Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 31, 2023 | Jun. 30, 2022 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Current Fiscal Year End Date | --12-31 | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 000-20288 | ||
Entity Registrant Name | COLUMBIA BANKING SYSTEM, INC. | ||
Entity Incorporation, State or Country Code | WA | ||
Entity Tax Identification Number | 91-1422237 | ||
Entity Address, Address Line One | 1301 A Street | ||
Entity Address, City or Town | Tacoma | ||
Entity Address, State or Province | WA | ||
Entity Address, Postal Zip Code | 98402-2156 | ||
City Area Code | 253 | ||
Local Phone Number | 305-1900 | ||
Title of 12(b) Security | Common Stock, No Par Value | ||
Trading Symbol | COLB | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,239,965,870 | ||
Entity Common Stock, Shares Outstanding | 78,677,504 | ||
Entity Central Index Key | 0000887343 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Location | Seattle, Washington |
Auditor Firm ID | 34 |
Auditor Name | Deloitte & Touche LLP |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and Due from Banks | $ 262,458 | $ 153,414 |
Interest-earning deposits with banks | 29,283 | 671,300 |
Total cash and cash equivalents | 291,741 | 824,714 |
Debt Securities, Available-for-sale | 4,589,099 | 5,910,999 |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss | 2,034,792 | 2,148,327 |
Equity Securities | 13,425 | 13,425 |
Federal Home Loan Bank stock at cost | 48,160 | 10,280 |
Loans held for sale | 76,843 | 9,774 |
Loans, net of unearned income | 11,610,973 | 10,641,937 |
Allowance for Credit Loss | 158,438 | 155,578 |
Loans, net | 11,452,535 | 10,486,359 |
Interest receivable | 64,908 | 56,019 |
Premises and equipment, net | 160,578 | 172,144 |
Other real estate owned | 0 | 381 |
Goodwill | 823,172 | 823,172 |
Other intangible assets, net | 25,949 | 34,647 |
Other assets | 684,641 | 455,092 |
Total Assets | 20,265,843 | 20,945,333 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Noninterest-bearing deposits | 8,373,350 | 8,856,714 |
Interest-bearing deposits | 8,338,100 | 9,153,401 |
Total deposits | 16,711,450 | 18,010,115 |
Federal Home Loan Bank advances | 954,315 | 7,359 |
Securities sold under agreements to repurchase | 95,168 | 86,013 |
Subordinated Debentures | 10,000 | 10,000 |
Junior Subordinated Notes | 10,310 | 10,310 |
Other liabilities | 271,447 | 232,794 |
Total liabilities | $ 18,052,690 | $ 18,356,591 |
Preferred Stock, Authorized shares | 2,000 | 2,000 |
Common stock, Authorized shares | 115,000 | 115,000 |
Common Stock Shares Issued | 80,830 | 80,695 |
Common Stock (no par value) | $ 1,944,471 | $ 1,930,187 |
Common Stock Shares Outstanding | 78,646 | 78,511 |
Retained earnings | $ 850,011 | $ 694,227 |
Accumulated Other Comprehensive Income, Net of Tax | $ (510,495) | $ 35,162 |
Treasury Stock, Shares | 2,184 | 2,184 |
Treasury Stock, Value | $ (70,834) | $ (70,834) |
Total shareholders' equity | 2,213,153 | 2,588,742 |
Total Liabilities and Shareholders' Equity | $ 20,265,843 | $ 20,945,333 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ / shares in Thousands, $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Securities, Available-for-sale, Amortized Cost | $ 5,282,846 | $ 5,898,041 | |
Debt Securities, Held-to-maturity, Fair Value | 1,722,778 | 2,122,606 | |
Loans Held-for-sale, Fair Value Disclosure | [1] | 907 | $ 9,570 |
Noninterest-bearing deposits held for sale | 259,360 | ||
Interest-bearing deposits held for sale | $ 325,696 | ||
Preferred Stock, No Par Value | $ 0 | $ 0 | |
Common stock, par value | $ 0 | $ 0 | |
[1]Amounts represent loans for which the Company has elected the fair value option. The remaining loans held for sale at December 31, 2022 relate to our pending divestitures and are held at the lower of cost or market value. |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest Income | |||
Loans | $ 495,829 | $ 415,770 | $ 426,003 |
Taxable securities | 133,084 | 107,594 | 81,578 |
Tax-exempt securities | 14,820 | 11,746 | 9,567 |
Deposits in banks | 2,748 | 955 | 661 |
Total interest income | 646,481 | 536,065 | 517,809 |
Interest Expense | |||
Deposits | 16,533 | 6,186 | 9,367 |
FHLB advances and FRB borrowings | 4,659 | 291 | 6,264 |
Subordinated debentures | 807 | 1,932 | 1,871 |
Other borrowings | 1,646 | 137 | 196 |
Total interest expense | 23,645 | 8,546 | 17,698 |
Net Interest Income | 622,836 | 527,519 | 500,111 |
Provision for credit losses | 1,950 | 4,800 | 77,700 |
Net interest income after provision for credit losses | 620,886 | 522,719 | 422,411 |
Noninterest Income | |||
Deposit account and treasury management fees | 31,498 | 27,107 | 27,019 |
Card revenue | 20,186 | 18,503 | 13,928 |
Financial services and trust revenue | 17,659 | 15,753 | 12,830 |
Loan revenue | 12,582 | 22,044 | 24,802 |
Bank owned life insurance | 7,636 | 6,533 | 6,418 |
Investment securities gains (losses), net | (9) | 314 | 16,710 |
Other | 9,592 | 3,840 | 2,793 |
Total noninterest income | 99,144 | 94,094 | 104,500 |
Noninterest Expense | |||
Compensation and employee benefits | 241,139 | 224,034 | 209,722 |
Occupancy | 41,150 | 37,815 | 36,013 |
Data processing and software | 41,117 | 33,498 | 29,449 |
Legal and professional fees | 20,578 | 18,910 | 12,158 |
Amortization of intangibles | 8,698 | 7,987 | 8,724 |
Business and Occupation taxes | 6,797 | 5,903 | 4,970 |
Advertising and promotion | 3,962 | 3,383 | 4,466 |
Regulatory premiums | 6,619 | 4,912 | 2,956 |
Net cost (benefit) of operation of OREO | 114 | 66 | (315) |
Other | 32,209 | 23,796 | 26,376 |
Total noninterest expense | 402,383 | 360,304 | 334,519 |
Income before income taxes | 317,647 | 256,509 | 192,392 |
Income tax provision | 67,469 | 53,689 | 38,148 |
Net Income | $ 250,178 | $ 202,820 | $ 154,244 |
Per Common Share | |||
Basic earnings per common share | $ 3.20 | $ 2.79 | $ 2.17 |
Diluted earnings per common share | $ 3.20 | $ 2.78 | $ 2.17 |
Weighted average number of common shares outstanding | 78,047 | 72,683 | 70,835 |
Weighted average number of diluted common shares outstanding | 78,193 | 72,873 | 70,880 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income | $ 250,178 | $ 202,820 | $ 154,244 |
Unrealized gain (loss) from securities: | |||
Net unrealized holding gain (loss) from available for sale debt securities arising during the period, net of tax | (536,262) | (137,482) | 130,355 |
Reclassification adjustment of net gain from available for sale debt securities arising during the period, net of tax | 7 | (242) | (219) |
OCI, Debt Securities, Available-for-Sale, Transfer to Held-to-Maturity, Adjustment from AOCI for Amortization of Gain (Loss), after Tax | (6,074) | (2,316) | 0 |
Net unrealized gain (loss) from available for sale debt securities, net of reclassification adjustment | (542,329) | (140,040) | 130,136 |
Pension plan liability adjustment: | |||
Unrecognized net actuarial gain (loss) and plan amendments during the period, net of tax | 4,533 | 562 | (2,177) |
Amortization of unrecognized net actuarial losses included in net periodic pension cost, net of tax | (402) | (459) | (318) |
Pension plan liability adjustment, net | (4,935) | (1,021) | 1,859 |
Unrealized gain from cash flow hedging instruments: | |||
Net unrealized gain in cash flow hedging instruments arising during the period, net of tax | 0 | 0 | 20,012 |
Reclassification adjustment for net gain in cash flow hedging instruments included in income, net of tax | (8,263) | (8,014) | (6,461) |
Net unrealized gain form cash flow hedging instruments, net of reclassification adjustment | (8,263) | (8,014) | 13,551 |
Other comprehensive income (loss) | (545,657) | (147,033) | 141,828 |
Total comprehensive income (loss) | $ (295,479) | $ 55,787 | $ 296,072 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net unrealized holding gain (loss) from available for sale securities arising during the period, tax | $ 170,452 | $ 41,647 | $ (39,489) |
Reclassification adjustment of net gain (loss) from sale of available for sale securities included in income, tax | (2) | 73 | 66 |
OCI, Debt Securities, Available-for-Sale, Transfer to Held-to-Maturity, Adjustment from AOCI for Amortization of Gain (Loss), Tax | 1,740 | 702 | 0 |
Unrecognized net actuuarial gain (loss) and plan amendments during the period, Tax | (1,317) | (170) | 659 |
Less: amortization of unrecognized net actuarial loss included in net periodic pension cost, tax | (122) | (139) | (96) |
Net unrealized gain in cash flow hedging instruments arising during the period, Tax | 0 | 0 | (6,062) |
Reclassification adjustment for net gain in cash flow hedging instruments included in income, Tax | $ 2,178 | $ 2,427 | $ 1,957 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income |
Adjustment to opening retained earnings, net of tax, pursuant to adoption of ASU | Accounting Standards Update 2016-01 | $ (2,457) | $ (2,457) | $ 0 | ||
Balance, value at Dec. 31, 2019 | 2,159,962 | $ 1,650,753 | $ (50,834) | 519,676 | 40,367 |
Balance (in shares) at Dec. 31, 2019 | 72,124 | ||||
Net income | 154,244 | 154,244 | |||
Other comprehensive income | 141,828 | 141,828 | |||
Issuance of common stock - stock option and other plans, shares | 65 | ||||
Issuance of common stock - stock option and other plans, value | 2,028 | $ 2,028 | |||
Issuance of common stock - restricted stock awards, net of canceled awards, shares | 208 | ||||
Issuance of common stock - restricted stock awards, net of canceled awards, value | 10,737 | $ 10,737 | |||
Activity in deferred compensation | 2 | ||||
Purchase and retirement of common stock, shares | (68) | ||||
Purchase and retirement of common stock, value | (2,522) | $ (2,522) | |||
Cash dividends declared on common stock | (96,215) | (96,215) | |||
Purchase of treasury stock, shares | 731 | ||||
Purchase of treasury stock, value | (20,000) | (20,000) | |||
Balance, value at Dec. 31, 2020 | $ 2,347,607 | $ 1,660,998 | (70,834) | 575,248 | 182,195 |
Balance (in shares) at Dec. 31, 2020 | 71,598 | ||||
Common Stock, Dividends, Per Share, paid | $ 1.34 | ||||
Net income | $ 202,820 | 202,820 | |||
Other comprehensive income | (147,033) | (147,033) | |||
Stock Issued During Period, Value, Acquisitions | $ 256,061 | ||||
Stock Issued During Period, Shares, Acquisitions | 6,740 | ||||
Issuance of common stock - stock option and other plans, shares | 74 | ||||
Issuance of common stock - stock option and other plans, value | $ 2,350 | $ 2,350 | |||
Issuance of common stock - restricted stock awards, net of canceled awards, shares | 190 | ||||
Issuance of common stock - restricted stock awards, net of canceled awards, value | 14,926 | $ 14,926 | |||
Activity in deferred compensation | (8) | $ (8) | |||
Purchase and retirement of common stock, shares | (91) | ||||
Purchase and retirement of common stock, value | (4,140) | $ (4,140) | |||
Cash dividends declared on common stock | (83,841) | (83,841) | |||
Balance, value at Dec. 31, 2021 | $ 2,588,742 | $ 1,930,187 | (70,834) | 694,227 | 35,162 |
Balance (in shares) at Dec. 31, 2021 | 78,511 | ||||
Common Stock, Dividends, Per Share, paid | $ 1.14 | ||||
Net income | $ 250,178 | 250,178 | |||
Other comprehensive income | (545,657) | (545,657) | |||
Issuance of common stock - stock option and other plans, shares | 69 | ||||
Issuance of common stock - stock option and other plans, value | 2,110 | $ 2,110 | |||
Issuance of common stock - restricted stock awards, net of canceled awards, shares | 176 | ||||
Issuance of common stock - restricted stock awards, net of canceled awards, value | 16,158 | $ 16,158 | |||
Activity in deferred compensation | 5 | $ 5 | |||
Purchase and retirement of common stock, shares | (110) | ||||
Purchase and retirement of common stock, value | (3,989) | $ (3,989) | |||
Cash dividends declared on common stock | (94,394) | (94,394) | |||
Balance, value at Dec. 31, 2022 | $ 2,213,153 | $ 1,944,471 | $ (70,834) | $ 850,011 | $ (510,495) |
Balance (in shares) at Dec. 31, 2022 | 78,646 | ||||
Common Stock, Dividends, Per Share, paid | $ 1.20 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows From Operating Activities | |||
Net income | $ 250,178 | $ 202,820 | $ 154,244 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for credit losses | 1,950 | 4,800 | 77,700 |
Stock-based compensation expense | 16,158 | 14,926 | 10,737 |
Depreciation, amortization and accretion | 49,018 | 23,168 | 14,893 |
Investment securities gain, net | 9 | (314) | (16,710) |
Net realized gain on sale of premises and equipment, loans held for investment and OPPO | (4,777) | (500) | (1,334) |
Net realized loss (gain) on sale and valuation adjustments of OREO | (181) | (40) | 34 |
Gain on bank owned life insurance death benefit | (965) | (344) | 0 |
Originations of loans held for sale | (116,463) | (336,455) | (491,385) |
Proceeds from sale of loans held-for-sale | 125,161 | 352,823 | 483,130 |
Change in Fair Value of Loans Held-for-sale | 169 | 339 | (508) |
Deferred income tax expense (benefit) | (6,113) | (6,629) | (13,768) |
Net change in: | |||
Interest receivable | (8,889) | 4,049 | (7,992) |
Interest payable | 1,485 | 62 | (933) |
Other assets | (35,491) | 6,815 | (48,539) |
Other liabilities | 29,073 | (30,535) | 32,791 |
Net cash provided by operating activities | 300,684 | 235,065 | 192,292 |
Cash Flows From Investing Activities | |||
Loans originated, net of principal collected | (1,061,878) | 174,463 | (619,543) |
Investment in low income housing tax credit partnerships | (2,850) | (1,408) | 0 |
Purchases of Debt Securities, Available-for-sale | (186,547) | (3,128,233) | (2,118,667) |
Purchases of Held-to-maturity Securities | (97,658) | (257,503) | 0 |
Purchases of loans held for investment | 0 | 279,734 | 50,035 |
Purchases of premises and equipment | (7,210) | (6,125) | (8,720) |
Purchases of Federal Home Loan Bank stock | (68,841) | (1) | (53,240) |
Proceeds from Sale of Debt Securities, Available-for-sale | 741 | 89,219 | 194,697 |
Proceeds from Sale of Equity Securities | 0 | 0 | 3,000 |
Proceeds from principal repayments and maturities of securities available for sale | 769,991 | 764,253 | 603,129 |
Proceeds from Maturities, Prepayments and Calls of Held-to-maturity Securities | 188,445 | 107,578 | 0 |
Proceeds from sales of premises and equipment and loans held for investment | 37,001 | 15,880 | 2,948 |
Proceeds from redemption of Federal Home Loan Bank Stock | 30,961 | 7,464 | 91,080 |
Proceeds from sales of other real estate owned and other personal property owned | 200 | 132 | 1,074 |
Proceeds from bank owned life insurance death benefit | 1,955 | 671 | 1,050 |
Proceeds from Termination of Cash Flow Hedging Instrument | 0 | 0 | 34,442 |
Net cash received in business combinations | 0 | 154,984 | 0 |
Net cash used in investing activities | (395,690) | (2,358,360) | (1,918,785) |
Cash Flows From Financing Activities | |||
Net increase (decrease) in deposits | (1,297,929) | 2,402,669 | 3,185,167 |
Net increase in sweep repurchase agreements | 9,155 | 12,154 | 9,422 |
Proceeds from employee stock purchase plan | 2,110 | 2,350 | 2,028 |
Proceeds from Federal Home Loan Bank advances | 2,928,030 | 30 | 1,331,000 |
Proceeds from Federal Reserve Bank borrowings | 210,030 | 40 | 222,010 |
Proceeds from other borrowings | 100 | 0 | 9,222 |
Payments for Federal Home Loan Bank advances | (1,981,030) | (30) | (2,277,000) |
Payments for Federal Reserve Bank borrowings | (210,030) | (40) | (222,010) |
Payments for other borrowings | (100) | 0 | (9,222) |
Payments for common stock dividends | (94,314) | (83,790) | (95,509) |
Repayments of Subordinated Debt | 0 | (35,000) | 0 |
Payments for purchase of treasury stock | 0 | 0 | (20,000) |
Payments for purchase and retirement of common stock | 3,989 | 4,140 | 2,522 |
Net cash provided by (used in) financing activities | (437,967) | 2,294,243 | 2,132,586 |
Increase (decrease) in cash and cash equivalents | (532,973) | 170,948 | 406,093 |
Cash and cash equivalents at beginning of period | 824,714 | 653,766 | 247,673 |
Supplemental Information: | |||
Interest paid | 22,160 | 8,484 | 18,631 |
Income taxes paid, net of refunds | 72,989 | 60,562 | 43,287 |
Non-cash investing and financing activities: | |||
Transfer of debt securities AFS to HTM | 0 | 2,012,123 | 0 |
Transfer of Loans Held for Investment to Loans Held-for-sale | 75,936 | 0 | 0 |
Loans transferred to OREO | 0 | 0 | 1,033 |
Common stock issued in connection with acquistion | 0 | 256,061 | 0 |
Premises and equipment expenditures incurred but not yet paid | 71 | 63 | 302 |
Change in dividends payable on unvested shares included in other liabilities | 80 | 51 | 706 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | $ 291,741 | $ 824,714 | $ 653,766 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies [Text Block] | Summary of Significant Accounting Policies Organization Columbia Banking System, Inc. (the “Corporation,” “we,” “our,” “Columbia” or the “Company”) is the holding company for Columbia State Bank (“Columbia Bank” or the “Bank”) and Columbia Trust Company (“Columbia Trust”). The Bank provides a full range of financial services through 152 branch locations, including 67 in the State of Washington, 59 in Oregon, 15 in Idaho and 11 in California. Columbia Trust provides fiduciary, agency, trust and related services, and life insurance products. Because the Bank comprises substantially all of the business of the Corporation, references to the “Company” mean the Corporation, the Bank and Columbia Trust together. The Corporation is approved as a bank holding company pursuant to the Gramm-Leach-Bliley Act of 1999. Basis of Presentation The Company’s accounting and reporting policies conform to GAAP and practices in the financial services industry. To prepare the financial statements in conformity with GAAP, management must make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, and income and expenses during the reporting period. Circumstances and events that differ significantly from those underlying our estimates and assumptions could cause actual financial results to differ from our estimates. The most significant estimates included in the financial statements relate to the ACL, business combinations and goodwill impairment. Consolidation The Consolidated Financial Statements of the Company include the accounts of the Corporation and its subsidiaries, including the Bank and Columbia Trust. Intercompany balances and transactions have been eliminated in consolidation. Cash and cash equivalents Cash and cash equivalents include cash and due from banks, and interest-bearing balances due from correspondent banks and the FRB. Cash equivalents have a maturity of 90 days or less at the time of purchase. Securities Debt securities are classified based on management’s intention on the date of purchase. The Company has debt securities that are classified as AFS and are presented at fair value and debt securities classified as HTM that are presented at amortized cost. Realized gains or losses on sales of debt securities AFS, determined on the basis of the cost of specific securities sold, are included in earnings. Unrealized gains or losses on debt securities AFS are excluded from net income but are included in other comprehensive income as a separate component of shareholders' equity, net of tax. Purchase premiums or discounts on debt securities AFS are amortized or accreted into income using the interest method over the terms of the individual securities. The Company performs a quarterly assessment to determine whether a decline in fair value below amortized cost exists. Amortized cost includes adjustments made to the cost of an investment for accretion, amortization, collection of cash and previous credit losses recognized in earnings. When the fair value of an AFS debt security falls below the amortized cost basis, it is evaluated to determine if any of the decline in value is attributable to credit loss. Decreases in fair value attributable to credit loss would be recorded directly to earnings with a corresponding allowance for credit losses, limited by the amount that the fair value is less than the amortized cost basis. If the credit quality subsequently improves the allowance would be reversed up to a maximum of the previously recorded credit losses. If the Company intends to sell an impaired AFS debt security, or if it is more likely than not that the Company will be required to sell the security prior to recovering the amortized cost basis, the entire fair value adjustment would be immediately recognized in earnings with no corresponding allowance for credit losses. Our equity securities currently consist of Visa Class B restricted stock which do not have readily determinable fair values. These securities are accounted for at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer. Any adjustments to the carrying value of these investments are recorded in Investment securities gains (losses), net in the Consolidated Statements of Income. Federal Home Loan Bank Stock The Company holds shares of Class B stock issued by the FHLB, which has been designated as FHLB membership stock or FHLB activity based stock in accordance with the capital plan of the FHLB. Membership stock is stock we are required to purchase and hold as a condition of membership in the FHLB. The Company’s membership stock purchase requirement is measured as a percentage of our year end assets, subject to a $10 million cap. Class B stock may be redeemed, subject to certain limitations, on five years’ written notice to the FHLB. Activity based stock is stock we are required to purchase and hold in order to obtain an advance or participate in FHLB mortgage programs. The Company’s activity based stock purchase requirement is measured as a percentage of our advance proceeds. Our FHLB stock is carried at par value because the shares are issued, transferred, redeemed, and repurchased by the FHLB at a par value of $100. The FHLB stock is subject to recoverability testing per the Financial Services-Depository and Lending topic of the FASB ASC. Loans held for sale One-to-four family residential real estate loans originated with the intent to be sold in the secondary market are considered held for sale. One-to-four family residential real estate loans under best efforts delivery commitments are carried at the lower of amortized cost or fair value. There are no economic hedges on these loans. Due to the short period of time between the origination and sale of these loans, the carrying amount of these loans approximates fair value. For one-to-four family residential real estate loans under mandatory delivery commitments, the Company has elected to account for these loans at fair value. The use of the fair value option allows the change in the fair value of the loans to more effectively offset the change in the fair value of derivative instruments that are used as economic hedges for these loans held for sale. Loan origination fees and direct origination costs are recognized immediately in net income. Interest income on loans held for sale is included in interest income in the Consolidated Statements of Income and recognized when earned. Loans held for sale are placed on nonaccrual in a manner consistent with loans held for investment. The Company recognizes a gain or loss on the sale of loans when the sales criteria for derecognition are met. See Note 22. "Fair Value Accounting and Measurement ” for additional information on loans held for sale. In addition, loans related to the branch divestitures in connection with our merger with Umpqua were reclassified as held for sale at December 31, 2022. These loans are carried at the lower of amortized cost or fair value. Loans Loans are generally carried at the unpaid principal balance, net of purchase premiums, purchase discounts and net deferred loan fees. Net deferred loan fees include nonrefundable loan origination fees less direct loan origination costs. Net deferred loan fees, purchase premiums and purchase discounts are amortized into interest income using either the interest method or straight-line method over the terms of the loans, adjusted for actual prepayments. The interest method is used for all loans except revolving loans, for which the straight-line method is used. Interest income is accrued as earned. Fees related to lending activities, other than the origination or purchase of loans, are recognized as noninterest income during the period the related services are performed. Nonaccrual loans —Loans are placed on nonaccrual status when a loan becomes contractually past due 90 days with respect to interest or principal unless the loan is both well secured and in the process of collection, or if full collection of interest or principal becomes uncertain. When a loan is placed on nonaccrual status, any accrued and unpaid interest receivable is reversed and the amortization of net deferred loan fees, premiums and discounts ceases. The interest payments received on nonaccrual loans are generally accounted for on the cost-recovery method whereby the interest payment is applied to the principal balances. Loans may be returned to accrual status when improvements in credit quality eliminate the doubt as to the full collectability of both interest and principal and a period of sustained performance has occurred. Restructured loans —A loan is classified as a TDR when a borrower is experiencing financial difficulties that lead to a restructuring of the loan, and the Company grants concessions to the borrower in the restructuring that it would not otherwise consider. These concessions may include interest rate reductions, principal forgiveness, extension of maturity date and other actions intended to minimize potential losses. Generally, a nonaccrual loan that is restructured remains on nonaccrual status for a period of six months to demonstrate that the borrower can meet the restructured terms. If the borrower’s performance under the new terms is not reasonably assured, the loan remains classified as a nonaccrual loan. Unfunded loan commitments —Unfunded commitments are generally related to providing credit facilities to clients of the Bank and are not actively traded financial instruments. These unfunded commitments are disclosed as financial instruments with off-balance sheet risk in Note 19, “Commitments and Contingent Liabilities.” Allowance for Credit Losses The allowance for credit losses under ASC 326 is an accounting estimate of expected losses over the contractual life of assets carried at amortized cost within the Company’s loan portfolio at the balance sheet date. Financial assets (or group of financial assets) measured at amortized cost must be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset to present the net carrying value at the amount expected to be collected on the financial asset. The quantitative allowance is calculated using a DCF approach with a probability of default methodology. The probability of default is an assumption derived from regression models which determines the relationship between historical defaults and certain economic variables. The Company determines a reasonable and supportable forecast and applies that forecast to the regression model to determine defaults over the forecast period. The Company leverages economic projections from an independent third-party provider on a quarterly basis that are vetted by the Company through quantifiable analysis and comparisons are evaluated by a committee before a final scenario is determined for the 18 month reasonable and supportable forecast period used by the Company. Following the forecast period, the economic variables used to calculate the probability of default reverts to its historical mean using a straight-line basis constructed on each macroeconomic factor’s absolute historical quarterly change at a constant rate. Other assumptions relevant to the discounted cash flow model to derive the quantitative allowance include the loss given default, which is the estimate of loss for a defaulted loan, and the discount rate applied to future cash flows. The DCF model calculates the net present value of each loan using both the contractual and expected cash flows, respectively. In addition to the quantitative portion of the allowance for credit losses, the Company also considers the effects of the following qualitative factors in its calculation of expected losses in the loan portfolio: • Economic and business conditions; • Concentration of credit; • Lending management and staff; • Lending policies and procedures; • Loss and recovery trends; • Nature and volume of the portfolio; • Trends in problem loans, loan delinquencies and nonaccrual loans; • Quality of internal loan review; and • Other external factors such as the effect of economic stimulus and loan modification programs. The qualitative factor methodology is based on quantitative metrics, but also includes a high degree of subjectivity and changes in any of the metrics could have a significant impact on our calculation of the allowance. Loans for which repayment is expected to be provided substantially through the operation or sale of collateral are considered collateral-dependent. The allowance for credit losses for collateral-dependent loans is measured on the basis of the fair value of the collateral when foreclosure is probable. Unfunded Commitments and Letters of Credit —The estimate of expected credit losses under the CECL methodology is based on relevant information about past events, current conditions and reasonable and supportable forecasts that affect the collectability of the reported amounts. Expected credit losses are calculated based on the likelihood that funding will occur and an estimate of the amount that will be funded using recent utilization rates, current utilization and the Company’s quantitative ACL rate. The allowance for unfunded commitments is included in “Other liabilities” on the Consolidated Balance Sheets, with changes to the balance charged against noninterest expense. Premises and Equipment Land, buildings, leasehold improvements and equipment are stated at cost less accumulated depreciation and amortization. Gains or losses on dispositions are reflected in current operations. Expenditures for improvements and major renewals are capitalized, and ordinary maintenance, repairs and small purchases are charged to “Occupancy” expense in the Consolidated Statements of Income. Depreciation and amortization are computed based on the straight-line method over the estimated useful lives of the various classes of assets. The ranges of useful lives for the principal classes of assets are as follows: Buildings and building improvements 5 to 39 years Leasehold improvements Term of lease or useful life, whichever is shorter Furniture, fixtures and equipment 3 to 7 years Vehicles 5 years Computer software 3 to 5 years Software Capitalized software is stated at cost, less accumulated amortization. Amortization is computed on a straight-line basis and charged to expense over the estimated useful life of the software, which is generally three years. Capitalized software is included in “Premises and equipment, net” in the Consolidated Balance Sheets. Implementation costs incurred for software that is part of a hosting arrangement are capitalized in “Other assets” in the Consolidated Balance Sheets and amortized on a straight-line basis over the life of the contract. Other Real Estate Owned OREO is composed of real estate acquired by the Company through either foreclosure or deed in lieu of foreclosure in satisfaction of debt. At foreclosure, OREO is recorded at fair value less estimated costs to sell. Any fair value adjustments at foreclosure are charged to the allowance, or in the event of a write-up without previous losses charged to the allowance, a credit to earnings is recorded. The fair value of the OREO is based upon a current appraisal or a letter of intent to purchase. Losses that result from the ongoing periodic valuation of these properties are charged to the net cost of operation of OREO in the period in which they are identified. Improvements to OREO are capitalized and holding costs are charged to the net cost of operation of OREO as incurred. Goodwill and Intangibles Net assets of companies acquired in a business combination are recorded at fair value at the date of acquisition. Any excess of the purchase price over the fair value of net assets acquired, including identified intangible assets, is recognized as goodwill. Goodwill is reviewed for potential impairment annually, during the third quarter, or, more frequently, if events or circumstances indicate a potential impairment, at the reporting unit level. A reporting unit is an operating segment or one level below an operating segment for which discrete financial information is available and regularly reviewed by management. The Company consists of a single reporting unit. The test for impairment requires the Company to compare the fair value of the reporting unit to its carrying value. If the fair value of the reporting unit is less than its carrying value, the difference is the amount of impairment and goodwill is written down to the fair value of the reporting unit. Prior to completing the impairment test, however, the Company may assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If such an assessment indicates the fair value of the reporting unit is more likely than not greater than its carrying value, then the impairment test need not be completed. Identified intangible assets are amortized on an accelerated basis over the period benefited. Intangible assets are also evaluated for impairment if events and circumstances indicate a possible impairment. Such evaluation is based on undiscounted cash flow projections. At December 31, 2022, intangible assets included in the Consolidated Balance Sheets principally consisted of CDI with an original estimated life of 10 years. Leases The Company determines if a lease is present at the inception of an agreement. Operating leases are capitalized at commencement and are discounted using the Company’s FHLB borrowing rate for a similar term borrowing unless the lease defines a rate within the contract. Leases with original terms of less than 12 months are not capitalized. For operating leases existing prior to January 1, 2019, the rate for the remaining lease term as of January 1, 2019 was used. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease right-of-use assets and operating lease liabilities are recognized on the lease commencement date based on the present value of lease payments over the lease term. The lease term includes options to extend or terminate the lease if the Company is reasonably certain that an option will be exercised. See Note 10, “Leases” for additional information on leases. Income Taxes The provision for income taxes includes current and deferred income tax expense on net income adjusted for temporary and permanent differences such as interest income from state and municipal securities and investments in affordable housing tax credits. Deferred tax assets and liabilities are recognized for the expected future tax consequences of existing temporary differences between the financial reporting and tax reporting basis of assets and liabilities using enacted tax laws and rates. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. On a quarterly basis, management evaluates deferred tax assets to determine if these tax benefits are expected to be realized in future periods. This determination is based on facts and circumstances, including the Company’s current and future tax outlook. To the extent a deferred tax asset is no longer considered “more likely than not” to be realized, a valuation allowance is established. We recognize the tax benefit from uncertain tax positions only if it is more likely than not that the tax positions will be sustained on examination by the tax authorities, based on the technical merits of the position. The tax benefit is measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. We recognize interest and penalties related to unrecognized tax benefits in “Provision for income taxes” in the Consolidated Statements of Income. Advertising Advertising costs are generally expensed as incurred. Earnings per Common Share The Company’s capital structure includes common shares, restricted common share awards and common share options. Restricted common share awards granted prior to the 2018 equity incentive plan participate in dividends declared on common shares at the same rate as common shares. These restricted common share awards are considered participating securities under the EPS topic of the FASB ASC. The Company calculates EPS using the two-class method. The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that otherwise would have been available to common shareholders but does not require the presentation of basic and diluted EPS for securities other than common shares. Under the two-class method, basic EPS is computed by dividing earnings allocated to common shareholders by the weighted average number of common shares outstanding for the period. Earnings allocated to common shareholders represents net income reduced by earnings allocated to participating securities. Diluted EPS is computed in the same manner as basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if certain shares issuable upon exercise of common share options were included unless those additional shares would have been anti-dilutive. For the diluted EPS computation, the treasury stock method is applied and compared to the two-class method and whichever method results in a more dilutive impact is utilized to calculate diluted EPS. Share-Based Payment The Company accounts for stock options and stock awards in accordance with the Compensation—Stock Compensation topic of the FASB ASC. Authoritative guidance requires the Company to measure the cost of employee services received in exchange for an award of equity instruments, such as stock options or stock awards, based on the fair value of the award on the grant date. This cost must be recognized in the Consolidated Statements of Income over the vesting period of the award. The Company issues RSAs and RSUs which generally vest over a three- or four-year period. RSA and RSU time-based awards vest ratably over their vesting period while RSA and RSU performance-based awards cliff vest. Recipients of RSAs have voting rights while recipients of RSUs do not. Pursuant to our equity incentive plan approved in 2018, the holder accrues dividends, which are paid out when the RSAs vest or when the RSUs vest and the common shares are issued. The fair value of time-based and performance-based awards are equal to the fair market value of the Company’s common stock on the grant date. The fair value of market-based performance awards are estimated on the date of grant using the Monte Carlo simulation model. Derivatives and Hedging Activities In accordance with the Derivatives and Hedging topic of the FASB ASC, the Company recognizes derivatives as assets or liabilities on the Consolidated Balance Sheets at their fair value. The Company periodically enters into interest rate contracts with customers and offsetting contracts with third parties. As these interest rate contracts are not designated as hedges under the Derivatives and Hedging topic of the FASB ASC, the changes in fair value of these instruments are recognized immediately in earnings. The Company also enters into forward contracts to sell residential mortgage loans to broker/dealers at specific prices and dates in order to hedge the interest rate risk in its portfolio of mortgage loans held for sale and its residential loan commitments. The commitments to originate mortgage loans held for sale and the related forward delivery contracts are considered derivatives. As part of the Company’s overall interest rate risk management, the Company used an interest rate collar with a notional amount of $500.0 million to mitigate interest rate risk. This collar was designated and qualified as a cash flow hedge. Gains and losses were recorded in accumulated other comprehensive income to the extent the hedge was effective. Gains and losses were reclassified from accumulated other comprehensive income to earnings in the period the hedged transaction affected earnings and was included in the same income statement line item that the hedged transaction was recorded. In October 2020, the interest rate collar was terminated. See Note 17. “Derivatives and Balance Sheet Offsetting” for additional information. Revenue from Contracts with Customers Revenue in the scope of Topic 606, Revenue from Contracts with Customers is measured based on the consideration specified in the contract with a customer and excludes amounts collected on behalf of third parties. The vast majority of the Company’s revenue is specifically outside the scope of Topic 606. For in-scope revenue, the following is a description of principal activities, separated by the timing of revenue recognition from which the Company generates its revenue from contracts with customers. a. Revenue earned at a point in time - Examples of revenue earned at a point in time are ATM transaction fees, wire transfer fees, overdraft fees, interchange fees and foreign exchange transaction fees. Revenue is primarily based on the number and type of transactions and is generally derived from transactional information accumulated by our systems and is recognized immediately as the transactions occur or upon providing the service to complete the customer’s transaction. The Company is the principal in each of these contracts, with the exception of interchange fees, in which case we are acting as the agent and record revenue net of expenses paid to the principal. b. Revenue earned over time - The Company earns revenue from contracts with customers in a variety of ways where the revenue is earned over a period of time - generally monthly. Examples of this type of revenue are deposit account maintenance fees, investment advisory fees, merchant revenue and safe deposit box fees. Revenue is generally derived from transactional information accumulated by our systems or those of third-parties and is recognized as the related transactions occur or services are rendered to the customer. The Company recognizes revenue from contracts with customers when it satisfies its performance obligations. The Company’s performance obligations are typically satisfied as services are rendered and our contracts generally do not include multiple performance obligations. As a result, there are no contract balances as payments and services are rendered simultaneously. Payment is generally collected at the time services are rendered, monthly or quarterly. Unsatisfied performance obligations at the report date are not material to our Consolidated Financial Statements. In certain cases, other parties are involved with providing products and services to our customers. If the Company is principal in the transaction (providing goods or services itself), revenues are reported based on the gross consideration received from the customer and any related expenses are reported gross in noninterest expense. If the Company is an agent in the transaction (arranging for another party to provide goods or services), the Company reports its net fee or commission retained as revenue. Rebates, waivers and reversals are recorded as a reduction of the transaction price either when the revenue is recognized by the Company or at the time the rebate, waiver or reversal is earned by the customer. Practical expedients The Company does not adjust the consideration from customers for the effects of a significant financing component if at contract inception the period between when the entity transfers the goods or services and when the customer pays for that good or service will be one year or less. The Company pays sales commissions to its employees in accordance with certain incentive plans and in connection with obtaining certain contracts with customers. The Company expenses such sales commissions when incurred if the amortization period of the asset the Company otherwise would have recognized is one year or less. Sales commissions are included in compensation and employee benefits expense. For the Company’s contracts that have an original expected duration of one year or less, the Company has not disclosed the amount of the transaction price allocated to unsatisfied performance obligations as of the end of each reporting period or when the Company expects to recognize this revenue. Accounting Pronouncements Recently Adopted or Issued Accounting Standards Adopted in 2022 In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848) - Deferral of the Sunset Date of Topic 848 . The amendments in this ASU defer the sunset date included in ASU 2020-04 to provide temporary, optional expedients related to the accounting for contract modifications and hedging transactions as a result of the global markets’ anticipated transition away from the use of LIBOR and other interbank offered rates to alternative reference rates. Preceding the issuance of ASU 2020-04, which established ASC 848, the United Kingdom’s Financial Conduct Authority (“FCA”) announced that it would no longer need to persuade or compel banks to submit to LIBOR after December 31, 2021. In response, the FASB established a December 31, 2022 expiration date of ASC 848. In March 2021, the FCA announced that the intended cessation date of LIBOR in the United States would be June 30, 2023. Accordingly, ASU 2022-06 defers the expiration date of ASC 848 to December 31, 2024. This ASU was effective immediately and did not have a material impact on the Company’s Consolidated Financial Statements. Recently Issued Accounting Standards, Not Yet Adopted In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820) - Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions . The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and is not considered in measuring fair value. Further, an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. Additionally, the amendments require the disclosures for equity securities subject to contractual sale restrictions to include the fair value of equity securities subject to contractual sale restrictions reflected on the balance sheet, the nature and remaining duration of the restrictions and the circumstances that could cause a lapse in the restrictions. The ASU is effective for interim and annual reporting periods beginning after December 15, 2023; early adoption is permitted. The adoption of this ASU is not expected to have a material impact on the Company’s Consolidated Financial Statements. In March 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses (Topic 326) - Troubled Debt Restructurings and Vintage Disclosures . The amendments in this ASU enhance disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Additionally, the amendments require the disclosure of current-period gross charge-offs by year of origination for financing receivables and net investments in leases within scope. The ASU is effective for interim and annual reporting periods beginning after December 15, 2022; early adoption is permitted. The adoption of this ASU is not expected to have a material impact on the Company’s Consolidated Financial Statements. |
Business Combinations and Asset
Business Combinations and Asset Acquisitions | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combination Disclosure [Text Block] | Business Combinations Bank of Commerce On October 1, 2021, the Company completed its acquisition of Bank of Commerce and its wholly-owned banking subsidiary Merchants Bank of Commerce. The Company acquired 100% of the equity interests of Bank of Commerce. The assets acquired and liabilities assumed have been accounted for under the acquisition method of accounting. The assets and liabilities, both tangible and intangible, were recorded at their fair values as of the October 1, 2021 acquisition date. The application of the acquisition method of accounting resulted in the recognition of goodwill of $57.3 million and a CDI of $15.9 million. The goodwill represents the excess of the purchase price over the fair value of the net assets acquired. The Company paid this premium for a number of reasons, including to expand the Company’s current footprint, enter the California market and the synergies and economies of scale expected from the acquisition. The goodwill is not deductible for income tax purposes. The table below summarizes the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed: October 1, 2021 (in thousands) Merger consideration $ 256,257 Identifiable net assets acquired, at fair value Assets acquired Cash and cash equivalents $ 155,180 Investment securities 654,480 FHLB stock 7,463 Loans, net allowance for credit loss 1,084,984 Interest receivable 5,237 Premises and equipment 17,658 Core deposit intangible 15,932 Other assets 41,963 Total assets acquired 1,982,897 Liabilities assumed Deposits (1,737,584) Subordinated debentures (10,000) Junior subordinated debentures (10,310) Other liabilities (26,076) Total liabilities assumed (1,783,970) Total fair value of identifiable net assets 198,927 Goodwill $ 57,330 See Note 9, “Goodwill and Other Intangible Assets,” for further discussion of the accounting for goodwill and other intangible assets. Of the $1.08 billion net loans acquired, $40.3 million exhibited credit deterioration on the date of purchase. The following table provides a summary of these PCD loans at acquisition: October 1, 2021 (in thousands) Par value of PCD loans acquired $ 43,419 PCD ACL at acquisition (2,616) Non-credit discount on PCD loans (525) Purchase price of PCD loans $ 40,278 The operating results of the Company reported herein include the operating results produced by the acquired assets and assumed liabilities for the period of October 1, 2021 to December 31, 2022. Disclosure of the amount of Bank of Commerce’s revenue and net income (excluding integration costs) included in Columbia’s Consolidated Statements of Income is impracticable due to the integration of the operations and accounting for this acquisition. For illustrative purposes only, the following table presents certain unaudited pro forma information for the year ended December 31, 2021 and 2020. This unaudited, estimated pro forma financial information was calculated as if Bank of Commerce had been acquired as of the beginning of the year prior to the date of acquisition. This unaudited pro forma information combines the historical results of Bank of Commerce with the Company’s consolidated historical results and includes certain adjustments reflecting the estimated impact of certain fair value adjustments for the respective periods. The pro forma information is not indicative of what would have occurred had the acquisition occurred as of the beginning of the year prior to the acquisition. The unaudited pro forma information does not consider any changes to the provision for credit losses resulting from recording loan assets at fair value. Additionally, the pro forma amounts below do not reflect Columbia’s expectations as of the date of the pro forma information of further operating cost savings and other business synergies expected to be achieved, including revenue growth as a result of the acquisition. As a result, actual amounts would have differed from the unaudited pro forma information presented. Unaudited Pro Forma for the Years Ended December 31, 2021 2020 (in thousands, except per share amounts) Total revenues (net interest income plus noninterest income) $ 664,875 $ 660,857 Net income $ 221,637 $ 164,087 EPS - basic $ 2.85 $ 2.11 EPS - diluted $ 2.84 $ 2.10 The following table shows the impact of the merger-related expenses related to the acquisition of Bank of Commerce for the periods indicated to the various components of noninterest expense: Years ended December 31, 2022 2021 2020 (in thousands) Noninterest Expense Compensation and employee benefits $ 1,753 $ 4,875 $ — Occupancy 928 271 — Data processing 1,584 287 — Legal and professional fees 414 4,429 — Advertising and promotion 18 9 — Other 896 499 — Total impact of merger-related costs to noninterest expense $ 5,593 $ 10,370 $ — In addition, related to the pending transaction with Umpqua, the Company recognized $13.5 million of merger-related expenses for the year ended December 31, 2022. The Company expects to close this transaction after close of business on February 28, 2023. See Note 29 , “ Subsequent Events, ” for additional information. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents [Text Block] | Cash and Cash EquivalentsGenerally, the Company is required to maintain an average reserve balance with the FRB, which is based on a percentage of deposits, or maintain such reserve balance in the form of cash. However, the Federal Reserve reduced the required percentage to zero effective March 26, 2020; therefore, the Company did not have an average required reserve balance for the years ended December 31, 2022 or 2021. |
Securities
Securities | 12 Months Ended |
Dec. 31, 2022 | |
Debt Securities, Available-for-Sale [Abstract] | |
Securities [Text Block] | SecuritiesAt December 31, 2022, the Company’s securities portfolio primarily consisted of securities issued by the U.S. government, U.S. government agencies, U.S. government-sponsored enterprises and states and municipalities. Nearly all of the Company’s mortgage-backed securities and collateralized mortgage obligations are issued by U.S. government agencies and U.S. government-sponsored enterprises and are implicitly guaranteed by the U.S. government. The remainder of the Company’s available for sale mortgage-backed securities are non-agency collateralized mortgage obligations which currently carry ratings no lower than A. The Company had no other issuances in its portfolio which exceeded ten percent of shareholders’ equity. The following table summarizes the amortized cost, gross unrealized gains and losses and the resulting fair value of debt securities: Amortized Gross Gross Fair Value December 31, 2022 (in thousands) Available for sale U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations $ 3,188,381 $ 382 $ (429,053) $ 2,759,710 Other asset-backed securities 376,336 — (48,983) 327,353 State and municipal securities 959,469 199 (125,595) 834,073 U.S. government agency and government-sponsored enterprise securities 222,829 2 (14,062) 208,769 U.S. government securities 183,049 — (15,153) 167,896 Non-agency collateralized mortgage obligations 352,782 — (61,484) 291,298 Total available for sale $ 5,282,846 $ 583 $ (694,330) $ 4,589,099 Held to maturity U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations $ 2,034,792 $ — $ (312,014) $ 1,722,778 Total held to maturity $ 2,034,792 $ — $ (312,014) $ 1,722,778 December 31, 2021 Available for sale U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations $ 3,738,616 $ 45,077 $ (38,092) $ 3,745,601 Other asset-backed securities 469,052 3,802 (9,791) 463,063 State and municipal securities 983,704 18,525 (4,938) 997,291 U.S. government agency and government-sponsored enterprise securities 252,755 3,095 (3,274) 252,576 U.S. government securities 158,367 — (831) 157,536 Non-agency collateralized mortgage obligations 295,547 340 (955) 294,932 Total available for sale $ 5,898,041 $ 70,839 $ (57,881) $ 5,910,999 Held to maturity U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations $ 2,148,327 $ 50 $ (25,771) $ 2,122,606 Total held to maturity $ 2,148,327 $ 50 $ (25,771) $ 2,122,606 There was no allowance for credit losses on both available for sale securities and held to maturity securities as of December 31, 2022 and December 31, 2021. All of the Company’s debt securities held to maturity were issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities carry the explicit or implicit guarantee of the U.S. government, are widely recognized as “risk free,” and have a long history of zero credit loss. A debt security is placed on nonaccrual status at the time any principal or interest payments become 90 days delinquent. Interest accrued but not received for a security placed on nonaccrual is reversed against interest income. There were no amounts of accrued interest reversed against interest income for the twelve months ended December 31, 2022 and 2021. Accrued interest receivable for debt securities is included in “Interest receivable” on the Company’s Consolidated Balance Sheet and is not reflected in the balances in the table above. At December 31, 2022 and 2021, accrued interest receivable for securities available for sale was $17.3 million and $19.2 million, respectively. Accrued interest for securities held to maturity was $4.2 million at December 31, 2022 and $4.4 million at December 31, 2021. The Company does not measure an allowance for credit losses for accrued interest receivable. The following table provides the proceeds and both gross realized gains and losses on the sales and calls of debt securities available for sale as well as other securities gains and losses for the periods indicated: Years Ended December 31, 2022 2021 2020 (in thousands) Proceeds from sales and calls of debt securities available for sale $ 741 $ 89,219 $ 194,697 Gross realized gains from sales of debt securities available for sale $ — $ 751 $ 471 Gross realized losses from sales of debt securities available for sale (9) (437) (186) Other securities gains, net (1) — — 16,425 Investment securities gains (losses), net $ (9) $ 314 $ 16,710 __________ (1) Other securities gains includes gain from sale of Visa Class B restricted stock and subsequent write up to fair value of remaining Visa Class B shares. The following table provides the unrealized gains and losses on equity securities at the reporting date: Years Ended December 31, 2022 2021 2020 (in thousands) Gains recognized during the period on equity securities $ — $ — $ 16,425 Less: Losses recognized during the period on equity securities sold during the period. — — (3,000) Unrealized gains recognized during the reporting period on equity securities still held at the reporting date (1). $ — $ — $ 13,425 __________ (1) Visa Class B restricted stock owned by the Company was previously carried at a zero-cost basis due to existing transfer restrictions and uncertainty of covered litigation. The sale of shares by the Company of Visa Class B restricted shares during the year ended December 31, 2020 resulted in an observable market price. As a result, the Company adjusted the carrying value of its remaining shares of Visa Class B restricted shares upward to this observable market price. The scheduled contractual maturities of debt securities at December 31, 2022 are presented as follows: December 31, 2022 Available for sale Held to maturity Amortized Cost Fair Value Amortized Cost Fair Value (in thousands) Due within one year $ 85,094 $ 84,216 $ — $ — Due after one year through five years 1,132,895 1,055,150 301,515 265,831 Due after five years through ten years 1,106,689 973,108 916,571 775,931 Due after ten years 2,958,168 2,476,625 816,706 681,016 Total debt securities $ 5,282,846 $ 4,589,099 $ 2,034,792 $ 1,722,778 The following table summarizes the carrying value of securities pledged as collateral to secure public deposits, borrowings and other purposes as permitted or required by law: December 31, 2022 2021 (in thousands) To secure public funds $ 564,150 $ 596,779 To secure borrowings — 98,796 Other securities pledged 266,752 267,213 Total securities pledged as collateral $ 830,902 $ 962,788 The following tables show the gross unrealized losses and fair value of the Company’s debt securities available for sale for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2022 and 2021: Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2022 (in thousands) U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations $ 735,898 $ (50,201) $ 2,005,957 $ (378,852) $ 2,741,855 $ (429,053) Other asset-backed securities 76,877 (7,579) 250,475 (41,404) 327,352 (48,983) State and municipal securities 309,675 (23,690) 485,620 (101,905) 795,295 (125,595) U.S. government agency and government-sponsored enterprise securities 68,656 (1,375) 139,364 (12,687) 208,020 (14,062) U.S. government securities — — 167,896 (15,153) 167,896 (15,153) Non-agency collateralized mortgage obligations 11,669 (2,736) 279,629 (58,748) 291,298 (61,484) Total $ 1,202,775 $ (85,581) $ 3,328,941 $ (608,749) $ 4,531,716 $ (694,330) December 31, 2021 U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations $ 2,292,062 $ (30,777) $ 176,946 $ (7,315) $ 2,469,008 $ (38,092) Other asset-backed securities 195,708 (4,823) 117,751 (4,968) 313,459 (9,791) State and municipal securities 237,354 (3,862) 40,343 (1,076) 277,697 (4,938) U.S. government agency and government-sponsored enterprise securities 100,813 (1,988) 48,714 (1,286) 149,527 (3,274) U.S. government securities 157,536 (831) — — 157,536 (831) Non-agency collateralized mortgage obligations 212,259 (955) — — 212,259 (955) Total $ 3,195,732 $ (43,236) $ 383,754 $ (14,645) $ 3,579,486 $ (57,881) Debt securities available for sale At December 31, 2022, there were 645 U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligation securities in an unrealized loss position. The decline in fair value is attributable to changes in interest rates relative to where these investments fall within the yield curve and their individual characteristics. Because the Company does not currently intend to sell these securities nor does the Company consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be upon maturity, the Company concluded an allowance for credit losses is unnecessary at December 31, 2022. At December 31, 2022, there were 83 other asset-backed securities in an unrealized loss position. The decline in fair value is attributable to changes in interest rates relative to where these investments fall within the yield curve and their individual characteristics. Because the Company does not currently intend to sell these securities nor does the Company consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be upon maturity, the Company concluded an allowance for credit losses is unnecessary at December 31, 2022. At December 31, 2022, there were 563 state and municipal government securities in an unrealized loss position. The unrealized losses on state and municipal securities were caused by interest rate changes or widening of market spreads subsequent to the purchase of the individual securities. Management monitors published credit ratings of these securities for adverse changes. As of December 31, 2022, none of the rated obligations of state and local government entities held by the Company had a below investment grade credit rating. Because the credit quality of these securities is investment grade and the Company does not currently intend to sell these securities nor does the Company consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be upon maturity, the Company concluded an allowance for credit losses is unnecessary at December 31, 2022. At December 31, 2022, there were 21 U.S. government agency and government-sponsored enterprise securities in an unrealized loss position. The decline in fair value is attributable to changes in interest rates relative to where these investments fall within the yield curve and their individual characteristics. Because the Company does not intend to sell these securities nor does the Company consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be upon maturity, the Company concluded an allowance for credit losses is unnecessary at December 31, 2022. At December 31, 2022, there were 10 U.S. government securities in an unrealized loss position. The decline in fair value is attributable to changes in interest rates relative to where these investments fall within the yield curve and their individual characteristics. Because the Company does not intend to sell these securities nor does the Company consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be upon maturity, the Company concluded an allowance for credit losses is unnecessary at December 31, 2022. At December 31, 2022, there were 56 non-agency collateralized mortgage obligations in an unrealized loss position. The decline in fair value is attributable to changes in interest rates relative to where these investments fall within the yield curve and their individual characteristics. Because the Company does not intend to sell these securities nor does the Company consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be upon maturity, the Company concluded an allowance for credit losses is unnecessary at December 31, 2022. Equity Securities without Readily Determinable Fair Values In 2008, the Company received Visa Class B restricted shares as part of Visa’s initial public offering. These shares are transferable only under limited circumstances until they can be converted into publicly traded Visa Class A common shares. This conversion will not occur until the settlement of certain litigation which is indemnified by Visa members, including the Company. Visa funded an escrow account from its initial public offering to settle these litigation claims. Should this escrow account not be sufficient to cover these litigation claims, Visa is entitled to fund additional amounts to the escrow account by reducing each member banks’ Visa Class B conversion ratio to unrestricted Visa Class A shares. During the year ended December 31, 2020, the Company sold 17,360 shares of Visa Class B restricted stock, which resulted in an observable market price. As a result, the Company adjusted the carrying value of its remaining Visa Class B restricted shares upward to this observable market price. At December 31, 2022, the Company owned 77,683 Visa Class B shares, which had a carrying value of $13.4 million. |
Loans
Loans | 12 Months Ended |
Dec. 31, 2022 | |
Loans and Leases Receivable, Net Amount [Abstract] | |
Financing Receivables [Text Block] | Loans The Company’s loan portfolio includes originated and purchased loans. The following is an analysis of the loan portfolio by segment (net of unearned income): December 31, 2022 2021 (in thousands) Commercial loans: Commercial real estate $ 5,352,785 $ 4,981,263 Commercial business 3,750,564 3,423,268 Agriculture 848,903 795,715 Construction 540,861 384,755 Consumer loans: One-to-four family residential real estate 1,077,494 1,013,908 Other consumer 40,366 43,028 Total loans 11,610,973 10,641,937 Less: Allowance for credit losses (158,438) (155,578) Total loans, net $ 11,452,535 $ 10,486,359 At December 31, 2022 and 2021, the Company had no material foreign activities. Substantially all of the Company’s loans and unfunded commitments are geographically concentrated in its service areas within the states of Washington, Oregon Idaho and California. At December 31, 2022 and 2021, $4.36 billion and $3.49 billion, respectively, of commercial and residential real estate loans were pledged as collateral on FHLB advances. The Company has also pledged $301.4 million and $200.5 million of commercial loans to the FRB for additional borrowing capacity at December 31, 2022 and 2021, respectively. Accrued interest receivable for loans is included in “Interest receivable” on the Company’s Consolidated Balance Sheet and is not reflected in the balances in the table above. At December 31, 2022 and 2021, accrued interest receivable for loans was $43.4 million and $32.4 million, respectively. The Company does not measure an allowance for credit losses for accrued interest receivable. The following is an aging of the amortized cost of the loan portfolio as of December 31, 2022 and 2021: Current 30 - 59 60 - 89 Greater Total Nonaccrual Total Loans December 31, 2022 (in thousands) Commercial loans: Commercial real estate $ 5,338,999 $ 6,756 $ 3,786 $ — $ 10,542 $ 3,244 $ 5,352,785 Commercial business 3,739,731 4,336 1,364 — 5,700 5,133 3,750,564 Agriculture 842,506 493 1,537 — 2,030 4,367 848,903 Construction 540,861 — — — — — 540,861 Consumer loans: One-to-four family residential real estate 1,072,211 4,315 283 — 4,598 685 1,077,494 Other consumer 40,172 160 22 — 182 12 40,366 Total $ 11,574,480 $ 16,060 $ 6,992 $ — $ 23,052 $ 13,441 $ 11,610,973 Current 30 - 59 60 - 89 Greater Total Nonaccrual Total Loans December 31, 2021 (in thousands) Commercial loans: Commercial real estate $ 4,977,781 $ — $ 1,610 — $ 1,610 $ 1,872 $ 4,981,263 Commercial business 3,406,539 2,721 687 — 3,408 13,321 3,423,268 Agriculture 789,112 1,207 — — 1,207 5,396 795,715 Construction 384,755 — — — — — 384,755 Consumer loans: One-to-four family residential real estate 1,010,343 921 211 — 1,132 2,433 1,013,908 Other consumer 42,998 11 — — 11 19 43,028 Total $ 10,611,528 $ 4,860 $ 2,508 $ — $ 7,368 $ 23,041 $ 10,641,937 Loan payments are considered timely when the contractual principal or interest due in accordance with the terms of the loan agreement or any portion thereof is received on the due date of the scheduled payment. Nonaccrual loans are generally loans placed on a nonaccrual basis when they become 90 days past due or when there are otherwise serious doubts about the collectability of principal or interest within the existing terms of the loan. The Company’s policy is to write-off all accrued interest on loans when they are placed on nonaccrual status. The following table summarizes written-off interest on nonaccrual loans for the years ended December 31, 2022, 2021 and 2020: Years Ended December 31, 2022 2021 2020 (in thousands) Commercial loans $ 604 $ 628 $ 1,972 Consumer loans 25 45 28 Total $ 629 $ 673 $ 2,000 The following summarizes the amortized cost of nonaccrual loans for which there was no related ACL as of December 31, 2022 and 2021: December 31, 2022 December 31, 2021 (in thousands) Commercial loans: Commercial real estate $ 2,281 $ 932 Commercial business 815 5,131 Agriculture 2,111 3,756 Total $ 5,207 $ 9,819 The following is an analysis of loans classified as TDR for the years ended December 31, 2022, 2021 and 2020: Years Ended December 31, 2022 2021 2020 Number of TDR Modifications Pre-Modification Post-Modification Number of TDR Modifications Pre-Modification Post-Modification Number of TDR Modifications Pre-Modification Post-Modification (dollars in thousands) Commercial loans: Commercial real estate — $ — $ — 1 $ 628 $ 628 — $ — $ — Commercial business 2 637 637 11 2,600 2,600 11 3,257 3,257 Agriculture 1 633 633 1 583 583 2 3,495 3,495 Consumer loans: One-to-four family residential real estate 1 50 50 3 155 155 6 814 814 Other consumer — — — — — — — — — Total 4 $ 1,320 $ 1,320 16 $ 3,966 $ 3,966 19 $ 7,566 $ 7,566 The Company’s loans classified as TDR are loans that have been modified or the borrower has been granted special concessions due to financial difficulties, that if not for the challenges of the borrower, the Company would not otherwise consider. The Company had $123 thousand of commitments to lend additional funds on loans classified as TDR as of December 31, 2022 as compared to $1.5 million of similar commitments at December 31, 2021. The TDR modifications or concessions are made to increase the likelihood that these borrowers with financial difficulties will be able to satisfy their debt obligations as amended. The concessions granted in the restructurings, summarized in the table above, largely consisted of maturity extensions, interest rate modifications or a combination of both. In limited circumstances, a reduction in the principal balance of the loan could also be made as a conces sion. The Compa ny had no loans classified as TDR that defaulted within 12 months of being classified as TDR during the years ended December 31, 2022, 2021 and 2020. |
Allowance for Credit Losses and
Allowance for Credit Losses and Unfunded Commitments and Letters of Credit | 12 Months Ended |
Dec. 31, 2022 | |
Allowance For Credit Losses And Unfunded Loan Commitments And Letters Of Credit | |
Allowance For Credit Losses And Allowance for Unfunded Commitments And Letters Of Credit Text Block [Text Block] | Allowance for Credit Losses and Allowance for Unfunded Commitments and Letters of Credit The ACL is determined through quarterly assessments of the present value of expected future cash flows within the loan portfolio, which are deducted from the loan’s amortized cost basis to determine the expected credit losses of the loan portfolio. We estimate the ACL using relevant and reliable available information, which is derived from both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Additions to and recaptures from the ACL are charged to current period earnings through the provision for credit losses. Loan amounts that are determined to be uncollectible are charged directly against the ACL and netted against amounts recovered on previously charged-off loans. For the purpose of calculating portfolio level reserves, we have segmented our loan portfolio into two portfolio segments (Commercial and Consumer). The Commercial and Consumer portfolio segments are then further broken down into loan classes by risk characteristics. The risk characteristics include regulatory call codes, type of industry, risk ratings and collateral type. The ACL is comprised of reserves measured on a collective (pool) basis using a quantitative DCF model for all loan classes with similar risk characteristics and then qualitatively adjusted for large loan concentrations, policy exceptions granted and other factors. The quantitative DCF model utilizes anticipated period cash flows determined on a loan-level basis. The anticipated cash flows take into account contractual principal and interest payments, anticipated segment level prepayments, probability of defaults and historical loss given defaults. The majority of our loan classes utilize regression models to calculate probability of defaults, in which macroeconomic factors are correlated to historical quarterly defaults. The Commercial segment multi-factor models utilize a mix of 15 macroeconomic factors, including the most commonly used factors: Real GDP, National Unemployment Rate, Disposable Personal Income, Home Price Index and Private Inventories. The Consumer segment multi-factor models utilize a mix of three macroeconomic factors: National Unemployment Rate, Home Price Index and Disposable Income. The Company utilizes an 18 month reasonable and supportable forecast for the macroeconomic factors, after which the probability of default reverts to its historical mean using a straight-line basis constructed on each macroeconomic factor’s absolute historical quarterly change. Loans are individually measured for credit losses if they do not share similar risk characteristics of other loans within their respective pools. Individually measured loans are primarily nonaccrual and collateral dependent with balances equal to or greater than $500,000 and for which the borrower is experiencing financial difficulty such that full satisfaction of the contractual terms of the loan are in question. Commercial real estate loans are secured by commercial real estate, including owner occupied and non-owner occupied commercial real estate, as well as multifamily residential real estate. Commercial business loans are primarily secured by non-real estate collateral, including equipment and other non-real estate fixed assets, inventory, receivables and cash. Agricultural loans are secured by farmland and other agricultural real estate, as well as equipment, inventory, such as crops and livestock, non-real estate fixed assets and cash. Construction loans are secured by one-to-four family residential real estate and commercial real estate in varying stages of development. One-to-four family residential real estate loans are secured by one-to-four family residential properties. Other consumer loans are secured by personal property. For collateral dependent loans, the Company calculates the allowance as the difference between the amortized cost of the loan and the fair market value of the collateral. The fair market value of the collateral is determined by either the discounted expected future cash flows from the operation of the collateral or the appraised value of the collateral, less costs to sell. If the fair value of the collateral is greater than the amortized cost of the loan, no reserve is recorded. The Company also records an allowance for credit losses on unfunded loan commitments and letters of credit. We estimate expected credit losses on unfunded commitments in which we are exposed to credit risk, unless we have the option to unconditionally cancel the obligation. Expected credit losses are calculated based on the likelihood that funding will occur and an estimate of what will be funded by analyzing the most recent four-quarter utilization rates, current utilization and our quantitative ACL rate. The allowance for unfunded commitments and letters of credit is included in “Other Liabilities” on the Consolidated Balance Sheets, with changes to the balance being charged to noninterest expense. We do not measure an allowance for credit losses on accrued interest receivable balances because these balances are written-off in a timely manner as a reduction to interest income when loans are placed on nonaccrual status. The following tables show a detailed analysis of the ACL for the years ended December 31, 2022, 2021 and 2020: Beginning Balance Charge-offs Recoveries Provision Ending Balance Year Ended December 31, 2022 (in thousands) Commercial loans: Commercial real estate $ 61,254 $ (299) $ 207 $ (6,306) $ 54,856 Commercial business 54,712 (2,108) 2,183 3,049 57,836 Agriculture 8,148 (799) 869 853 9,071 Construction 5,397 — 387 7,358 13,142 Consumer loans: One-to-four family residential real estate 24,123 (3) 943 (2,708) 22,355 Other consumer 1,944 (1,240) 770 (296) 1,178 Total $ 155,578 $ (4,449) $ 5,359 $ 1,950 $ 158,438 Beginning Balance Initial ACL recorded for PCD loans acquired during the period Charge-offs Recoveries Provision Ending Balance Year Ended December 31, 2021 (in thousands) Commercial loans: Commercial real estate $ 68,934 $ 2,225 $ (1,044) $ 633 $ (9,494) $ 61,254 Commercial business 45,250 30 (6,364) 4,862 10,934 54,712 Agriculture 9,052 38 (322) 355 (975) 8,148 Construction 7,636 35 — 593 (2,867) 5,397 Consumer loans: One-to-four family residential real estate 16,875 286 (170) 907 6,225 24,123 Other consumer 1,393 2 (1,163) 735 977 1,944 Unallocated — — — — — — Total $ 149,140 $ 2,616 $ (9,063) $ 8,085 $ 4,800 $ 155,578 Beginning Balance Impact of Adopting ASC 326 Charge-offs Recoveries Provision Ending Balance Year Ended December 31, 2020 (in thousands) Commercial loans: Commercial real estate $ 20,340 $ 7,533 $ (1,419) $ 131 $ 42,349 $ 68,934 Commercial business 30,292 762 (12,396) 3,438 23,154 45,250 Agriculture 15,835 (9,325) (6,427) 172 8,797 9,052 Construction 8,571 (1,750) — 709 106 7,636 Consumer loans: One-to-four family residential real estate 7,435 4,237 (84) 2,083 3,204 16,875 Other consumer 883 778 (766) 399 99 1,393 Unallocated 612 (603) — — (9) — Total $ 83,968 $ 1,632 $ (21,092) $ 6,932 $ 77,700 $ 149,140 The $2.9 million increase in the ACL at December 31, 2022 compared to the ACL at December 31, 2021 was primarily due to the increase in the size of the loan portfolio. This was partially offset by significant improvement in the portfolio composition with declining special mention and substandard loans as a percentage of the portfolio, lower anticipated losses given default and the reductions of pandemic-related model inputs. The ACL does not include a reserve for the PPP loans as these loans are fully guaranteed by the SBA. Changes in the allowance for unfunded commitments and letters of credit, a component of “Other liabilities” in the Consolidated Balance Sheets, are summarized as follows: Years Ended December 31, 2022 2021 2020 (in thousands) Beginning balance $ 8,500 $ 8,300 $ 3,430 Impact of Adopting ASC 326 — — 1,570 Net changes in the allowance for unfunded commitments and letters of credit (500) 200 3,300 Ending balance $ 8,000 $ 8,500 $ 8,300 Credit Quality Indicators The extension of credit in the form of loans or other credit products to consumer and commercial clients is one of our principal business activities. Our policies and applicable laws and regulations require risk analysis as well as ongoing portfolio and credit management. We manage our credit risk through lending limit constraints, credit review, approval policies and extensive, ongoing internal monitoring. We also manage credit risk through diversification of the loan portfolio by type of loan, type of industry and type of borrower and by limiting the aggregation of debt to a single borrower. We evaluate the credit quality of our loan portfolio using regulatory risk ratings, which are based on relevant information about the borrower’s financial condition, including current financial condition, historical payment experience, credit documentation and current economic trends. Risk ratings are reviewed and updated whenever appropriate, with more periodic reviews as the risk and dollar value of the loss on the loan increases. All loans risk rated special mention or worse with amortized costs exceeding $250,000 are reviewed at least quarterly with more frequent review for specific loans. Pass rated loans are generally considered to have sufficient sources of repayment in order to repay the loan in full in accordance with all terms and conditions. Special Mention rated loans have potential weaknesses that, if left uncorrected, may result in deterioration of the repayment prospects for the asset or in the Company’s credit position at some future date. Loans with a risk rating of Substandard or worse are reviewed to assess the ability of our borrowers to service all interest and principal obligations and, as a result, the risk rating or accrual status may be adjusted accordingly. Loans risk rated as Substandard reflect loans where a loss is possible if loan weaknesses are not corrected. Doubtful rated loans have a high probability of loss; however, the amount of loss has not yet been determined. Loss rated loans are considered uncollectible and when identified, are charged-off. The following is an analysis of the credit quality of our loan portfolio as of December 31, 2022 and 2021: Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Amortized Cost Basis Term Loans Amortized Cost Basis by Origination Year 2022 2021 2020 2019 2018 Prior Total (1) December 31, 2022 (in thousands) Commercial loans: Commercial real estate Pass $ 1,182,136 $ 1,009,480 $ 636,056 $ 588,494 $ 394,552 $ 1,295,185 $ 75,487 $ 12,551 $ 5,193,941 Special mention 1,698 — 1,357 15,199 1,513 13,590 — — 33,357 Substandard 318 7,460 20,317 30,422 2,904 60,343 3,723 — 125,487 Total commercial real estate $ 1,184,152 $ 1,016,940 $ 657,730 $ 634,115 $ 398,969 $ 1,369,118 $ 79,210 $ 12,551 $ 5,352,785 Commercial business Pass $ 521,615 $ 658,452 $ 337,927 $ 208,199 $ 159,105 $ 247,086 $ 1,456,332 $ 9,736 $ 3,598,452 Special mention 1,129 3,681 617 6,335 187 193 17,988 74 30,204 Substandard 2,716 6,162 2,210 16,164 20,321 28,402 39,037 6,896 121,908 Total commercial business $ 525,460 $ 668,295 $ 340,754 $ 230,698 $ 179,613 $ 275,681 $ 1,513,357 $ 16,706 $ 3,750,564 Agriculture Pass $ 141,623 $ 119,538 $ 68,621 $ 67,689 $ 20,570 $ 91,411 $ 301,607 $ 1,345 $ 812,404 Special mention 3,890 659 — 198 — 33 598 — 5,378 Substandard 1,425 1,280 2,104 2,986 20 6,105 17,201 — 31,121 Total agriculture $ 146,938 $ 121,477 $ 70,725 $ 70,873 $ 20,590 $ 97,549 $ 319,406 $ 1,345 $ 848,903 Construction Pass $ 220,558 $ 208,472 $ 20,334 $ 14,329 $ 2,437 $ 3,192 $ 67,559 $ 1,037 $ 537,918 Special mention — 734 — — — — — — 734 Substandard — — — 1,717 443 49 — — 2,209 Total construction $ 220,558 $ 209,206 $ 20,334 $ 16,046 $ 2,880 $ 3,241 $ 67,559 $ 1,037 $ 540,861 Consumer loans: One-to-four family residential real estate Pass $ 156,406 $ 354,364 $ 124,150 $ 37,546 $ 39,054 $ 84,403 $ 277,930 $ 1,288 $ 1,075,141 Substandard — — — 253 498 932 510 160 2,353 Total one-to-four family residential real estate $ 156,406 $ 354,364 $ 124,150 $ 37,799 $ 39,552 $ 85,335 $ 278,440 $ 1,448 $ 1,077,494 Other consumer Pass $ 5,235 $ 2,614 $ 1,169 $ 819 $ 1,209 $ 7,833 $ 21,276 $ 201 $ 40,356 Substandard — — — — — 10 — — 10 Total consumer $ 5,235 $ 2,614 $ 1,169 $ 819 $ 1,209 $ 7,843 $ 21,276 $ 201 $ 40,366 Total $ 2,238,749 $ 2,372,896 $ 1,214,862 $ 990,350 $ 642,813 $ 1,838,767 $ 2,279,248 $ 33,288 $ 11,610,973 Less: Allowance for credit losses 158,438 Loans, net $ 11,452,535 _________ (1) Loans that are on short-term deferments are treated as Pass loans and will not be reported as past due provided that they are performing in accordance with the modified terms. Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Amortized Cost Basis Term Loans Amortized Cost Basis by Origination Year 2021 2020 2019 2018 2017 Prior Total December 31, 2021 (in thousands) Commercial loans: Commercial real estate Pass $ 1,068,493 $ 760,545 $ 650,593 $ 492,348 $ 515,233 $ 1,180,115 $ 74,754 $ 3,644 $ 4,745,725 Special mention 2,252 — 19,016 6,196 163 27,270 — 2,199 57,096 Substandard 4,119 5,897 45,769 9,112 29,917 82,599 1,029 — 178,442 Total commercial real estate $ 1,074,864 $ 766,442 $ 715,378 $ 507,656 $ 545,313 $ 1,289,984 $ 75,783 $ 5,843 $ 4,981,263 Commercial business Pass $ 891,957 $ 426,004 $ 280,823 $ 217,605 $ 144,363 $ 232,356 $ 1,028,616 $ 35,411 $ 3,257,135 Special mention 621 135 6,097 747 105 51 34,256 236 42,248 Substandard 4,329 4,610 18,393 28,066 20,568 27,462 18,796 1,661 123,885 Total commercial business $ 896,907 $ 430,749 $ 305,313 $ 246,418 $ 165,036 $ 259,869 $ 1,081,668 $ 37,308 $ 3,423,268 Agriculture Pass $ 147,561 $ 87,964 $ 74,658 $ 29,739 $ 46,058 $ 79,693 $ 266,573 $ 5,448 $ 737,694 Special mention 162 — 445 — — — 565 — 1,172 Substandard — 7,717 9,148 1,616 5,532 1,833 29,125 1,878 56,849 Total agriculture $ 147,723 $ 95,681 $ 84,251 $ 31,355 $ 51,590 $ 81,526 $ 296,263 $ 7,326 $ 795,715 Construction Pass $ 228,661 $ 53,880 $ 35,795 $ 3,183 $ 3,285 $ 2,189 $ 55,765 $ — $ 382,758 Substandard — — 1,748 — — 249 — — 1,997 Total construction $ 228,661 $ 53,880 $ 37,543 $ 3,183 $ 3,285 $ 2,438 $ 55,765 $ — $ 384,755 Consumer loans: One-to-four family residential real estate Pass $ 390,153 $ 140,799 $ 56,520 $ 51,549 $ 32,447 $ 111,307 $ 222,747 $ 1,347 $ 1,006,869 Substandard 85 470 183 562 234 4,736 485 284 7,039 Total one-to-four family residential real estate $ 390,238 $ 141,269 $ 56,703 $ 52,111 $ 32,681 $ 116,043 $ 223,232 $ 1,631 $ 1,013,908 Other consumer Pass $ 7,045 $ 2,711 $ 1,950 $ 13,489 $ 560 $ 1,277 $ 15,853 $ 97 $ 42,982 Substandard — — — — 1 13 23 9 46 Total consumer $ 7,045 $ 2,711 $ 1,950 $ 13,489 $ 561 $ 1,290 $ 15,876 $ 106 $ 43,028 Total $ 2,745,438 $ 1,490,732 $ 1,201,138 $ 854,212 $ 798,466 $ 1,751,150 $ 1,748,587 $ 52,214 $ 10,641,937 Less: Allowance for credit losses 155,578 Loans, net $ 10,486,359 |
Other Real Estate Owned
Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2022 | |
Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract] | |
Other Real Estate Owned [Text Block] | Other Real Estate Owned The following table sets forth activity in OREO for the periods indicated: Years Ended December 31, 2022 2021 (in thousands) Balance, beginning of period $ 381 $ 553 Valuation adjustments (182) (140) Proceeds from sale of OREO property (200) (132) Gain on sale of OREO, net 1 100 Balance, end of period $ — $ 381 At December 31, 2022, there were no foreclosed residential real estate properties held as a result of obtaining physical possession and there were no consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment [Text Block] | Premises and Equipment Real and personal property and software, less accumulated depreciation and amortization, were as follows: December 31, 2022 2021 (in thousands) Land $ 50,393 $ 52,639 Buildings 116,005 119,546 Leasehold improvements 32,694 31,084 Furniture and equipment 40,712 41,313 Vehicles 525 476 Computer software 8,385 9,942 Total cost 248,714 255,000 Less accumulated depreciation and amortization (88,136) (82,856) Total $ 160,578 $ 172,144 Total depreciation and amortization expense was $11.7 million, $11.0 million, and $10.7 million, for the years ended December 31, 2022, 2021, and 2020, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets [Text Block] | Goodwill and Other Intangible Assets Goodwill is not amortized but is reviewed for potential impairment at the reporting unit level. Management analyzes its goodwill for impairment on an annual basis and between annual tests in certain circumstances such as upon material adverse changes in legal, business, regulatory and economic factors. An impairment loss is recorded to the extent that the carrying amount of goodwill exceeds its implied fair value. The Company performed its annual impairment assessment as of July 31, 2022 and concluded that there was no impairment. As of December 31, 2022, we determined there were no events or circumstances which would more likely than not reduce the fair value of our reporting unit below its carrying amount. Our CDIs are evaluated for impairment if events and circumstances indicate possible impairment. The CDIs are amortized on an accelerated basis over an estimated life of 10 years each. The following table sets forth activity for goodwill and other intangible assets for the periods indicated: Years Ended December 31, 2022 2021 2020 (in thousands) Goodwill, beginning of period $ 823,172 $ 765,842 $ 765,842 Established through acquisition (1) — 57,330 — Total goodwill, end of period 823,172 823,172 765,842 Other intangible assets, net CDI: Gross CDI balance, beginning of period (2) 88,931 78,821 105,473 Accumulated amortization, beginning of period (55,203) (53,006) (70,934) CDI, net, beginning of period 33,728 25,815 34,539 Established through acquisition — 15,900 — CDI current period amortization (8,698) (7,987) (8,724) Total CDI, end of period 25,030 33,728 25,815 Intangible assets not subject to amortization 919 919 919 Other intangible assets, net at end of period 25,949 34,647 26,734 Total goodwill and intangible assets, end of period $ 849,121 $ 857,819 $ 792,576 __________ (1) See Note 2, Business Combinations, for additional information regarding the goodwill related to the acquisition of Bank of Commerce on October 1, 2021. (2) For the year ended December 31, 2021, the gross CDI balance, beginning of period has been adjusted to remove fully amortized amounts. Prior period columns have not been adjusted. The following table provides the estimated future amortization expense of CDI for the succeeding five years: Years Ending December 31, (in thousands) 2023 $ 7,082 2024 5,673 2025 4,366 2026 3,225 2027 2,083 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Lessee, Operating Leases [Text Block] | Leases Lease Commitments The Company’s lease commitments consist primarily of leased locations under various non-cancellable operating leases that expire between 2023 and 2043. The majority of the leases contain renewal options and provisions for increases in rental rates based on an agreed upon index or predetermined escalation schedule. The following table shows the details of the Company’s operating lease right-of-use asset and the associated lease liability for the period indicated: December 31, Item Balance Sheet Location 2022 2021 (in thousands) Operating lease asset Other assets $ 53,156 $ 60,296 Operating lease liability Other liabilities $ 58,543 $ 66,375 At December 31, 2022, the Company’s operating leases have a weighted average remaining lease term of 7.0 years and a weighted average discount rate of 2.5%. Cash paid for amounts included in the measurement of operating lease liabilities was $12.6 million and $12.5 million for the years ended December 31, 2022 and 2021, respectively. Right-of-use assets obtained in exchange for new operating lease liabilities during the years ended December 31, 2022 and 2021 were $1.9 million and $7.2 million, respectively. The following table shows the components of net lease costs: Years Ended December 31, Item Statement of Income Location 2022 2021 2020 (in thousands) Operating lease cost (1) Occupancy $ 12,133 $ 11,760 $ 11,073 Variable lease cost Occupancy 1,987 1,800 1,732 Sublease income Occupancy (1,634) (1,562) (1,454) Net lease cost $ 12,486 $ 11,998 $ 11,351 __________ (1) Includes short-term lease costs, which are immaterial. The following table shows the maturity analysis for operating leases as of December 31, 2022: Years Ending December 31, (in thousands) 2023 $ 11,597 2024 10,454 2025 9,110 2026 7,898 2027 6,851 Thereafter 18,269 Total future minimum lease payments 64,179 Amounts representing interest (5,636) Present value of minimum lease payments $ 58,543 Sale-leaseback transactions: In 2022, the Company sold one of its Oregon facilities and leased back two suites within the building. The lease terms are through September 2032 and September 2024, with monthly payments of approximately $13 thousand and $9 thousand, respectively. The sale-leaseback transaction resulted in a pre-tax gain of $3.7 million in the year ended December 31, 2022. For additional detail regarding the lease guidance, see N ote 1 , “Summary of Significant Accounting Policies.” |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2022 | |
Deposits [Abstract] | |
Deposits [Text Block] | Deposits Year-end deposits are summarized in the following table: December 31, 2022 (1) 2021 (in thousands) Demand and other noninterest-bearing $ 8,373,350 $ 8,856,714 Money market 2,972,838 3,525,299 Interest-bearing demand 1,980,631 1,999,407 Savings 1,555,765 1,617,546 Interest-bearing public funds, other than certificates of deposit 670,580 779,146 Certificates of deposit, less than $250,000 215,848 249,120 Certificates of deposit, $250,000 or more 124,411 160,490 Certificates of deposit insured by CD Option of IntraFi Network Deposits 21,828 35,611 Reciprocal money market accounts 796,199 786,046 Subtotal 16,711,450 18,009,379 Valuation adjustment resulting from acquisition accounting — 736 Total deposits $ 16,711,450 $ 18,010,115 __________ (1) Includes $259.4 million of noninterest-bearing deposits and $325.7 million of interest-bearing deposits classified as held for sale at December 31, 2022. Overdrafts of $1.6 million and $2.4 million were reclassified as loan balances at December 31, 2022 and 2021, respectively. The following table shows the amount and maturity of time deposits: Years Ending December 31, (in thousands) 2023 (1) $ 266,873 2024 62,907 2025 14,325 2026 9,688 2027 8,284 Thereafter 10 Total $ 362,087 __________ (1) Includes $23.9 million of time deposits held for sale. |
Federal Home Loan Bank and Fede
Federal Home Loan Bank and Federal Reserve Bank Borrowings | 12 Months Ended |
Dec. 31, 2022 | |
Federal Home Loan Bank and Federal Reserve Bank Borrowings [Abstract] | |
Federal Home Loan Bank and Federal Reserve Bank Borrowings [Text Block] | FHLB and FRB Borrowings FHLB The Company has entered into borrowing arrangements with the FHLB to borrow funds under a short-term floating rate fed funds overnight advance program and fixed-term loan agreements. All borrowings are secured by stock of the FHLB and a blanket pledge of qualifying loans receivable. The Company had aggregate borrowing capacity with the FHLB of $1.92 billion and $2.18 billion for the years ended December 31, 2022 and 2021, respectively and the Company had borrowed $954.0 million as of December 31, 2022 and $7.0 million as of December 31, 2021. See Note 5, “Loans ,” for the carrying value of pledged loans. At December 31, 2022, FHLB advances were scheduled to mature as follows: Federal Home Loan Bank Advances Weighted Average Rate Amount (dollars in thousands) Within 1 year 4.42 % $ 949,000 Due after 10 years 5.37 % 5,000 Total 954,000 Valuation adjustment from acquisition accounting 315 Total $ 954,315 The maximum, average outstanding and year end balances and average interest rates on advances from the FHLB were as follows for the years ended December 31, 2022, 2021 and 2020: Years ended December 31, 2022 2021 2020 (dollars in thousands) Balance at end of period $ 954,315 $ 7,359 $ 7,414 Average balance during period $ 112,012 $ 7,388 $ 341,643 Maximum month end balance during period $ 954,315 $ 7,409 $ 1,005,464 Weighted average rate during period 4.23 % 4.94 % 1.82 % Weighted average rate at December 31 4.43 % 4.94 % 4.94 % FRB The Company pledges securities and loans for borrowing capacity at the FRB and had a borrowing capacity with the FRB of $198.8 million and $226.0 million for the years ended December 31, 2022 and 2021, respectively. See Note 4, “Securities,” for the carrying value of pledged investment securities and Note 5, “Loans,” |
Securities Sold Under Agreement
Securities Sold Under Agreements to Repurchase | 12 Months Ended |
Dec. 31, 2022 | |
Securities Sold under Agreements to Repurchase [Abstract] | |
Securities sold under agreements to repurchase [Text Block] | Securities Sold Under Agreements to RepurchaseThe Company’s securities sold under agreements to repurchase consist of sweep repurchase agreements that are generally short-term agreements. These agreements are treated as financing transactions and the obligations to repurchase securities sold are reflected as a liability in the Consolidated Financial Statements. The dollar amount of securities underlying the agreements remains in the applicable asset account of the Consolidated Financial Statements. These agreements had a balance of $95.2 million and a weighted average interest rate of 3.94% at December 31, 2022. All of these repurchase agreements in existence at December 31, 2022 mature on a daily basis. Securities available for sale with a carrying amount of $106.1 million at December 31, 2022 were pledged as collateral for the sweep repurchase agreement borrowings. |
Subordinated debentures
Subordinated debentures | 12 Months Ended |
Dec. 31, 2022 | |
Subordinated Borrowing [Line Items] | |
Subordinated Borrowings Disclosure [Text Block] | Subordinated DebenturesOn October 1, 2021, with its acquisition of Bank of Commerce, the Company assumed $10.0 million in aggregate principal amount of fixed-to-floating rate subordinated debentures. Interest on the subordinated debentures will be paid at a variable rate equal to three-month LIBOR plus 5.26%, payable quarterly until the maturity date of December 10, 2025. |
Junior subordinated debentures
Junior subordinated debentures | 12 Months Ended |
Dec. 31, 2022 | |
Junior subordinated debentures [Abstract] | |
Junior Subordinated Debentures [Text Block] | Junior Subordinated DebenturesOn October 1, 2021, with its acquisition of Bank of Commerce, the Company assumed $10.3 million of trust preferred obligations. These obligations bear a contractual interest rate of junior subordinated debentures based on the three-month LIBOR plus 1.58% adjusted quarterly and are redeemable at the Company’s option on any March 15, June 15, September 15, or December 15. |
Revolving line of credit
Revolving line of credit | 12 Months Ended |
Dec. 31, 2022 | |
Line of Credit | |
Line of Credit Facility [Line Items] | |
Short-term Debt [Text Block] | Revolving Line of CreditThe Company has a $15.0 million short-term credit facility with an unaffiliated bank. This facility, which expires May 25, 2023, has a variable interest rate and provides the Company additional liquidity, if needed, for various corporate activities. As of December 31, 2022, there was no outstanding balance. The credit agreement requires the Company to comply with certain covenants, including those related to asset quality and capital levels. The Company was in compliance with all covenants associated with this facility at December 31, 2022. |
Derivatives and Balance Sheet O
Derivatives and Balance Sheet Offsetting | 12 Months Ended |
Dec. 31, 2022 | |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |
Derivatives and Balance Sheet Offsetting [Text Block] | Derivatives and Balance Sheet Offsetting The Company is exposed to certain risks arising from both its business and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources and duration of its assets and liabilities as well as the use of derivative financial instruments. Specifically, the Company enters into interest rate-based derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts. The Company’s derivative financial instruments are used to manage differences in the amount, timing and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s loan portfolio. The Company’s objectives in using interest rate derivatives are to add stability to interest income and to manage its exposure to interest rate movements. To accomplish this objective, the Company used an interest rate collar as part of its interest rate risk management strategy. Interest rate collars designated as cash flow hedges involve the payments of variable-rate amounts if interest rates rise above the cap strike rate on the contract and receipts of variable-rate amounts if interest rates fall below the floor strike rate on the contract. These derivative contracts were used to hedge the variable cash flows associated with existing variable-rate assets. With respect to derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income (loss) and subsequently reclassified into interest income in the same period(s) during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income (loss) related to derivatives are reclassified to interest income as interest payments are received on the Company’s variable-rate assets. During the next 12 months, the Company estimates that there will be $10.4 million reclassified as an increase to interest income. The Company may use derivatives to hedge the risk or changes in the fair values of interest rate lock commitments and residential mortgage loans held for sale. These derivatives are not designated as hedging instruments. Rather, they are accounted for as free-standing derivatives, or economic hedges, with changes in the fair value of the derivatives reported in income. The Company primarily utilizes interest rate forward loan sales contracts in its derivative risk management strategy. The Company enters into forward delivery contracts to sell residential mortgage loans to broker/dealers at specific prices and dates in order to hedge the interest rate risk in its portfolio of mortgage loans held for sale and its residential mortgage interest rate lock commitments. Credit risk associated with forward contracts is limited to the replacement cost of those forward contracts in a gain position. There were no counterparty default losses on forward contracts during the years ended December 31, 2022, 2021 and 2020. Market risk with respect to forward contracts arises principally from changes in the value of contractual positions due to changes in interest rates. The Bank limits its exposure to market risk by monitoring differences between commitments to customers and forward contracts with broker/dealers. In the event the Company has forward delivery contract commitments in excess of available mortgage loans, the Company completes the transaction by either paying or receiving a fee to or from the broker/dealer equal to the increase or decrease in the market value of the forward contract. At December 31, 2022 the Bank had no commitments to originate mortgage loans held for sale under the mandatory delivery method and had $21.8 million of loans held for sale under the mandatory delivery method at December 31, 2021. The Bank had no forward sales commitments at December 31, 2022 and had $18.5 million at December 31, 2021, which are used to hedge both on-balance sheet and off-balance sheet exposures. In addition, the Company periodically enters into certain commercial loan interest rate swap agreements in order to provide commercial loan customers the ability to convert from variable to fixed interest rates. Under these agreements, the Company enters into a variable-rate loan agreement with a customer in addition to a swap agreement. This swap agreement effectively converts the customer’s variable rate loan into a fixed rate loan. The Company then enters into a corresponding swap agreement with a third party in order to offset its exposure on the variable and fixed components of the customer agreement. As the interest rate swap agreements with the customers and third parties are not designated as hedges under the Derivatives and Hedging topic of the FASB ASC, the instruments are marked to market in earnings. The notional amount of open interest rate swap agreements at December 31, 2022 and 2021 was $520.9 million and $570.2 million, respectively. The following table presents the fair value of derivatives, as well as their classification on the Balance Sheet at December 31, 2022 and 2021: Asset Derivatives Liability Derivatives 2022 2021 2022 2021 Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value (in thousands) Derivatives not designated as hedging instruments: Interest rate lock commitments Other assets $ — Other assets $ 356 Other liabilities $ — Other liabilities $ — Interest rate forward loan sales contracts Other assets $ — Other assets $ — Other liabilities $ — Other liabilities $ 27 Interest rate swap contracts Other assets $ 40,289 Other assets $ 24,257 Other liabilities $ 40,289 Other liabilities $ 24,257 The table below presents the effect of cash flow hedge accounting on accumulated other comprehensive income (loss) for the years ended December 31, 2022 and 2021: Amount of Gain or (Loss) Recognized in Accumulated Other Comprehensive Income on Derivative Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Years Ended December 31, Years Ended December 31, 2022 2021 2022 2021 (in thousands) Interest rate collar $ — $ — Interest income $ 10,441 $ 10,441 In January 2019, the Company entered into a $500.0 million notional interest rate collar with a five-year term. In October 2020, the collar was terminated and resulted in a $34.4 million realized gain that was recorded in accumulated other comprehensive income, net of deferred income taxes. The gain will amortize through February 2024 into interest income. The gain will be amortized in this manner as long as the cash flows pertaining to the hedged item are expected to occur. The following table summarizes the types of derivatives not designated as hedging instruments and the gains (losses) recorded during the years ended December 31, 2022, 2021 and 2020: Years ended December 31, 2022 2021 2020 (in thousands) Interest rate lock commitments $ (356) $ (740) $ 1,096 Interest rate forward loan sales contracts 27 139 (165) Interest rate swap contracts — 50 (452) Total derivative gains (losses) $ (329) $ (551) $ 479 The gains and losses on the Company’s mortgage banking derivatives are included in loan revenue. Mark-to-market gains and losses on the Company’s interest rate swap contracts are recorded to “Other” noninterest expense. The Company is party to interest rate swap contracts, interest rate collar and repurchase agreements that are subject to enforceable master netting arrangements or similar agreements. Under these agreements, the Company may have the right to net settle multiple contracts with the same counterparty. The following tables show the gross interest rate swap contracts, collar agreements and repurchase agreements in the Consolidated Balance Sheets and the respective collateral received or pledged in the form of cash or other financial instruments. The collateral amounts in these tables are limited to the outstanding balances of the related asset or liability. Therefore, instances of overcollateralization are not shown. Gross Amounts of Recognized Assets/Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Assets/Liabilities Presented in the Consolidated Balance Sheets Gross Amounts Not Offset in the Consolidated Balance Sheets Collateral Pledged/Received Net Amount December 31, 2022 (in thousands) Assets Interest rate swap contracts $ 40,289 $ — $ 40,289 $ (39,450) $ 839 Liabilities Interest rate swap contracts $ 40,289 $ — $ 40,289 $ (180) $ 40,109 Repurchase agreements $ 95,168 $ — $ 95,168 $ (95,168) $ — December 31, 2021 Assets Interest rate swap contracts $ 24,257 $ — $ 24,257 $ (450) $ 23,807 Liabilities Interest rate swap contracts $ 24,257 $ — $ 24,257 $ (20,747) $ 3,510 Repurchase agreements $ 86,013 $ — $ 86,013 $ (86,013) $ — The Company’s agreements with each of its derivative counterparties provide that if the Company defaults or is capable of being declared in default on any of its indebtedness, the Company could also be declared in default on its derivative obligations. The following table presents the class of collateral pledged for repurchase agreements as well as the remaining contractual maturity of the repurchase agreements: Remaining contractual maturity of the agreements Overnight and continuous Up to 30 days 30 - 90 days Greater than 90 days Total December 31, 2022 (in thousands) Class of collateral pledged for repurchase agreements U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations $ 95,168 $ — $ — $ — $ 95,168 Gross amount of recognized liabilities for repurchase agreements 95,168 Amounts related to agreements not included in offsetting disclosure $ — The collateral utilized for the Company’s repurchase agreements is subject to market fluctuations as well as prepayments of principal. The Company monitors the risk of the fair value of its pledged collateral falling below acceptable amounts based on the type of the underlying repurchase agreement. The pledged collateral related to the Company’s $95.2 million sweep repurchase agreements, which mature on an overnight basis, is monitored on a daily basis as the underlying sweep accounts can have frequent transaction activity and the amount of pledged collateral is adjusted as necessary. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans [Text Block] | Employee Benefit Plans 401(k) Plan The Company maintains defined contribution and profit sharing plans in conformity with the provisions of section 401(k) of the Internal Revenue Code. The Columbia Bank 401(k) Plan, permits Columbia Bank employees who are at least 18 years of age to contribute up to 75% of their eligible compensation to the 401(k) Plan starting on the first day of the month following their hire date. On a per pay period basis the Company is required to match 50% of employee contributions up to 3% of each employee’s eligible compensation. The Company contributed $3.5 million during 2022, $4.0 million during 2021 and $3.8 million during 2020, in matching funds to the 401(k) Plan. Additionally, as determined annually by the board of directors of the Company, the 401(k) Plan provides for a non-matching discretionary profit sharing contribution. The Company’s discretionary profit sharing contributions were $8.0 million during 2022, $7.7 million during 2021 and $8.1 million during 2020. Employee Stock Purchase Plan The Company maintains an ESP Plan in which substantially all employees of the Company are eligible to participate. The ESP Plan provides participants the opportunity to purchase common stock of the Company at a discounted price. Under the ESP Plan, participants can purchase common stock of the Company for 90% of the lowest price on either the first or last day in each of two look-back periods of six months from January 1st through June 30th and July 1st through December 31st of each calendar year. The 10% discount is recognized by the Company as compensation expense and does not have a material impact on net income or earnings per common share. Participants of the ESP Plan purchased 74,627 shares for $2.2 million in 2022, 63,586 shares for $2.3 million in 2021 and 79,297 shares for $2.2 million in 2020. At December 31, 2022 there were 85,646 shares available for purchase under the ESP Plan. Supplemental Compensation Plan The Company maintains Unit Plans to provide benefits for certain employees. The Unit Plans generally vest over a 10 year period and provide a fixed annual benefit over the subsequent 10 year period. The liability associated with these plans was $3.8 million at both December 31, 2022 and 2021. Expense associated with these plans for the years ended December 31, 2022, 2021 and 2020 was $471 thousand, $363 thousand and $488 thousand, respectively. Supplemental Executive Retirement Plan The Company maintains a SERP, a nonqualified deferred compensation plan that provides retirement benefits to certain highly compensated executives. The SERP is unsecured and unfunded and there are no program assets. The SERP projected benefit obligation, which represents the vested net present value of future payments to individuals under the plan is accrued over the estimated remaining term of employment of the participants and has been determined by actuarial valuation using a discount rate of 5.25% for 2022 and 2.84% for 2021. Additional assumptions and features of the plan are a normal retirement age of 65 and a 2% annual cost of living benefit adjustment. The projected benefit obligation is included in “Other liabilities” on the Consolidated Balance Sheets. The following table reconciles the accumulated liability for the projected benefit obligation: December 31, 2022 2021 (in thousands) Balance, beginning of year $ 32,094 $ 27,402 Established through acquisitions — 4,889 Actuarial loss (gain) (5,850) (732) Benefit expense 1,854 1,735 Benefit payments (1,567) (1,200) Balance, end of year $ 26,531 $ 32,094 The benefits expected to be paid in conjunction with the SERP are presented in the following table: Years Ending December 31, (in thousands) 2023 $ 1,856 2024 2,155 2025 2,348 2026 2,311 2027 2,294 2028 through 2032 9,553 Total $ 20,517 |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities [Text Block] | Commitments and Contingent Liabilities Financial Instruments with Off-Balance Sheet Risk - In the normal course of business, the Company makes loan commitments (typically unfunded loans and unused lines of credit) and issues standby letters of credit to accommodate the financial needs of its customers. Standby letters of credit commit the Company to make payments on behalf of customers under specified conditions. Historically, no significant losses have been incurred by the Company under standby letters of credit. Both arrangements have credit risk essentially the same as that involved in extending loans to customers and are subject to the Company’s normal credit policies, including collateral requirements, where appropriate. At December 31, 2022 and 2021, the Company’s loan commitments were $3.91 billion and $3.50 billion, respectively. Standby letters of credit were $33.2 million and $36.0 million at December 31, 2022 and 2021, respectively. Legal Proceedings - The Company and its subsidiaries are from time to time defendants in and are threatened with various legal proceedings arising from their regular business activities. Management, after consulting with legal counsel, is of the opinion that the ultimate liability, if any, resulting from these pending or threatened actions and proceedings will not have a material effect on the financial statements of the Company. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity [Text Block] | Shareholders’ Equity Dividends The following summarizes the dividend activity for the year ended December 31, 2022: Declared Regular Cash Dividends Per Common Share Record Date Paid Date January 19, 2022 $ 0.30 February 2, 2022 February 16, 2022 April 21, 2022 $ 0.30 May 4, 2022 May 18, 2022 July 21, 2022 $ 0.30 August 3, 2022 August 17, 2022 October 5, 2022 $ 0.30 October 17, 2022 October 28, 2022 Subsequent to year end, on January 24, 2023, the Company declared a regular quarterly cash dividend of $0.30 per common share payable on February 21, 2023, to shareholders of record at the close of business on February 6, 2023. The payment of cash dividends is subject to federal regulatory requirements for capital levels and other restrictions. In addition, the cash dividends paid by Columbia Bank to the Company are subject to both federal and state regulatory requirements. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2022 | |
Accumulated Other Comprehensive Income [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Accumulated Other Comprehensive Loss The following table shows changes in accumulated other comprehensive income (loss) by component for the years ended December 31, 2022, 2021 and 2020: Unrealized Gains and Losses on Available for Sale Securities (1) Unrealized Gains and Losses on Pension Plan Liability (1) Unrealized Gains and Losses on Hedging Instruments (1) Total (1) Year Ended December 31, 2022 (in thousands) Beginning balance $ 23,134 $ (4,812) $ 16,840 $ 35,162 Other comprehensive income (loss) before reclassifications (536,262) 4,533 — (531,729) Amounts reclassified from accumulated other comprehensive income (2) (6,067) 402 (8,263) (13,928) Net current-period other comprehensive income (loss) (542,329) 4,935 (8,263) (545,657) Ending balance $ (519,195) $ 123 $ 8,577 $ (510,495) Year Ended December 31, 2021 Beginning balance $ 163,174 $ (5,833) $ 24,854 $ 182,195 Other comprehensive income (loss) before reclassifications (137,482) 562 — (136,920) Amounts reclassified from accumulated other comprehensive income (2) (2,558) 459 (8,014) (10,113) Net current-period other comprehensive income (loss) (140,040) 1,021 (8,014) (147,033) Ending balance $ 23,134 $ (4,812) $ 16,840 $ 35,162 Year Ended December 31, 2020 Beginning balance $ 33,038 $ (3,974) $ 11,303 $ 40,367 Other comprehensive income (loss) before reclassifications 130,355 (2,177) 20,012 148,190 Amounts reclassified from accumulated other comprehensive income (2) (219) 318 (6,461) (6,362) Net current-period other comprehensive income (loss) 130,136 (1,859) 13,551 141,828 Ending balance $ 163,174 $ (5,833) $ 24,854 $ 182,195 __________ (1) All amounts are net of tax. Amounts in parentheses indicate debits. (2) See following table for details about these reclassifications. The following table shows details regarding the reclassifications from accumulated other comprehensive income for the years ended December 31, 2022, 2021 and 2020: Amount Reclassified from Accumulated Other Comprehensive Income Affected line Item in the Consolidated Statement of Income Years Ended December 31, 2022 2021 2020 (in thousands) Unrealized gains (losses) on available for sale debt securities $ (9) $ 315 $ 285 Investment securities gains (losses), net Amortization of unrealized gains related to securities transfer 7,814 3,018 — Taxable securities 7,805 3,333 285 Total before tax (1,738) (775) (66) Income tax provision $ 6,067 $ 2,558 $ 219 Net of tax Amortization of pension plan liability actuarial losses $ (524) $ (598) $ (414) Compensation and employee benefits (524) (598) (414) Total before tax 122 139 96 Income tax provision $ (402) $ (459) $ (318) Net of tax Unrealized gains from hedging instruments $ 10,441 $ 10,441 $ 8,418 Loans 10,441 10,441 8,418 Total before tax (2,178) (2,427) (1,957) Income tax provision $ 8,263 $ 8,014 $ 6,461 Net of tax |
Fair Value Accounting and Measu
Fair Value Accounting and Measurement | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Accounting and Measurement [Text Block] | Fair Value Accounting and Measurement The Fair Value Measurements and Disclosures topic of the FASB ASC defines fair value, establishes a consistent framework for measuring fair value and expands disclosure requirements about fair value. We hold fixed and variable rate interest-bearing securities, investments in marketable equity securities and certain other financial instruments, which are carried at fair value. Fair value is determined based upon quoted prices when available or through the use of alternative approaches, such as matrix or model pricing, when market quotes are not readily accessible or available. The valuation techniques are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our own market assumptions. These two types of inputs create the following fair value hierarchy: Level 1 – Quoted prices for identical instruments in active markets that are accessible at the measurement date. Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3 – Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable. Fair values are determined as follows: Debt securities at fair value are priced using a combination of market activity, industry recognized information sources, yield curves, discounted cash flow models and other factors. These fair value calculations are considered a Level 2 input method under the provisions of the Fair Value Measurements and Disclosures topic of the FASB ASC for all debt securities. Loans held for sale include the fair value of residential mortgage loans originated as held for sale determined based on quoted secondary market prices for similar loans, including the implicit fair value of embedded servicing rights. The change in fair value of loans held for sale is primarily driven by changes in interest rates subsequent to loan funding and changes in the fair value of the related servicing asset, resulting in revaluation adjustments to the recorded fair value. The fair value of the interest rate lock commitments and interest rate forward loan sales contracts are estimated using quoted or published market prices for similar instruments, adjusted for factors such as pull-through rate assumptions based on historical information, where appropriate. The pull-through rate assumptions are considered Level 3 valuation inputs and are significant to the interest rate lock commitment valuation; as such, the interest rate lock commitment derivatives are classified as Level 3. Interest rate swap contracts and the interest rate collar are valued in models, which use as their basis, readily observable market parameters and are classified within Level 2 of the valuation hierarchy. The following table sets forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis at December 31, 2022 and 2021 by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: Fair Value at December 31, 2022 Fair Value Measurements at Reporting Date Using Level 1 Level 2 Level 3 (in thousands) Assets Debt securities available for sale: U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations $ 2,759,710 $ — $ 2,759,710 $ — Other asset-backed securities 327,353 — 327,353 — State and municipal securities 834,073 — 834,073 — U.S. government agency and government-sponsored enterprise securities 208,769 — 208,769 — U.S. government securities 167,896 167,896 — — Non-agency collateralized mortgage obligations 291,298 — 291,298 — Total debt securities available for sale $ 4,589,099 $ 167,896 $ 4,421,203 $ — Loans held for sale $ 907 $ — $ 907 $ — Other assets: Interest rate swap contracts $ 40,289 $ — $ 40,289 $ — Liabilities Other liabilities: Interest rate swap contracts $ 40,289 $ — $ 40,289 $ — Fair Value at December 31, 2021 Fair Value Measurements at Reporting Date Using Level 1 Level 2 Level 3 (in thousands) Assets Debt securities available for sale: U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations $ 3,745,601 $ — $ 3,745,601 $ — Other asset-backed securities 463,063 — 463,063 — State and municipal securities 997,291 — 997,291 — U.S. government agency and government-sponsored enterprise securities 252,576 — 252,576 — U.S. government securities 157,536 157,536 — — Non-agency collateralized mortgage obligations 294,932 — 294,932 — Total debt securities available for sale $ 5,910,999 $ 157,536 $ 5,753,463 $ — Loans held for sale $ 9,570 $ — $ 9,570 $ — Other assets: Interest rate lock commitments $ 356 $ — $ — $ 356 Interest rate swap contracts $ 24,257 $ — $ 24,257 $ — Liabilities Other liabilities: Interest rate forward loan sales contracts $ 27 $ — $ 27 $ — Interest rate swap contracts $ 24,257 $ — $ 24,257 $ — Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3) The following table provides a description of the valuation technique, significant unobservable inputs, and qualitative information about the unobservable inputs for the Company’s assets and liabilities classified as Level 3 and measured at fair value on a recurring basis at December 31, 2021. The Company did not have recurring Level 3 fair value measurements at December 31, 2022. Fair Value at December 31, 2021 Valuation Technique Unobservable Input Range (Weighted Average) (dollars in thousands) Interest rate lock commitments $ 356 Internal pricing model Pull-through rate 80.22% - 96.59% (87.84%) An increase in the pull-through rate utilized in the fair value measurement of the interest rate lock commitment derivative will result in positive fair value adjustments (and an increase in the fair value measurement). Conversely, a decrease in the pull-through rate will result in a negative fair value adjustment (and a decrease in the fair value measurement). The following table includes a rollforward of interest rate lock commitments which utilize Level 3 inputs to determine the fair value on a recurring basis. Years Ended December 31, 2022 2021 (in thousands) Balance at the beginning of the period $ 356 $ 1,096 Change included in earnings 215 7,051 Settlements (571) (7,791) Balance at the end of the period $ — $ 356 Nonrecurring Measurements Certain assets and liabilities are measured at fair value on a nonrecurring basis after initial recognition such as collateral dependent loans. The following valuation techniques and inputs were used to estimate the fair value of collateral dependent loans. Collateral dependent loans - A collateral dependent loan is a loan in which repayment is expected to be provided solely by the underlying collateral. The fair market value of the collateral is determined by either the discounted expected future cash flows from the operation of the collateral or the appraised value of the collateral, less costs to sell. The collateral dependent loan valuations are performed in conjunction with the allowance for credit losses process on a quarterly basis. OREO - OREO is real property that the Bank has taken ownership of in partial or full satisfaction of a loan or loans. OREO is generally measured based on the property’s fair market value as indicated by an appraisal or a letter of intent to purchase. OREO is initially recorded at the fair value less estimated costs to sell. This amount becomes the property’s new basis. Any fair value adjustments based on the property’s fair value less estimated costs to sell at the date of acquisition are charged to the allowance for credit losses, or in the event of a write-up without previous losses charged to the allowance for credit losses, a credit to earnings is recorded. Management periodically reviews OREO in an effort to ensure the property is recorded at its fair value, net of estimated costs to sell. Any fair value adjustments subsequent to acquisition are charged or credited to earnings. The following table sets forth the Company’s assets that were measured using fair value estimates on a nonrecurring basis during the years ended December 31, 2022 and 2021: Fair Value at December 31, 2022 Fair Value Measurements at Reporting Date Using Gains (Losses) During the Year Ended December 31, 2022 Level 1 Level 2 Level 3 (in thousands) Collateral dependent loans $ 195 $ — $ — $ 195 $ (1,561) Fair Value at December 31, 2021 Fair Value Measurements at Reporting Date Using Gains (Losses) During the Year Ended December 31, 2021 Level 1 Level 2 Level 3 (in thousands) Collateral dependent loans $ 7,615 $ — $ — $ 7,615 $ (1,976) OREO 375 — — 375 (140) The losses on collateral dependent loans disclosed above represent the amount of the allowance for credit losses and/or charge-offs during the period applicable to loans held at period end. The amount of the allowance is included in the AC L. The losses on OREO disclosed above represent the write-downs taken after foreclosure as a result of subsequent changes in valuation from updated appr aisals that were recorded to earnings. Quantitative information about Level 3 fair value measurements The range and weighted average of the significant unobservable inputs used to fair value our Level 3 nonrecurring assets during 2022 and 2021, along with the valuation techniques used, are shown in the following tables: Fair Value at December 31, 2022 Valuation Technique Unobservable Input Range (Weighted Average) (dollars in thousands) Collateral dependent loans (1) $ 195 Fair Market Value of Collateral Adjustment to Stated Value N/A (2) __________ (1) Collateral consists of real estate. (2) Quantitative disclosures are not provided for collateral dependent loans because there were no adjustments made to the appraisal values or stated values during the period. Fair Value at December 31, 2021 Valuation Technique Unobservable Input Range (Weighted Average) (1) (dollars in thousands) Collateral dependent loans (2) $ 7,615 Fair Market Value of Collateral Adjustment to Stated Value 0.00% - 100.00% (48.00%) OREO $ 375 Fair Market Value of Collateral Adjustment to Appraisal Value N/A (3) __________ (1) Adjustment applied to appraisal value and stated value (in the case of fixed assets, accounts receivable and inventory). (2) Collateral consists of accounts receivable, inventory, fixed assets, intangible assets and real estate. (3) Quantitative disclosures are not provided for OREO because there were no adjustments made to the appraisal values or stated values during the period. The following tables summarize carrying amounts and estimated fair values of selected financial instruments for the periods indicated: December 31, 2022 Carrying Fair Level 1 Level 2 Level 3 (in thousands) Assets Cash and due from banks $ 262,458 $ 262,458 $ 262,458 $ — $ — Interest-earning deposits with banks 29,283 29,283 29,283 — — Debt securities available for sale 4,589,099 4,589,099 167,896 4,421,203 — Debt securities held to maturity 2,034,792 1,722,778 — 1,722,778 — FHLB stock 48,160 48,160 — 48,160 — Loans held for sale 76,843 76,843 — 76,843 — Loans 11,452,535 11,072,802 — — 11,072,802 Interest rate contracts 40,289 40,289 — 40,289 — Liabilities Time deposits $ 362,087 $ 351,084 $ — $ 351,084 $ — FHLB advances and FRB borrowings 954,315 954,147 — 954,147 — Repurchase agreements 95,168 95,168 — 95,168 — Subordinated debentures 10,000 10,013 — 10,013 — Junior subordinated debentures 10,310 9,919 — 9,919 — Interest rate contracts 40,289 40,289 — 40,289 — December 31, 2021 Carrying Fair Level 1 Level 2 Level 3 (in thousands) Assets Cash and due from banks $ 153,414 $ 153,414 $ 153,414 $ — $ — Interest-earning deposits with banks 671,300 671,300 671,300 — — Debt securities available for sale 5,910,999 5,910,999 157,536 5,753,463 — Debt securities held to maturity 2,148,327 2,122,606 — 2,122,606 — FHLB stock 10,280 10,280 — 10,280 — Loans held for sale 9,774 9,774 — 9,774 — Loans 10,486,359 10,679,349 — — 10,679,349 Interest rate contracts 24,257 24,257 — 24,257 — Interest rate lock commitments 356 356 — — 356 Liabilities Time deposits $ 445,957 $ 430,682 $ — $ 430,682 $ — FHLB advances and FRB borrowings 7,359 8,752 — 8,752 — Repurchase agreements 86,013 86,013 — 86,013 — Subordinated debentures 10,000 10,125 — 10,125 — Junior subordinated debentures 10,310 9,927 — 9,927 — Interest rate contracts 24,257 24,257 — 24,257 — Interest rate forward loan sales contracts 27 27 — 27 — At December 31, 2022 the Company did not have any loans held for sale sold under the mandatory delivery method accounted for under the fair value option while at December 31, 2021 the Company had this type of loans held for sale with a fair value of $9.6 million and an aggregate unpaid principle balance of $9.4 million, resulting in an aggregate difference of $169 thousand. Residential mortgage loans held for sale that are sold under the mandatory delivery method and accounted for under the fair value option are measured initially at fair value with subsequent changes in fair value recognized in earnings. Gains and losses from such changes in fair value are reported in loan revenue. For the years ended December 31, 2022 and 2021, the Company recorded net decreases in fair value of $169 thousand and $339 thousand, respectively, representing the change in fair value reflected in earnings. For the year ended December 31, 2020, the Company recorded a net increase of $508 thousand, representing the change in fair value reflected in earnings. |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share [Text Block] | Earnings Per Common Share The Company applies the two-class method of computing basic and diluted EPS. Under the two-class method, EPS is determined for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. The Company has issued restricted shares under share-based compensation plans which qualify as participating securities. The following table sets forth the computation of basic and diluted EPS for the periods indicated: Years Ended December 31, 2022 2021 2020 (in thousands except per share amounts) Basic EPS: Net income $ 250,178 $ 202,820 $ 154,244 Less: Earnings allocated to participating securities Nonvested restricted shares 50 330 712 Earnings allocated to common shareholders $ 250,128 $ 202,490 $ 153,532 Weighted average common shares outstanding 78,047 72,683 70,835 Basic earnings per common share $ 3.20 $ 2.79 $ 2.17 Diluted EPS: Earnings allocated to common shareholders $ 250,128 $ 202,490 $ 153,532 Weighted average common shares outstanding 78,047 72,683 70,835 Dilutive effect of equity awards and warrants 146 190 45 Weighted average diluted common shares outstanding 78,193 72,873 70,880 Diluted earnings per common share $ 3.20 $ 2.78 $ 2.17 Potentially dilutive RSAs and RSUs that were not included in the computation of diluted EPS because to do so would be anti-dilutive 179 212 289 |
Share-Based Payments
Share-Based Payments | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Payments [Text Block] | Share-Based Payments At December 31, 2022, the Company had one equity compensation plan (the “Plan”), which is shareholder approved, that provides for the granting of share options, share units and shares to eligible employees and directors up to 3,050,000 shares. Share Units: Restricted share units provide for an interest in Company common stock to the recipient, with such units held in escrow until certain conditions are met. Share units provide for vesting requirements that include time-based, performance-based, or market-based conditions. Recipients of restricted units do not pay any cash consideration to the Company for the units and the holders of the restricted units do not have voting rights. For share units issued under the equity incentive plan approved in 2018, the holder accrues dividends, which are paid out when the units vest and the shares are issued. The fair value of time-based and performance-based units is equal to the fair market value of the Company’s common stock on the grant date. The fair value of market-based units is estimated on the grant date using the Monte Carlo simulation model. A summary of changes in the Company’s nonvested RSUs and related information for the year ended December 31, 2022 is presented below: Units Weighted Nonvested at December 31, 2020 111,901 $ 32.85 Granted 86,713 $ 47.11 Vested (12,994) $ 33.48 Forfeited (3,050) $ 33.71 Nonvested at December 31, 2021 182,570 $ 40.05 Granted 136,928 $ 35.80 Vested (22,566) $ 39.04 Nonvested at December 31, 2022 296,932 $ 38.16 Share Awards: Restricted share awards provide for the immediate issuance of shares of Company common stock to the recipient, with such shares held in escrow until certain conditions are met. Share awards provide for vesting requirements that include time-based, performance-based, or market-based conditions. Recipients of restricted shares do not pay any cash consideration to the Company for the shares and the holders of the restricted shares have voting rights. For share awards issued under the equity incentive plan approved in 2018, the holder accrues dividends, which are paid out when the shares vest. The fair value of time-based and performance-based share awards is equal to the fair market value of the Company’s common stock on the grant date. The fair value of market-based share awards is estimated on the grant date using the Monte Carlo simulation model. A summary of changes in the Company’s nonvested RSAs and related information for the years ended December 31, 2022, 2021 and 2020 is presented below: Shares Weighted Nonvested at January 1, 2020 889,017 $ 36.96 Granted 299,007 $ 33.64 Vested (231,805) $ 35.01 Forfeited (90,588) $ 36.50 Nonvested at December 31, 2020 865,631 $ 36.38 Granted 257,298 $ 44.83 Vested (324,222) $ 37.57 Forfeited (75,696) $ 36.76 Nonvested at December 31, 2021 723,011 $ 38.57 Granted 262,571 $ 35.32 Vested (335,115) $ 38.58 Forfeited (109,104) $ 33.39 Nonvested at December 31, 2022 541,363 $ 37.89 As of December 31, 2022, there was $14.5 million of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the Plan. That cost is expected to be recognized over a weighted average period of 1.7 years. The total fair value, as measured on the date of vesting, of shares vested during the years ended December 31, 2022, 2021, and 2020 was $13.8 million, $12.6 million, and $8.1 million, respectively. The Company expenses awards of shares on a straight-line basis over the related vesting term of the award. For the years ended December 31, 2022, 2021 and 2020, the Company recognized pre-tax share-based compensation expense of $16.2 million, $14.9 million and $10.7 million, respectively. |
Income Tax
Income Tax | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Tax [Text Block] | Income Tax The components of income tax expense are as follows: Years Ended December 31, 2022 2021 2020 (in thousands) Current expense: Federal $ 60,771 $ 50,708 $ 44,094 State 12,811 9,610 7,822 Total current tax expense $ 73,582 $ 60,318 $ 51,916 Deferred tax expense (benefit): Federal $ (5,156) $ (5,445) $ (12,078) State (957) (1,184) (1,690) Total deferred tax benefit (6,113) (6,629) (13,768) Total $ 67,469 $ 53,689 $ 38,148 Significant components of the Company’s deferred tax assets and liabilities are as follows: December 31, 2022 2021 (in thousands) Deferred tax assets: ACL $ 40,054 $ 39,378 Lease liability 14,088 15,973 Deferred compensation 13,619 14,887 Stock options and restricted stock 3,751 3,186 OREO — 50 Nonaccrual interest 120 118 Unrealized loss on investment securities 164,697 — Net operating losses and credit carryforwards 2,404 2,898 Other 3,134 1,824 Total deferred tax assets 241,867 78,314 Deferred tax liabilities: Asset purchase tax basis difference (4,083) (5,052) Right of use asset (12,792) (14,510) FHLB stock dividends (810) (810) Deferred loan fees (6,205) (5,957) Unrealized gain on investment securities — (7,254) Unrealized gain on equity securities (3,231) (3,231) Purchase accounting (11,106) (14,211) Depreciation (3,112) (3,304) Cash flow hedge (2,767) (5,280) Other (144) (130) Total deferred tax liabilities (44,250) (59,739) Net deferred tax asset $ 197,617 $ 18,575 A reconciliation of the Company’s effective income tax rate with the federal statutory tax rate is as follows: Years Ended December 31, 2022 2021 2020 Amount Percent Amount Percent Amount Percent (dollars in thousands) Income tax based on statutory rate $ 66,706 21 % $ 53,867 21 % $ 40,402 21 % Increase (decrease) resulting from: Tax exempt instruments (6,864) (2) % (6,306) (2) % (5,987) (3) % Bank owned life insurance (1,806) (1) % (1,444) (1) % (1,348) (1) % State income tax, net of federal benefit 9,364 3 % 7,892 3 % 4,844 3 % Other, net 69 — % (320) — % 237 — % Income tax provision $ 67,469 21 % $ 53,689 21 % $ 38,148 20 % As of December 31, 2022 and 2021, we had no unrecognized tax benefits. Our policy is to recognize interest and penalties on unrecognized tax benefits in “Provision for income taxes” in the Consolidated Statements of Income. There were no amounts related to interest and penalties recognized for the years ended December 31, 2022 and 2021. As a result of recent acquisitions, the Company has net operating loss carryforwards in the federal, Idaho and Oregon jurisdictions of $9.9 million, $5.4 million and $25 thousand, respectively, which begin to expire in 2024. The Company invests in limited partnerships that operate qualified affordable housing projects to receive tax benefits in the form of tax deductions from operating losses and tax credits. The Company accounts for the investments using the proportional amortization method; amortization of the investment in qualified affordable housing projects is recorded in the provision for income taxes together with tax credits and benefits received. As of December 31, 2022, 2021 and 2020, the Company recognized $1.8 million, $916 thousand, and $622 thousand, respectively, of proportional amortization as a component of income tax expense and recognized $2.0 million, $1.2 million, and $738 thousand, respectively, in affordable housing tax credits and other tax benefits during the years. The Company’s low-income housing tax credit investments at December 31, 2022 and 2021 were approximately $47.2 million and $24.0 million, respectively, and are included in “Other Assets” on the Consolidated Balance Sheets. The Company’s remaining capital commitments to these partnerships at December 31, 2022 and 2021 were approximately $41.3 million and $19.2 million, respectively, and are included in “Other Liabilities” on the Consolidated Balance Sheets. On March 27, 2020, the CARES Act was enacted in response to the COVID-19 pandemic. The CARES Act, among other things, permits NOL carryovers and carrybacks to offset 100% of taxable income for taxable years beginning before 2021. In addition, the CARES Act allows NOLs incurred in 2018, 2019, and 2020 to be carried back to each of the five preceding taxable years to generate a refund of previously paid income taxes. The Company has evaluated the impact of the CARES Act and determined that none of the changes would result in a material income tax benefit to the Company. On December 27, 2020, the Consolidated Appropriations Act, 2021 was signed into law and extends several provisions of the CARES Act. The Company has determined that neither this Act nor changes to income tax laws or regulations in other jurisdictions have a significant impact on our effective tax rate. |
Regulatory Capital Requirements
Regulatory Capital Requirements | 12 Months Ended |
Dec. 31, 2022 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Regulatory Capital Requirements [Text Block] | Regulatory Capital RequirementsThe Company (on a consolidated basis) and its banking subsidiary are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company and its banking subsidiary’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and its banking subsidiary must meet specific capital guidelines that involve quantitative measures of assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Prompt corrective action provisions are not applicable to bank holding companies. The capital requirements, among other things (i) specify that Tier 1 capital consists of CET1, and “Additional Tier 1 capital” instruments meeting specified requirements, (ii) define CET1 narrowly by requiring that most deductions/adjustments to regulatory capital measures be made to CET1 and not to the other components of capital and (iii) expand the scope of the deductions/adjustments to capital as compared to existing regulations. Under the requirements that are now effective, the minimum capital ratios are (i) 4.5% CET1 to risk-weighted assets, (ii) 6% Tier 1 capital to risk-weighted assets, (iii) 8% total capital to risk-weighted assets and (iv) 4% Tier 1 capital to average total assets (Tier 1 leverage). The Company and the Bank have made the one-time election to opt-out of including accumulated other comprehensive income items in regulatory capital calculations. The Capital Rules also require a capital conservation buffer designed to absorb losses during periods of economic stress. The capital conservation buffer is composed entirely of CET1, on top of these minimum risk-weighted asset ratios. In addition, the Capital Rules provide for a countercyclical capital buffer applicable only to certain covered institutions. We do not expect the countercyclical capital buffer to be applicable to us or the Bank. Banking institutions with a ratio of CET1 to risk-weighted assets above the minimum but below the capital conservation buffer (or below the combined capital conservation buffer and countercyclical capital buffer, when the latter is applied) will face constraints on dividends, equity repurchases and compensation based on the amount of the shortfall. The capital conservation buffer is set at 2.5% of CET1, effectively resulting in minimum ratios of (i) 7% CET1 to risk-weighted assets, (ii) 8.5% Tier 1 capital to risk-weighted assets, and (iii) 10.5% total capital to risk-weighted assets. At December 31, 2022, the capital conservation buffer for the Company and the Bank was 5.98% and 5.97%, respectively. As of December 31, 2022, we and the Bank met all capital adequacy requirements under the Capital Rules. FDIC regulations set forth the qualifications necessary for a bank to be classified as “well-capitalized,” primarily for assignment of FDIC insurance premium rates. To qualify as “well-capitalized,” banks must have a CET1 risk-adjusted capital ratio of 6.5%, a Tier I risk-adjusted capital ratio of at least 8%, a total risk-adjusted capital ratio of at least 10% and a leverage ratio of at least 5%. Failure to qualify as “well-capitalized” can negatively impact a bank’s ability to expand and to engage in certain activities. As of December 31, 2022, the most recent notification from the FDIC categorized Columbia Bank as well-capitalized under the regulatory framework for prompt corrective action. To be categorized as well- capitalized, an institution must maintain minimum CET1 risk-based, Tier 1 risk-based, total risk-based and Tier 1 leverage ratios as set forth in the following table. There are no conditions or events since the notification that management believes have changed Columbia Bank’s category. The Company and its banking subsidiary’s actual capital amounts and ratios as of December 31, 2022 and 2021 are presented in the following table: Actual Minimum Required Minimum Required To Be Well Amount Ratio Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) December 31, 2022 CET1 Capital (to risk-weighted assets): The Company $ 1,885,860 12.87 % $ 659,248 4.50 % $ 1,025,498 7.00 % N/A N/A Columbia Bank $ 1,892,755 12.93 % $ 658,773 4.50 % $ 1,024,758 7.00 % $ 951,561 6.50 % Tier 1 Capital (to risk-weighted assets): The Company $ 1,885,860 12.87 % $ 878,998 6.00 % $ 1,245,247 8.50 % N/A N/A Columbia Bank $ 1,892,755 12.93 % $ 878,364 6.00 % $ 1,244,349 8.50 % $ 1,171,152 8.00 % Total Capital (to risk-weighted assets): The Company $ 2,048,700 13.98 % $ 1,171,997 8.00 % $ 1,538,246 10.50 % N/A N/A Columbia Bank $ 2,045,595 13.97 % $ 1,171,152 8.00 % $ 1,537,137 10.50 % $ 1,463,940 10.00 % Tier 1 Capital Leverage (to average assets): The Company $ 1,885,860 9.34 % $ 807,791 4.00 % $ 807,791 4.00 % N/A N/A Columbia Bank $ 1,892,755 9.47 % $ 799,485 4.00 % $ 799,485 4.00 % $ 999,356 5.00 % December 31, 2021 CET1 Capital (to risk-weighted assets): The Company $ 1,710,981 13.01 % $ 591,585 4.50 % $ 920,244 7.00 % N/A N/A Columbia Bank $ 1,716,186 13.06 % $ 591,154 4.50 % $ 919,754 7.00 % $ 853,890 6.50 % Tier 1 Capital (to risk-weighted assets): The Company $ 1,710,981 13.01 % $ 788,780 6.00 % $ 1,117,439 8.50 % N/A N/A Columbia Bank $ 1,716,186 13.06 % $ 788,206 6.00 % $ 1,116,625 8.50 % $ 1,050,941 8.00 % Total Capital (to risk-weighted assets): The Company $ 1,868,192 14.21 % $ 1,051,707 8.00 % $ 1,380,366 10.50 % N/A N/A Columbia Bank $ 1,863,397 14.18 % $ 1,050,941 8.00 % $ 1,379,360 10.50 % $ 1,313,677 10.00 % Tier 1 Capital Leverage (to average assets): The Company $ 1,710,981 8.55 % $ 800,615 4.00 % $ 800,615 4.00 % N/A N/A Columbia Bank $ 1,716,186 8.60 % $ 798,206 4.00 % $ 798,206 4.00 % $ 997,757 5.00 % |
Parent Company Financial Inform
Parent Company Financial Information | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Company Financial Information [Text Block] | Parent Company Financial Information Condensed Balance Sheets—Parent Company Only December 31, 2022 2021 (in thousands) Assets Cash $ 8,514 $ 1,979 Interest-earning deposits — 3,786 Total cash and cash equivalents 8,514 5,765 Investment in banking subsidiary 2,215,486 2,589,218 Investment in other subsidiaries 7,942 7,175 Goodwill 4,729 4,729 Other assets 3,169 2,525 Total assets $ 2,239,840 $ 2,609,412 Liabilities and Shareholders’ Equity Subordinated debentures $ 10,000 $ 10,000 Junior subordinated debentures 10,310 10,310 Other liabilities 6,377 360 Total liabilities 26,687 20,670 Shareholders’ equity 2,213,153 2,588,742 Total liabilities and shareholders’ equity $ 2,239,840 $ 2,609,412 Condensed Statements of Income—Parent Company Only Years Ended December 31, 2022 2021 2020 (in thousands) Income Dividend from banking subsidiary $ 85,004 $ 108,000 $ 89,000 Dividend from other subsidiaries 711 500 — Interest-earning deposits 15 16 13 Other income 60 36 37 Total income 85,790 108,552 89,050 Expense Compensation and employee benefits 823 856 758 Subordinated debentures interest expense 807 1,932 1,871 Other borrowings interest expense 339 52 12 Other expense 8,524 3,542 1,943 Total expenses 10,493 6,382 4,584 Income before income tax benefit and equity in undistributed earnings of subsidiaries 75,297 102,170 84,466 Income tax benefit (2,188) (1,329) (952) Income before equity in undistributed earnings of subsidiaries 77,485 103,499 85,418 Equity in undistributed earnings of subsidiaries 172,693 99,321 68,826 Net income $ 250,178 $ 202,820 $ 154,244 Condensed Statements of Cash Flows—Parent Company Only Years Ended December 31, 2022 2021 2020 (in thousands) Operating Activities Net income $ 250,178 $ 202,820 $ 154,244 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiaries (172,693) (99,321) (68,826) Stock-based compensation expense 16,158 14,926 10,737 Net changes in other assets and liabilities 5,379 (1,436) (17) Net cash provided by operating activities 99,022 116,989 96,138 Investing Activities Net cash received in business combinations — 2,173 — Net cash provided by investing activities — 2,173 — Financing Activities Common stock dividends (94,394) (83,841) (96,215) Repayment of subordinated debentures — (35,000) — Purchase and retirement of common stock (3,989) (4,140) (2,522) Purchase of treasury shares — — (20,000) Proceeds from exercise of stock options 2,110 2,350 2,028 Net cash used in financing activities (96,273) (120,631) (116,709) Increase (decrease) in cash and cash equivalents 2,749 (1,469) (20,571) Cash and cash equivalents at beginning of year 5,765 7,234 27,805 Cash and cash equivalents at end of year $ 8,514 $ 5,765 $ 7,234 Supplemental disclosure of noncash investing and financing activities: Common stock issued in connection with acquisition $ — $ 256,061 $ — |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue from Contracts with Customers The following table shows the disaggregation of revenue from contracts with customers for the period indicated: Years Ended December 31, 2022 2021 2020 (in thousands) Noninterest income: Revenue from contracts with customers: Deposit account and treasury management fees $ 31,498 $ 27,107 $ 27,019 Card revenue 20,186 18,503 13,928 Financial services and trust revenue 17,659 15,753 12,830 Total revenue from contracts with customers 69,343 61,363 53,777 Other sources of noninterest income 29,801 32,731 50,723 Total noninterest income $ 99,144 $ 94,094 $ 104,500 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On January 9, 2023, we announced that Columbia, Umpqua, and Cascade Merger Sub, Inc. (“Merger Sub”) entered into Amendment No. 1 (the “Amendment) to the Agreement and Plan of Merger, dated as of October 11, 2021 (as amended, the “Merger Agreement”) extending the Termination Date (as defined in the Merger Agreement) to March 11, 2023. We also announced that the application of Umpqua Bank with respect to the merger of Columbia State Bank with and into Umpqua Bank (the “Bank Merger”) had been approved by the FDIC. The deal is expected to close after close of business on February 28, 2023. In January 2023, Columbia completed the divestiture of 3 branches and certain related assets and deposit liabilities to First Northern Bank of Dixon, a wholly-owned subsidiary of First Northern Community Bancorp, to satisfy regulatory requirements in connection with Columbia’s merger with Umpqua. Total deposits and loans that were divested upon closing were $116.1 million and $3.8 million, respectively. Columbia recorded a gain of $3.7 million related to the completion of this divestiture. Columbia is required to complete an additional divestiture of 7 branches and certain related assets and deposit liabilities in certain of its Washington and Oregon markets to satisfy regulatory requirements in connection with its merger with Umpqua. The Company has an agreement to sell these branches to 1st Security Bank of Washington, a wholly-owned subsidiary of FS Bancorp, Inc. This divestiture is expected to be completed following the close of business on February 24, 2023. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Line Items] | |
Consolidation | Consolidation The Consolidated Financial Statements of the Company include the accounts of the Corporation and its subsidiaries, including the Bank and Columbia Trust. Intercompany balances and transactions have been eliminated in consolidation. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents include cash and due from banks, and interest-bearing balances due from correspondent banks and the FRB. Cash equivalents have a maturity of 90 days or less at the time of purchase. |
Securities | Securities Debt securities are classified based on management’s intention on the date of purchase. The Company has debt securities that are classified as AFS and are presented at fair value and debt securities classified as HTM that are presented at amortized cost. Realized gains or losses on sales of debt securities AFS, determined on the basis of the cost of specific securities sold, are included in earnings. Unrealized gains or losses on debt securities AFS are excluded from net income but are included in other comprehensive income as a separate component of shareholders' equity, net of tax. Purchase premiums or discounts on debt securities AFS are amortized or accreted into income using the interest method over the terms of the individual securities. The Company performs a quarterly assessment to determine whether a decline in fair value below amortized cost exists. Amortized cost includes adjustments made to the cost of an investment for accretion, amortization, collection of cash and previous credit losses recognized in earnings. When the fair value of an AFS debt security falls below the amortized cost basis, it is evaluated to determine if any of the decline in value is attributable to credit loss. Decreases in fair value attributable to credit loss would be recorded directly to earnings with a corresponding allowance for credit losses, limited by the amount that the fair value is less than the amortized cost basis. If the credit quality subsequently improves the allowance would be reversed up to a maximum of the previously recorded credit losses. If the Company intends to sell an impaired AFS debt security, or if it is more likely than not that the Company will be required to sell the security prior to recovering the amortized cost basis, the entire fair value adjustment would be immediately recognized in earnings with no corresponding allowance for credit losses. |
Federal Home Loan Bank Stock | Federal Home Loan Bank Stock The Company holds shares of Class B stock issued by the FHLB, which has been designated as FHLB membership stock or FHLB activity based stock in accordance with the capital plan of the FHLB. Membership stock is stock we are required to purchase and hold as a condition of membership in the FHLB. The Company’s membership stock purchase requirement is measured as a percentage of our year end assets, subject to a $10 million cap. Class B stock may be redeemed, subject to certain limitations, on five years’ written notice to the FHLB. Activity based stock is stock we are required to purchase and hold in order to obtain an advance or participate in FHLB mortgage programs. The Company’s activity based stock purchase requirement is measured as a percentage of our advance proceeds. Our FHLB stock is carried at par value because the shares are issued, transferred, redeemed, and repurchased by the FHLB at a par value of $100. The FHLB stock is subject to recoverability testing per the Financial Services-Depository and Lending topic of the FASB ASC. |
Loans held for sale | Loans held for sale One-to-four family residential real estate loans originated with the intent to be sold in the secondary market are considered held for sale. One-to-four family residential real estate loans under best efforts delivery commitments are carried at the lower of amortized cost or fair value. There are no economic hedges on these loans. Due to the short period of time between the origination and sale of these loans, the carrying amount of these loans approximates fair value. For one-to-four family residential real estate loans under mandatory delivery commitments, the Company has elected to account for these loans at fair value. The use of the fair value option allows the change in the fair value of the loans to more effectively offset the change in the fair value of derivative instruments that are used as economic hedges for these loans held for sale. Loan origination fees and direct origination costs are recognized immediately in net income. Interest income on loans held for sale is included in interest income in the Consolidated Statements of Income and recognized when earned. Loans held for sale are placed on nonaccrual in a manner consistent with loans held for investment. The Company recognizes a gain or loss on the sale of loans when the sales criteria for derecognition are met. See Note 22. "Fair Value Accounting and Measurement ” for additional information on loans held for sale. In addition, loans related to the branch divestitures in connection with our merger with Umpqua were reclassified as held for sale at December 31, 2022. These loans are carried at the lower of amortized cost or fair value. |
Loans | Loans Loans are generally carried at the unpaid principal balance, net of purchase premiums, purchase discounts and net deferred loan fees. Net deferred loan fees include nonrefundable loan origination fees less direct loan origination costs. Net deferred loan fees, purchase premiums and purchase discounts are amortized into interest income using either the interest method or straight-line method over the terms of the loans, adjusted for actual prepayments. The interest method is used for all loans except revolving loans, for which the straight-line method is used. Interest income is accrued as earned. Fees related to lending activities, other than the origination or purchase of loans, are recognized as noninterest income during the period the related services are performed. Nonaccrual loans —Loans are placed on nonaccrual status when a loan becomes contractually past due 90 days with respect to interest or principal unless the loan is both well secured and in the process of collection, or if full collection of interest or principal becomes uncertain. When a loan is placed on nonaccrual status, any accrued and unpaid interest receivable is reversed and the amortization of net deferred loan fees, premiums and discounts ceases. The interest payments received on nonaccrual loans are generally accounted for on the cost-recovery method whereby the interest payment is applied to the principal balances. Loans may be returned to accrual status when improvements in credit quality eliminate the doubt as to the full collectability of both interest and principal and a period of sustained performance has occurred. Restructured loans —A loan is classified as a TDR when a borrower is experiencing financial difficulties that lead to a restructuring of the loan, and the Company grants concessions to the borrower in the restructuring that it would not otherwise consider. These concessions may include interest rate reductions, principal forgiveness, extension of maturity date and other actions intended to minimize potential losses. Generally, a nonaccrual loan that is restructured remains on nonaccrual status for a period of six months to demonstrate that the borrower can meet the restructured terms. If the borrower’s performance under the new terms is not reasonably assured, the loan remains classified as a nonaccrual loan. Unfunded loan commitments —Unfunded commitments are generally related to providing credit facilities to clients of the Bank and are not actively traded financial instruments. These unfunded commitments are disclosed as financial instruments with off-balance sheet risk in Note 19, “Commitments and Contingent Liabilities.” |
Allowance for Credit Losses | Allowance for Credit Losses The allowance for credit losses under ASC 326 is an accounting estimate of expected losses over the contractual life of assets carried at amortized cost within the Company’s loan portfolio at the balance sheet date. Financial assets (or group of financial assets) measured at amortized cost must be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset to present the net carrying value at the amount expected to be collected on the financial asset. The quantitative allowance is calculated using a DCF approach with a probability of default methodology. The probability of default is an assumption derived from regression models which determines the relationship between historical defaults and certain economic variables. The Company determines a reasonable and supportable forecast and applies that forecast to the regression model to determine defaults over the forecast period. The Company leverages economic projections from an independent third-party provider on a quarterly basis that are vetted by the Company through quantifiable analysis and comparisons are evaluated by a committee before a final scenario is determined for the 18 month reasonable and supportable forecast period used by the Company. Following the forecast period, the economic variables used to calculate the probability of default reverts to its historical mean using a straight-line basis constructed on each macroeconomic factor’s absolute historical quarterly change at a constant rate. Other assumptions relevant to the discounted cash flow model to derive the quantitative allowance include the loss given default, which is the estimate of loss for a defaulted loan, and the discount rate applied to future cash flows. The DCF model calculates the net present value of each loan using both the contractual and expected cash flows, respectively. In addition to the quantitative portion of the allowance for credit losses, the Company also considers the effects of the following qualitative factors in its calculation of expected losses in the loan portfolio: • Economic and business conditions; • Concentration of credit; • Lending management and staff; • Lending policies and procedures; • Loss and recovery trends; • Nature and volume of the portfolio; • Trends in problem loans, loan delinquencies and nonaccrual loans; • Quality of internal loan review; and • Other external factors such as the effect of economic stimulus and loan modification programs. The qualitative factor methodology is based on quantitative metrics, but also includes a high degree of subjectivity and changes in any of the metrics could have a significant impact on our calculation of the allowance. Loans for which repayment is expected to be provided substantially through the operation or sale of collateral are considered collateral-dependent. The allowance for credit losses for collateral-dependent loans is measured on the basis of the fair value of the collateral when foreclosure is probable. |
Allowance for Unfunded Commitments and Letters of Credit | Unfunded Commitments and Letters of Credit —The estimate of expected credit losses under the CECL methodology is based on relevant information about past events, current conditions and reasonable and supportable forecasts that affect the collectability of the reported amounts. Expected credit losses are calculated based on the likelihood that funding will occur and an estimate of the amount that will be funded using recent utilization rates, current utilization and the Company’s quantitative ACL rate. The allowance for unfunded commitments is included in “Other liabilities” on the Consolidated Balance Sheets, with changes to the balance charged against noninterest expense. |
Premises and Equipment | Premises and Equipment Land, buildings, leasehold improvements and equipment are stated at cost less accumulated depreciation and amortization. Gains or losses on dispositions are reflected in current operations. Expenditures for improvements and major renewals are capitalized, and ordinary maintenance, repairs and small purchases are charged to “Occupancy” expense in the Consolidated Statements of Income. Depreciation and amortization are computed based on the straight-line method over the estimated useful lives of the various classes of assets. The ranges of useful lives for the principal classes of assets are as follows: Buildings and building improvements 5 to 39 years Leasehold improvements Term of lease or useful life, whichever is shorter Furniture, fixtures and equipment 3 to 7 years Vehicles 5 years Computer software 3 to 5 years |
Software | Software Capitalized software is stated at cost, less accumulated amortization. Amortization is computed on a straight-line basis and charged to expense over the estimated useful life of the software, which is generally three years. Capitalized software is included in “Premises and equipment, net” in the Consolidated Balance Sheets. Implementation costs incurred for software that is part of a hosting arrangement are capitalized in “Other assets” in the Consolidated Balance Sheets and amortized on a straight-line basis over the life of the contract. |
Other Real Estate Owned | Other Real Estate Owned OREO is composed of real estate acquired by the Company through either foreclosure or deed in lieu of foreclosure in satisfaction of debt. At foreclosure, OREO is recorded at fair value less estimated costs to sell. Any fair value adjustments at foreclosure are charged to the allowance, or in the event of a write-up without previous losses charged to the allowance, a credit to earnings is recorded. The fair value of the OREO is based upon a current appraisal or a letter of intent to purchase. Losses that result from the ongoing periodic valuation of these properties are charged to the net cost of operation of OREO in the period in which they are identified. Improvements to OREO are capitalized and holding costs are charged to the net cost of operation of OREO as incurred. |
Goodwill and Intangibles | Goodwill and Intangibles Net assets of companies acquired in a business combination are recorded at fair value at the date of acquisition. Any excess of the purchase price over the fair value of net assets acquired, including identified intangible assets, is recognized as goodwill. Goodwill is reviewed for potential impairment annually, during the third quarter, or, more frequently, if events or circumstances indicate a potential impairment, at the reporting unit level. A reporting unit is an operating segment or one level below an operating segment for which discrete financial information is available and regularly reviewed by management. The Company consists of a single reporting unit. The test for impairment requires the Company to compare the fair value of the reporting unit to its carrying value. If the fair value of the reporting unit is less than its carrying value, the difference is the amount of impairment and goodwill is written down to the fair value of the reporting unit. Prior to completing the impairment test, however, the Company may assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If such an assessment indicates the fair value of the reporting unit is more likely than not greater than its carrying value, then the impairment test need not be completed. Identified intangible assets are amortized on an accelerated basis over the period benefited. Intangible assets are also evaluated for impairment if events and circumstances indicate a possible impairment. Such evaluation is based on undiscounted cash flow projections. At December 31, 2022, intangible assets included in the Consolidated Balance Sheets principally consisted of CDI with an original estimated life of 10 years. |
Leases | Leases The Company determines if a lease is present at the inception of an agreement. Operating leases are capitalized at commencement and are discounted using the Company’s FHLB borrowing rate for a similar term borrowing unless the lease defines a rate within the contract. Leases with original terms of less than 12 months are not capitalized. For operating leases existing prior to January 1, 2019, the rate for the remaining lease term as of January 1, 2019 was used. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease right-of-use assets and operating lease liabilities are recognized on the lease commencement date based on the present value of lease payments over the lease term. The lease term includes options to extend or terminate the lease if the Company is reasonably certain that an option will be exercised. See Note 10, “Leases” for additional information on leases. |
Income Taxes | Income Taxes The provision for income taxes includes current and deferred income tax expense on net income adjusted for temporary and permanent differences such as interest income from state and municipal securities and investments in affordable housing tax credits. Deferred tax assets and liabilities are recognized for the expected future tax consequences of existing temporary differences between the financial reporting and tax reporting basis of assets and liabilities using enacted tax laws and rates. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. On a quarterly basis, management evaluates deferred tax assets to determine if these tax benefits are expected to be realized in future periods. This determination is based on facts and circumstances, including the Company’s current and future tax outlook. To the extent a deferred tax asset is no longer considered “more likely than not” to be realized, a valuation allowance is established. We recognize the tax benefit from uncertain tax positions only if it is more likely than not that the tax positions will be sustained on examination by the tax authorities, based on the technical merits of the position. The tax benefit is measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. We recognize interest and penalties related to unrecognized tax benefits in “Provision for income taxes” in the Consolidated Statements of Income. |
Advertising | Advertising Advertising costs are generally expensed as incurred. |
Earnings per Common Share | Earnings per Common Share The Company’s capital structure includes common shares, restricted common share awards and common share options. Restricted common share awards granted prior to the 2018 equity incentive plan participate in dividends declared on common shares at the same rate as common shares. These restricted common share awards are considered participating securities under the EPS topic of the FASB ASC. The Company calculates EPS using the two-class method. The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that otherwise would have been available to common shareholders but does not require the presentation of basic and diluted EPS for securities other than common shares. Under the two-class method, basic EPS is computed by dividing earnings allocated to common shareholders by the weighted average number of common shares outstanding for the period. Earnings allocated to common shareholders represents net income reduced by earnings allocated to participating securities. Diluted EPS is computed in the same manner as basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if certain shares issuable upon exercise of common share options were included unless those additional shares would have been anti-dilutive. For the diluted EPS computation, the treasury stock method is applied and compared to the two-class method and whichever method results in a more dilutive impact is utilized to calculate diluted EPS. |
Share-Based Payment | Share-Based Payment The Company accounts for stock options and stock awards in accordance with the Compensation—Stock Compensation topic of the FASB ASC. Authoritative guidance requires the Company to measure the cost of employee services received in exchange for an award of equity instruments, such as stock options or stock awards, based on the fair value of the award on the grant date. This cost must be recognized in the Consolidated Statements of Income over the vesting period of the award. |
Derivatives and Hedging Activities | Derivatives and Hedging Activities In accordance with the Derivatives and Hedging topic of the FASB ASC, the Company recognizes derivatives as assets or liabilities on the Consolidated Balance Sheets at their fair value. The Company periodically enters into interest rate contracts with customers and offsetting contracts with third parties. As these interest rate contracts are not designated as hedges under the Derivatives and Hedging topic of the FASB ASC, the changes in fair value of these instruments are recognized immediately in earnings. The Company also enters into forward contracts to sell residential mortgage loans to broker/dealers at specific prices and dates in order to hedge the interest rate risk in its portfolio of mortgage loans held for sale and its residential loan commitments. The commitments to originate mortgage loans held for sale and the related forward delivery contracts are considered derivatives. As part of the Company’s overall interest rate risk management, the Company used an interest rate collar with a notional amount of $500.0 million to mitigate interest rate risk. This collar was designated and qualified as a cash flow hedge. Gains and losses were recorded in accumulated other comprehensive income to the extent the hedge was effective. Gains and losses were reclassified from accumulated other comprehensive income to earnings in the period the hedged transaction affected earnings and was included in the same income statement line item that the hedged transaction was recorded. In October 2020, the interest rate collar was terminated. See Note 17. “Derivatives and Balance Sheet Offsetting” for additional information. Revenue from Contracts with Customers Revenue in the scope of Topic 606, Revenue from Contracts with Customers is measured based on the consideration specified in the contract with a customer and excludes amounts collected on behalf of third parties. The vast majority of the Company’s revenue is specifically outside the scope of Topic 606. For in-scope revenue, the following is a description of principal activities, separated by the timing of revenue recognition from which the Company generates its revenue from contracts with customers. a. Revenue earned at a point in time - Examples of revenue earned at a point in time are ATM transaction fees, wire transfer fees, overdraft fees, interchange fees and foreign exchange transaction fees. Revenue is primarily based on the number and type of transactions and is generally derived from transactional information accumulated by our systems and is recognized immediately as the transactions occur or upon providing the service to complete the customer’s transaction. The Company is the principal in each of these contracts, with the exception of interchange fees, in which case we are acting as the agent and record revenue net of expenses paid to the principal. b. Revenue earned over time - The Company earns revenue from contracts with customers in a variety of ways where the revenue is earned over a period of time - generally monthly. Examples of this type of revenue are deposit account maintenance fees, investment advisory fees, merchant revenue and safe deposit box fees. Revenue is generally derived from transactional information accumulated by our systems or those of third-parties and is recognized as the related transactions occur or services are rendered to the customer. The Company recognizes revenue from contracts with customers when it satisfies its performance obligations. The Company’s performance obligations are typically satisfied as services are rendered and our contracts generally do not include multiple performance obligations. As a result, there are no contract balances as payments and services are rendered simultaneously. Payment is generally collected at the time services are rendered, monthly or quarterly. Unsatisfied performance obligations at the report date are not material to our Consolidated Financial Statements. In certain cases, other parties are involved with providing products and services to our customers. If the Company is principal in the transaction (providing goods or services itself), revenues are reported based on the gross consideration received from the customer and any related expenses are reported gross in noninterest expense. If the Company is an agent in the transaction (arranging for another party to provide goods or services), the Company reports its net fee or commission retained as revenue. Rebates, waivers and reversals are recorded as a reduction of the transaction price either when the revenue is recognized by the Company or at the time the rebate, waiver or reversal is earned by the customer. Practical expedients The Company does not adjust the consideration from customers for the effects of a significant financing component if at contract inception the period between when the entity transfers the goods or services and when the customer pays for that good or service will be one year or less. The Company pays sales commissions to its employees in accordance with certain incentive plans and in connection with obtaining certain contracts with customers. The Company expenses such sales commissions when incurred if the amortization period of the asset the Company otherwise would have recognized is one year or less. Sales commissions are included in compensation and employee benefits expense. For the Company’s contracts that have an original expected duration of one year or less, the Company has not disclosed the amount of the transaction price allocated to unsatisfied performance obligations as of the end of each reporting period or when the Company expects to recognize this revenue. |
Accounting Pronouncements Recently Adopted or Issued | Accounting Pronouncements Recently Adopted or Issued Accounting Standards Adopted in 2022 In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848) - Deferral of the Sunset Date of Topic 848 . The amendments in this ASU defer the sunset date included in ASU 2020-04 to provide temporary, optional expedients related to the accounting for contract modifications and hedging transactions as a result of the global markets’ anticipated transition away from the use of LIBOR and other interbank offered rates to alternative reference rates. Preceding the issuance of ASU 2020-04, which established ASC 848, the United Kingdom’s Financial Conduct Authority (“FCA”) announced that it would no longer need to persuade or compel banks to submit to LIBOR after December 31, 2021. In response, the FASB established a December 31, 2022 expiration date of ASC 848. In March 2021, the FCA announced that the intended cessation date of LIBOR in the United States would be June 30, 2023. Accordingly, ASU 2022-06 defers the expiration date of ASC 848 to December 31, 2024. This ASU was effective immediately and did not have a material impact on the Company’s Consolidated Financial Statements. Recently Issued Accounting Standards, Not Yet Adopted In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820) - Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions . The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and is not considered in measuring fair value. Further, an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. Additionally, the amendments require the disclosures for equity securities subject to contractual sale restrictions to include the fair value of equity securities subject to contractual sale restrictions reflected on the balance sheet, the nature and remaining duration of the restrictions and the circumstances that could cause a lapse in the restrictions. The ASU is effective for interim and annual reporting periods beginning after December 15, 2023; early adoption is permitted. The adoption of this ASU is not expected to have a material impact on the Company’s Consolidated Financial Statements. In March 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses (Topic 326) - Troubled Debt Restructurings and Vintage Disclosures . The amendments in this ASU enhance disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Additionally, the amendments require the disclosure of current-period gross charge-offs by year of origination for financing receivables and net investments in leases within scope. The ASU is effective for interim and annual reporting periods beginning after December 15, 2022; early adoption is permitted. The adoption of this ASU is not expected to have a material impact on the Company’s Consolidated Financial Statements. |
Business Combinations and Ass_2
Business Combinations and Asset Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Recognized Assets Acquired and Liabilities Assumed [Table Text Block] | The table below summarizes the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed: October 1, 2021 (in thousands) Merger consideration $ 256,257 Identifiable net assets acquired, at fair value Assets acquired Cash and cash equivalents $ 155,180 Investment securities 654,480 FHLB stock 7,463 Loans, net allowance for credit loss 1,084,984 Interest receivable 5,237 Premises and equipment 17,658 Core deposit intangible 15,932 Other assets 41,963 Total assets acquired 1,982,897 Liabilities assumed Deposits (1,737,584) Subordinated debentures (10,000) Junior subordinated debentures (10,310) Other liabilities (26,076) Total liabilities assumed (1,783,970) Total fair value of identifiable net assets 198,927 Goodwill $ 57,330 See Note 9, “Goodwill and Other Intangible Assets,” for further discussion of the accounting for goodwill and other intangible assets. |
Summary of PCD loans at acquisition [Table Text Block] | The following table provides a summary of these PCD loans at acquisition: October 1, 2021 (in thousands) Par value of PCD loans acquired $ 43,419 PCD ACL at acquisition (2,616) Non-credit discount on PCD loans (525) Purchase price of PCD loans $ 40,278 |
Business Acquisition, Pro Forma Information [Table Text Block] | For illustrative purposes only, the following table presents certain unaudited pro forma information for the year ended December 31, 2021 and 2020. This unaudited, estimated pro forma financial information was calculated as if Bank of Commerce had been acquired as of the beginning of the year prior to the date of acquisition. This unaudited pro forma information combines the historical results of Bank of Commerce with the Company’s consolidated historical results and includes certain adjustments reflecting the estimated impact of certain fair value adjustments for the respective periods. The pro forma information is not indicative of what would have occurred had the acquisition occurred as of the beginning of the year prior to the acquisition. The unaudited pro forma information does not consider any changes to the provision for credit losses resulting from recording loan assets at fair value. Additionally, the pro forma amounts below do not reflect Columbia’s expectations as of the date of the pro forma information of further operating cost savings and other business synergies expected to be achieved, including revenue growth as a result of the acquisition. As a result, actual amounts would have differed from the unaudited pro forma information presented. Unaudited Pro Forma for the Years Ended December 31, 2021 2020 (in thousands, except per share amounts) Total revenues (net interest income plus noninterest income) $ 664,875 $ 660,857 Net income $ 221,637 $ 164,087 EPS - basic $ 2.85 $ 2.11 EPS - diluted $ 2.84 $ 2.10 |
Business acquisition, acquisition-related expenses [Table text block] | The following table shows the impact of the merger-related expenses related to the acquisition of Bank of Commerce for the periods indicated to the various components of noninterest expense: Years ended December 31, 2022 2021 2020 (in thousands) Noninterest Expense Compensation and employee benefits $ 1,753 $ 4,875 $ — Occupancy 928 271 — Data processing 1,584 287 — Legal and professional fees 414 4,429 — Advertising and promotion 18 9 — Other 896 499 — Total impact of merger-related costs to noninterest expense $ 5,593 $ 10,370 $ — |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Securities, Available-for-Sale [Abstract] | |
Schedule of available-for-sale securities and Held-to-maturity securities | The following table summarizes the amortized cost, gross unrealized gains and losses and the resulting fair value of debt securities: Amortized Gross Gross Fair Value December 31, 2022 (in thousands) Available for sale U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations $ 3,188,381 $ 382 $ (429,053) $ 2,759,710 Other asset-backed securities 376,336 — (48,983) 327,353 State and municipal securities 959,469 199 (125,595) 834,073 U.S. government agency and government-sponsored enterprise securities 222,829 2 (14,062) 208,769 U.S. government securities 183,049 — (15,153) 167,896 Non-agency collateralized mortgage obligations 352,782 — (61,484) 291,298 Total available for sale $ 5,282,846 $ 583 $ (694,330) $ 4,589,099 Held to maturity U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations $ 2,034,792 $ — $ (312,014) $ 1,722,778 Total held to maturity $ 2,034,792 $ — $ (312,014) $ 1,722,778 December 31, 2021 Available for sale U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations $ 3,738,616 $ 45,077 $ (38,092) $ 3,745,601 Other asset-backed securities 469,052 3,802 (9,791) 463,063 State and municipal securities 983,704 18,525 (4,938) 997,291 U.S. government agency and government-sponsored enterprise securities 252,755 3,095 (3,274) 252,576 U.S. government securities 158,367 — (831) 157,536 Non-agency collateralized mortgage obligations 295,547 340 (955) 294,932 Total available for sale $ 5,898,041 $ 70,839 $ (57,881) $ 5,910,999 Held to maturity U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations $ 2,148,327 $ 50 $ (25,771) $ 2,122,606 Total held to maturity $ 2,148,327 $ 50 $ (25,771) $ 2,122,606 |
Schedule of gross realized gains and losses on sales and calls of securities available for sale | The following table provides the proceeds and both gross realized gains and losses on the sales and calls of debt securities available for sale as well as other securities gains and losses for the periods indicated: Years Ended December 31, 2022 2021 2020 (in thousands) Proceeds from sales and calls of debt securities available for sale $ 741 $ 89,219 $ 194,697 Gross realized gains from sales of debt securities available for sale $ — $ 751 $ 471 Gross realized losses from sales of debt securities available for sale (9) (437) (186) Other securities gains, net (1) — — 16,425 Investment securities gains (losses), net $ (9) $ 314 $ 16,710 __________ (1) Other securities gains includes gain from sale of Visa Class B restricted stock and subsequent write up to fair value of remaining Visa Class B shares. |
Unrealized gains and losses on equity securities | The following table provides the unrealized gains and losses on equity securities at the reporting date: Years Ended December 31, 2022 2021 2020 (in thousands) Gains recognized during the period on equity securities $ — $ — $ 16,425 Less: Losses recognized during the period on equity securities sold during the period. — — (3,000) Unrealized gains recognized during the reporting period on equity securities still held at the reporting date (1). $ — $ — $ 13,425 __________ (1) Visa Class B restricted stock owned by the Company was previously carried at a zero-cost basis due to existing transfer restrictions and uncertainty of covered litigation. The sale of shares by the Company of Visa Class B restricted shares during the year ended December 31, 2020 resulted in an observable market price. As a result, the Company adjusted the carrying value of its remaining shares of Visa Class B restricted shares upward to this observable market price. |
Schedule of Contractual Maturities of Investment Securities Available for Sale | The scheduled contractual maturities of debt securities at December 31, 2022 are presented as follows: December 31, 2022 Available for sale Held to maturity Amortized Cost Fair Value Amortized Cost Fair Value (in thousands) Due within one year $ 85,094 $ 84,216 $ — $ — Due after one year through five years 1,132,895 1,055,150 301,515 265,831 Due after five years through ten years 1,106,689 973,108 916,571 775,931 Due after ten years 2,958,168 2,476,625 816,706 681,016 Total debt securities $ 5,282,846 $ 4,589,099 $ 2,034,792 $ 1,722,778 |
Schedule of Securities pledged as collateral | The following table summarizes the carrying value of securities pledged as collateral to secure public deposits, borrowings and other purposes as permitted or required by law: December 31, 2022 2021 (in thousands) To secure public funds $ 564,150 $ 596,779 To secure borrowings — 98,796 Other securities pledged 266,752 267,213 Total securities pledged as collateral $ 830,902 $ 962,788 |
Summary of Gross Unrealized Losses and Fair Value of the Investments with Unrealized Losses | The following tables show the gross unrealized losses and fair value of the Company’s debt securities available for sale for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2022 and 2021: Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2022 (in thousands) U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations $ 735,898 $ (50,201) $ 2,005,957 $ (378,852) $ 2,741,855 $ (429,053) Other asset-backed securities 76,877 (7,579) 250,475 (41,404) 327,352 (48,983) State and municipal securities 309,675 (23,690) 485,620 (101,905) 795,295 (125,595) U.S. government agency and government-sponsored enterprise securities 68,656 (1,375) 139,364 (12,687) 208,020 (14,062) U.S. government securities — — 167,896 (15,153) 167,896 (15,153) Non-agency collateralized mortgage obligations 11,669 (2,736) 279,629 (58,748) 291,298 (61,484) Total $ 1,202,775 $ (85,581) $ 3,328,941 $ (608,749) $ 4,531,716 $ (694,330) December 31, 2021 U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations $ 2,292,062 $ (30,777) $ 176,946 $ (7,315) $ 2,469,008 $ (38,092) Other asset-backed securities 195,708 (4,823) 117,751 (4,968) 313,459 (9,791) State and municipal securities 237,354 (3,862) 40,343 (1,076) 277,697 (4,938) U.S. government agency and government-sponsored enterprise securities 100,813 (1,988) 48,714 (1,286) 149,527 (3,274) U.S. government securities 157,536 (831) — — 157,536 (831) Non-agency collateralized mortgage obligations 212,259 (955) — — 212,259 (955) Total $ 3,195,732 $ (43,236) $ 383,754 $ (14,645) $ 3,579,486 $ (57,881) |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Loans and Leases Receivable, Net Amount [Abstract] | |
Analysis of Loan Portfolio by Major Types of Loans | The Company’s loan portfolio includes originated and purchased loans. The following is an analysis of the loan portfolio by segment (net of unearned income): December 31, 2022 2021 (in thousands) Commercial loans: Commercial real estate $ 5,352,785 $ 4,981,263 Commercial business 3,750,564 3,423,268 Agriculture 848,903 795,715 Construction 540,861 384,755 Consumer loans: One-to-four family residential real estate 1,077,494 1,013,908 Other consumer 40,366 43,028 Total loans 11,610,973 10,641,937 Less: Allowance for credit losses (158,438) (155,578) Total loans, net $ 11,452,535 $ 10,486,359 |
Analysis of the Aged Loan Portfolio | The following is an aging of the amortized cost of the loan portfolio as of December 31, 2022 and 2021: Current 30 - 59 60 - 89 Greater Total Nonaccrual Total Loans December 31, 2022 (in thousands) Commercial loans: Commercial real estate $ 5,338,999 $ 6,756 $ 3,786 $ — $ 10,542 $ 3,244 $ 5,352,785 Commercial business 3,739,731 4,336 1,364 — 5,700 5,133 3,750,564 Agriculture 842,506 493 1,537 — 2,030 4,367 848,903 Construction 540,861 — — — — — 540,861 Consumer loans: One-to-four family residential real estate 1,072,211 4,315 283 — 4,598 685 1,077,494 Other consumer 40,172 160 22 — 182 12 40,366 Total $ 11,574,480 $ 16,060 $ 6,992 $ — $ 23,052 $ 13,441 $ 11,610,973 Current 30 - 59 60 - 89 Greater Total Nonaccrual Total Loans December 31, 2021 (in thousands) Commercial loans: Commercial real estate $ 4,977,781 $ — $ 1,610 — $ 1,610 $ 1,872 $ 4,981,263 Commercial business 3,406,539 2,721 687 — 3,408 13,321 3,423,268 Agriculture 789,112 1,207 — — 1,207 5,396 795,715 Construction 384,755 — — — — — 384,755 Consumer loans: One-to-four family residential real estate 1,010,343 921 211 — 1,132 2,433 1,013,908 Other consumer 42,998 11 — — 11 19 43,028 Total $ 10,611,528 $ 4,860 $ 2,508 $ — $ 7,368 $ 23,041 $ 10,641,937 |
Interest written off on nonaccrual loans | The following table summarizes written-off interest on nonaccrual loans for the years ended December 31, 2022, 2021 and 2020: Years Ended December 31, 2022 2021 2020 (in thousands) Commercial loans $ 604 $ 628 $ 1,972 Consumer loans 25 45 28 Total $ 629 $ 673 $ 2,000 |
Analysis of Nonaccrual Loans | The following summarizes the amortized cost of nonaccrual loans for which there was no related ACL as of December 31, 2022 and 2021: December 31, 2022 December 31, 2021 (in thousands) Commercial loans: Commercial real estate $ 2,281 $ 932 Commercial business 815 5,131 Agriculture 2,111 3,756 Total $ 5,207 $ 9,819 |
Analysis of loans classified as Troubled Debt Restructurings (“TDR”) | The following is an analysis of loans classified as TDR for the years ended December 31, 2022, 2021 and 2020: Years Ended December 31, 2022 2021 2020 Number of TDR Modifications Pre-Modification Post-Modification Number of TDR Modifications Pre-Modification Post-Modification Number of TDR Modifications Pre-Modification Post-Modification (dollars in thousands) Commercial loans: Commercial real estate — $ — $ — 1 $ 628 $ 628 — $ — $ — Commercial business 2 637 637 11 2,600 2,600 11 3,257 3,257 Agriculture 1 633 633 1 583 583 2 3,495 3,495 Consumer loans: One-to-four family residential real estate 1 50 50 3 155 155 6 814 814 Other consumer — — — — — — — — — Total 4 $ 1,320 $ 1,320 16 $ 3,966 $ 3,966 19 $ 7,566 $ 7,566 |
Allowance for Credit Losses a_2
Allowance for Credit Losses and Unfunded Commitments and Letters of Credit (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Allowance For Credit Losses And Unfunded Loan Commitments And Letters Of Credit | |
Allowance for Credit Losses on Financing Receivables | The following tables show a detailed analysis of the ACL for the years ended December 31, 2022, 2021 and 2020: Beginning Balance Charge-offs Recoveries Provision Ending Balance Year Ended December 31, 2022 (in thousands) Commercial loans: Commercial real estate $ 61,254 $ (299) $ 207 $ (6,306) $ 54,856 Commercial business 54,712 (2,108) 2,183 3,049 57,836 Agriculture 8,148 (799) 869 853 9,071 Construction 5,397 — 387 7,358 13,142 Consumer loans: One-to-four family residential real estate 24,123 (3) 943 (2,708) 22,355 Other consumer 1,944 (1,240) 770 (296) 1,178 Total $ 155,578 $ (4,449) $ 5,359 $ 1,950 $ 158,438 Beginning Balance Initial ACL recorded for PCD loans acquired during the period Charge-offs Recoveries Provision Ending Balance Year Ended December 31, 2021 (in thousands) Commercial loans: Commercial real estate $ 68,934 $ 2,225 $ (1,044) $ 633 $ (9,494) $ 61,254 Commercial business 45,250 30 (6,364) 4,862 10,934 54,712 Agriculture 9,052 38 (322) 355 (975) 8,148 Construction 7,636 35 — 593 (2,867) 5,397 Consumer loans: One-to-four family residential real estate 16,875 286 (170) 907 6,225 24,123 Other consumer 1,393 2 (1,163) 735 977 1,944 Unallocated — — — — — — Total $ 149,140 $ 2,616 $ (9,063) $ 8,085 $ 4,800 $ 155,578 Beginning Balance Impact of Adopting ASC 326 Charge-offs Recoveries Provision Ending Balance Year Ended December 31, 2020 (in thousands) Commercial loans: Commercial real estate $ 20,340 $ 7,533 $ (1,419) $ 131 $ 42,349 $ 68,934 Commercial business 30,292 762 (12,396) 3,438 23,154 45,250 Agriculture 15,835 (9,325) (6,427) 172 8,797 9,052 Construction 8,571 (1,750) — 709 106 7,636 Consumer loans: One-to-four family residential real estate 7,435 4,237 (84) 2,083 3,204 16,875 Other consumer 883 778 (766) 399 99 1,393 Unallocated 612 (603) — — (9) — Total $ 83,968 $ 1,632 $ (21,092) $ 6,932 $ 77,700 $ 149,140 |
Changes in the Allowance for Unfunded Commitments and Letters of Credit | Changes in the allowance for unfunded commitments and letters of credit, a component of “Other liabilities” in the Consolidated Balance Sheets, are summarized as follows: Years Ended December 31, 2022 2021 2020 (in thousands) Beginning balance $ 8,500 $ 8,300 $ 3,430 Impact of Adopting ASC 326 — — 1,570 Net changes in the allowance for unfunded commitments and letters of credit (500) 200 3,300 Ending balance $ 8,000 $ 8,500 $ 8,300 |
Financing Receivable Credit Quality Indicators | The following is an analysis of the credit quality of our loan portfolio as of December 31, 2022 and 2021: Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Amortized Cost Basis Term Loans Amortized Cost Basis by Origination Year 2022 2021 2020 2019 2018 Prior Total (1) December 31, 2022 (in thousands) Commercial loans: Commercial real estate Pass $ 1,182,136 $ 1,009,480 $ 636,056 $ 588,494 $ 394,552 $ 1,295,185 $ 75,487 $ 12,551 $ 5,193,941 Special mention 1,698 — 1,357 15,199 1,513 13,590 — — 33,357 Substandard 318 7,460 20,317 30,422 2,904 60,343 3,723 — 125,487 Total commercial real estate $ 1,184,152 $ 1,016,940 $ 657,730 $ 634,115 $ 398,969 $ 1,369,118 $ 79,210 $ 12,551 $ 5,352,785 Commercial business Pass $ 521,615 $ 658,452 $ 337,927 $ 208,199 $ 159,105 $ 247,086 $ 1,456,332 $ 9,736 $ 3,598,452 Special mention 1,129 3,681 617 6,335 187 193 17,988 74 30,204 Substandard 2,716 6,162 2,210 16,164 20,321 28,402 39,037 6,896 121,908 Total commercial business $ 525,460 $ 668,295 $ 340,754 $ 230,698 $ 179,613 $ 275,681 $ 1,513,357 $ 16,706 $ 3,750,564 Agriculture Pass $ 141,623 $ 119,538 $ 68,621 $ 67,689 $ 20,570 $ 91,411 $ 301,607 $ 1,345 $ 812,404 Special mention 3,890 659 — 198 — 33 598 — 5,378 Substandard 1,425 1,280 2,104 2,986 20 6,105 17,201 — 31,121 Total agriculture $ 146,938 $ 121,477 $ 70,725 $ 70,873 $ 20,590 $ 97,549 $ 319,406 $ 1,345 $ 848,903 Construction Pass $ 220,558 $ 208,472 $ 20,334 $ 14,329 $ 2,437 $ 3,192 $ 67,559 $ 1,037 $ 537,918 Special mention — 734 — — — — — — 734 Substandard — — — 1,717 443 49 — — 2,209 Total construction $ 220,558 $ 209,206 $ 20,334 $ 16,046 $ 2,880 $ 3,241 $ 67,559 $ 1,037 $ 540,861 Consumer loans: One-to-four family residential real estate Pass $ 156,406 $ 354,364 $ 124,150 $ 37,546 $ 39,054 $ 84,403 $ 277,930 $ 1,288 $ 1,075,141 Substandard — — — 253 498 932 510 160 2,353 Total one-to-four family residential real estate $ 156,406 $ 354,364 $ 124,150 $ 37,799 $ 39,552 $ 85,335 $ 278,440 $ 1,448 $ 1,077,494 Other consumer Pass $ 5,235 $ 2,614 $ 1,169 $ 819 $ 1,209 $ 7,833 $ 21,276 $ 201 $ 40,356 Substandard — — — — — 10 — — 10 Total consumer $ 5,235 $ 2,614 $ 1,169 $ 819 $ 1,209 $ 7,843 $ 21,276 $ 201 $ 40,366 Total $ 2,238,749 $ 2,372,896 $ 1,214,862 $ 990,350 $ 642,813 $ 1,838,767 $ 2,279,248 $ 33,288 $ 11,610,973 Less: Allowance for credit losses 158,438 Loans, net $ 11,452,535 _________ (1) Loans that are on short-term deferments are treated as Pass loans and will not be reported as past due provided that they are performing in accordance with the modified terms. Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Amortized Cost Basis Term Loans Amortized Cost Basis by Origination Year 2021 2020 2019 2018 2017 Prior Total December 31, 2021 (in thousands) Commercial loans: Commercial real estate Pass $ 1,068,493 $ 760,545 $ 650,593 $ 492,348 $ 515,233 $ 1,180,115 $ 74,754 $ 3,644 $ 4,745,725 Special mention 2,252 — 19,016 6,196 163 27,270 — 2,199 57,096 Substandard 4,119 5,897 45,769 9,112 29,917 82,599 1,029 — 178,442 Total commercial real estate $ 1,074,864 $ 766,442 $ 715,378 $ 507,656 $ 545,313 $ 1,289,984 $ 75,783 $ 5,843 $ 4,981,263 Commercial business Pass $ 891,957 $ 426,004 $ 280,823 $ 217,605 $ 144,363 $ 232,356 $ 1,028,616 $ 35,411 $ 3,257,135 Special mention 621 135 6,097 747 105 51 34,256 236 42,248 Substandard 4,329 4,610 18,393 28,066 20,568 27,462 18,796 1,661 123,885 Total commercial business $ 896,907 $ 430,749 $ 305,313 $ 246,418 $ 165,036 $ 259,869 $ 1,081,668 $ 37,308 $ 3,423,268 Agriculture Pass $ 147,561 $ 87,964 $ 74,658 $ 29,739 $ 46,058 $ 79,693 $ 266,573 $ 5,448 $ 737,694 Special mention 162 — 445 — — — 565 — 1,172 Substandard — 7,717 9,148 1,616 5,532 1,833 29,125 1,878 56,849 Total agriculture $ 147,723 $ 95,681 $ 84,251 $ 31,355 $ 51,590 $ 81,526 $ 296,263 $ 7,326 $ 795,715 Construction Pass $ 228,661 $ 53,880 $ 35,795 $ 3,183 $ 3,285 $ 2,189 $ 55,765 $ — $ 382,758 Substandard — — 1,748 — — 249 — — 1,997 Total construction $ 228,661 $ 53,880 $ 37,543 $ 3,183 $ 3,285 $ 2,438 $ 55,765 $ — $ 384,755 Consumer loans: One-to-four family residential real estate Pass $ 390,153 $ 140,799 $ 56,520 $ 51,549 $ 32,447 $ 111,307 $ 222,747 $ 1,347 $ 1,006,869 Substandard 85 470 183 562 234 4,736 485 284 7,039 Total one-to-four family residential real estate $ 390,238 $ 141,269 $ 56,703 $ 52,111 $ 32,681 $ 116,043 $ 223,232 $ 1,631 $ 1,013,908 Other consumer Pass $ 7,045 $ 2,711 $ 1,950 $ 13,489 $ 560 $ 1,277 $ 15,853 $ 97 $ 42,982 Substandard — — — — 1 13 23 9 46 Total consumer $ 7,045 $ 2,711 $ 1,950 $ 13,489 $ 561 $ 1,290 $ 15,876 $ 106 $ 43,028 Total $ 2,745,438 $ 1,490,732 $ 1,201,138 $ 854,212 $ 798,466 $ 1,751,150 $ 1,748,587 $ 52,214 $ 10,641,937 Less: Allowance for credit losses 155,578 Loans, net $ 10,486,359 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract] | |
Summary of Other Real Estate Owned | The following table sets forth activity in OREO for the periods indicated: Years Ended December 31, 2022 2021 (in thousands) Balance, beginning of period $ 381 $ 553 Valuation adjustments (182) (140) Proceeds from sale of OREO property (200) (132) Gain on sale of OREO, net 1 100 Balance, end of period $ — $ 381 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Real and personal property and software, less accumulated depreciation and amortization, were as follows: December 31, 2022 2021 (in thousands) Land $ 50,393 $ 52,639 Buildings 116,005 119,546 Leasehold improvements 32,694 31,084 Furniture and equipment 40,712 41,313 Vehicles 525 476 Computer software 8,385 9,942 Total cost 248,714 255,000 Less accumulated depreciation and amortization (88,136) (82,856) Total $ 160,578 $ 172,144 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill and Intangible Assets | The following table sets forth activity for goodwill and other intangible assets for the periods indicated: Years Ended December 31, 2022 2021 2020 (in thousands) Goodwill, beginning of period $ 823,172 $ 765,842 $ 765,842 Established through acquisition (1) — 57,330 — Total goodwill, end of period 823,172 823,172 765,842 Other intangible assets, net CDI: Gross CDI balance, beginning of period (2) 88,931 78,821 105,473 Accumulated amortization, beginning of period (55,203) (53,006) (70,934) CDI, net, beginning of period 33,728 25,815 34,539 Established through acquisition — 15,900 — CDI current period amortization (8,698) (7,987) (8,724) Total CDI, end of period 25,030 33,728 25,815 Intangible assets not subject to amortization 919 919 919 Other intangible assets, net at end of period 25,949 34,647 26,734 Total goodwill and intangible assets, end of period $ 849,121 $ 857,819 $ 792,576 __________ (1) See Note 2, Business Combinations, for additional information regarding the goodwill related to the acquisition of Bank of Commerce on October 1, 2021. (2) For the year ended December 31, 2021, the gross CDI balance, beginning of period has been adjusted to remove fully amortized amounts. Prior period columns have not been adjusted. |
Estimated Future Amortization Expense of Core Deposit Intangibles | The following table provides the estimated future amortization expense of CDI for the succeeding five years: Years Ending December 31, (in thousands) 2023 $ 7,082 2024 5,673 2025 4,366 2026 3,225 2027 2,083 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Operating Leases by balance sheet location [Table Text Block] | The following table shows the details of the Company’s operating lease right-of-use asset and the associated lease liability for the period indicated: December 31, Item Balance Sheet Location 2022 2021 (in thousands) Operating lease asset Other assets $ 53,156 $ 60,296 Operating lease liability Other liabilities $ 58,543 $ 66,375 |
Lease, Cost [Table Text Block] | The following table shows the components of net lease costs: Years Ended December 31, Item Statement of Income Location 2022 2021 2020 (in thousands) Operating lease cost (1) Occupancy $ 12,133 $ 11,760 $ 11,073 Variable lease cost Occupancy 1,987 1,800 1,732 Sublease income Occupancy (1,634) (1,562) (1,454) Net lease cost $ 12,486 $ 11,998 $ 11,351 __________ |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | The following table shows the maturity analysis for operating leases as of December 31, 2022: Years Ending December 31, (in thousands) 2023 $ 11,597 2024 10,454 2025 9,110 2026 7,898 2027 6,851 Thereafter 18,269 Total future minimum lease payments 64,179 Amounts representing interest (5,636) Present value of minimum lease payments $ 58,543 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deposits [Abstract] | |
Schedule Of Deposits | Year-end deposits are summarized in the following table: December 31, 2022 (1) 2021 (in thousands) Demand and other noninterest-bearing $ 8,373,350 $ 8,856,714 Money market 2,972,838 3,525,299 Interest-bearing demand 1,980,631 1,999,407 Savings 1,555,765 1,617,546 Interest-bearing public funds, other than certificates of deposit 670,580 779,146 Certificates of deposit, less than $250,000 215,848 249,120 Certificates of deposit, $250,000 or more 124,411 160,490 Certificates of deposit insured by CD Option of IntraFi Network Deposits 21,828 35,611 Reciprocal money market accounts 796,199 786,046 Subtotal 16,711,450 18,009,379 Valuation adjustment resulting from acquisition accounting — 736 Total deposits $ 16,711,450 $ 18,010,115 |
Schedule Of Time Deposits Maturity | The following table shows the amount and maturity of time deposits: Years Ending December 31, (in thousands) 2023 (1) $ 266,873 2024 62,907 2025 14,325 2026 9,688 2027 8,284 Thereafter 10 Total $ 362,087 |
Federal Home Loan Bank and Fe_2
Federal Home Loan Bank and Federal Reserve Bank Borrowings (Tables) - Federal Home Loan Bank Advances [Member] | 12 Months Ended |
Dec. 31, 2022 | |
Debt Instrument [Line Items] | |
Schedule of Maturities of Long-term Debt | At December 31, 2022, FHLB advances were scheduled to mature as follows: Federal Home Loan Bank Advances Weighted Average Rate Amount (dollars in thousands) Within 1 year 4.42 % $ 949,000 Due after 10 years 5.37 % 5,000 Total 954,000 Valuation adjustment from acquisition accounting 315 Total $ 954,315 |
Debt Instrument Activity For Year | The maximum, average outstanding and year end balances and average interest rates on advances from the FHLB were as follows for the years ended December 31, 2022, 2021 and 2020: Years ended December 31, 2022 2021 2020 (dollars in thousands) Balance at end of period $ 954,315 $ 7,359 $ 7,414 Average balance during period $ 112,012 $ 7,388 $ 341,643 Maximum month end balance during period $ 954,315 $ 7,409 $ 1,005,464 Weighted average rate during period 4.23 % 4.94 % 1.82 % Weighted average rate at December 31 4.43 % 4.94 % 4.94 % |
Derivatives and Balance Sheet_2
Derivatives and Balance Sheet Offsetting (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative [Line Items] | |
Schedule of Fair Value Derivative Instruments | The following table presents the fair value of derivatives, as well as their classification on the Balance Sheet at December 31, 2022 and 2021: Asset Derivatives Liability Derivatives 2022 2021 2022 2021 Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value (in thousands) Derivatives not designated as hedging instruments: Interest rate lock commitments Other assets $ — Other assets $ 356 Other liabilities $ — Other liabilities $ — Interest rate forward loan sales contracts Other assets $ — Other assets $ — Other liabilities $ — Other liabilities $ 27 Interest rate swap contracts Other assets $ 40,289 Other assets $ 24,257 Other liabilities $ 40,289 Other liabilities $ 24,257 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The table below presents the effect of cash flow hedge accounting on accumulated other comprehensive income (loss) for the years ended December 31, 2022 and 2021: Amount of Gain or (Loss) Recognized in Accumulated Other Comprehensive Income on Derivative Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Years Ended December 31, Years Ended December 31, 2022 2021 2022 2021 (in thousands) Interest rate collar $ — $ — Interest income $ 10,441 $ 10,441 |
Derivative Instruments not designated as hedging, Gain (Loss) | The following table summarizes the types of derivatives not designated as hedging instruments and the gains (losses) recorded during the years ended December 31, 2022, 2021 and 2020: Years ended December 31, 2022 2021 2020 (in thousands) Interest rate lock commitments $ (356) $ (740) $ 1,096 Interest rate forward loan sales contracts 27 139 (165) Interest rate swap contracts — 50 (452) Total derivative gains (losses) $ (329) $ (551) $ 479 |
Balance Sheet Offsetting | The following tables show the gross interest rate swap contracts, collar agreements and repurchase agreements in the Consolidated Balance Sheets and the respective collateral received or pledged in the form of cash or other financial instruments. The collateral amounts in these tables are limited to the outstanding balances of the related asset or liability. Therefore, instances of overcollateralization are not shown. Gross Amounts of Recognized Assets/Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Assets/Liabilities Presented in the Consolidated Balance Sheets Gross Amounts Not Offset in the Consolidated Balance Sheets Collateral Pledged/Received Net Amount December 31, 2022 (in thousands) Assets Interest rate swap contracts $ 40,289 $ — $ 40,289 $ (39,450) $ 839 Liabilities Interest rate swap contracts $ 40,289 $ — $ 40,289 $ (180) $ 40,109 Repurchase agreements $ 95,168 $ — $ 95,168 $ (95,168) $ — December 31, 2021 Assets Interest rate swap contracts $ 24,257 $ — $ 24,257 $ (450) $ 23,807 Liabilities Interest rate swap contracts $ 24,257 $ — $ 24,257 $ (20,747) $ 3,510 Repurchase agreements $ 86,013 $ — $ 86,013 $ (86,013) $ — |
Available-for-sale Securities | |
Derivative [Line Items] | |
Schedule of Financial Instruments Owned and Pledged as Collateral | The following table presents the class of collateral pledged for repurchase agreements as well as the remaining contractual maturity of the repurchase agreements: Remaining contractual maturity of the agreements Overnight and continuous Up to 30 days 30 - 90 days Greater than 90 days Total December 31, 2022 (in thousands) Class of collateral pledged for repurchase agreements U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations $ 95,168 $ — $ — $ — $ 95,168 Gross amount of recognized liabilities for repurchase agreements 95,168 Amounts related to agreements not included in offsetting disclosure $ — |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Employee Benefit [Line Items] | |
Schedule of Accumulated and Projected Benefit Obligations | The following table reconciles the accumulated liability for the projected benefit obligation: December 31, 2022 2021 (in thousands) Balance, beginning of year $ 32,094 $ 27,402 Established through acquisitions — 4,889 Actuarial loss (gain) (5,850) (732) Benefit expense 1,854 1,735 Benefit payments (1,567) (1,200) Balance, end of year $ 26,531 $ 32,094 |
SERP | |
Employee Benefit [Line Items] | |
Schedule of Expected Benefit Payments | The benefits expected to be paid in conjunction with the SERP are presented in the following table: Years Ending December 31, (in thousands) 2023 $ 1,856 2024 2,155 2025 2,348 2026 2,311 2027 2,294 2028 through 2032 9,553 Total $ 20,517 |
Shareholders' Equity Dividends
Shareholders' Equity Dividends declared (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Dividends Declared | The following summarizes the dividend activity for the year ended December 31, 2022: Declared Regular Cash Dividends Per Common Share Record Date Paid Date January 19, 2022 $ 0.30 February 2, 2022 February 16, 2022 April 21, 2022 $ 0.30 May 4, 2022 May 18, 2022 July 21, 2022 $ 0.30 August 3, 2022 August 17, 2022 October 5, 2022 $ 0.30 October 17, 2022 October 28, 2022 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accumulated Other Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table shows changes in accumulated other comprehensive income (loss) by component for the years ended December 31, 2022, 2021 and 2020: Unrealized Gains and Losses on Available for Sale Securities (1) Unrealized Gains and Losses on Pension Plan Liability (1) Unrealized Gains and Losses on Hedging Instruments (1) Total (1) Year Ended December 31, 2022 (in thousands) Beginning balance $ 23,134 $ (4,812) $ 16,840 $ 35,162 Other comprehensive income (loss) before reclassifications (536,262) 4,533 — (531,729) Amounts reclassified from accumulated other comprehensive income (2) (6,067) 402 (8,263) (13,928) Net current-period other comprehensive income (loss) (542,329) 4,935 (8,263) (545,657) Ending balance $ (519,195) $ 123 $ 8,577 $ (510,495) Year Ended December 31, 2021 Beginning balance $ 163,174 $ (5,833) $ 24,854 $ 182,195 Other comprehensive income (loss) before reclassifications (137,482) 562 — (136,920) Amounts reclassified from accumulated other comprehensive income (2) (2,558) 459 (8,014) (10,113) Net current-period other comprehensive income (loss) (140,040) 1,021 (8,014) (147,033) Ending balance $ 23,134 $ (4,812) $ 16,840 $ 35,162 Year Ended December 31, 2020 Beginning balance $ 33,038 $ (3,974) $ 11,303 $ 40,367 Other comprehensive income (loss) before reclassifications 130,355 (2,177) 20,012 148,190 Amounts reclassified from accumulated other comprehensive income (2) (219) 318 (6,461) (6,362) Net current-period other comprehensive income (loss) 130,136 (1,859) 13,551 141,828 Ending balance $ 163,174 $ (5,833) $ 24,854 $ 182,195 __________ (1) All amounts are net of tax. Amounts in parentheses indicate debits. (2) See following table for details about these reclassifications. |
Reclassification out of Accumulated Other Comprehensive Income | The following table shows details regarding the reclassifications from accumulated other comprehensive income for the years ended December 31, 2022, 2021 and 2020: Amount Reclassified from Accumulated Other Comprehensive Income Affected line Item in the Consolidated Statement of Income Years Ended December 31, 2022 2021 2020 (in thousands) Unrealized gains (losses) on available for sale debt securities $ (9) $ 315 $ 285 Investment securities gains (losses), net Amortization of unrealized gains related to securities transfer 7,814 3,018 — Taxable securities 7,805 3,333 285 Total before tax (1,738) (775) (66) Income tax provision $ 6,067 $ 2,558 $ 219 Net of tax Amortization of pension plan liability actuarial losses $ (524) $ (598) $ (414) Compensation and employee benefits (524) (598) (414) Total before tax 122 139 96 Income tax provision $ (402) $ (459) $ (318) Net of tax Unrealized gains from hedging instruments $ 10,441 $ 10,441 $ 8,418 Loans 10,441 10,441 8,418 Total before tax (2,178) (2,427) (1,957) Income tax provision $ 8,263 $ 8,014 $ 6,461 Net of tax |
Fair Value Accounting and Mea_2
Fair Value Accounting and Measurement (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table sets forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis at December 31, 2022 and 2021 by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: Fair Value at December 31, 2022 Fair Value Measurements at Reporting Date Using Level 1 Level 2 Level 3 (in thousands) Assets Debt securities available for sale: U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations $ 2,759,710 $ — $ 2,759,710 $ — Other asset-backed securities 327,353 — 327,353 — State and municipal securities 834,073 — 834,073 — U.S. government agency and government-sponsored enterprise securities 208,769 — 208,769 — U.S. government securities 167,896 167,896 — — Non-agency collateralized mortgage obligations 291,298 — 291,298 — Total debt securities available for sale $ 4,589,099 $ 167,896 $ 4,421,203 $ — Loans held for sale $ 907 $ — $ 907 $ — Other assets: Interest rate swap contracts $ 40,289 $ — $ 40,289 $ — Liabilities Other liabilities: Interest rate swap contracts $ 40,289 $ — $ 40,289 $ — Fair Value at December 31, 2021 Fair Value Measurements at Reporting Date Using Level 1 Level 2 Level 3 (in thousands) Assets Debt securities available for sale: U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations $ 3,745,601 $ — $ 3,745,601 $ — Other asset-backed securities 463,063 — 463,063 — State and municipal securities 997,291 — 997,291 — U.S. government agency and government-sponsored enterprise securities 252,576 — 252,576 — U.S. government securities 157,536 157,536 — — Non-agency collateralized mortgage obligations 294,932 — 294,932 — Total debt securities available for sale $ 5,910,999 $ 157,536 $ 5,753,463 $ — Loans held for sale $ 9,570 $ — $ 9,570 $ — Other assets: Interest rate lock commitments $ 356 $ — $ — $ 356 Interest rate swap contracts $ 24,257 $ — $ 24,257 $ — Liabilities Other liabilities: Interest rate forward loan sales contracts $ 27 $ — $ 27 $ — Interest rate swap contracts $ 24,257 $ — $ 24,257 $ — |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table includes a rollforward of interest rate lock commitments which utilize Level 3 inputs to determine the fair value on a recurring basis. Years Ended December 31, 2022 2021 (in thousands) Balance at the beginning of the period $ 356 $ 1,096 Change included in earnings 215 7,051 Settlements (571) (7,791) Balance at the end of the period $ — $ 356 |
Equity Securities without Readily Determinable Fair Value | |
Financial Assets Accounted For Fair Value On Nonrecurring Basis | The following table sets forth the Company’s assets that were measured using fair value estimates on a nonrecurring basis during the years ended December 31, 2022 and 2021: Fair Value at December 31, 2022 Fair Value Measurements at Reporting Date Using Gains (Losses) During the Year Ended December 31, 2022 Level 1 Level 2 Level 3 (in thousands) Collateral dependent loans $ 195 $ — $ — $ 195 $ (1,561) Fair Value at December 31, 2021 Fair Value Measurements at Reporting Date Using Gains (Losses) During the Year Ended December 31, 2021 Level 1 Level 2 Level 3 (in thousands) Collateral dependent loans $ 7,615 $ — $ — $ 7,615 $ (1,976) OREO 375 — — 375 (140) |
Fair Value, by Balance Sheet Grouping | The following tables summarize carrying amounts and estimated fair values of selected financial instruments for the periods indicated: December 31, 2022 Carrying Fair Level 1 Level 2 Level 3 (in thousands) Assets Cash and due from banks $ 262,458 $ 262,458 $ 262,458 $ — $ — Interest-earning deposits with banks 29,283 29,283 29,283 — — Debt securities available for sale 4,589,099 4,589,099 167,896 4,421,203 — Debt securities held to maturity 2,034,792 1,722,778 — 1,722,778 — FHLB stock 48,160 48,160 — 48,160 — Loans held for sale 76,843 76,843 — 76,843 — Loans 11,452,535 11,072,802 — — 11,072,802 Interest rate contracts 40,289 40,289 — 40,289 — Liabilities Time deposits $ 362,087 $ 351,084 $ — $ 351,084 $ — FHLB advances and FRB borrowings 954,315 954,147 — 954,147 — Repurchase agreements 95,168 95,168 — 95,168 — Subordinated debentures 10,000 10,013 — 10,013 — Junior subordinated debentures 10,310 9,919 — 9,919 — Interest rate contracts 40,289 40,289 — 40,289 — December 31, 2021 Carrying Fair Level 1 Level 2 Level 3 (in thousands) Assets Cash and due from banks $ 153,414 $ 153,414 $ 153,414 $ — $ — Interest-earning deposits with banks 671,300 671,300 671,300 — — Debt securities available for sale 5,910,999 5,910,999 157,536 5,753,463 — Debt securities held to maturity 2,148,327 2,122,606 — 2,122,606 — FHLB stock 10,280 10,280 — 10,280 — Loans held for sale 9,774 9,774 — 9,774 — Loans 10,486,359 10,679,349 — — 10,679,349 Interest rate contracts 24,257 24,257 — 24,257 — Interest rate lock commitments 356 356 — — 356 Liabilities Time deposits $ 445,957 $ 430,682 $ — $ 430,682 $ — FHLB advances and FRB borrowings 7,359 8,752 — 8,752 — Repurchase agreements 86,013 86,013 — 86,013 — Subordinated debentures 10,000 10,125 — 10,125 — Junior subordinated debentures 10,310 9,927 — 9,927 — Interest rate contracts 24,257 24,257 — 24,257 — Interest rate forward loan sales contracts 27 27 — 27 — |
Fair Value, Inputs, Level 3 | Fair Value, Recurring | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Assets and Liabilities Measured on recurring basis valuation technique | The following table provides a description of the valuation technique, significant unobservable inputs, and qualitative information about the unobservable inputs for the Company’s assets and liabilities classified as Level 3 and measured at fair value on a recurring basis at December 31, 2021. The Company did not have recurring Level 3 fair value measurements at December 31, 2022. Fair Value at December 31, 2021 Valuation Technique Unobservable Input Range (Weighted Average) (dollars in thousands) Interest rate lock commitments $ 356 Internal pricing model Pull-through rate 80.22% - 96.59% (87.84%) |
Fair Value, Inputs, Level 3 | Fair Value, Nonrecurring | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value assets measured on nonrecurring basis valuation technique | The range and weighted average of the significant unobservable inputs used to fair value our Level 3 nonrecurring assets during 2022 and 2021, along with the valuation techniques used, are shown in the following tables: Fair Value at December 31, 2022 Valuation Technique Unobservable Input Range (Weighted Average) (dollars in thousands) Collateral dependent loans (1) $ 195 Fair Market Value of Collateral Adjustment to Stated Value N/A (2) __________ (1) Collateral consists of real estate. (2) Quantitative disclosures are not provided for collateral dependent loans because there were no adjustments made to the appraisal values or stated values during the period. Fair Value at December 31, 2021 Valuation Technique Unobservable Input Range (Weighted Average) (1) (dollars in thousands) Collateral dependent loans (2) $ 7,615 Fair Market Value of Collateral Adjustment to Stated Value 0.00% - 100.00% (48.00%) OREO $ 375 Fair Market Value of Collateral Adjustment to Appraisal Value N/A (3) __________ (1) Adjustment applied to appraisal value and stated value (in the case of fixed assets, accounts receivable and inventory). (2) Collateral consists of accounts receivable, inventory, fixed assets, intangible assets and real estate. (3) Quantitative disclosures are not provided for OREO because there were no adjustments made to the appraisal values or stated values during the period. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted EPS for the periods indicated: Years Ended December 31, 2022 2021 2020 (in thousands except per share amounts) Basic EPS: Net income $ 250,178 $ 202,820 $ 154,244 Less: Earnings allocated to participating securities Nonvested restricted shares 50 330 712 Earnings allocated to common shareholders $ 250,128 $ 202,490 $ 153,532 Weighted average common shares outstanding 78,047 72,683 70,835 Basic earnings per common share $ 3.20 $ 2.79 $ 2.17 Diluted EPS: Earnings allocated to common shareholders $ 250,128 $ 202,490 $ 153,532 Weighted average common shares outstanding 78,047 72,683 70,835 Dilutive effect of equity awards and warrants 146 190 45 Weighted average diluted common shares outstanding 78,193 72,873 70,880 Diluted earnings per common share $ 3.20 $ 2.78 $ 2.17 Potentially dilutive RSAs and RSUs that were not included in the computation of diluted EPS because to do so would be anti-dilutive 179 212 289 |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Nonvested Restricted Stock Units Activity | A summary of changes in the Company’s nonvested RSUs and related information for the year ended December 31, 2022 is presented below: Units Weighted Nonvested at December 31, 2020 111,901 $ 32.85 Granted 86,713 $ 47.11 Vested (12,994) $ 33.48 Forfeited (3,050) $ 33.71 Nonvested at December 31, 2021 182,570 $ 40.05 Granted 136,928 $ 35.80 Vested (22,566) $ 39.04 Nonvested at December 31, 2022 296,932 $ 38.16 |
Schedule of Nonvested Restricted Share Award Activity | A summary of changes in the Company’s nonvested RSAs and related information for the years ended December 31, 2022, 2021 and 2020 is presented below: Shares Weighted Nonvested at January 1, 2020 889,017 $ 36.96 Granted 299,007 $ 33.64 Vested (231,805) $ 35.01 Forfeited (90,588) $ 36.50 Nonvested at December 31, 2020 865,631 $ 36.38 Granted 257,298 $ 44.83 Vested (324,222) $ 37.57 Forfeited (75,696) $ 36.76 Nonvested at December 31, 2021 723,011 $ 38.57 Granted 262,571 $ 35.32 Vested (335,115) $ 38.58 Forfeited (109,104) $ 33.39 Nonvested at December 31, 2022 541,363 $ 37.89 |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense are as follows: Years Ended December 31, 2022 2021 2020 (in thousands) Current expense: Federal $ 60,771 $ 50,708 $ 44,094 State 12,811 9,610 7,822 Total current tax expense $ 73,582 $ 60,318 $ 51,916 Deferred tax expense (benefit): Federal $ (5,156) $ (5,445) $ (12,078) State (957) (1,184) (1,690) Total deferred tax benefit (6,113) (6,629) (13,768) Total $ 67,469 $ 53,689 $ 38,148 |
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities are as follows: December 31, 2022 2021 (in thousands) Deferred tax assets: ACL $ 40,054 $ 39,378 Lease liability 14,088 15,973 Deferred compensation 13,619 14,887 Stock options and restricted stock 3,751 3,186 OREO — 50 Nonaccrual interest 120 118 Unrealized loss on investment securities 164,697 — Net operating losses and credit carryforwards 2,404 2,898 Other 3,134 1,824 Total deferred tax assets 241,867 78,314 Deferred tax liabilities: Asset purchase tax basis difference (4,083) (5,052) Right of use asset (12,792) (14,510) FHLB stock dividends (810) (810) Deferred loan fees (6,205) (5,957) Unrealized gain on investment securities — (7,254) Unrealized gain on equity securities (3,231) (3,231) Purchase accounting (11,106) (14,211) Depreciation (3,112) (3,304) Cash flow hedge (2,767) (5,280) Other (144) (130) Total deferred tax liabilities (44,250) (59,739) Net deferred tax asset $ 197,617 $ 18,575 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the Company’s effective income tax rate with the federal statutory tax rate is as follows: Years Ended December 31, 2022 2021 2020 Amount Percent Amount Percent Amount Percent (dollars in thousands) Income tax based on statutory rate $ 66,706 21 % $ 53,867 21 % $ 40,402 21 % Increase (decrease) resulting from: Tax exempt instruments (6,864) (2) % (6,306) (2) % (5,987) (3) % Bank owned life insurance (1,806) (1) % (1,444) (1) % (1,348) (1) % State income tax, net of federal benefit 9,364 3 % 7,892 3 % 4,844 3 % Other, net 69 — % (320) — % 237 — % Income tax provision $ 67,469 21 % $ 53,689 21 % $ 38,148 20 % |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The Company and its banking subsidiary’s actual capital amounts and ratios as of December 31, 2022 and 2021 are presented in the following table: Actual Minimum Required Minimum Required To Be Well Amount Ratio Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) December 31, 2022 CET1 Capital (to risk-weighted assets): The Company $ 1,885,860 12.87 % $ 659,248 4.50 % $ 1,025,498 7.00 % N/A N/A Columbia Bank $ 1,892,755 12.93 % $ 658,773 4.50 % $ 1,024,758 7.00 % $ 951,561 6.50 % Tier 1 Capital (to risk-weighted assets): The Company $ 1,885,860 12.87 % $ 878,998 6.00 % $ 1,245,247 8.50 % N/A N/A Columbia Bank $ 1,892,755 12.93 % $ 878,364 6.00 % $ 1,244,349 8.50 % $ 1,171,152 8.00 % Total Capital (to risk-weighted assets): The Company $ 2,048,700 13.98 % $ 1,171,997 8.00 % $ 1,538,246 10.50 % N/A N/A Columbia Bank $ 2,045,595 13.97 % $ 1,171,152 8.00 % $ 1,537,137 10.50 % $ 1,463,940 10.00 % Tier 1 Capital Leverage (to average assets): The Company $ 1,885,860 9.34 % $ 807,791 4.00 % $ 807,791 4.00 % N/A N/A Columbia Bank $ 1,892,755 9.47 % $ 799,485 4.00 % $ 799,485 4.00 % $ 999,356 5.00 % December 31, 2021 CET1 Capital (to risk-weighted assets): The Company $ 1,710,981 13.01 % $ 591,585 4.50 % $ 920,244 7.00 % N/A N/A Columbia Bank $ 1,716,186 13.06 % $ 591,154 4.50 % $ 919,754 7.00 % $ 853,890 6.50 % Tier 1 Capital (to risk-weighted assets): The Company $ 1,710,981 13.01 % $ 788,780 6.00 % $ 1,117,439 8.50 % N/A N/A Columbia Bank $ 1,716,186 13.06 % $ 788,206 6.00 % $ 1,116,625 8.50 % $ 1,050,941 8.00 % Total Capital (to risk-weighted assets): The Company $ 1,868,192 14.21 % $ 1,051,707 8.00 % $ 1,380,366 10.50 % N/A N/A Columbia Bank $ 1,863,397 14.18 % $ 1,050,941 8.00 % $ 1,379,360 10.50 % $ 1,313,677 10.00 % Tier 1 Capital Leverage (to average assets): The Company $ 1,710,981 8.55 % $ 800,615 4.00 % $ 800,615 4.00 % N/A N/A Columbia Bank $ 1,716,186 8.60 % $ 798,206 4.00 % $ 798,206 4.00 % $ 997,757 5.00 % |
Parent Company Financial Info_2
Parent Company Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheets - Parent Company Only | Condensed Balance Sheets—Parent Company Only December 31, 2022 2021 (in thousands) Assets Cash $ 8,514 $ 1,979 Interest-earning deposits — 3,786 Total cash and cash equivalents 8,514 5,765 Investment in banking subsidiary 2,215,486 2,589,218 Investment in other subsidiaries 7,942 7,175 Goodwill 4,729 4,729 Other assets 3,169 2,525 Total assets $ 2,239,840 $ 2,609,412 Liabilities and Shareholders’ Equity Subordinated debentures $ 10,000 $ 10,000 Junior subordinated debentures 10,310 10,310 Other liabilities 6,377 360 Total liabilities 26,687 20,670 Shareholders’ equity 2,213,153 2,588,742 Total liabilities and shareholders’ equity $ 2,239,840 $ 2,609,412 |
Condensed Statements of Income - Parent Company Only | Condensed Statements of Income—Parent Company Only Years Ended December 31, 2022 2021 2020 (in thousands) Income Dividend from banking subsidiary $ 85,004 $ 108,000 $ 89,000 Dividend from other subsidiaries 711 500 — Interest-earning deposits 15 16 13 Other income 60 36 37 Total income 85,790 108,552 89,050 Expense Compensation and employee benefits 823 856 758 Subordinated debentures interest expense 807 1,932 1,871 Other borrowings interest expense 339 52 12 Other expense 8,524 3,542 1,943 Total expenses 10,493 6,382 4,584 Income before income tax benefit and equity in undistributed earnings of subsidiaries 75,297 102,170 84,466 Income tax benefit (2,188) (1,329) (952) Income before equity in undistributed earnings of subsidiaries 77,485 103,499 85,418 Equity in undistributed earnings of subsidiaries 172,693 99,321 68,826 Net income $ 250,178 $ 202,820 $ 154,244 |
Condensed Statements of Cash Flows - Parent Company Only | Condensed Statements of Cash Flows—Parent Company Only Years Ended December 31, 2022 2021 2020 (in thousands) Operating Activities Net income $ 250,178 $ 202,820 $ 154,244 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiaries (172,693) (99,321) (68,826) Stock-based compensation expense 16,158 14,926 10,737 Net changes in other assets and liabilities 5,379 (1,436) (17) Net cash provided by operating activities 99,022 116,989 96,138 Investing Activities Net cash received in business combinations — 2,173 — Net cash provided by investing activities — 2,173 — Financing Activities Common stock dividends (94,394) (83,841) (96,215) Repayment of subordinated debentures — (35,000) — Purchase and retirement of common stock (3,989) (4,140) (2,522) Purchase of treasury shares — — (20,000) Proceeds from exercise of stock options 2,110 2,350 2,028 Net cash used in financing activities (96,273) (120,631) (116,709) Increase (decrease) in cash and cash equivalents 2,749 (1,469) (20,571) Cash and cash equivalents at beginning of year 5,765 7,234 27,805 Cash and cash equivalents at end of year $ 8,514 $ 5,765 $ 7,234 Supplemental disclosure of noncash investing and financing activities: Common stock issued in connection with acquisition $ — $ 256,061 $ — |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table shows the disaggregation of revenue from contracts with customers for the period indicated: Years Ended December 31, 2022 2021 2020 (in thousands) Noninterest income: Revenue from contracts with customers: Deposit account and treasury management fees $ 31,498 $ 27,107 $ 27,019 Card revenue 20,186 18,503 13,928 Financial services and trust revenue 17,659 15,753 12,830 Total revenue from contracts with customers 69,343 61,363 53,777 Other sources of noninterest income 29,801 32,731 50,723 Total noninterest income $ 99,144 $ 94,094 $ 104,500 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2022 USD ($) location | |
Accounting Policies [Line Items] | |
Number Of Branch Locations | 152 |
Number Of Days Used To Determine Treatment As Cash Equivalent | 90 days |
FHLB membership stock purchase requirement cap | $ | $ 10,000,000 |
Federal Home Loan Bank stock, par value | $ | $ 100 |
Number of Days of Delinquency at Which Loans Are Categorized As Non Accrual Status | 90 days |
WASHINGTON | |
Accounting Policies [Line Items] | |
Number Of Branch Locations | 67 |
OREGON | |
Accounting Policies [Line Items] | |
Number Of Branch Locations | 59 |
IDAHO | |
Accounting Policies [Line Items] | |
Number Of Branch Locations | 15 |
CALIFORNIA | |
Accounting Policies [Line Items] | |
Number Of Branch Locations | 11 |
Vehicles | |
Accounting Policies [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 5 |
Minimum | Building and Building Improvements [Member] | |
Accounting Policies [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 5 |
Minimum | Furniture and Fixtures | |
Accounting Policies [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 3 |
Minimum | Software | |
Accounting Policies [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 3 |
Maximum | Building and Building Improvements [Member] | |
Accounting Policies [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 39 |
Maximum | Furniture and Fixtures | |
Accounting Policies [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 7 |
Maximum | Software | |
Accounting Policies [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 5 |
Designated as Hedging Instrument | Interest rate collar | |
Accounting Policies [Line Items] | |
Derivative, Notional Amount | $ | $ 500,000,000 |
Business Combinations and Ass_3
Business Combinations and Asset Acquisitions - Assets acquired and liabilities assumed (Details) - Bank of Commerce $ in Thousands | Oct. 01, 2021 USD ($) |
Asset Acquisition [Line Items] | |
Merger consideration | $ 256,257 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 155,180 |
Business Acquisition, Purchase Price Allocation, Current Assets, Investment Securities | 654,480 |
Business Acquisition, Purchase Price Allocation, FHLB Stock | 7,463 |
Business Combination, Acquired Loans, net of allowance for credit loss | 1,084,984 |
Business Acquisition, Purchase Price Allocation, Accrued Interest Receivable | 5,237 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 17,658 |
Business Combination, Purchase Price Allocation, Core Deposit Intangible | 15,932 |
Business Combination, Purchase Price Allocation, Other Assets | 41,963 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 1,982,897 |
Business Acquisition, Purchase Price Allocation, Liabilities, Deposits | 1,737,584 |
Business Combination, Purchase Price Allocation, Subordinated Debt | 10,000 |
Business Combination, Purchase Price Allocation, Junior Subordinated Debentures | 10,310 |
Business Combination, Purchase Price Allocation, Other Liabilities | 26,076 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 1,783,970 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 198,927 |
Business Combination, Purchase Price Allocation, Goodwill Amount | $ 57,330 |
Business Combinations and Ass_4
Business Combinations and Asset Acquisitions - PCD (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 01, 2021 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | ||
Initial ACL recorded for PCD loans acquired | $ 2,616 | |
Bank of Commerce | ||
Business Acquisition [Line Items] | ||
Par Value of PCD loans acquired | $ 43,419 | |
Financing Receivable, Purchased with Credit Deterioration, Allowance for Credit Loss at Acquisition Date | (2,616) | |
Financing Receivable, Purchased with Credit Deterioration, Discount (Premium) | (525) | |
Initial ACL recorded for PCD loans acquired | $ 40,278 |
Business Combinations and Ass_5
Business Combinations and Asset Acquisitions - Proforma (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | ||
Business Acquisition, Pro Forma Revenue | $ 664,875 | $ 660,857 |
Business Acquisition, Pro Forma Net Income (Loss) | $ 221,637 | $ 164,087 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ 2.85 | $ 2.11 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ 2.84 | $ 2.10 |
Business Combinations and Ass_6
Business Combinations and Asset Acquisitions - acquisition-related expenses (Details) - Bank of Commerce - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Asset Acquisition [Line Items] | |||
Business Combination, Acquisition Related Costs | $ 5,593 | $ 10,370 | $ 0 |
Compensation and employee benefits [Member] | |||
Asset Acquisition [Line Items] | |||
Business Combination, Acquisition Related Costs | 1,753 | 4,875 | 0 |
Occupancy [Member] | |||
Asset Acquisition [Line Items] | |||
Business Combination, Acquisition Related Costs | 928 | 271 | 0 |
Data processing [Member] | |||
Asset Acquisition [Line Items] | |||
Business Combination, Acquisition Related Costs | 1,584 | 287 | 0 |
Legal and professional fees [Member] | |||
Asset Acquisition [Line Items] | |||
Business Combination, Acquisition Related Costs | 414 | 4,429 | 0 |
Advertising and promotion [Member] | |||
Asset Acquisition [Line Items] | |||
Business Combination, Acquisition Related Costs | 18 | 9 | 0 |
Other noninterest expenses [Member] | |||
Asset Acquisition [Line Items] | |||
Business Combination, Acquisition Related Costs | $ 896 | $ 499 | $ 0 |
Business Combinations and Ass_7
Business Combinations and Asset Acquisitions - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Oct. 01, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | ||||
Acquired PCD loans | $ 2,616 | |||
Bank of Commerce | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Purchase Price Allocation, Goodwill Amount | $ 57,330 | |||
Business Combination, Purchase Price Allocation, Amortizable Intangible Assets | 15,932 | |||
Business Combination, net loans acquired | 1,084,984 | |||
Acquired PCD loans | $ 40,278 | |||
Business Combination, Acquisition Related Costs | $ 5,593 | $ 10,370 | $ 0 | |
Umpqua | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Acquisition Related Costs | $ 13,500 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Federal Reserve Bank [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted Cash and Cash Equivalents | $ 0 | $ 0 |
Securities - Debt Securities (D
Securities - Debt Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Securities [Line Items] | ||
Debt Securities Available-for-Sale, Amortized Cost | $ 5,282,846 | $ 5,898,041 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 583 | 70,839 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (694,330) | (57,881) |
Debt Securities, Available-for-sale | 4,589,099 | 5,910,999 |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Total | 2,034,792 | 2,148,327 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 0 | 50 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (312,014) | (25,771) |
Debt Securities, Held-to-maturity, Fair Value | 1,722,778 | 2,122,606 |
U.S. Government Agency and Government-Sponsored Enterprise Mortgage-Backed Securities and Collateralized Mortgage Obligations | ||
Debt Securities [Line Items] | ||
Debt Securities Available-for-Sale, Amortized Cost | 3,188,381 | 3,738,616 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 382 | 45,077 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (429,053) | (38,092) |
Debt Securities, Available-for-sale | 2,759,710 | 3,745,601 |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Total | 2,034,792 | 2,148,327 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 0 | 50 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (312,014) | (25,771) |
Debt Securities, Held-to-maturity, Fair Value | 1,722,778 | 2,122,606 |
Asset-backed Securities | ||
Debt Securities [Line Items] | ||
Debt Securities Available-for-Sale, Amortized Cost | 376,336 | 469,052 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 3,802 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (48,983) | (9,791) |
Debt Securities, Available-for-sale | 327,353 | 463,063 |
State and Municipal Securities | ||
Debt Securities [Line Items] | ||
Debt Securities Available-for-Sale, Amortized Cost | 959,469 | 983,704 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 199 | 18,525 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (125,595) | (4,938) |
Debt Securities, Available-for-sale | 834,073 | 997,291 |
US Government Corporations and Agencies Securities [Member] | ||
Debt Securities [Line Items] | ||
Debt Securities Available-for-Sale, Amortized Cost | 222,829 | 252,755 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 2 | 3,095 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (14,062) | (3,274) |
Debt Securities, Available-for-sale | 208,769 | 252,576 |
US Government Securities | ||
Debt Securities [Line Items] | ||
Debt Securities Available-for-Sale, Amortized Cost | 183,049 | 158,367 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (15,153) | (831) |
Debt Securities, Available-for-sale | 167,896 | 157,536 |
Non-agency collateralized mortgage obligations | ||
Debt Securities [Line Items] | ||
Debt Securities Available-for-Sale, Amortized Cost | 352,782 | 295,547 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 340 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (61,484) | (955) |
Debt Securities, Available-for-sale | $ 291,298 | $ 294,932 |
Securities - Debt Securities -
Securities - Debt Securities - Summary of Gross Realized Gains and Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |||
Proceeds from sales and calls of debt securities, available-for-sale | $ 741 | $ 89,219 | $ 194,697 |
Gross realized gains from sales of debt securities available for sale | 0 | 751 | 471 |
Gross realized losses from sales of debt securities available for sale | (9) | (437) | (186) |
Other securities gains (losses) | 0 | 0 | 16,425 |
Investment securities gain (loss), net | $ (9) | $ 314 | $ 16,710 |
Securities - Equity Securities
Securities - Equity Securities - unrealized gains and losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |||
Gains recognized during the period on equity securities | $ 0 | $ 0 | $ 16,425 |
Less: Gains (losses) recognized during the period on equity securities sold during the period | 0 | 0 | (3,000) |
Unrealized gains recognized during the reporting period on equity securities still held at the reporting date | $ 0 | $ 0 | $ 13,425 |
Securities (Schedule of Contrac
Securities (Schedule of Contractual Maturities of Debt Securities Available-for-Sale) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-Sale [Abstract] | ||
Debt securities, available-for-sale, due within one year, Amortized Cost | $ 85,094 | |
Debt securities, available-for-sale, due after one year through five years, Amortized Cost | 1,132,895 | |
Debt securities, available-for-sale, due after five years through ten years, Amortized Cost | 1,106,689 | |
Debt securities, available-for-sale, due after ten years, Amortized Cost | 2,958,168 | |
Debt Securities Available-for-Sale, Amortized Cost | 5,282,846 | $ 5,898,041 |
Debt securities, available-for-sale, due within one year, Fair Value | 84,216 | |
Debt securities, available-for-sale, due after one year through five years, Fair Value | 1,055,150 | |
Debt securities, available-for-sale, due after five years through ten years, Fair Value | 973,108 | |
Debt securities, available-for-sale, due after ten years, Fair Value | 2,476,625 | |
Debt Securities Available-for-Sale, Fair Value | 4,589,099 | 5,910,999 |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, Year One | 0 | |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, after Year One through Five | 301,515 | |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, after Year Five through Ten | 916,571 | |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, after Year 10 | 816,706 | |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Total | 2,034,792 | 2,148,327 |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value | 0 | |
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | 265,831 | |
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | 775,931 | |
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10 | 681,016 | |
Debt Securities, Held-to-maturity, Fair Value, Total | $ 1,722,778 | $ 2,122,606 |
Securities (Carrying Value of S
Securities (Carrying Value of Securities Pledged as Collateral) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Restricted | $ 830,902 | $ 962,788 |
To secure public funds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Restricted | 564,150 | 596,779 |
To secure borrowings | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Restricted | 0 | 98,796 |
Other Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Restricted | $ 266,752 | $ 267,213 |
Securities (Summary of Gross Un
Securities (Summary of Gross Unrealized Losses and Fair Value of Debt Securities Available-for-Sale with Unrealized Losses) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 1,202,775 | $ 3,195,732 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (85,581) | (43,236) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 3,328,941 | 383,754 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (608,749) | (14,645) |
Debt Securities, Available-for-sale, Unrealized Loss Position, Total | 4,531,716 | 3,579,486 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total | 694,330 | 57,881 |
Asset-backed Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 76,877 | 195,708 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (7,579) | (4,823) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 250,475 | 117,751 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (41,404) | (4,968) |
Debt Securities, Available-for-sale, Unrealized Loss Position, Total | 327,352 | 313,459 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total | 48,983 | 9,791 |
State and Municipal Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 309,675 | 237,354 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (23,690) | (3,862) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 485,620 | 40,343 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (101,905) | (1,076) |
Debt Securities, Available-for-sale, Unrealized Loss Position, Total | 795,295 | 277,697 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total | 125,595 | 4,938 |
U.S. Government Agency and Government-Sponsored Enterprise Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 68,656 | 100,813 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,375) | (1,988) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 139,364 | 48,714 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (12,687) | (1,286) |
Debt Securities, Available-for-sale, Unrealized Loss Position, Total | 208,020 | 149,527 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total | 14,062 | 3,274 |
U.S. Government Agency and Government-Sponsored Enterprise Mortgage-Backed Securities and Collateralized Mortgage Obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 735,898 | 2,292,062 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (50,201) | (30,777) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 2,005,957 | 176,946 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (378,852) | (7,315) |
Debt Securities, Available-for-sale, Unrealized Loss Position, Total | 2,741,855 | 2,469,008 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total | 429,053 | 38,092 |
US Government Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 0 | 157,536 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | (831) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 167,896 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (15,153) | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Total | 167,896 | 157,536 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total | 15,153 | 831 |
Non-agency collateralized mortgage obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 11,669 | 212,259 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (2,736) | (955) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 279,629 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (58,748) | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Total | 291,298 | 212,259 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total | $ 61,484 | $ 955 |
Securities (Narrative) (Details
Securities (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) issuance security shares | Dec. 31, 2021 USD ($) | |
Debt Securities, Available-for-sale [Line Items] | ||
Number Of Issuances Of Securities Exceeding Shareholders Equity Threshold | issuance | 0 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | $ | $ 0 | $ 0 |
Accrued Interest Receivable for securities | $ | $ 64,908 | 56,019 |
Visa Class B shares, shares sold | shares | 17,360 | |
Visa Class B shares, remaining shares | shares | 77,683 | |
Equity Securities without Readily Determinable Fair Value, Amount | $ | $ 13,425 | 13,425 |
Other Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Issuances Of Securities Exceeding Shareholders Equity Threshold, Percent | 10% | |
Available-for-sale Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Accrued Interest Receivable for securities | $ | $ 17,300 | 19,200 |
U.S. Government Agency and Government-Sponsored Enterprise Mortgage-Backed Securities and Collateralized Mortgage Obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 645 | |
Asset-backed Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 83 | |
Municipal Bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 563 | |
US Government Corporations and Agencies Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 21 | |
US Government Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 10 | |
Non-agency collateralized mortgage obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 56 | |
Held-to-maturity Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Accrued Interest Receivable for securities | $ | $ 4,200 | $ 4,400 |
Loans (Analysis of Loan Portfol
Loans (Analysis of Loan Portfolio by Major Types of Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator - narrative [Line Items] | ||||
Total loans, net of unearned income | $ 11,610,973 | $ 10,641,937 | ||
Allowance for Credit Loss | (158,438) | (155,578) | $ (149,140) | $ (83,968) |
Total loans, net | 11,452,535 | 10,486,359 | ||
Commercial Real Estate | ||||
Financing Receivable, Credit Quality Indicator - narrative [Line Items] | ||||
Total loans, net of unearned income | 5,352,785 | 4,981,263 | ||
Allowance for Credit Loss | (54,856) | (61,254) | (68,934) | (20,340) |
Commercial Business | ||||
Financing Receivable, Credit Quality Indicator - narrative [Line Items] | ||||
Total loans, net of unearned income | 3,750,564 | 3,423,268 | ||
Allowance for Credit Loss | (57,836) | (54,712) | (45,250) | (30,292) |
Agriculture | ||||
Financing Receivable, Credit Quality Indicator - narrative [Line Items] | ||||
Total loans, net of unearned income | 848,903 | 795,715 | ||
Allowance for Credit Loss | (9,071) | (8,148) | (9,052) | (15,835) |
Construction | ||||
Financing Receivable, Credit Quality Indicator - narrative [Line Items] | ||||
Total loans, net of unearned income | 540,861 | 384,755 | ||
Allowance for Credit Loss | (13,142) | (5,397) | (7,636) | (8,571) |
Real estate: One-to-four family residential | ||||
Financing Receivable, Credit Quality Indicator - narrative [Line Items] | ||||
Total loans, net of unearned income | 1,077,494 | 1,013,908 | ||
Allowance for Credit Loss | (22,355) | (24,123) | (16,875) | (7,435) |
Consumer Loan | ||||
Financing Receivable, Credit Quality Indicator - narrative [Line Items] | ||||
Total loans, net of unearned income | 40,366 | 43,028 | ||
Allowance for Credit Loss | $ (1,178) | $ (1,944) | $ (1,393) | $ (883) |
Loans (Analysis of the Aged Loa
Loans (Analysis of the Aged Loan Portfolio) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 11,610,973 | $ 10,641,937 |
Nonaccrual Loans | 13,441 | 23,041 |
Commercial Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 5,352,785 | 4,981,263 |
Nonaccrual Loans | 3,244 | 1,872 |
Commercial Business | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 3,750,564 | 3,423,268 |
Nonaccrual Loans | 5,133 | 13,321 |
Agriculture | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 848,903 | 795,715 |
Nonaccrual Loans | 4,367 | 5,396 |
Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 540,861 | 384,755 |
Nonaccrual Loans | 0 | 0 |
Real estate: One-to-four family residential | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 1,077,494 | 1,013,908 |
Nonaccrual Loans | 685 | 2,433 |
Consumer Loan | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 40,366 | 43,028 |
Nonaccrual Loans | 12 | 19 |
Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 11,574,480 | 10,611,528 |
Financial Asset, Not Past Due | Commercial Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 5,338,999 | 4,977,781 |
Financial Asset, Not Past Due | Commercial Business | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 3,739,731 | 3,406,539 |
Financial Asset, Not Past Due | Agriculture | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 842,506 | 789,112 |
Financial Asset, Not Past Due | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 540,861 | 384,755 |
Financial Asset, Not Past Due | Real estate: One-to-four family residential | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 1,072,211 | 1,010,343 |
Financial Asset, Not Past Due | Consumer Loan | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 40,172 | 42,998 |
Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 16,060 | 4,860 |
Financial Asset, 30 to 59 Days Past Due | Commercial Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 6,756 | 0 |
Financial Asset, 30 to 59 Days Past Due | Commercial Business | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 4,336 | 2,721 |
Financial Asset, 30 to 59 Days Past Due | Agriculture | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 493 | 1,207 |
Financial Asset, 30 to 59 Days Past Due | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Financial Asset, 30 to 59 Days Past Due | Real estate: One-to-four family residential | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 4,315 | 921 |
Financial Asset, 30 to 59 Days Past Due | Consumer Loan | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 160 | 11 |
Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 6,992 | 2,508 |
Financial Asset, 60 to 89 Days Past Due | Commercial Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 3,786 | 1,610 |
Financial Asset, 60 to 89 Days Past Due | Commercial Business | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 1,364 | 687 |
Financial Asset, 60 to 89 Days Past Due | Agriculture | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 1,537 | 0 |
Financial Asset, 60 to 89 Days Past Due | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Financial Asset, 60 to 89 Days Past Due | Real estate: One-to-four family residential | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 283 | 211 |
Financial Asset, 60 to 89 Days Past Due | Consumer Loan | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 22 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Commercial Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Commercial Business | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Agriculture | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Real estate: One-to-four family residential | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Consumer Loan | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 23,052 | 7,368 |
Financial Asset, Past Due | Commercial Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 10,542 | 1,610 |
Financial Asset, Past Due | Commercial Business | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 5,700 | 3,408 |
Financial Asset, Past Due | Agriculture | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 2,030 | 1,207 |
Financial Asset, Past Due | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Financial Asset, Past Due | Real estate: One-to-four family residential | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 4,598 | 1,132 |
Financial Asset, Past Due | Consumer Loan | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 182 | $ 11 |
Loans (Interest written off on
Loans (Interest written off on nonaccrual loans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Credit Quality Indicator - narrative [Line Items] | |||
Interest written off on nonaccrual loans | $ 629 | $ 673 | $ 2,000 |
Commercial Portfolio Segment | |||
Financing Receivable, Credit Quality Indicator - narrative [Line Items] | |||
Interest written off on nonaccrual loans | 604 | 628 | 1,972 |
Consumer | |||
Financing Receivable, Credit Quality Indicator - narrative [Line Items] | |||
Interest written off on nonaccrual loans | $ 25 | $ 45 | $ 28 |
Loans (Analysis of Nonaccrual L
Loans (Analysis of Nonaccrual Loans with no ACL) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Nonaccrual [Line Items] | ||
Amortized Cost of Nonaccrual Loans, No Allowance | $ 5,207 | $ 9,819 |
Commercial Real Estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Amortized Cost of Nonaccrual Loans, No Allowance | 2,281 | 932 |
Commercial Business | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Amortized Cost of Nonaccrual Loans, No Allowance | 815 | 5,131 |
Agriculture | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Amortized Cost of Nonaccrual Loans, No Allowance | $ 2,111 | $ 3,756 |
Loans Loans (Analysis of Troubl
Loans Loans (Analysis of Troubled Debt Restructurings) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Modifications | Dec. 31, 2021 USD ($) Modifications | Dec. 31, 2020 USD ($) Modifications | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
TDR Modifications, Number of Contracts | Modifications | 4 | 16 | 19 |
Pre-Modification Outstanding Recorded Investment | $ 1,320 | $ 3,966 | $ 7,566 |
Post-Modification Outstanding Recorded Investment | $ 1,320 | $ 3,966 | $ 7,566 |
Commercial Real Estate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
TDR Modifications, Number of Contracts | Modifications | 0 | 1 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 628 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 628 | $ 0 |
Commercial Business | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
TDR Modifications, Number of Contracts | Modifications | 2 | 11 | 11 |
Pre-Modification Outstanding Recorded Investment | $ 637 | $ 2,600 | $ 3,257 |
Post-Modification Outstanding Recorded Investment | $ 637 | $ 2,600 | $ 3,257 |
Agriculture | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
TDR Modifications, Number of Contracts | Modifications | 1 | 1 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 633 | $ 583 | $ 3,495 |
Post-Modification Outstanding Recorded Investment | $ 633 | $ 583 | $ 3,495 |
Real estate: One-to-four family residential | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
TDR Modifications, Number of Contracts | Modifications | 1 | 3 | 6 |
Pre-Modification Outstanding Recorded Investment | $ 50 | $ 155 | $ 814 |
Post-Modification Outstanding Recorded Investment | $ 50 | $ 155 | $ 814 |
Consumer Loan | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
TDR Modifications, Number of Contracts | Modifications | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 |
Loans (Narrative) (Details)
Loans (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) contract | Dec. 31, 2021 USD ($) contract | Dec. 31, 2020 contract | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accrued Interest Receivable for Loans | $ 64,908 | $ 56,019 | |
Financing Receivable Modifications Additional Commitment To Lend | $ 123 | $ 1,500 | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | contract | 0 | 0 | 0 |
Loans Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans pledged to collateralize Federal Home Loan Bank Advances | $ 4,360,000 | $ 3,490,000 | |
Commercial Loan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans pledged to collateralize Federal Reserve Bank Borrowings | 301,400 | 200,500 | |
Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accrued Interest Receivable for Loans | $ 43,400 | $ 32,400 |
Allowance for Credit Losses a_3
Allowance for Credit Losses and Unfunded Commitments and Letters of Credit (Allowance for Credit Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance for Credit Loss | $ 158,438 | $ 155,578 | $ 149,140 | $ 83,968 | |
Initial ACL recorded for PCD loans acquired | 2,616 | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 4,449 | 9,063 | 21,092 | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 5,359 | 8,085 | 6,932 | ||
Provision (recapture) for credit losses | 1,950 | 4,800 | 77,700 | ||
Commercial Real Estate | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance for Credit Loss | 54,856 | 61,254 | 68,934 | 20,340 | |
Initial ACL recorded for PCD loans acquired | 2,225 | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 299 | 1,044 | 1,419 | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 207 | 633 | 131 | ||
Provision (recapture) for credit losses | (6,306) | (9,494) | 42,349 | ||
Commercial Business | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance for Credit Loss | 57,836 | 54,712 | 45,250 | 30,292 | |
Initial ACL recorded for PCD loans acquired | 30 | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 2,108 | 6,364 | 12,396 | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 2,183 | 4,862 | 3,438 | ||
Provision (recapture) for credit losses | 3,049 | 10,934 | 23,154 | ||
Agriculture | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance for Credit Loss | 9,071 | 8,148 | 9,052 | 15,835 | |
Initial ACL recorded for PCD loans acquired | 38 | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 799 | 322 | 6,427 | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 869 | 355 | 172 | ||
Provision (recapture) for credit losses | 853 | (975) | 8,797 | ||
Construction | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance for Credit Loss | 13,142 | 5,397 | 7,636 | 8,571 | |
Initial ACL recorded for PCD loans acquired | 35 | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 | 0 | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 387 | 593 | 709 | ||
Provision (recapture) for credit losses | 7,358 | (2,867) | 106 | ||
Real estate: One-to-four family residential | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance for Credit Loss | 22,355 | 24,123 | 16,875 | 7,435 | |
Initial ACL recorded for PCD loans acquired | 286 | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 3 | 170 | 84 | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 943 | 907 | 2,083 | ||
Provision (recapture) for credit losses | (2,708) | 6,225 | 3,204 | ||
Consumer Loan | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance for Credit Loss | 1,178 | 1,944 | 1,393 | 883 | |
Initial ACL recorded for PCD loans acquired | 2 | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 1,240 | 1,163 | 766 | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 770 | 735 | 399 | ||
Provision (recapture) for credit losses | $ (296) | 977 | 99 | ||
Unallocated Financing Receivables [Member] | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance for Credit Loss | 0 | 0 | $ 612 | ||
Initial ACL recorded for PCD loans acquired | 0 | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 | |||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | 0 | |||
Provision (recapture) for credit losses | $ 0 | $ (9) | |||
Accounting Standards Update 2016-13 | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Change in allowance for credit loss due to adoption of new ASU | $ 1,632 | ||||
Accounting Standards Update 2016-13 | Commercial Real Estate | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Change in allowance for credit loss due to adoption of new ASU | 7,533 | ||||
Accounting Standards Update 2016-13 | Commercial Business | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Change in allowance for credit loss due to adoption of new ASU | 762 | ||||
Accounting Standards Update 2016-13 | Agriculture | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Change in allowance for credit loss due to adoption of new ASU | (9,325) | ||||
Accounting Standards Update 2016-13 | Construction | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Change in allowance for credit loss due to adoption of new ASU | (1,750) | ||||
Accounting Standards Update 2016-13 | Real estate: One-to-four family residential | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Change in allowance for credit loss due to adoption of new ASU | 4,237 | ||||
Accounting Standards Update 2016-13 | Consumer Loan | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Change in allowance for credit loss due to adoption of new ASU | 778 | ||||
Accounting Standards Update 2016-13 | Unallocated Financing Receivables [Member] | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Change in allowance for credit loss due to adoption of new ASU | $ (603) |
Allowance for Credit Losses a_4
Allowance for Credit Losses and Unfunded Commitments and Letters of Credit (Changes in the Allowance for Unfunded Commitments and Letters of Credit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | |
Schedule of allowance for unfunded commitments and letters of credit [Line Items] | |||||
Balance, Allowance For Unfunded Loan Commitments And Letters Of Credit | $ 8,000 | $ 8,500 | $ 8,300 | $ 3,430 | |
Net changes in the allowance for unfunded commitments and letters of credit | $ (500) | 200 | 3,300 | ||
Accounting Standards Update 2016-13 | |||||
Schedule of allowance for unfunded commitments and letters of credit [Line Items] | |||||
Change in allowance for unfunded commitments and letters of credit due to adoption of new ASU | $ 0 | $ 1,570 | $ 0 |
Allowance for Credit Losses a_5
Allowance for Credit Losses and Unfunded Commitments and Letters of Credit (Analysis of Credit Quality of Loan Portfolio) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Term Loans, Amortized Cost Basis, Year One, Originated, Current Fiscal Year | $ 2,238,749 | $ 2,745,438 | ||
Term Loans, Amortized Cost Basis, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,372,896 | 1,490,732 | ||
Term Loans, Amortized Cost Basis, Year Three, Originated, Two Years before Current Fiscal Year | 1,214,862 | 1,201,138 | ||
Term Loans, Amortized Cost Basis, Year Four, Originated, Three Years before Current Fiscal Year | 990,350 | 854,212 | ||
Term Loans, Amortized Cost Basis, Year Five, Originated, Four Years before Current Fiscal Year | 642,813 | 798,466 | ||
Term Loans, Amortized Cost Basis, Originated, More than Five Years before Current Fiscal Year | 1,838,767 | 1,751,150 | ||
Revolving Loans, Amortized Cost Basis | 2,279,248 | 1,748,587 | ||
Revolving Loans Converted to Term Loans, Amortized Cost Basis | 33,288 | 52,214 | ||
Total loans, net of unearned income | 11,610,973 | 10,641,937 | ||
Allowance for Credit Loss | 158,438 | 155,578 | $ 149,140 | $ 83,968 |
Total loans, net | 11,452,535 | 10,486,359 | ||
Commercial Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Term Loans, Amortized Cost Basis, Year One, Originated, Current Fiscal Year | 1,184,152 | 1,074,864 | ||
Term Loans, Amortized Cost Basis, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,016,940 | 766,442 | ||
Term Loans, Amortized Cost Basis, Year Three, Originated, Two Years before Current Fiscal Year | 657,730 | 715,378 | ||
Term Loans, Amortized Cost Basis, Year Four, Originated, Three Years before Current Fiscal Year | 634,115 | 507,656 | ||
Term Loans, Amortized Cost Basis, Year Five, Originated, Four Years before Current Fiscal Year | 398,969 | 545,313 | ||
Term Loans, Amortized Cost Basis, Originated, More than Five Years before Current Fiscal Year | 1,369,118 | 1,289,984 | ||
Revolving Loans, Amortized Cost Basis | 79,210 | 75,783 | ||
Revolving Loans Converted to Term Loans, Amortized Cost Basis | 12,551 | 5,843 | ||
Total loans, net of unearned income | 5,352,785 | 4,981,263 | ||
Allowance for Credit Loss | 54,856 | 61,254 | 68,934 | 20,340 |
Commercial Real Estate | Pass | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Term Loans, Amortized Cost Basis, Year One, Originated, Current Fiscal Year | 1,182,136 | 1,068,493 | ||
Term Loans, Amortized Cost Basis, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,009,480 | 760,545 | ||
Term Loans, Amortized Cost Basis, Year Three, Originated, Two Years before Current Fiscal Year | 636,056 | 650,593 | ||
Term Loans, Amortized Cost Basis, Year Four, Originated, Three Years before Current Fiscal Year | 588,494 | 492,348 | ||
Term Loans, Amortized Cost Basis, Year Five, Originated, Four Years before Current Fiscal Year | 394,552 | 515,233 | ||
Term Loans, Amortized Cost Basis, Originated, More than Five Years before Current Fiscal Year | 1,295,185 | 1,180,115 | ||
Revolving Loans, Amortized Cost Basis | 75,487 | 74,754 | ||
Revolving Loans Converted to Term Loans, Amortized Cost Basis | 12,551 | 3,644 | ||
Total loans, net of unearned income | 5,193,941 | 4,745,725 | ||
Commercial Real Estate | Special Mention | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Term Loans, Amortized Cost Basis, Year One, Originated, Current Fiscal Year | 1,698 | 2,252 | ||
Term Loans, Amortized Cost Basis, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | ||
Term Loans, Amortized Cost Basis, Year Three, Originated, Two Years before Current Fiscal Year | 1,357 | 19,016 | ||
Term Loans, Amortized Cost Basis, Year Four, Originated, Three Years before Current Fiscal Year | 15,199 | 6,196 | ||
Term Loans, Amortized Cost Basis, Year Five, Originated, Four Years before Current Fiscal Year | 1,513 | 163 | ||
Term Loans, Amortized Cost Basis, Originated, More than Five Years before Current Fiscal Year | 13,590 | 27,270 | ||
Revolving Loans, Amortized Cost Basis | 0 | 0 | ||
Revolving Loans Converted to Term Loans, Amortized Cost Basis | 0 | 2,199 | ||
Total loans, net of unearned income | 33,357 | 57,096 | ||
Commercial Real Estate | Substandard | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Term Loans, Amortized Cost Basis, Year One, Originated, Current Fiscal Year | 318 | 4,119 | ||
Term Loans, Amortized Cost Basis, Year Two, Originated, Fiscal Year before Current Fiscal Year | 7,460 | 5,897 | ||
Term Loans, Amortized Cost Basis, Year Three, Originated, Two Years before Current Fiscal Year | 20,317 | 45,769 | ||
Term Loans, Amortized Cost Basis, Year Four, Originated, Three Years before Current Fiscal Year | 30,422 | 9,112 | ||
Term Loans, Amortized Cost Basis, Year Five, Originated, Four Years before Current Fiscal Year | 2,904 | 29,917 | ||
Term Loans, Amortized Cost Basis, Originated, More than Five Years before Current Fiscal Year | 60,343 | 82,599 | ||
Revolving Loans, Amortized Cost Basis | 3,723 | 1,029 | ||
Revolving Loans Converted to Term Loans, Amortized Cost Basis | 0 | 0 | ||
Total loans, net of unearned income | 125,487 | 178,442 | ||
Commercial Business | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Term Loans, Amortized Cost Basis, Year One, Originated, Current Fiscal Year | 525,460 | 896,907 | ||
Term Loans, Amortized Cost Basis, Year Two, Originated, Fiscal Year before Current Fiscal Year | 668,295 | 430,749 | ||
Term Loans, Amortized Cost Basis, Year Three, Originated, Two Years before Current Fiscal Year | 340,754 | 305,313 | ||
Term Loans, Amortized Cost Basis, Year Four, Originated, Three Years before Current Fiscal Year | 230,698 | 246,418 | ||
Term Loans, Amortized Cost Basis, Year Five, Originated, Four Years before Current Fiscal Year | 179,613 | 165,036 | ||
Term Loans, Amortized Cost Basis, Originated, More than Five Years before Current Fiscal Year | 275,681 | 259,869 | ||
Revolving Loans, Amortized Cost Basis | 1,513,357 | 1,081,668 | ||
Revolving Loans Converted to Term Loans, Amortized Cost Basis | 16,706 | 37,308 | ||
Total loans, net of unearned income | 3,750,564 | 3,423,268 | ||
Allowance for Credit Loss | 57,836 | 54,712 | 45,250 | 30,292 |
Commercial Business | Pass | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Term Loans, Amortized Cost Basis, Year One, Originated, Current Fiscal Year | 521,615 | 891,957 | ||
Term Loans, Amortized Cost Basis, Year Two, Originated, Fiscal Year before Current Fiscal Year | 658,452 | 426,004 | ||
Term Loans, Amortized Cost Basis, Year Three, Originated, Two Years before Current Fiscal Year | 337,927 | 280,823 | ||
Term Loans, Amortized Cost Basis, Year Four, Originated, Three Years before Current Fiscal Year | 208,199 | 217,605 | ||
Term Loans, Amortized Cost Basis, Year Five, Originated, Four Years before Current Fiscal Year | 159,105 | 144,363 | ||
Term Loans, Amortized Cost Basis, Originated, More than Five Years before Current Fiscal Year | 247,086 | 232,356 | ||
Revolving Loans, Amortized Cost Basis | 1,456,332 | 1,028,616 | ||
Revolving Loans Converted to Term Loans, Amortized Cost Basis | 9,736 | 35,411 | ||
Total loans, net of unearned income | 3,598,452 | 3,257,135 | ||
Commercial Business | Special Mention | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Term Loans, Amortized Cost Basis, Year One, Originated, Current Fiscal Year | 1,129 | 621 | ||
Term Loans, Amortized Cost Basis, Year Two, Originated, Fiscal Year before Current Fiscal Year | 3,681 | 135 | ||
Term Loans, Amortized Cost Basis, Year Three, Originated, Two Years before Current Fiscal Year | 617 | 6,097 | ||
Term Loans, Amortized Cost Basis, Year Four, Originated, Three Years before Current Fiscal Year | 6,335 | 747 | ||
Term Loans, Amortized Cost Basis, Year Five, Originated, Four Years before Current Fiscal Year | 187 | 105 | ||
Term Loans, Amortized Cost Basis, Originated, More than Five Years before Current Fiscal Year | 193 | 51 | ||
Revolving Loans, Amortized Cost Basis | 17,988 | 34,256 | ||
Revolving Loans Converted to Term Loans, Amortized Cost Basis | 74 | 236 | ||
Total loans, net of unearned income | 30,204 | 42,248 | ||
Commercial Business | Substandard | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Term Loans, Amortized Cost Basis, Year One, Originated, Current Fiscal Year | 2,716 | 4,329 | ||
Term Loans, Amortized Cost Basis, Year Two, Originated, Fiscal Year before Current Fiscal Year | 6,162 | 4,610 | ||
Term Loans, Amortized Cost Basis, Year Three, Originated, Two Years before Current Fiscal Year | 2,210 | 18,393 | ||
Term Loans, Amortized Cost Basis, Year Four, Originated, Three Years before Current Fiscal Year | 16,164 | 28,066 | ||
Term Loans, Amortized Cost Basis, Year Five, Originated, Four Years before Current Fiscal Year | 20,321 | 20,568 | ||
Term Loans, Amortized Cost Basis, Originated, More than Five Years before Current Fiscal Year | 28,402 | 27,462 | ||
Revolving Loans, Amortized Cost Basis | 39,037 | 18,796 | ||
Revolving Loans Converted to Term Loans, Amortized Cost Basis | 6,896 | 1,661 | ||
Total loans, net of unearned income | 121,908 | 123,885 | ||
Agriculture | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Term Loans, Amortized Cost Basis, Year One, Originated, Current Fiscal Year | 146,938 | 147,723 | ||
Term Loans, Amortized Cost Basis, Year Two, Originated, Fiscal Year before Current Fiscal Year | 121,477 | 95,681 | ||
Term Loans, Amortized Cost Basis, Year Three, Originated, Two Years before Current Fiscal Year | 70,725 | 84,251 | ||
Term Loans, Amortized Cost Basis, Year Four, Originated, Three Years before Current Fiscal Year | 70,873 | 31,355 | ||
Term Loans, Amortized Cost Basis, Year Five, Originated, Four Years before Current Fiscal Year | 20,590 | 51,590 | ||
Term Loans, Amortized Cost Basis, Originated, More than Five Years before Current Fiscal Year | 97,549 | 81,526 | ||
Revolving Loans, Amortized Cost Basis | 319,406 | 296,263 | ||
Revolving Loans Converted to Term Loans, Amortized Cost Basis | 1,345 | 7,326 | ||
Total loans, net of unearned income | 848,903 | 795,715 | ||
Allowance for Credit Loss | 9,071 | 8,148 | 9,052 | 15,835 |
Agriculture | Pass | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Term Loans, Amortized Cost Basis, Year One, Originated, Current Fiscal Year | 141,623 | 147,561 | ||
Term Loans, Amortized Cost Basis, Year Two, Originated, Fiscal Year before Current Fiscal Year | 119,538 | 87,964 | ||
Term Loans, Amortized Cost Basis, Year Three, Originated, Two Years before Current Fiscal Year | 68,621 | 74,658 | ||
Term Loans, Amortized Cost Basis, Year Four, Originated, Three Years before Current Fiscal Year | 67,689 | 29,739 | ||
Term Loans, Amortized Cost Basis, Year Five, Originated, Four Years before Current Fiscal Year | 20,570 | 46,058 | ||
Term Loans, Amortized Cost Basis, Originated, More than Five Years before Current Fiscal Year | 91,411 | 79,693 | ||
Revolving Loans, Amortized Cost Basis | 301,607 | 266,573 | ||
Revolving Loans Converted to Term Loans, Amortized Cost Basis | 1,345 | 5,448 | ||
Total loans, net of unearned income | 812,404 | 737,694 | ||
Agriculture | Special Mention | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Term Loans, Amortized Cost Basis, Year One, Originated, Current Fiscal Year | 3,890 | 162 | ||
Term Loans, Amortized Cost Basis, Year Two, Originated, Fiscal Year before Current Fiscal Year | 659 | 0 | ||
Term Loans, Amortized Cost Basis, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 445 | ||
Term Loans, Amortized Cost Basis, Year Four, Originated, Three Years before Current Fiscal Year | 198 | 0 | ||
Term Loans, Amortized Cost Basis, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | ||
Term Loans, Amortized Cost Basis, Originated, More than Five Years before Current Fiscal Year | 33 | 0 | ||
Revolving Loans, Amortized Cost Basis | 598 | 565 | ||
Revolving Loans Converted to Term Loans, Amortized Cost Basis | 0 | 0 | ||
Total loans, net of unearned income | 5,378 | 1,172 | ||
Agriculture | Substandard | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Term Loans, Amortized Cost Basis, Year One, Originated, Current Fiscal Year | 1,425 | 0 | ||
Term Loans, Amortized Cost Basis, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,280 | 7,717 | ||
Term Loans, Amortized Cost Basis, Year Three, Originated, Two Years before Current Fiscal Year | 2,104 | 9,148 | ||
Term Loans, Amortized Cost Basis, Year Four, Originated, Three Years before Current Fiscal Year | 2,986 | 1,616 | ||
Term Loans, Amortized Cost Basis, Year Five, Originated, Four Years before Current Fiscal Year | 20 | 5,532 | ||
Term Loans, Amortized Cost Basis, Originated, More than Five Years before Current Fiscal Year | 6,105 | 1,833 | ||
Revolving Loans, Amortized Cost Basis | 17,201 | 29,125 | ||
Revolving Loans Converted to Term Loans, Amortized Cost Basis | 0 | 1,878 | ||
Total loans, net of unearned income | 31,121 | 56,849 | ||
Construction | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Term Loans, Amortized Cost Basis, Year One, Originated, Current Fiscal Year | 220,558 | 228,661 | ||
Term Loans, Amortized Cost Basis, Year Two, Originated, Fiscal Year before Current Fiscal Year | 209,206 | 53,880 | ||
Term Loans, Amortized Cost Basis, Year Three, Originated, Two Years before Current Fiscal Year | 20,334 | 37,543 | ||
Term Loans, Amortized Cost Basis, Year Four, Originated, Three Years before Current Fiscal Year | 16,046 | 3,183 | ||
Term Loans, Amortized Cost Basis, Year Five, Originated, Four Years before Current Fiscal Year | 2,880 | 3,285 | ||
Term Loans, Amortized Cost Basis, Originated, More than Five Years before Current Fiscal Year | 3,241 | 2,438 | ||
Revolving Loans, Amortized Cost Basis | 67,559 | 55,765 | ||
Revolving Loans Converted to Term Loans, Amortized Cost Basis | 1,037 | 0 | ||
Total loans, net of unearned income | 540,861 | 384,755 | ||
Allowance for Credit Loss | 13,142 | 5,397 | 7,636 | 8,571 |
Construction | Pass | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Term Loans, Amortized Cost Basis, Year One, Originated, Current Fiscal Year | 220,558 | 228,661 | ||
Term Loans, Amortized Cost Basis, Year Two, Originated, Fiscal Year before Current Fiscal Year | 208,472 | 53,880 | ||
Term Loans, Amortized Cost Basis, Year Three, Originated, Two Years before Current Fiscal Year | 20,334 | 35,795 | ||
Term Loans, Amortized Cost Basis, Year Four, Originated, Three Years before Current Fiscal Year | 14,329 | 3,183 | ||
Term Loans, Amortized Cost Basis, Year Five, Originated, Four Years before Current Fiscal Year | 2,437 | 3,285 | ||
Term Loans, Amortized Cost Basis, Originated, More than Five Years before Current Fiscal Year | 3,192 | 2,189 | ||
Revolving Loans, Amortized Cost Basis | 67,559 | 55,765 | ||
Revolving Loans Converted to Term Loans, Amortized Cost Basis | 1,037 | 0 | ||
Total loans, net of unearned income | 537,918 | 382,758 | ||
Construction | Special Mention | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Term Loans, Amortized Cost Basis, Year One, Originated, Current Fiscal Year | 0 | |||
Term Loans, Amortized Cost Basis, Year Two, Originated, Fiscal Year before Current Fiscal Year | 734 | |||
Term Loans, Amortized Cost Basis, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |||
Term Loans, Amortized Cost Basis, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |||
Term Loans, Amortized Cost Basis, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |||
Term Loans, Amortized Cost Basis, Originated, More than Five Years before Current Fiscal Year | 0 | |||
Revolving Loans, Amortized Cost Basis | 0 | |||
Revolving Loans Converted to Term Loans, Amortized Cost Basis | 0 | |||
Total loans, net of unearned income | 734 | |||
Construction | Substandard | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Term Loans, Amortized Cost Basis, Year One, Originated, Current Fiscal Year | 0 | 0 | ||
Term Loans, Amortized Cost Basis, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | ||
Term Loans, Amortized Cost Basis, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 1,748 | ||
Term Loans, Amortized Cost Basis, Year Four, Originated, Three Years before Current Fiscal Year | 1,717 | 0 | ||
Term Loans, Amortized Cost Basis, Year Five, Originated, Four Years before Current Fiscal Year | 443 | 0 | ||
Term Loans, Amortized Cost Basis, Originated, More than Five Years before Current Fiscal Year | 49 | 249 | ||
Revolving Loans, Amortized Cost Basis | 0 | 0 | ||
Revolving Loans Converted to Term Loans, Amortized Cost Basis | 0 | 0 | ||
Total loans, net of unearned income | 2,209 | 1,997 | ||
Real estate: One-to-four family residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Term Loans, Amortized Cost Basis, Year One, Originated, Current Fiscal Year | 156,406 | 390,238 | ||
Term Loans, Amortized Cost Basis, Year Two, Originated, Fiscal Year before Current Fiscal Year | 354,364 | 141,269 | ||
Term Loans, Amortized Cost Basis, Year Three, Originated, Two Years before Current Fiscal Year | 124,150 | 56,703 | ||
Term Loans, Amortized Cost Basis, Year Four, Originated, Three Years before Current Fiscal Year | 37,799 | 52,111 | ||
Term Loans, Amortized Cost Basis, Year Five, Originated, Four Years before Current Fiscal Year | 39,552 | 32,681 | ||
Term Loans, Amortized Cost Basis, Originated, More than Five Years before Current Fiscal Year | 85,335 | 116,043 | ||
Revolving Loans, Amortized Cost Basis | 278,440 | 223,232 | ||
Revolving Loans Converted to Term Loans, Amortized Cost Basis | 1,448 | 1,631 | ||
Total loans, net of unearned income | 1,077,494 | 1,013,908 | ||
Allowance for Credit Loss | 22,355 | 24,123 | 16,875 | 7,435 |
Real estate: One-to-four family residential | Pass | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Term Loans, Amortized Cost Basis, Year One, Originated, Current Fiscal Year | 156,406 | 390,153 | ||
Term Loans, Amortized Cost Basis, Year Two, Originated, Fiscal Year before Current Fiscal Year | 354,364 | 140,799 | ||
Term Loans, Amortized Cost Basis, Year Three, Originated, Two Years before Current Fiscal Year | 124,150 | 56,520 | ||
Term Loans, Amortized Cost Basis, Year Four, Originated, Three Years before Current Fiscal Year | 37,546 | 51,549 | ||
Term Loans, Amortized Cost Basis, Year Five, Originated, Four Years before Current Fiscal Year | 39,054 | 32,447 | ||
Term Loans, Amortized Cost Basis, Originated, More than Five Years before Current Fiscal Year | 84,403 | 111,307 | ||
Revolving Loans, Amortized Cost Basis | 277,930 | 222,747 | ||
Revolving Loans Converted to Term Loans, Amortized Cost Basis | 1,288 | 1,347 | ||
Total loans, net of unearned income | 1,075,141 | 1,006,869 | ||
Real estate: One-to-four family residential | Substandard | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Term Loans, Amortized Cost Basis, Year One, Originated, Current Fiscal Year | 0 | 85 | ||
Term Loans, Amortized Cost Basis, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 470 | ||
Term Loans, Amortized Cost Basis, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 183 | ||
Term Loans, Amortized Cost Basis, Year Four, Originated, Three Years before Current Fiscal Year | 253 | 562 | ||
Term Loans, Amortized Cost Basis, Year Five, Originated, Four Years before Current Fiscal Year | 498 | 234 | ||
Term Loans, Amortized Cost Basis, Originated, More than Five Years before Current Fiscal Year | 932 | 4,736 | ||
Revolving Loans, Amortized Cost Basis | 510 | 485 | ||
Revolving Loans Converted to Term Loans, Amortized Cost Basis | 160 | 284 | ||
Total loans, net of unearned income | 2,353 | 7,039 | ||
Consumer Loan | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Term Loans, Amortized Cost Basis, Year One, Originated, Current Fiscal Year | 5,235 | 7,045 | ||
Term Loans, Amortized Cost Basis, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,614 | 2,711 | ||
Term Loans, Amortized Cost Basis, Year Three, Originated, Two Years before Current Fiscal Year | 1,169 | 1,950 | ||
Term Loans, Amortized Cost Basis, Year Four, Originated, Three Years before Current Fiscal Year | 819 | 13,489 | ||
Term Loans, Amortized Cost Basis, Year Five, Originated, Four Years before Current Fiscal Year | 1,209 | 561 | ||
Term Loans, Amortized Cost Basis, Originated, More than Five Years before Current Fiscal Year | 7,843 | 1,290 | ||
Revolving Loans, Amortized Cost Basis | 21,276 | 15,876 | ||
Revolving Loans Converted to Term Loans, Amortized Cost Basis | 201 | 106 | ||
Total loans, net of unearned income | 40,366 | 43,028 | ||
Allowance for Credit Loss | 1,178 | 1,944 | $ 1,393 | $ 883 |
Consumer Loan | Pass | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Term Loans, Amortized Cost Basis, Year One, Originated, Current Fiscal Year | 5,235 | 7,045 | ||
Term Loans, Amortized Cost Basis, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,614 | 2,711 | ||
Term Loans, Amortized Cost Basis, Year Three, Originated, Two Years before Current Fiscal Year | 1,169 | 1,950 | ||
Term Loans, Amortized Cost Basis, Year Four, Originated, Three Years before Current Fiscal Year | 819 | 13,489 | ||
Term Loans, Amortized Cost Basis, Year Five, Originated, Four Years before Current Fiscal Year | 1,209 | 560 | ||
Term Loans, Amortized Cost Basis, Originated, More than Five Years before Current Fiscal Year | 7,833 | 1,277 | ||
Revolving Loans, Amortized Cost Basis | 21,276 | 15,853 | ||
Revolving Loans Converted to Term Loans, Amortized Cost Basis | 201 | 97 | ||
Total loans, net of unearned income | 40,356 | 42,982 | ||
Consumer Loan | Substandard | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Term Loans, Amortized Cost Basis, Year One, Originated, Current Fiscal Year | 0 | 0 | ||
Term Loans, Amortized Cost Basis, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | ||
Term Loans, Amortized Cost Basis, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | ||
Term Loans, Amortized Cost Basis, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | ||
Term Loans, Amortized Cost Basis, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 1 | ||
Term Loans, Amortized Cost Basis, Originated, More than Five Years before Current Fiscal Year | 10 | 13 | ||
Revolving Loans, Amortized Cost Basis | 0 | 23 | ||
Revolving Loans Converted to Term Loans, Amortized Cost Basis | 0 | 9 | ||
Total loans, net of unearned income | $ 10 | $ 46 |
Allowance for Credit Losses a_6
Allowance for Credit Losses and Unfunded Commitments and Letters of Credit (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Minimum loan balance of nonaccrual, collateral dependent loans considered for ACL | $ 500,000 |
Allowance for Credit Loss, Period Increase (Decrease) | $ 2,900,000 |
Other Real Estate Owned (Summar
Other Real Estate Owned (Summary of Other Real Estate Owned) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Other Real Estate Owned [Line Items] | ||
Balance, beginning of period | $ 381 | $ 553 |
Valuation adjustments | (182) | (140) |
Proceeds from Sale of OREO property | (200) | (132) |
Gain on sale of OREO, net | 1 | 100 |
Balance, end of period | 0 | $ 381 |
Real estate: One-to-four family residential | ||
Other Real Estate Owned [Line Items] | ||
Balance, end of period | $ 0 |
Other Real Estate Owned (Narrat
Other Real Estate Owned (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Other Real Estate Owned [Line Items] | |||
Foreclosed residential real estate properties | $ 0 | $ 381 | $ 553 |
Mortgage Loans in Process of Foreclosure, Amount | 0 | ||
Real estate: One-to-four family residential | |||
Other Real Estate Owned [Line Items] | |||
Foreclosed residential real estate properties | $ 0 |
Premises and Equipment (Details
Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 248,714 | $ 255,000 |
Less accumulated depreciation and amortization | (88,136) | (82,856) |
Total | 160,578 | 172,144 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 50,393 | 52,639 |
Building | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 116,005 | 119,546 |
Leasehold Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 32,694 | 31,084 |
Furniture and Fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 40,712 | 41,313 |
Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 525 | 476 |
Software | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 8,385 | $ 9,942 |
Premises and Equipment (Narrati
Premises and Equipment (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation and amortization expense | $ 11.7 | $ 11 | $ 10.7 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Schedule of Goodwill and Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill and Intangible Assets [Roll Forward] | |||
Total goodwill, end of period | $ 823,172 | $ 823,172 | $ 765,842 |
Established through acquisitions | 0 | 57,330 | 0 |
Core deposit intangible, net, beginning of period | 34,647 | ||
CDI current period amortization | (8,698) | (7,987) | (8,724) |
Indefinite-lived Intangible Assets (Excluding Goodwill) | 919 | 919 | 919 |
Total core deposit intangible, end of period | 25,949 | 34,647 | |
Intangible Assets, Net (Excluding Goodwill) | 25,949 | 34,647 | 26,734 |
Total goodwill and intangible assets, end of period | 849,121 | 857,819 | 792,576 |
Core Deposits | |||
Goodwill and Intangible Assets [Roll Forward] | |||
Gross core deposit intangible balance, beginning of period | 88,931 | 78,821 | 105,473 |
Accumulated amortization, beginning of period | (55,203) | (53,006) | (70,934) |
Core deposit intangible, net, beginning of period | 33,728 | 25,815 | 34,539 |
Established through acquisitions | 0 | 15,900 | 0 |
CDI current period amortization | (8,698) | (7,987) | (8,724) |
Total core deposit intangible, end of period | $ 25,030 | $ 33,728 | $ 25,815 |
Estimated life of CDI, in years | 10 years |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Summary of Estimated Future Amortization Expense of Core Deposit Intangibles) (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Future Amortization Expense For Core Deposit Intangibles | |
2023 | $ 7,082 |
2024 | 5,673 |
2025 | 4,366 |
2026 | 3,225 |
2027 | $ 2,083 |
Leases - Right-of-Use Asset and
Leases - Right-of-Use Asset and Associated Lease Liability (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Other Commitments [Line Items] | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other liabilities | Other liabilities |
Operating Lease, Right-of-Use Asset | $ 53,156 | $ 60,296 |
Operating Lease, Liability | $ 58,543 | $ 66,375 |
Leases - Components of Net Leas
Leases - Components of Net Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Commitments [Line Items] | |||
Operating Lease, Cost | $ 12,133 | $ 11,760 | $ 11,073 |
Variable Lease, Cost | 1,987 | 1,800 | 1,732 |
Sublease Income | (1,634) | (1,562) | (1,454) |
Net lease, Cost | $ 12,486 | $ 11,998 | $ 11,351 |
Leases - Future minimum payment
Leases - Future minimum payments for operating leases (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Other Commitments [Line Items] | ||
2023 | $ 11,597 | |
2024 | 10,454 | |
2025 | 9,110 | |
2026 | 7,898 | |
2027 | 6,851 | |
Thereafter | 18,269 | |
Total future minimum lease payments | 64,179 | |
Amounts representing interest | 5,636 | |
Present value of minimum lease payments | $ 58,543 | $ 66,375 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Other Commitments [Line Items] | ||
Operating Lease, Weighted Average Remaining Lease Term | 7 years | |
Operating Lease, Weighted Average Discount Rate, Percent | 2.50% | |
Operating Lease, Payments | $ 12,600 | $ 12,500 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 1,900 | $ 7,200 |
OREGON | ||
Other Commitments [Line Items] | ||
Sale and Leaseback Transaction, Gain (Loss), Net | 3,700 | |
Gateway Retail location | OREGON | ||
Other Commitments [Line Items] | ||
Sale leaseback transaction, monthly rental payments | 13 | |
Gateway Office location [Domain] | OREGON | ||
Other Commitments [Line Items] | ||
Sale leaseback transaction, monthly rental payments | $ 9 |
Deposits Summary (Details)
Deposits Summary (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deposits [Abstract] | ||
Demand and other noninterest-bearing | $ 8,373,350 | $ 8,856,714 |
Money market | 2,972,838 | 3,525,299 |
Interest-bearing demand | 1,980,631 | 1,999,407 |
Savings | 1,555,765 | 1,617,546 |
Interest-bearing public funds, other than certificates of deposit | 670,580 | 779,146 |
Certificates of deposit, less than $250,000 | 215,848 | 249,120 |
Certificates of deposit, $250,000 or more | 124,411 | 160,490 |
Certificates of deposit insured by CDARS® | 21,828 | 35,611 |
Reciprocal money market accounts | 796,199 | 786,046 |
Subtotal | 16,711,450 | 18,009,379 |
Deposits, Valuation Adjustment From Acquisition Accounting | 0 | 736 |
Total deposits | $ 16,711,450 | $ 18,010,115 |
Deposits, Time Deposits Maturit
Deposits, Time Deposits Maturity Table (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Time Deposits, Fiscal Year Maturity [Abstract] | |
2023 | $ 266,873 |
2024 | 62,907 |
2025 | 14,325 |
2026 | 9,688 |
2027 | 8,284 |
Thereafter | 10 |
Total | $ 362,087 |
Deposits - Narrative (Details)
Deposits - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deposits [Abstract] | ||
Noninterest-bearing deposits held for sale | $ 259,360 | |
Interest-bearing deposits held for sale | 325,696 | |
Overdrafts Reclassified as Loan Balances | 1,600 | $ 2,400 |
Time deposits held for sale | $ 23,900 |
Federal Home Loan Bank and Fe_3
Federal Home Loan Bank and Federal Reserve Bank Borrowings - maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
FHLB Fixed Rate Advances, Maturities Summary [Abstract] | ||
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate of Amounts Due within One Year of Balance Sheet Date | 4.42% | |
FHLB Fixed Rate Advances, Weighted Average Interest Rate, Due after 10 years | 5.37% | |
Federal Home Loan Bank, Advances, Maturities Summary, Fixed Rate, under One Year | $ 949,000 | |
FHLB Fixed Rate Advances, Due after 10 years | 5,000 | |
FHLB Fixed Rate Advances, Total Amount before valuation adjustment | 954,000 | $ 7,000 |
Valuation adjustment from acquisition accounting | 315 | |
FHLB Fixed Rate Advances, Total Amount | $ 954,315 |
Federal Home Loan Bank and Fe_4
Federal Home Loan Bank and Federal Reserve Bank Borrowings - Average balances and rates (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Federal Home Loan Bank, Advances, Activity for Year [Abstract] | |||
FHLB Advances | $ 954,315 | $ 7,359 | $ 7,414 |
Federal Home Loan Bank, Advances, Activity for Year, Average Balance of Agreements Outstanding | 112,012 | 7,388 | 341,643 |
Maximum month-end balance during the year | $ 954,315 | $ 7,409 | $ 1,005,464 |
Weighted average rate during the year | 4.23% | 4.94% | 1.82% |
Weighted average rate at December 31 | 4.43% | 4.94% | 4.94% |
Federal Home Loan Bank and Fe_5
Federal Home Loan Bank and Federal Reserve Bank Borrowings (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Federal Home Loan Bank and Federal Reserve Bank Borrowings [Abstract] | |||
FHLB Borrowing Capacity | $ 1,920,000 | $ 2,180,000 | |
FHLB Fixed Rate Advances, Total Amount before valuation adjustment | 954,000 | 7,000 | |
Federal Reserve Bank borrowing capacity | 198,800 | 226,000 | |
Federal Reserve Bank, Average balance during the year | $ 1,700 | $ 0 | $ 1,100 |
Paycheck Protection Program Liquidity Facility (PPPLF) borrowing rate | 0.35% |
Securities Sold Under Agreeme_2
Securities Sold Under Agreements to Repurchase (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Assets Sold under Agreements to Repurchase [Line Items] | |
Carrying value of securities available-for-sale pledged as collateral for sweep repurchase agreements | $ 106.1 |
Repurchase Agreements, Sweep | Available-for-sale Securities | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Assets Sold under Agreements to Repurchase, Sweep, Carrying Amount | $ 95.2 |
Assets Sold under Agreements to Repurchase, Sweep, Interest rate | 3.94% |
Subordinated debentures (Detail
Subordinated debentures (Details) - Narrative - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Oct. 01, 2021 | |
Bank of Commerce | Subordinated Debt | ||
Subordinated Borrowing [Line Items] | ||
Business Combination, Purchase Price Allocation, Junior Subordinated Debt | $ 10 | |
Subordinated Debt | ||
Subordinated Borrowing [Line Items] | ||
Debt Instrument, Interest Rate Terms | 5.26% |
Junior subordinated debentures
Junior subordinated debentures (Details) - Junior subordinated debentures - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Oct. 01, 2021 | |
Subordinated Borrowing [Line Items] | ||
Debt Instrument, Interest Rate Terms | 158% | |
Bank of Commerce | ||
Subordinated Borrowing [Line Items] | ||
Business Combination, Purchase Price Allocation, Junior Subordinated Debt | $ 10.3 |
Revolving line of credit (Detai
Revolving line of credit (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,000 |
Line of Credit | |
Line of Credit Facility [Line Items] | |
Short-term Debt | $ 0 |
Derivative and Balance Sheet Of
Derivative and Balance Sheet Offsetting - Fair value of derivatives & classifications table (Details) - Not Designated as Hedging Instrument - Interest Rate Contracts - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Other Assets | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 40,289 | $ 24,257 |
Other Assets | Interest Rate Lock Commitments | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 356 |
Other Assets | Forward sales contracts | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Other Assets | Interest Rate Swap | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 40,289 | 24,257 |
Other Liabilities | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 40,289 | 24,257 |
Other Liabilities | Interest Rate Lock Commitments | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Other Liabilities | Forward sales contracts | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 27 |
Other Liabilities | Interest Rate Swap | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | $ 40,289 | $ 24,257 |
Derivative and Balance Sheet _2
Derivative and Balance Sheet Offsetting - Cash flow hedge effect on AOCI table (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Balance Sheet Offsetting [Line Items] | ||
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income on Derivative | $ 0 | $ 0 |
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | $ 10,441 | $ 10,441 |
Derivatives and Balance Sheet_3
Derivatives and Balance Sheet Offsetting - Not designated as hedging instruments gain/loss table (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Balance Sheet Offsetting [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | $ (329) | $ (551) | $ 479 |
Interest Rate Contracts | Interest Rate Lock Commitments | |||
Balance Sheet Offsetting [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (356) | (740) | 1,096 |
Interest Rate Contracts | Forward sales contracts | |||
Balance Sheet Offsetting [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 27 | 139 | (165) |
Interest Rate Contracts | Interest Rate Swap | |||
Balance Sheet Offsetting [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | $ 0 | $ 50 | $ (452) |
Derivatives and balance Sheet_4
Derivatives and balance Sheet Offsetting - Collateral pledged table (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Balance Sheet Offsetting [Line Items] | ||
Repurchase agreements, amounts offset in balance sheet | $ 0 | $ 0 |
repurchase agreements, net amount presented in statement of financial position | 95,168 | 86,013 |
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Securities | (95,168) | (86,013) |
securities sold under agreements to repurchase, amount not offset | 0 | 0 |
Interest Rate Contracts | ||
Balance Sheet Offsetting [Line Items] | ||
Derivative Assets, Gross Amounts Offset in the Balance Sheets | 0 | 0 |
Derivative Assets | 40,289 | 24,257 |
Derivative, Collateral, Obligation to Return Securities | (39,450) | (450) |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 839 | 23,807 |
Derivative Liability, Gross Amounts Offset in Balance Sheets | 0 | 0 |
Derivative Liabilities | 40,289 | 24,257 |
Derivative, Collateral, Right to Reclaim Securities | (180) | (20,747) |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 40,109 | 3,510 |
Not Designated as Hedging Instrument | Interest Rate Contracts | Other Assets | ||
Balance Sheet Offsetting [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 40,289 | 24,257 |
Not Designated as Hedging Instrument | Interest Rate Contracts | Other Liabilities | ||
Balance Sheet Offsetting [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 40,289 | 24,257 |
Available-for-sale Securities | ||
Balance Sheet Offsetting [Line Items] | ||
Assets Sold under Agreements to Repurchase, Carrying Amount | $ 95,168 | $ 86,013 |
Derivatives and Balance Sheet_5
Derivatives and Balance Sheet Offsetting - Collateral pledged for repurchase agreements table (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Balance Sheet Offsetting [Line Items] | |
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement | $ 95,168 |
Secured Borrowings, Gross, Difference, Amount | 0 |
U.S. Government Agency and Government-Sponsored Enterprise Mortgage-Backed Securities and Collateralized Mortgage Obligations | |
Balance Sheet Offsetting [Line Items] | |
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement | 95,168 |
Maturity Overnight | U.S. Government Agency and Government-Sponsored Enterprise Mortgage-Backed Securities and Collateralized Mortgage Obligations | |
Balance Sheet Offsetting [Line Items] | |
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement | 95,168 |
Maturity Less than 30 Days | U.S. Government Agency and Government-Sponsored Enterprise Mortgage-Backed Securities and Collateralized Mortgage Obligations | |
Balance Sheet Offsetting [Line Items] | |
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement | 0 |
Maturity 30 to 90 Days | U.S. Government Agency and Government-Sponsored Enterprise Mortgage-Backed Securities and Collateralized Mortgage Obligations | |
Balance Sheet Offsetting [Line Items] | |
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement | 0 |
Maturity Greater than 90 Days | U.S. Government Agency and Government-Sponsored Enterprise Mortgage-Backed Securities and Collateralized Mortgage Obligations | |
Balance Sheet Offsetting [Line Items] | |
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement | $ 0 |
Derivatives and Balance Sheet_6
Derivatives and Balance Sheet Offsetting - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Balance Sheet Offsetting [Line Items] | ||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 10,400 | |
Gain on termination of interest rate collar | 34,400 | |
Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement | 95,168 | |
Commitments To Originate Loans Held For Sale | ||
Balance Sheet Offsetting [Line Items] | ||
Commitments and Contingencies | 0 | $ 21,800 |
Forward sales contracts | ||
Balance Sheet Offsetting [Line Items] | ||
Commitments and Contingencies | 0 | 18,500 |
Not Designated as Hedging Instrument | Interest Rate Contracts | ||
Balance Sheet Offsetting [Line Items] | ||
Derivative, Notional Amount | 520,900 | $ 570,200 |
Designated as Hedging Instrument | Interest rate collar | ||
Balance Sheet Offsetting [Line Items] | ||
Derivative, Notional Amount | $ 500,000 |
Employee Benefit Plans - reconc
Employee Benefit Plans - reconciliation of accumulated liability projected benefit obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||
Balance at beginning of year | $ 32,094 | $ 27,402 |
Defined Benefit Plan, Benefit Obligation, established through acquisition | 0 | 4,889 |
Change in actuarial loss | (5,850) | (732) |
Benefit expense | 1,854 | 1,735 |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 1,567 | 1,200 |
Balance at end of year | $ 26,531 | $ 32,094 |
Employee Benefit Plans - Projec
Employee Benefit Plans - Projected benefits maturity table (Details) - SERP $ in Thousands | Dec. 31, 2022 USD ($) |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2023 | $ 1,856 |
2024 | 2,155 |
2025 | 2,348 |
2026 | 2,311 |
2027 | 2,294 |
2027 through 2032 | 9,553 |
Total | $ 20,517 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - Narrative $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) years period shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) shares | |
Employee Benefit [Line Items] | |||
Number of Look-back Period Under Employee Stock Purchase Plan | period | 2 | ||
Look-back Period Under Employee Stock Purchase Plan | 6 months | ||
Discount On Common Stock Under Employee Stock Purchase Plan, Percent | 10% | ||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | shares | 74,627 | 63,586 | 79,297 |
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 2,200 | $ 2,300 | $ 2,200 |
Shares Available For Purchase Under Employee Stock Purchase Plan | shares | 85,646 | ||
Pension Plan | |||
Employee Benefit [Line Items] | |||
Deferred Compensation Arrangement with Individual, Contributions by Employer | $ 3,500 | 4,000 | 3,800 |
Pension Plan | Minimum | |||
Employee Benefit [Line Items] | |||
Deferred Compensation Arrangement with Individual, Eligible Age | years | 18 | ||
Pension Plan | Maximum | |||
Employee Benefit [Line Items] | |||
Deferred Compensation Arrangement with Individual, Contribution Requirements, Percent Of Each Employee Compensation | 3% | ||
Deferred Profit Sharing | |||
Employee Benefit [Line Items] | |||
Deferred Compensation Arrangement with Individual, Contribution To Plan By Employee, Percent Of Eligible Compensation | 75% | ||
Deferred Compensation Arrangement with Individual, Contribution Requirements, Matching Percent | 50% | ||
Deferred Compensation Arrangement with Individual, Contributions by Employer | $ 8,000 | 7,700 | 8,100 |
Deferred Profit Sharing | Minimum | |||
Employee Benefit [Line Items] | |||
Deferred Compensation Arrangement with Individual, Eligible Age | years | 18 | ||
Deferred Profit Sharing | Maximum | |||
Employee Benefit [Line Items] | |||
Deferred Compensation Arrangement with Individual, Contribution Requirements, Percent Of Each Employee Compensation | 3% | ||
ESP Plan | |||
Employee Benefit [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Purchase Date | 90% | ||
Unit Plans | |||
Employee Benefit [Line Items] | |||
Deferred Compensation Arrangement with Individual, Vesting Period | 10 years | ||
Deferred Compensation Arrangement with Individual, Benefit Period | 10 years | ||
Deferred Compensation Arrangement with Individual, Recorded Liability | $ 3,800 | 3,800 | |
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 471 | $ 363 | $ 488 |
SERP | |||
Employee Benefit [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 5.25% | 2.84% | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Normal Retirement Age | years | 65 | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Annual Cost Of Living Benefit Adjustment | 2% |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Commitments to Extend Credit | ||
Loss Contingencies [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | $ 3,910 | $ 3,500 |
Standby Letters of Credit | ||
Loss Contingencies [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | $ 33.2 | $ 36 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - $ / shares | Jan. 24, 2023 | Oct. 05, 2022 | Jul. 21, 2022 | Apr. 21, 2022 | Jan. 19, 2022 |
Class of Stock [Line Items] | |||||
Declared quarterly cash dividend | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | |
Subsequent Event [Member] | |||||
Class of Stock [Line Items] | |||||
Declared quarterly cash dividend | $ 0.30 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (510,495) | $ 35,162 | $ 182,195 | $ 40,367 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (531,729) | (136,920) | 148,190 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (13,928) | (10,113) | (6,362) | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (545,657) | (147,033) | 141,828 | |
Unrealized Gains and Losses on Available-for-Sale Debt Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (519,195) | 23,134 | 163,174 | 33,038 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (536,262) | (137,482) | 130,355 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (6,067) | (2,558) | (219) | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (542,329) | (140,040) | 130,136 | |
Unrealized Gains and Losses on Pension Plan Liability | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 123 | (4,812) | (5,833) | (3,974) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 4,533 | 562 | (2,177) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 402 | 459 | 318 | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 4,935 | 1,021 | (1,859) | |
Unrealized Gains and Losses from Hedging Instruments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 8,577 | 16,840 | 24,854 | $ 11,303 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | 20,012 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (8,263) | (8,014) | (6,461) | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | $ (8,263) | $ (8,014) | $ 13,551 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Reclassification out of AOCI) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Net Interest Income | $ 622,836 | $ 527,519 | $ 500,111 |
Income before income taxes | 317,647 | 256,509 | 192,392 |
Income Tax Expense (Benefit) | (67,469) | (53,689) | (38,148) |
Net income | 250,178 | 202,820 | 154,244 |
Compensation and employee benefits | 241,139 | 224,034 | 209,722 |
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains and Losses on Available-for-Sale Debt Securities | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Debt Securities, Available-for-sale, Realized Gain (Loss) | (9) | 315 | 285 |
Income before income taxes | 7,805 | 3,333 | 285 |
Income Tax Expense (Benefit) | (1,738) | (775) | (66) |
Net income | 6,067 | 2,558 | 219 |
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains and Losses on Pension Plan Liability | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Income before income taxes | (524) | (598) | (414) |
Income Tax Expense (Benefit) | 122 | 139 | 96 |
Net income | (402) | (459) | (318) |
Compensation and employee benefits | (524) | (598) | (414) |
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains and Losses from Hedging Instruments | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Income before income taxes | 10,441 | 10,441 | 8,418 |
Income Tax Expense (Benefit) | (2,178) | (2,427) | (1,957) |
Net income | 8,263 | 8,014 | 6,461 |
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | 10,441 | 10,441 | 8,418 |
Reclassification out of Accumulated Other Comprehensive Income | Amortization of unrealized gains and losses related to available for sale securities transfer | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Net Interest Income | $ 7,814 | $ 3,018 | $ 0 |
Fair Value Accounting and Mea_3
Fair Value Accounting and Measurement (Financial Assets And Liabilities Accounted for Fair Value On Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Securities, Available-for-sale | $ 4,589,099 | $ 5,910,999 | |
Loans held for sale - Fair value option | [1] | 907 | 9,570 |
Fair Value, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Securities, Available-for-sale | 4,589,099 | 5,910,999 | |
Loans held for sale - Fair value option | 907 | 9,570 | |
Fair Value, Inputs, Level 1 | Fair Value, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Securities, Available-for-sale | 167,896 | 157,536 | |
Loans held for sale - Fair value option | 0 | 0 | |
Fair Value, Inputs, Level 2 | Fair Value, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Securities, Available-for-sale | 4,421,203 | 5,753,463 | |
Loans held for sale - Fair value option | 907 | 9,570 | |
Fair Value, Inputs, Level 3 | Fair Value, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Securities, Available-for-sale | 0 | 0 | |
Loans held for sale - Fair value option | 0 | 0 | |
U.S. Government Agency and Sponsored Enterprise Mortgage-Back Securities and Collateralized Mortgage Obligations | Fair Value, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Securities, Available-for-sale | 2,759,710 | 3,745,601 | |
U.S. Government Agency and Sponsored Enterprise Mortgage-Back Securities and Collateralized Mortgage Obligations | Fair Value, Inputs, Level 1 | Fair Value, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Securities, Available-for-sale | 0 | 0 | |
U.S. Government Agency and Sponsored Enterprise Mortgage-Back Securities and Collateralized Mortgage Obligations | Fair Value, Inputs, Level 2 | Fair Value, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Securities, Available-for-sale | 2,759,710 | 3,745,601 | |
U.S. Government Agency and Sponsored Enterprise Mortgage-Back Securities and Collateralized Mortgage Obligations | Fair Value, Inputs, Level 3 | Fair Value, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Securities, Available-for-sale | 0 | 0 | |
Asset-backed Securities | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Securities, Available-for-sale | 327,353 | 463,063 | |
Asset-backed Securities | Fair Value, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Securities, Available-for-sale | 327,353 | 463,063 | |
Asset-backed Securities | Fair Value, Inputs, Level 1 | Fair Value, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Securities, Available-for-sale | 0 | 0 | |
Asset-backed Securities | Fair Value, Inputs, Level 2 | Fair Value, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Securities, Available-for-sale | 327,353 | 463,063 | |
Asset-backed Securities | Fair Value, Inputs, Level 3 | Fair Value, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Securities, Available-for-sale | 0 | 0 | |
State and Municipal Securities | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Securities, Available-for-sale | 834,073 | 997,291 | |
State and Municipal Securities | Fair Value, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Securities, Available-for-sale | 834,073 | 997,291 | |
State and Municipal Securities | Fair Value, Inputs, Level 1 | Fair Value, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Securities, Available-for-sale | 0 | 0 | |
State and Municipal Securities | Fair Value, Inputs, Level 2 | Fair Value, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Securities, Available-for-sale | 834,073 | 997,291 | |
State and Municipal Securities | Fair Value, Inputs, Level 3 | Fair Value, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Securities, Available-for-sale | 0 | 0 | |
U.S. Government Agency and government-sponsored enterprise securities | Fair Value, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Securities, Available-for-sale | 208,769 | 252,576 | |
U.S. Government Agency and government-sponsored enterprise securities | Fair Value, Inputs, Level 1 | Fair Value, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Securities, Available-for-sale | 0 | 0 | |
U.S. Government Agency and government-sponsored enterprise securities | Fair Value, Inputs, Level 2 | Fair Value, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Securities, Available-for-sale | 208,769 | 252,576 | |
U.S. Government Agency and government-sponsored enterprise securities | Fair Value, Inputs, Level 3 | Fair Value, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Securities, Available-for-sale | 0 | 0 | |
US Government Securities | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Securities, Available-for-sale | 167,896 | 157,536 | |
US Government Securities | Fair Value, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Securities, Available-for-sale | 167,896 | 157,536 | |
US Government Securities | Fair Value, Inputs, Level 1 | Fair Value, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Securities, Available-for-sale | 167,896 | 157,536 | |
US Government Securities | Fair Value, Inputs, Level 2 | Fair Value, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Securities, Available-for-sale | 0 | 0 | |
US Government Securities | Fair Value, Inputs, Level 3 | Fair Value, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Securities, Available-for-sale | 0 | 0 | |
Non-agency collateralized mortgage obligations | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Securities, Available-for-sale | 291,298 | 294,932 | |
Non-agency collateralized mortgage obligations | Fair Value, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Securities, Available-for-sale | 291,298 | 294,932 | |
Non-agency collateralized mortgage obligations | Fair Value, Inputs, Level 1 | Fair Value, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Securities, Available-for-sale | 0 | 0 | |
Non-agency collateralized mortgage obligations | Fair Value, Inputs, Level 2 | Fair Value, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Securities, Available-for-sale | 291,298 | 294,932 | |
Non-agency collateralized mortgage obligations | Fair Value, Inputs, Level 3 | Fair Value, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Securities, Available-for-sale | 0 | 0 | |
Interest Rate Lock Commitments | Fair Value, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Interest rate derivative assets, at fair value | 356 | ||
Interest Rate Lock Commitments | Fair Value, Inputs, Level 1 | Fair Value, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Interest rate derivative assets, at fair value | 0 | ||
Interest Rate Lock Commitments | Fair Value, Inputs, Level 2 | Fair Value, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Interest rate derivative assets, at fair value | 0 | ||
Interest Rate Lock Commitments | Fair Value, Inputs, Level 3 | Fair Value, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Interest rate derivative assets, at fair value | 356 | ||
Interest Rate Swap | Fair Value, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Interest rate derivative assets, at fair value | 40,289 | 24,257 | |
Interest rate derivative liabilities, at fair value | 40,289 | 24,257 | |
Interest Rate Swap | Fair Value, Inputs, Level 1 | Fair Value, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Interest rate derivative assets, at fair value | 0 | 0 | |
Interest rate derivative liabilities, at fair value | 0 | 0 | |
Interest Rate Swap | Fair Value, Inputs, Level 2 | Fair Value, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Interest rate derivative assets, at fair value | 40,289 | 24,257 | |
Interest rate derivative liabilities, at fair value | 40,289 | 24,257 | |
Interest Rate Swap | Fair Value, Inputs, Level 3 | Fair Value, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Interest rate derivative assets, at fair value | 0 | 0 | |
Interest rate derivative liabilities, at fair value | $ 0 | 0 | |
Forward sales contracts | Fair Value, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative Liabilities | 27 | ||
Forward sales contracts | Fair Value, Inputs, Level 1 | Fair Value, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative Liabilities | 0 | ||
Forward sales contracts | Fair Value, Inputs, Level 2 | Fair Value, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative Liabilities | 27 | ||
Forward sales contracts | Fair Value, Inputs, Level 3 | Fair Value, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative Liabilities | $ 0 | ||
[1]Amounts represent loans for which the Company has elected the fair value option. The remaining loans held for sale at December 31, 2022 relate to our pending divestitures and are held at the lower of cost or market value. |
Fair Value Accounting and Mea_4
Fair Value Accounting and Measurement (IRL Quantitative Information About Level 3 Fair Value Measurements) (Details) - Interest Rate Lock Commitments $ in Thousands | Dec. 31, 2021 USD ($) |
Measurement input pull through rate member | Valuation technique internal pricing model member | Minimum | Fair Value, Inputs, Level 3 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Interest rate derivative asset, Measurement Input | 0.8022 |
Measurement input pull through rate member | Valuation technique internal pricing model member | Maximum | Fair Value, Inputs, Level 3 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Interest rate derivative asset, Measurement Input | 0.9659 |
Measurement input pull through rate member | Valuation technique internal pricing model member | Weighted Average | Fair Value, Inputs, Level 3 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Interest rate derivative asset, Measurement Input | 0.8784 |
Fair Value, Recurring | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Interest rate derivative assets, at fair value | $ 356 |
Fair Value, Recurring | Fair Value, Inputs, Level 3 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Interest rate derivative assets, at fair value | $ 356 |
Fair Value Accounting and Mea_5
Fair Value Accounting and Measurement (IRL rollforward) (Details) - Interest Rate Lock Commitments - Fair Value, Inputs, Level 3 - Fair Value, Recurring - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Balance - Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 0 | $ 356 | $ 1,096 |
Change included in Earnings - Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 215 | 7,051 | |
Settlements - Fair Value Net Derivative Asset (Liability) Measured on Recurring Basis with Unobserved Inputs reconciliation, Sales and Settlements | $ (571) | $ (7,791) |
Fair Value Accounting and Mea_6
Fair Value Accounting and Measurement Equity securities without readily determinable values (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value Disclosures [Abstract] | ||
Equity Securities without Readily Determinable Fair Value, Amount | $ 13,425 | $ 13,425 |
Fair Value Accounting and Mea_7
Fair Value Accounting and Measurement (Financial Assets Accounted For Fair Value On Nonrecurring Basis) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities without Readily Determinable Fair Value, Amount | $ 13,425 | $ 13,425 | |
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 169 | 339 | $ (508) |
Fair Value, Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral dependent loans, Fair Value | 195 | 7,615 | |
Other real estate owned, fair value disclosure | 375 | ||
Fair Value, Inputs, Level 1 | Fair Value, Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral dependent loans, Fair Value | 0 | 0 | |
Other real estate owned, fair value disclosure | 0 | ||
Fair Value, Inputs, Level 2 | Fair Value, Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral dependent loans, Fair Value | 0 | 0 | |
Other real estate owned, fair value disclosure | 0 | ||
Fair Value, Inputs, Level 3 | Fair Value, Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral dependent loans, Fair Value | 195 | 7,615 | |
Other real estate owned, fair value disclosure | 375 | ||
Collateral dependent loans [Domain] | Fair Value, Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ 1,561 | 1,976 | |
Other real estate owned | Fair Value, Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ 140 |
Fair Value Accounting and Mea_8
Fair Value Accounting and Measurement (Quantitative Information About Level 3 Fair Value Measurements) (Details) - Fair Value, Nonrecurring $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral dependent loans, Fair Value | $ 195 | $ 7,615 |
Other real estate owned, fair value disclosure | 375 | |
Fair Value, Inputs, Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral dependent loans, Fair Value | $ 195 | 7,615 |
Other real estate owned, fair value disclosure | $ 375 | |
Valuation, Market Approach | Minimum | Fair Value, Inputs, Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral dependent loans, Measurement Input | 0.02 | 0 |
Valuation, Market Approach | Maximum | Fair Value, Inputs, Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral dependent loans, Measurement Input | 1 | |
Valuation, Market Approach | Weighted Average | Fair Value, Inputs, Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral dependent loans, Measurement Input | 0.4800 |
Fair Value Accounting and Mea_9
Fair Value Accounting and Measurement (Carrying Amounts and Estimated Fair Values of Selected Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Assets | |||
Interest-earning deposits with banks | $ 29,283 | $ 671,300 | |
Debt Securities, Available-for-sale | 4,589,099 | 5,910,999 | |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss | 2,034,792 | 2,148,327 | |
Debt Securities, Held-to-maturity, Fair Value | 1,722,778 | 2,122,606 | |
Loans held for sale - Fair value option | [1] | 907 | 9,570 |
Estimate of Fair Value Measurement | |||
Assets | |||
Cash and due from banks | 262,458 | 153,414 | |
Interest-earning deposits with banks | 29,283 | 671,300 | |
Debt Securities, Available-for-sale | 4,589,099 | 5,910,999 | |
Debt Securities, Held-to-maturity, Fair Value | 1,722,778 | 2,122,606 | |
FHLB stock | 48,160 | 10,280 | |
Loans held for sale - Fair value option | 76,843 | 9,774 | |
Loans | 11,072,802 | 10,679,349 | |
Liabilities | |||
Time Deposits | 351,084 | 430,682 | |
FHLB Advances and FRB Borrowings | 954,147 | 8,752 | |
Repurchase agreements | 95,168 | 86,013 | |
Subordinated Debentures | 10,013 | 10,125 | |
Junior Subordinated Notes | 9,919 | 9,927 | |
Carrying Amount | |||
Assets | |||
Cash and due from banks | 262,458 | 153,414 | |
Interest-earning deposits with banks | 29,283 | 671,300 | |
Debt Securities, Available-for-sale | 4,589,099 | 5,910,999 | |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss | 2,034,792 | 2,148,327 | |
FHLB stock | 48,160 | 10,280 | |
Loans held for sale - Fair value option | 76,843 | 9,774 | |
Loans | 11,452,535 | 10,486,359 | |
Liabilities | |||
Time Deposits | 362,087 | 445,957 | |
FHLB Advances and FRB Borrowings | 954,315 | 7,359 | |
Repurchase agreements | 95,168 | 86,013 | |
Subordinated Debentures | 10,000 | 10,000 | |
Junior Subordinated Notes | 10,310 | 10,310 | |
Fair Value, Inputs, Level 1 | Estimate of Fair Value Measurement | |||
Assets | |||
Cash and due from banks | 262,458 | 153,414 | |
Interest-earning deposits with banks | 29,283 | 671,300 | |
Debt Securities, Available-for-sale | 167,896 | 157,536 | |
Debt Securities, Held-to-maturity, Fair Value | 0 | 0 | |
FHLB stock | 0 | 0 | |
Loans held for sale - Fair value option | 0 | 0 | |
Loans | 0 | 0 | |
Liabilities | |||
Time Deposits | 0 | 0 | |
FHLB Advances and FRB Borrowings | 0 | 0 | |
Repurchase agreements | 0 | 0 | |
Subordinated Debentures | 0 | 0 | |
Junior Subordinated Notes | 0 | 0 | |
Fair Value, Inputs, Level 2 | Estimate of Fair Value Measurement | |||
Assets | |||
Cash and due from banks | 0 | 0 | |
Interest-earning deposits with banks | 0 | 0 | |
Debt Securities, Available-for-sale | 4,421,203 | 5,753,463 | |
Debt Securities, Held-to-maturity, Fair Value | 1,722,778 | 2,122,606 | |
FHLB stock | 48,160 | 10,280 | |
Loans held for sale - Fair value option | 76,843 | 9,774 | |
Loans | 0 | 0 | |
Liabilities | |||
Time Deposits | 351,084 | 430,682 | |
FHLB Advances and FRB Borrowings | 954,147 | 8,752 | |
Repurchase agreements | 95,168 | 86,013 | |
Subordinated Debentures | 10,013 | 10,125 | |
Junior Subordinated Notes | 9,919 | 9,927 | |
Fair Value, Inputs, Level 3 | Estimate of Fair Value Measurement | |||
Assets | |||
Cash and due from banks | 0 | 0 | |
Interest-earning deposits with banks | 0 | 0 | |
Debt Securities, Available-for-sale | 0 | 0 | |
Debt Securities, Held-to-maturity, Fair Value | 0 | 0 | |
FHLB stock | 0 | 0 | |
Loans held for sale - Fair value option | 0 | 0 | |
Loans | 11,072,802 | 10,679,349 | |
Liabilities | |||
Time Deposits | 0 | 0 | |
FHLB Advances and FRB Borrowings | 0 | 0 | |
Repurchase agreements | 0 | 0 | |
Subordinated Debentures | 0 | 0 | |
Junior Subordinated Notes | 0 | 0 | |
Interest Rate Swap | Estimate of Fair Value Measurement | |||
Assets | |||
Interest rate derivative assets, at fair value | 40,289 | 24,257 | |
Liabilities | |||
Interest rate derivative liabilities, at fair value | 40,289 | 24,257 | |
Interest Rate Swap | Carrying Amount | |||
Assets | |||
Interest rate derivative assets, at fair value | 40,289 | 24,257 | |
Liabilities | |||
Interest rate derivative liabilities, at fair value | 40,289 | 24,257 | |
Interest Rate Swap | Fair Value, Inputs, Level 1 | Estimate of Fair Value Measurement | |||
Assets | |||
Interest rate derivative assets, at fair value | 0 | 0 | |
Liabilities | |||
Interest rate derivative liabilities, at fair value | 0 | 0 | |
Interest Rate Swap | Fair Value, Inputs, Level 2 | Estimate of Fair Value Measurement | |||
Assets | |||
Interest rate derivative assets, at fair value | 40,289 | 24,257 | |
Liabilities | |||
Interest rate derivative liabilities, at fair value | 40,289 | 24,257 | |
Interest Rate Swap | Fair Value, Inputs, Level 3 | Estimate of Fair Value Measurement | |||
Assets | |||
Interest rate derivative assets, at fair value | 0 | 0 | |
Liabilities | |||
Interest rate derivative liabilities, at fair value | $ 0 | 0 | |
Interest Rate Lock Commitments | Estimate of Fair Value Measurement | |||
Assets | |||
Interest rate derivative assets, at fair value | 356 | ||
Interest Rate Lock Commitments | Carrying Amount | |||
Assets | |||
Interest rate derivative assets, at fair value | 356 | ||
Interest Rate Lock Commitments | Fair Value, Inputs, Level 1 | Estimate of Fair Value Measurement | |||
Assets | |||
Interest rate derivative assets, at fair value | 0 | ||
Interest Rate Lock Commitments | Fair Value, Inputs, Level 2 | Estimate of Fair Value Measurement | |||
Assets | |||
Interest rate derivative assets, at fair value | 0 | ||
Interest Rate Lock Commitments | Fair Value, Inputs, Level 3 | Estimate of Fair Value Measurement | |||
Assets | |||
Interest rate derivative assets, at fair value | 356 | ||
Forward sales contracts | Estimate of Fair Value Measurement | |||
Liabilities | |||
Interest rate derivative liabilities, at fair value | 27 | ||
Forward sales contracts | Carrying Amount | |||
Liabilities | |||
Interest rate derivative liabilities, at fair value | 27 | ||
Forward sales contracts | Fair Value, Inputs, Level 1 | Estimate of Fair Value Measurement | |||
Liabilities | |||
Interest rate derivative liabilities, at fair value | 0 | ||
Forward sales contracts | Fair Value, Inputs, Level 2 | Estimate of Fair Value Measurement | |||
Liabilities | |||
Interest rate derivative liabilities, at fair value | 27 | ||
Forward sales contracts | Fair Value, Inputs, Level 3 | Estimate of Fair Value Measurement | |||
Liabilities | |||
Interest rate derivative liabilities, at fair value | $ 0 | ||
[1]Amounts represent loans for which the Company has elected the fair value option. The remaining loans held for sale at December 31, 2022 relate to our pending divestitures and are held at the lower of cost or market value. |
Fair Value Accounting and Me_10
Fair Value Accounting and Measurement (Aggregate FV and aggregate unpaid principal balance of LHFS under FV option (Details) $ in Thousands | Dec. 31, 2021 USD ($) |
Fair Value Disclosures [Abstract] | |
FV, Loans held for sale, FV option, Mandatory Delivery method | $ 9,600 |
Fair Value, Loans held for sale, FV option, Aggregate Unpaid Principal Balance | 9,400 |
Fair Value, Option, Aggregate Differences, Loans and Long-term Receivables | $ 169 |
Fair Value Accounting and Me_11
Fair Value Accounting and Measurement - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |||
Visa Class B shares, remaining shares | 77,683 | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ (169) | $ (339) | $ 508 |
Earnings Per Common Share (Sche
Earnings Per Common Share (Schedule of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Net income | $ 250,178 | $ 202,820 | $ 154,244 |
Earnings allocated to participating securities - nonvested restricted shares | 50 | 330 | 712 |
Basic earnings allocated to common shareholders | $ 250,128 | $ 202,490 | $ 153,532 |
Weighted average common shares outstanding | 78,047 | 72,683 | 70,835 |
Basic earnings per common share | $ 3.20 | $ 2.79 | $ 2.17 |
Weighted average number of common shares outstanding | 78,047 | 72,683 | 70,835 |
Earnings allocated to common shareholders, Diluted | $ 250,128 | $ 202,490 | $ 153,532 |
Dilutive effect of equity awards and warrants | 146 | 190 | 45 |
Weighted average diluted common shares outstanding | 78,193 | 72,873 | 70,880 |
Diluted earnings per common share | $ 3.20 | $ 2.78 | $ 2.17 |
Potentially dilutive share options that were not included in the computation of diluted EPS because to do so would be anti-dilutive. | 179 | 212 | 289 |
Share-Based Payments (RSU) (Det
Share-Based Payments (RSU) (Details) - Restricted Stock Units (RSUs) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Balance at beginning of year (in shares) | 296,932 | 182,570 | 111,901 |
Granted (in shares) | 136,928 | 86,713 | |
Vested (in shares) | (22,566) | (12,994) | |
Forfeited (in shares) | (3,050) | ||
Weighted Average Price at beginning of year | $ 38.16 | $ 40.05 | $ 32.85 |
Weighted average grant date fair value, granted | 35.80 | 47.11 | |
Weighted average grant date fair value, vested | $ 39.04 | 33.48 | |
Weighted average grant date fair value, forfeited | $ 33.71 |
Share-Based Payments (RSA) (Det
Share-Based Payments (RSA) (Details) - Restricted Stock (RSAs) - $ / shares | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Balance at beginning of year (in shares) | 541,363 | 723,011 | 865,631 | 889,017 |
Granted (in shares) | 262,571 | 257,298 | 299,007 | |
Vested (in shares) | (335,115) | (324,222) | (231,805) | |
Forfeited (in shares) | (109,104) | (75,696) | (90,588) | |
Weighted Average Price at beginning of year | $ 37.89 | $ 38.57 | $ 36.38 | $ 36.96 |
Weighted average grant date fair value, granted | 35.32 | 44.83 | 33.64 | |
Weighted average grant date fair value, vested | 38.58 | 37.57 | 35.01 | |
Weighted average grant date fair value, forfeited | $ 33.39 | $ 36.76 | $ 36.50 |
Share-Based Payments Narrative
Share-Based Payments Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation, number authorized (in shares) | 3,050,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 14.5 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 8 months 12 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | $ 13.8 | $ 12.6 | $ 8.1 |
Share-based Payment Arrangement, Expense | $ 16.2 | $ 14.9 | $ 10.7 |
Income Tax (Details)
Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Contingency [Line Items] | |||
Current Federal Tax Expense (Benefit) | $ 60,771 | $ 50,708 | $ 44,094 |
Current State and Local Tax Expense (Benefit) | 12,811 | 9,610 | 7,822 |
Current tax (benefit) expense | 73,582 | 60,318 | 51,916 |
Deferred Federal Income Tax Expense (Benefit) | (5,156) | (5,445) | (12,078) |
Deferred State and Local Income Tax Expense (Benefit) | (957) | (1,184) | (1,690) |
Deferred tax expense (benefit) | (6,113) | (6,629) | (13,768) |
Income tax provision | 67,469 | 53,689 | 38,148 |
Deferred tax assets: | |||
Allowance for credit losses | 40,054 | 39,378 | |
Deferred Tax Assets, Lease Liability | 14,088 | 15,973 | |
Deferred compensation | 13,619 | 14,887 | |
Stock option and restricted stock | 3,751 | 3,186 | |
OREO | 0 | 50 | |
Nonaccrual interest | 120 | 118 | |
Deferred Tax Assets, Unrealized Losses on Available-for-Sale Securities, Gross | 164,697 | 0 | |
Deferred Tax Assets, Net operating losses and credit carryforwards | 2,404 | 2,898 | |
Other | (3,134) | (1,824) | |
Total deferred tax assets | 241,867 | 78,314 | |
Deferred tax liabilities: | |||
Asset purchase tax basis difference | (4,083) | (5,052) | |
Deferred Tax Liabilities, Leasing Arrangements | (12,792) | (14,510) | |
FHLB stock dividends | (810) | (810) | |
Deferred loan fees | (6,205) | (5,957) | |
deferred tax liabilities, unrealized gains on available-for-sale securities | 0 | 7,254 | |
deferred tax liabilites, unrealized gains on equity securities | (3,231) | (3,231) | |
Deferred tax liabilities, purchase accounting | (11,106) | (14,211) | |
Depreciation | (3,112) | (3,304) | |
Deferred Tax Liabilities, Derivatives | (2,767) | (5,280) | |
Deferred Tax Liabilities, Other | (144) | (130) | |
Total deferred tax liabilities | 44,250 | 59,739 | |
Net deferred tax asset | 197,617 | 18,575 | |
Reconciliation of effective income tax rate with federal statutory tax rate | |||
Income tax based on statutory rate | $ 66,706 | $ 53,867 | $ 40,402 |
Income tax based on statutory rate, percent | 21% | 21% | 21% |
Tax exempt instruments | $ (6,864) | $ (6,306) | $ (5,987) |
Tax exempt instrument, percent | (2.00%) | (2.00%) | (3.00%) |
Bank owned life insurance proceeds | $ (1,806) | $ (1,444) | $ (1,348) |
Life insurance proceeds, percent | (1.00%) | (1.00%) | (1.00%) |
State income tax, net of federal benefit | $ 9,364 | $ 7,892 | $ 4,844 |
State income tax, net of federal benefit, Percent | 3% | 3% | 3% |
Other, net | $ 69 | $ (320) | $ 237 |
Other, net, percent | 0% | 0% | 0% |
Income tax provision | $ 67,469 | $ 53,689 | $ 38,148 |
Income tax provision (benefit), percent | 21% | 21% | 20% |
Income Tax (Narrative) (Details
Income Tax (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax position | $ 0 | $ 0 | |
Interest and penalties on unrecognized tax benefits | 0 | 0 | |
Federal operating loss carryforwards, set to begin to expire in 2024 | 9,900 | ||
Idaho state operating loss carryforwards, set to begin to expire in 2024 | 5,400 | ||
State operating loss carryforwards, set to begin to expire in 2024 | 25 | ||
Proportional amortization as a component of income tax expense | 1,800 | 916 | $ 622 |
Affordable Housing Tax Credits and Other Tax Benefits, Amount | 2,000 | 1,200 | $ 738 |
Low-income housing tax credit investments | 47,200 | 24,000 | |
Qualified Affordable Housing Project Investments, Commitment | $ 41,300 | $ 19,200 |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capital Conservation Buffer | 5.98% | |
Common Equity Tier One Capital | $ 1,885,860 | $ 1,710,981 |
Common Equity Tier 1 Capital to Risk Weighted Assets | 12.87% | 13.01% |
Common Equity Tier One Capital Required for Capital Adequacy | $ 659,248 | $ 591,585 |
Common Equity Tier 1 Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | 4.50% |
Common Equity Tier One Capital Required for Capital Adequacy - minimum required plus fully phased in capital conservation buffer | $ 1,025,498 | $ 920,244 |
Common Equity Tier 1 Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets plus capital conservation buffer fully phased-in | 7% | 7% |
Tier 1 Capital, Actual Amount | $ 1,885,860 | $ 1,710,981 |
Tier 1 Capital (to risk-weighted assets), Ratio | 0.1287 | 0.1301 |
Tier 1 Capital For Capital Adequacy Purposes, Amount | $ 878,998 | $ 788,780 |
Tier 1 Capital (to risk-weighted assets) For Capital Adequacy Purposes, Ratio | 0.0600 | 0.0600 |
Tier One Risk Based Capital Required for Capital Adequacy plus capital conservation buffer fully phased-in | $ 1,245,247 | $ 1,117,439 |
Tier One Based Capital Required for Capital Adequacy to Risk Weighted Assets plus capital conservation buffer fully phased-in | 8.50% | 8.50% |
Total Capital, Actual Amount | $ 2,048,700 | $ 1,868,192 |
Total Capital (to risk-weighted assets), Ratio | 0.1398 | 0.1421 |
Total Capital For Capital Adequacy Purposes, Amount | $ 1,171,997 | $ 1,051,707 |
Total Capital (to risk-weighted assets), For Capital Adequacy Purposes, Ratio | 0.0800 | 0.0800 |
Capital Required for Capital Adequacy plus capital conservation buffer fully phased-in | $ 1,538,246 | $ 1,380,366 |
Capital Required for Capital Adequacy to Risk Weighted Assets plus capital conservation buffer fully phased-in | 10.50% | 10.50% |
Tier 1 Capital, Actual Amount | $ 1,885,860 | $ 1,710,981 |
Tier 1 Capital (to average assets), Ratio | 0.0934 | 0.0855 |
Tier 1 Capital For Capital Adequacy Purposes, Amount | $ 807,791 | $ 800,615 |
Tier 1 Capital (to average assets) For Capital Adequacy Purposes, Ratio | 0.0400 | 0.0400 |
Banking Subsidiaries | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capital Conservation Buffer | 5.97% | |
Common Equity Tier One Capital | $ 1,892,755 | $ 1,716,186 |
Common Equity Tier 1 Capital to Risk Weighted Assets | 12.93% | 13.06% |
Common Equity Tier One Capital Required for Capital Adequacy | $ 658,773 | $ 591,154 |
Common Equity Tier 1 Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | 4.50% |
Common Equity Tier One Capital Required for Capital Adequacy - minimum required plus fully phased in capital conservation buffer | $ 1,024,758 | $ 919,754 |
Common Equity Tier 1 Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets plus capital conservation buffer fully phased-in | 7% | 7% |
Common Equity Tier One Risk Based Capital Required to be Well Capitalized | $ 951,561 | $ 853,890 |
Common Equity Tier 1 Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 6.50% | 6.50% |
Tier 1 Capital, Actual Amount | $ 1,892,755 | $ 1,716,186 |
Tier 1 Capital (to risk-weighted assets), Ratio | 0.1293 | 0.1306 |
Tier 1 Capital For Capital Adequacy Purposes, Amount | $ 878,364 | $ 788,206 |
Tier 1 Capital (to risk-weighted assets) For Capital Adequacy Purposes, Ratio | 0.0600 | 0.0600 |
Tier One Risk Based Capital Required for Capital Adequacy plus capital conservation buffer fully phased-in | $ 1,244,349 | $ 1,116,625 |
Tier One Based Capital Required for Capital Adequacy to Risk Weighted Assets plus capital conservation buffer fully phased-in | 8.50% | 8.50% |
Tier 1 Capital To Be Well Capitalized Under Prompt Corrective Action Provision, Amount | $ 1,171,152 | $ 1,050,941 |
Tier 1 Capital (to risk-weighted assets) To Be Well Capitalized Under Prompt Corrective Action Provision, Ratio | 0.0800 | 0.0800 |
Total Capital, Actual Amount | $ 2,045,595 | $ 1,863,397 |
Total Capital (to risk-weighted assets), Ratio | 0.1397 | 0.1418 |
Total Capital For Capital Adequacy Purposes, Amount | $ 1,171,152 | $ 1,050,941 |
Total Capital (to risk-weighted assets), For Capital Adequacy Purposes, Ratio | 0.0800 | 0.0800 |
Capital Required for Capital Adequacy plus capital conservation buffer fully phased-in | $ 1,537,137 | $ 1,379,360 |
Capital Required for Capital Adequacy to Risk Weighted Assets plus capital conservation buffer fully phased-in | 10.50% | 10.50% |
Total Capital To Be Well Capitalized Under Prompt Corrective Action Provision, Amount | $ 1,463,940 | $ 1,313,677 |
Total Capital (to risk-weighted assets) To Be Well Capitalized Under Prompt Corrective Action Provision | 0.1000 | 0.1000 |
Tier 1 Capital, Actual Amount | $ 1,892,755 | $ 1,716,186 |
Tier 1 Capital (to average assets), Ratio | 0.0947 | 0.0860 |
Tier 1 Capital For Capital Adequacy Purposes, Amount | $ 799,485 | $ 798,206 |
Tier 1 Capital (to average assets) For Capital Adequacy Purposes, Ratio | 0.0400 | 0.0400 |
Tier 1 Capital To Be Well Capitalized Under Prompt Corrective Provision, Amount | $ 999,356 | $ 997,757 |
Tier 1 Capital (to average assets) To Be Well Capitalized Under Prompt Corrective Provision, Ratio | 0.0500 | 0.0500 |
Parent Company Financial Info_3
Parent Company Financial Information (Condensed Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||||
Cash | $ 262,458 | $ 153,414 | ||
Interest-earning deposits | 29,283 | 671,300 | ||
Total cash and cash equivalents | 291,741 | 824,714 | ||
Goodwill | 823,172 | 823,172 | $ 765,842 | $ 765,842 |
Other assets | 684,641 | 455,092 | ||
Total Assets | 20,265,843 | 20,945,333 | ||
Liabilities and Shareholders’ Equity | ||||
Subordinated Debentures | 10,000 | 10,000 | ||
Junior Subordinated Notes | 10,310 | 10,310 | ||
Other liabilities | 271,447 | 232,794 | ||
Total liabilities | 18,052,690 | 18,356,591 | ||
Shareholders’ equity | 2,213,153 | 2,588,742 | 2,347,607 | 2,159,962 |
Total liabilities and shareholders' equity | 20,265,843 | 20,945,333 | ||
Parent Company | ||||
Assets | ||||
Cash | 8,514 | 1,979 | ||
Interest-earning deposits | 0 | 3,786 | ||
Total cash and cash equivalents | 8,514 | 5,765 | $ 7,234 | $ 27,805 |
Investment in banking subsidiary | 2,215,486 | 2,589,218 | ||
Investment in other subsidiaries | 7,942 | 7,175 | ||
Goodwill | 4,729 | 4,729 | ||
Other assets | 3,169 | 2,525 | ||
Total Assets | 2,239,840 | 2,609,412 | ||
Liabilities and Shareholders’ Equity | ||||
Subordinated Debentures | 10,000 | 10,000 | ||
Junior Subordinated Notes | 10,310 | 10,310 | ||
Other liabilities | 6,377 | 360 | ||
Total liabilities | 26,687 | 20,670 | ||
Shareholders’ equity | 2,213,153 | 2,588,742 | ||
Total liabilities and shareholders' equity | $ 2,239,840 | $ 2,609,412 |
Parent Company Financial Info_4
Parent Company Financial Information (Condensed Statements of Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income | |||
Deposits in banks | $ 2,748 | $ 955 | $ 661 |
Expense | |||
Compensation and employee benefits | 241,139 | 224,034 | 209,722 |
Subordinated debentures | 807 | 1,932 | 1,871 |
Other borrowings | 1,646 | 137 | 196 |
Other expense | 32,209 | 23,796 | 26,376 |
Income before income tax benefit and equity in undistributed (excess distributed) earnings of subsidiaries | 317,647 | 256,509 | 192,392 |
Income Tax Expense (Benefit) | 67,469 | 53,689 | 38,148 |
Net income | 250,178 | 202,820 | 154,244 |
Parent Company | |||
Income | |||
Investment Income, dividend from banking subsidiary | 85,004 | 108,000 | 89,000 |
Investment Income, dividend from other subsidiaries | 711 | 500 | 0 |
Deposits in banks | 15 | 16 | 13 |
Other income | 60 | 36 | 37 |
Total Income | 85,790 | 108,552 | 89,050 |
Expense | |||
Compensation and employee benefits | 823 | 856 | 758 |
Subordinated debentures | 807 | 1,932 | 1,871 |
Other borrowings | 339 | 52 | 12 |
Other expense | 8,524 | 3,542 | 1,943 |
Total Expenses | 10,493 | 6,382 | 4,584 |
Income before income tax benefit and equity in undistributed (excess distributed) earnings of subsidiaries | 75,297 | 102,170 | 84,466 |
Income Tax Expense (Benefit) | (2,188) | (1,329) | (952) |
Income before equity in undistributed earnings of subsidiaries | 77,485 | 103,499 | 85,418 |
Equity in undistributed earnings of subsidiaries | 172,693 | 99,321 | 68,826 |
Net income | $ 250,178 | $ 202,820 | $ 154,244 |
Parent Company Financial Info_5
Parent Company Financial Information (Condensed Statements of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Activities | |||
Net income | $ 250,178 | $ 202,820 | $ 154,244 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Stock-based compensation expense | 16,158 | 14,926 | 10,737 |
Net cash provided by operating activities | 300,684 | 235,065 | 192,292 |
Cash Flows From Investing Activities | |||
Net cash received in business combinations | 0 | 154,984 | 0 |
Net cash used in investing activities | (395,690) | (2,358,360) | (1,918,785) |
Financing Activities | |||
Cash dividends paid | (94,314) | (83,790) | (95,509) |
Repayments of Junior Subordinated Debt | 0 | 35,000 | 0 |
Purchase and retirement of common stock | 3,989 | 4,140 | 2,522 |
Purchase of treasury stock | 0 | 0 | (20,000) |
Proceeds from exercise of stock options and employee stock purchase plan | 2,110 | 2,350 | 2,028 |
Net cash provided by financing activities | (437,967) | 2,294,243 | 2,132,586 |
Supplemental Information: | |||
Stock Issued | 0 | 256,061 | 0 |
Cash and cash equivalents at beginning of period | 824,714 | ||
Cash and cash equivalents at end of period | 291,741 | 824,714 | |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (532,973) | 170,948 | 406,093 |
Parent Company | |||
Operating Activities | |||
Net income | 250,178 | 202,820 | 154,244 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in undistributed earnings of subsidiaries | (172,693) | (99,321) | (68,826) |
Stock-based compensation expense | 16,158 | 14,926 | 10,737 |
Net changes in other assets and liabilities | 5,379 | (1,436) | (17) |
Net cash provided by operating activities | 99,022 | 116,989 | 96,138 |
Cash Flows From Investing Activities | |||
Net cash received in business combinations | 0 | 2,173 | 0 |
Net cash used in investing activities | 0 | 2,173 | 0 |
Financing Activities | |||
Cash dividends paid | (94,394) | (83,841) | (96,215) |
Repayments of Junior Subordinated Debt | 0 | 35,000 | 0 |
Purchase and retirement of common stock | 3,989 | 4,140 | 2,522 |
Purchase of treasury stock | 0 | 0 | (20,000) |
Proceeds from exercise of stock options and employee stock purchase plan | 2,110 | 2,350 | 2,028 |
Net cash provided by financing activities | (96,273) | (120,631) | (116,709) |
Supplemental Information: | |||
Stock Issued | 0 | 256,061 | 0 |
Cash and cash equivalents at beginning of period | 5,765 | 7,234 | 27,805 |
Cash and cash equivalents at end of period | 8,514 | 5,765 | 7,234 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $ 2,749 | $ (1,469) | $ (20,571) |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Deposit account and treasury management fees | $ 31,498 | $ 27,107 | $ 27,019 |
Card revenue | 20,186 | 18,503 | 13,928 |
Financial services and trust revenue | 17,659 | 15,753 | 12,830 |
Revenue from contracts with customers | 69,343 | 61,363 | 53,777 |
Noninterest income, excluding revenue from contracts with customers | 29,801 | 32,731 | 50,723 |
Noninterest income | $ 99,144 | $ 94,094 | $ 104,500 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] $ in Thousands | 3 Months Ended | ||
Mar. 30, 2023 USD ($) | Feb. 24, 2023 numberOfBranches | Jan. 20, 2023 USD ($) numberOfBranches | |
Subsequent Event [Line Items] | |||
Gain on divested branches | $ 3,700 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||
Subsequent Event [Line Items] | |||
Disposal Group, Including Discontinued Operation, Deposit Liabilities | $ 116,100 | ||
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | $ 3,800 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | First Northern Bank of Dixon [Member] | |||
Subsequent Event [Line Items] | |||
Branch locations disposed of by sale - number | numberOfBranches | 3 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 1st Security Bank of Washington | |||
Subsequent Event [Line Items] | |||
Branch locations to be disposed of by sale - number | numberOfBranches | 7 |