Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 28, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 000-29480 | |
Entity Registrant Name | HERITAGE FINANCIAL CORP | |
Entity Central Index Key | 0001046025 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Entity Incorporation, State or Country Code | WA | |
Entity Tax Identification Number | 91-1857900 | |
Entity Address, Address Line One | 201 Fifth Avenue SW, | |
Entity Address, City or Town | Olympia | |
Entity Address, State or Province | WA | |
Entity Address, Postal Zip Code | 98501 | |
City Area Code | 360 | |
Local Phone Number | 943-1500 | |
Title of 12(b) Security | Common stock, no par value | |
Trading Symbol | HFWA | |
Security Exchange Name | NASDAQ | |
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 | 35,970,660 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash on hand and in banks | $ 94,179 | $ 91,918 |
Interest earning deposits | 1,170,754 | 651,404 |
Cash and cash equivalents | 1,264,933 | 743,322 |
Investment securities available for sale, at fair value, net (amortized cost of $1,029,001 and $770,195, respectively) | 1,049,524 | 802,163 |
Loans held for sale | 2,739 | 4,932 |
Loans receivable | 4,207,530 | 4,468,647 |
Allowance for credit losses on loans | (51,562) | (70,185) |
Loans receivable, net | 4,155,968 | 4,398,462 |
Other real estate owned | 0 | 0 |
Premises and equipment, net | 82,835 | 85,452 |
Federal Home Loan Bank stock, at cost | 7,933 | 6,661 |
Bank owned life insurance | 108,988 | 107,580 |
Accrued interest receivable | 17,113 | 19,418 |
Prepaid expenses and other assets | 163,206 | 193,301 |
Other intangible assets, net | 11,494 | 13,088 |
Goodwill | 240,939 | 240,939 |
Total assets | 7,105,672 | 6,615,318 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Deposits | 6,061,706 | 5,597,990 |
Junior subordinated debentures | 21,034 | 20,887 |
Securities sold under agreement to repurchase | 46,429 | 35,683 |
Accrued expenses and other liabilities | 120,519 | 140,319 |
Total liabilities | 6,249,688 | 5,794,879 |
Stockholders’ equity: | ||
Preferred stock, no par value, 2,500,000 shares authorized; no shares issued and outstanding, respectively | 0 | 0 |
Common stock, no par value, 50,000,000 shares authorized; 36,006,560 and 35,912,243 shares issued and outstanding, respectively | 572,060 | 571,021 |
Retained earnings | 267,863 | 224,400 |
Accumulated other comprehensive income, net | 16,061 | 25,018 |
Total stockholders’ equity | 855,984 | 820,439 |
Total liabilities and stockholders’ equity | $ 7,105,672 | $ 6,615,318 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Amortized cost | $ 1,029,001,000 | $ 770,195,000 |
Preferred Stock, No Par Value | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 2,500,000 | 2,500,000 |
Preferred Stock, Value, Outstanding | $ 0 | $ 0 |
Common stock, no par value (in usd per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 36,006,560 | 35,912,243 |
Common stock, shares outstanding (in shares) | 36,006,560 | 35,912,243 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
INTEREST INCOME: | ||||
Interest and fees on loans | $ 50,750 | $ 48,404 | $ 100,274 | $ 94,681 |
Taxable interest on investment securities | 4,050 | 4,570 | 7,584 | 10,203 |
Nontaxable interest on investment securities | 947 | 977 | 1,905 | 1,733 |
Interest on interest earning deposits | 263 | 43 | 438 | 463 |
Total interest income | 56,010 | 53,994 | 110,201 | 107,080 |
INTEREST EXPENSE: | ||||
Deposits | 1,524 | 3,417 | 3,252 | 7,633 |
Junior subordinated debentures | 186 | 218 | 373 | 503 |
Other borrowings | 35 | 46 | 73 | 80 |
Total interest expense | 1,745 | 3,681 | 3,698 | 8,216 |
Net interest income | 54,265 | 50,313 | 106,503 | 98,864 |
(Reversal of) provision for credit losses | (13,987) | 28,563 | (21,186) | 36,509 |
Net interest income after (reversal of) provision for credit losses | 68,252 | 21,750 | 127,689 | 62,355 |
NONINTEREST INCOME: | ||||
Service charges and other fees | 4,422 | 3,600 | 8,422 | 7,976 |
Gain on sale of investment securities, net | 0 | 409 | 29 | 1,423 |
Gain on sale of loans, net | 1,003 | 1,135 | 2,373 | 1,682 |
Interest rate swap fees | 209 | 769 | 361 | 1,065 |
Bank owned life insurance income | 717 | 645 | 1,373 | 1,530 |
Other income | 1,946 | 1,690 | 3,990 | 4,058 |
Total noninterest income | 8,297 | 8,248 | 16,548 | 17,734 |
NONINTEREST EXPENSE: | ||||
Compensation and employee benefits | 22,088 | 21,927 | 44,549 | 44,433 |
Occupancy and equipment | 4,091 | 4,335 | 8,545 | 8,899 |
Data processing | 3,998 | 3,517 | 7,810 | 7,044 |
Marketing | 892 | 696 | 1,561 | 1,562 |
Professional services | 1,102 | 2,169 | 2,433 | 3,546 |
State/municipal business and use taxes | 991 | 905 | 1,963 | 1,662 |
Federal deposit insurance premium | 339 | 238 | 928 | 238 |
Other real estate owned, net | 0 | (170) | 0 | (145) |
Amortization of intangible assets | 797 | 903 | 1,594 | 1,806 |
Other expense | 2,098 | 2,553 | 4,255 | 5,288 |
Total noninterest expense | 36,396 | 37,073 | 73,638 | 74,333 |
Income (loss) before income taxes | 40,153 | (7,075) | 70,599 | 5,756 |
Income tax expense (benefit) | 7,451 | (936) | 12,553 | (296) |
Net income (loss) | $ 32,702 | $ (6,139) | $ 58,046 | $ 6,052 |
Basic earnings per common share (in usd per share) | $ 0.91 | $ (0.17) | $ 1.61 | $ 0.17 |
Diluted earnings per common share (in usd per share) | 0.90 | (0.17) | 1.60 | 0.17 |
Dividends declared per common share (in usd per share) | $ 0.20 | $ 0.20 | $ 0.40 | $ 0.40 |
Basic weighted average common shares outstanding (in shares) | 35,994,740 | 35,898,716 | 35,961,032 | 36,120,403 |
Weighted Average Number of Shares Outstanding, Diluted | 36,289,464 | 35,898,716 | 36,268,861 | 36,275,391 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net income (loss) | $ 32,702 | $ (6,139) | $ 58,046 | $ 6,052 |
Other comprehensive income (loss) | 2,600 | 7,689 | (8,957) | 15,603 |
Comprehensive income | 35,302 | 1,550 | 49,089 | 21,655 |
AOCI Attributable to Parent [Member] | ||||
Change in fair value of investment securities available for sale, net of tax of $722, $2,224, $(2,482) and $4,643, respectively | 2,600 | 8,009 | (8,934) | 16,716 |
Reclassification adjustment for net gain from sale of investment securities available for sale included in income, net of tax of $0, $(89), $(6) and $(310) respectively | 0 | (320) | (23) | (1,113) |
Other comprehensive income (loss) | $ 2,600 | $ 7,689 | $ (8,957) | $ 15,603 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Change in fair value of securities available for sale, tax | $ 722 | $ 2,224 | $ (2,482) | $ 4,643 |
Reclassification adjustment of net gain from sale of investment securities included in income, tax | $ 0 | $ (89) | $ (6) | $ (310) |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | [1] | Common stock | Retained earnings | Retained earningsCumulative Effect, Period of Adoption, Adjustment | [1] | Accumulated other comprehensive income (loss), net |
Beginning balance, shares at Dec. 31, 2019 | 36,619 | |||||||
Beginning balance at Dec. 31, 2019 | $ 809,311 | $ (5,615) | $ 586,459 | $ 212,474 | $ (5,615) | $ 10,378 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Restricted stock awards forfeited, shares | 106 | |||||||
Exercise of stock options, shares | 8 | |||||||
Exercise of stock options | 122 | $ 122 | ||||||
Stock-based compensation expense | 1,846 | $ 1,846 | ||||||
Common stock repurchased, shares | (824) | |||||||
Common stock repurchased | (19,098) | $ (19,098) | ||||||
Net income | 6,052 | 6,052 | ||||||
Other comprehensive income (loss), net of tax | 15,603 | 15,603 | ||||||
Cash dividends declared on common stock | (14,569) | (14,569) | ||||||
Ending balance, shares at Jun. 30, 2020 | 35,909 | |||||||
Ending balance at Jun. 30, 2020 | 793,652 | $ 569,329 | 198,342 | 25,981 | ||||
Beginning balance, shares at Mar. 31, 2020 | 35,889 | |||||||
Beginning balance at Mar. 31, 2020 | 798,438 | $ 568,439 | 211,707 | 18,292 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Restricted stock awards forfeited, shares | 19 | |||||||
Exercise of stock options, shares | 3 | |||||||
Exercise of stock options | 51 | $ 51 | ||||||
Stock-based compensation expense | 877 | $ 877 | ||||||
Common stock repurchased, shares | (2) | |||||||
Common stock repurchased | (38) | $ (38) | ||||||
Net income | (6,139) | (6,139) | ||||||
Other comprehensive income (loss), net of tax | 7,689 | 7,689 | ||||||
Cash dividends declared on common stock | (7,226) | (7,226) | ||||||
Ending balance, shares at Jun. 30, 2020 | 35,909 | |||||||
Ending balance at Jun. 30, 2020 | 793,652 | $ 569,329 | 198,342 | 25,981 | ||||
Beginning balance, shares at Dec. 31, 2020 | 35,912 | |||||||
Beginning balance at Dec. 31, 2020 | 820,439 | $ 571,021 | 224,400 | 25,018 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Restricted stock awards forfeited, shares | 120 | |||||||
Stock-based compensation expense | 1,796 | $ 1,796 | ||||||
Common stock repurchased, shares | (26) | |||||||
Common stock repurchased | (757) | $ (757) | ||||||
Net income | 58,046 | 58,046 | ||||||
Other comprehensive income (loss), net of tax | (8,957) | (8,957) | ||||||
Cash dividends declared on common stock | (14,583) | (14,583) | ||||||
Ending balance, shares at Jun. 30, 2021 | 36,006 | |||||||
Ending balance at Jun. 30, 2021 | 855,984 | $ 572,060 | 267,863 | 16,061 | ||||
Beginning balance, shares at Mar. 31, 2021 | 35,981 | |||||||
Beginning balance at Mar. 31, 2021 | 827,151 | $ 571,204 | 242,486 | 13,461 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Restricted stock awards forfeited, shares | 28 | |||||||
Stock-based compensation expense | 926 | $ 926 | ||||||
Common stock repurchased, shares | (3) | |||||||
Common stock repurchased | (70) | $ (70) | ||||||
Net income | 32,702 | 32,702 | ||||||
Other comprehensive income (loss), net of tax | 2,600 | 2,600 | ||||||
Cash dividends declared on common stock | (7,325) | (7,325) | ||||||
Ending balance, shares at Jun. 30, 2021 | 36,006 | |||||||
Ending balance at Jun. 30, 2021 | $ 855,984 | $ 572,060 | $ 267,863 | $ 16,061 | ||||
[1] | Effective January 1, 2020, Company adopted ASU 2016-13, Financial Instruments - Credit Losses . |
Condensed Consolidated Statem_7
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | Apr. 21, 2021 | Jan. 27, 2021 | Oct. 21, 2020 | Jul. 22, 2020 | Apr. 29, 2020 | Jan. 22, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Statement of Stockholders' Equity [Abstract] | ||||||||||
Cash dividends declared on common stock (in usd per share) | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.40 | $ 0.40 |
Condensed Consolidated Statem_8
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | ||
Cash flows from operating activities: | |||
Net income (loss) | $ 58,046 | $ 6,052 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, amortization and accretion | (13,901) | (2,974) | |
(Reversal of) provision for credit losses | (21,186) | 36,509 | |
Net change in accrued interest receivable, prepaid expenses and other assets, and accrued expenses and other liabilities | 3,541 | (3,096) | |
Stock-based compensation expense | 1,796 | 1,846 | |
Amortization of intangible assets | 1,594 | 1,806 | |
Origination of mortgage loans held for sale | (53,807) | (48,848) | |
Proceeds from sale of mortgage loans held for sale | 58,373 | 52,280 | |
Bank owned life insurance income | (1,373) | (1,530) | |
Valuation adjustment on interest rate swaps | (254) | 0 | |
Gain on sale of other real estate owned, net | 0 | (179) | |
Gain on sale of mortgage loans held for sale, net | (2,373) | (1,682) | |
Gain on sale of investment securities, net | (29) | (1,423) | |
Gain on sale of assets held for sale | (745) | (9) | |
Loss (gain) on sale or write-off of premises and equipment, net | 88 | (25) | |
Net cash provided by operating activities | 29,770 | 38,727 | |
Cash flows from investing activities: | |||
Loans originated, net of principal payments | 295,618 | (895,251) | |
Maturities, calls and payments of investment securities available for sale | 126,669 | 154,194 | |
Purchase of investment securities available for sale | (388,636) | (103,079) | |
Proceeds from sales of investment securities available for sale | 1,248 | 40,930 | |
Purchase of premises and equipment | (1,748) | (1,739) | |
Proceeds from sales of other real estate owned | 0 | 1,290 | |
Proceeds from sales of assets held for sale | 3,730 | 394 | |
Proceeds from redemption of Federal Home Loan Bank stock | 0 | 2,560 | |
Purchases of Federal Home Loan Bank stock | (1,272) | (2,844) | |
Proceeds from sales of premises and equipment | 10 | 53 | |
Purchases of bank owned life insurance | (105) | (3,579) | |
Proceeds from bank owned life insurance death benefit | 0 | 1,324 | |
Cash received from return of New Market Tax Credit equity method investment | 9,642 | 0 | |
Capital contributions to low-income housing tax credit partnerships | (12,637) | (2,335) | |
Net cash provided (used) by investing activities | 32,519 | (808,082) | |
Cash flows from financing activities: | |||
Net increase in deposits | 463,716 | 985,057 | |
Federal Home Loan Bank advances | 10 | 19,000 | |
Repayment of Federal Home Loan Bank advances | (10) | (19,000) | |
Common stock cash dividends paid | (14,383) | (14,494) | |
Net increase in securities sold under agreement to repurchase | 10,746 | 4,275 | |
Proceeds from exercise of stock options | 0 | 122 | |
Repurchase of common stock | (757) | (19,098) | |
Net cash provided by financing activities | 459,322 | 955,862 | |
Net increase in cash and cash equivalents | 521,611 | 186,507 | |
Cash and cash equivalents at beginning of period | 743,322 | 228,568 | |
Cash and cash equivalents at end of period | 1,264,933 | 415,075 | |
Supplemental disclosures of cash flow information: | |||
Cash paid for interest | 3,571 | 8,144 | |
Cash paid for income taxes, net of refunds | 7,967 | 118 | |
Supplemental non-cash disclosures of cash flow information: | |||
Transfers of loans receivable to other real estate owned | 0 | 270 | |
Loans received from return of New Market Tax Credit equity method investment | 15,596 | 0 | |
Transfer of Property and Equipment to Prepaid Expenses and Other Assets Held-for-sale | 1,685 | 0 | |
Investment in low income housing tax partnership | 0 | 10,237 | |
Cumulative effect from change in accounting policy | [1] | 0 | 7,175 |
Right of use assets obtained in exchange for new operating lease liabilities | $ 8,393 | $ 591 | |
[1] | Effective January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments - Credit Losses . |
Description of Business, Basis
Description of Business, Basis of Presentation and Significant Accounting Policies and Recently Issued Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business, Basis of Presentation and Significant Accounting Policies and Recently Issued Accounting Pronouncements | Description of Business, Basis of Presentation, Significant Accounting Policies and Recently Issued Accounting Pronouncements (a) Description of Business The Company is primarily engaged in the business of planning, directing and coordinating the business activities of its wholly-owned subsidiary, Heritage Bank. The Bank is headquartered in Olympia, Washington and conducts business from its 53 branch offices as of June 30, 2021 located throughout Washington State and the greater Portland, Oregon area. The Bank’s business consists primarily of commercial lending and deposit relationships with small and medium-sized businesses and their owners in its market areas and attracting deposits from the general public. The Bank also makes real estate construction and land development loans, consumer loans and originates first mortgage loans on residential properties primarily located in its market areas. The Bank's deposits are insured by the FDIC. The Company announced a plan in July 2021 to consolidate four branches during October 2021 to create a more efficient branch footprint. This will reduce the branch count from 53 to 49. The Company plans to integrate these locations into other branches within its network. (b) Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with GAAP for interim financial information and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. It is recommended that these unaudited Condensed Consolidated Financial Statements and accompanying Notes be read with the audited Consolidated Financial Statements and the accompanying Notes included in the 2020 Annual Form 10-K. In management's opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. To prepare unaudited Condensed Consolidated Financial Statements in conformity with GAAP, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided. Management believes that the judgments, estimates, and assumptions used in the preparation of the Condensed Consolidated Financial Statements are appropriate based on the facts and circumstances at the time. Actual results, however, could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change relate to management's estimate of ACL on loans, management's estimate of ACL on unfunded commitments, management's evaluation of goodwill impairment and management's estimate of the fair value of financial instruments. The accompanying Condensed Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiary, the Bank. All significant intercompany balances and transactions among the Company and the Bank have been eliminated in consolidation. Certain prior year amounts in the Condensed Consolidated Statements of Income and the Condensed Consolidated Statements of Cash Flows have been reclassified to conform to the current year’s presentation. Reclassifications had no effect on the prior years' net income or stockholders’ equity. (c) Significant Accounting Policies The significant accounting policies used in preparation of the Condensed Consolidated Financial Statements are disclosed in greater detail in the 2020 Annual Form 10-K. There have not been any material changes in the Company's significant accounting policies from those contained in the 2020 Annual Form 10-K during the six months ended June 30, 2021. (d) Recently Issued or Adopted Accounting Pronouncements FASB ASU 2016-13 , Financial Instruments: Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , as amended by ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-10, ASU 2019-11, and ASU 2020-02, was originally issued in June 2016. This ASU replaced the incurred loss methodology with an expected loss methodology, which is commonly referred to as the "CECL" methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loans receivable. It also applies to off-balance sheet credit exposures such as loan commitments, standby letters of credit, financial guarantees, and other similar instruments. In addition, CECL Adoption made changes to the accounting for credit losses on investment securities available for sale. This ASU requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. For public business entities, this ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years with early adoption permitted for fiscal years after December 15, 2018 and can be delayed under a provision of the CARES Act until the end of the official health emergency declaration. The Bank adopted ASU 2016-13 on January 1, 2020 using the modified retrospective method for all financial assets measured at amortized cost and unfunded commitments. At adoption, the Bank elected not to measure an ACL on accrued interest receivable on loans receivable or accrued interest receivable on investment securities available for sale as Bank policy is to reverse interest income for uncollectible accrued interest receivable balances in a timely manner. The adoption of ASU 2016-13 included an increase to the ACL on loans of $3.4 million and an increase to the ACL on unfunded commitments of $3.7 million, resulting in a pretax cumulative-effect adjustment of $7.1 million. The impact of this adjustment to beginning retained earnings on January 1, 2020 was $5.6 million, net of tax. FASB ASU 2020-04 , Reference Rate Reform (Topic 848) , as amended by ASU 2021-01, was issued in March 2020 and provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments in this ASU are effective for all entities as of March 12, 2020 through December 31, 2022. The amendments are elective, apply to all entities, and provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The Bank’s swap-related transactions are the majority of the Company's LIBOR exposure. Effective January 25, 2021, the Company adhered to the Interbank Offered Rate Fallbacks Protocol as published by the International Swaps and Derivatives Association, Inc. and recommended by the Alternative Reference Rates Committee. The Company does not expect this ASU to have a material impact on its business operations and the Condensed Consolidated Financial Statements. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The Company’s investment policy is designed primarily to provide and maintain liquidity, generate a favorable return on assets without incurring undue interest rate and credit risk, and complement the Bank’s lending activities. There were no securities classified as trading or held to maturity at June 30, 2021 or December 31, 2020. (a) Securities by Type and Maturity The following tables present the amortized cost and fair value of investment securities available for sale at the dates indicated and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income: June 30, 2021 Amortized Gross Gross Fair (In thousands) U.S. government and agency securities $ 104,688 $ 477 $ (1,518) $ 103,647 Municipal securities 219,174 10,341 (588) 228,927 Residential CMO and MBS 256,875 3,465 (846) 259,494 Commercial CMO and MBS 413,304 9,973 (1,337) 421,940 Corporate obligations 7,004 17 (3) 7,018 Other asset-backed securities 27,956 551 (9) 28,498 Total $ 1,029,001 $ 24,824 $ (4,301) $ 1,049,524 December 31, 2020 Amortized Gross Gross Fair (In thousands) U.S. government and agency securities $ 44,713 $ 947 $ — $ 45,660 Municipal securities 197,634 12,561 (227) 209,968 Residential CMO and MBS 196,956 5,125 (209) 201,872 Commercial CMO and MBS 290,638 13,198 (90) 303,746 Corporate obligations 10,971 125 — 11,096 Other asset-backed securities 29,283 565 (27) 29,821 Total $ 770,195 $ 32,521 $ (553) $ 802,163 The amortized cost and fair value of investment securities available for sale at June 30, 2021, by contractual maturity, are set forth below. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Cost Fair (In thousands) Due in one year or less $ 33,741 $ 33,967 Due after one year through five years 132,997 138,549 Due after five years through ten years 344,562 351,995 Due after ten years 517,701 525,013 Total $ 1,029,001 $ 1,049,524 There were no holdings of investment securities of any one issuer, other than the U.S. government and its agencies, in an amount greater than 10% of stockholders’ equity at June 30, 2021 and December 31, 2020. (b) Unrealized Losses and ACL on Investment Securities Available for Sale The following tables show the gross unrealized losses and fair value of the Company’s investment securities available for sale for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of June 30, 2021 and December 31, 2020: June 30, 2021 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized (In thousands) U.S. government and agency securities $ 50,213 $ (1,518) $ — $ — $ 50,213 $ (1,518) Municipal securities 32,012 (484) 2,348 (104) 34,360 (588) Residential CMO and MBS 42,784 (715) 22,901 (131) 65,685 (846) Commercial CMO and MBS 84,771 (1,331) 2,595 (6) 87,366 (1,337) Corporate obligations 4,990 (3) — — 4,990 (3) Other asset-backed securities — — 1,262 (9) 1,262 (9) Total $ 214,770 $ (4,051) $ 29,106 $ (250) $ 243,876 $ (4,301) December 31, 2020 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized (In thousands) Municipal securities $ 10,264 $ (227) $ — $ — $ 10,264 $ (227) Residential CMO and MBS — — 25,293 (209) 25,293 (209) Commercial CMO and MBS 11,404 (29) 7,499 (61) 18,903 (90) Other asset-backed securities — — 4,570 (27) 4,570 (27) Total $ 21,668 $ (256) $ 37,362 $ (297) $ 59,030 $ (553) The Company evaluated investment securities available for sale as of June 30, 2021 and December 31, 2020 and determined that any declines in fair value were attributable to changes in interest rates relative to where these investments fall within the yield curve and individual characteristics. Management monitors published credit ratings for adverse changes for all rated investment securities and none of these securities had a below investment grade credit rating as of both June 30, 2021 and December 31, 2020. In addition, the Company does not intend to sell these securities nor does the Company consider it more likely than not that it will be required to sell these securities before the recovery of the amortized cost basis, which may be upon maturity. Therefore, no ACL on investment securities available for sale was recorded as of June 30, 2021 and December 31, 2020. (c) Realized Gains and Losses The following table presents the gross realized gains and losses on the sale of investment securities available for sale for the three and six months ended June 30, 2021 and 2020: Three Months Ended Six Months Ended 2021 2020 2021 2020 (In thousands) Gross realized gains $ — $ 414 $ 29 $ 1,442 Gross realized losses — (5) — (19) Net realized gains $ — $ 409 $ 29 $ 1,423 (d) Pledged Securities The following table summarizes the amortized cost and fair value of investment securities available for sale that are pledged as collateral for the following obligations at June 30, 2021 and December 31, 2020: June 30, 2021 December 31, 2020 Amortized Fair Amortized Fair (In thousands) Washington and Oregon state public deposits $ 124,649 $ 128,591 $ 119,652 $ 124,228 Securities sold under agreement to repurchase 51,022 51,719 38,630 39,945 Other securities pledged 41,509 42,371 29,665 30,717 Total $ 217,180 $ 222,681 $ 187,947 $ 194,890 (e) Accrued Interest Receivable Accrued interest receivable excluded from amortized cost on investment securities available for sale totaled $4.2 million and $3.6 million at June 30, 2021 and December 31, 2020, respectively. No amounts of accrued interest receivable on investment securities available for sale were reversed against interest income on investment securities available for sale during the three and six months ended June 30, 2021 and June 30, 2020. |
Loans Receivable
Loans Receivable | 6 Months Ended |
Jun. 30, 2021 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans Receivable | Loans Receivable (a) Loan Origination/Risk Management The Bank originates loans in the ordinary course of business and has also acquired loans through mergers and acquisitions. Accrued interest receivable was excluded from disclosures presenting the Bank's amortized cost of loans receivable as it was deemed insignificant. The Bank categorizes the individual loans in the total loan portfolio into four segments: commercial business; residential real estate; real estate construction and land development; and consumer. Within these segments are classes of loans for which management monitors and assesses credit risk in the loan portfolios. A detailed description of the portfolio segments and classes is contained in the 2020 Annual Form 10-K. The amortized cost of loans receivable, net of ACL on loans at June 30, 2021 and December 31, 2020 consisted of the following portfolio segments and classes: June 30, December 31, (In thousands) Commercial business: Commercial and industrial $ 651,915 $ 733,098 SBA PPP 544,250 715,121 Owner-occupied CRE 865,662 856,684 Non-owner occupied CRE 1,425,238 1,410,303 Total commercial business 3,487,065 3,715,206 Residential real estate 120,148 122,756 June 30, December 31, (In thousands) Real estate construction and land development: Residential 88,601 78,259 Commercial and multifamily 239,979 227,454 Total real estate construction and land development 328,580 305,713 Consumer 271,737 324,972 Loans receivable 4,207,530 4,468,647 Allowance for credit losses on loans (51,562) (70,185) Loans receivable, net $ 4,155,968 $ 4,398,462 Balances included in the amortized cost of Loans receivable: Unamortized net discount on acquired loans $ (5,006) $ (6,575) Unamortized net deferred fee $ (17,994) $ (15,458) (b) Concentrations of Credit Most of the Bank’s lending activity occurs within its primary market areas which are concentrated along the I-5 corridor from Whatcom County to Clark County in Washington State and Multnomah County and Washington County in Oregon, as well as other contiguous markets and represents a geographic concentration. Additionally, our loan portfolio is concentrated in commercial-type loans, including commercial business loans and commercial and multifamily real estate construction and land development loans. (c) Credit Quality Indicators As part of the on-going monitoring of the credit quality of the Bank’s loan portfolio, management tracks certain credit quality indicators including trends related to (i) the risk grade of the loans, (ii) the level of classified loans, (iii) net charge-offs, (iv) nonperforming loans, (v) past due status, and (vi) the general economic conditions of the United States of America, and specifically the states of Washington and Oregon. The Bank utilizes a risk grading matrix to assign a risk grade to each of its loans. Loans are graded on a scale of 1 to 10. Risk grades are aggregated to create the risk categories of Pass for grades 1 to 6, Special Mention or "SM" for grade 7, Substandard or "SS" for grade 8, Doubtful for grade 9 and Loss for grade 10. Descriptions of the general characteristics of the risk grades, including qualitative information on how the risk grades relate to the risk of loss, are contained in the 2020 Annual Form 10-K. Numerical loan grades for loans are established at the origination of the loan. Changes to loan grades are considered at the time new information about the performance of a loan becomes available, including the receipt of updated financial information from the borrower, results of annual term loan reviews and scheduled loan reviews. For consumer loans, the Bank follows the FDIC’s Uniform Retail Credit Classification and Account Management Policy for subsequent classification in the event of payment delinquencies or default. Typically, an individual loan grade will not be changed from the prior period unless there is a specific indication of credit deterioration or improvement. Credit deterioration is evidenced by delinquency, direct communications with the borrower, or other borrower information that becomes known to management. Credit improvements are evidenced by known facts regarding the borrower or the collateral property. Loan grades relate to the likelihood of losses in that the higher the grade, the greater the loss potential. Loans with a pass grade may have some estimated inherent losses, but to a lesser extent than the other loan grades. The SM loan grade is transitory in that the Bank is waiting on additional information to determine the likelihood and extent of the potential loss. The likelihood of loss for SM graded loans, however, is greater than Watch graded loans because there has been measurable credit deterioration. Loans with a SS grade are generally loans with higher risk of loss if the deficiencies are not corrected. For Doubtful and Loss graded loans, the Bank is almost certain of the losses and the outstanding principal balances are generally charged off to the realizable value. Regulatory agencies provided guidance regarding credit risk ratings, delinquency reporting and nonaccrual status for loans adversely impacted by COVID-19. The Bank has and will continue to exercise judgment in determining the risk rating for impacted borrowers and will not automatically adversely classify credits that are affected by COVID-19. The Bank also will not designate loans with payment deferrals granted due to COVID-19 as past due because of the deferral. Due to the short-term nature of the forbearance and other relief programs the Bank is offering as a result of the COVID-19 pandemic, management expects that borrowers granted relief under these programs will generally not be reported as nonaccrual during the deferral period. The following table presents the amortized cost of loans receivable by risk grade as of June 30, 2021 and December 31, 2020: June 30, 2021 Term Loans Revolving Loans Revolving Loans Converted to Term Loans (1) Loans Receivable 2021 2020 2019 2018 2017 Prior (In thousands) Commercial business: Commercial and industrial Pass $ 51,172 $ 112,717 $ 111,892 $ 59,450 $ 36,904 $ 112,403 $ 102,256 $ 989 $ 587,783 SM 1,003 904 6,618 6,553 3,036 5,787 5,446 — 29,347 SS 1,133 1,422 6,101 1,669 4,376 7,888 11,453 743 34,785 Total 53,308 115,043 124,611 67,672 44,316 126,078 119,155 1,732 651,915 SBA PPP Pass 347,813 196,437 — — — — — — 544,250 Owner-occupied CRE Pass 57,984 89,380 162,488 93,738 70,985 298,991 — 75 773,641 SM — 5,219 5,257 12,922 10,472 17,373 — — 51,243 SS — 694 — 3,818 7,083 29,183 — — 40,778 Total 57,984 95,293 167,745 110,478 88,540 345,547 — 75 865,662 Non-owner occupied CRE Pass 67,602 184,174 189,439 144,247 167,605 598,127 — — 1,351,194 SM — 5,094 1,971 353 2,293 10,016 — — 19,727 SS — — — 3,623 — 50,694 — — 54,317 Total 67,602 189,268 191,410 148,223 169,898 658,837 — — 1,425,238 Total commercial business Pass 524,571 582,708 463,819 297,435 275,494 1,009,521 102,256 1,064 3,256,868 SM 1,003 11,217 13,846 19,828 15,801 33,176 5,446 — 100,317 SS 1,133 2,116 6,101 9,110 11,459 87,765 11,453 743 129,880 Total 526,707 596,041 483,766 326,373 302,754 1,130,462 119,155 1,807 3,487,065 Residential real estate Pass 24,279 26,181 31,274 8,876 9,210 19,557 — — 119,377 SS — — — — 57 714 — — 771 Total 24,279 26,181 31,274 8,876 9,267 20,271 — — 120,148 Real estate construction and land development: Residential Pass 23,444 38,628 21,658 2,674 401 1,796 — — 88,601 Commercial and multifamily Pass 16,787 42,010 152,906 22,387 1,941 2,436 — — 238,467 SS — 636 443 — — 433 — — 1,512 Total 16,787 42,646 153,349 22,387 1,941 2,869 — — 239,979 Total real estate construction and land development Pass 40,231 80,638 174,564 25,061 2,342 4,232 — — 327,068 SS — 636 443 — — 433 — — 1,512 Total 40,231 81,274 175,007 25,061 2,342 4,665 — — 328,580 Consumer Pass 11,396 20,456 60,434 40,325 21,866 19,613 94,243 193 268,526 SS — 147 712 652 608 1,055 33 4 3,211 Total 11,396 20,603 61,146 40,977 22,474 20,668 94,276 197 271,737 June 30, 2021 Term Loans Revolving Loans Revolving Loans Converted to Term Loans (1) Loans Receivable 2021 2020 2019 2018 2017 Prior Loans receivable Pass 600,477 709,983 730,091 371,697 308,912 1,052,923 196,499 1,257 3,971,839 SM 1,003 11,217 13,846 19,828 15,801 33,176 5,446 — 100,317 SS 1,133 2,899 7,256 9,762 12,124 89,967 11,486 747 135,374 Total $ 602,613 $ 724,099 $ 751,193 $ 401,287 $ 336,837 $ 1,176,066 $ 213,431 $ 2,004 $ 4,207,530 (1) Represents loans receivable balance at June 30, 2021 which was converted from a revolving loan to an amortizing loan during the six months ended June 30, 2021. December 31, 2020 Term Loans Revolving Loans Revolving Loans Converted to Term Loans (1) Loans Receivable 2020 2019 2018 2017 2016 Prior (In thousands) Commercial business: Commercial and industrial Pass $ 118,971 $ 127,919 $ 70,766 $ 44,231 $ 37,658 $ 95,958 $ 121,440 $ 819 $ 617,762 SM 14,430 9,162 10,878 4,171 5,700 3,579 11,790 814 60,524 SS 2,199 11,835 3,416 9,348 1,052 7,651 15,484 3,827 54,812 Total 135,600 148,916 85,060 57,750 44,410 107,188 148,714 5,460 733,098 SBA PPP Pass 715,121 — — — — — — — 715,121 Owner-occupied CRE Pass 89,224 167,095 94,830 80,138 74,902 254,864 — — 761,053 SM 6,146 4,540 16,386 11,231 5,464 12,105 — — 55,872 SS — — 114 7,320 3,313 29,012 — — 39,759 Total 95,370 171,635 111,330 98,689 83,679 295,981 — — 856,684 Non-owner-occupied CRE Pass 197,548 173,153 148,830 172,438 240,614 406,817 — — 1,339,400 SM — 1,979 357 2,448 6,210 3,539 — — 14,533 SS — — 3,623 — 35,455 17,292 — — 56,370 Total 197,548 175,132 152,810 174,886 282,279 427,648 — — 1,410,303 Total commercial business Pass 1,120,864 468,167 314,426 296,807 353,174 757,639 121,440 819 3,433,336 SM 20,576 15,681 27,621 17,850 17,374 19,223 11,790 814 130,929 SS 2,199 11,835 7,153 16,668 39,820 53,955 15,484 3,827 150,941 Total 1,143,639 495,683 349,200 331,325 410,368 830,817 148,714 5,460 3,715,206 Residential real estate Pass 30,141 41,829 15,730 10,362 7,322 16,825 — — 122,209 SS — — — 59 — 488 — — 547 Total 30,141 41,829 15,730 10,421 7,322 17,313 — — 122,756 Real estate construction and land development: Residential Pass 33,801 36,697 2,725 1,097 971 1,042 — — 76,333 SS — — — 1,926 — — — — 1,926 Total 33,801 36,697 2,725 3,023 971 1,042 — — 78,259 Commercial and multifamily Pass 27,423 151,020 38,682 5,660 689 1,407 — — 224,881 SM 67 1,011 — — — 29 — — 1,107 SS 572 450 — — — 444 — — 1,466 Total 28,062 152,481 38,682 5,660 689 1,880 — — 227,454 Total real estate construction and land development Pass 61,224 187,717 41,407 6,757 1,660 2,449 — — 301,214 SM 67 1,011 — — — 29 — — 1,107 SS 572 450 — 1,926 — 444 — — 3,392 Total 61,863 189,178 41,407 8,683 1,660 2,922 — — 305,713 Consumer Pass 43,742 77,083 53,195 30,559 13,443 15,453 87,547 315 321,337 SS 34 404 684 648 420 1,319 78 48 3,635 Total 43,776 77,487 53,879 31,207 13,863 16,772 87,625 363 324,972 Loans receivable Pass 1,255,971 774,796 424,758 344,485 375,599 792,366 208,987 1,134 4,178,096 SM 20,643 16,692 27,621 17,850 17,374 19,252 11,790 814 132,036 SS 2,805 12,689 7,837 19,301 40,240 56,206 15,562 3,875 158,515 Total $ 1,279,419 $ 804,177 $ 460,216 $ 381,636 $ 433,213 $ 867,824 $ 236,339 $ 5,823 $ 4,468,647 (1) Represents loans receivable balance at December 31, 2020 which was converted from a revolving loan to an amortizing loan during the year ended December 31, 2020. (d) Nonaccrual Loans The following table presents the amortized cost of nonaccrual loans for the dates indicated: June 30, 2021 Nonaccrual without ACL Nonaccrual with ACL Total Nonaccrual (In thousands) Commercial business: Commercial and industrial $ 7,491 $ 5,548 $ 13,039 Owner-occupied CRE 3,784 12,400 16,184 Non-owner occupied CRE 1,363 3,623 4,986 Total commercial business 12,638 21,571 34,209 Residential real estate — 60 60 Real estate construction and land development: Commercial and multifamily — 1,014 1,014 Consumer — 58 58 Total $ 12,638 $ 22,703 $ 35,341 December 31, 2020 Nonaccrual without ACL Nonaccrual with ACL Total Nonaccrual (In thousands) Commercial business: Commercial and industrial $ 22,039 $ 9,208 $ 31,247 Owner-occupied CRE 4,693 13,700 18,393 Non-owner occupied CRE 3,424 3,722 7,146 Total commercial business 30,156 26,630 56,786 Residential real estate 67 117 184 Real estate construction and land development: Commercial and multifamily 572 450 1,022 Consumer 31 69 100 Total $ 30,826 $ 27,266 $ 58,092 The following table presents the reversal of interest income on loans due to the write-off of accrued interest receivable upon the initial classification of loans as nonaccrual loans and the interest income recognized due to payment in full of previously classified nonaccrual loans during the following periods: Three Months Ended Three Months Ended Interest Income Reversed Interest Income Recognized Interest Income Reversed Interest Income Recognized (In thousands) Commercial business: Commercial and industrial $ (5) $ 1,981 $ — $ 89 Owner-occupied CRE — 3 — 14 Non-owner occupied CRE — — — 22 Total commercial business (5) 1,984 — 125 Consumer — — — 37 Total $ (5) $ 1,984 $ — $ 162 Six Months Ended Six months ended Interest Income Reversed Interest Income Recognized Interest Income Reversed Interest Income Recognized (in thousands) Commercial business: Commercial and industrial $ (10) $ 2,044 $ (16) $ 308 Owner-occupied CRE — 117 — 60 Non-owner occupied CRE — 313 — 67 Total commercial business (10) 2,474 (16) 435 Real estate construction and land development: Residential — 73 — — Consumer — — — 47 Total $ (10) $ 2,547 $ (16) $ 482 For the three and six months ended June 30, 2021 and 2020, no interest income was recognized subsequent to a loan’s classification as nonaccrual, except as indicated in the tables above due to payment in full. (e) Past due loans The Bank performs an aging analysis of past due loans using policies consistent with regulatory reporting requirements with categories of 30-89 days past due and 90 or more days past due. The amortized cost of past due loans as of June 30, 2021 and December 31, 2020 were as follows: June 30, 2021 30-89 Days 90 Days or Total Past Current Loans Receivable (In thousands) Commercial business: Commercial and industrial $ 489 $ 7,525 $ 8,014 $ 643,901 $ 651,915 SBA PPP — — — 544,250 544,250 Owner-occupied CRE — — — 865,662 865,662 Non-owner occupied CRE 4,038 — 4,038 1,421,200 1,425,238 Total commercial business 4,527 7,525 12,052 3,475,013 3,487,065 Residential real estate — 30 30 120,118 120,148 Real estate construction and land development: Residential — — — 88,601 88,601 Commercial and multifamily — 571 571 239,408 239,979 Total real estate construction and land development — 571 571 328,009 328,580 Consumer 788 — 788 270,949 271,737 Total $ 5,315 $ 8,126 $ 13,441 $ 4,194,089 $ 4,207,530 December 31, 2020 30-89 Days 90 Days or Total Past Current Loans Receivable (In thousands) Commercial business: Commercial and industrial $ 4,621 $ 8,082 $ 12,703 $ 720,395 $ 733,098 SBA PPP — — — 715,121 715,121 Owner-occupied CRE 991 403 1,394 855,290 856,684 Non-owner occupied CRE 412 1,970 2,382 1,407,921 1,410,303 Total commercial business 6,024 10,455 16,479 3,698,727 3,715,206 Residential real estate 765 16 781 121,975 122,756 Real estate construction and land development: Residential — — — 78,259 78,259 Commercial and multifamily 2,225 — 2,225 225,229 227,454 Total real estate construction and land development 2,225 — 2,225 303,488 305,713 Consumer 1,407 30 1,437 323,535 324,972 Total $ 10,421 $ 10,501 $ 20,922 $ 4,447,725 $ 4,468,647 There was one commercial and industrial loan 90 days or more past due that was still accruing interest as of June 30, 2021 with an amortized cost of $286,000 . There were no loans 90 days or more past due that were still accruing interest as of December 31, 2020. (f) Collateral-dependent Loans The type of collateral securing loans individually evaluated for credit losses and for which the repayment was expected to be provided substantially through the operation or sale of the collateral as of June 30, 2021 and December 31, 2020 were as follows: June 30, 2021 CRE (1) Farmland (1) Residential Real Estate (1) Other (1) Total (1) (In thousands) Commercial business: Commercial and industrial $ 1,767 $ 5,152 $ 751 $ 331 $ 8,001 Owner-occupied CRE 4,346 — — — 4,346 Non-owner occupied CRE 1,363 — — — 1,363 Total commercial business 7,476 5,152 751 331 13,710 Real estate construction and land development: Commercial and multifamily 571 — — — 571 Total $ 8,047 $ 5,152 $ 751 $ 331 $ 14,281 (1) Balances represent the amortized cost of the loan. If multiple collateral sources secure the loan, the entire balance is presented in the primary collateral category. December 31, 2020 CRE (1) Farmland (1) Residential Real Estate (1) Other (1) Total (1) (In thousands) Commercial business: Commercial and industrial $ 1,893 $ 18,738 $ 584 $ 1,405 $ 22,620 Owner-occupied CRE 4,693 — — — 4,693 Non-owner occupied CRE 3,424 — — — 3,424 Total commercial business 10,010 18,738 584 1,405 30,737 Residential real estate — — 67 — 67 Real estate construction and land development: Commercial and multifamily 572 — — — 572 Consumer — — 30 — 30 Total $ 10,582 $ 18,738 $ 681 $ 1,405 $ 31,406 (1) Balances represent the amortized cost of the loan. If multiple collateral sources secure the loan, the entire balance is presented in the primary collateral category. There have been no significant changes to the collateral securing individually evaluated loans for credit losses and for which repayment was expected to be provided substantially through the operation or sale of the collateral during the six months ended June 30, 2021, except changes due to additions or deletions of loans into this classification. (g) Troubled Debt Restructured Loans A TDR is a restructuring in which the Bank, for economic or legal reasons related to a borrower’s financial difficulties, grants a concession to a borrower that it would not otherwise consider. The TDR modifications or concessions are made to increase the likelihood that these borrowers with financial difficulties will be able to satisfy their debt obligations as amended. The concessions granted in the restructurings largely consisted of maturity extensions. The Bank typically grants shorter extension periods to continually monitor these TDR loans despite the fact that the extended date might not be the date the Bank expects the scheduled cash flow from these borrowers. The Bank does not consider these modifications a subsequent default of a TDR as new loan terms, specifically new maturity dates, were granted. The CARES Act, CA Act and regulatory agencies provided guidance around the modification of loans as a result of the COVID-19 pandemic, and outlined, among other criteria, that short-term modifications made on a good faith basis to borrowers who were current as defined by the guidance are not TDRs. This includes short-term (e.g. six months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant. Borrowers were considered current if they were less than 30 days past due on the contractual payments as of December 31, 2019 under the CARES Act and at the time a modification program is implemented under related regulatory guidance. The CA Act extended relief offered under the CARES Act through January 1, 2022 or 60 days after the end of the national emergency declared by the President, whichever is earlier. The Bank elected to apply the temporary relief under the applicable guidance to certain eligible short-term modifications and did not classify the modifications as TDRs for accounting or disclosure purposes. However, COVID Modifications whose payment deferral exceeded 180 days following the loans' initial modification were classified as TDRs based on the Bank's internal policy. Loans that were modified as TDR loans are set forth in the following tables for the periods indicated: Three Months Ended June 30, 2021 2020 Number of Amortized Cost (1) (2) Number of Amortized Cost (1) (2) (Dollars in thousands) Commercial business: Commercial and industrial 18 $ 5,673 31 $ 11,849 Owner-occupied CRE 1 2,200 4 1,657 Non-owner occupied CRE 1 251 2 398 Total commercial business 20 8,124 37 13,904 Real estate construction and land development: Residential — — 4 1,751 Commercial and multifamily 1 443 — — Total real estate construction and land development 1 443 4 1,751 Consumer 6 146 9 82 Total 27 $ 8,713 50 $ 15,737 Six Months Ended June 30, 2021 2020 Number of Amortized Cost (1) (2) Number of Amortized Cost (1) (2) (Dollars in thousands) Commercial business: Commercial and industrial 31 $ 8,713 35 $ 12,652 Owner-occupied CRE 2 5,857 6 3,067 Non-owner occupied CRE 2 2,222 3 2,143 Total commercial business 35 16,792 44 17,862 Residential real estate 1 181 — — Real estate construction and land development: Residential — — 4 1,751 Commercial and multifamily 1 443 — — Total real estate construction and land development 1 443 4 1,751 Consumer 21 511 14 173 Total TDR loans 58 $ 17,927 62 $ 19,786 (1) Number of contracts and amortized cost represent loans which have balances as of period end, net of subsequent payments after modifications. Certain modified loans may have been paid-down or charged-off during the three or six months ended June 30, 2021 and June 30, 2020. (2) As the Bank did not forgive any principal or interest balance as part of the loan modifications, the Bank’s amortized cost in each loan at the date of modification (pre-modification) did not change as a result of the modification (post-modification). The Bank had an ACL on loa ns of $1.7 million an d $1.5 million at June 30, 2021 and June 30, 2020, respectively, related to these TDR loans which were restructured during the six months ended June 30, 2021 and June 30, 2020, respectively. The unfunded commitment to borrowers related to TDR loans was $4.9 million and $2.6 million at June 30, 2021 and December 31, 2020, respectively. The following tables present loans that were modified in a troubled debt restructure and subsequently defaulted within twelve months from the modification date during the periods indicated: Three Months Ended June 30, 2021 2020 Number of Contracts (1) Amortized Cost (1) Number of Contracts (1) Amortized Cost (1) (Dollars in thousands) Commercial business: Commercial and industrial 1 $ 46 2 $ 302 Owner-occupied CRE — — 1 445 Non-owner occupied CRE — — 1 280 Total 1 $ 46 4 $ 1,027 Six Months Ended June 30, 2021 2020 Number of Contracts (1) Amortized Cost (1) Number of Contracts (1) Amortized Cost (1) (Dollars in thousands) Commercial business: Commercial and industrial 2 $ 789 4 $ 2,155 Owner-occupied CRE — — 1 445 Non-owner occupied CRE — — 2 398 Total 2 $ 789 7 $ 2,998 (1) Number of contracts and amortized cost represent loans which have balances as of period end, net of subsequent payments after modifications. Certain modified loans may have been paid-down or charged-off during the six months ended June 30, 2021 and June 30, 2020. During the three and six months ended June 30, 2021 and 2020 all of the TDR loans in the tables above defaulted because each was past its modified maturity date and the borrower had not subsequently repaid the credits. The Bank chose not to extend further the maturity date on these loans. The Bank had an ACL on lo ans of $7,000 and $494,000 at June 30, 2021 and June 30, 2020, respectively, related to these TDR loans which defaulted during the six months ended June 30, 2021 and 2020. (h) Accrued interest receivable on loans receivable Accrued interest receivable on loans receivable totaled $12.8 million and $15.8 million at June 30, 2021 and December 31, 2020, respectively. It is excluded from the calculation of the ACL on loans as interest accrued, but not received, is reversed timely. (i) Foreclose proceedings in process At June 30, 2021, there was one consumer mortgage loan secured by a residential real estate property (included in loans receivable on the Condensed Consolidated Statements of Financial Position) of $79,000 for which formal foreclosure proceedings were in process. |
Allowance for Credit Losses on
Allowance for Credit Losses on Loans | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Allowance for Credit Losses on Loans | Allowance for Credit Losses on Loans Effective January 1, 2020, the Bank adopted ASU 2016-13. Risk characteristics by segment considered in the CECL model are the same as those disclosed in the 2020 Annual Form 10-K. The baseline loss rates used to calculate the ACL on loans at June 30, 2021 utilized the Bank's average quarterly historical loss information from December 31, 2012 through the balance sheet date. There were no changes to this assumption during the six months ended June 30, 2021. The Bank believes the historic loss rates are viable inputs to the current CECL model as the Bank's lending practice and business has remained relatively stable throughout the periods. While the Bank's assets have grown, the credit culture has stayed relatively consistent. Prepayments included in the CECL model at June 30, 2021 were based on the 48-month rolling historical averages for each segment, which management believes is an accurate representation of future prepayment activity. There were no changes to this assumption during the six months ended June 30, 2021. The reasonable and supportable period used in the CECL model as of June 30, 2021 was five quarters. There were no changes to this assumption during the six months ended June 30, 2021. Management believes that forecasts beyond this five quarter time period tend to diverge in economic assumptions and may be less comparable to actual future events. As the length of the reasonable and supportable period increases, the degree of judgment involved in estimating the allowance will likely increase. The Bank used a two-quarter reversion period in calculating the ACL on loans as of June 30, 2021 as it believes the historical loss information is relevant to the expected credit losses and recognizes the declining precision and increasing uncertainty of estimating credit losses in those periods beyond which it can make reasonable and supportable forecasts. There were no changes to this assumption during the six months ended June 30, 2021. During the six months ended June 30, 2021 , the ACL on loans decreased $18.6 million, or 26.5%, due primarily to a reversal of provision for credit losses on loans of $19.0 million fo llowing improvements in the economic forecast at June 30, 2021 as compared to the forecast at December 31, 2020 and secondarily due to a decrease in total loans receivable, excluding SBA PPP loans which are fully guaranteed by the SBA and not provisioned for in the ACL on loans. A summary of the changes in the ACL on loans during the six months ended June 30, 2021 and 2020 is as follows: Six Months Ended June 30, 2021 2020 (In thousands) Balance at the beginning of the year $ 70,185 $ 36,171 Impact of CECL Adoption — 1,822 Balance at the beginning of the year, as adjusted 70,185 37,993 Charge-offs (320) (3,852) Recoveries of loans previously charged-off 653 1,455 (Reversal of) provision for credit losses on loans (18,956) 35,905 Balance at the end of the year $ 51,562 $ 71,501 The following tables detail the activity in the ACL on loans disaggregated by segment and class for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, 2021 Beginning Balance Charge-offs Recoveries Reversal of Provision for Credit Losses Ending Balance (In thousands) Commercial business: Commercial and industrial $ 21,770 $ (13) $ 132 $ (4,404) $ 17,485 SBA PPP — — — — — Owner-occupied CRE 10,464 — 11 (1,913) 8,562 Non-owner occupied CRE 12,970 — — (2,340) 10,630 Total commercial business 45,204 (13) 143 (8,657) 36,677 Residential real estate 1,402 — — (249) 1,153 Real estate construction and land development: Residential 2,048 — 4 (416) 1,636 Commercial and multifamily 11,223 — — (2,388) 8,835 Total real estate construction and land development 13,271 — 4 (2,804) 10,471 Consumer 4,348 (120) 144 (1,111) 3,261 Total $ 64,225 $ (133) $ 291 $ (12,821) $ 51,562 Six Months Ended June 30, 2021 Beginning Balance Charge-offs Recoveries (Reversal of) Provision for Credit Losses Ending Balance (In thousands) Commercial business: Six Months Ended June 30, 2021 Beginning Balance Charge-offs Recoveries (Reversal of) Provision for Credit Losses Ending Balance (In thousands) Commercial and industrial $ 30,010 $ (14) $ 337 $ (12,848) $ 17,485 SBA PPP — — — — — Owner-occupied CRE 9,486 — 13 (937) 8,562 Non-owner occupied CRE 10,112 — — 518 10,630 Total commercial business 49,608 (14) 350 (13,267) 36,677 Residential real estate 1,591 — — (438) 1,153 Real estate construction and land development: Residential 1,951 — 20 (335) 1,636 Commercial and multifamily 11,141 (1) — (2,305) 8,835 Total real estate construction and land development 13,092 (1) 20 (2,640) 10,471 Consumer 5,894 (305) 283 (2,611) 3,261 Total $ 70,185 $ (320) $ 653 $ (18,956) $ 51,562 Three Months Ended June 30, 2020 Beginning Balance Charge-offs Recoveries Provision for (Reversal of Provision for) Credit Losses Ending Balance (In thousands) Commercial business: Commercial and industrial $ 13,900 $ (1,824) $ 69 $ 17,628 $ 29,773 Owner-occupied CRE 6,216 — 2 3,785 10,003 Non-owner occupied CRE 7,750 — — 2,916 10,666 Total commercial business 27,866 (1,824) 71 24,329 50,442 Residential real estate 3,026 — — (803) 2,223 Real estate construction and land development: Residential 864 — 7 (304) 567 Commercial and multifamily 11,444 — — (2,887) 8,557 Total real estate construction and land development 12,308 — 7 (3,191) 9,124 Consumer 4,340 (431) 197 5,606 9,712 Total $ 47,540 $ (2,255) $ 275 $ 25,941 $ 71,501 Six Months Ended June 30, 2020 Beginning Balance Impact of CECL Adoption Beginning Balance, Charge-offs Recoveries Provision for (Reversal of Provision for) Credit Losses Ending Balance (In thousands) Commercial business: Commercial and industrial $ 11,739 $ (1,348) $ 10,391 $ (2,911) $ 1,126 $ 21,167 $ 29,773 Owner-occupied CRE 4,512 452 4,964 (135) 14 5,160 10,003 Non-owner occupied CRE 7,682 (2,039) 5,643 — — 5,023 10,666 Total commercial business 23,933 (2,935) 20,998 (3,046) 1,140 31,350 50,442 Residential real estate 1,458 1,471 2,929 — 3 (709) 2,223 Six Months Ended June 30, 2020 Beginning Balance Impact of CECL Adoption Beginning Balance, Charge-offs Recoveries Provision for (Reversal of Provision for) Credit Losses Ending Balance (In thousands) Real estate construction and land development: Residential 1,455 (571) 884 — 21 (338) 567 Commercial and multifamily 1,605 7,240 8,845 — — (288) 8,557 Total real estate construction and land development 3,060 6,669 9,729 — 21 (626) 9,124 Consumer 6,821 (2,484) 4,337 (806) 291 5,890 9,712 Unallocated 899 (899) — — — — — Total $ 36,171 $ 1,822 $ 37,993 $ (3,852) $ 1,455 $ 35,905 $ 71,501 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets (a) Goodwill The Company’s goodwill represents the excess of the purchase price over the fair value of net assets acquired in the following mergers: Premier Commercial Bancorp and Puget Sound Bancorp in 2018; Washington Banking Company in 2014; Valley Community Bancshares in 2013; Western Washington Bancorp in 2006 and North Pacific Bank in 1998. The Company’s goodwill is assigned to the Bank and is evaluated for impairment at the Bank level (reporting unit). There were no additions to goodwill during the three and six months ended June 30, 2021 and 2020. Management analyzes its goodwill on an annual basis on December 31 and between annual tests in certain circumstances such as material adverse changes in legal, business, regulatory and economic factors. An impairment loss is recorded to the extent that the carrying amount of goodwill exceeds its implied fair value. The Company performed an annual impairment assessment as of December 31, 2020 and concluded that there was no impairment. (b) Other Intangible Assets Other intangible assets represent core deposit intangibles acquired in business combinations. The useful life of the core deposit intangibles was estimated to be ten years for the acquisitions of Premier Commercial Bancorp, Puget Sound Bancorp, Washington Banking Company, and Valley Community Bancshares. The following table presents the change in other intangible assets for the periods indicated: Three Months Ended Six Months Ended 2021 2020 2021 2020 (In thousands) Balance at the beginning of the period $ 12,291 $ 15,710 $ 13,088 $ 16,613 Amortization (797) (903) (1,594) (1,806) Balance at the end of the period $ 11,494 $ 14,807 $ 11,494 $ 14,807 |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The Company utilizes interest rate swap derivative contracts to facilitate the needs of its commercial customers whereby it enters into an interest rate swap with a customer while at the same time entering into an offsetting interest rate swap with another financial institution. The transaction allows the Company’s customer to effectively convert a variable rate loan to a fixed rate and the Company recognizes immediate income based upon the difference in the bid/ask spread of the underlying transactions with its customers and the third-party. These interest rate swaps are not designated as hedging instruments. The Company is exposed to interest rate risk as part of the transaction. However, the Company acts as an intermediary for its customer therefore changes in the fair value of the underlying derivative contracts for the most part offset each other and do not significantly impact the Company’s results of operations. Fee income related to interest rate swap derivative contract transactions is recorded in Interest rate swap fees on the Consolidated Statements of Income. The fair value of derivative positions outstanding is included in Prepaid expenses and other assets and Accrued expenses and other liabilities in the Consolidated Statements of Financial Condition. The gains and losses due to changes in fair value and all cash flows are included in Other income in the Consolidated Statements of Income, but typically net to zero based on the identical back-to-back interest rate swaps unless a credit valuation adjustment is recorded to appropriately reflect nonperformance risk in the fair value measurement. Various factors impact changes in the credit valuation adjustments over time, including changes in the risk ratings of the parties to the contracts, as well as changes in market rates and volatilities, which affect the total expected exposure of the derivative instruments. The following table presents the notional amounts and estimated fair values of interest rate derivative contracts outstanding at June 30, 2021 and December 31, 2020: June 30, 2021 December 31, 2020 Notional Amounts Estimated Fair Value Notional Amounts Estimated Fair Value (In thousands) Non-hedging interest rate derivatives Interest rate swap asset (1) $ 321,519 $ 19,342 $ 308,126 $ 25,740 Interest rate swap liability (1) 321,519 (19,510) 308,126 (26,162) (1) The estimated fair value of derivatives with customers was $15.4 million and $25.4 million as of June 30, 2021 and December 31, 2020, respectively. The estimated fair value of derivatives with third parties was $(15.6) million and $(25.9) million as of June 30, 2021 and December 31, 2020, respectively. The Company is exposed to credit-related losses in the event of nonperformance by the counterparty to these agreements. Credit risk with the customer is controlled through the credit approval, limits, and monitoring procedures and concentrated within our primary market areas. Credit risk for derivatives with third-parties is concentrated among four well-known broker dealers. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders’ Equity (a) Earnings Per Common Share The following table illustrates the calculation of weighted average shares used for earnings per common share computations at June 30, 2021 and June 30, 2020: Three Months Ended Six Months Ended 2021 2020 2021 2020 (In thousands, except shares) Net income (loss): Net income (loss) $ 32,702 $ (6,139) $ 58,046 $ 6,052 Dividends and undistributed earnings allocated to participating securities (1) — — — (3) Net income (loss) allocated to common shareholders $ 32,702 $ (6,139) $ 58,046 $ 6,049 Basic: Weighted average common shares outstanding 35,994,740 35,899,361 35,961,032 36,128,586 Restricted stock awards — (645) — (8,183) Total basic weighted average common shares outstanding 35,994,740 35,898,716 35,961,032 36,120,403 Diluted: Basic weighted average common shares outstanding 35,994,740 35,898,716 35,961,032 36,120,403 Effect of potentially dilutive common shares (2) 294,724 — 307,829 154,988 Total diluted weighted average common shares outstanding 36,289,464 35,898,716 36,268,861 36,275,391 Potentially dilutive shares that were excluded from the computation of diluted earnings per share because to do so would be anti-dilutive (3) 7,065 258,412 4,766 124,904 (1) Represents dividends paid and undistributed earnings allocated to unvested restricted stock awards. (2) Represents the effect of the assumed exercise of stock options and vesting of restricted stock awards and units. (3) Anti-dilution occurs when the exercise price of a stock option or the unrecognized compensation cost per share of a restricted stock award exceeds the market price of the Company’s stock. (b) Dividends The timing and amount of cash dividends paid on the Company's common stock depends on the Company’s earnings, capital requirements, financial condition and other relevant factors. Dividends on common stock from the Company depend substantially upon receipt of dividends from the Bank, which is the Company’s predominant source of income. The following table summarizes the dividend activity during the six months ended June 30, 2021 and the calendar year 2020: Declared Cash Dividend per Share Record Date Paid Date January 22, 2020 $0.20 February 6, 2020 February 20, 2020 April 29, 2020 $0.20 May 13, 2020 May 27, 2020 July 22, 2020 $0.20 August 5, 2020 August 19, 2020 October 21, 2020 $0.20 November 4, 2020 November 18, 2020 January 27, 2021 $0.20 February 10, 2021 February 24, 2021 April 21, 2021 $0.20 May 5, 2021 May 19, 2021 The FDIC and the Washington State Department of Financial Institutions, Division of Banks have the authority under their supervisory powers to prohibit the payment of dividends by the Bank to the Company. Additionally, current guidance from the Federal Reserve provides, among other things, that dividends per share on the Company’s common stock generally should not exceed earnings per share, measured over the previous four fiscal quarters. Current regulations allow the Company and the Bank to pay dividends on their common stock if the Company’s or the Bank’s regulatory capital would not be reduced below the statutory capital requirements set by the Federal Reserve and the FDIC. (c) Stock Repurchase Program The Company has had various stock repurchase programs since March 1999. On October 23, 2014, the Company's Board of Directors authorized the repurchase of up to 5% of the Company's outstanding common shares, or 1,512,600 shares, under the eleventh stock repurchase plan. On March 12, 2020, the Company's Board of Directors authorized the repurchase of up to 5% of the Company's outstanding common shares, or 1,799,054 shares, under the twelfth stock repurchase plan after all shares under the eleventh stock repurchase plan had been repurchased. The number, timing and price of shares repurchased under the twelfth stock repurchase plan will depend on business and market conditions and other factors, including opportunities to deploy the Company's capital. The following table provides total repurchased shares and average share prices under the applicable plans for the periods indicated: Three Months Ended Six Months Ended 2021 2020 2021 2020 Plan Total (1) Eleventh Stock Repurchase Plan Repurchased shares — — — 639,922 1,512,600 Stock repurchase average share price $ — $ — $ — $ 23.95 $ 21.69 Twelfth Stock Repurchase Plan Repurchased shares — — — 155,778 155,778 Stock repurchase average share price $ — $ — $ — $ 20.34 $ 20.34 (1) Represents shares repurchased and average price per share paid during the duration of each plan. In addition to the stock repurchases under a stock repurchase plan, the Company repurchases shares to pay withholding taxes on the vesting of restricted stock awards and units. The following table provides total shares repurchased to pay withholding taxes during the periods indicated: Three Months Ended Six Months Ended 2021 2020 2021 2020 Repurchased shares to pay withholding taxes 2,557 2,046 25,803 27,928 Stock repurchase to pay withholding taxes average share price $ 27.47 $ 18.62 $ 29.33 $ 21.56 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1 : Valuations for assets and liabilities traded in active exchange markets, or interest in open-end mutual funds that allow the Company to sell its ownership interest back to the fund at net asset value on a daily basis. Valuations are obtained from readily available pricing sources for market transactions involving identical assets, liabilities, or funds. Level 2 : Valuations for assets and liabilities traded in less active dealer or broker markets, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or valuations using methodologies with observable inputs. Level 3 : Valuations for assets and liabilities that are derived from other valuation methodologies, such as option pricing models, discounted cash flow models and similar techniques using unobservable inputs, and not based on market exchange, dealer, or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets or liabilities. (a) Recurring and Nonrecurring Basis The Company used the following methods and significant assumptions to measure the fair value of certain assets on a recurring and nonrecurring basis: Investment Securities Available for Sale : The fair values of all investment securities are based upon the assumptions that market participants would use in pricing the security. If available, fair values of investment securities are determined by quoted market prices (Level 1). For investment securities where quoted market prices are not available, fair values are calculated based on market prices on similar securities (Level 2). For investment securities where quoted prices or market prices of similar securities are not available, fair values are calculated by using observable and unobservable inputs such as discounted cash flows or other market indicators (Level 3). Investment security valuations are obtained from third-party pricing services. Collateral-Dependent Loans : Collateral-dependent loans are identified for the calculation of the ACL on loans. The fair value used to measure credit loss for this type of loan is commonly based on recent real estate appraisals which are generally obtained at least every 18 months or earlier if there are changes to risk characteristics of the underlying loan. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by independent appraisers to adjust for differences between the comparable sales and income data available. The Bank also incorporates an estimate of cost to sell the collateral when the sale is probable. Such adjustments may be significant and result in a Level 3 classification of the inputs for determining fair value. Non-real estate collateral may be valued using an appraisal, net book value based on the borrower’s financial statements or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation and management’s expertise and knowledge of the customer and customer’s business (Level 3). Individually evaluated loans are analyzed for credit loss on a quarterly basis and the ACL on loans is adjusted as required based on the results. Appraisals on collateral-dependent loans are performed by certified general appraisers for commercial properties or certified residential appraisers for residential properties whose qualifications and licenses have been reviewed and verified by the Bank. Once received, the Bank reviews the assumptions and approaches utilized in the appraisal as well as the resulting fair value in comparison with independent data sources such as recent market data or industry-wide statistics. Derivative Financial Instruments: The Bank obtains broker or dealer quotes to value its interest rate derivative contracts, which use valuation models using observable market data as of the measurement date (Level 2), and incorporates credit valuation adjustments to reflect nonperformance risk in the measurement of fair value (Level 3). Although the Bank has determined that the majority of the inputs used to value its interest rate swap derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as borrower risk ratings, to evaluate the likelihood of default by itself and its counterparties. As of June 30, 2021 and December 31, 2020, the Bank assessed the significance of the impact of the credit valuation adjustment on the overall valuation of its interest rate swap derivatives and determined that the credit valuation adjustment was not significant to the overall valuation of its interest rate swap derivatives. As a result, the Bank has classified its interest rate swap derivative valuations in Level 2 of the fair value hierarchy. Branches held for sale : Branches held for sale are recorded at fair value less costs to sell when transferred from Premises and equipment, net to Prepaid expenses and other assets on the Consolidated Statements of Financial Condition with any valuation adjustment recorded within Other noninterest expense on the Consolidated Statements of Income. The fair value of branches held for sale is determined based on a real estate appraisal or broker price opinion. Adjustments are routinely made in the appraisal and broker price opinion process by independent appraisers and commercial real estate brokers, respectively, to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in Level 3 classification of the inputs for determining fair value. Recurring Basis The following tables summarize the balances of assets and liabilities measured at fair value on a recurring basis at the dates indicated: June 30, 2021 Total Level 1 Level 2 Level 3 (In thousands) Assets Investment securities available for sale: U.S. government and agency securities $ 103,647 $ — $ 103,647 $ — Municipal securities 228,927 — 228,927 — Residential CMO and MBS 259,494 — 259,494 — Commercial CMO and MBS 421,940 — 421,940 — Corporate obligations 7,018 — 7,018 — Other asset-backed securities 28,498 — 28,498 — Total investment securities available for sale 1,049,524 — 1,049,524 — Equity security 181 181 — — Derivative assets - interest rate swaps 19,342 — 19,342 — Liabilities Derivative liabilities - interest rate swaps $ 19,510 $ — 19,510 $ — December 31, 2020 Total Level 1 Level 2 Level 3 (In thousands) Assets Investment securities available for sale: U.S. government and agency securities $ 45,660 $ — $ 45,660 $ — Municipal securities 209,968 — 209,968 — Residential CMO and MBS 201,872 — 201,872 — Commercial CMO and MBS 303,746 — 303,746 — Corporate obligations 11,096 — 11,096 — Other asset-backed securities 29,821 — 29,821 — Total investment securities available for sale 802,163 — 802,163 — Equity security 131 131 — — Derivative assets - interest rate swaps 25,740 — 25,740 — Liabilities Derivative liabilities - interest rate swaps $ 26,162 $ — $ 26,162 $ — Nonrecurring Basis The Company may be required to measure certain financial assets and liabilities at fair value on a nonrecurring basis. These adjustments to fair value usually result from application of lower-of-cost-or-market accounting or write-downs of individual assets. The following tables below represent assets measured at fair value on a nonrecurring basis at the dates indicated: Fair Value at June 30, 2021 Basis (1) Total Level 1 Level 2 Level 3 (In thousands) Collateral-dependent loans: Commercial business: Commercial and industrial $ 983 $ 775 $ — $ — $ 775 Fair Value at June 30, 2021 Basis (1) Total Level 1 Level 2 Level 3 (In thousands) Owner-occupied CRE 622 486 — — 486 Total commercial business 1,605 1,261 — — 1,261 Real estate construction and land development: Commercial and multifamily 991 534 — — 534 Total assets measured at fair value on a nonrecurring basis $ 2,596 $ 1,795 $ — $ — $ 1,795 (1) Basis represents the outstanding principal balance of collateral-dependent loans. Fair Value at December 31, 2020 Basis (1) Total Level 1 Level 2 Level 3 (In thousands) Collateral-dependent loans: Commercial business: Commercial and industrial $ 1,305 $ 1,289 $ — $ — $ 1,289 Prepaid expenses and other assets: Branch held for sale (2) 1,330 1,330 — — 1,330 Total assets measured at fair value on a nonrecurring basis $ 2,635 $ 2,619 $ — $ — $ 2,619 (1) Basis represents the outstanding principal balance of collateral-dependent loans and the carrying value of the branch held for sale. (2) In October 2020, one branch was reclassified as held for sale in accordance with ASC 360-10. As part of the transfer, the branch was written down to its net realizable value at that time. The following table represents the net (loss) gain recorded in earnings as a result of nonrecurring fair value adjustments recorded during the periods indicated: Three Months Ended Six Months Ended 2021 2020 2021 2020 (In thousands) Collateral-dependent loans: Commercial business: Commercial and industrial $ 6 $ 9 $ (28) $ 3 Owner-occupied CRE (76) — (76) — Total commercial business (70) 9 (104) 3 Real estate construction and land development: Commercial and multifamily (23) — (38) — Net (loss) gain from nonrecurring fair value adjustments $ (93) $ 9 $ (142) $ 3 The following tables present quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at the dates indicated: June 30, 2021 Fair Valuation Unobservable Input(s) Range of Inputs; Weighted (Dollars in thousands) Collateral-dependent loans $ 1,795 Market approach Adjustment for differences between the comparable sales 55.0% - (20.0)%; 18.3% December 31, 2020 Fair Valuation Unobservable Input(s) Range of Inputs; Weighted (Dollars in thousands) Collateral-dependent loans $ 1,289 Market approach Adjustment for differences between the comparable sales 0.6% - (40.1%); (24.1%) Branch held for sale $ 1,330 Market approach Adjustment for differences between the comparable sales 140.7% - (40.3%); 33.2% (b) Fair Value of Financial Instruments Broadly traded markets do not exist for most of the Company’s financial instruments; therefore, the fair value calculations attempt to incorporate the effect of current market conditions at a specific time. These determinations are subjective in nature, involve uncertainties and matters of significant judgment and do not include tax ramifications; therefore, the results cannot be determined with precision, substantiated by comparison to independent markets and may not be realized in an actual sale or immediate settlement of the instruments. There may be inherent weaknesses in any calculation technique and changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the results. For all of these reasons, the aggregation of the fair value calculations presented herein do not represent, and should not be construed to represent, the underlying value of the Company. The following tables present the carrying value amount of the Company’s financial instruments and their corresponding estimated fair values at the dates indicated: June 30, 2021 Carrying Fair Fair Value Measurements Using: Level 1 Level 2 Level 3 (In thousands) Financial Assets: Cash and cash equivalents $ 1,264,933 $ 1,264,933 $ 1,264,933 $ — $ — Investment securities available for sale 1,049,524 1,049,524 — 1,049,524 — Loans held for sale 2,739 2,840 — — 2,840 Loans receivable, net 4,155,968 4,271,615 — — 4,271,615 Accrued interest receivable 17,113 17,113 65 4,244 12,804 Banked owned life insurance 108,988 108,988 108,988 — — Derivative assets - interest rate swaps 19,342 19,342 — 19,342 — Equity security 181 181 181 — — Financial Liabilities: Noninterest deposits, interest bearing demand deposits, money market accounts and savings accounts $ 5,686,807 $ 5,686,807 $ 5,686,807 $ — $ — Certificates of deposit 374,899 376,646 — 376,646 — Securities sold under agreement to repurchase 46,429 46,429 46,429 — — Junior subordinated debentures 21,034 18,250 — — 18,250 Accrued interest payable 74 74 31 25 18 Derivative liabilities - interest rate swaps 19,510 19,510 — 19,510 — December 31, 2020 Carrying Fair Fair Value Measurements Using: Level 1 Level 2 Level 3 (In thousands) Financial Assets: Cash and cash equivalents $ 743,322 $ 743,322 $ 743,322 $ — $ — Investment securities available for sale 802,163 802,163 — 802,163 — Loans held for sale 4,932 5,156 — — 5,156 December 31, 2020 Carrying Fair Fair Value Measurements Using: Level 1 Level 2 Level 3 (In thousands) Loans receivable, net 4,398,462 4,556,862 — — 4,556,862 Accrued interest receivable 19,418 19,418 2 3,648 15,768 Bank owned life insurance 107,580 107,580 107,580 — — Derivative assets - interest rate swaps 25,740 25,740 — 25,740 — Equity security 131 131 131 — — Financial Liabilities: Noninterest deposits, interest bearing demand deposits, money market accounts and savings accounts $ 5,198,456 $ 5,198,456 $ 5,198,456 $ — $ — Certificates of deposit 399,534 402,701 — 402,701 — Securities sold under agreement to repurchase 35,683 35,683 35,683 — — Junior subordinated debentures 20,887 18,500 — — 18,500 Accrued interest payable 94 94 42 33 19 Derivative liabilities - interest rate swaps 26,162 26,162 — 26,162 — |
Cash Restriction
Cash Restriction | 6 Months Ended |
Jun. 30, 2021 | |
Banking and Thrift, Other Disclosures [Abstract] | |
Cash Restriction | Cash Restriction The Bank had restricted cash included in interest earning deposits on the Condensed Consolidated Statements of Financial Condition of $15.7 million and $25.9 million as of June 30, 2021 and December 31, 2020, respectively, relating to collateral required on interest rate swaps from third-parties as discussed in Note (6) Derivative Financial Instruments. The Bank does not have a collateral requirement with customers. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies In the ordinary course of business, the Bank may enter into various types of transactions that include commitments to extend credit that are not included in its Condensed Consolidated Financial Statements. The Bank applies the same credit standards to these commitments as it uses in all its lending activities and has included these commitments in its lending risk evaluations. The majority of the commitments presented below are variable rate. Loan commitments can be either revolving or non-revolving. The Bank’s exposure to credit and market risk under commitments to extend credit is represented by the amount of these commitments. The following table presents outstanding commitments to extend credit, including letters of credit, at the dates indicated: June 30, December 31, 2020 (In thousands) Commercial business: Commercial and industrial $ 572,214 $ 640,018 Owner-occupied CRE 2,515 3,488 Non-owner occupied CRE 7,811 18,396 Total commercial business 582,540 661,902 Real estate construction and land development: Residential 57,983 52,453 Commercial and multifamily 135,028 127,821 Total real estate construction and land development 193,011 180,274 Consumer 267,272 263,249 Total outstanding commitments $ 1,042,823 $ 1,105,425 Upon CECL adoption, as described in Note (1) Description of Business, Basis of Presentation, Significant Accounting Policies and Recently Issued Accounting Pronouncements, the Bank recorded an increase in the beginning ACL on unfunded commitments of $3.7 million as of January 1, 2020, representing the change in methodology from an estimate of incurred losses at the balance sheet date, with an estimated probability of funding, to an estimate of credit losses on future utilization over the entire contractual period. The following table details the activity in the ACL on unfunded commitments during the periods indicated: Three Months Ended Six months ended June 30, June 30, June 30, June 30, (In thousands) Balance, beginning of period $ 3,617 $ 1,990 $ 4,681 $ 306 Impact of CECL Adoption — — — 3,702 Adjusted balance, beginning of period 3,617 1,990 4,681 4,008 (Reversal of) provision for credit losses on unfunded commitments (1,166) 2,622 (2,230) 604 Balance, end of period $ 2,451 $ 4,612 $ 2,451 $ 4,612 |
Description of Business, Basi_2
Description of Business, Basis of Presentation and Significant Accounting Policies and Recently Issued Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of Business The Company is primarily engaged in the business of planning, directing and coordinating the business activities of its wholly-owned subsidiary, Heritage Bank. The Bank is headquartered in Olympia, Washington and conducts business from its 53 branch offices as of June 30, 2021 located throughout Washington State and the greater Portland, Oregon area. The Bank’s business consists primarily of commercial lending and deposit relationships with small and medium-sized businesses and their owners in its market areas and attracting deposits from the general public. The Bank also makes real estate construction and land development loans, consumer loans and originates first mortgage loans on residential properties primarily located in its market areas. The Bank's deposits are insured by the FDIC. The Company announced a plan in July 2021 to consolidate four branches during October 2021 to create a more efficient branch footprint. This will reduce the branch count from 53 to 49. The Company plans to integrate these locations into other branches within its network. |
Basis of Presentation | Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with GAAP for interim financial information and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. It is recommended that these unaudited Condensed Consolidated Financial Statements and accompanying Notes be read with the audited Consolidated Financial Statements and the accompanying Notes included in the 2020 Annual Form 10-K. In management's opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. To prepare unaudited Condensed Consolidated Financial Statements in conformity with GAAP, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided. Management believes that the judgments, estimates, and assumptions used in the preparation of the Condensed Consolidated Financial Statements are appropriate based on the facts and circumstances at the time. Actual results, however, could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change relate to management's estimate of ACL on loans, management's estimate of ACL on unfunded commitments, management's evaluation of goodwill impairment and management's estimate of the fair value of financial instruments. The accompanying Condensed Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiary, the Bank. All significant intercompany balances and transactions among the Company and the Bank have been eliminated in consolidation. Certain prior year amounts in the Condensed Consolidated Statements of Income and the Condensed Consolidated Statements of Cash Flows have been reclassified to conform to the current year’s presentation. Reclassifications had no effect on the prior years' net income or stockholders’ equity. |
Recently Issued Accounting Pronouncements | Recently Issued or Adopted Accounting Pronouncements FASB ASU 2016-13 , Financial Instruments: Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , as amended by ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-10, ASU 2019-11, and ASU 2020-02, was originally issued in June 2016. This ASU replaced the incurred loss methodology with an expected loss methodology, which is commonly referred to as the "CECL" methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loans receivable. It also applies to off-balance sheet credit exposures such as loan commitments, standby letters of credit, financial guarantees, and other similar instruments. In addition, CECL Adoption made changes to the accounting for credit losses on investment securities available for sale. This ASU requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. For public business entities, this ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years with early adoption permitted for fiscal years after December 15, 2018 and can be delayed under a provision of the CARES Act until the end of the official health emergency declaration. The Bank adopted ASU 2016-13 on January 1, 2020 using the modified retrospective method for all financial assets measured at amortized cost and unfunded commitments. At adoption, the Bank elected not to measure an ACL on accrued interest receivable on loans receivable or accrued interest receivable on investment securities available for sale as Bank policy is to reverse interest income for uncollectible accrued interest receivable balances in a timely manner. The adoption of ASU 2016-13 included an increase to the ACL on loans of $3.4 million and an increase to the ACL on unfunded commitments of $3.7 million, resulting in a pretax cumulative-effect adjustment of $7.1 million. The impact of this adjustment to beginning retained earnings on January 1, 2020 was $5.6 million, net of tax. FASB ASU 2020-04 , Reference Rate Reform (Topic 848) , as amended by ASU 2021-01, was issued in March 2020 and provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments in this ASU are effective for all entities as of March 12, 2020 through December 31, 2022. The amendments are elective, apply to all entities, and provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The Bank’s swap-related transactions are the majority of the Company's LIBOR exposure. Effective January 25, 2021, the Company adhered to the Interbank Offered Rate Fallbacks Protocol as published by the International Swaps and Derivatives Association, Inc. and recommended by the Alternative Reference Rates Committee. The Company does not expect this ASU to have a material impact on its business operations and the Condensed Consolidated Financial Statements. |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of securities available for sale | The following tables present the amortized cost and fair value of investment securities available for sale at the dates indicated and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income: June 30, 2021 Amortized Gross Gross Fair (In thousands) U.S. government and agency securities $ 104,688 $ 477 $ (1,518) $ 103,647 Municipal securities 219,174 10,341 (588) 228,927 Residential CMO and MBS 256,875 3,465 (846) 259,494 Commercial CMO and MBS 413,304 9,973 (1,337) 421,940 Corporate obligations 7,004 17 (3) 7,018 Other asset-backed securities 27,956 551 (9) 28,498 Total $ 1,029,001 $ 24,824 $ (4,301) $ 1,049,524 December 31, 2020 Amortized Gross Gross Fair (In thousands) U.S. government and agency securities $ 44,713 $ 947 $ — $ 45,660 Municipal securities 197,634 12,561 (227) 209,968 Residential CMO and MBS 196,956 5,125 (209) 201,872 Commercial CMO and MBS 290,638 13,198 (90) 303,746 Corporate obligations 10,971 125 — 11,096 Other asset-backed securities 29,283 565 (27) 29,821 Total $ 770,195 $ 32,521 $ (553) $ 802,163 |
Schedule of maturities of investment securities | The amortized cost and fair value of investment securities available for sale at June 30, 2021, by contractual maturity, are set forth below. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Cost Fair (In thousands) Due in one year or less $ 33,741 $ 33,967 Due after one year through five years 132,997 138,549 Due after five years through ten years 344,562 351,995 Due after ten years 517,701 525,013 Total $ 1,029,001 $ 1,049,524 |
Schedule of fair value and unrealized losses of available for sale investment securities | The following tables show the gross unrealized losses and fair value of the Company’s investment securities available for sale for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of June 30, 2021 and December 31, 2020: June 30, 2021 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized (In thousands) U.S. government and agency securities $ 50,213 $ (1,518) $ — $ — $ 50,213 $ (1,518) Municipal securities 32,012 (484) 2,348 (104) 34,360 (588) Residential CMO and MBS 42,784 (715) 22,901 (131) 65,685 (846) Commercial CMO and MBS 84,771 (1,331) 2,595 (6) 87,366 (1,337) Corporate obligations 4,990 (3) — — 4,990 (3) Other asset-backed securities — — 1,262 (9) 1,262 (9) Total $ 214,770 $ (4,051) $ 29,106 $ (250) $ 243,876 $ (4,301) December 31, 2020 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized (In thousands) Municipal securities $ 10,264 $ (227) $ — $ — $ 10,264 $ (227) Residential CMO and MBS — — 25,293 (209) 25,293 (209) Commercial CMO and MBS 11,404 (29) 7,499 (61) 18,903 (90) Other asset-backed securities — — 4,570 (27) 4,570 (27) Total $ 21,668 $ (256) $ 37,362 $ (297) $ 59,030 $ (553) |
Schedule of realized gains and losses on sale of securities available for sale | The following table presents the gross realized gains and losses on the sale of investment securities available for sale for the three and six months ended June 30, 2021 and 2020: Three Months Ended Six Months Ended 2021 2020 2021 2020 (In thousands) Gross realized gains $ — $ 414 $ 29 $ 1,442 Gross realized losses — (5) — (19) Net realized gains $ — $ 409 $ 29 $ 1,423 |
Scheduled of amortized cost and fair value of securities pledged as collateral | The following table summarizes the amortized cost and fair value of investment securities available for sale that are pledged as collateral for the following obligations at June 30, 2021 and December 31, 2020: June 30, 2021 December 31, 2020 Amortized Fair Amortized Fair (In thousands) Washington and Oregon state public deposits $ 124,649 $ 128,591 $ 119,652 $ 124,228 Securities sold under agreement to repurchase 51,022 51,719 38,630 39,945 Other securities pledged 41,509 42,371 29,665 30,717 Total $ 217,180 $ 222,681 $ 187,947 $ 194,890 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Schedule of loan origination and risk management | The amortized cost of loans receivable, net of ACL on loans at June 30, 2021 and December 31, 2020 consisted of the following portfolio segments and classes: June 30, December 31, (In thousands) Commercial business: Commercial and industrial $ 651,915 $ 733,098 SBA PPP 544,250 715,121 Owner-occupied CRE 865,662 856,684 Non-owner occupied CRE 1,425,238 1,410,303 Total commercial business 3,487,065 3,715,206 Residential real estate 120,148 122,756 June 30, December 31, (In thousands) Real estate construction and land development: Residential 88,601 78,259 Commercial and multifamily 239,979 227,454 Total real estate construction and land development 328,580 305,713 Consumer 271,737 324,972 Loans receivable 4,207,530 4,468,647 Allowance for credit losses on loans (51,562) (70,185) Loans receivable, net $ 4,155,968 $ 4,398,462 Balances included in the amortized cost of Loans receivable: Unamortized net discount on acquired loans $ (5,006) $ (6,575) Unamortized net deferred fee $ (17,994) $ (15,458) The following table presents the amortized cost of loans receivable by risk grade as of June 30, 2021 and December 31, 2020: June 30, 2021 Term Loans Revolving Loans Revolving Loans Converted to Term Loans (1) Loans Receivable 2021 2020 2019 2018 2017 Prior (In thousands) Commercial business: Commercial and industrial Pass $ 51,172 $ 112,717 $ 111,892 $ 59,450 $ 36,904 $ 112,403 $ 102,256 $ 989 $ 587,783 SM 1,003 904 6,618 6,553 3,036 5,787 5,446 — 29,347 SS 1,133 1,422 6,101 1,669 4,376 7,888 11,453 743 34,785 Total 53,308 115,043 124,611 67,672 44,316 126,078 119,155 1,732 651,915 SBA PPP Pass 347,813 196,437 — — — — — — 544,250 Owner-occupied CRE Pass 57,984 89,380 162,488 93,738 70,985 298,991 — 75 773,641 SM — 5,219 5,257 12,922 10,472 17,373 — — 51,243 SS — 694 — 3,818 7,083 29,183 — — 40,778 Total 57,984 95,293 167,745 110,478 88,540 345,547 — 75 865,662 Non-owner occupied CRE Pass 67,602 184,174 189,439 144,247 167,605 598,127 — — 1,351,194 SM — 5,094 1,971 353 2,293 10,016 — — 19,727 SS — — — 3,623 — 50,694 — — 54,317 Total 67,602 189,268 191,410 148,223 169,898 658,837 — — 1,425,238 Total commercial business Pass 524,571 582,708 463,819 297,435 275,494 1,009,521 102,256 1,064 3,256,868 SM 1,003 11,217 13,846 19,828 15,801 33,176 5,446 — 100,317 SS 1,133 2,116 6,101 9,110 11,459 87,765 11,453 743 129,880 Total 526,707 596,041 483,766 326,373 302,754 1,130,462 119,155 1,807 3,487,065 Residential real estate Pass 24,279 26,181 31,274 8,876 9,210 19,557 — — 119,377 SS — — — — 57 714 — — 771 Total 24,279 26,181 31,274 8,876 9,267 20,271 — — 120,148 Real estate construction and land development: Residential Pass 23,444 38,628 21,658 2,674 401 1,796 — — 88,601 Commercial and multifamily Pass 16,787 42,010 152,906 22,387 1,941 2,436 — — 238,467 SS — 636 443 — — 433 — — 1,512 Total 16,787 42,646 153,349 22,387 1,941 2,869 — — 239,979 Total real estate construction and land development Pass 40,231 80,638 174,564 25,061 2,342 4,232 — — 327,068 SS — 636 443 — — 433 — — 1,512 Total 40,231 81,274 175,007 25,061 2,342 4,665 — — 328,580 Consumer Pass 11,396 20,456 60,434 40,325 21,866 19,613 94,243 193 268,526 SS — 147 712 652 608 1,055 33 4 3,211 Total 11,396 20,603 61,146 40,977 22,474 20,668 94,276 197 271,737 June 30, 2021 Term Loans Revolving Loans Revolving Loans Converted to Term Loans (1) Loans Receivable 2021 2020 2019 2018 2017 Prior Loans receivable Pass 600,477 709,983 730,091 371,697 308,912 1,052,923 196,499 1,257 3,971,839 SM 1,003 11,217 13,846 19,828 15,801 33,176 5,446 — 100,317 SS 1,133 2,899 7,256 9,762 12,124 89,967 11,486 747 135,374 Total $ 602,613 $ 724,099 $ 751,193 $ 401,287 $ 336,837 $ 1,176,066 $ 213,431 $ 2,004 $ 4,207,530 (1) Represents loans receivable balance at June 30, 2021 which was converted from a revolving loan to an amortizing loan during the six months ended June 30, 2021. December 31, 2020 Term Loans Revolving Loans Revolving Loans Converted to Term Loans (1) Loans Receivable 2020 2019 2018 2017 2016 Prior (In thousands) Commercial business: Commercial and industrial Pass $ 118,971 $ 127,919 $ 70,766 $ 44,231 $ 37,658 $ 95,958 $ 121,440 $ 819 $ 617,762 SM 14,430 9,162 10,878 4,171 5,700 3,579 11,790 814 60,524 SS 2,199 11,835 3,416 9,348 1,052 7,651 15,484 3,827 54,812 Total 135,600 148,916 85,060 57,750 44,410 107,188 148,714 5,460 733,098 SBA PPP Pass 715,121 — — — — — — — 715,121 Owner-occupied CRE Pass 89,224 167,095 94,830 80,138 74,902 254,864 — — 761,053 SM 6,146 4,540 16,386 11,231 5,464 12,105 — — 55,872 SS — — 114 7,320 3,313 29,012 — — 39,759 Total 95,370 171,635 111,330 98,689 83,679 295,981 — — 856,684 Non-owner-occupied CRE Pass 197,548 173,153 148,830 172,438 240,614 406,817 — — 1,339,400 SM — 1,979 357 2,448 6,210 3,539 — — 14,533 SS — — 3,623 — 35,455 17,292 — — 56,370 Total 197,548 175,132 152,810 174,886 282,279 427,648 — — 1,410,303 Total commercial business Pass 1,120,864 468,167 314,426 296,807 353,174 757,639 121,440 819 3,433,336 SM 20,576 15,681 27,621 17,850 17,374 19,223 11,790 814 130,929 SS 2,199 11,835 7,153 16,668 39,820 53,955 15,484 3,827 150,941 Total 1,143,639 495,683 349,200 331,325 410,368 830,817 148,714 5,460 3,715,206 Residential real estate Pass 30,141 41,829 15,730 10,362 7,322 16,825 — — 122,209 SS — — — 59 — 488 — — 547 Total 30,141 41,829 15,730 10,421 7,322 17,313 — — 122,756 Real estate construction and land development: Residential Pass 33,801 36,697 2,725 1,097 971 1,042 — — 76,333 SS — — — 1,926 — — — — 1,926 Total 33,801 36,697 2,725 3,023 971 1,042 — — 78,259 Commercial and multifamily Pass 27,423 151,020 38,682 5,660 689 1,407 — — 224,881 SM 67 1,011 — — — 29 — — 1,107 SS 572 450 — — — 444 — — 1,466 Total 28,062 152,481 38,682 5,660 689 1,880 — — 227,454 Total real estate construction and land development Pass 61,224 187,717 41,407 6,757 1,660 2,449 — — 301,214 SM 67 1,011 — — — 29 — — 1,107 SS 572 450 — 1,926 — 444 — — 3,392 Total 61,863 189,178 41,407 8,683 1,660 2,922 — — 305,713 Consumer Pass 43,742 77,083 53,195 30,559 13,443 15,453 87,547 315 321,337 SS 34 404 684 648 420 1,319 78 48 3,635 Total 43,776 77,487 53,879 31,207 13,863 16,772 87,625 363 324,972 Loans receivable Pass 1,255,971 774,796 424,758 344,485 375,599 792,366 208,987 1,134 4,178,096 SM 20,643 16,692 27,621 17,850 17,374 19,252 11,790 814 132,036 SS 2,805 12,689 7,837 19,301 40,240 56,206 15,562 3,875 158,515 Total $ 1,279,419 $ 804,177 $ 460,216 $ 381,636 $ 433,213 $ 867,824 $ 236,339 $ 5,823 $ 4,468,647 (1) Represents loans receivable balance at December 31, 2020 which was converted from a revolving loan to an amortizing loan during the year ended December 31, 2020. |
Schedule of nonaccrual loans | The following table presents the amortized cost of nonaccrual loans for the dates indicated: June 30, 2021 Nonaccrual without ACL Nonaccrual with ACL Total Nonaccrual (In thousands) Commercial business: Commercial and industrial $ 7,491 $ 5,548 $ 13,039 Owner-occupied CRE 3,784 12,400 16,184 Non-owner occupied CRE 1,363 3,623 4,986 Total commercial business 12,638 21,571 34,209 Residential real estate — 60 60 Real estate construction and land development: Commercial and multifamily — 1,014 1,014 Consumer — 58 58 Total $ 12,638 $ 22,703 $ 35,341 December 31, 2020 Nonaccrual without ACL Nonaccrual with ACL Total Nonaccrual (In thousands) Commercial business: Commercial and industrial $ 22,039 $ 9,208 $ 31,247 Owner-occupied CRE 4,693 13,700 18,393 Non-owner occupied CRE 3,424 3,722 7,146 Total commercial business 30,156 26,630 56,786 Residential real estate 67 117 184 Real estate construction and land development: Commercial and multifamily 572 450 1,022 Consumer 31 69 100 Total $ 30,826 $ 27,266 $ 58,092 The following table presents the reversal of interest income on loans due to the write-off of accrued interest receivable upon the initial classification of loans as nonaccrual loans and the interest income recognized due to payment in full of previously classified nonaccrual loans during the following periods: Three Months Ended Three Months Ended Interest Income Reversed Interest Income Recognized Interest Income Reversed Interest Income Recognized (In thousands) Commercial business: Commercial and industrial $ (5) $ 1,981 $ — $ 89 Owner-occupied CRE — 3 — 14 Non-owner occupied CRE — — — 22 Total commercial business (5) 1,984 — 125 Consumer — — — 37 Total $ (5) $ 1,984 $ — $ 162 Six Months Ended Six months ended Interest Income Reversed Interest Income Recognized Interest Income Reversed Interest Income Recognized (in thousands) Commercial business: Commercial and industrial $ (10) $ 2,044 $ (16) $ 308 Owner-occupied CRE — 117 — 60 Non-owner occupied CRE — 313 — 67 Total commercial business (10) 2,474 (16) 435 Real estate construction and land development: Residential — 73 — — Consumer — — — 47 Total $ (10) $ 2,547 $ (16) $ 482 |
Schedule of amortized cost of past due loans | The amortized cost of past due loans as of June 30, 2021 and December 31, 2020 were as follows: June 30, 2021 30-89 Days 90 Days or Total Past Current Loans Receivable (In thousands) Commercial business: Commercial and industrial $ 489 $ 7,525 $ 8,014 $ 643,901 $ 651,915 SBA PPP — — — 544,250 544,250 Owner-occupied CRE — — — 865,662 865,662 Non-owner occupied CRE 4,038 — 4,038 1,421,200 1,425,238 Total commercial business 4,527 7,525 12,052 3,475,013 3,487,065 Residential real estate — 30 30 120,118 120,148 Real estate construction and land development: Residential — — — 88,601 88,601 Commercial and multifamily — 571 571 239,408 239,979 Total real estate construction and land development — 571 571 328,009 328,580 Consumer 788 — 788 270,949 271,737 Total $ 5,315 $ 8,126 $ 13,441 $ 4,194,089 $ 4,207,530 December 31, 2020 30-89 Days 90 Days or Total Past Current Loans Receivable (In thousands) Commercial business: Commercial and industrial $ 4,621 $ 8,082 $ 12,703 $ 720,395 $ 733,098 SBA PPP — — — 715,121 715,121 Owner-occupied CRE 991 403 1,394 855,290 856,684 Non-owner occupied CRE 412 1,970 2,382 1,407,921 1,410,303 Total commercial business 6,024 10,455 16,479 3,698,727 3,715,206 Residential real estate 765 16 781 121,975 122,756 Real estate construction and land development: Residential — — — 78,259 78,259 Commercial and multifamily 2,225 — 2,225 225,229 227,454 Total real estate construction and land development 2,225 — 2,225 303,488 305,713 Consumer 1,407 30 1,437 323,535 324,972 Total $ 10,421 $ 10,501 $ 20,922 $ 4,447,725 $ 4,468,647 |
Schedule of collateral-dependent loans | The type of collateral securing loans individually evaluated for credit losses and for which the repayment was expected to be provided substantially through the operation or sale of the collateral as of June 30, 2021 and December 31, 2020 were as follows: June 30, 2021 CRE (1) Farmland (1) Residential Real Estate (1) Other (1) Total (1) (In thousands) Commercial business: Commercial and industrial $ 1,767 $ 5,152 $ 751 $ 331 $ 8,001 Owner-occupied CRE 4,346 — — — 4,346 Non-owner occupied CRE 1,363 — — — 1,363 Total commercial business 7,476 5,152 751 331 13,710 Real estate construction and land development: Commercial and multifamily 571 — — — 571 Total $ 8,047 $ 5,152 $ 751 $ 331 $ 14,281 (1) Balances represent the amortized cost of the loan. If multiple collateral sources secure the loan, the entire balance is presented in the primary collateral category. December 31, 2020 CRE (1) Farmland (1) Residential Real Estate (1) Other (1) Total (1) (In thousands) Commercial business: Commercial and industrial $ 1,893 $ 18,738 $ 584 $ 1,405 $ 22,620 Owner-occupied CRE 4,693 — — — 4,693 Non-owner occupied CRE 3,424 — — — 3,424 Total commercial business 10,010 18,738 584 1,405 30,737 Residential real estate — — 67 — 67 Real estate construction and land development: Commercial and multifamily 572 — — — 572 Consumer — — 30 — 30 Total $ 10,582 $ 18,738 $ 681 $ 1,405 $ 31,406 (1) Balances represent the amortized cost of the loan. If multiple collateral sources secure the loan, the entire balance is presented in the primary collateral category. |
Schedule of loans receivable | Loans that were modified as TDR loans are set forth in the following tables for the periods indicated: Three Months Ended June 30, 2021 2020 Number of Amortized Cost (1) (2) Number of Amortized Cost (1) (2) (Dollars in thousands) Commercial business: Commercial and industrial 18 $ 5,673 31 $ 11,849 Owner-occupied CRE 1 2,200 4 1,657 Non-owner occupied CRE 1 251 2 398 Total commercial business 20 8,124 37 13,904 Real estate construction and land development: Residential — — 4 1,751 Commercial and multifamily 1 443 — — Total real estate construction and land development 1 443 4 1,751 Consumer 6 146 9 82 Total 27 $ 8,713 50 $ 15,737 Six Months Ended June 30, 2021 2020 Number of Amortized Cost (1) (2) Number of Amortized Cost (1) (2) (Dollars in thousands) Commercial business: Commercial and industrial 31 $ 8,713 35 $ 12,652 Owner-occupied CRE 2 5,857 6 3,067 Non-owner occupied CRE 2 2,222 3 2,143 Total commercial business 35 16,792 44 17,862 Residential real estate 1 181 — — Real estate construction and land development: Residential — — 4 1,751 Commercial and multifamily 1 443 — — Total real estate construction and land development 1 443 4 1,751 Consumer 21 511 14 173 Total TDR loans 58 $ 17,927 62 $ 19,786 (1) Number of contracts and amortized cost represent loans which have balances as of period end, net of subsequent payments after modifications. Certain modified loans may have been paid-down or charged-off during the three or six months ended June 30, 2021 and June 30, 2020. (2) As the Bank did not forgive any principal or interest balance as part of the loan modifications, the Bank’s amortized cost in each loan at the date of modification (pre-modification) did not change as a result of the modification (post-modification). |
Troubled debt restructuring loans, subsequently defaulted | The following tables present loans that were modified in a troubled debt restructure and subsequently defaulted within twelve months from the modification date during the periods indicated: Three Months Ended June 30, 2021 2020 Number of Contracts (1) Amortized Cost (1) Number of Contracts (1) Amortized Cost (1) (Dollars in thousands) Commercial business: Commercial and industrial 1 $ 46 2 $ 302 Owner-occupied CRE — — 1 445 Non-owner occupied CRE — — 1 280 Total 1 $ 46 4 $ 1,027 Six Months Ended June 30, 2021 2020 Number of Contracts (1) Amortized Cost (1) Number of Contracts (1) Amortized Cost (1) (Dollars in thousands) Commercial business: Commercial and industrial 2 $ 789 4 $ 2,155 Owner-occupied CRE — — 1 445 Non-owner occupied CRE — — 2 398 Total 2 $ 789 7 $ 2,998 (1) Number of contracts and amortized cost represent loans which have balances as of period end, net of subsequent payments after modifications. Certain modified loans may have been paid-down or charged-off during the six months ended June 30, 2021 and June 30, 2020. |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Schedule of changes in allowance for loan losses | A summary of the changes in the ACL on loans during the six months ended June 30, 2021 and 2020 is as follows: Six Months Ended June 30, 2021 2020 (In thousands) Balance at the beginning of the year $ 70,185 $ 36,171 Impact of CECL Adoption — 1,822 Balance at the beginning of the year, as adjusted 70,185 37,993 Charge-offs (320) (3,852) Recoveries of loans previously charged-off 653 1,455 (Reversal of) provision for credit losses on loans (18,956) 35,905 Balance at the end of the year $ 51,562 $ 71,501 The following tables detail the activity in the ACL on loans disaggregated by segment and class for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, 2021 Beginning Balance Charge-offs Recoveries Reversal of Provision for Credit Losses Ending Balance (In thousands) Commercial business: Commercial and industrial $ 21,770 $ (13) $ 132 $ (4,404) $ 17,485 SBA PPP — — — — — Owner-occupied CRE 10,464 — 11 (1,913) 8,562 Non-owner occupied CRE 12,970 — — (2,340) 10,630 Total commercial business 45,204 (13) 143 (8,657) 36,677 Residential real estate 1,402 — — (249) 1,153 Real estate construction and land development: Residential 2,048 — 4 (416) 1,636 Commercial and multifamily 11,223 — — (2,388) 8,835 Total real estate construction and land development 13,271 — 4 (2,804) 10,471 Consumer 4,348 (120) 144 (1,111) 3,261 Total $ 64,225 $ (133) $ 291 $ (12,821) $ 51,562 Six Months Ended June 30, 2021 Beginning Balance Charge-offs Recoveries (Reversal of) Provision for Credit Losses Ending Balance (In thousands) Commercial business: Six Months Ended June 30, 2021 Beginning Balance Charge-offs Recoveries (Reversal of) Provision for Credit Losses Ending Balance (In thousands) Commercial and industrial $ 30,010 $ (14) $ 337 $ (12,848) $ 17,485 SBA PPP — — — — — Owner-occupied CRE 9,486 — 13 (937) 8,562 Non-owner occupied CRE 10,112 — — 518 10,630 Total commercial business 49,608 (14) 350 (13,267) 36,677 Residential real estate 1,591 — — (438) 1,153 Real estate construction and land development: Residential 1,951 — 20 (335) 1,636 Commercial and multifamily 11,141 (1) — (2,305) 8,835 Total real estate construction and land development 13,092 (1) 20 (2,640) 10,471 Consumer 5,894 (305) 283 (2,611) 3,261 Total $ 70,185 $ (320) $ 653 $ (18,956) $ 51,562 Three Months Ended June 30, 2020 Beginning Balance Charge-offs Recoveries Provision for (Reversal of Provision for) Credit Losses Ending Balance (In thousands) Commercial business: Commercial and industrial $ 13,900 $ (1,824) $ 69 $ 17,628 $ 29,773 Owner-occupied CRE 6,216 — 2 3,785 10,003 Non-owner occupied CRE 7,750 — — 2,916 10,666 Total commercial business 27,866 (1,824) 71 24,329 50,442 Residential real estate 3,026 — — (803) 2,223 Real estate construction and land development: Residential 864 — 7 (304) 567 Commercial and multifamily 11,444 — — (2,887) 8,557 Total real estate construction and land development 12,308 — 7 (3,191) 9,124 Consumer 4,340 (431) 197 5,606 9,712 Total $ 47,540 $ (2,255) $ 275 $ 25,941 $ 71,501 Six Months Ended June 30, 2020 Beginning Balance Impact of CECL Adoption Beginning Balance, Charge-offs Recoveries Provision for (Reversal of Provision for) Credit Losses Ending Balance (In thousands) Commercial business: Commercial and industrial $ 11,739 $ (1,348) $ 10,391 $ (2,911) $ 1,126 $ 21,167 $ 29,773 Owner-occupied CRE 4,512 452 4,964 (135) 14 5,160 10,003 Non-owner occupied CRE 7,682 (2,039) 5,643 — — 5,023 10,666 Total commercial business 23,933 (2,935) 20,998 (3,046) 1,140 31,350 50,442 Residential real estate 1,458 1,471 2,929 — 3 (709) 2,223 Six Months Ended June 30, 2020 Beginning Balance Impact of CECL Adoption Beginning Balance, Charge-offs Recoveries Provision for (Reversal of Provision for) Credit Losses Ending Balance (In thousands) Real estate construction and land development: Residential 1,455 (571) 884 — 21 (338) 567 Commercial and multifamily 1,605 7,240 8,845 — — (288) 8,557 Total real estate construction and land development 3,060 6,669 9,729 — 21 (626) 9,124 Consumer 6,821 (2,484) 4,337 (806) 291 5,890 9,712 Unallocated 899 (899) — — — — — Total $ 36,171 $ 1,822 $ 37,993 $ (3,852) $ 1,455 $ 35,905 $ 71,501 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Change in other intangible assets | The following table presents the change in other intangible assets for the periods indicated: Three Months Ended Six Months Ended 2021 2020 2021 2020 (In thousands) Balance at the beginning of the period $ 12,291 $ 15,710 $ 13,088 $ 16,613 Amortization (797) (903) (1,594) (1,806) Balance at the end of the period $ 11,494 $ 14,807 $ 11,494 $ 14,807 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of notional amounts and estimated fair values of interest rate derivative contracts | The following table presents the notional amounts and estimated fair values of interest rate derivative contracts outstanding at June 30, 2021 and December 31, 2020: June 30, 2021 December 31, 2020 Notional Amounts Estimated Fair Value Notional Amounts Estimated Fair Value (In thousands) Non-hedging interest rate derivatives Interest rate swap asset (1) $ 321,519 $ 19,342 $ 308,126 $ 25,740 Interest rate swap liability (1) 321,519 (19,510) 308,126 (26,162) (1) The estimated fair value of derivatives with customers was $15.4 million and $25.4 million as of June 30, 2021 and December 31, 2020, respectively. The estimated fair value of derivatives with third parties was $(15.6) million and $(25.9) million as of June 30, 2021 and December 31, 2020, respectively. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Schedule of earnings per share reconciliation | The following table illustrates the calculation of weighted average shares used for earnings per common share computations at June 30, 2021 and June 30, 2020: Three Months Ended Six Months Ended 2021 2020 2021 2020 (In thousands, except shares) Net income (loss): Net income (loss) $ 32,702 $ (6,139) $ 58,046 $ 6,052 Dividends and undistributed earnings allocated to participating securities (1) — — — (3) Net income (loss) allocated to common shareholders $ 32,702 $ (6,139) $ 58,046 $ 6,049 Basic: Weighted average common shares outstanding 35,994,740 35,899,361 35,961,032 36,128,586 Restricted stock awards — (645) — (8,183) Total basic weighted average common shares outstanding 35,994,740 35,898,716 35,961,032 36,120,403 Diluted: Basic weighted average common shares outstanding 35,994,740 35,898,716 35,961,032 36,120,403 Effect of potentially dilutive common shares (2) 294,724 — 307,829 154,988 Total diluted weighted average common shares outstanding 36,289,464 35,898,716 36,268,861 36,275,391 Potentially dilutive shares that were excluded from the computation of diluted earnings per share because to do so would be anti-dilutive (3) 7,065 258,412 4,766 124,904 (1) Represents dividends paid and undistributed earnings allocated to unvested restricted stock awards. (2) Represents the effect of the assumed exercise of stock options and vesting of restricted stock awards and units. (3) Anti-dilution occurs when the exercise price of a stock option or the unrecognized compensation cost per share of a restricted stock award exceeds the market price of the Company’s stock. |
Schedule of dividends activity | The following table summarizes the dividend activity during the six months ended June 30, 2021 and the calendar year 2020: Declared Cash Dividend per Share Record Date Paid Date January 22, 2020 $0.20 February 6, 2020 February 20, 2020 April 29, 2020 $0.20 May 13, 2020 May 27, 2020 July 22, 2020 $0.20 August 5, 2020 August 19, 2020 October 21, 2020 $0.20 November 4, 2020 November 18, 2020 January 27, 2021 $0.20 February 10, 2021 February 24, 2021 April 21, 2021 $0.20 May 5, 2021 May 19, 2021 |
Schedule of stock repurchased during period | The following table provides total repurchased shares and average share prices under the applicable plans for the periods indicated: Three Months Ended Six Months Ended 2021 2020 2021 2020 Plan Total (1) Eleventh Stock Repurchase Plan Repurchased shares — — — 639,922 1,512,600 Stock repurchase average share price $ — $ — $ — $ 23.95 $ 21.69 Twelfth Stock Repurchase Plan Repurchased shares — — — 155,778 155,778 Stock repurchase average share price $ — $ — $ — $ 20.34 $ 20.34 (1) Represents shares repurchased and average price per share paid during the duration of each plan. |
Schedule of repurchased shares | The following table provides total shares repurchased to pay withholding taxes during the periods indicated: Three Months Ended Six Months Ended 2021 2020 2021 2020 Repurchased shares to pay withholding taxes 2,557 2,046 25,803 27,928 Stock repurchase to pay withholding taxes average share price $ 27.47 $ 18.62 $ 29.33 $ 21.56 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements of assets on a recurring basis | The following tables summarize the balances of assets and liabilities measured at fair value on a recurring basis at the dates indicated: June 30, 2021 Total Level 1 Level 2 Level 3 (In thousands) Assets Investment securities available for sale: U.S. government and agency securities $ 103,647 $ — $ 103,647 $ — Municipal securities 228,927 — 228,927 — Residential CMO and MBS 259,494 — 259,494 — Commercial CMO and MBS 421,940 — 421,940 — Corporate obligations 7,018 — 7,018 — Other asset-backed securities 28,498 — 28,498 — Total investment securities available for sale 1,049,524 — 1,049,524 — Equity security 181 181 — — Derivative assets - interest rate swaps 19,342 — 19,342 — Liabilities Derivative liabilities - interest rate swaps $ 19,510 $ — 19,510 $ — December 31, 2020 Total Level 1 Level 2 Level 3 (In thousands) Assets Investment securities available for sale: U.S. government and agency securities $ 45,660 $ — $ 45,660 $ — Municipal securities 209,968 — 209,968 — Residential CMO and MBS 201,872 — 201,872 — Commercial CMO and MBS 303,746 — 303,746 — Corporate obligations 11,096 — 11,096 — Other asset-backed securities 29,821 — 29,821 — Total investment securities available for sale 802,163 — 802,163 — Equity security 131 131 — — Derivative assets - interest rate swaps 25,740 — 25,740 — Liabilities Derivative liabilities - interest rate swaps $ 26,162 $ — $ 26,162 $ — |
Fair value measurements of assets on a nonrecurring basis | The following tables below represent assets measured at fair value on a nonrecurring basis at the dates indicated: Fair Value at June 30, 2021 Basis (1) Total Level 1 Level 2 Level 3 (In thousands) Collateral-dependent loans: Commercial business: Commercial and industrial $ 983 $ 775 $ — $ — $ 775 Fair Value at June 30, 2021 Basis (1) Total Level 1 Level 2 Level 3 (In thousands) Owner-occupied CRE 622 486 — — 486 Total commercial business 1,605 1,261 — — 1,261 Real estate construction and land development: Commercial and multifamily 991 534 — — 534 Total assets measured at fair value on a nonrecurring basis $ 2,596 $ 1,795 $ — $ — $ 1,795 (1) Basis represents the outstanding principal balance of collateral-dependent loans. Fair Value at December 31, 2020 Basis (1) Total Level 1 Level 2 Level 3 (In thousands) Collateral-dependent loans: Commercial business: Commercial and industrial $ 1,305 $ 1,289 $ — $ — $ 1,289 Prepaid expenses and other assets: Branch held for sale (2) 1,330 1,330 — — 1,330 Total assets measured at fair value on a nonrecurring basis $ 2,635 $ 2,619 $ — $ — $ 2,619 (1) Basis represents the outstanding principal balance of collateral-dependent loans and the carrying value of the branch held for sale. (2) In October 2020, one branch was reclassified as held for sale in accordance with ASC 360-10. As part of the transfer, the branch was written down to its net realizable value at that time. The following table represents the net (loss) gain recorded in earnings as a result of nonrecurring fair value adjustments recorded during the periods indicated: Three Months Ended Six Months Ended 2021 2020 2021 2020 (In thousands) Collateral-dependent loans: Commercial business: Commercial and industrial $ 6 $ 9 $ (28) $ 3 Owner-occupied CRE (76) — (76) — Total commercial business (70) 9 (104) 3 Real estate construction and land development: Commercial and multifamily (23) — (38) — Net (loss) gain from nonrecurring fair value adjustments $ (93) $ 9 $ (142) $ 3 |
Fair value measurements for financial instruments measured at fair value on a non-recurring basis | The following tables present quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at the dates indicated: June 30, 2021 Fair Valuation Unobservable Input(s) Range of Inputs; Weighted (Dollars in thousands) Collateral-dependent loans $ 1,795 Market approach Adjustment for differences between the comparable sales 55.0% - (20.0)%; 18.3% December 31, 2020 Fair Valuation Unobservable Input(s) Range of Inputs; Weighted (Dollars in thousands) Collateral-dependent loans $ 1,289 Market approach Adjustment for differences between the comparable sales 0.6% - (40.1%); (24.1%) Branch held for sale $ 1,330 Market approach Adjustment for differences between the comparable sales 140.7% - (40.3%); 33.2% |
Schedule of carrying value and fair value of financial instruments | The following tables present the carrying value amount of the Company’s financial instruments and their corresponding estimated fair values at the dates indicated: June 30, 2021 Carrying Fair Fair Value Measurements Using: Level 1 Level 2 Level 3 (In thousands) Financial Assets: Cash and cash equivalents $ 1,264,933 $ 1,264,933 $ 1,264,933 $ — $ — Investment securities available for sale 1,049,524 1,049,524 — 1,049,524 — Loans held for sale 2,739 2,840 — — 2,840 Loans receivable, net 4,155,968 4,271,615 — — 4,271,615 Accrued interest receivable 17,113 17,113 65 4,244 12,804 Banked owned life insurance 108,988 108,988 108,988 — — Derivative assets - interest rate swaps 19,342 19,342 — 19,342 — Equity security 181 181 181 — — Financial Liabilities: Noninterest deposits, interest bearing demand deposits, money market accounts and savings accounts $ 5,686,807 $ 5,686,807 $ 5,686,807 $ — $ — Certificates of deposit 374,899 376,646 — 376,646 — Securities sold under agreement to repurchase 46,429 46,429 46,429 — — Junior subordinated debentures 21,034 18,250 — — 18,250 Accrued interest payable 74 74 31 25 18 Derivative liabilities - interest rate swaps 19,510 19,510 — 19,510 — December 31, 2020 Carrying Fair Fair Value Measurements Using: Level 1 Level 2 Level 3 (In thousands) Financial Assets: Cash and cash equivalents $ 743,322 $ 743,322 $ 743,322 $ — $ — Investment securities available for sale 802,163 802,163 — 802,163 — Loans held for sale 4,932 5,156 — — 5,156 December 31, 2020 Carrying Fair Fair Value Measurements Using: Level 1 Level 2 Level 3 (In thousands) Loans receivable, net 4,398,462 4,556,862 — — 4,556,862 Accrued interest receivable 19,418 19,418 2 3,648 15,768 Bank owned life insurance 107,580 107,580 107,580 — — Derivative assets - interest rate swaps 25,740 25,740 — 25,740 — Equity security 131 131 131 — — Financial Liabilities: Noninterest deposits, interest bearing demand deposits, money market accounts and savings accounts $ 5,198,456 $ 5,198,456 $ 5,198,456 $ — $ — Certificates of deposit 399,534 402,701 — 402,701 — Securities sold under agreement to repurchase 35,683 35,683 35,683 — — Junior subordinated debentures 20,887 18,500 — — 18,500 Accrued interest payable 94 94 42 33 19 Derivative liabilities - interest rate swaps 26,162 26,162 — 26,162 — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Schedule of outstanding commitments to extend credit | The following table presents outstanding commitments to extend credit, including letters of credit, at the dates indicated: June 30, December 31, 2020 (In thousands) Commercial business: Commercial and industrial $ 572,214 $ 640,018 Owner-occupied CRE 2,515 3,488 Non-owner occupied CRE 7,811 18,396 Total commercial business 582,540 661,902 Real estate construction and land development: Residential 57,983 52,453 Commercial and multifamily 135,028 127,821 Total real estate construction and land development 193,011 180,274 Consumer 267,272 263,249 Total outstanding commitments $ 1,042,823 $ 1,105,425 |
Unused Commitments to Extend Credit [Member] | |
Schedule of details in the ACL on unfunded commitments | The following table details the activity in the ACL on unfunded commitments during the periods indicated: Three Months Ended Six months ended June 30, June 30, June 30, June 30, (In thousands) Balance, beginning of period $ 3,617 $ 1,990 $ 4,681 $ 306 Impact of CECL Adoption — — — 3,702 Adjusted balance, beginning of period 3,617 1,990 4,681 4,008 (Reversal of) provision for credit losses on unfunded commitments (1,166) 2,622 (2,230) 604 Balance, end of period $ 2,451 $ 4,612 $ 2,451 $ 4,612 |
Description of Business, Basi_3
Description of Business, Basis of Presentation and Significant Accounting Policies and Recently Issued Accounting Pronouncements (Details) $ in Thousands | 1 Months Ended | ||
Jul. 31, 2021Branchbranch | Jun. 30, 2021branch | Jan. 01, 2020USD ($) | |
Subsequent Event | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Number of Branches Consolidated | Branch | 4 | ||
Heritage Bank [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Number of Branches Operating | branch | 53 | ||
Heritage Bank [Member] | Subsequent Event | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Number of Branches Operating | branch | 49 | ||
Accounting Standards Update 2016-13 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 5,600 | ||
Cumulative Effect Of New Accounting Principle In Period Of Adoption PreTax | 7,100 | ||
Unused Commitments to Extend Credit [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | 3,700 | ||
Total Allowance for Credit Losses [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 3,400 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost, Gross Unrealized Gains and Losses and Fair Values (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Investment Holdings [Line Items] | ||
Debt Securities, Trading, and Equity Securities, FV-NI | $ 0 | $ 0 |
Amortized Cost | 1,029,001,000 | 770,195,000 |
Gross Unrealized Gains | 24,824,000 | 32,521,000 |
Gross Unrealized Losses | (4,301,000) | (553,000) |
Fair Value | 1,049,524,000 | 802,163,000 |
U.S. government and agency securities | ||
Investment Holdings [Line Items] | ||
Amortized Cost | 104,688,000 | 44,713,000 |
Gross Unrealized Gains | 477,000 | 947,000 |
Gross Unrealized Losses | (1,518,000) | 0 |
Fair Value | 103,647,000 | 45,660,000 |
Municipal securities | ||
Investment Holdings [Line Items] | ||
Amortized Cost | 219,174,000 | 197,634,000 |
Gross Unrealized Gains | 10,341,000 | 12,561,000 |
Gross Unrealized Losses | (588,000) | (227,000) |
Fair Value | 228,927,000 | 209,968,000 |
Residential CMO and MBS | ||
Investment Holdings [Line Items] | ||
Amortized Cost | 256,875,000 | 196,956,000 |
Gross Unrealized Gains | 3,465,000 | 5,125,000 |
Gross Unrealized Losses | (846,000) | (209,000) |
Fair Value | 201,872,000 | |
Commercial CMO and MBS | ||
Investment Holdings [Line Items] | ||
Amortized Cost | 413,304,000 | 290,638,000 |
Gross Unrealized Gains | 9,973,000 | 13,198,000 |
Gross Unrealized Losses | (1,337,000) | (90,000) |
Fair Value | 303,746,000 | |
Corporate obligations | ||
Investment Holdings [Line Items] | ||
Amortized Cost | 7,004,000 | 10,971,000 |
Gross Unrealized Gains | 17,000 | 125,000 |
Gross Unrealized Losses | (3,000) | 0 |
Fair Value | 11,096,000 | |
Other asset-backed securities | ||
Investment Holdings [Line Items] | ||
Amortized Cost | 27,956,000 | 29,283,000 |
Gross Unrealized Gains | 551,000 | 565,000 |
Gross Unrealized Losses | $ (9,000) | (27,000) |
Fair Value | $ 29,821,000 |
Investment Securities - Textual
Investment Securities - Textual (Details) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Allowance for credit losses on loans | $ 51,562,000 | $ 64,225,000 | $ 70,185,000 | $ 71,501,000 | $ 47,540,000 | $ 37,993,000 | $ 36,171,000 |
Accrued Investment Income Receivable | 4,200,000 | 3,600,000 | |||||
Available-for-sale Securities [Member] | |||||||
Allowance for credit losses on loans | $ 0 | $ 0 |
Investment Securities - Contrac
Investment Securities - Contractual Maturities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Amortized Cost | ||
Due in one year or less | $ 33,741 | |
Due after one year through five years | 132,997 | |
Due after five years through ten years | 344,562 | |
Due after ten years | 517,701 | |
Amortized Cost | 1,029,001 | $ 770,195 |
Fair Value | ||
Due in one year or less | 33,967 | |
Due after one year through five years | 138,549 | |
Due after five years through ten years | 351,995 | |
Due after ten years | 525,013 | |
Fair Value | $ 1,049,524 | $ 802,163 |
Investment Securities - Unreali
Investment Securities - Unrealized Losses (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value | ||
Less than 12 Months | $ 214,770 | $ 21,668 |
12 Months or Longer | 29,106 | 37,362 |
Total | 243,876 | 59,030 |
Unrealized Losses | ||
Less than 12 Months | (4,051) | (256) |
12 Months or Longer | (250) | (297) |
Total | (4,301) | (553) |
U.S. government and agency securities | ||
Fair Value | ||
Less than 12 Months | 50,213 | |
12 Months or Longer | 0 | |
Total | 50,213 | |
Unrealized Losses | ||
Less than 12 Months | (1,518) | |
12 Months or Longer | 0 | |
Total | (1,518) | |
Municipal securities | ||
Fair Value | ||
Less than 12 Months | 32,012 | 10,264 |
12 Months or Longer | 2,348 | 0 |
Total | 34,360 | 10,264 |
Unrealized Losses | ||
Less than 12 Months | (484) | (227) |
12 Months or Longer | (104) | 0 |
Total | (588) | (227) |
Residential CMO and MBS | ||
Fair Value | ||
Less than 12 Months | 42,784 | 0 |
12 Months or Longer | 22,901 | 25,293 |
Total | 65,685 | 25,293 |
Unrealized Losses | ||
Less than 12 Months | (715) | 0 |
12 Months or Longer | (131) | (209) |
Total | (846) | (209) |
Commercial CMO and MBS | ||
Fair Value | ||
Less than 12 Months | 84,771 | 11,404 |
12 Months or Longer | 2,595 | 7,499 |
Total | 87,366 | 18,903 |
Unrealized Losses | ||
Less than 12 Months | (1,331) | (29) |
12 Months or Longer | (6) | (61) |
Total | (1,337) | (90) |
Corporate obligations | ||
Fair Value | ||
Less than 12 Months | 4,990 | |
12 Months or Longer | 0 | |
Total | 4,990 | |
Unrealized Losses | ||
Less than 12 Months | (3) | |
12 Months or Longer | 0 | |
Total | (3) | |
Other asset-backed securities | ||
Fair Value | ||
Less than 12 Months | 0 | 0 |
12 Months or Longer | 1,262 | 4,570 |
Total | 1,262 | 4,570 |
Unrealized Losses | ||
Less than 12 Months | 0 | 0 |
12 Months or Longer | (9) | (27) |
Total | $ (9) | $ (27) |
Investment Securities - Realize
Investment Securities - Realized Gains and Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Gross realized gains | $ 0 | $ 414 | $ 29 | $ 1,442 |
Gross realized losses | 0 | (5) | 0 | (19) |
Net realized gains | $ 0 | $ 409 | $ 29 | $ 1,423 |
Investment Securities - Amort_2
Investment Securities - Amortized Cost and Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Scheduled of amortized cost and fair value of securities pledged as collateral | ||
Amortized Cost | $ 217,180 | $ 187,947 |
Fair Value | 222,681 | 194,890 |
Washington and Oregon State to Secure Public Deposits [Member] | ||
Scheduled of amortized cost and fair value of securities pledged as collateral | ||
Amortized Cost | 124,649 | 119,652 |
Fair Value | 128,591 | 124,228 |
Repurchase Agreements [Member] | ||
Scheduled of amortized cost and fair value of securities pledged as collateral | ||
Amortized Cost | 51,022 | 38,630 |
Fair Value | 51,719 | 39,945 |
Other securities pledged | ||
Scheduled of amortized cost and fair value of securities pledged as collateral | ||
Amortized Cost | 41,509 | 29,665 |
Fair Value | $ 42,371 | $ 30,717 |
Loans Receivable - Loan Origina
Loans Receivable - Loan Origination/Risk Management (Details) $ in Thousands | 6 Months Ended | ||||||
Jun. 30, 2021USD ($)segment | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Jan. 01, 2020USD ($) | Dec. 31, 2019USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Number of loan segments | segment | 4 | ||||||
Loans receivable | $ 4,207,530 | $ 4,468,647 | |||||
Allowance for credit losses on loans | 51,562 | $ 64,225 | 70,185 | $ 71,501 | $ 47,540 | $ 37,993 | $ 36,171 |
Loans and Leases Receivable, Net Amount | 4,155,968 | 4,398,462 | |||||
Financing Receivable, Unamortized Purchase Premium (Discount) | (5,006) | (6,575) | |||||
Financing Receivable, Unamortized Loan Fee (Cost) and Purchase Premium (Discount) | (17,994) | (15,458) | |||||
Commercial Portfolio Segment [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans receivable | 3,487,065 | 3,715,206 | |||||
Allowance for credit losses on loans | 36,677 | 45,204 | 49,608 | 50,442 | 27,866 | 20,998 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans receivable | 651,915 | 733,098 | |||||
Allowance for credit losses on loans | 17,485 | 21,770 | 30,010 | 29,773 | 13,900 | 10,391 | |
Commercial Portfolio Segment [Member] | Paycheck Protection Program | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans receivable | 544,250 | 715,121 | |||||
Allowance for credit losses on loans | 0 | 0 | 0 | ||||
Commercial Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans receivable | 865,662 | 856,684 | |||||
Allowance for credit losses on loans | 8,562 | 10,464 | 9,486 | 10,003 | 6,216 | 4,964 | |
Commercial Portfolio Segment [Member] | Non Owner Occupied Commercial Real Estate [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans receivable | 1,425,238 | 1,410,303 | |||||
Allowance for credit losses on loans | 10,630 | 12,970 | 10,112 | 10,666 | 7,750 | 5,643 | |
Residential Portfolio Segment [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans receivable | 120,148 | 122,756 | |||||
Allowance for credit losses on loans | 1,153 | 1,402 | 1,591 | 2,223 | 3,026 | 2,929 | |
Real Estate Construction and Land Development | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans receivable | 328,580 | 305,713 | |||||
Allowance for credit losses on loans | 10,471 | 13,271 | 13,092 | 9,124 | 12,308 | 9,729 | |
Real Estate Construction and Land Development | One-to-four Family Real Estate Construction | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans receivable | 88,601 | 78,259 | |||||
Allowance for credit losses on loans | 1,636 | 2,048 | 1,951 | 567 | 864 | 884 | |
Real Estate Construction and Land Development | Five or More Family Residential and Commercial Properties [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans receivable | 239,979 | 227,454 | |||||
Allowance for credit losses on loans | 8,835 | 11,223 | 11,141 | 8,557 | 11,444 | 8,845 | |
Consumer Portfolio Segment [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans receivable | 271,737 | 324,972 | |||||
Allowance for credit losses on loans | $ 3,261 | $ 4,348 | $ 5,894 | $ 9,712 | $ 4,340 | $ 4,337 |
Loans Receivable - Credit Quali
Loans Receivable - Credit Quality Indicators (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | $ 602,613 | $ 1,279,419 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 724,099 | 804,177 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 751,193 | 460,216 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 401,287 | 381,636 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 336,837 | 433,213 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,176,066 | 867,824 |
Financing Receivable, Revolving | 213,431 | 236,339 |
Financing Receivable revolving converted to Term Loans | 2,004 | 5,823 |
Financing Receivable, before Allowance for Credit Loss | 4,207,530 | 4,468,647 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 526,707 | 1,143,639 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 596,041 | 495,683 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 483,766 | 349,200 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 326,373 | 331,325 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 302,754 | 410,368 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,130,462 | 830,817 |
Financing Receivable, Revolving | 119,155 | 148,714 |
Financing Receivable revolving converted to Term Loans | 1,807 | 5,460 |
Financing Receivable, before Allowance for Credit Loss | 3,487,065 | 3,715,206 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 53,308 | 135,600 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 115,043 | 148,916 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 124,611 | 85,060 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 67,672 | 57,750 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 44,316 | 44,410 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 126,078 | 107,188 |
Financing Receivable, Revolving | 119,155 | 148,714 |
Financing Receivable revolving converted to Term Loans | 1,732 | 5,460 |
Financing Receivable, before Allowance for Credit Loss | 651,915 | 733,098 |
Commercial Portfolio Segment [Member] | Paycheck Protection Program | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 544,250 | 715,121 |
Commercial Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 57,984 | 95,370 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 95,293 | 171,635 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 167,745 | 111,330 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 110,478 | 98,689 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 88,540 | 83,679 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 345,547 | 295,981 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable revolving converted to Term Loans | 75 | 0 |
Financing Receivable, before Allowance for Credit Loss | 865,662 | 856,684 |
Commercial Portfolio Segment [Member] | Non Owner Occupied Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 67,602 | 197,548 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 189,268 | 175,132 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 191,410 | 152,810 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 148,223 | 174,886 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 169,898 | 282,279 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 658,837 | 427,648 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable revolving converted to Term Loans | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 1,425,238 | 1,410,303 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 24,279 | 30,141 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 26,181 | 41,829 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 31,274 | 15,730 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 8,876 | 10,421 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 9,267 | 7,322 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 20,271 | 17,313 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable revolving converted to Term Loans | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 120,148 | 122,756 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 11,396 | 43,776 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 20,603 | 77,487 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 61,146 | 53,879 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 40,977 | 31,207 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 22,474 | 13,863 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 20,668 | 16,772 |
Financing Receivable, Revolving | 94,276 | 87,625 |
Financing Receivable revolving converted to Term Loans | 197 | 363 |
Financing Receivable, before Allowance for Credit Loss | 271,737 | 324,972 |
Real Estate Construction and Land Development [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 40,231 | 61,863 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 81,274 | 189,178 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 175,007 | 41,407 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 25,061 | 8,683 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 2,342 | 1,660 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 4,665 | 2,922 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable revolving converted to Term Loans | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 328,580 | 305,713 |
Real Estate Construction and Land Development [Member] | One to Four Family Real Estate Construction [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 33,801 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 36,697 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 2,725 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 3,023 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 971 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,042 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable revolving converted to Term Loans | 0 | |
Financing Receivable, before Allowance for Credit Loss | 88,601 | 78,259 |
Real Estate Construction and Land Development [Member] | Five or More Family Residential and Commercial Properties [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 16,787 | 28,062 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 42,646 | 152,481 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 153,349 | 38,682 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 22,387 | 5,660 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,941 | 689 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 2,869 | 1,880 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable revolving converted to Term Loans | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 239,979 | 227,454 |
Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 600,477 | 1,255,971 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 709,983 | 774,796 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 730,091 | 424,758 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 371,697 | 344,485 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 308,912 | 375,599 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,052,923 | 792,366 |
Financing Receivable, Revolving | 196,499 | 208,987 |
Financing Receivable revolving converted to Term Loans | 1,257 | 1,134 |
Financing Receivable, before Allowance for Credit Loss | 3,971,839 | 4,178,096 |
Pass [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 524,571 | 1,120,864 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 582,708 | 468,167 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 463,819 | 314,426 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 297,435 | 296,807 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 275,494 | 353,174 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,009,521 | 757,639 |
Financing Receivable, Revolving | 102,256 | 121,440 |
Financing Receivable revolving converted to Term Loans | 1,064 | 819 |
Financing Receivable, before Allowance for Credit Loss | 3,256,868 | 3,433,336 |
Pass [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 51,172 | 118,971 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 112,717 | 127,919 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 111,892 | 70,766 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 59,450 | 44,231 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 36,904 | 37,658 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 112,403 | 95,958 |
Financing Receivable, Revolving | 102,256 | 121,440 |
Financing Receivable revolving converted to Term Loans | 989 | 819 |
Financing Receivable, before Allowance for Credit Loss | 587,783 | 617,762 |
Pass [Member] | Commercial Portfolio Segment [Member] | Paycheck Protection Program | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 347,813 | 715,121 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 196,437 | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable revolving converted to Term Loans | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 544,250 | 715,121 |
Pass [Member] | Commercial Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 57,984 | 89,224 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 89,380 | 167,095 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 162,488 | 94,830 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 93,738 | 80,138 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 70,985 | 74,902 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 298,991 | 254,864 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable revolving converted to Term Loans | 75 | 0 |
Financing Receivable, before Allowance for Credit Loss | 773,641 | 761,053 |
Pass [Member] | Commercial Portfolio Segment [Member] | Non Owner Occupied Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 67,602 | 197,548 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 184,174 | 173,153 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 189,439 | 148,830 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 144,247 | 172,438 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 167,605 | 240,614 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 598,127 | 406,817 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable revolving converted to Term Loans | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 1,351,194 | 1,339,400 |
Pass [Member] | Residential Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 24,279 | 30,141 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 26,181 | 41,829 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 31,274 | 15,730 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 8,876 | 10,362 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 9,210 | 7,322 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 19,557 | 16,825 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable revolving converted to Term Loans | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 119,377 | 122,209 |
Pass [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 11,396 | 43,742 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 20,456 | 77,083 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 60,434 | 53,195 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 40,325 | 30,559 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 21,866 | 13,443 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 19,613 | 15,453 |
Financing Receivable, Revolving | 94,243 | 87,547 |
Financing Receivable revolving converted to Term Loans | 193 | 315 |
Financing Receivable, before Allowance for Credit Loss | 268,526 | 321,337 |
Pass [Member] | Real Estate Construction and Land Development [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 40,231 | 61,224 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 80,638 | 187,717 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 174,564 | 41,407 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 25,061 | 6,757 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 2,342 | 1,660 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 4,232 | 2,449 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable revolving converted to Term Loans | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 327,068 | 301,214 |
Pass [Member] | Real Estate Construction and Land Development [Member] | One to Four Family Real Estate Construction [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 23,444 | 33,801 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 38,628 | 36,697 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 21,658 | 2,725 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 2,674 | 1,097 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 401 | 971 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,796 | 1,042 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable revolving converted to Term Loans | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 88,601 | 76,333 |
Pass [Member] | Real Estate Construction and Land Development [Member] | Five or More Family Residential and Commercial Properties [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 16,787 | 27,423 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 42,010 | 151,020 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 152,906 | 38,682 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 22,387 | 5,660 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,941 | 689 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 2,436 | 1,407 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable revolving converted to Term Loans | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 238,467 | 224,881 |
Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 1,003 | 20,643 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 11,217 | 16,692 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 13,846 | 27,621 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 19,828 | 17,850 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 15,801 | 17,374 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 33,176 | 19,252 |
Financing Receivable, Revolving | 5,446 | 11,790 |
Financing Receivable revolving converted to Term Loans | 0 | 814 |
Financing Receivable, before Allowance for Credit Loss | 100,317 | 132,036 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 1,003 | 20,576 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 11,217 | 15,681 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 13,846 | 27,621 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 19,828 | 17,850 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 15,801 | 17,374 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 33,176 | 19,223 |
Financing Receivable, Revolving | 5,446 | 11,790 |
Financing Receivable revolving converted to Term Loans | 0 | 814 |
Financing Receivable, before Allowance for Credit Loss | 100,317 | 130,929 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 1,003 | 14,430 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 904 | 9,162 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 6,618 | 10,878 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 6,553 | 4,171 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 3,036 | 5,700 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 5,787 | 3,579 |
Financing Receivable, Revolving | 5,446 | 11,790 |
Financing Receivable revolving converted to Term Loans | 0 | 814 |
Financing Receivable, before Allowance for Credit Loss | 29,347 | 60,524 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 6,146 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 5,219 | 4,540 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 5,257 | 16,386 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 12,922 | 11,231 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 10,472 | 5,464 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 17,373 | 12,105 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable revolving converted to Term Loans | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 51,243 | 55,872 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | Non Owner Occupied Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 5,094 | 1,979 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,971 | 357 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 353 | 2,448 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 2,293 | 6,210 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 10,016 | 3,539 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable revolving converted to Term Loans | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 19,727 | 14,533 |
Special Mention [Member] | Real Estate Construction and Land Development [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 67 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,011 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 29 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable revolving converted to Term Loans | 0 | |
Financing Receivable, before Allowance for Credit Loss | 1,107 | |
Special Mention [Member] | Real Estate Construction and Land Development [Member] | Five or More Family Residential and Commercial Properties [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 67 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,011 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 29 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable revolving converted to Term Loans | 0 | |
Financing Receivable, before Allowance for Credit Loss | 1,107 | |
Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 1,133 | 2,805 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 2,899 | 12,689 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 7,256 | 7,837 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 9,762 | 19,301 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 12,124 | 40,240 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 89,967 | 56,206 |
Financing Receivable, Revolving | 11,486 | 15,562 |
Financing Receivable revolving converted to Term Loans | 747 | 3,875 |
Financing Receivable, before Allowance for Credit Loss | 135,374 | 158,515 |
Substandard [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 1,133 | 2,199 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 2,116 | 11,835 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 6,101 | 7,153 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 9,110 | 16,668 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 11,459 | 39,820 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 87,765 | 53,955 |
Financing Receivable, Revolving | 11,453 | 15,484 |
Financing Receivable revolving converted to Term Loans | 743 | 3,827 |
Financing Receivable, before Allowance for Credit Loss | 129,880 | 150,941 |
Substandard [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 1,133 | 2,199 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,422 | 11,835 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 6,101 | 3,416 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,669 | 9,348 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 4,376 | 1,052 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 7,888 | 7,651 |
Financing Receivable, Revolving | 11,453 | 15,484 |
Financing Receivable revolving converted to Term Loans | 743 | 3,827 |
Financing Receivable, before Allowance for Credit Loss | 34,785 | 54,812 |
Substandard [Member] | Commercial Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 694 | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 114 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 3,818 | 7,320 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 7,083 | 3,313 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 29,183 | 29,012 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable revolving converted to Term Loans | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 40,778 | 39,759 |
Substandard [Member] | Commercial Portfolio Segment [Member] | Non Owner Occupied Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 3,623 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 3,623 | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 35,455 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 50,694 | 17,292 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable revolving converted to Term Loans | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 54,317 | 56,370 |
Substandard [Member] | Residential Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 59 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 57 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 714 | 488 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable revolving converted to Term Loans | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 771 | 547 |
Substandard [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 34 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 147 | 404 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 712 | 684 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 652 | 648 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 608 | 420 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,055 | 1,319 |
Financing Receivable, Revolving | 33 | 78 |
Financing Receivable revolving converted to Term Loans | 4 | 48 |
Financing Receivable, before Allowance for Credit Loss | 3,211 | 3,635 |
Substandard [Member] | Real Estate Construction and Land Development [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 572 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 636 | 450 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 443 | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 1,926 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 433 | 444 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable revolving converted to Term Loans | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 1,512 | 3,392 |
Substandard [Member] | Real Estate Construction and Land Development [Member] | One to Four Family Real Estate Construction [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,926 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable revolving converted to Term Loans | 0 | |
Financing Receivable, before Allowance for Credit Loss | 1,926 | |
Substandard [Member] | Real Estate Construction and Land Development [Member] | Five or More Family Residential and Commercial Properties [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 572 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 636 | 450 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 443 | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 433 | 444 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable revolving converted to Term Loans | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | $ 1,512 | $ 1,466 |
Loans Receivable - Nonaccrual L
Loans Receivable - Nonaccrual Loans (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Nonaccrual, No Allowance | $ 12,638,000 | $ 12,638,000 | $ 30,826,000 | ||
Financing Receivable, Nonaccrual, with Allowance | 22,703,000 | 22,703,000 | 27,266,000 | ||
Gross nonaccrual loans | 35,341,000 | 35,341,000 | 58,092,000 | ||
Interest and Fee Income, Loans and Leases | 50,750,000 | $ 48,404,000 | 100,274,000 | $ 94,681,000 | |
Commercial Portfolio Segment [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Nonaccrual, No Allowance | 12,638,000 | 12,638,000 | 30,156,000 | ||
Financing Receivable, Nonaccrual, with Allowance | 21,571,000 | 21,571,000 | 26,630,000 | ||
Gross nonaccrual loans | 34,209,000 | 34,209,000 | 56,786,000 | ||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Nonaccrual, No Allowance | 7,491,000 | 7,491,000 | 22,039,000 | ||
Financing Receivable, Nonaccrual, with Allowance | 5,548,000 | 5,548,000 | 9,208,000 | ||
Gross nonaccrual loans | 13,039,000 | 13,039,000 | 31,247,000 | ||
Commercial Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Nonaccrual, No Allowance | 3,784,000 | 3,784,000 | 4,693,000 | ||
Financing Receivable, Nonaccrual, with Allowance | 12,400,000 | 12,400,000 | 13,700,000 | ||
Gross nonaccrual loans | 16,184,000 | 16,184,000 | 18,393,000 | ||
Commercial Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | Special Mention [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Nonaccrual, No Allowance | 0 | 0 | 572,000 | ||
Financing Receivable, Nonaccrual, with Allowance | 1,014,000 | 1,014,000 | 450,000 | ||
Gross nonaccrual loans | 1,014,000 | 1,014,000 | 1,022,000 | ||
Commercial Portfolio Segment [Member] | Non Owner Occupied Commercial Real Estate [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Nonaccrual, No Allowance | 1,363,000 | 1,363,000 | 3,424,000 | ||
Financing Receivable, Nonaccrual, with Allowance | 3,623,000 | 3,623,000 | 3,722,000 | ||
Gross nonaccrual loans | 4,986,000 | 4,986,000 | 7,146,000 | ||
Residential Portfolio Segment [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Nonaccrual, No Allowance | 0 | 0 | 67,000 | ||
Financing Receivable, Nonaccrual, with Allowance | 60,000 | 60,000 | 117,000 | ||
Gross nonaccrual loans | 60,000 | 60,000 | 184,000 | ||
Consumer Portfolio Segment [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Nonaccrual, No Allowance | 0 | 0 | 31,000 | ||
Financing Receivable, Nonaccrual, with Allowance | 58,000 | 58,000 | 69,000 | ||
Gross nonaccrual loans | 58,000 | 58,000 | $ 100,000 | ||
Nonaccrual [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Impaired Financing Receivable Interest Income Reversal Accrual Method | (5,000) | 0 | (10,000) | (16,000) | |
Impaired Financing Receivable, Interest Income, Accrual Method | 1,984,000 | 162,000 | 2,547,000 | 482,000 | |
Interest and Fee Income, Loans and Leases | 0 | 0 | 0 | 0 | |
Nonaccrual [Member] | Commercial Portfolio Segment [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Impaired Financing Receivable Interest Income Reversal Accrual Method | (5,000) | 0 | (10,000) | (16,000) | |
Impaired Financing Receivable, Interest Income, Accrual Method | 1,984,000 | 125,000 | 2,474,000 | 435,000 | |
Nonaccrual [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Impaired Financing Receivable Interest Income Reversal Accrual Method | (5,000) | 0 | (10,000) | (16,000) | |
Impaired Financing Receivable, Interest Income, Accrual Method | 1,981,000 | 89,000 | 2,044,000 | 308,000 | |
Nonaccrual [Member] | Commercial Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Impaired Financing Receivable Interest Income Reversal Accrual Method | 0 | 0 | 0 | 0 | |
Impaired Financing Receivable, Interest Income, Accrual Method | 3,000 | 14,000 | 117,000 | 60,000 | |
Nonaccrual [Member] | Commercial Portfolio Segment [Member] | Non Owner Occupied Commercial Real Estate [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Impaired Financing Receivable Interest Income Reversal Accrual Method | 0 | 0 | 0 | 0 | |
Impaired Financing Receivable, Interest Income, Accrual Method | 0 | 22,000 | 313,000 | 67,000 | |
Nonaccrual [Member] | Real Estate Construction and Land Development | One-to-four Family Real Estate Construction | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Impaired Financing Receivable Interest Income Reversal Accrual Method | 0 | 0 | |||
Impaired Financing Receivable, Interest Income, Accrual Method | 73,000 | 0 | |||
Nonaccrual [Member] | Consumer Portfolio Segment [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Impaired Financing Receivable Interest Income Reversal Accrual Method | 0 | 0 | 0 | 0 | |
Impaired Financing Receivable, Interest Income, Accrual Method | $ 0 | $ 37,000 | $ 0 | $ 47,000 |
Loans Receivable - Past Due Loa
Loans Receivable - Past Due Loans (Details) | Jun. 30, 2021USD ($)Loan | Dec. 31, 2020USD ($) |
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 4,207,530,000 | $ 4,468,647,000 |
Number of commercial and industrial loans 90 days or more past due | Loan | 1 | |
90 days or more and still accruing | $ 286,000 | 0 |
Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 5,315,000 | 10,421,000 |
90 Days or Greater | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 8,126,000 | 10,501,000 |
Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 13,441,000 | 20,922,000 |
Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 4,194,089,000 | 4,447,725,000 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 3,487,065,000 | 3,715,206,000 |
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 4,527,000 | 6,024,000 |
Commercial Portfolio Segment [Member] | 90 Days or Greater | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 7,525,000 | 10,455,000 |
Commercial Portfolio Segment [Member] | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 12,052,000 | 16,479,000 |
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 3,475,013,000 | 3,698,727,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 651,915,000 | 733,098,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 489,000 | 4,621,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | 90 Days or Greater | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 7,525,000 | 8,082,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 8,014,000 | 12,703,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 643,901,000 | 720,395,000 |
Commercial Portfolio Segment [Member] | SBA PPP Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 544,250,000 | 715,121,000 |
Commercial Portfolio Segment [Member] | SBA PPP Loans [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Commercial Portfolio Segment [Member] | SBA PPP Loans [Member] | 90 Days or Greater | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Commercial Portfolio Segment [Member] | SBA PPP Loans [Member] | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Commercial Portfolio Segment [Member] | SBA PPP Loans [Member] | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 544,250,000 | 715,121,000 |
Commercial Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 865,662,000 | 856,684,000 |
Commercial Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 991,000 |
Commercial Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | 90 Days or Greater | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 403,000 |
Commercial Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 1,394,000 |
Commercial Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 865,662,000 | 855,290,000 |
Commercial Portfolio Segment [Member] | Non Owner Occupied Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 1,425,238,000 | 1,410,303,000 |
Commercial Portfolio Segment [Member] | Non Owner Occupied Commercial Real Estate [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 4,038,000 | 412,000 |
Commercial Portfolio Segment [Member] | Non Owner Occupied Commercial Real Estate [Member] | 90 Days or Greater | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 1,970,000 |
Commercial Portfolio Segment [Member] | Non Owner Occupied Commercial Real Estate [Member] | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 4,038,000 | 2,382,000 |
Commercial Portfolio Segment [Member] | Non Owner Occupied Commercial Real Estate [Member] | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 1,421,200,000 | 1,407,921,000 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 120,148,000 | 122,756,000 |
Residential Portfolio Segment [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 765,000 |
Residential Portfolio Segment [Member] | 90 Days or Greater | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 30,000 | 16,000 |
Residential Portfolio Segment [Member] | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 30,000 | 781,000 |
Residential Portfolio Segment [Member] | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 120,118,000 | 121,975,000 |
Real Estate Construction and Land Development | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 328,580,000 | 305,713,000 |
Real Estate Construction and Land Development | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 2,225,000 |
Real Estate Construction and Land Development | 90 Days or Greater | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 571,000 | 0 |
Real Estate Construction and Land Development | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 571,000 | 2,225,000 |
Real Estate Construction and Land Development | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 328,009,000 | 303,488,000 |
Real Estate Construction and Land Development | One-to-four Family Real Estate Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 88,601,000 | 78,259,000 |
Real Estate Construction and Land Development | One-to-four Family Real Estate Construction | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Real Estate Construction and Land Development | One-to-four Family Real Estate Construction | 90 Days or Greater | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Real Estate Construction and Land Development | One-to-four Family Real Estate Construction | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Real Estate Construction and Land Development | One-to-four Family Real Estate Construction | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 88,601,000 | 78,259,000 |
Real Estate Construction and Land Development | Five or More Family Residential and Commercial Properties [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 239,979,000 | 227,454,000 |
Real Estate Construction and Land Development | Five or More Family Residential and Commercial Properties [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 2,225,000 |
Real Estate Construction and Land Development | Five or More Family Residential and Commercial Properties [Member] | 90 Days or Greater | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 571,000 | 0 |
Real Estate Construction and Land Development | Five or More Family Residential and Commercial Properties [Member] | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 571,000 | 2,225,000 |
Real Estate Construction and Land Development | Five or More Family Residential and Commercial Properties [Member] | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 239,408,000 | 225,229,000 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 271,737,000 | 324,972,000 |
Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 788,000 | 1,407,000 |
Consumer Portfolio Segment [Member] | 90 Days or Greater | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 30,000 |
Consumer Portfolio Segment [Member] | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 788,000 | 1,437,000 |
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 270,949,000 | $ 323,535,000 |
Loans Receivable - Collateral D
Loans Receivable - Collateral Dependent (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Loans and Leases Receivable, Collateral for Secured Borrowings | $ 14,281 | $ 31,406 |
Commercial Portfolio Segment [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Loans and Leases Receivable, Collateral for Secured Borrowings | 13,710 | 30,737 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Loans and Leases Receivable, Collateral for Secured Borrowings | 8,001 | 22,620 |
Commercial Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Loans and Leases Receivable, Collateral for Secured Borrowings | 4,346 | 4,693 |
Commercial Portfolio Segment [Member] | Non Owner Occupied Commercial Real Estate [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Loans and Leases Receivable, Collateral for Secured Borrowings | 1,363 | 3,424 |
Residential Portfolio Segment [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Loans and Leases Receivable, Collateral for Secured Borrowings | 67 | |
Real Estate Construction and Land Development [Member] | Five or More Family Residential and Commercial Properties [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Loans and Leases Receivable, Collateral for Secured Borrowings | 571 | 572 |
Consumer Portfolio Segment [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Loans and Leases Receivable, Collateral for Secured Borrowings | 30 | |
Commercial Real Estate | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Loans and Leases Receivable, Collateral for Secured Borrowings | 8,047 | 10,582 |
Commercial Real Estate | Commercial Portfolio Segment [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Loans and Leases Receivable, Collateral for Secured Borrowings | 7,476 | 10,010 |
Commercial Real Estate | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Loans and Leases Receivable, Collateral for Secured Borrowings | 1,767 | 1,893 |
Commercial Real Estate | Commercial Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Loans and Leases Receivable, Collateral for Secured Borrowings | 4,346 | 4,693 |
Commercial Real Estate | Commercial Portfolio Segment [Member] | Non Owner Occupied Commercial Real Estate [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Loans and Leases Receivable, Collateral for Secured Borrowings | 1,363 | 3,424 |
Commercial Real Estate | Residential Portfolio Segment [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Loans and Leases Receivable, Collateral for Secured Borrowings | 0 | |
Commercial Real Estate | Real Estate Construction and Land Development [Member] | Five or More Family Residential and Commercial Properties [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Loans and Leases Receivable, Collateral for Secured Borrowings | 571 | 572 |
Commercial Real Estate | Consumer Portfolio Segment [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Loans and Leases Receivable, Collateral for Secured Borrowings | 0 | |
Farmland [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Loans and Leases Receivable, Collateral for Secured Borrowings | 5,152 | 18,738 |
Farmland [Member] | Commercial Portfolio Segment [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Loans and Leases Receivable, Collateral for Secured Borrowings | 5,152 | 18,738 |
Farmland [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Loans and Leases Receivable, Collateral for Secured Borrowings | 5,152 | 18,738 |
Farmland [Member] | Commercial Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Loans and Leases Receivable, Collateral for Secured Borrowings | 0 | 0 |
Farmland [Member] | Commercial Portfolio Segment [Member] | Non Owner Occupied Commercial Real Estate [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Loans and Leases Receivable, Collateral for Secured Borrowings | 0 | 0 |
Farmland [Member] | Residential Portfolio Segment [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Loans and Leases Receivable, Collateral for Secured Borrowings | 0 | |
Farmland [Member] | Real Estate Construction and Land Development [Member] | Five or More Family Residential and Commercial Properties [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Loans and Leases Receivable, Collateral for Secured Borrowings | 0 | 0 |
Farmland [Member] | Consumer Portfolio Segment [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Loans and Leases Receivable, Collateral for Secured Borrowings | 0 | |
Real Estate [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Loans and Leases Receivable, Collateral for Secured Borrowings | 751 | 681 |
Real Estate [Member] | Commercial Portfolio Segment [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Loans and Leases Receivable, Collateral for Secured Borrowings | 751 | 584 |
Real Estate [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Loans and Leases Receivable, Collateral for Secured Borrowings | 751 | 584 |
Real Estate [Member] | Commercial Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Loans and Leases Receivable, Collateral for Secured Borrowings | 0 | 0 |
Real Estate [Member] | Commercial Portfolio Segment [Member] | Non Owner Occupied Commercial Real Estate [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Loans and Leases Receivable, Collateral for Secured Borrowings | 0 | 0 |
Real Estate [Member] | Residential Portfolio Segment [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Loans and Leases Receivable, Collateral for Secured Borrowings | 67 | |
Real Estate [Member] | Real Estate Construction and Land Development [Member] | Five or More Family Residential and Commercial Properties [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Loans and Leases Receivable, Collateral for Secured Borrowings | 0 | 0 |
Real Estate [Member] | Consumer Portfolio Segment [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Loans and Leases Receivable, Collateral for Secured Borrowings | 30 | |
Other [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Loans and Leases Receivable, Collateral for Secured Borrowings | 331 | |
Other [Member] | Commercial Portfolio Segment [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Loans and Leases Receivable, Collateral for Secured Borrowings | 331 | 1,405 |
Other [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Loans and Leases Receivable, Collateral for Secured Borrowings | 331 | 1,405 |
Other [Member] | Commercial Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Loans and Leases Receivable, Collateral for Secured Borrowings | 0 | 0 |
Other [Member] | Commercial Portfolio Segment [Member] | Non Owner Occupied Commercial Real Estate [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Loans and Leases Receivable, Collateral for Secured Borrowings | 0 | 0 |
Other [Member] | Residential Portfolio Segment [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Loans and Leases Receivable, Collateral for Secured Borrowings | 0 | |
Other [Member] | Real Estate Construction and Land Development [Member] | Five or More Family Residential and Commercial Properties [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Loans and Leases Receivable, Collateral for Secured Borrowings | $ 0 | 0 |
Other [Member] | Consumer Portfolio Segment [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Loans and Leases Receivable, Collateral for Secured Borrowings | $ 0 |
Loans Receivable - Modified TDR
Loans Receivable - Modified TDRs (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021USD ($)contract | Jun. 30, 2020USD ($)contract | Jun. 30, 2021USD ($)contract | Jun. 30, 2020USD ($)contract | Dec. 31, 2020USD ($) | |
Loans Modified as Troubled Debt Restructurings [Abstract] | |||||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | $ 4,900 | $ 4,900 | $ 2,600 | ||
Commercial Portfolio Segment [Member] | |||||
Loans Modified as Troubled Debt Restructurings [Abstract] | |||||
Number of Contracts | contract | 20 | 37 | 35 | 44 | |
Outstanding Principal Balance | $ 8,124 | $ 13,904 | $ 16,792 | $ 17,862 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||||
Loans Modified as Troubled Debt Restructurings [Abstract] | |||||
Number of Contracts | contract | 18 | 31 | 31 | 35 | |
Outstanding Principal Balance | $ 5,673 | $ 11,849 | $ 8,713 | $ 12,652 | |
Commercial Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | |||||
Loans Modified as Troubled Debt Restructurings [Abstract] | |||||
Number of Contracts | contract | 1 | 4 | 2 | 6 | |
Outstanding Principal Balance | $ 2,200 | $ 1,657 | $ 5,857 | $ 3,067 | |
Commercial Portfolio Segment [Member] | Non Owner Occupied Commercial Real Estate [Member] | |||||
Loans Modified as Troubled Debt Restructurings [Abstract] | |||||
Number of Contracts | contract | 1 | 2 | 2 | 3 | |
Outstanding Principal Balance | $ 251 | $ 398 | $ 2,222 | $ 2,143 | |
Real Estate Construction and Land Development | One-to-four Family Real Estate Construction | |||||
Loans Modified as Troubled Debt Restructurings [Abstract] | |||||
Number of Contracts | contract | 0 | 4 | 0 | 4 | |
Outstanding Principal Balance | $ 0 | $ 1,751 | $ 0 | $ 1,751 | |
One-to-four Family Real Estate Construction | |||||
Loans Modified as Troubled Debt Restructurings [Abstract] | |||||
Number of Contracts | contract | 1 | 0 | |||
Outstanding Principal Balance | $ 181 | $ 0 | |||
Troubled Debt Restructured Loans | |||||
Loans Modified as Troubled Debt Restructurings [Abstract] | |||||
Number of Contracts | contract | 27 | 50 | 58 | 62 | |
Outstanding Principal Balance | $ 8,713 | $ 15,737 | $ 17,927 | $ 19,786 | |
Troubled Debt Restructured Loans | Modified during the quarter [Member] | |||||
Loans Modified as Troubled Debt Restructurings [Abstract] | |||||
Related Specific Valuation Allowance | $ 1,700 | $ 1,500 | $ 1,700 | $ 1,500 | |
Troubled Debt Restructured Loans | Real Estate Construction and Land Development | |||||
Loans Modified as Troubled Debt Restructurings [Abstract] | |||||
Number of Contracts | contract | 1 | 4 | 1 | 4 | |
Outstanding Principal Balance | $ 443 | $ 1,751 | $ 443 | $ 1,751 | |
Troubled Debt Restructured Loans | Real Estate Construction and Land Development | Five or More Family Residential and Commercial Properties [Member] | |||||
Loans Modified as Troubled Debt Restructurings [Abstract] | |||||
Number of Contracts | contract | 1 | 0 | 1 | 0 | |
Outstanding Principal Balance | $ 443 | $ 0 | $ 443 | $ 0 | |
Troubled Debt Restructured Loans | Consumer Portfolio Segment [Member] | |||||
Loans Modified as Troubled Debt Restructurings [Abstract] | |||||
Number of Contracts | contract | 6 | 9 | 21 | 14 | |
Outstanding Principal Balance | $ 146 | $ 82 | $ 511 | $ 173 |
Loans Receivable - TDRs Subsequ
Loans Receivable - TDRs Subsequently Defaulted (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021USD ($)contract | Jun. 30, 2020USD ($)Contractcontract | Jun. 30, 2021USD ($)contract | Jun. 30, 2020USD ($)contractContract | Dec. 31, 2020USD ($) | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Contracts (1) | contract | 1 | 4 | 2 | 7 | |
Amortized Cost (1) | $ 46,000 | $ 1,027,000 | $ 789,000 | $ 2,998,000 | |
Accrued interest receivable | 17,113,000 | 17,113,000 | $ 19,418,000 | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 79,000 | 79,000 | |||
Loans Receivable [Member] | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Accrued interest receivable | $ 12,800,000 | $ 12,800,000 | $ 15,800,000 | ||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Contracts (1) | contract | 1 | 2 | 2 | 4 | |
Amortized Cost (1) | $ 46,000 | $ 302,000 | $ 789,000 | $ 2,155,000 | |
Commercial Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Contracts (1) | 0 | 1 | 0 | 1 | |
Amortized Cost (1) | $ 0 | $ 445,000 | $ 0 | $ 445,000 | |
Commercial Portfolio Segment [Member] | Non Owner Occupied Commercial Real Estate [Member] | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Contracts (1) | contract | 0 | 1 | 0 | 2 | |
Amortized Cost (1) | $ 0 | $ 280,000 | $ 0 | $ 398,000 | |
Finance Receivable Modified Subsequent Default | Troubled Debt Restructured Loans | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Related Specific Valuation Allowance | $ 7,000 | $ 494,000 | $ 7,000 | $ 494,000 |
Allowance for Credit Losses o_2
Allowance for Credit Losses on Loans (Details) - USD ($) $ in Thousands | Jan. 01, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Allowance for Loan and Lease Losses, Period Increase (Decrease) | $ (18,600) | |||||
Allowance for Loan and Lease Losses, Period Increase (Decrease), Percent | (26.50%) | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning Balance | $ 36,171 | $ 64,225 | $ 47,540 | $ 70,185 | $ 36,171 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | (133) | (2,255) | (320) | (3,852) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 291 | 275 | 653 | 1,455 | ||
Provision for credit losses | (12,821) | 25,941 | (18,956) | 35,905 | ||
Ending Balance | 37,993 | 51,562 | 71,501 | 51,562 | 71,501 | |
Total Allowance for Credit Losses | $ 36,171 | |||||
Accounting Standards Update 2016-13 [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 5,600 | |||||
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 1,822 | |||||
Commercial Portfolio Segment [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning Balance | 45,204 | 27,866 | 49,608 | |||
Financing Receivable, Allowance for Credit Loss, Writeoff | (13) | (1,824) | (14) | (3,046) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 143 | 71 | 350 | 1,140 | ||
Provision for credit losses | (8,657) | 24,329 | (13,267) | 31,350 | ||
Ending Balance | 20,998 | 36,677 | 50,442 | 36,677 | 50,442 | |
Total Allowance for Credit Losses | 23,933 | |||||
Commercial Portfolio Segment [Member] | Accounting Standards Update 2016-13 [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | (2,935) | |||||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning Balance | 21,770 | 13,900 | 30,010 | |||
Financing Receivable, Allowance for Credit Loss, Writeoff | (13) | (1,824) | (14) | (2,911) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 132 | 69 | 337 | 1,126 | ||
Provision for credit losses | (4,404) | 17,628 | (12,848) | 21,167 | ||
Ending Balance | 10,391 | 17,485 | 29,773 | 17,485 | 29,773 | |
Total Allowance for Credit Losses | 11,739 | |||||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Accounting Standards Update 2016-13 [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | (1,348) | |||||
Commercial Portfolio Segment [Member] | Paycheck Protection Program | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning Balance | 0 | 0 | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | 0 | ||||
Provision for credit losses | 0 | 0 | ||||
Ending Balance | 0 | 0 | ||||
Commercial Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning Balance | 10,464 | 6,216 | 9,486 | |||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 | 0 | (135) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 11 | 2 | 13 | 14 | ||
Provision for credit losses | (1,913) | 3,785 | (937) | 5,160 | ||
Ending Balance | 4,964 | 8,562 | 10,003 | 8,562 | 10,003 | |
Total Allowance for Credit Losses | 4,512 | |||||
Commercial Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | Accounting Standards Update 2016-13 [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 452 | |||||
Commercial Portfolio Segment [Member] | Non Owner Occupied Commercial Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning Balance | 12,970 | 7,750 | 10,112 | |||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 | 0 | 0 | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | 0 | 0 | 0 | ||
Provision for credit losses | (2,340) | 2,916 | 518 | 5,023 | ||
Ending Balance | 5,643 | 10,630 | 10,666 | 10,630 | 10,666 | |
Total Allowance for Credit Losses | 7,682 | |||||
Commercial Portfolio Segment [Member] | Non Owner Occupied Commercial Real Estate [Member] | Accounting Standards Update 2016-13 [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | (2,039) | |||||
Residential Portfolio Segment [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning Balance | 1,402 | 3,026 | 1,591 | |||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 | 0 | 0 | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | 0 | 0 | 3 | ||
Provision for credit losses | (249) | (803) | (438) | (709) | ||
Ending Balance | 2,929 | 1,153 | 2,223 | 1,153 | 2,223 | |
Total Allowance for Credit Losses | 1,458 | |||||
Residential Portfolio Segment [Member] | Accounting Standards Update 2016-13 [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 1,471 | |||||
Real Estate Construction and Land Development [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning Balance | 13,271 | 12,308 | 13,092 | |||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 | (1) | 0 | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 4 | 7 | 20 | 21 | ||
Provision for credit losses | (2,804) | (3,191) | (2,640) | (626) | ||
Ending Balance | 9,729 | 10,471 | 9,124 | 10,471 | 9,124 | |
Total Allowance for Credit Losses | 3,060 | |||||
Real Estate Construction and Land Development [Member] | Accounting Standards Update 2016-13 [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 6,669 | |||||
Real Estate Construction and Land Development [Member] | One to Four Family Real Estate Construction [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning Balance | 2,048 | 864 | 1,951 | |||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 | 0 | 0 | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 4 | 7 | 20 | 21 | ||
Provision for credit losses | (416) | (304) | (335) | (338) | ||
Ending Balance | 884 | 1,636 | 567 | 1,636 | 567 | |
Total Allowance for Credit Losses | 1,455 | |||||
Real Estate Construction and Land Development [Member] | One to Four Family Real Estate Construction [Member] | Accounting Standards Update 2016-13 [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | (571) | |||||
Real Estate Construction and Land Development [Member] | Five or More Family Residential and Commercial Properties [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning Balance | 11,223 | 11,444 | 11,141 | |||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 | (1) | 0 | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | 0 | 0 | 0 | ||
Provision for credit losses | (2,388) | (2,887) | (2,305) | (288) | ||
Ending Balance | 8,845 | 8,835 | 8,557 | 8,835 | 8,557 | |
Total Allowance for Credit Losses | 1,605 | |||||
Real Estate Construction and Land Development [Member] | Five or More Family Residential and Commercial Properties [Member] | Accounting Standards Update 2016-13 [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 7,240 | |||||
Consumer Portfolio Segment [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning Balance | 4,348 | 4,340 | 5,894 | |||
Financing Receivable, Allowance for Credit Loss, Writeoff | (120) | (431) | (305) | (806) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 144 | 197 | 283 | 291 | ||
Provision for credit losses | (1,111) | 5,606 | (2,611) | 5,890 | ||
Ending Balance | 4,337 | $ 3,261 | 9,712 | 3,261 | 9,712 | |
Total Allowance for Credit Losses | 6,821 | |||||
Consumer Portfolio Segment [Member] | Accounting Standards Update 2016-13 [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | (2,484) | |||||
Unallocated | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | |||||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | |||||
Provision for credit losses | 0 | |||||
Ending Balance | 0 | $ 0 | 0 | |||
Total Allowance for Credit Losses | $ 899 | |||||
Unallocated | Accounting Standards Update 2016-13 [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | (899) | |||||
Cumulative Effect, Period of Adoption, Adjustment | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning Balance | 1,822 | 0 | 1,822 | |||
Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning Balance | $ 37,993 | $ 70,185 | $ 37,993 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Other Intangible Assets, Textual (Details) - Core Deposits | 6 Months Ended |
Jun. 30, 2021 | |
Premier Commercial Bancorp | |
Finite-Lived Intangible Assets [Line Items] | |
Useful life | 10 years |
Puget Sound Bancorp | |
Finite-Lived Intangible Assets [Line Items] | |
Useful life | 10 years |
Washington Banking Company | |
Finite-Lived Intangible Assets [Line Items] | |
Useful life | 10 years |
Valley Community Bancshares | |
Finite-Lived Intangible Assets [Line Items] | |
Useful life | 10 years |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Change in Other Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Finite-lived Intangible Assets [Roll Forward] | ||||
Balance at the beginning of the period | $ 12,291 | $ 15,710 | $ 13,088 | $ 16,613 |
Amortization | (797) | (903) | (1,594) | (1,806) |
Balance at the end of the period | $ 11,494 | $ 14,807 | $ 11,494 | $ 14,807 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Customers | ||
Derivative Asset | ||
Estimated Fair Value | $ 15,400 | $ 25,400 |
Third Parties | ||
Derivative Asset | ||
Estimated Fair Value | (25,900) | |
Derivative Liability | ||
Estimated Fair Value | (15,600) | |
Interest rate swap | ||
Derivative Asset | ||
Estimated Fair Value | 19,342 | |
Derivative Liability | ||
Estimated Fair Value | (19,510) | |
Interest rate swap | Non-hedging interest rate derivatives | ||
Derivative Asset | ||
Notional Amounts | 321,519 | 308,126 |
Estimated Fair Value | 25,740 | |
Derivative Liability | ||
Notional Amounts | $ 321,519 | 308,126 |
Estimated Fair Value | $ (26,162) |
Stockholders' Equity - Reconcil
Stockholders' Equity - Reconciliation of Weighted Average Shares (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net income (loss): | ||||
Net income (loss) | $ 32,702 | $ (6,139) | $ 58,046 | $ 6,052 |
Dividends and undistributed earnings allocated to participating securities (1) | 0 | 0 | 0 | (3) |
Net income (loss) allocated to common shareholders | $ 32,702 | $ (6,139) | $ 58,046 | $ 6,049 |
Basic: | ||||
Weighted average common shares outstanding (in shares) | 35,994,740 | 35,899,361 | 35,961,032 | 36,128,586 |
Less: Restricted stock awards (in shares) | 0 | (645) | 0 | (8,183) |
Total basic weighted average common shares outstanding (in shares) | 35,994,740 | 35,898,716 | 35,961,032 | 36,120,403 |
Diluted: | ||||
Basic weighted average common shares outstanding (in shares) | 35,994,740 | 35,898,716 | 35,961,032 | 36,120,403 |
Effect of potentially dilutive common shares (in shares) | 294,724 | 0 | 307,829 | 154,988 |
Total diluted weighted average common shares outstanding (in shares) | 36,289,464 | 35,898,716 | 36,268,861 | 36,275,391 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 7,065 | 258,412 | 4,766 | 124,904 |
Stockholders' Equity - Dividend
Stockholders' Equity - Dividends (Details) - $ / shares | Apr. 21, 2021 | Jan. 27, 2021 | Oct. 21, 2020 | Jul. 22, 2020 | Apr. 29, 2020 | Jan. 22, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Stockholders' Equity Note [Abstract] | ||||||||||
Declared | Apr. 21, 2021 | Jan. 27, 2021 | Oct. 21, 2020 | Jul. 22, 2020 | Apr. 29, 2020 | Jan. 22, 2020 | ||||
Cash Dividend per Share (in usd per share) | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.40 | $ 0.40 |
Record Date | May 5, 2021 | Feb. 10, 2021 | Nov. 4, 2020 | Aug. 5, 2020 | May 13, 2020 | Feb. 6, 2020 | ||||
Paid Date | May 19, 2021 | Feb. 24, 2021 | Nov. 18, 2020 | Aug. 19, 2020 | May 27, 2020 | Feb. 20, 2020 |
Stockholders' Equity - Stock Re
Stockholders' Equity - Stock Repurchase Program (Details) - USD ($) | Mar. 12, 2020 | Oct. 23, 2014 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Shares Related to Withholding Taxes on the Vesting of Restricted Stock | ||||||
Stockholders Equity (Textual) [Abstract] | ||||||
Number of shares repurchased (in shares) | 2,557 | 2,046 | 25,803 | 27,928 | ||
Eleventh Stock Repurchase Plan | ||||||
Stockholders Equity (Textual) [Abstract] | ||||||
Outstanding share percent | 5.00% | |||||
Outstanding common shares in the plan (in shares) | 1,512,600 | |||||
Twelfth Stock Repurchase Plan [Member] [Member] [Domain] | ||||||
Stockholders Equity (Textual) [Abstract] | ||||||
Outstanding share percent | 5.00% | |||||
Outstanding common shares in the plan (in shares) | 1,799,054 | |||||
Eleventh Stock Repurchase Plan | ||||||
Stockholders Equity (Textual) [Abstract] | ||||||
Number of shares repurchased (in shares) | 0 | 0 | 0 | 639,922 | ||
Stock Repurchased During Period, Value | $ 0 | $ 0 | $ 0 | $ 23.95 | ||
Net Total Stock Repurchased During Periods Presented, Shares | 1,512,600 | |||||
Net Stock Repurchased During Periods Presented, Value Per Share | $ 21.69 | |||||
Twelfth Stock Repurchase Plan [Member] [Member] [Domain] | ||||||
Stockholders Equity (Textual) [Abstract] | ||||||
Number of shares repurchased (in shares) | 0 | 0 | 0 | 155,778 | ||
Stock Repurchased During Period, Value | $ 0 | $ 0 | $ 0 | $ 20.34 | ||
Net Total Stock Repurchased During Periods Presented, Shares | 155,778 | |||||
Net Stock Repurchased During Periods Presented, Value Per Share | $ 20.34 |
Stockholders' Equity - Shares R
Stockholders' Equity - Shares Repurchased (Details) - Shares Related to Withholding Taxes on the Vesting of Restricted Stock - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Repurchased shares to pay withholding taxes (in shares) | 2,557 | 2,046 | 25,803 | 27,928 |
Withholding taxes average price per share (in usd per share) | $ 27.47 | $ 18.62 | $ 29.33 | $ 21.56 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Measurement on Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | $ 1,049,524 | $ 802,163 |
U.S. government and agency securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 103,647 | 45,660 |
Municipal securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 228,927 | 209,968 |
Residential CMO and MBS | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 201,872 | |
Commercial CMO and MBS | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 303,746 | |
Corporate obligations | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 11,096 | |
Other asset-backed securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 29,821 | |
Level 1 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 0 | |
Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 802,163 | |
Equity security | 181 | 131 |
Recurring | U.S. government and agency securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 103,647 | 45,660 |
Recurring | Municipal securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 228,927 | 209,968 |
Recurring | Residential CMO and MBS | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 259,494 | 201,872 |
Recurring | Commercial CMO and MBS | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 421,940 | 303,746 |
Recurring | Corporate obligations | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 7,018 | 11,096 |
Recurring | Other asset-backed securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 28,498 | 29,821 |
Recurring | Interest rate swap | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative assets - interest rate swaps | 19,342 | 25,740 |
Derivative liabilities - interest rate swaps | 19,510 | 26,162 |
Recurring | Level 1 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 0 | |
Equity security | 181 | 131 |
Recurring | Level 1 | U.S. government and agency securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 0 | 0 |
Recurring | Level 1 | Municipal securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 0 | 0 |
Recurring | Level 1 | Residential CMO and MBS | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 0 | 0 |
Recurring | Level 1 | Commercial CMO and MBS | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 0 | 0 |
Recurring | Level 1 | Corporate obligations | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 0 | 0 |
Recurring | Level 1 | Other asset-backed securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 0 | 0 |
Recurring | Level 1 | Interest rate swap | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative assets - interest rate swaps | 0 | 0 |
Derivative liabilities - interest rate swaps | 0 | 0 |
Recurring | Level 2 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 1,049,524 | 802,163 |
Equity security | 0 | 0 |
Recurring | Level 2 | U.S. government and agency securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 103,647 | 45,660 |
Recurring | Level 2 | Municipal securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 228,927 | 209,968 |
Recurring | Level 2 | Residential CMO and MBS | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 201,872 | |
Recurring | Level 2 | Commercial CMO and MBS | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 303,746 | |
Recurring | Level 2 | Corporate obligations | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 11,096 | |
Recurring | Level 2 | Other asset-backed securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 29,821 | |
Recurring | Level 2 | Interest rate swap | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative assets - interest rate swaps | 19,342 | 25,740 |
Derivative liabilities - interest rate swaps | 19,510 | 26,162 |
Recurring | Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 0 | 0 |
Equity security | 0 | 0 |
Recurring | Level 3 | U.S. government and agency securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 0 | 0 |
Recurring | Level 3 | Municipal securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 0 | 0 |
Recurring | Level 3 | Residential CMO and MBS | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 0 | 0 |
Recurring | Level 3 | Commercial CMO and MBS | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 0 | 0 |
Recurring | Level 3 | Corporate obligations | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 0 | 0 |
Recurring | Level 3 | Other asset-backed securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 0 | 0 |
Recurring | Level 3 | Interest rate swap | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative assets - interest rate swaps | 0 | 0 |
Derivative liabilities - interest rate swaps | $ 0 | $ 0 |
Fair Value Measurements - Fai_2
Fair Value Measurements - Fair Value Measurement on Nonrecurring Basis (Details) - Nonrecurring - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Fair value measurements of assets on a nonrecurring basis | |||||
Basis | $ 2,635 | ||||
Fair Value | 2,619 | ||||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ (93) | $ 9 | $ (142) | $ 3 | |
Level 1 | |||||
Fair value measurements of assets on a nonrecurring basis | |||||
Fair Value | 0 | ||||
Level 2 | |||||
Fair value measurements of assets on a nonrecurring basis | |||||
Fair Value | 0 | ||||
Level 3 | |||||
Fair value measurements of assets on a nonrecurring basis | |||||
Fair Value | 2,619 | ||||
Impaired Loans | |||||
Fair value measurements of assets on a nonrecurring basis | |||||
Basis | 2,596 | 2,596 | |||
Fair Value | 1,795 | 1,795 | |||
Impaired Loans | Level 1 | |||||
Fair value measurements of assets on a nonrecurring basis | |||||
Fair Value | 0 | 0 | |||
Impaired Loans | Level 2 | |||||
Fair value measurements of assets on a nonrecurring basis | |||||
Fair Value | 0 | 0 | |||
Impaired Loans | Level 3 | |||||
Fair value measurements of assets on a nonrecurring basis | |||||
Fair Value | 1,795 | 1,795 | 1,289 | ||
Impaired Loans | Commercial Portfolio Segment [Member] | |||||
Fair value measurements of assets on a nonrecurring basis | |||||
Basis | 1,605 | 1,605 | |||
Fair Value | 1,261 | 1,261 | |||
Net Losses (Gains) Recorded in Earnings | (70) | 9 | (104) | 3 | |
Impaired Loans | Commercial Portfolio Segment [Member] | Level 1 | |||||
Fair value measurements of assets on a nonrecurring basis | |||||
Fair Value | 0 | 0 | |||
Impaired Loans | Commercial Portfolio Segment [Member] | Level 2 | |||||
Fair value measurements of assets on a nonrecurring basis | |||||
Fair Value | 0 | 0 | |||
Impaired Loans | Commercial Portfolio Segment [Member] | Level 3 | |||||
Fair value measurements of assets on a nonrecurring basis | |||||
Fair Value | 1,261 | 1,261 | |||
Impaired Loans | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||||
Fair value measurements of assets on a nonrecurring basis | |||||
Basis | 983 | 983 | 1,305 | ||
Fair Value | 775 | 775 | 1,289 | ||
Net Losses (Gains) Recorded in Earnings | 6 | 9 | (28) | 3 | |
Impaired Loans | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Level 1 | |||||
Fair value measurements of assets on a nonrecurring basis | |||||
Fair Value | 0 | 0 | 0 | ||
Impaired Loans | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Level 2 | |||||
Fair value measurements of assets on a nonrecurring basis | |||||
Fair Value | 0 | 0 | 0 | ||
Impaired Loans | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Level 3 | |||||
Fair value measurements of assets on a nonrecurring basis | |||||
Fair Value | 775 | 775 | 1,289 | ||
Impaired Loans | Commercial Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | |||||
Fair value measurements of assets on a nonrecurring basis | |||||
Basis | 622 | 622 | |||
Fair Value | 486 | 486 | |||
Net Losses (Gains) Recorded in Earnings | (76) | 0 | (76) | 0 | |
Impaired Loans | Commercial Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | Level 1 | |||||
Fair value measurements of assets on a nonrecurring basis | |||||
Fair Value | 0 | 0 | |||
Impaired Loans | Commercial Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | Level 2 | |||||
Fair value measurements of assets on a nonrecurring basis | |||||
Fair Value | 0 | 0 | |||
Impaired Loans | Commercial Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | Level 3 | |||||
Fair value measurements of assets on a nonrecurring basis | |||||
Fair Value | 486 | 486 | |||
Impaired Loans | Real Estate Construction and Land Development [Member] | Five or More Family Residential and Commercial Properties [Member] | |||||
Fair value measurements of assets on a nonrecurring basis | |||||
Basis | 991 | 991 | |||
Fair Value | 534 | 534 | |||
Net Losses (Gains) Recorded in Earnings | (23) | $ 0 | (38) | $ 0 | |
Impaired Loans | Real Estate Construction and Land Development [Member] | Five or More Family Residential and Commercial Properties [Member] | Level 1 | |||||
Fair value measurements of assets on a nonrecurring basis | |||||
Fair Value | 0 | 0 | |||
Impaired Loans | Real Estate Construction and Land Development [Member] | Five or More Family Residential and Commercial Properties [Member] | Level 2 | |||||
Fair value measurements of assets on a nonrecurring basis | |||||
Fair Value | 0 | 0 | |||
Impaired Loans | Real Estate Construction and Land Development [Member] | Five or More Family Residential and Commercial Properties [Member] | Level 3 | |||||
Fair value measurements of assets on a nonrecurring basis | |||||
Fair Value | $ 534 | $ 534 | |||
Branch held for sale | |||||
Fair value measurements of assets on a nonrecurring basis | |||||
Basis | 1,330 | ||||
Fair Value | 1,330 | ||||
Branch held for sale | Level 1 | |||||
Fair value measurements of assets on a nonrecurring basis | |||||
Fair Value | 0 | ||||
Branch held for sale | Level 2 | |||||
Fair value measurements of assets on a nonrecurring basis | |||||
Fair Value | 0 | ||||
Branch held for sale | Level 3 | |||||
Fair value measurements of assets on a nonrecurring basis | |||||
Fair Value | $ 1,330 |
Fair Value Measurements - Quant
Fair Value Measurements - Quantitative Information, Level 3 (Details) - Nonrecurring $ in Thousands | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Fair value measurements for financial instruments measured at fair value on a non-recurring basis | ||
Collateral-dependent loans | $ 2,619 | |
Impaired Loans | ||
Fair value measurements for financial instruments measured at fair value on a non-recurring basis | ||
Collateral-dependent loans | $ 1,795 | |
Branch held for sale | ||
Fair value measurements for financial instruments measured at fair value on a non-recurring basis | ||
Collateral-dependent loans | 1,330 | |
Level 3 | ||
Fair value measurements for financial instruments measured at fair value on a non-recurring basis | ||
Collateral-dependent loans | 2,619 | |
Level 3 | Impaired Loans | ||
Fair value measurements for financial instruments measured at fair value on a non-recurring basis | ||
Collateral-dependent loans | $ 1,795 | $ 1,289 |
Level 3 | Impaired Loans | Minimum | Comparability Adjustment | ||
Fair value measurements for financial instruments measured at fair value on a non-recurring basis | ||
Range of Inputs | (0.200) | (40.1) |
Level 3 | Impaired Loans | Maximum | Comparability Adjustment | ||
Fair value measurements for financial instruments measured at fair value on a non-recurring basis | ||
Range of Inputs | 0.550 | 0.6 |
Level 3 | Impaired Loans | Weighted Average | Comparability Adjustment | ||
Fair value measurements for financial instruments measured at fair value on a non-recurring basis | ||
Range of Inputs | 0.183 | (24.1) |
Level 3 | Branch held for sale | ||
Fair value measurements for financial instruments measured at fair value on a non-recurring basis | ||
Collateral-dependent loans | $ 1,330 | |
Level 3 | Branch held for sale | Minimum | Comparability Adjustment | ||
Fair value measurements for financial instruments measured at fair value on a non-recurring basis | ||
Range of Inputs | 40.3 | |
Level 3 | Branch held for sale | Maximum | Comparability Adjustment | ||
Fair value measurements for financial instruments measured at fair value on a non-recurring basis | ||
Range of Inputs | 140.7 | |
Level 3 | Branch held for sale | Weighted Average | Comparability Adjustment | ||
Fair value measurements for financial instruments measured at fair value on a non-recurring basis | ||
Range of Inputs | 33.2 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Value and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financial Assets: | ||
Bank owned life insurance | $ 108,988 | $ 107,580 |
Carrying Value | ||
Financial Assets: | ||
Cash and cash equivalents | 1,264,933 | 743,322 |
Investment securities available for sale | 1,049,524 | 802,163 |
Loans held for sale | 2,739 | 4,932 |
Loans receivable, net | 4,155,968 | 4,398,462 |
Accrued interest receivable | 17,113 | 19,418 |
Bank owned life insurance | 108,988 | 107,580 |
Derivative assets - interest rate swaps | 19,342 | 25,740 |
Equity security | 181 | 131 |
Financial Liabilities: | ||
Noninterest deposits, interest bearing demand deposits, money market accounts and savings accounts | 5,198,456 | |
Certificates of deposit | 399,534 | |
Securities sold under agreement to repurchase | 46,429 | 35,683 |
Junior subordinated debentures | 21,034 | 20,887 |
Accrued interest payable | 74 | 94 |
Derivative liabilities - interest rate swaps | 19,510 | 26,162 |
Carrying Value | Noninterest deposits, interest bearing demand deposits, money market accounts and savings accounts | ||
Financial Liabilities: | ||
Noninterest deposits, interest bearing demand deposits, money market accounts and savings accounts | 5,686,807 | |
Carrying Value | Bank Time Deposits | ||
Financial Liabilities: | ||
Noninterest deposits, interest bearing demand deposits, money market accounts and savings accounts | 374,899 | |
Fair Value | ||
Financial Assets: | ||
Cash and cash equivalents | 1,264,933 | 743,322 |
Investment securities available for sale | 802,163 | |
Loans held for sale | 2,840 | 5,156 |
Loans receivable, net | 4,271,615 | 4,556,862 |
Accrued interest receivable | 17,113 | 19,418 |
Bank owned life insurance | 108,988 | 107,580 |
Derivative assets - interest rate swaps | 19,342 | 25,740 |
Equity security | 181 | 131 |
Financial Liabilities: | ||
Noninterest deposits, interest bearing demand deposits, money market accounts and savings accounts | 5,198,456 | |
Certificates of deposit | 402,701 | |
Securities sold under agreement to repurchase | 46,429 | 35,683 |
Junior subordinated debentures | 18,250 | 18,500 |
Accrued interest payable | 74 | 94 |
Derivative liabilities - interest rate swaps | 19,510 | 26,162 |
Fair Value | Noninterest deposits, interest bearing demand deposits, money market accounts and savings accounts | ||
Financial Liabilities: | ||
Noninterest deposits, interest bearing demand deposits, money market accounts and savings accounts | 5,686,807 | |
Fair Value | Bank Time Deposits | ||
Financial Liabilities: | ||
Noninterest deposits, interest bearing demand deposits, money market accounts and savings accounts | 376,646 | |
Fair Value | Level 1 | ||
Financial Assets: | ||
Cash and cash equivalents | 1,264,933 | 743,322 |
Investment securities available for sale | 0 | |
Loans held for sale | 0 | 0 |
Loans receivable, net | 0 | 0 |
Accrued interest receivable | 65 | 2 |
Bank owned life insurance | 108,988 | 107,580 |
Derivative assets - interest rate swaps | 0 | 0 |
Equity security | 131 | |
Financial Liabilities: | ||
Noninterest deposits, interest bearing demand deposits, money market accounts and savings accounts | 5,198,456 | |
Certificates of deposit | 0 | |
Securities sold under agreement to repurchase | 46,429 | 35,683 |
Junior subordinated debentures | 0 | 0 |
Accrued interest payable | 31 | 42 |
Derivative liabilities - interest rate swaps | 0 | 0 |
Fair Value | Level 1 | Noninterest deposits, interest bearing demand deposits, money market accounts and savings accounts | ||
Financial Liabilities: | ||
Noninterest deposits, interest bearing demand deposits, money market accounts and savings accounts | 5,686,807 | |
Fair Value | Level 1 | Bank Time Deposits | ||
Financial Liabilities: | ||
Noninterest deposits, interest bearing demand deposits, money market accounts and savings accounts | 0 | |
Fair Value | Level 2 | ||
Financial Assets: | ||
Cash and cash equivalents | 0 | 0 |
Investment securities available for sale | 802,163 | |
Loans held for sale | 0 | 0 |
Loans receivable, net | 0 | 0 |
Accrued interest receivable | 4,244 | 3,648 |
Bank owned life insurance | 0 | 0 |
Derivative assets - interest rate swaps | 19,342 | 25,740 |
Equity security | 0 | 0 |
Financial Liabilities: | ||
Noninterest deposits, interest bearing demand deposits, money market accounts and savings accounts | 0 | |
Certificates of deposit | 402,701 | |
Securities sold under agreement to repurchase | 0 | 0 |
Junior subordinated debentures | 0 | 0 |
Accrued interest payable | 25 | 33 |
Derivative liabilities - interest rate swaps | 19,510 | 26,162 |
Fair Value | Level 2 | Noninterest deposits, interest bearing demand deposits, money market accounts and savings accounts | ||
Financial Liabilities: | ||
Noninterest deposits, interest bearing demand deposits, money market accounts and savings accounts | 0 | |
Fair Value | Level 2 | Bank Time Deposits | ||
Financial Liabilities: | ||
Noninterest deposits, interest bearing demand deposits, money market accounts and savings accounts | 376,646 | |
Fair Value | Level 3 | ||
Financial Assets: | ||
Cash and cash equivalents | 0 | 0 |
Investment securities available for sale | 0 | 0 |
Loans held for sale | 2,840 | 5,156 |
Loans receivable, net | 4,271,615 | 4,556,862 |
Accrued interest receivable | 12,804 | 15,768 |
Bank owned life insurance | 0 | 0 |
Derivative assets - interest rate swaps | 0 | 0 |
Equity security | 0 | 0 |
Financial Liabilities: | ||
Noninterest deposits, interest bearing demand deposits, money market accounts and savings accounts | 0 | |
Certificates of deposit | 0 | |
Securities sold under agreement to repurchase | 0 | 0 |
Junior subordinated debentures | 18,250 | 18,500 |
Accrued interest payable | 18 | 19 |
Derivative liabilities - interest rate swaps | 0 | $ 0 |
Fair Value | Level 3 | Noninterest deposits, interest bearing demand deposits, money market accounts and savings accounts | ||
Financial Liabilities: | ||
Noninterest deposits, interest bearing demand deposits, money market accounts and savings accounts | 0 | |
Fair Value | Level 3 | Bank Time Deposits | ||
Financial Liabilities: | ||
Noninterest deposits, interest bearing demand deposits, money market accounts and savings accounts | $ 0 |
Cash Restriction (Details)
Cash Restriction (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Banking and Thrift, Other Disclosures [Abstract] | ||
Restricted Cash | $ 15,700 | $ 25,900 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | |
Other Commitments [Line Items] | |||||||||
Unused Commitments to Extend Credit | $ 1,042,823 | $ 1,042,823 | $ 1,105,425 | ||||||
Allowance for credit losses on loans | 51,562 | $ 71,501 | 51,562 | $ 71,501 | $ 64,225 | 70,185 | $ 47,540 | $ 37,993 | $ 36,171 |
Cumulative Effect, Period of Adoption, Adjustment | |||||||||
Other Commitments [Line Items] | |||||||||
Allowance for credit losses on loans | 0 | 1,822 | |||||||
Cumulative Effect, Period of Adoption, Adjusted Balance | |||||||||
Other Commitments [Line Items] | |||||||||
Allowance for credit losses on loans | 70,185 | 37,993 | |||||||
Commercial Portfolio Segment [Member] | |||||||||
Other Commitments [Line Items] | |||||||||
Unused Commitments to Extend Credit | 582,540 | 582,540 | 661,902 | ||||||
Allowance for credit losses on loans | 36,677 | 50,442 | 36,677 | 50,442 | 45,204 | 49,608 | 27,866 | 20,998 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||||||||
Other Commitments [Line Items] | |||||||||
Unused Commitments to Extend Credit | 572,214 | 572,214 | 640,018 | ||||||
Allowance for credit losses on loans | 17,485 | 29,773 | 17,485 | 29,773 | 21,770 | 30,010 | 13,900 | 10,391 | |
Commercial Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | |||||||||
Other Commitments [Line Items] | |||||||||
Unused Commitments to Extend Credit | 2,515 | 2,515 | 3,488 | ||||||
Allowance for credit losses on loans | 8,562 | 10,003 | 8,562 | 10,003 | 10,464 | 9,486 | 6,216 | 4,964 | |
Commercial Portfolio Segment [Member] | Non Owner Occupied Commercial Real Estate [Member] | |||||||||
Other Commitments [Line Items] | |||||||||
Unused Commitments to Extend Credit | 7,811 | 7,811 | 18,396 | ||||||
Allowance for credit losses on loans | 10,630 | 10,666 | 10,630 | 10,666 | 12,970 | 10,112 | 7,750 | 5,643 | |
Real Estate Construction and Land Development [Member] | |||||||||
Other Commitments [Line Items] | |||||||||
Unused Commitments to Extend Credit | 193,011 | 193,011 | 180,274 | ||||||
Allowance for credit losses on loans | 10,471 | 9,124 | 10,471 | 9,124 | 13,271 | 13,092 | 12,308 | 9,729 | |
Real Estate Construction and Land Development [Member] | One to Four Family Real Estate Construction [Member] | |||||||||
Other Commitments [Line Items] | |||||||||
Unused Commitments to Extend Credit | 57,983 | 57,983 | 52,453 | ||||||
Allowance for credit losses on loans | 1,636 | 567 | 1,636 | 567 | 2,048 | 1,951 | 864 | 884 | |
Real Estate Construction and Land Development [Member] | Five or More Family Residential and Commercial Properties [Member] | |||||||||
Other Commitments [Line Items] | |||||||||
Unused Commitments to Extend Credit | 135,028 | 135,028 | 127,821 | ||||||
Allowance for credit losses on loans | 8,835 | 8,557 | 8,835 | 8,557 | 11,223 | 11,141 | 11,444 | 8,845 | |
Consumer Portfolio Segment [Member] | |||||||||
Other Commitments [Line Items] | |||||||||
Unused Commitments to Extend Credit | 267,272 | 267,272 | 263,249 | ||||||
Allowance for credit losses on loans | 3,261 | 9,712 | 3,261 | 9,712 | 4,348 | 5,894 | 4,340 | 4,337 | |
Unused Commitments to Extend Credit [Member] | |||||||||
Other Commitments [Line Items] | |||||||||
Provision for Other Credit Losses | (1,166) | 2,622 | (2,230) | 604 | |||||
Allowance for credit losses on loans | $ 2,451 | $ 4,612 | $ 2,451 | $ 4,612 | 3,617 | 4,681 | 1,990 | 306 | |
Unused Commitments to Extend Credit [Member] | Accounting Standards Update 2016-13 [Member] | |||||||||
Other Commitments [Line Items] | |||||||||
Allowance for credit losses on loans | $ 3,700 | ||||||||
Unused Commitments to Extend Credit [Member] | Cumulative Effect, Period of Adoption, Adjustment | |||||||||
Other Commitments [Line Items] | |||||||||
Allowance for credit losses on loans | 0 | 0 | 0 | 3,702 | |||||
Unused Commitments to Extend Credit [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||||||
Other Commitments [Line Items] | |||||||||
Allowance for credit losses on loans | $ 3,617 | $ 4,681 | $ 1,990 | $ 4,008 |