Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 27, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-15373 | |
Entity Registrant Name | ENTERPRISE FINANCIAL SERVICES CORP | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 43-1706259 | |
Entity Address, Address Line One | 150 North Meramec | |
Entity Address, City or Town | Clayton | |
Entity Address, State or Province | MO | |
Entity Address, Postal Zip Code | 63105 | |
City Area Code | 314 | |
Local Phone Number | 725-5500 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 37,241,812 | |
Entity Central Index Key | 0001025835 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Common Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | EFSC | |
Security Exchange Name | NASDAQ | |
Depository Shares | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/40th interest in a share of 5.00% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A | |
Trading Symbol | EFSCP | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and due from banks | $ 252,706 | $ 209,177 |
Federal funds sold | 224 | 1,356 |
Interest-earning deposits (including $135 and $14,595 pledged as collateral, respectively) | 1,728,390 | 1,811,156 |
Total cash and cash equivalents | 1,981,320 | 2,021,689 |
Interest-earning deposits greater than 90 days | 7,094 | 6,996 |
Securities available-for-sale | 1,392,444 | 1,366,006 |
Securities held-to-maturity, net | 541,039 | 429,681 |
Loans held-for-sale | 4,270 | 6,389 |
Loans | 9,056,073 | 9,017,642 |
Allowance for credit losses on loans | (139,212) | (145,041) |
Total loans, net | 8,916,861 | 8,872,601 |
Other investments | 60,444 | 59,896 |
Fixed assets, net | 46,900 | 47,915 |
Goodwill | 365,164 | 365,164 |
Intangible assets, net | 20,855 | 22,286 |
Other assets | 370,378 | 338,735 |
Total assets | 13,706,769 | 13,537,358 |
Liabilities and Shareholders' Equity | ||
Noninterest-bearing deposit accounts | 4,881,043 | 4,578,436 |
Interest-bearing transaction accounts | 2,547,482 | 2,465,884 |
Money market accounts | 2,794,536 | 2,890,976 |
Savings accounts | 883,599 | 800,210 |
Certificates of deposit: | ||
Brokered | 129,017 | 128,970 |
Other | 468,458 | 479,323 |
Total deposits | 11,704,135 | 11,343,799 |
Subordinated debentures and notes | 155,031 | 154,899 |
FHLB advances | 50,000 | 50,000 |
Other borrowings | 228,846 | 353,863 |
Other liabilities | 95,580 | 105,681 |
Total liabilities | 12,233,592 | 12,008,242 |
Commitments and contingent liabilities (Note 5) | ||
Shareholders' equity: | ||
Preferred stock, $0.01 par value; 5,000,000 shares authorized; 75,000 shares issued and outstanding | 71,988 | 71,988 |
Common stock, $0.01 par value; 75,000,000 shares authorized; 39,496,569 and 39,799,615 shares issued, respectively | 395 | 398 |
Treasury stock, at cost; 1,980,093 shares | (73,528) | (73,528) |
Additional paid in capital | 1,010,446 | 1,018,799 |
Retained earnings | 523,136 | 492,682 |
Accumulated other comprehensive (loss) income | (59,260) | 18,777 |
Total shareholders' equity | 1,473,177 | 1,529,116 |
Total liabilities and shareholders' equity | $ 13,706,769 | $ 13,537,358 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Collateral pledged | $ 135 | $ 14,595 |
Shareholders' equity: | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 75,000 | 75,000 |
Preferred stock, shares outstanding | 75,000 | 75,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 39,496,569 | 39,799,615 |
Treasury stock, shares | 1,980,093 | 1,980,093 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Interest income: | ||
Loans | $ 96,123 | $ 76,973 |
Debt securities: | ||
Taxable | 5,351 | 4,540 |
Nontaxable | 3,942 | 3,079 |
Interest-earning deposits | 817 | 189 |
Dividends on equity securities | 348 | 179 |
Total interest income | 106,581 | 84,960 |
Interest expense: | ||
Deposits | 2,859 | 2,663 |
Subordinated debentures and notes | 2,220 | 2,819 |
FHLB advances | 195 | 195 |
Other borrowings | 142 | 160 |
Total interest expense | 5,416 | 5,837 |
Net interest income | 101,165 | 79,123 |
Provision (benefit) for credit losses | (4,068) | 46 |
Net interest income after provision for credit losses | 105,233 | 79,077 |
Noninterest income: | ||
Total noninterest income | 18,641 | 11,290 |
Noninterest expense: | ||
Employee compensation and benefits | 35,827 | 29,562 |
Occupancy | 4,586 | 3,751 |
Data processing | 3,260 | 2,890 |
Professional fees | 1,177 | 988 |
Merger-related expenses | 0 | 3,142 |
Other expense | 17,950 | 12,551 |
Total noninterest expense | 62,800 | 52,884 |
Income before income tax expense | 61,074 | 37,483 |
Income tax expense | 13,381 | 7,557 |
Net income | 47,693 | 29,926 |
Dividends on preferred stock | 1,229 | 0 |
Net income available to common shareholders | $ 46,464 | $ 29,926 |
Earnings per common share | ||
Basic (usd per share) | $ 1.23 | $ 0.96 |
Diluted (usd per share) | $ 1.23 | $ 0.96 |
Deposit service charges | ||
Noninterest income: | ||
Total noninterest income | $ 4,163 | $ 3,084 |
Wealth management revenue | ||
Noninterest income: | ||
Total noninterest income | 2,622 | 2,483 |
Card services revenue | ||
Noninterest income: | ||
Total noninterest income | 3,040 | 2,496 |
Tax credit income (expense) | ||
Noninterest income: | ||
Total noninterest income | 2,608 | (1,041) |
Other income | ||
Noninterest income: | ||
Total noninterest income | $ 6,208 | $ 4,268 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 47,693 | $ 29,926 |
Other comprehensive income (loss), after-tax: | ||
Change in unrealized loss on available-for-sale debt securities | (79,353) | (10,920) |
Reclassification of gain on held-to-maturity securities | (704) | (1,149) |
Change in unrealized gain on cash flow hedges arising during the period | 1,751 | 847 |
Reclassification of loss on cash flow hedges | 269 | 279 |
Total other comprehensive loss, after-tax | (78,037) | (10,943) |
Comprehensive (loss) income | $ (30,344) | $ 18,983 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Treasury Stock | Additional paid in capital | Retained earnings | Accumulated other comprehensive income (loss) |
Beginning balance at Dec. 31, 2020 | $ 1,078,975 | $ 0 | $ 332 | $ (73,528) | $ 697,839 | $ 417,212 | $ 37,120 |
Net income | 29,926 | 29,926 | |||||
Other comprehensive loss | (10,943) | (10,943) | |||||
Cash dividends paid on common shares | (5,627) | (5,627) | |||||
Issuance under equity compensation plans, net | (1,109) | (1,109) | |||||
Share-based compensation | 1,275 | 1,275 | |||||
Ending balance at Mar. 31, 2021 | 1,092,497 | 0 | 332 | (73,528) | 698,005 | 441,511 | 26,177 |
Beginning balance at Dec. 31, 2021 | 1,529,116 | 71,988 | 398 | (73,528) | 1,018,799 | 492,682 | 18,777 |
Net income | 47,693 | 47,693 | |||||
Other comprehensive loss | (78,037) | (78,037) | |||||
Cash dividends paid on common shares | (7,915) | (7,915) | |||||
Cash dividends paid on preferred shares, $16.389 per share | (1,229) | (1,229) | |||||
Repurchase of common shares | (16,974) | (4) | (9,457) | (7,513) | |||
Issuance under equity compensation plans, net | (1,163) | 1 | (582) | (582) | |||
Share-based compensation | 1,686 | 1,686 | |||||
Ending balance at Mar. 31, 2022 | $ 1,473,177 | $ 71,988 | $ 395 | $ (73,528) | $ 1,010,446 | $ 523,136 | $ (59,260) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends paid on common shares (in dollars per share) | $ 0.21 | $ 0.18 |
Cash dividends paid on preferred shares (in dollars per share) | $ 16.389 | |
Repurchase of common shares (in shares) | 351,090 | |
Issuance under equity compensation plans (in shares) | 48,044 | 48,970 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 47,693 | $ 29,926 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation | 1,472 | 1,581 |
Provision (benefit) for credit losses | (4,068) | 46 |
Deferred income taxes | 5,248 | 3,834 |
Net amortization of debt securities | 1,625 | 1,937 |
Net amortization (accretion) on loan discount/premiums | 429 | (736) |
Amortization of intangible assets | 1,429 | 1,415 |
Amortization of servicing assets | 648 | 165 |
Mortgage loans originated-for-sale | (27,811) | (49,065) |
Proceeds from mortgage loans sold | 29,636 | 52,908 |
Sale of other real estate | (19) | (47) |
Sale of state tax credits | (9) | (326) |
Share-based compensation | 1,686 | 1,275 |
Changes in other assets and liabilities, net | ||
Increase (Decrease) in Other Operating Assets and Liabilities, Net | (8,076) | (46,588) |
Net cash provided by (used in) operating activities | 49,883 | (3,675) |
Cash flows from investing activities: | ||
Net increase in loans | (39,536) | (69,907) |
Paydown or maturity of debt securities, available-for-sale | 63,506 | 69,953 |
Paydown or maturity of debt securities, held-to-maturity | 5,097 | 18,220 |
Redemption of other investments | 1,248 | 752 |
Sale of state tax credits held for sale | 261 | 1,632 |
Sale of other real estate | 1,419 | 450 |
Settlement of bank-owned life insurance policies | 534 | 0 |
Payments for the purchase of: | ||
Available-for-sale debt securities | (313,875) | (118,791) |
Held-to-maturity debt securities | (1,120) | 0 |
Other investments | (8,154) | (3,660) |
State tax credits held for sale | (7,212) | 0 |
Fixed assets | (457) | (489) |
Net cash used in investing activities | (298,289) | (101,840) |
Cash flows from financing activities: | ||
Net increase in noninterest-bearing deposit accounts | 302,607 | 198,389 |
Net increase in interest-bearing deposit accounts | 57,729 | 331,666 |
Repayments of notes payable | (1,429) | (2,857) |
Net decrease in other borrowings | (123,589) | (68,835) |
Repurchase of common stock | (16,974) | 0 |
Cash dividends paid on common stock | (7,915) | (5,627) |
Cash dividends paid on preferred stock | (1,229) | 0 |
Taxes paid in net settlement of equity awards | (1,163) | (1,109) |
Net cash provided by financing activities | 208,037 | 451,627 |
Net (decrease) increase in cash and cash equivalents | (40,369) | 346,112 |
Cash and cash equivalents, beginning of period | 2,021,689 | 537,703 |
Cash and cash equivalents, end of period | 1,981,320 | 883,815 |
Noncash investing and financing transactions: | ||
Cash paid during the period for interest | 4,725 | 4,836 |
Cash paid during period for income taxes | 979 | 30,167 |
Transfer to other real estate owned in settlement of loans | 0 | 1,236 |
Right-of-use assets obtained in exchange for lease obligations | 4,178 | 0 |
Transfer of securities from available-for-sale to held-to-maturity | $ 116,927 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The significant accounting policies used by Enterprise Financial Services Corp (the “Company,” “EFSC,” or “Enterprise”) in the preparation of the condensed consolidated financial statements are summarized below: Business and Consolidation Enterprise is a financial holding company that provides a full range of banking and wealth management services to individuals and corporate customers primarily located in Arizona, California, Kansas, Missouri, Nevada, and New Mexico through its banking subsidiary, Enterprise Bank & Trust. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for any other interim period or for the year ending December 31, 2022. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC. Basis of Financial Statement Presentation The accompanying unaudited condensed consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Except as disclosed herein, there has been no material change in the information disclosed in the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The condensed consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly owned. All intercompany accounts and transactions have been eliminated. In the opinion of management, the consolidated financial statements contain all adjustments (consisting of normal recurring accruals) considered necessary for the fair presentation of the statements of financial position, results of operations, and cash flow for the interim periods. Recent Accounting Pronouncements FASB 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 will 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 consolidated financial statements. FASB ASU 2022-02, Financial Instruments–Credit Losses (Topic 326); Troubled Debt Restructurings and Vintage Disclosures. ASU 2022-02 was issued in March 2022 and eliminates the accounting guidance on troubled debt restructurings for creditors in ASC 310-40 and amends the guidance on “vintage disclosures” to require disclosure of current-period gross write-offs by year of origination. The ASU also updates the requirements related to accounting for credit losses under ASC 326 and adds enhanced disclosures for creditors with respect to loan refinancings and restructurings for borrowers experiencing financial difficulty. The amendments in this update will be effective for fiscal years beginning after December 15, 2022 for entities that have adopted the amendments in ASU 2016-13, Financial Instruments–Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments . The Company is evaluating the additional disclosure requirements and does not expect them to have a material effect on the consolidated financial statements. 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. Fair values are considered preliminary until final fair values are determined, or the measurement period has passed, which is no later than one year from the date of acquisition. 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 typically include items such as 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. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHAREBasic 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. Diluted earnings per common share gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method. The following table presents a summary of per common share data and amounts for the periods indicated. Three months ended March 31, (in thousands, except per share data) 2022 2021 Net income available to common shareholders $ 46,464 $ 29,926 Weighted average common shares outstanding 37,788 31,247 Additional dilutive common stock equivalents 70 59 Weighted average diluted common shares outstanding 37,858 31,306 Basic earnings per common share: $ 1.23 $ 0.96 Diluted earnings per common share: 1.23 0.96 |
Investments
Investments | 3 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | INVESTMENTS The following tables present the amortized cost, gross unrealized gains and losses, allowance for credit losses and fair value of securities available for sale and held to maturity: March 31, 2022 (in thousands) Amortized Cost Gross Gross Fair Value Available-for-sale securities: Obligations of U.S. Government-sponsored enterprises $ 247,906 $ — $ (12,322) $ 235,584 Obligations of states and political subdivisions 508,912 61 (59,615) 449,358 Agency mortgage-backed securities 607,080 1,034 (27,918) 580,196 U.S. Treasury bills 116,100 77 (596) 115,581 Corporate debt securities 11,750 91 (116) 11,725 Total securities available for sale $ 1,491,748 $ 1,263 $ (100,567) $ 1,392,444 Held-to-maturity securities: Obligations of states and political subdivisions $ 352,799 $ 10 $ (40,625) $ 312,184 Agency mortgage-backed securities 63,281 — (2,970) 60,311 Corporate debt securities 125,517 123 (4,793) 120,847 Total securities held-to-maturity $ 541,597 $ 133 $ (48,388) $ 493,342 Allowance for credit losses (558) Total securities held-to-maturity, net $ 541,039 December 31, 2021 (in thousands) Amortized Cost Gross Gross Fair Value Available-for-sale securities: Obligations of U.S. Government-sponsored enterprises $ 175,409 $ 3 $ (1,901) $ 173,511 Obligations of states and political subdivisions 571,587 5,907 (2,410) 575,084 Agency mortgage-backed securities 509,243 8,485 (3,869) 513,859 U.S. Treasury Bills 90,971 220 (21) 91,170 Corporate debt securities 11,750 632 — 12,382 Total securities available for sale $ 1,358,960 $ 15,247 $ (8,201) $ 1,366,006 Held-to-maturity securities: Obligations of states and political subdivisions $ 236,379 $ 1,794 $ (730) $ 237,443 Agency mortgage-backed securities 68,105 940 (666) 68,379 Corporate debt securities 125,811 3,039 — 128,850 Total securities held to maturity $ 430,295 $ 5,773 $ (1,396) $ 434,672 Allowance for credit losses (614) Total securities held-to-maturity, net $ 429,681 During the three months ended March 31, 2022, the Company transferred $116.9 million of securities from available-for-sale to held-to-maturity. The Company believes the held-to-maturity category is 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. The balance of held-to-maturity securities in the “Amortized cost” column in the table above includes a cumulative net unamortized unrealized gain of $20.3 million and $21.0 million at March 31, 2022 and December 31, 2021, respectively. Such amounts are amortized over the remaining life of the securities. At March 31, 2022 and December 31, 2021, there were no holdings of securities of any one issuer in an amount greater than 10% of shareholders’ equity, other than U.S. Government agencies and sponsored enterprises. The agency mortgage-backed securities are all issued by U.S. Government agencies and sponsored enterprises. Securities having a fair value of $581.4 million and $752.7 million at March 31, 2022 and December 31, 2021, respectively, were pledged as collateral to secure deposits of public institutions and for other purposes as required by law or contract provisions. The amortized cost and estimated fair value of debt securities at March 31, 2022, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The weighted average life of the mortgage-backed securities is approximately 5 years. Available for sale Held to maturity (in thousands) Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due in one year or less $ 91,716 $ 91,680 $ 888 $ 891 Due after one year through five years 245,541 234,843 18,315 17,994 Due after five years through ten years 54,940 52,433 150,791 144,456 Due after ten years 492,471 433,292 308,322 269,690 Agency mortgage-backed securities 607,080 580,196 63,281 60,311 $ 1,491,748 $ 1,392,444 $ 541,597 $ 493,342 The following tables presents a summary of available-for-sale investment securities in an unrealized loss position: March 31, 2022 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 $ 208,467 $ 11,431 $ 11,109 $ 891 $ 219,576 $ 12,322 Obligations of states and political subdivisions 425,420 55,979 17,224 3,636 442,644 59,615 Agency mortgage-backed securities 405,833 22,383 47,576 5,535 453,409 27,918 U.S. Treasury bills 105,513 596 — — 105,513 596 Corporate debt securities 9,634 116 — — 9,634 116 $ 1,154,867 $ 90,505 $ 75,909 $ 10,062 $ 1,230,776 $ 100,567 December 31, 2021 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 $ 163,634 $ 1,775 $ 4,874 $ 126 $ 168,508 $ 1,901 Obligations of states and political subdivisions 242,188 2,361 1,776 49 243,964 2,410 Agency mortgage-backed securities 259,047 3,685 6,467 184 265,514 3,869 U.S. Treasury bills 60,961 21 — — 60,961 21 $ 725,830 $ 7,842 $ 13,117 $ 359 $ 738,947 $ 8,201 The unrealized losses at both March 31, 2022 and December 31, 2021 were primarily attributable to changes in market interest rates after the securities were purchased. At each of March 31, 2022 and December 31, 2021, the Company had not recorded an ACL on available-for-sale securities. Accrued interest receivable on held-to-maturity debt securities totaled $4.1 million and $3.4 million at March 31, 2022 and December 31 2021, respectively, 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. The ACL on held-to-maturity securities was $0.6 million at March 31, 2022 and December 31, 2021. There were no sales of available-for-sale investment securities during the three months ended March 31, 2022 or 2021. Other Investments At March 31, 2022 and December 31, 2021, other investments totaled $60.4 million and $59.9 million, respectively. As a member of the FHLB system administered by the Federal Housing Finance Agency, the Bank is required to maintain a minimum investment in capital stock with the FHLB consisting of membership stock and activity-based stock. The FHLB capital stock of $12.0 million and $12.1 million at March 31, 2022 and December 31, 2021, respectively, is recorded at cost, which represents redemption value, and is included in other investments in the consolidated balance sheets. The remaining amounts in other investments primarily include investments in SBICs, CDFIs, private equity investments, and the Company’s investment in unconsolidated trusts used to issue preferred securities to third parties. |
Loans
Loans | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Portfolio Loans | LOANS The following table presents a summary of loans by category: (in thousands) March 31, 2022 December 31, 2021 Commercial and industrial $ 3,400,574 $ 3,396,590 Real estate: Commercial - investor owned 2,184,126 2,141,143 Commercial - owner occupied 2,094,012 2,035,785 Construction and land development 702,630 734,073 Residential 432,639 454,052 Total real estate loans 5,413,407 5,365,053 Other 250,433 265,137 Loans, before unearned loan fees 9,064,414 9,026,780 Unearned loan fees, net (8,341) (9,138) Loans, including unearned loan fees $ 9,056,073 $ 9,017,642 PPP loans totaled $136.0 million at March 31, 2022, or $134.1 million net of deferred fees of $1.9 million. The loan balance at March 31, 2022 includes a net premium on acquired loans of $11.5 million. At March 31, 2022 loans of $2.9 billion were pledged to FHLB and the Federal Reserve Bank. PPP loans totaled $276.2 million at December 31, 2021, or $272.0 million net of deferred fees of $4.2 million. The loan balance includes a net premium on acquired loans of $11.9 million at December 31, 2021. At December 31, 2021 loans of $2.5 billion were pledged to FHLB and the Federal Reserve Bank. Accrued interest receivable totaled $29.6 million and $30.6 million at March 31, 2022 and December 31, 2021, respectively, and was reported in Other Assets on the consolidated balance sheets. A summary of the activity in the ACL on loans by category for the three months ended March 31, 2022 and 2021 is as follows: (in thousands) Commercial and industrial CRE - investor owned CRE - Construction and land development Residential real estate Other Total Allowance for credit losses on loans: Balance at December 31, 2021 $ 63,825 $ 35,877 $ 17,560 $ 14,536 $ 7,927 $ 5,316 $ 145,041 Provision for credit losses (1,481) 121 (582) (1,574) (456) (336) (4,308) Charge-offs (2,159) — (180) — (887) (86) (3,312) Recoveries 790 196 240 21 525 19 1,791 Balance at March 31, 2022 $ 60,975 $ 36,194 $ 17,038 $ 12,983 $ 7,109 $ 4,913 $ 139,212 (in thousands) Commercial and industrial CRE - investor owned CRE - Construction and land development Residential real estate Other Total Allowance for credit losses on loans: Balance at December 31, 2020 $ 58,812 $ 32,062 $ 17,012 $ 21,413 $ 4,585 $ 2,787 $ 136,671 Provision for credit losses 541 3,381 3,226 (7,091) (152) 598 503 Charge-offs (3,739) (2,372) (28) — (271) (64) (6,474) Recoveries 327 34 9 235 143 79 827 Balance at March 31, 2021 $ 55,941 $ 33,105 $ 20,219 $ 14,557 $ 4,305 $ 3,400 $ 131,527 The ACL on sponsor finance loans, which is included in the categories above, represented $19.1 million and $18.2 million, respectively, as of March 31, 2022 and December 30, 2021. The CECL methodology incorporates various economic scenarios. The Company utilizes three forecasts in the model: Moody’s baseline, a stronger near-term growth upside and a moderate recession downside forecast. The Company weights these scenarios at 40%, 30%, and 30%, respectively, which added approximately $14.7 million to the ACL over the baseline model. These forecasts incorporate an expectation that government stimulus will decline, the Federal Reserve will wind down quantitative easing and continue raising the federal funds rate, that the pandemic will begin to slowly recede, and that the Russia-Ukraine military conflict will have a limited disruption on the economy. The Company has also recognized the risk posed by loans that have received multiple deferrals of principal and interest payments, including the hospitality sector, by allocating additional reserves to those segments. Some of the key risks to the forecasts that could result in future provision for credit losses are additional shutdowns and self-quarantines from another significant wave of COVID, continued or worsening supply-chain disruptions, labor shortages and declines in job growth, or a tightening of financial market conditions. In addition to the CECL methodology, the Company incorporates qualitative adjustments into the ACL on loans to capture credit risks inherent within the loan portfolio that are not captured in the discounted cash flow (DCF) model. Included in these risks are 1) changes in lending policies and procedures, 2) actual and expected changes in business and economic conditions, 3) changes in the nature and volume of the portfolio, 4) changes in lending management, 5) changes in volume and the severity of past due loans, 6) changes in the quality of the loan review system, 7) changes in the value of underlying collateral, 8) the existence and effect of concentrations of credit and 9) other factors such as the regulatory, legal and competitive environments and events such as natural disasters and pandemics. At March 31, 2022, the ACL on loans included a qualitative adjustment of approximately $41.0 million. Of this amount, approximately $7.0 million was allocated to Sponsor Finance loans due to their unsecured nature. The following tables present the recorded investment in nonperforming loans by category: March 31, 2022 (in thousands) Nonaccrual Restructured, accruing Loans over 90 days past due and still accruing interest Total nonperforming loans Nonaccrual loans with no allowance Commercial and industrial $ 13,721 $ 2,663 $ 13 $ 16,397 $ 1,699 Real estate: Commercial - investor owned 1,565 — — 1,565 1,364 Commercial - owner occupied 2,075 — — 2,075 1,786 Residential 1,027 75 — 1,102 1,027 Other 10 — 11 21 — Total $ 18,398 $ 2,738 $ 24 $ 21,160 $ 5,876 December 31, 2021 (in thousands) Nonaccrual Restructured, accruing Loans over 90 days past due and still accruing interest Total nonperforming loans Nonaccrual loans with no allowance Commercial and industrial $ 17,052 $ 2,783 $ 1,703 $ 21,538 $ 5,685 Real estate: Commercial - investor owned 1,575 — — 1,575 168 Commercial - owner occupied 2,839 — — 2,839 2,550 Residential 1,971 76 1 2,048 1,348 Other 12 — 12 24 — Total $ 23,449 $ 2,859 $ 1,716 $ 28,024 $ 9,751 The total nonperforming loan balances at March 31, 2022 and December 31, 2021 exclude government guaranteed balances of $4.0 million and $6.5 million, respectively. No interest income was recognized on nonaccrual loans during the three months ended March 31, 2022 or 2021. The amortized cost basis of collateral-dependent nonperforming loans by class of loan is presented for the periods indicated: March 31, 2022 Type of Collateral (in thousands) Commercial Real Estate Residential Real Estate Blanket Lien Commercial and industrial $ 4,271 $ 79 $ 5,064 Real estate: Commercial - investor owned 165 1,200 — Commercial - owner occupied 2,049 26 — Residential — 1,102 — Other — — — Total $ 6,485 $ 2,407 $ 5,064 December 31, 2021 Type of Collateral (in thousands) Commercial Real Estate Residential Real Estate Blanket Lien Commercial and industrial $ 4,271 $ 209 $ 9,312 Real estate: Commercial - investor owned 169 1,200 — Commercial - owner occupied 2,807 32 — Residential — 2,048 — Other — — — Total $ 7,247 $ 3,489 $ 9,312 There were no loans restructured during the three months ended March 31, 2022 or 2021. No troubled debt restructurings subsequently defaulted during the three months ended March 31, 2022 or 2021. The aging of the recorded investment in past due loans by class is presented for the periods indicated. March 31, 2022 (in thousands) 30-89 Days 90 or More Total Current Total Commercial and industrial $ 3,086 $ 5,204 $ 8,290 $ 3,390,433 $ 3,398,723 Real estate: Commercial - investor owned 1,461 1,565 3,026 2,181,100 2,184,126 Commercial - owner occupied 4,692 1,698 6,390 2,087,622 2,094,012 Construction and land development 2,680 — 2,680 699,950 702,630 Residential 3,534 454 3,988 428,651 432,639 Other 35 10 45 243,898 243,943 Total $ 15,488 $ 8,931 $ 24,419 $ 9,031,654 $ 9,056,073 December 31, 2021 (in thousands) 30-89 Days 90 or More Total Current Total Commercial and industrial $ 24,447 $ 14,158 $ 38,605 $ 3,353,770 $ 3,392,375 Real estate: Commercial - investor owned 3,880 — 3,880 2,137,263 2,141,143 Commercial - owner occupied 10,070 289 10,359 2,025,426 2,035,785 Construction and land development 24 — 24 734,049 734,073 Residential 3,181 1,305 4,486 449,566 454,052 Other 37 11 48 260,166 260,214 Total $ 41,639 $ 15,763 $ 57,402 $ 8,960,240 $ 9,017,642 The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as current financial information, payment experience, credit documentation, and current economic factors among other factors. This analysis is performed on a quarterly basis. The Company uses the following definitions for risk ratings: • Grades 1, 2, and 3 – Includes loans to borrowers with a continuous record of strong earnings, sound balance sheet condition and capitalization, ample liquidity with solid cash flow, and whose management team has experience and depth within their industry. • Grade 4 – Includes loans to borrowers with positive trends in profitability, satisfactory capitalization and balance sheet condition, and sufficient liquidity and cash flow. • Grade 5 – Includes loans to borrowers that may display fluctuating trends in sales, profitability, capitalization, liquidity, and cash flow. • Grade 6 – Includes loans to borrowers where an adverse change or perceived weakness has occurred, but may be correctable in the near future. Alternatively, this rating category may also include circumstances where the borrower is starting to reverse a negative trend or condition, or has recently been upgraded from a 7, 8, or 9 rating. • Grade 7 – Watch credits are borrowers that have experienced financial setback of a nature that is not determined to be severe or influence ‘ongoing concern’ expectations. Although possible, no loss is anticipated at this time, due to strong collateral and/or guarantor support. • Grade 8 – Substandard credits include those borrowers characterized by significant losses and sustained downward trends in balance sheet condition, liquidity, and cash flow. Repayment reliance may have shifted to secondary sources. Collateral exposure may exist and additional reserves may be warranted. • Grade 9 – Doubtful credits include borrowers that may show deteriorating trends that are unlikely to be corrected. Collateral values may appear insufficient for full recovery, therefore requiring a partial charge-off, or debt renegotiation with the borrower. The borrower may have declared bankruptcy or bankruptcy is likely in the near term. All doubtful rated credits will be on nonaccrual. The recorded investment by risk category of loans by class and year of origination is presented in the following tables as of the dates indicated: March 31, 2022 Term Loans by Origination Year (in thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Converted to Term Loans Revolving Loans Total Commercial and industrial Pass (1-6) $ 424,229 $ 1,011,220 $ 404,515 $ 268,244 $ 85,451 $ 174,346 $ 1,500 $ 812,823 $ 3,182,328 Watch (7) 20,941 28,450 16,364 2,060 9,312 10,728 — 78,321 166,176 Classified (8-9) 6,231 7,950 2,144 3,840 1,585 3,416 — 10,383 35,549 Total Commercial and industrial $ 451,401 $ 1,047,620 $ 423,023 $ 274,144 $ 96,348 $ 188,490 $ 1,500 $ 901,527 $ 3,384,053 Commercial real estate-investor owned Pass (1-6) $ 200,862 $ 617,625 $ 429,282 $ 321,521 $ 149,180 $ 303,994 $ 2,047 $ 47,800 $ 2,072,311 Watch (7) 937 20,600 31,411 18,304 79 27,153 — 2,062 100,546 Classified (8-9) — 1,268 3,306 829 798 5,010 — 50 11,261 Total Commercial real estate-investor owned $ 201,799 $ 639,493 $ 463,999 $ 340,654 $ 150,057 $ 336,157 $ 2,047 $ 49,912 $ 2,184,118 Commercial real estate-owner occupied Pass (1-6) $ 159,921 $ 599,394 $ 408,931 $ 261,247 $ 144,644 $ 341,211 $ 438 $ 49,568 $ 1,965,354 Watch (7) 1,800 10,888 16,575 3,925 13,188 18,550 — 390 65,316 Classified (8-9) 423 892 1,808 9,883 16,051 12,082 — 95 41,234 Total Commercial real estate-owner occupied $ 162,144 $ 611,174 $ 427,314 $ 275,055 $ 173,883 $ 371,843 $ 438 $ 50,053 $ 2,071,904 Construction real estate Pass (1-6) $ 83,014 $ 321,327 $ 189,864 $ 35,507 $ 23,155 $ 14,797 $ — $ 4,079 $ 671,743 Watch (7) 408 20,751 3,183 60 1,190 2,283 — — 27,875 Classified (8-9) — — — 12 416 19 — — 447 Total Construction real estate $ 83,422 $ 342,078 $ 193,047 $ 35,579 $ 24,761 $ 17,099 $ — $ 4,079 $ 700,065 Residential real estate Pass (1-6) $ 13,065 $ 100,396 $ 64,873 $ 20,400 $ 13,256 $ 113,869 $ 5,356 $ 93,591 $ 424,806 Watch (7) 36 2,123 1 166 441 1,379 — 137 4,283 Classified (8-9) 126 423 — 57 743 1,863 — 5 3,217 Total residential real estate $ 13,227 $ 102,942 $ 64,874 $ 20,623 $ 14,440 $ 117,111 $ 5,356 $ 93,733 $ 432,306 Other Pass (1-6) $ 1,551 $ 101,746 $ 66,095 $ 21,453 $ 22,437 $ 14,845 $ — $ 7,521 $ 235,648 Watch (7) — — — — 3 2,391 — 5 2,399 Classified (8-9) — — — 8 9 14 1 — 32 Total Other $ 1,551 $ 101,746 $ 66,095 $ 21,461 $ 22,449 $ 17,250 $ 1 $ 7,526 $ 238,079 Total loans classified by risk category $ 913,544 $ 2,845,053 $ 1,638,352 $ 967,516 $ 481,938 $ 1,047,950 $ 9,342 $ 1,106,830 $ 9,010,525 Total loans classified by performing status 45,548 Total loans $ 9,056,073 December 31, 2021 Term Loans by Origination Year (in thousands) 2021 2020 2019 2018 2017 Prior Revolving Loans Converted to Term Loans Revolving Loans Total Commercial and industrial Pass (1-6) $ 1,180,601 $ 477,374 $ 317,869 $ 132,851 $ 116,738 $ 82,846 $ 11,648 $ 854,102 $ 3,174,029 Watch (7) 35,005 17,502 9,404 9,880 12,217 10,979 4,037 53,595 152,619 Classified (8-9) 14,917 3,530 3,840 1,689 2,988 813 787 10,996 39,560 Total Commercial and industrial $ 1,230,523 $ 498,406 $ 331,113 $ 144,420 $ 131,943 $ 94,638 $ 16,472 $ 918,693 $ 3,366,208 Commercial real estate-investor owned Pass (1-6) $ 651,740 $ 476,946 $ 346,245 $ 146,107 $ 112,043 $ 217,808 $ 3,625 $ 68,236 $ 2,022,750 Watch (7) 16,871 35,908 32,755 1,003 502 17,478 300 2,062 106,879 Classified (8-9) 1,376 3,135 835 817 1,159 4,141 — 50 11,513 Total Commercial real estate-investor owned $ 669,987 $ 515,989 $ 379,835 $ 147,927 $ 113,704 $ 239,427 $ 3,925 $ 70,348 $ 2,141,142 Commercial real estate-owner occupied Pass (1-6) $ 604,975 $ 423,263 $ 278,830 $ 164,210 $ 140,515 $ 235,973 $ 250 $ 48,349 $ 1,896,365 Watch (7) 12,825 13,585 4,301 16,774 10,274 15,764 — 300 73,823 Classified (8-9) 2,048 556 9,181 17,016 6,432 6,959 — — 42,192 Total Commercial real estate-owner occupied $ 619,848 $ 437,404 $ 292,312 $ 198,000 $ 157,221 $ 258,696 $ 250 $ 48,649 $ 2,012,380 Construction real estate Pass (1-6) $ 310,140 $ 229,396 $ 70,531 $ 35,936 $ 14,860 $ 7,180 $ 568 $ 2,992 $ 671,603 Watch (7) 28,947 15,348 60 1,199 11,068 2,330 — — 58,952 Classified (8-9) — — 387 419 — 22 — — 828 Total Construction real estate $ 339,087 $ 244,744 $ 70,978 $ 37,554 $ 25,928 $ 9,532 $ 568 $ 2,992 $ 731,383 Residential real estate Pass (1-6) $ 116,352 $ 66,481 $ 21,356 $ 14,841 $ 24,778 $ 103,840 $ 9,980 $ 87,146 $ 444,774 Watch (7) 2,425 2 622 1,157 248 1,305 — 79 5,838 Classified (8-9) 414 169 554 — 12 2,024 — — 3,173 Total residential real estate $ 119,191 $ 66,652 $ 22,532 $ 15,998 $ 25,038 $ 107,169 $ 9,980 $ 87,225 $ 453,785 Other Pass (1-6) $ 108,209 $ 68,806 $ 22,684 $ 23,145 $ 6,924 $ 13,832 $ 1,500 $ 9,166 $ 254,266 Watch (7) — — — 4 — 2,440 — 1 2,445 Classified (8-9) — — 10 10 — 16 — 2 38 Total Other $ 108,209 $ 68,806 $ 22,694 $ 23,159 $ 6,924 $ 16,288 $ 1,500 $ 9,169 $ 256,749 Total loans classified by risk category $ 3,086,845 $ 1,832,001 $ 1,119,464 $ 567,058 $ 460,758 $ 725,750 $ 32,695 $ 1,137,076 $ 8,961,647 Total loans classified by performing status 55,995 Total loans $ 9,017,642 In the tables above, loan originations in 2022 and 2021 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 tables presents the recorded investment on loans based on payment activity as of the periods indicated: March 31, 2022 (in thousands) Performing Non Performing Total Commercial and industrial $ 14,657 $ 13 $ 14,670 Real estate: Commercial - investor owned 8 — 8 Commercial - owner occupied 22,108 — 22,108 Construction and land development 2,565 — 2,565 Residential 333 — 333 Other 5,853 11 5,864 Total $ 45,524 $ 24 $ 45,548 December 31, 2021 (in thousands) Performing Non Performing Total Commercial and industrial $ 26,166 $ 1 $ 26,167 Real estate: Commercial - investor owned 1 — 1 Commercial - owner occupied 23,405 — 23,405 Construction and land development 2,690 — 2,690 Residential 267 — 267 Other 3,453 12 3,465 Total $ 55,982 $ 13 $ 55,995 |
Commitments
Commitments | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | COMMITMENTS AND CONTINGENCIES The Company issues financial instruments with off balance sheet risk in the normal course of the business of meeting the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. These instruments may involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the consolidated balance sheets. The Company’s extent of involvement and maximum potential exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual amount of these instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for financial instruments included on its consolidated balance sheets. The contractual amounts of off-balance-sheet financial instruments are as follows: (in thousands) March 31, 2022 December 31, 2021 Commitments to extend credit $ 2,710,183 $ 2,481,173 Letters of credit 78,568 77,314 Off-Balance Sheet Credit Risk Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments usually have fixed expiration dates or other termination clauses, may have significant usage restrictions, and may require payment of a fee. Of the total commitments to extend credit at March 31, 2022, and December 31, 2021, approximately $244.2 million and $238.7 million, respectively, represent fixed rate loan commitments. Since certain of the commitments may expire without being drawn upon or may be revoked, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the borrower. Collateral held varies, but may include accounts receivable, inventory, premises and equipment, and real estate. Other liabilities includes $8.4 million and $7.6 million for estimated losses attributable to the unadvanced commitments at March 31, 2022, and December 31, 2021, respectively. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance or payment of a customer to a third party. These standby letters of credit are issued to support contractual obligations of the Company’s customers. The credit risk involved in issuing letters of credit is essentially the same as the risk involved in extending loans to customers. As of March 31, 2022, the approximate remaining terms of standby letters of credit range from 1 month to 11 years. Contingencies The Company and its subsidiaries are, from time to time, parties to various legal proceedings arising out of their businesses. Management believes there are no such proceedings pending or threatened against the Company or its subsidiaries which, if determined adversely, would have a material adverse effect on the business, consolidated financial condition, results of operations or cash flows of the Company or any of its subsidiaries. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTS Risk Management Objective of Using Derivatives The Company is exposed to certain risk arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s borrowings. The Company does not enter into derivative financial instruments for trading purposes. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. These derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. 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 The gain or loss on derivatives designated and qualified as cash flow hedges of interest rate risk are 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 an additional $0.5 million will be reclassified as an increase to interest expense. Non-designated Hedges Derivatives not designated as hedges are not considered speculative and result from a service the Company provides to certain customers. The Company executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously hedged by offsetting derivatives the Company executes with a third party, such that the Company minimizes its net risk exposure resulting from such transactions. As the interest rate derivatives associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer derivatives and the offsetting derivatives are recognized directly in earnings as a component of other noninterest income. The table below presents the fair value of the Company’s derivative financial instruments: Notional Amount Derivative Assets Derivative Liabilities (in thousands) March 31, December 31, 2021 March 31, December 31, 2021 March 31, December 31, 2021 Derivatives Designated as Hedging Instruments: Interest rate swap $ 61,962 $ 61,962 $ — $ — $ 212 $ 2,911 Derivatives not Designated as Hedging Instruments: Interest rate swap $ 922,532 $ 918,698 $ 7,771 $ 12,869 $ 7,778 $ 12,883 Derivative assets are classified on the balance sheet in other assets. Derivative liabilities are classified on the balance sheet in other liabilities. The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s financial instruments that are subject to offsetting. The gross amounts of assets or liabilities can be reconciled to the tabular disclosure of fair value. The fair value table above provides the location that financial assets and liabilities are presented on the Balance Sheet. As of March 31, 2022 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 Received/ Pledged Net Amount Assets: Interest rate swap $ 7,771 $ — $ 7,771 $ 1,796 $ 4,150 $ 1,825 Liabilities: Interest rate swap $ 7,990 $ — $ 7,990 $ 1,796 $ 75 $ 6,119 Securities sold under agreements to repurchase 207,417 — 207,417 — 207,417 — As of December 31, 2021 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 Received/ Pledged Net Amount Assets: Interest rate swap $ 12,869 $ — $ 12,869 $ 1,033 $ — $ 11,836 Liabilities: Interest rate swap $ 15,794 $ — $ 15,794 $ 1,033 $ 14,031 $ 730 Securities sold under agreements to repurchase 331,006 — 331,006 — 331,006 — |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS The following table summarizes financial instruments measured at fair value on a recurring basis segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: March 31, 2022 (in thousands) Quoted Prices in Significant Significant Total Fair Assets Securities available for sale Obligations of U.S. Government-sponsored enterprises $ — $ 235,584 $ — $ 235,584 Obligations of states and political subdivisions — 449,358 — 449,358 Agency mortgage-backed securities — 580,196 — 580,196 U.S. Treasury bills — 115,581 — 115,581 Corporate debt securities — 11,725 — 11,725 Total securities available for sale — 1,392,444 — 1,392,444 Other investments — 2,843 — 2,843 Derivatives — 7,771 — 7,771 Total assets $ — $ 1,403,058 $ — $ 1,403,058 Liabilities Derivatives $ — $ 7,990 $ — $ 7,990 Total liabilities $ — $ 7,990 $ — $ 7,990 December 31, 2021 (in thousands) Quoted Prices in Significant Significant Total Fair Assets Securities available for sale Obligations of U.S. Government-sponsored enterprises $ — $ 173,511 $ — $ 173,511 Obligations of states and political subdivisions — 575,084 — 575,084 Residential mortgage-backed securities — 513,859 — 513,859 Corporate debt securities — 12,382 — 12,382 U.S. Treasury bills — 91,170 — 91,170 Total securities available-for-sale — 1,366,006 — 1,366,006 Other investments — 3,012 — 3,012 Derivative financial instruments — 12,869 — 12,869 Total assets $ — $ 1,381,887 $ — $ 1,381,887 Liabilities Derivatives $ — $ 15,794 $ — $ 15,794 Total liabilities $ — $ 15,794 $ — $ 15,794 From time to time, the Company measures certain assets at fair value on a nonrecurring basis. These include assets measured at the lower of cost or fair value that were recognized at fair value below cost at the end of the period. The amounts reported in the following tables include balances measured at fair value during the reporting period and still held as of the reporting date. March 31, 2022 (in thousands) Total Fair Value Quoted Prices in Active Significant Significant Nonaccrual loans $ 3,591 $ — $ — $ 3,591 Other real estate 674 — — 674 Loan servicing asset 3,005 — 3,005 — Total $ 7,270 $ — $ 3,005 $ 4,265 December 31, 2021 (in thousands) Total Fair Value Quoted Prices in Active Significant Significant Nonaccrual loans $ 6,406 $ — $ — $ 6,406 Other real estate 632 — — 632 Loan servicing asset 3,146 3,146 — Total $ 10,184 $ — $ 3,146 $ 7,038 The following table presents the gains (losses) recorded in relation to assets measured on a nonrecurring basis and still held as of the reporting date. Three months ended (in thousands) March 31, 2022 Nonaccrual loans $ (1,781) Other real estate (121) Loan servicing asset 156 Total $ (1,746) Following is a summary of the carrying amounts and fair values of certain financial instruments: March 31, 2022 December 31, 2021 (in thousands) Carrying Amount Estimated fair value Level Carrying Amount Estimated fair value Level Balance sheet assets Securities held-to-maturity, net $ 541,039 $ 493,342 Level 2 $ 429,681 $ 434,672 Level 2 Other investments 57,601 57,601 Level 2 56,884 56,884 Level 2 Loans held for sale 4,270 4,270 Level 2 6,389 6,389 Level 2 Loans, net 8,916,861 8,908,849 Level 3 8,872,601 8,869,891 Level 3 State tax credits, held for sale 34,954 34,212 Level 3 27,994 30,686 Level 3 Servicing asset 6,066 6,066 Level 2 6,714 6,714 Level 2 Balance sheet liabilities Certificates of deposit $ 597,475 $ 587,009 Level 3 $ 608,293 $ 606,177 Level 3 Subordinated debentures and notes 155,031 155,408 Level 2 154,899 155,972 Level 2 FHLB advances 50,000 48,627 Level 2 50,000 51,527 Level 2 Other borrowings and notes payable 228,846 228,846 Level 2 353,863 353,863 Level 2 For information regarding the methods and assumptions used to estimate the fair value of each class of financial instruments refer to Note 19 – Fair Value Measurements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC. |
SHAREHOLDERS_ EQUITY AND COMPEN
SHAREHOLDERS’ EQUITY AND COMPENSATION PLANS | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | SHAREHOLDERS’ EQUITY Shareholders’ Equity Accumulated Other Comprehensive Income (Loss) The following tables present the changes in accumulated other comprehensive income after-tax by component: Three months ended (in thousands) Net Unrealized Gain (Loss) on Available-for-Sale Debt Securities Unamortized Gain (Loss) on Held-to-Maturity Securities Net Unrealized Gain (Loss) on Cash Flow Hedges Total Balance, December 31, 2021 $ 5,271 $ 15,684 $ (2,178) $ 18,777 Net change $ (79,353) $ (704) $ 2,020 $ (78,037) Transfer from available-for-sale to held-to-maturity $ (197) $ 197 $ — $ — Balance, March 31, 2022 $ (74,279) $ 15,177 $ (158) $ (59,260) Three months ended (in thousands) Net Unrealized Gain (Loss) on Available-for-Sale Debt Securities Unamortized Gain (Loss) on Held-to-Maturity Securities Net Unrealized Gain (Loss) on Cash Flow Hedges Total Balance, December 31, 2020 $ 22,320 $ 19,308 $ (4,508) $ 37,120 Net change $ (10,920) $ (1,149) $ 1,126 $ (10,943) Balance, March 31, 2021 $ 11,400 $ 18,159 $ (3,382) $ 26,177 The following tables present the pre-tax and after-tax changes in the components of other comprehensive income: Three months ended March 31, 2022 2021 (in thousands) Pre-tax Tax effect After-tax Pre-tax Tax effect After-tax Change in unrealized loss on available-for-sale debt securities $ (106,087) $ (26,734) $ (79,353) $ (14,541) $ (3,621) $ (10,920) Reclassification of gain on held-to-maturity securities (b) (941) (237) (704) (1,530) (381) (1,149) Change in unrealized loss on cash flow hedges arising during the period 2,341 590 1,751 1,128 281 847 Reclassification of loss on cash flow hedges (b) 359 90 269 372 93 279 Total other comprehensive loss $ (104,328) $ (26,291) $ (78,037) $ (14,571) $ (3,628) $ (10,943) (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 |
Supplemental Financial Informat
Supplemental Financial Information | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplemental Financial Information | SUPPLEMENTAL FINANCIAL INFORMATION The following table presents miscellaneous income and other expense components that exceed one percent of the aggregate of total interest income and other income in one or more of the periods indicated: Quarter ended March 31, ($ in thousands) 2022 2021 Other income: Community development fees $ 2,166 $ 172 Gain on sale of mortgages 294 1,191 Other income 3,748 2,905 Total other noninterest income $ 6,208 $ 4,268 Other expense: Amortization expense $ 1,430 $ 1,415 Banking expense 1,501 1,194 Deposit costs 4,260 2,342 FDIC and other insurance 1,855 963 Loan, legal expenses 1,733 1,583 Outside services 1,262 1,237 Other expense 5,909 3,817 Total other noninterest expense $ 17,950 $ 12,551 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Business and Consolidation | Basis of Financial Statement Presentation The accompanying unaudited condensed consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Except as disclosed herein, there has been no material change in the information disclosed in the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The condensed consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly owned. All intercompany accounts and transactions have been eliminated. In the opinion of management, the consolidated financial statements contain all adjustments (consisting of normal recurring accruals) considered necessary for the fair presentation of the statements of financial position, results of operations, and cash flow for the interim periods. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements FASB 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 will 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 consolidated financial statements. FASB ASU 2022-02, Financial Instruments–Credit Losses (Topic 326); Troubled Debt Restructurings and Vintage Disclosures. ASU 2022-02 was issued in March 2022 and eliminates the accounting guidance on troubled debt restructurings for creditors in ASC 310-40 and amends the guidance on “vintage disclosures” to require disclosure of current-period gross write-offs by year of origination. The ASU also updates the requirements related to accounting for credit losses under ASC 326 and adds enhanced disclosures for creditors with respect to loan refinancings and restructurings for borrowers experiencing financial difficulty. The amendments in this update will be effective for fiscal years beginning after December 15, 2022 for entities that have adopted the amendments in ASU 2016-13, Financial Instruments–Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments . The Company is evaluating the additional disclosure requirements and does not expect them to have a material effect on the consolidated financial statements. |
Acquisitions and Divestitures | 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. Fair values are considered preliminary until final fair values are determined, or the measurement period has passed, which is no later than one year from the date of acquisition. 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 typically include items such as 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. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Summary of Per Common Share Data and Amounts | The following table presents a summary of per common share data and amounts for the periods indicated. Three months ended March 31, (in thousands, except per share data) 2022 2021 Net income available to common shareholders $ 46,464 $ 29,926 Weighted average common shares outstanding 37,788 31,247 Additional dilutive common stock equivalents 70 59 Weighted average diluted common shares outstanding 37,858 31,306 Basic earnings per common share: $ 1.23 $ 0.96 Diluted earnings per common share: 1.23 0.96 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation | The following tables present the amortized cost, gross unrealized gains and losses, allowance for credit losses and fair value of securities available for sale and held to maturity: March 31, 2022 (in thousands) Amortized Cost Gross Gross Fair Value Available-for-sale securities: Obligations of U.S. Government-sponsored enterprises $ 247,906 $ — $ (12,322) $ 235,584 Obligations of states and political subdivisions 508,912 61 (59,615) 449,358 Agency mortgage-backed securities 607,080 1,034 (27,918) 580,196 U.S. Treasury bills 116,100 77 (596) 115,581 Corporate debt securities 11,750 91 (116) 11,725 Total securities available for sale $ 1,491,748 $ 1,263 $ (100,567) $ 1,392,444 Held-to-maturity securities: Obligations of states and political subdivisions $ 352,799 $ 10 $ (40,625) $ 312,184 Agency mortgage-backed securities 63,281 — (2,970) 60,311 Corporate debt securities 125,517 123 (4,793) 120,847 Total securities held-to-maturity $ 541,597 $ 133 $ (48,388) $ 493,342 Allowance for credit losses (558) Total securities held-to-maturity, net $ 541,039 December 31, 2021 (in thousands) Amortized Cost Gross Gross Fair Value Available-for-sale securities: Obligations of U.S. Government-sponsored enterprises $ 175,409 $ 3 $ (1,901) $ 173,511 Obligations of states and political subdivisions 571,587 5,907 (2,410) 575,084 Agency mortgage-backed securities 509,243 8,485 (3,869) 513,859 U.S. Treasury Bills 90,971 220 (21) 91,170 Corporate debt securities 11,750 632 — 12,382 Total securities available for sale $ 1,358,960 $ 15,247 $ (8,201) $ 1,366,006 Held-to-maturity securities: Obligations of states and political subdivisions $ 236,379 $ 1,794 $ (730) $ 237,443 Agency mortgage-backed securities 68,105 940 (666) 68,379 Corporate debt securities 125,811 3,039 — 128,850 Total securities held to maturity $ 430,295 $ 5,773 $ (1,396) $ 434,672 Allowance for credit losses (614) Total securities held-to-maturity, net $ 429,681 |
Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation | The following tables present the amortized cost, gross unrealized gains and losses, allowance for credit losses and fair value of securities available for sale and held to maturity: March 31, 2022 (in thousands) Amortized Cost Gross Gross Fair Value Available-for-sale securities: Obligations of U.S. Government-sponsored enterprises $ 247,906 $ — $ (12,322) $ 235,584 Obligations of states and political subdivisions 508,912 61 (59,615) 449,358 Agency mortgage-backed securities 607,080 1,034 (27,918) 580,196 U.S. Treasury bills 116,100 77 (596) 115,581 Corporate debt securities 11,750 91 (116) 11,725 Total securities available for sale $ 1,491,748 $ 1,263 $ (100,567) $ 1,392,444 Held-to-maturity securities: Obligations of states and political subdivisions $ 352,799 $ 10 $ (40,625) $ 312,184 Agency mortgage-backed securities 63,281 — (2,970) 60,311 Corporate debt securities 125,517 123 (4,793) 120,847 Total securities held-to-maturity $ 541,597 $ 133 $ (48,388) $ 493,342 Allowance for credit losses (558) Total securities held-to-maturity, net $ 541,039 December 31, 2021 (in thousands) Amortized Cost Gross Gross Fair Value Available-for-sale securities: Obligations of U.S. Government-sponsored enterprises $ 175,409 $ 3 $ (1,901) $ 173,511 Obligations of states and political subdivisions 571,587 5,907 (2,410) 575,084 Agency mortgage-backed securities 509,243 8,485 (3,869) 513,859 U.S. Treasury Bills 90,971 220 (21) 91,170 Corporate debt securities 11,750 632 — 12,382 Total securities available for sale $ 1,358,960 $ 15,247 $ (8,201) $ 1,366,006 Held-to-maturity securities: Obligations of states and political subdivisions $ 236,379 $ 1,794 $ (730) $ 237,443 Agency mortgage-backed securities 68,105 940 (666) 68,379 Corporate debt securities 125,811 3,039 — 128,850 Total securities held to maturity $ 430,295 $ 5,773 $ (1,396) $ 434,672 Allowance for credit losses (614) Total securities held-to-maturity, net $ 429,681 |
Investments Classified by Contractual Maturity Date | The amortized cost and estimated fair value of debt securities at March 31, 2022, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The weighted average life of the mortgage-backed securities is approximately 5 years. Available for sale Held to maturity (in thousands) Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due in one year or less $ 91,716 $ 91,680 $ 888 $ 891 Due after one year through five years 245,541 234,843 18,315 17,994 Due after five years through ten years 54,940 52,433 150,791 144,456 Due after ten years 492,471 433,292 308,322 269,690 Agency mortgage-backed securities 607,080 580,196 63,281 60,311 $ 1,491,748 $ 1,392,444 $ 541,597 $ 493,342 |
Schedule of Unrealized Loss on Investments | The following tables presents a summary of available-for-sale investment securities in an unrealized loss position: March 31, 2022 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 $ 208,467 $ 11,431 $ 11,109 $ 891 $ 219,576 $ 12,322 Obligations of states and political subdivisions 425,420 55,979 17,224 3,636 442,644 59,615 Agency mortgage-backed securities 405,833 22,383 47,576 5,535 453,409 27,918 U.S. Treasury bills 105,513 596 — — 105,513 596 Corporate debt securities 9,634 116 — — 9,634 116 $ 1,154,867 $ 90,505 $ 75,909 $ 10,062 $ 1,230,776 $ 100,567 December 31, 2021 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 $ 163,634 $ 1,775 $ 4,874 $ 126 $ 168,508 $ 1,901 Obligations of states and political subdivisions 242,188 2,361 1,776 49 243,964 2,410 Agency mortgage-backed securities 259,047 3,685 6,467 184 265,514 3,869 U.S. Treasury bills 60,961 21 — — 60,961 21 $ 725,830 $ 7,842 $ 13,117 $ 359 $ 738,947 $ 8,201 |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Non-covered Loans [Line Items] | |
Summary of Recorded Investment by Risk Category of Portfolio Loans by Portfolio Class and Category | The recorded investment by risk category of loans by class and year of origination is presented in the following tables as of the dates indicated: March 31, 2022 Term Loans by Origination Year (in thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Converted to Term Loans Revolving Loans Total Commercial and industrial Pass (1-6) $ 424,229 $ 1,011,220 $ 404,515 $ 268,244 $ 85,451 $ 174,346 $ 1,500 $ 812,823 $ 3,182,328 Watch (7) 20,941 28,450 16,364 2,060 9,312 10,728 — 78,321 166,176 Classified (8-9) 6,231 7,950 2,144 3,840 1,585 3,416 — 10,383 35,549 Total Commercial and industrial $ 451,401 $ 1,047,620 $ 423,023 $ 274,144 $ 96,348 $ 188,490 $ 1,500 $ 901,527 $ 3,384,053 Commercial real estate-investor owned Pass (1-6) $ 200,862 $ 617,625 $ 429,282 $ 321,521 $ 149,180 $ 303,994 $ 2,047 $ 47,800 $ 2,072,311 Watch (7) 937 20,600 31,411 18,304 79 27,153 — 2,062 100,546 Classified (8-9) — 1,268 3,306 829 798 5,010 — 50 11,261 Total Commercial real estate-investor owned $ 201,799 $ 639,493 $ 463,999 $ 340,654 $ 150,057 $ 336,157 $ 2,047 $ 49,912 $ 2,184,118 Commercial real estate-owner occupied Pass (1-6) $ 159,921 $ 599,394 $ 408,931 $ 261,247 $ 144,644 $ 341,211 $ 438 $ 49,568 $ 1,965,354 Watch (7) 1,800 10,888 16,575 3,925 13,188 18,550 — 390 65,316 Classified (8-9) 423 892 1,808 9,883 16,051 12,082 — 95 41,234 Total Commercial real estate-owner occupied $ 162,144 $ 611,174 $ 427,314 $ 275,055 $ 173,883 $ 371,843 $ 438 $ 50,053 $ 2,071,904 Construction real estate Pass (1-6) $ 83,014 $ 321,327 $ 189,864 $ 35,507 $ 23,155 $ 14,797 $ — $ 4,079 $ 671,743 Watch (7) 408 20,751 3,183 60 1,190 2,283 — — 27,875 Classified (8-9) — — — 12 416 19 — — 447 Total Construction real estate $ 83,422 $ 342,078 $ 193,047 $ 35,579 $ 24,761 $ 17,099 $ — $ 4,079 $ 700,065 Residential real estate Pass (1-6) $ 13,065 $ 100,396 $ 64,873 $ 20,400 $ 13,256 $ 113,869 $ 5,356 $ 93,591 $ 424,806 Watch (7) 36 2,123 1 166 441 1,379 — 137 4,283 Classified (8-9) 126 423 — 57 743 1,863 — 5 3,217 Total residential real estate $ 13,227 $ 102,942 $ 64,874 $ 20,623 $ 14,440 $ 117,111 $ 5,356 $ 93,733 $ 432,306 Other Pass (1-6) $ 1,551 $ 101,746 $ 66,095 $ 21,453 $ 22,437 $ 14,845 $ — $ 7,521 $ 235,648 Watch (7) — — — — 3 2,391 — 5 2,399 Classified (8-9) — — — 8 9 14 1 — 32 Total Other $ 1,551 $ 101,746 $ 66,095 $ 21,461 $ 22,449 $ 17,250 $ 1 $ 7,526 $ 238,079 Total loans classified by risk category $ 913,544 $ 2,845,053 $ 1,638,352 $ 967,516 $ 481,938 $ 1,047,950 $ 9,342 $ 1,106,830 $ 9,010,525 Total loans classified by performing status 45,548 Total loans $ 9,056,073 December 31, 2021 Term Loans by Origination Year (in thousands) 2021 2020 2019 2018 2017 Prior Revolving Loans Converted to Term Loans Revolving Loans Total Commercial and industrial Pass (1-6) $ 1,180,601 $ 477,374 $ 317,869 $ 132,851 $ 116,738 $ 82,846 $ 11,648 $ 854,102 $ 3,174,029 Watch (7) 35,005 17,502 9,404 9,880 12,217 10,979 4,037 53,595 152,619 Classified (8-9) 14,917 3,530 3,840 1,689 2,988 813 787 10,996 39,560 Total Commercial and industrial $ 1,230,523 $ 498,406 $ 331,113 $ 144,420 $ 131,943 $ 94,638 $ 16,472 $ 918,693 $ 3,366,208 Commercial real estate-investor owned Pass (1-6) $ 651,740 $ 476,946 $ 346,245 $ 146,107 $ 112,043 $ 217,808 $ 3,625 $ 68,236 $ 2,022,750 Watch (7) 16,871 35,908 32,755 1,003 502 17,478 300 2,062 106,879 Classified (8-9) 1,376 3,135 835 817 1,159 4,141 — 50 11,513 Total Commercial real estate-investor owned $ 669,987 $ 515,989 $ 379,835 $ 147,927 $ 113,704 $ 239,427 $ 3,925 $ 70,348 $ 2,141,142 Commercial real estate-owner occupied Pass (1-6) $ 604,975 $ 423,263 $ 278,830 $ 164,210 $ 140,515 $ 235,973 $ 250 $ 48,349 $ 1,896,365 Watch (7) 12,825 13,585 4,301 16,774 10,274 15,764 — 300 73,823 Classified (8-9) 2,048 556 9,181 17,016 6,432 6,959 — — 42,192 Total Commercial real estate-owner occupied $ 619,848 $ 437,404 $ 292,312 $ 198,000 $ 157,221 $ 258,696 $ 250 $ 48,649 $ 2,012,380 Construction real estate Pass (1-6) $ 310,140 $ 229,396 $ 70,531 $ 35,936 $ 14,860 $ 7,180 $ 568 $ 2,992 $ 671,603 Watch (7) 28,947 15,348 60 1,199 11,068 2,330 — — 58,952 Classified (8-9) — — 387 419 — 22 — — 828 Total Construction real estate $ 339,087 $ 244,744 $ 70,978 $ 37,554 $ 25,928 $ 9,532 $ 568 $ 2,992 $ 731,383 Residential real estate Pass (1-6) $ 116,352 $ 66,481 $ 21,356 $ 14,841 $ 24,778 $ 103,840 $ 9,980 $ 87,146 $ 444,774 Watch (7) 2,425 2 622 1,157 248 1,305 — 79 5,838 Classified (8-9) 414 169 554 — 12 2,024 — — 3,173 Total residential real estate $ 119,191 $ 66,652 $ 22,532 $ 15,998 $ 25,038 $ 107,169 $ 9,980 $ 87,225 $ 453,785 Other Pass (1-6) $ 108,209 $ 68,806 $ 22,684 $ 23,145 $ 6,924 $ 13,832 $ 1,500 $ 9,166 $ 254,266 Watch (7) — — — 4 — 2,440 — 1 2,445 Classified (8-9) — — 10 10 — 16 — 2 38 Total Other $ 108,209 $ 68,806 $ 22,694 $ 23,159 $ 6,924 $ 16,288 $ 1,500 $ 9,169 $ 256,749 Total loans classified by risk category $ 3,086,845 $ 1,832,001 $ 1,119,464 $ 567,058 $ 460,758 $ 725,750 $ 32,695 $ 1,137,076 $ 8,961,647 Total loans classified by performing status 55,995 Total loans $ 9,017,642 In the tables above, loan originations in 2022 and 2021 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 tables presents the recorded investment on loans based on payment activity as of the periods indicated: March 31, 2022 (in thousands) Performing Non Performing Total Commercial and industrial $ 14,657 $ 13 $ 14,670 Real estate: Commercial - investor owned 8 — 8 Commercial - owner occupied 22,108 — 22,108 Construction and land development 2,565 — 2,565 Residential 333 — 333 Other 5,853 11 5,864 Total $ 45,524 $ 24 $ 45,548 December 31, 2021 (in thousands) Performing Non Performing Total Commercial and industrial $ 26,166 $ 1 $ 26,167 Real estate: Commercial - investor owned 1 — 1 Commercial - owner occupied 23,405 — 23,405 Construction and land development 2,690 — 2,690 Residential 267 — 267 Other 3,453 12 3,465 Total $ 55,982 $ 13 $ 55,995 |
Portfolio loans, net | |
Non-covered Loans [Line Items] | |
Summary of Portfolio Loans by Category | The following table presents a summary of loans by category: (in thousands) March 31, 2022 December 31, 2021 Commercial and industrial $ 3,400,574 $ 3,396,590 Real estate: Commercial - investor owned 2,184,126 2,141,143 Commercial - owner occupied 2,094,012 2,035,785 Construction and land development 702,630 734,073 Residential 432,639 454,052 Total real estate loans 5,413,407 5,365,053 Other 250,433 265,137 Loans, before unearned loan fees 9,064,414 9,026,780 Unearned loan fees, net (8,341) (9,138) Loans, including unearned loan fees $ 9,056,073 $ 9,017,642 |
Summary of Allowance for Loan Losses and the Recorded Investment in Portfolio Loans by Class and Category Based on Impairment Method | A summary of the activity in the ACL on loans by category for the three months ended March 31, 2022 and 2021 is as follows: (in thousands) Commercial and industrial CRE - investor owned CRE - Construction and land development Residential real estate Other Total Allowance for credit losses on loans: Balance at December 31, 2021 $ 63,825 $ 35,877 $ 17,560 $ 14,536 $ 7,927 $ 5,316 $ 145,041 Provision for credit losses (1,481) 121 (582) (1,574) (456) (336) (4,308) Charge-offs (2,159) — (180) — (887) (86) (3,312) Recoveries 790 196 240 21 525 19 1,791 Balance at March 31, 2022 $ 60,975 $ 36,194 $ 17,038 $ 12,983 $ 7,109 $ 4,913 $ 139,212 (in thousands) Commercial and industrial CRE - investor owned CRE - Construction and land development Residential real estate Other Total Allowance for credit losses on loans: Balance at December 31, 2020 $ 58,812 $ 32,062 $ 17,012 $ 21,413 $ 4,585 $ 2,787 $ 136,671 Provision for credit losses 541 3,381 3,226 (7,091) (152) 598 503 Charge-offs (3,739) (2,372) (28) — (271) (64) (6,474) Recoveries 327 34 9 235 143 79 827 Balance at March 31, 2021 $ 55,941 $ 33,105 $ 20,219 $ 14,557 $ 4,305 $ 3,400 $ 131,527 |
Schedule of Recorded Investment in Nonperforming Loans by Category | The following tables present the recorded investment in nonperforming loans by category: March 31, 2022 (in thousands) Nonaccrual Restructured, accruing Loans over 90 days past due and still accruing interest Total nonperforming loans Nonaccrual loans with no allowance Commercial and industrial $ 13,721 $ 2,663 $ 13 $ 16,397 $ 1,699 Real estate: Commercial - investor owned 1,565 — — 1,565 1,364 Commercial - owner occupied 2,075 — — 2,075 1,786 Residential 1,027 75 — 1,102 1,027 Other 10 — 11 21 — Total $ 18,398 $ 2,738 $ 24 $ 21,160 $ 5,876 December 31, 2021 (in thousands) Nonaccrual Restructured, accruing Loans over 90 days past due and still accruing interest Total nonperforming loans Nonaccrual loans with no allowance Commercial and industrial $ 17,052 $ 2,783 $ 1,703 $ 21,538 $ 5,685 Real estate: Commercial - investor owned 1,575 — — 1,575 168 Commercial - owner occupied 2,839 — — 2,839 2,550 Residential 1,971 76 1 2,048 1,348 Other 12 — 12 24 — Total $ 23,449 $ 2,859 $ 1,716 $ 28,024 $ 9,751 |
Schedule of Collateral Dependent Loans | The amortized cost basis of collateral-dependent nonperforming loans by class of loan is presented for the periods indicated: March 31, 2022 Type of Collateral (in thousands) Commercial Real Estate Residential Real Estate Blanket Lien Commercial and industrial $ 4,271 $ 79 $ 5,064 Real estate: Commercial - investor owned 165 1,200 — Commercial - owner occupied 2,049 26 — Residential — 1,102 — Other — — — Total $ 6,485 $ 2,407 $ 5,064 December 31, 2021 Type of Collateral (in thousands) Commercial Real Estate Residential Real Estate Blanket Lien Commercial and industrial $ 4,271 $ 209 $ 9,312 Real estate: Commercial - investor owned 169 1,200 — Commercial - owner occupied 2,807 32 — Residential — 2,048 — Other — — — Total $ 7,247 $ 3,489 $ 9,312 |
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 is presented for the periods indicated. March 31, 2022 (in thousands) 30-89 Days 90 or More Total Current Total Commercial and industrial $ 3,086 $ 5,204 $ 8,290 $ 3,390,433 $ 3,398,723 Real estate: Commercial - investor owned 1,461 1,565 3,026 2,181,100 2,184,126 Commercial - owner occupied 4,692 1,698 6,390 2,087,622 2,094,012 Construction and land development 2,680 — 2,680 699,950 702,630 Residential 3,534 454 3,988 428,651 432,639 Other 35 10 45 243,898 243,943 Total $ 15,488 $ 8,931 $ 24,419 $ 9,031,654 $ 9,056,073 December 31, 2021 (in thousands) 30-89 Days 90 or More Total Current Total Commercial and industrial $ 24,447 $ 14,158 $ 38,605 $ 3,353,770 $ 3,392,375 Real estate: Commercial - investor owned 3,880 — 3,880 2,137,263 2,141,143 Commercial - owner occupied 10,070 289 10,359 2,025,426 2,035,785 Construction and land development 24 — 24 734,049 734,073 Residential 3,181 1,305 4,486 449,566 454,052 Other 37 11 48 260,166 260,214 Total $ 41,639 $ 15,763 $ 57,402 $ 8,960,240 $ 9,017,642 |
Commitments (Tables)
Commitments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Commitments | The contractual amounts of off-balance-sheet financial instruments are as follows: (in thousands) March 31, 2022 December 31, 2021 Commitments to extend credit $ 2,710,183 $ 2,481,173 Letters of credit 78,568 77,314 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | Notional Amount Derivative Assets Derivative Liabilities (in thousands) March 31, December 31, 2021 March 31, December 31, 2021 March 31, December 31, 2021 Derivatives Designated as Hedging Instruments: Interest rate swap $ 61,962 $ 61,962 $ — $ — $ 212 $ 2,911 Derivatives not Designated as Hedging Instruments: Interest rate swap $ 922,532 $ 918,698 $ 7,771 $ 12,869 $ 7,778 $ 12,883 Derivative assets are classified on the balance sheet in other assets. Derivative liabilities are classified on the balance sheet in other liabilities. The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s financial instruments that are subject to offsetting. The gross amounts of assets or liabilities can be reconciled to the tabular disclosure of fair value. The fair value table above provides the location that financial assets and liabilities are presented on the Balance Sheet. As of March 31, 2022 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 Received/ Pledged Net Amount Assets: Interest rate swap $ 7,771 $ — $ 7,771 $ 1,796 $ 4,150 $ 1,825 Liabilities: Interest rate swap $ 7,990 $ — $ 7,990 $ 1,796 $ 75 $ 6,119 Securities sold under agreements to repurchase 207,417 — 207,417 — 207,417 — As of December 31, 2021 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 Received/ Pledged Net Amount Assets: Interest rate swap $ 12,869 $ — $ 12,869 $ 1,033 $ — $ 11,836 Liabilities: Interest rate swap $ 15,794 $ — $ 15,794 $ 1,033 $ 14,031 $ 730 Securities sold under agreements to repurchase 331,006 — 331,006 — 331,006 — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Instruments Measured at Fair Value on a Recurring Basis | The following table summarizes financial instruments measured at fair value on a recurring basis segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: March 31, 2022 (in thousands) Quoted Prices in Significant Significant Total Fair Assets Securities available for sale Obligations of U.S. Government-sponsored enterprises $ — $ 235,584 $ — $ 235,584 Obligations of states and political subdivisions — 449,358 — 449,358 Agency mortgage-backed securities — 580,196 — 580,196 U.S. Treasury bills — 115,581 — 115,581 Corporate debt securities — 11,725 — 11,725 Total securities available for sale — 1,392,444 — 1,392,444 Other investments — 2,843 — 2,843 Derivatives — 7,771 — 7,771 Total assets $ — $ 1,403,058 $ — $ 1,403,058 Liabilities Derivatives $ — $ 7,990 $ — $ 7,990 Total liabilities $ — $ 7,990 $ — $ 7,990 December 31, 2021 (in thousands) Quoted Prices in Significant Significant Total Fair Assets Securities available for sale Obligations of U.S. Government-sponsored enterprises $ — $ 173,511 $ — $ 173,511 Obligations of states and political subdivisions — 575,084 — 575,084 Residential mortgage-backed securities — 513,859 — 513,859 Corporate debt securities — 12,382 — 12,382 U.S. Treasury bills — 91,170 — 91,170 Total securities available-for-sale — 1,366,006 — 1,366,006 Other investments — 3,012 — 3,012 Derivative financial instruments — 12,869 — 12,869 Total assets $ — $ 1,381,887 $ — $ 1,381,887 Liabilities Derivatives $ — $ 15,794 $ — $ 15,794 Total liabilities $ — $ 15,794 $ — $ 15,794 |
Summary of Financial Instruments and Non-Financial Assets Measured at Fair Value on a Non-Recurring Basis | These include assets measured at the lower of cost or fair value that were recognized at fair value below cost at the end of the period. The amounts reported in the following tables include balances measured at fair value during the reporting period and still held as of the reporting date. March 31, 2022 (in thousands) Total Fair Value Quoted Prices in Active Significant Significant Nonaccrual loans $ 3,591 $ — $ — $ 3,591 Other real estate 674 — — 674 Loan servicing asset 3,005 — 3,005 — Total $ 7,270 $ — $ 3,005 $ 4,265 December 31, 2021 (in thousands) Total Fair Value Quoted Prices in Active Significant Significant Nonaccrual loans $ 6,406 $ — $ — $ 6,406 Other real estate 632 — — 632 Loan servicing asset 3,146 3,146 — Total $ 10,184 $ — $ 3,146 $ 7,038 Three months ended (in thousands) March 31, 2022 Nonaccrual loans $ (1,781) Other real estate (121) Loan servicing asset 156 Total $ (1,746) |
Summary of Carrying Amount and Fair Values of Financial Instruments Reported on the Balance Sheets | Following is a summary of the carrying amounts and fair values of certain financial instruments: March 31, 2022 December 31, 2021 (in thousands) Carrying Amount Estimated fair value Level Carrying Amount Estimated fair value Level Balance sheet assets Securities held-to-maturity, net $ 541,039 $ 493,342 Level 2 $ 429,681 $ 434,672 Level 2 Other investments 57,601 57,601 Level 2 56,884 56,884 Level 2 Loans held for sale 4,270 4,270 Level 2 6,389 6,389 Level 2 Loans, net 8,916,861 8,908,849 Level 3 8,872,601 8,869,891 Level 3 State tax credits, held for sale 34,954 34,212 Level 3 27,994 30,686 Level 3 Servicing asset 6,066 6,066 Level 2 6,714 6,714 Level 2 Balance sheet liabilities Certificates of deposit $ 597,475 $ 587,009 Level 3 $ 608,293 $ 606,177 Level 3 Subordinated debentures and notes 155,031 155,408 Level 2 154,899 155,972 Level 2 FHLB advances 50,000 48,627 Level 2 50,000 51,527 Level 2 Other borrowings and notes payable 228,846 228,846 Level 2 353,863 353,863 Level 2 |
SHAREHOLDERS_ EQUITY AND COMP_2
SHAREHOLDERS’ EQUITY AND COMPENSATION PLANS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables present the changes in accumulated other comprehensive income after-tax by component: Three months ended (in thousands) Net Unrealized Gain (Loss) on Available-for-Sale Debt Securities Unamortized Gain (Loss) on Held-to-Maturity Securities Net Unrealized Gain (Loss) on Cash Flow Hedges Total Balance, December 31, 2021 $ 5,271 $ 15,684 $ (2,178) $ 18,777 Net change $ (79,353) $ (704) $ 2,020 $ (78,037) Transfer from available-for-sale to held-to-maturity $ (197) $ 197 $ — $ — Balance, March 31, 2022 $ (74,279) $ 15,177 $ (158) $ (59,260) Three months ended (in thousands) Net Unrealized Gain (Loss) on Available-for-Sale Debt Securities Unamortized Gain (Loss) on Held-to-Maturity Securities Net Unrealized Gain (Loss) on Cash Flow Hedges Total Balance, December 31, 2020 $ 22,320 $ 19,308 $ (4,508) $ 37,120 Net change $ (10,920) $ (1,149) $ 1,126 $ (10,943) Balance, March 31, 2021 $ 11,400 $ 18,159 $ (3,382) $ 26,177 |
Schedule of Pre-tax and After-tax Changes in the Components of Other Comprehensive Income | The following tables present the pre-tax and after-tax changes in the components of other comprehensive income: Three months ended March 31, 2022 2021 (in thousands) Pre-tax Tax effect After-tax Pre-tax Tax effect After-tax Change in unrealized loss on available-for-sale debt securities $ (106,087) $ (26,734) $ (79,353) $ (14,541) $ (3,621) $ (10,920) Reclassification of gain on held-to-maturity securities (b) (941) (237) (704) (1,530) (381) (1,149) Change in unrealized loss on cash flow hedges arising during the period 2,341 590 1,751 1,128 281 847 Reclassification of loss on cash flow hedges (b) 359 90 269 372 93 279 Total other comprehensive loss $ (104,328) $ (26,291) $ (78,037) $ (14,571) $ (3,628) $ (10,943) (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 |
Supplemental Financial Inform_2
Supplemental Financial Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplemental Financial Information | The following table presents miscellaneous income and other expense components that exceed one percent of the aggregate of total interest income and other income in one or more of the periods indicated: Quarter ended March 31, ($ in thousands) 2022 2021 Other income: Community development fees $ 2,166 $ 172 Gain on sale of mortgages 294 1,191 Other income 3,748 2,905 Total other noninterest income $ 6,208 $ 4,268 Other expense: Amortization expense $ 1,430 $ 1,415 Banking expense 1,501 1,194 Deposit costs 4,260 2,342 FDIC and other insurance 1,855 963 Loan, legal expenses 1,733 1,583 Outside services 1,262 1,237 Other expense 5,909 3,817 Total other noninterest expense $ 17,950 $ 12,551 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Net income available to common shareholders | $ 46,464 | $ 29,926 |
Weighted average common shares outstanding (in shares) | 37,788,000 | 31,247,000 |
Additional dilutive common stock equivalents (in shares) | 70,000 | 59,000 |
Weighted average diluted common shares outstanding (in shares) | 37,858,000 | 31,306,000 |
Basic earnings per common share (in dollars per share) | $ 1.23 | $ 0.96 |
Diluted earnings per common share (in dollars per share) | $ 1.23 | $ 0.96 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 276,000 | 222,000 |
Investments - Schedule of Avail
Investments - Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Held-to-maturity [Abstract] | ||
Amortized Cost | $ 541,597 | $ 430,295 |
Gross Unrealized Gains | 133 | 5,773 |
Gross Unrealized Losses | (48,388) | (1,396) |
Allowance for Credit Losses | (558) | (614) |
Fair Value | 493,342 | 434,672 |
Securities held-to-maturity, net | 541,039 | 429,681 |
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost | 1,491,748 | 1,358,960 |
Gross Unrealized Gains | 1,263 | 15,247 |
Gross Unrealized Losses | (100,567) | (8,201) |
Securities available-for-sale | 1,392,444 | 1,366,006 |
Obligations of U.S. Government-sponsored enterprises | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost | 247,906 | 175,409 |
Gross Unrealized Gains | 0 | 3 |
Gross Unrealized Losses | (12,322) | (1,901) |
Securities available-for-sale | 235,584 | 173,511 |
Obligations of states and political subdivisions | ||
Debt Securities, Held-to-maturity [Abstract] | ||
Amortized Cost | 352,799 | 236,379 |
Gross Unrealized Gains | 10 | 1,794 |
Gross Unrealized Losses | (40,625) | (730) |
Fair Value | 312,184 | 237,443 |
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost | 508,912 | 571,587 |
Gross Unrealized Gains | 61 | 5,907 |
Gross Unrealized Losses | (59,615) | (2,410) |
Securities available-for-sale | 449,358 | 575,084 |
Agency mortgage-backed securities | ||
Debt Securities, Held-to-maturity [Abstract] | ||
Amortized Cost | 63,281 | 68,105 |
Gross Unrealized Gains | 0 | 940 |
Gross Unrealized Losses | (2,970) | (666) |
Fair Value | 60,311 | 68,379 |
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost | 607,080 | 509,243 |
Gross Unrealized Gains | 1,034 | 8,485 |
Gross Unrealized Losses | (27,918) | (3,869) |
Securities available-for-sale | 580,196 | 513,859 |
U.S. Treasury bills | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost | 116,100 | 90,971 |
Gross Unrealized Gains | 77 | 220 |
Gross Unrealized Losses | (596) | (21) |
Securities available-for-sale | 115,581 | 91,170 |
Corporate debt securities | ||
Debt Securities, Held-to-maturity [Abstract] | ||
Amortized Cost | 125,517 | 125,811 |
Gross Unrealized Gains | 123 | 3,039 |
Gross Unrealized Losses | (4,793) | 0 |
Fair Value | 120,847 | 128,850 |
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost | 11,750 | 11,750 |
Gross Unrealized Gains | 91 | 632 |
Gross Unrealized Losses | (116) | 0 |
Securities available-for-sale | $ 11,725 | $ 12,382 |
Investments - Investments Class
Investments - Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Available for sale, Amortized Cost | ||
Due in one year or less | $ 91,716 | |
Due after one year through five years | 245,541 | |
Due after five years through ten years | 54,940 | |
Due after ten years | 492,471 | |
Agency mortgage-backed securities | 607,080 | |
Amortized Cost | 1,491,748 | $ 1,358,960 |
Available for sale, Estimated Fair Value | ||
Due in one year or less | 91,680 | |
Due after one year through five years | 234,843 | |
Due after five years through ten years | 52,433 | |
Due after ten years | 433,292 | |
Agency mortgage-backed securities | 580,196 | |
Securities available-for-sale | 1,392,444 | 1,366,006 |
Held to maturity, Amortized Cost | ||
Due in one year or less | 888 | |
Due after one year through five years | 18,315 | |
Due after five years through ten years | 150,791 | |
Due after ten years | 308,322 | |
Agency mortgage-backed securities | 63,281 | |
Amortized Cost | 541,597 | 430,295 |
Held to maturity, Estimated Fair Value | ||
Due in one year or less | 891 | |
Due after one year through five years | 17,994 | |
Due after five years through ten years | 144,456 | |
Due after ten years | 269,690 | |
Agency mortgage-backed securities | 60,311 | |
Fair Value | $ 493,342 | $ 434,672 |
Investments - Schedule of Unrea
Investments - Schedule of Unrealized Loss on Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 1,154,867 | $ 725,830 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 90,505 | 7,842 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 75,909 | 13,117 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 10,062 | 359 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,230,776 | 738,947 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 100,567 | 8,201 |
Obligations of U.S. Government-sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 208,467 | 163,634 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 11,431 | 1,775 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 11,109 | 4,874 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 891 | 126 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 219,576 | 168,508 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 12,322 | 1,901 |
Obligations of states and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 425,420 | 242,188 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 55,979 | 2,361 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 17,224 | 1,776 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 3,636 | 49 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 442,644 | 243,964 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 59,615 | 2,410 |
Agency mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 405,833 | 259,047 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 22,383 | 3,685 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 47,576 | 6,467 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 5,535 | 184 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 453,409 | 265,514 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 27,918 | 3,869 |
U.S. Treasury bills | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 105,513 | 60,961 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 596 | 21 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 105,513 | 60,961 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 596 | $ 21 |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 9,634 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 116 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 9,634 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 116 |
Investments - Narrative (Detail
Investments - Narrative (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | $ 1,491,748,000 | $ 1,358,960,000 | |
Cumulative net unamortized unrealized gain | $ 1,263,000 | 15,247,000 | |
Maximum percentage of shareholders' equity security holdings held of one issuer | 10.00% | ||
Securities pledged | $ 581,400,000 | 752,700,000 | |
Mortgage-backed securities, weighted average life | 5 years | ||
Allowance for credit losses on available-for-sale securities | $ 0 | 0 | |
Accrued interest receivable, held-to-maturity securities | 4,100,000 | 3,400,000 | |
Allowance for credit losses on held-to-maturity debt securities | (558,000) | (614,000) | |
Sale of debt securities, available-for-sale | 0 | $ 0 | |
Other investments, at cost | 60,444,000 | 59,896,000 | |
Reclassified to Held to Maturity | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 116,900,000 | ||
Cumulative net unamortized unrealized gain | 20,300,000 | 21,000,000 | |
Des Moines | |||
Debt Securities, Available-for-sale [Line Items] | |||
Other investments, at cost | $ 12,000,000 | $ 12,100,000 |
Loans - Summary of Portfolio Lo
Loans - Summary of Portfolio Loans by Category (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | $ 9,056,073 | $ 9,017,642 |
Portfolio loans, net | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | 9,064,414 | 9,026,780 |
Unearned loan fees, net | (8,341) | (9,138) |
Financing Receivable, Covered, after Allowance for Credit Loss, Total | 9,056,073 | 9,017,642 |
Portfolio loans, net | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | 3,400,574 | 3,396,590 |
Financing Receivable, Covered, after Allowance for Credit Loss, Total | 3,398,723 | 3,392,375 |
Portfolio loans, net | Commercial - investor owned | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | 2,184,126 | 2,141,143 |
Financing Receivable, Covered, after Allowance for Credit Loss, Total | 2,184,126 | 2,141,143 |
Portfolio loans, net | Commercial - owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | 2,094,012 | 2,035,785 |
Financing Receivable, Covered, after Allowance for Credit Loss, Total | 2,094,012 | 2,035,785 |
Portfolio loans, net | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | 702,630 | 734,073 |
Financing Receivable, Covered, after Allowance for Credit Loss, Total | 702,630 | 734,073 |
Portfolio loans, net | Residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | 432,639 | 454,052 |
Financing Receivable, Covered, after Allowance for Credit Loss, Total | 432,639 | 454,052 |
Portfolio loans, net | Total real estate loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | 5,413,407 | 5,365,053 |
Portfolio loans, net | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | 250,433 | 265,137 |
Financing Receivable, Covered, after Allowance for Credit Loss, Total | $ 243,943 | $ 260,214 |
Loans - Narrative (Details)
Loans - Narrative (Details) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022USD ($)loan | Mar. 31, 2021USD ($)loan | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Paycheck Protection Program | $ 136,000,000 | $ 276,200,000 | ||
Financing Receivable, Paycheck Protection Program, Net of Deferred Fees | 134,100,000 | 272,000,000 | ||
Financing Receivable, Paycheck Protection Program, Unearned Fees | 1,900,000 | 4,200,000 | ||
Financing Receivable, Purchased with Credit Deterioration, Discount (Premium) | 11,500,000 | 11,900,000 | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | 2,900,000,000 | 2,500,000,000 | ||
Allowance for credit loss adjustment | 41,000,000 | |||
Nonperforming loan balances, excluding government guaranteed balances | 6,500,000 | |||
Other Assets [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accrued interest receivable | 29,600,000 | 30,600,000 | ||
Enterprise Value Lending Portfolio Niche Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for credit loss adjustment | 7,000,000 | |||
Non-Covered Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable, allowance for credit loss | 139,212,000 | $ 131,527,000 | 145,041,000 | $ 136,671,000 |
Nonperforming loan balances, excluding government guaranteed balances | 4,000,000 | |||
Interest income on nonaccrual loans | $ 0 | $ 0 | ||
Number of loans restructured | loan | 0 | 0 | ||
Non-Covered Loans | Enterprise Value Lending Portfolio Niche Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable, allowance for credit loss | $ 19,100,000 | |||
Non-Covered Loans | Agriculture Portfolio Niche Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable, allowance for credit loss | $ 18,200,000 | |||
Cumulative Effect, Period Of Adoption, Adjustment | Non-Covered Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable, allowance for credit loss | $ 14,700,000 |
Loans - Summary of Allowance fo
Loans - Summary of Allowance for Loan Losses by Portfolio Class and Category (Details) - Portfolio loans, net - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Allowance for Loan Losses [Roll Forward] | ||
Beginning Balance | $ 145,041 | $ 136,671 |
Provision for credit losses | 4,308 | (503) |
Charge-offs | (3,312) | (6,474) |
Recoveries | 1,791 | 827 |
Ending Balance | 139,212 | 131,527 |
Commercial and industrial | ||
Allowance for Loan Losses [Roll Forward] | ||
Beginning Balance | 63,825 | 58,812 |
Provision for credit losses | 1,481 | (541) |
Charge-offs | (2,159) | (3,739) |
Recoveries | 790 | 327 |
Ending Balance | 60,975 | 55,941 |
CRE - investor owned | ||
Allowance for Loan Losses [Roll Forward] | ||
Beginning Balance | 35,877 | 32,062 |
Provision for credit losses | (121) | (3,381) |
Charge-offs | 0 | (2,372) |
Recoveries | 196 | 34 |
Ending Balance | 36,194 | 33,105 |
CRE - owner occupied | ||
Allowance for Loan Losses [Roll Forward] | ||
Beginning Balance | 17,560 | 17,012 |
Provision for credit losses | 582 | (3,226) |
Charge-offs | (180) | (28) |
Recoveries | 240 | 9 |
Ending Balance | 17,038 | 20,219 |
Construction and land development | ||
Allowance for Loan Losses [Roll Forward] | ||
Beginning Balance | 14,536 | 21,413 |
Provision for credit losses | 1,574 | 7,091 |
Charge-offs | 0 | 0 |
Recoveries | 21 | 235 |
Ending Balance | 12,983 | 14,557 |
Residential real estate | ||
Allowance for Loan Losses [Roll Forward] | ||
Beginning Balance | 7,927 | 4,585 |
Provision for credit losses | 456 | 152 |
Charge-offs | (887) | (271) |
Recoveries | 525 | 143 |
Ending Balance | 7,109 | 4,305 |
Other | ||
Allowance for Loan Losses [Roll Forward] | ||
Beginning Balance | 5,316 | 2,787 |
Provision for credit losses | 336 | (598) |
Charge-offs | (86) | (64) |
Recoveries | 19 | 79 |
Ending Balance | $ 4,913 | $ 3,400 |
Loans - Recorded Investment in
Loans - Recorded Investment in Nonperforming Loans by Category (Details) - Non-Covered Loans - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Nonaccrual | $ 18,398 | $ 23,449 |
Restructured, accruing | 2,738 | 2,859 |
Loans over 90 days past due and still accruing interest | 24 | 1,716 |
Total nonperforming loans | 21,160 | 28,024 |
Nonaccrual loans with no allowance | 5,876 | 9,751 |
Commercial Real Estate [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total nonperforming loans | 6,485 | 7,247 |
Residential Real Estate [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total nonperforming loans | 2,407 | 3,489 |
Commercial and industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Nonaccrual | 13,721 | 17,052 |
Restructured, accruing | 2,663 | 2,783 |
Loans over 90 days past due and still accruing interest | 13 | 1,703 |
Total nonperforming loans | 16,397 | 21,538 |
Nonaccrual loans with no allowance | 1,699 | 5,685 |
Commercial and industrial | Commercial Real Estate [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total nonperforming loans | 4,271 | 4,271 |
Commercial and industrial | Residential Real Estate [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total nonperforming loans | 79 | 209 |
Commercial - investor owned | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Nonaccrual | 1,565 | 1,575 |
Restructured, accruing | 0 | 0 |
Loans over 90 days past due and still accruing interest | 0 | 0 |
Total nonperforming loans | 1,565 | 1,575 |
Nonaccrual loans with no allowance | 1,364 | 168 |
Commercial - investor owned | Commercial Real Estate [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total nonperforming loans | 165 | 169 |
Commercial - investor owned | Residential Real Estate [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total nonperforming loans | 1,200 | 1,200 |
CRE - owner occupied | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Nonaccrual | 2,075 | 2,839 |
Restructured, accruing | 0 | 0 |
Loans over 90 days past due and still accruing interest | 0 | 0 |
Total nonperforming loans | 2,075 | 2,839 |
Nonaccrual loans with no allowance | 1,786 | 2,550 |
CRE - owner occupied | Commercial Real Estate [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total nonperforming loans | 2,049 | 2,807 |
CRE - owner occupied | Residential Real Estate [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total nonperforming loans | 26 | 32 |
Residential real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Nonaccrual | 1,027 | 1,971 |
Restructured, accruing | 75 | 76 |
Loans over 90 days past due and still accruing interest | 0 | 1 |
Total nonperforming loans | 1,102 | 2,048 |
Nonaccrual loans with no allowance | 1,027 | 1,348 |
Residential real estate | Commercial Real Estate [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total nonperforming loans | 0 | 0 |
Residential real estate | Residential Real Estate [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total nonperforming loans | 1,102 | 2,048 |
Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Nonaccrual | 10 | 12 |
Restructured, accruing | 0 | 0 |
Loans over 90 days past due and still accruing interest | 11 | 12 |
Total nonperforming loans | 21 | 24 |
Nonaccrual loans with no allowance | 0 | 0 |
Other | Commercial Real Estate [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total nonperforming loans | 0 | 0 |
Other | Residential Real Estate [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total nonperforming loans | $ 0 | $ 0 |
Loans - Schedule of Collateral
Loans - Schedule of Collateral Dependent Loans (Details) - Non-Covered Loans - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total nonperforming loans | $ 21,160 | $ 28,024 |
Commercial Real Estate [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total nonperforming loans | 6,485 | 7,247 |
Residential Real Estate [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total nonperforming loans | 2,407 | 3,489 |
Blanket Lien | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total nonperforming loans | 5,064 | 9,312 |
Commercial and industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total nonperforming loans | 16,397 | 21,538 |
Commercial and industrial | Commercial Real Estate [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total nonperforming loans | 4,271 | 4,271 |
Commercial and industrial | Residential Real Estate [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total nonperforming loans | 79 | 209 |
Commercial and industrial | Blanket Lien | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total nonperforming loans | 5,064 | 9,312 |
Commercial - investor owned | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total nonperforming loans | 1,565 | 1,575 |
Commercial - investor owned | Commercial Real Estate [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total nonperforming loans | 165 | 169 |
Commercial - investor owned | Residential Real Estate [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total nonperforming loans | 1,200 | 1,200 |
Commercial - investor owned | Blanket Lien | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total nonperforming loans | 0 | 0 |
CRE - owner occupied | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total nonperforming loans | 2,075 | 2,839 |
CRE - owner occupied | Commercial Real Estate [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total nonperforming loans | 2,049 | 2,807 |
CRE - owner occupied | Residential Real Estate [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total nonperforming loans | 26 | 32 |
CRE - owner occupied | Blanket Lien | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total nonperforming loans | 0 | 0 |
Residential real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total nonperforming loans | 1,102 | 2,048 |
Residential real estate | Commercial Real Estate [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total nonperforming loans | 0 | 0 |
Residential real estate | Residential Real Estate [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total nonperforming loans | 1,102 | 2,048 |
Residential real estate | Blanket Lien | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total nonperforming loans | 0 | 0 |
Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total nonperforming loans | 21 | 24 |
Other | Commercial Real Estate [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total nonperforming loans | 0 | 0 |
Other | Residential Real Estate [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total nonperforming loans | 0 | 0 |
Other | Blanket Lien | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total nonperforming loans | $ 0 | $ 0 |
Loans - Summary of Aging of Rec
Loans - Summary of Aging of Recorded Investment in Past Due Portfolio Loans by Portfolio Class and Category (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 9,056,073 | $ 9,017,642 |
Non-Covered Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 9,064,414 | 9,026,780 |
Loans, including unearned loan fees | 9,056,073 | 9,017,642 |
Non-Covered Loans | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 3,400,574 | 3,396,590 |
Loans, including unearned loan fees | 3,398,723 | 3,392,375 |
Non-Covered Loans | CRE - investor owned | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 2,184,126 | 2,141,143 |
Loans, including unearned loan fees | 2,184,126 | 2,141,143 |
Non-Covered Loans | CRE - owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 2,094,012 | 2,035,785 |
Loans, including unearned loan fees | 2,094,012 | 2,035,785 |
Non-Covered Loans | Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 702,630 | 734,073 |
Loans, including unearned loan fees | 702,630 | 734,073 |
Non-Covered Loans | Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 432,639 | 454,052 |
Loans, including unearned loan fees | 432,639 | 454,052 |
Non-Covered Loans | Other | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 250,433 | 265,137 |
Loans, including unearned loan fees | 243,943 | 260,214 |
Total Past Due | Non-Covered Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 24,419 | 57,402 |
Total Past Due | Non-Covered Loans | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 8,290 | 38,605 |
Total Past Due | Non-Covered Loans | CRE - investor owned | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 3,026 | 3,880 |
Total Past Due | Non-Covered Loans | CRE - owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 6,390 | 10,359 |
Total Past Due | Non-Covered Loans | Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 2,680 | 24 |
Total Past Due | Non-Covered Loans | Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 3,988 | 4,486 |
Total Past Due | Non-Covered Loans | Other | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 45 | 48 |
30-89 Days Past Due | Non-Covered Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 15,488 | 41,639 |
30-89 Days Past Due | Non-Covered Loans | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 3,086 | 24,447 |
30-89 Days Past Due | Non-Covered Loans | CRE - investor owned | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 1,461 | 3,880 |
30-89 Days Past Due | Non-Covered Loans | CRE - owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 4,692 | 10,070 |
30-89 Days Past Due | Non-Covered Loans | Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 2,680 | 24 |
30-89 Days Past Due | Non-Covered Loans | Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 3,534 | 3,181 |
30-89 Days Past Due | Non-Covered Loans | Other | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 35 | 37 |
90 or More Days Past Due | Non-Covered Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 8,931 | 15,763 |
90 or More Days Past Due | Non-Covered Loans | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 5,204 | 14,158 |
90 or More Days Past Due | Non-Covered Loans | CRE - investor owned | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 1,565 | 0 |
90 or More Days Past Due | Non-Covered Loans | CRE - owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 1,698 | 289 |
90 or More Days Past Due | Non-Covered Loans | Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
90 or More Days Past Due | Non-Covered Loans | Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 454 | 1,305 |
90 or More Days Past Due | Non-Covered Loans | Other | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 10 | 11 |
Current | Non-Covered Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 9,031,654 | 8,960,240 |
Current | Non-Covered Loans | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 3,390,433 | 3,353,770 |
Current | Non-Covered Loans | CRE - investor owned | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 2,181,100 | 2,137,263 |
Current | Non-Covered Loans | CRE - owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 2,087,622 | 2,025,426 |
Current | Non-Covered Loans | Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 699,950 | 734,049 |
Current | Non-Covered Loans | Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 428,651 | 449,566 |
Current | Non-Covered Loans | Other | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 243,898 | $ 260,166 |
Loans - Summary of Term Loans b
Loans - Summary of Term Loans by Origination Year (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 9,056,073 | $ 9,017,642 |
Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 451,401 | |
2021 | 1,047,620 | 1,230,523 |
2020 | 423,023 | 498,406 |
2019 | 274,144 | 331,113 |
2018 | 96,348 | 144,420 |
2017 | 131,943 | |
Prior | 188,490 | |
Prior | 94,638 | |
Revolving Loans Converted to Term Loans | 1,500 | 16,472 |
Revolving Loans | 901,527 | 918,693 |
Total | 3,384,053 | 3,366,208 |
Commercial and industrial | Pass (1-6) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 424,229 | |
2021 | 1,011,220 | 1,180,601 |
2020 | 404,515 | 477,374 |
2019 | 268,244 | 317,869 |
2018 | 85,451 | 132,851 |
2017 | 116,738 | |
Prior | 174,346 | |
Prior | 82,846 | |
Revolving Loans Converted to Term Loans | 1,500 | 11,648 |
Revolving Loans | 812,823 | 854,102 |
Total | 3,182,328 | 3,174,029 |
Commercial and industrial | Watch (7) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 20,941 | |
2021 | 28,450 | 35,005 |
2020 | 16,364 | 17,502 |
2019 | 2,060 | 9,404 |
2018 | 9,312 | 9,880 |
2017 | 12,217 | |
Prior | 10,728 | |
Prior | 10,979 | |
Revolving Loans Converted to Term Loans | 0 | 4,037 |
Revolving Loans | 78,321 | 53,595 |
Total | 166,176 | 152,619 |
Commercial and industrial | Classified (8-9) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 6,231 | |
2021 | 7,950 | 14,917 |
2020 | 2,144 | 3,530 |
2019 | 3,840 | 3,840 |
2018 | 1,585 | 1,689 |
2017 | 2,988 | |
Prior | 3,416 | |
Prior | 813 | |
Revolving Loans Converted to Term Loans | 0 | 787 |
Revolving Loans | 10,383 | 10,996 |
Total | 35,549 | 39,560 |
Commercial Real Estate-Investor Owned Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 201,799 | |
2021 | 639,493 | 669,987 |
2020 | 463,999 | 515,989 |
2019 | 340,654 | 379,835 |
2018 | 150,057 | 147,927 |
2017 | 113,704 | |
Prior | 336,157 | |
Prior | 239,427 | |
Revolving Loans Converted to Term Loans | 2,047 | 3,925 |
Revolving Loans | 49,912 | 70,348 |
Total | 2,184,118 | 2,141,142 |
Commercial Real Estate-Investor Owned Portfolio Segment [Member] | Pass (1-6) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 200,862 | |
2021 | 617,625 | 651,740 |
2020 | 429,282 | 476,946 |
2019 | 321,521 | 346,245 |
2018 | 149,180 | 146,107 |
2017 | 112,043 | |
Prior | 303,994 | |
Prior | 217,808 | |
Revolving Loans Converted to Term Loans | 2,047 | 3,625 |
Revolving Loans | 47,800 | 68,236 |
Total | 2,072,311 | 2,022,750 |
Commercial Real Estate-Investor Owned Portfolio Segment [Member] | Watch (7) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 937 | |
2021 | 20,600 | 16,871 |
2020 | 31,411 | 35,908 |
2019 | 18,304 | 32,755 |
2018 | 79 | 1,003 |
2017 | 502 | |
Prior | 27,153 | |
Prior | 17,478 | |
Revolving Loans Converted to Term Loans | 0 | 300 |
Revolving Loans | 2,062 | 2,062 |
Total | 100,546 | 106,879 |
Commercial Real Estate-Investor Owned Portfolio Segment [Member] | Classified (8-9) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | |
2021 | 1,268 | 1,376 |
2020 | 3,306 | 3,135 |
2019 | 829 | 835 |
2018 | 798 | 817 |
2017 | 1,159 | |
Prior | 5,010 | |
Prior | 4,141 | |
Revolving Loans Converted to Term Loans | 0 | 0 |
Revolving Loans | 50 | 50 |
Total | 11,261 | 11,513 |
Commercial Real Estate-Owner Occupied Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 162,144 | |
2021 | 611,174 | 619,848 |
2020 | 427,314 | 437,404 |
2019 | 275,055 | 292,312 |
2018 | 173,883 | 198,000 |
2017 | 157,221 | |
Prior | 371,843 | |
Prior | 258,696 | |
Revolving Loans Converted to Term Loans | 438 | 250 |
Revolving Loans | 50,053 | 48,649 |
Total | 2,071,904 | 2,012,380 |
Commercial Real Estate-Owner Occupied Portfolio Segment [Member] | Pass (1-6) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 159,921 | |
2021 | 599,394 | 604,975 |
2020 | 408,931 | 423,263 |
2019 | 261,247 | 278,830 |
2018 | 144,644 | 164,210 |
2017 | 140,515 | |
Prior | 341,211 | |
Prior | 235,973 | |
Revolving Loans Converted to Term Loans | 438 | 250 |
Revolving Loans | 49,568 | 48,349 |
Total | 1,965,354 | 1,896,365 |
Commercial Real Estate-Owner Occupied Portfolio Segment [Member] | Watch (7) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 1,800 | |
2021 | 10,888 | 12,825 |
2020 | 16,575 | 13,585 |
2019 | 3,925 | 4,301 |
2018 | 13,188 | 16,774 |
2017 | 10,274 | |
Prior | 18,550 | |
Prior | 15,764 | |
Revolving Loans Converted to Term Loans | 0 | 0 |
Revolving Loans | 390 | 300 |
Total | 65,316 | 73,823 |
Commercial Real Estate-Owner Occupied Portfolio Segment [Member] | Classified (8-9) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 423 | |
2021 | 892 | 2,048 |
2020 | 1,808 | 556 |
2019 | 9,883 | 9,181 |
2018 | 16,051 | 17,016 |
2017 | 6,432 | |
Prior | 12,082 | |
Prior | 6,959 | |
Revolving Loans Converted to Term Loans | 0 | 0 |
Revolving Loans | 95 | 0 |
Total | 41,234 | 42,192 |
Construction Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 83,422 | |
2021 | 342,078 | 339,087 |
2020 | 193,047 | 244,744 |
2019 | 35,579 | 70,978 |
2018 | 24,761 | 37,554 |
2017 | 25,928 | |
Prior | 17,099 | |
Prior | 9,532 | |
Revolving Loans Converted to Term Loans | 0 | 568 |
Revolving Loans | 4,079 | 2,992 |
Total | 700,065 | 731,383 |
Construction Real Estate Portfolio Segment [Member] | Pass (1-6) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 83,014 | |
2021 | 321,327 | 310,140 |
2020 | 189,864 | 229,396 |
2019 | 35,507 | 70,531 |
2018 | 23,155 | 35,936 |
2017 | 14,860 | |
Prior | 14,797 | |
Prior | 7,180 | |
Revolving Loans Converted to Term Loans | 0 | 568 |
Revolving Loans | 4,079 | 2,992 |
Total | 671,743 | 671,603 |
Construction Real Estate Portfolio Segment [Member] | Watch (7) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 408 | |
2021 | 20,751 | 28,947 |
2020 | 3,183 | 15,348 |
2019 | 60 | 60 |
2018 | 1,190 | 1,199 |
2017 | 11,068 | |
Prior | 2,283 | |
Prior | 2,330 | |
Revolving Loans Converted to Term Loans | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 27,875 | 58,952 |
Construction Real Estate Portfolio Segment [Member] | Classified (8-9) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 12 | 387 |
2018 | 416 | 419 |
2017 | 0 | |
Prior | 19 | |
Prior | 22 | |
Revolving Loans Converted to Term Loans | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 447 | 828 |
Residential Portfolio Segment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 13,227 | |
2021 | 102,942 | 119,191 |
2020 | 64,874 | 66,652 |
2019 | 20,623 | 22,532 |
2018 | 14,440 | 15,998 |
2017 | 25,038 | |
Prior | 117,111 | |
Prior | 107,169 | |
Revolving Loans Converted to Term Loans | 5,356 | 9,980 |
Revolving Loans | 93,733 | 87,225 |
Total | 432,306 | 453,785 |
Residential Portfolio Segment | Pass (1-6) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 13,065 | |
2021 | 100,396 | 116,352 |
2020 | 64,873 | 66,481 |
2019 | 20,400 | 21,356 |
2018 | 13,256 | 14,841 |
2017 | 24,778 | |
Prior | 113,869 | |
Prior | 103,840 | |
Revolving Loans Converted to Term Loans | 5,356 | 9,980 |
Revolving Loans | 93,591 | 87,146 |
Total | 424,806 | 444,774 |
Residential Portfolio Segment | Watch (7) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 36 | |
2021 | 2,123 | 2,425 |
2020 | 1 | 2 |
2019 | 166 | 622 |
2018 | 441 | 1,157 |
2017 | 248 | |
Prior | 1,379 | |
Prior | 1,305 | |
Revolving Loans Converted to Term Loans | 0 | 0 |
Revolving Loans | 137 | 79 |
Total | 4,283 | 5,838 |
Residential Portfolio Segment | Classified (8-9) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 126 | |
2021 | 423 | 414 |
2020 | 0 | 169 |
2019 | 57 | 554 |
2018 | 743 | 0 |
2017 | 12 | |
Prior | 1,863 | |
Prior | 2,024 | |
Revolving Loans Converted to Term Loans | 0 | 0 |
Revolving Loans | 5 | 0 |
Total | 3,217 | 3,173 |
Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 1,551 | |
2021 | 101,746 | 108,209 |
2020 | 66,095 | 68,806 |
2019 | 21,461 | 22,694 |
2018 | 22,449 | 23,159 |
2017 | 6,924 | |
Prior | 17,250 | |
Prior | 16,288 | |
Revolving Loans Converted to Term Loans | 1 | 1,500 |
Revolving Loans | 7,526 | 9,169 |
Total | 238,079 | 256,749 |
Other | Pass (1-6) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 1,551 | |
2021 | 101,746 | 108,209 |
2020 | 66,095 | 68,806 |
2019 | 21,453 | 22,684 |
2018 | 22,437 | 23,145 |
2017 | 6,924 | |
Prior | 14,845 | |
Prior | 13,832 | |
Revolving Loans Converted to Term Loans | 0 | 1,500 |
Revolving Loans | 7,521 | 9,166 |
Total | 235,648 | 254,266 |
Other | Watch (7) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 3 | 4 |
2017 | 0 | |
Prior | 2,391 | |
Prior | 2,440 | |
Revolving Loans Converted to Term Loans | 0 | 0 |
Revolving Loans | 5 | 1 |
Total | 2,399 | 2,445 |
Other | Classified (8-9) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 8 | 10 |
2018 | 9 | 10 |
2017 | 0 | |
Prior | 14 | |
Prior | 16 | |
Revolving Loans Converted to Term Loans | 1 | 0 |
Revolving Loans | 0 | 2 |
Total | 32 | 38 |
Loans Classified By Risk Category | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 913,544 | 3,086,845 |
2021 | 2,845,053 | 1,832,001 |
2020 | 1,638,352 | 1,119,464 |
2019 | 967,516 | 567,058 |
2018 | 481,938 | 460,758 |
Prior | 1,047,950 | 725,750 |
Revolving Loans Converted to Term Loans | 9,342 | 32,695 |
Revolving Loans | 1,106,830 | 1,137,076 |
Total | 9,010,525 | 8,961,647 |
Loans Classified by Performing Status | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 45,548 | $ 55,995 |
Loans - Summary of Performing a
Loans - Summary of Performing and Non Performing Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Investment on loans by payment activity | $ 45,548 | $ 55,995 |
Loans, before unearned loan fees | 9,056,073 | 9,017,642 |
Non-Covered Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 9,064,414 | 9,026,780 |
Non-Covered Loans | Commercial - investor owned | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 2,184,126 | 2,141,143 |
Non-Covered Loans | Commercial - investor owned | Pass (1-6) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 8 | 1 |
Non-Covered Loans | Commercial - investor owned | Watch (7) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 0 | 0 |
Non-Covered Loans | Commercial - investor owned | Classified (8-9) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 8 | 1 |
Non-Covered Loans | CRE - owner occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 2,094,012 | 2,035,785 |
Non-Covered Loans | CRE - owner occupied | Pass (1-6) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 22,108 | 23,405 |
Non-Covered Loans | CRE - owner occupied | Watch (7) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 0 | 0 |
Non-Covered Loans | CRE - owner occupied | Classified (8-9) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 22,108 | 23,405 |
Non-Covered Loans | Construction and land development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 702,630 | 734,073 |
Non-Covered Loans | Construction and land development | Pass (1-6) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 2,565 | 2,690 |
Non-Covered Loans | Construction and land development | Watch (7) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 0 | 0 |
Non-Covered Loans | Construction and land development | Classified (8-9) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 2,565 | 2,690 |
Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Investment on loans by payment activity | 45,524 | 55,982 |
Non Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Investment on loans by payment activity | 24 | 13 |
Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Investment on loans by payment activity | 14,670 | 26,167 |
Loans, before unearned loan fees | 3,384,053 | 3,366,208 |
Commercial and industrial | Pass (1-6) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 3,182,328 | 3,174,029 |
Commercial and industrial | Watch (7) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 166,176 | 152,619 |
Commercial and industrial | Classified (8-9) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 35,549 | 39,560 |
Commercial and industrial | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Investment on loans by payment activity | 14,657 | 26,166 |
Commercial and industrial | Non Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Investment on loans by payment activity | 13 | 1 |
Residential Portfolio Segment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Investment on loans by payment activity | 333 | 267 |
Loans, before unearned loan fees | 432,306 | 453,785 |
Residential Portfolio Segment | Pass (1-6) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 424,806 | 444,774 |
Residential Portfolio Segment | Watch (7) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 4,283 | 5,838 |
Residential Portfolio Segment | Classified (8-9) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 3,217 | 3,173 |
Residential Portfolio Segment | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Investment on loans by payment activity | 333 | 267 |
Residential Portfolio Segment | Non Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Investment on loans by payment activity | 0 | 0 |
Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Investment on loans by payment activity | 5,864 | 3,465 |
Loans, before unearned loan fees | 238,079 | 256,749 |
Other | Pass (1-6) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 235,648 | 254,266 |
Other | Watch (7) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 2,399 | 2,445 |
Other | Classified (8-9) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 32 | 38 |
Other | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Investment on loans by payment activity | 5,853 | 3,453 |
Other | Non Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Investment on loans by payment activity | $ 11 | $ 12 |
Commitments (Details)
Commitments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Unadvanced Commitment on Impaired Loan | ||
Schedule of Commitments [Line Items] | ||
Estimated losses attributable to unadvanced commitments on impaired loans | $ 8,400 | $ 7,600 |
Commitments to extend credit | ||
Schedule of Commitments [Line Items] | ||
Off-balance sheet financial instruments, contractual amounts | 2,710,183 | 2,481,173 |
Commitments to extend credit | Fixed Rate Loan Commitment | ||
Schedule of Commitments [Line Items] | ||
Off-balance sheet financial instruments, contractual amounts | 244,200 | 238,700 |
Letters of credit | ||
Schedule of Commitments [Line Items] | ||
Off-balance sheet financial instruments, contractual amounts | $ 78,568 | $ 77,314 |
Letters of credit | Maximum | ||
Schedule of Commitments [Line Items] | ||
Remaining term | 11 years | |
Letters of credit | Minimum | ||
Schedule of Commitments [Line Items] | ||
Remaining term | 1 month |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2021 | |
Securities Sold under Agreements to Repurchase [Abstract] | |||
Gross Amounts Recognized | $ 207,417 | $ 331,006 | |
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 | |
Net Amounts of Liabilities presented in the Statement of Financial Position | 207,417 | 331,006 | |
Financial Instruments | 0 | 0 | |
Fair Value Collateral Posted | 207,417 | 331,006 | |
Net Amount | 0 | 0 | |
Fair value of derivatives in a net liability position | 5,900 | ||
Posted collateral | 100 | ||
Interest rate swap | |||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | |||
Asset derivatives (other assets), fair value | 7,771 | 12,869 | |
Liability derivatives (other liabilities), fair value | 7,990 | 15,794 | |
Derivative Asset [Abstract] | |||
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 | |
Derivative financial instruments | 7,771 | 12,869 | |
Financial Instruments | 1,796 | 1,033 | |
Fair Value Collateral Received/ Pledged | 4,150 | 0 | |
Net Amount | 1,825 | 11,836 | |
Derivative Liability [Abstract] | |||
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 | |
Net Amounts of Liabilities presented in the Statement of Financial Position | 7,990 | 15,794 | |
Financial Instruments | 1,796 | 1,033 | |
Fair Value Collateral Posted | 75 | 14,031 | |
Net Amount | 6,119 | 730 | |
Derivatives Designated as Hedging Instruments: | Other Assets [Member] | Interest rate swap | |||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | |||
Derivative Asset, Notional Amount | 61,962 | 61,962 | |
Asset derivatives (other assets), fair value | 0 | 0 | |
Derivatives Designated as Hedging Instruments: | Other Liabilities [Member] | Interest rate swap | |||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | |||
Liability derivatives (other liabilities), fair value | 212 | 2,911 | |
Derivatives not Designated as Hedging Instruments: | Other Assets [Member] | Interest rate swap | |||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | |||
Derivative Asset, Notional Amount | 922,532 | 918,698 | |
Asset derivatives (other assets), fair value | 7,771 | 12,869 | |
Derivatives not Designated as Hedging Instruments: | Other Liabilities [Member] | Interest rate swap | |||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | |||
Liability derivatives (other liabilities), fair value | $ 7,778 | $ 12,883 | |
Cash Flow Hedging | Cash Flow Hedge 1 | |||
Derivative [Line Items] | |||
Derivative, fixed rate | 2.60% | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | |||
Derivative Asset, Notional Amount | $ 15,465 | ||
Cash Flow Hedging | Cash Flow Hedge 2 | |||
Derivative [Line Items] | |||
Derivative, fixed rate | 2.60% | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | |||
Derivative Asset, Notional Amount | $ 14,433 | ||
Cash Flow Hedging | Cash Flow Hedge 3 | |||
Derivative [Line Items] | |||
Derivative, fixed rate | 2.64% | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | |||
Derivative Asset, Notional Amount | $ 18,558 | ||
Cash Flow Hedging | Cash Flow Hedge 4 | |||
Derivative [Line Items] | |||
Derivative, fixed rate | 2.64% | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | |||
Derivative Asset, Notional Amount | $ 13,506 | ||
Cash Flow Hedging | Subordinated Debt [Member] | |||
Derivative [Line Items] | |||
Derivative, Variable Interest Rate | 2.62% | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | |||
Derivative Asset, Notional Amount | $ 62,000 | ||
Scenario, Forecast | Cash Flow Hedging | |||
Derivative [Line Items] | |||
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income | $ 500 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Securities available for sale | $ 1,392,444 | $ 1,366,006 |
Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Other investments | 57,601 | 56,884 |
Obligations of U.S. Government-sponsored enterprises | ||
Assets | ||
Securities available for sale | 235,584 | 173,511 |
Obligations of states and political subdivisions | ||
Assets | ||
Securities available for sale | 449,358 | 575,084 |
Agency mortgage-backed securities | ||
Assets | ||
Securities available for sale | 580,196 | 513,859 |
U.S. Treasury bills | ||
Assets | ||
Securities available for sale | 115,581 | 91,170 |
Corporate debt securities | ||
Assets | ||
Securities available for sale | 11,725 | 12,382 |
Recurring basis | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Securities available for sale | 1,392,444 | 1,366,006 |
Other investments | 2,843 | 3,012 |
Derivatives | 7,771 | 12,869 |
Total assets | 1,403,058 | 1,381,887 |
Liabilities | ||
Derivatives | 7,990 | 15,794 |
Total liabilities | 7,990 | 15,794 |
Recurring basis | Obligations of U.S. Government-sponsored enterprises | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Securities available for sale | 235,584 | 173,511 |
Recurring basis | Obligations of states and political subdivisions | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Securities available for sale | 449,358 | 575,084 |
Recurring basis | Agency mortgage-backed securities | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Securities available for sale | 580,196 | 513,859 |
Recurring basis | U.S. Treasury bills | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Securities available for sale | 115,581 | 91,170 |
Recurring basis | Corporate debt securities | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Securities available for sale | 11,725 | 12,382 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets | ||
Securities available for sale | 0 | 0 |
Other investments | 0 | 0 |
Derivatives | 0 | 0 |
Total assets | 0 | 0 |
Liabilities | ||
Derivatives | 0 | 0 |
Total liabilities | 0 | 0 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Obligations of U.S. Government-sponsored enterprises | ||
Assets | ||
Securities available for sale | 0 | 0 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Obligations of states and political subdivisions | ||
Assets | ||
Securities available for sale | 0 | 0 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Agency mortgage-backed securities | ||
Assets | ||
Securities available for sale | 0 | 0 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Treasury bills | ||
Assets | ||
Securities available for sale | 0 | 0 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate debt securities | ||
Assets | ||
Securities available for sale | 0 | 0 |
Recurring basis | Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Securities available for sale | 1,392,444 | 1,366,006 |
Other investments | 2,843 | 3,012 |
Derivatives | 7,771 | 12,869 |
Total assets | 1,403,058 | 1,381,887 |
Liabilities | ||
Derivatives | 7,990 | 15,794 |
Total liabilities | 7,990 | 15,794 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Obligations of U.S. Government-sponsored enterprises | ||
Assets | ||
Securities available for sale | 235,584 | 173,511 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Obligations of states and political subdivisions | ||
Assets | ||
Securities available for sale | 449,358 | 575,084 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Agency mortgage-backed securities | ||
Assets | ||
Securities available for sale | 580,196 | 513,859 |
Recurring basis | Significant Other Observable Inputs (Level 2) | U.S. Treasury bills | ||
Assets | ||
Securities available for sale | 115,581 | 91,170 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Corporate debt securities | ||
Assets | ||
Securities available for sale | 11,725 | 12,382 |
Recurring basis | Significant Unobservable Inputs (Level 3) | ||
Assets | ||
Securities available for sale | 0 | 0 |
Other investments | 0 | 0 |
Derivatives | 0 | 0 |
Total assets | 0 | 0 |
Liabilities | ||
Derivatives | 0 | 0 |
Total liabilities | 0 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | Obligations of U.S. Government-sponsored enterprises | ||
Assets | ||
Securities available for sale | 0 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | Obligations of states and political subdivisions | ||
Assets | ||
Securities available for sale | 0 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | Agency mortgage-backed securities | ||
Assets | ||
Securities available for sale | 0 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | U.S. Treasury bills | ||
Assets | ||
Securities available for sale | 0 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | Corporate debt securities | ||
Assets | ||
Securities available for sale | $ 0 | $ 0 |
Fair Value Measurements - Certa
Fair Value Measurements - Certain Assets at Fair Value on a Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Losses recorded in relation to assets measured on a nonrecurring basis | $ (1,746) | |
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 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 3,005 | 3,146 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 4,265 | 7,038 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 7,270 | 10,184 |
Nonaccrual loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Losses recorded in relation to assets measured on a nonrecurring basis | (1,781) | |
Nonaccrual loans | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans receivable, fair value | 0 | 0 |
Nonaccrual loans | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans receivable, fair value | 0 | 0 |
Nonaccrual loans | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans receivable, fair value | 3,591 | 6,406 |
Nonaccrual loans | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans receivable, fair value | 3,591 | 6,406 |
Other real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Losses recorded in relation to assets measured on a nonrecurring basis | (121) | |
Other real estate | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate | 0 | 0 |
Other real estate | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate | 0 | 0 |
Other real estate | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate | 674 | 632 |
Other real estate | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate | 674 | 632 |
Loan Servicing Asset | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Losses recorded in relation to assets measured on a nonrecurring basis | 156 | |
Loan Servicing Asset | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate | 0 | |
Loan Servicing Asset | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate | 3,005 | 3,146 |
Loan Servicing Asset | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate | 0 | 0 |
Loan Servicing Asset | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate | $ 3,005 | $ 3,146 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Carrying Amount and Fair Values of Financial Instruments Reported on the Balance Sheets (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Balance sheet assets | ||
Securities held-to-maturity, net | $ 541,597 | $ 430,295 |
Carrying Amount | ||
Balance sheet assets | ||
Securities held-to-maturity, net | 541,039 | 429,681 |
Other investments | 57,601 | 56,884 |
Loans held for sale | 4,270 | 6,389 |
Loans, net | 8,916,861 | 8,872,601 |
State tax credits held for sale | 34,954 | 27,994 |
Servicing asset | 6,066 | 6,714 |
Balance sheet liabilities | ||
Certificates of deposit | 597,475 | 608,293 |
Subordinated debentures and notes | 155,031 | 154,899 |
FHLB advances | 50,000 | 50,000 |
Other borrowings and notes payable | 228,846 | 353,863 |
Estimated fair value | ||
Balance sheet assets | ||
Securities held-to-maturity, net | 493,342 | 434,672 |
Other investments | 57,601 | 56,884 |
Loans held for sale | 4,270 | 6,389 |
Loans, net | 8,908,849 | 8,869,891 |
State tax credits held for sale | 34,212 | 30,686 |
Servicing asset | 6,066 | 6,714 |
Balance sheet liabilities | ||
Certificates of deposit | 587,009 | 606,177 |
Subordinated debentures and notes | 155,408 | 155,972 |
FHLB advances | 48,627 | 51,527 |
Other borrowings and notes payable | $ 228,846 | $ 353,863 |
SHAREHOLDERS_ EQUITY AND COMP_3
SHAREHOLDERS’ EQUITY AND COMPENSATION PLANS - Changes in Accumulated Other Comprehensive Income After-tax By Component (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ 1,529,116 | $ 1,078,975 |
Ending balance | 1,473,177 | 1,092,497 |
Net Unrealized Gain (Loss) on Available-for-Sale Debt Securities | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 5,271 | 22,320 |
Net change | (79,353) | (10,920) |
Transfer from available-for-sale to held-to-maturity | (197) | |
Ending balance | (74,279) | 11,400 |
Unamortized Gain (Loss) on Held-to-Maturity Securities | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 15,684 | 19,308 |
Net change | (704) | (1,149) |
Transfer from available-for-sale to held-to-maturity | 197 | |
Ending balance | 15,177 | 18,159 |
Net Unrealized Gain (Loss) on Cash Flow Hedges | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (2,178) | (4,508) |
Net change | 2,020 | 1,126 |
Transfer from available-for-sale to held-to-maturity | 0 | |
Ending balance | (158) | (3,382) |
Total | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 18,777 | 37,120 |
Net change | (78,037) | (10,943) |
Transfer from available-for-sale to held-to-maturity | 0 | |
Ending balance | $ (59,260) | $ 26,177 |
SHAREHOLDERS_ EQUITY AND COMP_4
SHAREHOLDERS’ EQUITY AND COMPENSATION PLANS - Pre-tax and After-tax Changes in the Components of Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, before Reclassification Adjustments, after Tax [Abstract] | ||
Change in unrealized gain on available-for-sale debt securities, before tax | $ (106,087) | $ (14,541) |
Change in unrealized gain on available-for-sale debt securities, tax | (26,734) | (3,621) |
Change in unrealized gain on available-for-sale debt securities, after tax | (79,353) | (10,920) |
Other Comprehensive Loss, Held-to-maturity Security, OTTI, after Tax and Adjustments [Abstract] | ||
Reclassification of (gain) loss on held-to-maturity securities, before tax | (941) | (1,530) |
Reclassification of (gain) loss on held-to-maturity securities, tax | (237) | (381) |
Reclassification of (gain) loss on held-to-maturity securities, after tax | (704) | (1,149) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Parent [Abstract] | ||
Change in unrealized loss on cash flow hedges arising during the period, before tax | 2,341 | 1,128 |
Change in unrealized loss on cash flow hedges arising during the period, tax | 590 | 281 |
Change in unrealized loss on cash flow hedges arising during the period, after tax | 1,751 | 847 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax [Abstract] | ||
Reclassification of loss on cash flow hedges, before tax | 359 | 372 |
Reclassification of loss on cash flow hedges, tax | 90 | 93 |
Reclassification of loss on cash flow hedges, after tax | (269) | (279) |
OCI, Net of Tax [Abstract] | ||
Total other comprehensive income, before tax | (104,328) | (14,571) |
Total other comprehensive income, tax | (26,291) | (3,628) |
Total other comprehensive loss, after-tax | $ (78,037) | $ (10,943) |
Supplemental Financial Inform_3
Supplemental Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Interim Period, Costs Not Allocable [Line Items] | ||
Miscellaneous income | $ 18,641 | $ 11,290 |
Other noninterest expense | 17,950 | 12,551 |
Amortization expense | ||
Interim Period, Costs Not Allocable [Line Items] | ||
Other noninterest expense | 1,430 | 1,415 |
Banking expense | ||
Interim Period, Costs Not Allocable [Line Items] | ||
Other noninterest expense | 1,501 | 1,194 |
Deposit costs | ||
Interim Period, Costs Not Allocable [Line Items] | ||
Other noninterest expense | 4,260 | 2,342 |
FDIC and other insurance | ||
Interim Period, Costs Not Allocable [Line Items] | ||
Other noninterest expense | 1,855 | 963 |
Loan, legal expenses | ||
Interim Period, Costs Not Allocable [Line Items] | ||
Other noninterest expense | 1,733 | 1,583 |
Outside services | ||
Interim Period, Costs Not Allocable [Line Items] | ||
Other noninterest expense | 1,262 | 1,237 |
Other expense | ||
Interim Period, Costs Not Allocable [Line Items] | ||
Other noninterest expense | 5,909 | 3,817 |
Community development fees | ||
Interim Period, Costs Not Allocable [Line Items] | ||
Miscellaneous income | 2,166 | 172 |
Gain on sale of mortgages | ||
Interim Period, Costs Not Allocable [Line Items] | ||
Miscellaneous income | 294 | 1,191 |
Other income | ||
Interim Period, Costs Not Allocable [Line Items] | ||
Miscellaneous income | 3,748 | 2,905 |
Total other noninterest income | ||
Interim Period, Costs Not Allocable [Line Items] | ||
Miscellaneous income | $ 6,208 | $ 4,268 |