimated Fair Value | ||
Held-to-Maturity Estimated Fair Value, Within One Year | 8.9 | |
Held-to-Maturity Estimated Fair Value, After One Year but Within Five Years | 31.9 | |
Held-to-Maturity Estimated Fair Value, After Five Years but Within Ten Years | 16.1 | |
Held-to-Maturity Estimated Fair Value, After Ten Years | 1.5 | |
Held-to-Maturity, Estimated Fair Value | 58.4 | 94.5 |
Securities Sold under Agreements to Repurchase [Abstract] | ||
Securities Sold under Agreements to Repurchase | 820.3 | 697.6 |
Securities Sold under Agreements to Repurchase, Fair Value of Collateral | 2,097.6 | 2,132 |
Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure | $ 2,165 | $ 2,144.9 |
Loans Held for Sale - Narrative
Loans Held for Sale - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Loans Held for Sale [Abstract] | ||
Mortgage loans held for sale | $ 102 | $ 100.9 |
Loans - Schedule of Loans by Se
Loans - Schedule of Loans by Segment (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Loans held for investment | $ 8,936.2 | |||||
Deferred loan fees and costs | $ (34.4) | (5.5) | ||||
Loans held for investment, net of deferred fees and costs | 10,152.2 | 8,930.7 | ||||
Allowance for credit losses | (145.5) | $ (146.1) | (73) | $ (75) | $ (74.2) | $ (73) |
Net loans held for investment | 10,006.7 | 8,857.7 | ||||
Commercial real estate | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Loans held for investment | 3,690.9 | 3,487.8 | ||||
Allowance for credit losses | (55.1) | (51.2) | (19.5) | |||
Land acquisition & development | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Loans held for investment | 274.8 | 302.1 | ||||
Allowance for credit losses | (1.2) | (1.5) | (1.9) | |||
Residential | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Loans held for investment | 227.9 | 244.1 | ||||
Allowance for credit losses | (1.6) | (1.3) | (1.5) | |||
Commercial | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Loans held for investment | 530.8 | 431.5 | ||||
Allowance for credit losses | (7.1) | (6.3) | (2.7) | |||
Total construction loans | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Loans held for investment | 1,033.5 | 977.7 | ||||
Residential | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Loans held for investment | 1,311.2 | 1,246.1 | ||||
Allowance for credit losses | (10.7) | (11.8) | (2.8) | |||
Agricultural | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Loans held for investment | 227.7 | 226.6 | ||||
Allowance for credit losses | (2.9) | (3.1) | (0.5) | |||
Total real estate loans | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Loans held for investment | 6,263.3 | 5,938.2 | ||||
Allowance for credit losses | (78.6) | (75.2) | (28.9) | |||
Indirect consumer | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Loans held for investment | 812.8 | 784.6 | ||||
Allowance for credit losses | (17) | (16.4) | (4.5) | |||
Direct and advance lines | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Loans held for investment | 162.1 | 179 | ||||
Allowance for credit losses | (4.8) | (5.1) | (2.9) | |||
Credit card | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Loans held for investment | 69.9 | 81.6 | ||||
Allowance for credit losses | (2.2) | (2) | (2.5) | |||
Total consumer loans | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Loans held for investment | 1,044.8 | 1,045.2 | ||||
Allowance for credit losses | (24) | (23.5) | (9.9) | |||
Commercial | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Loans held for investment | 2,599.6 | 1,673.7 | ||||
Allowance for credit losses | (42) | (46.5) | (32.6) | |||
Agricultural | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Loans held for investment | 274.7 | 279.1 | ||||
Allowance for credit losses | (0.9) | $ (0.9) | (1.6) | |||
Other, including overdrafts | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Loans held for investment | 4.2 | 0 | ||||
Loans And Leases Held For Investment [Member] | ||||||
Loans and Leases Receivable Recorded Investment, Past Due [Line Items] | ||||||
Loans held for investment | $ 10,186.6 | $ 8,936.2 |
Loans - Schedule of Allowance f
Loans - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Provision for credit losses | $ 5.2 | $ 2.6 | $ 53.7 | $ 10.1 |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 146.1 | 74.2 | 73 | 73 |
Loans Charged-Off | (6.4) | (4.7) | (15.1) | (16.3) |
Recoveries Collected | 1.8 | 5.1 | ||
Ending balance | 145.5 | $ 75 | 145.5 | $ 75 |
Loans and Leases Receivable, Allowance | 52.5 | |||
Non-owner occupied | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Provision for credit losses | 1.5 | 11.4 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 23.6 | 8.8 | ||
Loans Charged-Off | 0 | 0 | ||
Recoveries Collected | 0.1 | 0.1 | ||
Ending balance | 25.2 | 25.2 | ||
Owner occupied | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Provision for credit losses | 0.1 | 5.7 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 19.1 | 10 | ||
Loans Charged-Off | (0.2) | (0.3) | ||
Recoveries Collected | 0.1 | 0.2 | ||
Ending balance | 19.1 | 19.1 | ||
Multi-family | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Provision for credit losses | 2.3 | 3.2 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 8.5 | 0.7 | ||
Loans Charged-Off | 0 | 0 | ||
Recoveries Collected | 0 | 0 | ||
Ending balance | 10.8 | 10.8 | ||
Commercial real estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Provision for credit losses | 3.9 | 20.3 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 51.2 | 19.5 | ||
Loans Charged-Off | (0.2) | (0.3) | ||
Recoveries Collected | 0.2 | 0.3 | ||
Ending balance | 55.1 | 55.1 | ||
Agricultural | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Provision for credit losses | 0 | 0 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 0.9 | 1.6 | ||
Loans Charged-Off | 0 | (0.1) | ||
Recoveries Collected | 0 | 0 | ||
Ending balance | 0.9 | 0.9 | ||
Commercial and floor plans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Provision for credit losses | 1.2 | 20 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 41 | 25.5 | ||
Loans Charged-Off | (3.3) | (4.7) | ||
Recoveries Collected | 0.2 | 1 | ||
Ending balance | 36.7 | 36.7 | ||
Commercial purpose secured by 1-4 family | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Provision for credit losses | 0.2 | 2.8 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 5.1 | 5.9 | ||
Loans Charged-Off | 0 | (0.1) | ||
Recoveries Collected | 0.1 | 0.2 | ||
Ending balance | 5 | 5 | ||
Land acquisition & development | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Provision for credit losses | 0.5 | 0.3 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 1.5 | 1.9 | ||
Loans Charged-Off | 0 | (0.5) | ||
Recoveries Collected | 0.2 | 0.2 | ||
Ending balance | 1.2 | 1.2 | ||
Residential construction | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Provision for credit losses | 0.3 | 1 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 1.3 | 1.5 | ||
Loans Charged-Off | 0 | 0 | ||
Recoveries Collected | 0 | 0 | ||
Ending balance | 1.6 | 1.6 | ||
Commercial construction | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Provision for credit losses | 0.8 | 3.1 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 6.3 | 2.7 | ||
Loans Charged-Off | 0 | 0 | ||
Recoveries Collected | 0 | 0 | ||
Ending balance | 7.1 | 7.1 | ||
Total construction | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Provision for credit losses | 0.6 | 3.8 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 9.1 | 6.1 | ||
Loans Charged-Off | 0 | (0.5) | ||
Recoveries Collected | 0.2 | 0.2 | ||
Ending balance | 9.9 | 9.9 | ||
Residential 1-4 family | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Provision for credit losses | 1.1 | 3.3 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 10.3 | 1.8 | ||
Loans Charged-Off | 0 | 0 | ||
Recoveries Collected | 0 | 0.1 | ||
Ending balance | 9.2 | 9.2 | ||
Home equity and HELOC | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Provision for credit losses | 0 | 0.1 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 1.5 | 1 | ||
Loans Charged-Off | 0 | 0 | ||
Recoveries Collected | 0 | 0.1 | ||
Ending balance | 1.5 | 1.5 | ||
Residential | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Provision for credit losses | 1.1 | 3.4 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 11.8 | 2.8 | ||
Loans Charged-Off | 0 | 0 | ||
Recoveries Collected | 0 | 0.2 | ||
Ending balance | 10.7 | 10.7 | ||
Agricultural | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Provision for credit losses | 0.2 | 0.6 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 3.1 | 0.5 | ||
Loans Charged-Off | 0 | 0 | ||
Recoveries Collected | 0 | 0 | ||
Ending balance | 2.9 | 2.9 | ||
Total real estate loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Provision for credit losses | 3.2 | 21.3 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 75.2 | 28.9 | ||
Loans Charged-Off | (0.2) | (0.8) | ||
Recoveries Collected | 0.4 | 0.7 | ||
Ending balance | 78.6 | 78.6 | ||
Indirect consumer | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Provision for credit losses | 0.7 | 5.1 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 16.4 | 4.5 | ||
Loans Charged-Off | (0.8) | (3.2) | ||
Recoveries Collected | 0.7 | 1.8 | ||
Ending balance | 17 | 17 | ||
Direct and advance lines | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Provision for credit losses | 0.6 | 1.3 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 5.1 | 2.9 | ||
Loans Charged-Off | (1.1) | (3.1) | ||
Recoveries Collected | 0.2 | 0.7 | ||
Ending balance | 4.8 | 4.8 | ||
Credit card | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Provision for credit losses | 0.6 | 1 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 2 | 2.5 | ||
Loans Charged-Off | (0.6) | (2.2) | ||
Recoveries Collected | 0.2 | 0.6 | ||
Ending balance | 2.2 | 2.2 | ||
Total consumer loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Provision for credit losses | 1.9 | 7.4 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 23.5 | 9.9 | ||
Loans Charged-Off | (2.5) | (8.5) | ||
Recoveries Collected | 1.1 | 3.1 | ||
Ending balance | 24 | 24 | ||
Credit card | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Provision for credit losses | 0.3 | 1 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 0.4 | 1.2 | ||
Loans Charged-Off | (0.4) | (0.9) | ||
Recoveries Collected | 0 | 0.1 | ||
Ending balance | 0.3 | 0.3 | ||
Commercial | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Provision for credit losses | 1.1 | 23.8 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 46.5 | 32.6 | ||
Loans Charged-Off | (3.7) | (5.7) | ||
Recoveries Collected | 0.3 | 1.3 | ||
Ending balance | 42 | 42 | ||
Agriculture Portfolio Segment [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Provision for credit losses | 0 | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 0.9 | |||
Loans Charged-Off | 0 | |||
Recoveries Collected | 0 | |||
Ending balance | 0.9 | 0.9 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Ending balance | 30 | 30 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Non-owner occupied | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Ending balance | 4.9 | 4.9 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Owner occupied | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Ending balance | 3.5 | 3.5 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Multi-family | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Ending balance | 6.9 | 6.9 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial real estate | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Ending balance | 15.3 | 15.3 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Agricultural | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Ending balance | (0.6) | (0.6) | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial and floor plans | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Ending balance | (5.1) | (5.1) | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial purpose secured by 1-4 family | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Ending balance | (3.8) | (3.8) | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Land acquisition & development | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Ending balance | (0.1) | (0.1) | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Residential construction | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Ending balance | (0.9) | (0.9) | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial construction | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Ending balance | 1.3 | 1.3 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Total construction | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Ending balance | 0.3 | 0.3 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Residential 1-4 family | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Ending balance | 10.6 | 10.6 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Home equity and HELOC | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Ending balance | 0.5 | 0.5 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Residential | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Ending balance | 11.1 | 11.1 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Agricultural | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Ending balance | 1.8 | 1.8 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Total real estate loans | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Ending balance | 28.5 | 28.5 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Indirect consumer | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Ending balance | 8.8 | 8.8 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Direct and advance lines | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Ending balance | 3 | 3 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Credit card | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Ending balance | 0.3 | 0.3 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Total consumer loans | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Ending balance | 12.1 | 12.1 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Credit card | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Ending balance | (1.1) | (1.1) | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Ending balance | $ (10) | $ (10) |
Loans - Schedule of Allowance_2
Loans - Schedule of Allowance for Credit Losses for Loans Held for Investment (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Interest Receivable | $ 56.7 | $ 56.7 | $ 46.7 | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 146.1 | $ 74.2 | 73 | $ 73 | |
Provision for Credit Loss Expense | 5.2 | 2.6 | 53.7 | 10.1 | |
Loans Charged-Off | (6.4) | (4.7) | (15.1) | (16.3) | |
Recoveries Collected | 2.9 | 8.2 | |||
Ending balance | 145.5 | 75 | 145.5 | 75 | |
Financing Receivable, Allowance for Credit Loss, Recovery | 1.8 | 5.1 | |||
Real Estate | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 27.7 | 31 | |||
Provision for Credit Loss Expense | 0.4 | (1.3) | |||
Loans Charged-Off | (0.3) | (3.3) | |||
Recoveries Collected | 0.8 | 2.2 | |||
Ending balance | 28.6 | 28.6 | |||
Consumer | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 9.1 | 8.7 | |||
Provision for Credit Loss Expense | 2.7 | 7.1 | |||
Loans Charged-Off | (2.8) | (9.1) | |||
Recoveries Collected | 0.8 | 3.1 | |||
Ending balance | 9.8 | 9.8 | |||
Commercial Portfolio Segment [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 35.7 | 31.3 | |||
Provision for Credit Loss Expense | (0.4) | 4.3 | |||
Loans Charged-Off | (1.6) | (3.5) | |||
Recoveries Collected | 1.3 | 2.9 | |||
Ending balance | 35 | 35 | |||
Agricultural | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 1.7 | 2 | |||
Provision for Credit Loss Expense | (0.1) | 0 | |||
Loans Charged-Off | 0 | (0.4) | |||
Recoveries Collected | 0 | 0 | |||
Ending balance | $ 1.6 | $ 1.6 | |||
Commercial Real Estate Non Owner Occupied Loans [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 23.6 | 8.8 | |||
Provision for Credit Loss Expense | 1.5 | 11.4 | |||
Loans Charged-Off | 0 | 0 | |||
Ending balance | 25.2 | 25.2 | |||
Financing Receivable, Allowance for Credit Loss, Recovery | 0.1 | 0.1 | |||
Agricultural Financing Receivable [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 0.9 | 1.6 | |||
Provision for Credit Loss Expense | 0 | 0 | |||
Loans Charged-Off | 0 | (0.1) | |||
Ending balance | 0.9 | 0.9 | |||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | 0 | |||
Commercial and Floor Plans [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 41 | 25.5 | |||
Provision for Credit Loss Expense | 1.2 | 20 | |||
Loans Charged-Off | (3.3) | (4.7) | |||
Ending balance | 36.7 | 36.7 | |||
Financing Receivable, Allowance for Credit Loss, Recovery | 0.2 | 1 | |||
Commercial Real Estate Owner Occupied [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 19.1 | 10 | |||
Provision for Credit Loss Expense | 0.1 | 5.7 | |||
Loans Charged-Off | (0.2) | (0.3) | |||
Ending balance | 19.1 | 19.1 | |||
Financing Receivable, Allowance for Credit Loss, Recovery | 0.1 | 0.2 | |||
Commercial Real Estate Multi-family [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 8.5 | 0.7 | |||
Provision for Credit Loss Expense | 2.3 | 3.2 | |||
Loans Charged-Off | 0 | 0 | |||
Ending balance | 10.8 | 10.8 | |||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | 0 | |||
Commercial real estate | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 51.2 | 19.5 | |||
Provision for Credit Loss Expense | 3.9 | 20.3 | |||
Loans Charged-Off | (0.2) | (0.3) | |||
Ending balance | 55.1 | 55.1 | |||
Financing Receivable, Allowance for Credit Loss, Recovery | 0.2 | 0.3 | |||
Land Acquisition And Development Construction Financing Receivable [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 1.5 | 1.9 | |||
Provision for Credit Loss Expense | 0.5 | 0.3 | |||
Loans Charged-Off | 0 | (0.5) | |||
Ending balance | 1.2 | 1.2 | |||
Financing Receivable, Allowance for Credit Loss, Recovery | 0.2 | 0.2 | |||
Residential construction | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 1.3 | 1.5 | |||
Provision for Credit Loss Expense | 0.3 | 1 | |||
Loans Charged-Off | 0 | 0 | |||
Ending balance | 1.6 | 1.6 | |||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | 0 | |||
Commercial construction | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 6.3 | 2.7 | |||
Provision for Credit Loss Expense | 0.8 | 3.1 | |||
Loans Charged-Off | 0 | 0 | |||
Ending balance | 7.1 | 7.1 | |||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | 0 | |||
Construction Loans [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 9.1 | 6.1 | |||
Provision for Credit Loss Expense | 0.6 | 3.8 | |||
Loans Charged-Off | 0 | (0.5) | |||
Ending balance | 9.9 | 9.9 | |||
Financing Receivable, Allowance for Credit Loss, Recovery | 0.2 | 0.2 | |||
Residential Real Estate 1-4 Family [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 10.3 | 1.8 | |||
Provision for Credit Loss Expense | 1.1 | 3.3 | |||
Loans Charged-Off | 0 | 0 | |||
Ending balance | 9.2 | 9.2 | |||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | 0.1 | |||
Home Equity Line of Credit [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 1.5 | 1 | |||
Provision for Credit Loss Expense | 0 | 0.1 | |||
Loans Charged-Off | 0 | 0 | |||
Ending balance | 1.5 | 1.5 | |||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | 0.1 | |||
Residential Real Estate [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 11.8 | 2.8 | |||
Provision for Credit Loss Expense | 1.1 | 3.4 | |||
Loans Charged-Off | 0 | 0 | |||
Ending balance | 10.7 | 10.7 | |||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | 0.2 | |||
Agricultural Real Estate Financing Receivable [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 3.1 | 0.5 | |||
Provision for Credit Loss Expense | 0.2 | 0.6 | |||
Loans Charged-Off | 0 | 0 | |||
Ending balance | 2.9 | 2.9 | |||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | 0 | |||
Real Estate Financing Receivable [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 75.2 | 28.9 | |||
Provision for Credit Loss Expense | 3.2 | 21.3 | |||
Loans Charged-Off | (0.2) | (0.8) | |||
Ending balance | 78.6 | 78.6 | |||
Financing Receivable, Allowance for Credit Loss, Recovery | 0.4 | 0.7 | |||
Consumer Indirect Financing Receivable [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 16.4 | 4.5 | |||
Provision for Credit Loss Expense | 0.7 | 5.1 | |||
Loans Charged-Off | (0.8) | (3.2) | |||
Ending balance | 17 | 17 | |||
Financing Receivable, Allowance for Credit Loss, Recovery | 0.7 | 1.8 | |||
Direct consumer | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 5.1 | 2.9 | |||
Provision for Credit Loss Expense | 0.6 | 1.3 | |||
Loans Charged-Off | (1.1) | (3.1) | |||
Ending balance | 4.8 | 4.8 | |||
Financing Receivable, Allowance for Credit Loss, Recovery | 0.2 | 0.7 | |||
Credit Card Receivable [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 2 | 2.5 | |||
Provision for Credit Loss Expense | 0.6 | 1 | |||
Loans Charged-Off | (0.6) | (2.2) | |||
Ending balance | 2.2 | 2.2 | |||
Financing Receivable, Allowance for Credit Loss, Recovery | 0.2 | 0.6 | |||
Consumer | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 23.5 | 9.9 | |||
Provision for Credit Loss Expense | 1.9 | 7.4 | |||
Loans Charged-Off | (2.5) | (8.5) | |||
Ending balance | 24 | 24 | |||
Financing Receivable, Allowance for Credit Loss, Recovery | 1.1 | 3.1 | |||
Commercial Purpose secured by 1-4 Family [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 5.1 | 5.9 | |||
Provision for Credit Loss Expense | 0.2 | 2.8 | |||
Loans Charged-Off | 0 | (0.1) | |||
Ending balance | 5 | 5 | |||
Financing Receivable, Allowance for Credit Loss, Recovery | 0.1 | 0.2 | |||
Commercial Borrower [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 0.4 | 1.2 | |||
Provision for Credit Loss Expense | 0.3 | 1 | |||
Loans Charged-Off | (0.4) | (0.9) | |||
Ending balance | 0.3 | 0.3 | |||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | 0.1 | |||
Commercial Portfolio Segment [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Beginning balance | 46.5 | 32.6 | |||
Provision for Credit Loss Expense | 1.1 | 23.8 | |||
Loans Charged-Off | (3.7) | (5.7) | |||
Ending balance | 42 | 42 | |||
Financing Receivable, Allowance for Credit Loss, Recovery | 0.3 | 1.3 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Ending balance | 30 | 30 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial Real Estate Non Owner Occupied Loans [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Ending balance | 4.9 | 4.9 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Agricultural Financing Receivable [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Ending balance | (0.6) | (0.6) | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial and Floor Plans [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Ending balance | (5.1) | (5.1) | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial Real Estate Owner Occupied [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Ending balance | 3.5 | 3.5 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial Real Estate Multi-family [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Ending balance | 6.9 | 6.9 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial real estate | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Ending balance | 15.3 | 15.3 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Land Acquisition And Development Construction Financing Receivable [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Ending balance | (0.1) | (0.1) | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Residential construction | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Ending balance | (0.9) | (0.9) | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial construction | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Ending balance | 1.3 | 1.3 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Construction Loans [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Ending balance | 0.3 | 0.3 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Residential Real Estate 1-4 Family [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Ending balance | 10.6 | 10.6 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Home Equity Line of Credit [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Ending balance | 0.5 | 0.5 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Residential Real Estate [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Ending balance | 11.1 | 11.1 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Agricultural Real Estate Financing Receivable [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Ending balance | 1.8 | 1.8 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Real Estate Financing Receivable [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Ending balance | 28.5 | 28.5 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Consumer Indirect Financing Receivable [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Ending balance | 8.8 | 8.8 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Direct consumer | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Ending balance | 3 | 3 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Credit Card Receivable [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Ending balance | 0.3 | 0.3 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Consumer | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Ending balance | 12.1 | 12.1 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial Purpose secured by 1-4 Family [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Ending balance | (3.8) | (3.8) | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial Borrower [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Ending balance | (1.1) | (1.1) | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial Portfolio Segment [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Ending balance | (10) | (10) | |||
Loans And Leases Held For Investment [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Interest Receivable | $ 45.7 | $ 45.7 |
Loans - Narrative (Details)
Loans - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Receivables [Abstract] | |||||
Impaired Financing Receivable, Interest Income, Accrual Method | $ 0 | ||||
Impaired Financing Receivable, Recorded Investment | $ 65,900,000 | 65,900,000 | $ 64,700,000 | ||
Impaired Financing Receivable, Related Allowance | 3,600,000 | ||||
Loans renegotiated in troubled debt restructurings | 20,000,000 | 20,000,000 | 24,900,000 | ||
Troubled restructurings included in non-accrual loans | 16,800,000 | 16,800,000 | 19,400,000 | ||
Loans renegotiated in troubled debt restructurings, accrual loans | 3,200,000 | 3,200,000 | 5,500,000 | ||
Troubled debt restructurings | 0 | 0 | |||
Charge-offs directly related to modifying troubled debt restructurings | 0 | ||||
Balance of defaulted loans under trouble debt restructurings | 0 | 0 | |||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | $ 0 | ||||
Loans and Leases Receivable, Commitments to Purchase or Sell | 0 | $ 0 | 0 | $ 0 | |
Proceeds from Sale of Loans Held-for-investment | $ 0 | $ 0 | $ 0 | $ 0 |
Loans - Schedule of Recorded In
Loans - Schedule of Recorded Investment in Impaired Loans (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | $ 4.3 | $ 4.3 | $ 0.3 | |||||
Impaired Financing Receivable, Related Allowance | 3.6 | |||||||
Provision charged to operating expense | (5.2) | $ (2.6) | (53.7) | $ (10.1) | ||||
Accounts Receivable, Allowance for Credit Loss | 145.5 | $ 75 | 145.5 | $ 75 | $ 146.1 | 73 | $ 74.2 | $ 73 |
Collateral dependent borrowings | 16 | 16 | ||||||
Off-Balance Sheet, Credit Loss, Liability, Credit Loss Expense (Reversal) | 4 | |||||||
Balance of defaulted loans under trouble debt restructurings | 0 | 0 | ||||||
Agriculture Portfolio Segment [Member] | ||||||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||||||
Provision charged to operating expense | 0 | |||||||
Accounts Receivable, Allowance for Credit Loss | 0.9 | 0.9 | 0.9 | |||||
Total real estate loans | ||||||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||||||
Provision charged to operating expense | (3.2) | (21.3) | ||||||
Accounts Receivable, Allowance for Credit Loss | 78.6 | 78.6 | 75.2 | 28.9 | ||||
Collateral dependent borrowings | 0.7 | 0.7 | ||||||
Commercial | ||||||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||||||
Provision charged to operating expense | (1.1) | (23.8) | ||||||
Accounts Receivable, Allowance for Credit Loss | 42 | 42 | 46.5 | 32.6 | ||||
Collateral dependent borrowings | 15.2 | 15.2 | ||||||
Agricultural | ||||||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||||||
Provision charged to operating expense | 0 | 0 | ||||||
Accounts Receivable, Allowance for Credit Loss | 0.9 | 0.9 | $ 0.9 | $ 1.6 | ||||
Collateral dependent borrowings | 0.1 | 0.1 | ||||||
Business Assets Pledged as Collateral [Member] | ||||||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||||||
Collateral dependent borrowings | 10 | 10 | ||||||
Business Assets Pledged as Collateral [Member] | Total real estate loans | ||||||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||||||
Collateral dependent borrowings | 0.2 | 0.2 | ||||||
Business Assets Pledged as Collateral [Member] | Commercial | ||||||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||||||
Collateral dependent borrowings | 9.8 | 9.8 | ||||||
Business Assets Pledged as Collateral [Member] | Agricultural | ||||||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||||||
Collateral dependent borrowings | 0 | 0 | ||||||
Real Property Pledged as Collateral [Member] | ||||||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||||||
Collateral dependent borrowings | 5.6 | 5.6 | ||||||
Real Property Pledged as Collateral [Member] | Total real estate loans | ||||||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||||||
Collateral dependent borrowings | 0.5 | 0.5 | ||||||
Real Property Pledged as Collateral [Member] | Commercial | ||||||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||||||
Collateral dependent borrowings | 5 | 5 | ||||||
Real Property Pledged as Collateral [Member] | Agricultural | ||||||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||||||
Collateral dependent borrowings | 0.1 | 0.1 | ||||||
Other Property [Member] | ||||||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||||||
Collateral dependent borrowings | 0.4 | 0.4 | ||||||
Other Property [Member] | Total real estate loans | ||||||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||||||
Collateral dependent borrowings | 0 | 0 | ||||||
Other Property [Member] | Commercial | ||||||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||||||
Collateral dependent borrowings | 0.4 | 0.4 | ||||||
Other Property [Member] | Agricultural | ||||||||
Loans and Leases Receivable Recorded Investment, Impaired [Line Items] | ||||||||
Collateral dependent borrowings | $ 0 | $ 0 |
Loans - Schedule of Contractual
Loans - Schedule of Contractual Aging of Loans by Portfolio (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Total Loans | $ 8,936.2 | ||
Accrued interest reversal | $ 0 | $ 0.3 | |
Credit card | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 1.6 | 1.6 | 2.1 |
Current Loans | 68.3 | 68.3 | 79.5 |
Nonaccrual Loans | 0 | 0 | 0 |
Total Loans | 69.9 | 69.9 | 81.6 |
Commercial real estate | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 9.8 | 9.8 | 7.2 |
Current Loans | 3,671.2 | 3,671.2 | 3,467.6 |
Nonaccrual Loans | 9.9 | 9.9 | 13 |
Total Loans | 3,690.9 | 3,690.9 | 3,487.8 |
Indirect consumer | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 5.7 | 5.7 | 10 |
Current Loans | 805.3 | 805.3 | 773 |
Nonaccrual Loans | 1.8 | 1.8 | 1.6 |
Total Loans | 812.8 | 812.8 | 784.6 |
Direct and advance lines | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 0.8 | 0.8 | 1.8 |
Current Loans | 160.8 | 160.8 | 176.7 |
Nonaccrual Loans | 0.5 | 0.5 | 0.5 |
Total Loans | 162.1 | 162.1 | 179 |
Land acquisition & development | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 2.5 | 2.5 | 1.8 |
Current Loans | 271.7 | 271.7 | 298.9 |
Nonaccrual Loans | 0.6 | 0.6 | 1.4 |
Total Loans | 274.8 | 274.8 | 302.1 |
Residential construction | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 2.1 | 2.1 | 2.3 |
Current Loans | 225.8 | 225.8 | 241.8 |
Nonaccrual Loans | 0 | 0 | 0 |
Total Loans | 227.9 | 227.9 | 244.1 |
Commercial construction | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 0.1 | 0.1 | 0 |
Current Loans | 530.2 | 530.2 | 431 |
Nonaccrual Loans | 0.5 | 0.5 | 0.5 |
Total Loans | 530.8 | 530.8 | 431.5 |
Total construction loans | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 4.7 | 4.7 | 4.1 |
Current Loans | 1,027.7 | 1,027.7 | 971.7 |
Nonaccrual Loans | 1.1 | 1.1 | 1.9 |
Total Loans | 1,033.5 | 1,033.5 | 977.7 |
Residential | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 4.2 | 4.2 | 6.3 |
Current Loans | 1,302.4 | 1,302.4 | 1,235.2 |
Nonaccrual Loans | 4.6 | 4.6 | 4.6 |
Total Loans | 1,311.2 | 1,311.2 | 1,246.1 |
Agricultural | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 0.1 | 0.1 | 1.3 |
Current Loans | 220 | 220 | 220.1 |
Nonaccrual Loans | 7.6 | 7.6 | 5.2 |
Total Loans | 227.7 | 227.7 | 226.6 |
Total real estate loans | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 18.8 | 18.8 | 18.9 |
Current Loans | 6,221.3 | 6,221.3 | 5,894.6 |
Nonaccrual Loans | 23.2 | 23.2 | 24.7 |
Total Loans | 6,263.3 | 6,263.3 | 5,938.2 |
Total consumer loans | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 8.1 | 8.1 | 13.9 |
Current Loans | 1,034.4 | 1,034.4 | 1,029.2 |
Nonaccrual Loans | 2.3 | 2.3 | 2.1 |
Total Loans | 1,044.8 | 1,044.8 | 1,045.2 |
Commercial | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 15.9 | 15.9 | 9.7 |
Current Loans | 2,567.5 | 2,567.5 | 1,650.3 |
Nonaccrual Loans | 16.2 | 16.2 | 13.7 |
Total Loans | 2,599.6 | 2,599.6 | 1,673.7 |
Agricultural | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 2.9 | 2.9 | 1 |
Current Loans | 268.7 | 268.7 | 275.7 |
Nonaccrual Loans | 3.1 | 3.1 | 2.4 |
Total Loans | 274.7 | 274.7 | 279.1 |
Other, including overdrafts | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 0 | 0 | 0 |
Current Loans | 4.2 | 4.2 | 0 |
Nonaccrual Loans | 0 | 0 | 0 |
Total Loans | 4.2 | 4.2 | 0 |
Loans And Leases Held For Investment [Member] | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 45.7 | 45.7 | 43.5 |
Current Loans | 10,096.1 | 10,096.1 | 8,849.8 |
Nonaccrual Loans | 44.8 | 44.8 | 42.9 |
Total Loans | 10,186.6 | 10,186.6 | 8,936.2 |
30 to 59 Days Past Due | Credit card | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 0.7 | 0.7 | 0.8 |
30 to 59 Days Past Due | Commercial real estate | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 5.6 | 5.6 | 5.5 |
30 to 59 Days Past Due | Indirect consumer | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 4 | 4 | 7.6 |
30 to 59 Days Past Due | Direct and advance lines | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 0.5 | 0.5 | 1.2 |
30 to 59 Days Past Due | Land acquisition & development | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 1.4 | 1.4 | 0.7 |
30 to 59 Days Past Due | Residential construction | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 0.4 | 0.4 | 1.5 |
30 to 59 Days Past Due | Commercial construction | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 0.1 | 0.1 | 0 |
30 to 59 Days Past Due | Total construction loans | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 1.9 | 1.9 | 2.2 |
30 to 59 Days Past Due | Residential | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 1.7 | 1.7 | 3.8 |
30 to 59 Days Past Due | Agricultural | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 0 | 0 | 0.8 |
30 to 59 Days Past Due | Total real estate loans | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 9.2 | 9.2 | 12.3 |
30 to 59 Days Past Due | Total consumer loans | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 5.2 | 5.2 | 9.6 |
30 to 59 Days Past Due | Commercial | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 5.6 | 5.6 | 4.8 |
30 to 59 Days Past Due | Agricultural | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 1.8 | 1.8 | 0.9 |
30 to 59 Days Past Due | Other, including overdrafts | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 0 | 0 | 0 |
30 to 59 Days Past Due | Loans And Leases Held For Investment [Member] | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 21.8 | 21.8 | 27.6 |
60 to 89 Days Past Due | Credit card | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 0.3 | 0.3 | 0.5 |
60 to 89 Days Past Due | Commercial real estate | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 0.6 | 0.6 | 1.1 |
60 to 89 Days Past Due | Indirect consumer | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 1.6 | 1.6 | 1.9 |
60 to 89 Days Past Due | Direct and advance lines | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 0.2 | 0.2 | 0.5 |
60 to 89 Days Past Due | Land acquisition & development | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 0.6 | 0.6 | 0.8 |
60 to 89 Days Past Due | Residential construction | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 0.2 | 0.2 | 0.8 |
60 to 89 Days Past Due | Commercial construction | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 0 | 0 | 0 |
60 to 89 Days Past Due | Total construction loans | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 0.8 | 0.8 | 1.6 |
60 to 89 Days Past Due | Residential | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 2.3 | 2.3 | 1.4 |
60 to 89 Days Past Due | Agricultural | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 0.1 | 0.1 | 0.5 |
60 to 89 Days Past Due | Total real estate loans | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 3.8 | 3.8 | 4.6 |
60 to 89 Days Past Due | Total consumer loans | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 2.1 | 2.1 | 2.9 |
60 to 89 Days Past Due | Commercial | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 8.2 | 8.2 | 2.6 |
60 to 89 Days Past Due | Agricultural | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 0.2 | 0.2 | 0.1 |
60 to 89 Days Past Due | Other, including overdrafts | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 0 | 0 | 0 |
60 to 89 Days Past Due | Loans And Leases Held For Investment [Member] | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 14.3 | 14.3 | 10.2 |
Equal to or Greater than 90 Days Past Due | Credit card | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 0.6 | 0.6 | 0.8 |
Equal to or Greater than 90 Days Past Due | Commercial real estate | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 3.6 | 3.6 | 0.6 |
Equal to or Greater than 90 Days Past Due | Indirect consumer | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 0.1 | 0.1 | 0.5 |
Equal to or Greater than 90 Days Past Due | Direct and advance lines | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 0.1 | 0.1 | 0.1 |
Equal to or Greater than 90 Days Past Due | Land acquisition & development | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 0.5 | 0.5 | 0.3 |
Equal to or Greater than 90 Days Past Due | Residential construction | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 1.5 | 1.5 | 0 |
Equal to or Greater than 90 Days Past Due | Commercial construction | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 0 | 0 | 0 |
Equal to or Greater than 90 Days Past Due | Total construction loans | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 2 | 2 | 0.3 |
Equal to or Greater than 90 Days Past Due | Residential | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 0.2 | 0.2 | 1.1 |
Equal to or Greater than 90 Days Past Due | Agricultural | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 0 | 0 | 0 |
Equal to or Greater than 90 Days Past Due | Total real estate loans | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 5.8 | 5.8 | 2 |
Equal to or Greater than 90 Days Past Due | Total consumer loans | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 0.8 | 0.8 | 1.4 |
Equal to or Greater than 90 Days Past Due | Commercial | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 2.1 | 2.1 | 2.3 |
Equal to or Greater than 90 Days Past Due | Agricultural | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 0.9 | 0.9 | 0 |
Equal to or Greater than 90 Days Past Due | Other, including overdrafts | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | 0 | 0 | 0 |
Equal to or Greater than 90 Days Past Due | Loans And Leases Held For Investment [Member] | |||
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Past Due | $ 9.6 | $ 9.6 | $ 5.7 |
Loans - Schedule of Recorded _2
Loans - Schedule of Recorded Investment in Criticized Loans by Class and Credit Quality Indicator (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | $ 8,936,200,000 | ||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | $ 4,300,000 | $ 4,300,000 | 300,000 | ||
Impaired Financing Receivable, Recorded Investment | 65,900,000 | 65,900,000 | 64,700,000 | ||
Loans and Leases Receivable, Commitments to Purchase or Sell | 0 | $ 0 | 0 | $ 0 | |
Proceeds from Sale of Loans Held-for-investment | 0 | $ 0 | 0 | $ 0 | |
Non-owner occupied | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 413.2 | 413.2 | |||
2019 | 305.2 | 305.2 | |||
2018 | 215.8 | 215.8 | |||
2017 | 113 | 113 | |||
2016 | 160.8 | 160.8 | |||
Prior | 400.6 | 400.6 | |||
Revolving Loans Amortized Cost Basis | 12.8 | 12.8 | |||
Total | 1,621.4 | 1,621.4 | |||
Commercial Real Estate | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 3,487,800,000 | ||||
Commercial | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 3,690,900,000 | 3,690,900,000 | 3,487,800,000 | ||
Land acquisition & development | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 81.8 | 81.8 | |||
2019 | 71.1 | 71.1 | |||
2018 | 41.6 | 41.6 | |||
2017 | 34.1 | 34.1 | |||
2016 | 9.4 | 9.4 | |||
Prior | 30 | 30 | |||
Revolving Loans Amortized Cost Basis | 6.8 | 6.8 | |||
Total | 274.8 | 274.8 | |||
Loans held for investment | 274,800,000 | 274,800,000 | 302,100,000 | ||
Residential | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 65.7 | 65.7 | |||
2019 | 73.3 | 73.3 | |||
2018 | 16.1 | 16.1 | |||
2017 | 5.6 | 5.6 | |||
2016 | 0.3 | 0.3 | |||
Prior | 0.1 | 0.1 | |||
Revolving Loans Amortized Cost Basis | 66.8 | 66.8 | |||
Total | 227.9 | 227.9 | |||
Loans held for investment | 227,900,000 | 227,900,000 | 244,100,000 | ||
Commercial | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 188.4 | 188.4 | |||
2019 | 225.5 | 225.5 | |||
2018 | 86.1 | 86.1 | |||
2017 | 12 | 12 | |||
2016 | 9.7 | 9.7 | |||
Prior | 0.4 | 0.4 | |||
Revolving Loans Amortized Cost Basis | 8.7 | 8.7 | |||
Total | 530.8 | 530.8 | |||
Loans held for investment | 530,800,000 | 530,800,000 | 431,500,000 | ||
Total construction | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 977,700,000 | ||||
Residential | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 1,311,200,000 | 1,311,200,000 | 1,246,100,000 | ||
Total construction loans | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 1,033,500,000 | 1,033,500,000 | 977,700,000 | ||
Agricultural | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 39.2 | 39.2 | |||
2019 | 64.5 | 64.5 | |||
2018 | 35.9 | 35.9 | |||
2017 | 20.8 | 20.8 | |||
2016 | 18.7 | 18.7 | |||
Prior | 39.5 | 39.5 | |||
Revolving Loans Amortized Cost Basis | 9.1 | 9.1 | |||
Total | 227.7 | 227.7 | |||
Loans held for investment | 227,700,000 | 227,700,000 | 226,600,000 | ||
Real Estate Loan | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 5,938,200,000 | ||||
Total real estate loans | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 6,263,300,000 | 6,263,300,000 | 5,938,200,000 | ||
Indirect consumer | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 273.8 | 273.8 | |||
2019 | 213.1 | 213.1 | |||
2018 | 134.1 | 134.1 | |||
2017 | 85.9 | 85.9 | |||
2016 | 56.9 | 56.9 | |||
Prior | 49 | 49 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Total | 812.8 | 812.8 | |||
Loans held for investment | 812,800,000 | 812,800,000 | 784,600,000 | ||
Direct consumer | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 40.6 | 40.6 | |||
2019 | 34.1 | 34.1 | |||
2018 | 34 | 34 | |||
2017 | 14.2 | 14.2 | |||
2016 | 6.5 | 6.5 | |||
Prior | 9.8 | 9.8 | |||
Revolving Loans Amortized Cost Basis | 22.9 | 22.9 | |||
Total | 162.1 | 162.1 | |||
Loans held for investment | 162,100,000 | 162,100,000 | 179,000,000 | ||
Credit card | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 140.3 | 140.3 | |||
Loans held for investment | 69,900,000 | 69,900,000 | 81,600,000 | ||
Total consumer loans | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 1,044,800,000 | 1,044,800,000 | 1,045,200,000 | ||
Commercial | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 2,599,600,000 | 2,599,600,000 | 1,673,700,000 | ||
Agricultural | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 274,700,000 | 274,700,000 | 279,100,000 | ||
Owner occupied | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 339.2 | 339.2 | |||
2019 | 339.7 | 339.7 | |||
2018 | 241.1 | 241.1 | |||
2017 | 139.8 | 139.8 | |||
2016 | 200.2 | 200.2 | |||
Prior | 435.4 | 435.4 | |||
Revolving Loans Amortized Cost Basis | 14.6 | 14.6 | |||
Total | 1,710 | 1,710 | |||
Multi-family | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 106 | 106 | |||
2019 | 63 | 63 | |||
2018 | 29.2 | 29.2 | |||
2017 | 42.4 | 42.4 | |||
2016 | 26.1 | 26.1 | |||
Prior | 90.9 | 90.9 | |||
Revolving Loans Amortized Cost Basis | 1.9 | 1.9 | |||
Total | 359.5 | 359.5 | |||
Commercial and floor plans | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 1,403 | 1,403 | |||
2019 | 182.9 | 182.9 | |||
2018 | 157.1 | 157.1 | |||
2017 | 94.1 | 94.1 | |||
2016 | 57.6 | 57.6 | |||
Prior | 106 | 106 | |||
Revolving Loans Amortized Cost Basis | 251.5 | 251.5 | |||
Total | 2,252.2 | 2,252.2 | |||
Commercial purpose secured by 1-4 family | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 63 | 63 | |||
2019 | 64.6 | 64.6 | |||
2018 | 43.2 | 43.2 | |||
2017 | 24.4 | 24.4 | |||
2016 | 18.7 | 18.7 | |||
Prior | 44.7 | 44.7 | |||
Revolving Loans Amortized Cost Basis | 20 | 20 | |||
Total | 278.6 | 278.6 | |||
Agriculture Portfolio Segment [Member] | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 48.5 | 48.5 | |||
2019 | 29.1 | 29.1 | |||
2018 | 19 | 19 | |||
2017 | 7.3 | 7.3 | |||
2016 | 4.1 | 4.1 | |||
Prior | 2.2 | 2.2 | |||
Revolving Loans Amortized Cost Basis | 162.9 | 162.9 | |||
Total | 273.1 | 273.1 | |||
Loans held for investment | 279,100,000 | ||||
Residential 1-4 family | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 311.1 | 311.1 | |||
2019 | 120.5 | 120.5 | |||
2018 | 71.6 | 71.6 | |||
2017 | 57.9 | 57.9 | |||
2016 | 76.9 | 76.9 | |||
Prior | 271.1 | 271.1 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Total | 909.1 | 909.1 | |||
Consumer Home Equity and HELOC | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 10.3 | 10.3 | |||
2019 | 8.3 | 8.3 | |||
2018 | 9.6 | 9.6 | |||
2017 | 10.8 | 10.8 | |||
2016 | 5.3 | 5.3 | |||
Prior | 17.1 | 17.1 | |||
Revolving Loans Amortized Cost Basis | 340.7 | 340.7 | |||
Total | 402.1 | 402.1 | |||
Pass | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 8,548,800,000 | ||||
Pass | Non-owner occupied | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 397.3 | 397.3 | |||
2019 | 299.3 | 299.3 | |||
2018 | 213.8 | 213.8 | |||
2017 | 108.8 | 108.8 | |||
2016 | 159 | 159 | |||
Prior | 368.2 | 368.2 | |||
Revolving Loans Amortized Cost Basis | 12.8 | 12.8 | |||
Total | 1,559.2 | 1,559.2 | |||
Pass | Commercial Real Estate | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 3,305,000,000 | ||||
Pass | Land acquisition & development | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 81 | 81 | |||
2019 | 71 | 71 | |||
2018 | 40.4 | 40.4 | |||
2017 | 33 | 33 | |||
2016 | 9.4 | 9.4 | |||
Prior | 28.5 | 28.5 | |||
Revolving Loans Amortized Cost Basis | 6.1 | 6.1 | |||
Total | 269.4 | 269.4 | |||
Loans held for investment | 295,400,000 | ||||
Pass | Residential | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 65.1 | 65.1 | |||
2019 | 73.3 | 73.3 | |||
2018 | 14.9 | 14.9 | |||
2017 | 5.6 | 5.6 | |||
2016 | 0.3 | 0.3 | |||
Prior | 0.1 | 0.1 | |||
Revolving Loans Amortized Cost Basis | 66.8 | 66.8 | |||
Total | 226.1 | 226.1 | |||
Loans held for investment | 241,000,000 | ||||
Pass | Commercial | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 188.4 | 188.4 | |||
2019 | 223.3 | 223.3 | |||
2018 | 84.2 | 84.2 | |||
2017 | 12 | 12 | |||
2016 | 9.7 | 9.7 | |||
Prior | 0.3 | 0.3 | |||
Revolving Loans Amortized Cost Basis | 8.7 | 8.7 | |||
Total | 526.6 | 526.6 | |||
Loans held for investment | 428,300,000 | ||||
Pass | Total construction | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 964,700,000 | ||||
Pass | Residential | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 1,235,400,000 | ||||
Pass | Agricultural | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 35.7 | 35.7 | |||
2019 | 46.6 | 46.6 | |||
2018 | 31.2 | 31.2 | |||
2017 | 18.1 | 18.1 | |||
2016 | 14.3 | 14.3 | |||
Prior | 30.2 | 30.2 | |||
Revolving Loans Amortized Cost Basis | 6.4 | 6.4 | |||
Total | 182.5 | 182.5 | |||
Loans held for investment | 185,700,000 | ||||
Pass | Real Estate Loan | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 5,690,800,000 | ||||
Pass | Indirect consumer | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 781,500,000 | ||||
Pass | Direct consumer | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 177,700,000 | ||||
Pass | Credit card | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 81,600,000 | ||||
Pass | Total consumer loans | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 1,040,800,000 | ||||
Pass | Commercial | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 1,569,400,000 | ||||
Pass | Owner occupied | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 325 | 325 | |||
2019 | 324.4 | 324.4 | |||
2018 | 220.9 | 220.9 | |||
2017 | 131.4 | 131.4 | |||
2016 | 166.3 | 166.3 | |||
Prior | 407.1 | 407.1 | |||
Revolving Loans Amortized Cost Basis | 13.9 | 13.9 | |||
Total | 1,589 | 1,589 | |||
Pass | Multi-family | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 106 | 106 | |||
2019 | 63 | 63 | |||
2018 | 29.2 | 29.2 | |||
2017 | 42.4 | 42.4 | |||
2016 | 26.1 | 26.1 | |||
Prior | 90.8 | 90.8 | |||
Revolving Loans Amortized Cost Basis | 1.9 | 1.9 | |||
Total | 359.4 | 359.4 | |||
Pass | Commercial and floor plans | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 1,385.9 | 1,385.9 | |||
2019 | 173.4 | 173.4 | |||
2018 | 150.5 | 150.5 | |||
2017 | 86.3 | 86.3 | |||
2016 | 48.8 | 48.8 | |||
Prior | 100.3 | 100.3 | |||
Revolving Loans Amortized Cost Basis | 236.6 | 236.6 | |||
Total | 2,181.8 | 2,181.8 | |||
Pass | Commercial purpose secured by 1-4 family | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 60.3 | 60.3 | |||
2019 | 62.9 | 62.9 | |||
2018 | 38.4 | 38.4 | |||
2017 | 23.8 | 23.8 | |||
2016 | 16.7 | 16.7 | |||
Prior | 42.4 | 42.4 | |||
Revolving Loans Amortized Cost Basis | 19.5 | 19.5 | |||
Total | 264 | 264 | |||
Pass | Agriculture Portfolio Segment [Member] | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 39.5 | 39.5 | |||
2019 | 26.5 | 26.5 | |||
2018 | 14.2 | 14.2 | |||
2017 | 5.7 | 5.7 | |||
2016 | 3.9 | 3.9 | |||
Prior | 1.4 | 1.4 | |||
Revolving Loans Amortized Cost Basis | 140.9 | 140.9 | |||
Total | 232.1 | 232.1 | |||
Loans held for investment | 247,800,000 | ||||
Other Assets Especially Mentioned | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 157,500,000 | ||||
Other Assets Especially Mentioned | Non-owner occupied | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 0 | 0 | |||
2019 | 3.1 | 3.1 | |||
2018 | 0.9 | 0.9 | |||
2017 | 0.1 | 0.1 | |||
2016 | 0.7 | 0.7 | |||
Prior | 17.6 | 17.6 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Total | 22.4 | 22.4 | |||
Other Assets Especially Mentioned | Commercial Real Estate | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 84,700,000 | ||||
Other Assets Especially Mentioned | Land acquisition & development | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 0.4 | 0.4 | |||
2019 | 0.1 | 0.1 | |||
2018 | 0 | 0 | |||
2017 | 1 | 1 | |||
2016 | 0 | 0 | |||
Prior | 1.2 | 1.2 | |||
Revolving Loans Amortized Cost Basis | 0.3 | 0.3 | |||
Total | 3 | 3 | |||
Loans held for investment | 3,800,000 | ||||
Other Assets Especially Mentioned | Residential | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
2018 | 0 | 0 | |||
2017 | 0 | 0 | |||
2016 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Total | 0 | 0 | |||
Loans held for investment | 900,000 | ||||
Other Assets Especially Mentioned | Commercial | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 0 | 0 | |||
2019 | 1.4 | 1.4 | |||
2018 | 1.5 | 1.5 | |||
2017 | 0 | 0 | |||
2016 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Total | 2.9 | 2.9 | |||
Loans held for investment | 1,700,000 | ||||
Other Assets Especially Mentioned | Total construction | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 6,400,000 | ||||
Other Assets Especially Mentioned | Residential | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 2,600,000 | ||||
Other Assets Especially Mentioned | Agricultural | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 3.4 | 3.4 | |||
2019 | 7.6 | 7.6 | |||
2018 | 1.2 | 1.2 | |||
2017 | 1.6 | 1.6 | |||
2016 | 0.9 | 0.9 | |||
Prior | 3.9 | 3.9 | |||
Revolving Loans Amortized Cost Basis | 0.9 | 0.9 | |||
Total | 19.5 | 19.5 | |||
Loans held for investment | 14,300,000 | ||||
Other Assets Especially Mentioned | Real Estate Loan | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 108,000,000 | ||||
Other Assets Especially Mentioned | Indirect consumer | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 200,000 | ||||
Other Assets Especially Mentioned | Direct consumer | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 400,000 | ||||
Other Assets Especially Mentioned | Credit card | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 0 | ||||
Other Assets Especially Mentioned | Total consumer loans | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 600,000 | ||||
Other Assets Especially Mentioned | Commercial | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 40,400,000 | ||||
Other Assets Especially Mentioned | Owner occupied | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 7.3 | 7.3 | |||
2019 | 8.7 | 8.7 | |||
2018 | 7.8 | 7.8 | |||
2017 | 3.1 | 3.1 | |||
2016 | 15.4 | 15.4 | |||
Prior | 14.6 | 14.6 | |||
Revolving Loans Amortized Cost Basis | 0.2 | 0.2 | |||
Total | 57.1 | 57.1 | |||
Other Assets Especially Mentioned | Multi-family | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
2018 | 0 | 0 | |||
2017 | 0 | 0 | |||
2016 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Total | 0 | 0 | |||
Other Assets Especially Mentioned | Commercial and floor plans | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 8.9 | 8.9 | |||
2019 | 1.2 | 1.2 | |||
2018 | 2 | 2 | |||
2017 | 7.3 | 7.3 | |||
2016 | 4.2 | 4.2 | |||
Prior | 0.6 | 0.6 | |||
Revolving Loans Amortized Cost Basis | 2.9 | 2.9 | |||
Total | 27.1 | 27.1 | |||
Other Assets Especially Mentioned | Commercial purpose secured by 1-4 family | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 0.3 | 0.3 | |||
2019 | 0.6 | 0.6 | |||
2018 | 0.3 | 0.3 | |||
2017 | 0.3 | 0.3 | |||
2016 | 0.6 | 0.6 | |||
Prior | 0.9 | 0.9 | |||
Revolving Loans Amortized Cost Basis | 0.4 | 0.4 | |||
Total | 3.4 | 3.4 | |||
Other Assets Especially Mentioned | Agriculture Portfolio Segment [Member] | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 2.6 | 2.6 | |||
2019 | 0.6 | 0.6 | |||
2018 | 0.5 | 0.5 | |||
2017 | 0.1 | 0.1 | |||
2016 | 0.1 | 0.1 | |||
Prior | 0.4 | 0.4 | |||
Revolving Loans Amortized Cost Basis | 13.8 | 13.8 | |||
Total | 18.1 | 18.1 | |||
Loans held for investment | 8,500,000 | ||||
Substandard | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 224,000,000 | ||||
Substandard | Non-owner occupied | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 15.9 | 15.9 | |||
2019 | 2.8 | 2.8 | |||
2018 | 0.9 | 0.9 | |||
2017 | 4.1 | 4.1 | |||
2016 | 1.1 | 1.1 | |||
Prior | 14.8 | 14.8 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Total | 39.6 | 39.6 | |||
Substandard | Commercial Real Estate | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 97,300,000 | ||||
Substandard | Land acquisition & development | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 0.4 | 0.4 | |||
2019 | 0 | 0 | |||
2018 | 1.2 | 1.2 | |||
2017 | 0.1 | 0.1 | |||
2016 | 0 | 0 | |||
Prior | 0.2 | 0.2 | |||
Revolving Loans Amortized Cost Basis | 0.4 | 0.4 | |||
Total | 2.3 | 2.3 | |||
Loans held for investment | 1,900,000 | ||||
Substandard | Residential | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 0.6 | 0.6 | |||
2019 | 0 | 0 | |||
2018 | 1.2 | 1.2 | |||
2017 | 0 | 0 | |||
2016 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Total | 1.8 | 1.8 | |||
Loans held for investment | 2,200,000 | ||||
Substandard | Commercial | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 0 | 0 | |||
2019 | 0.8 | 0.8 | |||
2018 | 0 | 0 | |||
2017 | 0 | 0 | |||
2016 | 0 | 0 | |||
Prior | 0.1 | 0.1 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Total | 0.9 | 0.9 | |||
Loans held for investment | 1,500,000 | ||||
Substandard | Total construction | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 5,600,000 | ||||
Substandard | Residential | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 7,800,000 | ||||
Substandard | Agricultural | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 0.1 | 0.1 | |||
2019 | 8.3 | 8.3 | |||
2018 | 3.5 | 3.5 | |||
2017 | 1.1 | 1.1 | |||
2016 | 3.5 | 3.5 | |||
Prior | 5.4 | 5.4 | |||
Revolving Loans Amortized Cost Basis | 1.8 | 1.8 | |||
Total | 23.7 | 23.7 | |||
Loans held for investment | 26,600,000 | ||||
Substandard | Real Estate Loan | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 137,300,000 | ||||
Substandard | Indirect consumer | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 2,900,000 | ||||
Substandard | Direct consumer | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 800,000 | ||||
Substandard | Credit card | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 0 | ||||
Substandard | Total consumer loans | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 3,700,000 | ||||
Substandard | Commercial | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 60,300,000 | ||||
Substandard | Owner occupied | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 6.7 | 6.7 | |||
2019 | 6.6 | 6.6 | |||
2018 | 12.4 | 12.4 | |||
2017 | 5.2 | 5.2 | |||
2016 | 18.5 | 18.5 | |||
Prior | 13.6 | 13.6 | |||
Revolving Loans Amortized Cost Basis | 0.5 | 0.5 | |||
Total | 63.5 | 63.5 | |||
Substandard | Multi-family | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
2018 | 0 | 0 | |||
2017 | 0 | 0 | |||
2016 | 0 | 0 | |||
Prior | 0.1 | 0.1 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Total | 0.1 | 0.1 | |||
Substandard | Commercial and floor plans | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 6 | 6 | |||
2019 | 4.6 | 4.6 | |||
2018 | 4.5 | 4.5 | |||
2017 | 0.5 | 0.5 | |||
2016 | 4.5 | 4.5 | |||
Prior | 2.5 | 2.5 | |||
Revolving Loans Amortized Cost Basis | 11.9 | 11.9 | |||
Total | 34.5 | 34.5 | |||
Substandard | Commercial purpose secured by 1-4 family | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 2.4 | 2.4 | |||
2019 | 1.1 | 1.1 | |||
2018 | 4.4 | 4.4 | |||
2017 | 0.3 | 0.3 | |||
2016 | 1.4 | 1.4 | |||
Prior | 1.4 | 1.4 | |||
Revolving Loans Amortized Cost Basis | 0.1 | 0.1 | |||
Total | 11.1 | 11.1 | |||
Substandard | Agriculture Portfolio Segment [Member] | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 6.4 | 6.4 | |||
2019 | 1.9 | 1.9 | |||
2018 | 4.3 | 4.3 | |||
2017 | 1.4 | 1.4 | |||
2016 | 0.1 | 0.1 | |||
Prior | 0.4 | 0.4 | |||
Revolving Loans Amortized Cost Basis | 8.2 | 8.2 | |||
Total | 22.7 | 22.7 | |||
Loans held for investment | 22,700,000 | ||||
Doubtful | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 5,900,000 | ||||
Doubtful | Non-owner occupied | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
2018 | 0.2 | 0.2 | |||
2017 | 0 | 0 | |||
2016 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Total | 0.2 | 0.2 | |||
Doubtful | Commercial Real Estate | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 800,000 | ||||
Doubtful | Land acquisition & development | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
2018 | 0 | 0 | |||
2017 | 0 | 0 | |||
2016 | 0 | 0 | |||
Prior | 0.1 | 0.1 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Total | 0.1 | 0.1 | |||
Loans held for investment | 1,000,000 | ||||
Doubtful | Residential | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
2018 | 0 | 0 | |||
2017 | 0 | 0 | |||
2016 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Total | 0 | 0 | |||
Loans held for investment | 0 | ||||
Doubtful | Commercial | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
2018 | 0.4 | 0.4 | |||
2017 | 0 | 0 | |||
2016 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Total | 0.4 | 0.4 | |||
Loans held for investment | 0 | ||||
Doubtful | Total construction | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 1,000,000 | ||||
Doubtful | Residential | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 300,000 | ||||
Doubtful | Agricultural | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 0 | 0 | |||
2019 | 2 | 2 | |||
2018 | 0 | 0 | |||
2017 | 0 | 0 | |||
2016 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Total | 2 | 2 | |||
Loans held for investment | 0 | ||||
Doubtful | Real Estate Loan | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 2,100,000 | ||||
Doubtful | Indirect consumer | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 0 | ||||
Doubtful | Direct consumer | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 100,000 | ||||
Doubtful | Credit card | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 0 | ||||
Doubtful | Total consumer loans | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 100,000 | ||||
Doubtful | Commercial | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 3,600,000 | ||||
Doubtful | Owner occupied | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 0.2 | 0.2 | |||
2019 | 0 | 0 | |||
2018 | 0 | 0 | |||
2017 | 0.1 | 0.1 | |||
2016 | 0 | 0 | |||
Prior | 0.1 | 0.1 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Total | 0.4 | 0.4 | |||
Doubtful | Multi-family | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
2018 | 0 | 0 | |||
2017 | 0 | 0 | |||
2016 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Total | 0 | 0 | |||
Doubtful | Commercial and floor plans | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 2.2 | 2.2 | |||
2019 | 3.7 | 3.7 | |||
2018 | 0.1 | 0.1 | |||
2017 | 0 | 0 | |||
2016 | 0.1 | 0.1 | |||
Prior | 2.6 | 2.6 | |||
Revolving Loans Amortized Cost Basis | 0.1 | 0.1 | |||
Total | 8.8 | 8.8 | |||
Doubtful | Commercial purpose secured by 1-4 family | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
2018 | 0.1 | 0.1 | |||
2017 | 0 | 0 | |||
2016 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Total | 0.1 | 0.1 | |||
Doubtful | Agriculture Portfolio Segment [Member] | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 0 | 0 | |||
2019 | 0.1 | 0.1 | |||
2018 | 0 | 0 | |||
2017 | 0.1 | 0.1 | |||
2016 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Total | 0.2 | 0.2 | |||
Loans held for investment | 100,000 | ||||
Total Criticized Loans | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 387,400,000 | ||||
Total Criticized Loans | Commercial Real Estate | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 182,800,000 | ||||
Total Criticized Loans | Land acquisition & development | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 6,700,000 | ||||
Total Criticized Loans | Residential | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 3,100,000 | ||||
Total Criticized Loans | Commercial | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 3,200,000 | ||||
Total Criticized Loans | Total construction | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 13,000,000 | ||||
Total Criticized Loans | Residential | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 10,700,000 | ||||
Total Criticized Loans | Agricultural | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 40,900,000 | ||||
Total Criticized Loans | Real Estate Loan | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 247,400,000 | ||||
Total Criticized Loans | Indirect consumer | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 3,100,000 | ||||
Total Criticized Loans | Direct consumer | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 1,300,000 | ||||
Total Criticized Loans | Credit card | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 0 | ||||
Total Criticized Loans | Total consumer loans | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 4,400,000 | ||||
Total Criticized Loans | Commercial | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | 104,300,000 | ||||
Total Criticized Loans | Agriculture Portfolio Segment [Member] | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
Loans held for investment | $ 31,300,000 | ||||
Performing | Indirect consumer | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 273.8 | 273.8 | |||
2019 | 212.9 | 212.9 | |||
2018 | 134 | 134 | |||
2017 | 85.9 | 85.9 | |||
2016 | 56.8 | 56.8 | |||
Prior | 48.9 | 48.9 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Total | 812.3 | 812.3 | |||
Performing | Direct consumer | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 40.6 | 40.6 | |||
2019 | 34.1 | 34.1 | |||
2018 | 33.9 | 33.9 | |||
2017 | 14.1 | 14.1 | |||
2016 | 6.5 | 6.5 | |||
Prior | 9.8 | 9.8 | |||
Revolving Loans Amortized Cost Basis | 22.9 | 22.9 | |||
Total | 161.9 | 161.9 | |||
Performing | Credit card | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 139.3 | 139.3 | |||
Performing | Residential 1-4 family | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 311.1 | 311.1 | |||
2019 | 119.8 | 119.8 | |||
2018 | 71.4 | 71.4 | |||
2017 | 57.9 | 57.9 | |||
2016 | 76.9 | 76.9 | |||
Prior | 270.2 | 270.2 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Total | 907.3 | 907.3 | |||
Performing | Consumer Home Equity and HELOC | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 10.2 | 10.2 | |||
2019 | 8.3 | 8.3 | |||
2018 | 9.6 | 9.6 | |||
2017 | 10.7 | 10.7 | |||
2016 | 5.3 | 5.3 | |||
Prior | 16.7 | 16.7 | |||
Revolving Loans Amortized Cost Basis | 340.7 | 340.7 | |||
Total | 401.5 | 401.5 | |||
Nonperforming | Indirect consumer | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 0 | 0 | |||
2019 | 0.2 | 0.2 | |||
2018 | 0.1 | 0.1 | |||
2017 | 0 | 0 | |||
2016 | 0.1 | 0.1 | |||
Prior | 0.1 | 0.1 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Total | 0.5 | 0.5 | |||
Nonperforming | Direct consumer | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
2018 | 0.1 | 0.1 | |||
2017 | 0.1 | 0.1 | |||
2016 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Total | 0.2 | 0.2 | |||
Nonperforming | Credit card | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 1 | 1 | |||
Nonperforming | Residential 1-4 family | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 0 | 0 | |||
2019 | 0.7 | 0.7 | |||
2018 | 0.2 | 0.2 | |||
2017 | 0 | 0 | |||
2016 | 0 | 0 | |||
Prior | 0.9 | 0.9 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Total | 1.8 | 1.8 | |||
Nonperforming | Consumer Home Equity and HELOC | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 0.1 | 0.1 | |||
2019 | 0 | 0 | |||
2018 | 0 | 0 | |||
2017 | 0.1 | 0.1 | |||
2016 | 0 | 0 | |||
Prior | 0.4 | 0.4 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Total | 0.6 | 0.6 | |||
Agriculture Portfolio Segment [Member] | Credit card | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 1.6 | 1.6 | |||
Agriculture Portfolio Segment [Member] | Performing | Credit card | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 1.5 | 1.5 | |||
Agriculture Portfolio Segment [Member] | Nonperforming | Credit card | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 0.1 | 0.1 | |||
Commercial | Credit card | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 68.8 | 68.8 | |||
Commercial | Performing | Credit card | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 68.5 | 68.5 | |||
Commercial | Nonperforming | Credit card | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 0.3 | 0.3 | |||
Total consumer loans | Credit card | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 69.9 | 69.9 | |||
Total consumer loans | Performing | Credit card | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | 69.3 | 69.3 | |||
Total consumer loans | Nonperforming | Credit card | |||||
Loans and Leases Receivable Recorded Investment, Criticized Loans [Line Items] | |||||
2020 | $ 0.6 | $ 0.6 |
Other Real Estate Owned (Detail
Other Real Estate Owned (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Repossessed Assets [Abstract] | |||||
Real Estate Acquired Through Foreclosure, Acquired Through Acquisition | $ 0 | $ 0 | $ 0 | $ 2.4 | |
Real Estate Acquired Through Foreclosure [Roll Forward] | |||||
Beginning balance | 6.5 | 27.5 | 8.5 | 14.4 | |
Additions | 2 | 0.7 | 3.2 | 14 | |
Valuation adjustments | (0.1) | (0.2) | (0.1) | (0.7) | |
Dispositions | (2.7) | (10.2) | (5.9) | (12.3) | |
Ending balance | 5.7 | $ 17.8 | 5.7 | $ 17.8 | |
Carrying values of foreclosed residential real estate properties | 2.3 | 2.3 | $ 2.3 | ||
Consumer mortgage loans collateralized by residential real estate property in the process of foreclosure | 0.2 | 0.2 | 1.4 | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | $ 2.3 | $ 2.3 | $ 2.3 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Schedule of Notional Amounts of Outstanding Derivative Positions (Details) $ in Millions | 9 Months Ended | ||
Sep. 30, 2020USD ($) | May 01, 2020USD ($) | Dec. 31, 2019USD ($) | |
Derivative [Line Items] | |||
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net | $ 0 | ||
Loss on Fair Value Hedge Ineffectiveness | $ 0 | ||
Document Period End Date | Sep. 30, 2020 | ||
Derivative Assets (included in other assets on the consolidated balance sheets): | |||
Derivative Asset, Notional Amount | $ 941.2 | $ 571 | |
Derivative Asset, Estimated Fair Value | 68.3 | 23.2 | |
Derivative Liabilities (included in accounts payable and accrued expenses on the consolidated balance sheets): | |||
Derivative Liabilities, Notional Amount | 1,078.9 | 631.2 | |
Derivative Liabilities, Estimated Fair Value | 63.1 | 22.2 | |
Interest rate swap contracts | |||
Derivative Assets (included in other assets on the consolidated balance sheets): | |||
Derivative Asset, Notional Amount | 87.6 | 0 | |
Derivative Asset, Estimated Fair Value | 0.2 | 0 | |
Not Designated as Hedging Instrument | Interest rate swap contracts | |||
Derivative Assets (included in other assets on the consolidated balance sheets): | |||
Derivative Asset, Notional Amount | 754.3 | 503.2 | |
Derivative Asset, Estimated Fair Value | 61.3 | 21.9 | |
Derivative Liabilities (included in accounts payable and accrued expenses on the consolidated balance sheets): | |||
Derivative Liabilities, Notional Amount | 754.3 | 503.2 | |
Derivative Liabilities, Estimated Fair Value | 61.3 | 21.9 | |
Not Designated as Hedging Instrument | Interest rate lock commitments | |||
Derivative Assets (included in other assets on the consolidated balance sheets): | |||
Derivative Asset, Notional Amount | 186.9 | 67.8 | |
Derivative Asset, Estimated Fair Value | 7 | 1.3 | |
Not Designated as Hedging Instrument | Forward loan sales contracts | |||
Derivative Liabilities (included in accounts payable and accrued expenses on the consolidated balance sheets): | |||
Derivative Liabilities, Notional Amount | 237 | 128 | |
Derivative Liabilities, Estimated Fair Value | $ 1.6 | $ 0.3 | |
Interest rate swap contracts | |||
Derivative [Line Items] | |||
Derivative, Notional Amount, Contract 1 | $ 46.4 | ||
Derivative, Notional Amount, Contract 2 | 36.1 | ||
Derivative, Notional Amount | $ 5.1 | ||
Derivative, Fixed Interest Rate, Contract 1 | 0.0040 | ||
Derivatives, Fixed Interest Rate, Contract 2 | 0.0034 | ||
Derivatives, Fixed Interest Rate, Contract 3 | 0.0040 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Financial Assets | ||
Gross Amounts Recognized | $ 68.3 | $ 23.2 |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Net Amounts in the Balance Sheet | 68.3 | 23.2 |
Financial Instruments | 0 | 0.1 |
Fair Value of Financial Collateral in the Balance Sheet | 28.7 | 18 |
Net Amount | 39.6 | 5.1 |
Financial Liabilities | ||
Gross Amounts Recognized | 63.1 | 22.2 |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Net Amounts in the Balance Sheet | 63.1 | 22.2 |
Financial Instruments | 0 | 0.1 |
Fair Value of Financial Collateral in the Balance Sheet | 0 | 0 |
Net Amount | 63.1 | 22.1 |
Repurchase agreements | ||
Gross Amounts Recognized | 820.3 | 697.6 |
Gross Amounts Offset in the Balance Sheet | 0 | |
Net Amounts in the Balance Sheet | 820.3 | 697.6 |
Financial Instruments | 0 | 0 |
Fair Value of Financial Collateral in the Balance Sheet | 820.3 | 697.6 |
Net Amount | 0 | 0 |
Total assets and liabilities | ||
Gross Amounts Recognized | 883.4 | 719.8 |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Net Amounts in the Balance Sheet | 883.4 | 719.8 |
Financial Instruments | 0 | 0.1 |
Fair Value of Financial Collateral in the Balance Sheet | 820.3 | 697.6 |
Net Amount | 63.1 | 22.1 |
Interest Rate Swap [Member] | ||
Financial Assets | ||
Gross Amounts Recognized | 61.3 | 21.9 |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Net Amounts in the Balance Sheet | 61.3 | 21.9 |
Financial Instruments | 0 | 0.1 |
Fair Value of Financial Collateral in the Balance Sheet | 28.7 | 18 |
Net Amount | 32.6 | 3.8 |
Financial Liabilities | ||
Gross Amounts Recognized | 61.5 | 21.9 |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Net Amounts in the Balance Sheet | 61.5 | 21.9 |
Financial Instruments | 0 | 0.1 |
Fair Value of Financial Collateral in the Balance Sheet | 0 | 0 |
Net Amount | 61.5 | 21.8 |
Mortgage Related Derivatives | ||
Financial Assets | ||
Gross Amounts Recognized | 7 | 1.3 |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Net Amounts in the Balance Sheet | 7 | 1.3 |
Financial Instruments | 0 | 0 |
Fair Value of Financial Collateral in the Balance Sheet | 0 | 0 |
Net Amount | 7 | 1.3 |
Financial Liabilities | ||
Gross Amounts Recognized | 1.6 | 0.3 |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Net Amounts in the Balance Sheet | 1.6 | 0.3 |
Financial Instruments | 0 | 0 |
Fair Value of Financial Collateral in the Balance Sheet | 0 | 0 |
Net Amount | $ 1.6 | $ 0.3 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities - Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Derivative [Line Items] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ 0.2 | $ 0 | ||
Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ 0 | $ 0 | 0.2 | 0 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0.2 | 0 |
Not Designated as Hedging Instrument | ||||
Derivative [Line Items] | ||||
Amount of net fee income recognized in other non-interest income | 3.7 | 0.5 | 6.4 | 1.8 |
Amount of net (losses) gains recognized in mortgage banking revenues | (0.6) | $ 0.4 | $ 4.4 | $ 1.5 |
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | $ 0 |
Capital Stock (Details)
Capital Stock (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Sep. 12, 2020 | Jun. 11, 2019 | |
Class of Stock [Line Items] | |||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 5,500,000 | ||||||
Incremental Common Shares Attributable to Dilutive Effect of Accelerated Share Repurchase Agreements | 3,000,000 | ||||||
Stock repurchased and retired (in shares) | 1,445,300 | 4,200 | 2,539,041 | 43,560 | |||
Accelerated Share Repurchases, Adjustment to Recorded Amount | $ 46.3 | $ 77.5 | |||||
Shares repurchased, average cost per share (in dollars per share) | $ 32.05 | $ 31.01 | |||||
Shares repurchased during the period as percentage of shares authorized for repurchase (percent) | 26.30% | 45.50% | |||||
Class A Common Stock | |||||||
Class of Stock [Line Items] | |||||||
Shares outstanding (in shares) | 41,143,592 | 41,143,592 | 43,129,085 | ||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 2,500,000 | ||||||
Stock repurchased and retired (in shares) | 1,445,300 | 2,500,000 | 0 | ||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 3,000,000 | 3,000,000 | |||||
Class B Common Stock | |||||||
Class of Stock [Line Items] | |||||||
Shares outstanding (in shares) | 21,971,339 | 21,971,339 | 22,117,254 | ||||
Director [Member] | Class A Common Stock | |||||||
Class of Stock [Line Items] | |||||||
Common Stock, Shares, Issued | 19,491 | 19,491 | |||||
Dividend, Share-based Payment Arrangement, Paid-in-Kind | $ 0.6 |
Earnings per Common Share (Deta
Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Earnings Per Share, Basic and Diluted [Line Items] | ||||
Net income | $ 48.3 | $ 49.1 | $ 114.3 | $ 128.6 |
Weighted average common shares outstanding for basic earnings per share computation (in shares) | 63,764,474 | 64,832,324 | 64,184,832 | 63,232,575 |
Dilutive effects of stock-based compensation (in shares) | 96,983 | 211,162 | 110,693 | 238,708 |
Weighted average common shares outstanding for diluted earnings per common share computation (in shares) | 63,861,457 | 65,043,486 | 64,295,525 | 63,471,283 |
Basic earnings per common share (in dollars per share) | $ 0.76 | $ 0.76 | $ 1.78 | $ 2.03 |
Diluted earnings per common share (in dollars per share) | $ 0.76 | $ 0.76 | $ 1.78 | $ 2.03 |
Restricted Stock | ||||
Earnings Per Share, Basic and Diluted [Line Items] | ||||
Anti-dilutive unvested time restricted stock (in shares) | 68,397 | 4,808 | 73,633 | 5,569 |
Unvested restricted stock | ||||
Earnings Per Share, Basic and Diluted [Line Items] | ||||
Anti-dilutive unvested time restricted stock (in shares) | 293,236 | 143,415 |
Regulatory Capital (Details)
Regulatory Capital (Details) $ in Millions | Sep. 30, 2020USD ($) | Jan. 01, 2020USD ($) | Dec. 31, 2019USD ($) |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Retained Earnings (Accumulated Deficit) | $ 938.9 | $ 953.6 | |
Total risk-based capital: | |||
Actual, Amount | $ 1,585.8 | $ 1,495.3 | |
Actual, Ratio | 0.1445 | 0.1410 | |
Minimum Required for Capital Adequacy Purposes, Amount | $ 877.7 | $ 848.5 | |
Minimum Required for Capital Adequacy Purposes, Ratio | 0.0800 | 0.0800 | |
For Capital Adequacy Purposes Plus Capital Conservation Buffer, Amount | $ 1,152 | $ 1,113.6 | |
For Capital Adequacy Purposes Plus Capital Conservation Buffer, Ratio | 10.50% | 10.50% | |
Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements, Amount | $ 1,097.1 | $ 1,060.6 | |
Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements, Ratio | 0.1000 | 0.1000 | |
Tier 1 risk-based capital: | |||
Actual, Amount | $ 1,378.3 | $ 1,422.3 | |
Actual, Ratio | 0.1256 | 0.1341 | |
Minimum Required for Capital Adequacy Purposes, Amount | $ 658.3 | $ 636.3 | |
Minimum Required for Capital Adequacy Purposes, Ratio | 0.0600 | 0.0600 | |
For Capital Adequacy Purposes Plus Capital Conservation Buffer, Amount | $ 932.6 | $ 901.5 | |
For Capital Adequacy Purposes Plus Capital Conservation Buffer, Ratio | 8.50% | 8.50% | |
Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements, Amount | $ 877.7 | $ 848.5 | |
Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements, Ratio | 0.0800 | 0.0800 | |
Common equity tier 1 risk-based capital: | |||
Actual, Amount | $ 1,294.2 | $ 1,338.2 | |
Actual, Ratio | 11.80% | 12.62% | |
Minimum Required for Capital Adequacy Purposes, Amount | $ 493.7 | $ 477.3 | |
Minimum Required for Capital Adequacy Purposes, Ratio | 4.50% | 4.50% | |
For Capital Adequacy Purposes Plus Capital Conservation Buffer, Amount | $ 768 | $ 742.4 | |
For Capital Adequacy Purposes Plus Capital Conservation Buffer, Ratio | 7.00% | 7.00% | |
Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements, Amount | $ 713.1 | $ 689.4 | |
Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements, Ratio | 6.50% | 6.50% | |
Leverage capital ratio: | |||
Actual, Amount | $ 1,378.3 | $ 1,422.3 | |
Actual, Ratio | 0.0862 | 0.1013 | |
Banking Regulation, Tier One Leverage Capital, Capital Adequacy, Minimum | $ 639.3 | $ 561.6 | |
Capital Adequacy Purposes and Conservation Buffer, Ratio | 0.0400 | 0.0400 | |
Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements, Amount | $ 799.1 | $ 702 | |
Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements, Ratio | 0.0500 | 0.0500 | |
FIB | |||
Total risk-based capital: | |||
Actual, Amount | $ 1,412.5 | $ 1,321.4 | |
Actual, Ratio | 0.1291 | 0.1250 | |
Minimum Required for Capital Adequacy Purposes, Amount | $ 875.1 | $ 845.8 | |
Minimum Required for Capital Adequacy Purposes, Ratio | 0.0800 | 0.0800 | |
For Capital Adequacy Purposes Plus Capital Conservation Buffer, Amount | $ 1,148.6 | $ 1,110.1 | |
For Capital Adequacy Purposes Plus Capital Conservation Buffer, Ratio | 10.50% | 10.50% | |
Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements, Amount | $ 1,093.9 | $ 1,057.2 | |
Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements, Ratio | 0.1000 | 0.1000 | |
Tier 1 risk-based capital: | |||
Actual, Amount | $ 1,305.1 | $ 1,248.4 | |
Actual, Ratio | 0.1193 | 0.1181 | |
Minimum Required for Capital Adequacy Purposes, Amount | $ 656.3 | $ 634.3 | |
Minimum Required for Capital Adequacy Purposes, Ratio | 0.0600 | 0.0600 | |
For Capital Adequacy Purposes Plus Capital Conservation Buffer, Amount | $ 929.8 | $ 898.6 | |
For Capital Adequacy Purposes Plus Capital Conservation Buffer, Ratio | 8.50% | 8.50% | |
Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements, Amount | $ 875.1 | $ 845.8 | |
Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements, Ratio | 0.0800 | 0.0800 | |
Common equity tier 1 risk-based capital: | |||
Actual, Amount | $ 1,305.1 | $ 1,248.4 | |
Actual, Ratio | 11.93% | 11.81% | |
Minimum Required for Capital Adequacy Purposes, Amount | $ 492.3 | $ 475.7 | |
Minimum Required for Capital Adequacy Purposes, Ratio | 4.50% | 4.50% | |
For Capital Adequacy Purposes Plus Capital Conservation Buffer, Amount | $ 765.7 | $ 740 | |
For Capital Adequacy Purposes Plus Capital Conservation Buffer, Ratio | 7.00% | 7.00% | |
Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements, Amount | $ 711 | $ 687.2 | |
Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements, Ratio | 6.50% | 6.50% | |
Leverage capital ratio: | |||
Actual, Amount | $ 1,305.1 | $ 1,248.4 | |
Actual, Ratio | 0.0818 | 0.0891 | |
Banking Regulation, Tier One Leverage Capital, Capital Adequacy, Minimum | $ 638.2 | $ 560.4 | |
Capital Adequacy Purposes and Conservation Buffer, Ratio | 0.0400 | 0.0400 | |
Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements, Amount | $ 797.8 | $ 700.4 | |
Minimum to Be Well Capitalized Under Prompt Corrective Action Requirements, Ratio | 0.0500 | 0.0500 | |
Cumulative Effect, Period of Adoption, Adjustment | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Retained Earnings (Accumulated Deficit) | $ (24.1) |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Sep. 30, 2020USD ($) |
Mortgage Loans Held For Sale [Member] | |
Loss Contingencies [Line Items] | |
Mortgage loans with recourse provision in effect | $ 1.1 |
Construction Contracts | |
Loss Contingencies [Line Items] | |
Commitments under construction contracts | $ 10.6 |
Financial Instruments with Of_2
Financial Instruments with Off-Balance Sheet Risk (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Mar. 01, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Entity Information [Line Items] | ||||||||||
Accounts Receivable, Allowance for Credit Loss | $ 145.5 | $ 146.1 | $ 73 | $ 75 | $ 74.2 | $ 73 | ||||
Off-Balance Sheet, Credit Loss, Liability | 0 | |||||||||
Credit Extension Commitments | 2,173.2 | 2,067 | ||||||||
Unused Credit Card Lines | ||||||||||
Entity Information [Line Items] | ||||||||||
Credit Extension Commitments | 691.9 | 671.8 | ||||||||
Standby Letter of Credit | ||||||||||
Entity Information [Line Items] | ||||||||||
Credit Extension Commitments | 58.8 | 42.7 | ||||||||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||||||||
Entity Information [Line Items] | ||||||||||
Accounts Receivable, Allowance for Credit Loss | $ 2.3 | $ 103 | 0 | $ 0 | 0 | |||||
Off-Balance Sheet, Credit Loss, Liability | 1.2 | 3.5 | $ 0 | 2.3 | 1.2 | $ 0 | $ 0 | $ 0 | $ 0 | |
Cumulative Effect, Period of Adoption, Adjustment | ||||||||||
Entity Information [Line Items] | ||||||||||
Accounts Receivable, Allowance for Credit Loss | 30 | 30 | ||||||||
Off-Balance Sheet, Credit Loss, Liability | $ 2.3 | |||||||||
Agricultural | ||||||||||
Entity Information [Line Items] | ||||||||||
Accounts Receivable, Allowance for Credit Loss | 0.9 | $ 0.9 | $ 1.6 | |||||||
Agricultural | Cumulative Effect, Period of Adoption, Adjustment | ||||||||||
Entity Information [Line Items] | ||||||||||
Accounts Receivable, Allowance for Credit Loss | $ (0.6) |
Other Comprehensive Income_Lo_4
Other Comprehensive Income/Loss - Schedule of Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Equity [Abstract] | ||||
Other Comprehensive Income (Loss), Net of Tax | $ (3.3) | $ 2.9 | $ 50.9 | $ 38 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 0.2 | 0 | ||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 0 | 0 | ||
Investment securities available-for sale: | ||||
Change in net unrealized gain during period, pre-tax | (4.2) | 4.2 | 69.9 | 58 |
Change in net unrealized gain during period, tax expense (benefit) | (1.1) | 1 | 18.7 | 15 |
Change in net unrealized gain during period, net of tax | (3.1) | 3.2 | 51.2 | 43 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (0.1) | (0.1) | (0.1) | (0.1) |
Defined benefits post-retirement benefit plan: | ||||
Change in net actuarial (gain) loss, pre-tax | (0.1) | (0.2) | (0.5) | (0.5) |
Change in net actuarial (gain) loss, tax expense (benefit) | 0 | (0.1) | ||
Change in net actuarial (gain) loss, net of tax | (0.1) | (0.2) | (0.4) | (0.5) |
Other comprehensive (loss) income, before tax | (4.4) | 3.9 | 69.5 | 51.4 |
Reclassification adjustment for net gains included in income | (0.1) | (0.1) | (0.1) | (0.1) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | $ 0 | $ 0 | 0 | 0 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | $ 0.2 | $ 0 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring and Non-Recurring Basis (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | $ 0 | ||||
Investment debt securities available-for-sale | $ 3,453.5 | 3,453.5 | $ 2,960 | ||
Derivative assets | 68.3 | 68.3 | 23.2 | ||
Derivative liabilities | 63.1 | 63.1 | 22.2 | ||
Related Allowance | 3.6 | ||||
Write downs | (0.1) | $ (0.2) | (0.1) | $ (0.7) | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value Measured on a Recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Loans held for sale | 0 | 0 | 0 | ||
Deferred compensation plan assets | 0 | 0 | 0 | ||
Deferred compensation plan liabilities | 0 | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) | Fair Value Measured on a Recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Loans held for sale | 102 | 102 | 100.9 | ||
Deferred compensation plan assets | 18.9 | 18.9 | 18.2 | ||
Deferred compensation plan liabilities | 18.9 | 18.9 | 18.2 | ||
Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Loans held for sale | 0 | 0 | 0 | ||
Deferred compensation plan assets | 0 | 0 | 0 | ||
Deferred compensation plan liabilities | 0 | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Non-recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Related Allowance | 4.6 | 4.6 | 3.6 | ||
Partial loan charge-offs | 0 | 0 | 10.1 | ||
U.S. Treasury Notes | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment debt securities available-for-sale | 8 | 8 | 9 | ||
U.S. Treasury Notes | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value Measured on a Recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment debt securities available-for-sale | 0 | 0 | 0 | ||
U.S. Treasury Notes | Significant Other Observable Inputs (Level 2) | Fair Value Measured on a Recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment debt securities available-for-sale | 8 | 8 | 9 | ||
U.S. Treasury Notes | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment debt securities available-for-sale | 0 | 0 | 0 | ||
State, county and municipal securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment debt securities available-for-sale | 236.1 | 236.1 | 80.9 | ||
State, county and municipal securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value Measured on a Recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment debt securities available-for-sale | 0 | 0 | 0 | ||
State, county and municipal securities | Significant Other Observable Inputs (Level 2) | Fair Value Measured on a Recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment debt securities available-for-sale | 236.1 | 236.1 | 80.9 | ||
State, county and municipal securities | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment debt securities available-for-sale | 0 | 0 | 0 | ||
Obligations of U.S. government agencies | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment debt securities available-for-sale | 278.8 | 278.8 | 366.8 | ||
Obligations of U.S. government agencies | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value Measured on a Recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment debt securities available-for-sale | 0 | 0 | 0 | ||
Obligations of U.S. government agencies | Significant Other Observable Inputs (Level 2) | Fair Value Measured on a Recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment debt securities available-for-sale | 278.8 | 278.8 | 366.8 | ||
Obligations of U.S. government agencies | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment debt securities available-for-sale | 0 | 0 | 0 | ||
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment debt securities available-for-sale | 2,611.7 | 2,611.7 | 2,317.2 | ||
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value Measured on a Recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment debt securities available-for-sale | 0 | 0 | 0 | ||
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations | Significant Other Observable Inputs (Level 2) | Fair Value Measured on a Recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment debt securities available-for-sale | 2,611.7 | 2,611.7 | 2,317.2 | ||
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment debt securities available-for-sale | 0 | 0 | 0 | ||
Private mortgage-backed securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment debt securities available-for-sale | 20.1 | 20.1 | 47.2 | ||
Private mortgage-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value Measured on a Recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment debt securities available-for-sale | 0 | 0 | 0 | ||
Private mortgage-backed securities | Significant Other Observable Inputs (Level 2) | Fair Value Measured on a Recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment debt securities available-for-sale | 20.1 | 20.1 | 47.2 | ||
Private mortgage-backed securities | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment debt securities available-for-sale | 0 | 0 | 0 | ||
Corporate securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment debt securities available-for-sale | 297.8 | 297.8 | 135.7 | ||
Corporate securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value Measured on a Recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment debt securities available-for-sale | 0 | 0 | 0 | ||
Corporate securities | Significant Other Observable Inputs (Level 2) | Fair Value Measured on a Recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment debt securities available-for-sale | 297.8 | 297.8 | 135.7 | ||
Corporate securities | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment debt securities available-for-sale | 0 | 0 | 0 | ||
Other investments | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment debt securities available-for-sale | 1 | 1 | 3.2 | ||
Other investments | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value Measured on a Recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment debt securities available-for-sale | 0 | 0 | 0 | ||
Other investments | Significant Other Observable Inputs (Level 2) | Fair Value Measured on a Recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment debt securities available-for-sale | 1 | 1 | 3.2 | ||
Other investments | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment debt securities available-for-sale | 0 | 0 | 0 | ||
Collateral dependent loans | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value Measured on a Non-recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Collateral dependent loans* | 0 | 0 | 0 | ||
Collateral dependent loans | Significant Other Observable Inputs (Level 2) | Fair Value Measured on a Non-recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Collateral dependent loans* | 0 | 0 | 0 | ||
Collateral dependent loans | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Non-recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Collateral dependent loans* | 27.6 | ||||
Other real estate owned | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value Measured on a Non-recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Other real estate owned | 0 | 0 | 0 | ||
Other real estate owned | Significant Other Observable Inputs (Level 2) | Fair Value Measured on a Non-recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Other real estate owned | 0 | 0 | 0 | ||
Other real estate owned | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Non-recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Other real estate owned | 1.1 | 1.1 | 2.2 | ||
Estimated Fair Value | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment debt securities available-for-sale | 3,453.5 | 3,453.5 | 2,960 | ||
Derivative assets | 68.3 | 68.3 | 23.2 | ||
Derivative liabilities | 63.1 | 63.1 | 22.2 | ||
Deferred compensation plan assets | 18.9 | 18.9 | 18.2 | ||
Deferred compensation plan liabilities | 18.9 | 18.9 | 18.2 | ||
Estimated Fair Value | Fair Value Measured on a Recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Loans held for sale | 102 | 102 | 100.9 | ||
Deferred compensation plan assets | 18.9 | 18.9 | 18.2 | ||
Deferred compensation plan liabilities | 18.9 | 18.9 | 18.2 | ||
Estimated Fair Value | Fair Value Measured on a Non-recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Long-lived assets to be disposed of by sale | 5 | 5 | 6.2 | ||
Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment debt securities available-for-sale | 0 | 0 | 0 | ||
Derivative assets | 0 | 0 | 0 | ||
Derivative liabilities | 0 | 0 | 0 | ||
Deferred compensation plan assets | 0 | 0 | 0 | ||
Deferred compensation plan liabilities | 0 | 0 | 0 | ||
Estimated Fair Value | Significant Other Observable Inputs (Level 2) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment debt securities available-for-sale | 3,453.5 | 3,453.5 | 2,960 | ||
Derivative assets | 68.3 | 68.3 | 23.2 | ||
Derivative liabilities | 63.1 | 63.1 | 22.2 | ||
Deferred compensation plan assets | 18.9 | 18.9 | 18.2 | ||
Deferred compensation plan liabilities | 18.9 | 18.9 | 18.2 | ||
Estimated Fair Value | Significant Unobservable Inputs (Level 3) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment debt securities available-for-sale | 0 | 0 | 0 | ||
Derivative assets | 0 | 0 | 0 | ||
Derivative liabilities | 0 | 0 | 0 | ||
Deferred compensation plan assets | 0 | 0 | 0 | ||
Deferred compensation plan liabilities | 0 | 0 | 0 | ||
Estimated Fair Value | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Non-recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Collateral dependent loans* | 11.4 | 11.4 | 27.6 | ||
Estimated Fair Value | U.S. Treasury Notes | Fair Value Measured on a Recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment debt securities available-for-sale | 8 | 8 | 9 | ||
Estimated Fair Value | State, county and municipal securities | Fair Value Measured on a Recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment debt securities available-for-sale | 236.1 | 236.1 | 80.9 | ||
Estimated Fair Value | Obligations of U.S. government agencies | Fair Value Measured on a Recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment debt securities available-for-sale | 278.8 | 278.8 | 366.8 | ||
Estimated Fair Value | U.S. agency residential mortgage-backed securities & collateralized mortgage obligations | Fair Value Measured on a Recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment debt securities available-for-sale | 2,611.7 | 2,611.7 | 2,317.2 | ||
Estimated Fair Value | Private mortgage-backed securities | Fair Value Measured on a Recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment debt securities available-for-sale | 20.1 | 20.1 | 47.2 | ||
Estimated Fair Value | Corporate securities | Fair Value Measured on a Recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment debt securities available-for-sale | 297.8 | 297.8 | 135.7 | ||
Estimated Fair Value | Other investments | Fair Value Measured on a Recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment debt securities available-for-sale | 1 | 1 | 3.2 | ||
Estimated Fair Value | Collateral dependent loans | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Non-recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Collateral dependent loans* | 11.4 | 11.4 | 27.6 | ||
Estimated Fair Value | Other real estate owned | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Non-recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Other real estate owned | 1.1 | 1.1 | 2.2 | ||
Carrying Amount | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment debt securities available-for-sale | 3,453.5 | 3,453.5 | 2,960 | ||
Derivative assets | 68.3 | 68.3 | 23.2 | ||
Derivative liabilities | 63.1 | 63.1 | 22.2 | ||
Deferred compensation plan assets | 18.9 | 18.9 | 18.2 | ||
Deferred compensation plan liabilities | 18.9 | 18.9 | 18.2 | ||
Carrying Amount | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Non-recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Collateral dependent loans* | 16 | 16 | 41.3 | ||
Long-lived assets to be disposed of by sale | 5.2 | 5.2 | 6.4 | ||
Change During Period | Fair Value Measured on a Non-recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Long-lived assets to be disposed of by sale | 0.2 | 0.2 | 0.2 | ||
Interest Rate Swap [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 61.3 | 61.3 | 21.9 | ||
Derivative liabilities | 61.5 | 61.5 | 21.9 | ||
Interest Rate Swap [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value Measured on a Recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 0 | 0 | 0 | ||
Derivative liabilities | 0 | 0 | 0 | ||
Interest Rate Swap [Member] | Significant Other Observable Inputs (Level 2) | Fair Value Measured on a Recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 61.3 | 61.3 | 21.9 | ||
Derivative liabilities | 61.5 | 61.5 | 21.9 | ||
Interest Rate Swap [Member] | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 0 | 0 | 0 | ||
Derivative liabilities | 0 | 0 | 0 | ||
Interest Rate Swap [Member] | Estimated Fair Value | Fair Value Measured on a Recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 61.3 | 61.3 | 21.9 | ||
Derivative liabilities | 61.5 | 61.5 | 21.9 | ||
Interest Rate Lock Commitments | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value Measured on a Recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 0 | 0 | 0 | ||
Interest Rate Lock Commitments | Significant Other Observable Inputs (Level 2) | Fair Value Measured on a Recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 7 | 7 | 1.3 | ||
Interest Rate Lock Commitments | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 0 | 0 | 0 | ||
Interest Rate Lock Commitments | Estimated Fair Value | Fair Value Measured on a Recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 7 | 7 | 1.3 | ||
Forward Contracts | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value Measured on a Recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities | 0 | 0 | 0 | ||
Forward Contracts | Significant Other Observable Inputs (Level 2) | Fair Value Measured on a Recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities | 1.6 | 1.6 | 0.3 | ||
Forward Contracts | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities | 0 | 0 | 0 | ||
Forward Contracts | Estimated Fair Value | Fair Value Measured on a Recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities | 1.6 | 1.6 | 0.3 | ||
Long-lived assets to be disposed of by sale | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value Measured on a Non-recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Long-lived assets to be disposed of by sale | 0 | 0 | 0 | ||
Long-lived assets to be disposed of by sale | Significant Other Observable Inputs (Level 2) | Fair Value Measured on a Non-recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Long-lived assets to be disposed of by sale | 0 | 0 | 0 | ||
Long-lived assets to be disposed of by sale | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Non-recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Long-lived assets to be disposed of by sale | 5 | 5 | 6.2 | ||
Long-lived assets to be disposed of by sale | Estimated Fair Value | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Non-recurring Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Long-lived assets to be disposed of by sale | $ 5 | $ 5 | $ 6.2 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Inputs, Quantitative Information (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |||||
Material write downs | $ 0.1 | $ 0.2 | $ 0.1 | $ 0.7 | |
Significant Unobservable Inputs (Level 3) | Carrying Amount | Fair Value Measured on a Non-recurring Basis | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |||||
Collateral dependent loans* | 16 | 16 | $ 41.3 | ||
Significant Unobservable Inputs (Level 3) | Estimated Fair Value | Fair Value Measured on a Non-recurring Basis | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |||||
Collateral dependent loans* | 11.4 | 11.4 | 27.6 | ||
Collateral dependent loans | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Non-recurring Basis | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |||||
Collateral dependent loans* | 27.6 | ||||
Collateral dependent loans | Significant Unobservable Inputs (Level 3) | Estimated Fair Value | Fair Value Measured on a Non-recurring Basis | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |||||
Collateral dependent loans* | $ 11.4 | $ 11.4 | 27.6 | ||
Collateral dependent loans | Discount Rate | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Non-recurring Basis | Minimum | Market Approach Valuation Technique | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |||||
Discount rate | 0 | 0 | |||
Collateral dependent loans | Discount Rate | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Non-recurring Basis | Maximum | Market Approach Valuation Technique | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |||||
Discount rate | 0.56 | 0.56 | |||
Collateral dependent loans | Discount Rate | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Non-recurring Basis | Weighted Average | Market Approach Valuation Technique | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |||||
Discount rate | 0.22 | 0.22 | |||
Other real estate owned | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Non-recurring Basis | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |||||
Other real estate owned | $ 1.1 | $ 1.1 | 2.2 | ||
Other real estate owned | Significant Unobservable Inputs (Level 3) | Estimated Fair Value | Fair Value Measured on a Non-recurring Basis | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |||||
Other real estate owned | $ 1.1 | $ 1.1 | 2.2 | ||
Other real estate owned | Discount Rate | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Non-recurring Basis | Minimum | Market Approach Valuation Technique | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |||||
Discount rate | 0.08 | 0.08 | |||
Other real estate owned | Discount Rate | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Non-recurring Basis | Maximum | Market Approach Valuation Technique | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |||||
Discount rate | 0.65 | 0.65 | |||
Other real estate owned | Discount Rate | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Non-recurring Basis | Weighted Average | Market Approach Valuation Technique | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |||||
Discount rate | 0.27 | 0.27 | |||
Long-lived assets to be disposed of by sale | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Non-recurring Basis | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |||||
Long-lived assets to be disposed of by sale | $ 5 | $ 5 | 6.2 | ||
Long-lived assets to be disposed of by sale | Significant Unobservable Inputs (Level 3) | Estimated Fair Value | Fair Value Measured on a Non-recurring Basis | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |||||
Long-lived assets to be disposed of by sale | $ 5 | $ 5 | $ 6.2 | ||
Long-lived assets to be disposed of by sale | Discount Rate | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Non-recurring Basis | Minimum | Market Approach Valuation Technique | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |||||
Discount rate | 0 | 0 | |||
Long-lived assets to be disposed of by sale | Discount Rate | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Non-recurring Basis | Maximum | Market Approach Valuation Technique | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |||||
Discount rate | 0.37 | 0.37 | |||
Long-lived assets to be disposed of by sale | Discount Rate | Significant Unobservable Inputs (Level 3) | Fair Value Measured on a Non-recurring Basis | Weighted Average | Market Approach Valuation Technique | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |||||
Discount rate | 0.03 | 0.03 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Estimated Fair Values of Financial Instruments by Level of Valuation Inputs (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Financial assets: | ||
Investment debt securities available-for-sale | $ 3,453.5 | $ 2,960 |
Investment debt securities held-to-maturity | 58.4 | 94.5 |
Derivative assets | 68.3 | 23.2 |
Financial liabilities: | ||
Derivative liabilities | 63.1 | 22.2 |
Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | 1,860.6 | 1,076.8 |
Investment debt securities available-for-sale | 3,453.5 | 2,960 |
Investment debt securities held-to-maturity | 55 | 92.3 |
Accrued interest receivable | 56.7 | 46.7 |
Mortgage servicing rights, net | 24.1 | 30.2 |
Loans held for sale | 102 | 100.9 |
Net loans held for investment | 10,006.7 | 8,857.7 |
Derivative assets | 68.3 | 23.2 |
Deferred compensation plan assets | 18.9 | 18.2 |
Total financial assets | 15,645.8 | 13,206 |
Financial liabilities: | ||
Total deposits, excluding time deposits | 12,770.3 | 10,213.5 |
Time deposits | 1,112.1 | 1,450 |
Securities sold under repurchase agreements | 820.3 | 697.6 |
Accrued interest payable | 8.1 | 12.1 |
Long-term debt | 112.4 | 13.9 |
Subordinated debentures held by subsidiary trusts | 87 | 86.9 |
Derivative liabilities | 63.1 | 22.2 |
Deferred compensation plan liabilities | 18.9 | 18.2 |
Total financial liabilities | 14,992.2 | 12,514.4 |
Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 1,860.6 | 1,076.8 |
Investment debt securities available-for-sale | 3,453.5 | 2,960 |
Investment debt securities held-to-maturity | 58.4 | 94.5 |
Accrued interest receivable | 56.7 | 46.7 |
Mortgage servicing rights, net | 24.1 | 34.8 |
Loans held for sale | 102 | 100.9 |
Net loans held for investment | 9,927.4 | 8,930.7 |
Derivative assets | 68.3 | 23.2 |
Deferred compensation plan assets | 18.9 | 18.2 |
Total financial assets | 15,569.9 | 13,285.8 |
Financial liabilities: | ||
Total deposits, excluding time deposits | 12,770.3 | 10,213.5 |
Time deposits | 1,115.4 | 1,446.6 |
Securities sold under repurchase agreements | 820.3 | 697.6 |
Accrued interest payable | 8.1 | 12.1 |
Long-term debt | 111.6 | 10.4 |
Subordinated debentures held by subsidiary trusts | 82 | 81.3 |
Derivative liabilities | 63.1 | 22.2 |
Deferred compensation plan liabilities | 18.9 | 18.2 |
Total financial liabilities | 14,989.7 | 12,501.9 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 1,860.6 | 1,076.8 |
Investment debt securities available-for-sale | 0 | 0 |
Investment debt securities held-to-maturity | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Mortgage servicing rights, net | 0 | 0 |
Loans held for sale | 0 | 0 |
Net loans held for investment | 0 | 0 |
Derivative assets | 0 | 0 |
Deferred compensation plan assets | 0 | 0 |
Total financial assets | 1,860.6 | 1,076.8 |
Financial liabilities: | ||
Total deposits, excluding time deposits | 12,770.3 | 10,213.5 |
Time deposits | 0 | 0 |
Securities sold under repurchase agreements | 0 | 0 |
Accrued interest payable | 0 | 0 |
Long-term debt | 0 | 0 |
Subordinated debentures held by subsidiary trusts | 0 | 0 |
Derivative liabilities | 0 | 0 |
Deferred compensation plan liabilities | 0 | 0 |
Total financial liabilities | 12,770.3 | 10,213.5 |
Significant Other Observable Inputs (Level 2) | Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Investment debt securities available-for-sale | 3,453.5 | 2,960 |
Investment debt securities held-to-maturity | 58.4 | 94.5 |
Accrued interest receivable | 56.7 | 46.7 |
Mortgage servicing rights, net | 24.1 | 34.8 |
Loans held for sale | 102 | 100.9 |
Net loans held for investment | 9,916 | 8,906.7 |
Derivative assets | 68.3 | 23.2 |
Deferred compensation plan assets | 18.9 | 18.2 |
Total financial assets | 13,697.9 | 12,185 |
Financial liabilities: | ||
Total deposits, excluding time deposits | 0 | 0 |
Time deposits | 1,115.4 | 1,446.6 |
Securities sold under repurchase agreements | 820.3 | 697.6 |
Accrued interest payable | 8.1 | 12.1 |
Long-term debt | 111.6 | 10.4 |
Subordinated debentures held by subsidiary trusts | 82 | 81.3 |
Derivative liabilities | 63.1 | 22.2 |
Deferred compensation plan liabilities | 18.9 | 18.2 |
Total financial liabilities | 2,219.4 | 2,288.4 |
Significant Unobservable Inputs (Level 3) | Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Investment debt securities available-for-sale | 0 | 0 |
Investment debt securities held-to-maturity | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Mortgage servicing rights, net | 0 | 0 |
Loans held for sale | 0 | 0 |
Net loans held for investment | 11.4 | 24 |
Derivative assets | 0 | 0 |
Deferred compensation plan assets | 0 | 0 |
Total financial assets | 11.4 | 24 |
Financial liabilities: | ||
Total deposits, excluding time deposits | 0 | 0 |
Time deposits | 0 | 0 |
Securities sold under repurchase agreements | 0 | 0 |
Accrued interest payable | 0 | 0 |
Long-term debt | 0 | 0 |
Subordinated debentures held by subsidiary trusts | 0 | 0 |
Derivative liabilities | 0 | 0 |
Deferred compensation plan liabilities | 0 | 0 |
Total financial liabilities | $ 0 | $ 0 |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) - Subordinated Debt - Subordinated notes due May 2030 | May 31, 2020USD ($) |
Debt Instrument [Line Items] | |
Aggregate principal | $ 100,000,000 |
Fixed-to-floating rate (percent) | 5.25% |
Effective rate (percent) | 5.33% |
Recent Authoritative Accounti_2
Recent Authoritative Accounting Guidance (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Jun. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Total stockholders’ equity | $ 1,977.6 | $ 1,998.9 | $ 2,013.9 | $ 1,982.6 | $ 1,948.6 | $ 1,693.9 | |
Off-Balance Sheet, Credit Loss, Liability | 0 | ||||||
Cumulative Effect, Period of Adoption, Adjustment | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Off-Balance Sheet, Credit Loss, Liability | $ 2.3 | ||||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses | 30 | ||||||
Deferred tax assets | 8.2 | ||||||
Retained earnings | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Total stockholders’ equity | $ 938.9 | $ 912.5 | $ 953.6 | $ 921.4 | $ 892.5 | $ 851.8 | |
Retained earnings | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Total stockholders’ equity | 24.1 | ||||||
Off-Balance Sheet, Credit Loss, Liability | $ 2.3 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions | Oct. 26, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Subsequent Event [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment, Non Accrual | $ 16.8 | $ 19.4 | |
Class A Common Stock | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Dividend amount per share (in dollars) | $ 0.38 |