Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 21, 2020 | |
Cover [Abstract] | ||
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 $0.01 per share | |
Trading Symbol | EFSC | |
Security Exchange Name | NASDAQ | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 26,209,739 | |
Entity Central Index Key | 0001025835 | |
Document Period End Date | Sep. 30, 2020 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and due from banks | $ 98,816 | $ 74,769 |
Federal funds sold | 1,204 | 3,060 |
Interest-earning deposits (including $45,525 and $15,285 pledged as collateral, respectively) | 292,195 | 89,427 |
Total cash and cash equivalents | 392,215 | 167,256 |
Interest-earning deposits greater than 90 days | 8,374 | 3,730 |
Securities available-for-sale | 1,005,426 | 1,135,317 |
Debt Securities, Held-To-Maturity, Net Of Allowance For Credit Losses | 327,049 | 181,166 |
Trade and Loans Receivables Held-for-sale, Net, Not Part of Disposal Group | 14,032 | 5,570 |
Loans | 6,126,307 | 5,314,337 |
Less: Allowance for credit losses on loans | 123,270 | 43,288 |
Total loans, net | 6,003,037 | 5,271,049 |
Other investments | 43,456 | 38,044 |
Fixed assets, net | 56,807 | 60,013 |
Goodwill | 210,344 | 210,344 |
Intangible assets, net | 21,820 | 26,076 |
Other assets | 285,416 | 235,226 |
Total assets | 8,367,976 | 7,333,791 |
Liabilities and Shareholders' Equity | ||
Noninterest-bearing deposit accounts | 1,929,540 | 1,327,348 |
Interest-bearing transaction accounts | 1,499,756 | 1,367,444 |
Money market accounts | 2,019,222 | 1,713,615 |
Savings accounts | 615,663 | 536,169 |
Certificates of deposit: | ||
Brokered | 65,209 | 215,758 |
Other | 546,836 | 610,689 |
Total deposits | 6,676,226 | 5,771,023 |
Subordinated debentures and notes | 203,510 | 141,258 |
FHLB advances | 250,000 | 222,406 |
Other borrowings | 209,038 | 230,886 |
Notes payable | 30,000 | 34,286 |
Other liabilities | 116,935 | 66,747 |
Total liabilities | 7,485,709 | 6,466,606 |
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; 28,189,670 and 28,067,087 shares issued, respectively | 282 | 281 |
Treasury stock, at cost; 1,980,093 and 1,523,842 shares, respectively | (73,528) | (58,181) |
Additional paid in capital | 529,105 | 526,599 |
Retained earnings | 393,900 | 380,737 |
Accumulated other comprehensive income | 32,508 | 17,749 |
Total shareholders' equity | 882,267 | 867,185 |
Total liabilities and shareholders' equity | $ 8,367,976 | $ 7,333,791 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Assets | ||
Collateral pledged | $ 45,525 | $ 15,285 |
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 | 45,000,000 |
Common stock, shares issued | 28,189,670 | 28,067,087 |
Treasury stock, shares | 1,980,093 | 1,523,842 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Interest income: | ||||
Interest and fees on loans | $ 62,648 | $ 71,214 | $ 194,295 | $ 201,867 |
Interest on debt securities: | ||||
Taxable | 5,554 | 8,004 | 19,698 | 21,236 |
Nontaxable | 2,241 | 969 | 5,542 | 2,277 |
Interest on interest-earning deposits | 113 | 572 | 500 | 1,722 |
Dividends on equity securities | 231 | 319 | 631 | 794 |
Total interest income | 70,787 | 81,078 | 220,666 | 227,896 |
Interest expense: | ||||
Interest Expense, Deposits | 3,712 | 13,209 | 17,983 | 38,148 |
Subordinated debentures and notes | 2,826 | 1,956 | 7,061 | 5,562 |
FHLB advances | 720 | 2,203 | 2,070 | 5,297 |
Notes payable and other borrowings | 175 | 664 | 997 | 1,785 |
Total interest expense | 7,433 | 18,032 | 28,111 | 50,792 |
Net interest income | 63,354 | 63,046 | 192,555 | 177,104 |
Provision for credit losses | 14,080 | 1,833 | 55,935 | 5,031 |
Net interest income after provision for credit losses | 49,274 | 61,213 | 136,620 | 172,073 |
Noninterest income: | ||||
Total noninterest income | 12,629 | 13,564 | 35,997 | 34,758 |
Noninterest expense: | ||||
Employee compensation and benefits | 22,040 | 20,845 | 66,114 | 60,884 |
Occupancy | 3,408 | 3,179 | 9,940 | 9,004 |
Data processing | 2,167 | 2,051 | 6,393 | 6,415 |
Professional fees | 755 | 1,064 | 2,904 | 2,847 |
Merger-related expenses | 1,563 | 393 | 1,563 | 17,969 |
Other | 9,591 | 10,707 | 29,195 | 30,012 |
Total noninterest expense | 39,524 | 38,239 | 116,109 | 127,131 |
Income before income tax expense | 22,379 | 36,538 | 56,508 | 79,700 |
Income tax expense | 4,428 | 7,469 | 11,055 | 16,051 |
Net income | $ 17,951 | $ 29,069 | $ 45,453 | $ 63,649 |
Earnings per common share | ||||
Basic (usd per share) | $ 0.68 | $ 1.09 | $ 1.73 | $ 2.46 |
Diluted (usd per share) | $ 0.68 | $ 1.08 | $ 1.73 | $ 2.45 |
Deposit Account [Member] | ||||
Noninterest income: | ||||
Total noninterest income | $ 2,798 | $ 3,246 | $ 8,557 | $ 9,547 |
Fiduciary and Trust [Member] | ||||
Noninterest income: | ||||
Total noninterest income | 2,456 | 2,661 | 7,283 | 7,314 |
Card Services Revenue [Member] | ||||
Noninterest income: | ||||
Total noninterest income | 2,498 | 2,494 | 6,970 | 6,745 |
Tax credit activity, net [Member] | ||||
Noninterest income: | ||||
Total noninterest income | 748 | 1,238 | 2,563 | 1,968 |
Financial Service, Other [Member] | ||||
Noninterest income: | ||||
Total noninterest income | $ 4,129 | $ 3,925 | $ 10,624 | $ 9,184 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 17,951 | $ 29,069 | $ 45,453 | $ 63,649 |
Other comprehensive income (loss), after-tax: | ||||
Change in unrealized gain on available-for-sale debt securities | 94 | 7,018 | 21,642 | 31,362 |
Reclassification adjustment for realized gain on sale of available-for-sale debt securities | (314) | (254) | (317) | (34) |
Reclassification of (gain) loss on held-to-maturity securities | (705) | 10 | (1,190) | 15 |
Change in unrealized gain (loss) on cash flow hedges arising during the period | 110 | (669) | (6,247) | (2,886) |
Reclassification of loss on cash flow hedges | 514 | 32 | 871 | 36 |
Total other comprehensive income (loss), after-tax | (301) | 6,137 | 14,759 | 28,493 |
Comprehensive income | $ 17,650 | $ 35,206 | $ 60,212 | $ 92,142 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance at Dec. 31, 2018 | $ 603,804 | $ 239 | $ (42,655) | $ 350,936 | $ 304,566 | $ (9,282) |
Net income | 63,649 | 0 | 0 | 0 | 63,649 | 0 |
Other comprehensive income | 28,493 | 0 | 0 | 0 | 0 | 28,493 |
Comprehensive income | 92,142 | 0 | 0 | 0 | 63,649 | 28,493 |
Cash dividends paid on common shares | (12,055) | 0 | 0 | 0 | (12,055) | 0 |
Repurchase of common stock | (11,817) | 0 | (11,817) | 0 | 0 | 0 |
Issuance under equity compensation plans, net | (880) | 1 | 0 | (881) | 0 | 0 |
Share-based Payment Arrangement, Noncash Expense | 3,016 | 0 | 0 | 3,016 | 0 | 0 |
Shares issued in connection with acquisition | 171,885 | 40 | 0 | 171,845 | 0 | 0 |
Ending balance at Sep. 30, 2019 | 846,095 | 280 | (54,472) | 524,916 | 356,160 | 19,211 |
Beginning balance at Jun. 30, 2019 | 825,501 | 280 | (42,655) | 523,454 | 331,348 | 13,074 |
Net income | 29,069 | 0 | 0 | 0 | 29,069 | 0 |
Other comprehensive income | 6,137 | 0 | 0 | 0 | 0 | 6,137 |
Comprehensive income | 35,206 | 0 | 0 | 0 | 29,069 | 6,137 |
Cash dividends paid on common shares | (4,257) | 0 | 0 | 0 | 4,257 | 0 |
Repurchase of common stock | (11,817) | 0 | (11,817) | 0 | 0 | 0 |
Issuance under equity compensation plans, net | 353 | 0 | 0 | 353 | 0 | 0 |
Share-based Payment Arrangement, Noncash Expense | 1,109 | 0 | 0 | 1,109 | 0 | 0 |
Ending balance at Sep. 30, 2019 | 846,095 | 280 | (54,472) | 524,916 | 356,160 | 19,211 |
Beginning balance at Dec. 31, 2019 | 867,185 | 281 | (58,181) | 526,599 | 380,737 | 17,749 |
Net income | 45,453 | 0 | 0 | 0 | 45,453 | 0 |
Other comprehensive income | 14,759 | 0 | 0 | 0 | 0 | 14,759 |
Comprehensive income | 60,212 | 0 | 0 | 0 | 45,453 | 14,759 |
Cash dividends paid on common shares | (14,176) | 0 | 0 | 0 | (14,176) | 0 |
Repurchase of common stock | (15,347) | 0 | (15,347) | 0 | 0 | 0 |
Issuance under equity compensation plans, net | (562) | 1 | 0 | (563) | 0 | 0 |
Share-based Payment Arrangement, Noncash Expense | 3,069 | 0 | 0 | 3,069 | 0 | 0 |
Reclassification for the adoption of new accounting standards | (18,114) | 0 | 0 | 0 | (18,114) | 0 |
Ending balance at Sep. 30, 2020 | 882,267 | 282 | (73,528) | 529,105 | 393,900 | 32,508 |
Beginning balance at Jun. 30, 2020 | 867,963 | 281 | (73,528) | 527,734 | 380,667 | 32,809 |
Net income | 17,951 | 0 | 0 | 0 | 17,951 | 0 |
Other comprehensive income | (301) | 0 | 0 | 0 | 0 | (301) |
Comprehensive income | 17,650 | 0 | 0 | 0 | 17,951 | (301) |
Cash dividends paid on common shares | (4,718) | 0 | 0 | 0 | (4,718) | 0 |
Issuance under equity compensation plans, net | 332 | 1 | 0 | 331 | 0 | 0 |
Share-based Payment Arrangement, Noncash Expense | 1,040 | 0 | 0 | 1,040 | 0 | 0 |
Ending balance at Sep. 30, 2020 | $ 882,267 | $ 282 | $ (73,528) | $ 529,105 | $ 393,900 | $ 32,508 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash dividends paid on common shares, per share | $ 0.54 | $ 0.45 |
Issuance under equity compensation plans, shares | 122,583 | 112,812 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows $ in Thousands | 9 Months Ended | |
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | |
Cash flows from operating activities: | ||
Net income | $ 45,453 | $ 63,649 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation | 4,573 | 4,187 |
Provision for credit losses | 55,935 | 5,031 |
Deferred income taxes | (9,609) | 4,777 |
Net amortization of debt securities | 4,775 | 2,009 |
Amortization of intangible assets | 4,256 | 3,993 |
Gain (Loss) on Sale of Debt Investments | (421) | (45) |
Mortgage loans originated-for-sale | (164,151) | (39,260) |
Proceeds from mortgage loans sold | 157,377 | 33,503 |
Sale of other real estate | 13 | (59) |
Sale of state tax credits | (290) | (469) |
Share-based Payment Arrangement, Noncash Expense | 3,069 | 3,016 |
Net accretion of loan discount | (5,976) | (8,101) |
Changes in other assets and liabilities, net | ||
Increase (Decrease) in Other Operating Assets and Liabilities, Net | 5,243 | (5,661) |
Net cash provided by operating activities | 100,247 | 66,570 |
Cash flows from investing activities: | ||
Payments for Previous Acquisition | 0 | (23,377) |
Net increase in loans | (800,812) | (197,514) |
Sale of debt securities, available-for-sale | 20,221 | 314,189 |
Paydown or maturity of debt securities, available-for-sale | 234,267 | 95,386 |
Paydown or maturity of debt securities, held-to-maturity | 25,833 | 4,760 |
Redemption of other investments | 26,350 | 43,034 |
Sale of state tax credits held for sale | 5,621 | 3,978 |
Sale of other real estate | 652 | 4,380 |
Proceeds from Life Insurance Policy | 1,993 | 0 |
Payments for the purchase of: | ||
Available-for-sale debt securities | (274,677) | (467,695) |
Other investments | (40,714) | (61,226) |
State tax credits held for sale | (11,026) | (9,666) |
Fixed assets, net | (1,633) | (4,008) |
Net cash used in investing activities | (813,925) | (297,759) |
Cash flows from financing activities: | ||
Net increase in noninterest-bearing deposit accounts | 602,192 | 25,653 |
Net increase (decrease) in interest-bearing deposit accounts | 303,011 | (70,446) |
Proceeds from FHLB advances, net | 27,700 | 384,500 |
Proceeds from Issuance of Long-term Debt | 0 | 41,000 |
Repayments of Long-term Debt | (4,286) | (6,286) |
Proceeds from Issuance of Subordinated Long-term Debt | 61,953 | 0 |
Net decrease in other borrowings | (21,848) | (58,530) |
Cash dividends paid on common stock | (14,176) | (12,055) |
Payments for Repurchase of Common Stock | (15,347) | (11,817) |
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | (562) | (880) |
Net cash provided by financing activities | 938,637 | 291,139 |
Net increase in cash and cash equivalents | 224,959 | 59,950 |
Cash and cash equivalents, beginning of period | 167,256 | 196,552 |
Cash and cash equivalents, end of period | 392,215 | 256,502 |
Noncash transactions: | ||
Cash paid during the period for interest | 26,858 | 49,862 |
Income Taxes Paid, Net | 7,514 | 12,955 |
Transfer to other real estate owned in settlement of loans | 261 | 7,964 |
Sales of other real estate financed | 48 | 0 |
Right-of-use assets obtained in exchange for lease obligations | $ 200 | $ 0 |
Common shares issued related to acquisition | 0 | 171,885 |
Transfer to Investments | $ 163,592 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
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. Operating results for the three and nine months ended September 30, 2020 are not necessarily indicative of the results that may be expected for any other interim period or for the year ending December 31, 2020. 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, 2019, as filed with the SEC. Basis of Financial Statement Presentation The accompanying unaudited condensed consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Except as disclosed herein, there has been no material change in the information disclosed in the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. 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 On January 1, 2020, the Company adopted ASU 2016-13 “ Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which replaces the incurred loss methodology with an expected loss methodology commonly referred to as the CECL methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. It also applies to off-balance sheet credit exposures such as loan commitments, standby letters of credit, financial guarantees, and other similar instruments. In addition, this standard made changes to the accounting for available-for-sale debt securities, including the requirement for credit losses to be presented as an allowance rather than as a write-down on available-for-sale debt securities. The Company adopted this standard using the modified retrospective method for all financial assets measured at amortized cost, and off-balance-sheet credit exposures. Results for reporting periods beginning after January 1, 2020 are presented under the new standard while prior period amounts continue to be reported in accordance with previously applicable GAAP. The Company recorded an after-tax decrease to retained earnings of $18.1 million as of January 1, 2020 for the cumulative effect of adopting this standard. The Company adopted this standard using the prospective transition approach for PCD assets that were previously classified as PCI assets. Management did not reassess whether PCI assets met the criteria of PCD assets as of the date of the adoption. The Company elected not to maintain PCI pools for certain loans which are now accounted for individually. Thus they are now included in nonperforming and classified loans. Management did not reassess whether modifications to individual acquired financial assets accounted for in pools were troubled debt restructurings as of the date of adoption. The following table illustrates the impact of adoption: ($ in thousands) December 31, 2019 Impact of Adoption January 1, 2020 Assets: Loans $ 5,314,337 $ 7,091 $ 5,321,428 Allowance for credit losses on loans 43,288 28,387 71,675 Allowance for credit losses on held-to-maturity debt securities — 303 303 Deferred tax asset 14,851 5,898 20,749 Liabilities: Reserve for unfunded commitments 430 2,413 2,843 Shareholders’ Equity Retained Earnings 380,737 (18,114) 362,623 The Company also adopted ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement” on January 1, 2020. The Company previously selected the option to adopt the removal or modification of disclosures during the second quarter of 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 are applied prospectively for only the most recent interim or annual period presented. All other amendments are applied retrospectively to all periods presented upon their effective date. The adoption of this update did not have a material effect on the Company's consolidated financial statements. Accounting Standards Issued but not yet Adopted FASB ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ” In March 2020, the FASB issued “Reference Rate Reform (Topic 848)” which provides optional expedients and exceptions for contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The guidance is effective for contract modifications as of March 12, 2020 through December 31, 2022. The Company is currently evaluating the optional expedients and exceptions and has not yet determined the impact this standard may have on its consolidated financial statements. Loans The Company has elected to present the accrued interest receivable balance separate from amortized cost basis, to exclude accrued interest receivable balances from the tabular disclosures, and not to estimate an ACL on accrued interest receivable as these amounts are timely written off as a credit loss expense. Accrued interest receivable totaled $24.6 million at September 30, 2020 and was reported in Other Assets on the consolidated balance sheets. PCD Loans The Company has purchased loans, some of which have experienced more than insignificant credit deterioration since origination. PCD loans are recorded at the amount paid. An ACL is determined using the same methodology as other loans held for investment. The initial ACL determined on a collective basis is allocated to individual loans. The sum of the loan’s purchase price and ACL becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized into interest income over the life of the loan. Subsequent changes to the ACL are recorded through provision expense. Allowance for Credit Losses on Loans The ACLL is a valuation account that is deducted from the amortized cost basis to present the net amount expected to be collected. Loans are charged-off against the allowance when management believes the uncollectibility of a loan balance is confirmed. Management estimates the allowance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, or term as well as for changes in environmental conditions, such as changes in unemployment rates, property values, or other relevant factors. The ACLL is measured on a collective basis when similar risk characteristics exist. The Company has identified the following portfolio segments: C&I – C&I loans consist of loans to small and medium-sized businesses in a wide variety of industries. These loans are generally collateralized by inventory, accounts receivable, equipment, real estate and other commercial assets, and may be supported by other credit enhancements such as personal guarantees. Risk arises primarily due to a difference between expected and actual cash flows of the borrower. However, the recoverability of these loans is also dependent on other factors primarily dictated by the type of collateral securing these loans. The fair value of the collateral securing these loans may fluctuate as market conditions change. Included within C&I are revolving loans supported by borrowing bases that fluctuate depending on the amount of underlying collateral. A portion of C&I loans consists of enterprise value lending, which are loans with senior debt exposure to private equity backed companies. CRE – CRE loans include various types of loans for which the Company holds real property as collateral. Commercial real estate lending activity is typically restricted to owner-occupied properties or to investor properties that are owned by customers with a current banking relationship. The primary risks of CRE loans include the borrower’s inability to pay, material decreases in the value of the real estate being held as collateral and significant increases in interest rates, which may make the real estate mortgage loan unprofitable. Real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. Construction and Land Development – The Company originates loans to finance construction projects including one- to four-family residences, multifamily residences, commercial office, and industrial projects. Construction loans are generally collateralized by first liens on the real estate and have floating interest rates. Construction loans are considered to have higher risks due to construction completion and timing risk, and the ultimate repayment being sensitive to interest rate changes, governmental regulation of real property and the availability of long-term financing. Additionally, economic conditions may impact the Company’s ability to recover its investment in construction loans. Adverse economic conditions may negatively impact the real estate market which could affect the borrowers’ ability to complete and sell the project. Additionally, the fair value of the underlying collateral may fluctuate as market conditions change. Residential Real Estate – The Company originates loans to finance one- to four-family residences, secured by both first and second liens. Repayment of these loans is dependent on the borrowers’ ability to pay and the fair value of the underlying collateral. Residential loans with a second lien are inherently riskier due to the junior lien position. Agricultural – Agricultural loans are generally secured with equipment, cattle, crops or other non-real property and at times the underlying real property. Agricultural loans are primarily included as a component of CRE and C&I loans. Consumer – The Company provides a broad range of consumer loans to customers, including personal lines of credit, credit cards and automobile loans. Repayment of these loans is dependent on the borrowers’ ability to pay and the fair value of the underlying collateral. Consumer loans are included as a component of Other loans. The Company utilizes a DCF method to measure the ACL on loans collectively evaluated that are sub-segmented by credit risk levels. The DCF method incorporates assumptions for probability of default, loss given default, prepayments and curtailments over the contractual term of the loans. In determining the probability of default, the Company utilized a regression analysis to determine certain economic factors that are relevant loss drivers in the portfolio segments based on historical or peer evaluations. National unemployment is a loss driver used in nearly all portfolios, except Consumer. The annual percentage change in gross domestic product is also used in C&I, Construction, Agricultural and Consumer portfolios. The annual percentage change in a commercial real estate index, national house price index and the consumer price index are used in the CRE, Residential Real Estate and Consumer portfolios, respectively. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that a troubled debt restructuring will be executed with an individual borrower or the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by the Company. The Company uses a one-year reasonable and supportable forecast that considers baseline, upside and downside economic scenarios. For periods beyond the forecast period, the Company reverts to historical loss rates on a straight-line basis over a one-year period. Loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are not also included in the collective evaluation. When management determines that foreclosure is probable, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. |
Acquisition
Acquisition | 9 Months Ended |
Sep. 30, 2020 | |
Business Combinations [Abstract] | |
Mergers, Acquisitions and Dispositions Disclosures | ACQUISITIONS Acquisition of Seacoast Commerce Banc Holdings. On August 20, 2020, the Company and the Bank entered into a definitive agreement with Seacoast Commerce Banc Holdings (“SCBH”) and its wholly-owned bank subsidiary, Seacoast Commerce Bank (“Seacoast”), pursuant to which the Company will acquire SCBH and Seacoast. Based on the number of shares of Seacoast common stock and restricted stock awards outstanding as of the record date of September 24, 2020 and the closing price of Enterprise's common stock on Nasdaq of $27.27 on September 30, 2020, the implied value of the aggregate stock consideration would be approximately $135.3 million. Pursuant to the terms of the definitive agreement, upon consummation of the proposed transaction, SCBH shareholders will receive 0.5061 shares of the Company’s common stock for each share of SCBH common stock they hold. Headquartered in San Diego, California, Seacoast has five full-service banking branches in California and Nevada, and loan and deposit production offices throughout Arizona, California, Colorado, Illinois, Indiana, Massachusetts, Michigan, Nevada, Ohio, Oregon, Texas, Utah and Washington. The proposed transaction has been approved by the FDIC and the Federal Reserve Bank of St. Louis. The closing of the proposed transaction, which is anticipated to occur during the fourth quarter of 2020, remains subject to the approval of Seacoast’s shareholders and the Missouri Division of Finance, as well as the satisfaction or waiver, as applicable, of all closing conditions. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2020 | |
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 September 30, Nine months ended September 30, (in thousands, except per share data) 2020 2019 2020 2019 Net income as reported $ 17,951 $ 29,069 $ 45,453 $ 63,649 Weighted average common shares outstanding 26,217 26,778 26,290 25,878 Additional dilutive common stock equivalents 11 90 21 98 Weighted average diluted common shares outstanding 26,228 26,868 26,311 25,976 Basic earnings per common share: $ 0.68 $ 1.09 $ 1.73 $ 2.46 Diluted earnings per common share: 0.68 1.08 $ 1.73 $ 2.45 For the three and nine months ended September 30, 2020 common stock equivalents of approximately 132,000 and 139,000 |
Investments
Investments | 9 Months Ended |
Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | INVESTMENTS The following tables present the amortized cost, gross unrealized gains and losses, allowance of credit losses and fair value of securities available for sale and held to maturity: September 30, 2020 (in thousands) Amortized Cost Gross Gross Allowance for Credit Losses Fair Value Available-for-sale securities: Obligations of U.S. Government-sponsored enterprises $ 9,972 $ 228 $ — $ — $ 10,200 Obligations of states and political subdivisions 355,036 11,625 (539) — 366,122 Agency mortgage-backed securities 581,111 24,884 (46) — 605,949 U.S. Treasury bills 10,977 544 — — 11,521 Corporate debt securities 11,502 134 (2) — 11,634 Total securities available for sale $ 968,598 $ 37,415 $ (587) $ — $ 1,005,426 Held-to-maturity securities: Obligations of states and political subdivisions $ 95,497 $ 1,038 $ — $ (16) $ 96,519 Agency mortgage-backed securities 109,954 2,468 (148) — 112,274 Corporate debt securities 122,243 8,367 — (629) 129,981 Total securities held-to-maturity $ 327,694 $ 11,873 $ (148) $ (645) $ 338,774 Less: Allowance for credit losses 645 Total securities held-to-maturity, net $ 327,049 December 31, 2019 (in thousands) Amortized Cost Gross Gross Fair Value Available-for-sale securities: Obligations of U.S. Government-sponsored enterprises $ 9,954 $ 92 $ — $ 10,046 Obligations of states and political subdivisions 207,269 6,118 (363) 213,024 Agency mortgage-backed securities 888,129 15,083 (1,191) 902,021 U.S. Treasury Bills 9,971 255 — 10,226 Total securities available for sale $ 1,115,323 $ 21,548 $ (1,554) $ 1,135,317 Held-to-maturity securities: Obligations of states and political subdivisions $ 11,704 $ 170 $ — $ 11,874 Agency mortgage-backed securities 46,346 675 — 47,021 Corporate debt securities 123,116 128 (200) 123,044 Total securities held to maturity $ 181,166 $ 973 $ (200) $ 181,939 During the second quarter of 2020, the Company transferred municipal securities and agency mortgage-backed securities with an aggregate book value of $163.6 million and an aggregate fair value of $175.1 million from available-for-sale to held-to-maturity. The Company believes the held- to-maturity category is more consistent with the Company’s intent for these securities. The transfer of securities was made at fair value at the time of transfer. The unamortized portion of the $11.5 million unrealized holding gain at the time of transfer is retained in accumulated other comprehensive income and in the carrying value of held-to-maturity securities. Such amounts are amortized over the remaining life of the securities. During the third quarter of 2020, the Company sold seven agency mortgage-backed securities with an aggregate book value of $19.6 million for an aggregate gain of $0.4 million. At September 30, 2020 and December 31, 2019, 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 $449.5 million and $484.8 million at September 30, 2020 and December 31, 2019, 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 September 30, 2020, 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 3 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 $ 3,139 $ 3,161 $ — $ — Due after one year through five years 32,281 33,232 10,187 10,587 Due after five years through ten years 16,828 17,443 125,476 133,063 Due after ten years 335,239 345,641 82,077 82,850 Agency mortgage-backed securities 581,111 605,949 109,954 112,274 $ 968,598 $ 1,005,426 $ 327,694 $ 338,774 The following table presents a summary of available-for-sale investment securities in an unrealized loss position: September 30, 2020 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 $ 57,934 $ 539 $ — $ — $ 57,934 $ 539 Agency mortgage-backed securities 21,211 46 — — 21,211 46 Corporate debt securities 3,000 2 — — 3,000 2 $ 82,145 $ 587 $ — $ — $ 82,145 $ 587 The following table presents a summary of available-for-sale and held-to-maturity investment securities in an unrealized loss position: December 31, 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 $ 56,327 $ 363 $ — $ — $ 56,327 $ 363 Agency mortgage-backed securities 131,693 756 41,491 435 173,184 1,191 Corporate debt securities 67,964 200 — — 67,964 200 $ 255,984 $ 1,319 $ 41,491 $ 435 $ 297,475 $ 1,754 The unrealized losses at both September 30, 2020 and December 31, 2019 were primarily attributable to changes in market interest rates after 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 September 30, 2020, management performed its quarterly analysis of all securities with an unrealized loss and concluded no individual securities were other-than-temporarily impaired. Accrued interest receivable on available-for-sale debt securities totaled $4.0 million at September 30, 2020 and is excluded from the estimate of credit losses. Accrued interest receivable on held-to-maturity debt securities totaled $2.4 million at September 30, 2020 and is excluded from the estimate of expected credit losses. The estimate of expected credit losses considers historical credit loss information adjusted for current conditions and reasonable and supportable forecasts. At September 30, 2020, the ACL on held-to-maturity securities was $0.6 million. |
Loans
Loans | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Portfolio Loans | LOANS The following table presents a summary of loans by category: (in thousands) September 30, 2020 December 31, 2019 Commercial and industrial $ 3,171,916 $ 2,361,157 Real estate: Commercial - investor owned 1,292,182 1,299,884 Commercial - owner occupied 735,704 697,437 Construction and land development 474,727 457,273 Residential 321,792 366,261 Total real estate loans 2,824,405 2,820,855 Other 151,230 134,941 Loans, before unearned loan fees 6,147,551 5,316,953 Unearned loan fees, net (21,244) (2,616) Loans, including unearned loan fees $ 6,126,307 $ 5,314,337 PPP loans totaled $838.6 million at September 30, 2020, or $819.1 million net of unearned fees of $19.5 million . The loan balance at September 30, 2020 also includes a discount on acquired loans of $19.8 million. At September 30, 2020 loans of $2.4 billion were pledged to FHLB and the Federal Reserve Bank. A summary of the activity in the ACLL by category for the three and nine months ended September 30, 2020 is as follows: (in thousands) Commercial and industrial CRE - investor owned CRE - Construction and land development Residential real estate Other Total Allowance for credit losses on loans: Balance at June 30, 2020 $ 50,139 $ 25,019 $ 11,088 $ 15,962 $ 6,333 $ 1,729 $ 110,270 Provision for credit losses 8,929 4,869 (1,854) 2,873 (1,132) 342 14,027 Charge-offs (2,006) (272) (30) — (173) (103) (2,584) Recoveries 808 55 268 83 303 40 1,557 Balance at September 30, 2020 $ 57,870 $ 29,671 $ 9,472 $ 18,918 $ 5,331 $ 2,008 $ 123,270 (in thousands) Commercial and industrial CRE - investor owned CRE - Construction and land development Residential real estate Other Total Allowance for credit losses on loans: Balance at December 31, 2019 $ 27,455 $ 5,935 $ 4,873 $ 2,611 $ 1,280 $ 1,134 $ 43,288 CECL adoption 6,494 10,726 2,598 5,183 3,470 (84) 28,387 PCD loans immediately charged off — (5) (57) (217) (1,401) — (1,680) Balance at January 1, 2020 $ 33,949 $ 16,656 $ 7,414 $ 7,577 $ 3,349 $ 1,050 $ 69,995 Provision for credit losses 27,688 10,692 1,740 11,220 1,623 1,150 54,113 Charge-offs (5,372) (498) (30) (31) (327) (294) (6,552) Recoveries 1,605 2,821 348 152 686 102 5,714 Balance at September 30, 2020 $ 57,870 $ 29,671 $ 9,472 $ 18,918 $ 5,331 $ 2,008 $ 123,270 Reserves on enterprise value lending and agricultural lending, which are included in the categories above, represented $20.1 million and $1.8 million, respectively, as of September 30, 2020. On January 1, 2020, the Company adopted the CECL methodology which added $28.4 million to the ACLL. Upon adoption, $1.7 million of nonaccrual PCD loans with individual outstanding balances of less than $100,000 were immediately charged-off. Under the CECL method, the Company recorded $14.0 million and $54.1 million in provision for credit losses on loans in the three and nine months ended September 30, 2020, respectively, compared to $1.8 million and $5.0 million in provision for loan losses in the prior year periods, respectively, under the incurred loss method. The increase in the provision for credit losses in 2020 was primarily due to a change in economic forecasts from the end of 2019 due to the COVID-19 pandemic. The deterioration in the forecast was most significant in the second quarter of 2020. The economic forecast improved in the third quarter of 2020 compared to the second quarter of 2020. The CECL methodology incorporates various economic scenarios. The Company utilizes three forecasts in the model, Moody’s baseline, a stronger near-term growth upside and a moderate recession downside forecast. The Company weights these scenarios at 80%, 10%, and 10%, respectively, which added approximately $1.2 million to the ACL over the baseline model. These forecasts incorporate an accommodative monetary policy and the current and anticipated impact of government stimulus. The Company has also recognized the risk posed by loans that have received multiple deferrals of principal and interest payments, including the hospitality sector, by allocating additional reserves to those segments. Some of the key risks to the forecasts that could result in future provision for credit losses are additional shutdowns and self-quarantines if another significant wave of COVID hits, small-business bankruptcies occur at higher levels, unemployment increases, or the next round of fiscal stimulus is delayed or does not occur. The following tables present the recorded investment in nonperforming loans by category: September 30, 2020 (in thousands) Nonaccrual Restructured, accruing Loans over 90 days past due and still accruing interest Total nonperforming loans Nonaccrual loans with no allowance Commercial and industrial $ 19,141 $ 3,557 $ 888 $ 23,586 $ 10,208 Real estate: Commercial - investor owned 9,850 — — 9,850 1,440 Commercial - owner occupied 1,511 — — 1,511 1,511 Construction and land development 200 — — 200 200 Residential 4,316 78 — 4,394 3,246 Other 19 — 63 82 — Total $ 35,037 $ 3,635 $ 951 $ 39,623 $ 16,605 No interest income was recognized on nonaccrual loans during the three or nine months ended September 30, 2020. December 31, 2019 (in thousands) Nonaccrual Restructured, accruing Loans over 90 days past due and still accruing interest Total nonperforming loans Commercial and industrial $ 22,328 $ — $ 250 $ 22,578 Real estate: Commercial - investor owned 2,303 — — 2,303 Commercial - owner occupied 213 — — 213 Residential 1,251 79 — 1,330 Other 1 — — 1 Total $ 26,096 $ 79 $ 250 $ 26,425 The following table presents the amortized cost basis of collateral-dependent nonperforming loans by class of loan at September 30, 2020: Type of Collateral (in thousands) Commercial Real Estate Residential Real Estate Blanket Lien Other Commercial and industrial $ 11,056 $ — $ 405 $ — Real estate: Commercial - investor owned 9,850 — — — Commercial - owner occupied 1,511 — — — Construction and land development — 200 — — Residential — 4,208 — — Other — — — 18 Total $ 22,417 $ 4,408 $ 405 $ 18 The recorded investment by category for troubled debt restructurings that occurred during the three months ended September 30, 2020 are as follows: September 30, 2020 (in thousands, except for number of loans) Number of loans Pre-Modification Outstanding Recorded Balance Post-Modification Outstanding Recorded Balance Commercial and industrial 2 $ 3,716 $ 3,716 Real estate: Residential 1 217 217 Total 3 $ 3,933 $ 3,933 No troubled debt restructurings occurred during the three months ended September 30, 2019. The recorded investment by category for troubled debt restructurings that occurred during the nine months ended September 30, 2020 and 2019 are as follows: September 30, 2020 September 30, 2019 (in thousands, except for number of loans) Number of loans Pre-Modification Outstanding Recorded Balance Post-Modification Outstanding Recorded Balance Number of loans Pre-Modification Outstanding Recorded Balance Post-Modification Outstanding Recorded Balance Commercial and industrial 3 $ 7,447 $ 7,447 — $ — $ — Real estate: Commercial - owner occupied — — — 1 188 188 Residential 3 372 372 2 332 332 Total 6 $ 7,819 $ 7,819 3 $ 520 $ 520 No troubled debt restructurings subsequently defaulted during the three or nine months ended September 30, 2020. Restructured loans that subsequently defaulted during the three months ended September 30, 2019 included one commercial and industrial loan with a recorded balance of $0.1 million. Restructured loans that subsequently defaulted for the nine months ended September 30, 2019 included two commercial and industrial loans with an aggregate recorded balance of $0.4 million In response to the COVID-19 pandemic, the Company has implemented short-term deferral programs allowing customers to primarily defer payments for up to 90 days. Deferrals under the CARES Act or interagency guidance are not included above as troubled debt restructurings. As of September 30, 2020, $690.8 million in loans have participated in the programs, including $355.8 million in loans deferring full principal and interest payments and $335.0 million in loans deferring principal only. As of September 30, 2020, $139.4 million loans remain in a deferral status. Interest of $4.5 million has been deferred and will be collected upon final maturity. The aging of the recorded investment in past due loans by class at September 30, 2020 is shown below. September 30, 2020 (in thousands) 30-89 Days 90 or More Total Current Total Commercial and industrial $ 1,558 $ 16,313 $ 17,871 $ 3,134,523 $ 3,152,394 Real estate: Commercial - investor owned 164 9,516 9,680 1,282,502 1,292,182 Commercial - owner occupied 1,166 1,190 2,356 733,348 735,704 Construction and land development 898 — 898 473,829 474,727 Residential 840 2,154 2,994 318,798 321,792 Other 46 82 128 149,380 149,508 Total $ 4,672 $ 29,255 $ 33,927 $ 6,092,380 $ 6,126,307 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 at this time, 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 nonaccrual. The recorded investment by risk category of the loans by class at September 30, 2020, which is based upon the most recent analysis performed is as follows: Term Loans by Origination Year (in thousands) 2020 2019 2018 2017 2016 Prior Revolving Loans Converted to Term Loans Revolving Loans Total Commercial and industrial Pass (1-6) $ 1,378,251 $ 499,865 $ 289,283 $ 155,369 $ 30,317 $ 41,477 $ 14,000 $ 524,025 $ 2,932,587 Watch (7) 41,834 11,685 3,421 11,619 22,835 105 — 63,198 154,697 Classified (8-9) 4,685 11,235 3,253 3,861 4,783 2,367 578 21,859 52,621 Total Commercial and industrial $ 1,424,770 $ 522,785 $ 295,957 $ 170,849 $ 57,935 $ 43,949 $ 14,578 $ 609,082 $ 3,139,905 Commercial real estate-investor owned Pass (1-6) $ 338,563 $ 277,705 $ 180,534 $ 119,492 $ 138,823 $ 158,678 $ 4,969 $ 33,539 $ 1,252,303 Watch (7) 6,634 5,115 1,245 — 12,584 3,609 — — 29,187 Classified (8-9) 64 498 8,362 455 248 1,065 — — 10,692 Total Commercial real estate-investor owned $ 345,261 $ 283,318 $ 190,141 $ 119,947 $ 151,655 $ 163,352 $ 4,969 $ 33,539 $ 1,292,182 Commercial real estate-owner occupied Pass (1-6) $ 192,320 $ 184,427 $ 80,269 $ 72,465 $ 43,855 $ 68,277 $ 2,715 $ 43,882 $ 688,210 Watch (7) 10,628 5,213 259 4,851 8,367 4,946 — 2,823 37,087 Classified (8-9) 400 508 4,538 812 — 4,149 — — 10,407 Total Commercial real estate-owner occupied $ 203,348 $ 190,148 $ 85,066 $ 78,128 $ 52,222 $ 77,372 $ 2,715 $ 46,705 $ 735,704 Construction real estate Pass (1-6) $ 147,206 $ 152,879 $ 77,811 $ 18,076 $ 11,676 $ 11,899 $ — $ 25,516 $ 445,063 Watch (7) 3,064 — 14,540 11,456 — 348 — — 29,408 Classified (8-9) 222 — — — — 34 — — 256 Total Construction real estate $ 150,492 $ 152,879 $ 92,351 $ 29,532 $ 11,676 $ 12,281 $ — $ 25,516 $ 474,727 Residential real estate Pass (1-6) $ 38,603 $ 30,290 $ 20,571 $ 17,630 $ 32,011 $ 105,538 $ 644 $ 64,662 $ 309,949 Watch (7) 212 852 828 — — 2,122 277 801 5,092 Classified (8-9) 534 882 328 13 906 3,111 — 50 5,824 Total residential real estate $ 39,349 $ 32,024 $ 21,727 $ 17,643 $ 32,917 $ 110,771 $ 921 $ 65,513 $ 320,865 Other Pass (1-6) $ 23,762 $ 13,492 $ 20,109 $ 551 $ 3,567 $ 28,539 $ — $ 52,276 $ 142,296 Watch (7) — 1 5 — — 2,685 — 1 2,692 Classified (8-9) — 19 21 3 — 18 9 6 76 Total Other $ 23,762 $ 13,512 $ 20,135 $ 554 $ 3,567 $ 31,242 $ 9 $ 52,283 $ 145,064 In the table above, loan originations in 2020 and 2019 with a classification of watch or classified primarily represent renewals or modifications initially underwritten and originated in prior years. For certain loans, primarily credit cards, the Company evaluates credit quality based on the aging status. The following table presents the recorded investment on loans based on payment activity: September 30, 2020 (in thousands) Performing Non Performing Total Commercial and industrial $ 12,425 $ 64 $ 12,489 Real estate: Residential 927 — 927 Other 4,381 63 4,444 Total $ 17,733 $ 127 $ 17,860 The recorded investment by risk category of loans by class at December 31, 2019, was as follows: December 31, 2019 (in thousands) Pass (1-6) Watch (7) Classified (8 & 9) Total* Commercial and industrial $ 2,151,084 $ 124,718 $ 70,021 $ 2,345,823 Real estate: Commercial - investor owned 1,242,569 17,572 2,840 1,262,981 Commercial - owner occupied 643,276 28,773 6,473 678,522 Construction and land development 437,134 12,140 106 449,380 Residential 348,246 4,450 2,496 355,192 Other 132,096 3 51 132,150 Total $ 4,954,405 $ 187,656 $ 81,987 $ 5,224,048 *Excludes $90.3 million of loans accounted for as PCI |
Commitments
Commitments | 9 Months Ended |
Sep. 30, 2020 | |
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. The contractual amounts of off-balance-sheet financial instruments are as follows: (in thousands) September 30, 2020 December 31, 2019 Commitments to extend credit $ 1,733,591 $ 1,469,413 Letters of credit 47,206 47,969 Off-Balance Sheet Credit Risk 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 September 30, 2020, and December 31, 2019, approximately $170.0 million and $144.8 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 $5.2 million and $0.4 million for estimated losses attributable to the unadvanced commitments at September 30, 2020, and December 31, 2019, respectively. 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 September 30, 2020, the approximate remaining terms of standby letters of credit range from 1 month to 3 years, 5 months. 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 | 9 Months Ended |
Sep. 30, 2020 | |
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. These derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. These cash flow hedges include: (1) swaps of variable three-month LIB OR on $62.0 million of junior subordinated debentures to a weighted-average-fixed rate of 2.62% over approximately six years, (2) a swap of the federal funds effective rate on $100.0 million of rolling FHLB overnight advances to a fixed rate of 1.12% for three years, and (3) a swap of three-month LIBOR on $100.0 million of rolling three-month FHLB advances for five 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 $2.9 million will be reclassified as an increase 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 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: Notional Amount Derivative Assets Derivative Liabilities (in thousands) September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 Derivatives Designated as Hedging Instruments: Interest rate swap $ 261,962 $ 61,962 $ — $ — $ 10,011 $ 2,872 Derivatives not Designated as Hedging Instruments: Interest rate swap $ 1,044,139 $ 749,819 $ 33,999 $ 11,055 $ 34,229 $ 11,875 Derivative assets are classified on the balance sheet in other assets. Derivative liabilities are classified on the balance sheet in other liabilities. 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. The gross amounts of assets or liabilities can be reconciled to the tabular disclosure of fair value. The fair value table above provides the location that financial assets and liabilities are presented on the Balance Sheet. As of September 30, 2020 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 $ 33,999 $ — $ 33,999 $ 2 $ — $ 33,997 Liabilities: Interest rate swap $ 44,240 $ — $ 44,240 $ 2 $ 44,063 $ 175 Securities sold under agreements to repurchase 209,038 — 209,038 — 209,038 — As of December 31, 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 $ 11,055 $ — $ 11,055 $ 56 $ — $ 10,999 Liabilities: Interest rate swap $ 14,747 $ — $ 14,747 $ 56 $ 14,573 $ 118 Securities sold under agreements to repurchase 230,886 — 230,886 — 230,886 — As of September 30, 2020, 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 $45.2 million. Further, the Company has minimum collateral posting thresholds with certain of its derivative counterparties and has posted collateral of $45.5 million |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS The following table summarizes financial instruments measured at fair value on a recurring basis segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: September 30, 2020 (in thousands) Quoted Prices in Significant Significant Total Fair Assets Securities available for sale Obligations of U.S. Government-sponsored enterprises $ — $ 10,200 $ — $ 10,200 Obligations of states and political subdivisions — 366,122 — 366,122 Agency mortgage-backed securities — 605,949 — 605,949 U.S. Treasury bills — 11,521 — 11,521 Corporate debt securities — 11,634 — 11,634 Total securities available for sale — 1,005,426 — 1,005,426 Derivatives — 33,999 — 33,999 Total assets $ — $ 1,039,425 $ — $ 1,039,425 Liabilities Derivatives $ — $ 44,240 $ — $ 44,240 Total liabilities $ — $ 44,240 $ — $ 44,240 December 31, 2019 (in thousands) Quoted Prices in Significant Significant Total Fair Assets Securities available for sale Obligations of U.S. Government-sponsored enterprises $ — $ 10,046 $ — $ 10,046 Obligations of states and political subdivisions — 213,024 — 213,024 Residential mortgage-backed securities — 902,021 — 902,021 U.S. Treasury bills — 10,226 — 10,226 Total securities available-for-sale — 1,135,317 — 1,135,317 Derivative financial instruments — 11,055 — 11,055 Total assets $ — $ 1,146,372 $ — $ 1,146,372 Liabilities Derivatives $ — $ 14,747 $ — $ 14,747 Total liabilities $ — $ 14,747 $ — $ 14,747 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 Significant Significant Total losses for the three Total losses for the nine months ended September 30, 2020 Impaired loans $ 1,639 $ — $ — $ 1,639 $ 1,788 $ 4,756 Other real estate 3,600 — — 3,600 248 1,000 Total $ 5,239 $ — $ — $ 5,239 $ 2,036 $ 5,756 (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 certain financial instruments: September 30, 2020 December 31, 2019 (in thousands) Carrying Amount Estimated fair value Level Carrying Amount Estimated fair value Level Balance sheet assets Securities held-to-maturity, net $ 327,049 $ 338,774 Level 2 $ 181,166 $ 181,939 Level 2 Other investments 43,456 43,456 Level 2 38,044 38,044 Level 2 Loans held for sale 14,032 14,032 Level 2 5,570 5,570 Level 2 Loans, net 6,003,037 5,961,862 Level 3 5,271,049 5,205,651 Level 3 State tax credits, held for sale 42,497 48,327 Level 3 36,802 39,046 Level 3 Balance sheet liabilities Certificates of deposit $ 612,045 $ 617,277 Level 3 $ 826,447 $ 825,203 Level 3 Subordinated debentures and notes 203,510 193,059 Level 2 141,258 130,985 Level 2 FHLB advances 250,000 251,942 Level 2 222,406 221,402 Level 2 Other borrowings and notes payable 239,038 239,038 Level 2 265,172 265,172 Level 2 For information regarding the methods and assumptions used to estimate the fair value of each class of financial instruments refer to Note 19 – Fair Value Measurements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, as filed with the SEC. |
Subordinated Debentures
Subordinated Debentures | 9 Months Ended |
Sep. 30, 2020 | |
Subordinated Borrowings [Abstract] | |
Subordinated Debentures | NOTE 9 - SUBORDINATED DEBENTURES AND NOTES The following table presents the amounts and terms of each issuance of EFSC’s subordinated debentures and notes: Amount Maturity Date Initial Call Date (1) Interest Rate (in thousands) September 30, 2020 December 31, 2019 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 (2) 7,786 7,886 February 22, 2031 February 22, 2011 Fixed 10.20% JEFFCO Stat Trust II (2) 4,429 4,388 March 17, 2034 March 17, 2009 Floats 3MO LIBOR + 2.75% Trinity Capital Trust III (2) 5,256 5,206 September 8, 2034 September 8, 2009 Floats 3MO LIBOR + 2.70% Trinity Capital Trust IV (2) 10,310 10,302 November 23, 2035 August 23, 2010 Fixed 6.88% Trinity Capital Trust V (2) 7,665 7,543 December 15, 2036 September 15, 2011 Floats 3MO LIBOR + 1.65% Total junior subordinated debentures 92,253 92,132 5.75% Fixed-to-floating rate subordinated notes 63,250 — June 1, 2030 June 1, 2025 Fixed 5.75% until 4.75% Fixed-to-floating rate subordinated notes 50,000 50,000 November 1, 2026 November 1, 2021 Fixed 4.75% until Debt issuance costs (1,993) (874) Total fixed-to-floating rate subordinated notes 111,257 49,126 Total subordinated debentures and notes $ 203,510 $ 141,258 (1) Callable each quarter after initial call date. (2) Purchase accounting adjustments are reflected in the balance that also impact the effective interest rate. On May 21, 2020, EFSC issued $63.3 million of 5.75% fixed-to-floating rate subordinated notes due in 2030 in a public offering (the “2030 Notes”). From and including the date of issuance to, but excluding, June 1, 2025, the 2030 Notes will bear interest at a rate equal to 5.75% per annum, payable semiannually in arrears on each June 1 and December 1. From and including June 1, 2025 to, but excluding, the maturity date or the date of earlier redemption, the 2030 Notes will bear interest at a floating rate per annum equal to a benchmark rate (which is expected to be three-month term SOFR (as defined in the Indenture, dated May 21, 2020, between EFSC and U.S. Bank National Association, as trustee, and subsequent First Supplemental Indenture)), plus 566.0 basis points, payable quarterly in arrears on March 1, June 1, September 1 and December 1 of each year, commencing on September 1, 2025. Notwithstanding the foregoing, in the event that the benchmark rate is less than zero, then the benchmark rate shall be deemed to be zero. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | ACCUMULATED OTHER COMPREHENSIVE INCOME The following tables present the changes in accumulated other comprehensive income after-tax by component: Three and nine months ended September 30, 2020 (in thousands) Net Unrealized Gain (Loss) on Available-for-Sale Debt Securities Unamortized Gain (Loss) on Held-to-Maturity Securities Net Unrealized Loss on Cash Flow Hedges Total Balance, June 30, 2020 $ 27,872 $ 13,099 $ (8,162) $ 32,809 Net change $ (220) $ (705) $ 624 $ (301) Balance, September 30, 2020 $ 27,652 $ 12,394 $ (7,538) $ 32,508 Balance, December 31, 2019 $ 14,977 $ 4,934 $ (2,162) $ 17,749 Net change $ 21,325 $ (1,190) $ (5,376) $ 14,759 Transfer from available-for-sale to held-to-maturity (8,650) 8,650 — — Balance, September 30, 2020 $ 27,652 $ 12,394 $ (7,538) $ 32,508 Three and nine months ended September 30, 2019 (in thousands) Net Unrealized Gain (Loss) on Available-for-Sale Debt Securities Unamortized Gain (Loss) on Held-to-Maturity Securities Net Unrealized Loss on Cash Flow Hedges Total Balance, June 30, 2019 $ 15,517 $ (230) $ (2,213) $ 13,074 Net change $ 6,764 $ 10 $ (637) $ 6,137 Balance, September 30, 2019 $ 22,281 $ (220) $ (2,850) $ 19,211 Balance, December 31, 2018 $ (9,047) $ (235) $ — $ (9,282) Net change $ 31,328 $ 15 $ (2,850) $ 28,493 Balance, September 30, 2019 $ 22,281 $ (220) $ (2,850) $ 19,211 The following tables present the pre-tax and after-tax changes in the components of other comprehensive income: Three months ended September 30, (in thousands) 2020 2019 Pre-tax Tax effect After-tax Pre-tax Tax effect After-tax Change in unrealized gain on available-for-sale debt securities $ 125 $ 31 $ 94 $ 9,320 $ 2,302 $ 7,018 Reclassification adjustment for realized gain on sale of available-for-sale debt securities (a) (417) (103) (314) (337) (83) (254) Reclassification of (gain) loss on held-to-maturity securities (b) (936) (231) (705) 13 3 10 Change in unrealized gain (loss) on cash flow hedges arising during the period 146 36 110 (888) (219) (669) Reclassification of loss on cash flow hedges (b) 683 169 514 42 10 32 Total other comprehensive income $ (399) $ (98) $ (301) $ 8,150 $ 2,013 $ 6,137 Nine months ended September 30, 2020 2019 Pre-tax Tax effect After-tax Pre-tax Tax effect After-tax Change in unrealized gain on available-for-sale debt securities $ 28,741 $ 7,099 $ 21,642 $ 41,649 $ 10,287 $ 31,362 Reclassification adjustment for realized gain on sale of available-for-sale debt securities (a) (421) (104) (317) (45) (11) (34) Reclassification of (gain) loss on held-to-maturity securities (b) (1,580) (390) (1,190) 20 5 15 Change in unrealized loss on cash flow hedges arising during the period (8,296) (2,049) (6,247) (3,833) (947) (2,886) Reclassification of loss on cash flow hedges (b) 1,157 286 871 47 11 36 Total other comprehensive income $ 19,601 $ 4,842 $ 14,759 $ 37,838 $ 9,345 $ 28,493 (a) The pre-tax amount is reported in noninterest income/expense in the Consolidated Statements of Operations (b) The pre-tax amount is reported in interest income/expense in the Consolidated Statements of Operations |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
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 GAAP for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Except as disclosed herein, there has been no material change in the information disclosed in the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. 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 On January 1, 2020, the Company adopted ASU 2016-13 “ Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which replaces the incurred loss methodology with an expected loss methodology commonly referred to as the CECL methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. It also applies to off-balance sheet credit exposures such as loan commitments, standby letters of credit, financial guarantees, and other similar instruments. In addition, this standard made changes to the accounting for available-for-sale debt securities, including the requirement for credit losses to be presented as an allowance rather than as a write-down on available-for-sale debt securities. The Company adopted this standard using the modified retrospective method for all financial assets measured at amortized cost, and off-balance-sheet credit exposures. Results for reporting periods beginning after January 1, 2020 are presented under the new standard while prior period amounts continue to be reported in accordance with previously applicable GAAP. The Company recorded an after-tax decrease to retained earnings of $18.1 million as of January 1, 2020 for the cumulative effect of adopting this standard. The Company adopted this standard using the prospective transition approach for PCD assets that were previously classified as PCI assets. Management did not reassess whether PCI assets met the criteria of PCD assets as of the date of the adoption. The Company elected not to maintain PCI pools for certain loans which are now accounted for individually. Thus they are now included in nonperforming and classified loans. Management did not reassess whether modifications to individual acquired financial assets accounted for in pools were troubled debt restructurings as of the date of adoption. The following table illustrates the impact of adoption: ($ in thousands) December 31, 2019 Impact of Adoption January 1, 2020 Assets: Loans $ 5,314,337 $ 7,091 $ 5,321,428 Allowance for credit losses on loans 43,288 28,387 71,675 Allowance for credit losses on held-to-maturity debt securities — 303 303 Deferred tax asset 14,851 5,898 20,749 Liabilities: Reserve for unfunded commitments 430 2,413 2,843 Shareholders’ Equity Retained Earnings 380,737 (18,114) 362,623 The Company also adopted ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement” on January 1, 2020. The Company previously selected the option to adopt the removal or modification of disclosures during the second quarter of 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 are applied prospectively for only the most recent interim or annual period presented. All other amendments are applied retrospectively to all periods presented upon their effective date. The adoption of this update did not have a material effect on the Company's consolidated financial statements. Accounting Standards Issued but not yet Adopted FASB ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ” In March 2020, the FASB issued “Reference Rate Reform (Topic 848)” which provides optional expedients and exceptions for contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The guidance is effective for contract modifications as of March 12, 2020 through December 31, 2022. The Company is currently evaluating the optional expedients and exceptions and has not yet determined the impact this standard may have on its consolidated financial statements. Loans The Company has elected to present the accrued interest receivable balance separate from amortized cost basis, to exclude accrued interest receivable balances from the tabular disclosures, and not to estimate an ACL on accrued interest receivable as these amounts are timely written off as a credit loss expense. Accrued interest receivable totaled $24.6 million at September 30, 2020 and was reported in Other Assets on the consolidated balance sheets. PCD Loans The Company has purchased loans, some of which have experienced more than insignificant credit deterioration since origination. PCD loans are recorded at the amount paid. An ACL is determined using the same methodology as other loans held for investment. The initial ACL determined on a collective basis is allocated to individual loans. The sum of the loan’s purchase price and ACL becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized into interest income over the life of the loan. Subsequent changes to the ACL are recorded through provision expense. Allowance for Credit Losses on Loans The ACLL is a valuation account that is deducted from the amortized cost basis to present the net amount expected to be collected. Loans are charged-off against the allowance when management believes the uncollectibility of a loan balance is confirmed. Management estimates the allowance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, or term as well as for changes in environmental conditions, such as changes in unemployment rates, property values, or other relevant factors. The ACLL is measured on a collective basis when similar risk characteristics exist. The Company has identified the following portfolio segments: C&I – C&I loans consist of loans to small and medium-sized businesses in a wide variety of industries. These loans are generally collateralized by inventory, accounts receivable, equipment, real estate and other commercial assets, and may be supported by other credit enhancements such as personal guarantees. Risk arises primarily due to a difference between expected and actual cash flows of the borrower. However, the recoverability of these loans is also dependent on other factors primarily dictated by the type of collateral securing these loans. The fair value of the collateral securing these loans may fluctuate as market conditions change. Included within C&I are revolving loans supported by borrowing bases that fluctuate depending on the amount of underlying collateral. A portion of C&I loans consists of enterprise value lending, which are loans with senior debt exposure to private equity backed companies. CRE – CRE loans include various types of loans for which the Company holds real property as collateral. Commercial real estate lending activity is typically restricted to owner-occupied properties or to investor properties that are owned by customers with a current banking relationship. The primary risks of CRE loans include the borrower’s inability to pay, material decreases in the value of the real estate being held as collateral and significant increases in interest rates, which may make the real estate mortgage loan unprofitable. Real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. Construction and Land Development – The Company originates loans to finance construction projects including one- to four-family residences, multifamily residences, commercial office, and industrial projects. Construction loans are generally collateralized by first liens on the real estate and have floating interest rates. Construction loans are considered to have higher risks due to construction completion and timing risk, and the ultimate repayment being sensitive to interest rate changes, governmental regulation of real property and the availability of long-term financing. Additionally, economic conditions may impact the Company’s ability to recover its investment in construction loans. Adverse economic conditions may negatively impact the real estate market which could affect the borrowers’ ability to complete and sell the project. Additionally, the fair value of the underlying collateral may fluctuate as market conditions change. Residential Real Estate – The Company originates loans to finance one- to four-family residences, secured by both first and second liens. Repayment of these loans is dependent on the borrowers’ ability to pay and the fair value of the underlying collateral. Residential loans with a second lien are inherently riskier due to the junior lien position. Agricultural – Agricultural loans are generally secured with equipment, cattle, crops or other non-real property and at times the underlying real property. Agricultural loans are primarily included as a component of CRE and C&I loans. Consumer – The Company provides a broad range of consumer loans to customers, including personal lines of credit, credit cards and automobile loans. Repayment of these loans is dependent on the borrowers’ ability to pay and the fair value of the underlying collateral. Consumer loans are included as a component of Other loans. The Company utilizes a DCF method to measure the ACL on loans collectively evaluated that are sub-segmented by credit risk levels. The DCF method incorporates assumptions for probability of default, loss given default, prepayments and curtailments over the contractual term of the loans. In determining the probability of default, the Company utilized a regression analysis to determine certain economic factors that are relevant loss drivers in the portfolio segments based on historical or peer evaluations. National unemployment is a loss driver used in nearly all portfolios, except Consumer. The annual percentage change in gross domestic product is also used in C&I, Construction, Agricultural and Consumer portfolios. The annual percentage change in a commercial real estate index, national house price index and the consumer price index are used in the CRE, Residential Real Estate and Consumer portfolios, respectively. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that a troubled debt restructuring will be executed with an individual borrower or the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by the Company. The Company uses a one-year reasonable and supportable forecast that considers baseline, upside and downside economic scenarios. For periods beyond the forecast period, the Company reverts to historical loss rates on a straight-line basis over a one-year period. Loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are not also included in the collective evaluation. When management determines that foreclosure is probable, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. |
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 September 30, 2020, management performed its quarterly analysis of all securities with an unrealized loss and concluded no individual securities were other-than-temporarily impaired. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | The following table illustrates the impact of adoption: ($ in thousands) December 31, 2019 Impact of Adoption January 1, 2020 Assets: Loans $ 5,314,337 $ 7,091 $ 5,321,428 Allowance for credit losses on loans 43,288 28,387 71,675 Allowance for credit losses on held-to-maturity debt securities — 303 303 Deferred tax asset 14,851 5,898 20,749 Liabilities: Reserve for unfunded commitments 430 2,413 2,843 Shareholders’ Equity Retained Earnings 380,737 (18,114) 362,623 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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 September 30, Nine months ended September 30, (in thousands, except per share data) 2020 2019 2020 2019 Net income as reported $ 17,951 $ 29,069 $ 45,453 $ 63,649 Weighted average common shares outstanding 26,217 26,778 26,290 25,878 Additional dilutive common stock equivalents 11 90 21 98 Weighted average diluted common shares outstanding 26,228 26,868 26,311 25,976 Basic earnings per common share: $ 0.68 $ 1.09 $ 1.73 $ 2.46 Diluted earnings per common share: 0.68 1.08 $ 1.73 $ 2.45 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation | The following tables present the amortized cost, gross unrealized gains and losses, allowance of credit losses and fair value of securities available for sale and held to maturity: September 30, 2020 (in thousands) Amortized Cost Gross Gross Allowance for Credit Losses Fair Value Available-for-sale securities: Obligations of U.S. Government-sponsored enterprises $ 9,972 $ 228 $ — $ — $ 10,200 Obligations of states and political subdivisions 355,036 11,625 (539) — 366,122 Agency mortgage-backed securities 581,111 24,884 (46) — 605,949 U.S. Treasury bills 10,977 544 — — 11,521 Corporate debt securities 11,502 134 (2) — 11,634 Total securities available for sale $ 968,598 $ 37,415 $ (587) $ — $ 1,005,426 Held-to-maturity securities: Obligations of states and political subdivisions $ 95,497 $ 1,038 $ — $ (16) $ 96,519 Agency mortgage-backed securities 109,954 2,468 (148) — 112,274 Corporate debt securities 122,243 8,367 — (629) 129,981 Total securities held-to-maturity $ 327,694 $ 11,873 $ (148) $ (645) $ 338,774 Less: Allowance for credit losses 645 Total securities held-to-maturity, net $ 327,049 December 31, 2019 (in thousands) Amortized Cost Gross Gross Fair Value Available-for-sale securities: Obligations of U.S. Government-sponsored enterprises $ 9,954 $ 92 $ — $ 10,046 Obligations of states and political subdivisions 207,269 6,118 (363) 213,024 Agency mortgage-backed securities 888,129 15,083 (1,191) 902,021 U.S. Treasury Bills 9,971 255 — 10,226 Total securities available for sale $ 1,115,323 $ 21,548 $ (1,554) $ 1,135,317 Held-to-maturity securities: Obligations of states and political subdivisions $ 11,704 $ 170 $ — $ 11,874 Agency mortgage-backed securities 46,346 675 — 47,021 Corporate debt securities 123,116 128 (200) 123,044 Total securities held to maturity $ 181,166 $ 973 $ (200) $ 181,939 |
Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation | The following tables present the amortized cost, gross unrealized gains and losses, allowance of credit losses and fair value of securities available for sale and held to maturity: September 30, 2020 (in thousands) Amortized Cost Gross Gross Allowance for Credit Losses Fair Value Available-for-sale securities: Obligations of U.S. Government-sponsored enterprises $ 9,972 $ 228 $ — $ — $ 10,200 Obligations of states and political subdivisions 355,036 11,625 (539) — 366,122 Agency mortgage-backed securities 581,111 24,884 (46) — 605,949 U.S. Treasury bills 10,977 544 — — 11,521 Corporate debt securities 11,502 134 (2) — 11,634 Total securities available for sale $ 968,598 $ 37,415 $ (587) $ — $ 1,005,426 Held-to-maturity securities: Obligations of states and political subdivisions $ 95,497 $ 1,038 $ — $ (16) $ 96,519 Agency mortgage-backed securities 109,954 2,468 (148) — 112,274 Corporate debt securities 122,243 8,367 — (629) 129,981 Total securities held-to-maturity $ 327,694 $ 11,873 $ (148) $ (645) $ 338,774 Less: Allowance for credit losses 645 Total securities held-to-maturity, net $ 327,049 December 31, 2019 (in thousands) Amortized Cost Gross Gross Fair Value Available-for-sale securities: Obligations of U.S. Government-sponsored enterprises $ 9,954 $ 92 $ — $ 10,046 Obligations of states and political subdivisions 207,269 6,118 (363) 213,024 Agency mortgage-backed securities 888,129 15,083 (1,191) 902,021 U.S. Treasury Bills 9,971 255 — 10,226 Total securities available for sale $ 1,115,323 $ 21,548 $ (1,554) $ 1,135,317 Held-to-maturity securities: Obligations of states and political subdivisions $ 11,704 $ 170 $ — $ 11,874 Agency mortgage-backed securities 46,346 675 — 47,021 Corporate debt securities 123,116 128 (200) 123,044 Total securities held to maturity $ 181,166 $ 973 $ (200) $ 181,939 |
Investments Classified by Contractual Maturity Date | The amortized cost and estimated fair value of debt securities at September 30, 2020, 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 3 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 $ 3,139 $ 3,161 $ — $ — Due after one year through five years 32,281 33,232 10,187 10,587 Due after five years through ten years 16,828 17,443 125,476 133,063 Due after ten years 335,239 345,641 82,077 82,850 Agency mortgage-backed securities 581,111 605,949 109,954 112,274 $ 968,598 $ 1,005,426 $ 327,694 $ 338,774 |
Schedule of Unrealized Loss on Investments | The following table presents a summary of available-for-sale investment securities in an unrealized loss position: September 30, 2020 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 $ 57,934 $ 539 $ — $ — $ 57,934 $ 539 Agency mortgage-backed securities 21,211 46 — — 21,211 46 Corporate debt securities 3,000 2 — — 3,000 2 $ 82,145 $ 587 $ — $ — $ 82,145 $ 587 The following table presents a summary of available-for-sale and held-to-maturity investment securities in an unrealized loss position: December 31, 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 $ 56,327 $ 363 $ — $ — $ 56,327 $ 363 Agency mortgage-backed securities 131,693 756 41,491 435 173,184 1,191 Corporate debt securities 67,964 200 — — 67,964 200 $ 255,984 $ 1,319 $ 41,491 $ 435 $ 297,475 $ 1,754 |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Non-covered Loans [Line Items] | |
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 class at September 30, 2020, which is based upon the most recent analysis performed is as follows: Term Loans by Origination Year (in thousands) 2020 2019 2018 2017 2016 Prior Revolving Loans Converted to Term Loans Revolving Loans Total Commercial and industrial Pass (1-6) $ 1,378,251 $ 499,865 $ 289,283 $ 155,369 $ 30,317 $ 41,477 $ 14,000 $ 524,025 $ 2,932,587 Watch (7) 41,834 11,685 3,421 11,619 22,835 105 — 63,198 154,697 Classified (8-9) 4,685 11,235 3,253 3,861 4,783 2,367 578 21,859 52,621 Total Commercial and industrial $ 1,424,770 $ 522,785 $ 295,957 $ 170,849 $ 57,935 $ 43,949 $ 14,578 $ 609,082 $ 3,139,905 Commercial real estate-investor owned Pass (1-6) $ 338,563 $ 277,705 $ 180,534 $ 119,492 $ 138,823 $ 158,678 $ 4,969 $ 33,539 $ 1,252,303 Watch (7) 6,634 5,115 1,245 — 12,584 3,609 — — 29,187 Classified (8-9) 64 498 8,362 455 248 1,065 — — 10,692 Total Commercial real estate-investor owned $ 345,261 $ 283,318 $ 190,141 $ 119,947 $ 151,655 $ 163,352 $ 4,969 $ 33,539 $ 1,292,182 Commercial real estate-owner occupied Pass (1-6) $ 192,320 $ 184,427 $ 80,269 $ 72,465 $ 43,855 $ 68,277 $ 2,715 $ 43,882 $ 688,210 Watch (7) 10,628 5,213 259 4,851 8,367 4,946 — 2,823 37,087 Classified (8-9) 400 508 4,538 812 — 4,149 — — 10,407 Total Commercial real estate-owner occupied $ 203,348 $ 190,148 $ 85,066 $ 78,128 $ 52,222 $ 77,372 $ 2,715 $ 46,705 $ 735,704 Construction real estate Pass (1-6) $ 147,206 $ 152,879 $ 77,811 $ 18,076 $ 11,676 $ 11,899 $ — $ 25,516 $ 445,063 Watch (7) 3,064 — 14,540 11,456 — 348 — — 29,408 Classified (8-9) 222 — — — — 34 — — 256 Total Construction real estate $ 150,492 $ 152,879 $ 92,351 $ 29,532 $ 11,676 $ 12,281 $ — $ 25,516 $ 474,727 Residential real estate Pass (1-6) $ 38,603 $ 30,290 $ 20,571 $ 17,630 $ 32,011 $ 105,538 $ 644 $ 64,662 $ 309,949 Watch (7) 212 852 828 — — 2,122 277 801 5,092 Classified (8-9) 534 882 328 13 906 3,111 — 50 5,824 Total residential real estate $ 39,349 $ 32,024 $ 21,727 $ 17,643 $ 32,917 $ 110,771 $ 921 $ 65,513 $ 320,865 Other Pass (1-6) $ 23,762 $ 13,492 $ 20,109 $ 551 $ 3,567 $ 28,539 $ — $ 52,276 $ 142,296 Watch (7) — 1 5 — — 2,685 — 1 2,692 Classified (8-9) — 19 21 3 — 18 9 6 76 Total Other $ 23,762 $ 13,512 $ 20,135 $ 554 $ 3,567 $ 31,242 $ 9 $ 52,283 $ 145,064 The following table presents the recorded investment on loans based on payment activity: September 30, 2020 (in thousands) Performing Non Performing Total Commercial and industrial $ 12,425 $ 64 $ 12,489 Real estate: Residential 927 — 927 Other 4,381 63 4,444 Total $ 17,733 $ 127 $ 17,860 |
Portfolio loans, net | |
Non-covered Loans [Line Items] | |
Summary of Portfolio Loans by Category | The following table presents a summary of loans by category: (in thousands) September 30, 2020 December 31, 2019 Commercial and industrial $ 3,171,916 $ 2,361,157 Real estate: Commercial - investor owned 1,292,182 1,299,884 Commercial - owner occupied 735,704 697,437 Construction and land development 474,727 457,273 Residential 321,792 366,261 Total real estate loans 2,824,405 2,820,855 Other 151,230 134,941 Loans, before unearned loan fees 6,147,551 5,316,953 Unearned loan fees, net (21,244) (2,616) Loans, including unearned loan fees $ 6,126,307 $ 5,314,337 |
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 ACLL by category for the three and nine months ended September 30, 2020 is as follows: (in thousands) Commercial and industrial CRE - investor owned CRE - Construction and land development Residential real estate Other Total Allowance for credit losses on loans: Balance at June 30, 2020 $ 50,139 $ 25,019 $ 11,088 $ 15,962 $ 6,333 $ 1,729 $ 110,270 Provision for credit losses 8,929 4,869 (1,854) 2,873 (1,132) 342 14,027 Charge-offs (2,006) (272) (30) — (173) (103) (2,584) Recoveries 808 55 268 83 303 40 1,557 Balance at September 30, 2020 $ 57,870 $ 29,671 $ 9,472 $ 18,918 $ 5,331 $ 2,008 $ 123,270 (in thousands) Commercial and industrial CRE - investor owned CRE - Construction and land development Residential real estate Other Total Allowance for credit losses on loans: Balance at December 31, 2019 $ 27,455 $ 5,935 $ 4,873 $ 2,611 $ 1,280 $ 1,134 $ 43,288 CECL adoption 6,494 10,726 2,598 5,183 3,470 (84) 28,387 PCD loans immediately charged off — (5) (57) (217) (1,401) — (1,680) Balance at January 1, 2020 $ 33,949 $ 16,656 $ 7,414 $ 7,577 $ 3,349 $ 1,050 $ 69,995 Provision for credit losses 27,688 10,692 1,740 11,220 1,623 1,150 54,113 Charge-offs (5,372) (498) (30) (31) (327) (294) (6,552) Recoveries 1,605 2,821 348 152 686 102 5,714 Balance at September 30, 2020 $ 57,870 $ 29,671 $ 9,472 $ 18,918 $ 5,331 $ 2,008 $ 123,270 Reserves on enterprise value lending and agricultural lending, which are included in the categories above, represented $20.1 million and $1.8 million, respectively, as of September 30, 2020. |
Financing Receivable, Noncurrent, Allowance for Credit Loss | A summary of the activity in the ACLL by category for the three and nine months ended September 30, 2020 is as follows: (in thousands) Commercial and industrial CRE - investor owned CRE - Construction and land development Residential real estate Other Total Allowance for credit losses on loans: Balance at June 30, 2020 $ 50,139 $ 25,019 $ 11,088 $ 15,962 $ 6,333 $ 1,729 $ 110,270 Provision for credit losses 8,929 4,869 (1,854) 2,873 (1,132) 342 14,027 Charge-offs (2,006) (272) (30) — (173) (103) (2,584) Recoveries 808 55 268 83 303 40 1,557 Balance at September 30, 2020 $ 57,870 $ 29,671 $ 9,472 $ 18,918 $ 5,331 $ 2,008 $ 123,270 (in thousands) Commercial and industrial CRE - investor owned CRE - Construction and land development Residential real estate Other Total Allowance for credit losses on loans: Balance at December 31, 2019 $ 27,455 $ 5,935 $ 4,873 $ 2,611 $ 1,280 $ 1,134 $ 43,288 CECL adoption 6,494 10,726 2,598 5,183 3,470 (84) 28,387 PCD loans immediately charged off — (5) (57) (217) (1,401) — (1,680) Balance at January 1, 2020 $ 33,949 $ 16,656 $ 7,414 $ 7,577 $ 3,349 $ 1,050 $ 69,995 Provision for credit losses 27,688 10,692 1,740 11,220 1,623 1,150 54,113 Charge-offs (5,372) (498) (30) (31) (327) (294) (6,552) Recoveries 1,605 2,821 348 152 686 102 5,714 Balance at September 30, 2020 $ 57,870 $ 29,671 $ 9,472 $ 18,918 $ 5,331 $ 2,008 $ 123,270 Reserves on enterprise value lending and agricultural lending, which are included in the categories above, represented $20.1 million and $1.8 million, respectively, as of September 30, 2020. |
Summary of Portfolio Loans Individually Evaluated for Impairment and Recorded Investment in Impaired Non-Covered Loans by Category | The following tables present the recorded investment in nonperforming loans by category: September 30, 2020 (in thousands) Nonaccrual Restructured, accruing Loans over 90 days past due and still accruing interest Total nonperforming loans Nonaccrual loans with no allowance Commercial and industrial $ 19,141 $ 3,557 $ 888 $ 23,586 $ 10,208 Real estate: Commercial - investor owned 9,850 — — 9,850 1,440 Commercial - owner occupied 1,511 — — 1,511 1,511 Construction and land development 200 — — 200 200 Residential 4,316 78 — 4,394 3,246 Other 19 — 63 82 — Total $ 35,037 $ 3,635 $ 951 $ 39,623 $ 16,605 No interest income was recognized on nonaccrual loans during the three or nine months ended September 30, 2020. December 31, 2019 (in thousands) Nonaccrual Restructured, accruing Loans over 90 days past due and still accruing interest Total nonperforming loans Commercial and industrial $ 22,328 $ — $ 250 $ 22,578 Real estate: Commercial - investor owned 2,303 — — 2,303 Commercial - owner occupied 213 — — 213 Residential 1,251 79 — 1,330 Other 1 — — 1 Total $ 26,096 $ 79 $ 250 $ 26,425 The following table presents the amortized cost basis of collateral-dependent nonperforming loans by class of loan at September 30, 2020: Type of Collateral (in thousands) Commercial Real Estate Residential Real Estate Blanket Lien Other Commercial and industrial $ 11,056 $ — $ 405 $ — Real estate: Commercial - investor owned 9,850 — — — Commercial - owner occupied 1,511 — — — Construction and land development — 200 — — Residential — 4,208 — — Other — — — 18 Total $ 22,417 $ 4,408 $ 405 $ 18 |
Summary of Recorded Investment by Category for Portfolio Loans Restructured | The following table presents the amortized cost basis of collateral-dependent nonperforming loans by class of loan at September 30, 2020: Type of Collateral (in thousands) Commercial Real Estate Residential Real Estate Blanket Lien Other Commercial and industrial $ 11,056 $ — $ 405 $ — Real estate: Commercial - investor owned 9,850 — — — Commercial - owner occupied 1,511 — — — Construction and land development — 200 — — Residential — 4,208 — — Other — — — 18 Total $ 22,417 $ 4,408 $ 405 $ 18 The recorded investment by category for troubled debt restructurings that occurred during the three months ended September 30, 2020 are as follows: September 30, 2020 (in thousands, except for number of loans) Number of loans Pre-Modification Outstanding Recorded Balance Post-Modification Outstanding Recorded Balance Commercial and industrial 2 $ 3,716 $ 3,716 Real estate: Residential 1 217 217 Total 3 $ 3,933 $ 3,933 No troubled debt restructurings occurred during the three months ended September 30, 2019. The recorded investment by category for troubled debt restructurings that occurred during the nine months ended September 30, 2020 and 2019 are as follows: September 30, 2020 September 30, 2019 (in thousands, except for number of loans) Number of loans Pre-Modification Outstanding Recorded Balance Post-Modification Outstanding Recorded Balance Number of loans Pre-Modification Outstanding Recorded Balance Post-Modification Outstanding Recorded Balance Commercial and industrial 3 $ 7,447 $ 7,447 — $ — $ — Real estate: Commercial - owner occupied — — — 1 188 188 Residential 3 372 372 2 332 332 Total 6 $ 7,819 $ 7,819 3 $ 520 $ 520 |
Summary of Recorded Investment by Category for Portfolio Loans Restructured and Subsequently Defaulted | No troubled debt restructurings subsequently defaulted during the three or nine months ended September 30, 2020. Restructured loans that subsequently defaulted during the three months ended September 30, 2019 included one commercial and industrial loan with a recorded balance of $0.1 million. Restructured loans that subsequently defaulted for the nine months ended September 30, 2019 included two commercial and industrial loans with an aggregate recorded balance of $0.4 million |
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 class at September 30, 2020 is shown below. September 30, 2020 (in thousands) 30-89 Days 90 or More Total Current Total Commercial and industrial $ 1,558 $ 16,313 $ 17,871 $ 3,134,523 $ 3,152,394 Real estate: Commercial - investor owned 164 9,516 9,680 1,282,502 1,292,182 Commercial - owner occupied 1,166 1,190 2,356 733,348 735,704 Construction and land development 898 — 898 473,829 474,727 Residential 840 2,154 2,994 318,798 321,792 Other 46 82 128 149,380 149,508 Total $ 4,672 $ 29,255 $ 33,927 $ 6,092,380 $ 6,126,307 |
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 class at September 30, 2020, which is based upon the most recent analysis performed is as follows: Term Loans by Origination Year (in thousands) 2020 2019 2018 2017 2016 Prior Revolving Loans Converted to Term Loans Revolving Loans Total Commercial and industrial Pass (1-6) $ 1,378,251 $ 499,865 $ 289,283 $ 155,369 $ 30,317 $ 41,477 $ 14,000 $ 524,025 $ 2,932,587 Watch (7) 41,834 11,685 3,421 11,619 22,835 105 — 63,198 154,697 Classified (8-9) 4,685 11,235 3,253 3,861 4,783 2,367 578 21,859 52,621 Total Commercial and industrial $ 1,424,770 $ 522,785 $ 295,957 $ 170,849 $ 57,935 $ 43,949 $ 14,578 $ 609,082 $ 3,139,905 Commercial real estate-investor owned Pass (1-6) $ 338,563 $ 277,705 $ 180,534 $ 119,492 $ 138,823 $ 158,678 $ 4,969 $ 33,539 $ 1,252,303 Watch (7) 6,634 5,115 1,245 — 12,584 3,609 — — 29,187 Classified (8-9) 64 498 8,362 455 248 1,065 — — 10,692 Total Commercial real estate-investor owned $ 345,261 $ 283,318 $ 190,141 $ 119,947 $ 151,655 $ 163,352 $ 4,969 $ 33,539 $ 1,292,182 Commercial real estate-owner occupied Pass (1-6) $ 192,320 $ 184,427 $ 80,269 $ 72,465 $ 43,855 $ 68,277 $ 2,715 $ 43,882 $ 688,210 Watch (7) 10,628 5,213 259 4,851 8,367 4,946 — 2,823 37,087 Classified (8-9) 400 508 4,538 812 — 4,149 — — 10,407 Total Commercial real estate-owner occupied $ 203,348 $ 190,148 $ 85,066 $ 78,128 $ 52,222 $ 77,372 $ 2,715 $ 46,705 $ 735,704 Construction real estate Pass (1-6) $ 147,206 $ 152,879 $ 77,811 $ 18,076 $ 11,676 $ 11,899 $ — $ 25,516 $ 445,063 Watch (7) 3,064 — 14,540 11,456 — 348 — — 29,408 Classified (8-9) 222 — — — — 34 — — 256 Total Construction real estate $ 150,492 $ 152,879 $ 92,351 $ 29,532 $ 11,676 $ 12,281 $ — $ 25,516 $ 474,727 Residential real estate Pass (1-6) $ 38,603 $ 30,290 $ 20,571 $ 17,630 $ 32,011 $ 105,538 $ 644 $ 64,662 $ 309,949 Watch (7) 212 852 828 — — 2,122 277 801 5,092 Classified (8-9) 534 882 328 13 906 3,111 — 50 5,824 Total residential real estate $ 39,349 $ 32,024 $ 21,727 $ 17,643 $ 32,917 $ 110,771 $ 921 $ 65,513 $ 320,865 Other Pass (1-6) $ 23,762 $ 13,492 $ 20,109 $ 551 $ 3,567 $ 28,539 $ — $ 52,276 $ 142,296 Watch (7) — 1 5 — — 2,685 — 1 2,692 Classified (8-9) — 19 21 3 — 18 9 6 76 Total Other $ 23,762 $ 13,512 $ 20,135 $ 554 $ 3,567 $ 31,242 $ 9 $ 52,283 $ 145,064 In the table above, loan originations in 2020 and 2019 with a classification of watch or classified primarily represent renewals or modifications initially underwritten and originated in prior years. For certain loans, primarily credit cards, the Company evaluates credit quality based on the aging status. The following table presents the recorded investment on loans based on payment activity: September 30, 2020 (in thousands) Performing Non Performing Total Commercial and industrial $ 12,425 $ 64 $ 12,489 Real estate: Residential 927 — 927 Other 4,381 63 4,444 Total $ 17,733 $ 127 $ 17,860 The recorded investment by risk category of loans by class at December 31, 2019, was as follows: December 31, 2019 (in thousands) Pass (1-6) Watch (7) Classified (8 & 9) Total* Commercial and industrial $ 2,151,084 $ 124,718 $ 70,021 $ 2,345,823 Real estate: Commercial - investor owned 1,242,569 17,572 2,840 1,262,981 Commercial - owner occupied 643,276 28,773 6,473 678,522 Construction and land development 437,134 12,140 106 449,380 Residential 348,246 4,450 2,496 355,192 Other 132,096 3 51 132,150 Total $ 4,954,405 $ 187,656 $ 81,987 $ 5,224,048 *Excludes $90.3 million of loans accounted for as PCI |
Commitments (Tables)
Commitments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Commitments | The contractual amounts of off-balance-sheet financial instruments are as follows: (in thousands) September 30, 2020 December 31, 2019 Commitments to extend credit $ 1,733,591 $ 1,469,413 Letters of credit 47,206 47,969 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | Notional Amount Derivative Assets Derivative Liabilities (in thousands) September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 Derivatives Designated as Hedging Instruments: Interest rate swap $ 261,962 $ 61,962 $ — $ — $ 10,011 $ 2,872 Derivatives not Designated as Hedging Instruments: Interest rate swap $ 1,044,139 $ 749,819 $ 33,999 $ 11,055 $ 34,229 $ 11,875 Derivative assets are classified on the balance sheet in other assets. Derivative liabilities are classified on the balance sheet in other liabilities. 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. The gross amounts of assets or liabilities can be reconciled to the tabular disclosure of fair value. The fair value table above provides the location that financial assets and liabilities are presented on the Balance Sheet. As of September 30, 2020 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 $ 33,999 $ — $ 33,999 $ 2 $ — $ 33,997 Liabilities: Interest rate swap $ 44,240 $ — $ 44,240 $ 2 $ 44,063 $ 175 Securities sold under agreements to repurchase 209,038 — 209,038 — 209,038 — As of December 31, 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 $ 11,055 $ — $ 11,055 $ 56 $ — $ 10,999 Liabilities: Interest rate swap $ 14,747 $ — $ 14,747 $ 56 $ 14,573 $ 118 Securities sold under agreements to repurchase 230,886 — 230,886 — 230,886 — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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 segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: September 30, 2020 (in thousands) Quoted Prices in Significant Significant Total Fair Assets Securities available for sale Obligations of U.S. Government-sponsored enterprises $ — $ 10,200 $ — $ 10,200 Obligations of states and political subdivisions — 366,122 — 366,122 Agency mortgage-backed securities — 605,949 — 605,949 U.S. Treasury bills — 11,521 — 11,521 Corporate debt securities — 11,634 — 11,634 Total securities available for sale — 1,005,426 — 1,005,426 Derivatives — 33,999 — 33,999 Total assets $ — $ 1,039,425 $ — $ 1,039,425 Liabilities Derivatives $ — $ 44,240 $ — $ 44,240 Total liabilities $ — $ 44,240 $ — $ 44,240 December 31, 2019 (in thousands) Quoted Prices in Significant Significant Total Fair Assets Securities available for sale Obligations of U.S. Government-sponsored enterprises $ — $ 10,046 $ — $ 10,046 Obligations of states and political subdivisions — 213,024 — 213,024 Residential mortgage-backed securities — 902,021 — 902,021 U.S. Treasury bills — 10,226 — 10,226 Total securities available-for-sale — 1,135,317 — 1,135,317 Derivative financial instruments — 11,055 — 11,055 Total assets $ — $ 1,146,372 $ — $ 1,146,372 Liabilities Derivatives $ — $ 14,747 $ — $ 14,747 Total liabilities $ — $ 14,747 $ — $ 14,747 |
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 Significant Significant Total losses for the three Total losses for the nine months ended September 30, 2020 Impaired loans $ 1,639 $ — $ — $ 1,639 $ 1,788 $ 4,756 Other real estate 3,600 — — 3,600 248 1,000 Total $ 5,239 $ — $ — $ 5,239 $ 2,036 $ 5,756 (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 certain financial instruments: September 30, 2020 December 31, 2019 (in thousands) Carrying Amount Estimated fair value Level Carrying Amount Estimated fair value Level Balance sheet assets Securities held-to-maturity, net $ 327,049 $ 338,774 Level 2 $ 181,166 $ 181,939 Level 2 Other investments 43,456 43,456 Level 2 38,044 38,044 Level 2 Loans held for sale 14,032 14,032 Level 2 5,570 5,570 Level 2 Loans, net 6,003,037 5,961,862 Level 3 5,271,049 5,205,651 Level 3 State tax credits, held for sale 42,497 48,327 Level 3 36,802 39,046 Level 3 Balance sheet liabilities Certificates of deposit $ 612,045 $ 617,277 Level 3 $ 826,447 $ 825,203 Level 3 Subordinated debentures and notes 203,510 193,059 Level 2 141,258 130,985 Level 2 FHLB advances 250,000 251,942 Level 2 222,406 221,402 Level 2 Other borrowings and notes payable 239,038 239,038 Level 2 265,172 265,172 Level 2 |
Subordinated Debentures (Tables
Subordinated Debentures (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Subordinated Borrowings [Abstract] | |
Schedule of Subordinated Debentures | The following table presents the amounts and terms of each issuance of EFSC’s subordinated debentures and notes: Amount Maturity Date Initial Call Date (1) Interest Rate (in thousands) September 30, 2020 December 31, 2019 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 (2) 7,786 7,886 February 22, 2031 February 22, 2011 Fixed 10.20% JEFFCO Stat Trust II (2) 4,429 4,388 March 17, 2034 March 17, 2009 Floats 3MO LIBOR + 2.75% Trinity Capital Trust III (2) 5,256 5,206 September 8, 2034 September 8, 2009 Floats 3MO LIBOR + 2.70% Trinity Capital Trust IV (2) 10,310 10,302 November 23, 2035 August 23, 2010 Fixed 6.88% Trinity Capital Trust V (2) 7,665 7,543 December 15, 2036 September 15, 2011 Floats 3MO LIBOR + 1.65% Total junior subordinated debentures 92,253 92,132 5.75% Fixed-to-floating rate subordinated notes 63,250 — June 1, 2030 June 1, 2025 Fixed 5.75% until 4.75% Fixed-to-floating rate subordinated notes 50,000 50,000 November 1, 2026 November 1, 2021 Fixed 4.75% until Debt issuance costs (1,993) (874) Total fixed-to-floating rate subordinated notes 111,257 49,126 Total subordinated debentures and notes $ 203,510 $ 141,258 (1) Callable each quarter after initial call date. (2) Purchase accounting adjustments are reflected in the balance that also impact the effective interest rate. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables present the changes in accumulated other comprehensive income after-tax by component: Three and nine months ended September 30, 2020 (in thousands) Net Unrealized Gain (Loss) on Available-for-Sale Debt Securities Unamortized Gain (Loss) on Held-to-Maturity Securities Net Unrealized Loss on Cash Flow Hedges Total Balance, June 30, 2020 $ 27,872 $ 13,099 $ (8,162) $ 32,809 Net change $ (220) $ (705) $ 624 $ (301) Balance, September 30, 2020 $ 27,652 $ 12,394 $ (7,538) $ 32,508 Balance, December 31, 2019 $ 14,977 $ 4,934 $ (2,162) $ 17,749 Net change $ 21,325 $ (1,190) $ (5,376) $ 14,759 Transfer from available-for-sale to held-to-maturity (8,650) 8,650 — — Balance, September 30, 2020 $ 27,652 $ 12,394 $ (7,538) $ 32,508 Three and nine months ended September 30, 2019 (in thousands) Net Unrealized Gain (Loss) on Available-for-Sale Debt Securities Unamortized Gain (Loss) on Held-to-Maturity Securities Net Unrealized Loss on Cash Flow Hedges Total Balance, June 30, 2019 $ 15,517 $ (230) $ (2,213) $ 13,074 Net change $ 6,764 $ 10 $ (637) $ 6,137 Balance, September 30, 2019 $ 22,281 $ (220) $ (2,850) $ 19,211 Balance, December 31, 2018 $ (9,047) $ (235) $ — $ (9,282) Net change $ 31,328 $ 15 $ (2,850) $ 28,493 Balance, September 30, 2019 $ 22,281 $ (220) $ (2,850) $ 19,211 |
Schedule of Pre-tax and After-tax Changes in the Components of Other Comprehensive Income | The following tables present the pre-tax and after-tax changes in the components of other comprehensive income: Three months ended September 30, (in thousands) 2020 2019 Pre-tax Tax effect After-tax Pre-tax Tax effect After-tax Change in unrealized gain on available-for-sale debt securities $ 125 $ 31 $ 94 $ 9,320 $ 2,302 $ 7,018 Reclassification adjustment for realized gain on sale of available-for-sale debt securities (a) (417) (103) (314) (337) (83) (254) Reclassification of (gain) loss on held-to-maturity securities (b) (936) (231) (705) 13 3 10 Change in unrealized gain (loss) on cash flow hedges arising during the period 146 36 110 (888) (219) (669) Reclassification of loss on cash flow hedges (b) 683 169 514 42 10 32 Total other comprehensive income $ (399) $ (98) $ (301) $ 8,150 $ 2,013 $ 6,137 Nine months ended September 30, 2020 2019 Pre-tax Tax effect After-tax Pre-tax Tax effect After-tax Change in unrealized gain on available-for-sale debt securities $ 28,741 $ 7,099 $ 21,642 $ 41,649 $ 10,287 $ 31,362 Reclassification adjustment for realized gain on sale of available-for-sale debt securities (a) (421) (104) (317) (45) (11) (34) Reclassification of (gain) loss on held-to-maturity securities (b) (1,580) (390) (1,190) 20 5 15 Change in unrealized loss on cash flow hedges arising during the period (8,296) (2,049) (6,247) (3,833) (947) (2,886) Reclassification of loss on cash flow hedges (b) 1,157 286 871 47 11 36 Total other comprehensive income $ 19,601 $ 4,842 $ 14,759 $ 37,838 $ 9,345 $ 28,493 (a) The pre-tax amount is reported in noninterest income/expense in the Consolidated Statements of Operations (b) The pre-tax amount is reported in interest income/expense in the Consolidated Statements of Operations |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) $ in Millions | Sep. 30, 2020USD ($) |
Other Assets [Member] | |
Property, Plant and Equipment [Line Items] | |
Accrued interest receivable | $ 24.6 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies Schedule of Impact of Adoption of New Accounting Standard (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, allowance for credit loss | $ 43,288 | ||
Allowance for credit losses on held-to-maturity debt securities | $ (645) | 0 | |
Deferred tax asset | 14,851 | ||
Retained earnings | $ 393,900 | 380,737 | $ 380,737 |
Loans Receivable | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, allowance for credit loss | 5,314,337 | ||
Unfunded Loan Commitment | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Reserve for unfunded commitments | 430 | ||
Cumulative Effect, Period Of Adoption, Adjustment | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, allowance for credit loss | 28,387 | ||
Allowance for credit losses on held-to-maturity debt securities | 303 | ||
Deferred tax asset | 5,898 | ||
Retained earnings | (18,114) | ||
Cumulative Effect, Period Of Adoption, Adjustment | Loans Receivable | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, allowance for credit loss | 7,091 | ||
Cumulative Effect, Period Of Adoption, Adjustment | Unfunded Loan Commitment | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Reserve for unfunded commitments | 2,413 | ||
Cumulative Effect, Period Of Adoption, Adjusted Balance | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, allowance for credit loss | 71,675 | ||
Allowance for credit losses on held-to-maturity debt securities | 303 | ||
Deferred tax asset | 20,749 | ||
Retained earnings | 362,623 | ||
Cumulative Effect, Period Of Adoption, Adjusted Balance | Loans Receivable | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Financing receivable, allowance for credit loss | 5,321,428 | ||
Cumulative Effect, Period Of Adoption, Adjusted Balance | Unfunded Loan Commitment | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Reserve for unfunded commitments | 2,843 | ||
Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Retained earnings | $ 18,100 |
Acquisition - Narrative (Detail
Acquisition - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | Sep. 30, 2020 | Aug. 20, 2020 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Share Price | $ 27.27 | |
Business Combination, Consideration Transferred | $ 135.3 | |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 0.5061 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Net income as reported | $ 17,951 | $ 29,069 | $ 45,453 | $ 63,649 |
Weighted average common shares outstanding (in shares) | 26,217,000 | 26,778,000 | 26,290,000 | 25,878,000 |
Additional dilutive common stock equivalents (in shares) | 11,000 | 90,000 | 21,000 | 98,000 |
Weighted average diluted common shares outstanding (in shares) | 26,228,000 | 26,868,000 | 26,311,000 | 25,976,000 |
Basic earnings per common share (in dollars per share) | $ 0.68 | $ 1.09 | $ 1.73 | $ 2.46 |
Diluted earnings per common share (in dollars per share) | $ 0.68 | $ 1.08 | $ 1.73 | $ 2.45 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 132,000 | 21,000 | 139,000 | 26,000 |
Investments - Schedule of Avail
Investments - Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Debt Securities, Held-to-maturity [Abstract] | |||
Amortized Cost | $ 327,694 | $ 181,166 | |
Gross Unrealized Gains | 11,873 | 973 | |
Gross Unrealized Losses | (148) | (200) | |
Allowance for Credit Losses | 645 | $ 0 | |
Fair Value | 338,774 | 181,939 | |
Total securities held-to-maturity, net | 327,049 | 181,166 | |
Debt Securities, Available-for-sale [Abstract] | |||
Amortized Cost | 968,598 | 1,115,323 | |
Gross Unrealized Gains | 37,415 | 21,548 | |
Gross Unrealized Losses | (587) | (1,554) | |
Allowance for Credit Losses | 0 | ||
Fair Value | 1,005,426 | 1,135,317 | |
Obligations of U.S. Government-sponsored enterprises | |||
Debt Securities, Available-for-sale [Abstract] | |||
Amortized Cost | 9,972 | 9,954 | |
Gross Unrealized Gains | 228 | 92 | |
Gross Unrealized Losses | 0 | 0 | |
Allowance for Credit Losses | 0 | ||
Fair Value | 10,200 | 10,046 | |
Obligations of states and political subdivisions | |||
Debt Securities, Held-to-maturity [Abstract] | |||
Amortized Cost | 95,497 | 11,704 | |
Gross Unrealized Gains | 1,038 | 170 | |
Gross Unrealized Losses | 0 | 0 | |
Allowance for Credit Losses | 16 | ||
Fair Value | 96,519 | 11,874 | |
Debt Securities, Available-for-sale [Abstract] | |||
Amortized Cost | 355,036 | 207,269 | |
Gross Unrealized Gains | 11,625 | 6,118 | |
Gross Unrealized Losses | (539) | (363) | |
Allowance for Credit Losses | 0 | ||
Fair Value | 366,122 | 213,024 | |
Agency mortgage-backed securities | |||
Debt Securities, Held-to-maturity [Abstract] | |||
Amortized Cost | 109,954 | 46,346 | |
Gross Unrealized Gains | 2,468 | 675 | |
Gross Unrealized Losses | (148) | 0 | |
Allowance for Credit Losses | 0 | ||
Fair Value | 112,274 | 47,021 | |
Debt Securities, Available-for-sale [Abstract] | |||
Amortized Cost | 581,111 | 888,129 | |
Gross Unrealized Gains | 24,884 | 15,083 | |
Gross Unrealized Losses | (46) | (1,191) | |
Allowance for Credit Losses | 0 | ||
Fair Value | 605,949 | 902,021 | |
US Treasury Bill Securities [Member] | |||
Debt Securities, Available-for-sale [Abstract] | |||
Amortized Cost | 10,977 | 9,971 | |
Gross Unrealized Gains | 544 | 255 | |
Gross Unrealized Losses | 0 | 0 | |
Allowance for Credit Losses | 0 | ||
Fair Value | 11,521 | 10,226 | |
Corporate Debt Securities [Member] | |||
Debt Securities, Held-to-maturity [Abstract] | |||
Amortized Cost | 122,243 | 123,116 | |
Gross Unrealized Gains | 8,367 | 128 | |
Gross Unrealized Losses | 0 | (200) | |
Allowance for Credit Losses | 629 | ||
Fair Value | 129,981 | $ 123,044 | |
Debt Securities, Available-for-sale [Abstract] | |||
Amortized Cost | 11,502 | ||
Gross Unrealized Gains | 134 | ||
Gross Unrealized Losses | (2) | ||
Allowance for Credit Losses | 0 | ||
Fair Value | $ 11,634 |
Investments - Investments Class
Investments - Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Available for sale, Amortized Cost | ||
Due in one year or less | $ 3,139 | |
Due after one year through five years | 32,281 | |
Due after five years through ten years | 16,828 | |
Due after ten years | 335,239 | |
Agency mortgage-backed securities | 581,111 | |
Amortized Cost | 968,598 | $ 1,115,323 |
Available for sale, Estimated Fair Value | ||
Due in one year or less | 3,161 | |
Due after one year through five years | 33,232 | |
Due after five years through ten years | 17,443 | |
Due after ten years | 345,641 | |
Agency mortgage-backed securities | 605,949 | |
Available for sale, fair value | 1,005,426 | 1,135,317 |
Held to maturity, Amortized Cost | ||
Due in one year or less | 0 | |
Due after one year through five years | 10,187 | |
Due after five years through ten years | 125,476 | |
Due after ten years | 82,077 | |
Agency mortgage-backed securities | 109,954 | |
Amortized Cost | 327,694 | 181,166 |
Held to maturity, Estimated Fair Value | ||
Due in one year or less | 0 | |
Due after one year through five years | 10,587 | |
Due after five years through ten years | 133,063 | |
Due after ten years | 82,850 | |
Agency mortgage-backed securities | 112,274 | |
Held to maturity, fair value | $ 338,774 | $ 181,939 |
Investments - Schedule of Unrea
Investments - Schedule of Unrealized Loss on Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 82,145 | $ 255,984 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 587 | 1,319 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | 41,491 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 435 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 82,145 | 297,475 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 587 | 1,754 |
Obligations of states and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 57,934 | 56,327 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 539 | 363 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 57,934 | 56,327 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 539 | 363 |
Agency mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 21,211 | 131,693 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 46 | 756 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | 41,491 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 435 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 21,211 | 173,184 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 46 | 1,191 |
Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 3,000 | 67,964 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 2 | 200 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 3,000 | 67,964 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 2 | $ 200 |
Investments - Narrative (Detail
Investments - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | |
Debt Securities, Available-for-sale [Line Items] | ||||
Debt Securities, Available-for-sale, Amortized Cost | $ 968,598 | $ 968,598 | $ 1,115,323 | |
Securities available for sale | $ 1,005,426 | 1,005,426 | $ 1,135,317 | |
accumulated other comprehensive income loss available for sale securities adjustment pre tax | $ 11,500 | |||
Maximum percentage of shareholders' equity security holdings held of one issuer | 10.00% | 10.00% | 10.00% | |
Securities pledged | $ 449,500 | $ 449,500 | $ 484,800 | |
Mortgage-backed securities, weighted average life | 3 years | |||
Accrued interest receivable, available-for-sale securities | 4,000 | $ 4,000 | ||
Accrued interest receivable, held-to-maturity securities | 2,400 | 2,400 | ||
Allowance for credit losses on held-to-maturity debt securities | 645 | 645 | $ 0 | |
Debt Securities, Available-for-sale, Realized Gain | 400 | |||
book value of securities sold available for sale | 19,600 | 19,600 | ||
Reclassified to Held to Maturity [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt Securities, Available-for-sale, Amortized Cost | 163,600 | 163,600 | ||
Securities available for sale | $ 175,100 | $ 175,100 |
Loans - Summary of Portfolio Lo
Loans - Summary of Portfolio Loans by Category (Details) - Portfolio loans, net - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | $ 6,147,551 | $ 5,316,953 |
Unearned loan fees, net | (21,244) | (2,616) |
Loans, including unearned loan fees | 6,126,307 | 5,314,337 |
Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | 3,171,916 | 2,361,157 |
Loans, including unearned loan fees | 3,152,394 | |
Commercial - investor owned | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | 1,292,182 | 1,299,884 |
Loans, including unearned loan fees | 1,292,182 | |
Commercial - owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | 735,704 | 697,437 |
Loans, including unearned loan fees | 735,704 | |
Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | 474,727 | 457,273 |
Loans, including unearned loan fees | 474,727 | |
Residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | 321,792 | 366,261 |
Loans, including unearned loan fees | 321,792 | |
Total real estate loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | 2,824,405 | 2,820,855 |
Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | 151,230 | $ 134,941 |
Loans, including unearned loan fees | $ 149,508 |
Loans - Summary of Allowance fo
Loans - Summary of Allowance for Loan Losses by Portfolio Class and Category (Details) - USD ($) $ in Thousands | Jan. 01, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 |
Allowance for Loan Losses [Roll Forward] | |||||
Balance | $ 43,288 | ||||
Portfolio loans, net | |||||
Allowance for Loan Losses [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 28,387 | ||||
Provision for Loan, Lease, and Other Losses | $ 14,027 | $ 54,113 | |||
Balance at December 31, 2019 | 43,288 | 110,270 | 43,288 | ||
Provision for credit losses | (1,680) | 14,000 | $ 1,800 | 54,100 | $ 5,000 |
Charge-offs | (2,584) | (6,552) | |||
Recoveries | 1,557 | 5,714 | |||
Balance | 69,995 | 123,270 | 123,270 | ||
Portfolio loans, net | Commercial and industrial | |||||
Allowance for Loan Losses [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 6,494 | ||||
Provision for Loan, Lease, and Other Losses | 8,929 | 27,688 | |||
Balance at December 31, 2019 | 27,455 | 50,139 | 27,455 | ||
Provision for credit losses | 0 | ||||
Charge-offs | (2,006) | (5,372) | |||
Recoveries | 808 | 1,605 | |||
Balance | 33,949 | 57,870 | 57,870 | ||
Portfolio loans, net | CRE - investor owned | |||||
Allowance for Loan Losses [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 10,726 | ||||
Provision for Loan, Lease, and Other Losses | 4,869 | 10,692 | |||
Balance at December 31, 2019 | 5,935 | 25,019 | 5,935 | ||
Provision for credit losses | (5) | ||||
Charge-offs | (272) | (498) | |||
Recoveries | 55 | 2,821 | |||
Balance | 16,656 | 29,671 | 29,671 | ||
Portfolio loans, net | CRE - owner occupied | |||||
Allowance for Loan Losses [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 2,598 | ||||
Provision for Loan, Lease, and Other Losses | (1,854) | 1,740 | |||
Balance at December 31, 2019 | 4,873 | 11,088 | 4,873 | ||
Provision for credit losses | (57) | ||||
Charge-offs | (30) | (30) | |||
Recoveries | 268 | 348 | |||
Balance | 7,414 | 9,472 | 9,472 | ||
Portfolio loans, net | Construction and land development | |||||
Allowance for Loan Losses [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 5,183 | ||||
Provision for Loan, Lease, and Other Losses | 2,873 | 11,220 | |||
Balance at December 31, 2019 | 2,611 | 15,962 | 2,611 | ||
Provision for credit losses | (217) | ||||
Charge-offs | 0 | (31) | |||
Recoveries | 83 | 152 | |||
Balance | 7,577 | 18,918 | 18,918 | ||
Portfolio loans, net | Residential real estate | |||||
Allowance for Loan Losses [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 3,470 | ||||
Provision for Loan, Lease, and Other Losses | (1,132) | 1,623 | |||
Balance at December 31, 2019 | 1,280 | 6,333 | 1,280 | ||
Provision for credit losses | (1,401) | ||||
Charge-offs | (173) | (327) | |||
Recoveries | 303 | 686 | |||
Balance | 3,349 | 5,331 | 5,331 | ||
Portfolio loans, net | Other | |||||
Allowance for Loan Losses [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | (84) | ||||
Provision for Loan, Lease, and Other Losses | 342 | 1,150 | |||
Balance at December 31, 2019 | 1,134 | 1,729 | 1,134 | ||
Provision for credit losses | 0 | ||||
Charge-offs | (103) | (294) | |||
Recoveries | 40 | 102 | |||
Balance | $ 1,050 | $ 2,008 | $ 2,008 |
Loans - Summary of Recorded Inv
Loans - Summary of Recorded Investment in Portfolio Loans by Class and Category Based on Impairment Method (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020USD ($)loan | Sep. 30, 2020USD ($)loan | Sep. 30, 2019USD ($)loan | Jun. 30, 2020USD ($) | Jan. 01, 2020USD ($) | Dec. 31, 2019USD ($) | |
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 | $ 3,933 | |||||
Financing Receivable, Troubled Debt Restructuring, Premodification | 3,933 | |||||
Total | $ 43,288 | |||||
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 | 6 | 3 | ||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 7,819 | $ 520 | ||||
Financing Receivable, Troubled Debt Restructuring, Premodification | 7,819 | $ 520 | ||||
Total | 123,270 | 123,270 | $ 110,270 | 69,995 | $ 43,288 | |
Loans - Ending balance: | ||||||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | (21,244) | (21,244) | (2,616) | |||
Total | 6,147,551 | $ 6,147,551 | 5,316,953 | |||
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 | 3 | 0 | ||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 7,447 | $ 0 | ||||
Financing Receivable, Troubled Debt Restructuring, Premodification | 7,447 | $ 0 | ||||
Total | 57,870 | 57,870 | 50,139 | 33,949 | 27,455 | |
Loans - Ending balance: | ||||||
Total | 3,171,916 | 3,171,916 | 2,361,157 | |||
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] | ||||||
Total | 29,671 | 29,671 | 25,019 | 16,656 | 5,935 | |
Loans - Ending balance: | ||||||
Total | 1,292,182 | $ 1,292,182 | 1,299,884 | |||
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] | ||||||
Financing Receivable, Modifications, Number of Contracts | loan | 0 | 1 | ||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 188 | ||||
Financing Receivable, Troubled Debt Restructuring, Premodification | 0 | $ 188 | ||||
Total | 9,472 | 9,472 | 11,088 | 7,414 | 4,873 | |
Loans - Ending balance: | ||||||
Total | 735,704 | 735,704 | 697,437 | |||
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] | ||||||
Total | 18,918 | 18,918 | 15,962 | 7,577 | 2,611 | |
Loans - Ending balance: | ||||||
Total | 474,727 | $ 474,727 | 457,273 | |||
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 | 3 | 2 | ||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 372 | $ 332 | ||||
Financing Receivable, Troubled Debt Restructuring, Premodification | 372 | $ 332 | ||||
Total | 5,331 | 5,331 | 6,333 | 3,349 | 1,280 | |
Loans - Ending balance: | ||||||
Total | 321,792 | 321,792 | 366,261 | |||
Portfolio loans, net | Other | ||||||
Summary of Recorded Investment in Non-covered Loans by Portfolio Class and Category Based on Impairment Method [Line Items] | ||||||
Total | 2,008 | 2,008 | $ 1,729 | $ 1,050 | 1,134 | |
Loans - Ending balance: | ||||||
Total | $ 151,230 | $ 151,230 | $ 134,941 |
Loans - Summary of Portfolio _2
Loans - Summary of Portfolio Loans Individually Evaluated for Impairment by Category (Details) - USD ($) $ in Thousands | Jan. 01, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Impaired [Line Items] | |||||||
Financing receivable, allowance for credit loss | $ 43,288 | ||||||
Portfolio loans, net | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Recorded Investment With No Allowance | $ 16,605 | $ 16,605 | |||||
Total Recorded Investment | 39,623 | 39,623 | $ 26,425 | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | (2,584) | (6,552) | |||||
Financing Receivable, Allowance for Credit Loss, Recovery | 1,557 | 5,714 | |||||
Financing receivable, allowance for credit loss | 69,995 | 123,270 | 123,270 | $ 110,270 | 43,288 | ||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 28,387 | ||||||
Provision for credit losses | 1,680 | (14,000) | $ (1,800) | (54,100) | $ (5,000) | ||
Portfolio loans, net | Commercial and industrial | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Recorded Investment With No Allowance | 10,208 | 10,208 | |||||
Total Recorded Investment | 23,586 | 23,586 | 22,578 | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | (2,006) | (5,372) | |||||
Financing Receivable, Allowance for Credit Loss, Recovery | 808 | 1,605 | |||||
Financing receivable, allowance for credit loss | 33,949 | 57,870 | 57,870 | 50,139 | 27,455 | ||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 6,494 | ||||||
Provision for credit losses | 0 | ||||||
Portfolio loans, net | Commercial - investor owned | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Recorded Investment With No Allowance | 1,440 | 1,440 | |||||
Total Recorded Investment | 9,850 | 9,850 | 2,303 | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | (272) | (498) | |||||
Financing Receivable, Allowance for Credit Loss, Recovery | 55 | 2,821 | |||||
Financing receivable, allowance for credit loss | 16,656 | 29,671 | 29,671 | 25,019 | 5,935 | ||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 10,726 | ||||||
Provision for credit losses | 5 | ||||||
Portfolio loans, net | Commercial - owner occupied | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Recorded Investment With No Allowance | 1,511 | 1,511 | |||||
Total Recorded Investment | 1,511 | 1,511 | 213 | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | (30) | (30) | |||||
Financing Receivable, Allowance for Credit Loss, Recovery | 268 | 348 | |||||
Financing receivable, allowance for credit loss | 7,414 | 9,472 | 9,472 | 11,088 | 4,873 | ||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 2,598 | ||||||
Provision for credit losses | 57 | ||||||
Portfolio loans, net | Construction and land development | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Recorded Investment With No Allowance | 200 | 200 | |||||
Total Recorded Investment | 200 | 200 | |||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | (31) | |||||
Financing Receivable, Allowance for Credit Loss, Recovery | 83 | 152 | |||||
Financing receivable, allowance for credit loss | 7,577 | 18,918 | 18,918 | 15,962 | 2,611 | ||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 5,183 | ||||||
Provision for credit losses | 217 | ||||||
Portfolio loans, net | Residential real estate | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Recorded Investment With No Allowance | 3,246 | 3,246 | |||||
Total Recorded Investment | 4,394 | 4,394 | 1,330 | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | (173) | (327) | |||||
Financing Receivable, Allowance for Credit Loss, Recovery | 303 | 686 | |||||
Financing receivable, allowance for credit loss | 3,349 | 5,331 | 5,331 | 6,333 | 1,280 | ||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 3,470 | ||||||
Provision for credit losses | 1,401 | ||||||
Portfolio loans, net | Other | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Recorded Investment With No Allowance | 0 | 0 | |||||
Total Recorded Investment | 82 | 82 | 1 | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | (103) | (294) | |||||
Financing Receivable, Allowance for Credit Loss, Recovery | 40 | 102 | |||||
Financing receivable, allowance for credit loss | 1,050 | $ 2,008 | $ 2,008 | $ 1,729 | $ 1,134 | ||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | (84) | ||||||
Provision for credit losses | $ 0 |
Loans - Narrative (Details)
Loans - Narrative (Details) | Jan. 01, 2020USD ($) | Sep. 30, 2020USD ($)loan | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)loan | Sep. 30, 2019USD ($)loan | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($)loan |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Financing Receivable, Purchased with Credit Deterioration, Discount (Premium) | $ 19,800,000 | ||||||
Post-Modification Outstanding Recorded Balance | $ 3,933,000 | ||||||
Financing Receivable, Modifications, Number of Contracts | loan | 3 | ||||||
Number of loans over 90 days past due and still accruing interest | loan | 0 | ||||||
Unadvanced commitments on impaired loans | $ 225,000 | ||||||
Financing Receivable, Amount Eligible for Deferred Payment | $ 690,800,000 | 690,800,000 | |||||
Financing Receivable, Amount Eligible for Deferral of Both Principal and Interest | 355,800,000 | 355,800,000 | |||||
Financing Receivable, Amount Eligible for Deferral of Principal Only | 335,000,000 | 335,000,000 | |||||
Loans and Leases Receivable, Deferred Income | 4,500,000 | 4,500,000 | |||||
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | 2,400,000,000 | 2,400,000,000 | |||||
Financing receivable, allowance for credit loss | $ 43,288,000 | ||||||
Financing Receivable, Paycheck Protection Program | 838,600,000 | 838,600,000 | |||||
Financing Receivable, Paycheck Protection Program, Net of Deferred Fees | 819,100,000 | 819,100,000 | |||||
Financing Receivable, Paycheck Protection Program, Unearned Fees | 19,500,000 | 19,500,000 | |||||
Financing Receivable, Amount Still in Deferral Status | 139,400,000 | 139,400,000 | |||||
Unadvanced Commitment on Impaired Loan | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Estimated losses attributable to unadvanced commitments on impaired loans | 5,192,000 | 5,192,000 | 430,000 | ||||
Non-Covered Loans | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 28,387,000 | ||||||
Provision for credit losses | (1,680,000) | 14,000,000 | $ 1,800,000 | 54,100,000 | $ 5,000,000 | ||
Financing Receivable, Allowance for Credit Loss, Threshold of Loans Written Off | 100,000 | ||||||
Post-Modification Outstanding Recorded Balance | $ 7,819,000 | $ 520,000 | |||||
Financing Receivable, Modifications, Number of Contracts | loan | 6 | 3 | |||||
Restructuring Reserve | 3,635,000 | $ 3,635,000 | 79,000 | ||||
Financing Receivable, before Allowance for Credit Loss | 6,147,551,000 | 6,147,551,000 | 5,316,953,000 | ||||
Financing receivable, allowance for credit loss | 69,995,000 | 123,270,000 | 123,270,000 | $ 110,270,000 | 43,288,000 | ||
Non-Covered Loans | Enterprise Value Lending Portfolio Niche Segment [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Financing receivable, allowance for credit loss | 20,100,000 | 20,100,000 | |||||
Non-Covered Loans | Other | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | (84,000) | ||||||
Provision for credit losses | 0 | ||||||
Restructuring Reserve | 0 | 0 | 0 | ||||
Financing Receivable, before Allowance for Credit Loss | 151,230,000 | 151,230,000 | 134,941,000 | ||||
Financing receivable, allowance for credit loss | 1,050,000 | 2,008,000 | 2,008,000 | $ 1,729,000 | 1,134,000 | ||
Non-Covered Loans | Agriculture Portfolio Niche Segment [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Financing receivable, allowance for credit loss | 1,800,000 | 1,800,000 | |||||
Commercial and industrial | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Post-Modification Outstanding Recorded Balance | $ 3,716,000 | ||||||
Financing Receivable, Modifications, Number of Contracts | loan | 2 | ||||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | 100,000 | $ 400,000 | |||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 100,000 | $ 400,000 | |||||
Financial Asset Acquired with Credit Deterioration [Member] | Non-Covered Loans | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Financing Receivable, before Allowance for Credit Loss | $ 90,300,000 | ||||||
Cumulative Effect, Period Of Adoption, Adjustment | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Financing receivable, allowance for credit loss | $ 28,387,000 | ||||||
Cumulative Effect, Period Of Adoption, Adjustment | Non-Covered Loans | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Financing receivable, allowance for credit loss | $ 1,200,000 | $ 1,200,000 |
Loans - Summary of Recorded I_2
Loans - Summary of Recorded Investment in Impaired Portfolio Loans by Category (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020USD ($)loan | Sep. 30, 2020USD ($)loan | Sep. 30, 2019loan | Dec. 31, 2019USD ($) | |
Financing Receivable, Past Due [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | loan | 3 | |||
Non-Covered Loans | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Recorded Investment | $ 39,623 | $ 39,623 | $ 26,425 | |
Recorded Investment With No Allowance | 16,605 | $ 16,605 | ||
Financing Receivable, Modifications, Number of Contracts | loan | 6 | 3 | ||
Nonaccrual | 35,037 | $ 35,037 | 26,096 | |
Restructured, accruing | 3,635 | 3,635 | 79 | |
Impaired Financing Receivables, Recorded Investment, 90 Days Past Due and Still Accruing | 951 | 951 | 250 | |
Non-Covered Loans | Commercial and industrial | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Recorded Investment | 23,586 | 23,586 | 22,578 | |
Recorded Investment With No Allowance | 10,208 | $ 10,208 | ||
Financing Receivable, Modifications, Number of Contracts | loan | 3 | 0 | ||
Nonaccrual | 19,141 | $ 19,141 | 22,328 | |
Restructured, accruing | 3,557 | 3,557 | 0 | |
Impaired Financing Receivables, Recorded Investment, 90 Days Past Due and Still Accruing | 888 | 888 | 250 | |
Non-Covered Loans | Commercial - investor owned | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Recorded Investment | 9,850 | 9,850 | 2,303 | |
Recorded Investment With No Allowance | 1,440 | 1,440 | ||
Nonaccrual | 9,850 | 9,850 | 2,303 | |
Restructured, accruing | 0 | 0 | 0 | |
Impaired Financing Receivables, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | 0 | |
Non-Covered Loans | Commercial - owner occupied | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Recorded Investment | 1,511 | 1,511 | 213 | |
Recorded Investment With No Allowance | 1,511 | $ 1,511 | ||
Financing Receivable, Modifications, Number of Contracts | loan | 0 | 1 | ||
Nonaccrual | 1,511 | $ 1,511 | 213 | |
Restructured, accruing | 0 | 0 | 0 | |
Impaired Financing Receivables, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | 0 | |
Non-Covered Loans | Construction and land development | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Recorded Investment | 200 | 200 | ||
Recorded Investment With No Allowance | 200 | 200 | ||
Nonaccrual | 200 | 200 | ||
Restructured, accruing | 0 | 0 | ||
Impaired Financing Receivables, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | ||
Non-Covered Loans | Residential real estate | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Recorded Investment | 4,394 | 4,394 | 1,330 | |
Recorded Investment With No Allowance | 3,246 | $ 3,246 | ||
Financing Receivable, Modifications, Number of Contracts | loan | 3 | 2 | ||
Nonaccrual | 4,316 | $ 4,316 | 1,251 | |
Restructured, accruing | 78 | 78 | 79 | |
Impaired Financing Receivables, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | 0 | |
Non-Covered Loans | Other | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Recorded Investment | 82 | 82 | 1 | |
Recorded Investment With No Allowance | 0 | 0 | ||
Nonaccrual | 19 | 19 | 1 | |
Restructured, accruing | 0 | 0 | 0 | |
Impaired Financing Receivables, Recorded Investment, 90 Days Past Due and Still Accruing | $ 63 | $ 63 | $ 0 |
Loans - Summary of Recorded I_3
Loans - Summary of Recorded Investment by Category for Portfolio Loans Restructured (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020USD ($)loan | Sep. 30, 2020USD ($)loan | Sep. 30, 2019USD ($)loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans | loan | 3 | ||
Pre-Modification Outstanding Recorded Balance | $ 3,933 | ||
Post-Modification Outstanding Recorded Balance | $ 3,933 | ||
Non-Covered Loans | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans | loan | 6 | 3 | |
Pre-Modification Outstanding Recorded Balance | $ 7,819 | $ 520 | |
Post-Modification Outstanding Recorded Balance | $ 7,819 | $ 520 | |
Non-Covered Loans | Commercial and industrial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans | loan | 3 | 0 | |
Pre-Modification Outstanding Recorded Balance | $ 7,447 | $ 0 | |
Post-Modification Outstanding Recorded Balance | $ 7,447 | $ 0 | |
Non-Covered Loans | CRE - owner occupied | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans | loan | 0 | 1 | |
Pre-Modification Outstanding Recorded Balance | $ 0 | $ 188 | |
Post-Modification Outstanding Recorded Balance | $ 0 | $ 188 | |
Non-Covered Loans | Residential real estate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans | loan | 3 | 2 | |
Pre-Modification Outstanding Recorded Balance | $ 372 | $ 332 | |
Post-Modification Outstanding Recorded Balance | $ 372 | $ 332 | |
Commercial and industrial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans | loan | 2 | ||
Pre-Modification Outstanding Recorded Balance | $ 3,716 | ||
Post-Modification Outstanding Recorded Balance | $ 3,716 | ||
Residential real estate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans | loan | 1 | ||
Pre-Modification Outstanding Recorded Balance | $ 217 | ||
Post-Modification Outstanding Recorded Balance | $ 217 |
Loans - Summary of Aging of Rec
Loans - Summary of Aging of Recorded Investment in Past Due Portfolio Loans by Portfolio Class and Category (Details) - Non-Covered Loans - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | $ 33,927 | |
Current | 6,092,380 | |
Loans, including unearned loan fees | 6,126,307 | $ 5,314,337 |
Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 17,871 | |
Current | 3,134,523 | |
Loans, including unearned loan fees | 3,152,394 | |
CRE - investor owned | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 9,680 | |
Current | 1,282,502 | |
Loans, including unearned loan fees | 1,292,182 | |
CRE - owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 2,356 | |
Current | 733,348 | |
Loans, including unearned loan fees | 735,704 | |
Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 898 | |
Current | 473,829 | |
Loans, including unearned loan fees | 474,727 | |
Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 2,994 | |
Current | 318,798 | |
Loans, including unearned loan fees | 321,792 | |
Other | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 128 | |
Current | 149,380 | |
Loans, including unearned loan fees | 149,508 | |
Financial Asset, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 4,672 | |
Financial Asset, 30 to 89 Days Past Due [Member] | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 1,558 | |
Financial Asset, 30 to 89 Days Past Due [Member] | CRE - investor owned | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 164 | |
Financial Asset, 30 to 89 Days Past Due [Member] | CRE - owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 1,166 | |
Financial Asset, 30 to 89 Days Past Due [Member] | Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 898 | |
Financial Asset, 30 to 89 Days Past Due [Member] | Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 840 | |
Financial Asset, 30 to 89 Days Past Due [Member] | Other | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 46 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 29,255 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 16,313 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | CRE - investor owned | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 9,516 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | CRE - owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 1,190 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 0 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 2,154 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Other | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | $ 82 |
Loans - Summary of Term Loans b
Loans - Summary of Term Loans by Origination Year (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Commercial and industrial | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | $ 1,424,770 |
2019 | 522,785 |
2018 | 295,957 |
2017 | 170,849 |
2016 | 57,935 |
Prior | 43,949 |
Financing Receivable, Converted | 14,578 |
Revolving Loans | 609,082 |
Total | 3,139,905 |
Commercial and industrial | Pass (1-6) | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 1,378,251 |
2019 | 499,865 |
2018 | 289,283 |
2017 | 155,369 |
2016 | 30,317 |
Prior | 41,477 |
Financing Receivable, Converted | 14,000 |
Revolving Loans | 524,025 |
Total | 2,932,587 |
Commercial and industrial | Watch (7) | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 41,834 |
2019 | 11,685 |
2018 | 3,421 |
2017 | 11,619 |
2016 | 22,835 |
Prior | 105 |
Financing Receivable, Converted | 0 |
Revolving Loans | 63,198 |
Total | 154,697 |
Commercial and industrial | Classified (8 & 9) | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 4,685 |
2019 | 11,235 |
2018 | 3,253 |
2017 | 3,861 |
2016 | 4,783 |
Prior | 2,367 |
Financing Receivable, Converted | 578 |
Revolving Loans | 21,859 |
Total | 52,621 |
Commercial Real Estate-Investor Owned Portfolio Segment [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 345,261 |
2019 | 283,318 |
2018 | 190,141 |
2017 | 119,947 |
2016 | 151,655 |
Prior | 163,352 |
Financing Receivable, Converted | 4,969 |
Revolving Loans | 33,539 |
Total | 1,292,182 |
Commercial Real Estate-Investor Owned Portfolio Segment [Member] | Pass (1-6) | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 338,563 |
2019 | 277,705 |
2018 | 180,534 |
2017 | 119,492 |
2016 | 138,823 |
Prior | 158,678 |
Financing Receivable, Converted | 4,969 |
Revolving Loans | 33,539 |
Total | 1,252,303 |
Commercial Real Estate-Investor Owned Portfolio Segment [Member] | Watch (7) | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 6,634 |
2019 | 5,115 |
2018 | 1,245 |
2017 | 0 |
2016 | 12,584 |
Prior | 3,609 |
Financing Receivable, Converted | 0 |
Revolving Loans | 0 |
Total | 29,187 |
Commercial Real Estate-Investor Owned Portfolio Segment [Member] | Classified (8 & 9) | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 64 |
2019 | 498 |
2018 | 8,362 |
2017 | 455 |
2016 | 248 |
Prior | 1,065 |
Financing Receivable, Converted | 0 |
Revolving Loans | 0 |
Total | 10,692 |
Commercial Real Estate-Owner Occupied Portfolio Segment [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 203,348 |
2019 | 190,148 |
2018 | 85,066 |
2017 | 78,128 |
2016 | 52,222 |
Prior | 77,372 |
Financing Receivable, Converted | 2,715 |
Revolving Loans | 46,705 |
Total | 735,704 |
Commercial Real Estate-Owner Occupied Portfolio Segment [Member] | Pass (1-6) | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 192,320 |
2019 | 184,427 |
2018 | 80,269 |
2017 | 72,465 |
2016 | 43,855 |
Prior | 68,277 |
Financing Receivable, Converted | 2,715 |
Revolving Loans | 43,882 |
Total | 688,210 |
Commercial Real Estate-Owner Occupied Portfolio Segment [Member] | Watch (7) | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 10,628 |
2019 | 5,213 |
2018 | 259 |
2017 | 4,851 |
2016 | 8,367 |
Prior | 4,946 |
Financing Receivable, Converted | 0 |
Revolving Loans | 2,823 |
Total | 37,087 |
Commercial Real Estate-Owner Occupied Portfolio Segment [Member] | Classified (8 & 9) | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 400 |
2019 | 508 |
2018 | 4,538 |
2017 | 812 |
2016 | 0 |
Prior | 4,149 |
Financing Receivable, Converted | 0 |
Revolving Loans | 0 |
Total | 10,407 |
Construction Real Estate Portfolio Segment [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 150,492 |
2019 | 152,879 |
2018 | 92,351 |
2017 | 29,532 |
2016 | 11,676 |
Prior | 12,281 |
Financing Receivable, Converted | 0 |
Revolving Loans | 25,516 |
Total | 474,727 |
Construction Real Estate Portfolio Segment [Member] | Pass (1-6) | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 147,206 |
2019 | 152,879 |
2018 | 77,811 |
2017 | 18,076 |
2016 | 11,676 |
Prior | 11,899 |
Financing Receivable, Converted | 0 |
Revolving Loans | 25,516 |
Total | 445,063 |
Construction Real Estate Portfolio Segment [Member] | Watch (7) | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 3,064 |
2019 | 0 |
2018 | 14,540 |
2017 | 11,456 |
2016 | 0 |
Prior | 348 |
Financing Receivable, Converted | 0 |
Revolving Loans | 0 |
Total | 29,408 |
Construction Real Estate Portfolio Segment [Member] | Classified (8 & 9) | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 222 |
2019 | 0 |
2018 | 0 |
2017 | 0 |
2016 | 0 |
Prior | 34 |
Financing Receivable, Converted | 0 |
Revolving Loans | 0 |
Total | 256 |
Residential Portfolio Segment | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 39,349 |
2019 | 32,024 |
2018 | 21,727 |
2017 | 17,643 |
2016 | 32,917 |
Prior | 110,771 |
Financing Receivable, Converted | 921 |
Revolving Loans | 65,513 |
Total | 320,865 |
Residential Portfolio Segment | Pass (1-6) | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 38,603 |
2019 | 30,290 |
2018 | 20,571 |
2017 | 17,630 |
2016 | 32,011 |
Prior | 105,538 |
Financing Receivable, Converted | 644 |
Revolving Loans | 64,662 |
Total | 309,949 |
Residential Portfolio Segment | Watch (7) | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 212 |
2019 | 852 |
2018 | 828 |
2017 | 0 |
2016 | 0 |
Prior | 2,122 |
Financing Receivable, Converted | 277 |
Revolving Loans | 801 |
Total | 5,092 |
Residential Portfolio Segment | Classified (8 & 9) | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 534 |
2019 | 882 |
2018 | 328 |
2017 | 13 |
2016 | 906 |
Prior | 3,111 |
Financing Receivable, Converted | 0 |
Revolving Loans | 50 |
Total | 5,824 |
Other | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 23,762 |
2019 | 13,512 |
2018 | 20,135 |
2017 | 554 |
2016 | 3,567 |
Prior | 31,242 |
Financing Receivable, Converted | 9 |
Revolving Loans | 52,283 |
Total | 145,064 |
Other | Pass (1-6) | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 23,762 |
2019 | 13,492 |
2018 | 20,109 |
2017 | 551 |
2016 | 3,567 |
Prior | 28,539 |
Financing Receivable, Converted | 0 |
Revolving Loans | 52,276 |
Total | 142,296 |
Other | Watch (7) | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 0 |
2019 | 1 |
2018 | 5 |
2017 | 0 |
2016 | 0 |
Prior | 2,685 |
Financing Receivable, Converted | 0 |
Revolving Loans | 1 |
Total | 2,692 |
Other | Classified (8 & 9) | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 0 |
2019 | 19 |
2018 | 21 |
2017 | 3 |
2016 | 0 |
Prior | 18 |
Financing Receivable, Converted | 9 |
Revolving Loans | 6 |
Total | $ 76 |
Loans - Summary of Performing a
Loans - Summary of Performing and Non Performing Loans (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Investment on loans by payment activity | $ 17,860 |
Performing | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Investment on loans by payment activity | 17,733 |
Non Performing | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Investment on loans by payment activity | 127 |
Commercial and industrial | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Investment on loans by payment activity | 12,489 |
Commercial and industrial | Performing | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Investment on loans by payment activity | 12,425 |
Commercial and industrial | Non Performing | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Investment on loans by payment activity | 64 |
Residential Portfolio Segment | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Investment on loans by payment activity | 927 |
Residential Portfolio Segment | Performing | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Investment on loans by payment activity | 927 |
Residential Portfolio Segment | Non Performing | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Investment on loans by payment activity | 0 |
Other | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Investment on loans by payment activity | 4,444 |
Other | Performing | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Investment on loans by payment activity | 4,381 |
Other | Non Performing | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Investment on loans by payment activity | $ 63 |
Loans - Summary of Recorded I_4
Loans - Summary of Recorded Investment by Risk Category of Portfolio Loans by Portfolio Class and Category (Details) - Non-Covered Loans - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | $ 39,623 | $ 26,425 |
Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 22,417 | |
Residential Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 4,408 | |
Blanket Lien | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 405 | |
Other Collateral | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 18 | |
Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 23,586 | 22,578 |
Commercial and industrial | Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 11,056 | |
Commercial and industrial | Residential Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 0 | |
Commercial and industrial | Blanket Lien | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 405 | |
Commercial and industrial | Other Collateral | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 0 | |
CRE - investor owned | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 9,850 | 2,303 |
CRE - investor owned | Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 9,850 | |
CRE - investor owned | Residential Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 0 | |
CRE - investor owned | Blanket Lien | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 0 | |
CRE - investor owned | Other Collateral | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 0 | |
CRE - owner occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 1,511 | 213 |
CRE - owner occupied | Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 1,511 | |
CRE - owner occupied | Residential Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 0 | |
CRE - owner occupied | Blanket Lien | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 0 | |
CRE - owner occupied | Other Collateral | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 0 | |
Construction and land development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 200 | |
Construction and land development | Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 0 | |
Construction and land development | Residential Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 200 | |
Construction and land development | Blanket Lien | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 0 | |
Construction and land development | Other Collateral | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 0 | |
Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 4,394 | 1,330 |
Residential real estate | Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 0 | |
Residential real estate | Residential Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 4,208 | |
Residential real estate | Blanket Lien | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 0 | |
Residential real estate | Other Collateral | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 0 | |
Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 82 | 1 |
Other | Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 0 | |
Other | Residential Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 0 | |
Other | Blanket Lien | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 0 | |
Other | Other Collateral | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | $ 18 | |
Pass (1-6) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 4,954,405 | |
Pass (1-6) | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 2,151,084 | |
Pass (1-6) | CRE - investor owned | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 1,242,569 | |
Pass (1-6) | CRE - owner occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 643,276 | |
Pass (1-6) | Construction and land development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 437,134 | |
Pass (1-6) | Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 348,246 | |
Pass (1-6) | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 132,096 | |
Watch (7) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 187,656 | |
Watch (7) | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 124,718 | |
Watch (7) | CRE - investor owned | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 17,572 | |
Watch (7) | CRE - owner occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 28,773 | |
Watch (7) | Construction and land development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 12,140 | |
Watch (7) | Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 4,450 | |
Watch (7) | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 3 | |
Classified (8 & 9) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 81,987 | |
Classified (8 & 9) | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 70,021 | |
Classified (8 & 9) | CRE - investor owned | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 2,840 | |
Classified (8 & 9) | CRE - owner occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 6,473 | |
Classified (8 & 9) | Construction and land development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 106 | |
Classified (8 & 9) | Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 2,496 | |
Classified (8 & 9) | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 51 | |
Total* | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 5,224,048 | |
Total* | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 2,345,823 | |
Total* | CRE - investor owned | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 1,262,981 | |
Total* | CRE - owner occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 678,522 | |
Total* | Construction and land development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 449,380 | |
Total* | Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 355,192 | |
Total* | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | $ 132,150 |
Commitments (Details)
Commitments (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Unadvanced Commitment on Impaired Loan | ||
Schedule of Commitments [Line Items] | ||
Estimated losses attributable to unadvanced commitments on impaired loans | $ 5,192 | $ 430 |
Commitments to extend credit | ||
Schedule of Commitments [Line Items] | ||
Off-balance sheet financial instruments, contractual amounts | 1,733,591 | 1,469,413 |
Commitments to extend credit | Fixed Rate Loan Commitment | ||
Schedule of Commitments [Line Items] | ||
Off-balance sheet financial instruments, contractual amounts | 170,000 | 144,800 |
Letters of credit | ||
Schedule of Commitments [Line Items] | ||
Off-balance sheet financial instruments, contractual amounts | $ 47,206 | $ 47,969 |
Letters of credit | Maximum | ||
Schedule of Commitments [Line Items] | ||
Remaining term | 3 years 5 months | |
Letters of credit | Minimum | ||
Schedule of Commitments [Line Items] | ||
Remaining term | 1 month |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2021 | Dec. 31, 2019 | |
Securities Sold under Agreements to Repurchase [Abstract] | |||
Gross Amounts Recognized | $ 209,038 | $ 230,886 | |
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 | |
Net Amounts of Liabilities presented in the Statement of Financial Position | 209,038 | 230,886 | |
Financial Instruments | 0 | 0 | |
Fair Value Collateral Posted | 209,038 | 230,886 | |
Net Amount | 0 | 0 | |
Fair value of derivatives in a net liability position | 45,200 | ||
Posted collateral | 45,500 | ||
Interest rate swap | |||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | |||
Asset derivatives (other assets), fair value | 33,999 | 11,055 | |
Liability derivatives (other liabilities), fair value | 44,240 | 14,747 | |
Derivative Asset [Abstract] | |||
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 | |
Derivative financial instruments | 33,999 | 11,055 | |
Financial Instruments | 2 | 56 | |
Fair Value Collateral Posted | 0 | 0 | |
Net Amount | 33,997 | 10,999 | |
Derivative Liability [Abstract] | |||
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 | |
Net Amounts of Liabilities presented in the Statement of Financial Position | 44,240 | 14,747 | |
Financial Instruments | 2 | 56 | |
Fair Value Collateral Posted | 44,063 | 14,573 | |
Net Amount | 175 | 118 | |
Derivatives Designated as Hedging Instruments: | Other Assets [Member] | Interest rate swap | |||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | |||
Derivative Asset, Notional Amount | 261,962 | 61,962 | |
Asset derivatives (other assets), fair value | 0 | 0 | |
Derivatives Designated as Hedging Instruments: | Other Liabilities [Member] | Interest rate swap | |||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | |||
Liability derivatives (other liabilities), fair value | 10,011 | 2,872 | |
Derivatives not Designated as Hedging Instruments: | Other Assets [Member] | Interest rate swap | |||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | |||
Derivative Asset, Notional Amount | 1,044,139 | 749,819 | |
Asset derivatives (other assets), fair value | 33,999 | 11,055 | |
Derivatives not Designated as Hedging Instruments: | Other Liabilities [Member] | Interest rate swap | |||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | |||
Liability derivatives (other liabilities), fair value | $ 34,229 | $ 11,875 | |
Cash Flow Hedging | Subordinated Debt [Member] | |||
Derivative [Line Items] | |||
Derivative, Variable Interest Rate | 2.62% | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | |||
Derivative Asset, Notional Amount | $ 62,000 | ||
Cash Flow Hedging | Federal Home Loan Bank Overnight Advances [Member] | |||
Derivative [Line Items] | |||
Derivative, fixed rate | 1.12% | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | |||
Derivative Asset, Notional Amount | $ 100,000 | ||
Cash Flow Hedging | Federal Home Loan Bank 3 Month Advances [Member] | |||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | |||
Derivative Asset, Notional Amount | $ 100,000 | ||
Maximum | Cash Flow Hedging | Subordinated Debt [Member] | |||
Derivative [Line Items] | |||
Cash flow hedge term | 6 years | ||
Maximum | Cash Flow Hedging | Federal Home Loan Bank Overnight Advances [Member] | |||
Derivative [Line Items] | |||
Cash flow hedge term | 3 years | ||
Maximum | Cash Flow Hedging | Federal Home Loan Bank 3 Month Advances [Member] | |||
Derivative [Line Items] | |||
Cash flow hedge term | 5 years | ||
Scenario, Forecast | Cash Flow Hedging | |||
Derivative [Line Items] | |||
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income | $ 2,900 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Assets | ||
Securities available for sale | $ 1,005,426 | $ 1,135,317 |
Estimate of Fair Value Measurement [Member] | ||
Assets | ||
State tax credits held for sale | 48,327 | 39,046 |
Obligations of U.S. Government-sponsored enterprises | ||
Assets | ||
Securities available for sale | 10,200 | 10,046 |
Obligations of states and political subdivisions | ||
Assets | ||
Securities available for sale | 366,122 | 213,024 |
Agency mortgage-backed securities | ||
Assets | ||
Securities available for sale | 605,949 | 902,021 |
US Treasury Bill Securities [Member] | ||
Assets | ||
Securities available for sale | 11,521 | 10,226 |
Corporate Debt Securities [Member] | ||
Assets | ||
Securities available for sale | 11,634 | |
Recurring basis | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Securities available for sale | 1,005,426 | 1,135,317 |
Derivatives | 33,999 | 11,055 |
Total assets | 1,039,425 | 1,146,372 |
Liabilities | ||
Derivatives | 44,240 | 14,747 |
Total liabilities | 44,240 | 14,747 |
Recurring basis | Obligations of U.S. Government-sponsored enterprises | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Securities available for sale | 10,200 | 10,046 |
Recurring basis | Obligations of states and political subdivisions | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Securities available for sale | 366,122 | 213,024 |
Recurring basis | Agency mortgage-backed securities | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Securities available for sale | 605,949 | 902,021 |
Recurring basis | US Treasury Bill Securities [Member] | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Securities available for sale | 11,521 | 10,226 |
Recurring basis | Corporate Debt Securities [Member] | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Securities available for sale | 11,634 | |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets | ||
Securities available for sale | 0 | 0 |
Derivatives | 0 | 0 |
Total assets | 0 | 0 |
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 | 1,005,426 | 1,135,317 |
Derivatives | 33,999 | 11,055 |
Total assets | 1,039,425 | 1,146,372 |
Liabilities | ||
Derivatives | 44,240 | 14,747 |
Total liabilities | 44,240 | 14,747 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Obligations of U.S. Government-sponsored enterprises | ||
Assets | ||
Securities available for sale | 10,200 | 10,046 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Obligations of states and political subdivisions | ||
Assets | ||
Securities available for sale | 366,122 | 213,024 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Agency mortgage-backed securities | ||
Assets | ||
Securities available for sale | 605,949 | 902,021 |
Recurring basis | Significant Other Observable Inputs (Level 2) | US Treasury Bill Securities [Member] | ||
Assets | ||
Securities available for sale | 11,521 | 10,226 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Corporate Debt Securities [Member] | ||
Assets | ||
Securities available for sale | 11,634 | |
Recurring basis | Significant Unobservable Inputs (Level 3) | ||
Assets | ||
Securities available for sale | 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 |
Recurring basis | Significant Unobservable Inputs (Level 3) | Corporate Debt Securities [Member] | ||
Assets | ||
Securities available for sale | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments, at cost | $ 43,456 | $ 38,044 |
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 | $ 48,327 | $ 39,046 |
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 | 9 Months Ended |
Sep. 30, 2020USD ($) | Sep. 30, 2020USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Change in Fair Value, Gains (Losses) in Period | $ 2,036 | $ 5,756 |
Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Change in Fair Value, Gains (Losses) in Period | 1,788 | 4,756 |
Other real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Change in Fair Value, Gains (Losses) in Period | 248 | 1,000 |
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 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate | 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 Other Observable Inputs (Level 2) | Other real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 5,239 | 5,239 |
Significant Unobservable Inputs (Level 3) | Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 1,639 | 1,639 |
Significant Unobservable Inputs (Level 3) | Other real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate | 3,600 | 3,600 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 5,239 | 5,239 |
Estimate of Fair Value Measurement [Member] | Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 1,639 | 1,639 |
Estimate of Fair Value Measurement [Member] | Other real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate | $ 3,600 | $ 3,600 |
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 | Sep. 30, 2020 | Dec. 31, 2019 |
Balance sheet assets | ||
Securities available for sale | $ 1,005,426 | $ 1,135,317 |
Securities held-to-maturity, net | 327,694 | 181,166 |
Carrying Amount | ||
Balance sheet assets | ||
Securities held-to-maturity, net | 327,049 | 181,166 |
Other investments | 43,456 | 38,044 |
Loans held for sale | 14,032 | 5,570 |
Loans, net | 6,003,037 | 5,271,049 |
State tax credits held for sale | 42,497 | 36,802 |
Balance sheet liabilities | ||
Certificates of deposit | 612,045 | 826,447 |
Subordinated debentures and notes | 203,510 | 141,258 |
FHLB advances | 250,000 | 222,406 |
Other borrowings and notes payable | 239,038 | 265,172 |
Estimated fair value | ||
Balance sheet assets | ||
Securities held-to-maturity, net | 338,774 | 181,939 |
Other investments | 43,456 | 38,044 |
Loans held for sale | 14,032 | 5,570 |
Loans, net | 5,961,862 | 5,205,651 |
State tax credits held for sale | 48,327 | 39,046 |
Balance sheet liabilities | ||
Certificates of deposit | 617,277 | 825,203 |
Subordinated debentures and notes | 193,059 | 130,985 |
FHLB advances | 251,942 | 221,402 |
Other borrowings and notes payable | $ 239,038 | $ 265,172 |
Subordinated Debentures (Detail
Subordinated Debentures (Details) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) | |
Subordinated Borrowing [Line Items] | ||
Subordinated debentures and notes | $ 203,510 | $ 141,258 |
Trust Preferred Securities Subject to Mandatory Redemption [Member] | ||
Subordinated Borrowing [Line Items] | ||
Subordinated debentures and notes | 92,253 | 92,132 |
Trust Preferred Securities Subject to Mandatory Redemption [Member] | EFSC Clayco Statutory Trust I [Member] | ||
Subordinated Borrowing [Line Items] | ||
Subordinated debentures and notes | $ 3,196 | 3,196 |
Subordinated Borrowing, Due Date | Dec. 17, 2033 | |
Subordinated Borrowing, Call Date | Dec. 17, 2008 | |
Trust Preferred Securities Subject to Mandatory Redemption [Member] | EFSC Clayco Statutory Trust I [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Subordinated Borrowing [Line Items] | ||
Subordinated Borrowing, Basis Spread on Variable Rate | 0.0285 | |
Trust Preferred Securities Subject to Mandatory Redemption [Member] | EFSC Capital Trust II [Member] | ||
Subordinated Borrowing [Line Items] | ||
Subordinated debentures and notes | $ 5,155 | 5,155 |
Subordinated Borrowing, Due Date | Jun. 17, 2034 | |
Subordinated Borrowing, Call Date | Jun. 17, 2009 | |
Trust Preferred Securities Subject to Mandatory Redemption [Member] | EFSC Capital Trust II [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Subordinated Borrowing [Line Items] | ||
Subordinated Borrowing, Basis Spread on Variable Rate | 0.0265 | |
Trust Preferred Securities Subject to Mandatory Redemption [Member] | EFSC Statutory Trust III [Member] | ||
Subordinated Borrowing [Line Items] | ||
Subordinated debentures and notes | $ 11,341 | 11,341 |
Subordinated Borrowing, Due Date | Dec. 15, 2034 | |
Subordinated Borrowing, Call Date | Dec. 15, 2009 | |
Trust Preferred Securities Subject to Mandatory Redemption [Member] | EFSC Statutory Trust III [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Subordinated Borrowing [Line Items] | ||
Subordinated Borrowing, Basis Spread on Variable Rate | 0.0197 | |
Trust Preferred Securities Subject to Mandatory Redemption [Member] | EFSC Clayco Statutory Trust II [Member] | ||
Subordinated Borrowing [Line Items] | ||
Subordinated debentures and notes | $ 4,124 | 4,124 |
Subordinated Borrowing, Due Date | Sep. 15, 2035 | |
Subordinated Borrowing, Call Date | Sep. 15, 2010 | |
Trust Preferred Securities Subject to Mandatory Redemption [Member] | EFSC Clayco Statutory Trust II [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Subordinated Borrowing [Line Items] | ||
Subordinated Borrowing, Basis Spread on Variable Rate | 0.0183 | |
Trust Preferred Securities Subject to Mandatory Redemption [Member] | EFSC Statutory Trust IV [Member] | ||
Subordinated Borrowing [Line Items] | ||
Subordinated debentures and notes | $ 10,310 | 10,310 |
Subordinated Borrowing, Due Date | Dec. 15, 2035 | |
Subordinated Borrowing, Call Date | Dec. 15, 2010 | |
Trust Preferred Securities Subject to Mandatory Redemption [Member] | EFSC Statutory Trust IV [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Subordinated Borrowing [Line Items] | ||
Subordinated Borrowing, Basis Spread on Variable Rate | 0.0144 | |
Trust Preferred Securities Subject to Mandatory Redemption [Member] | EFSC Statutory Trust V [Member] | ||
Subordinated Borrowing [Line Items] | ||
Subordinated debentures and notes | $ 4,124 | 4,124 |
Subordinated Borrowing, Due Date | Sep. 15, 2036 | |
Subordinated Borrowing, Call Date | Sep. 15, 2011 | |
Trust Preferred Securities Subject to Mandatory Redemption [Member] | EFSC Statutory Trust V [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Subordinated Borrowing [Line Items] | ||
Subordinated Borrowing, Basis Spread on Variable Rate | 0.0160 | |
Trust Preferred Securities Subject to Mandatory Redemption [Member] | EFSC Capital Trust VI [Member] | ||
Subordinated Borrowing [Line Items] | ||
Subordinated debentures and notes | $ 14,433 | 14,433 |
Subordinated Borrowing, Due Date | Mar. 30, 2037 | |
Subordinated Borrowing, Call Date | Mar. 30, 2012 | |
Trust Preferred Securities Subject to Mandatory Redemption [Member] | EFSC Capital Trust VI [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Subordinated Borrowing [Line Items] | ||
Subordinated Borrowing, Basis Spread on Variable Rate | 0.0160 | |
Trust Preferred Securities Subject to Mandatory Redemption [Member] | EFSC Capital Trust VII [Member] | ||
Subordinated Borrowing [Line Items] | ||
Subordinated debentures and notes | $ 4,124 | 4,124 |
Subordinated Borrowing, Due Date | Dec. 15, 2037 | |
Subordinated Borrowing, Call Date | Dec. 15, 2012 | |
Trust Preferred Securities Subject to Mandatory Redemption [Member] | EFSC Capital Trust VII [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Subordinated Borrowing [Line Items] | ||
Subordinated Borrowing, Basis Spread on Variable Rate | 0.0225 | |
Trust Preferred Securities Subject to Mandatory Redemption [Member] | JEFFCO Stat Trust I [Member] | ||
Subordinated Borrowing [Line Items] | ||
Subordinated debentures and notes | $ 7,786 | 7,886 |
Subordinated Borrowing, Due Date | Feb. 22, 2031 | |
Subordinated Borrowing, Call Date | Feb. 22, 2011 | |
Subordinated Borrowing, Interest Rate | 10.20% | |
Trust Preferred Securities Subject to Mandatory Redemption [Member] | JEFFCO Stat Trust II [Member] | ||
Subordinated Borrowing [Line Items] | ||
Subordinated debentures and notes | $ 4,429 | 4,388 |
Subordinated Borrowing, Due Date | Mar. 17, 2034 | |
Subordinated Borrowing, Call Date | Mar. 17, 2009 | |
Trust Preferred Securities Subject to Mandatory Redemption [Member] | JEFFCO Stat Trust II [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Subordinated Borrowing [Line Items] | ||
Subordinated Borrowing, Interest Rate | 2.75% | |
Trust Preferred Securities Subject to Mandatory Redemption [Member] | Trinity Capital Trust III [Member] | ||
Subordinated Borrowing [Line Items] | ||
Subordinated debentures and notes | $ 5,256 | 5,206 |
Subordinated Borrowing, Due Date | Sep. 8, 2034 | |
Subordinated Borrowing, Call Date | Sep. 8, 2009 | |
Trust Preferred Securities Subject to Mandatory Redemption [Member] | Trinity Capital Trust III [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Subordinated Borrowing [Line Items] | ||
Subordinated Borrowing, Basis Spread on Variable Rate | 0.0270 | |
Trust Preferred Securities Subject to Mandatory Redemption [Member] | Trinity Capital Trust IV [Member] | ||
Subordinated Borrowing [Line Items] | ||
Subordinated debentures and notes | $ 10,310 | 10,302 |
Subordinated Borrowing, Due Date | Nov. 23, 2035 | |
Subordinated Borrowing, Call Date | Aug. 23, 2010 | |
Subordinated Borrowing, Interest Rate | 6.88% | |
Trust Preferred Securities Subject to Mandatory Redemption [Member] | Trinity Capital Trust V [Member] | ||
Subordinated Borrowing [Line Items] | ||
Subordinated debentures and notes | $ 7,665 | 7,543 |
Subordinated Borrowing, Due Date | Dec. 15, 2036 | |
Subordinated Borrowing, Call Date | Sep. 15, 2011 | |
Trust Preferred Securities Subject to Mandatory Redemption [Member] | Trinity Capital Trust V [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Subordinated Borrowing [Line Items] | ||
Subordinated Borrowing, Basis Spread on Variable Rate | 0.0165 | |
Senior Subordinated Notes [Member] | ||
Subordinated Borrowing [Line Items] | ||
Subordinated Borrowing, Interest Rate | 4.75% | |
Payments of Debt Issuance Costs | $ 1,993 | 874 |
Subordinated notes, net of issuance costs | $ 111,257 | 49,126 |
Senior Subordinated Notes [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Subordinated Borrowing [Line Items] | ||
Subordinated Borrowing, Basis Spread on Variable Rate | 0.03387 | |
Senior Subordinated Notes [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||
Subordinated Borrowing [Line Items] | ||
Subordinated Borrowing, Basis Spread on Variable Rate | 0.0566 | |
5.75% [Member] | Senior Subordinated Notes [Member] | ||
Subordinated Borrowing [Line Items] | ||
Subordinated debentures and notes | $ 63,250 | 0 |
Subordinated Borrowing, Due Date | Jun. 1, 2030 | |
Subordinated Borrowing, Call Date | Jun. 1, 2025 | |
Subordinated Borrowing, Interest Rate | 5.75% | |
4.75% [Member] | Senior Subordinated Notes [Member] | ||
Subordinated Borrowing [Line Items] | ||
Subordinated debentures and notes | $ 50,000 | $ 50,000 |
Subordinated Borrowing, Due Date | Nov. 1, 2026 | |
Subordinated Borrowing, Call Date | Nov. 1, 2021 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income After-tax By Component (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | $ 867,963 | $ 825,501 | $ 867,185 | $ 603,804 |
Ending balance | 882,267 | 846,095 | 882,267 | 846,095 |
Net Unrealized Gain (Loss) on Available-for-Sale Debt Securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 27,872 | 15,517 | 14,977 | (9,047) |
Net change | (220) | 6,764 | 21,325 | 31,328 |
Ending balance | 27,652 | 22,281 | 27,652 | 22,281 |
Debt Securities, Held-to-maturity, Transfer, Derivative Hedge, Gain (Loss) | (8,650) | |||
Unamortized Gain (Loss) on Held-to-Maturity Securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 13,099 | (230) | 4,934 | (235) |
Net change | (705) | 10 | (1,190) | 15 |
Ending balance | 12,394 | (220) | 12,394 | (220) |
Debt Securities, Held-to-maturity, Transfer, Derivative Hedge, Gain (Loss) | 8,650 | |||
Net Unrealized Loss on Cash Flow Hedges | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (8,162) | (2,213) | (2,162) | 0 |
Net change | 624 | (637) | (5,376) | (2,850) |
Ending balance | (7,538) | (2,850) | (7,538) | (2,850) |
Debt Securities, Held-to-maturity, Transfer, Derivative Hedge, Gain (Loss) | 0 | |||
Total | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 32,809 | 13,074 | 17,749 | (9,282) |
Net change | (301) | 6,137 | 14,759 | 28,493 |
Ending balance | $ 32,508 | $ 19,211 | 32,508 | $ 19,211 |
Debt Securities, Held-to-maturity, Transfer, Derivative Hedge, Gain (Loss) | $ 0 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income - Pre-tax and After-tax Changes in the Components of Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, before Reclassification Adjustments, after Tax [Abstract] | ||||
Change in unrealized gain on available-for-sale debt securities, before tax | $ 125 | $ 9,320 | $ 28,741 | $ 41,649 |
Change in unrealized gain on available-for-sale debt securities, tax | 31 | 2,302 | 7,099 | 10,287 |
Change in unrealized gain on available-for-sale debt securities, after tax | 94 | 7,018 | 21,642 | 31,362 |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, after Tax [Abstract] | ||||
Reclassification adjustment for realized (gain) loss on sale of available-for-sale debt securities, before tax | (417) | (337) | (421) | (45) |
Reclassification adjustment for realized (gain) loss on sale of available-for-sale debt securities, tax | (103) | (83) | (104) | (11) |
Reclassification adjustment for realized (gain) loss on sale of available-for-sale debt securities, after tax | 314 | 254 | 317 | 34 |
Other Comprehensive Loss, Held-to-maturity Security, OTTI, after Tax and Adjustments [Abstract] | ||||
Reclassification of (gain) loss on held-to-maturity securities, before tax | (936) | 13 | (1,580) | 20 |
Reclassification of (gain) loss on held-to-maturity securities, tax | (231) | 3 | (390) | 5 |
Reclassification of (gain) loss on held-to-maturity securities, after tax | (705) | 10 | (1,190) | 15 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Parent [Abstract] | ||||
Change in unrealized loss on cash flow hedges arising during the period, before tax | 146 | (888) | (8,296) | (3,833) |
Change in unrealized loss on cash flow hedges arising during the period, tax | 36 | (219) | (2,049) | (947) |
Change in unrealized loss on cash flow hedges arising during the period, after tax | 110 | (669) | (6,247) | (2,886) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax [Abstract] | ||||
Reclassification of loss on cash flow hedges, before tax | 683 | 42 | 1,157 | 47 |
Reclassification of loss on cash flow hedges, tax | 169 | 10 | 286 | 11 |
Reclassification of loss on cash flow hedges, after tax | (514) | (32) | (871) | (36) |
OCI, Net of Tax [Abstract] | ||||
Total other comprehensive income, before tax | (399) | 8,150 | 19,601 | 37,838 |
Total other comprehensive income, tax | (98) | 2,013 | 4,842 | 9,345 |
Total other comprehensive income (loss), after-tax | $ (301) | $ 6,137 | $ 14,759 | $ 28,493 |