Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 24, 2019 | |
Cover page. | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-15373 | |
Entity Registrant Name | ENTERPRISE FINANCIAL SERVICES CORP | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 43-1706259 | |
Entity Address, Address Line One | 150 North Meramec | |
Entity Address, City or Town | Clayton | |
Entity Address, State or Province | MO | |
Entity Address, Postal Zip Code | 63105 | |
City Area Code | 314 | |
Local Phone Number | 725-5500 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | EFSC | |
Security Exchange Name | NASDAQ | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 26,881,832 | |
Entity Central Index Key | 0001025835 | |
Document Period End Date | Jun. 30, 2019 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks | $ 106,835 | $ 91,511 |
Federal funds sold | 2,744 | 1,714 |
Interest-earning deposits (including $14,195 and $1,305 pledged as collateral, respectively) | 79,821 | 103,327 |
Total cash and cash equivalents | 189,400 | 196,552 |
Interest-earning deposits greater than 90 days | 2,750 | 3,185 |
Securities available for sale | 1,223,052 | 721,369 |
Securities held to maturity, at cost | 62,725 | 65,679 |
Trade and Loans Receivables Held-for-sale, Net, Not Part of Disposal Group | 1,437 | 392 |
Loans | 5,149,497 | 4,350,001 |
Less: Allowance for loan losses | 43,822 | 43,476 |
Loans, net | 5,105,675 | 4,306,525 |
Other real estate | 10,531 | 469 |
Other investments, at cost | 42,990 | 26,654 |
Fixed assets, net | 58,888 | 32,109 |
Operating lease right-of-use asset | 14,164 | 0 |
Accrued interest receivable | 27,008 | 16,069 |
State tax credits held for sale, at cost | 37,294 | 37,587 |
Goodwill | 211,251 | 117,345 |
Intangible assets, net | 29,201 | 8,553 |
Bank Owned Life Insurance | 101,416 | 73,233 |
Other assets | 64,073 | 39,941 |
Total assets | 7,181,855 | 5,645,662 |
Liabilities and Shareholders' Equity | ||
Demand deposits | 1,181,577 | 1,100,718 |
Interest-bearing transaction accounts | 1,392,586 | 1,037,684 |
Money market accounts | 1,611,766 | 1,565,729 |
Savings | 550,839 | 199,425 |
Certificates of deposit: | ||
Brokered | 213,138 | 198,981 |
Other | 609,432 | 485,448 |
Total deposits | 5,559,338 | 4,587,985 |
Subordinated debentures and notes (net of debt issuance cost of $940 and $1,005, respectively) | 141,100 | 118,156 |
Federal Home Loan Bank advances | 389,446 | 70,000 |
Other borrowings | 160,961 | 221,450 |
Notes payable | 37,143 | 2,000 |
Operating lease liability | 14,815 | 0 |
Accrued interest payable | 2,701 | 1,977 |
Other liabilities | 50,850 | 40,290 |
Total liabilities | 6,356,354 | 5,041,858 |
Shareholders' equity: | ||
Preferred stock, $0.01 par value; 5,000,000 shares authorized; 0 shares issued and outstanding | 0 | 0 |
Common stock, $0.01 par value; 45,000,000 shares authorized; 28,033,246 and 23,938,994 shares issued, respectively | 280 | 239 |
Treasury stock, at cost; 1,127,105 shares | (42,655) | (42,655) |
Additional paid in capital | 523,454 | 350,936 |
Retained earnings | 331,348 | 304,566 |
Accumulated other comprehensive income (loss) | 13,074 | (9,282) |
Total shareholders' equity | 825,501 | 603,804 |
Total liabilities and shareholders' equity | $ 7,181,855 | $ 5,645,662 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Assets | ||
Collateral pledged | $ 14,195 | $ 1,305 |
State tax credits held for sale | 0 | 0 |
Payments of Debt Issuance Costs | $ 940 | $ 1,005 |
Shareholders' equity: | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 45,000,000 | 30,000,000 |
Common stock, shares issued | 28,033,246 | 23,938,994 |
Treasury stock, shares | 1,127,105 | 1,127,105 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Interest income: | ||||
Interest and fees on loans | $ 69,628 | $ 52,948 | $ 130,653 | $ 103,398 |
Interest on debt securities: | ||||
Taxable | 7,757 | 4,228 | 13,232 | 8,215 |
Nontaxable | 861 | 271 | 1,308 | 553 |
Interest on interest-bearing deposits | 703 | 231 | 1,150 | 471 |
Dividends on equity securities | 252 | 201 | 475 | 406 |
Total interest income | 79,201 | 57,879 | 146,818 | 113,043 |
Interest expense: | ||||
Interest-bearing transaction accounts | 2,134 | 817 | 3,924 | 1,623 |
Money market accounts | 6,996 | 4,445 | 13,511 | 7,798 |
Savings accounts | 231 | 147 | 414 | 272 |
Certificates of deposit | 3,758 | 2,338 | 7,090 | 4,237 |
Subordinated debentures and notes | 1,958 | 1,454 | 3,606 | 2,822 |
Federal Home Loan Bank advances | 1,696 | 1,448 | 3,094 | 2,706 |
Notes payable and other borrowings | 713 | 182 | 1,121 | 366 |
Total interest expense | 17,486 | 10,831 | 32,760 | 19,824 |
Net interest income | 61,715 | 47,048 | 114,058 | 93,219 |
Provision for loan losses | 1,722 | 390 | 3,198 | 2,261 |
Net interest income after provision for loan losses | 59,993 | 46,658 | 110,860 | 90,958 |
Noninterest income: | ||||
Total noninterest income | 11,964 | 9,693 | 21,194 | 19,235 |
Noninterest expense: | ||||
Employee compensation and benefits | 20,687 | 16,582 | 40,039 | 33,073 |
Occupancy | 3,188 | 2,342 | 5,825 | 4,748 |
Data processing | 2,458 | 1,533 | 4,364 | 3,000 |
Professional fees | 1,037 | 747 | 1,783 | 1,596 |
FDIC and other insurance | 815 | 920 | 1,663 | 1,837 |
Loan legal and other real estate expense | 818 | (23) | 1,300 | 276 |
Merger related expenses | 10,306 | 0 | 17,576 | 0 |
Other | 9,745 | 7,118 | 16,342 | 13,832 |
Total noninterest expense | 49,054 | 29,219 | 88,892 | 58,362 |
Income before income tax expense | 22,903 | 27,132 | 43,162 | 51,831 |
Income tax expense | 4,479 | 4,881 | 8,582 | 8,659 |
Net income | $ 18,424 | $ 22,251 | $ 34,580 | $ 43,172 |
Earnings per common share | ||||
Basic (usd per share) | $ 0.69 | $ 0.96 | $ 1.36 | $ 1.87 |
Diluted (usd per share) | $ 0.68 | $ 0.95 | $ 1.36 | $ 1.85 |
Deposit Account [Member] | ||||
Noninterest income: | ||||
Total noninterest income | $ 3,366 | $ 3,007 | $ 6,301 | $ 5,858 |
Fiduciary and Trust [Member] | ||||
Noninterest income: | ||||
Total noninterest income | 2,661 | 2,141 | 4,653 | 4,255 |
Card Services Revenue [Member] | ||||
Noninterest income: | ||||
Total noninterest income | 2,461 | 1,650 | 4,251 | 3,166 |
Other real estate | ||||
Noninterest income: | ||||
Total noninterest income | (18) | 0 | 48 | 0 |
Tax credit activity, net [Member] | ||||
Noninterest income: | ||||
Total noninterest income | 572 | 64 | 730 | 316 |
Financial Service, Other [Member] | ||||
Noninterest income: | ||||
Total noninterest income | $ 2,922 | $ 2,831 | $ 5,211 | $ 5,640 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 18,424 | $ 22,251 | $ 34,580 | $ 43,172 |
Other comprehensive income (loss), net of tax: | ||||
Unrealized gains (losses) on investment securities arising during the period, net of income tax expense (benefit) for three months of $4,213 and $(333), and for six months of $7,987 and $(2,598), respectively | 12,845 | (1,017) | 24,349 | (7,921) |
Less: Reclassification adjustment for realized gains (losses) on sale of securities available for sale included in net income, net of income tax expense (benefit) for six months of $(72) and $2, respectively | 0 | 0 | 220 | (7) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (1,261) | 0 | ||
Total other comprehensive income (loss) | 11,584 | (1,017) | 22,356 | (7,928) |
Total comprehensive income | $ 30,008 | $ 21,234 | $ 56,936 | $ 35,244 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Other comprehensive income, tax: | ||||
Unrealized (loss)/gain on investment securities available for sale arising during the period, tax | $ 4,213 | $ (333) | $ 7,987 | $ (2,598) |
Reclassification adjustment for realized gains on sale of securities available for sale included in net income, tax | 0 | 0 | (72) | 2 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | $ 413 | $ 0 | $ 726 | $ 0 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] |
Balance at Dec. 31, 2017 | $ 548,573 | $ 238 | $ (23,268) | $ 350,061 | $ 225,360 | $ (3,818) |
Net income | 43,172 | 0 | 0 | 0 | 43,172 | 0 |
Other comprehensive income | (7,928) | 0 | 0 | 0 | 0 | (7,928) |
Total comprehensive income | 35,244 | 0 | 0 | 0 | 43,172 | (7,928) |
Cash dividends paid on common shares | (5,086) | 0 | 0 | 0 | (5,086) | 0 |
Repurchase of common stock | (3,058) | 0 | (3,058) | 0 | 0 | 0 |
Issuance under equity compensation plans, net | (3,220) | 1 | 0 | (3,221) | 0 | 0 |
Share-based Payment Arrangement, Noncash Expense | 1,631 | 0 | 0 | 1,631 | 0 | 0 |
Reclassification for the adoption of new accounting standards | 0 | 0 | 0 | 0 | 834 | (834) |
Balance at Jun. 30, 2018 | 574,084 | 239 | (26,326) | 348,471 | 264,280 | (12,580) |
Balance at Mar. 31, 2018 | 555,015 | 239 | (26,326) | 348,092 | 244,573 | (11,563) |
Net income | 22,251 | 0 | 0 | 0 | 22,251 | 0 |
Other comprehensive income | (1,017) | 0 | 0 | 0 | 0 | (1,017) |
Total comprehensive income | 21,234 | 0 | 0 | 0 | 22,251 | (1,017) |
Cash dividends paid on common shares | (2,544) | 0 | 0 | 0 | 2,544 | 0 |
Issuance under equity compensation plans, net | (534) | 0 | 0 | (534) | 0 | 0 |
Share-based Payment Arrangement, Noncash Expense | 913 | 0 | 0 | 913 | 0 | 0 |
Balance at Jun. 30, 2018 | 574,084 | 239 | (26,326) | 348,471 | 264,280 | (12,580) |
Balance at Dec. 31, 2018 | 603,804 | 239 | (42,655) | 350,936 | 304,566 | (9,282) |
Net income | 34,580 | 0 | 0 | 0 | 34,580 | 0 |
Other comprehensive income | 22,356 | 0 | 0 | 0 | 0 | 22,356 |
Total comprehensive income | 56,936 | 0 | 0 | 0 | 34,580 | 22,356 |
Cash dividends paid on common shares | (7,798) | 0 | 0 | 0 | (7,798) | 0 |
Issuance under equity compensation plans, net | (1,233) | 1 | 0 | (1,234) | 0 | |
Share-based Payment Arrangement, Noncash Expense | 1,907 | 0 | 0 | 1,907 | 0 | 0 |
Shares issued in connection with acquisition | 171,885 | 40 | 0 | 171,845 | 0 | 0 |
Balance at Jun. 30, 2019 | 825,501 | 280 | (42,655) | 523,454 | 331,348 | 13,074 |
Balance at Mar. 31, 2019 | 797,835 | 280 | (42,655) | 521,761 | 316,959 | 1,490 |
Net income | 18,424 | 0 | 0 | 0 | 18,424 | 0 |
Other comprehensive income | 11,584 | 0 | 0 | 0 | 0 | 11,584 |
Total comprehensive income | 30,008 | 0 | 0 | 0 | 18,424 | 11,584 |
Cash dividends paid on common shares | (4,035) | 0 | 0 | 0 | (4,035) | 0 |
Issuance under equity compensation plans, net | 707 | 0 | 0 | 707 | 0 | 0 |
Share-based Payment Arrangement, Noncash Expense | 986 | 0 | 0 | 986 | 0 | 0 |
Balance at Jun. 30, 2019 | $ 825,501 | $ 280 | $ (42,655) | $ 523,454 | $ 331,348 | $ 13,074 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash dividends paid on common shares, per share | $ 0.29 | $ 0.22 |
Issuance under equity compensation plans, shares | 103,430 | 119,557 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows $ in Thousands | 6 Months Ended | |
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | |
Cash flows from operating activities: | ||
Net income | $ 34,580 | $ 43,172 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation | 2,743 | 1,707 |
Provision for loan losses | 3,198 | 2,261 |
Deferred income taxes | 3,813 | 3,156 |
Net amortization of debt securities | 1,189 | 956 |
Amortization of intangible assets | 2,418 | 1,288 |
Loss (gain) on sale of investment securities | 292 | (9) |
Mortgage loans originated for sale | (11,645) | (25,064) |
Proceeds from mortgage loans sold | 10,629 | 27,070 |
Gain on sale of other real estate | (48) | 0 |
Gain on state tax credits, net | (107) | (316) |
Share-based Payment Arrangement, Noncash Expense | 1,907 | 1,631 |
Net accretion of loan discount | (4,702) | (793) |
Changes in: | ||
Accrued interest receivable | (6,942) | (3,739) |
Accrued interest payable | 354 | 154 |
Other assets | (9,697) | (809) |
Other liabilities | (7,415) | 1,203 |
Net cash provided by operating activities | 20,567 | 51,868 |
Cash flows from investing activities: | ||
Payments for Previous Acquisition | (23,377) | 0 |
Increase in loans | (121,115) | (178,386) |
Proceeds from the sale of securities, available for sale | 263,298 | 1,451 |
Proceeds from the paydown or maturity of securities, available for sale | 58,229 | 40,743 |
Proceeds from the paydown or maturity of securities, held to maturity | 2,864 | 3,239 |
Proceeds from the redemption of other investments | 31,138 | 22,728 |
Proceeds from the sale of state tax credits held for sale | 2,252 | 1,940 |
Proceeds from the sale of other real estate | 2,281 | 0 |
Payments for the purchase of: | ||
Available for sale debt securities | (363,900) | (62,055) |
Other investments | (43,589) | (33,719) |
State tax credits held for sale | (1,852) | (4,636) |
Fixed assets, net | (2,236) | (1,915) |
Net cash used in investing activities | (196,007) | (210,610) |
Cash flows from financing activities: | ||
Net decrease in noninterest-bearing deposit accounts | (88,219) | (72,938) |
Net increase (decrease) in interest-bearing deposit accounts | (21,615) | 164,436 |
Proceeds from Federal Home Loan Bank advances | 962,000 | 907,500 |
Repayments of Federal Home Loan Bank advances | (649,500) | (718,500) |
Proceeds from Issuance of Long-term Debt | 40,000 | 0 |
Repayments of Long-term Debt | (4,857) | 0 |
Net decrease in other borrowings | (60,490) | (86,458) |
Cash dividends paid on common stock | (7,798) | (5,086) |
Payments for Repurchase of Common Stock | 0 | 3,058 |
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | (1,233) | (3,220) |
Net cash provided by financing activities | 168,288 | 182,676 |
Net increase in cash and cash equivalents | (7,152) | 23,934 |
Cash and cash equivalents, beginning of period | 196,552 | 153,323 |
Cash and cash equivalents, end of period | 189,400 | 177,257 |
Supplemental Cash Flow Information [Abstract] | ||
Cash paid during the period for interest | 32,036 | 19,670 |
Cash paid during the period for income taxes | 11,915 | 780 |
Noncash transactions: | ||
Transfer to other real estate owned in settlement of loans | $ 7,783 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The significant accounting policies used by Enterprise Financial Services Corp (the “Company,” “EFSC,” or “Enterprise”) in the preparation of the condensed consolidated financial statements are summarized below: Business and Consolidation Enterprise is a financial holding company that provides a full range of banking and wealth management services to individuals and corporate customers located in the Arizona, Kansas, Missouri, and New Mexico markets through its banking subsidiary, Enterprise Bank & Trust (the “Bank”). Operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for any other interim period or for the year ending December 31, 2019 . For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 , as filed with the Securities and Exchange Commission. Basis of Financial Statement Presentation The accompanying unaudited condensed consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The condensed consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly owned. All intercompany accounts and transactions have been eliminated. In the opinion of management, the consolidated financial statements contain all adjustments (consisting of normal recurring accruals) considered necessary for the fair presentation of the statements of financial position, results of operations, and cash flow for the interim periods. Recently Adopted Accounting Pronouncements During the first quarter of 2019, the Company adopted Accounting Standards Update (“ASU”) 2017-08, “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities.” ASU 2017-08 shortens the amortization period of certain callable debt securities held at a premium to the earliest call date. The adoption of this update did not have a material effect on the Company's consolidated financial statements. The Company adopted ASU 2016-02 “Leases (Topic 842)” using the optional transition method effective on January 1, 2019. ASU 2016-02 requires organizations that lease assets to recognize the assets and liabilities for the rights and obligations created by leases. The Company recorded $15.5 million for right-to-use assets and $16.2 million for lease liabilities related to operating leases. The Company elected the practical expedients package which eliminates (1) the need to reassess whether any expired or existing contracts are or contain a lease, (2) the need to reassess the lease classification, and (3) the need to reassess initial direct costs for any existing leases. The Company also elected an accounting policy to not recognize assets and liabilities on leases 12 months or less, and an accounting policy for equipment and real estate leases to not separate nonlease components because the impact was immaterial. Acquisitions Acquisitions and business combinations are accounted for using the acquisition method of accounting. The assets and liabilities of the acquired entities have been recorded at their estimated fair values at the date of acquisition. Goodwill represents the excess of the purchase price over the fair value of net assets acquired, including the amount assigned to identifiable intangible assets. The purchase price allocation process requires an estimation of the fair values of the assets acquired and the liabilities assumed. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the Company includes an estimate of the acquisition-date fair value as part of the cost of the combination. To determine the fair values, the Company relies on third party valuations, such as appraisals, or internal valuations based on discounted cash flow analyses or other valuation techniques. The results of operations of the acquired business are included in the Company’s consolidated financial statements from the date of acquisition. Merger related costs are costs the Company incurs to effect a business combination. The Company presents merger related expenses as a separate component of Noninterest expenses on the Condensed Consolidated Statements of Operations. Merger related expenses include costs directly related to merger or acquisition activity and include legal and professional fees, system consolidation and conversion costs, gain or loss on sale of investment securities incurred through repositioning the acquired investment portfolio, and compensation costs such as severance and retention incentives for employees impacted by acquisition activity. The Company accounts for merger-related costs as expenses in the periods in which the costs are incurred and the services are received. Revenue The Company’s revenues are primarily composed of interest income on financial instruments, including investment securities, which are excluded from the scope of the new guidance. Certain other noninterest income from loans, investment securities and derivative financial instruments is also excluded from this guidance. Service charges on deposit accounts, wealth management revenue, card services revenue, and gain on sale of other real estate are within the scope of the guidance; however, there were no accounting policy changes as the Company’s policies were consistent with the new guidance. Other noninterest income sources of revenue are considered immaterial. Implementation of this guidance did not change current business practices or have any changes to the Company’s consolidated financial statements. Descriptions of our revenue-generating activities within the scope of this guidance, which are presented in our income statement as components of noninterest income, are as follows: • Service charges on deposit accounts - represents fees generated from a variety of deposit products and services provided to customers under a day-to-day contract. These fees are recognized on a daily or monthly basis. • Wealth management revenue - represents monthly fees earned from directing, holding, and managing customers’ assets. Revenue is recognized over regular intervals, either monthly or quarterly. • Card services revenue - represents revenue earned from merchant, debit and credit cards as incurred and includes a contra revenue account for rebates. • Gain on sale of other real estate - represents income recognized at delivery of control of a property at the time of a real estate closing. Leases We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets on our consolidated balance sheet. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. We use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made prior to commencement and excludes lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. We account for the lease and non-lease components as a single lease component. Assumptions and judgments are used in applying ASC 842 and may include (1) the decision framework for identifying a lease, (2) the accounting policy election for equipment and real estate leases to not separate nonlease components, and (3) the discount rate for determining the initial present value of the lease payments which is based on information available at the commencement date for determining the lease term and assessing if optional periods are reasonably likely to be exercised. For the calculation at January 1, 2019, the discount rate was based on the remaining lease terms. Derivative Instruments and Hedging Activities FASB ASC 815, Derivatives and Hedging (“ASC 815”), provides the disclosure requirements for derivatives and hedging activities with the intent to provide users of financial statements with an enhanced understanding of: (a) how and why an entity uses derivative instruments, (b) how the entity accounts for derivative instruments and related hedged items, and (c) how derivative instruments and related hedged items affect an entity’s financial position, financial performance, and cash flows. Further, qualitative disclosures are required that explain the Company’s objectives and strategies for using derivatives, as well as quantitative disclosures about the fair value of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative instruments. The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply, or the Company elects not to apply hedge accounting. The Company does not offset derivative asset and liability positions. However, the Company's exposure to the credit risk of its derivative financial instruments is generally mitigated by master netting agreements with its counterparties. The Alternative Reference Rates Committee ("ARRC") has proposed that the Secured Overnight Funding Rate ("SOFR") replace LIBOR. ARRC has proposed that the transition to SOFR from LIBOR will take place by the end of 2021. The Company has material contracts indexed to LIBOR. Industry organizations are currently working on the transition plan. The Company is monitoring this activity and evaluating the risks involved. |
Acquisition
Acquisition | 6 Months Ended |
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Acquisition | ACQUISITION Acquisition of Trinity Capital Corporation. On March 8, 2019, the Company closed its acquisition of 100% of Trinity Capital Corporation (“Trinity”) and its wholly-owned subsidiary, Los Alamos National Bank (“LANB”). Trinity operated six full-service retail and commercial banking offices in Los Alamos, Santa Fe, and Albuquerque, New Mexico. Trinity shareholders received cash consideration of $1.84 per share of Trinity common stock and 0.1972 shares of EFSC common stock per share of Trinity common stock with cash in lieu of fractional shares. Aggregate consideration at closing was 4.0 million shares of EFSC common stock and $37.3 million cash paid to Trinity shareholders. Based on EFSC’s closing stock price of $43.07 on March 7, 2019, the overall transaction had a value of $209.2 million. The Company recognized $17.6 million and $1.3 million of merger related costs recorded in noninterest expense in the statement of operations for the six months ended June 30, 2019, and the year ended December 31, 2018, respectively. The acquisition of Trinity has been accounted for as a business combination using the acquisition method of accounting which requires assets acquired and liabilities assumed to be recognized at fair value as of the acquisition date. The estimates of fair value are preliminary and subject to refinement as the Company completes its evaluation of the acquired assets and liabilities. Goodwill of $93.9 million arising from the acquisition consists largely of the synergies and economies of scale expected from combining the operations of Trinity into Enterprise. The goodwill is assigned as part of the Company’s Banking reporting unit. None of the goodwill recognized is expected to be deductible for income tax purposes. The following table presents the assets acquired and liabilities assumed of Trinity as of March 8, 2019. The following information is presented on a provisional basis based upon all information available to the Company at the present time and is subject to change, and such changes could be material. The Company continues to review the underlying assumptions and valuation techniques utilized to calculate the fair value of certain definite-lived intangibles, loans, goodwill and deferred income taxes. Additional adjustments may be recorded during the allocation period specified by ASC 805 as additional information becomes known. Adjustments in the second quarter of 2019 increased goodwill by $3.6 million. (in thousands) As Recorded by Trinity Adjustments As Recorded by EFSC Assets acquired: Cash and cash equivalents $ 13,899 $ — $ 13,899 Interest-earning deposits greater than 90 days 100 — 100 Securities 428,715 (619 ) (a) 428,096 Loans 705,057 (20,743 ) (b) 684,314 Other real estate 5,284 (772 ) (c) 4,512 Other investments 6,673 — 6,673 Fixed assets 27,586 (300 ) (d) 27,286 Accrued interest receivable 3,997 — 3,997 Intangible assets — 23,066 (e) 23,066 Deferred tax assets 10,708 (1,057 ) (f) 9,651 Other assets 35,045 (5,008 ) (g) 30,037 Total assets acquired $ 1,237,064 $ (5,433 ) $ 1,231,631 Liabilities assumed: Deposits $ 1,081,151 $ 36 (h) $ 1,081,187 Subordinated debentures 26,806 (3,972 ) (i) 22,834 Federal Home Loan Bank advances 6,800 171 (j) 6,971 Accrued interest payable 370 — 370 Other liabilities 5,842 (827 ) (k) 5,015 Total liabilities assumed $ 1,120,969 $ (4,592 ) $ 1,116,377 Net assets acquired $ 116,095 $ (841 ) $ 115,254 Consideration paid: Cash $ 37,275 Common stock 171,885 Total consideration paid $ 209,160 Goodwill $ 93,906 (a) Fair value adjustments of the securities portfolio as of the acquisition date. (b) Fair value adjustments based on the Company’s evaluation of the acquired loan portfolio, write-off of net deferred loan costs and elimination of the allowance for loan losses recorded by Trinity. (c) Fair value adjustment based on the Company’s evaluation of the acquired OREO portfolio. (d) Fair value adjustments based on the Company’s evaluation of the acquired premises and equipment. (e) Record the core deposit intangible asset on the acquired core deposit accounts. Amount to be amortized using a sum of years digits method over a useful life of 10 years . (f) Adjustment for deferred taxes at the acquisition date. (g) Fair value adjustment of other assets at the acquisition date. (h) Fair value adjustment to time deposits. (i) Fair value adjustment to the trust preferred securities at the acquisition date. (j) Fair value adjustment to the Federal Home Loan Bank borrowings. (k) Fair value adjustment of other liabilities recorded during the second quarter of 2019 upon continued refinement of the fair values. The following table provides the unaudited pro forma information for the results of operations for the six months ended June 30, 2019 and 2018, as if the acquisition had occurred on January 1, 2018. The pro forma results combine the historical results of Trinity with the Company’s Consolidated Statements of Income, adjusted for the impact of the application of the acquisition method of accounting including loan discount accretion, intangible assets amortization, and deposit and trust preferred securities premium accretion, net of taxes. The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results that would have been obtained had the acquisition actually occurred on January 1, 2018. No assumptions have been applied to the pro forma results of operations regarding possible revenue enhancements, expense efficiencies or asset dispositions. Only the acquisition related expenses that have been incurred as of June 30, 2019 are included in net income in the table below. Pro Forma Six months ended June 30, (in thousands, except per share data) 2019 2018 Total revenues (net interest income plus noninterest income) $ 144,915 $ 140,612 Net income 48,987 33,616 Diluted earnings per common share 1.65 1.23 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE Basic earnings per common share data is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Common shares outstanding include common stock and restricted stock awards where recipients have satisfied the vesting terms. Diluted earnings per common share gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method. The following table presents a summary of per common share data and amounts for the periods indicated. Three months ended June 30, Six months ended June 30, (in thousands, except per share data) 2019 2018 2019 2018 Net income as reported $ 18,424 $ 22,251 $ 34,580 $ 43,172 Weighted average common shares outstanding 26,887 23,124 25,415 23,119 Additional dilutive common stock equivalents 53 194 73 213 Weighted average diluted common shares outstanding 26,940 23,318 25,488 23,332 Basic earnings per common share: $ 0.69 $ 0.96 $ 1.36 $ 1.87 Diluted earnings per common share: 0.68 0.95 $ 1.36 $ 1.85 For the three and six months ended June 30, 2019 there were approximately 130,000 and 99,000 , respectively, common stock equivalents excluded from the earnings per share calculations because their effect would have been anti-dilutive. For the comparable periods in 2018 , the amounts were immaterial. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | INVESTMENTS The following table presents the amortized cost, gross unrealized gains and losses and fair value of securities available for sale and held to maturity: June 30, 2019 (in thousands) Amortized Cost Gross Gross Fair Value Available for sale securities: Obligations of U.S. Government-sponsored enterprises $ 49,998 $ 153 $ — $ 50,151 Obligations of states and political subdivisions 114,173 4,523 — 118,696 Agency mortgage-backed securities 911,770 14,122 (1,845 ) 924,047 U.S. Treasury bills 9,966 239 — 10,205 Corporate debt securities 116,434 3,519 — 119,953 Total securities available for sale $ 1,202,341 $ 22,556 $ (1,845 ) $ 1,223,052 Held to maturity securities: Obligations of states and political subdivisions $ 12,474 $ 160 $ (1 ) $ 12,633 Agency mortgage-backed securities 50,251 251 (74 ) 50,428 Total securities held to maturity $ 62,725 $ 411 $ (75 ) $ 63,061 December 31, 2018 (in thousands) Amortized Cost Gross Gross Fair Value Available for sale securities: Obligations of U.S. Government-sponsored enterprises $ 99,926 $ — $ (1,428 ) $ 98,498 Obligations of states and political subdivisions 26,566 327 (83 ) 26,810 Agency mortgage-backed securities 596,825 1,160 (11,849 ) 586,136 U.S. Treasury Bills $ 9,962 $ — $ (37 ) $ 9,925 Total securities available for sale $ 733,279 $ 1,487 $ (13,397 ) $ 721,369 Held to maturity securities: Obligations of states and political subdivisions $ 12,506 $ 16 $ (114 ) $ 12,408 Agency mortgage-backed securities 53,173 — (1,647 ) 51,526 Total securities held to maturity $ 65,679 $ 16 $ (1,761 ) $ 63,934 At June 30, 2019 , and December 31, 2018 , there were no holdings of securities of any one issuer in an amount greater than 10% of shareholders’ equity, other than U.S. Government agencies and sponsored enterprises. The agency mortgage-backed securities are all issued by U.S. Government agencies and sponsored enterprises. Securities having a fair value of $460.7 million and $433.7 million at June 30, 2019 , and December 31, 2018 , respectively, were pledged as collateral to secure deposits of public institutions and for other purposes as required by law or contract provisions. The amortized cost and estimated fair value of debt securities at June 30, 2019 , by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The weighted average life of the mortgage-backed securities is approximately 4 years. Available for sale Held to maturity (in thousands) Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due in one year or less $ 1,571 $ 1,579 $ — $ — Due after one year through five years 67,794 68,369 3,883 3,931 Due after five years through ten years 127,156 131,019 8,591 8,702 Due after ten years 94,050 98,038 — — Agency mortgage-backed securities 911,770 924,047 50,251 50,428 $ 1,202,341 $ 1,223,052 $ 62,725 $ 63,061 The following table represents a summary of investment securities that had an unrealized loss: June 30, 2019 Less than 12 months 12 months or more Total (in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Obligations of states and political subdivisions 386 1 839 — 1,225 1 Agency mortgage-backed securities 17,122 300 178,017 1,619 195,139 1,919 $ 17,508 $ 301 $ 178,856 $ 1,619 $ 196,364 $ 1,920 December 31, 2018 Less than 12 months 12 months or more Total (in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Obligations of U.S. Government-sponsored enterprises $ 19,622 $ 322 $ 78,876 $ 1,106 $ 98,498 $ 1,428 Obligations of states and political subdivisions 3,102 15 14,156 182 17,258 197 Agency mortgage-backed securities 87,357 2,211 389,770 11,285 477,127 13,496 U.S. Treasury bills — — 9,925 37 9,925 37 $ 110,081 $ 2,548 $ 492,727 $ 12,610 $ 602,808 $ 15,158 The unrealized losses at both June 30, 2019 , and December 31, 2018 , were primarily attributable to changes in market interest rates since the securities were purchased. Management systematically evaluates investment securities for other-than-temporary declines in fair value on a quarterly basis. This analysis requires management to consider various factors, which include among other considerations (1) the present value of the cash flows expected to be collected compared to the amortized cost of the security, (2) duration and magnitude of the decline in value, (3) the financial condition of the issuer or issuers, (4) structure of the security, and (5) the intent to sell the security or whether it is more likely than not the Company would be required to sell the security before its anticipated recovery in market value. At June 30, 2019 , management performed its quarterly analysis of all securities with an unrealized loss and concluded no individual securities were other-than-temporarily impaired. |
Loans
Loans | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Portfolio Loans | LOANS The loan portfolio is comprised of loans originated by the Company and loans acquired in connection with the Company’s acquisitions. These loans are accounted for using the guidance in the Accounting Standards Codification (ASC) sections 310-30 and 310-20. Loans accounted for using ASC 310-30 are sometimes referred to as purchased credit impaired (“PCI”) loans. The table below shows the loan portfolio composition including carrying value categorized by loans accounted for at amortized cost, which includes our originated loans, and by loans accounted for as PCI. (in thousands) June 30, 2019 December 31, 2018 Loans accounted for at amortized cost $ 5,046,182 $ 4,303,600 Loans accounted for as PCI 103,315 46,401 Total loans $ 5,149,497 $ 4,350,001 At June 30, 2019, loans acquired in the Trinity acquisition included $600 million accounted for at amortized cost and $68 million accounted for as PCI. These loans were recorded at fair value with no allowance for loan losses. The table below shows the composition of the allowance for loan losses: (in thousands) June 30, 2019 December 31, 2018 Allowance for loans accounted for at amortized cost $ 42,935 $ 42,295 Allowance for loans accounted for as PCI 887 1,181 Total allowance for loan losses $ 43,822 $ 43,476 The following tables are not applicable to PCI loans. Below is a summary of loans by category at June 30, 2019 and December 31, 2018 : (in thousands) June 30, 2019 December 31, 2018 Commercial and industrial $ 2,248,571 $ 2,121,008 Real estate: Commercial - investor owned 1,198,308 843,728 Commercial - owner occupied 678,046 604,498 Construction and land development 396,370 330,097 Residential 395,828 298,944 Total real estate loans 2,668,552 2,077,267 Consumer and other 131,041 107,351 Loans, before unearned loan fees 5,048,164 4,305,626 Unearned loan fees, net (1,982 ) (2,026 ) Loans, including unearned loan fees $ 5,046,182 $ 4,303,600 A summary of the activity in the allowance for loan losses and the recorded investment in loans by class and category based on impairment methodology through June 30, 2019 , and at December 31, 2018 , is as follows: (in thousands) Commercial and industrial CRE - investor owned CRE - owner occupied Construction and land development Residential real estate Consumer and other Total Allowance for loan losses: Balance at December 31, 2018 $ 29,039 $ 4,683 $ 4,239 $ 1,987 $ 1,616 $ 731 $ 42,295 Provision (provision reversal) for loan losses 1,445 769 (431 ) (252 ) (288 ) 233 1,476 Losses charged off (1,853 ) (120 ) (36 ) (45 ) (67 ) (129 ) (2,250 ) Recoveries 29 7 2 9 364 13 424 Balance at March 31, 2019 $ 28,660 $ 5,339 $ 3,774 $ 1,699 $ 1,625 $ 848 $ 41,945 Provision (provision reversal) for loan losses 1,781 364 591 (216 ) (345 ) (215 ) 1,960 Losses charged off (1,380 ) (431 ) — — (26 ) (53 ) (1,890 ) Recoveries 32 52 6 489 124 217 920 Balance at June 30, 2019 $ 29,093 $ 5,324 $ 4,371 $ 1,972 $ 1,378 $ 797 $ 42,935 (in thousands) Commercial and industrial CRE - investor owned CRE - owner occupied Construction and land development Residential real estate Consumer and other Total Balance June 30, 2019 Allowance for loan losses - Ending balance: Individually evaluated for impairment $ 2,402 $ 165 $ 9 $ — $ 23 $ — $ 2,599 Collectively evaluated for impairment 26,691 5,159 4,362 1,972 1,355 797 40,336 Total $ 29,093 $ 5,324 $ 4,371 $ 1,972 $ 1,378 $ 797 $ 42,935 Loans - Ending balance: Individually evaluated for impairment $ 15,112 $ 1,284 $ 1,629 $ — $ 3,060 $ — $ 21,085 Collectively evaluated for impairment 2,233,459 1,197,024 676,417 396,370 392,768 129,059 5,025,097 Total $ 2,248,571 $ 1,198,308 $ 678,046 $ 396,370 $ 395,828 $ 129,059 $ 5,046,182 Balance December 31, 2018 Allowance for loan losses - Ending balance: Individually evaluated for impairment $ 4,266 $ — $ 109 $ — $ 52 $ 26 $ 4,453 Collectively evaluated for impairment 24,773 4,683 4,130 1,987 1,564 705 37,842 Total $ 29,039 $ 4,683 $ 4,239 $ 1,987 $ 1,616 $ 731 $ 42,295 Loans - Ending balance: Individually evaluated for impairment $ 12,950 $ 398 $ 2,135 $ — $ 2,277 $ 311 $ 18,071 Collectively evaluated for impairment 2,108,058 843,330 602,363 330,097 296,667 105,014 4,285,529 Total $ 2,121,008 $ 843,728 $ 604,498 $ 330,097 $ 298,944 $ 105,325 $ 4,303,600 A summary of nonperforming loans individually evaluated for impairment by category at June 30, 2019 and December 31, 2018 , and the income recognized on impaired loans is as follows: June 30, 2019 (in thousands) Unpaid Recorded Recorded Allowance Total Related Allowance Average Commercial and industrial $ 28,835 $ 6,826 $ 8,286 $ 15,112 $ 2,402 $ 16,728 Real estate: Commercial - investor owned 1,948 459 825 1,284 165 1,460 Commercial - owner occupied 405 231 155 386 9 393 Construction and land development — — — — — — Residential 3,069 2,928 132 3,060 23 1,869 Consumer and other — — — — — — Total $ 34,257 $ 10,444 $ 9,398 $ 19,842 $ 2,599 $ 20,450 December 31, 2018 (in thousands) Unpaid Recorded Recorded Allowance Total Related Allowance Average Commercial and industrial $ 21,893 $ 3,294 $ 9,656 $ 12,950 $ 4,266 $ 13,827 Real estate: Commercial - investor owned 553 398 — 398 — 277 Commercial - owner occupied 847 472 336 808 109 691 Construction and land development — — — — — — Residential 2,425 1,659 618 2,277 52 778 Consumer and other 329 — 312 312 26 — Total $ 26,047 $ 5,823 $ 10,922 $ 16,745 $ 4,453 $ 15,573 Three months ended June 30, Six months ended June 30, (in thousands) 2019 2018 2019 2018 Total interest income that would have been recognized under original terms $ 210 $ 467 $ 647 $ 1,001 Total cash received and recognized as interest income on non-accrual loans 123 78 185 89 Total interest income recognized on accruing, impaired loans 110 13 113 23 The recorded investment in nonperforming loans by category at June 30, 2019 and December 31, 2018 , is as follows: June 30, 2019 (in thousands) Non-accrual Restructured, accruing Loans over 90 days past due and still accruing interest Total Commercial and industrial $ 11,009 $ 104 $ 3,999 $ 15,112 Real estate: Commercial - investor owned 1,284 — — 1,284 Commercial - owner occupied 386 — — 386 Construction and land development — — — — Residential 2,980 80 — 3,060 Consumer and other — — — — Total $ 15,659 $ 184 $ 3,999 $ 19,842 December 31, 2018 (in thousands) Non-accrual Restructured, accruing Total Commercial and industrial $ 12,805 $ 145 $ 12,950 Real estate: Commercial - investor owned 398 — 398 Commercial - owner occupied 808 — 808 Construction and land development — — — Residential 2,197 80 2,277 Consumer and other 312 — 312 Total $ 16,520 $ 225 $ 16,745 At June 30, 2019, loans over 90 days past due and still accruing totaled $4.0 million . There were no loans over 90 days past due and still accruing at December 31, 2018 . There were no loans restructured during the three and six months ended June 30, 2018 . The recorded investment by category for the portfolio loans that have been restructured during the three and six months ended June 30, 2019 , is as follows: June 30, 2019 (in thousands, except for number of loans) Number of loans Pre-Modification Outstanding Recorded Balance Post-Modification Outstanding Recorded Balance Real estate: Commercial - owner occupied 1 188 188 Residential 2 332 332 Total 3 $ 520 $ 520 As of June 30, 2019 , the Company had $1.0 million in specific reserves allocated to restructured loans totaling $3.5 million . Restructured loans that subsequently defaulted during the three and six months ended June 30, 2019 included one commercial and industrial loan with a recorded balance of $272,000 . There were no troubled debt restructured loans that subsequently defaulted during the three and six months ended June 30, 2018 . The aging of the recorded investment in past due loans by portfolio class and category at June 30, 2019 and December 31, 2018 , is shown below. June 30, 2019 (in thousands) 30-89 Days Past Due 90 or More Past Due Total Past Due Current Total Commercial and industrial $ 6,682 $ 12,562 $ 19,244 $ 2,229,327 $ 2,248,571 Real estate: Commercial - investor owned 1,647 1,096 2,743 1,195,565 1,198,308 Commercial - owner occupied 415 155 570 677,476 678,046 Construction and land development 41 — 41 396,329 396,370 Residential 1,147 2,649 3,796 392,032 395,828 Consumer and other 131 — 131 128,928 129,059 Total $ 10,063 $ 16,462 $ 26,525 $ 5,019,657 $ 5,046,182 December 31, 2018 (in thousands) 30-89 Days Past Due 90 or More Past Due Total Past Due Current Total Commercial and industrial $ 66 $ 10,257 $ 10,323 $ 2,110,685 $ 2,121,008 Real estate: Commercial - investor owned 529 127 656 843,072 843,728 Commercial - owner occupied 292 565 857 603,641 604,498 Construction and land development 6 — 6 330,091 330,097 Residential 709 897 1,606 297,338 298,944 Consumer and other — 312 312 105,013 105,325 Total $ 1,602 $ 12,158 $ 13,760 $ 4,289,840 $ 4,303,600 The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as current financial information, payment experience, credit documentation, and current economic factors among other factors. This analysis is performed on a quarterly basis. The Company uses the following definitions for risk ratings: • Grades 1 , 2 , and 3 – Includes loans to borrowers with a continuous record of strong earnings, sound balance sheet condition and capitalization, ample liquidity with solid cash flow, and whose management team has experience and depth within their industry. • Grade 4 – Includes loans to borrowers with positive trends in profitability, satisfactory capitalization and balance sheet condition, and sufficient liquidity and cash flow. • Grade 5 – Includes loans to borrowers that may display fluctuating trends in sales, profitability, capitalization, liquidity, and cash flow. • Grade 6 – Includes loans to borrowers where an adverse change or perceived weakness has occurred, but may be correctable in the near future. Alternatively, this rating category may also include circumstances where the borrower is starting to reverse a negative trend or condition, or has recently been upgraded from a 7 , 8 , or 9 rating. • Grade 7 – Watch credits are borrowers that have experienced financial setback of a nature that is not determined to be severe or influence ‘ongoing concern’ expectations. Although possible, no loss is anticipated, due to strong collateral and/or guarantor support. • Grade 8 – Substandard credits include those borrowers characterized by significant losses and sustained downward trends in balance sheet condition, liquidity, and cash flow. Repayment reliance may have shifted to secondary sources. Collateral exposure may exist and additional reserves may be warranted. • Grade 9 – Doubtful credits include borrowers that may show deteriorating trends that are unlikely to be corrected. Collateral values may appear insufficient for full recovery, therefore requiring a partial charge-off, or debt renegotiation with the borrower. The borrower may have declared bankruptcy or bankruptcy is likely in the near term. All doubtful rated credits will be on non-accrual. The recorded investment by risk category of the loans by portfolio class and category at June 30, 2019 , which is based upon the most recent analysis performed, and December 31, 2018 , is as follows: June 30, 2019 (in thousands) Pass (1-6) Watch (7) Classified (8 & 9) Total Commercial and industrial $ 2,035,655 $ 142,288 $ 70,628 $ 2,248,571 Real estate: Commercial - investor owned 1,175,396 19,884 3,028 1,198,308 Commercial - owner occupied 648,403 26,463 3,180 678,046 Construction and land development 390,532 5,774 64 396,370 Residential 387,610 3,011 5,207 395,828 Consumer and other 129,059 — — 129,059 Total $ 4,766,655 $ 197,420 $ 82,107 $ 5,046,182 December 31, 2018 (in thousands) Pass (1-6) Watch (7) Classified (8 & 9) Total Commercial and industrial $ 1,927,782 $ 146,033 $ 47,193 $ 2,121,008 Real estate: Commercial - investor owned 823,128 15,083 5,517 843,728 Commercial - owner occupied 563,003 31,834 9,661 604,498 Construction and land development 318,451 11,580 66 330,097 Residential 287,802 4,232 6,910 298,944 Consumer and other 105,007 6 312 105,325 Total $ 4,025,173 $ 208,768 $ 69,659 $ 4,303,600 |
Purchased Credit Impaired ("PCI
Purchased Credit Impaired ("PCI") Loans | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Purchase Credit Impaired (PCI) Loans | Below is a summary of PCI loans by category at June 30, 2019 which includes preliminary fair value adjustments related to the Trinity acquisition and December 31, 2018 : June 30, 2019 December 31, 2018 (in thousands) Weighted- Average Risk Rating 1 Recorded Investment PCI Loans Weighted- Average Risk Rating 1 Recorded Investment PCI Loans Commercial and industrial 5.80 $ 16,909 6.09 $ 2,159 Real estate: Commercial - investor owned 6.94 41,988 7.19 23,939 Commercial - owner occupied 6.68 22,616 7.39 9,669 Construction and land development 5.74 8,187 6.03 4,548 Residential 6.29 13,372 6.40 6,082 Total real estate loans 86,163 44,238 Consumer and other 5.11 243 2.18 4 Total $ 103,315 $ 46,401 1 Risk ratings are based on the borrower’s contractual obligation, which is not reflective of the purchase discount. The aging of the recorded investment in past due PCI loans by portfolio class and category at June 30, 2019 and December 31, 2018 , is shown below: June 30, 2019 (in thousands) 30-89 Days Past Due 90 or More Past Due Total Past Due Current Total Commercial and industrial $ 1,525 $ — $ 1,525 $ 15,384 $ 16,909 Real estate: Commercial - investor owned 1,317 1,917 3,234 38,754 41,988 Commercial - owner occupied — 1,381 1,381 21,235 22,616 Construction and land development 70 154 224 7,963 8,187 Residential 226 235 461 12,911 13,372 Consumer and other — — — 243 243 Total $ 3,138 $ 3,687 $ 6,825 $ 96,490 $ 103,315 December 31, 2018 (in thousands) 30-89 Days Past Due 90 or More Past Due Total Past Due Current Total Commercial and industrial $ — $ — $ — $ 2,159 $ 2,159 Real estate: Commercial - investor owned 416 88 504 23,435 23,939 Commercial - owner occupied 591 6,279 6,870 2,799 9,669 Construction and land development — — — 4,548 4,548 Residential 146 37 183 5,899 6,082 Consumer and other — — — 4 4 Total $ 1,153 $ 6,404 $ 7,557 $ 38,844 $ 46,401 The following table is a roll forward of PCI loans, net of the allowance for loan losses, for the six months ended June 30, 2019 and 2018 . (in thousands) Contractual Cashflows Non-accretable Difference Accretable Yield Carrying Amount Balance December 31, 2018 $ 73,157 $ 15,299 $ 12,638 $ 45,220 Acquisitions 111,963 13,542 30,238 68,183 Principal reductions and interest payments (19,285 ) — — (19,285 ) Accretion of loan discount — — (4,645 ) 4,645 Changes in contractual and expected cash flows due to remeasurement 7,725 (2,057 ) 627 9,155 Reductions due to disposals (8,709 ) (3,224 ) 5 (5,490 ) Balance June 30, 2019 $ 164,851 $ 23,560 $ 38,863 $ 102,428 Balance December 31, 2017 $ 112,710 $ 29,005 $ 13,964 $ 69,741 Principal reductions and interest payments (22,667 ) — — (22,667 ) Accretion of loan discount — — (3,400 ) 3,400 Changes in contractual and expected cash flows due to remeasurement 3,281 (8,771 ) 4,124 7,928 Balance June 30, 2018 $ 93,324 $ 20,234 $ 14,688 $ 58,402 The accretable yield is recognized in interest income over the estimated life of the acquired loans using the effective yield method. Outstanding customer balances on PCI loans were $151.1 million and $64.7 million as of June 30, 2019 , and December 31, 2018 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | LEASES The Company has banking and limited-service facilities, datacenters, and certain equipment leased under agreements. Most of the leases expire between 2019 and 2024 and include one or more renewal options of up to five years . One lease expires in 2030. All the leases are classified as operating leases. For the three months ended For the six months ended (in thousands) June 30, 2019 June 30, 2019 Operating lease cost $ 807 $ 1,613 Short-term lease cost 73 134 Less: sublease income $ (184 ) $ (272 ) Total lease cost $ 696 $ 1,475 Payments on operating leases included in the measurement of lease liabilities during the six months ended June 30, 2019 totaled $1.6 million . Supplemental balance sheet information related to leases was as follows: As of (in thousands) June 30, 2019 Operating lease right-of-use assets $ 14,164 Operating lease liabilities 14,815 Operating leases Weighted average remaining lease term 5 years Weighted average discount rate 3.0 % Maturities of operating lease liabilities were as follows: (in thousands) Year Amount 2019 $ 1,618 2020 3,246 2021 3,272 2022 2,709 2023 2,106 Thereafter 3,143 Total operating lease liabilities, payments 16,094 Less: present value adjustment 1,279 Operating lease liabilities $ 14,815 As of June 30, 2019, we have an operating lease amendment for the expansion of an existing facility that has not yet commenced. This amendment will commence in 2019 with a lease term of 8 years . During the quarter ended June 30, 2019, we executed an agreement, as landlord, to lease a portion of an owned building. The agreement will commence in the third quarter of 2019. The initial term is for 7 years, with an annual rental income of $1.3 million . |
Commitments
Commitments | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | COMMITMENTS AND CONTINGENCIES The Company issues financial instruments with off balance sheet risk in the normal course of the business of meeting the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. These instruments may involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the consolidated balance sheets. The Company’s extent of involvement and maximum potential exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual amount of these instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for financial instruments included on its consolidated balance sheets. At June 30, 2019 , the amount of unadvanced commitments on impaired loans was insignificant. The contractual amounts of off-balance-sheet financial instruments as of June 30, 2019 , and December 31, 2018 , are as follows: (in thousands) June 30, 2019 December 31, 2018 Commitments to extend credit $ 1,393,782 $ 1,344,687 Letters of credit 52,060 44,665 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments usually have fixed expiration dates or other termination clauses, may have significant usage restrictions, and may require payment of a fee. Of the total commitments to extend credit at June 30, 2019 , and December 31, 2018 , approximately $134.3 million and $68.5 million , respectively, represent fixed rate loan commitments. Since certain of the commitments may expire without being drawn upon or may be revoked, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the borrower. Collateral held varies, but may include accounts receivable, inventory, premises and equipment, and real estate. Other liabilities includes $0.4 million for estimated losses attributable to the unadvanced commitments at June 30, 2019 , and December 31, 2018 . Standby letters of credit are conditional commitments issued by the Company to guarantee the performance or payment of a customer to a third party. These standby letters of credit are issued to support contractual obligations of the Company’s customers. The credit risk involved in issuing letters of credit is essentially the same as the risk involved in extending loans to customers. As of June 30, 2019 , the approximate remaining terms of standby letters of credit range from 1 month to 5 years . Contingencies The Company and its subsidiaries are, from time to time, parties to various legal proceedings arising out of their businesses. Management believes there are no such proceedings pending or threatened against the Company or its subsidiaries which, if determined adversely, would have a material adverse effect on the business, consolidated financial condition, results of operations or cash flows of the Company or any of its subsidiaries. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTS Risk Management Objective of Using Derivatives The Company is exposed to certain risk arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s borrowings. The Company does not enter into derivative financial instruments for trading purposes. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. During 2019, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. These cash flow hedges swap variable 90 day LIBOR to a fixed rate of 2.62% on average for an average term of six years . For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income and subsequently reclassified into interest expense in the same period(s) during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are paid on the Company’s variable-rate debt. During the next twelve months, the Company estimates that an additional $0.4 million will be reclassified as a decrease to interest expense. Non-designated Hedges Derivatives not designated as hedges are not considered speculative and result from a service the Company provides to certain customers. The Company executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously hedged by offsetting derivatives that the Company executes with a third party, such that the Company minimizes its net risk exposure resulting from such transactions. As the interest rate derivatives associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer derivatives and the offsetting derivatives are recognized directly in earnings as a component of other noninterest income. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Balance Sheet as of June 30, 2019 and December 31, 2018. Derivative Assets Derivative Liabilities June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 (in thousands) Notional Amount Balance Sheet Location Fair Value Notional Amount Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives Designated as Hedging Instruments Interest rate swap $ 61,962 Other Assets $ — $ — Other Assets $ — Other Liabilities $ 2,939 Other Liabilities $ — Total $ — $ — $ 2,939 $ — Derivatives not Designated as Hedging Instruments Interest rate swap $ 609,454 Other Assets $ 10,511 $ 494,567 Other Assets $ 2,217 Other Liabilities $ 11,386 Other Liabilities $ 2,217 Foreign exchange forward contracts 613 Other Assets 613 806 Other Assets 806 Other Liabilities 613 Other Liabilities 806 Total $ 11,124 $ 3,023 $ 11,999 $ 3,023 The tables below present the effect of cash flow hedge accounting on Accumulated Other Comprehensive Income for the three and six months ended June 30, 2019. The Company did not have cash flow hedging instruments in 2018. Amount of Gain or (Loss) Recognized in OCI on Derivative Location of Gain or (Loss) Recognized from Accumulated Other Comprehensive Income into Income Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (in thousands) Three months ended June 30, 2019 Three months ended June 30, 2019 Derivatives in Cash Flow Hedging Relationships Interest rate swap $ (1,675 ) Interest Expense $ (6 ) Total $ (1,675 ) $ (6 ) Amount of Gain or (Loss) Recognized in OCI on Derivative Location of Gain or (Loss) Recognized from Accumulated Other Comprehensive Income into Income Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (in thousands) Six months ended June 30, 2019 Six months ended June 30, 2019 Derivatives in Cash Flow Hedging Relationships Interest rate swap $ (2,939 ) Interest Expense $ (6 ) Total $ (2,939 ) $ (6 ) The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s financial instruments that are subject to offsetting as of June 30, 2019 and December 31, 2018. The gross amounts of assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that financial assets and liabilities are presented on the Balance Sheet. As of June 30, 2019 Gross Amounts Not Offset in the Statement of Financial Position (in thousands) Gross Amounts Recognized Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets presented in the Statement of Financial Position Financial Instruments Fair Value Collateral Posted Net Amount Assets: Interest rate swap $ 10,511 $ — $ 10,511 $ 97 $ — $ 10,413 Liabilities: Interest rate swap $ 14,325 $ — $ 14,325 $ 97 $ 13,982 $ 246 Securities sold under agreements to repurchase 160,961 — 160,961 — 160,961 — As of December 31, 2018 Gross Amounts Not Offset in the Statement of Financial Position (in thousands) Gross Amounts Recognized Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets presented in the Statement of Financial Position Financial Instruments Fair Value Collateral Posted Net Amount Assets: Interest rate swap $ 2,217 $ — $ 2,217 $ — $ — $ 2,217 Liabilities: Interest rate swap $ 2,217 $ — $ 2,217 $ — $ — $ 2,217 Securities sold under agreements to repurchase 221,450 — 221,450 — 221,450 — As of June 30, 2019, the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $14.3 million . Further, the Company has minimum collateral posting thresholds with certain of its derivative counterparties and has posted collateral of $14.2 million |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS The following table summarizes financial instruments measured at fair value on a recurring basis as of June 30, 2019 and December 31, 2018 , segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: June 30, 2019 (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Assets Securities available for sale Obligations of U.S. Government-sponsored enterprises $ — $ 50,151 $ — $ 50,151 Obligations of states and political subdivisions — 118,696 — 118,696 Agency mortgage-backed securities — 924,047 — 924,047 U.S. Treasury bills — 10,205 — 10,205 Corporate debt securities — 119,953 119,953 Total securities available for sale — 1,223,052 — 1,223,052 Other investments 145 — — 145 Derivatives — 11,124 — 11,124 Total assets $ 145 $ 1,234,176 $ — $ 1,234,321 Liabilities Derivatives $ — $ 14,938 $ — $ 14,938 Total liabilities $ — $ 14,938 $ — $ 14,938 December 31, 2018 (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Assets Securities available for sale Obligations of U.S. Government-sponsored enterprises $ — $ 98,498 $ — $ 98,498 Obligations of states and political subdivisions — 26,810 — 26,810 Agency mortgage-backed securities — 586,136 — 586,136 U.S. Treasury bills — 9,925 — 9,925 Total securities available for sale — 721,369 — 721,369 Other investments 121 — — 121 Derivatives — 3,023 — 3,023 Total assets $ 121 $ 724,392 $ — $ 724,513 Liabilities Derivatives $ — $ 3,023 $ — $ 3,023 Total liabilities $ — $ 3,023 $ — $ 3,023 Level 3 financial instruments The following table presents the changes in Level 3 financial instruments measured at fair value on a recurring basis as of June 30, 2019 and 2018. State tax credits held for sale Three months ended June 30, Six months ended June 30, (in thousands) 2019 2018 2019 2018 Beginning balance $ — $ 350 $ — $ 400 Total gains: Included in earnings — 3 — 6 Purchases, sales, issuances and settlements: Sales — (54 ) — (107 ) Ending balance $ — $ 299 $ — $ 299 Change in unrealized gains (losses) relating to assets still held at the reporting date $ — $ (13 ) $ — $ (26 ) From time to time, the Company measures certain assets at fair value on a nonrecurring basis. These include assets measured at the lower of cost or fair value that were recognized at fair value below cost at the end of the period. (1) (1) (1) (1) (in thousands) Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant (Level 3) Total losses for the three Total losses for the six Impaired loans $ 1,054 $ — $ — $ 1,054 $ 1,199 $ 1,199 Total $ 1,054 $ — $ — $ 1,054 $ 1,199 $ 1,199 (1) The amounts represent only balances measured at fair value during the period and still held as of the reporting date. Following is a summary of the carrying amounts and fair values of the Company’s financial instruments on the consolidated balance sheets at June 30, 2019 and December 31, 2018 . Fair values that are not estimable are listed at the carrying value. June 30, 2019 December 31, 2018 (in thousands) Carrying Amount Estimated fair value Carrying Amount Estimated fair value Balance sheet assets Cash and due from banks $ 106,835 $ 106,835 $ 91,511 $ 91,511 Federal funds sold 2,744 2,744 1,714 1,714 Interest-bearing deposits 82,571 82,571 106,512 106,512 Securities available for sale 1,223,052 1,223,052 721,369 721,369 Securities held to maturity 62,725 63,061 65,679 63,934 Other investments, at cost 42,990 42,990 26,654 26,654 Loans held for sale 1,437 1,437 392 392 Derivative financial instruments 11,124 11,124 3,023 3,023 Portfolio loans, net 5,105,675 5,049,215 4,306,525 4,253,239 State tax credits, held for sale 37,294 39,037 37,587 39,169 Accrued interest receivable 27,008 27,008 16,069 16,069 Balance sheet liabilities Deposits 5,559,338 5,536,456 4,587,985 4,583,047 Subordinated debentures and notes 141,100 132,301 118,156 106,316 Federal Home Loan Bank advances 389,446 389,471 70,000 70,000 Other borrowings 198,104 197,988 223,450 223,260 Derivative financial instruments 14,938 14,938 3,023 3,023 Accrued interest payable 2,701 2,701 1,977 1,977 For information regarding the methods and assumptions used to estimate the fair value of each class of financial instruments for which it is practical to estimate such value, refer to Note 18 – Fair Value Measurements in the Company’s Annual Report on Form 10 -K for the year ended December 31, 2018 , as filed with the Securities and Exchange Commission. The following table presents the level in the fair value hierarchy for the estimated fair values of only the Company’s financial instruments that are not already presented on the condensed consolidated balance sheets at fair value at June 30, 2019 , and December 31, 2018 . Estimated Fair Value Measurement at Reporting Date Using Balance at June 30, 2019 (in thousands) Level 1 Level 2 Level 3 Financial Assets: Securities held to maturity $ — $ 63,031 $ — $ 63,031 Portfolio loans, net — — 5,049,215 5,049,215 State tax credits, held for sale — — 39,037 39,037 Financial Liabilities: Deposits 4,736,768 — 799,688 5,536,456 Subordinated debentures and notes — 132,301 — 132,301 Federal Home Loan Bank advances — 389,471 — 389,471 Other borrowings — 197,988 — 197,988 Estimated Fair Value Measurement at Reporting Date Using Balance at December 31, 2018 (in thousands) Level 1 Level 2 Level 3 Financial Assets: Securities held to maturity $ — $ 63,934 $ — $ 63,934 Portfolio loans, net — — 4,253,239 4,253,239 State tax credits, held for sale — — 39,169 39,169 Financial Liabilities: Deposits 3,903,556 — 679,491 4,583,047 Subordinated debentures and notes — 106,316 — 106,316 Federal Home Loan Bank advances — 70,000 — 70,000 Other borrowings — 223,260 — 223,260 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | GOODWILL AND INTANGIBLE ASSETS Goodwill increased $93.9 million to $211.3 million at June 30, 2019 from $117.3 million at December 31, 2018 due to the acquisition of Trinity, including $3.6 million recorded in the second quarter of 2019 from continued refinement of the fair values. The table below presents a summary of intangible assets: Six months ended (in thousands) June 30, 2019 Gross core deposit intangible balance, beginning of period $ 20,574 Additions 23,066 Gross core deposit intangible, end of period 43,640 Accumulated amortization (14,439 ) Core deposit intangible, net, end of year $ 29,201 Amortization expense on the core deposit intangibles was $1.6 million and $0.6 million for the quarters ended June 30, 2019 and 2018, and $2.4 million and $1.3 million for the six months ended June 30, 2019 and 2018, respectively. The core deposit intangibles are being amortized over a 10 year period. The following table reflects the expected amortization schedule for the core deposit intangible (in thousands) at June 30, 2019. Year Core Deposit Intangible 2019 $ 3,125 2020 5,608 2021 4,814 2022 4,085 2023 3,456 After 2023 8,113 $ 29,201 |
Subordinated Debentures
Subordinated Debentures | 6 Months Ended |
Jun. 30, 2019 | |
Subordinated Borrowings [Abstract] | |
Subordinated Debentures | SUBORDINATED DEBENTURES The amounts and terms of each issuance of the Company’s subordinated debentures at June 30, 2019 and December 31, 2018 were as follows: Amount Maturity Date Call Date Interest Rate (in thousands) June 30, 2019 December 31, 2018 EFSC Clayco Statutory Trust I $ 3,196 $ 3,196 December 17, 2033 December 17, 2008 Floats 3MO LIBOR + 2.85% EFSC Capital Trust II 5,155 5,155 June 17, 2034 June 17, 2009 Floats 3MO LIBOR + 2.65% EFSC Statutory Trust III 11,341 11,341 December 15, 2034 December 15, 2009 Floats 3MO LIBOR + 1.97% EFSC Clayco Statutory Trust II 4,124 4,124 September 15, 2035 September 15, 2010 Floats 3MO LIBOR + 1.83% EFSC Statutory Trust IV 10,310 10,310 December 15, 2035 December 15, 2010 Floats 3MO LIBOR + 1.44% EFSC Statutory Trust V 4,124 4,124 September 15, 2036 September 15, 2011 Floats 3MO LIBOR + 1.60% EFSC Capital Trust VI 14,433 14,433 March 30, 2037 March 30, 2012 Floats 3MO LIBOR + 1.60% EFSC Capital Trust VII 4,124 4,124 December 15, 2037 December 15, 2012 Floats 3MO LIBOR + 2.25% JEFFCO Stat Trust I (1) 7,953 8,019 February 22, 2031 February 22, 2011 Fixed 10.20% JEFFCO Stat Trust II (1) 4,362 4,335 March 17, 2034 March 17, 2009 Floats 3MO LIBOR + 2.75% Trinity Capital Trust III (1) 5,172 — September 8, 2034 September 8, 2009 Floats 3MO LIBOR + 2.70% Trinity Capital Trust IV (1) 10,284 — November 23, 2035 August 23, 2010 Fixed 6.88% Trinity Capital Trust V (1) 7,462 — December 15, 2036 September 15, 2011 Floats 3MO LIBOR + 1.65% Total junior subordinated debentures 92,040 69,161 Fixed-to-floating rate subordinated notes 50,000 50,000 November 1, 2026 November 1, 2021 Fixed 4.75% until Debt issuance costs (940 ) (1,005 ) Total fixed-to-floating rate subordinated notes 49,060 48,995 Total subordinated debentures and notes $ 141,100 $ 118,156 (1) Purchase accounting adjustments are reflected in the balance and also impact the effective interest rate. As part of the acquisition of Trinity, the Company acquired additional junior subordinated debentures issued by unconsolidated statutory trusts with a par value of $26.8 million . The Company has assigned a preliminary fair value of $22.8 million to these junior subordinated debentures. |
New Authoritative Accounting Gu
New Authoritative Accounting Guidance | 6 Months Ended |
Jun. 30, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Authoritative Accounting Guidance | NEW AUTHORITATIVE ACCOUNTING GUIDANCE Financial Accounting Standards Board (the “FASB”) ASU 2018-15 “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement” In August 2018, the FASB issued ASU 2018-15, which amends ASC 350-402 to address a customer’s accounting for implementation costs incurred in a cloud computing arrangement (CCA) that is a service contract. ASU 2018-15 aligns the accounting for costs incurred to implement a CCA that is a service arrangement with the guidance on capitalizing costs associated with developing or obtaining internal-use software. Specifically, the ASU amends ASC 350 to include in its scope implementation costs of a CCA that is a service contract and clarifies that a customer should apply ASC 350-40 to determine which implementation costs should be capitalized in a CCA that is considered a service contract. The amendments are effective for public business entities for annual periods beginning after December 15, 2019, including interim periods within those annual periods, with early adoption being permitted. The Company is currently evaluating the new guidance and has not yet determined the impact this standard may have on its consolidated balance sheets. FASB ASU 2018-13 “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement” In August 2018, the FASB issued ASU 2018-13, which changes the fair value measurement disclosure requirements of ASC 820. The amendments in this ASU are the result of a broader disclosure project called FASB Concepts Statement, Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, which the Board finalized on August 28, 2018. The Board used the guidance in the Concepts Statement, including consideration of costs and benefits, to improve the effectiveness of ASC 820’s disclosure requirements. The amendments in this update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted upon issuance of this update. An entity is permitted to early adopt any removed or modified disclosures upon issuance of this update and delay adoption of the additional disclosures until their effective date. The Company has selected the option to adopt the removal or modification of disclosures during the second quarter of 2019. The Company is currently evaluating the additional disclosures and has not yet determined the impact this standard may have on its consolidated financial statements. FASB ASU 2016-13 “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” In June 2016, the FASB issued ASU 2016-13, “Financial Instruments (Topic 326)” which changes the methodology for evaluating impairment of most financial instruments. The ASU replaces the currently used incurred loss model with a forward-looking expected loss model, which will generally result in a more timely recognition of losses. Existing PCI assets will be grandfathered and classified as purchased credit deteriorated (PCD) assets at the date of adoption. The PCD assets will be grossed up for the allowance for expected credit losses at the date of adoption and the noncredit discount will continue to be recognized in interest income based on the yield of such assets as of the adoption date. Subsequent changes in expected credit losses on PCD assets will be recorded through the allowance. The guidance becomes effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company has formed an implementation team that includes members of accounting, credit, and loan operations to review the requirements of ASU 2016-13, and has contracted with a software provider to aid in implementation. The Company has assessed its data and system needs, selected portfolio segmentations, and is continuing to refine forecast inputs, document, test and evaluate the loss forecasting models to determine the impact that adoption of this standard will have on the Company’s financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Business and Consolidation | Basis of Financial Statement Presentation The accompanying unaudited condensed consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The condensed consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly owned. All intercompany accounts and transactions have been eliminated. In the opinion of management, the consolidated financial statements contain all adjustments (consisting of normal recurring accruals) considered necessary for the fair presentation of the statements of financial position, results of operations, and cash flow for the interim periods. Recently Adopted Accounting Pronouncements During the first quarter of 2019, the Company adopted Accounting Standards Update (“ASU”) 2017-08, “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities.” ASU 2017-08 shortens the amortization period of certain callable debt securities held at a premium to the earliest call date. The adoption of this update did not have a material effect on the Company's consolidated financial statements. The Company adopted ASU 2016-02 “Leases (Topic 842)” using the optional transition method effective on January 1, 2019. ASU 2016-02 requires organizations that lease assets to recognize the assets and liabilities for the rights and obligations created by leases. The Company recorded $15.5 million for right-to-use assets and $16.2 million for lease liabilities related to operating leases. The Company elected the practical expedients package which eliminates (1) the need to reassess whether any expired or existing contracts are or contain a lease, (2) the need to reassess the lease classification, and (3) the need to reassess initial direct costs for any existing leases. The Company also elected an accounting policy to not recognize assets and liabilities on leases 12 months or less, and an accounting policy for equipment and real estate leases to not separate nonlease components because the impact was immaterial. Acquisitions Acquisitions and business combinations are accounted for using the acquisition method of accounting. The assets and liabilities of the acquired entities have been recorded at their estimated fair values at the date of acquisition. Goodwill represents the excess of the purchase price over the fair value of net assets acquired, including the amount assigned to identifiable intangible assets. The purchase price allocation process requires an estimation of the fair values of the assets acquired and the liabilities assumed. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the Company includes an estimate of the acquisition-date fair value as part of the cost of the combination. To determine the fair values, the Company relies on third party valuations, such as appraisals, or internal valuations based on discounted cash flow analyses or other valuation techniques. The results of operations of the acquired business are included in the Company’s consolidated financial statements from the date of acquisition. Merger related costs are costs the Company incurs to effect a business combination. The Company presents merger related expenses as a separate component of Noninterest expenses on the Condensed Consolidated Statements of Operations. Merger related expenses include costs directly related to merger or acquisition activity and include legal and professional fees, system consolidation and conversion costs, gain or loss on sale of investment securities incurred through repositioning the acquired investment portfolio, and compensation costs such as severance and retention incentives for employees impacted by acquisition activity. The Company accounts for merger-related costs as expenses in the periods in which the costs are incurred and the services are received. Revenue The Company’s revenues are primarily composed of interest income on financial instruments, including investment securities, which are excluded from the scope of the new guidance. Certain other noninterest income from loans, investment securities and derivative financial instruments is also excluded from this guidance. Service charges on deposit accounts, wealth management revenue, card services revenue, and gain on sale of other real estate are within the scope of the guidance; however, there were no accounting policy changes as the Company’s policies were consistent with the new guidance. Other noninterest income sources of revenue are considered immaterial. Implementation of this guidance did not change current business practices or have any changes to the Company’s consolidated financial statements. Descriptions of our revenue-generating activities within the scope of this guidance, which are presented in our income statement as components of noninterest income, are as follows: • Service charges on deposit accounts - represents fees generated from a variety of deposit products and services provided to customers under a day-to-day contract. These fees are recognized on a daily or monthly basis. • Wealth management revenue - represents monthly fees earned from directing, holding, and managing customers’ assets. Revenue is recognized over regular intervals, either monthly or quarterly. • Card services revenue - represents revenue earned from merchant, debit and credit cards as incurred and includes a contra revenue account for rebates. • Gain on sale of other real estate - represents income recognized at delivery of control of a property at the time of a real estate closing. Leases We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets on our consolidated balance sheet. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. We use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made prior to commencement and excludes lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. We account for the lease and non-lease components as a single lease component. Assumptions and judgments are used in applying ASC 842 and may include (1) the decision framework for identifying a lease, (2) the accounting policy election for equipment and real estate leases to not separate nonlease components, and (3) the discount rate for determining the initial present value of the lease payments which is based on information available at the commencement date for determining the lease term and assessing if optional periods are reasonably likely to be exercised. For the calculation at January 1, 2019, the discount rate was based on the remaining lease terms. Derivative Instruments and Hedging Activities FASB ASC 815, Derivatives and Hedging (“ASC 815”), provides the disclosure requirements for derivatives and hedging activities with the intent to provide users of financial statements with an enhanced understanding of: (a) how and why an entity uses derivative instruments, (b) how the entity accounts for derivative instruments and related hedged items, and (c) how derivative instruments and related hedged items affect an entity’s financial position, financial performance, and cash flows. Further, qualitative disclosures are required that explain the Company’s objectives and strategies for using derivatives, as well as quantitative disclosures about the fair value of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative instruments. The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply, or the Company elects not to apply hedge accounting. The Company does not offset derivative asset and liability positions. However, the Company's exposure to the credit risk of its derivative financial instruments is generally mitigated by master netting agreements with its counterparties. The Alternative Reference Rates Committee ("ARRC") has proposed that the Secured Overnight Funding Rate ("SOFR") replace LIBOR. ARRC has proposed that the transition to SOFR from LIBOR will take place by the end of 2021. The Company has material contracts indexed to LIBOR. Industry organizations are currently working on the transition plan. The Company is monitoring this activity and evaluating the risks involved. |
Available-for-sale Securities | Management systematically evaluates investment securities for other-than-temporary declines in fair value on a quarterly basis. This analysis requires management to consider various factors, which include among other considerations (1) the present value of the cash flows expected to be collected compared to the amortized cost of the security, (2) duration and magnitude of the decline in value, (3) the financial condition of the issuer or issuers, (4) structure of the security, and (5) the intent to sell the security or whether it is more likely than not the Company would be required to sell the security before its anticipated recovery in market value. At June 30, 2019 , management performed its quarterly analysis of all securities with an unrealized loss and concluded no individual securities were other-than-temporarily impaired. |
Acquisition (Tables)
Acquisition (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Summary of Assets Acquired and Liabilities Assumed | The following table presents the assets acquired and liabilities assumed of Trinity as of March 8, 2019. The following information is presented on a provisional basis based upon all information available to the Company at the present time and is subject to change, and such changes could be material. The Company continues to review the underlying assumptions and valuation techniques utilized to calculate the fair value of certain definite-lived intangibles, loans, goodwill and deferred income taxes. Additional adjustments may be recorded during the allocation period specified by ASC 805 as additional information becomes known. Adjustments in the second quarter of 2019 increased goodwill by $3.6 million. (in thousands) As Recorded by Trinity Adjustments As Recorded by EFSC Assets acquired: Cash and cash equivalents $ 13,899 $ — $ 13,899 Interest-earning deposits greater than 90 days 100 — 100 Securities 428,715 (619 ) (a) 428,096 Loans 705,057 (20,743 ) (b) 684,314 Other real estate 5,284 (772 ) (c) 4,512 Other investments 6,673 — 6,673 Fixed assets 27,586 (300 ) (d) 27,286 Accrued interest receivable 3,997 — 3,997 Intangible assets — 23,066 (e) 23,066 Deferred tax assets 10,708 (1,057 ) (f) 9,651 Other assets 35,045 (5,008 ) (g) 30,037 Total assets acquired $ 1,237,064 $ (5,433 ) $ 1,231,631 Liabilities assumed: Deposits $ 1,081,151 $ 36 (h) $ 1,081,187 Subordinated debentures 26,806 (3,972 ) (i) 22,834 Federal Home Loan Bank advances 6,800 171 (j) 6,971 Accrued interest payable 370 — 370 Other liabilities 5,842 (827 ) (k) 5,015 Total liabilities assumed $ 1,120,969 $ (4,592 ) $ 1,116,377 Net assets acquired $ 116,095 $ (841 ) $ 115,254 Consideration paid: Cash $ 37,275 Common stock 171,885 Total consideration paid $ 209,160 Goodwill $ 93,906 (a) Fair value adjustments of the securities portfolio as of the acquisition date. (b) Fair value adjustments based on the Company’s evaluation of the acquired loan portfolio, write-off of net deferred loan costs and elimination of the allowance for loan losses recorded by Trinity. (c) Fair value adjustment based on the Company’s evaluation of the acquired OREO portfolio. (d) Fair value adjustments based on the Company’s evaluation of the acquired premises and equipment. (e) Record the core deposit intangible asset on the acquired core deposit accounts. Amount to be amortized using a sum of years digits method over a useful life of 10 years . (f) Adjustment for deferred taxes at the acquisition date. (g) Fair value adjustment of other assets at the acquisition date. (h) Fair value adjustment to time deposits. (i) Fair value adjustment to the trust preferred securities at the acquisition date. (j) Fair value adjustment to the Federal Home Loan Bank borrowings. (k) Fair value adjustment of other liabilities recorded during the second quarter of 2019 upon continued refinement of the fair values. |
Schedule of Pro Forma Results | The following table provides the unaudited pro forma information for the results of operations for the six months ended June 30, 2019 and 2018, as if the acquisition had occurred on January 1, 2018. The pro forma results combine the historical results of Trinity with the Company’s Consolidated Statements of Income, adjusted for the impact of the application of the acquisition method of accounting including loan discount accretion, intangible assets amortization, and deposit and trust preferred securities premium accretion, net of taxes. The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results that would have been obtained had the acquisition actually occurred on January 1, 2018. No assumptions have been applied to the pro forma results of operations regarding possible revenue enhancements, expense efficiencies or asset dispositions. Only the acquisition related expenses that have been incurred as of June 30, 2019 are included in net income in the table below. Pro Forma Six months ended June 30, (in thousands, except per share data) 2019 2018 Total revenues (net interest income plus noninterest income) $ 144,915 $ 140,612 Net income 48,987 33,616 Diluted earnings per common share 1.65 1.23 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Summary of Per Common Share Data and Amounts | The following table presents a summary of per common share data and amounts for the periods indicated. Three months ended June 30, Six months ended June 30, (in thousands, except per share data) 2019 2018 2019 2018 Net income as reported $ 18,424 $ 22,251 $ 34,580 $ 43,172 Weighted average common shares outstanding 26,887 23,124 25,415 23,119 Additional dilutive common stock equivalents 53 194 73 213 Weighted average diluted common shares outstanding 26,940 23,318 25,488 23,332 Basic earnings per common share: $ 0.69 $ 0.96 $ 1.36 $ 1.87 Diluted earnings per common share: 0.68 0.95 $ 1.36 $ 1.85 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation | The following table presents the amortized cost, gross unrealized gains and losses and fair value of securities available for sale and held to maturity: June 30, 2019 (in thousands) Amortized Cost Gross Gross Fair Value Available for sale securities: Obligations of U.S. Government-sponsored enterprises $ 49,998 $ 153 $ — $ 50,151 Obligations of states and political subdivisions 114,173 4,523 — 118,696 Agency mortgage-backed securities 911,770 14,122 (1,845 ) 924,047 U.S. Treasury bills 9,966 239 — 10,205 Corporate debt securities 116,434 3,519 — 119,953 Total securities available for sale $ 1,202,341 $ 22,556 $ (1,845 ) $ 1,223,052 Held to maturity securities: Obligations of states and political subdivisions $ 12,474 $ 160 $ (1 ) $ 12,633 Agency mortgage-backed securities 50,251 251 (74 ) 50,428 Total securities held to maturity $ 62,725 $ 411 $ (75 ) $ 63,061 December 31, 2018 (in thousands) Amortized Cost Gross Gross Fair Value Available for sale securities: Obligations of U.S. Government-sponsored enterprises $ 99,926 $ — $ (1,428 ) $ 98,498 Obligations of states and political subdivisions 26,566 327 (83 ) 26,810 Agency mortgage-backed securities 596,825 1,160 (11,849 ) 586,136 U.S. Treasury Bills $ 9,962 $ — $ (37 ) $ 9,925 Total securities available for sale $ 733,279 $ 1,487 $ (13,397 ) $ 721,369 Held to maturity securities: Obligations of states and political subdivisions $ 12,506 $ 16 $ (114 ) $ 12,408 Agency mortgage-backed securities 53,173 — (1,647 ) 51,526 Total securities held to maturity $ 65,679 $ 16 $ (1,761 ) $ 63,934 |
Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation | The following table presents the amortized cost, gross unrealized gains and losses and fair value of securities available for sale and held to maturity: June 30, 2019 (in thousands) Amortized Cost Gross Gross Fair Value Available for sale securities: Obligations of U.S. Government-sponsored enterprises $ 49,998 $ 153 $ — $ 50,151 Obligations of states and political subdivisions 114,173 4,523 — 118,696 Agency mortgage-backed securities 911,770 14,122 (1,845 ) 924,047 U.S. Treasury bills 9,966 239 — 10,205 Corporate debt securities 116,434 3,519 — 119,953 Total securities available for sale $ 1,202,341 $ 22,556 $ (1,845 ) $ 1,223,052 Held to maturity securities: Obligations of states and political subdivisions $ 12,474 $ 160 $ (1 ) $ 12,633 Agency mortgage-backed securities 50,251 251 (74 ) 50,428 Total securities held to maturity $ 62,725 $ 411 $ (75 ) $ 63,061 December 31, 2018 (in thousands) Amortized Cost Gross Gross Fair Value Available for sale securities: Obligations of U.S. Government-sponsored enterprises $ 99,926 $ — $ (1,428 ) $ 98,498 Obligations of states and political subdivisions 26,566 327 (83 ) 26,810 Agency mortgage-backed securities 596,825 1,160 (11,849 ) 586,136 U.S. Treasury Bills $ 9,962 $ — $ (37 ) $ 9,925 Total securities available for sale $ 733,279 $ 1,487 $ (13,397 ) $ 721,369 Held to maturity securities: Obligations of states and political subdivisions $ 12,506 $ 16 $ (114 ) $ 12,408 Agency mortgage-backed securities 53,173 — (1,647 ) 51,526 Total securities held to maturity $ 65,679 $ 16 $ (1,761 ) $ 63,934 |
Investments Classified by Contractual Maturity Date | The amortized cost and estimated fair value of debt securities at June 30, 2019 , by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The weighted average life of the mortgage-backed securities is approximately 4 years. Available for sale Held to maturity (in thousands) Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due in one year or less $ 1,571 $ 1,579 $ — $ — Due after one year through five years 67,794 68,369 3,883 3,931 Due after five years through ten years 127,156 131,019 8,591 8,702 Due after ten years 94,050 98,038 — — Agency mortgage-backed securities 911,770 924,047 50,251 50,428 $ 1,202,341 $ 1,223,052 $ 62,725 $ 63,061 |
Schedule of Unrealized Loss on Investments | The following table represents a summary of investment securities that had an unrealized loss: June 30, 2019 Less than 12 months 12 months or more Total (in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Obligations of states and political subdivisions 386 1 839 — 1,225 1 Agency mortgage-backed securities 17,122 300 178,017 1,619 195,139 1,919 $ 17,508 $ 301 $ 178,856 $ 1,619 $ 196,364 $ 1,920 December 31, 2018 Less than 12 months 12 months or more Total (in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Obligations of U.S. Government-sponsored enterprises $ 19,622 $ 322 $ 78,876 $ 1,106 $ 98,498 $ 1,428 Obligations of states and political subdivisions 3,102 15 14,156 182 17,258 197 Agency mortgage-backed securities 87,357 2,211 389,770 11,285 477,127 13,496 U.S. Treasury bills — — 9,925 37 9,925 37 $ 110,081 $ 2,548 $ 492,727 $ 12,610 $ 602,808 $ 15,158 |
Loans (Tables)
Loans (Tables) - Portfolio loans, net | 6 Months Ended |
Jun. 30, 2019 | |
Non-covered Loans [Line Items] | |
Summary of Portfolio Loans by Category | The table below shows the loan portfolio composition including carrying value categorized by loans accounted for at amortized cost, which includes our originated loans, and by loans accounted for as PCI. (in thousands) June 30, 2019 December 31, 2018 Loans accounted for at amortized cost $ 5,046,182 $ 4,303,600 Loans accounted for as PCI 103,315 46,401 Total loans $ 5,149,497 $ 4,350,001 At June 30, 2019, loans acquired in the Trinity acquisition included $600 million accounted for at amortized cost and $68 million accounted for as PCI. These loans were recorded at fair value with no allowance for loan losses. The table below shows the composition of the allowance for loan losses: (in thousands) June 30, 2019 December 31, 2018 Allowance for loans accounted for at amortized cost $ 42,935 $ 42,295 Allowance for loans accounted for as PCI 887 1,181 Total allowance for loan losses $ 43,822 $ 43,476 The following tables are not applicable to PCI loans. Below is a summary of loans by category at June 30, 2019 and December 31, 2018 : (in thousands) June 30, 2019 December 31, 2018 Commercial and industrial $ 2,248,571 $ 2,121,008 Real estate: Commercial - investor owned 1,198,308 843,728 Commercial - owner occupied 678,046 604,498 Construction and land development 396,370 330,097 Residential 395,828 298,944 Total real estate loans 2,668,552 2,077,267 Consumer and other 131,041 107,351 Loans, before unearned loan fees 5,048,164 4,305,626 Unearned loan fees, net (1,982 ) (2,026 ) Loans, including unearned loan fees $ 5,046,182 $ 4,303,600 |
Summary of Allowance for Loan Losses and the Recorded Investment in Portfolio Loans by Class and Category Based on Impairment Method | A summary of the activity in the allowance for loan losses and the recorded investment in loans by class and category based on impairment methodology through June 30, 2019 , and at December 31, 2018 , is as follows: (in thousands) Commercial and industrial CRE - investor owned CRE - owner occupied Construction and land development Residential real estate Consumer and other Total Allowance for loan losses: Balance at December 31, 2018 $ 29,039 $ 4,683 $ 4,239 $ 1,987 $ 1,616 $ 731 $ 42,295 Provision (provision reversal) for loan losses 1,445 769 (431 ) (252 ) (288 ) 233 1,476 Losses charged off (1,853 ) (120 ) (36 ) (45 ) (67 ) (129 ) (2,250 ) Recoveries 29 7 2 9 364 13 424 Balance at March 31, 2019 $ 28,660 $ 5,339 $ 3,774 $ 1,699 $ 1,625 $ 848 $ 41,945 Provision (provision reversal) for loan losses 1,781 364 591 (216 ) (345 ) (215 ) 1,960 Losses charged off (1,380 ) (431 ) — — (26 ) (53 ) (1,890 ) Recoveries 32 52 6 489 124 217 920 Balance at June 30, 2019 $ 29,093 $ 5,324 $ 4,371 $ 1,972 $ 1,378 $ 797 $ 42,935 (in thousands) Commercial and industrial CRE - investor owned CRE - owner occupied Construction and land development Residential real estate Consumer and other Total Balance June 30, 2019 Allowance for loan losses - Ending balance: Individually evaluated for impairment $ 2,402 $ 165 $ 9 $ — $ 23 $ — $ 2,599 Collectively evaluated for impairment 26,691 5,159 4,362 1,972 1,355 797 40,336 Total $ 29,093 $ 5,324 $ 4,371 $ 1,972 $ 1,378 $ 797 $ 42,935 Loans - Ending balance: Individually evaluated for impairment $ 15,112 $ 1,284 $ 1,629 $ — $ 3,060 $ — $ 21,085 Collectively evaluated for impairment 2,233,459 1,197,024 676,417 396,370 392,768 129,059 5,025,097 Total $ 2,248,571 $ 1,198,308 $ 678,046 $ 396,370 $ 395,828 $ 129,059 $ 5,046,182 Balance December 31, 2018 Allowance for loan losses - Ending balance: Individually evaluated for impairment $ 4,266 $ — $ 109 $ — $ 52 $ 26 $ 4,453 Collectively evaluated for impairment 24,773 4,683 4,130 1,987 1,564 705 37,842 Total $ 29,039 $ 4,683 $ 4,239 $ 1,987 $ 1,616 $ 731 $ 42,295 Loans - Ending balance: Individually evaluated for impairment $ 12,950 $ 398 $ 2,135 $ — $ 2,277 $ 311 $ 18,071 Collectively evaluated for impairment 2,108,058 843,330 602,363 330,097 296,667 105,014 4,285,529 Total $ 2,121,008 $ 843,728 $ 604,498 $ 330,097 $ 298,944 $ 105,325 $ 4,303,600 |
Financing Receivable, Noncurrent, Allowance for Credit Loss [Table Text Block] | A summary of the activity in the allowance for loan losses and the recorded investment in loans by class and category based on impairment methodology through June 30, 2019 , and at December 31, 2018 , is as follows: (in thousands) Commercial and industrial CRE - investor owned CRE - owner occupied Construction and land development Residential real estate Consumer and other Total Allowance for loan losses: Balance at December 31, 2018 $ 29,039 $ 4,683 $ 4,239 $ 1,987 $ 1,616 $ 731 $ 42,295 Provision (provision reversal) for loan losses 1,445 769 (431 ) (252 ) (288 ) 233 1,476 Losses charged off (1,853 ) (120 ) (36 ) (45 ) (67 ) (129 ) (2,250 ) Recoveries 29 7 2 9 364 13 424 Balance at March 31, 2019 $ 28,660 $ 5,339 $ 3,774 $ 1,699 $ 1,625 $ 848 $ 41,945 Provision (provision reversal) for loan losses 1,781 364 591 (216 ) (345 ) (215 ) 1,960 Losses charged off (1,380 ) (431 ) — — (26 ) (53 ) (1,890 ) Recoveries 32 52 6 489 124 217 920 Balance at June 30, 2019 $ 29,093 $ 5,324 $ 4,371 $ 1,972 $ 1,378 $ 797 $ 42,935 (in thousands) Commercial and industrial CRE - investor owned CRE - owner occupied Construction and land development Residential real estate Consumer and other Total Balance June 30, 2019 Allowance for loan losses - Ending balance: Individually evaluated for impairment $ 2,402 $ 165 $ 9 $ — $ 23 $ — $ 2,599 Collectively evaluated for impairment 26,691 5,159 4,362 1,972 1,355 797 40,336 Total $ 29,093 $ 5,324 $ 4,371 $ 1,972 $ 1,378 $ 797 $ 42,935 Loans - Ending balance: Individually evaluated for impairment $ 15,112 $ 1,284 $ 1,629 $ — $ 3,060 $ — $ 21,085 Collectively evaluated for impairment 2,233,459 1,197,024 676,417 396,370 392,768 129,059 5,025,097 Total $ 2,248,571 $ 1,198,308 $ 678,046 $ 396,370 $ 395,828 $ 129,059 $ 5,046,182 Balance December 31, 2018 Allowance for loan losses - Ending balance: Individually evaluated for impairment $ 4,266 $ — $ 109 $ — $ 52 $ 26 $ 4,453 Collectively evaluated for impairment 24,773 4,683 4,130 1,987 1,564 705 37,842 Total $ 29,039 $ 4,683 $ 4,239 $ 1,987 $ 1,616 $ 731 $ 42,295 Loans - Ending balance: Individually evaluated for impairment $ 12,950 $ 398 $ 2,135 $ — $ 2,277 $ 311 $ 18,071 Collectively evaluated for impairment 2,108,058 843,330 602,363 330,097 296,667 105,014 4,285,529 Total $ 2,121,008 $ 843,728 $ 604,498 $ 330,097 $ 298,944 $ 105,325 $ 4,303,600 |
Summary of Portfolio Loans Individually Evaluated for Impairment and Recorded Investment in Impaired Non-Covered Loans by Category | The recorded investment in nonperforming loans by category at June 30, 2019 and December 31, 2018 , is as follows: June 30, 2019 (in thousands) Non-accrual Restructured, accruing Loans over 90 days past due and still accruing interest Total Commercial and industrial $ 11,009 $ 104 $ 3,999 $ 15,112 Real estate: Commercial - investor owned 1,284 — — 1,284 Commercial - owner occupied 386 — — 386 Construction and land development — — — — Residential 2,980 80 — 3,060 Consumer and other — — — — Total $ 15,659 $ 184 $ 3,999 $ 19,842 December 31, 2018 (in thousands) Non-accrual Restructured, accruing Total Commercial and industrial $ 12,805 $ 145 $ 12,950 Real estate: Commercial - investor owned 398 — 398 Commercial - owner occupied 808 — 808 Construction and land development — — — Residential 2,197 80 2,277 Consumer and other 312 — 312 Total $ 16,520 $ 225 $ 16,745 A summary of nonperforming loans individually evaluated for impairment by category at June 30, 2019 and December 31, 2018 , and the income recognized on impaired loans is as follows: June 30, 2019 (in thousands) Unpaid Recorded Recorded Allowance Total Related Allowance Average Commercial and industrial $ 28,835 $ 6,826 $ 8,286 $ 15,112 $ 2,402 $ 16,728 Real estate: Commercial - investor owned 1,948 459 825 1,284 165 1,460 Commercial - owner occupied 405 231 155 386 9 393 Construction and land development — — — — — — Residential 3,069 2,928 132 3,060 23 1,869 Consumer and other — — — — — — Total $ 34,257 $ 10,444 $ 9,398 $ 19,842 $ 2,599 $ 20,450 December 31, 2018 (in thousands) Unpaid Recorded Recorded Allowance Total Related Allowance Average Commercial and industrial $ 21,893 $ 3,294 $ 9,656 $ 12,950 $ 4,266 $ 13,827 Real estate: Commercial - investor owned 553 398 — 398 — 277 Commercial - owner occupied 847 472 336 808 109 691 Construction and land development — — — — — — Residential 2,425 1,659 618 2,277 52 778 Consumer and other 329 — 312 312 26 — Total $ 26,047 $ 5,823 $ 10,922 $ 16,745 $ 4,453 $ 15,573 Three months ended June 30, Six months ended June 30, (in thousands) 2019 2018 2019 2018 Total interest income that would have been recognized under original terms $ 210 $ 467 $ 647 $ 1,001 Total cash received and recognized as interest income on non-accrual loans 123 78 185 89 Total interest income recognized on accruing, impaired loans 110 13 113 23 |
Summary of Recorded Investment by Category for Portfolio Loans Restructured | There were no loans restructured during the three and six months ended June 30, 2018 . The recorded investment by category for the portfolio loans that have been restructured during the three and six months ended June 30, 2019 , is as follows: June 30, 2019 (in thousands, except for number of loans) Number of loans Pre-Modification Outstanding Recorded Balance Post-Modification Outstanding Recorded Balance Real estate: Commercial - owner occupied 1 188 188 Residential 2 332 332 Total 3 $ 520 $ 520 |
Summary of Recorded Investment by Category for Portfolio Loans Restructured and Subsequently Defaulted | Restructured loans that subsequently defaulted during the three and six months ended June 30, 2019 included one commercial and industrial loan with a recorded balance of $272,000 . There were no troubled debt restructured loans that subsequently defaulted during the three and six months ended June 30, 2018 . |
Summary of Aging of Recorded Investment in Past Due Portfolio Loans by Portfolio Class and Category | The aging of the recorded investment in past due loans by portfolio class and category at June 30, 2019 and December 31, 2018 , is shown below. June 30, 2019 (in thousands) 30-89 Days Past Due 90 or More Past Due Total Past Due Current Total Commercial and industrial $ 6,682 $ 12,562 $ 19,244 $ 2,229,327 $ 2,248,571 Real estate: Commercial - investor owned 1,647 1,096 2,743 1,195,565 1,198,308 Commercial - owner occupied 415 155 570 677,476 678,046 Construction and land development 41 — 41 396,329 396,370 Residential 1,147 2,649 3,796 392,032 395,828 Consumer and other 131 — 131 128,928 129,059 Total $ 10,063 $ 16,462 $ 26,525 $ 5,019,657 $ 5,046,182 December 31, 2018 (in thousands) 30-89 Days Past Due 90 or More Past Due Total Past Due Current Total Commercial and industrial $ 66 $ 10,257 $ 10,323 $ 2,110,685 $ 2,121,008 Real estate: Commercial - investor owned 529 127 656 843,072 843,728 Commercial - owner occupied 292 565 857 603,641 604,498 Construction and land development 6 — 6 330,091 330,097 Residential 709 897 1,606 297,338 298,944 Consumer and other — 312 312 105,013 105,325 Total $ 1,602 $ 12,158 $ 13,760 $ 4,289,840 $ 4,303,600 |
Summary of Recorded Investment by Risk Category of Portfolio Loans by Portfolio Class and Category | The recorded investment by risk category of the loans by portfolio class and category at June 30, 2019 , which is based upon the most recent analysis performed, and December 31, 2018 , is as follows: June 30, 2019 (in thousands) Pass (1-6) Watch (7) Classified (8 & 9) Total Commercial and industrial $ 2,035,655 $ 142,288 $ 70,628 $ 2,248,571 Real estate: Commercial - investor owned 1,175,396 19,884 3,028 1,198,308 Commercial - owner occupied 648,403 26,463 3,180 678,046 Construction and land development 390,532 5,774 64 396,370 Residential 387,610 3,011 5,207 395,828 Consumer and other 129,059 — — 129,059 Total $ 4,766,655 $ 197,420 $ 82,107 $ 5,046,182 December 31, 2018 (in thousands) Pass (1-6) Watch (7) Classified (8 & 9) Total Commercial and industrial $ 1,927,782 $ 146,033 $ 47,193 $ 2,121,008 Real estate: Commercial - investor owned 823,128 15,083 5,517 843,728 Commercial - owner occupied 563,003 31,834 9,661 604,498 Construction and land development 318,451 11,580 66 330,097 Residential 287,802 4,232 6,910 298,944 Consumer and other 105,007 6 312 105,325 Total $ 4,025,173 $ 208,768 $ 69,659 $ 4,303,600 |
Purchased Credit Impaired ("P_2
Purchased Credit Impaired ("PCI") Loans (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Covered Loans [Line Items] | |
Rollforward of PCI Loans, Net of Allowance for Loan Losses | The following table is a roll forward of PCI loans, net of the allowance for loan losses, for the six months ended June 30, 2019 and 2018 . (in thousands) Contractual Cashflows Non-accretable Difference Accretable Yield Carrying Amount Balance December 31, 2018 $ 73,157 $ 15,299 $ 12,638 $ 45,220 Acquisitions 111,963 13,542 30,238 68,183 Principal reductions and interest payments (19,285 ) — — (19,285 ) Accretion of loan discount — — (4,645 ) 4,645 Changes in contractual and expected cash flows due to remeasurement 7,725 (2,057 ) 627 9,155 Reductions due to disposals (8,709 ) (3,224 ) 5 (5,490 ) Balance June 30, 2019 $ 164,851 $ 23,560 $ 38,863 $ 102,428 Balance December 31, 2017 $ 112,710 $ 29,005 $ 13,964 $ 69,741 Principal reductions and interest payments (22,667 ) — — (22,667 ) Accretion of loan discount — — (3,400 ) 3,400 Changes in contractual and expected cash flows due to remeasurement 3,281 (8,771 ) 4,124 7,928 Balance June 30, 2018 $ 93,324 $ 20,234 $ 14,688 $ 58,402 |
Covered Loans | |
Covered Loans [Line Items] | |
Summary of PCI Loans by Category | Below is a summary of PCI loans by category at June 30, 2019 which includes preliminary fair value adjustments related to the Trinity acquisition and December 31, 2018 : June 30, 2019 December 31, 2018 (in thousands) Weighted- Average Risk Rating 1 Recorded Investment PCI Loans Weighted- Average Risk Rating 1 Recorded Investment PCI Loans Commercial and industrial 5.80 $ 16,909 6.09 $ 2,159 Real estate: Commercial - investor owned 6.94 41,988 7.19 23,939 Commercial - owner occupied 6.68 22,616 7.39 9,669 Construction and land development 5.74 8,187 6.03 4,548 Residential 6.29 13,372 6.40 6,082 Total real estate loans 86,163 44,238 Consumer and other 5.11 243 2.18 4 Total $ 103,315 $ 46,401 1 Risk ratings are based on the borrower’s contractual obligation, which is not reflective of the purchase discount. |
Summary of Aging of Recorded Investment in Past Due PCI Loans by Portfolio Class and Category | The aging of the recorded investment in past due PCI loans by portfolio class and category at June 30, 2019 and December 31, 2018 , is shown below: June 30, 2019 (in thousands) 30-89 Days Past Due 90 or More Past Due Total Past Due Current Total Commercial and industrial $ 1,525 $ — $ 1,525 $ 15,384 $ 16,909 Real estate: Commercial - investor owned 1,317 1,917 3,234 38,754 41,988 Commercial - owner occupied — 1,381 1,381 21,235 22,616 Construction and land development 70 154 224 7,963 8,187 Residential 226 235 461 12,911 13,372 Consumer and other — — — 243 243 Total $ 3,138 $ 3,687 $ 6,825 $ 96,490 $ 103,315 December 31, 2018 (in thousands) 30-89 Days Past Due 90 or More Past Due Total Past Due Current Total Commercial and industrial $ — $ — $ — $ 2,159 $ 2,159 Real estate: Commercial - investor owned 416 88 504 23,435 23,939 Commercial - owner occupied 591 6,279 6,870 2,799 9,669 Construction and land development — — — 4,548 4,548 Residential 146 37 183 5,899 6,082 Consumer and other — — — 4 4 Total $ 1,153 $ 6,404 $ 7,557 $ 38,844 $ 46,401 |
Summary of FDIC Loss Share Receivable | Outstanding customer balances on PCI loans were $151.1 million and $64.7 million as of June 30, 2019 , and December 31, 2018 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | For the three months ended For the six months ended (in thousands) June 30, 2019 June 30, 2019 Operating lease cost $ 807 $ 1,613 Short-term lease cost 73 134 Less: sublease income $ (184 ) $ (272 ) Total lease cost $ 696 $ 1,475 |
Supplemental Balance Sheet Information | Supplemental balance sheet information related to leases was as follows: As of (in thousands) June 30, 2019 Operating lease right-of-use assets $ 14,164 Operating lease liabilities 14,815 Operating leases Weighted average remaining lease term 5 years Weighted average discount rate 3.0 % |
Schedule of Maturities of Lease Liabilities | Maturities of operating lease liabilities were as follows: (in thousands) Year Amount 2019 $ 1,618 2020 3,246 2021 3,272 2022 2,709 2023 2,106 Thereafter 3,143 Total operating lease liabilities, payments 16,094 Less: present value adjustment 1,279 Operating lease liabilities $ 14,815 |
Commitments (Tables)
Commitments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Commitments | The contractual amounts of off-balance-sheet financial instruments as of June 30, 2019 , and December 31, 2018 , are as follows: (in thousands) June 30, 2019 December 31, 2018 Commitments to extend credit $ 1,393,782 $ 1,344,687 Letters of credit 52,060 44,665 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | Derivative Assets Derivative Liabilities June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 (in thousands) Notional Amount Balance Sheet Location Fair Value Notional Amount Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives Designated as Hedging Instruments Interest rate swap $ 61,962 Other Assets $ — $ — Other Assets $ — Other Liabilities $ 2,939 Other Liabilities $ — Total $ — $ — $ 2,939 $ — Derivatives not Designated as Hedging Instruments Interest rate swap $ 609,454 Other Assets $ 10,511 $ 494,567 Other Assets $ 2,217 Other Liabilities $ 11,386 Other Liabilities $ 2,217 Foreign exchange forward contracts 613 Other Assets 613 806 Other Assets 806 Other Liabilities 613 Other Liabilities 806 Total $ 11,124 $ 3,023 $ 11,999 $ 3,023 The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s financial instruments that are subject to offsetting as of June 30, 2019 and December 31, 2018. The gross amounts of assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that financial assets and liabilities are presented on the Balance Sheet. As of June 30, 2019 Gross Amounts Not Offset in the Statement of Financial Position (in thousands) Gross Amounts Recognized Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets presented in the Statement of Financial Position Financial Instruments Fair Value Collateral Posted Net Amount Assets: Interest rate swap $ 10,511 $ — $ 10,511 $ 97 $ — $ 10,413 Liabilities: Interest rate swap $ 14,325 $ — $ 14,325 $ 97 $ 13,982 $ 246 Securities sold under agreements to repurchase 160,961 — 160,961 — 160,961 — As of December 31, 2018 Gross Amounts Not Offset in the Statement of Financial Position (in thousands) Gross Amounts Recognized Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets presented in the Statement of Financial Position Financial Instruments Fair Value Collateral Posted Net Amount Assets: Interest rate swap $ 2,217 $ — $ 2,217 $ — $ — $ 2,217 Liabilities: Interest rate swap $ 2,217 $ — $ 2,217 $ — $ — $ 2,217 Securities sold under agreements to repurchase 221,450 — 221,450 — 221,450 — |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The tables below present the effect of cash flow hedge accounting on Accumulated Other Comprehensive Income for the three and six months ended June 30, 2019. The Company did not have cash flow hedging instruments in 2018. Amount of Gain or (Loss) Recognized in OCI on Derivative Location of Gain or (Loss) Recognized from Accumulated Other Comprehensive Income into Income Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (in thousands) Three months ended June 30, 2019 Three months ended June 30, 2019 Derivatives in Cash Flow Hedging Relationships Interest rate swap $ (1,675 ) Interest Expense $ (6 ) Total $ (1,675 ) $ (6 ) Amount of Gain or (Loss) Recognized in OCI on Derivative Location of Gain or (Loss) Recognized from Accumulated Other Comprehensive Income into Income Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (in thousands) Six months ended June 30, 2019 Six months ended June 30, 2019 Derivatives in Cash Flow Hedging Relationships Interest rate swap $ (2,939 ) Interest Expense $ (6 ) Total $ (2,939 ) $ (6 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Instruments Measured at Fair Value on a Recurring Basis | The following table summarizes financial instruments measured at fair value on a recurring basis as of June 30, 2019 and December 31, 2018 , segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: June 30, 2019 (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Assets Securities available for sale Obligations of U.S. Government-sponsored enterprises $ — $ 50,151 $ — $ 50,151 Obligations of states and political subdivisions — 118,696 — 118,696 Agency mortgage-backed securities — 924,047 — 924,047 U.S. Treasury bills — 10,205 — 10,205 Corporate debt securities — 119,953 119,953 Total securities available for sale — 1,223,052 — 1,223,052 Other investments 145 — — 145 Derivatives — 11,124 — 11,124 Total assets $ 145 $ 1,234,176 $ — $ 1,234,321 Liabilities Derivatives $ — $ 14,938 $ — $ 14,938 Total liabilities $ — $ 14,938 $ — $ 14,938 December 31, 2018 (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Assets Securities available for sale Obligations of U.S. Government-sponsored enterprises $ — $ 98,498 $ — $ 98,498 Obligations of states and political subdivisions — 26,810 — 26,810 Agency mortgage-backed securities — 586,136 — 586,136 U.S. Treasury bills — 9,925 — 9,925 Total securities available for sale — 721,369 — 721,369 Other investments 121 — — 121 Derivatives — 3,023 — 3,023 Total assets $ 121 $ 724,392 $ — $ 724,513 Liabilities Derivatives $ — $ 3,023 $ — $ 3,023 Total liabilities $ — $ 3,023 $ — $ 3,023 |
Schedule of Level 3 Financial Instruments Measured at Fair Value on a Recurring Basis | State tax credits held for sale Three months ended June 30, Six months ended June 30, (in thousands) 2019 2018 2019 2018 Beginning balance $ — $ 350 $ — $ 400 Total gains: Included in earnings — 3 — 6 Purchases, sales, issuances and settlements: Sales — (54 ) — (107 ) Ending balance $ — $ 299 $ — $ 299 Change in unrealized gains (losses) relating to assets still held at the reporting date $ — $ (13 ) $ — $ (26 ) |
Summary of Financial Instruments and Non-Financial Assets Measured at Fair Value on a Non-Recurring Basis | (1) (1) (1) (1) (in thousands) Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant (Level 3) Total losses for the three Total losses for the six Impaired loans $ 1,054 $ — $ — $ 1,054 $ 1,199 $ 1,199 Total $ 1,054 $ — $ — $ 1,054 $ 1,199 $ 1,199 (1) The amounts represent only balances measured at fair value during the period and still held as of the reporting date. |
Summary of Carrying Amount and Fair Values of Financial Instruments Reported on the Balance Sheets | Following is a summary of the carrying amounts and fair values of the Company’s financial instruments on the consolidated balance sheets at June 30, 2019 and December 31, 2018 . Fair values that are not estimable are listed at the carrying value. June 30, 2019 December 31, 2018 (in thousands) Carrying Amount Estimated fair value Carrying Amount Estimated fair value Balance sheet assets Cash and due from banks $ 106,835 $ 106,835 $ 91,511 $ 91,511 Federal funds sold 2,744 2,744 1,714 1,714 Interest-bearing deposits 82,571 82,571 106,512 106,512 Securities available for sale 1,223,052 1,223,052 721,369 721,369 Securities held to maturity 62,725 63,061 65,679 63,934 Other investments, at cost 42,990 42,990 26,654 26,654 Loans held for sale 1,437 1,437 392 392 Derivative financial instruments 11,124 11,124 3,023 3,023 Portfolio loans, net 5,105,675 5,049,215 4,306,525 4,253,239 State tax credits, held for sale 37,294 39,037 37,587 39,169 Accrued interest receivable 27,008 27,008 16,069 16,069 Balance sheet liabilities Deposits 5,559,338 5,536,456 4,587,985 4,583,047 Subordinated debentures and notes 141,100 132,301 118,156 106,316 Federal Home Loan Bank advances 389,446 389,471 70,000 70,000 Other borrowings 198,104 197,988 223,450 223,260 Derivative financial instruments 14,938 14,938 3,023 3,023 Accrued interest payable 2,701 2,701 1,977 1,977 |
Schedule of Estimated Fair Values of Financial Instruments Not Recorded at Fair Value on Balance Sheet | The following table presents the level in the fair value hierarchy for the estimated fair values of only the Company’s financial instruments that are not already presented on the condensed consolidated balance sheets at fair value at June 30, 2019 , and December 31, 2018 . Estimated Fair Value Measurement at Reporting Date Using Balance at June 30, 2019 (in thousands) Level 1 Level 2 Level 3 Financial Assets: Securities held to maturity $ — $ 63,031 $ — $ 63,031 Portfolio loans, net — — 5,049,215 5,049,215 State tax credits, held for sale — — 39,037 39,037 Financial Liabilities: Deposits 4,736,768 — 799,688 5,536,456 Subordinated debentures and notes — 132,301 — 132,301 Federal Home Loan Bank advances — 389,471 — 389,471 Other borrowings — 197,988 — 197,988 Estimated Fair Value Measurement at Reporting Date Using Balance at December 31, 2018 (in thousands) Level 1 Level 2 Level 3 Financial Assets: Securities held to maturity $ — $ 63,934 $ — $ 63,934 Portfolio loans, net — — 4,253,239 4,253,239 State tax credits, held for sale — — 39,169 39,169 Financial Liabilities: Deposits 3,903,556 — 679,491 4,583,047 Subordinated debentures and notes — 106,316 — 106,316 Federal Home Loan Bank advances — 70,000 — 70,000 Other borrowings — 223,260 — 223,260 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | The table below presents a summary of intangible assets: Six months ended (in thousands) June 30, 2019 Gross core deposit intangible balance, beginning of period $ 20,574 Additions 23,066 Gross core deposit intangible, end of period 43,640 Accumulated amortization (14,439 ) Core deposit intangible, net, end of year $ 29,201 |
Expected Amortization Schedule for the Core Deposit Intangible | The following table reflects the expected amortization schedule for the core deposit intangible (in thousands) at June 30, 2019. Year Core Deposit Intangible 2019 $ 3,125 2020 5,608 2021 4,814 2022 4,085 2023 3,456 After 2023 8,113 $ 29,201 |
Subordinated Debentures (Tables
Subordinated Debentures (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Subordinated Borrowings [Abstract] | |
Schedule of Subordinated Debentures | The amounts and terms of each issuance of the Company’s subordinated debentures at June 30, 2019 and December 31, 2018 were as follows: Amount Maturity Date Call Date Interest Rate (in thousands) June 30, 2019 December 31, 2018 EFSC Clayco Statutory Trust I $ 3,196 $ 3,196 December 17, 2033 December 17, 2008 Floats 3MO LIBOR + 2.85% EFSC Capital Trust II 5,155 5,155 June 17, 2034 June 17, 2009 Floats 3MO LIBOR + 2.65% EFSC Statutory Trust III 11,341 11,341 December 15, 2034 December 15, 2009 Floats 3MO LIBOR + 1.97% EFSC Clayco Statutory Trust II 4,124 4,124 September 15, 2035 September 15, 2010 Floats 3MO LIBOR + 1.83% EFSC Statutory Trust IV 10,310 10,310 December 15, 2035 December 15, 2010 Floats 3MO LIBOR + 1.44% EFSC Statutory Trust V 4,124 4,124 September 15, 2036 September 15, 2011 Floats 3MO LIBOR + 1.60% EFSC Capital Trust VI 14,433 14,433 March 30, 2037 March 30, 2012 Floats 3MO LIBOR + 1.60% EFSC Capital Trust VII 4,124 4,124 December 15, 2037 December 15, 2012 Floats 3MO LIBOR + 2.25% JEFFCO Stat Trust I (1) 7,953 8,019 February 22, 2031 February 22, 2011 Fixed 10.20% JEFFCO Stat Trust II (1) 4,362 4,335 March 17, 2034 March 17, 2009 Floats 3MO LIBOR + 2.75% Trinity Capital Trust III (1) 5,172 — September 8, 2034 September 8, 2009 Floats 3MO LIBOR + 2.70% Trinity Capital Trust IV (1) 10,284 — November 23, 2035 August 23, 2010 Fixed 6.88% Trinity Capital Trust V (1) 7,462 — December 15, 2036 September 15, 2011 Floats 3MO LIBOR + 1.65% Total junior subordinated debentures 92,040 69,161 Fixed-to-floating rate subordinated notes 50,000 50,000 November 1, 2026 November 1, 2021 Fixed 4.75% until Debt issuance costs (940 ) (1,005 ) Total fixed-to-floating rate subordinated notes 49,060 48,995 Total subordinated debentures and notes $ 141,100 $ 118,156 (1) Purchase accounting adjustments are reflected in the balance and also impact the effective interest rate. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Balance Sheet Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Lessor, Lease, Description [Line Items] | |||
Operating lease liability | $ 14,815 | $ 16,200 | $ 0 |
Operating lease right-of-use asset | $ 14,164 | $ 15,500 | $ 0 |
Acquisition - Narrative (Detail
Acquisition - Narrative (Details) $ / shares in Units, $ in Thousands, shares in Millions | Mar. 08, 2019USD ($)office$ / sharesshares | Jun. 30, 2019USD ($) | Mar. 07, 2019$ / shares | Dec. 31, 2018USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Share price (in dollars per share) | $ / shares | $ 43.07 | |||
Goodwill acquired | $ 93,900 | |||
TCC | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Full-service retail and commercial banking offices | office | 6 | |||
Cash consideration per share (in dollars per share) | $ / shares | $ 1.84 | |||
Company shares issued per share acquired | 0.1972 | |||
Shares issued | shares | 4 | |||
Cash | $ 37,275 | |||
Total consideration paid | 209,160 | |||
Merger related costs | $ 17,600 | $ 1,300 | ||
Goodwill acquired | $ 93,900 |
Acquisition - Summary of Assets
Acquisition - Summary of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Mar. 08, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Cash and cash equivalents | $ 189,400 | $ 196,552 | |
Interest-earning deposits greater than 90 days | 2,750 | 3,185 | |
Securities available for sale | 1,223,052 | 721,369 | |
Fixed assets | 58,888 | 32,109 | |
Accrued interest receivable | 27,008 | 16,069 | |
Intangible assets | 29,201 | 8,553 | |
Deposits | 5,559,338 | 4,587,985 | |
Subordinated debentures | 141,100 | 118,156 | |
Accrued interest payable | 2,701 | 1,977 | |
Other liabilities | 50,850 | 40,290 | |
Goodwill | $ 211,251 | $ 117,345 | |
As Recorded by Trinity | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Cash and cash equivalents | $ 13,899 | ||
Interest-earning deposits greater than 90 days | 100 | ||
Securities available for sale | 428,715 | ||
Loans | 705,057 | ||
Other real estate | 5,284 | ||
Other investments | 6,673 | ||
Fixed assets | 27,586 | ||
Accrued interest receivable | 3,997 | ||
Intangible assets | 0 | ||
Deferred tax assets | 10,708 | ||
Other assets | 35,045 | ||
Total assets acquired | 1,237,064 | ||
Deposits | 1,081,151 | ||
Subordinated debentures | 26,806 | ||
Federal Home Loan Bank advances | 6,800 | ||
Accrued interest payable | 370 | ||
Other liabilities | 5,842 | ||
Total liabilities assumed | 1,120,969 | ||
Net assets acquired | 116,095 | ||
Adjustments | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Cash and cash equivalents | 0 | ||
Interest-earning deposits greater than 90 days | 0 | ||
Securities available for sale | (619) | ||
Loans | (20,743) | ||
Other real estate | (772) | ||
Other investments | 0 | ||
Fixed assets | (300) | ||
Accrued interest receivable | 0 | ||
Intangible assets | 23,066 | ||
Deferred tax assets | (1,057) | ||
Other assets | (5,008) | ||
Total assets acquired | (5,433) | ||
Deposits | 36 | ||
Subordinated debentures | (3,972) | ||
Federal Home Loan Bank advances | 171 | ||
Accrued interest payable | 0 | ||
Other liabilities | (827) | ||
Total liabilities assumed | (4,592) | ||
Net assets acquired | (841) | ||
TCC | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Cash and cash equivalents | 13,899 | ||
Interest-earning deposits greater than 90 days | 100 | ||
Securities available for sale | 428,096 | ||
Loans | 684,314 | ||
Other real estate | 4,512 | ||
Other investments | 6,673 | ||
Fixed assets | 27,286 | ||
Accrued interest receivable | 3,997 | ||
Intangible assets | 23,066 | ||
Deferred tax assets | 9,651 | ||
Other assets | 30,037 | ||
Total assets acquired | 1,231,631 | ||
Deposits | 1,081,187 | ||
Subordinated debentures | 22,834 | ||
Federal Home Loan Bank advances | 6,971 | ||
Accrued interest payable | 370 | ||
Other liabilities | 5,015 | ||
Total liabilities assumed | 1,116,377 | ||
Net assets acquired | 115,254 | ||
Cash | 37,275 | ||
Common stock | 171,885 | ||
Total consideration paid | 209,160 | ||
Goodwill | $ 93,906 | ||
TCC | Core deposit | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Useful life | 10 years |
Acquisition - Schedule of Pro F
Acquisition - Schedule of Pro Forma Results (Details) - TCC - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Business Acquisition [Line Items] | ||
Total revenues (net interest income plus noninterest income) | $ 144,915 | $ 140,612 |
Net income | $ 48,987 | $ 33,616 |
Diluted earnings per common share (in dollars per share) | $ 1.65 | $ 1.23 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Net income as reported | $ 18,424 | $ 22,251 | $ 34,580 | $ 43,172 |
Weighted average common shares outstanding (in shares) | 26,887,000 | 23,124,000 | 25,415,000 | 23,119,000 |
Additional dilutive common stock equivalents (in shares) | 53,000 | 194,000 | 73,000 | 213,000 |
Weighted average diluted common shares outstanding (in shares) | 26,940,000 | 23,318,000 | 25,488,000 | 23,332,000 |
Basic earnings per common share (in dollars per share) | $ 0.69 | $ 0.96 | $ 1.36 | $ 1.87 |
Diluted earnings per common share (in dollars per share) | $ 0.68 | $ 0.95 | $ 1.36 | $ 1.85 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 130,000 | 99,000 | 0 |
Investments - Schedule of Avail
Investments - Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 62,725 | $ 65,679 |
Gross Unrealized Gains | 411 | 16 |
Gross Unrealized Losses | (75) | (1,761) |
Fair Value | 63,061 | 63,934 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,202,341 | 733,279 |
Gross Unrealized Gains | 22,556 | 1,487 |
Gross Unrealized Losses | (1,845) | (13,397) |
Fair Value | 1,223,052 | 721,369 |
Obligations of U.S. Government-sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 49,998 | 99,926 |
Gross Unrealized Gains | 153 | 0 |
Gross Unrealized Losses | 0 | (1,428) |
Fair Value | 50,151 | 98,498 |
Obligations of states and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 12,474 | 12,506 |
Gross Unrealized Gains | 160 | 16 |
Gross Unrealized Losses | (1) | (114) |
Fair Value | 12,633 | 12,408 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 114,173 | 26,566 |
Gross Unrealized Gains | 4,523 | 327 |
Gross Unrealized Losses | 0 | (83) |
Fair Value | 118,696 | 26,810 |
Agency mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 50,251 | 53,173 |
Gross Unrealized Gains | 251 | 0 |
Gross Unrealized Losses | (74) | (1,647) |
Fair Value | 50,428 | 51,526 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 911,770 | 596,825 |
Gross Unrealized Gains | 14,122 | 1,160 |
Gross Unrealized Losses | (1,845) | (11,849) |
Fair Value | 924,047 | 586,136 |
US Treasury Bill Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 9,966 | 9,962 |
Gross Unrealized Gains | 239 | 0 |
Gross Unrealized Losses | 0 | (37) |
Fair Value | 10,205 | $ 9,925 |
Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 116,434 | |
Gross Unrealized Gains | 3,519 | |
Gross Unrealized Losses | 0 | |
Fair Value | $ 119,953 |
Investments - Investments Class
Investments - Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Available for sale, Amortized Cost | ||
Due in one year or less | $ 1,571 | |
Due after one year through five years | 67,794 | |
Due after five years through ten years | 127,156 | |
Due after ten years | 94,050 | |
Agency mortgage-backed securities | 911,770 | |
Amortized Cost | 1,202,341 | $ 733,279 |
Available for sale, Estimated Fair Value | ||
Due in one year or less | 1,579 | |
Due after one year through five years | 68,369 | |
Due after five years through ten years | 131,019 | |
Due after ten years | 98,038 | |
Agency mortgage-backed securities | 924,047 | |
Available for sale, fair value | 1,223,052 | 721,369 |
Held to maturity, Amortized Cost | ||
Due in one year or less | 0 | |
Due after one year through five years | 3,883 | |
Due after five years through ten years | 8,591 | |
Due after ten years | 0 | |
Agency mortgage-backed securities | 50,251 | |
Amortized Cost | 62,725 | 65,679 |
Held to maturity, Estimated Fair Value | ||
Due in one year or less | 0 | |
Due after one year through five years | 3,931 | |
Due after five years through ten years | 8,702 | |
Due after ten years | 0 | |
Agency mortgage-backed securities | 50,428 | |
Held to maturity, fair value | $ 63,061 | $ 63,934 |
Investments - Schedule of Unrea
Investments - Schedule of Unrealized Loss on Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | $ 17,508 | $ 110,081 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 301 | 2,548 |
12 months or more, fair value | 178,856 | 492,727 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 1,619 | 12,610 |
Total, fair value | 196,364 | 602,808 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 1,920 | 15,158 |
Obligations of U.S. Government-sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 19,622 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 322 | |
12 months or more, fair value | 78,876 | |
Securities Available for Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 1,106 | |
Total, fair value | 98,498 | |
Securities Available for Sale Continuous Unrealized Loss Position, Total Aggregate Losses | 1,428 | |
Obligations of states and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 386 | 3,102 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1 | 15 |
12 months or more, fair value | 839 | 14,156 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 182 |
Total, fair value | 1,225 | 17,258 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 1 | 197 |
Agency mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 17,122 | 87,357 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 300 | 2,211 |
12 months or more, fair value | 178,017 | 389,770 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 1,619 | 11,285 |
Total, fair value | 195,139 | 477,127 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 1,919 | 13,496 |
US Treasury Bill Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | |
12 months or more, fair value | 9,925 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 37 | |
Total, fair value | 9,925 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 37 |
Investments - Narrative (Detail
Investments - Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Debt Securities, Available-for-sale [Line Items] | ||
Other investments, at cost | $ 42,990 | $ 26,654 |
Debt Securities, Available-for-sale, Restricted | $ 460,700 | $ 433,700 |
Maximum percentage of shareholders' equity security holdings held of one issuer | 10.00% | 10.00% |
Mortgage-backed securities, weighted average life | 4 years |
Loans - Summary of Portfolio Lo
Loans - Summary of Portfolio Loans by Category (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Allowance for Credit Loss | $ 43,822 | $ 43,476 | |
Loans, including unearned loan fees | 5,149,497 | 4,350,001 | |
Portfolio loans, net | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Allowance for Credit Loss | 42,935 | $ 41,945 | 42,295 |
Loans, before unearned loan fees | 5,048,164 | 4,305,626 | |
Unearned loan fees, net | (1,982) | (2,026) | |
Loans, including unearned loan fees | 5,046,182 | 4,303,600 | |
Portfolio loans, net | Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Allowance for Credit Loss | 29,093 | 28,660 | 29,039 |
Loans, before unearned loan fees | 2,248,571 | 2,121,008 | |
Portfolio loans, net | Commercial - investor owned | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Allowance for Credit Loss | 5,324 | 5,339 | 4,683 |
Loans, before unearned loan fees | 1,198,308 | 843,728 | |
Portfolio loans, net | Commercial - owner occupied | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Allowance for Credit Loss | 4,371 | 3,774 | 4,239 |
Loans, before unearned loan fees | 678,046 | 604,498 | |
Portfolio loans, net | Construction and land development | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Allowance for Credit Loss | 1,972 | 1,699 | 1,987 |
Loans, before unearned loan fees | 396,370 | 330,097 | |
Portfolio loans, net | Residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Allowance for Credit Loss | 1,378 | 1,625 | 1,616 |
Loans, before unearned loan fees | 395,828 | 298,944 | |
Portfolio loans, net | Total real estate loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, before unearned loan fees | 2,668,552 | 2,077,267 | |
Portfolio loans, net | Consumer and other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Allowance for Credit Loss | 797 | $ 848 | 731 |
Loans, before unearned loan fees | 131,041 | 107,351 | |
Loans, including unearned loan fees | 129,059 | 105,325 | |
Covered Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 103,315 | 46,401 | |
Loans, before unearned loan fees | 103,315 | 46,401 | |
Covered Loans [Member] | Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 16,909 | 2,159 | |
Loans, before unearned loan fees | 16,909 | 2,159 | |
Covered Loans [Member] | Commercial - investor owned | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 41,988 | 23,939 | |
Loans, before unearned loan fees | 41,988 | 23,939 | |
Covered Loans [Member] | Commercial - owner occupied | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 22,616 | 9,669 | |
Loans, before unearned loan fees | 22,616 | 9,669 | |
Covered Loans [Member] | Construction and land development | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 8,187 | 4,548 | |
Loans, before unearned loan fees | 8,187 | 4,548 | |
Covered Loans [Member] | Residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 13,372 | 6,082 | |
Loans, before unearned loan fees | 13,372 | 6,082 | |
Covered Loans [Member] | Consumer and other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 243 | 4 | |
Loans, before unearned loan fees | $ 243 | $ 4 |
Loans - Summary of Allowance fo
Loans - Summary of Allowance for Loan Losses by Portfolio Class and Category (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2019 | Mar. 31, 2019 | |
Allowance for Loan Losses [Roll Forward] | ||
Balance at December 31, 2018 | $ 43,476 | |
Balance | $ 43,822 | |
Portfolio loans, net | ||
Allowance for Loan Losses [Roll Forward] | ||
Balance at December 31, 2018 | 41,945 | 42,295 |
Provision (provision reversal) for loan losses | 1,960 | 1,476 |
Losses charged off | (1,890) | (2,250) |
Recoveries | 920 | 424 |
Balance | 42,935 | 41,945 |
Portfolio loans, net | Commercial and industrial | ||
Allowance for Loan Losses [Roll Forward] | ||
Balance at December 31, 2018 | 28,660 | 29,039 |
Provision (provision reversal) for loan losses | 1,781 | 1,445 |
Losses charged off | (1,380) | (1,853) |
Recoveries | 32 | 29 |
Balance | 29,093 | 28,660 |
Portfolio loans, net | CRE - investor owned | ||
Allowance for Loan Losses [Roll Forward] | ||
Balance at December 31, 2018 | 5,339 | 4,683 |
Provision (provision reversal) for loan losses | 364 | 769 |
Losses charged off | (431) | (120) |
Recoveries | 52 | 7 |
Balance | 5,324 | 5,339 |
Portfolio loans, net | CRE - owner occupied | ||
Allowance for Loan Losses [Roll Forward] | ||
Balance at December 31, 2018 | 3,774 | 4,239 |
Provision (provision reversal) for loan losses | 591 | (431) |
Losses charged off | 0 | (36) |
Recoveries | 6 | 2 |
Balance | 4,371 | 3,774 |
Portfolio loans, net | Construction and land development | ||
Allowance for Loan Losses [Roll Forward] | ||
Balance at December 31, 2018 | 1,699 | 1,987 |
Provision (provision reversal) for loan losses | (216) | (252) |
Losses charged off | 0 | (45) |
Recoveries | 489 | 9 |
Balance | 1,972 | 1,699 |
Portfolio loans, net | Residential real estate | ||
Allowance for Loan Losses [Roll Forward] | ||
Balance at December 31, 2018 | 1,625 | 1,616 |
Provision (provision reversal) for loan losses | (345) | (288) |
Losses charged off | (26) | (67) |
Recoveries | 124 | 364 |
Balance | 1,378 | 1,625 |
Portfolio loans, net | Consumer and other | ||
Allowance for Loan Losses [Roll Forward] | ||
Balance at December 31, 2018 | 848 | 731 |
Provision (provision reversal) for loan losses | (215) | 233 |
Losses charged off | (53) | (129) |
Recoveries | 217 | 13 |
Balance | $ 797 | $ 848 |
Loans - Summary of Recorded Inv
Loans - Summary of Recorded Investment in Portfolio Loans by Class and Category Based on Impairment Method (Details) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2019USD ($)loan | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Summary of Recorded Investment in Non-covered Loans by Portfolio Class and Category Based on Impairment Method [Line Items] | |||
Total | $ 43,822 | $ 43,476 | |
Loans - Ending balance: | |||
Loans and Leases Receivable, Gross | $ 5,149,497 | 4,350,001 | |
Portfolio loans, net | |||
Summary of Recorded Investment in Non-covered Loans by Portfolio Class and Category Based on Impairment Method [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | loan | 3 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 520 | ||
Financing Receivable, Troubled Debt Restructuring, Premodification | 520 | ||
Individually evaluated for impairment | 2,599 | 4,453 | |
Collectively evaluated for impairment | 40,336 | 37,842 | |
Total | 42,935 | $ 41,945 | 42,295 |
Loans - Ending balance: | |||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | (1,982) | (2,026) | |
Individually evaluated for impairment | 21,085 | 18,071 | |
Collectively evaluated for impairment | 5,025,097 | 4,285,529 | |
Total | 5,048,164 | 4,305,626 | |
Loans and Leases Receivable, Gross | $ 5,046,182 | 4,303,600 | |
Portfolio loans, net | Commercial and industrial | |||
Summary of Recorded Investment in Non-covered Loans by Portfolio Class and Category Based on Impairment Method [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | loan | 1 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 188 | ||
Financing Receivable, Troubled Debt Restructuring, Premodification | 188 | ||
Individually evaluated for impairment | 2,402 | 4,266 | |
Collectively evaluated for impairment | 26,691 | 24,773 | |
Total | 29,093 | 28,660 | 29,039 |
Loans - Ending balance: | |||
Individually evaluated for impairment | 15,112 | 12,950 | |
Collectively evaluated for impairment | 2,233,459 | 2,108,058 | |
Total | 2,248,571 | 2,121,008 | |
Portfolio loans, net | CRE - investor owned | |||
Summary of Recorded Investment in Non-covered Loans by Portfolio Class and Category Based on Impairment Method [Line Items] | |||
Individually evaluated for impairment | 165 | 0 | |
Collectively evaluated for impairment | 5,159 | 4,683 | |
Total | 5,324 | 5,339 | 4,683 |
Loans - Ending balance: | |||
Individually evaluated for impairment | 1,284 | 398 | |
Collectively evaluated for impairment | 1,197,024 | 843,330 | |
Total | 1,198,308 | 843,728 | |
Portfolio loans, net | CRE - owner occupied | |||
Summary of Recorded Investment in Non-covered Loans by Portfolio Class and Category Based on Impairment Method [Line Items] | |||
Individually evaluated for impairment | 9 | 109 | |
Collectively evaluated for impairment | 4,362 | 4,130 | |
Total | 4,371 | 3,774 | 4,239 |
Loans - Ending balance: | |||
Individually evaluated for impairment | 1,629 | 2,135 | |
Collectively evaluated for impairment | 676,417 | 602,363 | |
Total | 678,046 | 604,498 | |
Portfolio loans, net | Construction and land development | |||
Summary of Recorded Investment in Non-covered Loans by Portfolio Class and Category Based on Impairment Method [Line Items] | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 1,972 | 1,987 | |
Total | 1,972 | 1,699 | 1,987 |
Loans - Ending balance: | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 396,370 | 330,097 | |
Total | $ 396,370 | 330,097 | |
Portfolio loans, net | Residential real estate | |||
Summary of Recorded Investment in Non-covered Loans by Portfolio Class and Category Based on Impairment Method [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | loan | 2 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 332 | ||
Financing Receivable, Troubled Debt Restructuring, Premodification | 332 | ||
Individually evaluated for impairment | 23 | 52 | |
Collectively evaluated for impairment | 1,355 | 1,564 | |
Total | 1,378 | 1,625 | 1,616 |
Loans - Ending balance: | |||
Individually evaluated for impairment | 3,060 | 2,277 | |
Collectively evaluated for impairment | 392,768 | 296,667 | |
Total | 395,828 | 298,944 | |
Portfolio loans, net | Consumer and other | |||
Summary of Recorded Investment in Non-covered Loans by Portfolio Class and Category Based on Impairment Method [Line Items] | |||
Individually evaluated for impairment | 0 | 26 | |
Collectively evaluated for impairment | 797 | 705 | |
Total | 797 | $ 848 | 731 |
Loans - Ending balance: | |||
Individually evaluated for impairment | 0 | 311 | |
Collectively evaluated for impairment | 129,059 | 105,014 | |
Total | 131,041 | 107,351 | |
Loans and Leases Receivable, Gross | $ 129,059 | $ 105,325 |
Loans - Summary of Portfolio _2
Loans - Summary of Portfolio Loans Individually Evaluated for Impairment by Category (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Financing Receivable, Impaired [Line Items] | ||||
Financing Receivable, Allowance for Credit Loss | $ 43,822 | $ 43,822 | $ 43,476 | |
Portfolio loans, net | ||||
Financing Receivable, Impaired [Line Items] | ||||
Provision for Loan, Lease, and Other Losses | 1,960 | $ 1,476 | ||
Unpaid Contractual Principal Balance | 34,257 | 34,257 | 26,047 | |
Recorded Investment With No Allowance | 10,444 | 10,444 | 5,823 | |
Recorded Investment With Allowance | 9,398 | 9,398 | 10,922 | |
Total Recorded Investment | 19,842 | 19,842 | 16,745 | |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 2,599 | 2,599 | 4,453 | |
Impaired Financing Receivable, Related Allowance | 2,599 | 2,599 | 4,453 | |
Average Recorded Investment | 20,450 | 15,573 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | (1,890) | (2,250) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 920 | 424 | ||
Financing Receivable, Allowance for Credit Loss | 42,935 | 41,945 | 42,935 | 42,295 |
Portfolio loans, net | Commercial and industrial | ||||
Financing Receivable, Impaired [Line Items] | ||||
Provision for Loan, Lease, and Other Losses | 1,781 | 1,445 | ||
Unpaid Contractual Principal Balance | 28,835 | 28,835 | 21,893 | |
Recorded Investment With No Allowance | 6,826 | 6,826 | 3,294 | |
Recorded Investment With Allowance | 8,286 | 8,286 | 9,656 | |
Total Recorded Investment | 15,112 | 15,112 | 12,950 | |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 2,402 | 2,402 | 4,266 | |
Impaired Financing Receivable, Related Allowance | 2,402 | 2,402 | 4,266 | |
Average Recorded Investment | 16,728 | 13,827 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | (1,380) | (1,853) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 32 | 29 | ||
Financing Receivable, Allowance for Credit Loss | 29,093 | 28,660 | 29,093 | 29,039 |
Portfolio loans, net | Commercial - investor owned | ||||
Financing Receivable, Impaired [Line Items] | ||||
Provision for Loan, Lease, and Other Losses | 364 | 769 | ||
Unpaid Contractual Principal Balance | 1,948 | 1,948 | 553 | |
Recorded Investment With No Allowance | 459 | 459 | 398 | |
Recorded Investment With Allowance | 825 | 825 | 0 | |
Total Recorded Investment | 1,284 | 1,284 | 398 | |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 165 | 165 | 0 | |
Impaired Financing Receivable, Related Allowance | 165 | 165 | 0 | |
Average Recorded Investment | 1,460 | 277 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | (431) | (120) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 52 | 7 | ||
Financing Receivable, Allowance for Credit Loss | 5,324 | 5,339 | 5,324 | 4,683 |
Portfolio loans, net | Commercial - owner occupied | ||||
Financing Receivable, Impaired [Line Items] | ||||
Provision for Loan, Lease, and Other Losses | 591 | (431) | ||
Unpaid Contractual Principal Balance | 405 | 405 | 847 | |
Recorded Investment With No Allowance | 231 | 231 | 472 | |
Recorded Investment With Allowance | 155 | 155 | 336 | |
Total Recorded Investment | 386 | 386 | 808 | |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 9 | 9 | 109 | |
Impaired Financing Receivable, Related Allowance | 9 | 9 | 109 | |
Average Recorded Investment | 393 | 691 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | (36) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 6 | 2 | ||
Financing Receivable, Allowance for Credit Loss | 4,371 | 3,774 | 4,371 | 4,239 |
Portfolio loans, net | Construction and land development | ||||
Financing Receivable, Impaired [Line Items] | ||||
Provision for Loan, Lease, and Other Losses | (216) | (252) | ||
Unpaid Contractual Principal Balance | 0 | 0 | 0 | |
Recorded Investment With No Allowance | 0 | 0 | 0 | |
Recorded Investment With Allowance | 0 | 0 | 0 | |
Total Recorded Investment | 0 | 0 | 0 | |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | 0 | |
Impaired Financing Receivable, Related Allowance | 0 | 0 | 0 | |
Average Recorded Investment | 0 | 0 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | (45) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 489 | 9 | ||
Financing Receivable, Allowance for Credit Loss | 1,972 | 1,699 | 1,972 | 1,987 |
Portfolio loans, net | Residential real estate | ||||
Financing Receivable, Impaired [Line Items] | ||||
Provision for Loan, Lease, and Other Losses | (345) | (288) | ||
Unpaid Contractual Principal Balance | 3,069 | 3,069 | 2,425 | |
Recorded Investment With No Allowance | 2,928 | 2,928 | 1,659 | |
Recorded Investment With Allowance | 132 | 132 | 618 | |
Total Recorded Investment | 3,060 | 3,060 | 2,277 | |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 23 | 23 | 52 | |
Impaired Financing Receivable, Related Allowance | 23 | 23 | 52 | |
Average Recorded Investment | 1,869 | 778 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | (26) | (67) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 124 | 364 | ||
Financing Receivable, Allowance for Credit Loss | 1,378 | 1,625 | 1,378 | 1,616 |
Portfolio loans, net | Consumer and other | ||||
Financing Receivable, Impaired [Line Items] | ||||
Provision for Loan, Lease, and Other Losses | (215) | 233 | ||
Unpaid Contractual Principal Balance | 0 | 0 | 329 | |
Recorded Investment With No Allowance | 0 | 0 | 0 | |
Recorded Investment With Allowance | 0 | 0 | 312 | |
Total Recorded Investment | 0 | 0 | 312 | |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | 26 | |
Impaired Financing Receivable, Related Allowance | 0 | 0 | 26 | |
Average Recorded Investment | 0 | 0 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | (53) | (129) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 217 | 13 | ||
Financing Receivable, Allowance for Credit Loss | $ 797 | $ 848 | $ 797 | $ 731 |
Loans - Summary of Past Due and
Loans - Summary of Past Due and Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Receivables [Abstract] | ||||
Total interest income that would have been recognized under original terms | $ 210 | $ 467 | $ 647 | $ 1,001 |
Total cash received and recognized as interest income on non-accrual loans | 123 | 78 | 185 | 89 |
Total interest income recognized on accruing, impaired loans | $ 110 | $ 13 | $ 113 | $ 23 |
Loans - Narrative (Details)
Loans - Narrative (Details) | 6 Months Ended | |
Jun. 30, 2019USD ($)loan | Dec. 31, 2018USD ($)loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | $ 5,149,497,000 | $ 4,350,001,000 |
Number of loans over 90 days past due and still accruing interest | loan | 0 | |
Unadvanced commitments on impaired loans | $ 94,000 | |
Specific reserves on restructured loans | 1,000,000 | |
Restructuring Reserve | 3,500,000 | |
Unadvanced Commitment on Impaired Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Estimated losses attributable to unadvanced commitments on impaired loans | 430,000 | 350,000 |
Non-Covered Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivables, Recorded Investment, 90 Days Past Due and Still Accruing | 3,999,000 | |
Loans and Leases Receivable, Gross | 5,046,182,000 | 4,303,600,000 |
Post-Modification Outstanding Recorded Balance | $ 520,000 | |
Financing Receivable, Modifications, Number of Contracts | loan | 3 | |
Restructuring Reserve | $ 184,000 | 225,000 |
Financing Receivable, before Allowance for Credit Loss | 5,048,164,000 | 4,305,626,000 |
Non-Covered Loans | Consumer and other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivables, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | |
Loans and Leases Receivable, Gross | 129,059,000 | 105,325,000 |
Restructuring Reserve | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 131,041,000 | 107,351,000 |
Covered Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 103,315,000 | 46,401,000 |
Recorded Investment PCI Loans | 103,315,000 | 46,401,000 |
Covered Loans [Member] | Consumer and other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 243,000 | 4,000 |
Recorded Investment PCI Loans | 243,000 | $ 4,000 |
As Recorded by Trinity | Non-Covered Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 600,000,000 | |
As Recorded by Trinity | Covered Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment PCI Loans | $ 68,000,000 |
Loans - Summary of Recorded I_2
Loans - Summary of Recorded Investment in Impaired Portfolio Loans by Category (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019USD ($)loan | Dec. 31, 2018USD ($) | |
Financing Receivable, Past Due [Line Items] | ||
Restructured, accruing | $ 3,500 | |
Non-Covered Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | $ 19,842 | $ 16,745 |
Financing Receivable, Modifications, Number of Contracts | loan | 3 | |
Non-accrual | $ 15,659 | 16,520 |
Restructured, accruing | 184 | 225 |
Impaired Financing Receivables, Recorded Investment, 90 Days Past Due and Still Accruing | 3,999 | |
Impaired Financing Receivable, Related Allowance | 2,599 | 4,453 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 2,599 | 4,453 |
Non-Covered Loans | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | $ 15,112 | 12,950 |
Financing Receivable, Modifications, Number of Contracts | loan | 1 | |
Non-accrual | $ 11,009 | 12,805 |
Restructured, accruing | 104 | 145 |
Impaired Financing Receivables, Recorded Investment, 90 Days Past Due and Still Accruing | 3,999 | |
Impaired Financing Receivable, Related Allowance | 2,402 | 4,266 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 2,402 | 4,266 |
Non-Covered Loans | Commercial - investor owned | ||
Financing Receivable, Past Due [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 1,284 | 398 |
Non-accrual | 1,284 | 398 |
Restructured, accruing | 0 | 0 |
Impaired Financing Receivables, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | |
Impaired Financing Receivable, Related Allowance | 165 | 0 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 165 | 0 |
Non-Covered Loans | Commercial - owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 386 | 808 |
Non-accrual | 386 | 808 |
Restructured, accruing | 0 | 0 |
Impaired Financing Receivables, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | |
Impaired Financing Receivable, Related Allowance | 9 | 109 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 9 | 109 |
Non-Covered Loans | Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 0 | 0 |
Non-accrual | 0 | 0 |
Restructured, accruing | 0 | 0 |
Impaired Financing Receivables, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | |
Impaired Financing Receivable, Related Allowance | 0 | 0 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 |
Non-Covered Loans | Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | $ 3,060 | 2,277 |
Financing Receivable, Modifications, Number of Contracts | loan | 2 | |
Non-accrual | $ 2,980 | 2,197 |
Restructured, accruing | 80 | 80 |
Impaired Financing Receivables, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | |
Impaired Financing Receivable, Related Allowance | 23 | 52 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 23 | 52 |
Non-Covered Loans | Consumer and other | ||
Financing Receivable, Past Due [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 0 | 312 |
Non-accrual | 0 | 312 |
Restructured, accruing | 0 | 0 |
Impaired Financing Receivables, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | |
Impaired Financing Receivable, Related Allowance | 0 | 26 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | $ 0 | $ 26 |
Loans - Summary of Recorded I_3
Loans - Summary of Recorded Investment by Category for Portfolio Loans Restructured (Details) - Non-Covered Loans $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($)loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of Loans | loan | 3 |
Pre-Modification Outstanding Recorded Balance | $ 520 |
Post-Modification Outstanding Recorded Balance | $ 520 |
Commercial and industrial | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of Loans | loan | 1 |
Pre-Modification Outstanding Recorded Balance | $ 188 |
Post-Modification Outstanding Recorded Balance | $ 188 |
Residential real estate | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of Loans | loan | 2 |
Pre-Modification Outstanding Recorded Balance | $ 332 |
Post-Modification Outstanding Recorded Balance | $ 332 |
Loans - Summary of Recorded I_4
Loans - Summary of Recorded Investment by Category for Portfolio Loans Restructured and Subsequently Defaulted (Details) - Non-Covered Loans - Commercial and industrial | 6 Months Ended |
Jun. 30, 2019USD ($)loan | |
Schedule of Financing Receivables, Troubled Debt Restructurings - Suibsequent Defaults [Line Items] | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | loan | 1 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ | $ 272,000 |
Loans - Summary of Aging of Rec
Loans - Summary of Aging of Recorded Investment in Past Due Portfolio Loans by Portfolio Class and Category (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | $ 5,149,497 | $ 4,350,001 |
Non-Covered Loans | ||
Financing Receivable, Past Due [Line Items] | ||
30-89 Days Past Due | 10,063 | 1,602 |
90 or More Days Past Due | 16,462 | 12,158 |
Total Past Due | 26,525 | 13,760 |
Current | 5,019,657 | 4,289,840 |
Loans and Leases Receivable, Gross | 5,046,182 | 4,303,600 |
Total | 5,048,164 | 4,305,626 |
Non-Covered Loans | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
30-89 Days Past Due | 6,682 | 66 |
90 or More Days Past Due | 12,562 | 10,257 |
Total Past Due | 19,244 | 10,323 |
Current | 2,229,327 | 2,110,685 |
Total | 2,248,571 | 2,121,008 |
Non-Covered Loans | CRE - investor owned | ||
Financing Receivable, Past Due [Line Items] | ||
30-89 Days Past Due | 1,647 | 529 |
90 or More Days Past Due | 1,096 | 127 |
Total Past Due | 2,743 | 656 |
Current | 1,195,565 | 843,072 |
Total | 1,198,308 | 843,728 |
Non-Covered Loans | CRE - owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
30-89 Days Past Due | 415 | 292 |
90 or More Days Past Due | 155 | 565 |
Total Past Due | 570 | 857 |
Current | 677,476 | 603,641 |
Total | 678,046 | 604,498 |
Non-Covered Loans | Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
30-89 Days Past Due | 41 | 6 |
90 or More Days Past Due | 0 | 0 |
Total Past Due | 41 | 6 |
Current | 396,329 | 330,091 |
Total | 396,370 | 330,097 |
Non-Covered Loans | Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
30-89 Days Past Due | 1,147 | 709 |
90 or More Days Past Due | 2,649 | 897 |
Total Past Due | 3,796 | 1,606 |
Current | 392,032 | 297,338 |
Total | 395,828 | 298,944 |
Non-Covered Loans | Consumer and other | ||
Financing Receivable, Past Due [Line Items] | ||
30-89 Days Past Due | 131 | 0 |
90 or More Days Past Due | 0 | 312 |
Total Past Due | 131 | 312 |
Current | 128,928 | 105,013 |
Loans and Leases Receivable, Gross | 129,059 | 105,325 |
Total | $ 131,041 | $ 107,351 |
Loans - Summary of Recorded I_5
Loans - Summary of Recorded Investment by Risk Category of Portfolio Loans by Portfolio Class and Category (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | $ 5,149,497 | $ 4,350,001 |
Non-Covered Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 5,048,164 | 4,305,626 |
Loans and Leases Receivable, Gross | 5,046,182 | 4,303,600 |
Non-Covered Loans | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 2,248,571 | 2,121,008 |
Non-Covered Loans | CRE - investor owned | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 1,198,308 | 843,728 |
Non-Covered Loans | CRE - owner occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 678,046 | 604,498 |
Non-Covered Loans | Construction and land development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 396,370 | 330,097 |
Non-Covered Loans | Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 395,828 | 298,944 |
Non-Covered Loans | Consumer and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 131,041 | 107,351 |
Loans and Leases Receivable, Gross | 129,059 | 105,325 |
Pass (1-6) | Non-Covered Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 4,766,655 | 4,025,173 |
Pass (1-6) | Non-Covered Loans | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 2,035,655 | 1,927,782 |
Pass (1-6) | Non-Covered Loans | CRE - investor owned | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 1,175,396 | 823,128 |
Pass (1-6) | Non-Covered Loans | CRE - owner occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 648,403 | 563,003 |
Pass (1-6) | Non-Covered Loans | Construction and land development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 390,532 | 318,451 |
Pass (1-6) | Non-Covered Loans | Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 387,610 | 287,802 |
Pass (1-6) | Non-Covered Loans | Consumer and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 129,059 | 105,007 |
Watch (7) | Non-Covered Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 197,420 | 208,768 |
Watch (7) | Non-Covered Loans | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 142,288 | 146,033 |
Watch (7) | Non-Covered Loans | CRE - investor owned | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 19,884 | 15,083 |
Watch (7) | Non-Covered Loans | CRE - owner occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 26,463 | 31,834 |
Watch (7) | Non-Covered Loans | Construction and land development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 5,774 | 11,580 |
Watch (7) | Non-Covered Loans | Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 3,011 | 4,232 |
Watch (7) | Non-Covered Loans | Consumer and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 0 | 6 |
Classified (8 & 9) | Non-Covered Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 82,107 | 69,659 |
Classified (8 & 9) | Non-Covered Loans | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 70,628 | 47,193 |
Classified (8 & 9) | Non-Covered Loans | CRE - investor owned | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 3,028 | 5,517 |
Classified (8 & 9) | Non-Covered Loans | CRE - owner occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 3,180 | 9,661 |
Classified (8 & 9) | Non-Covered Loans | Construction and land development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 64 | 66 |
Classified (8 & 9) | Non-Covered Loans | Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 5,207 | 6,910 |
Classified (8 & 9) | Non-Covered Loans | Consumer and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | $ 0 | $ 312 |
Purchased Credit Impaired ("P_3
Purchased Credit Impaired ("PCI") Loans - Summary of PCI Loans by Category (Details) - Covered Loans $ in Thousands | Jun. 30, 2019USD ($)rating | Dec. 31, 2018USD ($)rating |
Covered Loans [Line Items] | ||
Recorded Investment PCI Loans | $ 103,315 | $ 46,401 |
Construction and land development | ||
Covered Loans [Line Items] | ||
Weighted- Average Risk Rating1 | rating | 5.74 | 6.03 |
Recorded Investment PCI Loans | $ 8,187 | $ 4,548 |
CRE - investor owned | ||
Covered Loans [Line Items] | ||
Weighted- Average Risk Rating1 | rating | 6.94 | 7.19 |
Recorded Investment PCI Loans | $ 41,988 | $ 23,939 |
CRE - owner occupied | ||
Covered Loans [Line Items] | ||
Weighted- Average Risk Rating1 | rating | 6.68 | 7.39 |
Recorded Investment PCI Loans | $ 22,616 | $ 9,669 |
Residential real estate | ||
Covered Loans [Line Items] | ||
Weighted- Average Risk Rating1 | rating | 6.29 | 6.40 |
Recorded Investment PCI Loans | $ 13,372 | $ 6,082 |
real estate financing receivable [Domain] | ||
Covered Loans [Line Items] | ||
Recorded Investment PCI Loans | $ 86,163 | $ 44,238 |
Commercial and industrial | ||
Covered Loans [Line Items] | ||
Weighted- Average Risk Rating1 | rating | 5.80 | 6.09 |
Recorded Investment PCI Loans | $ 16,909 | $ 2,159 |
Consumer and other | ||
Covered Loans [Line Items] | ||
Weighted- Average Risk Rating1 | rating | 5.11 | 2.18 |
Recorded Investment PCI Loans | $ 243 | $ 4 |
Purchased Credit Impaired ("P_4
Purchased Credit Impaired ("PCI") Loans - Summary of Aging of Recorded Investment in Past Due PCI Loans by Portfolio Class and Category (Details) - Covered Loans - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Past Due [Line Items] | ||
30-89 Days Past Due | $ 3,138 | $ 1,153 |
90 or More Days Past Due | 3,687 | 6,404 |
Total Past Due | 6,825 | 7,557 |
Current | 96,490 | 38,844 |
Total | 103,315 | 46,401 |
Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
30-89 Days Past Due | 1,525 | 0 |
90 or More Days Past Due | 0 | 0 |
Total Past Due | 1,525 | 0 |
Current | 15,384 | 2,159 |
Total | 16,909 | 2,159 |
CRE - investor owned | ||
Financing Receivable, Past Due [Line Items] | ||
30-89 Days Past Due | 1,317 | 416 |
90 or More Days Past Due | 1,917 | 88 |
Total Past Due | 3,234 | 504 |
Current | 38,754 | 23,435 |
Total | 41,988 | 23,939 |
CRE - owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
30-89 Days Past Due | 0 | 591 |
90 or More Days Past Due | 1,381 | 6,279 |
Total Past Due | 1,381 | 6,870 |
Current | 21,235 | 2,799 |
Total | 22,616 | 9,669 |
Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
30-89 Days Past Due | 70 | 0 |
90 or More Days Past Due | 154 | 0 |
Total Past Due | 224 | 0 |
Current | 7,963 | 4,548 |
Total | 8,187 | 4,548 |
Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
30-89 Days Past Due | 226 | 146 |
90 or More Days Past Due | 235 | 37 |
Total Past Due | 461 | 183 |
Current | 12,911 | 5,899 |
Total | 13,372 | 6,082 |
Consumer and other | ||
Financing Receivable, Past Due [Line Items] | ||
30-89 Days Past Due | 0 | 0 |
90 or More Days Past Due | 0 | 0 |
Total Past Due | 0 | 0 |
Current | 243 | 4 |
Total | $ 243 | $ 4 |
Purchased Credit Impaired ("P_5
Purchased Credit Impaired ("PCI") Loans - Rollforward of PCI Loans, Net of Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance at beginning of period | $ 45,220 | $ 69,741 |
Acquisitions | 68,183 | |
Principal reductions and interest payments | (19,285) | (22,667) |
Accretion of loan discount | 4,645 | 3,400 |
Changes in contractual and expected cash flows due to remeasurement | 9,155 | 7,928 |
Reductions due to disposals | 5,490 | |
Balance at end of period | 102,428 | 58,402 |
Contractual Cashflows | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance at beginning of period | 73,157 | 112,710 |
Acquisitions | 111,963 | |
Principal reductions and interest payments | (19,285) | (22,667) |
Accretion of loan discount | 0 | 0 |
Changes in contractual and expected cash flows due to remeasurement | 7,725 | 3,281 |
Reductions due to disposals | 8,709 | |
Balance at end of period | 164,851 | 93,324 |
Non-accretable Difference | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance at beginning of period | 15,299 | 29,005 |
Acquisitions | 13,542 | |
Principal reductions and interest payments | 0 | 0 |
Accretion of loan discount | 0 | 0 |
Changes in contractual and expected cash flows due to remeasurement | (2,057) | (8,771) |
Reductions due to disposals | 3,224 | |
Balance at end of period | 23,560 | 20,234 |
Accretable Yield | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance at beginning of period | 12,638 | 13,964 |
Acquisitions | 30,238 | |
Principal reductions and interest payments | 0 | 0 |
Accretion of loan discount | 4,645 | 3,400 |
Changes in contractual and expected cash flows due to remeasurement | 627 | 4,124 |
Reductions due to disposals | 5 | |
Balance at end of period | $ 38,863 | $ 14,688 |
Purchased Credit Impaired ("P_6
Purchased Credit Impaired ("PCI") Loans - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Receivables [Abstract] | ||
PCI loans outstanding | $ 151.1 | $ 64.7 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Lessee, Lease, Description [Line Items] | ||
Operating Lease Term | 7 years | |
Operating Lease, Lease Income | $ 1.3 | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Renewal term | 5 years | |
Operating lease, term of contract | 8 years |
Leases - Lease Costs (Details)
Leases - Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Leases [Abstract] | ||
Operating Lease, Cost | $ 807 | $ 1,613 |
Short-term lease cost | 73 | 134 |
Sublease Income | (184) | (272) |
Lease, Cost | $ 696 | $ 1,475 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Leases [Abstract] | |||
Operating lease right-of-use assets | $ 14,164 | $ 15,500 | $ 0 |
Operating lease liabilities | $ 14,815 | $ 16,200 | $ 0 |
Weighted average remaining lease term | 5 years | ||
Weighted average discount rate | 3.00% |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | |||
2019 | $ 1,618 | ||
2020 | 3,246 | ||
2021 | 3,272 | ||
2022 | 2,709 | ||
2023 | 2,106 | ||
Thereafter | 3,143 | ||
Total operating lease liabilities, payments | 16,094 | ||
Present Value Adjustment | 1,279 | ||
Operating lease liabilities | $ 14,815 | $ 16,200 | $ 0 |
Commitments (Details)
Commitments (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Unadvanced Commitment on Impaired Loan | ||
Schedule of Commitments [Line Items] | ||
Estimated losses attributable to unadvanced commitments on impaired loans | $ 430 | $ 350 |
Commitments to extend credit | ||
Schedule of Commitments [Line Items] | ||
Off-balance sheet financial instruments, contractual amounts | 1,393,782 | 1,344,687 |
Commitments to extend credit | Fixed Rate Loan Commitment | ||
Schedule of Commitments [Line Items] | ||
Off-balance sheet financial instruments, contractual amounts | 134,300 | 68,500 |
Letters of credit | ||
Schedule of Commitments [Line Items] | ||
Off-balance sheet financial instruments, contractual amounts | $ 52,060 | $ 44,665 |
Letters of credit | Maximum | ||
Schedule of Commitments [Line Items] | ||
Remaining term | 5 years | |
Letters of credit | Minimum | ||
Schedule of Commitments [Line Items] | ||
Remaining term | 1 month |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2020 | Dec. 31, 2018 | |
Derivative, Gain (Loss) on Derivative, Net [Abstract] | |||||
Amount of Gain or (Loss) Recognized in OCI on Derivative | $ (2,213) | $ 0 | |||
Securities Sold under Agreements to Repurchase [Abstract] | |||||
Gross Amounts Recognized | $ 160,961 | 160,961 | $ 221,450 | ||
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 | 0 | ||
Net Amounts of Liabilities presented in the Statement of Financial Position | 160,961 | 160,961 | 221,450 | ||
Financial Instruments | 0 | 0 | 0 | ||
Fair Value Collateral Posted | 160,961 | 160,961 | 221,450 | ||
Net Amount | 0 | 0 | 0 | ||
Fair value of derivatives in a net liability position | 14,300 | 14,300 | |||
Posted collateral | 14,200 | 14,200 | |||
Interest rate swap | |||||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | |||||
Asset derivatives (other assets), fair value | 10,511 | 10,511 | 2,217 | ||
Liability derivatives (other liabilities), fair value | 14,325 | 14,325 | 2,217 | ||
Derivative Asset [Abstract] | |||||
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 | 0 | ||
Derivative financial instruments | 10,511 | 10,511 | 2,217 | ||
Financial Instruments | 97 | 97 | 0 | ||
Fair Value Collateral Posted | 0 | 0 | 0 | ||
Net Amount | 10,413 | 10,413 | 2,217 | ||
Derivative Liability [Abstract] | |||||
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 | 0 | ||
Net Amounts of Liabilities presented in the Statement of Financial Position | 14,325 | 14,325 | 2,217 | ||
Financial Instruments | 97 | 97 | 0 | ||
Fair Value Collateral Posted | 13,982 | 13,982 | 0 | ||
Net Amount | 246 | 246 | 2,217 | ||
Derivatives Designated as Hedging Instruments | |||||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | |||||
Asset derivatives (other assets), fair value | 0 | 0 | 0 | ||
Liability derivatives (other liabilities), fair value | 2,939 | 2,939 | 0 | ||
Derivatives Designated as Hedging Instruments | Other Assets | Interest rate swap | |||||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | |||||
Derivative Asset, Notional Amount | 61,962 | 61,962 | 0 | ||
Asset derivatives (other assets), fair value | 0 | 0 | 0 | ||
Derivatives Designated as Hedging Instruments | Other Liabilities | Interest rate swap | |||||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | |||||
Liability derivatives (other liabilities), fair value | 2,939 | 2,939 | 0 | ||
Derivatives not Designated as Hedging Instruments | |||||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | |||||
Asset derivatives (other assets), fair value | 11,124 | 11,124 | 3,023 | ||
Liability derivatives (other liabilities), fair value | 11,999 | 11,999 | 3,023 | ||
Derivatives not Designated as Hedging Instruments | Other Assets | Interest rate swap | |||||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | |||||
Derivative Asset, Notional Amount | 609,454 | 609,454 | 494,567 | ||
Asset derivatives (other assets), fair value | 10,511 | 10,511 | 2,217 | ||
Derivatives not Designated as Hedging Instruments | Other Assets | Foreign exchange forward contracts | |||||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | |||||
Derivative Asset, Notional Amount | 613 | 613 | 806 | ||
Asset derivatives (other assets), fair value | 613 | 613 | 806 | ||
Derivatives not Designated as Hedging Instruments | Other Liabilities | Interest rate swap | |||||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | |||||
Liability derivatives (other liabilities), fair value | 11,386 | 11,386 | 2,217 | ||
Derivatives not Designated as Hedging Instruments | Other Liabilities | Foreign exchange forward contracts | |||||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | |||||
Liability derivatives (other liabilities), fair value | $ 613 | $ 613 | $ 806 | ||
Cash Flow Hedging | |||||
Derivative [Line Items] | |||||
Derivative, fixed rate | 2.62% | 2.62% | |||
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income | $ (6) | $ (6) | |||
Derivative, Gain (Loss) on Derivative, Net [Abstract] | |||||
Amount of Gain or (Loss) Recognized in OCI on Derivative | (1,675) | (2,939) | |||
Cash Flow Hedging | Interest rate swap | |||||
Derivative [Line Items] | |||||
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income | (6) | (6) | |||
Derivative, Gain (Loss) on Derivative, Net [Abstract] | |||||
Amount of Gain or (Loss) Recognized in OCI on Derivative | $ (1,675) | $ (2,939) | |||
Maximum | Cash Flow Hedging | |||||
Derivative [Line Items] | |||||
Cash flow hedge term | 6 years | ||||
Scenario, Forecast | Cash Flow Hedging | |||||
Derivative [Line Items] | |||||
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income | $ 400 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Securities available for sale | $ 1,223,052 | $ 721,369 |
State tax credits held for sale | 0 | 0 |
Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Securities available for sale | 1,223,052 | 721,369 |
State tax credits held for sale | 39,037 | 39,169 |
Derivatives | 11,124 | 3,023 |
Liabilities | ||
Derivatives | 14,938 | 3,023 |
Obligations of U.S. Government-sponsored enterprises | ||
Assets | ||
Securities available for sale | 50,151 | 98,498 |
Obligations of states and political subdivisions | ||
Assets | ||
Securities available for sale | 118,696 | 26,810 |
Agency mortgage-backed securities | ||
Assets | ||
Securities available for sale | 924,047 | 586,136 |
US Treasury Bill Securities [Member] | ||
Assets | ||
Securities available for sale | 10,205 | 9,925 |
Corporate Debt Securities [Member] | ||
Assets | ||
Securities available for sale | 119,953 | |
Recurring basis | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Securities available for sale | 1,223,052 | 721,369 |
Other investments | 145 | 121 |
Derivatives | 11,124 | 3,023 |
Total assets | 1,234,321 | 724,513 |
Liabilities | ||
Derivatives | 3,023 | |
Total liabilities | 14,938 | 3,023 |
Recurring basis | Obligations of U.S. Government-sponsored enterprises | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Securities available for sale | 50,151 | 98,498 |
Recurring basis | Obligations of states and political subdivisions | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Securities available for sale | 118,696 | 26,810 |
Recurring basis | Agency mortgage-backed securities | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Securities available for sale | 924,047 | 586,136 |
Recurring basis | US Treasury Bill Securities [Member] | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Securities available for sale | 10,205 | 9,925 |
Recurring basis | Corporate Debt Securities [Member] | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Securities available for sale | 119,953 | |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets | ||
Securities available for sale | 0 | 0 |
Other investments | 145 | 121 |
Derivatives | 0 | 0 |
Total assets | 145 | 121 |
Liabilities | ||
Derivatives | 0 | 0 |
Total liabilities | 0 | 0 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Obligations of U.S. Government-sponsored enterprises | ||
Assets | ||
Securities available for sale | 0 | 0 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Obligations of states and political subdivisions | ||
Assets | ||
Securities available for sale | 0 | 0 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Agency mortgage-backed securities | ||
Assets | ||
Securities available for sale | 0 | 0 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | US Treasury Bill Securities [Member] | ||
Assets | ||
Securities available for sale | 0 | 0 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate Debt Securities [Member] | ||
Assets | ||
Securities available for sale | 0 | |
Recurring basis | Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Securities available for sale | 1,223,052 | 721,369 |
Other investments | 0 | 0 |
Derivatives | 11,124 | 3,023 |
Total assets | 1,234,176 | 724,392 |
Liabilities | ||
Derivatives | 14,938 | 3,023 |
Total liabilities | 14,938 | 3,023 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Obligations of U.S. Government-sponsored enterprises | ||
Assets | ||
Securities available for sale | 50,151 | 98,498 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Obligations of states and political subdivisions | ||
Assets | ||
Securities available for sale | 118,696 | 26,810 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Agency mortgage-backed securities | ||
Assets | ||
Securities available for sale | 924,047 | 586,136 |
Recurring basis | Significant Other Observable Inputs (Level 2) | US Treasury Bill Securities [Member] | ||
Assets | ||
Securities available for sale | 10,205 | 9,925 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Corporate Debt Securities [Member] | ||
Assets | ||
Securities available for sale | 119,953 | |
Recurring basis | Significant Unobservable Inputs (Level 3) | ||
Assets | ||
Securities available for sale | 0 | 0 |
Other investments | 0 | 0 |
Derivatives | 0 | 0 |
Total assets | 0 | 0 |
Liabilities | ||
Derivatives | 0 | 0 |
Total liabilities | 0 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | Obligations of U.S. Government-sponsored enterprises | ||
Assets | ||
Securities available for sale | 0 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | Obligations of states and political subdivisions | ||
Assets | ||
Securities available for sale | 0 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | Agency mortgage-backed securities | ||
Assets | ||
Securities available for sale | 0 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | US Treasury Bill Securities [Member] | ||
Assets | ||
Securities available for sale | $ 0 | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments, at cost | $ 42,990 | $ 26,654 |
State tax credits, held for sale | 37,294 | 37,587 |
State Tax Credits Held For Sale, Fair Value Disclosure | 0 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Estimated fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
State Tax Credits Held For Sale, Fair Value Disclosure | 39,037 | 39,169 |
Estimated fair value | Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | $ 145 | $ 121 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Level 3 Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - Level 3 - State tax credits held for sale, at fair value - Recurring basis - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Level 3 Financial Instruments Measured at Fair Value | ||||
Beginning balance | $ 0 | $ 350 | $ 0 | $ 400 |
Total gains: | ||||
Total gains: | 0 | 3 | 0 | 6 |
Purchases, sales, issuances and settlements: | ||||
Sales | 0 | (54) | 0 | (107) |
Ending balance | 0 | 299 | 0 | 299 |
Change in unrealized gains relating to assets still held at the reporting date | $ 0 | $ (13) | $ 0 | $ (26) |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Financial Instruments and Non-Financial Assets Measured at Fair Value on a Non-Recurring Basis (Details) - Fair Value, Measurements, Nonrecurring $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total (losses) gains for the year | $ 1,199 | $ 1,199 |
Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total (losses) gains for the year | 1,199 | 1,199 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 1,054 | 1,054 |
Significant Unobservable Inputs (Level 3) | Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 1,054 | 1,054 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 1,054 | 1,054 |
Estimate of Fair Value Measurement [Member] | Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 1,054 | $ 1,054 |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary of Carrying Amount and Fair Values of Financial Instruments Reported on the Balance Sheets (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Balance sheet assets | ||
Securities available for sale | $ 1,223,052 | $ 721,369 |
Securities held to maturity | 62,725 | 65,679 |
State tax credits held for sale | 0 | 0 |
Carrying Amount | ||
Balance sheet assets | ||
Cash and due from banks | 106,835 | 91,511 |
Federal funds sold | 2,744 | 1,714 |
Interest-bearing deposits | 82,571 | 106,512 |
Securities available for sale | 1,223,052 | 721,369 |
Securities held to maturity | 62,725 | 65,679 |
Other investments, at cost | 42,990 | 26,654 |
Loans held for sale | 1,437 | 392 |
Derivatives | 11,124 | 3,023 |
Portfolio loans, net | 5,105,675 | 4,306,525 |
State tax credits held for sale | 37,294 | 37,587 |
Accrued interest receivable | 27,008 | 16,069 |
Balance sheet liabilities | ||
Deposits | 5,559,338 | 4,587,985 |
Subordinated debentures and notes | 141,100 | 118,156 |
Federal Home Loan Bank advances | 389,446 | 70,000 |
Other borrowings | 198,104 | 223,450 |
Derivatives | 14,938 | 3,023 |
Accrued interest payable | 2,701 | 1,977 |
Estimated fair value | ||
Balance sheet assets | ||
Cash and due from banks | 106,835 | 91,511 |
Federal funds sold | 2,744 | 1,714 |
Interest-bearing deposits | 82,571 | 106,512 |
Securities available for sale | 1,223,052 | 721,369 |
Securities held to maturity | 63,061 | 63,934 |
Other investments, at cost | 42,990 | 26,654 |
Loans held for sale | 1,437 | 392 |
Derivatives | 11,124 | 3,023 |
Portfolio loans, net | 5,049,215 | 4,253,239 |
State tax credits held for sale | 39,037 | 39,169 |
Accrued interest receivable | 27,008 | 16,069 |
Balance sheet liabilities | ||
Deposits | 5,536,456 | 4,583,047 |
Subordinated debentures and notes | 132,301 | 106,316 |
Federal Home Loan Bank advances | 389,471 | 70,000 |
Other borrowings | 197,988 | 223,260 |
Derivatives | 14,938 | 3,023 |
Accrued interest payable | $ 2,701 | $ 1,977 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Estimated Fair Values of Financial Instruments Not Recorded at Fair Value on Balance Sheet (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Estimated fair value | Securities held to maturity | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial assets not on condensed consolidated balance sheets at fair value | $ 63,031 | $ 63,934 |
Estimated fair value | Portfolio loans, net | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial assets not on condensed consolidated balance sheets at fair value | 5,049,215 | 4,253,239 |
Estimated fair value | State tax credits, held for sale | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial assets not on condensed consolidated balance sheets at fair value | 39,037 | 39,169 |
Estimated fair value | Deposits | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial liabilities not on condensed consolidated balance sheets at fair value | 5,536,456 | 4,583,047 |
Estimated fair value | Subordinated debentures and notes | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial liabilities not on condensed consolidated balance sheets at fair value | 132,301 | 106,316 |
Estimated fair value | Federal Home Loan Bank advances | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial liabilities not on condensed consolidated balance sheets at fair value | 389,471 | 70,000 |
Estimated fair value | Other Borrowings | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial liabilities not on condensed consolidated balance sheets at fair value | 197,988 | 223,260 |
Level 1 | Securities held to maturity | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial assets not on condensed consolidated balance sheets at fair value | 0 | 0 |
Level 1 | Portfolio loans, net | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial assets not on condensed consolidated balance sheets at fair value | 0 | 0 |
Level 1 | State tax credits, held for sale | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial assets not on condensed consolidated balance sheets at fair value | 0 | 0 |
Level 1 | Deposits | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial liabilities not on condensed consolidated balance sheets at fair value | 4,736,768 | 3,903,556 |
Level 1 | Subordinated debentures and notes | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial liabilities not on condensed consolidated balance sheets at fair value | 0 | 0 |
Level 1 | Federal Home Loan Bank advances | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial liabilities not on condensed consolidated balance sheets at fair value | 0 | 0 |
Level 1 | Other Borrowings | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial liabilities not on condensed consolidated balance sheets at fair value | 0 | 0 |
Level 2 | Securities held to maturity | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial assets not on condensed consolidated balance sheets at fair value | 63,031 | 63,934 |
Level 2 | Portfolio loans, net | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial assets not on condensed consolidated balance sheets at fair value | 0 | 0 |
Level 2 | State tax credits, held for sale | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial assets not on condensed consolidated balance sheets at fair value | 0 | 0 |
Level 2 | Deposits | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial liabilities not on condensed consolidated balance sheets at fair value | 0 | 0 |
Level 2 | Subordinated debentures and notes | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial liabilities not on condensed consolidated balance sheets at fair value | 132,301 | 106,316 |
Level 2 | Federal Home Loan Bank advances | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial liabilities not on condensed consolidated balance sheets at fair value | 389,471 | 70,000 |
Level 2 | Other Borrowings | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial liabilities not on condensed consolidated balance sheets at fair value | 197,988 | 223,260 |
Level 3 | Securities held to maturity | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial assets not on condensed consolidated balance sheets at fair value | 0 | 0 |
Level 3 | Portfolio loans, net | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial assets not on condensed consolidated balance sheets at fair value | 5,049,215 | 4,253,239 |
Level 3 | State tax credits, held for sale | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial assets not on condensed consolidated balance sheets at fair value | 39,037 | 39,169 |
Level 3 | Deposits | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial liabilities not on condensed consolidated balance sheets at fair value | 799,688 | 679,491 |
Level 3 | Subordinated debentures and notes | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial liabilities not on condensed consolidated balance sheets at fair value | 0 | 0 |
Level 3 | Federal Home Loan Bank advances | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial liabilities not on condensed consolidated balance sheets at fair value | 0 | 0 |
Level 3 | Other Borrowings | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial liabilities not on condensed consolidated balance sheets at fair value | $ 0 | $ 0 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Goodwill acquired | $ 93,900 | ||||
Goodwill | $ 211,251 | 211,251 | $ 117,345 | ||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization of intangible assets | 2,418 | $ 1,288 | |||
Goodwill, Purchase Accounting Adjustments | 3,600 | ||||
Core deposit | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization of intangible assets | $ 1,600 | $ 600 | $ 2,400 | $ 1,300 | |
Finite-lived intangible assets useful life | 10 years |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Summary of Intangible Assets (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Finite-lived Intangible Assets [Roll Forward] | |
Core deposit intangible, net, end of year | $ 29,201 |
Core deposit | |
Finite-lived Intangible Assets [Roll Forward] | |
Gross core deposit intangible balance, beginning of period | 20,574 |
Additions | 23,066 |
Gross core deposit intangible, end of period | 43,640 |
Accumulated amortization | (14,439) |
Core deposit intangible, net, end of year | $ 29,201 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Expected Amortization Schedule for the Core Deposit Intangible (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2019 | $ 3,125 |
2020 | 5,608 |
2021 | 4,814 |
2022 | 4,085 |
2023 | 3,456 |
After 2023 | 8,113 |
Core deposit intangible, net, end of year | $ 29,201 |
Subordinated Debentures (Detail
Subordinated Debentures (Details) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | |
Subordinated Borrowing [Line Items] | ||
Subordinated debentures and notes (net of debt issuance cost of $940 and $1,005, respectively) | $ 141,100 | $ 118,156 |
Debt issuance costs | (940) | (1,005) |
Total junior subordinated debentures | ||
Subordinated Borrowing [Line Items] | ||
Subordinated debentures and notes (net of debt issuance cost of $940 and $1,005, respectively) | 92,040 | 69,161 |
Total junior subordinated debentures | EFSC Clayco Statutory Trust I | ||
Subordinated Borrowing [Line Items] | ||
Subordinated debentures and notes (net of debt issuance cost of $940 and $1,005, respectively) | $ 3,196 | 3,196 |
Maturity Date | Dec. 17, 2033 | |
Call Date | Dec. 17, 2008 | |
Total junior subordinated debentures | EFSC Clayco Statutory Trust I | 3 Month LIBOR | ||
Subordinated Borrowing [Line Items] | ||
Floating interest rate | 0.0285 | |
Total junior subordinated debentures | EFSC Capital Trust II | ||
Subordinated Borrowing [Line Items] | ||
Subordinated debentures and notes (net of debt issuance cost of $940 and $1,005, respectively) | $ 5,155 | 5,155 |
Maturity Date | Jun. 17, 2034 | |
Call Date | Jun. 17, 2009 | |
Total junior subordinated debentures | EFSC Capital Trust II | 3 Month LIBOR | ||
Subordinated Borrowing [Line Items] | ||
Floating interest rate | 0.0265 | |
Total junior subordinated debentures | EFSC Statutory Trust III | ||
Subordinated Borrowing [Line Items] | ||
Subordinated debentures and notes (net of debt issuance cost of $940 and $1,005, respectively) | $ 11,341 | 11,341 |
Maturity Date | Dec. 15, 2034 | |
Call Date | Dec. 15, 2009 | |
Total junior subordinated debentures | EFSC Statutory Trust III | 3 Month LIBOR | ||
Subordinated Borrowing [Line Items] | ||
Floating interest rate | 0.0197 | |
Total junior subordinated debentures | EFSC Clayco Statutory Trust II | ||
Subordinated Borrowing [Line Items] | ||
Subordinated debentures and notes (net of debt issuance cost of $940 and $1,005, respectively) | $ 4,124 | 4,124 |
Maturity Date | Sep. 15, 2035 | |
Call Date | Sep. 15, 2010 | |
Total junior subordinated debentures | EFSC Clayco Statutory Trust II | 3 Month LIBOR | ||
Subordinated Borrowing [Line Items] | ||
Floating interest rate | 0.0183 | |
Total junior subordinated debentures | EFSC Statutory Trust IV | ||
Subordinated Borrowing [Line Items] | ||
Subordinated debentures and notes (net of debt issuance cost of $940 and $1,005, respectively) | $ 10,310 | 10,310 |
Maturity Date | Dec. 15, 2035 | |
Call Date | Dec. 15, 2010 | |
Total junior subordinated debentures | EFSC Statutory Trust IV | 3 Month LIBOR | ||
Subordinated Borrowing [Line Items] | ||
Floating interest rate | 0.0144 | |
Total junior subordinated debentures | EFSC Statutory Trust V | ||
Subordinated Borrowing [Line Items] | ||
Subordinated debentures and notes (net of debt issuance cost of $940 and $1,005, respectively) | $ 4,124 | 4,124 |
Maturity Date | Sep. 15, 2036 | |
Call Date | Sep. 15, 2011 | |
Total junior subordinated debentures | EFSC Statutory Trust V | 3 Month LIBOR | ||
Subordinated Borrowing [Line Items] | ||
Floating interest rate | 0.016 | |
Total junior subordinated debentures | EFSC Capital Trust VI | ||
Subordinated Borrowing [Line Items] | ||
Subordinated debentures and notes (net of debt issuance cost of $940 and $1,005, respectively) | $ 14,433 | 14,433 |
Maturity Date | Mar. 30, 2037 | |
Call Date | Mar. 30, 2012 | |
Total junior subordinated debentures | EFSC Capital Trust VI | 3 Month LIBOR | ||
Subordinated Borrowing [Line Items] | ||
Floating interest rate | 0.016 | |
Total junior subordinated debentures | EFSC Capital Trust VII | ||
Subordinated Borrowing [Line Items] | ||
Subordinated debentures and notes (net of debt issuance cost of $940 and $1,005, respectively) | $ 4,124 | 4,124 |
Maturity Date | Dec. 15, 2037 | |
Call Date | Dec. 15, 2012 | |
Total junior subordinated debentures | EFSC Capital Trust VII | 3 Month LIBOR | ||
Subordinated Borrowing [Line Items] | ||
Floating interest rate | 0.0225 | |
Total junior subordinated debentures | JEFFCO Stat Trust I | ||
Subordinated Borrowing [Line Items] | ||
Subordinated debentures and notes (net of debt issuance cost of $940 and $1,005, respectively) | $ 7,953 | 8,019 |
Maturity Date | Feb. 22, 2031 | |
Call Date | Feb. 22, 2011 | |
Fixed interest rate | 10.20% | |
Total junior subordinated debentures | JEFFCO Stat Trust II | ||
Subordinated Borrowing [Line Items] | ||
Subordinated debentures and notes (net of debt issuance cost of $940 and $1,005, respectively) | $ 4,362 | 4,335 |
Maturity Date | Mar. 17, 2034 | |
Call Date | Mar. 17, 2009 | |
Total junior subordinated debentures | JEFFCO Stat Trust II | 3 Month LIBOR | ||
Subordinated Borrowing [Line Items] | ||
Fixed interest rate | 2.75% | |
Total junior subordinated debentures | Trinity Capital Trust III | ||
Subordinated Borrowing [Line Items] | ||
Subordinated debentures and notes (net of debt issuance cost of $940 and $1,005, respectively) | $ 5,172 | 0 |
Maturity Date | Sep. 8, 2034 | |
Call Date | Sep. 8, 2009 | |
Total junior subordinated debentures | Trinity Capital Trust III | 3 Month LIBOR | ||
Subordinated Borrowing [Line Items] | ||
Floating interest rate | 0.027 | |
Total junior subordinated debentures | Trinity Capital Trust IV | ||
Subordinated Borrowing [Line Items] | ||
Subordinated debentures and notes (net of debt issuance cost of $940 and $1,005, respectively) | $ 10,284 | 0 |
Maturity Date | Nov. 23, 2035 | |
Call Date | Aug. 23, 2010 | |
Fixed interest rate | 6.88% | |
Total junior subordinated debentures | Trinity Capital Trust V | ||
Subordinated Borrowing [Line Items] | ||
Subordinated debentures and notes (net of debt issuance cost of $940 and $1,005, respectively) | $ 7,462 | 0 |
Maturity Date | Dec. 15, 2036 | |
Call Date | Sep. 15, 2011 | |
Total junior subordinated debentures | Trinity Capital Trust V | 3 Month LIBOR | ||
Subordinated Borrowing [Line Items] | ||
Floating interest rate | 0.0165 | |
Subordinated notes | ||
Subordinated Borrowing [Line Items] | ||
Subordinated debentures and notes (net of debt issuance cost of $940 and $1,005, respectively) | $ 50,000 | 50,000 |
Debt issuance costs | (940) | (1,005) |
Total fixed-to-floating rate subordinated notes | $ 49,060 | $ 48,995 |
Maturity Date | Nov. 1, 2026 | |
Call Date | Nov. 1, 2021 | |
Fixed interest rate | 4.75% | |
Subordinated notes | 3 Month LIBOR | ||
Subordinated Borrowing [Line Items] | ||
Floating interest rate | 0.03387 | |
Junior subordinated debentures | ||
Subordinated Borrowing [Line Items] | ||
Par value | $ 26,800 | |
Preliminary fair value | $ 22,800 |
Uncategorized Items - a2019630-
Label | Element | Value |
Common shares issued in relation to acquisition | efsc_Commonsharesissuedinrelationtoacquisition | 171,885,000 |
Common shares issued in relation to acquisition | efsc_Commonsharesissuedinrelationtoacquisition | 0 |