Washington | 91-1857900 | |||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
201 Fifth Avenue SW, | Olympia | WA | 98501 | |||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading symbol | Name of each exchange on which registered | ||||||
Common stock, no par value | HFWA | NASDAQ |
Large accelerated filer | ☒ | Accelerated filer | ☐ | |||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||
Emerging growth company | ☐ |
Page | ||||||||||||||
PART I. | ||||||||||||||
ITEM 1. | ||||||||||||||
NOTE 1. | ||||||||||||||
NOTE 2. | ||||||||||||||
NOTE 3. | ||||||||||||||
NOTE 4. | ||||||||||||||
NOTE 5. | ||||||||||||||
NOTE 6. | ||||||||||||||
NOTE 7. | ||||||||||||||
NOTE 8. | ||||||||||||||
NOTE 9. | ||||||||||||||
NOTE 10. | ||||||||||||||
ITEM 2. | ||||||||||||||
ITEM 3. | ||||||||||||||
ITEM 4. | ||||||||||||||
OTHER INFORMATION | ||||||||||||||
ITEM 1. | ||||||||||||||
ITEM 1A. |
ITEM 2. | ||||||||||||||
ITEM 3. | ||||||||||||||
ITEM 4. | ||||||||||||||
ITEM 5. | ||||||||||||||
ITEM 6. | ||||||||||||||
2020 Annual Form 10-K | Company's Annual Report on Form 10-K for the year ended December 31, 2020 | ||||
ACL | Allowance for credit losses | ||||
ASC | Accounting Standards Codification | ||||
ASU | Accounting Standards Update | ||||
Bank | Heritage Bank | ||||
CA Act | Consolidated Appropriations Act of 2021 | ||||
CARES Act | Coronavirus Aid, Relief, and Economic Security Act of 2020 | ||||
CECL | Current Expected Credit Loss | ||||
CECL Adoption | Company's adoption on January 1, 2020 of FASB ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, as amended, which replaces the incurred loss methodology with an expected loss methodology that is referred to as the CECL methodology | ||||
CMO | Collateralized Mortgage Obligation | ||||
Company | Heritage Financial Corporation | ||||
COVID Modifications | Loans with modifications made in compliance with the CARES Act, as amended, and related regulatory guidance | ||||
COVID-19 Pandemic | Coronavirus Disease of 2019 pandemic | ||||
CRE | Commercial real estate | ||||
FASB | Financial Accounting Standards Board | ||||
FDIC | Federal Deposit Insurance Corporation | ||||
Federal Reserve | Board of Governors of the Federal Reserve System | ||||
Federal Reserve Bank | Federal Reserve Bank of San Francisco | ||||
FHLB | Federal Home Loan Bank of Des Moines | ||||
GAAP | U.S. Generally Accepted Accounting Principles | ||||
LIBOR | London Interbank Offering Rate | ||||
MBS | Mortgage-backed security | ||||
PPP | Paycheck Protection Program | ||||
SBA | Small Business Administration | ||||
SEC | Securities and Exchange Commission | ||||
SM | Special Mention | ||||
SS | Substandard | ||||
TDR | Troubled debt restructured | ||||
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||
ASSETS | ASSETS | ASSETS | ||||||||||||||||||||
Cash on hand and in banks | Cash on hand and in banks | $ | 94,179 | $ | 91,918 | Cash on hand and in banks | $ | 86,954 | $ | 91,918 | ||||||||||||
Interest earning deposits | Interest earning deposits | 1,170,754 | 651,404 | Interest earning deposits | 1,547,785 | 651,404 | ||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 1,264,933 | 743,322 | Cash and cash equivalents | 1,634,739 | 743,322 | ||||||||||||||||
Investment securities available for sale, at fair value, net (amortized cost of $1,029,001 and $770,195, respectively) | 1,049,524 | 802,163 | ||||||||||||||||||||
Investment securities available for sale, at fair value, net (amortized cost of $744,336 and $770,195, respectively) | Investment securities available for sale, at fair value, net (amortized cost of $744,336 and $770,195, respectively) | 761,526 | 802,163 | |||||||||||||||||||
Investment securities held to maturity, at amortized cost, net (fair value of $307,330 and $0, respectively) | Investment securities held to maturity, at amortized cost, net (fair value of $307,330 and $0, respectively) | 311,074 | — | |||||||||||||||||||
Total investment securities | Total investment securities | 1,072,600 | 802,163 | |||||||||||||||||||
Loans held for sale | Loans held for sale | 2,739 | 4,932 | Loans held for sale | 2,636 | 4,932 | ||||||||||||||||
Loans receivable | Loans receivable | 4,207,530 | 4,468,647 | Loans receivable | 3,953,884 | 4,468,647 | ||||||||||||||||
Allowance for credit losses on loans | Allowance for credit losses on loans | (51,562) | (70,185) | Allowance for credit losses on loans | (48,317) | (70,185) | ||||||||||||||||
Loans receivable, net | Loans receivable, net | 4,155,968 | 4,398,462 | Loans receivable, net | 3,905,567 | 4,398,462 | ||||||||||||||||
Other real estate owned | Other real estate owned | 0 | 0 | Other real estate owned | — | — | ||||||||||||||||
Premises and equipment, net | Premises and equipment, net | 82,835 | 85,452 | Premises and equipment, net | 79,958 | 85,452 | ||||||||||||||||
Federal Home Loan Bank stock, at cost | Federal Home Loan Bank stock, at cost | 7,933 | 6,661 | Federal Home Loan Bank stock, at cost | 7,933 | 6,661 | ||||||||||||||||
Bank owned life insurance | Bank owned life insurance | 108,988 | 107,580 | Bank owned life insurance | 109,634 | 107,580 | ||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 17,113 | 19,418 | Accrued interest receivable | 14,802 | 19,418 | ||||||||||||||||
Prepaid expenses and other assets | Prepaid expenses and other assets | 163,206 | 193,301 | Prepaid expenses and other assets | 179,494 | 193,301 | ||||||||||||||||
Other intangible assets, net | Other intangible assets, net | 11,494 | 13,088 | Other intangible assets, net | 10,736 | 13,088 | ||||||||||||||||
Goodwill | Goodwill | 240,939 | 240,939 | Goodwill | 240,939 | 240,939 | ||||||||||||||||
Total assets | Total assets | $ | 7,105,672 | $ | 6,615,318 | Total assets | $ | 7,259,038 | $ | 6,615,318 | ||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | LIABILITIES AND STOCKHOLDERS' EQUITY | LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||
Deposits | Deposits | $ | 6,061,706 | $ | 5,597,990 | Deposits | $ | 6,215,558 | $ | 5,597,990 | ||||||||||||
Junior subordinated debentures | Junior subordinated debentures | 21,034 | 20,887 | Junior subordinated debentures | 21,107 | 20,887 | ||||||||||||||||
Securities sold under agreement to repurchase | Securities sold under agreement to repurchase | 46,429 | 35,683 | Securities sold under agreement to repurchase | 44,096 | 35,683 | ||||||||||||||||
Accrued expenses and other liabilities | Accrued expenses and other liabilities | 120,519 | 140,319 | Accrued expenses and other liabilities | 129,873 | 140,319 | ||||||||||||||||
Total liabilities | Total liabilities | 6,249,688 | 5,794,879 | Total liabilities | 6,410,634 | 5,794,879 | ||||||||||||||||
Stockholders’ equity: | Stockholders’ equity: | Stockholders’ equity: | ||||||||||||||||||||
Preferred stock, 0 par value, 2,500,000 shares authorized; 0 shares issued and outstanding, respectively | 0 | 0 | ||||||||||||||||||||
Common stock, 0 par value, 50,000,000 shares authorized; 36,006,560 and 35,912,243 shares issued and outstanding, respectively | 572,060 | 571,021 | ||||||||||||||||||||
Preferred stock, no par value, 2,500,000 shares authorized; no shares issued and outstanding, respectively | Preferred stock, no par value, 2,500,000 shares authorized; no shares issued and outstanding, respectively | — | — | |||||||||||||||||||
Common stock, no par value, 50,000,000 shares authorized; 35,166,599 and 35,912,243 shares issued and outstanding, respectively | Common stock, no par value, 50,000,000 shares authorized; 35,166,599 and 35,912,243 shares issued and outstanding, respectively | 552,385 | 571,021 | |||||||||||||||||||
Retained earnings | Retained earnings | 267,863 | 224,400 | Retained earnings | 281,285 | 224,400 | ||||||||||||||||
Accumulated other comprehensive income, net | Accumulated other comprehensive income, net | 16,061 | 25,018 | Accumulated other comprehensive income, net | 14,734 | 25,018 | ||||||||||||||||
Total stockholders’ equity | Total stockholders’ equity | 855,984 | 820,439 | Total stockholders’ equity | 848,404 | 820,439 | ||||||||||||||||
Total liabilities and stockholders’ equity | Total liabilities and stockholders’ equity | $ | 7,105,672 | $ | 6,615,318 | Total liabilities and stockholders’ equity | $ | 7,259,038 | $ | 6,615,318 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||
INTEREST INCOME: | INTEREST INCOME: | INTEREST INCOME: | ||||||||||||||||||||||||||||||||||||||||||||
Interest and fees on loans | Interest and fees on loans | $ | 50,750 | $ | 48,404 | $ | 100,274 | $ | 94,681 | Interest and fees on loans | $ | 46,863 | $ | 47,647 | $ | 147,137 | $ | 142,328 | ||||||||||||||||||||||||||||
Taxable interest on investment securities | Taxable interest on investment securities | 4,050 | 4,570 | 7,584 | 10,203 | Taxable interest on investment securities | 4,711 | 3,865 | 12,295 | 14,068 | ||||||||||||||||||||||||||||||||||||
Nontaxable interest on investment securities | Nontaxable interest on investment securities | 947 | 977 | 1,905 | 1,733 | Nontaxable interest on investment securities | 931 | 953 | 2,836 | 2,686 | ||||||||||||||||||||||||||||||||||||
Interest on interest earning deposits | Interest on interest earning deposits | 263 | 43 | 438 | 463 | Interest on interest earning deposits | 537 | 98 | 975 | 561 | ||||||||||||||||||||||||||||||||||||
Total interest income | Total interest income | 56,010 | 53,994 | 110,201 | 107,080 | Total interest income | 53,042 | 52,563 | 163,243 | 159,643 | ||||||||||||||||||||||||||||||||||||
INTEREST EXPENSE: | INTEREST EXPENSE: | INTEREST EXPENSE: | ||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 1,524 | 3,417 | 3,252 | 7,633 | Deposits | 1,444 | 2,639 | 4,696 | 10,272 | ||||||||||||||||||||||||||||||||||||
Junior subordinated debentures | Junior subordinated debentures | 186 | 218 | 373 | 503 | Junior subordinated debentures | 184 | 196 | 557 | 699 | ||||||||||||||||||||||||||||||||||||
Other borrowings | Other borrowings | 35 | 46 | 73 | 80 | Other borrowings | 36 | 50 | 109 | 130 | ||||||||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | 1,745 | 3,681 | 3,698 | 8,216 | Total interest expense | 1,664 | 2,885 | 5,362 | 11,101 | ||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 54,265 | 50,313 | 106,503 | 98,864 | Net interest income | 51,378 | 49,678 | 157,881 | 148,542 | ||||||||||||||||||||||||||||||||||||
(Reversal of) provision for credit losses | (Reversal of) provision for credit losses | (13,987) | 28,563 | (21,186) | 36,509 | (Reversal of) provision for credit losses | (3,149) | 2,730 | (24,335) | 39,239 | ||||||||||||||||||||||||||||||||||||
Net interest income after (reversal of) provision for credit losses | Net interest income after (reversal of) provision for credit losses | 68,252 | 21,750 | 127,689 | 62,355 | Net interest income after (reversal of) provision for credit losses | 54,527 | 46,948 | 182,216 | 109,303 | ||||||||||||||||||||||||||||||||||||
NONINTEREST INCOME: | NONINTEREST INCOME: | NONINTEREST INCOME: | ||||||||||||||||||||||||||||||||||||||||||||
Service charges and other fees | Service charges and other fees | 4,422 | 3,600 | 8,422 | 7,976 | Service charges and other fees | 4,566 | 4,039 | 12,988 | 12,015 | ||||||||||||||||||||||||||||||||||||
Gain on sale of investment securities, net | Gain on sale of investment securities, net | 0 | 409 | 29 | 1,423 | Gain on sale of investment securities, net | — | 40 | 29 | 1,463 | ||||||||||||||||||||||||||||||||||||
Gain on sale of loans, net | Gain on sale of loans, net | 1,003 | 1,135 | 2,373 | 1,682 | Gain on sale of loans, net | 765 | 1,443 | 3,138 | 3,125 | ||||||||||||||||||||||||||||||||||||
Interest rate swap fees | Interest rate swap fees | 209 | 769 | 361 | 1,065 | Interest rate swap fees | 126 | 396 | 487 | 1,461 | ||||||||||||||||||||||||||||||||||||
Bank owned life insurance income | Bank owned life insurance income | 717 | 645 | 1,373 | 1,530 | Bank owned life insurance income | 647 | 909 | 2,020 | 2,439 | ||||||||||||||||||||||||||||||||||||
Other income | Other income | 1,946 | 1,690 | 3,990 | 4,058 | Other income | 2,124 | 1,383 | 6,114 | 5,441 | ||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | 8,297 | 8,248 | 16,548 | 17,734 | Total noninterest income | 8,228 | 8,210 | 24,776 | 25,944 | ||||||||||||||||||||||||||||||||||||
NONINTEREST EXPENSE: | NONINTEREST EXPENSE: | NONINTEREST EXPENSE: | ||||||||||||||||||||||||||||||||||||||||||||
Compensation and employee benefits | Compensation and employee benefits | 22,088 | 21,927 | 44,549 | 44,433 | Compensation and employee benefits | 22,176 | 21,416 | 66,725 | 65,849 | ||||||||||||||||||||||||||||||||||||
Occupancy and equipment | Occupancy and equipment | 4,091 | 4,335 | 8,545 | 8,899 | Occupancy and equipment | 4,373 | 4,348 | 12,918 | 13,247 | ||||||||||||||||||||||||||||||||||||
Data processing | Data processing | 3,998 | 3,517 | 7,810 | 7,044 | Data processing | 4,029 | 3,691 | 11,839 | 10,735 | ||||||||||||||||||||||||||||||||||||
Marketing | Marketing | 892 | 696 | 1,561 | 1,562 | Marketing | 775 | 755 | 2,336 | 2,317 | ||||||||||||||||||||||||||||||||||||
Professional services | Professional services | 1,102 | 2,169 | 2,433 | 3,546 | Professional services | 816 | 1,086 | 3,249 | 4,632 | ||||||||||||||||||||||||||||||||||||
State/municipal business and use taxes | State/municipal business and use taxes | 991 | 905 | 1,963 | 1,662 | State/municipal business and use taxes | 1,071 | 964 | 3,034 | 2,626 | ||||||||||||||||||||||||||||||||||||
Federal deposit insurance premium | Federal deposit insurance premium | 339 | 238 | 928 | 238 | Federal deposit insurance premium | 550 | 848 | 1,478 | 1,086 | ||||||||||||||||||||||||||||||||||||
Other real estate owned, net | Other real estate owned, net | 0 | (170) | 0 | (145) | Other real estate owned, net | — | — | — | (145) | ||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | 797 | 903 | 1,594 | 1,806 | Amortization of intangible assets | 758 | 860 | 2,352 | 2,666 | ||||||||||||||||||||||||||||||||||||
Other expense | Other expense | 2,098 | 2,553 | 4,255 | 5,288 | Other expense | 2,618 | 2,077 | 6,873 | 7,365 | ||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 36,396 | 37,073 | 73,638 | 74,333 | Total noninterest expense | 37,166 | 36,045 | 110,804 | 110,378 | ||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | 40,153 | (7,075) | 70,599 | 5,756 | ||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 7,451 | (936) | 12,553 | (296) | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 32,702 | $ | (6,139) | $ | 58,046 | $ | 6,052 | ||||||||||||||||||||||||||||||||||||||
Basic earnings (losses) per share | $ | 0.91 | $ | (0.17) | $ | 1.61 | $ | 0.17 | ||||||||||||||||||||||||||||||||||||||
Diluted earnings (losses) per share | $ | 0.90 | $ | (0.17) | $ | 1.60 | $ | 0.17 | ||||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 25,589 | 19,113 | 96,188 | 24,869 | |||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 4,997 | 2,477 | 17,550 | 2,181 | |||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 20,592 | $ | 16,636 | $ | 78,638 | $ | 22,688 | |||||||||||||||||||||||||||||||||||||
Basic earnings per share | Basic earnings per share | $ | 0.58 | $ | 0.46 | $ | 2.19 | $ | 0.63 | |||||||||||||||||||||||||||||||||||||
Diluted earnings per share | Diluted earnings per share | $ | 0.58 | $ | 0.46 | $ | 2.18 | $ | 0.63 | |||||||||||||||||||||||||||||||||||||
Dividends declared per share | Dividends declared per share | $ | 0.20 | $ | 0.20 | $ | 0.40 | $ | 0.40 | Dividends declared per share | $ | 0.20 | $ | 0.20 | $ | 0.60 | $ | 0.60 | ||||||||||||||||||||||||||||
Average number of basic shares outstanding | Average number of basic shares outstanding | 35,994,740 | 35,898,716 | 35,961,032 | 36,120,403 | Average number of basic shares outstanding | 35,644,192 | 35,908,845 | 35,854,258 | 36,049,369 | ||||||||||||||||||||||||||||||||||||
Average number of diluted shares outstanding | Average number of diluted shares outstanding | 36,289,464 | 35,898,716 | 36,268,861 | 36,275,391 | Average number of diluted shares outstanding | 35,929,518 | 35,988,734 | 36,152,052 | 36,193,615 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income (loss) | $ | 32,702 | $ | (6,139) | $ | 58,046 | $ | 6,052 | |||||||||||||||
Change in fair value of investment securities available for sale, net of tax of $722, $2,224, $(2,482) and $4,643, respectively | 2,600 | 8,009 | (8,934) | 16,716 | |||||||||||||||||||
Reclassification adjustment for net gain from sale of investment securities available for sale included in income, net of tax of $0, $(89), $(6) and $(310) respectively | 0 | (320) | (23) | (1,113) | |||||||||||||||||||
Other comprehensive income (loss) | 2,600 | 7,689 | (8,957) | 15,603 | |||||||||||||||||||
Comprehensive income | $ | 35,302 | $ | 1,550 | $ | 49,089 | $ | 21,655 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income | $ | 20,592 | $ | 16,636 | $ | 78,638 | $ | 22,688 | |||||||||||||||
Change in fair value of investment securities available for sale, net of tax of $(362), $(206), $(2,844) and $4,437, respectively | (1,305) | (741) | (10,239) | 15,975 | |||||||||||||||||||
Reclassification adjustment for net gain from sale of investment securities available for sale included in income, net of tax of $0, $(8), $(6) and $(318), respectively | — | (32) | (23) | (1,145) | |||||||||||||||||||
Amortization of net unrealized gain for the reclassification of investment securities available for sale to held to maturity, net of tax of $(6), $0, $(6) and $0, respectively | (22) | — | (22) | — | |||||||||||||||||||
Other comprehensive (loss) income | (1,327) | (773) | (10,284) | 14,830 | |||||||||||||||||||
Comprehensive income | $ | 19,265 | $ | 15,863 | $ | 68,354 | $ | 37,518 |
Three Months Ended June 30, 2021 | Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of common shares | Common stock | Retained earnings | Accumulated other comprehensive income, net | Total stockholders’ equity | Number of common shares | Common stock | Retained earnings | Accumulated other comprehensive income (loss), net | Total stockholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | 35,981 | $ | 571,204 | $ | 242,486 | $ | 13,461 | $ | 827,151 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | Balance at June 30, 2021 | 36,006 | $ | 572,060 | $ | 267,863 | $ | 16,061 | $ | 855,984 | ||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock units vested | Restricted stock units vested | 28 | — | — | — | — | Restricted stock units vested | 2 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | — | 926 | — | — | 926 | Stock-based compensation expense | — | 966 | — | — | 966 | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | Common stock repurchased | (3) | (70) | — | — | (70) | Common stock repurchased | (841) | (20,641) | — | — | (20,641) | ||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | 32,702 | 32,702 | Net income | — | — | 20,592 | 20,592 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | 2,600 | 2,600 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | Other comprehensive loss, net of tax | — | — | — | (1,327) | (1,327) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared on common stock ($0.20 per share) | Cash dividends declared on common stock ($0.20 per share) | — | — | (7,325) | — | (7,325) | Cash dividends declared on common stock ($0.20 per share) | — | — | (7,170) | — | (7,170) | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 36,006 | $ | 572,060 | $ | 267,863 | $ | 16,061 | $ | 855,984 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | Balance at September 30, 2021 | 35,167 | $ | 552,385 | $ | 281,285 | $ | 14,734 | $ | 848,404 |
Six Months Ended June 30, 2021 | Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of common shares | Common stock | Retained earnings | Accumulated other comprehensive income (loss), net | Total stockholders’ equity | Number of common shares | Common stock | Retained earnings | Accumulated other comprehensive income (loss), net | Total stockholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | Balance at December 31, 2020 | 35,912 | $ | 571,021 | $ | 224,400 | $ | 25,018 | $ | 820,439 | Balance at December 31, 2020 | 35,912 | $ | 571,021 | $ | 224,400 | $ | 25,018 | $ | 820,439 | ||||||||||||||||||||||||||||||||||||||
Restricted stock units vested | Restricted stock units vested | 120 | — | — | — | — | Restricted stock units vested | 122 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | — | 1,796 | — | — | 1,796 | Stock-based compensation expense | — | 2,762 | — | — | 2,762 | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | Common stock repurchased | (26) | (757) | — | — | (757) | Common stock repurchased | (867) | (21,398) | — | — | (21,398) | ||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | 58,046 | — | 58,046 | Net income | — | — | 78,638 | — | 78,638 | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | Other comprehensive loss, net of tax | — | — | — | (8,957) | (8,957) | Other comprehensive loss, net of tax | — | — | — | (10,284) | (10,284) | ||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared on common stock ($0.40 per share) | — | — | (14,583) | — | (14,583) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 36,006 | $ | 572,060 | $ | 267,863 | $ | 16,061 | $ | 855,984 | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared on common stock ($0.60 per share) | Cash dividends declared on common stock ($0.60 per share) | — | — | (21,753) | — | (21,753) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | Balance at September 30, 2021 | 35,167 | $ | 552,385 | $ | 281,285 | $ | 14,734 | $ | 848,404 |
Three Months Ended June 30, 2020 | Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of common shares | Common stock | Retained earnings | Accumulated other comprehensive income, net | Total stockholders’ equity | Number of common shares | Common stock | Retained earnings | Accumulated other comprehensive income (loss), net | Total stockholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | 35,889 | $ | 568,439 | $ | 211,707 | $ | 18,292 | $ | 798,438 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | Balance at June 30, 2020 | 35,909 | $ | 569,329 | $ | 198,342 | $ | 25,981 | $ | 793,652 | ||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock units vested | Restricted stock units vested | 19 | — | — | — | — | Restricted stock units vested | 2 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | 3 | 51 | — | — | 51 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | — | 877 | — | — | 877 | Stock-based compensation expense | — | 848 | — | — | 848 | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | Common stock repurchased | (2) | (38) | — | — | (38) | Common stock repurchased | (1) | (7) | — | — | (7) | ||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | (6,139) | (6,139) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | 7,689 | 7,689 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | 16,636 | 16,636 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | Other comprehensive loss, net of tax | — | — | — | (773) | (773) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared on common stock ($0.20 per share) | Cash dividends declared on common stock ($0.20 per share) | — | — | (7,226) | — | (7,226) | Cash dividends declared on common stock ($0.20 per share) | — | — | (7,227) | — | (7,227) | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | 35,909 | $ | 569,329 | $ | 198,342 | $ | 25,981 | $ | 793,652 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | Balance at September 30, 2020 | 35,910 | $ | 570,170 | $ | 207,751 | $ | 25,208 | $ | 803,129 |
Six Months Ended June 30, 2020 | Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of common shares | Common stock | Retained earnings | Accumulated other comprehensive income, net | Total stockholders’ equity | Number of common shares | Common stock | Retained earnings | Accumulated other comprehensive income, net | Total stockholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | Balance at December 31, 2019 | 36,619 | $ | 586,459 | $ | 212,474 | $ | 10,378 | $ | 809,311 | Balance at December 31, 2019 | 36,619 | $ | 586,459 | $ | 212,474 | $ | 10,378 | $ | 809,311 | ||||||||||||||||||||||||||||||||||||||
Cumulative effect from change in accounting policy (1) | Cumulative effect from change in accounting policy (1) | — | — | (5,615) | — | (5,615) | Cumulative effect from change in accounting policy (1) | — | — | (5,615) | — | (5,615) | ||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock units vested | Restricted stock units vested | 106 | — | — | — | — | Restricted stock units vested | 108 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | Exercise of stock options | 8 | 122 | — | — | 122 | Exercise of stock options | 8 | 122 | — | — | 122 | ||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | — | 1,846 | — | — | 1,846 | Stock-based compensation expense | — | 2,694 | — | — | 2,694 | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | Common stock repurchased | (824) | (19,098) | — | — | (19,098) | Common stock repurchased | (825) | (19,105) | — | — | (19,105) | ||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | 6,052 | — | 6,052 | Net income | — | — | 22,688 | — | 22,688 | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | Other comprehensive income, net of tax | — | — | — | 15,603 | 15,603 | Other comprehensive income, net of tax | — | — | — | 14,830 | 14,830 | ||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared on common stock ($0.40 per share) | — | — | (14,569) | — | (14,569) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | 35,909 | $ | 569,329 | $ | 198,342 | $ | 25,981 | $ | 793,652 | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared on common stock ($0.60 per share) | Cash dividends declared on common stock ($0.60 per share) | — | — | (21,796) | — | (21,796) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | Balance at September 30, 2020 | 35,910 | $ | 570,170 | $ | 207,751 | $ | 25,208 | $ | 803,129 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Cash flows from operating activities: | Cash flows from operating activities: | Cash flows from operating activities: | ||||||||||||||||||||
Net income | Net income | $ | 58,046 | $ | 6,052 | Net income | $ | 78,638 | $ | 22,688 | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Depreciation, amortization and accretion | Depreciation, amortization and accretion | (13,901) | (2,974) | Depreciation, amortization and accretion | (18,356) | (5,926) | ||||||||||||||||
(Reversal of) provision for credit losses | (Reversal of) provision for credit losses | (21,186) | 36,509 | (Reversal of) provision for credit losses | (24,335) | 39,239 | ||||||||||||||||
Net change in accrued interest receivable, prepaid expenses and other assets, and accrued expenses and other liabilities | Net change in accrued interest receivable, prepaid expenses and other assets, and accrued expenses and other liabilities | 3,541 | (3,096) | Net change in accrued interest receivable, prepaid expenses and other assets, and accrued expenses and other liabilities | 11,043 | (12,298) | ||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 1,796 | 1,846 | Stock-based compensation expense | 2,762 | 2,694 | ||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | 1,594 | 1,806 | Amortization of intangible assets | 2,352 | 2,666 | ||||||||||||||||
Origination of mortgage loans held for sale | Origination of mortgage loans held for sale | (53,807) | (48,848) | Origination of mortgage loans held for sale | (74,325) | (93,422) | ||||||||||||||||
Proceeds from sale of mortgage loans held for sale | Proceeds from sale of mortgage loans held for sale | 58,373 | 52,280 | Proceeds from sale of mortgage loans held for sale | 79,759 | 93,830 | ||||||||||||||||
Bank owned life insurance income | Bank owned life insurance income | (1,373) | (1,530) | Bank owned life insurance income | (2,020) | (2,439) | ||||||||||||||||
Valuation adjustment on interest rate swaps | Valuation adjustment on interest rate swaps | (254) | 0 | Valuation adjustment on interest rate swaps | (296) | — | ||||||||||||||||
Gain on sale of other real estate owned, net | Gain on sale of other real estate owned, net | 0 | (179) | Gain on sale of other real estate owned, net | — | (179) | ||||||||||||||||
Gain on sale of mortgage loans held for sale, net | Gain on sale of mortgage loans held for sale, net | (2,373) | (1,682) | Gain on sale of mortgage loans held for sale, net | (3,138) | (3,125) | ||||||||||||||||
Gain on sale of investment securities available for sale, net | Gain on sale of investment securities available for sale, net | (29) | (1,423) | Gain on sale of investment securities available for sale, net | (29) | (1,463) | ||||||||||||||||
Gain on sale of assets held for sale | Gain on sale of assets held for sale | (745) | (9) | Gain on sale of assets held for sale | (1,691) | (9) | ||||||||||||||||
Impairment of assets held for sale | Impairment of assets held for sale | 38 | — | |||||||||||||||||||
Impairment of right of use asset | Impairment of right of use asset | 160 | 102 | |||||||||||||||||||
Loss (gain) on sale or write-off of premises and equipment, net | Loss (gain) on sale or write-off of premises and equipment, net | 88 | (25) | Loss (gain) on sale or write-off of premises and equipment, net | 91 | (25) | ||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 29,770 | 38,727 | Net cash provided by operating activities | 50,653 | 42,333 | ||||||||||||||||
Cash flows from investing activities: | Cash flows from investing activities: | Cash flows from investing activities: | ||||||||||||||||||||
Loans originated, net of principal payments | 295,618 | (895,251) | ||||||||||||||||||||
Maturities, calls and payments of investment securities available for sale | 126,669 | 154,194 | ||||||||||||||||||||
Loan repayments (originations), net | Loan repayments (originations), net | 555,784 | (890,667) | |||||||||||||||||||
Maturities and repayments of investment securities available for sale | Maturities and repayments of investment securities available for sale | 200,242 | 207,955 | |||||||||||||||||||
Maturities and repayments of investment securities held to maturity | Maturities and repayments of investment securities held to maturity | 423 | — | |||||||||||||||||||
Purchase of investment securities available for sale | Purchase of investment securities available for sale | (388,636) | (103,079) | Purchase of investment securities available for sale | (421,566) | (117,456) | ||||||||||||||||
Purchase of investment securities held to maturity | Purchase of investment securities held to maturity | (66,821) | — | |||||||||||||||||||
Proceeds from sales of investment securities available for sale | Proceeds from sales of investment securities available for sale | 1,248 | 40,930 | Proceeds from sales of investment securities available for sale | 1,248 | 44,970 | ||||||||||||||||
Purchase of premises and equipment | Purchase of premises and equipment | (1,748) | (1,739) | Purchase of premises and equipment | (2,148) | (6,136) | ||||||||||||||||
Proceeds from sales of other real estate owned | Proceeds from sales of other real estate owned | 0 | 1,290 | Proceeds from sales of other real estate owned | — | 1,290 | ||||||||||||||||
Proceeds from sales of assets held for sale | Proceeds from sales of assets held for sale | 3,730 | 394 | Proceeds from sales of assets held for sale | 5,642 | 394 | ||||||||||||||||
Proceeds from redemption of Federal Home Loan Bank stock | Proceeds from redemption of Federal Home Loan Bank stock | 0 | 2,560 | Proceeds from redemption of Federal Home Loan Bank stock | — | 2,560 | ||||||||||||||||
Purchases of Federal Home Loan Bank stock | Purchases of Federal Home Loan Bank stock | (1,272) | (2,844) | Purchases of Federal Home Loan Bank stock | (1,272) | (2,844) | ||||||||||||||||
Proceeds from sales of premises and equipment | Proceeds from sales of premises and equipment | 10 | 53 | Proceeds from sales of premises and equipment | 12 | 53 | ||||||||||||||||
Purchases of bank owned life insurance | Purchases of bank owned life insurance | (105) | (3,579) | Purchases of bank owned life insurance | (104) | (3,580) | ||||||||||||||||
Proceeds from bank owned life insurance death benefit | Proceeds from bank owned life insurance death benefit | 0 | 1,324 | Proceeds from bank owned life insurance death benefit | — | 1,324 | ||||||||||||||||
Cash received from return of New Market Tax Credit equity method investment | Cash received from return of New Market Tax Credit equity method investment | 9,642 | 0 | Cash received from return of New Market Tax Credit equity method investment | 9,642 | — | ||||||||||||||||
Capital contributions to low-income housing tax credit partnerships | Capital contributions to low-income housing tax credit partnerships | (12,637) | (2,335) | Capital contributions to low-income housing tax credit partnerships | (23,349) | (7,109) | ||||||||||||||||
Net cash provided (used) by investing activities | Net cash provided (used) by investing activities | 32,519 | (808,082) | Net cash provided (used) by investing activities | 257,733 | (769,246) | ||||||||||||||||
Cash flows from financing activities: | Cash flows from financing activities: | Cash flows from financing activities: | ||||||||||||||||||||
Net increase in deposits | Net increase in deposits | 463,716 | 985,057 | Net increase in deposits | 617,568 | 1,106,372 | ||||||||||||||||
Federal Home Loan Bank advances | Federal Home Loan Bank advances | 10 | 19,000 | Federal Home Loan Bank advances | 10 | 19,000 | ||||||||||||||||
Repayment of Federal Home Loan Bank advances | Repayment of Federal Home Loan Bank advances | (10) | (19,000) | Repayment of Federal Home Loan Bank advances | (10) | (19,000) | ||||||||||||||||
Common stock cash dividends paid | Common stock cash dividends paid | (14,383) | (14,494) | Common stock cash dividends paid | (21,552) | (21,676) | ||||||||||||||||
Net increase in securities sold under agreement to repurchase | Net increase in securities sold under agreement to repurchase | 10,746 | 4,275 | Net increase in securities sold under agreement to repurchase | 8,413 | 8,874 | ||||||||||||||||
Proceeds from exercise of stock options | 0 | 122 | ||||||||||||||||||||
Repurchase of common stock | (757) | (19,098) | ||||||||||||||||||||
Net cash provided by financing activities | 459,322 | 955,862 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Proceeds from exercise of stock options | Proceeds from exercise of stock options | — | 122 | |||||||||||||||||||
Repurchase of common stock | Repurchase of common stock | (21,398) | (19,105) | |||||||||||||||||||
Net cash provided by financing activities | Net cash provided by financing activities | 583,031 | 1,074,587 | |||||||||||||||||||
Net increase in cash and cash equivalents | Net increase in cash and cash equivalents | 521,611 | 186,507 | Net increase in cash and cash equivalents | 891,417 | 347,674 | ||||||||||||||||
Cash and cash equivalents at beginning of period | Cash and cash equivalents at beginning of period | 743,322 | 228,568 | Cash and cash equivalents at beginning of period | 743,322 | 228,568 | ||||||||||||||||
Cash and cash equivalents at end of period | Cash and cash equivalents at end of period | $ | 1,264,933 | $ | 415,075 | Cash and cash equivalents at end of period | $ | 1,634,739 | $ | 576,242 | ||||||||||||
Supplemental disclosures of cash flow information: | Supplemental disclosures of cash flow information: | Supplemental disclosures of cash flow information: | ||||||||||||||||||||
Cash paid for interest | Cash paid for interest | $ | 3,571 | $ | 8,144 | Cash paid for interest | $ | 5,162 | $ | 10,972 | ||||||||||||
Cash paid for income taxes, net of refunds | Cash paid for income taxes, net of refunds | 7,967 | 118 | Cash paid for income taxes, net of refunds | 10,944 | 8,279 | ||||||||||||||||
Supplemental non-cash disclosures of cash flow information: | Supplemental non-cash disclosures of cash flow information: | Supplemental non-cash disclosures of cash flow information: | ||||||||||||||||||||
Transfers of loans receivable to other real estate owned | Transfers of loans receivable to other real estate owned | $ | 0 | $ | 270 | Transfers of loans receivable to other real estate owned | $ | — | $ | 270 | ||||||||||||
Transfer of investment securities available for sale to held to maturity | Transfer of investment securities available for sale to held to maturity | 244,778 | — | |||||||||||||||||||
Loans received from return of New Market Tax Credit equity method investment | Loans received from return of New Market Tax Credit equity method investment | 15,596 | 0 | Loans received from return of New Market Tax Credit equity method investment | 15,596 | — | ||||||||||||||||
Transfers of properties classified as held for sale to prepaid expenses and other assets from premises and equipment, net | Transfers of properties classified as held for sale to prepaid expenses and other assets from premises and equipment, net | 1,685 | 0 | Transfers of properties classified as held for sale to prepaid expenses and other assets from premises and equipment, net | 3,556 | — | ||||||||||||||||
Investment in low-income housing tax credit partnership and related funding commitment | Investment in low-income housing tax credit partnership and related funding commitment | 0 | 10,237 | Investment in low-income housing tax credit partnership and related funding commitment | 17,458 | 10,237 | ||||||||||||||||
Cumulative effect from change in accounting policy (1) | Cumulative effect from change in accounting policy (1) | 0 | 7,175 | Cumulative effect from change in accounting policy (1) | — | 7,175 | ||||||||||||||||
Right of use assets obtained in exchange for new operating lease liabilities | Right of use assets obtained in exchange for new operating lease liabilities | 8,393 | 591 | Right of use assets obtained in exchange for new operating lease liabilities | 12,134 | 273 |
June 30, 2021 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale: | Investment securities available for sale: | |||||||||||||||||||||||||||||||||||||||||||||
U.S. government and agency securities | U.S. government and agency securities | $ | 104,688 | $ | 477 | $ | (1,518) | $ | 103,647 | U.S. government and agency securities | $ | 26,000 | $ | 146 | $ | (40) | $ | 26,106 | ||||||||||||||||||||||||||||
Municipal securities | Municipal securities | 219,174 | 10,341 | (588) | 228,927 | Municipal securities | 219,737 | 9,385 | (956) | 228,166 | ||||||||||||||||||||||||||||||||||||
Residential CMO and MBS | Residential CMO and MBS | 256,875 | 3,465 | (846) | 259,494 | Residential CMO and MBS | 240,018 | 3,065 | (390) | 242,693 | ||||||||||||||||||||||||||||||||||||
Commercial CMO and MBS | Commercial CMO and MBS | 413,304 | 9,973 | (1,337) | 421,940 | Commercial CMO and MBS | 229,518 | 5,861 | (361) | 235,018 | ||||||||||||||||||||||||||||||||||||
Corporate obligations | Corporate obligations | 7,004 | 17 | (3) | 7,018 | Corporate obligations | 2,009 | 14 | — | 2,023 | ||||||||||||||||||||||||||||||||||||
Other asset-backed securities | Other asset-backed securities | 27,956 | 551 | (9) | 28,498 | Other asset-backed securities | 27,054 | 475 | (9) | 27,520 | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 1,029,001 | $ | 24,824 | $ | (4,301) | $ | 1,049,524 | Total | $ | 744,336 | $ | 18,946 | $ | (1,756) | $ | 761,526 | ||||||||||||||||||||||||||||
Investment securities held to maturity: | Investment securities held to maturity: | |||||||||||||||||||||||||||||||||||||||||||||
U.S. government and agency securities | U.S. government and agency securities | $ | 82,577 | $ | 46 | $ | (563) | $ | 82,060 | |||||||||||||||||||||||||||||||||||||
Residential CMO and MBS | Residential CMO and MBS | 10,000 | — | — | 10,000 | |||||||||||||||||||||||||||||||||||||||||
Commercial CMO and MBS | Commercial CMO and MBS | 218,497 | — | (3,227) | 215,270 | |||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 311,074 | $ | 46 | $ | (3,790) | $ | 307,330 |
December 31, 2020 | |||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
U.S. government and agency securities | $ | 44,713 | $ | 947 | $ | 0 | $ | 45,660 | |||||||||||||||||||||
Municipal securities | 197,634 | 12,561 | (227) | 209,968 | |||||||||||||||||||||||||
Residential CMO and MBS | 196,956 | 5,125 | (209) | 201,872 | |||||||||||||||||||||||||
Commercial CMO and MBS | 290,638 | 13,198 | (90) | 303,746 | |||||||||||||||||||||||||
Corporate obligations | 10,971 | 125 | 0 | 11,096 | |||||||||||||||||||||||||
Other asset-backed securities | 29,283 | 565 | (27) | 29,821 | |||||||||||||||||||||||||
Total | $ | 770,195 | $ | 32,521 | $ | (553) | $ | 802,163 |
December 31, 2020 | |||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||||||||||
U.S. government and agency securities | $ | 44,713 | $ | 947 | $ | — | $ | 45,660 | |||||||||||||||||||||
Municipal securities | 197,634 | 12,561 | (227) | 209,968 | |||||||||||||||||||||||||
Residential CMO and MBS | 196,956 | 5,125 | (209) | 201,872 | |||||||||||||||||||||||||
Commercial CMO and MBS | 290,638 | 13,198 | (90) | 303,746 | |||||||||||||||||||||||||
Corporate obligations | 10,971 | 125 | — | 11,096 | |||||||||||||||||||||||||
Other asset-backed securities | 29,283 | 565 | (27) | 29,821 | |||||||||||||||||||||||||
Total | $ | 770,195 | $ | 32,521 | $ | (553) | $ | 802,163 |
Securities Available for Sale | Securities Held to Maturity | |||||||||||||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||
Due in one year or less | Due in one year or less | $ | 33,741 | $ | 33,967 | Due in one year or less | $ | 36,745 | $ | 37,158 | $ | — | $ | — | ||||||||||||||||||||
Due after one year through five years | Due after one year through five years | 132,997 | 138,549 | Due after one year through five years | 122,029 | 126,853 | — | — | ||||||||||||||||||||||||||
Due after five years through ten years | Due after five years through ten years | 344,562 | 351,995 | Due after five years through ten years | 174,729 | 179,546 | 205,748 | 203,119 | ||||||||||||||||||||||||||
Due after ten years | Due after ten years | 517,701 | 525,013 | Due after ten years | 410,833 | 417,969 | 105,326 | 104,211 | ||||||||||||||||||||||||||
Total | Total | $ | 1,029,001 | $ | 1,049,524 | Total | $ | 744,336 | $ | 761,526 | $ | 311,074 | $ | 307,330 |
September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | (In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government and agency securities | U.S. government and agency securities | $ | 50,213 | $ | (1,518) | $ | 0 | $ | 0 | $ | 50,213 | $ | (1,518) | U.S. government and agency securities | $ | 1,695 | $ | (40) | $ | — | $ | — | $ | 1,695 | $ | (40) | ||||||||||||||||||||||||||||||||||||||||||||
Municipal securities | Municipal securities | 32,012 | (484) | 2,348 | (104) | 34,360 | (588) | Municipal securities | 42,397 | (675) | 6,427 | (281) | 48,824 | (956) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential CMO and MBS | Residential CMO and MBS | 42,784 | (715) | 22,901 | (131) | 65,685 | (846) | Residential CMO and MBS | 74,409 | (267) | 21,480 | (123) | 95,889 | (390) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial CMO and MBS | Commercial CMO and MBS | 84,771 | (1,331) | 2,595 | (6) | 87,366 | (1,337) | Commercial CMO and MBS | 30,070 | (354) | 2,583 | (7) | 32,653 | (361) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate obligations | 4,990 | (3) | 0 | 0 | 4,990 | (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed securities | Other asset-backed securities | 0 | 0 | 1,262 | (9) | 1,262 | (9) | Other asset-backed securities | — | — | 1,209 | (9) | 1,209 | (9) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 214,770 | $ | (4,051) | $ | 29,106 | $ | (250) | $ | 243,876 | $ | (4,301) | Total | $ | 148,571 | $ | (1,336) | $ | 31,699 | $ | (420) | $ | 180,270 | $ | (1,756) |
December 31, 2020 | |||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
Municipal securities | $ | 10,264 | $ | (227) | $ | — | $ | — | $ | 10,264 | $ | (227) | |||||||||||||||||||||||
Residential CMO and MBS | — | — | 25,293 | (209) | 25,293 | (209) | |||||||||||||||||||||||||||||
Commercial CMO and MBS | 11,404 | (29) | 7,499 | (61) | 18,903 | (90) | |||||||||||||||||||||||||||||
Other asset-backed securities | — | — | 4,570 | (27) | 4,570 | (27) | |||||||||||||||||||||||||||||
Total | $ | 21,668 | $ | (256) | $ | 37,362 | $ | (297) | $ | 59,030 | $ | (553) |
December 31, 2020 | |||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
Municipal securities | $ | 10,264 | $ | (227) | $ | 0 | $ | 0 | $ | 10,264 | $ | (227) | |||||||||||||||||||||||
Residential CMO and MBS | 0 | 0 | 25,293 | (209) | 25,293 | (209) | |||||||||||||||||||||||||||||
Commercial CMO and MBS | 11,404 | (29) | 7,499 | (61) | 18,903 | (90) | |||||||||||||||||||||||||||||
Other asset-backed securities | 0 | 0 | 4,570 | (27) | 4,570 | (27) | |||||||||||||||||||||||||||||
Total | $ | 21,668 | $ | (256) | $ | 37,362 | $ | (297) | $ | 59,030 | $ | (553) |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Gross realized gains | Gross realized gains | $ | 0 | $ | 414 | $ | 29 | $ | 1,442 | Gross realized gains | $ | — | $ | 40 | $ | 29 | $ | 1,482 | ||||||||||||||||||||||||||||
Gross realized losses | Gross realized losses | 0 | (5) | 0 | (19) | Gross realized losses | — | — | — | (19) | ||||||||||||||||||||||||||||||||||||
Net realized gains | Net realized gains | $ | 0 | $ | 409 | $ | 29 | $ | 1,423 | Net realized gains | $ | — | $ | 40 | $ | 29 | $ | 1,463 |
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Washington and Oregon state public deposits | Washington and Oregon state public deposits | $ | 124,649 | $ | 128,591 | $ | 119,652 | $ | 124,228 | Washington and Oregon state public deposits | $ | 127,486 | $ | 130,675 | $ | 119,652�� | $ | 124,228 | ||||||||||||||||||||||||||||
Securities sold under agreement to repurchase | Securities sold under agreement to repurchase | 51,022 | 51,719 | 38,630 | 39,945 | Securities sold under agreement to repurchase | 68,297 | 68,424 | 38,630 | 39,945 | ||||||||||||||||||||||||||||||||||||
Other securities pledged | Other securities pledged | 41,509 | 42,371 | 29,665 | 30,717 | Other securities pledged | 57,728 | 57,307 | 29,665 | 30,717 | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 217,180 | $ | 222,681 | $ | 187,947 | $ | 194,890 | Total | $ | 253,511 | $ | 256,406 | $ | 187,947 | $ | 194,890 |
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||
Commercial business: | Commercial business: | Commercial business: | ||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 651,915 | $ | 733,098 | Commercial and industrial | $ | 652,776 | $ | 733,098 | ||||||||||||
SBA PPP | SBA PPP | 544,250 | 715,121 | SBA PPP | 266,896 | 715,121 | ||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | 865,662 | 856,684 | Owner-occupied CRE | 907,568 | 856,684 | ||||||||||||||||
Non-owner occupied CRE | 1,425,238 | 1,410,303 | ||||||||||||||||||||
Total commercial business | 3,487,065 | 3,715,206 | ||||||||||||||||||||
Residential real estate | 120,148 | 122,756 |
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||
Non-owner occupied CRE | Non-owner occupied CRE | 1,459,795 | 1,410,303 | |||||||||||||||||||
Total commercial business | Total commercial business | 3,287,035 | 3,715,206 | |||||||||||||||||||
Residential real estate | Residential real estate | 125,697 | 122,756 | |||||||||||||||||||
Real estate construction and land development: | Real estate construction and land development: | Real estate construction and land development: | ||||||||||||||||||||
Residential | Residential | 88,601 | 78,259 | Residential | 90,081 | 78,259 | ||||||||||||||||
Commercial and multifamily | Commercial and multifamily | 239,979 | 227,454 | Commercial and multifamily | 205,516 | 227,454 | ||||||||||||||||
Total real estate construction and land development | Total real estate construction and land development | 328,580 | 305,713 | Total real estate construction and land development | 295,597 | 305,713 | ||||||||||||||||
Consumer | Consumer | 271,737 | 324,972 | Consumer | 245,555 | 324,972 | ||||||||||||||||
Loans receivable | Loans receivable | 4,207,530 | 4,468,647 | Loans receivable | 3,953,884 | 4,468,647 | ||||||||||||||||
Allowance for credit losses on loans | Allowance for credit losses on loans | (51,562) | (70,185) | Allowance for credit losses on loans | (48,317) | (70,185) | ||||||||||||||||
Loans receivable, net | Loans receivable, net | $ | 4,155,968 | $ | 4,398,462 | Loans receivable, net | $ | 3,905,567 | $ | 4,398,462 | ||||||||||||
Balances included in the amortized cost of Loans receivable: | Balances included in the amortized cost of Loans receivable: | Balances included in the amortized cost of Loans receivable: | ||||||||||||||||||||
Unamortized net discount on acquired loans | Unamortized net discount on acquired loans | $ | (5,006) | $ | (6,575) | Unamortized net discount on acquired loans | $ | (4,325) | $ | (6,575) | ||||||||||||
Unamortized net deferred fee | Unamortized net deferred fee | $ | (17,994) | $ | (15,458) | Unamortized net deferred fee | $ | (11,497) | $ | (15,458) |
June 30, 2021 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans Converted to Term Loans (1) | Loans Receivable | Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans Converted to Term Loans (1) | Loans Receivable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial business: | Commercial business: | Commercial business: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | Commercial and industrial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 51,172 | $ | 112,717 | $ | 111,892 | $ | 59,450 | $ | 36,904 | $ | 112,403 | $ | 102,256 | $ | 989 | $ | 587,783 | Pass | $ | 74,653 | $ | 107,406 | $ | 103,431 | $ | 55,513 | $ | 34,254 | $ | 102,143 | $ | 120,622 | $ | 877 | $ | 598,899 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SM | SM | 1,003 | 904 | 6,618 | 6,553 | 3,036 | 5,787 | 5,446 | 0 | 29,347 | SM | 532 | 700 | 6,192 | 6,682 | 1,252 | 5,716 | 2,693 | 242 | 24,009 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SS | SS | 1,133 | 1,422 | 6,101 | 1,669 | 4,376 | 7,888 | 11,453 | 743 | 34,785 | SS | 1,057 | 1,369 | 5,533 | 1,219 | 3,034 | 6,276 | 10,772 | 608 | 29,868 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 53,308 | 115,043 | 124,611 | 67,672 | 44,316 | 126,078 | 119,155 | 1,732 | 651,915 | Total | 76,242 | 109,475 | 115,156 | 63,414 | 38,540 | 114,135 | 134,087 | 1,727 | 652,776 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SBA PPP | SBA PPP | SBA PPP | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 347,813 | 196,437 | 0 | 0 | 0 | 0 | 0 | 0 | 544,250 | Pass | 247,213 | 19,683 | — | — | — | — | — | — | 266,896 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | Owner-occupied CRE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 57,984 | 89,380 | 162,488 | 93,738 | 70,985 | 298,991 | 0 | 75 | 773,641 | Pass | 114,176 | 86,004 | 183,540 | 92,201 | 70,672 | 277,948 | — | 73 | 824,614 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SM | SM | 0 | 5,219 | 5,257 | 12,922 | 10,472 | 17,373 | 0 | 0 | 51,243 | SM | — | 5,102 | 3,086 | 12,366 | 4,504 | 24,793 | — | — | 49,851 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SS | SS | 0 | 694 | 0 | 3,818 | 7,083 | 29,183 | 0 | 0 | 40,778 | SS | — | 691 | — | 3,803 | 6,995 | 21,614 | — | — | 33,103 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 57,984 | 95,293 | 167,745 | 110,478 | 88,540 | 345,547 | 0 | 75 | 865,662 | Total | 114,176 | 91,797 | 186,626 | 108,370 | 82,171 | 324,355 | — | 73 | 907,568 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied CRE | Non-owner occupied CRE | Non-owner occupied CRE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 67,602 | 184,174 | 189,439 | 144,247 | 167,605 | 598,127 | 0 | 0 | 1,351,194 | Pass | 132,922 | 182,994 | 218,203 | 155,131 | 164,632 | 530,818 | — | — | 1,384,700 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SM | SM | 0 | 5,094 | 1,971 | 353 | 2,293 | 10,016 | 0 | 0 | 19,727 | SM | — | 5,034 | 5,715 | 352 | 2,215 | 2,713 | — | — | 16,029 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SS | SS | 0 | 0 | 0 | 3,623 | 0 | 50,694 | 0 | 0 | 54,317 | SS | — | — | — | 3,460 | — | 55,606 | — | — | 59,066 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 67,602 | 189,268 | 191,410 | 148,223 | 169,898 | 658,837 | 0 | 0 | 1,425,238 | Total | 132,922 | 188,028 | 223,918 | 158,943 | 166,847 | 589,137 | — | — | 1,459,795 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial business | Total commercial business | Total commercial business | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 524,571 | 582,708 | 463,819 | 297,435 | 275,494 | 1,009,521 | 102,256 | 1,064 | 3,256,868 | Pass | 568,964 | 396,087 | 505,174 | 302,845 | 269,558 | 910,909 | 120,622 | 950 | 3,075,109 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SM | SM | 1,003 | 11,217 | 13,846 | 19,828 | 15,801 | 33,176 | 5,446 | 0 | 100,317 | SM | 532 | 10,836 | 14,993 | 19,400 | 7,971 | 33,222 | 2,693 | 242 | 89,889 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SS | SS | 1,133 | 2,116 | 6,101 | 9,110 | 11,459 | 87,765 | 11,453 | 743 | 129,880 | SS | 1,057 | 2,060 | 5,533 | 8,482 | 10,029 | 83,496 | 10,772 | 608 | 122,037 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 526,707 | 596,041 | 483,766 | 326,373 | 302,754 | 1,130,462 | 119,155 | 1,807 | 3,487,065 | Total | 570,553 | 408,983 | 525,700 | 330,727 | 287,558 | 1,027,627 | 134,087 | 1,800 | 3,287,035 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | Residential real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 24,279 | 26,181 | 31,274 | 8,876 | 9,210 | 19,557 | 0 | 0 | 119,377 | Pass | 43,126 | 24,715 | 25,443 | 6,619 | 7,275 | 17,821 | — | — | 124,999 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SS | SS | 0 | 0 | 0 | 0 | 57 | 714 | 0 | 0 | 771 | SS | — | — | — | — | — | 698 | — | — | 698 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 24,279 | 26,181 | 31,274 | 8,876 | 9,267 | 20,271 | 0 | 0 | 120,148 | Total | 43,126 | 24,715 | 25,443 | 6,619 | 7,275 | 18,519 | — | — | 125,697 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction and land development: | Real estate construction and land development: | Real estate construction and land development: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | Residential | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 23,444 | 38,628 | 21,658 | 2,674 | 401 | 1,796 | 0 | 0 | 88,601 | Pass | 35,506 | 30,987 | 19,044 | 2,781 | 394 | 1,369 | — | — | 90,081 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and multifamily | Commercial and multifamily | Commercial and multifamily | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 16,787 | 42,010 | 152,906 | 22,387 | 1,941 | 2,436 | 0 | 0 | 238,467 | Pass | 38,144 | 50,546 | 106,428 | 5,587 | 1,606 | 1,542 | — | — | 203,853 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SM | SM | — | — | 450 | — | — | 215 | — | — | 665 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SS | SS | 0 | 636 | 443 | 0 | 0 | 433 | 0 | 0 | 1,512 | SS | — | 571 | — | — | — | 427 | — | — | 998 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 16,787 | 42,646 | 153,349 | 22,387 | 1,941 | 2,869 | 0 | 0 | 239,979 | Total | 38,144 | 51,117 | 106,878 | 5,587 | 1,606 | 2,184 | — | — | 205,516 | Total real estate construction and land development | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 40,231 | 80,638 | 174,564 | 25,061 | 2,342 | 4,232 | 0 | 0 | 327,068 | Pass | 73,650 | 81,533 | 125,472 | 8,368 | 2,000 | 2,911 | — | — | 293,934 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SM | SM | — | — | 450 | — | — | 215 | — | — | 665 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SS | SS | 0 | 636 | 443 | 0 | 0 | 433 | 0 | 0 | 1,512 | SS | — | 571 | — | — | — | 427 | — | — | 998 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 40,231 | 81,274 | 175,007 | 25,061 | 2,342 | 4,665 | 0 | 0 | 328,580 | Total | 73,650 | 82,104 | 125,922 | 8,368 | 2,000 | 3,553 | — | — | 295,597 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 11,396 | 20,456 | 60,434 | 40,325 | 21,866 | 19,613 | 94,243 | 193 | 268,526 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SS | 0 | 147 | 712 | 652 | 608 | 1,055 | 33 | 4 | 3,211 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 11,396 | 20,603 | 61,146 | 40,977 | 22,474 | 20,668 | 94,276 | 197 | 271,737 |
June 30, 2021 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans Converted to Term Loans (1) | Loans Receivable | Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans Converted to Term Loans (1) | Loans Receivable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 20,185 | 18,083 | 52,803 | 34,571 | 18,109 | 15,863 | 82,780 | 200 | 242,594 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SS | SS | — | 186 | 685 | 549 | 564 | 939 | 38 | — | 2,961 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 20,185 | 18,269 | 53,488 | 35,120 | 18,673 | 16,802 | 82,818 | 200 | 245,555 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable | Loans receivable | Loans receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 600,477 | 709,983 | 730,091 | 371,697 | 308,912 | 1,052,923 | 196,499 | 1,257 | 3,971,839 | Pass | 705,925 | 520,418 | 708,892 | 352,403 | 296,942 | 947,504 | 203,402 | 1,150 | 3,736,636 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SM | SM | 1,003 | 11,217 | 13,846 | 19,828 | 15,801 | 33,176 | 5,446 | 0 | 100,317 | SM | 532 | 10,836 | 15,443 | 19,400 | 7,971 | 33,437 | 2,693 | 242 | 90,554 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SS | SS | 1,133 | 2,899 | 7,256 | 9,762 | 12,124 | 89,967 | 11,486 | 747 | 135,374 | SS | 1,057 | 2,817 | 6,218 | 9,031 | 10,593 | 85,560 | 10,810 | 608 | 126,694 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 602,613 | $ | 724,099 | $ | 751,193 | $ | 401,287 | $ | 336,837 | $ | 1,176,066 | $ | 213,431 | $ | 2,004 | $ | 4,207,530 | Total | $ | 707,514 | $ | 534,071 | $ | 730,553 | $ | 380,834 | $ | 315,506 | $ | 1,066,501 | $ | 216,905 | $ | 2,000 | $ | 3,953,884 |
December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans Converted to Term Loans (1) | Loans Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial business: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 118,971 | $ | 127,919 | $ | 70,766 | $ | 44,231 | $ | 37,658 | $ | 95,958 | $ | 121,440 | $ | 819 | $ | 617,762 | |||||||||||||||||||||||||||||||||||||||||
SM | 14,430 | 9,162 | 10,878 | 4,171 | 5,700 | 3,579 | 11,790 | 814 | 60,524 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SS | 2,199 | 11,835 | 3,416 | 9,348 | 1,052 | 7,651 | 15,484 | 3,827 | 54,812 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 135,600 | 148,916 | 85,060 | 57,750 | 44,410 | 107,188 | 148,714 | 5,460 | 733,098 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SBA PPP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 715,121 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 715,121 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied CRE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 89,224 | 167,095 | 94,830 | 80,138 | 74,902 | 254,864 | 0 | 0 | 761,053 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SM | 6,146 | 4,540 | 16,386 | 11,231 | 5,464 | 12,105 | 0 | 0 | 55,872 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SS | 0 | 0 | 114 | 7,320 | 3,313 | 29,012 | 0 | 0 | 39,759 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 95,370 | 171,635 | 111,330 | 98,689 | 83,679 | 295,981 | 0 | 0 | 856,684 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner-occupied CRE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 197,548 | 173,153 | 148,830 | 172,438 | 240,614 | 406,817 | 0 | 0 | 1,339,400 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SM | 0 | 1,979 | 357 | 2,448 | 6,210 | 3,539 | 0 | 0 | 14,533 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SS | 0 | 0 | 3,623 | 0 | 35,455 | 17,292 | 0 | 0 | 56,370 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 197,548 | 175,132 | 152,810 | 174,886 | 282,279 | 427,648 | 0 | 0 | 1,410,303 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial business | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 1,120,864 | 468,167 | 314,426 | 296,807 | 353,174 | 757,639 | 121,440 | 819 | 3,433,336 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SM | 20,576 | 15,681 | 27,621 | 17,850 | 17,374 | 19,223 | 11,790 | 814 | 130,929 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SS | 2,199 | 11,835 | 7,153 | 16,668 | 39,820 | 53,955 | 15,484 | 3,827 | 150,941 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 1,143,639 | 495,683 | 349,200 | 331,325 | 410,368 | 830,817 | 148,714 | 5,460 | 3,715,206 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 30,141 | 41,829 | 15,730 | 10,362 | 7,322 | 16,825 | 0 | 0 | 122,209 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SS | 0 | 0 | 0 | 59 | 0 | 488 | 0 | 0 | 547 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 30,141 | 41,829 | 15,730 | 10,421 | 7,322 | 17,313 | 0 | 0 | 122,756 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction and land development: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 33,801 | 36,697 | 2,725 | 1,097 | 971 | 1,042 | 0 | 0 | 76,333 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SS | 0 | 0 | 0 | 1,926 | 0 | 0 | 0 | 0 | 1,926 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 33,801 | 36,697 | 2,725 | 3,023 | 971 | 1,042 | 0 | 0 | 78,259 |
December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans Converted to Term Loans (1) | Loans Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial business: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 118,971 | $ | 127,919 | $ | 70,766 | $ | 44,231 | $ | 37,658 | $ | 95,958 | $ | 121,440 | $ | 819 | $ | 617,762 | |||||||||||||||||||||||||||||||||||||||||
SM | 14,430 | 9,162 | 10,878 | 4,171 | 5,700 | 3,579 | 11,790 | 814 | 60,524 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SS | 2,199 | 11,835 | 3,416 | 9,348 | 1,052 | 7,651 | 15,484 | 3,827 | 54,812 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 135,600 | 148,916 | 85,060 | 57,750 | 44,410 | 107,188 | 148,714 | 5,460 | 733,098 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SBA PPP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 715,121 | — | — | — | — | — | — | — | 715,121 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied CRE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 89,224 | 167,095 | 94,830 | 80,138 | 74,902 | 254,864 | — | — | 761,053 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SM | 6,146 | 4,540 | 16,386 | 11,231 | 5,464 | 12,105 | — | — | 55,872 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SS | — | — | 114 | 7,320 | 3,313 | 29,012 | — | — | 39,759 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 95,370 | 171,635 | 111,330 | 98,689 | 83,679 | 295,981 | — | — | 856,684 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner-occupied CRE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 197,548 | 173,153 | 148,830 | 172,438 | 240,614 | 406,817 | — | — | 1,339,400 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SM | — | 1,979 | 357 | 2,448 | 6,210 | 3,539 | — | — | 14,533 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SS | — | — | 3,623 | — | 35,455 | 17,292 | — | — | 56,370 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 197,548 | 175,132 | 152,810 | 174,886 | 282,279 | 427,648 | — | — | 1,410,303 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial business | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 1,120,864 | 468,167 | 314,426 | 296,807 | 353,174 | 757,639 | 121,440 | 819 | 3,433,336 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SM | 20,576 | 15,681 | 27,621 | 17,850 | 17,374 | 19,223 | 11,790 | 814 | 130,929 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SS | 2,199 | 11,835 | 7,153 | 16,668 | 39,820 | 53,955 | 15,484 | 3,827 | 150,941 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 1,143,639 | 495,683 | 349,200 | 331,325 | 410,368 | 830,817 | 148,714 | 5,460 | 3,715,206 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 30,141 | 41,829 | 15,730 | 10,362 | 7,322 | 16,825 | — | — | 122,209 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SS | — | — | — | 59 | — | 488 | — | — | 547 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 30,141 | 41,829 | 15,730 | 10,421 | 7,322 | 17,313 | — | — | 122,756 |
Real estate construction and land development: | Real estate construction and land development: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 33,801 | 36,697 | 2,725 | 1,097 | 971 | 1,042 | — | — | 76,333 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SS | SS | — | — | — | 1,926 | — | — | — | — | 1,926 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 33,801 | 36,697 | 2,725 | 3,023 | 971 | 1,042 | — | — | 78,259 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and multifamily | Commercial and multifamily | Commercial and multifamily | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 27,423 | 151,020 | 38,682 | 5,660 | 689 | 1,407 | 0 | 0 | 224,881 | Pass | 27,423 | 151,020 | 38,682 | 5,660 | 689 | 1,407 | — | — | 224,881 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SM | SM | 67 | 1,011 | 0 | 0 | 0 | 29 | 0 | 0 | 1,107 | SM | 67 | 1,011 | — | — | — | 29 | — | — | 1,107 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SS | SS | 572 | 450 | 0 | 0 | 0 | 444 | 0 | 0 | 1,466 | SS | 572 | 450 | — | — | — | 444 | — | — | 1,466 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 28,062 | 152,481 | 38,682 | 5,660 | 689 | 1,880 | 0 | 0 | 227,454 | Total | 28,062 | 152,481 | 38,682 | 5,660 | 689 | 1,880 | — | — | 227,454 | Total real estate construction and land development | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 61,224 | 187,717 | 41,407 | 6,757 | 1,660 | 2,449 | 0 | 0 | 301,214 | Pass | 61,224 | 187,717 | 41,407 | 6,757 | 1,660 | 2,449 | — | — | 301,214 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SM | SM | 67 | 1,011 | 0 | 0 | 0 | 29 | 0 | 0 | 1,107 | SM | 67 | 1,011 | — | — | — | 29 | — | — | 1,107 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SS | SS | 572 | 450 | 0 | 1,926 | 0 | 444 | 0 | 0 | 3,392 | SS | 572 | 450 | — | 1,926 | — | 444 | — | — | 3,392 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 61,863 | 189,178 | 41,407 | 8,683 | 1,660 | 2,922 | 0 | 0 | 305,713 | Total | 61,863 | 189,178 | 41,407 | 8,683 | 1,660 | 2,922 | — | — | 305,713 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 43,742 | 77,083 | 53,195 | 30,559 | 13,443 | 15,453 | 87,547 | 315 | 321,337 | Pass | 43,742 | 77,083 | 53,195 | 30,559 | 13,443 | 15,453 | 87,547 | 315 | 321,337 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SS | SS | 34 | 404 | 684 | 648 | 420 | 1,319 | 78 | 48 | 3,635 | SS | 34 | 404 | 684 | 648 | 420 | 1,319 | 78 | 48 | 3,635 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 43,776 | 77,487 | 53,879 | 31,207 | 13,863 | 16,772 | 87,625 | 363 | 324,972 | Total | 43,776 | 77,487 | 53,879 | 31,207 | 13,863 | 16,772 | 87,625 | 363 | 324,972 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable | Loans receivable | Loans receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 1,255,971 | 774,796 | 424,758 | 344,485 | 375,599 | 792,366 | 208,987 | 1,134 | 4,178,096 | Pass | 1,255,971 | 774,796 | 424,758 | 344,485 | 375,599 | 792,366 | 208,987 | 1,134 | 4,178,096 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SM | SM | 20,643 | 16,692 | 27,621 | 17,850 | 17,374 | 19,252 | 11,790 | 814 | 132,036 | SM | 20,643 | 16,692 | 27,621 | 17,850 | 17,374 | 19,252 | 11,790 | 814 | 132,036 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SS | SS | 2,805 | 12,689 | 7,837 | 19,301 | 40,240 | 56,206 | 15,562 | 3,875 | 158,515 | SS | 2,805 | 12,689 | 7,837 | 19,301 | 40,240 | 56,206 | 15,562 | 3,875 | 158,515 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 1,279,419 | $ | 804,177 | $ | 460,216 | $ | 381,636 | $ | 433,213 | $ | 867,824 | $ | 236,339 | $ | 5,823 | $ | 4,468,647 | Total | $ | 1,279,419 | $ | 804,177 | $ | 460,216 | $ | 381,636 | $ | 433,213 | $ | 867,824 | $ | 236,339 | $ | 5,823 | $ | 4,468,647 |
June 30, 2021 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Nonaccrual without ACL | Nonaccrual with ACL | Total Nonaccrual | Nonaccrual without ACL | Nonaccrual with ACL | Total Nonaccrual | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Commercial business: | Commercial business: | Commercial business: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 7,491 | $ | 5,548 | $ | 13,039 | Commercial and industrial | $ | 6,952 | $ | 4,013 | $ | 10,965 | ||||||||||||||||||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | 3,784 | 12,400 | 16,184 | Owner-occupied CRE | 3,714 | 5,786 | 9,500 | ||||||||||||||||||||||||||||||||||||||
Non-owner occupied CRE | Non-owner occupied CRE | 1,363 | 3,623 | 4,986 | Non-owner occupied CRE | 1,318 | 3,460 | 4,778 | ||||||||||||||||||||||||||||||||||||||
Total commercial business | Total commercial business | 12,638 | 21,571 | 34,209 | Total commercial business | 11,984 | 13,259 | 25,243 | ||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 0 | 60 | 60 | Residential real estate | — | 51 | 51 | ||||||||||||||||||||||||||||||||||||||
Real estate construction and land development: | Real estate construction and land development: | Real estate construction and land development: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and multifamily | Commercial and multifamily | 0 | 1,014 | 1,014 | Commercial and multifamily | — | 571 | 571 | ||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 0 | 58 | 58 | Consumer | — | 29 | 29 | ||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 12,638 | $ | 22,703 | $ | 35,341 | Total | $ | 11,984 | $ | 13,910 | $ | 25,894 |
December 31, 2020 | |||||||||||||||||||||||
Nonaccrual without ACL | Nonaccrual with ACL | Total Nonaccrual | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Commercial business: | |||||||||||||||||||||||
Commercial and industrial | $ | 22,039 | $ | 9,208 | $ | 31,247 | |||||||||||||||||
Owner-occupied CRE | 4,693 | 13,700 | 18,393 | ||||||||||||||||||||
Non-owner occupied CRE | 3,424 | 3,722 | 7,146 | ||||||||||||||||||||
Total commercial business | 30,156 | 26,630 | 56,786 | ||||||||||||||||||||
Residential real estate | 67 | 117 | 184 | ||||||||||||||||||||
Real estate construction and land development: | |||||||||||||||||||||||
Commercial and multifamily | 572 | 450 | 1,022 | ||||||||||||||||||||
Consumer | 31 | 69 | 100 | ||||||||||||||||||||
Total | $ | 30,826 | $ | 27,266 | $ | 58,092 |
Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | Three Months Ended September 30, 2021 | Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||
Interest Income Reversed | Interest Income Recognized | Interest Income Reversed | Interest Income Recognized | Interest Income Reversed | Interest Income Recognized | Interest Income Reversed | Interest Income Recognized | |||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Commercial business: | Commercial business: | Commercial business: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | (5) | $ | 1,981 | $ | 0 | $ | 89 | Commercial and industrial | $ | (1) | $ | 184 | $ | (59) | $ | 111 | ||||||||||||||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | 0 | 3 | 0 | 14 | Owner-occupied CRE | — | — | (219) | 29 | ||||||||||||||||||||||||||||||||||||
Non-owner occupied CRE | Non-owner occupied CRE | 0 | 0 | 0 | 22 | Non-owner occupied CRE | — | — | (102) | — | ||||||||||||||||||||||||||||||||||||
Total commercial business | Total commercial business | (5) | 1,984 | 0 | 125 | Total commercial business | (1) | 184 | (380) | 140 | ||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | — | — | (1) | 2 | |||||||||||||||||||||||||||||||||||||||||
Real estate construction and land development: | Real estate construction and land development: | |||||||||||||||||||||||||||||||||||||||||||||
Commercial and multifamily | Commercial and multifamily | — | — | (11) | — | |||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 0 | 0 | 0 | 37 | Consumer | — | 32 | — | — | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | (5) | $ | 1,984 | $ | 0 | $ | 162 | Total | $ | (1) | $ | 216 | $ | (392) | $ | 142 |
Six Months Ended June 30, 2021 | Six months ended June 30, 2020 | Nine Months Ended September 30, 2021 | Nine months ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||
Interest Income Reversed | Interest Income Recognized | Interest Income Reversed | Interest Income Recognized | Interest Income Reversed | Interest Income Recognized | Interest Income Reversed | Interest Income Recognized | |||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Commercial business: | Commercial business: | Commercial business: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | (10) | $ | 2,044 | $ | (16) | $ | 308 | Commercial and industrial | $ | (11) | $ | 2,228 | $ | (75) | $ | 419 | ||||||||||||||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | 0 | 117 | 0 | 60 | Owner-occupied CRE | — | 117 | (219) | 89 | ||||||||||||||||||||||||||||||||||||
Non-owner occupied CRE | Non-owner occupied CRE | 0 | 313 | 0 | 67 | Non-owner occupied CRE | — | 313 | (102) | 67 | ||||||||||||||||||||||||||||||||||||
Total commercial business | Total commercial business | (10) | 2,474 | (16) | 435 | Total commercial business | (11) | 2,658 | (396) | 575 | ||||||||||||||||||||||||||||||||||||
One-to-four family residential | One-to-four family residential | 0 | 0 | (1) | 2 | |||||||||||||||||||||||||||||||||||||||||
Real estate construction and land development: | Real estate construction and land development: | Real estate construction and land development: | ||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | 0 | 73 | 0 | 0 | Residential | — | 73 | — | — | ||||||||||||||||||||||||||||||||||||
Commercial and multifamily | Commercial and multifamily | — | — | (11) | — | |||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 0 | 0 | 0 | 47 | Consumer | — | 32 | — | 47 | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | (10) | $ | 2,547 | $ | (16) | $ | 482 | Total | $ | (11) | $ | 2,763 | $ | (408) | $ | 624 |
June 30, 2021 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-89 Days | 90 Days or Greater | Total Past Due | Current | Loans Receivable | 30-89 Days | 90 Days or Greater | Total Past Due | Current | Loans Receivable | |||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial business: | Commercial business: | Commercial business: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 489 | $ | 7,525 | $ | 8,014 | $ | 643,901 | $ | 651,915 | Commercial and industrial | $ | 440 | $ | 6,219 | $ | 6,659 | $ | 646,117 | $ | 652,776 | ||||||||||||||||||||||||||||||||||||
SBA PPP | SBA PPP | 0 | 0 | 0 | 544,250 | 544,250 | SBA PPP | — | — | — | 266,896 | 266,896 | ||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | 0 | 0 | 0 | 865,662 | 865,662 | Owner-occupied CRE | 283 | — | 283 | 907,285 | 907,568 | ||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied CRE | Non-owner occupied CRE | 4,038 | 0 | 4,038 | 1,421,200 | 1,425,238 | Non-owner occupied CRE | 6,165 | — | 6,165 | 1,453,630 | 1,459,795 | ||||||||||||||||||||||||||||||||||||||||||||||
Total commercial business | Total commercial business | 4,527 | 7,525 | 12,052 | 3,475,013 | 3,487,065 | Total commercial business | 6,888 | 6,219 | 13,107 | 3,273,928 | 3,287,035 | ||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 0 | 30 | 30 | 120,118 | 120,148 | Residential real estate | 25 | — | 25 | 125,672 | 125,697 | ||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction and land development: | Real estate construction and land development: | Real estate construction and land development: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | 0 | 0 | 0 | 88,601 | 88,601 | Residential | — | — | — | 90,081 | 90,081 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial and multifamily | Commercial and multifamily | 0 | 571 | 571 | 239,408 | 239,979 | Commercial and multifamily | — | 571 | 571 | 204,945 | 205,516 | ||||||||||||||||||||||||||||||||||||||||||||||
Total real estate construction and land development | Total real estate construction and land development | 0 | 571 | 571 | 328,009 | 328,580 | Total real estate construction and land development | — | 571 | 571 | 295,026 | 295,597 | ||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 788 | 0 | 788 | 270,949 | 271,737 | Consumer | 643 | — | 643 | 244,912 | 245,555 | ||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 5,315 | $ | 8,126 | $ | 13,441 | $ | 4,194,089 | $ | 4,207,530 | Total | $ | 7,556 | $ | 6,790 | $ | 14,346 | $ | 3,939,538 | $ | 3,953,884 |
December 31, 2020 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-89 Days | 90 Days or Greater | Total Past Due | Current | Loans Receivable | 30-89 Days | 90 Days or Greater | Total Past Due | Current | Loans Receivable | |||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial business: | Commercial business: | Commercial business: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 4,621 | $ | 8,082 | $ | 12,703 | $ | 720,395 | $ | 733,098 | Commercial and industrial | $ | 4,621 | $ | 8,082 | $ | 12,703 | $ | 720,395 | $ | 733,098 | ||||||||||||||||||||||||||||||||||||
SBA PPP | SBA PPP | 0 | 0 | 0 | 715,121 | 715,121 | SBA PPP | — | — | — | 715,121 | 715,121 | ||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | 991 | 403 | 1,394 | 855,290 | 856,684 | Owner-occupied CRE | 991 | 403 | 1,394 | 855,290 | 856,684 | ||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied CRE | Non-owner occupied CRE | 412 | 1,970 | 2,382 | 1,407,921 | 1,410,303 | Non-owner occupied CRE | 412 | 1,970 | 2,382 | 1,407,921 | 1,410,303 | ||||||||||||||||||||||||||||||||||||||||||||||
Total commercial business | Total commercial business | 6,024 | 10,455 | 16,479 | 3,698,727 | 3,715,206 | Total commercial business | 6,024 | 10,455 | 16,479 | 3,698,727 | 3,715,206 | ||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 765 | 16 | 781 | 121,975 | 122,756 | Residential real estate | 765 | 16 | 781 | 121,975 | 122,756 | ||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction and land development: | Real estate construction and land development: | Real estate construction and land development: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | 0 | 0 | 0 | 78,259 | 78,259 | Residential | — | — | — | 78,259 | 78,259 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial and multifamily | Commercial and multifamily | 2,225 | 0 | 2,225 | 225,229 | 227,454 | Commercial and multifamily | 2,225 | — | 2,225 | 225,229 | 227,454 | ||||||||||||||||||||||||||||||||||||||||||||||
Total real estate construction and land development | Total real estate construction and land development | 2,225 | 0 | 2,225 | 303,488 | 305,713 | Total real estate construction and land development | 2,225 | — | 2,225 | 303,488 | 305,713 | ||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 1,407 | 30 | 1,437 | 323,535 | 324,972 | Consumer | 1,407 | 30 | 1,437 | 323,535 | 324,972 | ||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 10,421 | $ | 10,501 | $ | 20,922 | $ | 4,447,725 | $ | 4,468,647 | Total | $ | 10,421 | $ | 10,501 | $ | 20,922 | $ | 4,447,725 | $ | 4,468,647 |
June 30, 2021 | |||||||||||||||||||||||||||||||||||
CRE(1) | Farmland(1) | Residential Real Estate(1) | Other(1) | Total(1) | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
Commercial business: | |||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 1,767 | $ | 5,152 | $ | 751 | $ | 331 | $ | 8,001 | |||||||||||||||||||||||||
Owner-occupied CRE | 4,346 | 0 | 0 | 0 | 4,346 | ||||||||||||||||||||||||||||||
Non-owner occupied CRE | 1,363 | 0 | 0 | 0 | 1,363 | ||||||||||||||||||||||||||||||
Total commercial business | 7,476 | 5,152 | 751 | 331 | 13,710 | ||||||||||||||||||||||||||||||
Real estate construction and land development: | |||||||||||||||||||||||||||||||||||
Commercial and multifamily | 571 | 0 | 0 | 0 | 571 | ||||||||||||||||||||||||||||||
Total | $ | 8,047 | $ | 5,152 | $ | 751 | $ | 331 | $ | 14,281 |
December 31, 2020 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CRE(1) | Farmland(1) | Residential Real Estate(1) | Other(1) | Total(1) | CRE | Farmland | Residential Real Estate | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial business: | Commercial business: | Commercial business: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 1,893 | $ | 18,738 | $ | 584 | $ | 1,405 | $ | 22,620 | Commercial and industrial | $ | 1,504 | $ | 4,384 | $ | 727 | $ | 595 | $ | 7,210 | ||||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | 4,693 | 0 | 0 | 0 | 4,693 | Owner-occupied CRE | 4,261 | — | — | — | 4,261 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied CRE | Non-owner occupied CRE | 3,424 | 0 | 0 | 0 | 3,424 | Non-owner occupied CRE | 1,318 | — | — | — | 1,318 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial business | Total commercial business | 10,010 | 18,738 | 584 | 1,405 | 30,737 | Total commercial business | 7,083 | 4,384 | 727 | 595 | 12,789 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 0 | 0 | 67 | 0 | 67 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction and land development: | Real estate construction and land development: | Real estate construction and land development: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and multifamily | Commercial and multifamily | 572 | 0 | 0 | 0 | 572 | Commercial and multifamily | 571 | — | — | — | 571 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 0 | 0 | 30 | 0 | 30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 10,582 | $ | 18,738 | $ | 681 | $ | 1,405 | $ | 31,406 | Total | $ | 7,654 | $ | 4,384 | $ | 727 | $ | 595 | $ | 13,360 |
December 31, 2020 | |||||||||||||||||||||||||||||||||||
CRE | Farmland | Residential Real Estate | Other | Total | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
Commercial business: | |||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 1,893 | $ | 18,738 | $ | 584 | $ | 1,405 | $ | 22,620 | |||||||||||||||||||||||||
Owner-occupied CRE | 4,693 | — | — | — | 4,693 | ||||||||||||||||||||||||||||||
Non-owner occupied CRE | 3,424 | — | — | — | 3,424 | ||||||||||||||||||||||||||||||
Total commercial business | 10,010 | 18,738 | 584 | 1,405 | 30,737 | ||||||||||||||||||||||||||||||
Residential real estate | — | — | 67 | — | 67 | ||||||||||||||||||||||||||||||
Real estate construction and land development: | |||||||||||||||||||||||||||||||||||
Commercial and multifamily | 572 | — | — | — | 572 | ||||||||||||||||||||||||||||||
Consumer | — | — | 30 | — | 30 | ||||||||||||||||||||||||||||||
Total | $ | 10,582 | $ | 18,738 | $ | 681 | $ | 1,405 | $ | 31,406 |
Three Months Ended June 30, | Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||
Number of Contracts | Amortized Cost (1) (2) | Number of Contracts | Amortized Cost (1) (2) | Number of Contracts | Amortized Cost (1) (2) | Number of Contracts | Amortized Cost (1) (2) | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Commercial business: | Commercial business: | Commercial business: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 18 | $ | 5,673 | 31 | $ | 11,849 | Commercial and industrial | 5 | $ | 1,861 | 12 | $ | 7,217 | ||||||||||||||||||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | 1 | 2,200 | 4 | 1,657 | Owner-occupied CRE | 2 | 7,124 | 5 | 2,312 | ||||||||||||||||||||||||||||||||||||
Non-owner occupied CRE | Non-owner occupied CRE | 1 | 251 | 2 | 398 | Non-owner occupied CRE | — | — | 2 | 438 | ||||||||||||||||||||||||||||||||||||
Total commercial business | Total commercial business | 20 | 8,124 | 37 | 13,904 | Total commercial business | 7 | 8,985 | 19 | 9,967 | ||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | — | — | 1 | 22 | |||||||||||||||||||||||||||||||||||||||||
Real estate construction and land development: | Real estate construction and land development: | Real estate construction and land development: | ||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | 0 | 0 | 4 | 1,751 | Residential | — | — | 4 | 1,812 | ||||||||||||||||||||||||||||||||||||
Commercial and multifamily | Commercial and multifamily | 1 | 443 | 0 | 0 | Commercial and multifamily | 1 | 450 | — | — | ||||||||||||||||||||||||||||||||||||
Total real estate construction and land development | Total real estate construction and land development | 1 | 443 | 4 | 1,751 | Total real estate construction and land development | 1 | 450 | 4 | 1,812 | ||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 6 | 146 | 9 | 82 | Consumer | 5 | 94 | 9 | 127 | ||||||||||||||||||||||||||||||||||||
Total | Total | 27 | $ | 8,713 | 50 | $ | 15,737 | Total | 13 | $ | 9,529 | 33 | $ | 11,928 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||
Number of Contracts | Amortized Cost (1) (2) | Number of Contracts | Amortized Cost (1) (2) | Number of Contracts | Amortized Cost (1) (2) | Number of Contracts | Amortized Cost (1) (2) | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Commercial business: | Commercial business: | Commercial business: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 31 | $ | 8,713 | 35 | $ | 12,652 | Commercial and industrial | 32 | $ | 10,380 | 37 | $ | 17,694 | ||||||||||||||||||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | 2 | 5,857 | 6 | 3,067 | Owner-occupied CRE | 6 | 16,710 | 7 | 3,227 | ||||||||||||||||||||||||||||||||||||
Non-owner occupied CRE | Non-owner occupied CRE | 2 | 2,222 | 3 | 2,143 | Non-owner occupied CRE | 3 | 5,673 | 4 | 2,417 | ||||||||||||||||||||||||||||||||||||
Total commercial business | Total commercial business | 35 | 16,792 | 44 | 17,862 | Total commercial business | 41 | 32,763 | 48 | 23,338 | ||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 1 | 181 | 0 | 0 | Residential real estate | 1 | 180 | 1 | 22 | ||||||||||||||||||||||||||||||||||||
Real estate construction and land development: | Real estate construction and land development: | Real estate construction and land development: | ||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | 0 | 0 | 4 | 1,751 | Residential | — | — | 4 | 1,812 | ||||||||||||||||||||||||||||||||||||
Commercial and multifamily | Commercial and multifamily | 1 | 443 | 0 | 0 | Commercial and multifamily | 1 | 450 | — | — | ||||||||||||||||||||||||||||||||||||
Total real estate construction and land development | Total real estate construction and land development | 1 | 443 | 4 | 1,751 | Total real estate construction and land development | 1 | 450 | 4 | 1,812 | ||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 21 | 511 | 14 | 173 | Consumer | 22 | 487 | 20 | 251 | ||||||||||||||||||||||||||||||||||||
Total TDR loans | 58 | $ | 17,927 | 62 | $ | 19,786 | ||||||||||||||||||||||||||||||||||||||||
Total | Total | 65 | $ | 33,880 | 73 | $ | 25,423 |
Three Months Ended June 30, | Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||
Number of Contracts (1) | Amortized Cost (1) | Number of Contracts (1) | Amortized Cost (1) | Number of Contracts (1) | Amortized Cost (1) | Number of Contracts (1) | Amortized Cost (1) | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Commercial business: | Commercial business: | Commercial business: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 1 | $ | 46 | 2 | $ | 302 | Commercial and industrial | 1 | $ | 336 | 1 | $ | 229 | ||||||||||||||||||||||||||||||||
Owner-occupied CRE | 0 | 0 | 1 | 445 | ||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied CRE | 0 | 0 | 1 | 280 | ||||||||||||||||||||||||||||||||||||||||||
Total | Total | 1 | $ | 46 | 4 | $ | 1,027 | Total | 1 | $ | 336 | 1 | $ | 229 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||
Number of Contracts (1) | Amortized Cost (1) | Number of Contracts (1) | Amortized Cost (1) | Number of Contracts (1) | Amortized Cost (1) | Number of Contracts (1) | Amortized Cost (1) | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Commercial business: | Commercial business: | Commercial business: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 2 | $ | 789 | 4 | $ | 2,155 | Commercial and industrial | 3 | $ | 976 | 4 | $ | 2,152 | ||||||||||||||||||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | 0 | 0 | 1 | 445 | Owner-occupied CRE | — | — | 1 | 431 | ||||||||||||||||||||||||||||||||||||
Non-owner occupied CRE | Non-owner occupied CRE | 0 | 0 | 2 | 398 | Non-owner occupied CRE | — | — | 2 | 376 | ||||||||||||||||||||||||||||||||||||
Total | Total | 2 | $ | 789 | 7 | $ | 2,998 | Total | 3 | $ | 976 | 7 | $ | 2,959 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||
Balance at the beginning of the year | Balance at the beginning of the year | $ | 70,185 | $ | 36,171 | Balance at the beginning of the year | $ | 70,185 | $ | 36,171 | ||||||||||||
Impact of CECL Adoption | Impact of CECL Adoption | 0 | 1,822 | Impact of CECL Adoption | — | 1,822 | ||||||||||||||||
Balance at the beginning of the year, as adjusted | Balance at the beginning of the year, as adjusted | 70,185 | 37,993 | Balance at the beginning of the year, as adjusted | 70,185 | 37,993 | ||||||||||||||||
Charge-offs | Charge-offs | (320) | (3,852) | Charge-offs | (1,267) | (4,694) | ||||||||||||||||
Recoveries of loans previously charged-off | Recoveries of loans previously charged-off | 653 | 1,455 | Recoveries of loans previously charged-off | 1,207 | 1,816 | ||||||||||||||||
(Reversal of) provision for credit losses on loans | (Reversal of) provision for credit losses on loans | (18,956) | 35,905 | (Reversal of) provision for credit losses on loans | (21,808) | 38,225 | ||||||||||||||||
Balance at the end of the year | Balance at the end of the year | $ | 51,562 | $ | 71,501 | Balance at the end of the year | $ | 48,317 | $ | 73,340 |
Three Months Ended June 30, 2021 | Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance | Charge-offs | Recoveries | Reversal of Provision for Credit Losses | Ending Balance | Beginning Balance | Charge-offs | Recoveries | (Reversal of) Provision for Credit Losses | Ending Balance | |||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial business: | Commercial business: | Commercial business: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 21,770 | $ | (13) | $ | 132 | $ | (4,404) | $ | 17,485 | Commercial and industrial | $ | 17,485 | $ | (743) | $ | 373 | $ | 1,531 | $ | 18,646 | ||||||||||||||||||||||||||||||||||||
SBA PPP | SBA PPP | 0 | 0 | 0 | 0 | 0 | SBA PPP | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | 10,464 | 0 | 11 | (1,913) | 8,562 | Owner-occupied CRE | 8,562 | — | 12 | (1,644) | 6,930 | ||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied CRE | Non-owner occupied CRE | 12,970 | 0 | 0 | (2,340) | 10,630 | Non-owner occupied CRE | 10,630 | — | — | (1,133) | 9,497 | ||||||||||||||||||||||||||||||||||||||||||||||
Total commercial business | Total commercial business | 45,204 | (13) | 143 | (8,657) | 36,677 | Total commercial business | 36,677 | (743) | 385 | (1,246) | 35,073 | ||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 1,402 | 0 | 0 | (249) | 1,153 | Residential real estate | 1,153 | — | — | (67) | 1,086 | ||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction and land development: | Real estate construction and land development: | Real estate construction and land development: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | 2,048 | 0 | 4 | (416) | 1,636 | Residential | 1,636 | — | 8 | 136 | 1,780 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial and multifamily | Commercial and multifamily | 11,223 | 0 | 0 | (2,388) | 8,835 | Commercial and multifamily | 8,835 | — | — | (1,530) | 7,305 | ||||||||||||||||||||||||||||||||||||||||||||||
Total real estate construction and land development | Total real estate construction and land development | 13,271 | 0 | 4 | (2,804) | 10,471 | Total real estate construction and land development | 10,471 | — | 8 | (1,394) | 9,085 | ||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 4,348 | (120) | 144 | (1,111) | 3,261 | Consumer | 3,261 | (204) | 161 | (145) | 3,073 | ||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 64,225 | $ | (133) | $ | 291 | $ | (12,821) | $ | 51,562 | Total | $ | 51,562 | $ | (947) | $ | 554 | $ | (2,852) | $ | 48,317 |
Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Beginning Balance | Charge-offs | Recoveries | (Reversal of) Provision for Credit Losses | Ending Balance | |||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 30,010 | $ | (14) | $ | 337 | $ | (12,848) | $ | 17,485 | |||||||||||||||||||||||||||||||
SBA PPP | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||
Owner-occupied CRE | 9,486 | 0 | 13 | (937) | 8,562 | ||||||||||||||||||||||||||||||||||||
Non-owner occupied CRE | 10,112 | 0 | 0 | 518 | 10,630 | ||||||||||||||||||||||||||||||||||||
Total commercial business | 49,608 | (14) | 350 | (13,267) | 36,677 | ||||||||||||||||||||||||||||||||||||
Residential real estate | 1,591 | 0 | 0 | (438) | 1,153 | ||||||||||||||||||||||||||||||||||||
Real estate construction and land development: | |||||||||||||||||||||||||||||||||||||||||
Residential | 1,951 | 0 | 20 | (335) | 1,636 | ||||||||||||||||||||||||||||||||||||
Commercial and multifamily | 11,141 | (1) | 0 | (2,305) | 8,835 | ||||||||||||||||||||||||||||||||||||
Total real estate construction and land development | 13,092 | (1) | 20 | (2,640) | 10,471 | ||||||||||||||||||||||||||||||||||||
Consumer | 5,894 | (305) | 283 | (2,611) | 3,261 | ||||||||||||||||||||||||||||||||||||
Total | $ | 70,185 | $ | (320) | $ | 653 | $ | (18,956) | $ | 51,562 |
Three Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
Beginning Balance | Charge-offs | Recoveries | Provision for (Reversal of Provision for) Credit Losses | Ending Balance | |||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
Commercial business: | |||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 13,900 | $ | (1,824) | $ | 69 | $ | 17,628 | $ | 29,773 | |||||||||||||||||||||||||||||||
Owner-occupied CRE | 6,216 | 0 | 2 | 3,785 | 10,003 | ||||||||||||||||||||||||||||||||||||
Non-owner occupied CRE | 7,750 | 0 | 0 | 2,916 | 10,666 | ||||||||||||||||||||||||||||||||||||
Total commercial business | 27,866 | (1,824) | 71 | 24,329 | 50,442 | ||||||||||||||||||||||||||||||||||||
Residential real estate | 3,026 | 0 | 0 | (803) | 2,223 | ||||||||||||||||||||||||||||||||||||
Real estate construction and land development: | |||||||||||||||||||||||||||||||||||||||||
Residential | 864 | 0 | 7 | (304) | 567 | ||||||||||||||||||||||||||||||||||||
Commercial and multifamily | 11,444 | 0 | 0 | (2,887) | 8,557 | ||||||||||||||||||||||||||||||||||||
Total real estate construction and land development | 12,308 | 0 | 7 | (3,191) | 9,124 | ||||||||||||||||||||||||||||||||||||
Consumer | 4,340 | (431) | 197 | 5,606 | 9,712 | ||||||||||||||||||||||||||||||||||||
Total | $ | 47,540 | $ | (2,255) | $ | 275 | $ | 25,941 | $ | 71,501 |
Six Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
Beginning Balance | Impact of CECL Adoption | Beginning Balance, as Adjusted | Charge-offs | Recoveries | Provision for (Reversal of Provision for) Credit Losses | Ending Balance | |||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
Commercial business: | |||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 11,739 | $ | (1,348) | $ | 10,391 | $ | (2,911) | $ | 1,126 | $ | 21,167 | $ | 29,773 | |||||||||||||||||||||||||||
Owner-occupied CRE | 4,512 | 452 | 4,964 | (135) | 14 | 5,160 | 10,003 | ||||||||||||||||||||||||||||||||||
Non-owner occupied CRE | 7,682 | (2,039) | 5,643 | 0 | 0 | 5,023 | 10,666 | ||||||||||||||||||||||||||||||||||
Total commercial business | 23,933 | (2,935) | 20,998 | (3,046) | 1,140 | 31,350 | 50,442 | ||||||||||||||||||||||||||||||||||
Residential real estate | 1,458 | 1,471 | 2,929 | 0 | 3 | (709) | 2,223 |
Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Beginning Balance | Charge-offs | Recoveries | Reversal of Provision for Credit Losses | Ending Balance | |||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
Commercial business: | |||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 30,010 | $ | (757) | $ | 710 | $ | (11,317) | $ | 18,646 | |||||||||||||||||||||||||||||||
SBA PPP | — | — | — | — | — |
Six Months Ended June 30, 2020 | Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance | Impact of CECL Adoption | Beginning Balance, as Adjusted | Charge-offs | Recoveries | Provision for (Reversal of Provision for) Credit Losses | Ending Balance | Beginning Balance | Charge-offs | Recoveries | Reversal of Provision for Credit Losses | Ending Balance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | 9,486 | — | 25 | (2,581) | 6,930 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied CRE | Non-owner occupied CRE | 10,112 | — | — | (615) | 9,497 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial business | Total commercial business | 49,608 | (757) | 735 | (14,513) | 35,073 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 1,591 | — | — | (505) | 1,086 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction and land development: | Real estate construction and land development: | Real estate construction and land development: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | 1,455 | (571) | 884 | 0 | 21 | (338) | 567 | Residential | 1,951 | — | 28 | (199) | 1,780 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and multifamily | Commercial and multifamily | 1,605 | 7,240 | 8,845 | 0 | 0 | (288) | 8,557 | Commercial and multifamily | 11,141 | (1) | — | (3,835) | 7,305 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate construction and land development | Total real estate construction and land development | 3,060 | 6,669 | 9,729 | 0 | 21 | (626) | 9,124 | Total real estate construction and land development | 13,092 | (1) | 28 | (4,034) | 9,085 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 6,821 | (2,484) | 4,337 | (806) | 291 | 5,890 | 9,712 | Consumer | 5,894 | (509) | 444 | (2,756) | 3,073 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unallocated | 899 | (899) | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 36,171 | $ | 1,822 | $ | 37,993 | $ | (3,852) | $ | 1,455 | $ | 35,905 | $ | 71,501 | Total | $ | 70,185 | $ | (1,267) | $ | 1,207 | $ | (21,808) | $ | 48,317 |
Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
Beginning Balance | Charge-offs | Recoveries | Provision for (Reversal of Provision for) Credit Losses | Ending Balance | |||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
Commercial business: | |||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 29,773 | $ | (507) | $ | 78 | $ | 1,815�� | $ | 31,159 | |||||||||||||||||||||||||||||||
SBA PPP | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Owner-occupied CRE | 10,003 | — | 2 | 3,027 | 13,032 | ||||||||||||||||||||||||||||||||||||
Non-owner occupied CRE | 10,666 | — | — | (124) | 10,542 | ||||||||||||||||||||||||||||||||||||
Total commercial business | 50,442 | (507) | 80 | 4,718 | 54,733 | ||||||||||||||||||||||||||||||||||||
Residential real estate | 2,223 | — | — | (398) | 1,825 | ||||||||||||||||||||||||||||||||||||
Real estate construction and land development: | |||||||||||||||||||||||||||||||||||||||||
Residential | 567 | — | 139 | (42) | 664 | ||||||||||||||||||||||||||||||||||||
Commercial and multifamily | 8,557 | — | — | 70 | 8,627 | ||||||||||||||||||||||||||||||||||||
Total real estate construction and land development | 9,124 | — | 139 | 28 | 9,291 | ||||||||||||||||||||||||||||||||||||
Consumer | 9,712 | (335) | 142 | (2,028) | 7,491 | ||||||||||||||||||||||||||||||||||||
Total | $ | 71,501 | $ | (842) | $ | 361 | $ | 2,320 | $ | 73,340 |
Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
Beginning Balance | Impact of CECL Adoption | Beginning Balance, as Adjusted | Charge-offs | Recoveries | Provision for (Reversal of Provision for) Credit Losses | Ending Balance | |||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
Commercial business: | |||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 11,739 | $ | (1,348) | $ | 10,391 | $ | (3,418) | $ | 1,204 | $ | 22,982 | $ | 31,159 | |||||||||||||||||||||||||||
SBA PPP | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Owner-occupied CRE | 4,512 | 452 | 4,964 | (135) | 16 | 8,187 | 13,032 | ||||||||||||||||||||||||||||||||||
Non-owner occupied CRE | 7,682 | (2,039) | 5,643 | — | — | 4,899 | 10,542 | ||||||||||||||||||||||||||||||||||
Total commercial business | 23,933 | (2,935) | 20,998 | (3,553) | 1,220 | 36,068 | 54,733 | ||||||||||||||||||||||||||||||||||
Residential real estate | 1,458 | 1,471 | 2,929 | — | 3 | (1,107) | 1,825 |
Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
Beginning Balance | Impact of CECL Adoption | Beginning Balance, as Adjusted | Charge-offs | Recoveries | Provision for (Reversal of Provision for) Credit Losses | Ending Balance | |||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
Real estate construction and land development: | |||||||||||||||||||||||||||||||||||||||||
Residential | 1,455 | (571) | 884 | — | 160 | (380) | 664 | ||||||||||||||||||||||||||||||||||
Commercial and multifamily | 1,605 | 7,240 | 8,845 | — | — | (218) | 8,627 | ||||||||||||||||||||||||||||||||||
Total real estate construction and land development | 3,060 | 6,669 | 9,729 | — | 160 | (598) | 9,291 | ||||||||||||||||||||||||||||||||||
Consumer | 6,821 | (2,484) | 4,337 | (1,141) | 433 | 3,862 | 7,491 | ||||||||||||||||||||||||||||||||||
Unallocated | 899 | (899) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Total | $ | 36,171 | $ | 1,822 | $ | 37,993 | $ | (4,694) | $ | 1,816 | $ | 38,225 | $ | 73,340 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Balance at the beginning of the period | Balance at the beginning of the period | $ | 12,291 | $ | 15,710 | $ | 13,088 | $ | 16,613 | Balance at the beginning of the period | $ | 11,494 | $ | 14,807 | $ | 13,088 | $ | 16,613 | ||||||||||||||||||||||||||||
Amortization | Amortization | (797) | (903) | (1,594) | (1,806) | Amortization | (758) | (860) | (2,352) | (2,666) | ||||||||||||||||||||||||||||||||||||
Balance at the end of the period | Balance at the end of the period | $ | 11,494 | $ | 14,807 | $ | 11,494 | $ | 14,807 | Balance at the end of the period | $ | 10,736 | $ | 13,947 | $ | 10,736 | $ | 13,947 |
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||
Notional Amounts | Estimated Fair Value | Notional Amounts | Estimated Fair Value | Notional Amounts | Estimated Fair Value | Notional Amounts | Estimated Fair Value | |||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Non-hedging interest rate derivatives | Non-hedging interest rate derivatives | Non-hedging interest rate derivatives | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap asset (1) | Interest rate swap asset (1) | $ | 321,519 | $ | 19,342 | $ | 308,126 | $ | 25,740 | Interest rate swap asset (1) | $ | 323,706 | $ | 17,843 | $ | 308,126 | $ | 25,740 | ||||||||||||||||||||||||||||
Interest rate swap liability (1) | Interest rate swap liability (1) | 321,519 | (19,510) | 308,126 | (26,162) | Interest rate swap liability (1) | 323,706 | (17,970) | 308,126 | (26,162) |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||
(In thousands, except shares) | (In thousands, except shares) | |||||||||||||||||||||||||||||||||||||||||||||
Net income (loss): | ||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 32,702 | $ | (6,139) | $ | 58,046 | $ | 6,052 | ||||||||||||||||||||||||||||||||||||||
Net income: | Net income: | |||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 20,592 | $ | 16,636 | $ | 78,638 | $ | 22,688 | |||||||||||||||||||||||||||||||||||||
Dividends and undistributed earnings allocated to participating securities (1) | Dividends and undistributed earnings allocated to participating securities (1) | 0 | 0 | 0 | (3) | Dividends and undistributed earnings allocated to participating securities (1) | — | — | — | (5) | ||||||||||||||||||||||||||||||||||||
Net income (loss) allocated to common shareholders | $ | 32,702 | $ | (6,139) | $ | 58,046 | $ | 6,049 | ||||||||||||||||||||||||||||||||||||||
Net income allocated to common shareholders | Net income allocated to common shareholders | $ | 20,592 | $ | 16,636 | $ | 78,638 | $ | 22,683 | |||||||||||||||||||||||||||||||||||||
Basic: | Basic: | Basic: | ||||||||||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding | Weighted average common shares outstanding | 35,994,740 | 35,899,361 | 35,961,032 | 36,128,586 | Weighted average common shares outstanding | 35,644,192 | 35,909,148 | 35,854,258 | 36,054,906 | ||||||||||||||||||||||||||||||||||||
Restricted stock awards | Restricted stock awards | 0 | (645) | 0 | (8,183) | Restricted stock awards | — | (303) | — | (5,537) | ||||||||||||||||||||||||||||||||||||
Total basic weighted average common shares outstanding | Total basic weighted average common shares outstanding | 35,994,740 | 35,898,716 | 35,961,032 | 36,120,403 | Total basic weighted average common shares outstanding | 35,644,192 | 35,908,845 | 35,854,258 | 36,049,369 | ||||||||||||||||||||||||||||||||||||
Diluted: | Diluted: | Diluted: | ||||||||||||||||||||||||||||||||||||||||||||
Basic weighted average common shares outstanding | Basic weighted average common shares outstanding | 35,994,740 | 35,898,716 | 35,961,032 | 36,120,403 | Basic weighted average common shares outstanding | 35,644,192 | 35,908,845 | 35,854,258 | 36,049,369 | ||||||||||||||||||||||||||||||||||||
Effect of potentially dilutive common shares (2) | Effect of potentially dilutive common shares (2) | 294,724 | 0 | 307,829 | 154,988 | Effect of potentially dilutive common shares (2) | 285,326 | 79,889 | 297,794 | 144,246 | ||||||||||||||||||||||||||||||||||||
Total diluted weighted average common shares outstanding | Total diluted weighted average common shares outstanding | 36,289,464 | 35,898,716 | 36,268,861 | 36,275,391 | Total diluted weighted average common shares outstanding | 35,929,518 | 35,988,734 | 36,152,052 | 36,193,615 | ||||||||||||||||||||||||||||||||||||
Potentially dilutive shares that were excluded from the computation of diluted earnings per share because to do so would be anti-dilutive (3) | Potentially dilutive shares that were excluded from the computation of diluted earnings per share because to do so would be anti-dilutive (3) | 7,065 | 258,412 | 4,766 | 124,904 | Potentially dilutive shares that were excluded from the computation of diluted earnings per share because to do so would be anti-dilutive (3) | 16,002 | 222,818 | 7,083 | 140,217 |
Declared | Cash Dividend per Share | Record Date | Paid Date | |||||||||||||||||||||||
January 22, 2020 | $0.20 | February 6, 2020 | February 20, 2020 | |||||||||||||||||||||||
April 29, 2020 | $0.20 | May 13, 2020 | May 27, 2020 | |||||||||||||||||||||||
July 22, 2020 | $0.20 | August 5, 2020 | August 19, 2020 | |||||||||||||||||||||||
October 21, 2020 | $0.20 | November 4, 2020 | November 18, 2020 | |||||||||||||||||||||||
January 27, 2021 | $0.20 | February 10, 2021 | February 24, 2021 | |||||||||||||||||||||||
April 21, 2021 | $0.20 | May 5, 2021 | May 19, 2021 | |||||||||||||||||||||||
July 21, 2021 | $0.20 | August 4, 2021 | August 18, 2021 | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | Plan Total(1) | 2021 | 2020 | 2021 | 2020 | Plan Total(1) | |||||||||||||||||||||||||||||||||||||||||||||||||
Eleventh Stock Repurchase Plan | Eleventh Stock Repurchase Plan | Eleventh Stock Repurchase Plan | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchased shares | Repurchased shares | 0 | 0 | 0 | 639,922 | 1,512,600 | Repurchased shares | — | — | — | 639,922 | 1,512,600 | ||||||||||||||||||||||||||||||||||||||||||||||
Stock repurchase average share price | Stock repurchase average share price | $ | 0 | $ | 0 | $ | 0 | $ | 23.95 | $ | 21.69 | Stock repurchase average share price | $ | — | $ | — | $ | — | $ | 23.95 | $ | 21.69 | ||||||||||||||||||||||||||||||||||||
Twelfth Stock Repurchase Plan | Twelfth Stock Repurchase Plan | Twelfth Stock Repurchase Plan | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchased shares | Repurchased shares | 0 | 0 | 0 | 155,778 | 155,778 | Repurchased shares | 841,088 | — | 841,088 | 155,778 | 996,866 | ||||||||||||||||||||||||||||||||||||||||||||||
Stock repurchase average share price | Stock repurchase average share price | $ | 0 | $ | 0 | $ | 0 | $ | 20.34 | $ | 20.34 | Stock repurchase average share price | $ | 24.54 | $ | — | $ | 24.54 | $ | 20.34 | $ | 23.88 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||
Repurchased shares to pay withholding taxes | Repurchased shares to pay withholding taxes | 2,557 | 2,046 | 25,803 | 27,928 | Repurchased shares to pay withholding taxes | 220 | 378 | 26,023 | 28,306 | ||||||||||||||||||||||||||||||||||||
Stock repurchase to pay withholding taxes average share price | Stock repurchase to pay withholding taxes average share price | $ | 27.47 | $ | 18.62 | $ | 29.33 | $ | 21.56 | Stock repurchase to pay withholding taxes average share price | $ | 23.91 | $ | 19.84 | $ | 29.29 | $ | 21.54 |
June 30, 2021 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale: | Investment securities available for sale: | Investment securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. government and agency securities | U.S. government and agency securities | $ | 103,647 | $ | 0 | $ | 103,647 | $ | 0 | U.S. government and agency securities | $ | 26,106 | $ | — | $ | 26,106 | $ | — | ||||||||||||||||||||||||||||
Municipal securities | Municipal securities | 228,927 | 0 | 228,927 | 0 | Municipal securities | 228,166 | — | 228,166 | — | ||||||||||||||||||||||||||||||||||||
Residential CMO and MBS | Residential CMO and MBS | 259,494 | 0 | 259,494 | 0 | Residential CMO and MBS | 242,693 | — | 242,693 | — | ||||||||||||||||||||||||||||||||||||
Commercial CMO and MBS | Commercial CMO and MBS | 421,940 | 0 | 421,940 | 0 | Commercial CMO and MBS | 235,018 | — | 235,018 | — | ||||||||||||||||||||||||||||||||||||
Corporate obligations | Corporate obligations | 7,018 | 0 | 7,018 | 0 | Corporate obligations | 2,023 | — | 2,023 | — | ||||||||||||||||||||||||||||||||||||
Other asset-backed securities | Other asset-backed securities | 28,498 | 0 | 28,498 | 0 | Other asset-backed securities | 27,520 | — | 27,520 | — | ||||||||||||||||||||||||||||||||||||
Total investment securities available for sale | Total investment securities available for sale | 1,049,524 | 0 | 1,049,524 | 0 | Total investment securities available for sale | 761,526 | — | 761,526 | — | ||||||||||||||||||||||||||||||||||||
Equity security | Equity security | 181 | 181 | 0 | 0 | Equity security | 210 | 210 | — | — | ||||||||||||||||||||||||||||||||||||
Derivative assets - interest rate swaps | Derivative assets - interest rate swaps | 19,342 | 0 | 19,342 | 0 | Derivative assets - interest rate swaps | 17,843 | — | 17,843 | — | ||||||||||||||||||||||||||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities - interest rate swaps | Derivative liabilities - interest rate swaps | $ | 19,510 | $ | 0 | 19,510 | $ | 0 | Derivative liabilities - interest rate swaps | $ | 17,970 | $ | — | 17,970 | $ | — |
December 31, 2020 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale: | Investment securities available for sale: | Investment securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. government and agency securities | U.S. government and agency securities | $ | 45,660 | $ | 0 | $ | 45,660 | $ | 0 | U.S. government and agency securities | $ | 45,660 | $ | — | $ | 45,660 | $ | — | ||||||||||||||||||||||||||||
Municipal securities | Municipal securities | 209,968 | 0 | 209,968 | 0 | Municipal securities | 209,968 | — | 209,968 | — | ||||||||||||||||||||||||||||||||||||
Residential CMO and MBS | Residential CMO and MBS | 201,872 | 0 | 201,872 | 0 | Residential CMO and MBS | 201,872 | — | 201,872 | — | ||||||||||||||||||||||||||||||||||||
Commercial CMO and MBS | Commercial CMO and MBS | 303,746 | 0 | 303,746 | 0 | Commercial CMO and MBS | 303,746 | — | 303,746 | — | ||||||||||||||||||||||||||||||||||||
Corporate obligations | Corporate obligations | 11,096 | 0 | 11,096 | 0 | Corporate obligations | 11,096 | — | 11,096 | — | ||||||||||||||||||||||||||||||||||||
Other asset-backed securities | Other asset-backed securities | 29,821 | 0 | 29,821 | 0 | Other asset-backed securities | 29,821 | — | 29,821 | — | ||||||||||||||||||||||||||||||||||||
Total investment securities available for sale | Total investment securities available for sale | 802,163 | 0 | 802,163 | 0 | Total investment securities available for sale | 802,163 | — | 802,163 | — | ||||||||||||||||||||||||||||||||||||
Equity security | Equity security | 131 | 131 | 0 | 0 | Equity security | 131 | 131 | — | — | ||||||||||||||||||||||||||||||||||||
Derivative assets - interest rate swaps | Derivative assets - interest rate swaps | 25,740 | 0 | 25,740 | 0 | Derivative assets - interest rate swaps | 25,740 | — | 25,740 | — | ||||||||||||||||||||||||||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities - interest rate swaps | Derivative liabilities - interest rate swaps | $ | 26,162 | $ | 0 | $ | 26,162 | $ | 0 | Derivative liabilities - interest rate swaps | $ | 26,162 | $ | — | $ | 26,162 | $ | — |
Fair Value at June 30, 2021 | Fair Value at September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis(1) | Total | Level 1 | Level 2 | Level 3 | Basis(1) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateral-dependent loans: | Collateral-dependent loans: | Collateral-dependent loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial business: | Commercial business: | Commercial business: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 983 | $ | 775 | $ | 0 | $ | 0 | $ | 775 | Commercial and industrial | $ | 2,058 | $ | 1,222 | $ | — | $ | — | $ | 1,222 |
Fair Value at June 30, 2021 | Fair Value at September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis(1) | Total | Level 1 | Level 2 | Level 3 | Basis(1) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | 622 | 486 | 0 | 0 | 486 | Owner-occupied CRE | 613 | 486 | — | — | 486 | ||||||||||||||||||||||||||||||||||||||||||||||
Total commercial business | Total commercial business | 1,605 | 1,261 | 0 | 0 | 1,261 | Total commercial business | 2,671 | 1,708 | — | — | 1,708 | ||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction and land development: | Real estate construction and land development: | Real estate construction and land development: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and multifamily | Commercial and multifamily | 991 | 534 | 0 | 0 | 534 | Commercial and multifamily | 991 | 534 | — | — | 534 | ||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 3,662 | $ | 2,242 | $ | — | $ | — | $ | 2,242 | |||||||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other assets: | Prepaid expenses and other assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Branch held for sale (2) | Branch held for sale (2) | 805 | 805 | — | — | 805 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets measured at fair value on a nonrecurring basis | Total assets measured at fair value on a nonrecurring basis | $ | 2,596 | $ | 1,795 | $ | 0 | $ | 0 | $ | 1,795 | Total assets measured at fair value on a nonrecurring basis | $ | 4,467 | $ | 3,047 | $ | — | $ | — | $ | 3,047 |
Fair Value at December 31, 2020 | |||||||||||||||||||||||||||||
Basis(1) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Collateral-dependent loans: | |||||||||||||||||||||||||||||
Commercial business: | |||||||||||||||||||||||||||||
Commercial and industrial | $ | 1,305 | $ | 1,289 | $ | 0 | $ | 0 | $ | 1,289 | |||||||||||||||||||
Prepaid expenses and other assets: | |||||||||||||||||||||||||||||
Branch held for sale (2) | 1,330 | 1,330 | 0 | 0 | 1,330 | ||||||||||||||||||||||||
Total assets measured at fair value on a nonrecurring basis | $ | 2,635 | $ | 2,619 | $ | 0 | $ | 0 | $ | 2,619 |
Fair Value at December 31, 2020 | |||||||||||||||||||||||||||||
Basis(1) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Collateral-dependent loans: | |||||||||||||||||||||||||||||
Commercial business: | |||||||||||||||||||||||||||||
Commercial and industrial | $ | 1,305 | $ | 1,289 | $ | — | $ | — | $ | 1,289 | |||||||||||||||||||
Prepaid expenses and other assets: | |||||||||||||||||||||||||||||
Branch held for sale (2) | 1,330 | 1,330 | — | — | 1,330 | ||||||||||||||||||||||||
Total assets measured at fair value on a nonrecurring basis | $ | 2,635 | $ | 2,619 | $ | — | $ | — | $ | 2,619 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Collateral-dependent loans: | Collateral-dependent loans: | Collateral-dependent loans: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial business: | Commercial business: | Commercial business: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 6 | $ | 9 | $ | (28) | $ | 3 | Commercial and industrial | $ | (54) | $ | — | $ | (563) | $ | (10) | ||||||||||||||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | (76) | 0 | (76) | 0 | Owner-occupied CRE | 15 | — | (61) | — | ||||||||||||||||||||||||||||||||||||
Total commercial business | Total commercial business | (70) | 9 | (104) | 3 | Total commercial business | (39) | — | (624) | (10) | ||||||||||||||||||||||||||||||||||||
Real estate construction and land development: | Real estate construction and land development: | Real estate construction and land development: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and multifamily | Commercial and multifamily | (23) | 0 | (38) | 0 | Commercial and multifamily | — | — | (38) | — | ||||||||||||||||||||||||||||||||||||
Net (loss) gain from nonrecurring fair value adjustments | $ | (93) | $ | 9 | $ | (142) | $ | 3 | ||||||||||||||||||||||||||||||||||||||
Total | Total | (39) | — | (662) | (10) | |||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other assets: | Prepaid expenses and other assets: | |||||||||||||||||||||||||||||||||||||||||||||
Branch held for sale | Branch held for sale | (38) | — | (38) | — | |||||||||||||||||||||||||||||||||||||||||
Net loss from nonrecurring fair value adjustments | Net loss from nonrecurring fair value adjustments | $ | (77) | $ | — | $ | (700) | $ | (10) |
Fair Value | Valuation Technique(s) | Unobservable Input(s) | Range of Inputs; Weighted Average | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Collateral-dependent loans | $ | Market approach | Adjustment for differences between the comparable sales | 55.0% - (20.0)%; | |||||||||||||||||||
Branch held for sale | $ | 805 | Market approach | Adjustment for differences between the comparable sales | 51.8% - (26.0)%; 6.4% |
December 31, 2020 | |||||||||||||||||||||||
Fair Value | Valuation Technique(s) | Unobservable Input(s) | Range of Inputs; Weighted Average | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Collateral-dependent loans | $ | 1,289 | Market approach | Adjustment for differences between the comparable sales | 0.6% - (40.1%); (24.1%) | ||||||||||||||||||
Branch held for sale | $ | 1,330 | Market approach | Adjustment for differences between the comparable sales | 140.7% - (40.3%); 33.2% |
June 30, 2021 | |||||||||||||||||||||||||||||
Carrying Value | Fair Value | Fair Value Measurements Using: | |||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,264,933 | $ | 1,264,933 | $ | 1,264,933 | $ | 0 | $ | 0 | |||||||||||||||||||
Investment securities available for sale | 1,049,524 | 1,049,524 | 0 | 1,049,524 | 0 | ||||||||||||||||||||||||
Loans held for sale | 2,739 | 2,840 | 0 | 0 | 2,840 | ||||||||||||||||||||||||
Loans receivable, net | 4,155,968 | 4,271,615 | 0 | 0 | 4,271,615 | ||||||||||||||||||||||||
Accrued interest receivable | 17,113 | 17,113 | 65 | 4,244 | 12,804 | ||||||||||||||||||||||||
Banked owned life insurance | 108,988 | 108,988 | 108,988 | 0 | 0 | ||||||||||||||||||||||||
Derivative assets - interest rate swaps | 19,342 | 19,342 | 0 | 19,342 | 0 | ||||||||||||||||||||||||
Equity security | 181 | 181 | 181 | 0 | 0 | ||||||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||||||
Noninterest deposits, interest bearing demand deposits, money market accounts and savings accounts | $ | 5,686,807 | $ | 5,686,807 | $ | 5,686,807 | $ | 0 | $ | 0 | |||||||||||||||||||
Certificates of deposit | 374,899 | 376,646 | 0 | 376,646 | 0 | ||||||||||||||||||||||||
Securities sold under agreement to repurchase | 46,429 | 46,429 | 46,429 | 0 | 0 | ||||||||||||||||||||||||
Junior subordinated debentures | 21,034 | 18,250 | 0 | 0 | 18,250 | ||||||||||||||||||||||||
Accrued interest payable | 74 | 74 | 31 | 25 | 18 | ||||||||||||||||||||||||
Derivative liabilities - interest rate swaps | 19,510 | 19,510 | 0 | 19,510 | 0 |
December 31, 2020 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Value | Fair Value | Fair Value Measurements Using: | Carrying Value | Fair Value | Fair Value Measurements Using: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Assets: | Financial Assets: | Financial Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 743,322 | $ | 743,322 | $ | 743,322 | $ | 0 | $ | 0 | Cash and cash equivalents | $ | 1,634,739 | $ | 1,634,739 | $ | 1,634,739 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||
Investment securities available for sale | Investment securities available for sale | 802,163 | 802,163 | 0 | 802,163 | 0 | Investment securities available for sale | 761,526 | 761,526 | — | 761,526 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Investment securities held to maturity | Investment securities held to maturity | 311,074 | 307,330 | — | 307,330 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 4,932 | 5,156 | 0 | 0 | 5,156 | Loans held for sale | 2,636 | 2,726 | — | — | 2,726 | ||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable, net | Loans receivable, net | 3,905,567 | 4,014,701 | — | — | 4,014,701 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 14,802 | 14,802 | 51 | 3,578 | 11,173 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank owned life insurance | Bank owned life insurance | 109,634 | 109,634 | 109,634 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative assets - interest rate swaps | Derivative assets - interest rate swaps | 17,843 | 17,843 | — | 17,843 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity security | Equity security | 210 | 210 | 210 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Liabilities: | Financial Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest deposits, interest bearing demand deposits, money market accounts and savings accounts | Noninterest deposits, interest bearing demand deposits, money market accounts and savings accounts | $ | 5,859,762 | $ | 5,859,762 | $ | 5,859,762 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | Certificates of deposit | 355,796 | 357,266 | — | 357,266 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities sold under agreement to repurchase | Securities sold under agreement to repurchase | 44,096 | 44,096 | 44,096 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Junior subordinated debentures | Junior subordinated debentures | 21,107 | 18,250 | — | — | 18,250 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest payable | Accrued interest payable | 74 | 74 | 31 | 25 | 18 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities - interest rate swaps | Derivative liabilities - interest rate swaps | 17,970 | 17,970 | — | 17,970 | — |
December 31, 2020 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Value | Fair Value | Fair Value Measurements Using: | Carrying Value | Fair Value | Fair Value Measurements Using: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Assets: | Financial Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 743,322 | $ | 743,322 | $ | 743,322 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale | Investment securities available for sale | 802,163 | 802,163 | — | 802,163 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 4,932 | 5,156 | — | — | 5,156 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable, net | Loans receivable, net | 4,398,462 | 4,556,862 | 0 | 0 | 4,556,862 | Loans receivable, net | 4,398,462 | 4,556,862 | — | — | 4,556,862 | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 19,418 | 19,418 | 2 | 3,648 | 15,768 | Accrued interest receivable | 19,418 | 19,418 | 2 | 3,648 | 15,768 | ||||||||||||||||||||||||||||||||||||||||||||||
Bank owned life insurance | Bank owned life insurance | 107,580 | 107,580 | 107,580 | 0 | 0 | Bank owned life insurance | 107,580 | 107,580 | 107,580 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Derivative assets - interest rate swaps | Derivative assets - interest rate swaps | 25,740 | 25,740 | 0 | 25,740 | 0 | Derivative assets - interest rate swaps | 25,740 | 25,740 | — | 25,740 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Equity security | Equity security | 131 | 131 | 131 | 0 | 0 | Equity security | 131 | 131 | 131 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Financial Liabilities: | Financial Liabilities: | Financial Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest deposits, interest bearing demand deposits, money market accounts and savings accounts | Noninterest deposits, interest bearing demand deposits, money market accounts and savings accounts | $ | 5,198,456 | $ | 5,198,456 | $ | 5,198,456 | $ | 0 | $ | 0 | Noninterest deposits, interest bearing demand deposits, money market accounts and savings accounts | $ | 5,198,456 | $ | 5,198,456 | $ | 5,198,456 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||
Certificates of deposit | Certificates of deposit | 399,534 | 402,701 | 0 | 402,701 | 0 | Certificates of deposit | 399,534 | 402,701 | — | 402,701 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Securities sold under agreement to repurchase | Securities sold under agreement to repurchase | 35,683 | 35,683 | 35,683 | 0 | 0 | Securities sold under agreement to repurchase | 35,683 | 35,683 | 35,683 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Junior subordinated debentures | Junior subordinated debentures | 20,887 | 18,500 | 0 | 0 | 18,500 | Junior subordinated debentures | 20,887 | 18,500 | — | — | 18,500 | ||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest payable | Accrued interest payable | 94 | 94 | 42 | 33 | 19 | Accrued interest payable | 94 | 94 | 42 | 33 | 19 | ||||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities - interest rate swaps | Derivative liabilities - interest rate swaps | 26,162 | 26,162 | 0 | 26,162 | 0 | Derivative liabilities - interest rate swaps | 26,162 | 26,162 | — | 26,162 | — |
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||
Commercial business: | Commercial business: | Commercial business: | ||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 572,214 | $ | 640,018 | Commercial and industrial | $ | 577,284 | $ | 640,018 | ||||||||||||
Owner-occupied CRE | Owner-occupied CRE | 2,515 | 3,488 | Owner-occupied CRE | 1,533 | 3,488 | ||||||||||||||||
Non-owner occupied CRE | Non-owner occupied CRE | 7,811 | 18,396 | Non-owner occupied CRE | 8,311 | 18,396 | ||||||||||||||||
Total commercial business | Total commercial business | 582,540 | 661,902 | Total commercial business | 587,128 | 661,902 | ||||||||||||||||
Real estate construction and land development: | Real estate construction and land development: | Real estate construction and land development: | ||||||||||||||||||||
Residential | Residential | 57,983 | 52,453 | Residential | 46,911 | 52,453 | ||||||||||||||||
Commercial and multifamily | Commercial and multifamily | 135,028 | 127,821 | Commercial and multifamily | 137,161 | 127,821 | ||||||||||||||||
Total real estate construction and land development | Total real estate construction and land development | 193,011 | 180,274 | Total real estate construction and land development | 184,072 | 180,274 | ||||||||||||||||
Consumer | Consumer | 267,272 | 263,249 | Consumer | 282,850 | 263,249 | ||||||||||||||||
Total outstanding commitments | Total outstanding commitments | $ | 1,042,823 | $ | 1,105,425 | Total outstanding commitments | $ | 1,054,050 | $ | 1,105,425 |
Three Months Ended | Six months ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | |||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 3,617 | $ | 1,990 | $ | 4,681 | $ | 306 | Balance, beginning of period | $ | 2,451 | $ | 4,612 | $ | 4,681 | $ | 306 | ||||||||||||||||||||||||||||
Impact of CECL Adoption | Impact of CECL Adoption | 0 | 0 | 0 | 3,702 | Impact of CECL Adoption | — | — | — | 3,702 | ||||||||||||||||||||||||||||||||||||
Adjusted balance, beginning of period | Adjusted balance, beginning of period | 3,617 | 1,990 | 4,681 | 4,008 | Adjusted balance, beginning of period | 2,451 | 4,612 | 4,681 | 4,008 | ||||||||||||||||||||||||||||||||||||
(Reversal of) provision for credit losses on unfunded commitments | (Reversal of) provision for credit losses on unfunded commitments | (1,166) | 2,622 | (2,230) | 604 | (Reversal of) provision for credit losses on unfunded commitments | (297) | 410 | (2,527) | 1,014 | ||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 2,451 | $ | 4,612 | $ | 2,451 | $ | 4,612 | Balance, end of period | $ | 2,154 | $ | 5,022 | $ | 2,154 | $ | 5,022 |
Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Interest Earned/ Paid | Average Yield/ Rate (1) | Average Balance | Interest Earned/ Paid | Average Yield/ Rate (1) | Average Balance | Interest Earned/ Paid | Average Yield/ Rate | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Earning Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable, net (2) (3) | $ | 4,402,868 | $ | 50,750 | 4.62 | % | $ | 4,442,108 | $ | 48,404 | 4.38 | % | $ | (39,240) | $ | 2,346 | 0.24 | % | |||||||||||||||||||||||||||||||||||
Taxable securities | 799,023 | 4,050 | 2.03 | 764,691 | 4,570 | 2.40 | 34,332 | (520) | (0.37) | ||||||||||||||||||||||||||||||||||||||||||||
Nontaxable securities (3) | 160,489 | 947 | 2.37 | 160,296 | 977 | 2.45 | 193 | (30) | (0.08) | ||||||||||||||||||||||||||||||||||||||||||||
Interest earning deposits | 964,791 | 263 | 0.11 | 185,399 | 43 | 0.09 | 779,392 | 220 | 0.02 |
Three Months Ended June 30, | Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Interest Earned/ Paid | Average Yield/ Rate (1) | Average Balance | Interest Earned/ Paid | Average Yield/ Rate (1) | Average Balance | Interest Earned/ Paid | Average Yield/ Rate | Average Balance | Interest Earned/ Paid | Average Yield/ Rate (1) | Average Balance | Interest Earned/ Paid | Average Yield/ Rate (1) | Average Balance | Interest Earned/ Paid | Average Yield/ Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Earning Assets: | Interest Earning Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable, net (2) (3) | Loans receivable, net (2) (3) | $ | 4,005,585 | $ | 46,863 | 4.64 | % | $ | 4,605,389 | $ | 47,647 | 4.12 | % | $ | (599,804) | $ | (784) | 0.52 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable securities | Taxable securities | 893,374 | 4,711 | 2.09 | 697,128 | 3,865 | 2.21 | 196,246 | 846 | (0.12) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nontaxable securities (3) | Nontaxable securities (3) | 157,907 | 931 | 2.34 | 163,070 | 953 | 2.32 | (5,163) | (22) | 0.02 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest earning deposits | Interest earning deposits | 1,417,661 | 537 | 0.15 | 389,653 | 98 | 0.10 | 1,028,008 | 439 | 0.05 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest earning assets | Total interest earning assets | 6,327,171 | 56,010 | 3.55 | % | 5,552,494 | 53,994 | 3.91 | % | 774,677 | 2,016 | (0.36) | % | Total interest earning assets | 6,474,527 | 53,042 | 3.25 | % | 5,855,240 | 52,563 | 3.57 | % | 619,287 | 479 | (0.32) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest earning assets | Noninterest earning assets | 752,034 | 757,530 | (5,496) | Noninterest earning assets | 740,433 | 765,740 | (25,307) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 7,079,205 | $ | 6,310,024 | $ | 769,181 | Total assets | $ | 7,214,960 | $ | 6,620,980 | $ | 593,980 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Bearing Liabilities: | Interest Bearing Liabilities: | Interest Bearing Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Certificates of Deposit | Certificates of Deposit | $ | 381,417 | $ | 481 | 0.51 | % | $ | 513,539 | $ | 1,810 | 1.42 | % | $ | (132,122) | $ | (1,329) | (0.91) | % | Certificates of Deposit | $ | 365,278 | $ | 407 | 0.44 | % | $ | 466,920 | $ | 1,133 | 0.97 | % | $ | (101,642) | $ | (726) | (0.53) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings accounts | Savings accounts | 591,616 | 89 | 0.06 | 476,312 | 115 | 0.10 | 115,304 | (26) | (0.04) | Savings accounts | 609,818 | 90 | 0.06 | 514,072 | 117 | 0.09 | 95,746 | (27) | (0.03) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing demand and money market accounts | Interest bearing demand and money market accounts | 2,836,717 | 954 | 0.13 | 2,440,691 | 1,492 | 0.25 | 396,026 | (538) | (0.12) | Interest bearing demand and money market accounts | 2,881,567 | 947 | 0.13 | 2,639,511 | 1,389 | 0.21 | 242,056 | (442) | (0.08) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest bearing deposits | Total interest bearing deposits | 3,809,750 | 1,524 | 0.16 | 3,430,542 | 3,417 | 0.40 | 379,208 | (1,893) | (0.24) | Total interest bearing deposits | 3,856,663 | 1,444 | 0.15 | 3,620,503 | 2,639 | 0.29 | 236,160 | (1,195) | (0.14) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Junior subordinated debentures | Junior subordinated debentures | 20,986 | 186 | 3.55 | 20,693 | 218 | 4.24 | 293 | (32) | (0.69) | Junior subordinated debentures | 21,060 | 184 | 3.47 | 20,766 | 196 | 3.75 | 294 | (12) | (0.28) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities sold under agreement to repurchase | Securities sold under agreement to repurchase | 43,259 | 35 | 0.32 | 23,702 | 39 | 0.66 | 19,557 | (4) | (0.34) | Securities sold under agreement to repurchase | 52,197 | 36 | 0.27 | 32,856 | 50 | 0.61 | 19,341 | (14) | (0.34) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB advances and other borrowings | — | — | — | 4,909 | 7 | 0.57 | (4,909) | (7) | (0.57) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest bearing liabilities | Total interest bearing liabilities | 3,873,995 | 1,745 | 0.18 | % | 3,479,846 | 3,681 | 0.43 | % | 394,149 | (1,936) | (0.25) | % | Total interest bearing liabilities | 3,929,920 | 1,664 | 0.17 | % | 3,674,125 | 2,885 | 0.31 | % | 255,795 | (1,221) | (0.14) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest bearing demand deposits | Noninterest bearing demand deposits | 2,246,929 | 1,883,227 | 363,702 | Noninterest bearing demand deposits | 2,300,795 | 1,998,772 | 302,023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other noninterest bearing liabilities | Other noninterest bearing liabilities | 122,520 | 139,412 | (16,892) | Other noninterest bearing liabilities | 128,537 | 148,345 | (19,808) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity | Stockholders’ equity | 835,761 | 807,539 | 28,222 | Stockholders’ equity | 855,708 | 799,738 | 55,970 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stock-holders’ equity | Total liabilities and stock-holders’ equity | $ | 7,079,205 | $ | 6,310,024 | $ | 769,181 | Total liabilities and stock-holders’ equity | $ | 7,214,960 | $ | 6,620,980 | $ | 593,980 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 54,265 | $ | 50,313 | $ | 3,952 | Net interest income | $ | 51,378 | $ | 49,678 | $ | 1,700 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest spread | Net interest spread | 3.37 | % | 3.48 | % | (0.11) | % | Net interest spread | 3.08 | % | 3.26 | % | (0.18) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin | Net interest margin | 3.44 | % | 3.64 | % | (0.20) | % | Net interest margin | 3.15 | % | 3.38 | % | (0.23) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average interest earning assets to average interest bearing liabilities | Average interest earning assets to average interest bearing liabilities | 163.32 | % | 159.56 | % | 3.76 | % | Average interest earning assets to average interest bearing liabilities | 164.75 | % | 159.36 | % | 5.39 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of total deposits | Cost of total deposits | 0.10 | % | 0.26 | % | (0.16) | % | Cost of total deposits | 0.09 | % | 0.19 | % | (0.10) | % |
Three Months Ended | |||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | ||||||||||||||||||||||
Non-GAAP reconciliation of loan yield: (1) | |||||||||||||||||||||||
Loan yield (GAAP) | 4.62 | % | 4.38 | % | |||||||||||||||||||
Exclude impact from SBA PPP loans | (0.12) | 0.24 | |||||||||||||||||||||
Exclude impact from incremental accretion on purchased loans (2) | (0.05) | (0.06) |
Loan yield, excluding SBA PPP loans and incremental accretion on purchased loans (non-GAAP) | 4.45 | % | 4.56 | % | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||
Non-GAAP reconciliation of loan yield: (1) | |||||||||||||||||||||||
Loan yield (GAAP) | 4.64 | % | 4.12 | % | |||||||||||||||||||
Exclude impact from SBA PPP loans | (0.38) | 0.33 | |||||||||||||||||||||
Exclude impact from incremental accretion on purchased loans (2) | (0.07) | (0.10) | |||||||||||||||||||||
Loan yield, excluding SBA PPP loans and incremental accretion on purchased loans (non-GAAP) | 4.19 | % | 4.35 | % | |||||||||||||||||||
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Interest Earned/ Paid | Average Yield/ Rate (1) | Average Balance | Interest Earned/ Paid | Average Yield/ Rate (1) | Average Balance | Interest Earned/ Paid | Average Yield/ Rate | Average Balance | Interest Earned/ Paid | Average Yield/ Rate (1) | Average Balance | Interest Earned/ Paid | Average Yield/ Rate (1) | Average Balance | Interest Earned/ Paid | Average Yield/ Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Earning Assets: | Interest Earning Assets: | Interest Earning Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable, net (2) (3) | Loans receivable, net (2) (3) | $ | 4,446,442 | $ | 100,274 | 4.55 | % | $ | 4,095,340 | $ | 94,681 | 4.65 | % | $ | 351,102 | $ | 5,593 | (0.10) | % | Loans receivable, net (2) (3) | $ | 4,297,875 | $ | 147,137 | 4.58 | % | $ | 4,266,598 | $ | 142,328 | 4.46 | % | $ | 31,277 | $ | 4,809 | 0.12 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable securities | Taxable securities | 736,990 | 7,584 | 2.08 | 790,189 | 10,203 | 2.60 | (53,199) | (2,619) | (0.52) | Taxable securities | 789,691 | 12,295 | 2.08 | 758,941 | 14,068 | 2.48 | 30,750 | (1,773) | (0.40) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nontaxable securities (3) | Nontaxable securities (3) | 162,192 | 1,905 | 2.37 | 141,224 | 1,733 | 2.47 | 20,968 | 172 | (0.10) | Nontaxable securities (3) | 160,748 | 2,836 | 2.36 | 148,560 | 2,686 | 2.42 | 12,188 | 150 | (0.06) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest earning deposits | Interest earning deposits | 840,030 | 438 | 0.11 | 155,379 | 463 | 0.60 | 684,651 | (25) | (0.49) | Interest earning deposits | 1,034,690 | 975 | 0.13 | 234,040 | 561 | 0.32 | 800,650 | 414 | (0.19) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest earning assets | Total interest earning assets | 6,185,654 | 110,201 | 3.59 | % | 5,182,132 | 107,080 | 4.16 | % | 1,003,522 | 3,121 | (0.57) | % | Total interest earning assets | 6,283,004 | 163,243 | 3.47 | % | 5,408,139 | 159,643 | 3.94 | % | 874,865 | 3,600 | (0.47) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest earning assets | Noninterest earning assets | 754,533 | 752,986 | 1,547 | Noninterest earning assets | 749,781 | 757,269 | (7,488) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 6,940,187 | $ | 5,935,118 | $ | 1,005,069 | Total assets | $ | 7,032,785 | $ | 6,165,408 | $ | 867,377 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Bearing Liabilities: | Interest Bearing Liabilities: | Interest Bearing Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | Certificates of deposit | $ | 387,310 | $ | 1,040 | 0.54 | % | $ | 520,774 | $ | 3,822 | 1.48 | % | $ | (133,464) | $ | (2,782) | (0.94) | % | Certificates of deposit | $ | 379,885 | $ | 1,447 | 0.51 | % | $ | 502,691 | $ | 4,955 | 1.32 | % | $ | (122,806) | $ | (3,508) | (0.81) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings accounts | Savings accounts | 575,942 | 184 | 0.06 | 455,386 | 303 | 0.13 | 120,556 | (119) | (0.07) | Savings accounts | 587,358 | 274 | 0.06 | 475,091 | 420 | 0.12 | 112,267 | (146) | (0.06) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing demand and money market accounts | Interest bearing demand and money market accounts | 2,784,714 | 2,028 | 0.15 | 2,321,305 | 3,508 | 0.30 | 463,409 | (1,480) | (0.15) | Interest bearing demand and money market accounts | 2,817,353 | 2,975 | 0.14 | 2,428,148 | 4,897 | 0.27 | 389,205 | (1,922) | (0.13) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest bearing deposits | Total interest bearing deposits | 3,747,966 | 3,252 | 0.17 | 3,297,465 | 7,633 | 0.47 | 450,501 | (4,381) | (0.30) | Total interest bearing deposits | 3,784,596 | 4,696 | 0.17 | 3,405,930 | 10,272 | 0.40 | 378,666 | (5,576) | (0.23) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Junior subordinated debentures | 20,950 | 373 | 3.59 | 20,657 | 503 | 4.90 | 293 | (130) | (1.31) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities sold under agreement to repurchase | 41,676 | 73 | 0.35 | 21,474 | 72 | 0.67 | 20,202 | 1 | (0.32) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB advances and other borrowings | — | — | — | 2,949 | 8 | 0.55 | (2,949) | (8) | (0.55) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest bearing liabilities | 3,810,592 | 3,698 | 0.20 | % | 3,342,545 | 8,216 | 0.49 | % | 468,047 | (4,518) | (0.29) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest bearing demand deposits | 2,169,574 | 1,651,737 | 517,837 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other noninterest bearing liabilities | 128,606 | 134,031 | (5,425) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity | 831,415 | 806,805 | 24,610 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 6,940,187 | $ | 5,935,118 | $ | 1,005,069 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 106,503 | $ | 98,864 | $ | 7,639 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest spread | 3.39 | % | 3.67 | % | (0.28) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin | 3.47 | % | 3.84 | % | (0.37) | % |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Interest Earned/ Paid | Average Yield/ Rate (1) | Average Balance | Interest Earned/ Paid | Average Yield/ Rate (1) | Average Balance | Interest Earned/ Paid | Average Yield/ Rate | Average Balance | Interest Earned/ Paid | Average Yield/ Rate (1) | Average Balance | Interest Earned/ Paid | Average Yield/ Rate (1) | Average Balance | Interest Earned/ Paid | Average Yield/ Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Junior subordinated debentures | Junior subordinated debentures | 20,987 | 557 | 3.55 | 20,693 | 699 | 4.51 | 294 | (142) | (0.96) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities sold under agreement to repurchase | Securities sold under agreement to repurchase | 45,221 | 109 | 0.32 | 25,296 | 122 | 0.64 | 19,925 | (13) | (0.32) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB advances and other borrowings | FHLB advances and other borrowings | — | — | — | 1,959 | 8 | 0.55 | (1,959) | (8) | (0.55) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest bearing liabilities | Total interest bearing liabilities | 3,850,804 | 5,362 | 0.19 | % | 3,453,878 | 11,101 | 0.43 | % | 396,926 | (5,739) | (0.24) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest bearing demand deposits | Noninterest bearing demand deposits | 2,213,795 | 1,768,260 | 445,535 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other noninterest bearing liabilities | Other noninterest bearing liabilities | 128,584 | 138,837 | (10,253) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity | Stockholders’ equity | 839,602 | 804,433 | 35,169 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | Total liabilities and stockholders’ equity | $ | 7,032,785 | $ | 6,165,408 | $ | 867,377 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 157,881 | $ | 148,542 | $ | 9,339 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest spread | Net interest spread | 3.28 | % | 3.51 | % | (0.23) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin | Net interest margin | 3.36 | % | 3.67 | % | (0.31) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average interest earning assets to average interest bearing liabilities | Average interest earning assets to average interest bearing liabilities | 162.33 | % | 155.04 | % | 7.29 | % | Average interest earning assets to average interest bearing liabilities | 163.16 | % | 156.58 | % | 6.58 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of total deposits | Cost of total deposits | 0.11 | % | 0.31 | % | (0.20) | % | Cost of total deposits | 0.10 | % | 0.27 | % | (0.17) | % |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Non-GAAP reconciliation of loan yield: (1) | Non-GAAP reconciliation of loan yield: (1) | Non-GAAP reconciliation of loan yield: (1) | ||||||||||||||||||||
Loan yield (GAAP) | Loan yield (GAAP) | 4.55 | % | 4.65 | % | Loan yield (GAAP) | 4.58 | % | 4.46 | % | ||||||||||||
Exclude Impact on loan yield from SBA PPP loans | Exclude Impact on loan yield from SBA PPP loans | (0.05) | 0.15 | Exclude Impact on loan yield from SBA PPP loans | (0.17) | 0.22 | ||||||||||||||||
Exclude impact on loan yield from incremental accretion on purchased loans (2) | Exclude impact on loan yield from incremental accretion on purchased loans (2) | (0.09) | (0.09) | Exclude impact on loan yield from incremental accretion on purchased loans (2) | (0.08) | (0.09) | ||||||||||||||||
Loan yield excluding SBA PPP loans and incremental accretion on purchased loans (non-GAAP) | Loan yield excluding SBA PPP loans and incremental accretion on purchased loans (non-GAAP) | 4.41 | % | 4.71 | % | Loan yield excluding SBA PPP loans and incremental accretion on purchased loans (non-GAAP) | 4.33 | % | 4.59 | % |
Three Months Ended June 30, | |||||||||||||||||||||||
2021 | 2020 | Change | Percentage Change | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
(Reversal of) provision for credit losses on loans | $ | (12,821) | $ | 25,941 | $ | (38,762) | (149.4) | % | |||||||||||||||
(Reversal of) provision for credit losses on unfunded commitments | (1,166) | 2,622 | (3,788) | (144.5) | |||||||||||||||||||
(Reversal of) provision for credit losses | $ | (13,987) | $ | 28,563 | $ | (42,550) | (149.0) | % |
Three Months Ended September 30, | |||||||||||||||||||||||
2021 | 2020 | Change | Percentage Change | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
(Reversal of) provision for credit losses on loans | $ | (2,852) | $ | 2,320 | $ | (5,172) | (222.9) | % | |||||||||||||||
(Reversal of) provision for credit losses on unfunded commitments | (297) | 410 | (707) | (172.4) | |||||||||||||||||||
(Reversal of) provision for credit losses | $ | (3,149) | $ | 2,730 | $ | (5,879) | (215.3) | % |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | Percentage Change | 2021 | 2020 | Change | Percentage Change | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
(Reversal of) provision for credit losses on loans | (Reversal of) provision for credit losses on loans | $ | (18,956) | $ | 35,905 | $ | (54,861) | (152.8) | % | (Reversal of) provision for credit losses on loans | $ | (21,808) | $ | 38,225 | $ | (60,033) | (157.1) | % | ||||||||||||||||||||||||||||
(Reversal of) provision for credit losses on unfunded commitments | (Reversal of) provision for credit losses on unfunded commitments | (2,230) | 604 | (2,834) | (469.2) | (Reversal of) provision for credit losses on unfunded commitments | (2,527) | 1,014 | (3,541) | (349.2) | ||||||||||||||||||||||||||||||||||||
(Reversal of) provision for credit losses | (Reversal of) provision for credit losses | $ | (21,186) | $ | 36,509 | $ | (57,695) | (158.0) | % | (Reversal of) provision for credit losses | $ | (24,335) | $ | 39,239 | $ | (63,574) | (162.0) | % |
Three Months Ended June 30, | Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | Percentage Change | 2021 | 2020 | Change | Percentage Change | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Service charges and other fees | Service charges and other fees | $ | 4,422 | $ | 3,600 | $ | 822 | 22.8 | % | Service charges and other fees | $ | 4,566 | $ | 4,039 | $ | 527 | 13.0 | % | ||||||||||||||||||||||||||||
Gain on sale of investment securities, net | Gain on sale of investment securities, net | — | 409 | (409) | (100.0) | Gain on sale of investment securities, net | — | 40 | (40) | (100.0) | ||||||||||||||||||||||||||||||||||||
Gain on sale of loans, net | Gain on sale of loans, net | 1,003 | 1,135 | (132) | (11.6) | Gain on sale of loans, net | 765 | 1,443 | (678) | (47.0) | ||||||||||||||||||||||||||||||||||||
Interest rate swap fees | Interest rate swap fees | 209 | 769 | (560) | (72.8) | Interest rate swap fees | 126 | 396 | (270) | (68.2) | ||||||||||||||||||||||||||||||||||||
Bank owned life insurance income | Bank owned life insurance income | 717 | 645 | 72 | 11.2 | Bank owned life insurance income | 647 | 909 | (262) | (28.8) | ||||||||||||||||||||||||||||||||||||
Other income | Other income | 1,946 | 1,690 | 256 | 15.1 | Other income | 2,124 | 1,383 | 741 | 53.6 | ||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | $ | 8,297 | $ | 8,248 | $ | 49 | 0.6 | % | Total noninterest income | $ | 8,228 | $ | 8,210 | $ | 18 | 0.2 | % |
Six Months Ended June 30, | |||||||||||||||||||||||
2021 | 2020 | Change | Percentage Change | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Service charges and other fees | $ | 8,422 | $ | 7,976 | $ | 446 | 5.6 | % | |||||||||||||||
Gain on sale of investment securities, net | 29 | 1,423 | (1,394) | (98.0) | |||||||||||||||||||
Gain on sale of loans, net | 2,373 | 1,682 | 691 | 41.1 | |||||||||||||||||||
Interest rate swap fees | 361 | 1,065 | (704) | (66.1) | |||||||||||||||||||
Bank owned life insurance income | 1,373 | 1,530 | (157) | (10.3) | |||||||||||||||||||
Other income | 3,990 | 4,058 | (68) | (1.7) | |||||||||||||||||||
Total noninterest income | $ | 16,548 | $ | 17,734 | $ | (1,186) | (6.7) | % |
Nine Months Ended September 30, | |||||||||||||||||||||||
2021 | 2020 | Change | Percentage Change | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Service charges and other fees | $ | 12,988 | $ | 12,015 | $ | 973 | 8.1 | % | |||||||||||||||
Gain on sale of investment securities, net | 29 | 1,463 | (1,434) | (98.0) | |||||||||||||||||||
Gain on sale of loans, net | 3,138 | 3,125 | 13 | 0.4 | |||||||||||||||||||
Interest rate swap fees | 487 | 1,461 | (974) | (66.7) | |||||||||||||||||||
Bank owned life insurance income | 2,020 | 2,439 | (419) | (17.2) | |||||||||||||||||||
Other income | 6,114 | 5,441 | 673 | 12.4 | |||||||||||||||||||
Total noninterest income | $ | 24,776 | $ | 25,944 | $ | (1,168) | (4.5) | % |
Three Months Ended June 30, | Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | Percentage Change | 2021 | 2020 | Change | Percentage Change | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Compensation and employee benefits | Compensation and employee benefits | $ | 22,088 | $ | 21,927 | $ | 161 | 0.7 | % | Compensation and employee benefits | $ | 22,176 | $ | 21,416 | $ | 760 | 3.5 | % | ||||||||||||||||||||||||||||
Occupancy and equipment | Occupancy and equipment | 4,091 | 4,335 | (244) | (5.6) | Occupancy and equipment | 4,373 | 4,348 | 25 | 0.6 | ||||||||||||||||||||||||||||||||||||
Data processing | Data processing | 3,998 | 3,517 | 481 | 13.7 | Data processing | 4,029 | 3,691 | 338 | 9.2 | ||||||||||||||||||||||||||||||||||||
Marketing | Marketing | 892 | 696 | 196 | 28.2 | Marketing | 775 | 755 | 20 | 2.6 | ||||||||||||||||||||||||||||||||||||
Professional services | Professional services | 1,102 | 2,169 | (1,067) | (49.2) | Professional services | 816 | 1,086 | (270) | (24.9) | ||||||||||||||||||||||||||||||||||||
State/municipal business and use tax | State/municipal business and use tax | 991 | 905 | 86 | 9.5 | State/municipal business and use tax | 1,071 | 964 | 107 | 11.1 | ||||||||||||||||||||||||||||||||||||
Federal deposit insurance premium | Federal deposit insurance premium | 339 | 238 | 101 | 42.4 | Federal deposit insurance premium | 550 | 848 | (298) | (35.1) | ||||||||||||||||||||||||||||||||||||
Other real estate owned, net | — | (170) | 170 | (100.0) | ||||||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | 797 | 903 | (106) | (11.7) | Amortization of intangible assets | 758 | 860 | (102) | (11.9) | ||||||||||||||||||||||||||||||||||||
Other expense | Other expense | 2,098 | 2,553 | (455) | (17.8) | Other expense | 2,618 | 2,077 | 541 | 26.0 | ||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | $ | 36,396 | $ | 37,073 | $ | (677) | (1.8) | % | Total noninterest expense | $ | 37,166 | $ | 36,045 | $ | 1,121 | 3.1 | % |
Six Months Ended June 30, | |||||||||||||||||||||||
2021 | 2020 | Change | Percentage Change | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Compensation and employee benefits | $ | 44,549 | $ | 44,433 | $ | 116 | 0.3 | % | |||||||||||||||
Occupancy and equipment | 8,545 | 8,899 | (354) | (4.0) | |||||||||||||||||||
Data processing | 7,810 | 7,044 | 766 | 10.9 | |||||||||||||||||||
Marketing | 1,561 | 1,562 | (1) | (0.1) | |||||||||||||||||||
Professional services | 2,433 | 3,546 | (1,113) | (31.4) | |||||||||||||||||||
State/municipal business and use tax | 1,963 | 1,662 | 301 | 18.1 | |||||||||||||||||||
Federal deposit insurance premium | 928 | 238 | 690 | 289.9 | |||||||||||||||||||
Other real estate owned, net | — | (145) | 145 | (100.0) | |||||||||||||||||||
Amortization of intangible assets | 1,594 | 1,806 | (212) | (11.7) | |||||||||||||||||||
Other expense | 4,255 | 5,288 | (1,033) | (19.5) | |||||||||||||||||||
Total noninterest expense | $ | 73,638 | $ | 74,333 | $ | (695) | (0.9) | % |
Nine Months Ended September 30, | |||||||||||||||||||||||
2021 | 2020 | Change | Percentage Change | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Compensation and employee benefits | $ | 66,725 | $ | 65,849 | $ | 876 | 1.3 | % | |||||||||||||||
Occupancy and equipment | 12,918 | 13,247 | (329) | (2.5) | |||||||||||||||||||
Data processing | 11,839 | 10,735 | 1,104 | 10.3 | |||||||||||||||||||
Marketing | 2,336 | 2,317 | 19 | 0.8 | |||||||||||||||||||
Professional services | 3,249 | 4,632 | (1,383) | (29.9) |
Nine Months Ended September 30, | |||||||||||||||||||||||
2021 | 2020 | Change | Percentage Change | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
State/municipal business and use tax | 3,034 | 2,626 | 408 | 15.5 | |||||||||||||||||||
Federal deposit insurance premium | 1,478 | 1,086 | 392 | 36.1 | |||||||||||||||||||
Other real estate owned, net | — | (145) | 145 | (100.0) | |||||||||||||||||||
Amortization of intangible assets | 2,352 | 2,666 | (314) | (11.8) | |||||||||||||||||||
Other expense | 6,873 | 7,365 | (492) | (6.7) | |||||||||||||||||||
Total noninterest expense | $ | 110,804 | $ | 110,378 | $ | 426 | 0.4 | % |
Three Months Ended June 30, | |||||||||||||||||||||||
2021 | 2020 | Change | Percentage Change | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Income (loss) before income taxes | $ | 40,153 | $ | (7,075) | $ | 47,228 | 667.5 | % | |||||||||||||||
Income tax expense (benefit) | $ | 7,451 | $ | (936) | $ | 8,387 | 896.0 | % | |||||||||||||||
Effective income tax rate | 18.6 | % | 13.2 | % | 5.4 | % | (40.9) | % |
Three Months Ended September 30, | |||||||||||||||||||||||
2021 | 2020 | Change | Percentage Change | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Income before income taxes | $ | 25,589 | $ | 19,113 | $ | 6,476 | 33.9 | % | |||||||||||||||
Income tax expense | $ | 4,997 | $ | 2,477 | $ | 2,520 | 101.7 | % | |||||||||||||||
Effective income tax rate | 19.5 | % | 13.0 | % | 6.5 | % | 50.0 | % |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | Percentage Change | 2021 | 2020 | Change | Percentage Change | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | $ | 70,599 | $ | 5,756 | $ | 64,843 | 1,126.5 | % | Income before income taxes | $ | 96,188 | $ | 24,869 | $ | 71,319 | 286.8 | % | ||||||||||||||||||||||||||||
Income tax expense (benefit) | $ | 12,553 | $ | (296) | $ | 12,849 | 4,340.9 | % | ||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | $ | 17,550 | $ | 2,181 | $ | 15,369 | 704.7 | % | |||||||||||||||||||||||||||||||||||||
Effective income tax rate | Effective income tax rate | 17.8 | % | (5.1) | % | 22.9 | % | 449.0 | % | Effective income tax rate | 18.2 | % | 8.8 | % | 9.4 | % | 106.8 | % |
June 30, 2021 | December 31, 2020 | Change | Percentage Change | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Cash and cash equivalents | $ | 1,264,933 | $ | 743,322 | $ | 521,611 | 70.2 | % | |||||||||||||||
Investment securities available for sale, at fair value, net | 1,049,524 | 802,163 | 247,361 | 30.8 | |||||||||||||||||||
Loans held for sale | 2,739 | 4,932 | (2,193) | (44.5) | |||||||||||||||||||
Loans receivable, net | 4,155,968 | 4,398,462 | (242,494) | (5.5) | |||||||||||||||||||
Other real estate owned | — | — | — | — | |||||||||||||||||||
Premises and equipment, net | 82,835 | 85,452 | (2,617) | (3.1) | |||||||||||||||||||
Federal Home Loan Bank stock, at cost | 7,933 | 6,661 | 1,272 | 19.1 | |||||||||||||||||||
Bank owned life insurance | 108,988 | 107,580 | 1,408 | 1.3 | |||||||||||||||||||
Accrued interest receivable | 17,113 | 19,418 | (2,305) | (11.9) | |||||||||||||||||||
Prepaid expenses and other assets | 163,206 | 193,301 | (30,095) | (15.6) | |||||||||||||||||||
Other intangible assets, net | 11,494 | 13,088 | (1,594) | (12.2) | |||||||||||||||||||
Goodwill | 240,939 | 240,939 | — | — | |||||||||||||||||||
Total assets | $ | 7,105,672 | $ | 6,615,318 | $ | 490,354 | 7.4 | % | |||||||||||||||
June 30, 2021 | December 31, 2020 | Change | Percentage Change | September 30, 2021 | December 31, 2020 | Change | Percentage Change | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 1,634,739 | $ | 743,322 | $ | 891,417 | 119.9 | % | |||||||||||||||||||||||||||||||||||||
Investment securities available for sale, at fair value, net | Investment securities available for sale, at fair value, net | 761,526 | 802,163 | (40,637) | (5.1) | |||||||||||||||||||||||||||||||||||||||||
Investment securities held to maturity, at amortized cost, net | Investment securities held to maturity, at amortized cost, net | 311,074 | — | 311,074 | 100.0 | |||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 2,636 | 4,932 | (2,296) | (46.6) | |||||||||||||||||||||||||||||||||||||||||
Loans receivable, net | Loans receivable, net | 3,905,567 | 4,398,462 | (492,895) | (11.2) | |||||||||||||||||||||||||||||||||||||||||
Other real estate owned | Other real estate owned | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Premises and equipment, net | Premises and equipment, net | 79,958 | 85,452 | (5,494) | (6.4) | |||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank stock, at cost | Federal Home Loan Bank stock, at cost | 7,933 | 6,661 | 1,272 | 19.1 | |||||||||||||||||||||||||||||||||||||||||
Bank owned life insurance | Bank owned life insurance | 109,634 | 107,580 | 2,054 | 1.9 | |||||||||||||||||||||||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 14,802 | 19,418 | (4,616) | (23.8) | |||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other assets | Prepaid expenses and other assets | 179,494 | 193,301 | (13,807) | (7.1) | |||||||||||||||||||||||||||||||||||||||||
Other intangible assets, net | Other intangible assets, net | 10,736 | 13,088 | (2,352) | (18.0) | |||||||||||||||||||||||||||||||||||||||||
Goodwill | Goodwill | 240,939 | 240,939 | — | — | |||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 7,259,038 | $ | 6,615,318 | $ | 643,720 | 9.7 | % | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | $ | 6,061,706 | $ | 5,597,990 | $ | 463,716 | 8.3 | % | Deposits | $ | 6,215,558 | $ | 5,597,990 | $ | 617,568 | 11.0 | % | ||||||||||||||||||||||||||||
Junior subordinated debentures | Junior subordinated debentures | 21,034 | 20,887 | 147 | 0.7 | Junior subordinated debentures | 21,107 | 20,887 | 220 | 1.1 | ||||||||||||||||||||||||||||||||||||
Securities sold under agreement to repurchase | Securities sold under agreement to repurchase | 46,429 | 35,683 | 10,746 | 30.1 | Securities sold under agreement to repurchase | 44,096 | 35,683 | 8,413 | 23.6 | ||||||||||||||||||||||||||||||||||||
Accrued expenses and other liabilities | Accrued expenses and other liabilities | 120,519 | 140,319 | (19,800) | (14.1) | Accrued expenses and other liabilities | 129,873 | 140,319 | (10,446) | (7.4) | ||||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | 6,249,688 | 5,794,879 | 454,809 | 7.8 | Total liabilities | 6,410,634 | 5,794,879 | 615,755 | 10.6 | ||||||||||||||||||||||||||||||||||||
Stockholders' equity | Stockholders' equity | Stockholders' equity | ||||||||||||||||||||||||||||||||||||||||||||
Common stock | Common stock | 572,060 | 571,021 | 1,039 | 0.2 | Common stock | 552,385 | 571,021 | (18,636) | (3.3) | ||||||||||||||||||||||||||||||||||||
Retained earnings | Retained earnings | 267,863 | 224,400 | 43,463 | 19.4 | Retained earnings | 281,285 | 224,400 | 56,885 | 25.3 | ||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive income, net | Accumulated other comprehensive income, net | 16,061 | 25,018 | (8,957) | (35.8) | Accumulated other comprehensive income, net | 14,734 | 25,018 | (10,284) | (41.1) | ||||||||||||||||||||||||||||||||||||
Total stockholders' equity | Total stockholders' equity | 855,984 | 820,439 | 35,545 | 4.3 | Total stockholders' equity | 848,404 | 820,439 | 27,965 | 3.4 | ||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity | Total liabilities and stockholders' equity | $ | 7,105,672 | $ | 6,615,318 | $ | 490,354 | 7.4 | % | Total liabilities and stockholders' equity | $ | 7,259,038 | $ | 6,615,318 | $ | 643,720 | 9.7 | % |
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance (1) | % of Total (2) | Balance (1) | % of Total (2) | Change | Percentage Change | Balance (1) | % of Total (2) | Balance (1) | % of Total (2) | Change | Percentage Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial business: | Commercial business: | Commercial business: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 651,915 | 15.5 | % | $ | 733,098 | 16.4 | % | $ | (81,183) | (11.1) | % | Commercial and industrial | $ | 652,776 | 16.5 | % | $ | 733,098 | 16.4 | % | $ | (80,322) | (11.0) | % | ||||||||||||||||||||||||||||||||||||||||||||
SBA PPP | SBA PPP | 544,250 | 12.9 | 715,121 | 16.0 | (170,871) | (23.9) | SBA PPP | 266,896 | 6.8 | 715,121 | 16.0 | (448,225) | (62.7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied CRE | Owner-occupied CRE | 865,662 | 20.6 | 856,684 | 19.2 | 8,978 | 1.0 | Owner-occupied CRE | 907,568 | 23.0 | 856,684 | 19.2 | 50,884 | 5.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied CRE | Non-owner occupied CRE | 1,425,238 | 33.8 | 1,410,303 | 31.5 | 14,935 | 1.1 | Non-owner occupied CRE | 1,459,795 | 36.8 | 1,410,303 | 31.5 | 49,492 | 3.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial business | Total commercial business | 3,487,065 | 82.8 | 3,715,206 | 83.1 | (228,141) | (6.1) | Total commercial business | 3,287,035 | 83.1 | 3,715,206 | 83.1 | (428,171) | (11.5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate (3) | Residential real estate (3) | 120,148 | 2.9 | 122,756 | 2.7 | (2,608) | (2.1) | Residential real estate (3) | 125,697 | 3.2 | 122,756 | 2.7 | 2,941 | 2.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction and land development: | Real estate construction and land development: | Real estate construction and land development: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | 88,601 | 2.1 | 78,259 | 1.8 | 10,342 | 13.2 | Residential | 90,081 | 2.3 | 78,259 | 1.8 | 11,822 | 15.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and multifamily | Commercial and multifamily | 239,979 | 5.7 | 227,454 | 5.1 | 12,525 | 5.5 | Commercial and multifamily | 205,516 | 5.2 | 227,454 | 5.1 | (21,938) | (9.6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate construction and land development | Total real estate construction and land development | 328,580 | 7.8 | 305,713 | 6.9 | 22,867 | 7.5 | Total real estate construction and land development | 295,597 | 7.5 | 305,713 | 6.9 | (10,116) | (3.3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 271,737 | 6.5 | 324,972 | 7.3 | (53,235) | (16.4) | Consumer | 245,555 | 6.2 | 324,972 | 7.3 | (79,417) | (24.4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 4,207,530 | 100.0 | % | $ | 4,468,647 | 100.0 | % | $ | (261,117) | (5.8) | % | Total | $ | 3,953,884 | 100.0 | % | $ | 4,468,647 | 100.0 | % | $ | (514,763) | (11.5) | % |
As of June 30, 2021 | As of September 30, 2021 | |||||||||||||||||||||||||||||||||
PPP1 | PPP2 | Total PPP | PPP1 | PPP2 | Total SBA PPP | |||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||
Total number of funded loans | Total number of funded loans | 4,642 | 2,542 | 7,184 | Total number of funded loans | 4,642 | 2,542 | 7,184 | ||||||||||||||||||||||||||
Total amount funded | Total amount funded | $ | 897,353 | $ | 380,014 | $ | 1,277,367 | Total amount funded | $ | 897,353 | $ | 380,014 | $ | 1,277,367 | ||||||||||||||||||||
Average funded loan size | Average funded loan size | $ | 193 | $ | 149 | $ | 178 | Average funded loan size | $ | 193 | $ | 149 | $ | 178 | ||||||||||||||||||||
Total net fees deferred at funding | Total net fees deferred at funding | $ | 28,805 | $ | 16,041 | $ | 44,846 | Total net fees deferred at funding | $ | 28,805 | $ | 16,041 | $ | 44,846 |
As of or for the Three Months Ended | As of or for the Three Months Ended | |||||||||||||||||||||||||||||||||
June 30, 2021 | September 30, 2021 | |||||||||||||||||||||||||||||||||
PPP1 | PPP2 | Total PPP | PPP1 | PPP2 | Total SBA PPP | |||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||
Net deferred fees recognized during the period | Net deferred fees recognized during the period | $ | 6,353 | $ | 1,674 | $ | 8,027 | Net deferred fees recognized during the period | $ | 2,276 | $ | 4,754 | $ | 7,030 | ||||||||||||||||||||
Net deferred fees unrecognized as of period end | Net deferred fees unrecognized as of period end | 2,555 | 13,810 | 16,365 | Net deferred fees unrecognized as of period end | 280 | 9,055 | 9,335 | ||||||||||||||||||||||||||
Principal payments received during the period, including forgiveness payments from the SBA | Principal payments received during the period, including forgiveness payments from the SBA | 357,257 | 18,392 | 375,649 | Principal payments received during the period, including forgiveness payments from the SBA | 179,030 | 105,355 | 284,385 | ||||||||||||||||||||||||||
Amortized cost as of period end | Amortized cost as of period end | 196,437 | 347,813 | 544,250 | Amortized cost as of period end | 19,683 | 247,213 | 266,896 |
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||
Nonaccrual loans: | Nonaccrual loans: | Nonaccrual loans: | ||||||||||||||||||||
Commercial business | Commercial business | $ | 34,209 | $ | 56,786 | Commercial business | $ | 25,243 | $ | 56,786 | ||||||||||||
Residential real estate | Residential real estate | 60 | 184 | Residential real estate | 51 | 184 | ||||||||||||||||
Real estate construction and land development | Real estate construction and land development | 1,014 | 1,022 | Real estate construction and land development | 571 | 1,022 | ||||||||||||||||
Consumer | Consumer | 58 | 100 | Consumer | 29 | 100 | ||||||||||||||||
Total nonaccrual loans | Total nonaccrual loans | 35,341 | 58,092 | Total nonaccrual loans | 25,894 | 58,092 | ||||||||||||||||
Other real estate owned | Other real estate owned | — | — | Other real estate owned | — | — | ||||||||||||||||
Total nonperforming assets | Total nonperforming assets | $ | 35,341 | $ | 58,092 | Total nonperforming assets | $ | 25,894 | $ | 58,092 | ||||||||||||
ACL on loans | ACL on loans | $ | 48,317 | $ | 70,185 | |||||||||||||||||
Nonperforming loans to loans receivable | Nonperforming loans to loans receivable | 0.65 | % | 1.30 | % | |||||||||||||||||
ACL on loans to nonperforming loans | ACL on loans to nonperforming loans | 186.60 | 120.82 | |||||||||||||||||||
Nonperforming assets to total assets | Nonperforming assets to total assets | 0.36 | 0.88 | |||||||||||||||||||
Performing TDR loans: | Performing TDR loans: | |||||||||||||||||||||
Commercial business | Commercial business | $ | 58,633 | $ | 49,403 | |||||||||||||||||
Residential real estate | Residential real estate | 361 | 188 | |||||||||||||||||||
Real estate construction and land development | Real estate construction and land development | 450 | 1,926 | |||||||||||||||||||
Consumer | Consumer | 1,240 | 1,355 | |||||||||||||||||||
Total performing TDR loans | Total performing TDR loans | $ | 60,684 | $ | 52,872 | |||||||||||||||||
Accruing loans past due 90 days or more | Accruing loans past due 90 days or more | $ | — | $ | — |
June 30, 2021 | December 31, 2020 | ||||||||||
(Dollars in thousands) | |||||||||||
ACL on loans | $ | 51,562 | $ | 70,185 | |||||||
Nonperforming loans to loans receivable | 0.84 | % | 1.30 | % | |||||||
ACL on loans to nonperforming loans | 145.90 | 120.82 | |||||||||
Nonperforming assets to total assets | 0.50 | 0.88 | |||||||||
Performing TDR loans: | |||||||||||
Commercial business | $ | 53,746 | $ | 49,403 | |||||||
Residential real estate | 364 | 188 | |||||||||
Real estate construction and land development | — | 1,926 | |||||||||
Consumer | 1,281 | 1,355 | |||||||||
Total performing TDR loans | $ | 55,391 | $ | 52,872 | |||||||
Accruing loans past due 90 days or more | $ | 286 | $ | — | |||||||
Potential problem loans (1) | $ | 148,823 | $ | 182,342 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||
Nonaccrual loans | Nonaccrual loans | Nonaccrual loans | ||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 58,092 | $ | 44,525 | Balance, beginning of period | $ | 58,092 | $ | 44,525 | ||||||||||||
Additions to nonaccrual loan classification | Additions to nonaccrual loan classification | 869 | 3,827 | Additions to nonaccrual loan classification | 1,162 | 24,679 | ||||||||||||||||
Net principal payments and transfers to accruing status | Net principal payments and transfers to accruing status | (5,212) | (3,395) | Net principal payments and transfers to accruing status | (13,351) | (4,277) | ||||||||||||||||
Payoffs | Payoffs | (18,406) | (10,404) | Payoffs | (19,317) | (10,951) | ||||||||||||||||
Charge-offs | Charge-offs | (2) | (655) | Charge-offs | (692) | (1,102) | ||||||||||||||||
Transfer to OREO | Transfer to OREO | — | (270) | Transfer to OREO | — | (270) | ||||||||||||||||
Balance, end of period | Balance, end of period | $ | 35,341 | $ | 33,628 | Balance, end of period | $ | 25,894 | $ | 52,604 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
ACL on loans at the beginning of the period | ACL on loans at the beginning of the period | $ | 64,225 | $ | 47,540 | $ | 70,185 | $ | 36,171 | ACL on loans at the beginning of the period | $ | 51,562 | $ | 71,501 | $ | 70,185 | $ | 36,171 | ||||||||||||||||||||||||||||
Impact of CECL Adoption | Impact of CECL Adoption | — | — | — | 1,822 | Impact of CECL Adoption | — | — | — | 1,822 | ||||||||||||||||||||||||||||||||||||
Adjusted ACL on loans, beginning of period | Adjusted ACL on loans, beginning of period | 64,225 | 47,540 | 70,185 | 37,993 | Adjusted ACL on loans, beginning of period | 51,562 | 71,501 | 70,185 | 37,993 | ||||||||||||||||||||||||||||||||||||
Charge-offs: | Charge-offs: | Charge-offs: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial business | Commercial business | (13) | (1,824) | (14) | (3,046) | Commercial business | (743) | (507) | (757) | (3,553) | ||||||||||||||||||||||||||||||||||||
Real estate construction and land development | Real estate construction and land development | — | — | (1) | — | Real estate construction and land development | — | — | (1) | — | ||||||||||||||||||||||||||||||||||||
Consumer | Consumer | (120) | (431) | (305) | (806) | Consumer | (204) | (335) | (509) | (1,141) | ||||||||||||||||||||||||||||||||||||
Total charge-offs | Total charge-offs | (133) | (2,255) | (320) | (3,852) | Total charge-offs | (947) | (842) | (1,267) | (4,694) | ||||||||||||||||||||||||||||||||||||
Recoveries: | Recoveries: | Recoveries: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial business | Commercial business | 143 | 71 | 350 | 1,140 | Commercial business | 385 | 80 | 735 | 1,220 | ||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | — | — | — | 3 | Residential real estate | — | — | — | 3 | ||||||||||||||||||||||||||||||||||||
Real estate construction and land development | Real estate construction and land development | 4 | 7 | 20 | 21 | Real estate construction and land development | 8 | 139 | 28 | 160 | ||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 144 | 197 | 283 | 291 | Consumer | 161 | 142 | 444 | 433 | ||||||||||||||||||||||||||||||||||||
Total recoveries | Total recoveries | 291 | 275 | 653 | 1,455 | Total recoveries | 554 | 361 | 1,207 | 1,816 | ||||||||||||||||||||||||||||||||||||
Net recoveries (charge-offs) | 158 | (1,980) | 333 | (2,397) | ||||||||||||||||||||||||||||||||||||||||||
Net charge-offs | Net charge-offs | (393) | (481) | (60) | (2,878) | |||||||||||||||||||||||||||||||||||||||||
(Reversal of) provision for credit losses on loans | (Reversal of) provision for credit losses on loans | (12,821) | 25,941 | (18,956) | 35,905 | (Reversal of) provision for credit losses on loans | (2,852) | 2,320 | (21,808) | 38,225 | ||||||||||||||||||||||||||||||||||||
ACL on loans at the end of period | ACL on loans at the end of period | $ | 51,562 | $ | 71,501 | $ | 51,562 | $ | 71,501 | ACL on loans at the end of period | $ | 48,317 | $ | 73,340 | $ | 48,317 | $ | 73,340 | ||||||||||||||||||||||||||||
Net recoveries (charge-offs) on loans to average loans receivable, net (1) | 0.01 | % | (0.18) | % | 0.02 | % | (0.12) | % | ||||||||||||||||||||||||||||||||||||||
Net charge-offs on loans to average loans receivable, net (1) | Net charge-offs on loans to average loans receivable, net (1) | (0.04) | % | (0.04) | % | — | % | (0.09) | % | |||||||||||||||||||||||||||||||||||||
Loans receivable at the end of the period | Loans receivable at the end of the period | $ | 4,207,530 | $ | 4,666,333 | $ | 4,207,530 | $ | 4,666,333 | Loans receivable at the end of the period | $ | 3,953,884 | $ | 4,666,730 | $ | 3,953,884 | $ | 4,666,730 | ||||||||||||||||||||||||||||
Average loans receivable, net during the period | Average loans receivable, net during the period | 4,402,868 | 4,442,108 | 4,446,442 | 4,095,340 | Average loans receivable, net during the period | 4,005,585 | 4,605,389 | 4,297,875 | 4,266,598 |
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
Balance | % of Total | Balance | % of Total | Change | Percentage Change | ||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||
Noninterest demand deposits | $ | 2,256,341 | 37.2 | % | $ | 1,980,531 | 35.4 | % | $ | 275,810 | 13.9 | % | |||||||||||||||||||||||
Interest bearing demand deposits | 1,807,033 | 29.8 | 1,716,123 | 30.7 | 90,910 | 5.3 | |||||||||||||||||||||||||||||
Money market accounts | 1,030,164 | 17.0 | 962,983 | 17.2 | 67,181 | 7.0 | |||||||||||||||||||||||||||||
Savings accounts | 593,269 | 9.8 | 538,819 | 9.6 | 54,450 | 10.1 | |||||||||||||||||||||||||||||
Total non-maturity deposits | 5,686,807 | 93.8 | 5,198,456 | 92.9 | 488,351 | 9.4 |
September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance | % of Total | Balance | % of Total | Change | Percentage Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest demand deposits | Noninterest demand deposits | $ | 2,299,248 | 37.0 | % | $ | 1,980,531 | 35.4 | % | $ | 318,717 | 16.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing demand deposits | Interest bearing demand deposits | 1,870,618 | 30.1 | 1,716,123 | 30.7 | 154,495 | 9.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market accounts | Money market accounts | 1,072,427 | 17.3 | 962,983 | 17.2 | 109,444 | 11.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings accounts | Savings accounts | 617,469 | 9.9 | 538,819 | 9.6 | 78,650 | 14.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total non-maturity deposits | Total non-maturity deposits | 5,859,762 | 94.3 | 5,198,456 | 92.9 | 661,306 | 12.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | Certificates of deposit | 374,899 | 6.2 | 399,534 | 7.1 | (24,635) | (6.2) | Certificates of deposit | 355,796 | 5.7 | 399,534 | 7.1 | (43,738) | (10.9) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total deposits | Total deposits | $ | 6,061,706 | 100.0 | % | $ | 5,597,990 | 100.0 | % | $ | 463,716 | 8.3 | % | Total deposits | $ | 6,215,558 | 100.0 | % | $ | 5,597,990 | 100.0 | % | $ | 617,568 | 11.0 | % |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 827,151 | $ | 798,438 | $ | 820,439 | $ | 809,311 | Balance, beginning of period | $ | 855,984 | $ | 793,652 | $ | 820,439 | $ | 809,311 | ||||||||||||||||||||||||||||
Cumulative effect from change in accounting policy(1) | Cumulative effect from change in accounting policy(1) | — | — | — | (5,615) | Cumulative effect from change in accounting policy(1) | — | — | — | (5,615) | ||||||||||||||||||||||||||||||||||||
Net income (loss) | 32,702 | (6,139) | 58,046 | 6,052 | ||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 20,592 | 16,636 | 78,638 | 22,688 | |||||||||||||||||||||||||||||||||||||||||
Dividends declared | Dividends declared | (7,325) | (7,226) | (14,583) | (14,569) | Dividends declared | (7,170) | (7,227) | (21,753) | (21,796) | ||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income, net of tax | Other comprehensive (loss) income, net of tax | 2,600 | 7,689 | (8,957) | 15,603 | Other comprehensive (loss) income, net of tax | (1,327) | (773) | (10,284) | 14,830 | ||||||||||||||||||||||||||||||||||||
Repurchase of common stock | Repurchase of common stock | (70) | (38) | (757) | (19,098) | Repurchase of common stock | (20,641) | (7) | (21,398) | (19,105) | ||||||||||||||||||||||||||||||||||||
Other | Other | 926 | 928 | 1,796 | 1,968 | Other | 966 | 848 | 2,762 | 2,816 | ||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 855,984 | $ | 793,652 | $ | 855,984 | $ | 793,652 | Balance, end of period | $ | 848,404 | $ | 803,129 | $ | 848,404 | $ | 803,129 |
Minimum Requirements | Well-Capitalized Requirements | Actual | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||
As of June 30, 2021: | |||||||||||||||||||||||||||||||||||
The Company consolidated | |||||||||||||||||||||||||||||||||||
Common equity Tier 1 capital to risk-weighted assets | $ | 198,052 | 4.5 | % | N/A | N/A | $ | 596,527 | 13.6 | % | |||||||||||||||||||||||||
Tier 1 leverage capital to average assets | 272,704 | 4.0 | N/A | N/A | 617,561 | 9.1 | |||||||||||||||||||||||||||||
Tier 1 capital to risk-weighted assets | 264,070 | 6.0 | N/A | N/A | 617,561 | 14.0 | |||||||||||||||||||||||||||||
Total capital to risk-weighted assets | 352,093 | 8.0 | N/A | N/A | 662,956 | 15.1 |
Minimum Requirements | Well-Capitalized Requirements | Actual | Minimum Requirements | Well-Capitalized Requirements | Actual | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2021: | As of September 30, 2021: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company consolidated | The Company consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common equity Tier 1 capital to risk-weighted assets | Common equity Tier 1 capital to risk-weighted assets | $ | 199,287 | 4.5 | % | N/A | N/A | $ | 590,146 | 13.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 leverage capital to average assets | Tier 1 leverage capital to average assets | 277,963 | 4.0 | N/A | N/A | 611,253 | 8.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 capital to risk-weighted assets | Tier 1 capital to risk-weighted assets | 265,716 | 6.0 | N/A | N/A | 611,253 | 13.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total capital to risk-weighted assets | Total capital to risk-weighted assets | 354,289 | 8.0 | N/A | N/A | 654,014 | 14.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Heritage Bank | Heritage Bank | Heritage Bank | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common equity Tier 1 capital to risk-weighted assets | Common equity Tier 1 capital to risk-weighted assets | 197,783 | 4.5 | $ | 285,686 | 6.5 | % | 604,545 | 13.8 | Common equity Tier 1 capital to risk-weighted assets | 199,130 | 4.5 | $ | 287,632 | 6.5 | % | 598,297 | 13.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 leverage capital to average assets | Tier 1 leverage capital to average assets | 272,470 | 4.0 | 340,588 | 5.0 | 604,545 | 8.9 | Tier 1 leverage capital to average assets | 277,867 | 4.0 | 347,334 | 5.0 | 598,297 | 8.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 capital to risk-weighted assets | Tier 1 capital to risk-weighted assets | 263,711 | 6.0 | 351,614 | 8.0 | 604,545 | 13.8 | Tier 1 capital to risk-weighted assets | 265,507 | 6.0 | 354,009 | 8.0 | 598,297 | 13.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total capital to risk-weighted assets | Total capital to risk-weighted assets | 351,614 | 8.0 | 439,518 | 10.0 | 649,940 | 14.8 | Total capital to risk-weighted assets | 354,009 | 8.0 | 442,512 | 10.0 | 641,058 | 14.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2020: | As of December 31, 2020: | As of December 31, 2020: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company consolidated | The Company consolidated | The Company consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common equity Tier 1 capital to risk-weighted assets | Common equity Tier 1 capital to risk-weighted assets | $ | 203,314 | 4.5 | % | N/A | N/A | $ | 555,644 | 12.3 | % | Common equity Tier 1 capital to risk-weighted assets | $ | 203,314 | 4.5 | % | N/A | N/A | $ | 555,644 | 12.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 leverage capital to average assets | Tier 1 leverage capital to average assets | 256,216 | 4.0 | N/A | N/A | 576,531 | 9.0 | Tier 1 leverage capital to average assets | 256,216 | 4.0 | N/A | N/A | 576,531 | 9.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 capital to risk-weighted assets | Tier 1 capital to risk-weighted assets | 271,086 | 6.0 | N/A | N/A | 576,531 | 12.8 | Tier 1 capital to risk-weighted assets | 271,086 | 6.0 | N/A | N/A | 576,531 | 12.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total capital to risk-weighted assets | Total capital to risk-weighted assets | 361,448 | 8.0 | N/A | N/A | 633,061 | 14.0 | Total capital to risk-weighted assets | 361,448 | 8.0 | N/A | N/A | 633,061 | 14.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Heritage Bank | Heritage Bank | Heritage Bank | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common equity Tier 1 capital to risk-weighted assets | Common equity Tier 1 capital to risk-weighted assets | 203,112 | 4.5 | $ | 293,383 | 6.5 | % | 563,630 | 12.5 | Common equity Tier 1 capital to risk-weighted assets | 203,112 | 4.5 | $ | 293,383 | 6.5 | % | 563,630 | 12.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 leverage capital to average assets | Tier 1 leverage capital to average assets | 256,051 | 4.0 | 320,064 | 5.0 | 563,630 | 8.8 | Tier 1 leverage capital to average assets | 256,051 | 4.0 | 320,064 | 5.0 | 563,630 | 8.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 capital to risk-weighted assets | Tier 1 capital to risk-weighted assets | 270,815 | 6.0 | 361,087 | 8.0 | 563,630 | 12.5 | Tier 1 capital to risk-weighted assets | 270,815 | 6.0 | 361,087 | 8.0 | 563,630 | 12.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total capital to risk-weighted assets | Total capital to risk-weighted assets | 361,087 | 8.0 | 451,359 | 10.0 | 620,124 | 13.7 | Total capital to risk-weighted assets | 361,087 | 8.0 | 451,359 | 10.0 | 620,124 | 13.7 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Loan yield, excluding SBA PPP loans and incremental accretion on purchased loans, annualized: | |||||||||||||||||||||||
Interest and fees on loans (GAAP) | $ | 50,750 | $ | 48,404 | $ | 100,274 | $ | 94,681 | |||||||||||||||
Exclude SBA PPP loan interest and fees | (10,003) | (4,923) | (19,139) | (4,923) | |||||||||||||||||||
Exclude incremental accretion on purchased loans | (495) | (696) | (1,570) | (1,708) | |||||||||||||||||||
Adjusted interest and fees on loans (non-GAAP) | $ | 40,252 | $ | 42,785 | $ | 79,565 | $ | 88,050 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Loan yield, excluding SBA PPP loans and incremental accretion on purchased loans, annualized: | Loan yield, excluding SBA PPP loans and incremental accretion on purchased loans, annualized: | |||||||||||||||||||||||||||||||||||||||||||||
Interest and fees on loans (GAAP) | Interest and fees on loans (GAAP) | $ | 46,863 | $ | 47,647 | $ | 147,137 | $ | 142,328 | |||||||||||||||||||||||||||||||||||||
Exclude SBA PPP loan interest and fees | Exclude SBA PPP loan interest and fees | (8,042) | (5,810) | (27,180) | (10,733) | |||||||||||||||||||||||||||||||||||||||||
Exclude incremental accretion on purchased loans | Exclude incremental accretion on purchased loans | (681) | (944) | (2,250) | (2,651) | |||||||||||||||||||||||||||||||||||||||||
Adjusted interest and fees on loans (non-GAAP) | Adjusted interest and fees on loans (non-GAAP) | $ | 38,140 | $ | 40,893 | $ | 117,707 | $ | 128,944 | |||||||||||||||||||||||||||||||||||||
Average loans receivable, net (GAAP) | Average loans receivable, net (GAAP) | $ | 4,402,868 | $ | 4,442,108 | $ | 4,446,442 | $ | 4,095,340 | Average loans receivable, net (GAAP) | $ | 4,005,585 | $ | 4,605,389 | $ | 4,297,875 | $ | 4,266,598 | ||||||||||||||||||||||||||||
Exclude average SBA PPP loans | Exclude average SBA PPP loans | (777,156) | (667,390) | (804,500) | (333,695) | Exclude average SBA PPP loans | (392,570) | (863,127) | (665,681) | (511,461) | ||||||||||||||||||||||||||||||||||||
Adjusted average loans receivable, net (non-GAAP) | Adjusted average loans receivable, net (non-GAAP) | $ | 3,625,712 | $ | 3,774,718 | $ | 3,641,942 | $ | 3,761,645 | Adjusted average loans receivable, net (non-GAAP) | $ | 3,613,015 | $ | 3,742,262 | $ | 3,632,194 | $ | 3,755,137 | ||||||||||||||||||||||||||||
Loan yield, annualized (GAAP) | Loan yield, annualized (GAAP) | 4.62 | % | 4.38 | % | 4.55 | % | 4.65 | % | Loan yield, annualized (GAAP) | 4.64 | % | 4.12 | % | 4.58 | % | 4.46 | % | ||||||||||||||||||||||||||||
Loan yield, excluding SBA PPP loans and incremental accretion on purchased loans, annualized (non-GAAP) | Loan yield, excluding SBA PPP loans and incremental accretion on purchased loans, annualized (non-GAAP) | 4.45 | % | 4.56 | % | 4.41 | % | 4.71 | % | Loan yield, excluding SBA PPP loans and incremental accretion on purchased loans, annualized (non-GAAP) | 4.19 | % | 4.35 | % | 4.33 | % | 4.59 | % |
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||
ACL on loans to loans receivable, excluding SBA PPP loans: | ACL on loans to loans receivable, excluding SBA PPP loans: | ACL on loans to loans receivable, excluding SBA PPP loans: | ||||||||||||||||||||
Allowance for credit losses on loans (GAAP) | Allowance for credit losses on loans (GAAP) | $ | 51,562 | $ | 70,185 | Allowance for credit losses on loans (GAAP) | $ | 48,317 | $ | 70,185 | ||||||||||||
Loans receivable (GAAP) | Loans receivable (GAAP) | $ | 4,207,530 | $ | 4,468,647 | Loans receivable (GAAP) | $ | 3,953,884 | $ | 4,468,647 | ||||||||||||
Exclude SBA PPP loans | Exclude SBA PPP loans | 544,250 | 715,121 | Exclude SBA PPP loans | 266,896 | 715,121 | ||||||||||||||||
Loans receivable, excluding SBA PPP (non-GAAP) | Loans receivable, excluding SBA PPP (non-GAAP) | $ | 3,663,280 | $ | 3,753,526 | Loans receivable, excluding SBA PPP (non-GAAP) | $ | 3,686,988 | $ | 3,753,526 | ||||||||||||
ACL on loans to loans receivable (GAAP) | ACL on loans to loans receivable (GAAP) | 1.23 | % | 1.57 | % | ACL on loans to loans receivable (GAAP) | 1.22 | % | 1.57 | % | ||||||||||||
ACL on loans to loans receivable, excluding SBA PPP loans (non-GAAP) | ACL on loans to loans receivable, excluding SBA PPP loans (non-GAAP) | 1.41 | % | 1.87 | % | ACL on loans to loans receivable, excluding SBA PPP loans (non-GAAP) | 1.31 | % | 1.87 | % |
Period | Total Number of Shares Purchased (1) | Average Price Paid Per Share (1) | Total number of shares purchased as part of publicly announced plans or programs | Maximum number of shares that may yet be purchased under the plans or programs (2) | |||||||||||||||||||
April 1, 2021— April 30, 2021 | — | $ | — | 8,981,801 | 1,643,276 | ||||||||||||||||||
May 1, 2021— May 31, 2021 | 444 | 28.42 | 8,981,801 | 1,643,276 | |||||||||||||||||||
June 1, 2021— June 30, 2021 | 2,113 | 27.27 | 8,981,801 | 1,643,276 | |||||||||||||||||||
Total | 2,557 | $ | 27.47 |
Period | Total Number of Shares Purchased (1) | Average Price Paid Per Share (1) | Total number of shares purchased as part of publicly announced plans or programs | Maximum number of shares that may yet be purchased under the plans or programs (2) | |||||||||||||||||||
July 1, 2021— July 31, 2021 | 95,631 | $ | 23.39 | 9,077,432 | 1,547,645 | ||||||||||||||||||
August 1, 2021— August 31, 2021 | 453,319 | 24.71 | 9,530,751 | 1,094,326 | |||||||||||||||||||
September 1, 2021— September 30, 2021 | 292,358 | 24.64 | 9,822,889 | 802,188 | |||||||||||||||||||
Total | 841,308 | $ | 24.54 |
Incorporated by Reference | ||||||||||||||||||||||||||
Exhibit No. | Description of Exhibit | Form | Exhibit | Filing Date/Period End Date | ||||||||||||||||||||||
10.29* | 8-K | 10.1 | 07/06/2021 | |||||||||||||||||||||||
10.34* | 10-Q | 10.34 | 05/05/2021 | |||||||||||||||||||||||
31.1 | ||||||||||||||||||||||||||
31.2 | ||||||||||||||||||||||||||||||||||||||||||||
32.1 | ||||||||||||||||||||||||||||||||||||||||||||
101.INS | XBRL Instance Document (1) | |||||||||||||||||||||||||||||||||||||||||||
101.SCH | XBRL Taxonomy Extension Schema Document (1) | |||||||||||||||||||||||||||||||||||||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document (1) | |||||||||||||||||||||||||||||||||||||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document (1) | |||||||||||||||||||||||||||||||||||||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document (1) | |||||||||||||||||||||||||||||||||||||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document (1) | |||||||||||||||||||||||||||||||||||||||||||
HERITAGE FINANCIAL CORPORATION | ||||||||
Date: | ||||||||
/S/ JEFFREY J. DEUEL | ||||||||
Jeffrey J. Deuel | ||||||||
President and Chief Executive Officer | ||||||||
Date: | ||||||||
/S/ DONALD J. HINSON | ||||||||
Donald J. Hinson | ||||||||
Executive Vice President and Chief Financial Officer |