Document and Entity Information
Document and Entity Information Document - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 17, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 001-15373 | ||
Entity Registrant Name | ENTERPRISE FINANCIAL SERVICES CORP | ||
Entity Central Index Key | 0001025835 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 43-1706259 | ||
Entity Address, Address Line One | 150 North Meramec Avenue | ||
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 | ||
Title of 12(b) Security | Common Stock, par value $.01 per share | ||
Trading Symbol | EFSC | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 740,426 | ||
Entity Common Stock, Shares Outstanding | 31,225,229 | ||
Documents Incorporated by Reference | he information required by Items 10, 11, 12, 13 and 14 of Part III of this Annual Report on Form 10-K is incorporated by reference to the Registrant’s Definitive Proxy Statement for its 2021 Annual Meeting of Shareholders, which will be filed pursuant to Regulation 14A under the Securities Exchange Act of 1934, as amended. | ||
ICFR Auditor Attestation Flag | true |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and due from banks | $ 99,760 | $ 74,769 |
Federal funds sold | 1,519 | 3,060 |
Interest-earning deposits (including $36,525 and $15,285 pledged as collateral, respectively) | 436,424 | 89,427 |
Total cash and cash equivalents | 537,703 | 167,256 |
Interest-earning deposits greater than 90 days | 7,626 | 3,730 |
Securities available-for-sale | 912,429 | 1,135,317 |
debt securities, held to maturity, net of alloawance for credit losses | 487,610 | 181,166 |
Trade and Loans Receivables Held-for-sale, Net, Not Part of Disposal Group | 13,564 | 5,570 |
Loans | 7,224,935 | 5,314,337 |
Less: Allowance for credit losses on loans | 136,671 | 43,288 |
Total loans, net | 7,088,264 | 5,271,049 |
Other investments | 48,764 | 38,044 |
Fixed assets, net | 53,169 | 60,013 |
Goodwill | 260,567 | 210,344 |
Intangible assets, net | 23,084 | 26,076 |
Other assets | 318,791 | 235,226 |
Total assets | 9,751,571 | 7,333,791 |
Liabilities and Shareholders' equity | ||
Noninterest-bearing deposit accounts | 2,711,828 | 1,327,348 |
Interest-bearing transaction accounts | 1,768,497 | 1,367,444 |
Money market accounts | 2,327,066 | 1,713,615 |
Savings accounts | 627,903 | 536,169 |
Certificates of deposit: | ||
Brokered | 50,209 | 215,758 |
Other | 499,886 | 610,689 |
Total deposits | 7,985,389 | 5,771,023 |
Subordinated debentures and notes | 203,637 | 141,258 |
FHLB advances | 50,000 | 222,406 |
Other borrowings | 271,081 | 230,886 |
Notes payable | 30,000 | 34,286 |
Other liabilities | 132,489 | 66,747 |
Total liabilities | 8,672,596 | 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; 33,190,306 and 28,067,087 shares issued, respectively | 332 | 281 |
Treasury stock, at cost; 1,980,093 and 1,523,842 shares, respectively | (73,528) | (58,181) |
Additional paid in capital | 697,839 | 526,599 |
Retained earnings | 417,212 | 380,737 |
Accumulated other comprehensive income | 37,120 | 17,749 |
Total shareholders' equity | 1,078,975 | 867,185 |
Total liabilities and shareholders' equity | $ 9,751,571 | $ 7,333,791 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Collateral pledged | $ 36,525 | $ 15,285 |
State Tax Credits Held For Sale, Fair Value Disclosure | $ 0 | $ 0 |
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 | 33,190,306 | 28,067,087 |
Treasury stock, shares | 1,980,093 | 1,523,842 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest income: | |||
Interest and fees on loans | $ 270,238 | $ 269,406 | $ 217,212 |
Interest on debt securities: | |||
Taxable | 24,629 | 29,030 | 17,469 |
Nontaxable | 8,397 | 3,515 | 1,074 |
Interest on interest-earning deposits | 620 | 2,128 | 1,141 |
Dividends on equity securities | 895 | 1,055 | 906 |
Total interest income | 304,779 | 305,134 | 237,802 |
Interest expense: | |||
Interest Expense, Deposits | 21,049 | 49,856 | 33,769 |
Subordinated debentures and notes | 9,885 | 7,507 | 5,798 |
FHLB advances | 2,673 | 6,668 | 5,556 |
Notes payable and other borrowings | 1,171 | 2,386 | 774 |
Total interest expense | 34,778 | 66,417 | 45,897 |
Net interest income | 270,001 | 238,717 | 191,905 |
Provision for credit losses | 65,398 | 6,372 | 6,644 |
Net interest income after provision for credit losses | 204,603 | 232,345 | 185,261 |
Noninterest income: | |||
Total noninterest income | 54,503 | 49,176 | 38,347 |
Noninterest expense: | |||
Employee compensation and benefits | 92,288 | 81,295 | 66,039 |
Occupancy | 13,457 | 12,465 | 9,550 |
Data processing | 9,050 | 8,242 | 6,321 |
Professional fees | 3,940 | 3,683 | 3,134 |
Merger Related Expenses | 4,174 | 17,969 | 1,271 |
Other | 44,250 | 41,831 | 32,716 |
Total noninterest expense | 167,159 | 165,485 | 119,031 |
Income before income tax expense | 91,947 | 116,036 | 104,577 |
Income tax expense | 17,563 | 23,297 | 15,360 |
Net income | $ 74,384 | $ 92,739 | $ 89,217 |
Earnings per common share | |||
Basic (usd per share) | $ 2.76 | $ 3.56 | $ 3.86 |
Diluted (usd per share) | $ 2.76 | $ 3.55 | $ 3.83 |
Deposit Account [Member] | |||
Noninterest income: | |||
Total noninterest income | $ 11,717 | $ 12,801 | $ 11,749 |
Fiduciary and Trust [Member] | |||
Noninterest income: | |||
Total noninterest income | 9,732 | 9,932 | 8,241 |
Card Services Revenue [Member] | |||
Noninterest income: | |||
Total noninterest income | 9,481 | 9,154 | 6,686 |
Tax credit activity, net [Member] | |||
Noninterest income: | |||
Total noninterest income | 6,611 | 5,393 | 2,820 |
Financial Service, Other [Member] | |||
Noninterest income: | |||
Total noninterest income | $ 16,962 | $ 11,896 | $ 8,851 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net income | $ 28,931 | $ 17,951 | $ 14,634 | $ 12,868 | $ 29,090 | $ 29,069 | $ 18,424 | $ 16,156 | $ 74,384 | $ 92,739 | $ 89,217 |
Other comprehensive income (loss), net of tax: | |||||||||||
Change in unrealized gain (loss) on available-for-sale debt securities | 23,944 | 29,189 | (4,626) | ||||||||
Reclassification adjustment for realized (gain) loss on the sale of available-for-sale debt securities | (317) | 37 | (7) | ||||||||
Other Comprehensive Income (Loss), Reclassification of (gain) loss on held to maturity securities, net of tax | (1,910) | (33) | 3 | ||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (5,947) | (2,262) | 0 | ||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 3,601 | 100 | 0 | ||||||||
Other comprehensive income (loss), net | 19,371 | 27,031 | (4,630) | ||||||||
Total comprehensive income | $ 93,755 | $ 119,770 | $ 84,587 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other comprehensive income, tax: | |||
Unrealized (loss)/gain on investment securities available for sale arising during the period, tax | $ (7,854) | $ (9,575) | $ 1,517 |
Reclassification adjustment for realized gains on sale of securities available for sale included in net income, tax | (104) | 12 | (2) |
Other Comprehensive Income (Loss), Reclassification of (gain) loss on held to maturity securities, tax | 627 | 11 | (1) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 1,951 | 742 | 0 |
Other comprehensive income (loss), reclassification adjustment from AOCI on derivatives, tax | $ 1,181 | $ 33 | $ 0 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Treasury Stock | Additional paid in capital | Retained earnings | Accumulated other comprehensive income (loss) |
Balance at Dec. 31, 2017 | $ 548,573 | $ 238 | $ (23,268) | $ 350,061 | $ 225,360 | $ (3,818) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 89,217 | 0 | 0 | 0 | 89,217 | 0 |
Other comprehensive income (loss) | (4,630) | 0 | 0 | 0 | 0 | (4,630) |
Cash dividends paid on common shares | (10,845) | 0 | 0 | 0 | (10,845) | 0 |
Repurchase of preferred stock | (19,387) | 0 | (19,387) | 0 | 0 | 0 |
Issuance under equity compensation plans, net | (2,576) | 1 | 0 | (2,577) | 0 | 0 |
Share-based compensation | 3,452 | 0 | 0 | 3,452 | 0 | 0 |
Reclassification adjustments for change in accounting policies | 0 | 0 | 0 | 0 | (834) | 834 |
Balance at Dec. 31, 2018 | $ 603,804 | 239 | (42,655) | 350,936 | 304,566 | (9,282) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock Repurchased During Period, Shares | 435,432 | |||||
Shares Awarded Through Acquisition | 0 | |||||
Net income | $ 92,739 | 0 | 0 | 0 | 92,739 | 0 |
Other comprehensive income (loss) | 27,031 | 0 | 0 | 0 | 0 | 27,031 |
Cash dividends paid on common shares | (16,568) | 0 | 0 | 0 | 16,568 | 0 |
Repurchase of preferred stock | (15,526) | 0 | (15,526) | 0 | 0 | 0 |
Issuance under equity compensation plans, net | (212) | 2 | 0 | (214) | 0 | 0 |
Shares issued in connection with acquisition of Seacoast Commerce Banc Holdings, 4,977,214 shares | 171,885 | 40 | 0 | 171,845 | 0 | 0 |
Share-based compensation | 4,032 | 0 | 0 | 4,032 | 0 | 0 |
Balance at Dec. 31, 2019 | $ 867,185 | 281 | (58,181) | 526,599 | 380,737 | 17,749 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock Repurchased During Period, Shares | 396,737 | |||||
Shares Awarded Through Acquisition | 3,990,822 | |||||
Net income | $ 74,384 | 0 | 0 | 0 | 0 | |
Other comprehensive income (loss) | 19,371 | 0 | 0 | 0 | 0 | 19,371 |
Cash dividends paid on common shares | (19,795) | 0 | 0 | 0 | (19,795) | 0 |
Repurchase of preferred stock | (15,347) | 0 | (15,347) | 0 | 0 | 0 |
Issuance under equity compensation plans, net | 78 | 1 | 0 | 77 | 0 | 0 |
Shares issued in connection with acquisition of Seacoast Commerce Banc Holdings, 4,977,214 shares | 167,035 | 50 | 0 | 166,985 | 0 | 0 |
Share-based compensation | 4,178 | 0 | 0 | 4,178 | 0 | 0 |
Balance at Dec. 31, 2020 | $ 1,078,975 | 332 | (73,528) | 697,839 | 417,212 | 37,120 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock Repurchased During Period, Shares | 0 | |||||
Reclassification adjustments for change in accounting policies | $ 18,114 | $ 0 | $ 0 | $ 0 | $ 18,114 | $ 0 |
Shares Awarded Through Acquisition | 4,977,214 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash dividends paid on common shares, per share | $ 0.72 | $ 0.62 | $ 0.47 |
Issuance under equity compensation plans, shares | 146,005 | 174,895 | 157,882 |
Stock Issued During Period, Shares, Conversion of Convertible Securities | 0 | 0 | 0 |
Shares Awarded Through Acquisition | 4,977,214 | 3,990,822 | 0 |
Stock Repurchased During Period, Shares | 0 | 396,737 | 435,432 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net income | $ 74,384 | $ 92,739 | $ 89,217 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 6,152 | 5,719 | 3,532 |
Provision for credit losses | 65,398 | 6,372 | 6,644 |
Deferred income taxes | (12,578) | 5,800 | 3,307 |
Net amortization of debt securities | 6,745 | 2,973 | 1,691 |
Amortization of intangible assets | 5,673 | 5,543 | 2,503 |
Mortgage loans originated-for-sale | (223,094) | (81,941) | (36,229) |
Proceeds from mortgage loans sold | 217,934 | 77,302 | 39,310 |
Gain on sale of investment securities | (421) | 49 | (9) |
Sale of other real estate | 13 | (113) | (13) |
Sale of state tax credits | (2,016) | (2,549) | (2,820) |
Share-based compensation | 4,178 | 4,032 | 3,452 |
Net accretion of loan discount | (7,767) | (10,494) | (1,700) |
Changes in other assets and liabilities, net | 913 | (12,975) | (77) |
Net cash provided by operating activities | 135,514 | 92,457 | 108,808 |
Cash flows from investing activities: | |||
Net cash paid for acquisitions and dispositions | 62,114 | (23,377) | 0 |
Net increase in loans | (700,096) | (284,235) | (257,872) |
Sale of debt securities, available-for-sale | 20,221 | 357,976 | 1,451 |
Paydown or maturity of debt securities, available-for-sale | 329,350 | 146,132 | 84,189 |
Paydown or maturity of debt securities, held-to-maturity | 41,377 | 7,447 | 6,397 |
Redemption of other investments | 43,555 | 61,917 | 50,274 |
Sale of state tax credits held-for-sale | 14,252 | 14,689 | 14,718 |
Sale of other real estate | 652 | 4,798 | 875 |
Settlement of bank-owned life insurance policies | 1,993 | 0 | 1,256 |
Payments for the purchase of: | |||
Available for sale debt securities | (452,541) | (577,211) | (172,026) |
Other investments | (50,421) | (68,963) | (51,828) |
State tax credits held-for-sale | (11,026) | (11,356) | (6,017) |
Fixed assets | (2,259) | (6,337) | (3,035) |
Net cash used in investing activities | (702,829) | (378,520) | (331,618) |
Cash flows from financing activities: | |||
Net increase (decrease) in noninterest-bearing deposit accounts | 627,756 | 57,551 | (23,189) |
Net increase in interest-bearing deposit accounts | 505,604 | 44,300 | 454,760 |
Proceeds from the issuance of subordinated notes | 61,953 | 0 | 0 |
Proceeds (repayments) from short-term FHLB advances, net | (172,300) | 95,500 | (102,500) |
Proceeds from long-term FHLB advances | 0 | 50,000 | 0 |
Repayment of PPPLF advances | (86,096) | 0 | 0 |
Proceeds from Notes Payable | 0 | 41,000 | 2,000 |
Repayments of Notes Payable | (4,286) | (8,714) | 0 |
Net increase (decrease) in other borrowings | 40,195 | 9,436 | (32,224) |
Cash dividends paid on common stock | (19,795) | (16,568) | (10,845) |
Payments for Repurchase of Common Stock | (15,347) | (15,526) | (19,387) |
Payments for Repurchase of Equity | 78 | (212) | (2,576) |
Net cash provided by financing activities | 937,762 | 256,767 | 266,039 |
Net (decrease) increase in cash and cash equivalents | 370,447 | (29,296) | 43,229 |
Cash and cash equivalents, beginning of period | 167,256 | 196,552 | 153,323 |
Cash and cash equivalents, end of period | 537,703 | 167,256 | 196,552 |
Supplemental disclosures of cash flow information: | |||
Cash paid during the period for interest | 35,423 | 65,667 | 45,650 |
Cash paid during the period for income taxes | 7,514 | 13,582 | 10,136 |
Noncash transactions: | |||
Real Estate Owned, Transfer to Real Estate Owned | 798 | 8,148 | 876 |
Sales of other real estate financed | 48 | 621 | 0 |
Transfer of securities from available-for-sale to held-to-maturity | 352,665 | 116,303 | 0 |
Transfer from fixed assets to loans | 3,336 | 0 | 0 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 1,623 | $ 5,208 | $ 0 |
Stock Issued During Period, Shares, Acquisitions | 167,035 | 171,885 | 0 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Core deposit intangible, net, end of year | $ 23,084 | |
Goodwill [Line Items] | ||
Goodwill | 260,567 | $ 210,344 |
Goodwill Acquired Through Acquisition | 50,223 | 92,999 |
Core Deposits [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Asset, Residual Value | 2,681 | 23,066 |
Amortization | (5,673) | (5,543) |
Core deposit intangible, net, end of year | $ 23,084 | $ 26,076 |
Parent Company Only Condensed F
Parent Company Only Condensed Financial Statements (Parenthetical) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Collateral pledged | $ 36,525 | $ 15,285 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The significant accounting policies used by the Company in the preparation of the 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 primarily located in the Arizona, California, Kansas, Missouri, Nevada, and New Mexico markets through its banking subsidiary, Enterprise Bank & Trust. All intercompany accounts and transactions have been eliminated. The Company and its banking subsidiary are subject to the regulations of certain federal and state agencies and undergo periodic examinations by those regulatory agencies. The Company has one operating segment. Use of Estimates The consolidated financial statements of the Company have been prepared in conformity with GAAP. In preparing the consolidated financial statements, management is required to make estimates and assumptions, which significantly affect the reported amounts in the consolidated financial statements. Such estimates include the valuation of loans, goodwill, intangible assets, and other long-lived assets, along with assumptions used in the calculation of income taxes, among others. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. Cash Flow Information For purposes of reporting cash flows, the Company considers cash and due from banks, interest-bearing deposits and federal funds sold that mature within 90 days of the balance sheet date to be cash and cash equivalents. At December 31, 2019, approximately $9.7 million of cash and due from banks represented required reserves on deposits maintained by the Company in accordance with Federal Reserve requirements. There were no required reserves on December 31, 2020. Recent 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,” (ASU 2016-13) 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 On January 1, 2020, the Company adopted ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement” . 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. On January 1, 2020, the Company adopted ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , (ASU 2017-04). ASU 2017-04 simplifies the quantitative measurement of goodwill by eliminating Step 2 from the goodwill impairment test which required entities to compute the implied fair value of goodwill. Under ASU 2017-04, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount, and then recognizing an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The adoption of this update did not have a material effect on the Company's consolidated financial statements. ASU 2021-01, Reference Rate Reform (Topic 848): Scope (ASU 2021-01). ASU 2021-01 was issued in January 2021 and provided optional expedients and exceptions in ASC 848 to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendment only applies to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The amendments in this update were effective immediately upon issuance and did not have a material effect on the Company's consolidated financial statements. Investments The Company has classified all investments in debt securities as available-for-sale or held-to-maturity. Securities classified as available-for-sale are carried at fair value. Unrealized holding gains and losses for available-for-sale securities are excluded from earnings and reported as a net amount in a separate component of shareholders’ equity until realized. All previous fair value adjustments included in the separate component of shareholders’ equity are reversed upon sale. Securities classified as held-to-maturity are carried at amortized cost and adjusted for amortization of premiums and accretion of discounts. Prior to the adoption of ASU 2016-13 on January 1, 2020, declines in the fair value of securities below their cost deemed to be other-than-temporary were reflected in operations as realized losses. In estimating other-than-temporary impairment losses, management evaluated investment securities for other-than-temporary declines in fair value on a quarterly basis. This analysis required management to consider various factors, which included (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’s more likely than not the Company would be required to sell the security before its anticipated recovery in market value. An ACL on held-to-maturity securities is deducted from the amortized cost basis of the securities to reflect the expected amount to be collected. When it is determined that a security will not be collected, the balance is written-off through the allowance. In evaluating the need for an ACL, securities with similar risk characteristics are grouped and an estimate of expected cash flows is determined using historical loss experience, adjusted for current and reasonable and supportable forecasts of economic conditions. For available-for-sale securities in a loss position, the Company evaluates whether the decline in fair value below amortized cost resulted from a credit loss or other factors. Losses attributed to credit are recognized through an ACL on available-for-sale securities, limited to the amount that the fair value of securities is less than the amortized cost basis. In assessing credit loss, the Company considers, among other things, (1) the extent to which fair value is less than the amortized cost basis, (2) adverse conditions specific to the security or industry, (3) historical payment patterns, (4) the likelihood of future payments, and (5) changes to the rating of a security by a rating agency. The Company has elected to exclude accrued interest receivable balances from the estimate of the ACL as these amounts are timely written off as a credit loss expense. Adjustments to the ACL on held-to-maturity and available-for-sale securities are recognized as a component of the provision for credit losses in the Consolidated Statements of Operations. Premiums and discounts are amortized or accreted over the expected lives of the respective securities as an adjustment to yield using the interest method. Dividend and interest income is recognized when earned. Realized gains and losses are included in earnings and are derived using the specific identification method for determining the cost of securities sold. Loans Held-for-Sale and Servicing Assets The Company provides long-term financing of one-to-four-family residential real estate by originating fixed and variable rate loans. Long-term fixed and variable rate loans are usually sold into the secondary market with limited recourse. Upon receipt of an application for a real estate loan, the Company determines whether the loan will be sold into the secondary market or retained in the Company’s loan portfolio. The interest rates on the loans sold are locked with the buyer and the Company bears no interest rate risk related to these loans. Mortgage loans held-for-sale are carried at the lower of cost or fair value, which is determined on a specific identification method. The Company does not retain servicing on these loans. The Company also originates SBA7(a) loans that generally provides for a guarantee of 75% up to a maximum amount. The guaranteed portion of the loan can be sold in an active secondary market. For the year ended December 31, 2020, all SBA7(a) loans are considered held-for-investment; however, as the Company makes the determination to sell the loans, they will be moved into the held-for-sale category. Sales of SBA guaranteed loans are executed on a servicing retained basis, and the Company retains the rights and obligations to service the loans. At December 31, 2020, the Company was servicing $296 million in SBA loans and has recorded a related servicing asset of $5.7 million. The servicing asset is accounted for under the amortization method and is evaluated for impairment. Amortization of the servicing asset is recorded as a reduction to servicing income. Gains on the sale of loans held-for-sale are reported net of direct origination fees and costs in the Company’s Consolidated Statements of Operations. Loans Loans are reported at the principal balance outstanding, net of unearned fees, costs, and premiums or discounts on acquired loans. Loan origination fees, direct origination costs, and premiums or discounts resulting from acquired loans are deferred and recognized over the lives of the related loans as a yield adjustment using the interest method. Interest on loans is accrued to income based on the principal balance outstanding. The recognition of interest income is discontinued when a loan becomes 90 days past due or a significant deterioration in the borrower’s credit has occurred which, in management’s judgment, negatively impacts the collectibility of the loan. Unpaid interest on such loans is reversed at the time the loan becomes uncollectible and subsequent interest payments received are generally applied to principal if any doubt exists as to the collectibility of such principal. Loans that have not been restructured are returned to accrual status when management believes full collectibility of principal and interest is expected. Non-accrual loans that have been restructured will remain in a non-accrual status until the borrower has made at least six months of consecutive contractual payments. 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 $31.1 million at December 31, 2020 and was reported in Other Assets on the consolidated balance sheets. Acquired Loans Prior to the adoption of ASU 2016-13 on January 1, 2020, PCI loans were acquired in a business combination or transaction, had evidence of deterioration of credit quality since origination and for which it was probable, at acquisition, that the Company would be unable to collect all contractually required payments receivable. PCI loans were initially recorded at fair value (as determined by the present value of expected future cash flows) with no valuation allowance. The difference between the undiscounted cash flows expected at acquisition and the investment in the loans, or the “accretable yield,” was recognized as interest income on a level-yield method over the life of the loans. Contractually required payments for interest and principal that exceeded the undiscounted cash flows expected at acquisition, or the “nonaccretable difference,” were not recognized as a yield adjustment or as a loss accrual or a valuation allowance. The Company aggregated individual loans with common risk characteristics into pools of loans. Increases in expected cash flows subsequent to the initial investment were recognized prospectively through adjustment of the yield on the loans over their remaining lives. Decreases in expected cash flows due to an inability to collect contractual cash flows were recognized as impairment through the provision for loan losses account. Any allowance for loan loss on these pools reflected only losses incurred after the acquisition. Disposals of loans, including sales of loans, paydowns, payments in full or foreclosures resulted in the removal or reduction of the loan from the loan pool. Subsequent to the adoption of ASU 2016-16, acquired loans are separated into two categories based on the credit risk characteristics of the underlying borrowers as either purchased credit deteriorated (PCD), for loans which have experienced more than insignificant credit deterioration since origination, or loans with no credit deterioration (non-PCD). At the date of acquisition, an ACL on PCD loans is determined and added to the amortized cost basis of the individual loans. 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. The ACL on PCD loans is recorded in the acquisition accounting and no provision for credit losses is recognized at the acquisition date. Subsequent changes to the ACL are recorded through provision expense. For non-PCD loans, an ACL is established immediately after the acquisition through a charge to the provision for credit losses. The ACL for both PCD and non-PCD is determined by pooling loans with similar risk characteristics and using the approach discussed below under “Allowance for Credit Losses on Loans”. Impaired Loans Loans are considered “impaired” when it becomes probable that the Company will be unable to collect all amounts due according to the loan’s contractual terms. Non-accrual loans, loans past due greater than 90 days and still accruing, unless adequately secured and in the process of collection, and restructured loans qualify as “impaired loans.” Restructured loans involve the granting of a concession on the terms of a loan to a borrower experiencing financial difficulty. Concessions may be granted in various forms, including changes in payment schedule or interest rate. When measuring impairment, the expected future cash flows of an impaired loan are discounted at the loan’s effective interest rate at origination. Alternatively, impairment can be measured by reference to an observable market price, if one exists, or the fair value of the collateral for a collateral-dependent loan. Loans and leases, which are deemed uncollectible, are charged off to the allowance for credit losses, while recoveries of amounts previously charged off are credited to the allowance for credit losses. Loans are generally placed on non-accrual status when contractually past due 90 days or more as to interest or principal payments. Additionally, whenever management becomes aware of facts or circumstances that may adversely impact the collectability of principal or interest on loans, it is management’s practice to place such loans on non-accrual status immediately, rather than delaying such action until the loans become 90 days past due. Previously accrued and uncollected interest on such loans is reversed. Income is recorded only to the extent that a determination has been made that the principal balance of the loan is collectible and the interest payments are subsequently received in cash, or for a restructured loan, the borrower has made six consecutive contractual payments. If collectibility of the principal is in doubt, payments received are applied to loan principal. Loans past due 90 days or more but still accruing interest are also generally included in nonperforming loans. Loans past due 90 days or more but still accruing are classified as such where the underlying loans are both well secured (the collateral value covers principal and accrued interest) and in the process of collection. Allowance for Credit Losses on Loans The ACL on loans 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 ACL on loans 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 sponsor finance, 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. Loan Charge-Offs Loans are charged-off when the primary and secondary sources of repayment (cash flow, collateral, guarantors, etc.) are less than their carrying value. Other Real Estate Other real estate represents property acquired through foreclosure or deeded to the Company in lieu of foreclosure on loans on which the borrowers have defaulted on the payment of principal or interest. Other real estate is recorded on an individual asset basis at the lower of cost or fair value less estimated costs to sell. The fair value of other real estate is based upon estimates of future cash flows, market value of similar assets, if available, or independent appraisals. These estimates involve significant uncertainties and judgments. As a result, fair value estimates may not be realizable in a current sale or settlement of the other real estate. Subsequent reductions in fair value are expensed within noninterest expense. Gains and losses resulting from the sale of other real estate are credited or charged to current period earnings. Costs of maintaining and operating other real estate are expensed as incurred, and expenditures to complete or improve other real estate properties are capitalized if the expenditures are expected to be recovered upon ultimate sale of the property. Fixed Assets Buildings, leasehold improvements, furniture, fixtures, equipment, and capitalized software are stated at cost less accumulated depreciation. All categories are computed using the straight-line method over their respective estimated useful lives. Furniture, fixtures and equipment is depreciated over three to ten years, buildings and leasehold improvements over ten to forty years, and capitalized software over three years based upon estimated lives or lease obligation periods. State Tax Credits The Company has purchased the rights to receive 10-year streams of state tax credits at agreed upon discount rates and sells such tax credits to its clients and others. State tax credits are accounted for at cost. The Company is also a minority partner in a joint venture, accounted for as an equity method investment, that purchases state income tax credits for resale to customers. Income from both the sale of state tax credits and earnings from the joint venture are reported as tax credit income in the Consolidated Statements of Operations. Cash Surrender Value of Life Insurance The Company has purchased bank-owned life insurance policies on certain bank officers. Bank-owned life insurance is recorded at its cash surrender value. Changes in the cash surrender values, including death benefits in excess of the carrying amount, are included in noninterest income. Federal Home Loan Bank Stock The Bank, as a member of the FHLB, is required to maintain an investment in the capital stock of the FHLB. The stock is redeemable at par by the FHLB, and is, therefore, carried at cost and periodically evaluated for impairment. The Company records FHLB dividends in interest income. Goodwill and Other Intangible Assets The Company tests goodwill for impairment on an annual basis and whenever events or changes in circumstances indicate that the Company may not be able to recover the respective asset’s carrying amount. The Company’s annual test for impairment was performed in the fourth quarter of December 31, 2020. Such tests involve the use of estimates and assumptions. Core deposit intangibles are amortized using an accelerated method over an estimated useful life of approximately 10 years. Potential impairments to goodwill must first be identified by performing a qualitative assessment which evaluates relevant events or circumstances to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If this test indicates it is more likely than not that goodwill has been impaired, then a quantitative impairment test is completed. The quantitative impairment test calculates the fair value of the reporting unit and compares it with its carrying amount, including goodwill. If the carrying amount of goodwill exceeds its implied fair market value, an impairment loss is recognized. That loss is equal to the carrying amount of goodwill that is in excess of its implied fair market value. Impairment of Long-Lived Assets Long-lived assets, such as fixed assets and purchased intangibles subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of are separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. The assets and liabilities of a disposal group classified as held-for-sale are presented separately in the appropriate asset and liability sections of the balance sheet. Derivative Financial Instruments and Hedging Activities The Company uses derivative financial instruments to assist in the management of interest rate sensitivity and to modify the repricing, maturity and option characteristics of certain assets and liabilities. In addition, the Company also offers an interest rate hedge program that includes interest rate swaps to assist its customers in managing their interest rate risk profile. In order to eliminate the interest rate risk associated with offering these products, the Company enters into derivative contracts with third parties to offset the customer contracts. Derivative instruments are required to be measured at fair value and recognized as either assets or liabilities in the consolidated financial statements. Fair value represents the payment the Company would receive or pay if the item were sold or bought in a current transaction. The accounting for changes in fair value (gains or losses) of a hedged item is dependent on whether the related derivative is designated and qualifies for “hedge accounting.” The Company assigns derivatives to one of these categories at the purchase date: cash flow hedge, fair value hedge, or non-designated derivatives. An assessment of |
Acquisitions & Divestitures
Acquisitions & Divestitures | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | ACQUISITIONS & DIVESTITURES The acquisitions noted below have been accounted for as business combinations using the acquisition method of accounting which requires assets acquired and liabilities assumed to be recognized at fair value as of the acquisition date. Goodwill arising from the acquisitions consist largely of the synergies and economies of scale expected from combining the operations into Enterprise. None of the goodwill recognized is expected to be deductible for income tax purposes. The following tables present the assets acquired and liabilities assumed. Additional adjustments may be recorded during the measurement period specified in ASC 805, Business Combinations, as additional information becomes known. Acquisition of Seacoast Commerce Banc Holdings On November 12, 2020, the Company closed its acquisition of 100% of Seacoast and its wholly-owned subsidiary, Seacoast Commerce Bank. Seacoast operated five full-service retail and commercial banking offices in California and Nevada, as well as SBA loan production offices and deposit production offices in Arizona, California, Colorado, Illinois, Indiana, Massachusetts, Michigan, Nevada, Ohio, Oregon, Texas, Utah, and Washington. Seacoast shareholders received 0.5061 shares of EFSC common stock for each Seacoast common share and cash in lieu of any fractional shares. In connection with the merger, Enterprise issued approximately 5.0 million shares of EFSC Common Stock valued at $33.56 per share, which was the closing price of Enterprise common stock on November 12, 2020. The value of the transaction consideration was approximately $169 million. The Company recognized $4.2 million of merger-related costs recorded in noninterest expense in the statement of operations for the year ended December 31, 2020. ($ in thousands) As Recorded by Seacoast Adjustments As Recorded by EFSC Assets acquired: Cash and cash equivalents $ 63,744 $ — $ 63,744 Loans 1,160,602 29,839 (a) 1,190,441 Other investments 12,100 — 12,100 Fixed assets 925 (275) (b) 650 Accrued interest receivable 4,511 — 4,511 Goodwill 35,395 (35,395) (c) — Intangible assets 1,513 1,168 (d) 2,681 Deferred tax assets 12,009 (8,687) (e) 3,322 Other assets 35,025 (437) (f) 34,588 Total assets acquired $ 1,325,824 $ (13,787) $ 1,312,037 Liabilities assumed: Deposits $ 1,081,034 $ (28) (f) $ 1,081,006 PPPLF advances 86,096 — 86,096 Accrued interest payable 185 — 185 Other liabilities 25,211 1,097 (f) 26,308 Total liabilities assumed $ 1,192,526 $ 1,069 $ 1,193,595 Net assets acquired $ 133,298 $ (14,856) $ 118,442 Consideration paid: Cash $ 1,630 Common stock 167,035 Total consideration paid $ 168,665 Goodwill $ 50,223 (a) Fair value adjustments based on the Company’s evaluation of the acquired loan portfolio, write-off of net deferred loan costs and elimination of the allowance for loan losses recorded by Seacoast. (b) Fair value adjustments based on the Company’s evaluation of the acquired premises and equipment. (c) Adjustment to eliminate goodwill. (d) Eliminate acquired intangibles and record the core deposit intangible asset on the acquired core deposit accounts. Amount to be amortized using a sum-of-years digits method over a useful life of 10 years. (e) Adjustment for deferred taxes. (f) Other miscellaneous fair value adjustments. The following table provides the unaudited pro forma information for the results of operations for the twelve months ended December 31, 2020 and 2019, as if the acquisition had occurred on January 1, 2019. The pro forma results combine the historical results of Seacoast with the Company’s Consolidated Statements of Income, adjusted for the impact of the application of the acquisition method of accounting including amortization and accretion of fair value adjustments. The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results that would have been obtained had the acquisition actually occurred on January 1, 2019. No assumptions have been applied to the pro forma results of operations regarding possible revenue enhancements, expense efficiencies or asset dispositions. Only the acquisition-related expenses that have been incurred as of December 31, 2020 are included in net income in the table below. Pro Forma Twelve months ended December 31, ($ in thousands, except per share data) 2020 2019 Total revenue (net interest income plus noninterest income) $ 381,914 $ 355,500 Net income 93,918 86,888 Diluted earnings per common share 3.00 2.79 Acquisition of Trinity Capital Corporation. On March 8, 2019, the Company closed its acquisition of 100% of Trinity and its wholly-owned subsidiary, LANB. Trinity operated six full-service retail and commercial banking offices in Los Alamos, Santa Fe, and Albuquerque, New Mexico. Trinity shareholders received cash consideration of $1.84 per share of Trinity common stock and 0.1972 shares of EFSC common stock per share of Trinity common stock with cash in lieu of fractional shares. Aggregate consideration at closing was approximately 4.0 million shares of EFSC common stock and $37.3 million cash paid to Trinity shareholders. Based on EFSC’s closing stock price of $43.07 on March 7, 2019, the overall transaction had a value of $209.2 million. The Company recognized $18.0 million and $1.3 million of merger-related costs recorded in noninterest expense in the statement of operations for the years ended December 31, 2019 and 2018, respectively. The following table presents the assets acquired and liabilities assumed of Trinity as of March 8, 2019. ($ in thousands) As Recorded by Trinity Adjustments As Recorded by EFSC Assets acquired: Cash and cash equivalents $ 13,899 $ — $ 13,899 Interest-earning deposits greater than 90 days 100 — 100 Securities 428,715 (619) (a) 428,096 Loans 705,057 (20,743) (b) 684,314 Other real estate 5,284 (2,059) (c) 3,225 Other investments 6,673 — 6,673 Fixed assets 27,586 (300) (d) 27,286 Accrued interest receivable 3,997 — 3,997 Intangible assets — 23,066 (e) 23,066 Deferred tax assets 10,708 (2,386) (f) 8,322 Other assets 35,045 (1,484) (g) 33,561 Total assets acquired $ 1,237,064 $ (4,525) $ 1,232,539 Liabilities assumed: Deposits $ 1,081,151 $ 36 (g) $ 1,081,187 Subordinated debentures 26,806 (3,972) (g) 22,834 FHLB advances 6,800 171 (g) 6,971 Accrued interest payable 370 — 370 Other liabilities 5,842 (827) (g) 5,015 Total liabilities assumed $ 1,120,969 $ (4,592) $ 1,116,377 Net assets acquired $ 116,095 $ 67 $ 116,162 Consideration paid: Cash $ 37,275 Common stock 171,885 Total consideration paid $ 209,160 Goodwill $ 92,998 (a) Fair value adjustments of the securities portfolio. (b) Fair value adjustments based on the Company’s evaluation of the acquired loan portfolio, write-off of net deferred loan costs and elimination of the allowance for loan losses recorded by Trinity. (c) Fair value adjustment based on the Company’s evaluation of the acquired other real estate portfolio. (d) Fair value adjustments based on the Company’s evaluation of the acquired premises and equipment. (e) Record the core deposit intangible asset on the acquired core deposit accounts. Amount to be amortized using a sum-of-years digits method over a useful life of 10 years. (f) Adjustment for deferred taxes. (g) Other miscellaneous fair value adjustments. The following table provides the unaudited pro forma information for the results of operations for the twelve months ended December 31, 2019 and 2018, as if the acquisition had occurred on January 1, 2018. The pro forma results combine the historical results of Trinity with the Company’s Consolidated Statements of Income, adjusted for the impact of the application of the acquisition method of accounting including loan discount accretion, intangible assets amortization, and deposit and trust preferred securities premium accretion, net of taxes. The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results that would have been obtained had the acquisition actually occurred on January 1, 2018. No assumptions have been applied to the pro forma results of operations regarding possible revenue enhancements, expense efficiencies or asset dispositions. Only the acquisition-related expenses that have been incurred as of December 31, 2019 are included in net income in the table below. Pro Forma Twelve months ended December 31, ($ in thousands, except per share data) 2019 2018 Total revenue (net interest income plus noninterest income) $ 296,677 $ 286,076 Net income 107,626 85,579 Diluted earnings per common share 4.11 3.14 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The following table presents a summary of earnings per common share data and amounts for the periods indicated. Year ended December 31, ($ in thousands, except per share data) 2020 2019 2018 Net income $ 74,384 $ 92,739 $ 89,217 Weighted average common shares outstanding 26,954 26,045 23,100 Additional dilutive common stock equivalents 35 114 189 Weighted average diluted common shares outstanding 26,989 26,159 23,289 Basic earnings per common share: $ 2.76 $ 3.56 $ 3.86 Diluted earnings per common share: $ 2.76 $ 3.55 $ 3.83 For 2020 and 2019, common stock equivalents of approximately 156,000 and 21,000, respectively, were excluded from the earnings per share calculation because their effect would have been anti-dilutive. For 2018, the amount was immaterial. |
Purchased Credit Impaired ("PCI
Purchased Credit Impaired ("PCI") Loans | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Purchased Credit Impaired (PCI) Loans |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 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. The Company has executed a series of cash flow hedges to fix the effective interest rate for payments due on $62.0 million of LIBOR-based junior subordinated debentures to a weighted-average-fixed rate of 2.62%. Select terms of the hedges are as follows: $ in thousands Notional Fixed Rate Maturity Date $ 15,465 2.60 % March 15, 2024 $ 14,433 2.60 % March 30, 2024 $ 18,558 2.64 % March 15, 2026 $ 13,506 2.64 % March 17, 2026 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 $1.5 million will be reclassified as an increase to interest expense. Concurrently with the repayment of $200 million of variable-rate FHLB advances in the fourth quarter of 2020, the Company terminated two interest rate swaps with a notional value of $200.0 million. A loss of $3.2 million was recognized on the termination of the swaps. Non-designated Hedges Derivatives not designated as hedges are not considered speculative and result from a service the Company provides to certain customers. The Company executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously hedged by offsetting derivatives that the Company executes with a third party, such that the Company minimizes its net risk exposure resulting from such transactions. As the interest rate derivatives associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer derivatives and the offsetting derivatives are recognized directly in earnings as a component of other noninterest income. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Balance Sheet as of December 31, 2020 and December 31, 2019. Notional Amount Derivative Assets Derivative Liabilities ($ in thousands) December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Derivatives Designated as Hedging Instruments Interest rate swap $ 61,962 $ 61,962 $ — $ — $ 5,987 $ 2,872 Derivatives not Designated as Hedging Instruments Interest rate swap $ 1,026,016 $ 749,819 $ 28,703 $ 11,055 $ 28,980 $ 11,875 The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s financial instruments that are subject to offsetting as of December 31, 2020 and December 31, 2019. The gross amounts of assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that financial assets and liabilities are presented on the Balance Sheet. As of December 31, 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 $ 28,703 $ — $ 28,703 $ 2 $ — $ 28,701 Liabilities: Interest rate swap $ 34,967 $ — $ 34,967 $ 2 $ 34,903 $ 62 Securities sold under agreements to repurchase 271,081 — 271,081 — 271,081 — 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 December 31, 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 $35.8 million . Further, the Company has minimum collateral posting thresholds with certain of its derivative counterparties and has posted collateral of $36.5 million |
Fixed Assets
Fixed Assets | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets | FIXED ASSETS A summary of fixed assets at December 31, 2020 and 2019, is as follows: December 31, ($ in thousands) 2020 2019 Land $ 13,389 $ 14,079 Buildings and leasehold improvements 53,007 54,838 Furniture, fixtures and equipment 16,560 15,178 Capitalized software 1,373 1,373 84,329 85,468 Less accumulated depreciation and amortization 31,160 25,455 Total fixed assets $ 53,169 $ 60,013 Depreciation and amortization of fixed assets included in noninterest expense amounted to $6.2 million, $5.7 million, and $3.5 million in 2020, 2019, and 2018, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | GOODWILL AND INTANGIBLE ASSETS The table below presents a summary of goodwill: ($ in thousands) Years ended December 31, 2020 2019 Goodwill, beginning of year $ 210,344 $ 117,345 Additions from acquisition 50,223 92,999 Goodwill, end of year $ 260,567 $ 210,344 The table below presents a summary of intangible assets: ($ in thousands) Years ended December 31, 2020 2019 Core deposit intangible, net, beginning of year $ 26,076 $ 8,553 Additions from acquisition 2,681 23,066 Amortization (5,673) (5,543) Core deposit intangible, net, end of year $ 23,084 $ 26,076 Amortization expense on the core deposit intangibles was $5.7 million, $5.5 million, and $2.5 million for the years ended December 31, 2020, 2019, and 2018, respectively. The core deposit intangibles are being amortized over a 10-year period. The following table reflects the amortization schedule for the core deposit intangible at December 31, 2020. Year Core Deposit Intangible ($ in thousands) 2021 $ 5,295 2022 4,517 2023 3,840 2024 3,162 2025 2,485 After 2025 3,785 $ 23,084 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2020 | |
Maturities of Time Deposits [Abstract] | |
Maturity of Certificates of Deposit | DEPOSITS Following is a summary of certificates of deposit maturities at December 31, 2020: ($ in thousands) Brokered Customer Total Less than 1 year $ — $ 384,529 $ 384,529 Greater than 1 year and less than 2 years — 75,484 75,484 Greater than 2 years and less than 3 years 25,069 12,663 37,732 Greater than 3 years and less than 4 years 25,140 17,587 42,727 Greater than 4 years and less than 5 years — 4,043 4,043 Greater than 5 years — 5,580 5,580 $ 50,209 $ 499,886 $ 550,095 Certificates of deposit balances over the FDIC insurance limit of $250,000 were $169.5 million as of December 31, 2020. Following is a summary of activity for the year ended December 31, 2020, for deposit accounts of executive officers and directors, or to entities in which such individuals had beneficial interests as a shareholder, officer, or director. ($ in thousands) December 31, 2020 Balance at beginning of year $ 9,763 Deposits 2,441 Withdrawals (4,961) Balance at end of year $ 7,243 The Company is a participant in the Promontory Interfinancial Network, a network that offers deposit placement services such as CDARS and ICS, which offer products that qualify large deposits for FDIC insurance. At December 31, 2020, the Company had $7.3 million of CDARS deposits and $71.7 million of ICS deposits. At December 31, 2020 and 2019, overdraft deposits of $1.0 million and $2.1 million, respectively, were reclassified to loans. |
Subordinated Debentures
Subordinated Debentures | 12 Months Ended |
Dec. 31, 2020 | |
Subordinated Borrowings [Abstract] | |
Subordinated Debentures | SUBORDINATED DEBENTURES The amounts and terms of each issuance of the Company’s subordinated debentures at December 31, 2020 and 2019 were as follows: Amount Maturity Date Initial Call Date (1) Interest Rate ($ in thousands) 2020 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) 7,752 7,886 February 22, 2031 February 22, 2011 Fixed 10.20% JEFFCO Stat Trust II (2) 4,443 4,388 March 17, 2034 March 17, 2009 Floats 3MO LIBOR + 2.75% Trinity Capital Trust III (2) 5,272 5,206 September 8, 2034 September 8, 2009 Floats 3MO LIBOR + 2.70% Trinity Capital Trust IV 10,310 10,302 November 23, 2035 August 23, 2010 Fixed 6.88% Trinity Capital Trust V (2) 7,706 7,543 December 15, 2036 September 15, 2011 Floats 3MO LIBOR + 1.65% Total junior subordinated debentures 92,290 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 (1,903) (874) Total fixed-to-floating rate subordinated notes 111,347 49,126 Total subordinated debentures and notes $ 203,637 $ 141,258 (1) Callable each quarter after initial call date. (2) Purchase accounting adjustments are reflected in the balance and also impact the effective interest rate. The Company has 13 unconsolidated statutory business trusts. These trusts issued preferred securities that were sold to third parties. The sole purpose of the trusts was to invest the proceeds in junior subordinated debentures of the Company that have terms identical to the trust preferred securities. The subordinated debentures, which are the sole assets of the trusts, are subordinate and junior in right of payment to all present and future senior and subordinated indebtedness and certain other financial conditions of the Company. The Company fully and unconditionally guarantees each trust’s securities obligations. Under current regulations, the trust preferred securities are included in tier 1 capital for regulatory capital purposes, subject to certain limitations. The trust preferred securities are redeemable in whole or in part on or after their respective call dates. Mandatory redemption dates may be shortened if certain conditions are met. The securities are classified as subordinated debentures in the Company’s consolidated balance sheets. Interest on the subordinated debentures held by the trusts is recorded as interest expense in the Company’s consolidated statements of operations. The Company’s investment of $2.9 million at December 31, 2020, in these trusts is included in other investments in the consolidated balance sheets. The Company has fixed the interest rate on a portion of its junior subordinated debentures through a series of interest rate swaps. For further discussion of the interest rate swaps and the corresponding terms, see “Note 7 - Derivative Financial Instruments.” On November 1, 2016, the Company issued $50 million of fixed-to-floating rate subordinated notes. The notes initially bear a fixed annual interest rate of 4.75%, with interest payable semiannually in arrears on May 1 and November 1 of each year, commencing May 1, 2017. Commencing November 1, 2021, the interest rate on the notes resets quarterly to the three-month LIBOR rate plus a spread of 338.7 basis points, payable quarterly in arrears. On or after November 1, 2021, the Company will have the option to redeem the notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the subordinated notes to be redeemed plus accrued interest, subject to applicable regulatory approval. The Company’s obligation to make payments of principal and interest on the notes is subordinate and junior in right of payment to all of its senior debt. Current regulatory guidance allows for this subordinated debt to be treated as tier 2 regulatory capital for the first five years of its term, subject to certain limitations, and then phased out of tier 2 capital pro rata over the next five years. 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. |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances | 12 Months Ended |
Dec. 31, 2020 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |
Federal Home Loan Bank Advances | FEDERAL HOME LOAN BANK ADVANCES FHLB advances are collateralized by 1-4 family residential real estate loans, business loans, and certain commercial real estate loans. At December 31, 2020 and 2019, the carrying value of the loans pledged to the FHLB of Des Moines was $1.4 billion and $1.6 billion, respectively. The secured line of credit had availability of approximately $739.1 million at December 31, 2020. The following table summarizes the type, maturity, and rate of the Company’s FHLB advances at December 31: 2020 2019 ($ in thousands) Term Outstanding Balance Weighted Rate Outstanding Balance Weighted Rate Non-amortizing fixed advance Less than 1 year $ — — % $ 170,000 1.73 % Non-amortizing fixed advance Greater than 1 year 50,000 1.56 % 52,406 1.62 % Total FHLB advances $ 50,000 1.56 % $ 222,406 1.70 % In August 2019, the Company entered into agreements totaling $50 million for convertible advances with a weighted average rate of 1.56% that mature in 2024 and are currently puttable by the FHLB. At December 31, 2020, the Company used $6.0 million of collateral value to secure confirming letters of credit for public unit deposits and industrial development bonds. |
Other Borrowings and Notes Paya
Other Borrowings and Notes Payable | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Other Borrowings and Notes Payable | OTHER BORROWINGS AND NOTES PAYABLE Securities Sold Under Agreement to Repurchase The Company enters into sales of securities under agreements to repurchase. The agreements are transacted with deposit customers and are utilized as an overnight investment product. The amounts received under these agreements represent short-term borrowings and are reflected as a liability in the consolidated balance sheets. The securities underlying these agreements are included in investment securities in the Consolidated Balance Sheets. The Company has no control over the market value of the securities, which fluctuates due to market conditions. However, the Company is obligated to promptly transfer additional securities if the market value of the securities falls below the repurchase agreement price. The Company manages this risk by maintaining an unpledged securities portfolio that it believes is sufficient to cover a decline in the market value of the securities sold under agreements to repurchase. A summary of securities sold under agreements to repurchase is as follows: December 31, ($ in thousands) 2020 2019 Securities sold under agreement to repurchase $ 271,081 $ 230,886 Average balance during the year 206,338 169,179 Maximum balance outstanding at any month-end 271,081 230,886 Average interest rate during the year 0.23 % 0.69 % Average interest rate at December 31 0.07 % 0.91 % Federal Reserve Line The Bank also has a line with the Federal Reserve Bank of St. Louis which provides additional liquidity to the Company. As of December 31, 2020, $0.9 billion was available under this line. This line is secured by a pledge of certain eligible loans aggregating $1.1 billion. There were no amounts drawn on the Federal Reserve line of credit as of December 31, 2020. Federal Reserve PPPLF The Company acquired $86.1 million of Federal Reserve PPPLF funds from the Seacoast acquisition which were subsequently paid off in November 2020. Revolving Credit Line In February 2016, the Company entered into a senior unsecured revolving credit agreement (the “Revolving Agreement”) with another bank. The Revolving Agreement has a one-year term, maturing on February 22, 2021. It is in process of renewal and allows for borrowings up to $25 million. The interest rate is the one-month LIBOR plus 125 basis points. The proceeds can be used for general corporate purposes. The Revolving Agreement is subject to ongoing compliance with a number of customary affirmative and negative covenants as well as specified financial covenants. A summary of the amounts drawn on the Revolving Agreement is as follows: December 31, ($ in thousands) 2019 Outstanding balance $ — Average balance during the year 323 Maximum balance outstanding at any month-end 2,000 Weighted average interest rate during the year 4.61 % Average interest rate at December 31 — The revolving credit line was not accessed in 2020. Term Loan In February 2019, the Company entered into a five year, $40.0 million unsecured term loan agreement (the “Term Loan”) with another bank with the proceeds primarily used to fund the company’s cash portion of the acquisition of Trinity. The interest rate is the one-month LIBOR plus 125 basis points. A summary of the Term Loan is as follows: December 31, ($ in thousands) 2020 2019 Term Loan $ 30,000 $ 34,286 Average balance during the year 32,123 30,810 Maximum balance outstanding at any month-end 34,286 40,000 Weighted average interest rate during the year 1.96 % 3.55 % Average interest rate at December 31 1.44 % 3.00 % |
Litigation and Other Contingenc
Litigation and Other Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Other Liabilities Disclosure [Abstract] | |
Litigation and Other Contingencies | LITIGATION AND OTHER 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 legal proceedings pending or threatened against the Company or its subsidiaries in the ordinary course of business, directly, indirectly, or in the aggregate that, 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. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2020 | |
Regulated Operations [Abstract] | |
Regulatory Matters | REGULATORY CAPITAL Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum ratios (set forth in the following table) of total, tier 1, and common equity tier 1 capital to risk-weighted assets, and of tier 1 capital to average assets. Management believes, as of December 31, 2020 and 2019, that the Company met all capital adequacy requirements to which it is subject. As of December 31, 2020 and 2019, the Bank was categorized as “well-capitalized” under the regulatory framework for prompt corrective action. To be categorized as “well-capitalized” the Bank must maintain minimum total risk-based capital, tier 1 risk-based capital, common equity tier 1 risk-based capital, and tier 1 leverage ratios as set forth in the table. In addition, the Company must maintain an additional CCB above the regulatory minimum ratio requirements. The CCB is designed to insulate banks from periods of stress and impose constraints on dividends, share repurchases and discretionary bonus payments when capital levels fall below prescribed levels. The capital ratios are presented in the table below: December 31, 2020 December 31, 2019 EFSC Bank EFSC Bank To Be Well-Capitalized Minimum Ratio Common Equity Tier 1 Capital to Risk Weighted Assets 10.9 % 12.5 % 9.9 % 11.7 % 6.5 % 7.0 % Tier 1 Capital to Risk Weighted Assets 12.1 % 12.5 % 11.4 % 11.7 % 8.0 % 8.5 % Total Capital to Risk Weighted Assets 14.9 % 13.7 % 12.9 % 12.4 % 10.0 % 10.5 % Leverage Ratio (Tier 1 Capital to Average Assets) 10.0 % 10.3 % 10.1 % 10.3 % 5.0 % 4.0 % |
Compensation Plans
Compensation Plans | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Compensation Plans | SHAREHOLDERS’ EQUITY AND COMPENSATION PLANS Shareholders’ Equity Common Stock At December 31, 2020 and 2019, the Company has reserved the following shares of its authorized but unissued common stock for possible future issuance in connection with the following: December 31, 2020 December 31, 2019 Outstanding performance units (maximum issuance) 125,176 73,172 Outstanding RSU’s 157,428 117,369 Outstanding options and appreciation rights — 28,300 2018 Stock Incentive Plan 339,691 521,573 Non-Management Director Plan 86,616 96,031 2018 Employee Stock Purchase Plan 635,890 694,085 Total 1,344,801 1,530,530 Common Stock Repurchase Plan In May 2015, the Company’s board of directors authorized the repurchase of up to two million shares of the Company’s common stock. The repurchases may be made in open market or privately negotiated transactions and the stock repurchase program will remain in effect until fully utilized or until modified, superseded or terminated. At December 31, 2020, there were 95,907 shares available for repurchase under the plan. Preferred Stock The Company has 5,000,000 shares of authorized preferred stock with a par value of $0.01. The Board of Directors has the right to set for each series of preferred stock, subject to the laws of the State of Delaware, the dividend rate, conversion and redemption terms, voting rights and liquidation preferences, among others. At December 31, 2020 and 2019 there were no shares of preferred stock outstanding. Dividends The Company’s ability to pay dividends to its shareholders is generally dependent upon the payment of dividends by the Bank to the parent company. The Bank cannot pay dividends to the extent it would be deemed undercapitalized by the FDIC after making such dividend. Dividends on the Company’s capital stock are prohibited under the terms of the junior subordinated debenture agreements, see “Note 11 - Subordinated Debentures,” if the Company is in continuous default on its payment obligations to the capital trusts, has elected to defer interest payments on the debentures or extends the interest payment period. At December 31, 2020, the Company was not in default on any of the junior subordinated debenture issuances. Accumulated Other Comprehensive Income (Loss) The following table presents the changes in accumulated other comprehensive income (loss) after-tax by component: ($ 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, December 31, 2017 $ (3,622) $ (196) $ — $ (3,818) Net change (4,633) 3 — (4,630) Adjustment for change in accounting policies (792) (42) — (834) Balance, December 31, 2018 (9,047) (235) — (9,282) Net change 29,226 (33) (2,162) 27,031 Transfer from available-for-sale to held-to-maturity (5,202) 5,202 — — Balance, December 31, 2019 14,977 4,934 (2,162) 17,749 Net change 23,627 (1,910) (2,346) 19,371 Transfer from available-for-sale to held-to-maturity (16,284) 16,284 — — Balance, December 31, 2020 $ 22,320 $ 19,308 $ (4,508) $ 37,120 The following table presents the pre-tax and after-tax changes in the components of other comprehensive income: 2020 2019 2018 ($ in thousands) Pre-tax Tax effect After-tax Pre-tax Tax effect After-tax Pre-tax Tax effect After-tax Change in unrealized gain (loss) on available-for-sale debt securities $ 31,798 $ 7,854 $ 23,944 $ 38,764 $ 9,575 $ 29,189 $ (6,143) $ (1,517) $ (4,626) Reclassification adjustment for realized (gain) loss on sale of available-for-sale debt securities(a) (421) (104) (317) 49 12 37 (9) (2) (7) Reclassification of (gain) loss on held-to-maturity securities(b) (2,537) (627) (1,910) (44) (11) (33) 4 1 3 Change in unrealized loss on cash flow hedges arising during the period(b) (7,898) (1,951) (5,947) (3,004) (742) (2,262) — — — Reclassification of loss on cash flow hedges(b) 4,782 1,181 3,601 133 33 100 — — — Total other comprehensive income (loss) $ 25,724 $ 6,353 $ 19,371 $ 35,898 $ 8,867 $ 27,031 $ (6,148) $ (1,518) $ (4,630) (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, except for a $3.2 million termination fee in 2020 recognized in noninterest expense. Compensation Plans The Company has adopted share-based compensation plans to reward and provide long-term incentive for directors and key employees of the Company including its subsidiaries. These plans provide for the granting of stock, stock options, stock-settled stock appreciation rights (“SSARs”), and restricted stock units (“RSUs”), and may contain performance terms as designated by the Company’s Board of Directors upon the recommendation of the Compensation Committee of the Board. The Company uses authorized and unissued shares to satisfy share award exercises. The total excess income tax benefit for share-based compensation arrangements was $0.2 million , $0.5 million, and $1.6 million for the years ended December 31, 2020, 2019, and 2018, respectively. At December 31, 2020, there was $5.0 million of total unrecognized compensation cost related to unvested share-based compensation awards. The cost is expected to be recognized over a weighted-average period of 2 years. The following table summarizes share-based compensation expense: ($ in thousands) 2020 2019 2018 Performance stock units $ 1,097 $ 1,699 $ 2,067 Restricted stock units 2,613 1,969 1,211 Employee stock purchase plan 468 364 174 Total share-based compensation expense $ 4,178 $ 4,032 $ 3,452 Performance Units The Company has entered into long-term incentive agreements with certain key employees. These awards are conditioned on certain performance criteria and market criteria measured against a group of peer banks over a three-year period for each grant. The awards contain minimum (threshold), target, and maximum (exceptional) performance levels. In the event of a change in control, as defined in the plan, the awards will vest at a minimum of the target level. The amount of the awards is determined at the end of the three year vesting and performance period. In January 2021, the Company awarded 23,251 shares to employees upon completion of the 2018-2020 performance cycle. In January 2020, the Company awarded 62,649 shares to employees upon completion of the 2017-2019 performance cycle. In January 2019, the Company awarded 99,308 shares to employees upon completion of the 2016-2018 performance cycle. Information related to the outstanding grants at December 31, 2020 is shown below: ($ in thousands) 2019 - 2021 Cycle 2020 - 2022 Cycle Shares issuable at target 20,860 26,002 Maximum shares issuable 41,720 52,004 Unrecognized compensation cost $ 366 $ 704 Weighted average grant date fair value 47.46 38.09 Restricted Stock Units The Company awards nonvested stock, in the form of RSUs to employees. RSUs generally are subject to continued employment and generally vest ratably over two to five years. Shares issued to the Bank’s directors for compensation are not subject to vesting requirements. Vesting is accelerated upon a change in control or the employee meeting certain retirement criteria. RSUs do not carry voting or dividend rights until vested. Sales of the units are restricted prior to vesting. Various information related to the RSUs is shown below. ($ in thousands) 2020 2019 2018 Total fair value at vesting date $ 1,702 $ 1,067 $ 1,544 Total unrecognized compensation cost for nonvested stock units 3,899 3,417 2,175 Expected years to recognize unearned compensation 1.9 years 1.9 years 2.0 years A summary of the status of the Company’s RSU awards as of December 31, 2020 and changes during the year then ended is presented below Shares Weighted Average Outstanding at December 31, 2019 117,369 $ 45.86 Granted 88,759 39.63 Vested (44,351) 45.68 Forfeited (4,349) 44.24 Outstanding at December 31, 2020 157,428 $ 42.44 Employee Stock Options and Stock-settled Stock Appreciation Rights In determining compensation cost for stock options and SSARs, the Black-Scholes option-pricing model is used to estimate the fair value on date of grant. There were no grants of employee stock options or SSARs during the years ended December 31, 2020, 2019, or 2018. Stock options have been granted to key employees with exercise prices equal to the market price of the Company’s common stock at the date of grant and 10-year contractual terms. Stock options have a vesting schedule of three to five years. The SSARs are subject to continued employment, have a 10-year contractual term and vest ratably over five years. Neither stock options nor SSARs carry voting or dividend rights until exercised . At December 31, 2020, there was no remaining unrecognized compensation expense related to stock options and SSARs and all outstanding awards are vested. Various information related to the stock options and SSARs is shown below. ($ in thousands) 2020 2019 2018 Intrinsic value of option/SSAR exercises on date of exercise $ 597 $ 407 $ 2,469 Following is a summary of the SSAR activity for 2020. ($ in thousands, except per share data) Shares Weighted Outstanding at December 31, 2019 28,300 $ 10.14 Exercised (28,300) 10.14 Outstanding at December 31, 2020 — N/A Employee Stock Purchase Plan The Company adopted an Employee Stock Purchase Plan (“ESPP”) in 2018 to provide its eligible employees with an opportunity to purchase common stock through accumulated contributions. The ESPP provides for shares to be purchased at 85% of the lesser of the stock price at the enrollment date or the exercise date. The maximum number of shares of common stock available for sale under the ESPP is 750,000. In 2020, 2019, and 2018, employees purchased 58,195 , 41,116, and 14,799 shares, respectively. Stock Plan for Non-Management Directors The Company has adopted a Stock Plan for Non-Management Directors, which provides for issuing up to 200,000 shares of common stock to non-management directors as compensation in lieu of cash. At December 31, 2020, there were 80,130 shares of stock available for grant under the Stock Plan for Non-Management Directors, exclusive of 6,486 shares to be issued upon deferral release. Various information related to the Director Plan is shown below. 2020 2019 2018 Shares granted 15,901 11,382 11,750 Weighted average fair value $ 30.28 $ 41.63 $ 50.74 401(k) Plan The Company has a 401(k) savings plan which covers substantially all full-time employees over the age of 21 and matches 100% of the first 6% of employee contributions. The amount charged to expense for the Company’s contributions to the plan was $3.8 million, $3.2 million and $2.8 million for 2020, 2019, and 2018, respectively. Deferred Compensation Plan The Company’s Deferred Compensation Plan permits certain executives to participate and defer up to 25% of their base salary and/or up to 100% of their eligible bonus for a plan year. Participants make an irrevocable election when they elect to participate for a plan year to receive the vested account balance following their retirement date, or at a future date not less than five years after the beginning of the plan year. At December 31, 2020, the Company had assets and liabilities of $3.6 million and $4.9 million, respectively, related to the Deferred Compensation Plan. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The components of income tax expense for the years ended December 31, are as follows: Year ended December 31, ($ in thousands) 2020 2019 2018 Current: Federal $ 25,132 $ 15,470 $ 9,621 State and local 5,009 2,027 2,432 Total current 30,141 17,497 12,053 Deferred: Federal (10,651) 4,262 2,812 State and local (1,927) 1,538 495 Total deferred (12,578) 5,800 3,307 Total income tax expense $ 17,563 $ 23,297 $ 15,360 A reconciliation of expected income tax expense, computed by applying the statutory federal income tax rate in 2020, 2019, and 2018 to income before income taxes and the amounts reflected in the consolidated statements of operations is as follows: Year ended December 31, ($ in thousands) 2020 2019 2018 Income tax expense at statutory rate $ 19,309 $ 24,368 $ 21,961 Increase (reduction) in income tax resulting from: Tax-exempt interest income, net (2,010) (962) (506) State and local income taxes, net 3,254 2,816 2,423 Bank-owned life insurance, net (778) (628) (452) Non-deductible expenses 637 749 294 Tax benefit (expense) of LIHTC investments, net (444) (278) (50) Excess tax benefits (175) (526) (1,631) Federal tax credits (1,327) (913) (4,627) Subsidiary dividend timing election — — (2,728) Non-taxable donation to charitable foundation — (420) — Other, net (903) (909) 676 Total income tax expense $ 17,563 $ 23,297 $ 15,360 The net amount recognized as a component of tax expense for tax credits, other tax benefits, and amortization from low-income housing tax credit (“LIHTC”) investments recognized per the table above was $0.4 million for the year ended December 31, 2020. The net amount recognized as a benefit component of income tax expense per the table above was $0.3 million for the year ended December 31, 2019, and $0.1 million for the year ended December 31, 2018. As of December 31, 2020 and 2019, the carrying value of the investments related to low-income housing tax credits was $4.2 million and $4.0 million, respectively. No impairment losses have been recognized from forfeiture or ineligibility of tax credits or other circumstances during the life of any of the investments. A net deferred income tax asset of $29.8 million and $14.4 million is included in other assets in the consolidated balance sheets at December 31, 2020 and 2019, respectively. The tax effect of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities is as follows: Year ended December 31, ($ in thousands) 2020 2019 Deferred tax assets: Allowance for loan losses $ 34,031 $ 10,692 Acquired loans — 9,722 Loans held-for-sale 8,058 — Other real estate 896 657 Deferred compensation 2,585 2,462 Accrued compensation 5,391 1,607 Net operating losses and tax credits 6,460 7,066 Other deferred tax assets 3,086 791 Total deferred tax assets 60,507 32,997 Deferred tax liabilities: Acquired loans 3,413 — Unrealized gains on securities 12,189 5,847 Intangible assets 7,800 7,432 Other deferred tax liabilities 4,369 2,407 Total deferred tax liabilities 27,771 15,686 Net deferred tax asset before valuation allowance 32,736 17,311 Less: valuation allowance 2,932 2,932 Net deferred tax asset $ 29,804 $ 14,379 As part of the Trinity Capital Corporation acquisition in 2019, the company acquired net operating loss, tax credit, and capital loss deferred tax assets. Net operating losses originated in the years 2012, 2014-2017, and 2019 and will expire in the years between 2032-2037. Tax credit carryforwards originated in years 2010-2015 and will expire in the years between 2030-3035. Capital losses originated in 2015, 2016, & 2018 and will expire in the years betwee n 2021-2023. A valuation allowance is provided on deferred tax assets when it is more likely than not that some portion of the assets will not be realized. In 2019, as part of the Trinity Capital Corporation acquisition, the company acquired net operating loss, tax credit, and capital loss deferred tax assets. The company determined that it was more likely than not that some of the assets would not be realized. As such, the company recorded a $2.9 million valuation allowance as of December 31, 2020 and 2019. The Company and its subsidiaries file income tax returns in the federal jurisdiction and in twenty-nine states. The Company is no longer subject to federal, state or local income tax audits by tax authorities for years before 2017, with the exception of 2016 being an open year by one state taxing authority. Net operating losses generated prior to 2016 that are utilized going forward would still be subject to examination. As of December 31, 2020, the gross amount of unrecognized tax benefits was $3.2 million and the total amount of net unrecognized tax benefits that would impact the effective tax rate, if recognized, was $3.1 million. As of December 31, 2019 and 2018, the total amount of the net unrecognized tax benefits that would impact the effective tax rate, if recognized, was $1.1 million and $0.9 million, respectively. The Company believes it is reasonably possible that the gross amount of unrecognized benefits will be reduced by approximately $0.3 million as a result of a lapse of statute of limitations in the next 12 months. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense and classifies such interest and penalties in the liability for unrecognized tax benefits. The amount accrued for interest and penalties was $0.9 million as of December 31, 2020, and was not significant for 2019 and 2018. The activity in the gross liability for unrecognized tax benefits was as follows: ($ in thousands) 2020 2019 2018 Balance at beginning of year $ 1,497 $ 1,301 $ 1,244 Additions based on tax positions related to the current year 395 401 367 Additions for tax positions of prior years 1,556 62 50 Settlements or lapse of statute of limitations (291) (267) (360) Balance at end of year $ 3,157 $ 1,497 $ 1,301 |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | COMMITMENTS Long-term Lease Commitments See “Note 6 – Leases” in this report for information regarding the Company’s long-term lease commitments. Off-balance-Sheet Commitments The Company issues financial instruments 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 not more than 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 as of December 31, 2020, and December 31, 2019, are as follows: (in thousands) December 31, 2020 December 31, 2019 Commitments to extend credit $ 1,946,068 $ 1,469,413 Letters of credit 50,971 47,969 State tax credits 24,473 28,035 Low-income housing tax credits — 704 Limited partnership commitments 23,400 20,829 There was an insignificant amount of unadvanced commitments on impaired loans at December 31, 2020 and December 31, 2019. Other liabilities include approximately $5.7 million for estimated losses attributable to unadvanced commitments at December 31, 2020. 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 December 31, 2020, and December 31, 2019, $160.6 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 obligations. 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. Letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. These 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. The approximate remaining term of letters of credit range from 1 month to 4 years at December 31, 2020. The Company also has off-balance sheet commitments for purchases of state tax credits, low-income housing tax credits, and commitments for various capital raises for SBICs . |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS The fair value of an asset or liability is the exchange price that would be received to sell that asset or paid to transfer that liability in an orderly transaction occurring in the principal market (or most advantageous market in the absence of a principal market) for such asset or liability. Inputs to valuation techniques include the assumptions that market participants would use in pricing an asset or liability. ASC Topic 820, Fair Value Measurements and Disclosures, establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: • Level 1 Inputs - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. • Level 2 Inputs - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means. • Level 3 Inputs - Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. Fair value on a recurring basis The following table summarizes financial instruments measured at fair value on a recurring basis as of December 31, 2020 and 2019, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value. December 31, 2020 ($ in thousands) Quoted Prices in Significant Significant Total Fair Assets Securities available-for-sale Obligations of U.S. Government-sponsored enterprises $ — $ 15,161 $ — $ 15,161 Obligations of states and political subdivisions — 344,232 — 344,232 Residential mortgage-backed securities — 526,572 — 526,572 Corporate debt securities — 14,998 — 14,998 U.S. Treasury Bills — 11,466 — 11,466 Total securities available-for-sale — 912,429 — 912,429 Derivative financial instruments — 28,703 — 28,703 Total assets $ — $ 941,132 $ — $ 941,132 Liabilities Derivative financial instruments $ — $ 34,967 $ — $ 34,967 Total liabilities $ — $ 34,967 $ — $ 34,967 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 Other investments — — — — Derivative financial instruments — 11,055 — 11,055 Total assets $ — $ 1,146,372 $ — $ 1,146,372 Liabilities Derivative financial instruments $ — $ 14,747 $ — $ 14,747 Total liabilities $ — $ 14,747 $ — $ 14,747 • Securities available-for-sale . Securities classified as available-for-sale are reported at fair value utilizing Level 2 and Level 3 inputs. Fair values for Level 2 securities are based upon dealer quotes, market spreads, the U.S. Treasury yield curve, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions at the security level. Changes in fair value are recognized through accumulated other comprehensive income. • Derivatives . Derivatives are reported at fair value utilizing Level 2 inputs. The Company obtains counterparty quotations to value its interest rate swaps and caps. In addition, the Company validates the counterparty quotations with third party valuation sources. Derivatives with negative fair values are included in Other liabilities in the consolidated balance sheets. Derivatives with positive fair value are included in Other assets in the consolidated balance sheets. Changes in the fair value of client-related derivative instruments are recognized through net income. For the years ended December 31, 2020 and 2019, the gains and losses offset each other due to the Company’s hedging of the client swaps with other bank counterparties. Fair value on a non-recurring basis Certain financial assets and financial liabilities are measured at fair value on a non-recurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). • Impaired loans . Impaired loans are included as Portfolio loans on the Company’s consolidated balance sheets with amounts specifically reserved for credit impairment in the Allowance for loan losses. On a quarterly basis, fair value adjustments are recorded on impaired loans to account for (1) partial write-downs that are based on the current appraised or market-quoted value of the underlying collateral or (2) the full charge-off of the loan carrying value. In some cases, the properties for which market quotes or appraised values have been obtained are located in areas where comparable sales data is limited, outdated, or unavailable. In addition, the Company may adjust the valuations based on other relevant market conditions or information. Accordingly, fair value estimates, including those obtained from real estate brokers or other third-party consultants, for collateral-dependent impaired loans are classified in Level 3 of the valuation hierarchy. • Other Real Estate. These assets are reported at the lower of the loan carrying amount at foreclosure or fair value. Fair value is based on third party appraisals of each property and the Company’s judgment of other relevant market conditions. These are considered Level 3 inputs. The following table presents financial instruments and non-financial assets measured at fair value on a non-recurring basis as of December 31, 2020 and 2019. December 31, 2020 (1) (1) (1) (1) ($ in thousands) Total Fair Value Quoted Prices in Active Significant Significant Total losses for the year ended Impaired loans $ 1,247 $ — $ — $ 1,247 $ 4,486 Other real estate 3,600 — — 3,600 1,000 Total $ 4,847 $ — $ — $ 4,847 $ 5,486 December 31, 2019 (1) (1) (1) (1) ($ in thousands) Total Fair Value Quoted Prices in Active Significant Significant Total losses for the year ended Impaired loans $ 2,506 $ — $ — $ 2,506 $ 2,687 Total $ 7,450 $ — $ — $ 7,450 $ 2,687 (1) The amounts represent balances measured at fair value during the period and still held as of the reporting date. Impaired loans are reported at the fair value of the underlying collateral. Fair values for impaired loans are obtained from current appraisals by qualified licensed appraisers or independent valuation specialists. Other real estate owned is adjusted to fair value upon foreclosure of the underlying loan. Subsequently, foreclosed assets are carried at the lower of carrying value or fair value less costs to sell. Fair value of other real estate is based upon the current appraised values of the properties as determined by qualified licensed appraisers and the Company’s judgment of other relevant market conditions. Carrying amount and fair value at December 31, 2020 and 2019 Following is a summary of the carrying amounts and fair values of the Company’s financial instruments on the consolidated balance sheets at December 31, 2020 and 2019. This summary excludes certain financial assets and liabilities for which carrying value approximates fair value and financial instruments that are recorded at fair value on a recurring basis disclosed above. Financial instruments for which carrying values approximate fair value include cash and due from banks, federal funds sold, interest bearing deposits, accrued interest receivable/payable, demand, savings and money market deposits. December 31, 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 $ 487,610 $ 501,523 Level 2 $ 181,166 $ 181,939 Level 2 Other investments 48,764 48,764 Level 2 38,044 38,044 Level 2 Loans held-for-sale 13,564 13,564 Level 2 5,570 5,570 Level 2 Loans, net 7,088,264 7,067,562 Level 3 5,271,049 5,205,651 Level 3 State tax credits, held-for-sale 36,853 39,925 Level 3 36,802 39,046 Level 3 Balance sheet liabilities Certificates of deposit $ 550,095 $ 553,946 Level 3 $ 826,447 $ 825,203 Level 3 Subordinated debentures and notes 203,637 192,889 Level 2 141,258 130,985 Level 2 FHLB advances 50,000 51,871 Level 2 222,406 221,402 Level 2 Other borrowings 301,081 301,081 Level 2 265,172 265,172 Level 2 Limitations Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment, and therefore, cannot be determined with precision. Such estimates include the valuation of loans, goodwill, intangible assets, and other long-lived assets, along with assumptions used in the calculation of income taxes, among others. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. We adjust such estimates and assumptions when facts and circumstances dictate. Decreasing real estate values, illiquid credit markets, volatile equity markets, and declines in consumer spending have combined to increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in estimates resulting from continuing changes in the economic environment will be reflected in the financial statement in future periods. In addition, these estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Fair value estimates are based on existing on-balance and off-balance-sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in many of the estimates. |
Parent Company Only Condensed_2
Parent Company Only Condensed Financial Statements | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Company Only Condensed Financial Statements | PARENT COMPANY ONLY CONDENSED FINANCIAL STATEMENTS Condensed Balance Sheets December 31, ($ in thousands) 2020 2019 Assets Cash $ 75,475 $ 21,955 Investment in Bank 1,200,689 977,959 Investment in nonbank subsidiaries 9,778 9,795 Other assets 35,108 37,905 Total assets $ 1,321,050 $ 1,047,614 Liabilities and Shareholders’ Equity Subordinated debentures and notes $ 203,637 $ 141,258 Notes payable 30,000 34,286 Accounts payable and other liabilities 8,439 4,885 Shareholders' equity 1,078,974 867,185 Total liabilities and shareholders' equity $ 1,321,050 $ 1,047,614 Condensed Statements of Operations Year ended December 31, ($ in thousands) 2020 2019 2018 Income: Dividends from Bank $ 37,000 $ 60,000 $ 30,000 Dividends from nonbank subsidiaries 1,400 1,500 1,200 Other 483 663 1,784 Total income 38,883 62,163 32,984 Expenses: Interest expense-subordinated debentures and notes 9,885 7,507 5,798 Interest expense-notes payable 705 1,182 62 Other expenses 6,946 6,936 7,087 Total expenses 17,536 15,625 12,947 Income before taxes and equity in undistributed earnings of subsidiaries 21,347 46,538 20,037 Income tax benefit 3,448 3,478 3,482 Net income before equity in undistributed earnings of subsidiaries 24,795 50,016 23,519 Equity in undistributed earnings of subsidiaries 49,589 42,723 65,698 Net income and comprehensive income $ 74,384 $ 92,739 $ 89,217 Condensed Statements of Cash Flows Year ended December 31, ($ in thousands) 2020 2019 2018 Cash flows from operating activities: Net income $ 74,384 $ 92,739 $ 89,217 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Share-based compensation 4,178 4,032 3,452 Net income of subsidiaries (87,989) (104,223) (94,898) Dividends from subsidiaries 38,400 61,500 31,200 Other, net 3,588 (1,063) (953) Net cash provided by operating activities 32,561 52,985 28,018 Cash flows from investing activities: Cash paid for acquisitions, net of cash acquired (1,243) (36,015) — Purchases of other investments (1,166) (2,634) (2,729) Proceeds from distributions on other investments 765 1,271 1,911 Net cash used in investing activities (1,644) (37,378) (818) Cash flows from financing activities: Proceeds from issuance of subordinated notes 61,953 — — Proceeds from notes payable — 1,000 2,000 Repayments of notes payable — (3,000) — Proceeds from issuance of long-term debt — 40,000 — Repayment of long-term debt (4,286) (5,714) — Cash dividends paid (19,795) (16,569) (10,845) Payments for the repurchase of common stock (15,347) (15,526) (19,387) Payments for the issuance of equity instruments, net 78 (212) (2,576) Net cash provided by (used in) financing activities 22,603 (21) (30,808) Net increase (decrease) in cash and cash equivalents 53,520 15,586 (3,608) Cash and cash equivalents, beginning of year 21,955 6,369 9,977 Cash and cash equivalents, end of year $ 75,475 $ 21,955 $ 6,369 Supplemental disclosures of cash flow information: Noncash transactions: Common shares issued in connection with acquisitions $ 167,035 $ 171,885 $ — |
Quarterly Condensed Financial I
Quarterly Condensed Financial Information | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Condensed Financial Information | QUARTERLY CONDENSED FINANCIAL INFORMATION (Unaudited) The following table presents unaudited quarterly financial information for the periods indicated: 2020 ($ in thousands, except per share data) 4th 3rd 2nd 1st Interest income $ 84,113 $ 70,787 $ 73,191 $ 76,688 Interest expense 6,667 7,433 7,358 13,320 Net interest income 77,446 63,354 65,833 63,368 Provision for credit losses 9,463 14,080 19,591 22,264 Net interest income after provision for loan losses 67,983 49,274 46,242 41,104 Noninterest income 18,506 12,629 9,960 13,408 Noninterest expense 51,050 39,524 37,912 38,673 Income before income tax expense 35,439 22,379 18,290 15,839 Income tax expense 6,508 4,428 3,656 2,971 Net income $ 28,931 $ 17,951 $ 14,634 $ 12,868 Earnings per common share: Basic $ 1.00 $ 0.68 $ 0.56 $ 0.49 Diluted 1.00 0.68 0.56 0.48 2019 ($ in thousands, except per share data) 4th 3rd 2nd 1st Interest income $ 77,238 $ 81,078 $ 79,201 $ 67,617 Interest expense 15,625 18,032 17,486 15,274 Net interest income 61,613 63,046 61,715 52,343 Provision for credit losses 1,341 1,833 1,722 1,476 Net interest income after provision for loan losses 60,272 61,213 59,993 50,867 Noninterest income 14,418 13,564 11,964 9,230 Noninterest expense 38,354 38,239 49,054 39,838 Income before income tax expense 36,336 36,538 22,903 20,259 Income tax expense 7,246 7,469 4,479 4,103 Net income $ 29,090 $ 29,069 $ 18,424 $ 16,156 Earnings per common share: Basic $ 1.10 $ 1.09 $ 0.69 $ 0.68 Diluted 1.09 1.08 0.68 0.67 |
New Authoritative Accounting Gu
New Authoritative Accounting Guidance | 12 Months Ended |
Dec. 31, 2020 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Authoritative Accounting Guidance | 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 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
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 primarily located in the Arizona, California, Kansas, Missouri, Nevada, and New Mexico markets through its banking subsidiary, Enterprise Bank & Trust. All intercompany accounts and transactions have been eliminated.The Company and its banking subsidiary are subject to the regulations of certain federal and state agencies and undergo periodic examinations by those regulatory agencies. The Company has one operating segment. |
Use of Estimates | The consolidated financial statements of the Company have been prepared in conformity with GAAP. In preparing the consolidated financial statements, management is required to make estimates and assumptions, which significantly affect the reported amounts in the consolidated financial statements. Such estimates include the valuation of loans, goodwill, intangible assets, and other long-lived assets, along with assumptions used in the calculation of income taxes, among others. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. |
Cash Flow Information | For purposes of reporting cash flows, the Company considers cash and due from banks, interest-bearing deposits and federal funds sold that mature within 90 days of the balance sheet date to be cash and cash equivalents. At December 31, 2019, approximately $9.7 million of cash and due from banks represented required reserves on deposits maintained by the Company in accordance with Federal Reserve requirements. There were no required reserves on December 31, 2020. |
Investments | The Company has classified all investments in debt securities as available-for-sale or held-to-maturity. Securities classified as available-for-sale are carried at fair value. Unrealized holding gains and losses for available-for-sale securities are excluded from earnings and reported as a net amount in a separate component of shareholders’ equity until realized. All previous fair value adjustments included in the separate component of shareholders’ equity are reversed upon sale. Securities classified as held-to-maturity are carried at amortized cost and adjusted for amortization of premiums and accretion of discounts. Prior to the adoption of ASU 2016-13 on January 1, 2020, declines in the fair value of securities below their cost deemed to be other-than-temporary were reflected in operations as realized losses. In estimating other-than-temporary impairment losses, management evaluated investment securities for other-than-temporary declines in fair value on a quarterly basis. This analysis required management to consider various factors, which included (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’s more likely than not the Company would be required to sell the security before its anticipated recovery in market value. An ACL on held-to-maturity securities is deducted from the amortized cost basis of the securities to reflect the expected amount to be collected. When it is determined that a security will not be collected, the balance is written-off through the allowance. In evaluating the need for an ACL, securities with similar risk characteristics are grouped and an estimate of expected cash flows is determined using historical loss experience, adjusted for current and reasonable and supportable forecasts of economic conditions. For available-for-sale securities in a loss position, the Company evaluates whether the decline in fair value below amortized cost resulted from a credit loss or other factors. Losses attributed to credit are recognized through an ACL on available-for-sale securities, limited to the amount that the fair value of securities is less than the amortized cost basis. In assessing credit loss, the Company considers, among other things, (1) the extent to which fair value is less than the amortized cost basis, (2) adverse conditions specific to the security or industry, (3) historical payment patterns, (4) the likelihood of future payments, and (5) changes to the rating of a security by a rating agency. The Company has elected to exclude accrued interest receivable balances from the estimate of the ACL as these amounts are timely written off as a credit loss expense. Adjustments to the ACL on held-to-maturity and available-for-sale securities are recognized as a component of the provision for credit losses in the Consolidated Statements of Operations. Premiums and discounts are amortized or accreted over the expected lives of the respective securities as an adjustment to yield using the interest method. Dividend and interest income is recognized when earned. Realized gains and losses are included in earnings and are derived using the specific identification method for determining the cost of securities sold. |
Loans Receivable | The Company provides long-term financing of one-to-four-family residential real estate by originating fixed and variable rate loans. Long-term fixed and variable rate loans are usually sold into the secondary market with limited recourse. Upon receipt of an application for a real estate loan, the Company determines whether the loan will be sold into the secondary market or retained in the Company’s loan portfolio. The interest rates on the loans sold are locked with the buyer and the Company bears no interest rate risk related to these loans. Mortgage loans held-for-sale are carried at the lower of cost or fair value, which is determined on a specific identification method. The Company does not retain servicing on these loans. The Company also originates SBA7(a) loans that generally provides for a guarantee of 75% up to a maximum amount. The guaranteed portion of the loan can be sold in an active secondary market. For the year ended December 31, 2020, all SBA7(a) loans are considered held-for-investment; however, as the Company makes the determination to sell the loans, they will be moved into the held-for-sale category. Sales of SBA guaranteed loans are executed on a servicing retained basis, and the Company retains the rights and obligations to service the loans. At December 31, 2020, the Company was servicing $296 million in SBA loans and has recorded a related servicing asset of $5.7 million. The servicing asset is accounted for under the amortization method and is evaluated for impairment. Amortization of the servicing asset is recorded as a reduction to servicing income. Gains on the sale of loans held-for-sale are reported net of direct origination fees and costs in the Company’s Consolidated Statements of Operations. Loans Loans are reported at the principal balance outstanding, net of unearned fees, costs, and premiums or discounts on acquired loans. Loan origination fees, direct origination costs, and premiums or discounts resulting from acquired loans are deferred and recognized over the lives of the related loans as a yield adjustment using the interest method. Interest on loans is accrued to income based on the principal balance outstanding. The recognition of interest income is discontinued when a loan becomes 90 days past due or a significant deterioration in the borrower’s credit has occurred which, in management’s judgment, negatively impacts the collectibility of the loan. Unpaid interest on such loans is reversed at the time the loan becomes uncollectible and subsequent interest payments received are generally applied to principal if any doubt exists as to the collectibility of such principal. Loans that have not been restructured are returned to accrual status when management believes full collectibility of principal and interest is expected. Non-accrual loans that have been restructured will remain in a non-accrual status until the borrower has made at least six months of consecutive contractual payments. 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 $31.1 million at December 31, 2020 and was reported in Other Assets on the consolidated balance sheets. Acquired Loans Prior to the adoption of ASU 2016-13 on January 1, 2020, PCI loans were acquired in a business combination or transaction, had evidence of deterioration of credit quality since origination and for which it was probable, at acquisition, that the Company would be unable to collect all contractually required payments receivable. PCI loans were initially recorded at fair value (as determined by the present value of expected future cash flows) with no valuation allowance. The difference between the undiscounted cash flows expected at acquisition and the investment in the loans, or the “accretable yield,” was recognized as interest income on a level-yield method over the life of the loans. Contractually required payments for interest and principal that exceeded the undiscounted cash flows expected at acquisition, or the “nonaccretable difference,” were not recognized as a yield adjustment or as a loss accrual or a valuation allowance. The Company aggregated individual loans with common risk characteristics into pools of loans. Increases in expected cash flows subsequent to the initial investment were recognized prospectively through adjustment of the yield on the loans over their remaining lives. Decreases in expected cash flows due to an inability to collect contractual cash flows were recognized as impairment through the provision for loan losses account. Any allowance for loan loss on these pools reflected only losses incurred after the acquisition. Disposals of loans, including sales of loans, paydowns, payments in full or foreclosures resulted in the removal or reduction of the loan from the loan pool. Subsequent to the adoption of ASU 2016-16, acquired loans are separated into two categories based on the credit risk characteristics of the underlying borrowers as either purchased credit deteriorated (PCD), for loans which have experienced more than insignificant credit deterioration since origination, or loans with no credit deterioration (non-PCD). At the date of acquisition, an ACL on PCD loans is determined and added to the amortized cost basis of the individual loans. 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. The ACL on PCD loans is recorded in the acquisition accounting and no provision for credit losses is recognized at the acquisition date. Subsequent changes to the ACL are recorded through provision expense. For non-PCD loans, an ACL is established immediately after the acquisition through a charge to the provision for credit losses. The ACL for both PCD and non-PCD is determined by pooling loans with similar risk characteristics and using the approach discussed below under “Allowance for Credit Losses on Loans”. Impaired Loans Loans are considered “impaired” when it becomes probable that the Company will be unable to collect all amounts due according to the loan’s contractual terms. Non-accrual loans, loans past due greater than 90 days and still accruing, unless adequately secured and in the process of collection, and restructured loans qualify as “impaired loans.” Restructured loans involve the granting of a concession on the terms of a loan to a borrower experiencing financial difficulty. Concessions may be granted in various forms, including changes in payment schedule or interest rate. When measuring impairment, the expected future cash flows of an impaired loan are discounted at the loan’s effective interest rate at origination. Alternatively, impairment can be measured by reference to an observable market price, if one exists, or the fair value of the collateral for a collateral-dependent loan. Loans and leases, which are deemed uncollectible, are charged off to the allowance for credit losses, while recoveries of amounts previously charged off are credited to the allowance for credit losses. Loans are generally placed on non-accrual status when contractually past due 90 days or more as to interest or principal payments. Additionally, whenever management becomes aware of facts or circumstances that may adversely impact the collectability of principal or interest on loans, it is management’s practice to place such loans on non-accrual status immediately, rather than delaying such action until the loans become 90 days past due. Previously accrued and uncollected interest on such loans is reversed. Income is recorded only to the extent that a determination has been made that the principal balance of the loan is collectible and the interest payments are subsequently received in cash, or for a restructured loan, the borrower has made six consecutive contractual payments. If collectibility of the principal is in doubt, payments received are applied to loan principal. Loans past due 90 days or more but still accruing interest are also generally included in nonperforming loans. Loans past due 90 days or more but still accruing are classified as such where the underlying loans are both well secured (the collateral value covers principal and accrued interest) and in the process of collection. Allowance for Credit Losses on Loans The ACL on loans 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 ACL on loans 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 sponsor finance, 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. Loan Charge-Offs |
Other Real Estate | Other real estate represents property acquired through foreclosure or deeded to the Company in lieu of foreclosure on loans on which the borrowers have defaulted on the payment of principal or interest. Other real estate is recorded on an individual asset basis at the lower of cost or fair value less estimated costs to sell. The fair value of other real estate is based upon estimates of future cash flows, market value of similar assets, if available, or independent appraisals. These estimates involve significant uncertainties and judgments. As a result, fair value estimates may not be realizable in a current sale or settlement of the other real estate. Subsequent reductions in fair value are expensed within noninterest expense. Gains and losses resulting from the sale of other real estate are credited or charged to current period earnings. Costs of maintaining and operating other real estate are expensed as incurred, and expenditures to complete or improve other real estate properties are capitalized if the expenditures are expected to be recovered upon ultimate sale of the property. |
Fixed Assets | Buildings, leasehold improvements, furniture, fixtures, equipment, and capitalized software are stated at cost less accumulated depreciation. All categories are computed using the straight-line method over their respective estimated useful lives. Furniture, fixtures and equipment is depreciated over three to ten years, buildings and leasehold improvements over ten to forty years, and capitalized software over three years based upon estimated lives or lease obligation periods. |
State Tax Credits Held for Sale | The Company has purchased the rights to receive 10-year streams of state tax credits at agreed upon discount rates and sells such tax credits to its clients and others. State tax credits are accounted for at cost. |
Cash Surrender Value of Life Insurance | The Company has purchased bank-owned life insurance policies on certain bank officers. Bank-owned life insurance is recorded at its cash surrender value. Changes in the cash surrender values, including death benefits in excess of the carrying amount, are included in noninterest income. |
Federal Home Loan Bank Stock | The Bank, as a member of the FHLB, is required to maintain an investment in the capital stock of the FHLB. The stock is redeemable at par by the FHLB, and is, therefore, carried at cost and periodically evaluated for impairment. The Company records FHLB dividends in interest income. |
Goodwill and Other Intangible Assets | The Company tests goodwill for impairment on an annual basis and whenever events or changes in circumstances indicate that the Company may not be able to recover the respective asset’s carrying amount. The Company’s annual test for impairment was performed in the fourth quarter of December 31, 2020. Such tests involve the use of estimates and assumptions. Core deposit intangibles are amortized using an accelerated method over an estimated useful life of approximately 10 years. Potential impairments to goodwill must first be identified by performing a qualitative assessment which evaluates relevant events or circumstances to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If this test indicates it is more likely than not that goodwill has been impaired, then a quantitative impairment test is completed. The quantitative impairment test calculates the fair value of the reporting unit and compares it with its carrying amount, including goodwill. If the carrying amount of goodwill exceeds its implied fair market value, an impairment loss is recognized. That loss is equal to the carrying amount of goodwill that is in excess of its implied fair market value. |
Impairment of Long-Lived Assets | Long-lived assets, such as fixed assets and purchased intangibles subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of are separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. The assets and liabilities of a disposal group classified as held-for-sale are presented separately in the appropriate asset and liability sections of the balance sheet. |
Derivative Financial Instruments and Hedging Activities | The Company uses derivative financial instruments to assist in the management of interest rate sensitivity and to modify the repricing, maturity and option characteristics of certain assets and liabilities. In addition, the Company also offers an interest rate hedge program that includes interest rate swaps to assist its customers in managing their interest rate risk profile. In order to eliminate the interest rate risk associated with offering these products, the Company enters into derivative contracts with third parties to offset the customer contracts. Derivative instruments are required to be measured at fair value and recognized as either assets or liabilities in the consolidated financial statements. Fair value represents the payment the Company would receive or pay if the item were sold or bought in a current transaction. The accounting for changes in fair value (gains or losses) of a hedged item is dependent on whether the related derivative is designated and qualifies for “hedge accounting.” The Company assigns derivatives to one of these categories at the purchase date: cash flow hedge, fair value hedge, or non-designated derivatives. An assessment of the expected and ongoing hedge effectiveness of any derivative designated a fair value hedge or cash flow hedge is performed as required by the accounting standards. Derivatives are included in other assets and other liabilities in the consolidated balance sheets. The fair value amounts recognized for derivative instruments and the fair value amounts recognized for the right to reclaim or obligation to return cash collateral are not offset when represented under a master netting arrangement. Generally, the only derivative instruments used by the Company have been interest rate swaps, forward currency contracts, and interest rate caps. Certain derivative financial instruments are not designated as cash flow or as fair value hedges for accounting purposes. These non-designated derivatives are intended to provide interest rate protection on net interest income or noninterest income but do not meet hedge accounting treatment. Customer accommodation interest rate swap contracts are not designated as hedging instruments. Changes in the fair value of these instruments are recorded in interest income or noninterest income in the consolidated statements of income depending on the underlying hedged item. |
Income Taxes | The Company and its subsidiaries file a consolidated federal income tax return. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. We evaluate the need for deferred tax asset valuation allowances based on a more-likely-than-not standard. The ability to realize deferred tax assets depends on the ability to generate sufficient positive taxable income within the carryback or carryforward periods provided for in the laws for each applicable taxing jurisdiction. We consider the following possible sources of taxable income: future reversal patterns of existing taxable temporary differences, future taxable income exclusive of reversing temporary differences, taxable income in prior carryback years and the availability of qualified tax planning strategies. The assessment regarding whether a valuation allowance is required or should be adjusted depends on all available positive and negative factors including, but not limited to, nature, frequency, and severity of recent losses, duration of available carryforward periods, experience with tax attributes expiring unused and near and medium term financial outlook. Because of the complexity of tax laws and regulations, interpretation can be difficult and subject to legal judgment given specific facts and circumstances. It is possible that others, given the same information, may at any point in time reach different reasonable conclusions regarding the estimated amounts of accrued taxes. |
Stock-Based Compensation | Stock-based compensation is recognized as an expense for stock options, restricted stock awards, performance stock units, and restricted stock units granted to employees, directors, and advisors in return for service. Equity classified awards are measured at the grant date fair value using either an observable market value or a valuation methodology, and recognized over the requisite service period on a straight-line basis. Forfeitures are recorded as they occur. A description of the Company’s stock-based employee compensation plan is described in “Note 16 - Stockholders’ Equity and Compensation Plans.” |
Acquisitions and Divestitures | Acquisitions and business combinations are accounted for using the acquisition method of accounting. The assets and liabilities of the acquired entities have been recorded at their estimated fair values at the date of acquisition. Goodwill represents the excess of the purchase price over the fair value of net assets acquired, including the amount assigned to identifiable intangible assets. The purchase price allocation process requires an estimation of the fair values of the assets acquired and the liabilities assumed. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the Company includes an estimate of the acquisition-date fair value as part of the cost of the combination. To determine the fair values, the Company relies on third party valuations, such as appraisals, or internal valuations based on discounted cash flow analyses or other valuation techniques. The results of operations of the acquired business are included in the Company’s consolidated financial statements from the date of acquisition. Merger-related expenses include costs directly related to merger or acquisition activity and include legal and professional fees, system consolidation and conversion costs, and compensation costs such as severance and retention incentives for employees impacted by acquisition activity. The Company accounts for merger-related expenses in the periods in which the costs are incurred and the services are received. For divestitures, the Company measures an asset (disposal group) classified as held-for-sale at the lower of its carrying value at the date the asset is initially classified as held-for-sale or its fair value less costs to sell. The Company reports the results of operations of an entity or group of components that either has been disposed of or held-for-sale as discontinued operations only if the disposal of that component represents a strategic shift that has or will have a major effect on an entity’s operations and financial results. Any incremental direct costs incurred to transact the sale are allocated against the gain or loss on the sale. These costs would include items like legal fees, title transfer fees, broker fees, etc. Any goodwill and intangible assets associated with the portion of the reporting unit to be disposed of is included in the carrying amount of the business in determining the gain or loss on the sale. |
Basic and Diluted Earnings Per Common Share | Basic earnings per common share data is calculated by dividing net income available to common shareholders 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. |
Consolidated Statement of Comprehensive Income | The Consolidated Statement of Comprehensive Income includes the amount and the related tax impact that have been reclassified from accumulated other comprehensive income to net income. The classification adjustment for unrealized loss/gain on sale of securities included in net income has been recorded through the gain on sale of investment securities line item, within noninterest income, in the Company’s Consolidated Statements of Operations. |
Available-for-sale Securities | The unrealized losses at both December 31, 2020, and 2019, were primarily attributable to changes in market interest rates since the securities were purchased. At December 31, 2020, the Company had not recorded an ACL on available-for-sale securities. At December 31, 2019, the Company had not recognized an other-than-temporary impairment. Accrued interest receivable on held-to-maturity debt securities totaled $3.6 million at December 31, 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 December 31, 2020, the ACL on held-to-maturity securities was $0.4 million . |
Reclassification, Policy [Policy Text Block] | Certain amounts reported in prior periods have been reclassified to conform to the current presentation. The reclassifications had no effect on net income or shareholders’ equity. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
New Authoritative Accounting Guidance | The following table illustrates the impact of adoption: ($ 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 |
Acquisitions & Divestitures Acq
Acquisitions & Divestitures Acquisitions & Divestitures (Tables) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Business Combinations [Abstract] | ||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ($ in thousands) As Recorded by Seacoast Adjustments As Recorded by EFSC Assets acquired: Cash and cash equivalents $ 63,744 $ — $ 63,744 Loans 1,160,602 29,839 (a) 1,190,441 Other investments 12,100 — 12,100 Fixed assets 925 (275) (b) 650 Accrued interest receivable 4,511 — 4,511 Goodwill 35,395 (35,395) (c) — Intangible assets 1,513 1,168 (d) 2,681 Deferred tax assets 12,009 (8,687) (e) 3,322 Other assets 35,025 (437) (f) 34,588 Total assets acquired $ 1,325,824 $ (13,787) $ 1,312,037 Liabilities assumed: Deposits $ 1,081,034 $ (28) (f) $ 1,081,006 PPPLF advances 86,096 — 86,096 Accrued interest payable 185 — 185 Other liabilities 25,211 1,097 (f) 26,308 Total liabilities assumed $ 1,192,526 $ 1,069 $ 1,193,595 Net assets acquired $ 133,298 $ (14,856) $ 118,442 Consideration paid: Cash $ 1,630 Common stock 167,035 Total consideration paid $ 168,665 Goodwill $ 50,223 (a) Fair value adjustments based on the Company’s evaluation of the acquired loan portfolio, write-off of net deferred loan costs and elimination of the allowance for loan losses recorded by Seacoast. (b) Fair value adjustments based on the Company’s evaluation of the acquired premises and equipment. (c) Adjustment to eliminate goodwill. (d) Eliminate acquired intangibles and record the core deposit intangible asset on the acquired core deposit accounts. Amount to be amortized using a sum-of-years digits method over a useful life of 10 years. (e) Adjustment for deferred taxes. | The following table presents the assets acquired and liabilities assumed of Trinity as of March 8, 2019. ($ in thousands) As Recorded by Trinity Adjustments As Recorded by EFSC Assets acquired: Cash and cash equivalents $ 13,899 $ — $ 13,899 Interest-earning deposits greater than 90 days 100 — 100 Securities 428,715 (619) (a) 428,096 Loans 705,057 (20,743) (b) 684,314 Other real estate 5,284 (2,059) (c) 3,225 Other investments 6,673 — 6,673 Fixed assets 27,586 (300) (d) 27,286 Accrued interest receivable 3,997 — 3,997 Intangible assets — 23,066 (e) 23,066 Deferred tax assets 10,708 (2,386) (f) 8,322 Other assets 35,045 (1,484) (g) 33,561 Total assets acquired $ 1,237,064 $ (4,525) $ 1,232,539 Liabilities assumed: Deposits $ 1,081,151 $ 36 (g) $ 1,081,187 Subordinated debentures 26,806 (3,972) (g) 22,834 FHLB advances 6,800 171 (g) 6,971 Accrued interest payable 370 — 370 Other liabilities 5,842 (827) (g) 5,015 Total liabilities assumed $ 1,120,969 $ (4,592) $ 1,116,377 Net assets acquired $ 116,095 $ 67 $ 116,162 Consideration paid: Cash $ 37,275 Common stock 171,885 Total consideration paid $ 209,160 Goodwill $ 92,998 (a) Fair value adjustments of the securities portfolio. (b) Fair value adjustments based on the Company’s evaluation of the acquired loan portfolio, write-off of net deferred loan costs and elimination of the allowance for loan losses recorded by Trinity. (c) Fair value adjustment based on the Company’s evaluation of the acquired other real estate portfolio. (d) Fair value adjustments based on the Company’s evaluation of the acquired premises and equipment. (e) Record the core deposit intangible asset on the acquired core deposit accounts. Amount to be amortized using a sum-of-years digits method over a useful life of 10 years. (f) Adjustment for deferred taxes. (g) Other miscellaneous fair value adjustments. |
Business Acquisition, Pro Forma Information [Table Text Block] | The following table provides the unaudited pro forma information for the results of operations for the twelve months ended December 31, 2020 and 2019, as if the acquisition had occurred on January 1, 2019. The pro forma results combine the historical results of Seacoast with the Company’s Consolidated Statements of Income, adjusted for the impact of the application of the acquisition method of accounting including amortization and accretion of fair value adjustments. The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results that would have been obtained had the acquisition actually occurred on January 1, 2019. No assumptions have been applied to the pro forma results of operations regarding possible revenue enhancements, expense efficiencies or asset dispositions. Only the acquisition-related expenses that have been incurred as of December 31, 2020 are included in net income in the table below. Pro Forma Twelve months ended December 31, ($ in thousands, except per share data) 2020 2019 Total revenue (net interest income plus noninterest income) $ 381,914 $ 355,500 Net income 93,918 86,888 Diluted earnings per common share 3.00 2.79 | The following table provides the unaudited pro forma information for the results of operations for the twelve months ended December 31, 2019 and 2018, as if the acquisition had occurred on January 1, 2018. The pro forma results combine the historical results of Trinity with the Company’s Consolidated Statements of Income, adjusted for the impact of the application of the acquisition method of accounting including loan discount accretion, intangible assets amortization, and deposit and trust preferred securities premium accretion, net of taxes. The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results that would have been obtained had the acquisition actually occurred on January 1, 2018. No assumptions have been applied to the pro forma results of operations regarding possible revenue enhancements, expense efficiencies or asset dispositions. Only the acquisition-related expenses that have been incurred as of December 31, 2019 are included in net income in the table below. Pro Forma Twelve months ended December 31, ($ in thousands, except per share data) 2019 2018 Total revenue (net interest income plus noninterest income) $ 296,677 $ 286,076 Net income 107,626 85,579 Diluted earnings per common share 4.11 3.14 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Summary of Per Common Share Data and Amounts | The following table presents a summary of earnings per common share data and amounts for the periods indicated. Year ended December 31, ($ in thousands, except per share data) 2020 2019 2018 Net income $ 74,384 $ 92,739 $ 89,217 Weighted average common shares outstanding 26,954 26,045 23,100 Additional dilutive common stock equivalents 35 114 189 Weighted average diluted common shares outstanding 26,989 26,159 23,289 Basic earnings per common share: $ 2.76 $ 3.56 $ 3.86 Diluted earnings per common share: $ 2.76 $ 3.55 $ 3.83 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation | The following table presents the amortized cost, gross unrealized gains and losses and fair value of securities available-for-sale and held-to-maturity: December 31, 2020 ($ in thousands) Amortized Cost Gross Gross Fair Value Available-for-sale securities: Obligations of U.S. Government-sponsored enterprises $ 14,978 $ 186 $ (3) $ 15,161 Obligations of states and political subdivisions 335,271 8,994 (33) 344,232 Agency mortgage-backed securities 506,703 20,190 (321) 526,572 Corporate debt securities 14,750 248 — 14,998 U.S. Treasury Bills 10,980 486 — 11,466 Total securities available-for-sale $ 882,682 $ 30,104 $ (357) $ 912,429 Held-to-maturity securities: Obligations of states and political subdivisions $ 248,324 $ 2,814 $ — $ 251,138 Agency mortgage-backed securities 112,742 2,295 (496) 114,541 Corporate debt securities 126,993 8,851 — 135,844 Total securities held-to-maturity $ 488,059 $ 13,960 $ (496) $ 501,523 Less: Allowance for credit losses 449 Total securities held-to-maturity, net $487,610 December 31, 2019 ($ 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 2020 and 2019, the Company transferred securities with a book value of $331.0 million and $116.3 million and fair value of $352.6 million and $123.2 million, respectively, 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 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. Accordingly, the balance of held-to-maturity securities in the “Amortized cost” column in the table above includes a net unamortized unrealized gain of $25.6 million and $6.6 million at December 31, 2020 and 2019, respectively. Such amounts are amortized over the remaining life of the securities. At December 31, 2020, and 2019, there were no holdings of securities of any one issuer in an amount greater than 10% of shareholders’ equity, other than the U.S. Government agencies and sponsored enterprises. The agency mortgage-backed securities are all issued by U.S. Government-sponsored enterprises. Securities having a fair value of $525.8 million and $484.8 million at December 31, 2020, and December 31, 2019, respectively, were pledged as collateral to secure deposits of public institutions and for other purposes as required by law or contract provisions. |
Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation | The following table presents the amortized cost, gross unrealized gains and losses and fair value of securities available-for-sale and held-to-maturity: December 31, 2020 ($ in thousands) Amortized Cost Gross Gross Fair Value Available-for-sale securities: Obligations of U.S. Government-sponsored enterprises $ 14,978 $ 186 $ (3) $ 15,161 Obligations of states and political subdivisions 335,271 8,994 (33) 344,232 Agency mortgage-backed securities 506,703 20,190 (321) 526,572 Corporate debt securities 14,750 248 — 14,998 U.S. Treasury Bills 10,980 486 — 11,466 Total securities available-for-sale $ 882,682 $ 30,104 $ (357) $ 912,429 Held-to-maturity securities: Obligations of states and political subdivisions $ 248,324 $ 2,814 $ — $ 251,138 Agency mortgage-backed securities 112,742 2,295 (496) 114,541 Corporate debt securities 126,993 8,851 — 135,844 Total securities held-to-maturity $ 488,059 $ 13,960 $ (496) $ 501,523 Less: Allowance for credit losses 449 Total securities held-to-maturity, net $487,610 December 31, 2019 ($ 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 2020 and 2019, the Company transferred securities with a book value of $331.0 million and $116.3 million and fair value of $352.6 million and $123.2 million, respectively, 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 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. Accordingly, the balance of held-to-maturity securities in the “Amortized cost” column in the table above includes a net unamortized unrealized gain of $25.6 million and $6.6 million at December 31, 2020 and 2019, respectively. Such amounts are amortized over the remaining life of the securities. At December 31, 2020, and 2019, there were no holdings of securities of any one issuer in an amount greater than 10% of shareholders’ equity, other than the U.S. Government agencies and sponsored enterprises. The agency mortgage-backed securities are all issued by U.S. Government-sponsored enterprises. Securities having a fair value of $525.8 million and $484.8 million at December 31, 2020, and December 31, 2019, respectively, were pledged as collateral to secure deposits of public institutions and for other purposes as required by law or contract provisions. |
Investments Classified by Contractual Maturity Date | The amortized cost and estimated fair value of debt securities at December 31, 2020, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The weighted average life of the agency mortgage-backed securities is approximately 3 years. Available-for-sale Held-to-maturity ($ in thousands) Amortized Cost Estimated Amortized Cost Estimated Due in one year or less $ 12,048 $ 12,240 $ — $ — Due after one year through five years 21,977 22,629 11,589 12,040 Due after five years through ten years 19,711 20,105 132,613 141,252 Due after ten years 322,243 330,883 231,115 233,690 Agency mortgage-backed securities 506,703 526,572 112,742 114,541 $ 882,682 $ 912,429 $ 488,059 $ 501,523 |
Schedule of Unrealized Loss on Investments | There were 30 available-for-sale securities and 73 available-for-sale and held-to-maturity securities in an unrealized loss position as of December 31, 2020 and December 31, 2019, respectively, included in the following tables: December 31, 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 U.S. Government-sponsored enterprises $ 4,997 $ 3 $ — $ — $ 4,997 $ 3 Obligations of states and political subdivisions 4,079 33 — — 4,079 33 Agency mortgage-backed securities 65,986 321 — — 65,986 321 $ 75,062 $ 357 $ — $ — $ 75,062 $ 357 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 |
Schedule of Realized Gain (Loss) | The gross gains and losses realized from sales of available-for-sale investment securities were as follows: December 31, ($ in thousands) 2020 2019 2018 Gross gains realized $ 421 $ 400 $ 9 Gross losses realized — (449) — Proceeds from sales 20,221 357,976 1,451 |
Portfolio Loans (Tables)
Portfolio Loans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Non-covered Loans [Line Items] | |
Summary of Loans to Executive Officers and Directors | Following is a summary of activity for the years ended December 31, 2020 and 2019 of loans to executive officers and directors, or to entities in which such individuals had beneficial interests as a shareholder, officer, or director. Such loans were made in the normal course of business on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other customers and did not involve more than the normal risk of collectibility. ($ in thousands) December 31, 2020 December 31, 2019 Balance at beginning of year $ 5,475 $ 17,169 New loans and advances 2,013 1,376 Payments and other reductions (1,771) (13,070) Balance at end of year $ 5,717 $ 5,475 Following is a summary of activity for the year ended December 31, 2020, for deposit accounts of executive officers and directors, or to entities in which such individuals had beneficial interests as a shareholder, officer, or director. ($ in thousands) December 31, 2020 Balance at beginning of year $ 9,763 Deposits 2,441 Withdrawals (4,961) Balance at end of year $ 7,243 |
Schedule of Collateral Dependent Loans | The following table presents the amortized cost basis of collateral-dependent nonperforming loans by class of loan at December 31, 2020: Type of Collateral (in thousands) Commercial Real Estate Residential Real Estate Blanket Lien Other Commercial and industrial $ 8,316 $ — $ 394 $ — Real estate: Commercial - investor owned 9,579 — — — Commercial - owner occupied 2,940 — — — Residential — 4,135 — — Other — — — 17 Total $ 20,835 $ 4,135 $ 394 $ 17 |
Acquired PCD Loans | The Company has purchased loans, for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination. The carrying amount of those loans is as follows: ($ in thousands) At November 12, 2020 Par value of acquired loans $ 137,693 Allowance for credit losses (3,524) Non-credit premium 928 Purchase price of acquired loans $ 135,097 |
Non-Covered Loans | |
Non-covered Loans [Line Items] | |
Summary of Portfolio Loans by Category | Below is a summary of loans by category at December 31, 2020 and 2019: ($ in thousands) December 31, 2020 December 31, 2019* Commercial and industrial $ 3,100,299 $ 2,361,157 Real estate loans: Commercial - investor owned 1,589,419 1,299,884 Commercial - owner occupied 1,498,408 697,437 Construction and land development 546,686 457,273 Residential 319,179 366,261 Total real estate loans 3,953,692 2,820,855 Other 187,083 134,941 Loans, before unearned loan fees 7,241,074 5,316,953 Unearned loan fees, net (16,139) (2,616) Loans, including unearned loan fees $ 7,224,935 $ 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, by loan category, in the allowance for loan losses for 2018 and 2019, excluding the allowance on PCI loans, and the ACL on loans for 2020 is as follows: ($ in thousands) Commercial and industrial CRE - investor owned CRE - owner occupied Construction and land development Residential real estate Other Total Balance at December 31, 2018 Allowance for loan losses: Balance, beginning of year $ 26,406 $ 3,890 $ 3,308 $ 1,487 $ 2,237 $ 838 $ 38,166 Provision for loan losses 8,394 709 1,216 97 (583) (20) 9,813 Charge-offs (6,894) — (313) (56) (546) (167) (7,976) Recoveries 1,133 84 28 459 508 80 2,292 Balance, end of year $ 29,039 $ 4,683 $ 4,239 $ 1,987 $ 1,616 $ 731 $ 42,295 Balance at December 31, 2019 Allowance for loan losses: Balance, beginning of year $ 29,039 $ 4,683 $ 4,239 $ 1,987 $ 1,616 $ 731 $ 42,295 Provision for loan losses 4,801 1,708 673 (237) (330) 67 6,682 Charge-offs (6,882) (551) (58) (54) (667) (382) (8,594) Recoveries 338 95 19 776 661 295 2,184 Balance, end of year $ 27,296 $ 5,935 $ 4,873 $ 2,472 $ 1,280 $ 711 $ 42,567 Balance at December 31, 2020 Allowance for credit losses: Balance at December 31, 2019 $ 27,296 $ 5,935 $ 4,873 $ 2,472 $ 1,280 $ 711 $ 42,567 PCI allowance at December 31, 2019 159 — — 139 — 423 721 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, beginning of year $ 33,949 $ 16,656 $ 7,414 $ 7,577 $ 3,349 $ 1,050 $ 69,995 Provision for loan losses 28,373 11,037 7,845 13,438 674 2,012 63,379 Initial allowance on acquired PCD loans 23 2,026 1,427 45 3 — 3,524 Charge-offs (5,381) (498) (30) (31) (408) (391) (6,739) Recoveries 1,848 2,841 356 384 967 116 6,512 Balance, end of year $ 58,812 $ 32,062 $ 17,012 $ 21,413 $ 4,585 $ 2,787 $ 136,671 |
Summary of Portfolio Loans Individually Evaluated for Impairment and Recorded Investment in Impaired Non-Covered Loans by Category | |
Schedule of Recorded Investment in Impaired Portfolio Loans by Category | The recorded investment in nonperforming loans by category at December 31, 2020 and 2019 is as follows: December 31, 2020 ($ in thousands) Non-accrual Restructured, accruing Loans over 90 days past due and still accruing interest Total nonperforming loans Nonaccrual loans with no allowance Commercial and industrial $ 18,158 $ 3,482 $ 130 $ 21,770 $ 8,316 Real estate: Commercial - investor owned 9,579 — — 9,579 716 Commercial - owner occupied 2,940 — — 2,940 6,024 Residential 4,112 77 — 4,189 Other 29 — — 29 3,190 Total $ 34,818 $ 3,559 $ 130 $ 38,507 $ 18,246 December 31, 2019 ($ in thousands) Non-accrual Restructured, accruing Loans over 90 days past due and still accruing interest Total nonperforming loans Nonaccrual loans with no allowance Commercial and industrial $ 22,328 $ — $ 250 $ 22,578 $ 7,654 Real estate: Commercial - investor owned 2,303 — — 2,303 811 Commercial - owner occupied 213 — — 213 213 Residential 1,251 79 — 1,330 1,120 Other 1 — — 1 — Total $ 26,096 $ 79 $ 250 $ 26,425 $ 9,798 |
Summary of Recorded Investment by for Portfolio Loans Restructured | The recorded investment by category for loans restructured during the years ended December 31, 2020 and 2019 is as follows: Year ended December 31, 2020 Year ended December 31, 2019 ($ in thousands, except for number of loans) Number of Loans Pre-Modification Outstanding Post-Modification Outstanding Number of Loans Pre-Modification Outstanding Post-Modification Outstanding 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 | Restructured loans primarily resulted from interest rate concessions. As of December 31, 2020, the Company allocated an immaterial amount in specific reserves to loans that have been restructured. Loans restructured that subsequently defaulted during the year ended December 31, 2019 are as follows: Year ended December 31, 2019 ($ in thousands, except for number of loans) Number of Loans Recorded Balance Commercial and industrial 2 $ 352 Total 2 $ 352 |
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 and category at December 31, 2020 and 2019 is shown below: December 31, 2020 ($ in thousands) 30-89 Days 90 or More Total Current Total Commercial and industrial $ 8,652 $ 12,928 $ 21,580 $ 3,067,415 $ 3,088,995 Real estate: Commercial - investor owned 734 9,301 10,035 1,579,384 1,589,419 Commercial - owner occupied 328 4,647 4,975 1,493,433 1,498,408 Construction and land development 13 — 13 546,673 546,686 Residential 2,071 2,118 4,189 314,990 319,179 Other 1,731 50 1,781 180,467 182,248 Total $ 13,529 $ 29,044 $ 42,573 $ 7,182,362 $ 7,224,935 December 31, 2019 ($ in thousands) 30-89 Days 90 or More Total Current Total Commercial and industrial $ 5,679 $ 8,212 $ 13,891 $ 2,331,932 $ 2,345,823 Real estate: Commercial - investor owned 321 1,492 1,813 1,261,168 1,262,981 Commercial - owner occupied 562 213 775 677,747 678,522 Construction and land development 308 — 308 449,072 449,380 Residential 4,689 595 5,284 349,908 355,192 Other 81 — 81 132,069 132,150 Total $ 11,640 $ 10,512 $ 22,152 $ 5,201,896 $ 5,224,048 |
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 December 31, 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) $ 1,402,276 $ 454,729 $ 262,258 $ 132,832 $ 25,057 $ 58,315 $ 14,118 $ 527,170 $ 2,876,755 Watch (7) 44,922 15,369 9,585 7,509 19,613 110 — 60,448 157,556 Classified (8-9) 6,602 9,219 3,115 3,964 4,490 1,080 1,281 22,432 52,183 Total Commercial and industrial $ 1,453,800 $ 479,317 $ 274,958 $ 144,305 $ 49,160 $ 59,505 $ 15,399 $ 610,050 $ 3,086,494 Commercial real estate-investor owned Pass (1-6) $ 481,867 $ 338,843 $ 189,305 $ 131,718 $ 138,288 $ 161,439 $ 6,509 $ 32,058 $ 1,480,027 Watch (7) 32,308 19,722 6,656 — 9,647 17,370 — — 85,703 Classified (8-9) — 5,278 8,716 5,830 1,245 2,620 — — 23,689 Total Commercial real estate-investor owned $ 514,175 $ 363,843 $ 204,677 $ 137,548 $ 149,180 $ 181,429 $ 6,509 $ 32,058 $ 1,589,419 Commercial real estate-owner occupied Pass (1-6) $ 419,142 $ 287,001 $ 215,181 $ 179,382 $ 104,470 $ 167,456 $ 2,672 $ 45,323 $ 1,420,627 Watch (7) 13,657 5,257 3,113 6,198 4,338 8,460 1,776 941 43,740 Classified (8-9) 2,420 7,427 5,822 6,140 1,309 10,860 — 63 34,041 Total Commercial real estate-owner occupied $ 435,219 $ 299,685 $ 224,116 $ 191,720 $ 110,117 $ 186,776 $ 4,448 $ 46,327 $ 1,498,408 Construction real estate Pass (1-6) $ 223,069 $ 156,360 $ 45,460 $ 18,579 $ 11,539 $ 9,144 $ — $ 28,880 $ 493,031 Watch (7) 2,544 86 34,179 11,632 — 2,499 — — 50,940 Classified (8-9) 56 2,124 503 1 — 31 — — 2,715 Total Construction real estate $ 225,669 $ 158,570 $ 80,142 $ 30,212 $ 11,539 $ 11,674 $ — $ 28,880 $ 546,686 Residential real estate Pass (1-6) $ 57,059 $ 27,907 $ 17,718 $ 17,138 $ 27,443 $ 92,657 $ 1,172 $ 66,902 $ 307,996 Watch (7) 210 840 526 — 514 1,603 287 511 4,491 Classified (8-9) 571 733 121 14 898 3,181 — 253 5,771 Total residential real estate $ 57,840 $ 29,480 $ 18,365 $ 17,152 $ 28,855 $ 97,441 $ 1,459 $ 67,666 $ 318,258 Other Pass (1-6) $ 43,526 $ 28,195 $ 30,074 $ 9,646 $ 5,641 $ 17,027 $ — $ 40,779 $ 174,888 Watch (7) — 1 8 — — 2,637 — 1 2,647 Classified (8-9) — 18 19 13 — 17 8 4 79 Total Other $ 43,526 $ 28,214 $ 30,101 $ 9,659 $ 5,641 $ 19,681 $ 8 $ 40,784 $ 177,614 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: December 31, 2020 (in thousands) Performing Non Performing Total Commercial and industrial $ 2,502 $ — $ 2,502 Real estate: Residential 921 — 921 Other 4,612 21 4,633 Total $ 8,035 $ 21 $ 8,056 The recorded investment by risk category of the loans by class and category at December 31, 2019 is 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 previously accounted for as PCI |
Purchased Credit Impaired ("P_2
Purchased Credit Impaired ("PCI") Loans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Covered Loans [Line Items] | |
Rollforward of PCI Loans, Net of Allowance for Loan Losses | |
Covered Loans | |
Covered Loans [Line Items] | |
Summary of PCI Loans by Category | |
Summary of Aging of Recorded Investment in Past Due PCI Loans by Portfolio Class and Category |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative [Line Items] | |
Schedule of Derivative Instruments | Select terms of the hedges are as follows: $ in thousands Notional Fixed Rate Maturity Date $ 15,465 2.60 % March 15, 2024 $ 14,433 2.60 % March 30, 2024 $ 18,558 2.64 % March 15, 2026 $ 13,506 2.64 % March 17, 2026 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Balance Sheet as of December 31, 2020 and December 31, 2019. Notional Amount Derivative Assets Derivative Liabilities ($ in thousands) December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Derivatives Designated as Hedging Instruments Interest rate swap $ 61,962 $ 61,962 $ — $ — $ 5,987 $ 2,872 Derivatives not Designated as Hedging Instruments Interest rate swap $ 1,026,016 $ 749,819 $ 28,703 $ 11,055 $ 28,980 $ 11,875 The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s financial instruments that are subject to offsetting as of December 31, 2020 and December 31, 2019. The gross amounts of assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that financial assets and liabilities are presented on the Balance Sheet. As of December 31, 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 $ 28,703 $ — $ 28,703 $ 2 $ — $ 28,701 Liabilities: Interest rate swap $ 34,967 $ — $ 34,967 $ 2 $ 34,903 $ 62 Securities sold under agreements to repurchase 271,081 — 271,081 — 271,081 — 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 — |
Fixed Assets (Tables)
Fixed Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Summary of Fixed Assets | A summary of fixed assets at December 31, 2020 and 2019, is as follows: December 31, ($ in thousands) 2020 2019 Land $ 13,389 $ 14,079 Buildings and leasehold improvements 53,007 54,838 Furniture, fixtures and equipment 16,560 15,178 Capitalized software 1,373 1,373 84,329 85,468 Less accumulated depreciation and amortization 31,160 25,455 Total fixed assets $ 53,169 $ 60,013 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | The table below presents a summary of intangible assets: ($ in thousands) Years ended December 31, 2020 2019 Core deposit intangible, net, beginning of year $ 26,076 $ 8,553 Additions from acquisition 2,681 23,066 Amortization (5,673) (5,543) Core deposit intangible, net, end of year $ 23,084 $ 26,076 |
Expected Amortization Schedule for the Core Deposit Intangible | The following table reflects the amortization schedule for the core deposit intangible at December 31, 2020. Year Core Deposit Intangible ($ in thousands) 2021 $ 5,295 2022 4,517 2023 3,840 2024 3,162 2025 2,485 After 2025 3,785 $ 23,084 |
Schedule of Goodwill | The table below presents a summary of goodwill: ($ in thousands) Years ended December 31, 2020 2019 Goodwill, beginning of year $ 210,344 $ 117,345 Additions from acquisition 50,223 92,999 Goodwill, end of year $ 260,567 $ 210,344 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Maturities of Time Deposits [Abstract] | |
Schedule of Related Party Deposits [Table Text Block] | Following is a summary of activity for the years ended December 31, 2020 and 2019 of loans to executive officers and directors, or to entities in which such individuals had beneficial interests as a shareholder, officer, or director. Such loans were made in the normal course of business on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other customers and did not involve more than the normal risk of collectibility. ($ in thousands) December 31, 2020 December 31, 2019 Balance at beginning of year $ 5,475 $ 17,169 New loans and advances 2,013 1,376 Payments and other reductions (1,771) (13,070) Balance at end of year $ 5,717 $ 5,475 Following is a summary of activity for the year ended December 31, 2020, for deposit accounts of executive officers and directors, or to entities in which such individuals had beneficial interests as a shareholder, officer, or director. ($ in thousands) December 31, 2020 Balance at beginning of year $ 9,763 Deposits 2,441 Withdrawals (4,961) Balance at end of year $ 7,243 |
Summary of Certificates of Deposit Maturities | Following is a summary of certificates of deposit maturities at December 31, 2020: ($ in thousands) Brokered Customer Total Less than 1 year $ — $ 384,529 $ 384,529 Greater than 1 year and less than 2 years — 75,484 75,484 Greater than 2 years and less than 3 years 25,069 12,663 37,732 Greater than 3 years and less than 4 years 25,140 17,587 42,727 Greater than 4 years and less than 5 years — 4,043 4,043 Greater than 5 years — 5,580 5,580 $ 50,209 $ 499,886 $ 550,095 |
Subordinated Debentures (Tables
Subordinated Debentures (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Subordinated Borrowings [Abstract] | |
Schedule of Subordinated Debentures | The amounts and terms of each issuance of the Company’s subordinated debentures at December 31, 2020 and 2019 were as follows: Amount Maturity Date Initial Call Date (1) Interest Rate ($ in thousands) 2020 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) 7,752 7,886 February 22, 2031 February 22, 2011 Fixed 10.20% JEFFCO Stat Trust II (2) 4,443 4,388 March 17, 2034 March 17, 2009 Floats 3MO LIBOR + 2.75% Trinity Capital Trust III (2) 5,272 5,206 September 8, 2034 September 8, 2009 Floats 3MO LIBOR + 2.70% Trinity Capital Trust IV 10,310 10,302 November 23, 2035 August 23, 2010 Fixed 6.88% Trinity Capital Trust V (2) 7,706 7,543 December 15, 2036 September 15, 2011 Floats 3MO LIBOR + 1.65% Total junior subordinated debentures 92,290 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 (1,903) (874) Total fixed-to-floating rate subordinated notes 111,347 49,126 Total subordinated debentures and notes $ 203,637 $ 141,258 (1) Callable each quarter after initial call date. (2) Purchase accounting adjustments are reflected in the balance and also impact the effective interest rate. |
Federal Home Loan Bank Advanc_2
Federal Home Loan Bank Advances (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Federal Home Loan Bank, Advances [Table Text Block] | The following table summarizes the type, maturity, and rate of the Company’s FHLB advances at December 31: 2020 2019 ($ in thousands) Term Outstanding Balance Weighted Rate Outstanding Balance Weighted Rate Non-amortizing fixed advance Less than 1 year $ — — % $ 170,000 1.73 % Non-amortizing fixed advance Greater than 1 year 50,000 1.56 % 52,406 1.62 % Total FHLB advances $ 50,000 1.56 % $ 222,406 1.70 % |
Other Borrowings and Notes Pa_2
Other Borrowings and Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Instrument [Line Items] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Term Loan In February 2019, the Company entered into a five year, $40.0 million unsecured term loan agreement (the “Term Loan”) with another bank with the proceeds primarily used to fund the company’s cash portion of the acquisition of Trinity. The interest rate is the one-month LIBOR plus 125 basis points. A summary of the Term Loan is as follows: December 31, ($ in thousands) 2020 2019 Term Loan $ 30,000 $ 34,286 Average balance during the year 32,123 30,810 Maximum balance outstanding at any month-end 34,286 40,000 Weighted average interest rate during the year 1.96 % 3.55 % Average interest rate at December 31 1.44 % 3.00 % |
Schedule of Line of Credit Facilities [Table Text Block] | Revolving Credit Line In February 2016, the Company entered into a senior unsecured revolving credit agreement (the “Revolving Agreement”) with another bank. The Revolving Agreement has a one-year term, maturing on February 22, 2021. It is in process of renewal and allows for borrowings up to $25 million. The interest rate is the one-month LIBOR plus 125 basis points. The proceeds can be used for general corporate purposes. The Revolving Agreement is subject to ongoing compliance with a number of customary affirmative and negative covenants as well as specified financial covenants. A summary of the amounts drawn on the Revolving Agreement is as follows: December 31, ($ in thousands) 2019 Outstanding balance $ — Average balance during the year 323 Maximum balance outstanding at any month-end 2,000 Weighted average interest rate during the year 4.61 % Average interest rate at December 31 — |
Other Borrowings | |
Debt Instrument [Line Items] | |
Summary of Other Borrowings | A summary of securities sold under agreements to repurchase is as follows: December 31, ($ in thousands) 2020 2019 Securities sold under agreement to repurchase $ 271,081 $ 230,886 Average balance during the year 206,338 169,179 Maximum balance outstanding at any month-end 271,081 230,886 Average interest rate during the year 0.23 % 0.69 % Average interest rate at December 31 0.07 % 0.91 % |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Regulated Operations [Abstract] | |
Schedule of Actual Capital Amounts and Ratios | The capital ratios are presented in the table below: December 31, 2020 December 31, 2019 EFSC Bank EFSC Bank To Be Well-Capitalized Minimum Ratio Common Equity Tier 1 Capital to Risk Weighted Assets 10.9 % 12.5 % 9.9 % 11.7 % 6.5 % 7.0 % Tier 1 Capital to Risk Weighted Assets 12.1 % 12.5 % 11.4 % 11.7 % 8.0 % 8.5 % Total Capital to Risk Weighted Assets 14.9 % 13.7 % 12.9 % 12.4 % 10.0 % 10.5 % Leverage Ratio (Tier 1 Capital to Average Assets) 10.0 % 10.3 % 10.1 % 10.3 % 5.0 % 4.0 % |
Compensation Plans (Tables)
Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | The following table summarizes share-based compensation expense: ($ in thousands) 2020 2019 2018 Performance stock units $ 1,097 $ 1,699 $ 2,067 Restricted stock units 2,613 1,969 1,211 Employee stock purchase plan 468 364 174 Total share-based compensation expense $ 4,178 $ 4,032 $ 3,452 |
Outstanding Long Term Incentive Awards [Table Text Block] | Information related to the outstanding grants at December 31, 2020 is shown below: ($ in thousands) 2019 - 2021 Cycle 2020 - 2022 Cycle Shares issuable at target 20,860 26,002 Maximum shares issuable 41,720 52,004 Unrecognized compensation cost $ 366 $ 704 Weighted average grant date fair value 47.46 38.09 |
Schedule of Various Information | At December 31, 2020 and 2019, the Company has reserved the following shares of its authorized but unissued common stock for possible future issuance in connection with the following: December 31, 2020 December 31, 2019 Outstanding performance units (maximum issuance) 125,176 73,172 Outstanding RSU’s 157,428 117,369 Outstanding options and appreciation rights — 28,300 2018 Stock Incentive Plan 339,691 521,573 Non-Management Director Plan 86,616 96,031 2018 Employee Stock Purchase Plan 635,890 694,085 Total 1,344,801 1,530,530 |
Summary of Employee Stock Option and SSARs Activity | Following is a summary of the SSAR activity for 2020. ($ in thousands, except per share data) Shares Weighted Outstanding at December 31, 2019 28,300 $ 10.14 Exercised (28,300) 10.14 Outstanding at December 31, 2020 — N/A |
Summary of Restricted Stock Units Activity | A summary of the status of the Company’s RSU awards as of December 31, 2020 and changes during the year then ended is presented below Shares Weighted Average Outstanding at December 31, 2019 117,369 $ 45.86 Granted 88,759 39.63 Vested (44,351) 45.68 Forfeited (4,349) 44.24 Outstanding at December 31, 2020 157,428 $ 42.44 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table presents the changes in accumulated other comprehensive income (loss) after-tax by component: ($ 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, December 31, 2017 $ (3,622) $ (196) $ — $ (3,818) Net change (4,633) 3 — (4,630) Adjustment for change in accounting policies (792) (42) — (834) Balance, December 31, 2018 (9,047) (235) — (9,282) Net change 29,226 (33) (2,162) 27,031 Transfer from available-for-sale to held-to-maturity (5,202) 5,202 — — Balance, December 31, 2019 14,977 4,934 (2,162) 17,749 Net change 23,627 (1,910) (2,346) 19,371 Transfer from available-for-sale to held-to-maturity (16,284) 16,284 — — Balance, December 31, 2020 $ 22,320 $ 19,308 $ (4,508) $ 37,120 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | The following table presents the pre-tax and after-tax changes in the components of other comprehensive income: 2020 2019 2018 ($ in thousands) Pre-tax Tax effect After-tax Pre-tax Tax effect After-tax Pre-tax Tax effect After-tax Change in unrealized gain (loss) on available-for-sale debt securities $ 31,798 $ 7,854 $ 23,944 $ 38,764 $ 9,575 $ 29,189 $ (6,143) $ (1,517) $ (4,626) Reclassification adjustment for realized (gain) loss on sale of available-for-sale debt securities(a) (421) (104) (317) 49 12 37 (9) (2) (7) Reclassification of (gain) loss on held-to-maturity securities(b) (2,537) (627) (1,910) (44) (11) (33) 4 1 3 Change in unrealized loss on cash flow hedges arising during the period(b) (7,898) (1,951) (5,947) (3,004) (742) (2,262) — — — Reclassification of loss on cash flow hedges(b) 4,782 1,181 3,601 133 33 100 — — — Total other comprehensive income (loss) $ 25,724 $ 6,353 $ 19,371 $ 35,898 $ 8,867 $ 27,031 $ (6,148) $ (1,518) $ (4,630) (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, except for a $3.2 million termination fee in 2020 recognized in noninterest expense. |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | |
Stock Options and SSARs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Various Information | Various information related to the stock options and SSARs is shown below. ($ in thousands) 2020 2019 2018 Intrinsic value of option/SSAR exercises on date of exercise $ 597 $ 407 $ 2,469 |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Various Information | Various information related to the RSUs is shown below. ($ in thousands) 2020 2019 2018 Total fair value at vesting date $ 1,702 $ 1,067 $ 1,544 Total unrecognized compensation cost for nonvested stock units 3,899 3,417 2,175 Expected years to recognize unearned compensation 1.9 years 1.9 years 2.0 years |
Stock Plan for Non-Management Directors | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Various Information | Various information related to the Director Plan is shown below. 2020 2019 2018 Shares granted 15,901 11,382 11,750 Weighted average fair value $ 30.28 $ 41.63 $ 50.74 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense for the years ended December 31, are as follows: Year ended December 31, ($ in thousands) 2020 2019 2018 Current: Federal $ 25,132 $ 15,470 $ 9,621 State and local 5,009 2,027 2,432 Total current 30,141 17,497 12,053 Deferred: Federal (10,651) 4,262 2,812 State and local (1,927) 1,538 495 Total deferred (12,578) 5,800 3,307 Total income tax expense $ 17,563 $ 23,297 $ 15,360 |
Schedule of Income Tax Rate Reconciliation | A reconciliation of expected income tax expense, computed by applying the statutory federal income tax rate in 2020, 2019, and 2018 to income before income taxes and the amounts reflected in the consolidated statements of operations is as follows: Year ended December 31, ($ in thousands) 2020 2019 2018 Income tax expense at statutory rate $ 19,309 $ 24,368 $ 21,961 Increase (reduction) in income tax resulting from: Tax-exempt interest income, net (2,010) (962) (506) State and local income taxes, net 3,254 2,816 2,423 Bank-owned life insurance, net (778) (628) (452) Non-deductible expenses 637 749 294 Tax benefit (expense) of LIHTC investments, net (444) (278) (50) Excess tax benefits (175) (526) (1,631) Federal tax credits (1,327) (913) (4,627) Subsidiary dividend timing election — — (2,728) Non-taxable donation to charitable foundation — (420) — Other, net (903) (909) 676 Total income tax expense $ 17,563 $ 23,297 $ 15,360 |
Schedule of Deferred Tax Assets and Deferred Tax Liabilities | The tax effect of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities is as follows: Year ended December 31, ($ in thousands) 2020 2019 Deferred tax assets: Allowance for loan losses $ 34,031 $ 10,692 Acquired loans — 9,722 Loans held-for-sale 8,058 — Other real estate 896 657 Deferred compensation 2,585 2,462 Accrued compensation 5,391 1,607 Net operating losses and tax credits 6,460 7,066 Other deferred tax assets 3,086 791 Total deferred tax assets 60,507 32,997 Deferred tax liabilities: Acquired loans 3,413 — Unrealized gains on securities 12,189 5,847 Intangible assets 7,800 7,432 Other deferred tax liabilities 4,369 2,407 Total deferred tax liabilities 27,771 15,686 Net deferred tax asset before valuation allowance 32,736 17,311 Less: valuation allowance 2,932 2,932 Net deferred tax asset $ 29,804 $ 14,379 |
Schedule of Unrecognized Tax Benefits | The activity in the gross liability for unrecognized tax benefits was as follows: ($ in thousands) 2020 2019 2018 Balance at beginning of year $ 1,497 $ 1,301 $ 1,244 Additions based on tax positions related to the current year 395 401 367 Additions for tax positions of prior years 1,556 62 50 Settlements or lapse of statute of limitations (291) (267) (360) Balance at end of year $ 3,157 $ 1,497 $ 1,301 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Commitments | The contractual amounts of off-balance-sheet financial instruments as of December 31, 2020, and December 31, 2019, are as follows: (in thousands) December 31, 2020 December 31, 2019 Commitments to extend credit $ 1,946,068 $ 1,469,413 Letters of credit 50,971 47,969 State tax credits 24,473 28,035 Low-income housing tax credits — 704 Limited partnership commitments 23,400 20,829 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 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 as of December 31, 2020 and 2019, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value. December 31, 2020 ($ in thousands) Quoted Prices in Significant Significant Total Fair Assets Securities available-for-sale Obligations of U.S. Government-sponsored enterprises $ — $ 15,161 $ — $ 15,161 Obligations of states and political subdivisions — 344,232 — 344,232 Residential mortgage-backed securities — 526,572 — 526,572 Corporate debt securities — 14,998 — 14,998 U.S. Treasury Bills — 11,466 — 11,466 Total securities available-for-sale — 912,429 — 912,429 Derivative financial instruments — 28,703 — 28,703 Total assets $ — $ 941,132 $ — $ 941,132 Liabilities Derivative financial instruments $ — $ 34,967 $ — $ 34,967 Total liabilities $ — $ 34,967 $ — $ 34,967 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 Other investments — — — — Derivative financial instruments — 11,055 — 11,055 Total assets $ — $ 1,146,372 $ — $ 1,146,372 Liabilities Derivative financial instruments $ — $ 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 | The following table presents financial instruments and non-financial assets measured at fair value on a non-recurring basis as of December 31, 2020 and 2019. December 31, 2020 (1) (1) (1) (1) ($ in thousands) Total Fair Value Quoted Prices in Active Significant Significant Total losses for the year ended Impaired loans $ 1,247 $ — $ — $ 1,247 $ 4,486 Other real estate 3,600 — — 3,600 1,000 Total $ 4,847 $ — $ — $ 4,847 $ 5,486 December 31, 2019 (1) (1) (1) (1) ($ in thousands) Total Fair Value Quoted Prices in Active Significant Significant Total losses for the year ended Impaired loans $ 2,506 $ — $ — $ 2,506 $ 2,687 Total $ 7,450 $ — $ — $ 7,450 $ 2,687 (1) The amounts represent balances measured at fair value during the period and still held as of the reporting date. |
Summary of Carrying Amount and Fair Values of Financial Instruments Reported on the Balance Sheets | Following is a summary of the carrying amounts and fair values of the Company’s financial instruments on the consolidated balance sheets at December 31, 2020 and 2019. This summary excludes certain financial assets and liabilities for which carrying value approximates fair value and financial instruments that are recorded at fair value on a recurring basis disclosed above. Financial instruments for which carrying values approximate fair value include cash and due from banks, federal funds sold, interest bearing deposits, accrued interest receivable/payable, demand, savings and money market deposits. December 31, 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 $ 487,610 $ 501,523 Level 2 $ 181,166 $ 181,939 Level 2 Other investments 48,764 48,764 Level 2 38,044 38,044 Level 2 Loans held-for-sale 13,564 13,564 Level 2 5,570 5,570 Level 2 Loans, net 7,088,264 7,067,562 Level 3 5,271,049 5,205,651 Level 3 State tax credits, held-for-sale 36,853 39,925 Level 3 36,802 39,046 Level 3 Balance sheet liabilities Certificates of deposit $ 550,095 $ 553,946 Level 3 $ 826,447 $ 825,203 Level 3 Subordinated debentures and notes 203,637 192,889 Level 2 141,258 130,985 Level 2 FHLB advances 50,000 51,871 Level 2 222,406 221,402 Level 2 Other borrowings 301,081 301,081 Level 2 265,172 265,172 Level 2 |
Schedule of Estimated Fair Values of Financial Instruments Not Recorded at Fair Value on Balance Sheet |
Parent Company Only Condensed_3
Parent Company Only Condensed Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheets | Condensed Balance Sheets December 31, ($ in thousands) 2020 2019 Assets Cash $ 75,475 $ 21,955 Investment in Bank 1,200,689 977,959 Investment in nonbank subsidiaries 9,778 9,795 Other assets 35,108 37,905 Total assets $ 1,321,050 $ 1,047,614 Liabilities and Shareholders’ Equity Subordinated debentures and notes $ 203,637 $ 141,258 Notes payable 30,000 34,286 Accounts payable and other liabilities 8,439 4,885 Shareholders' equity 1,078,974 867,185 Total liabilities and shareholders' equity $ 1,321,050 $ 1,047,614 |
Condensed Statements of Operations | Condensed Statements of Operations Year ended December 31, ($ in thousands) 2020 2019 2018 Income: Dividends from Bank $ 37,000 $ 60,000 $ 30,000 Dividends from nonbank subsidiaries 1,400 1,500 1,200 Other 483 663 1,784 Total income 38,883 62,163 32,984 Expenses: Interest expense-subordinated debentures and notes 9,885 7,507 5,798 Interest expense-notes payable 705 1,182 62 Other expenses 6,946 6,936 7,087 Total expenses 17,536 15,625 12,947 Income before taxes and equity in undistributed earnings of subsidiaries 21,347 46,538 20,037 Income tax benefit 3,448 3,478 3,482 Net income before equity in undistributed earnings of subsidiaries 24,795 50,016 23,519 Equity in undistributed earnings of subsidiaries 49,589 42,723 65,698 Net income and comprehensive income $ 74,384 $ 92,739 $ 89,217 |
Condensed Statements of Cash Flow | Condensed Statements of Cash Flows Year ended December 31, ($ in thousands) 2020 2019 2018 Cash flows from operating activities: Net income $ 74,384 $ 92,739 $ 89,217 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Share-based compensation 4,178 4,032 3,452 Net income of subsidiaries (87,989) (104,223) (94,898) Dividends from subsidiaries 38,400 61,500 31,200 Other, net 3,588 (1,063) (953) Net cash provided by operating activities 32,561 52,985 28,018 Cash flows from investing activities: Cash paid for acquisitions, net of cash acquired (1,243) (36,015) — Purchases of other investments (1,166) (2,634) (2,729) Proceeds from distributions on other investments 765 1,271 1,911 Net cash used in investing activities (1,644) (37,378) (818) Cash flows from financing activities: Proceeds from issuance of subordinated notes 61,953 — — Proceeds from notes payable — 1,000 2,000 Repayments of notes payable — (3,000) — Proceeds from issuance of long-term debt — 40,000 — Repayment of long-term debt (4,286) (5,714) — Cash dividends paid (19,795) (16,569) (10,845) Payments for the repurchase of common stock (15,347) (15,526) (19,387) Payments for the issuance of equity instruments, net 78 (212) (2,576) Net cash provided by (used in) financing activities 22,603 (21) (30,808) Net increase (decrease) in cash and cash equivalents 53,520 15,586 (3,608) Cash and cash equivalents, beginning of year 21,955 6,369 9,977 Cash and cash equivalents, end of year $ 75,475 $ 21,955 $ 6,369 Supplemental disclosures of cash flow information: Noncash transactions: Common shares issued in connection with acquisitions $ 167,035 $ 171,885 $ — |
Quarterly Condensed Financial_2
Quarterly Condensed Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The following table presents unaudited quarterly financial information for the periods indicated: 2020 ($ in thousands, except per share data) 4th 3rd 2nd 1st Interest income $ 84,113 $ 70,787 $ 73,191 $ 76,688 Interest expense 6,667 7,433 7,358 13,320 Net interest income 77,446 63,354 65,833 63,368 Provision for credit losses 9,463 14,080 19,591 22,264 Net interest income after provision for loan losses 67,983 49,274 46,242 41,104 Noninterest income 18,506 12,629 9,960 13,408 Noninterest expense 51,050 39,524 37,912 38,673 Income before income tax expense 35,439 22,379 18,290 15,839 Income tax expense 6,508 4,428 3,656 2,971 Net income $ 28,931 $ 17,951 $ 14,634 $ 12,868 Earnings per common share: Basic $ 1.00 $ 0.68 $ 0.56 $ 0.49 Diluted 1.00 0.68 0.56 0.48 2019 ($ in thousands, except per share data) 4th 3rd 2nd 1st Interest income $ 77,238 $ 81,078 $ 79,201 $ 67,617 Interest expense 15,625 18,032 17,486 15,274 Net interest income 61,613 63,046 61,715 52,343 Provision for credit losses 1,341 1,833 1,722 1,476 Net interest income after provision for loan losses 60,272 61,213 59,993 50,867 Noninterest income 14,418 13,564 11,964 9,230 Noninterest expense 38,354 38,239 49,054 39,838 Income before income tax expense 36,336 36,538 22,903 20,259 Income tax expense 7,246 7,469 4,479 4,103 Net income $ 29,090 $ 29,069 $ 18,424 $ 16,156 Earnings per common share: Basic $ 1.10 $ 1.09 $ 0.69 $ 0.68 Diluted 1.09 1.08 0.68 0.67 |
Leases Lease Cost (Tables)
Leases Lease Cost (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Lessee, Lease, Description [Line Items] | |
Assets And Liabilities, Lessee [Table Text Block] | Supplemental balance sheet information related to leases was as follows: As of ($ in thousands) December 31, 2020 December 31, 2019 Operating lease right-of-use assets, included in other assets $ 13,636 $ 14,843 Operating lease liabilities, included in other liabilities 14,152 15,461 Operating leases Weighted average remaining lease term 5 years 6 years Weighted average discount rate 2.5 % 2.7 % |
Lease, Cost [Table Text Block] | For the twelve months ended ($ in thousands) December 31, 2020 December 31, 2019 Operating lease cost $ 3,207 $ 3,301 Short-term lease cost 201 288 Total lease cost $ 3,408 $ 3,589 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Maturities of operating lease liabilities were as follows: ($ in thousands) Year Amount 2021 $ 4,043 2022 2,988 2023 2,622 2024 2,190 2025 978 Thereafter 2,266 Total operating lease liabilities, payments 15,087 Less: present value adjustment 935 Operating lease liabilities $ 14,152 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2020USD ($)segment | Dec. 31, 2019USD ($) | |
Property, Plant and Equipment [Line Items] | |||
Operating Lease, Right-of-Use Asset | $ 13,636 | $ 14,843 | |
Number of reportable segments | segment | 1 | ||
Required reserves on deposits maintained | 9,700 | ||
Operating Lease, Liability | $ 14,152 | $ 15,461 | |
sba loans receivable | 296,000 | ||
Servicing Asset | 5,700 | ||
Accrued interest receivable | $ 31,100 | ||
Furniture, Fixtures and Equipment [Member] | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment useful life | 3 years | ||
Furniture, Fixtures and Equipment [Member] | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment useful life | 10 years | ||
Building and Leasehold Improvements [Member] | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment useful life | 10 years | ||
Building and Leasehold Improvements [Member] | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment useful life | 40 years | ||
Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment useful life | 3 years | ||
Core Deposits [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Finite-lived intangible assets useful life | 10 years | 10 years | |
State and Local Jurisdiction [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Right to receive state tax credit at agreed upon rates | 10 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Adoption of New Accounting Policies (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | $ 5,314,337 | |
Allowance for credit losses on loans | 43,288 | |
Allowance for credit losses on held-to-maturity debt securities | 0 | |
Deferred tax asset | 14,851 | |
Reserve for unfunded commitments | 430 | |
Retained earnings | $ 417,212 | $ 380,737 |
Cumulative Effect, Period of Adoption, Adjustment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 7,091 | |
Allowance for credit losses on loans | 28,387 | |
Allowance for credit losses on held-to-maturity debt securities | 303 | |
Deferred tax asset | 5,898 | |
Reserve for unfunded commitments | 2,413 | |
Retained earnings | (18,114) | |
Cumulative Effect, Period of Adoption, Adjusted Balance | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 5,321,428 | |
Allowance for credit losses on loans | 71,675 | |
Allowance for credit losses on held-to-maturity debt securities | 303 | |
Deferred tax asset | 20,749 | |
Reserve for unfunded commitments | 2,843 | |
Retained earnings | $ 362,623 |
Acquisitions & Divestitures - N
Acquisitions & Divestitures - Narrative (Details) $ / shares in Units, $ in Thousands | Nov. 12, 2020USD ($)$ / sharesshares | Mar. 08, 2019USD ($)office$ / sharesshares | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2018USD ($)$ / shares | Mar. 07, 2019$ / shares |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Share Price | $ / shares | $ 33.56 | |||||
Business Acquisition, Transaction Costs | $ 4,200 | |||||
Cash, Cash Equivalents, and Federal Funds Sold | 537,703 | $ 167,256 | ||||
Interest-earning deposits greater than 90 days | 7,626 | 3,730 | ||||
Securities available-for-sale | 912,429 | 1,135,317 | ||||
Loans and Leases Receivable, Net Amount | 7,088,264 | 5,271,049 | ||||
Fixed assets, net | 53,169 | 60,013 | ||||
Accrued interest receivable | 31,100 | |||||
Intangible assets, net | 23,084 | 26,076 | ||||
Deposits | 7,985,389 | 5,771,023 | ||||
Subordinated debentures and notes | 203,637 | 141,258 | ||||
Other liabilities | 132,489 | 66,747 | ||||
Goodwill | 260,567 | 210,344 | $ 117,345 | |||
Merger Related Expenses | 4,174 | 17,969 | 1,271 | |||
As Recorded by Acquiree [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Cash, Cash Equivalents, and Federal Funds Sold | $ 13,899 | |||||
Interest-earning deposits greater than 90 days | 100 | |||||
Securities available-for-sale | 428,715 | |||||
Loans and Leases Receivable, Net Amount | 705,057 | |||||
Other Real Estate | 5,284 | |||||
Other Investments | 6,673 | |||||
Fixed assets, net | 27,586 | |||||
Accrued interest receivable | 3,997 | |||||
Intangible assets, net | 0 | |||||
Deferred Tax Assets, State Taxes | 10,708 | |||||
Other assets | 35,045 | |||||
Total assets acquired | 1,237,064 | |||||
Deposits | 1,081,151 | |||||
Subordinated debentures and notes | 26,806 | |||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 6,800 | |||||
Accrued interest payable | 370 | |||||
Other liabilities | 5,842 | |||||
Total Liabilities Assumed | 1,120,969 | |||||
Net assets acquired (assumed) | 116,095 | |||||
Adjustments associated with acquisition [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Cash, Cash Equivalents, and Federal Funds Sold | 0 | |||||
Interest-earning deposits greater than 90 days | 0 | |||||
Securities available-for-sale | (619) | |||||
Loans and Leases Receivable, Net Amount | (20,743) | |||||
Other Real Estate | (2,059) | |||||
Other Investments | 0 | |||||
Fixed assets, net | (300) | |||||
Accrued interest receivable | 0 | |||||
Intangible assets, net | 23,066 | |||||
Deferred Tax Assets, State Taxes | (2,386) | |||||
Other assets | (1,484) | |||||
Total assets acquired | (4,525) | |||||
Deposits | 36 | |||||
Subordinated debentures and notes | (3,972) | |||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 171 | |||||
Accrued interest payable | 0 | |||||
Other liabilities | (827) | |||||
Total Liabilities Assumed | (4,592) | |||||
Net assets acquired (assumed) | $ 67 | |||||
Trinity Capital Corporation [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Banking Offices | office | 6 | |||||
Business Acquisition, Share Price | $ / shares | $ 1.84 | |||||
Business Acquisition, Equity Interest Issued or Issuable Per Acquired Share | 0.1972 | |||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 4,000,000 | |||||
Cash | $ 37,275 | |||||
Share Price | $ / shares | $ 43.07 | |||||
Total consideration paid | 209,160 | |||||
Business Acquisition, Transaction Costs | 18,000 | 1,300 | ||||
Cash, Cash Equivalents, and Federal Funds Sold | 13,899 | |||||
Business Acquisition, Pro Forma Revenue | 296,677 | 286,076 | ||||
Business Acquisition, Pro Forma Net Income (Loss) | $ 107,626 | $ 85,579 | ||||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ / shares | $ 4.11 | $ 3.14 | ||||
Interest-earning deposits greater than 90 days | 100 | |||||
Securities available-for-sale | 428,096 | |||||
Loans and Leases Receivable, Net Amount | 684,314 | |||||
Other Real Estate | 3,225 | |||||
Other Investments | 6,673 | |||||
Fixed assets, net | 27,286 | |||||
Accrued interest receivable | 3,997 | |||||
Intangible assets, net | 23,066 | |||||
Deferred Tax Assets, State Taxes | 8,322 | |||||
Other assets | 33,561 | |||||
Total assets acquired | 1,232,539 | |||||
Deposits | 1,081,187 | |||||
Subordinated debentures and notes | 22,834 | |||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 6,971 | |||||
Accrued interest payable | 370 | |||||
Other liabilities | 5,015 | |||||
Total Liabilities Assumed | 1,116,377 | |||||
Net assets acquired (assumed) | 116,162 | |||||
Common stock | 171,885 | |||||
Goodwill | $ 92,998 | |||||
Seacoast Commerce Banc Holding [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Business Acquisition, Equity Interest Issued or Issuable Per Acquired Share | 0.5061 | |||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 5,000,000 | |||||
Cash | 1,630 | |||||
Total consideration paid | $ 169,000 | 168,665 | ||||
Business Acquisition, Pro Forma Revenue | 381,914 | $ 355,500 | ||||
Business Acquisition, Pro Forma Net Income (Loss) | $ 93,918 | $ 86,888 | ||||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ / shares | $ 3 | $ 2.79 | ||||
Common stock | $ 167,035 | |||||
Goodwill | $ 35,395 | $ 50,223 | ||||
Core Deposits [Member] | Seacoast Commerce Banc Holding [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years |
Acquisitions & Divestitures - S
Acquisitions & Divestitures - Summary of Balance Sheet Amounts Relative to Branches Sold (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Nov. 12, 2020 | Mar. 08, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Cash, Cash Equivalents, and Federal Funds Sold | $ 537,703 | $ 167,256 | $ 537,703 | $ 167,256 | |||||||||
Loans and Leases Receivable, Net Amount | 7,088,264 | 5,271,049 | 7,088,264 | 5,271,049 | |||||||||
Fixed assets, net | 53,169 | 60,013 | 53,169 | 60,013 | |||||||||
Accrued interest receivable | 31,100 | 31,100 | |||||||||||
Goodwill | 260,567 | 210,344 | 260,567 | 210,344 | $ 117,345 | ||||||||
Intangible assets, net | 23,084 | 26,076 | 23,084 | 26,076 | |||||||||
Deposits | 7,985,389 | 5,771,023 | 7,985,389 | 5,771,023 | |||||||||
Other borrowings | 271,081 | 230,886 | 271,081 | 230,886 | |||||||||
Investments trust preferred securities | 2,900 | 2,900 | |||||||||||
Other liabilities | 132,489 | 66,747 | 132,489 | 66,747 | |||||||||
Net income | 28,931 | $ 17,951 | $ 14,634 | $ 12,868 | $ 29,090 | $ 29,069 | $ 18,424 | $ 16,156 | 74,384 | 92,739 | $ 89,217 | ||
Seacoast Commerce Banc Holding [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Goodwill | $ 50,223 | 50,223 | $ 35,395 | ||||||||||
Business Acquisition, Pro Forma Revenue | 381,914 | 355,500 | |||||||||||
Business Acquisition, Pro Forma Net Income (Loss) | $ 93,918 | $ 86,888 | |||||||||||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ 3 | $ 2.79 | |||||||||||
Adjustments associated with acquisition [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Cash, Cash Equivalents, and Federal Funds Sold | $ 0 | ||||||||||||
Loans and Leases Receivable, Net Amount | (20,743) | ||||||||||||
Other Real Estate | (2,059) | ||||||||||||
Other Investments | 0 | ||||||||||||
Fixed assets, net | (300) | ||||||||||||
Accrued interest receivable | 0 | ||||||||||||
Intangible assets, net | 23,066 | ||||||||||||
Deferred Tax Assets, State Taxes | (2,386) | ||||||||||||
Other assets | (1,484) | ||||||||||||
Total assets acquired | (4,525) | ||||||||||||
Deposits | 36 | ||||||||||||
Accrued interest payable | 0 | ||||||||||||
Other liabilities | (827) | ||||||||||||
Total Liabilities Assumed | (4,592) | ||||||||||||
Net assets acquired (assumed) | $ 67 |
Acquisitions & Divestitures -_2
Acquisitions & Divestitures - Seacoast Acquisition (Details) - USD ($) $ in Thousands | Nov. 12, 2020 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||
Goodwill | $ 260,567 | $ 260,567 | $ 210,344 | $ 117,345 | |
Seacoast Commerce Banc Holding [Member] | |||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||
Cash and cash equivalents | $ 63,744 | 63,744 | 63,744 | ||
Adjustments, cash | 0 | ||||
Loans | 1,160,602 | 1,190,441 | 1,190,441 | ||
Adjustments, loans | 29,839 | ||||
Other investments | 12,100 | 12,100 | 12,100 | ||
Adjustments, other investments | 0 | ||||
Fixed assets | 925 | 650 | 650 | ||
Adjustments, fixed assets | (275) | ||||
Accrued interest receivable | 4,511 | 4,511 | 4,511 | ||
Adjustments, accrued interest receivable | 0 | ||||
goodwill elimination balance | 0 | 0 | |||
Goodwill | 35,395 | 50,223 | 50,223 | ||
Adjustments, goodwill | (35,395) | ||||
Intangible assets | 1,513 | 2,681 | 2,681 | ||
Adjustments, intangible assets | 1,168 | ||||
Deferred tax assets | 12,009 | 3,322 | 3,322 | ||
Adjustments, deferred tax assets | (8,687) | ||||
Other assets | 35,025 | 34,588 | 34,588 | ||
Adjustments, other assets | (437) | ||||
Total assets acquired | 1,325,824 | 1,312,037 | 1,312,037 | ||
Adjustments, assets | (13,787) | ||||
Deposits | 1,081,034 | 1,081,006 | 1,081,006 | ||
Adjustments, deposits | (28) | ||||
PPPLF advances | 86,096 | 86,096 | 86,096 | ||
Adjustments, FHLB advances | 0 | ||||
Accrued interest payable | 185 | 185 | 185 | ||
Adjustments, accrued interest payable | 0 | ||||
Other liabilities | 25,211 | 26,308 | 26,308 | ||
Adjustments, other liabilities | 1,097 | ||||
Total liabilities assumed | 1,192,526 | 1,193,595 | 1,193,595 | ||
Adjustments, liabilities | 1,069 | ||||
Net assets acquired | 133,298 | 118,442 | 118,442 | ||
Adjustments, net assets acquired | $ (14,856) | ||||
Cash | 1,630 | ||||
Common stock | 167,035 | ||||
Total consideration paid | $ 169,000 | $ 168,665 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share | |||||||||||
Net income | $ 28,931 | $ 17,951 | $ 14,634 | $ 12,868 | $ 29,090 | $ 29,069 | $ 18,424 | $ 16,156 | $ 74,384 | $ 92,739 | $ 89,217 |
Impact of assumed conversions | |||||||||||
Weighted average common shares outstanding (in shares) | 26,954,000 | 26,045,000 | 23,100,000 | ||||||||
Additional dilutive common stock equivalents (in shares) | 35,000 | 114,000 | 189,000 | ||||||||
Weighted average diluted common shares outstanding (in shares) | 26,989,000 | 26,159,000 | 23,289,000 | ||||||||
Basic earnings per common share (in dollars per share) | $ 1 | $ 0.68 | $ 0.56 | $ 0.49 | $ 1.10 | $ 1.09 | $ 0.69 | $ 0.68 | $ 2.76 | $ 3.56 | $ 3.86 |
Diluted earnings per common share (in dollars per share) | $ 1 | $ 0.68 | $ 0.56 | $ 0.48 | $ 1.09 | $ 1.08 | $ 0.68 | $ 0.67 | $ 2.76 | $ 3.55 | $ 3.83 |
Common stock equivalents excluded from earnings per share calculations due to anti-dilutive effect (in shares) | 156,000 | 21,000 | 0 | ||||||||
Convertible Debt Securities | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | |||||||||||
Convertible trust preferred securities, interest rate, stated percentage | 9.00% | 9.00% | 9.00% | 9.00% | 9.00% |
Investments - Schedule of Avail
Investments - Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 488,059 | $ 181,166 |
Gross Unrealized Gains | 13,960 | 973 |
Gross Unrealized Losses | (496) | (200) |
Fair Value | 501,523 | 181,939 |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 449 | |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 882,682 | 1,115,323 |
Gross Unrealized Gains | 30,104 | 21,548 |
Gross Unrealized Losses | (357) | (1,554) |
Fair Value | 912,429 | 1,135,317 |
debt securities, held to maturity, net of alloawance for credit losses | 487,610 | 181,166 |
Corporate Debt Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 126,993 | 123,116 |
Gross Unrealized Gains | 8,851 | 128 |
Gross Unrealized Losses | 0 | (200) |
Fair Value | 135,844 | 123,044 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 14,750 | |
Gross Unrealized Gains | 248 | |
Gross Unrealized Losses | 0 | |
Fair Value | 14,998 | |
Obligations of U.S. Government-sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 14,978 | 9,954 |
Gross Unrealized Gains | 186 | 92 |
Gross Unrealized Losses | (3) | 0 |
Fair Value | 15,161 | 10,046 |
Obligations of states and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 248,324 | 11,704 |
Gross Unrealized Gains | 2,814 | 170 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 251,138 | 11,874 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 335,271 | 207,269 |
Gross Unrealized Gains | 8,994 | 6,118 |
Gross Unrealized Losses | (33) | (363) |
Fair Value | 344,232 | 213,024 |
Residential mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 112,742 | 46,346 |
Gross Unrealized Gains | 2,295 | 675 |
Gross Unrealized Losses | (496) | 0 |
Fair Value | 114,541 | 47,021 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 506,703 | 888,129 |
Gross Unrealized Gains | 20,190 | 15,083 |
Gross Unrealized Losses | (321) | (1,191) |
Fair Value | 526,572 | 902,021 |
US Treasury Bill Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 10,980 | 9,971 |
Gross Unrealized Gains | 486 | 255 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 11,466 | $ 10,226 |
Investments - Investments Class
Investments - Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Available for sale, Amortized Cost | ||
Due in one year or less | $ 12,048 | |
Due after one year through five years | 21,977 | |
Due after five years through ten years | 19,711 | |
Due after ten years | 322,243 | |
Agency mortgage-backed securities | 506,703 | |
Amortized Cost | 882,682 | $ 1,115,323 |
Available for sale, Estimated Fair Value | ||
Due in one year or less | 12,240 | |
Due after one year through five years | 22,629 | |
Due after five years through ten years | 20,105 | |
Due after ten years | 330,883 | |
Agency mortgage-backed securities | 526,572 | |
Securities available-for-sale | 912,429 | 1,135,317 |
Held to maturity, Amortized Cost | ||
Due in one year or less | 0 | |
Due after one year through five years | 11,589 | |
Due after five years through ten years | 132,613 | |
Due after ten years | 231,115 | |
Agency mortgage-backed securities | 112,742 | |
Amortized Cost | 488,059 | 181,166 |
Held to maturity, Estimated Fair Value | ||
Due in one year or less | 0 | |
Due after one year through five years | 12,040 | |
Due after five years through ten years | 141,252 | |
Due after ten years | 233,690 | |
Agency mortgage-backed securities | 114,541 | |
Held to maturity, fair value | $ 501,523 | $ 181,939 |
Investments - Schedule of Unrea
Investments - Schedule of Unrealized Loss on Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | $ 75,062 | $ 255,984 |
Less than 12 months, unrealized losses | 357 | (1,319) |
12 months or more, fair value | 0 | 41,491 |
12 months or more, unrealized losses | 0 | (435) |
Total, fair value | 75,062 | 297,475 |
Total, unrealized losses | 357 | (1,754) |
Obligations of U.S. Government-sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 4,997 | |
Less than 12 months, unrealized losses | 3 | |
12 months or more, fair value | 0 | |
12 months or more, unrealized losses | 0 | |
Total, fair value | 4,997 | |
Total, unrealized losses | 3 | |
Obligations of states and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 4,079 | 56,327 |
Less than 12 months, unrealized losses | 33 | 363 |
12 months or more, fair value | 0 | 0 |
12 months or more, unrealized losses | 0 | 0 |
Total, fair value | 4,079 | 56,327 |
Total, unrealized losses | 33 | 363 |
Agency mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 65,986 | 131,693 |
Less than 12 months, unrealized losses | 321 | 756 |
12 months or more, fair value | 0 | 41,491 |
12 months or more, unrealized losses | 0 | 435 |
Total, fair value | 65,986 | 173,184 |
Total, unrealized losses | $ 321 | 1,191 |
Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 67,964 | |
Less than 12 months, unrealized losses | 200 | |
12 months or more, fair value | 0 | |
12 months or more, unrealized losses | 0 | |
Total, fair value | 67,964 | |
Total, unrealized losses | $ 200 |
Investments - Schedule of Reali
Investments - Schedule of Realized Gain (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |||
Gross gains realized | $ 421 | $ 400 | $ 9 |
Gross losses realized | 0 | (449) | 0 |
Proceeds from sales | $ 20,221 | $ 357,976 | $ 1,451 |
Investments - Narrative (Detail
Investments - Narrative (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)number_of_securities | Dec. 31, 2019USD ($)number_of_securities | |
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | $ 882,682 | $ 1,115,323 |
Other investments | $ 48,764 | $ 38,044 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | number_of_securities | 30 | 73 |
Fair Value | $ 912,429 | $ 1,135,317 |
Gross Unrealized Gains | $ 30,104 | 21,548 |
Maximum percentage of shareholders' equity security holdings held of one issuer | 10.00% | |
Available-for-sale securities pledged as collateral, fair value | $ 525,800 | 484,800 |
Mortgage-backed securities, weighted average life | 3 years | |
accrued interest receivable, held to maturity securities | $ 3,600 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 449 | |
Des Moines | ||
Debt Securities, Available-for-sale [Line Items] | ||
Other investments | 10,800 | 15,700 |
Reclassified to Held to Maturity [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 331,000 | 116,300 |
Fair Value | 352,600 | 123,200 |
Gross Unrealized Gains | $ 25,600 | $ 6,600 |
Portfolio Loans - Summary of Po
Portfolio Loans - Summary of Portfolio Loans by Category (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | $ 5,314,337 | |
Non-Covered Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | $ 7,241,074 | 5,316,953 |
Unearned loan fees, net | (16,139) | (2,616) |
Loans, including unearned loan fees | 7,224,935 | 5,314,337 |
Non-Covered Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | 3,100,299 | 2,345,823 |
Non-Covered Loans | Commercial - investor owned | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | 1,589,419 | 1,262,981 |
Non-Covered Loans | CRE - owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | 1,498,408 | 678,522 |
Non-Covered Loans | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | 546,686 | 449,380 |
Non-Covered Loans | Residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | 319,179 | 355,192 |
Non-Covered Loans | Total real estate loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | 3,953,692 | 2,820,855 |
Non-Covered Loans | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | $ 187,083 | 134,941 |
Non-Covered Loans | Residential Real Estate Financing Receivable, Including Loans Previously Reported as PCI | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | 366,261 | |
Non-Covered Loans | Construction and Land Development Financing Receivable, Including Loans Previously Reported as PCI | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | 457,273 | |
Non-Covered Loans | Commercial Real Estate Owner Occupied Financing Receivable, Including Loans Previously Reported as PCI | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | 697,437 | |
Non-Covered Loans | Commercial Real Estate Investor Owned Financing Receivable, Including Loans Previously Reported as PCI | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | 1,299,884 | |
Non-Covered Loans | Commercial and Industrial Portfolio Segment, Including Loans Previously Reported as PCI | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | $ 2,361,157 |
Portfolio Loans - Summary of Lo
Portfolio Loans - Summary of Loans to Executive Officers and Directors (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Loans and Leases Receivable, Related Parties [Roll Forward] | ||
Balance at beginning of year | $ 5,475 | $ 17,169 |
New loans and advances | 2,013 | 1,376 |
Payments and other reductions | (1,771) | (13,070) |
Balance at end of year | $ 5,717 | $ 5,475 |
Portfolio Loans - Summary of Al
Portfolio Loans - Summary of Allowance for Loan Losses by Portfolio Class and Category (Details) - USD ($) $ in Thousands | Jan. 01, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Nov. 12, 2020 |
Allowance for Loan Losses [Roll Forward] | |||||
Balance, beginning of year | $ 43,288 | $ 43,288 | |||
Balance, end of year | $ 43,288 | ||||
Non-Covered Loans | |||||
Allowance for Loan Losses [Roll Forward] | |||||
Balance, beginning of year | 42,567 | 42,567 | 42,295 | $ 38,166 | |
CECL adoption | 28,387 | ||||
PCD loans immediately charged off | (1,680) | (63,400) | (6,700) | ||
Provision for loan losses | 63,379 | 6,682 | 9,813 | ||
Initial Allowance on Acquired PCD Loans | $ 3,524 | ||||
Charge-offs | (6,739) | (8,594) | (7,976) | ||
Recoveries | 6,512 | 2,184 | 2,292 | ||
Balance, end of year | 69,995 | 136,671 | 42,567 | 42,295 | |
Financing Receivable, Allowance For Credit Losses, Organic | 42,567 | ||||
Financing Receivable, Allowance For Credit Losses, Purchased Credit Impaired | 721 | ||||
Non-Covered Loans | Commercial and industrial | |||||
Allowance for Loan Losses [Roll Forward] | |||||
Balance, beginning of year | 27,296 | 27,296 | 29,039 | 26,406 | |
CECL adoption | 6,494 | ||||
PCD loans immediately charged off | 0 | ||||
Provision for loan losses | 28,373 | 4,801 | 8,394 | ||
Initial Allowance on Acquired PCD Loans | 23 | ||||
Charge-offs | (5,381) | (6,882) | (6,894) | ||
Recoveries | 1,848 | 338 | 1,133 | ||
Balance, end of year | 33,949 | 58,812 | 27,296 | 29,039 | |
Financing Receivable, Allowance For Credit Losses, Organic | 27,296 | ||||
Financing Receivable, Allowance For Credit Losses, Purchased Credit Impaired | 159 | ||||
Non-Covered Loans | Commercial - investor owned | |||||
Allowance for Loan Losses [Roll Forward] | |||||
Balance, beginning of year | 5,935 | 5,935 | 4,683 | 3,890 | |
CECL adoption | 10,726 | ||||
PCD loans immediately charged off | (5) | ||||
Provision for loan losses | 11,037 | 1,708 | 709 | ||
Initial Allowance on Acquired PCD Loans | 2,026 | ||||
Charge-offs | (498) | (551) | 0 | ||
Recoveries | 2,841 | 95 | 84 | ||
Balance, end of year | 16,656 | 32,062 | 5,935 | 4,683 | |
Financing Receivable, Allowance For Credit Losses, Organic | 5,935 | ||||
Financing Receivable, Allowance For Credit Losses, Purchased Credit Impaired | 0 | ||||
Non-Covered Loans | CRE - owner occupied | |||||
Allowance for Loan Losses [Roll Forward] | |||||
Balance, beginning of year | 4,873 | 4,873 | 4,239 | 3,308 | |
CECL adoption | 2,598 | ||||
PCD loans immediately charged off | (57) | ||||
Provision for loan losses | 7,845 | 673 | 1,216 | ||
Initial Allowance on Acquired PCD Loans | 1,427 | ||||
Charge-offs | (30) | (58) | (313) | ||
Recoveries | 356 | 19 | 28 | ||
Balance, end of year | 7,414 | 17,012 | 4,873 | 4,239 | |
Financing Receivable, Allowance For Credit Losses, Organic | 4,873 | ||||
Financing Receivable, Allowance For Credit Losses, Purchased Credit Impaired | 0 | ||||
Non-Covered Loans | Construction and land development | |||||
Allowance for Loan Losses [Roll Forward] | |||||
Balance, beginning of year | 2,472 | 2,472 | 1,987 | 1,487 | |
CECL adoption | 5,183 | ||||
PCD loans immediately charged off | (217) | ||||
Provision for loan losses | 13,438 | (237) | 97 | ||
Initial Allowance on Acquired PCD Loans | 45 | ||||
Charge-offs | (31) | (54) | (56) | ||
Recoveries | 384 | 776 | 459 | ||
Balance, end of year | 7,577 | 21,413 | 2,472 | 1,987 | |
Financing Receivable, Allowance For Credit Losses, Organic | 2,472 | ||||
Financing Receivable, Allowance For Credit Losses, Purchased Credit Impaired | 139 | ||||
Non-Covered Loans | Residential real estate | |||||
Allowance for Loan Losses [Roll Forward] | |||||
Balance, beginning of year | 1,280 | 1,280 | 1,616 | 2,237 | |
CECL adoption | 3,470 | ||||
PCD loans immediately charged off | (1,401) | ||||
Provision for loan losses | 674 | (330) | (583) | ||
Initial Allowance on Acquired PCD Loans | 3 | ||||
Charge-offs | (408) | (667) | (546) | ||
Recoveries | 967 | 661 | 508 | ||
Balance, end of year | 3,349 | 4,585 | 1,280 | 1,616 | |
Financing Receivable, Allowance For Credit Losses, Organic | 1,280 | ||||
Financing Receivable, Allowance For Credit Losses, Purchased Credit Impaired | 0 | ||||
Non-Covered Loans | Other | |||||
Allowance for Loan Losses [Roll Forward] | |||||
Balance, beginning of year | 711 | 711 | 731 | 838 | |
CECL adoption | (84) | ||||
PCD loans immediately charged off | 0 | ||||
Provision for loan losses | 2,012 | 67 | (20) | ||
Initial Allowance on Acquired PCD Loans | $ 0 | ||||
Charge-offs | (391) | (382) | (167) | ||
Recoveries | 116 | 295 | 80 | ||
Balance, end of year | $ 1,050 | $ 2,787 | 711 | $ 731 | |
Financing Receivable, Allowance For Credit Losses, Organic | 711 | ||||
Financing Receivable, Allowance For Credit Losses, Purchased Credit Impaired | $ 423 |
Portfolio Loans - Collateral De
Portfolio Loans - Collateral Dependent Loans (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Commercial Real Estate | |
Financing Receivable, Nonaccrual [Line Items] | |
Financing Receivable, Nonaccrual | $ 20,835 |
Commercial Real Estate | Commercial and industrial | Commercial and industrial | |
Financing Receivable, Nonaccrual [Line Items] | |
Financing Receivable, Nonaccrual | 8,316 |
Commercial Real Estate | Residential | Residential real estate | |
Financing Receivable, Nonaccrual [Line Items] | |
Financing Receivable, Nonaccrual | 0 |
Commercial Real Estate | Unallocated Financing Receivables | Other | |
Financing Receivable, Nonaccrual [Line Items] | |
Financing Receivable, Nonaccrual | 0 |
Commercial Real Estate | Commercial Portfolio Segment | Commercial - investor owned | |
Financing Receivable, Nonaccrual [Line Items] | |
Financing Receivable, Nonaccrual | 9,579 |
Commercial Real Estate | Commercial Portfolio Segment | Commercial - owner occupied | |
Financing Receivable, Nonaccrual [Line Items] | |
Financing Receivable, Nonaccrual | 2,940 |
Residential | |
Financing Receivable, Nonaccrual [Line Items] | |
Financing Receivable, Nonaccrual | 4,135 |
Residential | Commercial and industrial | Commercial and industrial | |
Financing Receivable, Nonaccrual [Line Items] | |
Financing Receivable, Nonaccrual | 0 |
Residential | Residential | Residential real estate | |
Financing Receivable, Nonaccrual [Line Items] | |
Financing Receivable, Nonaccrual | 4,135 |
Residential | Unallocated Financing Receivables | Other | |
Financing Receivable, Nonaccrual [Line Items] | |
Financing Receivable, Nonaccrual | 0 |
Residential | Commercial Portfolio Segment | Commercial - investor owned | |
Financing Receivable, Nonaccrual [Line Items] | |
Financing Receivable, Nonaccrual | 0 |
Residential | Commercial Portfolio Segment | Commercial - owner occupied | |
Financing Receivable, Nonaccrual [Line Items] | |
Financing Receivable, Nonaccrual | 0 |
Blanket Lien | |
Financing Receivable, Nonaccrual [Line Items] | |
Financing Receivable, Nonaccrual | 394 |
Blanket Lien | Commercial and industrial | Commercial and industrial | |
Financing Receivable, Nonaccrual [Line Items] | |
Financing Receivable, Nonaccrual | 394 |
Blanket Lien | Residential | Residential real estate | |
Financing Receivable, Nonaccrual [Line Items] | |
Financing Receivable, Nonaccrual | 0 |
Blanket Lien | Unallocated Financing Receivables | Other | |
Financing Receivable, Nonaccrual [Line Items] | |
Financing Receivable, Nonaccrual | 0 |
Blanket Lien | Commercial Portfolio Segment | Commercial - investor owned | |
Financing Receivable, Nonaccrual [Line Items] | |
Financing Receivable, Nonaccrual | 0 |
Blanket Lien | Commercial Portfolio Segment | Commercial - owner occupied | |
Financing Receivable, Nonaccrual [Line Items] | |
Financing Receivable, Nonaccrual | 0 |
Other Collateral | |
Financing Receivable, Nonaccrual [Line Items] | |
Financing Receivable, Nonaccrual | 17 |
Other Collateral | Commercial and industrial | Commercial and industrial | |
Financing Receivable, Nonaccrual [Line Items] | |
Financing Receivable, Nonaccrual | 0 |
Other Collateral | Residential | Residential real estate | |
Financing Receivable, Nonaccrual [Line Items] | |
Financing Receivable, Nonaccrual | 0 |
Other Collateral | Unallocated Financing Receivables | Other | |
Financing Receivable, Nonaccrual [Line Items] | |
Financing Receivable, Nonaccrual | 17 |
Other Collateral | Commercial Portfolio Segment | Commercial - investor owned | |
Financing Receivable, Nonaccrual [Line Items] | |
Financing Receivable, Nonaccrual | 0 |
Other Collateral | Commercial Portfolio Segment | Commercial - owner occupied | |
Financing Receivable, Nonaccrual [Line Items] | |
Financing Receivable, Nonaccrual | $ 0 |
Portfolio Loans - Summary of Re
Portfolio Loans - Summary of Recorded Investment in Portfolio Loans by Class and Category Based on Impairment Method (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Balance December 31, 2020 | |||||
Total | $ 43,288 | ||||
Loans - Ending balance: | |||||
Loans, including unearned loan fees | $ 7,224,935 | 5,314,337 | |||
Total | 5,314,337 | ||||
Non-Covered Loans | |||||
Balance December 31, 2020 | |||||
Total | 136,671 | $ 69,995 | 42,567 | $ 42,295 | $ 38,166 |
Loans - Ending balance: | |||||
Loans, including unearned loan fees | 5,224,048 | ||||
Total | 7,241,074 | 5,316,953 | |||
Non-Covered Loans | Commercial and industrial | |||||
Balance December 31, 2020 | |||||
Total | 58,812 | 33,949 | 27,296 | 29,039 | 26,406 |
Loans - Ending balance: | |||||
Total | 3,100,299 | 2,345,823 | |||
Non-Covered Loans | Commercial - investor owned | |||||
Balance December 31, 2020 | |||||
Total | 32,062 | 16,656 | 5,935 | 4,683 | 3,890 |
Loans - Ending balance: | |||||
Total | 1,589,419 | 1,262,981 | |||
Non-Covered Loans | CRE - owner occupied | |||||
Balance December 31, 2020 | |||||
Total | 17,012 | 7,414 | 4,873 | 4,239 | 3,308 |
Loans - Ending balance: | |||||
Total | 1,498,408 | 678,522 | |||
Non-Covered Loans | Construction and land development | |||||
Balance December 31, 2020 | |||||
Total | 21,413 | 7,577 | 2,472 | 1,987 | 1,487 |
Loans - Ending balance: | |||||
Total | 546,686 | 449,380 | |||
Non-Covered Loans | Residential real estate | |||||
Balance December 31, 2020 | |||||
Total | 4,585 | 3,349 | 1,280 | 1,616 | 2,237 |
Loans - Ending balance: | |||||
Total | 319,179 | 355,192 | |||
Non-Covered Loans | Other | |||||
Balance December 31, 2020 | |||||
Total | 2,787 | $ 1,050 | 711 | $ 731 | $ 838 |
Loans - Ending balance: | |||||
Loans, including unearned loan fees | 132,150 | ||||
Total | $ 187,083 | $ 134,941 |
Portfolio Loans - Summary of _2
Portfolio Loans - Summary of Portfolio Loans Individually Evaluated for Impairment by Category (Details) - Non-Covered Loans - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Impaired [Line Items] | ||
Total Recorded Investment | $ 38,507 | $ 26,425 |
Commercial and industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment With No Allowance | 8,316 | 7,654 |
Total Recorded Investment | 21,770 | 22,578 |
Commercial - investor owned | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment With No Allowance | 716 | 811 |
Total Recorded Investment | 9,579 | 2,303 |
CRE - owner occupied | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment With No Allowance | 6,024 | 213 |
Total Recorded Investment | 2,940 | 213 |
Construction and land development | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment With No Allowance | 1,120 | |
Residential real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment With No Allowance | 3,190 | 0 |
Total Recorded Investment | 4,189 | 1,330 |
Other | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment With No Allowance | 18,246 | 9,798 |
Total Recorded Investment | $ 29 | $ 1 |
Portfolio Loans - Narrative (De
Portfolio Loans - Narrative (Details) - USD ($) $ in Thousands | Jan. 01, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
financing receivable, paycheck protection program | $ 709,900 | ||||
financing receivable, paycheck protection program, net of deferred fees | 698,600 | ||||
financing recievable, paycheck protection program, unearned fees | 11,300 | ||||
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | 2,500,000 | ||||
net premium, acquired loans | 16,100 | ||||
net discount, acquired loans | 36,000 | ||||
Allowance for credit losses on loans | $ 43,288 | ||||
financing receivable, amount eligible for deferred payment | 687,800 | ||||
Financing Receivable, Amount Eligible for Deferral of Both Principal and Interest | 340,000 | ||||
financing receivable, amount eligible for deferral of principal only | 347,800 | ||||
Financing Receivable, Amount Still in Deferral Status | 63,000 | ||||
Loans and Leases Receivable, Deferred Income | 4,100 | ||||
Allowance for Credit Losses, Qualitative Adjustment | 24,000 | ||||
Cumulative Effect, Period of Adoption, Adjustment | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for credit losses on loans | 28,387 | ||||
enterprise value lending portfolio niche segment [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for Credit Losses, Qualitative Adjustment | 11,100 | ||||
Non-Covered Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for credit losses on loans | $ 69,995 | 136,671 | 42,567 | $ 42,295 | $ 38,166 |
CECL adoption | 28,387 | ||||
Financing Receivable, Credit Loss, Expense (Reversal) | 1,680 | 63,400 | $ 6,700 | ||
financing receivable, allowance for credit loss, threshold of loans written off | $ 100 | ||||
Non-Covered Loans | Cumulative Effect, Period of Adoption, Adjustment | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for credit losses on loans | 5,900 | ||||
Non-Covered Loans | enterprise value lending portfolio niche segment [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for credit losses on loans | 19,000 | ||||
Unadvanced Commitment on Impaired Loan | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Estimated losses attributable to unadvanced commitments on impaired loans | $ 5,700 |
Portfolio Loans - Summary of _3
Portfolio Loans - Summary of Recorded Investment in Impaired Portfolio Loans by Category (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Commercial Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual | $ 20,835 | |
Residential | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual | 4,135 | |
Commercial and industrial | Commercial Real Estate | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual | 8,316 | |
Commercial and industrial | Residential | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual | 0 | |
Non-Covered Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual | 34,818 | $ 26,096 |
Restructured, accruing | 3,559 | 79 |
Loans over 90 days past due and still accruing interest | 130 | 250 |
Total Recorded Investment | 38,507 | 26,425 |
Non-Covered Loans | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual | 18,158 | 22,328 |
Restructured, accruing | 3,482 | 0 |
Loans over 90 days past due and still accruing interest | 130 | 250 |
Total Recorded Investment | 21,770 | 22,578 |
Recorded Investment With No Allowance | 8,316 | 7,654 |
Non-Covered Loans | Commercial - investor owned | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual | 9,579 | 2,303 |
Restructured, accruing | 0 | 0 |
Loans over 90 days past due and still accruing interest | 0 | 0 |
Total Recorded Investment | 9,579 | 2,303 |
Recorded Investment With No Allowance | 716 | 811 |
Non-Covered Loans | CRE - owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual | 2,940 | 213 |
Restructured, accruing | 0 | 0 |
Loans over 90 days past due and still accruing interest | 0 | 0 |
Total Recorded Investment | 2,940 | 213 |
Recorded Investment With No Allowance | 6,024 | 213 |
Non-Covered Loans | Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Recorded Investment With No Allowance | 1,120 | |
Non-Covered Loans | Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual | 4,112 | 1,251 |
Restructured, accruing | 77 | 79 |
Loans over 90 days past due and still accruing interest | 0 | 0 |
Total Recorded Investment | 4,189 | 1,330 |
Recorded Investment With No Allowance | 3,190 | 0 |
Non-Covered Loans | Other | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual | 29 | 1 |
Restructured, accruing | 0 | 0 |
Loans over 90 days past due and still accruing interest | 0 | 0 |
Total Recorded Investment | 29 | 1 |
Recorded Investment With No Allowance | $ 18,246 | $ 9,798 |
Portfolio Loans - Summary of _4
Portfolio Loans - Summary of Recorded Investment by Category for Portfolio Loans Restructured (Details) - Non-Covered Loans $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)loan | Dec. 31, 2019USD ($)loan | |
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 |
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 |
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 |
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 |
Portfolio Loans - Summary of _5
Portfolio Loans - Summary of Recorded Investment by Category for Portfolio Loans Restructured and Subsequently Defaulted (Details) - Non-Covered Loans $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($)loan | |
Schedule of Financing Receivables, Troubled Debt Restructurings - Suibsequent Defaults [Line Items] | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | loan | 2 |
Recorded Balance | $ | $ 352 |
Commercial and industrial | |
Schedule of Financing Receivables, Troubled Debt Restructurings - Suibsequent Defaults [Line Items] | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | loan | 2 |
Recorded Balance | $ | $ 352 |
Portfolio Loans - Summary of Ag
Portfolio Loans - Summary of Aging of Recorded Investment in Past Due Portfolio Loans by Portfolio Class and Category (Details) - Non-Covered Loans - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Past Due [Line Items] | ||
30-89 Days Past Due | $ 13,529 | $ 11,640 |
Financing Receivable, Recorded Investment, 90 Days Past Due | 29,044 | 10,512 |
Total Past Due | 42,573 | 22,152 |
Current | 7,182,362 | 5,201,896 |
Financing Receivable, after Deferred Income Offset | 7,224,935 | |
Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
30-89 Days Past Due | 8,652 | 5,679 |
Financing Receivable, Recorded Investment, 90 Days Past Due | 12,928 | 8,212 |
Total Past Due | 21,580 | 13,891 |
Current | 3,067,415 | 2,331,932 |
Financing Receivable, after Deferred Income Offset | 3,088,995 | |
Commercial - investor owned | ||
Financing Receivable, Past Due [Line Items] | ||
30-89 Days Past Due | 734 | 321 |
Financing Receivable, Recorded Investment, 90 Days Past Due | 9,301 | 1,492 |
Total Past Due | 10,035 | 1,813 |
Current | 1,579,384 | 1,261,168 |
Financing Receivable, after Deferred Income Offset | 1,589,419 | |
CRE - owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
30-89 Days Past Due | 328 | 562 |
Financing Receivable, Recorded Investment, 90 Days Past Due | 4,647 | 213 |
Total Past Due | 4,975 | 775 |
Current | 1,493,433 | 677,747 |
Financing Receivable, after Deferred Income Offset | 1,498,408 | |
Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
30-89 Days Past Due | 13 | 308 |
Financing Receivable, Recorded Investment, 90 Days Past Due | 0 | 0 |
Total Past Due | 13 | 308 |
Current | 546,673 | 449,072 |
Financing Receivable, after Deferred Income Offset | 546,686 | |
Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
30-89 Days Past Due | 2,071 | 4,689 |
Financing Receivable, Recorded Investment, 90 Days Past Due | 2,118 | 595 |
Total Past Due | 4,189 | 5,284 |
Current | 314,990 | 349,908 |
Financing Receivable, after Deferred Income Offset | 319,179 | |
Other | ||
Financing Receivable, Past Due [Line Items] | ||
30-89 Days Past Due | 1,731 | 81 |
Financing Receivable, Recorded Investment, 90 Days Past Due | 50 | 0 |
Total Past Due | 1,781 | 81 |
Current | 180,467 | $ 132,069 |
Financing Receivable, after Deferred Income Offset | $ 182,248 |
Portfolio Loans - Summary of Te
Portfolio Loans - Summary of Term Loans by Origination Year (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 5,314,337 | |
Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | $ 1,453,800 | |
2019 | 479,317 | |
2018 | 274,958 | |
2017 | 144,305 | |
2016 | 49,160 | |
Prior | 59,505 | |
Financing Receivable, Converted | 15,399 | |
Revolving Loans | 610,050 | |
Total | 3,086,494 | |
Commercial and industrial | Pass (1-6) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 1,402,276 | |
2019 | 454,729 | |
2018 | 262,258 | |
2017 | 132,832 | |
2016 | 25,057 | |
Prior | 58,315 | |
Financing Receivable, Converted | 14,118 | |
Revolving Loans | 527,170 | |
Total | 2,876,755 | |
Commercial and industrial | Watch (7) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 44,922 | |
2019 | 15,369 | |
2018 | 9,585 | |
2017 | 7,509 | |
2016 | 19,613 | |
Prior | 110 | |
Financing Receivable, Converted | 0 | |
Revolving Loans | 60,448 | |
Total | 157,556 | |
Commercial and industrial | Classified (8 & 9) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 6,602 | |
2019 | 9,219 | |
2018 | 3,115 | |
2017 | 3,964 | |
2016 | 4,490 | |
Prior | 1,080 | |
Financing Receivable, Converted | 1,281 | |
Revolving Loans | 22,432 | |
Total | 52,183 | |
Commercial Real Estate-Investor Owned Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 514,175 | |
2019 | 363,843 | |
2018 | 204,677 | |
2017 | 137,548 | |
2016 | 149,180 | |
Prior | 181,429 | |
Financing Receivable, Converted | 6,509 | |
Revolving Loans | 32,058 | |
Total | 1,589,419 | |
Commercial Real Estate-Investor Owned Portfolio Segment [Member] | Pass (1-6) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 481,867 | |
2019 | 338,843 | |
2018 | 189,305 | |
2017 | 131,718 | |
2016 | 138,288 | |
Prior | 161,439 | |
Financing Receivable, Converted | 6,509 | |
Revolving Loans | 32,058 | |
Total | 1,480,027 | |
Commercial Real Estate-Investor Owned Portfolio Segment [Member] | Watch (7) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 32,308 | |
2019 | 19,722 | |
2018 | 6,656 | |
2017 | 0 | |
2016 | 9,647 | |
Prior | 17,370 | |
Financing Receivable, Converted | 0 | |
Revolving Loans | 0 | |
Total | 85,703 | |
Commercial Real Estate-Investor Owned Portfolio Segment [Member] | Classified (8 & 9) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 5,278 | |
2018 | 8,716 | |
2017 | 5,830 | |
2016 | 1,245 | |
Prior | 2,620 | |
Financing Receivable, Converted | 0 | |
Revolving Loans | 0 | |
Total | 23,689 | |
Commercial Real Estate-Owner Occupied Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 435,219 | |
2019 | 299,685 | |
2018 | 224,116 | |
2017 | 191,720 | |
2016 | 110,117 | |
Prior | 186,776 | |
Financing Receivable, Converted | 4,448 | |
Revolving Loans | 46,327 | |
Total | 1,498,408 | |
Commercial Real Estate-Owner Occupied Portfolio Segment [Member] | Pass (1-6) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 419,142 | |
2019 | 287,001 | |
2018 | 215,181 | |
2017 | 179,382 | |
2016 | 104,470 | |
Prior | 167,456 | |
Financing Receivable, Converted | 2,672 | |
Revolving Loans | 45,323 | |
Total | 1,420,627 | |
Commercial Real Estate-Owner Occupied Portfolio Segment [Member] | Watch (7) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 13,657 | |
2019 | 5,257 | |
2018 | 3,113 | |
2017 | 6,198 | |
2016 | 4,338 | |
Prior | 8,460 | |
Financing Receivable, Converted | 1,776 | |
Revolving Loans | 941 | |
Total | 43,740 | |
Commercial Real Estate-Owner Occupied Portfolio Segment [Member] | Classified (8 & 9) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 2,420 | |
2019 | 7,427 | |
2018 | 5,822 | |
2017 | 6,140 | |
2016 | 1,309 | |
Prior | 10,860 | |
Financing Receivable, Converted | 0 | |
Revolving Loans | 63 | |
Total | 34,041 | |
Construction Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 225,669 | |
2019 | 158,570 | |
2018 | 80,142 | |
2017 | 30,212 | |
2016 | 11,539 | |
Prior | 11,674 | |
Financing Receivable, Converted | 0 | |
Revolving Loans | 28,880 | |
Total | 546,686 | |
Construction Real Estate Portfolio Segment [Member] | Pass (1-6) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 223,069 | |
2019 | 156,360 | |
2018 | 45,460 | |
2017 | 18,579 | |
2016 | 11,539 | |
Prior | 9,144 | |
Financing Receivable, Converted | 0 | |
Revolving Loans | 28,880 | |
Total | 493,031 | |
Construction Real Estate Portfolio Segment [Member] | Watch (7) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 2,544 | |
2019 | 86 | |
2018 | 34,179 | |
2017 | 11,632 | |
2016 | 0 | |
Prior | 2,499 | |
Financing Receivable, Converted | 0 | |
Revolving Loans | 0 | |
Total | 50,940 | |
Construction Real Estate Portfolio Segment [Member] | Classified (8 & 9) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 56 | |
2019 | 2,124 | |
2018 | 503 | |
2017 | 1 | |
2016 | 0 | |
Prior | 31 | |
Financing Receivable, Converted | 0 | |
Revolving Loans | 0 | |
Total | 2,715 | |
Residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 57,840 | |
2019 | 29,480 | |
2018 | 18,365 | |
2017 | 17,152 | |
2016 | 28,855 | |
Prior | 97,441 | |
Financing Receivable, Converted | 1,459 | |
Revolving Loans | 67,666 | |
Total | 318,258 | |
Residential | Pass (1-6) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 57,059 | |
2019 | 27,907 | |
2018 | 17,718 | |
2017 | 17,138 | |
2016 | 27,443 | |
Prior | 92,657 | |
Financing Receivable, Converted | 1,172 | |
Revolving Loans | 66,902 | |
Total | 307,996 | |
Residential | Watch (7) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 210 | |
2019 | 840 | |
2018 | 526 | |
2017 | 0 | |
2016 | 514 | |
Prior | 1,603 | |
Financing Receivable, Converted | 287 | |
Revolving Loans | 511 | |
Total | 4,491 | |
Residential | Classified (8 & 9) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 571 | |
2019 | 733 | |
2018 | 121 | |
2017 | 14 | |
2016 | 898 | |
Prior | 3,181 | |
Financing Receivable, Converted | 0 | |
Revolving Loans | 253 | |
Total | 5,771 | |
Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 43,526 | |
2019 | 28,214 | |
2018 | 30,101 | |
2017 | 9,659 | |
2016 | 5,641 | |
Prior | 19,681 | |
Financing Receivable, Converted | 8 | |
Revolving Loans | 40,784 | |
Total | 177,614 | |
Other | Pass (1-6) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 43,526 | |
2019 | 28,195 | |
2018 | 30,074 | |
2017 | 9,646 | |
2016 | 5,641 | |
Prior | 17,027 | |
Financing Receivable, Converted | 0 | |
Revolving Loans | 40,779 | |
Total | 174,888 | |
Other | Watch (7) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 1 | |
2018 | 8 | |
2017 | 0 | |
2016 | 0 | |
Prior | 2,637 | |
Financing Receivable, Converted | 0 | |
Revolving Loans | 1 | |
Total | 2,647 | |
Other | Classified (8 & 9) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 18 | |
2018 | 19 | |
2017 | 13 | |
2016 | 0 | |
Prior | 17 | |
Financing Receivable, Converted | 8 | |
Revolving Loans | 4 | |
Total | $ 79 |
Portfolio Loans - Credit Qualit
Portfolio Loans - Credit Quality Based on Aging Status (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Financing Receivable, after Allowance for Credit Loss | $ 8,056 |
Commercial and industrial | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Financing Receivable, after Allowance for Credit Loss | 2,502 |
Residential | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Financing Receivable, after Allowance for Credit Loss | 921 |
Other | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Financing Receivable, after Allowance for Credit Loss | 4,633 |
Performing | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Financing Receivable, after Allowance for Credit Loss | 8,035 |
Performing | Commercial and industrial | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Financing Receivable, after Allowance for Credit Loss | 2,502 |
Performing | Residential | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Financing Receivable, after Allowance for Credit Loss | 921 |
Performing | Other | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Financing Receivable, after Allowance for Credit Loss | 4,612 |
Non Performing | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Financing Receivable, after Allowance for Credit Loss | 21 |
Non Performing | Commercial and industrial | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Financing Receivable, after Allowance for Credit Loss | 0 |
Non Performing | Residential | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Financing Receivable, after Allowance for Credit Loss | 0 |
Non Performing | Other | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Financing Receivable, after Allowance for Credit Loss | $ 21 |
Portfolio Loans - Summary of _6
Portfolio Loans - Summary of Recorded Investment by Risk Category of Portfolio Loans by Portfolio Class and Category (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 5,314,337 | |
Loans, including unearned loan fees | $ 7,224,935 | 5,314,337 |
Non-Covered Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 7,241,074 | 5,316,953 |
Loans, including unearned loan fees | 5,224,048 | |
Non-Covered Loans | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 3,100,299 | 2,345,823 |
Non-Covered Loans | Commercial - investor owned | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 1,589,419 | 1,262,981 |
Non-Covered Loans | CRE - owner occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 1,498,408 | 678,522 |
Non-Covered Loans | Construction and land development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 546,686 | 449,380 |
Non-Covered Loans | Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 319,179 | 355,192 |
Non-Covered Loans | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 187,083 | 134,941 |
Loans, including unearned loan fees | 132,150 | |
Pass (1-6) | Non-Covered Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, including unearned loan fees | 4,954,405 | |
Pass (1-6) | Non-Covered Loans | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 2,151,084 | |
Pass (1-6) | Non-Covered Loans | Commercial - investor owned | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 1,242,569 | |
Pass (1-6) | Non-Covered Loans | CRE - owner occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 643,276 | |
Pass (1-6) | Non-Covered Loans | Construction and land development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 437,134 | |
Pass (1-6) | Non-Covered Loans | Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 348,246 | |
Pass (1-6) | Non-Covered Loans | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, including unearned loan fees | 132,096 | |
Watch (7) | Non-Covered Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, including unearned loan fees | 187,656 | |
Watch (7) | Non-Covered Loans | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 124,718 | |
Watch (7) | Non-Covered Loans | Commercial - investor owned | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 17,572 | |
Watch (7) | Non-Covered Loans | CRE - owner occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 28,773 | |
Watch (7) | Non-Covered Loans | Construction and land development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 12,140 | |
Watch (7) | Non-Covered Loans | Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 4,450 | |
Watch (7) | Non-Covered Loans | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, including unearned loan fees | 3 | |
Classified (8 & 9) | Non-Covered Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, including unearned loan fees | 81,987 | |
Classified (8 & 9) | Non-Covered Loans | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 70,021 | |
Classified (8 & 9) | Non-Covered Loans | Commercial - investor owned | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 2,840 | |
Classified (8 & 9) | Non-Covered Loans | CRE - owner occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 6,473 | |
Classified (8 & 9) | Non-Covered Loans | Construction and land development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 106 | |
Classified (8 & 9) | Non-Covered Loans | Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 2,496 | |
Classified (8 & 9) | Non-Covered Loans | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, including unearned loan fees | $ 51 |
Acquired PCD Loans
Acquired PCD Loans $ in Thousands | Nov. 12, 2020USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
par value, acquired loans | $ 137,693 |
allowance pcd loans | (3,524) |
noncredit premium | 928 |
purchase price, acquired loans | $ 135,097 |
Purchased Credit Impaired ("P_3
Purchased Credit Impaired ("PCI") Loans - Summary of Aging of Recorded Investment in Past Due PCI Loans by Portfolio Class and Category (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Financing Receivable, Past Due [Line Items] | |
Total | $ 5,314,337 |
Purchased Credit Impaired ("P_4
Purchased Credit Impaired ("PCI") Loans - Narrative (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Allowance for credit losses on loans | $ 43,288 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | |||||
Derivative, Net Liability Position, Aggregate Fair Value | $ 35,800 | $ 35,800 | |||
Other comprehensive income (loss), unrealized gain (loss) on derivatives arising during period, before tax | (7,898) | $ (3,004) | $ 0 | ||
Derivative Liability, Notional Amount | 0 | 0 | |||
Summary of Derivative Instruments [Abstract] | |||||
Securities Sold under Agreements to Repurchase, Gross | 271,081 | 271,081 | 230,886 | ||
Securities Sold under Agreements to Repurchase, Asset | 0 | 0 | 0 | ||
Securities sold under agreement to repurchase | 271,081 | 271,081 | 230,886 | ||
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Securities | 0 | 0 | 0 | ||
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Cash | 271,081 | 271,081 | 230,886 | ||
Securities Sold under Agreements to Repurchase, Amount Offset Against Collateral | 0 | 0 | 0 | ||
Collateral Already Posted, Aggregate Fair Value | 36,500 | 36,500 | |||
swap termination fee | 3,200 | ||||
repayment of fhlb advances | 200,000 | 200,000 | |||
interest rate swaps terminated | 200,000 | 200,000 | |||
Interest rate swap contracts | |||||
Derivative [Line Items] | |||||
Pledged cash as collateral in connection with interest rate swap agreements | 34,903 | 34,903 | 14,573 | ||
Summary of Derivative Instruments [Abstract] | |||||
Derivative Asset, Fair Value, Gross Asset | 28,703 | 28,703 | 11,055 | ||
Liability derivatives (other liabilities), fair value | 34,967 | 34,967 | 14,747 | ||
Derivative Asset, Fair Value, Gross Liability | 0 | 0 | 0 | ||
Derivative financial instruments | 28,703 | 28,703 | 11,055 | ||
Derivative, Collateral, Obligation to Return Securities | 2 | 2 | 56 | ||
Derivative, Collateral, Obligation to Return Cash | 0 | 0 | 0 | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 28,701 | 28,701 | 10,999 | ||
Derivative Liability, Fair Value, Gross Asset | 0 | 0 | 0 | ||
Derivative financial instruments | 34,967 | 34,967 | 14,747 | ||
Derivative, Collateral, Right to Reclaim Securities | 2 | 2 | 56 | ||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 62 | 62 | 118 | ||
Designated as Hedging Instrument [Member] | Other Assets | Interest Rate Contract [Member] | |||||
Derivative [Line Items] | |||||
Notional | 61,962 | 61,962 | 61,962 | ||
Summary of Derivative Instruments [Abstract] | |||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | 0 | ||
Designated as Hedging Instrument [Member] | Other Liabilities | Interest Rate Contract [Member] | |||||
Summary of Derivative Instruments [Abstract] | |||||
Liability derivatives (other liabilities), fair value | 5,987 | 5,987 | 2,872 | ||
Non-designated hedging instruments | Other Assets | Interest Rate Contract [Member] | |||||
Derivative [Line Items] | |||||
Notional | 1,026,016 | 1,026,016 | 749,819 | ||
Summary of Derivative Instruments [Abstract] | |||||
Derivative Asset, Fair Value, Gross Asset | 28,703 | 28,703 | 11,055 | ||
Non-designated hedging instruments | Other Liabilities | Interest Rate Contract [Member] | |||||
Summary of Derivative Instruments [Abstract] | |||||
Liability derivatives (other liabilities), fair value | 28,980 | 28,980 | $ 11,875 | ||
Cash Flow Hedging | Subordinated debentures and notes | |||||
Derivative [Line Items] | |||||
Notional | $ 62,000 | $ 62,000 | |||
Derivative, Variable Interest Rate | 2.62% | 2.62% | |||
Cash Flow Hedging | Forecast [Member] | |||||
Summary of Derivative Instruments [Abstract] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 1,500 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Cash Flow Hedges (Details) - Cash Flow Hedging $ in Thousands | Dec. 31, 2020USD ($) |
Cash Flow Hedge Due March 15, 2024 | |
Derivative [Line Items] | |
Notional | $ 15,465 |
Fixed Rate | 2.60% |
Cash Flow Hedge Due March 30, 2024 | |
Derivative [Line Items] | |
Notional | $ 14,433 |
Fixed Rate | 2.60% |
Cash Flow Hedge Due March 15, 2026 | |
Derivative [Line Items] | |
Notional | $ 18,558 |
Fixed Rate | 2.64% |
Cash Flow Hedge Due March 17, 2026 | |
Derivative [Line Items] | |
Notional | $ 13,506 |
Fixed Rate | 2.64% |
Fixed Assets - Summary of Fixed
Fixed Assets - Summary of Fixed Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 13,389 | $ 14,079 |
Buildings and leasehold improvements | 53,007 | 54,838 |
Furniture, fixtures and equipment | 16,560 | 15,178 |
Capitalized software | 1,373 | 1,373 |
Fixed assets, gross | 84,329 | 85,468 |
Less accumulated depreciation and amortization | 31,160 | 25,455 |
Fixed assets, net | $ 53,169 | $ 60,013 |
Fixed Assets - Narrative (Detai
Fixed Assets - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Depreciation and amortization | $ 6.2 | $ 5.7 | $ 3.5 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Expected Amortization Schedule for the Core Deposit Intangible (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2021 | $ 5,295 |
2022 | 4,517 |
2023 | 3,840 |
2024 | 3,162 |
2025 | 2,485 |
After 2025 | 3,785 |
Core deposit intangible, net, end of year | $ 23,084 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Maturities of Time Deposits [Abstract] | ||
Related Party Deposit Liabilities | $ 7,243 | $ 9,763 |
Related Party Deposits | 2,441 | |
Related Party Withdrawals | (4,961) | |
Brokered | ||
Less than 1 year | 0 | |
Greater than 1 year and less than 2 years | 0 | |
Greater than 2 years and less than 3 years | 25,069 | |
Greater than 3 years and less than 4 years | 25,140 | |
Greater than 4 years and less than 5 years | 0 | |
Greater than 5 years | 0 | |
Brokered | 50,209 | 215,758 |
Customer | ||
Less than 1 year | 384,529 | |
Greater than 1 year and less than 2 years | 75,484 | |
Greater than 2 years and less than 3 years | 12,663 | |
Greater than 3 years and less than 4 years | 17,587 | |
Greater than 4 years and less than 5 years | 4,043 | |
Greater than 5 years | 5,580 | |
Other | 499,886 | 610,689 |
Total | ||
Less than 1 year | 384,529 | |
Greater than 1 year and less than 2 years | 75,484 | |
Greater than 2 years and less than 3 years | 37,732 | |
Greater than 3 years and less than 4 years | 42,727 | |
Greater than 4 years and less than 5 years | 4,043 | |
Greater than 5 years | 5,580 | |
Total Time Deposits | 550,095 | |
Time Deposits, $250,000 or More | 169,500 | |
CDARS Deposits | 7,300 | |
ICS Deposits | 71,700 | |
Deposit Liabilities Reclassified as Loans Receivable | $ 1,000 | $ 2,100 |
Subordinated Debentures (Detail
Subordinated Debentures (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018shares | Nov. 01, 2016USD ($) | |
Subordinated Borrowing [Line Items] | ||||
Number of Unconsolidated Statutory Business Trusts | 13 | |||
Investments trust preferred securities | $ 2,900 | |||
Subordinated debentures and notes | $ 203,637 | $ 141,258 | ||
Conversion of subordinated debt into common stock (in shares) | shares | 0 | 0 | 0 | |
5.75% | ||||
Subordinated Borrowing [Line Items] | ||||
Fixed interest rate | 5.75% | |||
Senior Subordinated Notes [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Senior Subordinated Notes | $ 50,000 | |||
Subordinated Notes, Redemption Price | 100.00% | |||
Trust preferred securities [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Subordinated debentures and notes | $ 92,290 | $ 92,132 | ||
Trust preferred securities [Member] | EFSC Clayco Statutory Trust I | ||||
Subordinated Borrowing [Line Items] | ||||
Subordinated debentures and notes | $ 3,196 | 3,196 | ||
Maturity Date | Dec. 17, 2033 | |||
Initial Call Date (1) | Dec. 17, 2008 | |||
Description of variable rate | 3 Month LIBOR | |||
Floating interest rate | 0.0285 | |||
Trust preferred securities [Member] | EFSC Capital Trust II | ||||
Subordinated Borrowing [Line Items] | ||||
Subordinated debentures and notes | $ 5,155 | 5,155 | ||
Maturity Date | Jun. 17, 2034 | |||
Initial Call Date (1) | Jun. 17, 2009 | |||
Description of variable rate | 3 Month LIBOR | |||
Floating interest rate | 0.0265 | |||
Trust preferred securities [Member] | EFSC Statutory Trust III | ||||
Subordinated Borrowing [Line Items] | ||||
Subordinated debentures and notes | $ 11,341 | 11,341 | ||
Maturity Date | Dec. 15, 2034 | |||
Initial Call Date (1) | Dec. 15, 2009 | |||
Description of variable rate | 3 Month LIBOR | |||
Floating interest rate | 0.0197 | |||
Trust preferred securities [Member] | EFSC Clayco Statutory Trust II | ||||
Subordinated Borrowing [Line Items] | ||||
Subordinated debentures and notes | $ 4,124 | 4,124 | ||
Maturity Date | Sep. 15, 2035 | |||
Initial Call Date (1) | Sep. 15, 2010 | |||
Description of variable rate | 3 Month LIBOR | |||
Floating interest rate | 0.0183 | |||
Trust preferred securities [Member] | EFSC Statutory Trust IV | ||||
Subordinated Borrowing [Line Items] | ||||
Subordinated debentures and notes | $ 10,310 | 10,310 | ||
Maturity Date | Dec. 15, 2035 | |||
Initial Call Date (1) | Dec. 15, 2010 | |||
Description of variable rate | 3 Month LIBOR | |||
Floating interest rate | 0.0144 | |||
Trust preferred securities [Member] | EFSC Statutory Trust V | ||||
Subordinated Borrowing [Line Items] | ||||
Subordinated debentures and notes | $ 4,124 | 4,124 | ||
Maturity Date | Sep. 15, 2036 | |||
Initial Call Date (1) | Sep. 15, 2011 | |||
Description of variable rate | 3 Month LIBOR | |||
Floating interest rate | 0.0160 | |||
Trust preferred securities [Member] | EFSC Capital Trust VI | ||||
Subordinated Borrowing [Line Items] | ||||
Subordinated debentures and notes | $ 14,433 | 14,433 | ||
Maturity Date | Mar. 30, 2037 | |||
Initial Call Date (1) | Mar. 30, 2012 | |||
Description of variable rate | 3 Month LIBOR | |||
Floating interest rate | 0.0160 | |||
Trust preferred securities [Member] | EFSC Capital Trust VII | ||||
Subordinated Borrowing [Line Items] | ||||
Subordinated debentures and notes | $ 4,124 | 4,124 | ||
Maturity Date | Dec. 15, 2037 | |||
Initial Call Date (1) | Dec. 15, 2012 | |||
Description of variable rate | 3 Month LIBOR | |||
Floating interest rate | 0.0225 | |||
Trust preferred securities [Member] | JEFFCO Stat Trust I [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Subordinated debentures and notes | $ 7,752 | 7,886 | ||
Maturity Date | Feb. 22, 2031 | |||
Initial Call Date (1) | Feb. 22, 2011 | |||
Fixed interest rate | 10.20% | |||
Trust preferred securities [Member] | EFSC Capital Trust VIII | ||||
Subordinated Borrowing [Line Items] | ||||
Fixed interest rate | 9.00% | |||
Trust preferred securities [Member] | JEFFCO Stat Trust II [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Subordinated debentures and notes | $ 4,443 | 4,388 | ||
Maturity Date | Mar. 17, 2034 | |||
Initial Call Date (1) | Mar. 17, 2009 | |||
Description of variable rate | 3 Month LIBOR | |||
Fixed interest rate | 2.75% | |||
Trust preferred securities [Member] | Trinity Capital Trust III [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Subordinated debentures and notes | $ 5,272 | 5,206 | ||
Maturity Date | Sep. 8, 2034 | |||
Initial Call Date (1) | Sep. 8, 2009 | |||
Description of variable rate | 3 Month LIBOR | |||
Fixed interest rate | 2.70% | |||
Trust preferred securities [Member] | Trinity Capital Trust IV [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Subordinated debentures and notes | $ 10,310 | 10,302 | ||
Maturity Date | Nov. 23, 2035 | |||
Initial Call Date (1) | Aug. 23, 2010 | |||
Fixed interest rate | 6.88% | |||
Trust preferred securities [Member] | Trinity Capital Trust V [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Subordinated debentures and notes | $ 7,706 | 7,543 | ||
Maturity Date | Dec. 15, 2036 | |||
Initial Call Date (1) | Sep. 15, 2011 | |||
Description of variable rate | 3 Month LIBOR | |||
Fixed interest rate | 1.65% | |||
Senior Subordinated Notes [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Subordinated debentures and notes | $ 50,000 | 50,000 | ||
Debt issuance costs | (1,903) | (874) | ||
Subordinated notes, net of issuance costs | $ 111,347 | 49,126 | ||
Maturity Date | Nov. 1, 2026 | |||
Initial Call Date (1) | Nov. 1, 2021 | |||
Floating interest rate | 0.03387 | |||
Fixed interest rate | 4.75% | |||
Senior Subordinated Notes [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||
Subordinated Borrowing [Line Items] | ||||
Floating interest rate | 0.0566 | |||
Senior Subordinated Notes [Member] | 5.75% | ||||
Subordinated Borrowing [Line Items] | ||||
Subordinated debentures and notes | $ 63,250 | $ 0 | ||
Maturity Date | Jun. 1, 2030 | |||
Initial Call Date (1) | Jun. 1, 2025 |
Federal Home Loan Bank Advanc_3
Federal Home Loan Bank Advances (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2020 | |
Federal Home Loan Bank, Advances, Branch of FHLB [Line Items] | ||
Convertible Debt | $ 50,000 | |
Convertible advances weighted average interest rate | 1.56% | |
Carrying value of the loans pledged | $ 222,406 | $ 50,000 |
Short term advances outstanding | $ 170,000 | $ 0 |
Weighted average interest rate on short term advances | 1.73% | 0.00% |
Collateral used to secure confirming letters of credit | $ 6,000 | |
Weighted Rate | ||
Federal Home Loan Bank, Advances, Maturities Summary, One to Five Years | $ 52,406 | $ 50,000 |
Federal Home Loan Bank Advances, Maturities Summary, Average Interest Rate of Amounts Due in One to Five Years of Balance Sheet Date | 1.62% | 1.56% |
Federal Home Loan Bank, Advances, Maturities Summary, Average Interst Rate of Amounts | 1.70% | 1.56% |
Des Moines | ||
Federal Home Loan Bank, Advances, Branch of FHLB [Line Items] | ||
Carrying value of the loans pledged | $ 1,600,000 | $ 1,400,000 |
Availability under the secured line of credit | $ 739,100 |
Other Borrowings and Notes Pa_3
Other Borrowings and Notes Payable (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Feb. 23, 2016 | |
Debt Instrument [Line Items] | |||
Loans Payable | $ 30,000,000 | $ 34,286,000 | |
Line of Credit, Current | $ 25,000,000 | ||
Securities sold under agreement to repurchase | 271,081,000 | 230,886,000 | |
Total | 271,081,000 | 230,886,000 | |
Amount withdrawn | 0 | ||
Unsecured term loan, face amount | 40,000,000 | ||
paycheck protection program liquidity facility funds | 86,100,000 | ||
Other Borrowings | |||
Debt Instrument [Line Items] | |||
Maximum balance outstanding at any month-end | 271,081,000 | 230,886,000 | |
Average balance during the year | $ 206,338,000 | $ 169,179,000 | |
Average interest rate during the year | 0.23% | 0.69% | |
Average interest rate at December 31 | 0.07% | 0.91% | |
Line of Credit | |||
Debt Instrument [Line Items] | |||
Maximum balance outstanding at any month-end | $ 2,000,000 | ||
Average balance during the year | $ 323,000 | ||
Average interest rate during the year | 4.61% | ||
Average interest rate at December 31 | 0.00% | ||
Remaining borrowing capacity | $ 900,000,000 | ||
Aggregate of pledge secured by certain eligible loans | 1,100,000,000 | ||
Amount withdrawn | 0 | ||
Unsecured Term Loan | |||
Debt Instrument [Line Items] | |||
Maximum balance outstanding at any month-end | 34,286,000 | $ 40,000,000 | |
Average balance during the year | $ 32,123,000 | $ 30,810,000 | |
Average interest rate during the year | 1.96% | 3.55% | |
Average interest rate at December 31 | 1.44% | 3.00% |
Regulatory Matters (Details)
Regulatory Matters (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Enterprise Financial Services Corp [Member] | ||
Total Capital (to Risk Weighted Assets) [Abstract] | ||
Actual, Ratio | 14.90% | 12.90% |
Tier 1 Capital (to Risk Weighted Assets) [Abstract] | ||
Actual, Ratio | 12.10% | 11.40% |
Tier One Common Equity Capital to Risk Weighted Assets | 10.90% | 9.90% |
Tier 1 Capital (to Average Assets) [Abstract] | ||
Actual, Ratio | 10.00% | 10.10% |
Enterprise Bank and Trust [Member] | ||
Total Capital (to Risk Weighted Assets) [Abstract] | ||
Actual, Ratio | 13.70% | 12.40% |
To Be Well Capitalized Under Applicable Action Provisions, Ratio | 10.00% | |
Capital to Risk Weighted Assets CCB Minimum | 10.50% | |
Tier 1 Capital (to Risk Weighted Assets) [Abstract] | ||
Actual, Ratio | 12.50% | 11.70% |
To Be Well Capitalized Under Applicable Action Provisions, Ratio | 8.00% | |
Tier One Risk Based Capital CCB Minimum | 8.50% | |
Tier One Common Equity Capital to Risk Weighted Assets | 12.50% | 11.70% |
Tier One Common Equity Capital Required to be Well Capitalized to Risk Weighted Assets | 6.50% | |
Tier One Common Equity Capital CCB Minimum | 7.00% | |
Tier 1 Capital (to Average Assets) [Abstract] | ||
Actual, Ratio | 10.30% | 10.30% |
To Be Well Capitalized Under Applicable Action Provisions, Ratio | 5.00% | |
Tier One Leverage Capital to Average Assets CCB Minimum | 4.00% |
Compensation Plans - Narrative
Compensation Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | May 01, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 95,907 | 2,000,000 | |||||
Share-based compensation expense | $ 4,178 | $ 4,032 | $ 3,452 | ||||
Tax benefit from compensation expense | $ 200 | 500 | 1,600 | ||||
Award vesting period | 3 years | ||||||
Total unrecognized compensation cost for nonvested stock units | $ 5,000 | ||||||
Number of shares issued upon completion of performance cycle | 62,649 | 99,308 | |||||
Employee minimum age to participate in plan | 21 years | ||||||
Company contributions, amount charged to expense | $ 3,800 | $ 3,200 | 2,800 | ||||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | |||||
Preferred stock, par value | $ 0.01 | $ 0.01 | |||||
Preferred stock, shares outstanding | 0 | 0 | |||||
Expected years to recognize unearned compensation | 2 years | ||||||
Stock Options | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Contractual term | 10 years | ||||||
Stock Appreciation Rights (SSARs) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 5 years | ||||||
Contractual term | 10 years | ||||||
Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based compensation expense | $ 2,613 | $ 1,969 | 1,211 | ||||
Total unrecognized compensation cost for nonvested stock units | $ 3,899 | $ 3,417 | $ 2,175 | ||||
Number of shares issued | 88,759 | ||||||
Expected years to recognize unearned compensation | 1 year 10 months 24 days | 1 year 10 months 24 days | 2 years | ||||
Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based compensation expense | $ 1,097 | $ 1,699 | $ 2,067 | ||||
Employee Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85.00% | ||||||
Share-based compensation expense | $ 468 | $ 364 | $ 174 | ||||
Number of shares authorized | 750,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 58,195 | 41,116 | 14,799 | ||||
Minimum | Stock Options | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 3 years | ||||||
Minimum | Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 2 years | ||||||
Maximum | Stock Options | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 5 years | ||||||
Maximum | Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 5 years | ||||||
Stock Plan for Non-Management Directors | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares available for grant | 86,616 | 96,031 | |||||
Number of shares authorized | 200,000 | ||||||
Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant, Excluding Deferred Shares | 80,130 | ||||||
Share Based Compensation Arrangement by Shar Based Payment Award Number of Shares Available for Grant, Deferred Shares | 6,486 | ||||||
Deferred Compensation Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate | 25.00% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate, Bonus | 100.00% | ||||||
Deferred Compensation Plan Assets | $ 3,600 | ||||||
Deferred Compensation Liability, Current and Noncurrent | $ 4,900 | ||||||
Subsequent Event | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares issued upon completion of performance cycle | 23,251 |
Compensation Plans - Common Sto
Compensation Plans - Common Stock (Details) - shares | Dec. 31, 2020 | Dec. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common Stock, Capital Shares Reserved for Future Issuance | 1,344,801 | 1,530,530 |
2018 Stock Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common Stock, Capital Shares Reserved for Future Issuance | 339,691 | 521,573 |
Stock Plan for Non-Management Directors | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares available for grant | 86,616 | 96,031 |
Employee Stock Purchase Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common Stock, Capital Shares Reserved for Future Issuance | 635,890 | 694,085 |
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common Stock, Capital Shares Reserved for Future Issuance | 125,176 | 73,172 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 157,428 | 117,369 |
Stock Options and SSARs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement By Share-based Payment Award, Outstanding, Number | 0 | 28,300 |
Compensation Plans - Changes in
Compensation Plans - Changes in OCI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | $ 867,185 | $ 603,804 | $ 548,573 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 19,371 | 27,031 | (4,630) |
Reclassification for the adoption of ASU 2016-09 | (834) | ||
Debt Securities, Held-to-maturity, Transfer, Derivative Hedge, Gain (Loss) | 0 | 0 | |
Balance | 1,078,975 | 867,185 | 603,804 |
Accumulated other comprehensive income (loss) | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | 17,749 | (9,282) | (3,818) |
Balance | 37,120 | 17,749 | (9,282) |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | 14,977 | (9,047) | (3,622) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 23,627 | 29,226 | (4,633) |
Reclassification for the adoption of ASU 2016-09 | (792) | ||
Debt Securities, Held-to-maturity, Transfer, Derivative Hedge, Gain (Loss) | (16,284) | (5,202) | |
Balance | 22,320 | 14,977 | (9,047) |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | (2,162) | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (2,346) | (2,162) | 0 |
Reclassification for the adoption of ASU 2016-09 | 0 | ||
Debt Securities, Held-to-maturity, Transfer, Derivative Hedge, Gain (Loss) | 0 | 0 | |
Balance | (4,508) | (2,162) | 0 |
AOCI, Accumulated Gain (Loss), Held To Maturity Securities, Parent | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | 4,934 | (235) | (196) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (1,910) | (33) | 3 |
Reclassification for the adoption of ASU 2016-09 | (42) | ||
Debt Securities, Held-to-maturity, Transfer, Derivative Hedge, Gain (Loss) | 16,284 | 5,202 | |
Balance | $ 19,308 | $ 4,934 | $ (235) |
Compensation Plans - Components
Compensation Plans - Components of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement [Abstract] | |||
Other comprehensive income (loss), securities, available-for-sale, unrealized holding gain (loss) arising during period, before tax | $ 31,798 | $ 38,764 | $ (6,143) |
Other comprehensive income (loss), securities, available-for-sale, unrealized holding gain (loss) arising during period, tax | 7,854 | 9,575 | (1,517) |
Other comprehensive income (loss), securities, available-for-sale, unrealized holding gain (loss) arising during period, net of tax | 23,944 | 29,189 | (4,626) |
Reclassification adjustment for realized gains on sale of securities available for sale included in net income, before tax | (421) | 49 | (9) |
Reclassification adjustment for realized gains on sale of securities available for sale included in net income, tax | (104) | 12 | (2) |
Reclassification adjustment for realized gains on sale of securities available for sale included in net income, net of tax | (317) | 37 | (7) |
Other Comprehensive Income (Loss), Reclassification of (gain) loss on held to maturity securities, before of tax | (2,537) | (44) | 4 |
Other Comprehensive Income (Loss), Reclassification of (gain) loss on held to maturity securities, tax | (627) | (11) | 1 |
Other Comprehensive Income (Loss), Reclassification of (gain) loss on held to maturity securities, net of tax | (1,910) | (33) | 3 |
Other comprehensive income (loss), unrealized gain (loss) on derivatives arising during period, before tax | (7,898) | (3,004) | 0 |
Other comprehensive income (loss), unrealized gain (loss) on derivatives arising during period, tax | (1,951) | (742) | 0 |
Other comprehensive income (loss), unrealized gain (loss) on derivatives arising during period, net of tax | (5,947) | (2,262) | 0 |
Other comprehensive income (loss), reclassification adjustment from AOCI on derivatives, before tax | 4,782 | 133 | 0 |
Other comprehensive income (loss), reclassification adjustment from AOCI on derivatives, tax | 1,181 | 33 | 0 |
Other comprehensive income (loss), reclassification adjustment from AOCI on derivatives, net of tax | 3,601 | 100 | 0 |
Other comprehensive income (loss) before tax | 25,724 | 35,898 | (6,148) |
Other comprehensive income (loss) tax | 6,353 | 8,867 | (1,518) |
Other comprehensive income (loss), net | $ 19,371 | $ 27,031 | $ (4,630) |
Compensation Plans - Reclassifi
Compensation Plans - Reclassifications Out of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Noninterest income | $ 18,506 | $ 12,629 | $ 9,960 | $ 13,408 | $ 14,418 | $ 13,564 | $ 11,964 | $ 9,230 | $ 54,503 | $ 49,176 | $ 38,347 |
Net interest income | 77,446 | 63,354 | 65,833 | 63,368 | 61,613 | 63,046 | 61,715 | 52,343 | 270,001 | 238,717 | 191,905 |
Income before income tax expense | 35,439 | 22,379 | 18,290 | 15,839 | 36,336 | 36,538 | 22,903 | 20,259 | 91,947 | 116,036 | 104,577 |
Income tax expense | 6,508 | 4,428 | 3,656 | 2,971 | 7,246 | 7,469 | 4,479 | 4,103 | 17,563 | 23,297 | 15,360 |
Net income | $ 28,931 | $ 17,951 | $ 14,634 | $ 12,868 | $ 29,090 | $ 29,069 | $ 18,424 | $ 16,156 | $ 74,384 | $ 92,739 | $ 89,217 |
Compensation Plans - Schedule o
Compensation Plans - Schedule of Various Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | $ 4,178 | $ 4,032 | $ 3,452 |
Total unrecognized compensation cost for nonvested stock units | $ 5,000 | ||
Expected years to recognize unearned compensation | 2 years | ||
Weighted average fair value (usd per share) | $ 38,090 | $ 47,460 | |
Employee Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | $ 468 | $ 364 | 174 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | 2,613 | 1,969 | 1,211 |
Total fair value at vesting date | 1,702 | 1,067 | 1,544 |
Total unrecognized compensation cost for nonvested stock units | $ 3,899 | $ 3,417 | $ 2,175 |
Expected years to recognize unearned compensation | 1 year 10 months 24 days | 1 year 10 months 24 days | 2 years |
Stock Options and SSARs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value of option/SSAR exercises on date of exercise | $ 597 | $ 407 | $ 2,469 |
Stock Plan for Non-Management Directors | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares issued | 15,901,000 | 11,382,000 | 11,750,000 |
Weighted average fair value (usd per share) | $ 30.28 | $ 41.63 | $ 50.74 |
Compensation Plans - Schedule_2
Compensation Plans - Schedule of Employee Stock Options and SSARs Activity (Details) - Stock Options and SSARs | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Shares | |
Outstanding at beginning of period (in shares) | 28,300 |
Exercised (in shares) | (28,300) |
Outstanding at end of period (in shares) | 0 |
Weighted Average Exercise Price | |
Outstanding at beginning of period (usd per share) | $ / shares | $ 10.14 |
Exercised (usd per share) | $ / shares | $ 10.14 |
Compensation Plans - Summary of
Compensation Plans - Summary of Restricted Stock Units Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Weighted Average Grant Date Fair Value | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 5,000 | ||
Expected years to recognize unearned compensation | 2 years | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 1,702 | $ 1,067 | $ 1,544 |
Shares | |||
Outstanding, beginning of period (in shares) | 117,369 | ||
Granted (in shares) | 88,759 | ||
Vested (in shares) | 44,351 | ||
Forfeited (in shares) | 4,349 | ||
Outstanding, end of period (in shares) | 157,428 | 117,369 | |
Weighted Average Grant Date Fair Value | |||
Outstanding, beginning of period (usd per share) | $ 45.86 | ||
Granted (usd per share) | 39.63 | ||
Vested (usd per share) | 45.68 | ||
Forfeited (usd per share) | 44.24 | ||
Outstanding, end of period (usd per share) | $ 42.44 | $ 45.86 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 3,899 | $ 3,417 | $ 2,175 |
Expected years to recognize unearned compensation | 1 year 10 months 24 days | 1 year 10 months 24 days | 2 years |
Compensation Plans Outstanding
Compensation Plans Outstanding Longer Term Incentive Awards (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Outstanding Long Term Incentive Awards [Line Items] | ||
Target Shares Issuable as Long Term Incentive Awards | $ 26,002 | $ 20,860 |
Maximum Shares Issuable as Long Term Incentive Awards | 52,004 | 41,720 |
Unrecognized Compensation Cost - Long Term Incentives | $ 704,000 | $ 366,000 |
Share-based Compensation Arrangement By Share-based Payment Award, Grants In Period, Weighted Average Grant Date Fair Value | $ 38,090 | $ 47,460 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Examination [Line Items] | |||||||||||
Federal | $ 25,132 | $ 15,470 | $ 9,621 | ||||||||
State and local | 5,009 | 2,027 | 2,432 | ||||||||
Current Federal, State and Local, Tax Expense (Benefit) | 30,141 | 17,497 | 12,053 | ||||||||
Deferred: | (12,578) | 5,800 | 3,307 | ||||||||
Deferred Federal Income Tax Expense (Benefit) | (10,651) | 4,262 | 2,812 | ||||||||
Deferred State and Local Income Tax Expense (Benefit) | (1,927) | 1,538 | 495 | ||||||||
Deferred Federal, State and Local, Tax Expense (Benefit) | (12,578) | 5,800 | 3,307 | ||||||||
Total income tax expense | $ 6,508 | $ 4,428 | $ 3,656 | $ 2,971 | $ 7,246 | $ 7,469 | $ 4,479 | $ 4,103 | $ 17,563 | $ 23,297 | $ 15,360 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Increase (reduction) in income tax resulting from: | |||||||||||
Income tax expense at statutory rate | $ 19,309 | $ 24,368 | $ 21,961 | ||||||||
Tax-exempt interest income, net | (2,010) | (962) | (506) | ||||||||
State and local income taxes, net | 3,254 | 2,816 | 2,423 | ||||||||
Bank-owned life insurance, net | (778) | (628) | (452) | ||||||||
Non-deductible expenses | 637 | 749 | 294 | ||||||||
Tax benefit (expense) of LIHTC investments, net | (444) | (278) | (50) | ||||||||
Effective Income Tax Rate Reconciliation, Tax Credit, Amount | (175) | (526) | (1,631) | ||||||||
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Amount | (1,327) | (913) | (4,627) | ||||||||
Non-taxable subsidiary dividend | 0 | 0 | (2,728) | ||||||||
Non-taxable donation to charitable foundation | 0 | (420) | 0 | ||||||||
Other, net | (903) | (909) | 676 | ||||||||
Total income tax expense | $ 6,508 | $ 4,428 | $ 3,656 | $ 2,971 | $ 7,246 | $ 7,469 | $ 4,479 | $ 4,103 | $ 17,563 | $ 23,297 | $ 15,360 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Allowance for loan losses | $ 34,031 | $ 10,692 |
Acquired loans | 0 | 9,722 |
Deferred Tax Assets, Loans Held for Sale | 8,058 | 0 |
Other real estate | 896 | 657 |
Deferred compensation | 2,585 | 2,462 |
Accrued compensation | 5,391 | 1,607 |
Deferred Tax Assets, Operating Loss Carryforwards | 6,460 | 7,066 |
Other deferred tax assets | 3,086 | 791 |
Total deferred tax assets | 60,507 | 32,997 |
Deferred Tax Liabilities, Asset Purchase Tax Basis Difference, Net | 3,413 | 0 |
Deferred Tax Liabilities, Other | 4,369 | 2,407 |
Deferred tax liabilities: | ||
Unrealized gains on securities | 12,189 | 5,847 |
Deferred Tax Liabilities, Goodwill and Intangible Assets | 7,800 | 7,432 |
Total deferred tax liabilities | 27,771 | 15,686 |
Deferred Tax Assets, Gross | 32,736 | 17,311 |
Deferred Tax Assets, Net | 29,804 | 14,379 |
Deferred Tax Assets, Valuation Allowance | 2,932 | 2,932 |
Other Assets | ||
Deferred tax liabilities: | ||
Deferred Tax Assets, Net | $ 29,800 | $ 14,400 |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Balance at beginning of year | $ 1,497 | $ 1,301 | $ 1,244 |
Additions based on tax positions related to the current year | 395 | 401 | 367 |
Additions for tax positions of prior years | 1,556 | 62 | 50 |
Settlements or lapse of statute of limitations | (291) | (267) | (360) |
Balance at end of year | $ 3,157 | $ 1,497 | $ 1,301 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) | 12 Months Ended | |||
Dec. 31, 2020USD ($)state | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Income Tax Examination [Line Items] | ||||
Amount recognized as a component of income tax expense related low-income housing tax credit | $ 400,000 | $ 300,000 | $ 100,000 | |
Investments related to low-income housing tax credits | 4,200,000 | 4,000,000 | ||
Impairment losses recognized from forfeiture or ineligibility | 0 | |||
State valuation allowance | 2,932,000 | 2,932,000 | ||
Deferred Tax Assets, Net | $ 29,804,000 | 14,379,000 | ||
Number of states the company files income tax returns in | state | 29 | |||
Unrecognized tax benefits | $ 3,157,000 | 1,497,000 | 1,301,000 | $ 1,244,000 |
Unrecognized tax benefits that would impact effective tax rate | 3,100,000 | 1,100,000 | $ 900,000 | |
Reduction in unrecognized tax benefit that is reasonably possible due to a lapse of statute of limitations | $ 300,000 | |||
Duration of unrecognized tax benefits | 12 months | |||
Income Tax Examination, Penalties and Interest Accrued | $ 900,000 | |||
Other Assets | ||||
Income Tax Examination [Line Items] | ||||
Deferred Tax Assets, Net | $ 29,800,000 | $ 14,400,000 |
Commitments (Details)
Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Commitments to extend credit | ||
Schedule of Commitments [Line Items] | ||
Off-balance sheet financial instruments, contractual amounts | $ 1,946,068 | $ 1,469,413 |
Letters of credit | ||
Schedule of Commitments [Line Items] | ||
Off-balance sheet financial instruments, contractual amounts | $ 50,971 | 47,969 |
Letters of credit | Minimum | ||
Schedule of Commitments [Line Items] | ||
Remaining term | 1 month | |
Letters of credit | Maximum | ||
Schedule of Commitments [Line Items] | ||
Remaining term | 4 years | |
State tax credits, held for sale | ||
Schedule of Commitments [Line Items] | ||
Off-balance sheet financial instruments, contractual amounts | $ 24,473 | 28,035 |
Low Income Housing Tax Credits [Domain] | ||
Schedule of Commitments [Line Items] | ||
Off-balance sheet financial instruments, contractual amounts | 0 | 704 |
SBIC Capital Commitments [Domain] | ||
Schedule of Commitments [Line Items] | ||
Off-balance sheet financial instruments, contractual amounts | 23,400 | 20,829 |
Unadvanced Commitment on Impaired Loan | ||
Schedule of Commitments [Line Items] | ||
Estimated losses attributable to unadvanced commitments on impaired loans | 5,700 | |
Fixed Rate Loan Commitment | Commitments to extend credit | ||
Schedule of Commitments [Line Items] | ||
Off-balance sheet financial instruments, contractual amounts | $ 160,600 | $ 144,800 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Securities available-for-sale | $ 912,429 | $ 1,135,317 |
Total Fair Value | ||
Assets | ||
State tax credits held for sale | 39,925 | 39,046 |
Obligations of U.S. Government-sponsored enterprises | ||
Assets | ||
Securities available-for-sale | 15,161 | 10,046 |
Obligations of states and political subdivisions | ||
Assets | ||
Securities available-for-sale | 344,232 | 213,024 |
Residential mortgage-backed securities | ||
Assets | ||
Securities available-for-sale | 526,572 | 902,021 |
US Treasury Bill Securities [Member] | ||
Assets | ||
Securities available-for-sale | 11,466 | 10,226 |
Corporate Debt Securities [Member] | ||
Assets | ||
Securities available-for-sale | 14,998 | |
Recurring basis | Total Fair Value | ||
Assets | ||
Securities available-for-sale | 912,429 | 1,135,317 |
Other Investments | 0 | |
Derivative financial instruments | 28,703 | 11,055 |
Assets, Fair Value Disclosure | 941,132 | 1,146,372 |
Liabilities | ||
Derivative financial instruments | 34,967 | 14,747 |
Total liabilities | 34,967 | 14,747 |
Recurring basis | Obligations of U.S. Government-sponsored enterprises | Total Fair Value | ||
Assets | ||
Securities available-for-sale | 15,161 | 10,046 |
Recurring basis | Obligations of states and political subdivisions | Total Fair Value | ||
Assets | ||
Securities available-for-sale | 344,232 | 213,024 |
Recurring basis | Residential mortgage-backed securities | Total Fair Value | ||
Assets | ||
Securities available-for-sale | 526,572 | 902,021 |
Recurring basis | US Treasury Bill Securities [Member] | Total Fair Value | ||
Assets | ||
Securities available-for-sale | 11,466 | 10,226 |
Recurring basis | Corporate Debt Securities [Member] | Total Fair Value | ||
Assets | ||
Securities available-for-sale | 14,998 | |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets | ||
Securities available-for-sale | 0 | 0 |
Other Investments | 0 | |
Derivative financial instruments | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Liabilities | ||
Derivative financial instruments | 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) | Residential 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 | 912,429 | 1,135,317 |
Other Investments | 0 | |
Derivative financial instruments | 28,703 | 11,055 |
Assets, Fair Value Disclosure | 941,132 | 1,146,372 |
Liabilities | ||
Derivative financial instruments | 34,967 | 14,747 |
Total liabilities | 34,967 | 14,747 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Obligations of U.S. Government-sponsored enterprises | ||
Assets | ||
Securities available-for-sale | 15,161 | 10,046 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Obligations of states and political subdivisions | ||
Assets | ||
Securities available-for-sale | 344,232 | 213,024 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Residential mortgage-backed securities | ||
Assets | ||
Securities available-for-sale | 526,572 | 902,021 |
Recurring basis | Significant Other Observable Inputs (Level 2) | US Treasury Bill Securities [Member] | ||
Assets | ||
Securities available-for-sale | 11,466 | 10,226 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Corporate Debt Securities [Member] | ||
Assets | ||
Securities available-for-sale | 14,998 | |
Recurring basis | Significant Unobservable Inputs (Level 3) | ||
Assets | ||
Securities available-for-sale | 0 | 0 |
Other Investments | 0 | |
Derivative financial instruments | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Liabilities | ||
Derivative financial instruments | 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) | Residential 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 | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | $ 48,764 | $ 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 | $ 39,925 | $ 39,046 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Level 3 Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value | $ 912,429 | $ 1,135,317 |
Debt Securities, Held-to-maturity, Fair Value | 501,523 | 181,939 |
Level 3 | Recurring basis | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Other Investments | 0 | |
Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring basis | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Other Investments | 0 | |
Fair Value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Recurring basis | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Other Investments | 0 | |
Fair Value | 912,429 | 1,135,317 |
Total Fair Value | Recurring basis | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Other Investments | 0 | |
Fair Value | 912,429 | 1,135,317 |
Obligations of U.S. Government-sponsored enterprises | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value | 15,161 | 10,046 |
Obligations of U.S. Government-sponsored enterprises | Level 3 | Recurring basis | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value | 0 | 0 |
Obligations of U.S. Government-sponsored enterprises | Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring basis | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value | 0 | 0 |
Obligations of U.S. Government-sponsored enterprises | Significant Other Observable Inputs (Level 2) | Recurring basis | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value | 15,161 | 10,046 |
Obligations of U.S. Government-sponsored enterprises | Total Fair Value | Recurring basis | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value | 15,161 | 10,046 |
Obligations of states and political subdivisions | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value | 344,232 | 213,024 |
Debt Securities, Held-to-maturity, Fair Value | 251,138 | 11,874 |
Obligations of states and political subdivisions | Level 3 | Recurring basis | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value | 0 | 0 |
Obligations of states and political subdivisions | Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring basis | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value | 0 | 0 |
Obligations of states and political subdivisions | Significant Other Observable Inputs (Level 2) | Recurring basis | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value | 344,232 | 213,024 |
Obligations of states and political subdivisions | Total Fair Value | Recurring basis | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value | 344,232 | 213,024 |
Residential mortgage-backed securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value | 526,572 | 902,021 |
Debt Securities, Held-to-maturity, Fair Value | 114,541 | 47,021 |
Residential mortgage-backed securities | Level 3 | Recurring basis | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value | 0 | 0 |
Residential mortgage-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring basis | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value | 0 | 0 |
Residential mortgage-backed securities | Significant Other Observable Inputs (Level 2) | Recurring basis | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value | 526,572 | 902,021 |
Residential mortgage-backed securities | Total Fair Value | Recurring basis | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value | 526,572 | 902,021 |
US Treasury Bill Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value | 11,466 | 10,226 |
US Treasury Bill Securities [Member] | Level 3 | Recurring basis | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value | 0 | 0 |
US Treasury Bill Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring basis | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value | 0 | 0 |
US Treasury Bill Securities [Member] | Significant Other Observable Inputs (Level 2) | Recurring basis | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value | 11,466 | 10,226 |
US Treasury Bill Securities [Member] | Total Fair Value | Recurring basis | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value | $ 11,466 | $ 10,226 |
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 - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total (losses) gains for the year | $ 5,486 | $ 2,687 |
Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total (losses) gains for the year | 4,486 | 2,687 |
Other real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total (losses) gains for the year | 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 | |
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 | |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 4,847 | 7,450 |
Significant Unobservable Inputs (Level 3) | Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 1,247 | 2,506 |
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 | |
Total Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 4,847 | 7,450 |
Total Fair Value | Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 1,247 | $ 2,506 |
Total Fair Value | Other real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate | $ 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 | Dec. 31, 2020 | Dec. 31, 2019 |
Balance sheet assets | ||
Securities available-for-sale | $ 912,429 | $ 1,135,317 |
Securities held-to-maturity | 488,059 | 181,166 |
Carrying Amount | ||
Balance sheet assets | ||
Securities held-to-maturity | 487,610 | 181,166 |
Other investments | 48,764 | 38,044 |
Loans held-for-sale | 13,564 | 5,570 |
Loans, net | 7,088,264 | 5,271,049 |
State tax credits held for sale | 36,853 | 36,802 |
Balance sheet liabilities | ||
Certificates of deposit | 550,095 | 826,447 |
Subordinated debentures and notes | 203,637 | 141,258 |
FHLB advances | 50,000 | 222,406 |
Other borrowings | 301,081 | 265,172 |
Estimated fair value | ||
Balance sheet assets | ||
Securities held-to-maturity | 501,523 | 181,939 |
Other investments | 48,764 | 38,044 |
Loans held-for-sale | 13,564 | 5,570 |
Loans, net | 7,067,562 | 5,205,651 |
State tax credits held for sale | 39,925 | 39,046 |
Balance sheet liabilities | ||
Certificates of deposit | 553,946 | 825,203 |
Subordinated debentures and notes | 192,889 | 130,985 |
FHLB advances | 51,871 | 221,402 |
Other borrowings | $ 301,081 | $ 265,172 |
Parent Company Only Condensed_4
Parent Company Only Condensed Financial Statements - Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Condensed Financial Statements, Captions [Line Items] | ||||
Cash | $ 537,703 | $ 167,256 | $ 196,552 | $ 153,323 |
Total assets | 9,751,571 | 7,333,791 | ||
Subordinated debentures and notes | 203,637 | 141,258 | ||
Notes payable | 30,000 | 34,286 | ||
Shareholders' equity | 1,078,975 | 867,185 | 603,804 | 548,573 |
Total liabilities and shareholders' equity | 9,751,571 | 7,333,791 | ||
Parent [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash | 75,475 | 21,955 | $ 6,369 | $ 9,977 |
Other assets | 35,108 | 37,905 | ||
Total assets | 1,321,050 | 1,047,614 | ||
Subordinated debentures and notes | 203,637 | 141,258 | ||
Notes payable | 30,000 | 34,286 | ||
Accounts payable and other liabilities | 8,439 | 4,885 | ||
Shareholders' equity | 1,078,974 | 867,185 | ||
Total liabilities and shareholders' equity | 1,321,050 | 1,047,614 | ||
Enterprise Bank and Trust [Member] | Parent [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Investments | 1,200,689 | 977,959 | ||
Nonbank Subsidiaries [Member] | Parent [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Investments | $ 9,778 | $ 9,795 |
Parent Company Only Condensed_5
Parent Company Only Condensed Financial Statements - Condensed Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Income [Abstract] | |||||||||||
Dividends from Bank | $ 895 | $ 1,055 | $ 906 | ||||||||
Dividends from Other Subsidiaries | 1,400 | 1,500 | 1,200 | ||||||||
Expenses: | |||||||||||
Interest expense-subordinated debentures and notes | 9,885 | 7,507 | 5,798 | ||||||||
Interest expense-notes payable | $ 6,667 | $ 7,433 | $ 7,358 | $ 13,320 | $ 15,625 | $ 18,032 | $ 17,486 | $ 15,274 | 34,778 | 66,417 | 45,897 |
Income tax benefit | (6,508) | (4,428) | (3,656) | (2,971) | (7,246) | (7,469) | (4,479) | (4,103) | (17,563) | (23,297) | (15,360) |
Net income | $ 28,931 | $ 17,951 | $ 14,634 | $ 12,868 | $ 29,090 | $ 29,069 | $ 18,424 | $ 16,156 | 74,384 | 92,739 | 89,217 |
Total comprehensive income | 93,755 | 119,770 | 84,587 | ||||||||
Parent [Member] | |||||||||||
Operating Income [Abstract] | |||||||||||
Dividends from Bank | 37,000 | 60,000 | 30,000 | ||||||||
Other | 483 | 663 | 1,784 | ||||||||
Total income | 38,883 | 62,163 | 32,984 | ||||||||
Expenses: | |||||||||||
Interest expense-subordinated debentures and notes | 9,885 | 7,507 | 5,798 | ||||||||
Interest expense-notes payable | 705 | 1,182 | 62 | ||||||||
Other expenses | 6,946 | 6,936 | 7,087 | ||||||||
Total expenses | 17,536 | 15,625 | 12,947 | ||||||||
Income before taxes and equity in undistributed earnings of subsidiaries | 21,347 | 46,538 | 20,037 | ||||||||
Income tax benefit | 3,448 | 3,478 | 3,482 | ||||||||
Net income | 24,795 | 50,016 | 23,519 | ||||||||
Equity in undistributed earnings of subsidiaries | 49,589 | 42,723 | 65,698 | ||||||||
Total comprehensive income | $ 74,384 | $ 92,739 | $ 89,217 |
Parent Company Only Condensed_6
Parent Company Only Condensed Financial Statements - Consolidated Statements of Cash Flow (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Share-based compensation | $ 4,178 | $ 4,032 | $ 3,452 |
Net cash provided by operating activities | 135,514 | 92,457 | 108,808 |
Cash flows from investing activities: | |||
Net cash paid for acquisitions and dispositions | 62,114 | (23,377) | 0 |
Net cash used in investing activities | (702,829) | (378,520) | (331,618) |
Cash flows from financing activities: | |||
Proceeds from the issuance of subordinated notes | 61,953 | 0 | 0 |
Proceeds from Notes Payable | 0 | 41,000 | 2,000 |
Repayments of Notes Payable | 4,286 | 8,714 | 0 |
Cash dividends paid | (19,795) | (16,568) | (10,845) |
Payments for Repurchase of Common Stock | 15,347 | 15,526 | 19,387 |
Net cash provided by financing activities | 937,762 | 256,767 | 266,039 |
Net (decrease) increase in cash and cash equivalents | 370,447 | (29,296) | 43,229 |
Cash and cash equivalents, beginning of period | 167,256 | 196,552 | 153,323 |
Cash and cash equivalents, end of period | $ 537,703 | $ 167,256 | $ 196,552 |
Noncash transactions: | |||
Stock Issued During Period, Shares, Acquisitions | 167,035 | 171,885 | 0 |
Parent [Member] | |||
Cash flows from operating activities: | |||
Net income available to common shareholders | $ 74,384 | $ 92,739 | $ 89,217 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Share-based compensation | 4,178 | 4,032 | 3,452 |
Net income of subsidiaries | (87,989) | (104,223) | (94,898) |
Dividends from subsidiaries | 38,400 | 61,500 | 31,200 |
Other, net | 3,588 | (1,063) | (953) |
Net cash provided by operating activities | 32,561 | 52,985 | 28,018 |
Cash flows from investing activities: | |||
Net cash paid for acquisitions and dispositions | (1,243) | (36,015) | 0 |
Purchases of other investments | (1,166) | (2,634) | (2,729) |
Proceeds from distributions on other investments | 765 | 1,271 | 1,911 |
Net cash used in investing activities | (1,644) | (37,378) | (818) |
Cash flows from financing activities: | |||
Proceeds from the issuance of subordinated notes | 61,953 | 0 | 0 |
Proceeds from Notes Payable | 0 | 1,000 | 2,000 |
Repayments of Notes Payable | 0 | 3,000 | 0 |
Cash dividends paid | (19,795) | (16,569) | (10,845) |
Payments for Repurchase of Common Stock | 15,347 | 15,526 | 19,387 |
Payments for the repurchase of equity instruments, net | 78 | (212) | (2,576) |
Net cash provided by financing activities | 22,603 | (21) | (30,808) |
Net (decrease) increase in cash and cash equivalents | 53,520 | 15,586 | (3,608) |
Cash and cash equivalents, beginning of period | 21,955 | 6,369 | 9,977 |
Cash and cash equivalents, end of period | $ 75,475 | $ 21,955 | $ 6,369 |
Noncash transactions: | |||
Stock Issued During Period, Shares, Acquisitions | 167,035 | 171,885 | 0 |
Proceeds from Issuance of Long-term Debt | $ 0 | $ 40,000 | $ 0 |
Repayments of Long-term Debt | $ (4,286) | $ (5,714) | $ 0 |
Quarterly Condensed Financial_3
Quarterly Condensed Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest income | $ 84,113 | $ 70,787 | $ 73,191 | $ 76,688 | $ 77,238 | $ 81,078 | $ 79,201 | $ 67,617 | $ 304,779 | $ 305,134 | $ 237,802 |
Interest expense | 6,667 | 7,433 | 7,358 | 13,320 | 15,625 | 18,032 | 17,486 | 15,274 | 34,778 | 66,417 | 45,897 |
Net interest income | 77,446 | 63,354 | 65,833 | 63,368 | 61,613 | 63,046 | 61,715 | 52,343 | 270,001 | 238,717 | 191,905 |
Provision for credit losses | 9,463 | 14,080 | 19,591 | 22,264 | 1,341 | 1,833 | 1,722 | 1,476 | 65,398 | 6,372 | 6,644 |
Net interest income after provision for loan losses | 67,983 | 49,274 | 46,242 | 41,104 | 60,272 | 61,213 | 59,993 | 50,867 | 204,603 | 232,345 | 185,261 |
Noninterest income | 18,506 | 12,629 | 9,960 | 13,408 | 14,418 | 13,564 | 11,964 | 9,230 | 54,503 | 49,176 | 38,347 |
Noninterest expense | 51,050 | 39,524 | 37,912 | 38,673 | 38,354 | 38,239 | 49,054 | 39,838 | 167,159 | 165,485 | 119,031 |
Income before income tax expense | 35,439 | 22,379 | 18,290 | 15,839 | 36,336 | 36,538 | 22,903 | 20,259 | 91,947 | 116,036 | 104,577 |
Income tax expense | 6,508 | 4,428 | 3,656 | 2,971 | 7,246 | 7,469 | 4,479 | 4,103 | 17,563 | 23,297 | 15,360 |
Net income | $ 28,931 | $ 17,951 | $ 14,634 | $ 12,868 | $ 29,090 | $ 29,069 | $ 18,424 | $ 16,156 | $ 74,384 | $ 92,739 | $ 89,217 |
Earnings per common share: | |||||||||||
Basic (usd per share) | $ 1 | $ 0.68 | $ 0.56 | $ 0.49 | $ 1.10 | $ 1.09 | $ 0.69 | $ 0.68 | $ 2.76 | $ 3.56 | $ 3.86 |
Diluted (usd per share) | $ 1 | $ 0.68 | $ 0.56 | $ 0.48 | $ 1.09 | $ 1.08 | $ 0.68 | $ 0.67 | $ 2.76 | $ 3.55 | $ 3.83 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | $ 4,043 | ||
Operating Lease, Right-of-Use Asset | 13,636 | $ 14,843 | |
Operating Lease, Cost | 3,207 | 3,301 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 1,623 | 5,208 | $ 0 |
Short-term Lease, Cost | 201 | 288 | |
Lease, Cost | 3,408 | 3,589 | |
Operating Lease, Liability | $ 14,152 | $ 15,461 | |
Operating Lease, Weighted Average Remaining Lease Term | 5 years | 6 years | |
Operating Lease, Weighted Average Discount Rate, Percent | 2.50% | 2.70% | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | $ 2,988 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 2,622 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 2,190 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 978 | ||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 2,266 | ||
Lessee, Operating Lease, Liability, Payments, Due | 15,087 | ||
Present Value Adjustment | 935 | ||
Operating Lease, Lease Income, Lease Payments | 1,800 | $ 900 | |
Operating Lease, Payments | $ 3,300 | ||
Maximum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Renewal Term | 5 years |