Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 25, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 000-29480 | |
Entity Registrant Name | HERITAGE FINANCIAL CORP | |
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 | 35,102,372 | |
Entity Central Index Key | 0001046025 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash on hand and in banks | $ 87,907 | $ 61,377 |
Interest earning deposits | 1,488,815 | 1,661,915 |
Cash and cash equivalents | 1,576,722 | 1,723,292 |
Investment securities available for sale, at fair value, net (amortized cost of $1,085,016 and $883,832, respectively) | 1,039,924 | 894,335 |
Investment securities held to maturity, at amortized cost, net (fair value of $384,822 and $376,331, respectively) | 422,213 | 383,393 |
Total investment securities | 1,462,137 | 1,277,728 |
Loans held for sale | 1,142 | 1,476 |
Loans receivable | 3,821,178 | 3,815,662 |
Allowance for credit losses on loans | (40,333) | (42,361) |
Loans receivable, net | 3,780,845 | 3,773,301 |
Other real estate owned | 0 | 0 |
Premises and equipment, net | 78,737 | 79,370 |
Federal Home Loan Bank stock, at cost | 8,916 | 7,933 |
Bank owned life insurance | 119,929 | 120,196 |
Accrued interest receivable | 14,582 | 14,657 |
Prepaid expenses and other assets | 190,592 | 183,543 |
Other intangible assets, net | 9,273 | 9,977 |
Goodwill | 240,939 | 240,939 |
Total assets | 7,483,814 | 7,432,412 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Deposits | 6,491,500 | 6,394,290 |
Junior subordinated debentures | 21,253 | 21,180 |
Securities sold under agreement to repurchase | 49,069 | 50,839 |
Accrued expenses and other liabilities | 100,543 | 111,671 |
Total liabilities | 6,662,365 | 6,577,980 |
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; 35,102,372 and 35,105,779 shares issued and outstanding, respectively | 550,096 | 551,798 |
Retained earnings | 305,581 | 293,238 |
Accumulated other comprehensive (loss) income, net | (34,228) | 9,396 |
Total stockholders’ equity | 821,449 | 854,432 |
Total liabilities and stockholders’ equity | $ 7,483,814 | $ 7,432,412 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Amortized cost | $ 1,085,016,000 | $ 883,832,000 |
Total investment securities | $ 384,822,000 | $ 376,331,000 |
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) | 35,102,372 | 35,105,779 |
Common stock, shares outstanding (in shares) | 35,102,372 | 35,105,779 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
INTEREST INCOME: | ||
Interest and fees on loans | $ 41,025 | $ 49,524 |
Taxable interest on investment securities | 6,003 | 3,534 |
Nontaxable interest on investment securities | 860 | 958 |
Interest on interest earning deposits | 706 | 175 |
Total interest income | 48,594 | 54,191 |
INTEREST EXPENSE: | ||
Deposits | 1,424 | 1,728 |
Junior subordinated debentures | 194 | 187 |
Other borrowings | 32 | 38 |
Total interest expense | 1,650 | 1,953 |
Net interest income | 46,944 | 52,238 |
Reversal of provision for credit losses | (3,577) | (7,199) |
Net interest income after reversal of provision for credit losses | 50,521 | 59,437 |
NONINTEREST INCOME: | ||
Service charges and other fees | 2,296 | 1,892 |
Card revenue | 2,441 | 2,097 |
Gain on sale of investment securities, net | 0 | 29 |
Gain on sale of loans, net | 241 | 1,370 |
Interest rate swap fees | 279 | 152 |
Bank owned life insurance income | 1,695 | 656 |
Gain on sale of other assets, net | 204 | 22 |
Other income | 1,382 | 2,033 |
Total noninterest income | 8,538 | 8,251 |
NONINTEREST EXPENSE: | ||
Compensation and employee benefits | 21,252 | 22,201 |
Occupancy and equipment | 4,331 | 4,454 |
Data processing | 4,061 | 3,812 |
Marketing | 266 | 513 |
Professional services | 699 | 1,270 |
State/municipal business and use taxes | 796 | 972 |
Federal deposit insurance premium | 600 | 589 |
Amortization of intangible assets | 704 | 797 |
Other expense | 3,011 | 2,634 |
Total noninterest expense | 35,720 | 37,242 |
Income before income taxes | 23,339 | 30,446 |
Income tax expense | 3,582 | 5,102 |
Net income | $ 19,757 | $ 25,344 |
Basic earnings per common share (in usd per share) | $ 0.56 | $ 0.70 |
Diluted earnings per common share (in usd per share) | 0.56 | 0.70 |
Dividends declared per common share (in usd per share) | $ 0.21 | $ 0.20 |
Basic weighted average common shares outstanding (in shares) | 35,094,725 | 35,926,950 |
Weighted Average Number of Shares Outstanding, Diluted | 35,412,098 | 36,232,204 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net income | $ 19,757 | $ 25,344 |
Other comprehensive loss | (43,624) | (11,557) |
Comprehensive (loss) income | (23,867) | 13,787 |
AOCI Attributable to Parent [Member] | ||
Change in fair value of investment securities available for sale, net of tax of $(12,113) and $(3,204), respectively | (43,482) | (11,534) |
Amortization of net unrealized gain for the reclassification of investment securities available for sale to held to maturity, net of tax of $(39) and $0, respectively | (142) | 0 |
Reclassification adjustment for net gain from sale of investment securities available for sale included in income, net of tax of $0 and $(6), respectively | 0 | (23) |
Other comprehensive loss | $ (43,624) | $ (11,557) |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Change in fair value of securities available for sale, tax | $ (12,113) | $ (3,204) |
Reclassification adjustment of net gain from sale of investment securities included in income, tax | 0 | (6) |
OCI, Debt Securities, Available-for-Sale, Transfer to Held-to-Maturity, Adjustment from AOCI for Amortization of Gain (Loss), Tax | $ (39) | $ 0 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common stock | Retained earnings | Accumulated other comprehensive income (loss), net |
Beginning balance, shares at Dec. 31, 2020 | 35,912,243 | |||
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 | 92,320 | |||
Stock-based compensation expense | 870 | $ 870 | ||
Common stock repurchased, shares | (23,246) | |||
Common stock repurchased | (687) | $ (687) | ||
Net income | 25,344 | 25,344 | ||
Other comprehensive income (loss), net of tax | (11,557) | (11,557) | ||
Cash dividends declared on common stock | (7,258) | (7,258) | ||
Ending balance, shares at Mar. 31, 2021 | 35,981,317 | |||
Ending balance at Mar. 31, 2021 | 827,151 | $ 571,204 | 242,486 | 13,461 |
Beginning balance, shares at Dec. 31, 2021 | 35,105,779 | |||
Beginning balance at Dec. 31, 2021 | 854,432 | $ 551,798 | 293,238 | 9,396 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Restricted stock awards forfeited, shares | 101,683 | |||
Exercise of stock options, shares | (105,090) | |||
Exercise of stock options | (2,652) | $ (2,652) | ||
Stock-based compensation expense | 950 | $ 950 | ||
Net income | 19,757 | 19,757 | ||
Other comprehensive income (loss), net of tax | (43,624) | (43,624) | ||
Cash dividends declared on common stock | (7,414) | (7,414) | ||
Ending balance, shares at Mar. 31, 2022 | 35,102,372 | |||
Ending balance at Mar. 31, 2022 | $ 821,449 | $ 550,096 | $ 305,581 | $ (34,228) |
Condensed Consolidated Statem_7
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | Jan. 26, 2022 | Oct. 20, 2021 | Jul. 21, 2021 | Apr. 21, 2021 | Jan. 27, 2021 | Mar. 31, 2022 | Mar. 31, 2021 |
Statement of Stockholders' Equity [Abstract] | |||||||
Cash dividends declared on common stock (in usd per share) | $ 0.21 | $ 0.21 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.21 | $ 0.20 |
Condensed Consolidated Statem_8
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 19,757 | $ 25,344 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion | (1,572) | (6,796) |
Reversal of provision for credit losses | (3,577) | (7,199) |
Stock-based compensation expense | 950 | 870 |
Amortization of intangible assets | 704 | 797 |
Origination of mortgage loans held for sale | (5,833) | (32,254) |
Proceeds from sale of mortgage loans held for sale | 6,408 | 31,755 |
Bank owned life insurance income | (1,695) | (656) |
Valuation adjustment on interest rate swaps | (53) | (244) |
Gain on sale of mortgage loans held for sale, net | (241) | (1,370) |
Gain on sale of investment securities, net | 0 | (29) |
Gain on sale of assets held for sale | (204) | (22) |
Other | (3,716) | (1,115) |
Net cash provided by operating activities | 10,928 | 9,081 |
Cash flows from investing activities: | ||
Loan originations and purchases, net of payments | (988) | (117,892) |
Maturities and repayments of investment securities available for sale | 42,327 | 62,675 |
Maturities and repayments of investment securities held to maturity | 6,644 | 0 |
Purchase of investment securities available for sale | (244,409) | (166,038) |
Purchase of investment securities held to maturity | (45,849) | 0 |
Proceeds from sales of investment securities available for sale | 0 | 1,248 |
Purchase of premises and equipment | (724) | (475) |
Proceeds from sales of assets held for sale | 1,173 | 1,731 |
Purchases of Federal Home Loan Bank stock | (983) | (1,272) |
Purchases of bank owned life insurance | (105) | (105) |
Capital contributions to low-income housing tax credit partnerships | 0 | (12,617) |
Net cash used by investing activities | (242,914) | (232,745) |
Cash flows from financing activities: | ||
Net increase in deposits | 97,210 | 421,708 |
Common stock cash dividends paid | (7,372) | (7,183) |
Net (decrease) increase in securities sold under agreement to repurchase | (1,770) | 820 |
Repurchase of common stock | (2,652) | (687) |
Net cash provided by financing activities | 85,416 | 414,658 |
Net (decrease) increase in cash and cash equivalents | (146,570) | 190,994 |
Cash and cash equivalents at beginning of period | 1,723,292 | 743,322 |
Cash and cash equivalents at end of period | 1,576,722 | 934,316 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 1,555 | 1,889 |
Cash paid for income taxes, net of refunds | 0 | 64 |
Investment in LIHTC partnership and related funding commitment | 670 | 0 |
Right of use assets obtained in exchange for new operating lease liabilities | 55 | 7,381 |
Purchase of investment securities available for sale not settled | $ 0 | $ 5,000 |
Description of Business, Basis
Description of Business, Basis of Presentation and Significant Accounting Policies and Recently Issued Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2022 | |
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, the Bank. The Bank is headquartered in Olympia, Washington and conducts business from its 49 branch offices 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. (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 these unaudited Condensed Consolidated Financial Statements and accompanying Notes be read with the audited Consolidated Financial Statements and the accompanying Notes included in the 2021 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 three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. 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 the judgments, estimates and assumptions used in the preparation of the unaudited 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 the ACL on investment securities, management's estimate of the ACL on loans, management's estimate of the ACL on unfunded commitments, management's evaluation of goodwill impairment and management's estimate of the fair value of financial instruments. The accompanying unaudited 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. There have been reclassifications in certain prior year amounts in the unaudited Condensed Consolidated Statements of Financial Condition, the unaudited Condensed Consolidated Statements of Income and the unaudited Condensed Consolidated Statements of Cash Flows. Reclassifications had no effect on the prior year's net income or stockholders’ equity. (c) Significant Accounting Policies The significant accounting policies used in preparation of the unaudited Condensed Consolidated Financial Statements are disclosed in greater detail in the 2021 Annual Form 10-K. There have not been any material changes in the Company's significant accounting policies from those contained in the 2021 Annual Form 10-K during the three months ended March 31, 2022. (d) Recently Issued or Adopted Accounting Pronouncements 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 interest rate 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. Additionally, effective January 1, 2022, the bank is no longer initiating or renewing loans using LIBOR as an index. The Company does not expect this ASU to have a material impact on its business operations and the Consolidated Financial Statements. FASB ASU 2022-02 , Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures , was issued in March 2022. The ASU eliminates the accounting guidance for TDR loans by creditors while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Additionally, the ASU requires public business entities to disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases. These amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, since Heritage previously adopted the amendments in ASU 2016-13, which is commonly referred to as the current expected credit loss methodology, on January 1, 2020. Early adoption is permitted and should be applied prospectively; however, the transition method related to the recognition and |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2022 | |
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 investment securities classified as trading at March 31, 2022 or December 31, 2021. (a) Investment Securities by Classification, Type and Maturity The following tables present the amortized cost and fair value of investment securities at the dates indicated and the corresponding amounts of gross unrealized gains and losses, including the corresponding amounts of gross unrealized gains and losses on investment securities available for sale recognized in AOCI: March 31, 2022 Amortized Gross Gross Fair (In thousands) Investment securities available for sale: U.S. government and agency securities $ 41,489 $ — $ (1,934) $ 39,555 Municipal securities 215,488 1,964 (7,213) 210,239 Residential CMO and MBS 378,934 219 (20,744) 358,409 Commercial CMO and MBS 421,696 615 (17,806) 404,505 Corporate obligations 2,005 4 — 2,009 Other asset-backed securities 25,404 88 (285) 25,207 Total $ 1,085,016 $ 2,890 $ (47,982) $ 1,039,924 Investment securities held to maturity: U.S. government and agency securities $ 150,973 $ — $ (14,344) $ 136,629 Residential CMO and MBS 54,486 — (2,936) 51,550 Commercial CMO and MBS 216,754 — (20,111) 196,643 Total $ 422,213 $ — $ (37,391) $ 384,822 December 31, 2021 Amortized Gross Gross Fair (In thousands) Investment securities available for sale: U.S. government and agency securities $ 21,494 $ 55 $ (176) $ 21,373 Municipal securities 213,158 8,908 (854) 221,212 Residential CMO and MBS 307,366 2,111 (2,593) 306,884 Commercial CMO and MBS 313,169 3,891 (1,199) 315,861 Corporate obligations 2,007 7 — 2,014 Other asset-backed securities 26,638 369 (16) 26,991 Total $ 883,832 $ 15,341 $ (4,838) $ 894,335 Investment securities held to maturity: U.S. government and agency securities $ 141,011 $ 120 $ (1,768) $ 139,363 Residential CMO and MBS 24,529 — (153) 24,376 Commercial CMO and MBS 217,853 — (5,261) 212,592 Total $ 383,393 $ 120 $ (7,182) $ 376,331 The amortized cost and fair value of investment securities at March 31, 2022, 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. Securities Available for Sale Securities Held to Maturity Amortized Cost Fair Value Amortized Cost Fair Value (In thousands) Due in one year or less $ 8,733 $ 8,777 $ — $ — Due after one year through five years 55,551 55,075 — — Due after five years through ten years 63,330 62,935 83,202 76,884 Due after ten years 131,368 125,016 67,771 59,745 Total investment securities due at a single maturity date 258,982 251,803 150,973 136,629 Mortgage-backed securities (1) 826,034 788,121 271,240 248,193 Total investment securities $ 1,085,016 $ 1,039,924 $ 422,213 $ 384,822 (1) Mortgage-backed securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their payment speed. 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 March 31, 2022 and December 31, 2021. (b) Unrealized Losses 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 ACL on investment securities available for sale has not been recorded, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position at the dates indicated: March 31, 2022 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized (In thousands) U.S. government and agency securities $ 38,002 $ (1,764) $ 1,553 $ (170) $ 39,555 $ (1,934) Municipal securities 90,266 (5,206) 16,837 (2,007) 107,103 (7,213) Residential CMO and MBS 307,811 (19,312) 24,731 (1,432) 332,542 (20,744) Commercial CMO and MBS 307,598 (17,695) 1,717 (111) 309,315 (17,806) Other asset-backed securities 12,476 (274) 1,004 (11) 13,480 (285) Total $ 756,153 $ (44,251) $ 45,842 $ (3,731) $ 801,995 $ (47,982) December 31, 2021 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized (In thousands) U.S. government and agency securities $ 14,828 $ (176) $ — $ — $ 14,828 $ (176) Municipal securities 29,774 (619) 9,351 (235) 39,125 (854) Residential CMO and MBS 204,039 (2,470) 19,862 (123) 223,901 (2,593) Commercial CMO and MBS 83,283 (1,161) 1,936 (38) 85,219 (1,199) Other asset-backed securities 2,763 (9) 1,118 (7) 3,881 (16) Total $ 334,687 $ (4,435) $ 32,267 $ (403) $ 366,954 $ (4,838) (c) ACL on Investment Securities The Company evaluated investment securities available for sale as of March 31, 2022 and December 31, 2021 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 March 31, 2022 and December 31, 2021. 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 March 31, 2022 and December 31, 2021. The Company also evaluated investment securities held to maturity for current expected credit losses as of March 31, 2022 and December 31, 2021. There were no investment securities held to maturity classified as nonaccrual or past due as of March 31, 2022 and December 31, 2021 and all were issued by the U.S. government and its agencies and either explicitly or implicitly guaranteed by the U.S. government, highly rated by major credit rating agencies and had a long history of no credit losses. Accordingly, the Company did not measure expected credit losses on investment securities held to maturity since the historical credit loss information adjusted for current conditions and reasonable and supportable forecasts results in an expectation that nonpayment of the amortized cost basis is zero. Therefore, no ACL on investment securities held to maturity was recorded as of March 31, 2022 and December 31, 2021. (d) Realized Gains and Losses The following table presents the gross realized gains and losses on the sale of investment securities available for sale during the following periods: Three Months Ended 2022 2021 (In thousands) Gross realized gains $ — $ 29 (e) Pledged Securities The following table summarizes the amortized cost and fair value of investment securities that are pledged as collateral for the following obligations at the dates indicated: March 31, 2022 December 31, 2021 Amortized Fair Amortized Fair (In thousands) Washington and Oregon state public deposits $ 139,817 $ 134,625 $ 128,216 $ 130,217 Federal Reserve Bank credit facility 60,966 54,962 61,057 59,674 Securities sold under agreement to repurchase 63,088 59,144 59,887 59,655 Other securities pledged 53,673 50,333 56,419 55,633 Total $ 317,544 $ 299,064 $ 305,579 $ 305,179 (f) Accrued Interest Receivable Accrued interest receivable excluded from amortized cost on investment securities available for sale totaled $3.4 million and $3.5 million at March 31, 2022 and December 31, 2021, respectively. Accrued interest receivable excluded from amortized cost on investment securities held to maturity totaled $1.2 million and $1.1 million at March 31, 2022 and December 31, 2021. No amounts of accrued interest receivable on investment securities available for sale or held to maturity were reversed against interest income on investment securities during the three months ended March 31, 2022 and 2021. |
Loans Receivable
Loans Receivable | 3 Months Ended |
Mar. 31, 2022 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans Receivable | Loans Receivable 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. (a) Loan Origination/Risk Management 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 2021 Annual Form 10-K. The Bank has certain lending policies and procedures in place that are designed to maximize loan income within an acceptable level of risk. Management reviews and approves these policies and procedures on a regular basis. A reporting system supplements the review process by providing management with frequent reports related to loan production, loan quality, concentrations of credit, loan delinquencies and nonperforming and criticized loans. The Bank also conducts internal loan reviews and validates the credit risk assessment on a periodic basis and presents the results of these reviews to management. The loan review process complements and reinforces the risk identification and assessment decisions made by loan officers and credit personnel. The amortized cost of loans receivable, net of ACL on loans, consisted of the following portfolio segments and classes at the dates indicated: March 31, December 31, (In thousands) Commercial business: Commercial and industrial $ 651,523 $ 621,567 SBA PPP 64,962 145,840 Owner-occupied CRE 935,705 931,150 Non-owner occupied CRE 1,505,483 1,493,099 Total commercial business 3,157,673 3,191,656 Residential real estate 223,442 164,582 Real estate construction and land development: Residential 83,529 85,547 Commercial and multifamily 138,583 141,336 Total real estate construction and land development 222,112 226,883 Consumer 217,951 232,541 Loans receivable 3,821,178 3,815,662 Allowance for credit losses on loans (40,333) (42,361) Loans receivable, net $ 3,780,845 $ 3,773,301 Balances included in the amortized cost of loans receivable: Unamortized net discount on acquired loans $ (3,354) $ (3,938) Unamortized net deferred fee $ (5,310) $ (7,952) (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, the Bank's loan portfolio is concentrated in commercial loans, including commercial business loans and commercial and multifamily real estate construction and land development loans. Commercial loans are generally considered as having more inherent risk of default than residential real estate loans or other consumer loans. Also, the commercial loan balance per borrower is typically larger than that for residential real estate loans and consumer loans, implying higher potential losses on an individual loan basis. (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 2021 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 any 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 accrual loans at risk of being classified as nonaccrual loans and includes all of our loans classified as nonaccrual. 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. The following table presents the amortized cost of loans receivable by risk grade at the dates indicated: March 31, 2022 Term Loans Revolving Loans Revolving Loans Converted (2) Loans Receivable 2022 2021 (1) 2020 2019 2018 Prior (In thousands) Commercial business: Commercial and industrial Pass $ 39,162 $ 98,276 $ 95,753 $ 80,825 $ 43,389 $ 98,840 $ 152,708 $ — $ 608,953 SM 245 1,090 957 5,350 1,306 3,108 1,350 — 13,406 SS 882 283 1,131 4,787 9,415 8,827 2,788 1,051 29,164 Total 40,289 99,649 97,841 90,962 54,110 110,775 156,846 1,051 651,523 SBA PPP Pass — 64,379 583 — — — — — 64,962 Owner-occupied CRE Pass 30,659 177,833 91,600 181,568 75,692 327,070 — — 884,422 SM — 262 2,707 3,627 5,803 16,704 — — 29,103 SS — — 683 — 3,770 17,727 — — 22,180 Total 30,659 178,095 94,990 185,195 85,265 361,501 — — 935,705 Non-owner occupied CRE Pass 62,126 190,931 175,900 244,550 142,711 612,820 — — 1,429,038 SM — — — 3,686 — 16,802 — — 20,488 SS — — — — 3,298 52,659 — — 55,957 Total 62,126 190,931 175,900 248,236 146,009 682,281 — — 1,505,483 Total commercial business Pass 131,947 531,419 363,836 506,943 261,792 1,038,730 152,708 — 2,987,375 SM 245 1,352 3,664 12,663 7,109 36,614 1,350 — 62,997 SS 882 283 1,814 4,787 16,483 79,213 2,788 1,051 107,301 Total 133,074 533,054 369,314 524,393 285,384 1,154,557 156,846 1,051 3,157,673 Residential real estate Pass (1) 24,214 129,511 26,840 19,330 4,766 18,602 — — 223,263 SS — — — — — 179 — — 179 Total 24,214 129,511 26,840 19,330 4,766 18,781 — — 223,442 Real estate construction and land development: Residential Pass 8,874 44,379 13,267 12,422 2,898 1,689 — — 83,529 Commercial and multifamily Pass 5,197 68,477 39,826 18,620 3,188 1,860 — — 137,168 SM — — — 60 — 212 — — 272 SS — — 571 — — 572 — — 1,143 Total 5,197 68,477 40,397 18,680 3,188 2,644 — — 138,583 Total real estate construction and land development Pass 14,071 112,856 53,093 31,042 6,086 3,549 — — 220,697 SM — — — 60 — 212 — — 272 SS — — 571 — — 572 — — 1,143 Total 14,071 112,856 53,664 31,102 6,086 4,333 — — 222,112 March 31, 2022 Term Loans Revolving Loans Revolving Loans Converted (2) Loans Receivable 2022 2021 (1) 2020 2019 2018 Prior Consumer Pass 937 1,141 13,991 40,242 25,342 22,871 110,749 1 215,274 SS — — 175 534 419 1,549 — — 2,677 Total 937 1,141 14,166 40,776 25,761 24,420 110,749 1 217,951 Loans receivable Pass 171,169 774,927 457,760 597,557 297,986 1,083,752 263,457 1 3,646,609 SM 245 1,352 3,664 12,723 7,109 36,826 1,350 — 63,269 SS 882 283 2,560 5,321 16,902 81,513 2,788 1,051 111,300 Total $ 172,296 $ 776,562 $ 463,984 $ 615,601 $ 321,997 $ 1,202,091 $ 267,595 $ 1,052 $ 3,821,178 (1) The 2021 origination year includes $42.2 million of pass grade residential real estate loans purchased during the three months ended March 31, 2022 which were originated during the year ended December 31, 2021. (2) Represents the loans receivable balance at March 31, 2022 which was converted from a revolving loan to an amortizing loan during the three months ended March 31, 2022. December 31, 2021 Term Loans Revolving Loans Revolving Loans Converted (1) Loans Receivable 2021 2020 2019 2018 2017 Prior (In thousands) Commercial business: Commercial and industrial Pass $ 95,960 $ 100,193 $ 94,657 $ 54,707 $ 28,558 $ 77,294 $ 127,651 $ 1,035 $ 580,055 SM 326 884 5,998 1,425 2,223 2,401 2,048 353 15,658 SS 1,443 1,287 5,912 2,809 2,526 6,907 4,402 568 25,854 Total 97,729 102,364 106,567 58,941 33,307 86,602 134,101 1,956 621,567 SBA PPP Pass 139,253 6,587 — — — — — — 145,840 Owner-occupied CRE Pass 182,742 90,609 188,380 73,714 66,039 273,518 — 72 875,074 SM 264 — 3,079 7,521 3,937 16,724 — — 31,525 SS — 1,332 — 3,787 3,014 16,418 — — 24,551 Total 183,006 91,941 191,459 85,022 72,990 306,660 — 72 931,150 Non-owner-occupied CRE Pass 187,860 185,650 244,863 149,090 144,896 499,486 — — 1,411,845 SM — — 5,674 — 15,482 2,400 — — 23,556 SS — — — 3,379 — 54,319 — — 57,698 Total 187,860 185,650 250,537 152,469 160,378 556,205 — — 1,493,099 Total commercial business Pass 605,815 383,039 527,900 277,511 239,493 850,298 127,651 1,107 3,012,814 SM 590 884 14,751 8,946 21,642 21,525 2,048 353 70,739 SS 1,443 2,619 5,912 9,975 5,540 77,644 4,402 568 108,103 Total 607,848 386,542 548,563 296,432 266,675 949,467 134,101 2,028 3,191,656 Residential real estate Pass 85,089 27,090 23,295 5,672 6,141 16,891 — — 164,178 SS — — — — — 404 — — 404 Total 85,089 27,090 23,295 5,672 6,141 17,295 — — 164,582 December 31, 2021 Term Loans Revolving Loans Revolving Loans Converted (1) Loans Receivable 2021 2020 2019 2018 2017 Prior (In thousands) Real estate construction and land development: Residential Pass 44,892 23,728 12,266 2,921 389 1,351 — — 85,547 Commercial and multifamily Pass 56,448 41,616 34,117 5,794 710 1,379 — — 140,064 SM — — 68 — — 213 — — 281 SS — 571 — — — 420 — — 991 Total 56,448 42,187 34,185 5,794 710 2,012 — — 141,336 Total real estate construction and land development Pass 101,340 65,344 46,383 8,715 1,099 2,730 — — 225,611 SM — — 68 — — 213 — — 281 SS — 571 — — — 420 — — 991 Total 101,340 65,915 46,451 8,715 1,099 3,363 — — 226,883 Consumer Pass 1,286 15,737 46,041 29,819 15,068 13,026 108,492 120 229,589 SS — 181 657 476 542 1,043 36 17 2,952 Total 1,286 15,918 46,698 30,295 15,610 14,069 108,528 137 232,541 Loans receivable Pass 793,530 491,210 643,619 321,717 261,801 882,945 236,143 1,227 3,632,192 SM 590 884 14,819 8,946 21,642 21,738 2,048 353 71,020 SS 1,443 3,371 6,569 10,451 6,082 79,511 4,438 585 112,450 Total $ 795,563 $ 495,465 $ 665,007 $ 341,114 $ 289,525 $ 984,194 $ 242,629 $ 2,165 $ 3,815,662 (1) Represents the loans receivable balance at December 31, 2021 which was converted from a revolving loan to an amortizing loan during the year ended December 31, 2021. (d) Nonaccrual Loans The following tables present the amortized cost of nonaccrual loans for the dates indicated: March 31, 2022 Nonaccrual without ACL Nonaccrual with ACL Total Nonaccrual (In thousands) Commercial business: Commercial and industrial $ 4,694 $ 1,921 $ 6,615 Owner-occupied CRE 1,820 4,223 6,043 Non-owner occupied CRE — 3,298 3,298 Total commercial business 6,514 9,442 15,956 Real estate construction and land development: Commercial and multifamily — 571 571 Total $ 6,514 $ 10,013 $ 16,527 December 31, 2021 Nonaccrual without ACL Nonaccrual with ACL Total Nonaccrual (In thousands) Commercial business: Commercial and industrial $ 6,454 $ 3,827 $ 10,281 Owner-occupied CRE 3,036 5,138 8,174 December 31, 2021 Nonaccrual without ACL Nonaccrual with ACL Total Nonaccrual (In thousands) Non-owner occupied CRE 1,273 3,379 4,652 Total commercial business 10,763 12,344 23,107 Residential real estate — 47 47 Real estate construction and land development: Commercial and multifamily — 571 571 Consumer — 29 29 Total $ 10,763 $ 12,991 $ 23,754 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 or sale 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 $ (2) $ 139 $ (2) $ 63 Owner-occupied CRE — 53 — 114 Non-owner occupied CRE — 774 — 313 Total commercial business (2) 966 (2) 490 Residential real estate — 19 — — Real estate construction and land development: Residential — — — 73 Consumer — 68 — — Total $ (2) $ 1,053 $ (2) $ 563 For the three months ended March 31, 2022 and 2021, 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 or sale. (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 March 31, 2022 and December 31, 2021 were as follows: March 31, 2022 30-89 Days 90 Days or Total Past Current Loans Receivable (In thousands) Commercial business: Commercial and industrial $ 2,139 $ 6,069 $ 8,208 $ 643,315 $ 651,523 SBA PPP 150 — 150 64,812 64,962 Owner-occupied CRE — 188 188 935,517 935,705 Non-owner occupied CRE — — — 1,505,483 1,505,483 Total commercial business 2,289 6,257 8,546 3,149,127 3,157,673 Residential real estate 994 — 994 222,448 223,442 Real estate construction and land development: Residential — — — 83,529 83,529 Commercial and multifamily — 571 571 138,012 138,583 Total real estate construction and land development — 571 571 221,541 222,112 March 31, 2022 30-89 Days 90 Days or Total Past Current Loans Receivable (In thousands) Consumer 575 — 575 217,376 217,951 Total $ 3,858 $ 6,828 $ 10,686 $ 3,810,492 $ 3,821,178 December 31, 2021 30-89 Days 90 Days or Total Past Current Loans Receivable (In thousands) Commercial business: Commercial and industrial $ 1,858 $ 6,821 $ 8,679 $ 612,888 $ 621,567 SBA PPP 223 293 516 145,324 145,840 Owner-occupied CRE 2,397 112 2,509 928,641 931,150 Non-owner occupied CRE — — — 1,493,099 1,493,099 Total commercial business 4,478 7,226 11,704 3,179,952 3,191,656 Residential real estate 420 10 430 164,152 164,582 Real estate construction and land development: Residential 792 — 792 84,755 85,547 Commercial and multifamily 3,474 571 4,045 137,291 141,336 Total real estate construction and land development 4,266 571 4,837 222,046 226,883 Consumer 1,026 — 1,026 231,515 232,541 Total $ 10,190 $ 7,807 $ 17,997 $ 3,797,665 $ 3,815,662 There was one customer relationship and one SBA PPP loan 90 days or more past due and still accruing interest as of March 31, 2022 and December 31, 2021, respectively, with an amortized cost of $1.3 million and $293,000, respectively. (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 March 31, 2022 and December 31, 2021 was as follows, with b alances representing the amortized cost of the loan classified by the primary collateral category of each loan if multiple collateral sources secure the loan : March 31, 2022 CRE Farmland Residential Real Estate Total (In thousands) Commercial business: Commercial and industrial $ 1,379 $ 2,492 $ 695 $ 4,566 Owner-occupied CRE 1,820 — — 1,820 Total commercial business 3,199 2,492 695 6,386 Real estate construction and land development: Commercial and multifamily 571 — — 571 Total $ 3,770 $ 2,492 $ 695 $ 6,957 December 31, 2021 CRE Farmland Residential Real Estate Other Total (In thousands) Commercial business: Commercial and industrial $ 1,499 $ 4,362 $ 1,036 $ 245 $ 7,142 Owner-occupied CRE 3,035 — — — 3,035 Non-owner occupied CRE 1,273 — — — 1,273 Total commercial business 5,807 4,362 1,036 245 11,450 December 31, 2021 CRE Farmland Residential Real Estate Other Total (In thousands) Real estate construction and land development: Commercial and multifamily 571 — — — 571 Total $ 6,378 $ 4,362 $ 1,036 $ 245 $ 12,021 There have been no significant changes to the collateral securing loans individually evaluated for credit losses and for which repayment was expected to be provided substantially through the operation or sale of the collateral during the three months ended March 31, 2022, except changes due to additions or removals of loans from this classification. (g) Troubled Debt Restructured Loans Loans that were modified as TDR loans are set forth in the following table for the periods indicated: Three Months Ended March 31, 2022 2021 Number of Contracts (1) Amortized Cost (1) (2) Number of Contracts (1) Amortized Cost (1) (2) (Dollars in thousands) Commercial business: Commercial and industrial 4 $ 2,438 24 $ 12,102 Owner-occupied CRE — — 2 4,660 Non-owner occupied CRE — — 1 1,979 Total commercial business 4 2,438 27 18,741 Residential real estate — — 1 180 Real estate construction and land development: Commercial and multifamily — — 1 450 Consumer 5 55 15 379 Total 9 $ 2,493 44 $ 19,750 (1) Number of contracts and amortized cost represent loans which have balances as of period end, net of subsequent payments after modifications. Certain TDR loans may have been paid-down or charged-off during the three months ended March 31, 2022 and 2021. (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 $56,000 an d $2.4 million at March 31, 2022 and March 31, 2021, respectively, related to these TDR loans which were restructured during the three months ended March 31, 2022 and March 31, 2021, respectively. The unfunded commitment to borrowers related to TDR loans was $3.8 million and $5.7 million at March 31, 2022 and December 31, 2021, respectively. The following table presents loans that were modified in a TDR and subsequently defaulted within twelve months from the modification date during the periods indicated: Three Months Ended March 31, 2022 2021 Number of Contracts (1) Amortized Cost (1) Number of Contracts (1) Amortized Cost (1) (Dollars in thousands) Commercial business: Commercial and industrial — $ — 2 $ 2,792 Owner-occupied CRE 1 189 — — (1) Number of contracts and amortized cost represent TDR loans which have balances as of period end, net of subsequent payments after modifications. Certain TDR loans may have been paid-down or charged-off during the three months ended March 31, 2022 and 2021. During the three months ended March 31, 2022 the TDR loan defaulted because the borrower was more than 90 days delinquent on their scheduled loan payment. During the three months ended March 31, 2021 both TDR loans defaulted because each was past its modified maturity date and the borrower had not subsequently repaid the credits. The Bank chose not to further extend the maturity date on these TDR loans. The Bank had no ACL on loans at March 31, 2022 and $94,000 at March 31, 2021 related to these TDR loans which defaulted during the three months ended March 31, 2022 and 2021. (h) Accrued interest receivable on loans receivable Accrued interest receivable on loans receivable totaled $9.9 million and $10.1 million at March 31, 2022 and December 31, 2021, respectively. It is excluded from the calculation of the ACL on loans as interest accrued, but not received, is reversed timely. (i) Foreclosure proceedings in process At March 31, 2022, there were no consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process. |
Allowance for Credit Losses on
Allowance for Credit Losses on Loans | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Allowance for Credit Losses on Loans | Allowance for Credit Losses on Loans The baseline loss rates used to calculate the ACL on loans at March 31, 2022 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 three months ended March 31, 2022. 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 March 31, 2022 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 three months ended March 31, 2022. The reasonable and supportable period and subsequent reversion period used in the CECL model was five quarters and two quarters, respectively, at December 31, 2021. There were no changes to these assumptions during the three months ended March 31, 2022. Management believes forecasts beyond this seven 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 increases. During the three months ended March 31, 2022, the ACL on loans decreased $2.0 million, or 4.8%, due primarily to a reversal of provision for credit losses on loans of $2.5 million driven by a reduction in the ACL on loans individually evaluated for losses and their related ACL as well as changes in the loan mix and continued improvement in forecasted economic indicators used to calculate credit losses. The ACL on loans at March 31, 2022 and December 31, 2021 did not include a reserve for SBA PPP loans as these loans are fully guaranteed by the SBA. A summary of the changes in the ACL on loans during the three months ended March 31, 2022 and 2021 is as follows: Three Months Ended 2022 2021 (In thousands) Balance at the beginning of the year $ 42,361 $ 70,185 Charge-offs (355) (187) Recoveries of loans previously charged-off 849 362 Reversal of provision for credit losses on loans (2,522) (6,135) Balance at the end of the year $ 40,333 $ 64,225 The following tables detail the activity in the ACL on loans by segment and class for the periods indicated: Three Months Ended March 31, 2022 Beginning Balance Charge-offs Recoveries (Reversal of) Provision for Credit Losses Ending Balance (In thousands) Commercial business: Commercial and industrial $ 17,777 $ (163) $ 272 $ (2,621) $ 15,265 Owner-occupied CRE 6,411 (36) — 710 7,085 Non-owner occupied CRE 8,861 — — 721 9,582 Total commercial business 33,049 (199) 272 (1,190) 31,932 Residential real estate 1,409 (30) 3 421 1,803 Real estate construction and land development: Residential 1,304 — 8 (188) 1,124 Three Months Ended March 31, 2022 Beginning Balance Charge-offs Recoveries (Reversal of) Provision for Credit Losses Ending Balance (In thousands) Commercial and multifamily 3,972 — — (797) 3,175 Total real estate construction and land development 5,276 — 8 (985) 4,299 Consumer 2,627 (126) 566 (768) 2,299 Total $ 42,361 $ (355) $ 849 $ (2,522) $ 40,333 Three Months Ended March 31, 2021 Beginning Balance Charge-offs Recoveries (Reversal of) Provision for Credit Losses Ending Balance (In thousands) Commercial business: Commercial and industrial $ 30,010 $ (1) $ 205 $ (8,444) $ 21,770 Owner-occupied CRE 9,486 — 2 976 10,464 Non-owner occupied CRE 10,112 — — 2,858 12,970 Total commercial business 49,608 (1) 207 (4,610) 45,204 Residential real estate 1,591 — — (189) 1,402 Real estate construction and land development: Residential 1,951 — 16 81 2,048 Commercial and multifamily 11,141 (1) — 83 11,223 Total real estate construction and land development 13,092 (1) 16 164 13,271 Consumer 5,894 (185) 139 (1,500) 4,348 Total $ 70,185 $ (187) $ 362 $ (6,135) $ 64,225 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets (a) Goodwill There were no additions to goodwill during the three months ended March 31, 2022 and 2021. Additionally, 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 the carrying amount of goodwill exceeds its implied fair value. The Company performed an annual impairment assessment as of December 31, 2021 and concluded that there was no impairment. (b) Other Intangible Assets Other intangible assets represent core deposit intangible acquired in business combinations with estimated useful lives of ten years. There were no additions to other intangible assets during the three months ended March 31, 2022 and 2021. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments 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 unaudited Condensed 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 unaudited Condensed 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 unaudited Condensed Consolidated Statements of Income, but typically net to zero based on the identical back-to- back interest rate swap derivative contracts 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 the dates indicated: March 31, 2022 December 31, 2021 Notional Amounts Estimated Fair Value Notional Amounts Estimated Fair Value (In thousands) Non-hedging interest rate derivatives Interest rate swap asset (1) $ 319,526 $ 12,975 $ 322,726 $ 15,219 Interest rate swap liability (1) 319,526 (12,989) 322,726 (15,286) (1) The estimated fair value of derivatives with customers was $(8.7) million and $9.8 million as of March 31, 2022 and December 31, 2021, respectively. The estimated fair value of derivatives with third-parties was $8.7 million and $(9.8) million as of March 31, 2022 and December 31, 2021, respectively. The Company is exposed to credit-related losses in the event of nonperformance by the counterparty to these agreements. Credit risk for derivatives with the customer is controlled through the credit approval process, amount limits, and monitoring procedures and is 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 | 3 Months Ended |
Mar. 31, 2022 | |
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 for the periods indicated: Three Months Ended 2022 2021 (In thousands, except shares) Net income $ 19,757 $ 25,344 Basic: Weighted average common shares outstanding 35,094,725 35,926,950 Diluted: Basic weighted average common shares outstanding 35,094,725 35,926,950 Effect of potentially dilutive common shares (1) 317,373 305,254 Total diluted weighted average common shares outstanding 35,412,098 36,232,204 Potentially dilutive shares that were excluded from the computation of diluted earnings per share because to do so would be anti-dilutive (2) 17,041 15,538 (1) Represents the effect of the vesting of restricted stock units. (2) Anti-dilution occurs when the unrecognized compensation cost per share of a restricted stock unit 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 three months ended March 31, 2022 and the calendar year 2021: Declared Cash Dividend per Share Record Date Paid Date January 27, 2021 $0.20 February 10, 2021 February 24, 2021 April 21, 2021 $0.20 May 5, 2021 May 19, 2021 July 21, 2021 $0.20 August 4, 2021 August 18, 2021 October 20, 2021 $0.21 November 3, 2021 November 17, 2021 January 26, 2022 $0.21 February 9, 2022 February 23, 2022 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 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. 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 2022 2021 Plan Total (1) Repurchased shares 80,559 — 1,141,309 Stock repurchase average share price $ 25.17 $ — $ 23.92 (1) Represents shares repurchased and average price per share paid during the duration of the 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 2022 2021 Repurchased shares to pay withholding taxes 24,531 23,246 Stock repurchase to pay withholding taxes average share price $ 25.46 $ 29.54 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
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 : 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's internal appraisal department reviews and approves 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 March 31, 2022 and December 31, 2021, 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 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 unaudited Condensed Consolidated Statements of Financial Condition with any valuation adjustment recorded within other noninterest expense on the unaudited Condensed 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. Additionally, the fair value of branches held for sale can be adjusted based on executed agreements of sale to be completed at a future date. Recurring Basis The following tables summarize the balances of assets and liabilities measured at fair value on a recurring basis at the dates indicated: March 31, 2022 Total Level 1 Level 2 Level 3 (In thousands) Assets Investment securities available for sale: U.S. government and agency securities $ 39,555 $ — $ 39,555 $ — Municipal securities 210,239 — 210,239 — Residential CMO and MBS 358,409 — 358,409 — Commercial CMO and MBS 404,505 — 404,505 — Corporate obligations 2,009 — 2,009 — Other asset-backed securities 25,207 — 25,207 — Total investment securities available for sale 1,039,924 — 1,039,924 — Equity security 224 224 — — Derivative assets - interest rate swaps 12,975 — 12,975 — Liabilities Derivative liabilities - interest rate swaps $ 12,989 $ — 12,989 $ — December 31, 2021 Total Level 1 Level 2 Level 3 (In thousands) Assets Investment securities available for sale: U.S. government and agency securities $ 21,373 $ — $ 21,373 $ — Municipal securities 221,212 — 221,212 — Residential CMO and MBS 306,884 — 306,884 — Commercial CMO and MBS 315,861 — 315,861 — Corporate obligations 2,014 — 2,014 — Other asset-backed securities 26,991 — 26,991 — Total investment securities available for sale 894,335 — 894,335 — Equity security 240 240 — — Derivative assets - interest rate swaps 15,219 — 15,219 — Liabilities Derivative liabilities - interest rate swaps $ 15,286 $ — $ 15,286 $ — 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 represent assets measured at fair value on a nonrecurring basis at the dates indicated: Fair Value at March 31, 2022 Basis (1) Total Level 1 Level 2 Level 3 (In thousands) Collateral-dependent loans: Commercial business: Commercial and industrial $ 336 $ 215 $ — $ — $ 215 Real estate construction and land development: Commercial and multifamily 991 534 — — 534 Total assets measured at fair value on a nonrecurring basis $ 1,327 $ 749 $ — $ — $ 749 (1) Basis represents the outstanding principal balance of collateral-dependent loans. Fair Value at December 31, 2021 Basis (1) Total Level 1 Level 2 Level 3 (In thousands) Collateral-dependent loans: Commercial business: Commercial and industrial $ 1,911 $ 1,049 $ — $ — $ 1,049 Owner-occupied CRE 613 189 — — 189 Total commercial business 2,524 1,238 — — 1,238 Real estate construction and land development: Commercial and multifamily 991 $ 534 — — 534 Total 3,515 1,772 — — 1,772 Prepaid expenses and other assets: Branch held for sale (2) 698 698 — — 698 Total assets measured at fair value on a nonrecurring basis $ 4,213 $ 2,470 $ — $ — $ 2,470 (1) Basis represents the outstanding principal balance of collateral-dependent loans and the carrying value of the branch held for sale. (2) In December 2021, one branch was written down to its net realizable value concurrent with the signing of an agreement for sale at a future date. 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 2022 2021 (In thousands) Collateral-dependent loans: Commercial business: Commercial and industrial $ (12) $ (34) Real estate construction and land development: Commercial and multifamily — (14) Total (12) (48) Prepaid expenses and other assets: Branch held for sale — 20 Net loss from nonrecurring fair value adjustments $ (12) $ (28) 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: March 31, 2022 Fair Valuation Unobservable Input(s) Range of Inputs; Weighted (Dollars in thousands) Collateral-dependent loans $ 749 Market approach Adjustment for differences between the comparable sales 35.0% - (11.0)%; 13.8% December 31, 2021 Fair Valuation Unobservable Input(s) Range of Inputs; Weighted (Dollars in thousands) Collateral-dependent loans $ 1,772 Market approach Adjustment for differences between the comparable sales 35.0% - (11.0%); 13.8% Branch held for sale $ 698 Market approach Sale agreement Not applicable (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: March 31, 2022 Carrying Fair Fair Value Measurements Using: Level 1 Level 2 Level 3 (In thousands) Financial Assets: Cash and cash equivalents $ 1,576,722 $ 1,576,722 $ 1,576,722 $ — $ — Investment securities available for sale 1,039,924 1,039,924 — 1,039,924 — Investment securities held to maturity 422,213 384,822 — 384,822 — Loans held for sale 1,142 1,181 — 1,181 — Loans receivable, net 3,780,845 3,808,897 — — 3,808,897 Accrued interest receivable 14,582 14,582 128 4,593 9,861 March 31, 2022 Carrying Fair Fair Value Measurements Using: Level 1 Level 2 Level 3 (In thousands) Derivative assets - interest rate swaps 12,975 12,975 — 12,975 — Equity security 224 224 224 — — Financial Liabilities: Non-maturity deposits $ 6,163,084 $ 6,163,084 $ 6,163,084 $ — $ — Certificates of deposit 328,416 329,358 — — 329,358 Securities sold under agreement to repurchase 49,069 49,069 49,069 — — Junior subordinated debentures 21,253 18,750 — — 18,750 Accrued interest payable 75 75 33 15 27 Derivative liabilities - interest rate swaps 12,989 12,989 — 12,989 — December 31, 2021 Carrying Fair Fair Value Measurements Using: Level 1 Level 2 Level 3 (In thousands) Financial Assets: Cash and cash equivalents $ 1,723,292 $ 1,723,292 $ 1,723,292 $ — $ — Investment securities available for sale 894,335 894,335 — 894,335 — Investment securities held to maturity 383,393 376,331 — 376,331 — Loans held for sale 1,476 1,527 — 1,527 — Loans receivable, net 3,773,301 3,849,602 — — 3,849,602 Accrued interest receivable 14,657 14,657 14 4,582 10,061 Derivative assets - interest rate swaps 15,219 15,219 — 15,219 — Equity security 240 240 240 — — Financial Liabilities: Non-maturity deposits $ 6,038,498 $ 6,038,498 $ 6,038,498 $ — $ — Certificates of deposit 342,839 344,025 — 344,025 — Securities sold under agreement to repurchase 50,839 50,839 50,839 — — Junior subordinated debentures 21,180 18,750 — — 18,750 Accrued interest payable 73 73 33 19 21 Derivative liabilities - interest rate swaps 15,286 15,286 — 15,286 — |
Cash Restriction
Cash Restriction | 3 Months Ended |
Mar. 31, 2022 | |
Banking and Thrift, Other Disclosures [Abstract] | |
Cash Restriction | Cash RestrictionThe Bank had no cash restrictions at March 31, 2022 and had restricted cash included in interest earning deposits of $9.8 million at December 31, 2021 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 | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and ContingenciesIn 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 unaudited 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: March 31, December 31, 2021 (In thousands) Commercial business: Commercial and industrial $ 537,566 $ 570,156 Owner-occupied CRE 7,932 2,252 Non-owner occupied CRE 13,620 7,487 Total commercial business 559,118 579,895 Real estate construction and land development: Residential 55,599 51,838 Commercial and multifamily 194,678 209,217 Total real estate construction and land development 250,277 261,055 Consumer 288,621 285,010 Total outstanding commitments $ 1,098,016 $ 1,125,960 The following table details the activity in the ACL on unfunded commitments during the periods indicated: Three Months Ended March 31, March 31, (In thousands) Balance, beginning of period $ 2,607 $ 4,681 Reversal of provision for credit losses on unfunded commitments (1,055) (1,064) Balance, end of period $ 1,552 $ 3,617 |
Description of Business, Basi_2
Description of Business, Basis of Presentation and Significant Accounting Policies and Recently Issued Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of BusinessThe Company is primarily engaged in the business of planning, directing and coordinating the business activities of its wholly-owned subsidiary, the Bank. The Bank is headquartered in Olympia, Washington and conducts business from its 49 branch offices 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. |
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 these unaudited Condensed Consolidated Financial Statements and accompanying Notes be read with the audited Consolidated Financial Statements and the accompanying Notes included in the 2021 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 three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. 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 the judgments, estimates and assumptions used in the preparation of the unaudited 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 the ACL on investment securities, management's estimate of the ACL on loans, management's estimate of the ACL on unfunded commitments, management's evaluation of goodwill impairment and management's estimate of the fair value of financial instruments. The accompanying unaudited 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. There have been reclassifications in certain prior year amounts in the unaudited Condensed Consolidated Statements of Financial Condition, the unaudited Condensed Consolidated Statements of Income and the unaudited Condensed Consolidated Statements of Cash Flows. Reclassifications had no effect on the prior year's net income or stockholders’ equity. |
Recently Issued or Adopted Accounting Pronouncements | Recently Issued or Adopted Accounting Pronouncements 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 interest rate 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. Additionally, effective January 1, 2022, the bank is no longer initiating or renewing loans using LIBOR as an index. The Company does not expect this ASU to have a material impact on its business operations and the Consolidated Financial Statements. FASB ASU 2022-02 , Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures , was issued in March 2022. The ASU eliminates the accounting guidance for TDR loans by creditors while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Additionally, the ASU requires public business entities to disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases. These amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, since Heritage previously adopted the amendments in ASU 2016-13, which is commonly referred to as the current expected credit loss methodology, on January 1, 2020. Early adoption is permitted and should be applied prospectively; however, the transition method related to the recognition and |
ACL on Investment Securities | ACL on Investment SecuritiesThe Company evaluated investment securities available for sale as of March 31, 2022 and December 31, 2021 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 March 31, 2022 and December 31, 2021. 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 March 31, 2022 and December 31, 2021. The Company also evaluated investment securities held to maturity for current expected credit losses as of March 31, 2022 and December 31, 2021. There were no investment securities held to maturity classified as nonaccrual or past due as of March 31, 2022 and December 31, 2021 and all were issued by the U.S. government and its agencies and either explicitly or implicitly guaranteed by the U.S. government, highly rated by major credit rating agencies and had a long history of no credit losses. Accordingly, the Company did not measure expected credit losses on investment securities held to maturity since the historical credit loss information adjusted for current conditions and reasonable and supportable forecasts results in an expectation that nonpayment of the amortized cost basis is zero. Therefore, no ACL on investment securities held to maturity was recorded as of March 31, 2022 and December 31, 2021. |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 at the dates indicated and the corresponding amounts of gross unrealized gains and losses, including the corresponding amounts of gross unrealized gains and losses on investment securities available for sale recognized in AOCI: March 31, 2022 Amortized Gross Gross Fair (In thousands) Investment securities available for sale: U.S. government and agency securities $ 41,489 $ — $ (1,934) $ 39,555 Municipal securities 215,488 1,964 (7,213) 210,239 Residential CMO and MBS 378,934 219 (20,744) 358,409 Commercial CMO and MBS 421,696 615 (17,806) 404,505 Corporate obligations 2,005 4 — 2,009 Other asset-backed securities 25,404 88 (285) 25,207 Total $ 1,085,016 $ 2,890 $ (47,982) $ 1,039,924 Investment securities held to maturity: U.S. government and agency securities $ 150,973 $ — $ (14,344) $ 136,629 Residential CMO and MBS 54,486 — (2,936) 51,550 Commercial CMO and MBS 216,754 — (20,111) 196,643 Total $ 422,213 $ — $ (37,391) $ 384,822 December 31, 2021 Amortized Gross Gross Fair (In thousands) Investment securities available for sale: U.S. government and agency securities $ 21,494 $ 55 $ (176) $ 21,373 Municipal securities 213,158 8,908 (854) 221,212 Residential CMO and MBS 307,366 2,111 (2,593) 306,884 Commercial CMO and MBS 313,169 3,891 (1,199) 315,861 Corporate obligations 2,007 7 — 2,014 Other asset-backed securities 26,638 369 (16) 26,991 Total $ 883,832 $ 15,341 $ (4,838) $ 894,335 Investment securities held to maturity: U.S. government and agency securities $ 141,011 $ 120 $ (1,768) $ 139,363 Residential CMO and MBS 24,529 — (153) 24,376 Commercial CMO and MBS 217,853 — (5,261) 212,592 Total $ 383,393 $ 120 $ (7,182) $ 376,331 |
Schedule of maturities of investment securities | The amortized cost and fair value of investment securities at March 31, 2022, 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. Securities Available for Sale Securities Held to Maturity Amortized Cost Fair Value Amortized Cost Fair Value (In thousands) Due in one year or less $ 8,733 $ 8,777 $ — $ — Due after one year through five years 55,551 55,075 — — Due after five years through ten years 63,330 62,935 83,202 76,884 Due after ten years 131,368 125,016 67,771 59,745 Total investment securities due at a single maturity date 258,982 251,803 150,973 136,629 Mortgage-backed securities (1) 826,034 788,121 271,240 248,193 Total investment securities $ 1,085,016 $ 1,039,924 $ 422,213 $ 384,822 (1) Mortgage-backed securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their payment speed. |
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 ACL on investment securities available for sale has not been recorded, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position at the dates indicated: March 31, 2022 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized (In thousands) U.S. government and agency securities $ 38,002 $ (1,764) $ 1,553 $ (170) $ 39,555 $ (1,934) Municipal securities 90,266 (5,206) 16,837 (2,007) 107,103 (7,213) Residential CMO and MBS 307,811 (19,312) 24,731 (1,432) 332,542 (20,744) Commercial CMO and MBS 307,598 (17,695) 1,717 (111) 309,315 (17,806) Other asset-backed securities 12,476 (274) 1,004 (11) 13,480 (285) Total $ 756,153 $ (44,251) $ 45,842 $ (3,731) $ 801,995 $ (47,982) December 31, 2021 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized (In thousands) U.S. government and agency securities $ 14,828 $ (176) $ — $ — $ 14,828 $ (176) Municipal securities 29,774 (619) 9,351 (235) 39,125 (854) Residential CMO and MBS 204,039 (2,470) 19,862 (123) 223,901 (2,593) Commercial CMO and MBS 83,283 (1,161) 1,936 (38) 85,219 (1,199) Other asset-backed securities 2,763 (9) 1,118 (7) 3,881 (16) Total $ 334,687 $ (4,435) $ 32,267 $ (403) $ 366,954 $ (4,838) |
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 during the following periods: Three Months Ended 2022 2021 (In thousands) Gross realized gains $ — $ 29 |
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 that are pledged as collateral for the following obligations at the dates indicated: March 31, 2022 December 31, 2021 Amortized Fair Amortized Fair (In thousands) Washington and Oregon state public deposits $ 139,817 $ 134,625 $ 128,216 $ 130,217 Federal Reserve Bank credit facility 60,966 54,962 61,057 59,674 Securities sold under agreement to repurchase 63,088 59,144 59,887 59,655 Other securities pledged 53,673 50,333 56,419 55,633 Total $ 317,544 $ 299,064 $ 305,579 $ 305,179 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Financing Receivable Credit Quality Indicators [Table Text Block] | The amortized cost of loans receivable, net of ACL on loans, consisted of the following portfolio segments and classes at the dates indicated: March 31, December 31, (In thousands) Commercial business: Commercial and industrial $ 651,523 $ 621,567 SBA PPP 64,962 145,840 Owner-occupied CRE 935,705 931,150 Non-owner occupied CRE 1,505,483 1,493,099 Total commercial business 3,157,673 3,191,656 Residential real estate 223,442 164,582 Real estate construction and land development: Residential 83,529 85,547 Commercial and multifamily 138,583 141,336 Total real estate construction and land development 222,112 226,883 Consumer 217,951 232,541 Loans receivable 3,821,178 3,815,662 Allowance for credit losses on loans (40,333) (42,361) Loans receivable, net $ 3,780,845 $ 3,773,301 Balances included in the amortized cost of loans receivable: Unamortized net discount on acquired loans $ (3,354) $ (3,938) Unamortized net deferred fee $ (5,310) $ (7,952) The following table presents the amortized cost of loans receivable by risk grade at the dates indicated: March 31, 2022 Term Loans Revolving Loans Revolving Loans Converted (2) Loans Receivable 2022 2021 (1) 2020 2019 2018 Prior (In thousands) Commercial business: Commercial and industrial Pass $ 39,162 $ 98,276 $ 95,753 $ 80,825 $ 43,389 $ 98,840 $ 152,708 $ — $ 608,953 SM 245 1,090 957 5,350 1,306 3,108 1,350 — 13,406 SS 882 283 1,131 4,787 9,415 8,827 2,788 1,051 29,164 Total 40,289 99,649 97,841 90,962 54,110 110,775 156,846 1,051 651,523 SBA PPP Pass — 64,379 583 — — — — — 64,962 Owner-occupied CRE Pass 30,659 177,833 91,600 181,568 75,692 327,070 — — 884,422 SM — 262 2,707 3,627 5,803 16,704 — — 29,103 SS — — 683 — 3,770 17,727 — — 22,180 Total 30,659 178,095 94,990 185,195 85,265 361,501 — — 935,705 Non-owner occupied CRE Pass 62,126 190,931 175,900 244,550 142,711 612,820 — — 1,429,038 SM — — — 3,686 — 16,802 — — 20,488 SS — — — — 3,298 52,659 — — 55,957 Total 62,126 190,931 175,900 248,236 146,009 682,281 — — 1,505,483 Total commercial business Pass 131,947 531,419 363,836 506,943 261,792 1,038,730 152,708 — 2,987,375 SM 245 1,352 3,664 12,663 7,109 36,614 1,350 — 62,997 SS 882 283 1,814 4,787 16,483 79,213 2,788 1,051 107,301 Total 133,074 533,054 369,314 524,393 285,384 1,154,557 156,846 1,051 3,157,673 Residential real estate Pass (1) 24,214 129,511 26,840 19,330 4,766 18,602 — — 223,263 SS — — — — — 179 — — 179 Total 24,214 129,511 26,840 19,330 4,766 18,781 — — 223,442 Real estate construction and land development: Residential Pass 8,874 44,379 13,267 12,422 2,898 1,689 — — 83,529 Commercial and multifamily Pass 5,197 68,477 39,826 18,620 3,188 1,860 — — 137,168 SM — — — 60 — 212 — — 272 SS — — 571 — — 572 — — 1,143 Total 5,197 68,477 40,397 18,680 3,188 2,644 — — 138,583 Total real estate construction and land development Pass 14,071 112,856 53,093 31,042 6,086 3,549 — — 220,697 SM — — — 60 — 212 — — 272 SS — — 571 — — 572 — — 1,143 Total 14,071 112,856 53,664 31,102 6,086 4,333 — — 222,112 March 31, 2022 Term Loans Revolving Loans Revolving Loans Converted (2) Loans Receivable 2022 2021 (1) 2020 2019 2018 Prior Consumer Pass 937 1,141 13,991 40,242 25,342 22,871 110,749 1 215,274 SS — — 175 534 419 1,549 — — 2,677 Total 937 1,141 14,166 40,776 25,761 24,420 110,749 1 217,951 Loans receivable Pass 171,169 774,927 457,760 597,557 297,986 1,083,752 263,457 1 3,646,609 SM 245 1,352 3,664 12,723 7,109 36,826 1,350 — 63,269 SS 882 283 2,560 5,321 16,902 81,513 2,788 1,051 111,300 Total $ 172,296 $ 776,562 $ 463,984 $ 615,601 $ 321,997 $ 1,202,091 $ 267,595 $ 1,052 $ 3,821,178 (1) The 2021 origination year includes $42.2 million of pass grade residential real estate loans purchased during the three months ended March 31, 2022 which were originated during the year ended December 31, 2021. (2) Represents the loans receivable balance at March 31, 2022 which was converted from a revolving loan to an amortizing loan during the three months ended March 31, 2022. December 31, 2021 Term Loans Revolving Loans Revolving Loans Converted (1) Loans Receivable 2021 2020 2019 2018 2017 Prior (In thousands) Commercial business: Commercial and industrial Pass $ 95,960 $ 100,193 $ 94,657 $ 54,707 $ 28,558 $ 77,294 $ 127,651 $ 1,035 $ 580,055 SM 326 884 5,998 1,425 2,223 2,401 2,048 353 15,658 SS 1,443 1,287 5,912 2,809 2,526 6,907 4,402 568 25,854 Total 97,729 102,364 106,567 58,941 33,307 86,602 134,101 1,956 621,567 SBA PPP Pass 139,253 6,587 — — — — — — 145,840 Owner-occupied CRE Pass 182,742 90,609 188,380 73,714 66,039 273,518 — 72 875,074 SM 264 — 3,079 7,521 3,937 16,724 — — 31,525 SS — 1,332 — 3,787 3,014 16,418 — — 24,551 Total 183,006 91,941 191,459 85,022 72,990 306,660 — 72 931,150 Non-owner-occupied CRE Pass 187,860 185,650 244,863 149,090 144,896 499,486 — — 1,411,845 SM — — 5,674 — 15,482 2,400 — — 23,556 SS — — — 3,379 — 54,319 — — 57,698 Total 187,860 185,650 250,537 152,469 160,378 556,205 — — 1,493,099 Total commercial business Pass 605,815 383,039 527,900 277,511 239,493 850,298 127,651 1,107 3,012,814 SM 590 884 14,751 8,946 21,642 21,525 2,048 353 70,739 SS 1,443 2,619 5,912 9,975 5,540 77,644 4,402 568 108,103 Total 607,848 386,542 548,563 296,432 266,675 949,467 134,101 2,028 3,191,656 Residential real estate Pass 85,089 27,090 23,295 5,672 6,141 16,891 — — 164,178 SS — — — — — 404 — — 404 Total 85,089 27,090 23,295 5,672 6,141 17,295 — — 164,582 December 31, 2021 Term Loans Revolving Loans Revolving Loans Converted (1) Loans Receivable 2021 2020 2019 2018 2017 Prior (In thousands) Real estate construction and land development: Residential Pass 44,892 23,728 12,266 2,921 389 1,351 — — 85,547 Commercial and multifamily Pass 56,448 41,616 34,117 5,794 710 1,379 — — 140,064 SM — — 68 — — 213 — — 281 SS — 571 — — — 420 — — 991 Total 56,448 42,187 34,185 5,794 710 2,012 — — 141,336 Total real estate construction and land development Pass 101,340 65,344 46,383 8,715 1,099 2,730 — — 225,611 SM — — 68 — — 213 — — 281 SS — 571 — — — 420 — — 991 Total 101,340 65,915 46,451 8,715 1,099 3,363 — — 226,883 Consumer Pass 1,286 15,737 46,041 29,819 15,068 13,026 108,492 120 229,589 SS — 181 657 476 542 1,043 36 17 2,952 Total 1,286 15,918 46,698 30,295 15,610 14,069 108,528 137 232,541 Loans receivable Pass 793,530 491,210 643,619 321,717 261,801 882,945 236,143 1,227 3,632,192 SM 590 884 14,819 8,946 21,642 21,738 2,048 353 71,020 SS 1,443 3,371 6,569 10,451 6,082 79,511 4,438 585 112,450 Total $ 795,563 $ 495,465 $ 665,007 $ 341,114 $ 289,525 $ 984,194 $ 242,629 $ 2,165 $ 3,815,662 (1) Represents the loans receivable balance at December 31, 2021 which was converted from a revolving loan to an amortizing loan during the year ended December 31, 2021. |
Schedule of nonaccrual loans | The following tables present the amortized cost of nonaccrual loans for the dates indicated: March 31, 2022 Nonaccrual without ACL Nonaccrual with ACL Total Nonaccrual (In thousands) Commercial business: Commercial and industrial $ 4,694 $ 1,921 $ 6,615 Owner-occupied CRE 1,820 4,223 6,043 Non-owner occupied CRE — 3,298 3,298 Total commercial business 6,514 9,442 15,956 Real estate construction and land development: Commercial and multifamily — 571 571 Total $ 6,514 $ 10,013 $ 16,527 December 31, 2021 Nonaccrual without ACL Nonaccrual with ACL Total Nonaccrual (In thousands) Commercial business: Commercial and industrial $ 6,454 $ 3,827 $ 10,281 Owner-occupied CRE 3,036 5,138 8,174 December 31, 2021 Nonaccrual without ACL Nonaccrual with ACL Total Nonaccrual (In thousands) Non-owner occupied CRE 1,273 3,379 4,652 Total commercial business 10,763 12,344 23,107 Residential real estate — 47 47 Real estate construction and land development: Commercial and multifamily — 571 571 Consumer — 29 29 Total $ 10,763 $ 12,991 $ 23,754 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 or sale 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 $ (2) $ 139 $ (2) $ 63 Owner-occupied CRE — 53 — 114 Non-owner occupied CRE — 774 — 313 Total commercial business (2) 966 (2) 490 Residential real estate — 19 — — Real estate construction and land development: Residential — — — 73 Consumer — 68 — — Total $ (2) $ 1,053 $ (2) $ 563 |
Financing Receivable, Past Due [Table Text Block] | The amortized cost of past due loans as of March 31, 2022 and December 31, 2021 were as follows: March 31, 2022 30-89 Days 90 Days or Total Past Current Loans Receivable (In thousands) Commercial business: Commercial and industrial $ 2,139 $ 6,069 $ 8,208 $ 643,315 $ 651,523 SBA PPP 150 — 150 64,812 64,962 Owner-occupied CRE — 188 188 935,517 935,705 Non-owner occupied CRE — — — 1,505,483 1,505,483 Total commercial business 2,289 6,257 8,546 3,149,127 3,157,673 Residential real estate 994 — 994 222,448 223,442 Real estate construction and land development: Residential — — — 83,529 83,529 Commercial and multifamily — 571 571 138,012 138,583 Total real estate construction and land development — 571 571 221,541 222,112 March 31, 2022 30-89 Days 90 Days or Total Past Current Loans Receivable (In thousands) Consumer 575 — 575 217,376 217,951 Total $ 3,858 $ 6,828 $ 10,686 $ 3,810,492 $ 3,821,178 December 31, 2021 30-89 Days 90 Days or Total Past Current Loans Receivable (In thousands) Commercial business: Commercial and industrial $ 1,858 $ 6,821 $ 8,679 $ 612,888 $ 621,567 SBA PPP 223 293 516 145,324 145,840 Owner-occupied CRE 2,397 112 2,509 928,641 931,150 Non-owner occupied CRE — — — 1,493,099 1,493,099 Total commercial business 4,478 7,226 11,704 3,179,952 3,191,656 Residential real estate 420 10 430 164,152 164,582 Real estate construction and land development: Residential 792 — 792 84,755 85,547 Commercial and multifamily 3,474 571 4,045 137,291 141,336 Total real estate construction and land development 4,266 571 4,837 222,046 226,883 Consumer 1,026 — 1,026 231,515 232,541 Total $ 10,190 $ 7,807 $ 17,997 $ 3,797,665 $ 3,815,662 |
Loans and Lease Receivable Collateral for Secured Borrowings [Table Text Block] | 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 March 31, 2022 and December 31, 2021 was as follows, with b alances representing the amortized cost of the loan classified by the primary collateral category of each loan if multiple collateral sources secure the loan : March 31, 2022 CRE Farmland Residential Real Estate Total (In thousands) Commercial business: Commercial and industrial $ 1,379 $ 2,492 $ 695 $ 4,566 Owner-occupied CRE 1,820 — — 1,820 Total commercial business 3,199 2,492 695 6,386 Real estate construction and land development: Commercial and multifamily 571 — — 571 Total $ 3,770 $ 2,492 $ 695 $ 6,957 December 31, 2021 CRE Farmland Residential Real Estate Other Total (In thousands) Commercial business: Commercial and industrial $ 1,499 $ 4,362 $ 1,036 $ 245 $ 7,142 Owner-occupied CRE 3,035 — — — 3,035 Non-owner occupied CRE 1,273 — — — 1,273 Total commercial business 5,807 4,362 1,036 245 11,450 December 31, 2021 CRE Farmland Residential Real Estate Other Total (In thousands) Real estate construction and land development: Commercial and multifamily 571 — — — 571 Total $ 6,378 $ 4,362 $ 1,036 $ 245 $ 12,021 |
Loans Receivable | Loans that were modified as TDR loans are set forth in the following table for the periods indicated: Three Months Ended March 31, 2022 2021 Number of Contracts (1) Amortized Cost (1) (2) Number of Contracts (1) Amortized Cost (1) (2) (Dollars in thousands) Commercial business: Commercial and industrial 4 $ 2,438 24 $ 12,102 Owner-occupied CRE — — 2 4,660 Non-owner occupied CRE — — 1 1,979 Total commercial business 4 2,438 27 18,741 Residential real estate — — 1 180 Real estate construction and land development: Commercial and multifamily — — 1 450 Consumer 5 55 15 379 Total 9 $ 2,493 44 $ 19,750 (1) Number of contracts and amortized cost represent loans which have balances as of period end, net of subsequent payments after modifications. Certain TDR loans may have been paid-down or charged-off during the three months ended March 31, 2022 and 2021. (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 table presents loans that were modified in a TDR and subsequently defaulted within twelve months from the modification date during the periods indicated: Three Months Ended March 31, 2022 2021 Number of Contracts (1) Amortized Cost (1) Number of Contracts (1) Amortized Cost (1) (Dollars in thousands) Commercial business: Commercial and industrial — $ — 2 $ 2,792 Owner-occupied CRE 1 189 — — (1) Number of contracts and amortized cost represent TDR loans which have balances as of period end, net of subsequent payments after modifications. Certain TDR loans may have been paid-down or charged-off during the three months ended March 31, 2022 and 2021. |
Troubled debt restructurings on financing receivables | Loans that were modified as TDR loans are set forth in the following table for the periods indicated: Three Months Ended March 31, 2022 2021 Number of Contracts (1) Amortized Cost (1) (2) Number of Contracts (1) Amortized Cost (1) (2) (Dollars in thousands) Commercial business: Commercial and industrial 4 $ 2,438 24 $ 12,102 Owner-occupied CRE — — 2 4,660 Non-owner occupied CRE — — 1 1,979 Total commercial business 4 2,438 27 18,741 Residential real estate — — 1 180 Real estate construction and land development: Commercial and multifamily — — 1 450 Consumer 5 55 15 379 Total 9 $ 2,493 44 $ 19,750 (1) Number of contracts and amortized cost represent loans which have balances as of period end, net of subsequent payments after modifications. Certain TDR loans may have been paid-down or charged-off during the three months ended March 31, 2022 and 2021. (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). |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Schedule of changes in allowance for loan losses | A summary of the changes in the ACL on loans during the three months ended March 31, 2022 and 2021 is as follows: Three Months Ended 2022 2021 (In thousands) Balance at the beginning of the year $ 42,361 $ 70,185 Charge-offs (355) (187) Recoveries of loans previously charged-off 849 362 Reversal of provision for credit losses on loans (2,522) (6,135) Balance at the end of the year $ 40,333 $ 64,225 The following tables detail the activity in the ACL on loans by segment and class for the periods indicated: Three Months Ended March 31, 2022 Beginning Balance Charge-offs Recoveries (Reversal of) Provision for Credit Losses Ending Balance (In thousands) Commercial business: Commercial and industrial $ 17,777 $ (163) $ 272 $ (2,621) $ 15,265 Owner-occupied CRE 6,411 (36) — 710 7,085 Non-owner occupied CRE 8,861 — — 721 9,582 Total commercial business 33,049 (199) 272 (1,190) 31,932 Residential real estate 1,409 (30) 3 421 1,803 Real estate construction and land development: Residential 1,304 — 8 (188) 1,124 Three Months Ended March 31, 2022 Beginning Balance Charge-offs Recoveries (Reversal of) Provision for Credit Losses Ending Balance (In thousands) Commercial and multifamily 3,972 — — (797) 3,175 Total real estate construction and land development 5,276 — 8 (985) 4,299 Consumer 2,627 (126) 566 (768) 2,299 Total $ 42,361 $ (355) $ 849 $ (2,522) $ 40,333 Three Months Ended March 31, 2021 Beginning Balance Charge-offs Recoveries (Reversal of) Provision for Credit Losses Ending Balance (In thousands) Commercial business: Commercial and industrial $ 30,010 $ (1) $ 205 $ (8,444) $ 21,770 Owner-occupied CRE 9,486 — 2 976 10,464 Non-owner occupied CRE 10,112 — — 2,858 12,970 Total commercial business 49,608 (1) 207 (4,610) 45,204 Residential real estate 1,591 — — (189) 1,402 Real estate construction and land development: Residential 1,951 — 16 81 2,048 Commercial and multifamily 11,141 (1) — 83 11,223 Total real estate construction and land development 13,092 (1) 16 164 13,271 Consumer 5,894 (185) 139 (1,500) 4,348 Total $ 70,185 $ (187) $ 362 $ (6,135) $ 64,225 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 the dates indicated: March 31, 2022 December 31, 2021 Notional Amounts Estimated Fair Value Notional Amounts Estimated Fair Value (In thousands) Non-hedging interest rate derivatives Interest rate swap asset (1) $ 319,526 $ 12,975 $ 322,726 $ 15,219 Interest rate swap liability (1) 319,526 (12,989) 322,726 (15,286) (1) The estimated fair value of derivatives with customers was $(8.7) million and $9.8 million as of March 31, 2022 and December 31, 2021, respectively. The estimated fair value of derivatives with third-parties was $8.7 million and $(9.8) million as of March 31, 2022 and December 31, 2021, respectively. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 for the periods indicated: Three Months Ended 2022 2021 (In thousands, except shares) Net income $ 19,757 $ 25,344 Basic: Weighted average common shares outstanding 35,094,725 35,926,950 Diluted: Basic weighted average common shares outstanding 35,094,725 35,926,950 Effect of potentially dilutive common shares (1) 317,373 305,254 Total diluted weighted average common shares outstanding 35,412,098 36,232,204 Potentially dilutive shares that were excluded from the computation of diluted earnings per share because to do so would be anti-dilutive (2) 17,041 15,538 (1) Represents the effect of the vesting of restricted stock units. (2) Anti-dilution occurs when the unrecognized compensation cost per share of a restricted stock unit exceeds the market price of the Company’s stock. |
Schedule of dividends activity | The following table summarizes the dividend activity during the three months ended March 31, 2022 and the calendar year 2021: Declared Cash Dividend per Share Record Date Paid Date January 27, 2021 $0.20 February 10, 2021 February 24, 2021 April 21, 2021 $0.20 May 5, 2021 May 19, 2021 July 21, 2021 $0.20 August 4, 2021 August 18, 2021 October 20, 2021 $0.21 November 3, 2021 November 17, 2021 January 26, 2022 $0.21 February 9, 2022 February 23, 2022 |
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 2022 2021 Plan Total (1) Repurchased shares 80,559 — 1,141,309 Stock repurchase average share price $ 25.17 $ — $ 23.92 (1) Represents shares repurchased and average price per share paid during the duration of the plan. |
Schedule of repurchased shares | The following table provides total shares repurchased to pay withholding taxes during the periods indicated: Three Months Ended 2022 2021 Repurchased shares to pay withholding taxes 24,531 23,246 Stock repurchase to pay withholding taxes average share price $ 25.46 $ 29.54 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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: March 31, 2022 Total Level 1 Level 2 Level 3 (In thousands) Assets Investment securities available for sale: U.S. government and agency securities $ 39,555 $ — $ 39,555 $ — Municipal securities 210,239 — 210,239 — Residential CMO and MBS 358,409 — 358,409 — Commercial CMO and MBS 404,505 — 404,505 — Corporate obligations 2,009 — 2,009 — Other asset-backed securities 25,207 — 25,207 — Total investment securities available for sale 1,039,924 — 1,039,924 — Equity security 224 224 — — Derivative assets - interest rate swaps 12,975 — 12,975 — Liabilities Derivative liabilities - interest rate swaps $ 12,989 $ — 12,989 $ — December 31, 2021 Total Level 1 Level 2 Level 3 (In thousands) Assets Investment securities available for sale: U.S. government and agency securities $ 21,373 $ — $ 21,373 $ — Municipal securities 221,212 — 221,212 — Residential CMO and MBS 306,884 — 306,884 — Commercial CMO and MBS 315,861 — 315,861 — Corporate obligations 2,014 — 2,014 — Other asset-backed securities 26,991 — 26,991 — Total investment securities available for sale 894,335 — 894,335 — Equity security 240 240 — — Derivative assets - interest rate swaps 15,219 — 15,219 — Liabilities Derivative liabilities - interest rate swaps $ 15,286 $ — $ 15,286 $ — |
Fair value measurements of assets on a nonrecurring basis | The following tables represent assets measured at fair value on a nonrecurring basis at the dates indicated: Fair Value at March 31, 2022 Basis (1) Total Level 1 Level 2 Level 3 (In thousands) Collateral-dependent loans: Commercial business: Commercial and industrial $ 336 $ 215 $ — $ — $ 215 Real estate construction and land development: Commercial and multifamily 991 534 — — 534 Total assets measured at fair value on a nonrecurring basis $ 1,327 $ 749 $ — $ — $ 749 (1) Basis represents the outstanding principal balance of collateral-dependent loans. Fair Value at December 31, 2021 Basis (1) Total Level 1 Level 2 Level 3 (In thousands) Collateral-dependent loans: Commercial business: Commercial and industrial $ 1,911 $ 1,049 $ — $ — $ 1,049 Owner-occupied CRE 613 189 — — 189 Total commercial business 2,524 1,238 — — 1,238 Real estate construction and land development: Commercial and multifamily 991 $ 534 — — 534 Total 3,515 1,772 — — 1,772 Prepaid expenses and other assets: Branch held for sale (2) 698 698 — — 698 Total assets measured at fair value on a nonrecurring basis $ 4,213 $ 2,470 $ — $ — $ 2,470 (1) Basis represents the outstanding principal balance of collateral-dependent loans and the carrying value of the branch held for sale. (2) In December 2021, one branch was written down to its net realizable value concurrent with the signing of an agreement for sale at a future date. 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 2022 2021 (In thousands) Collateral-dependent loans: Commercial business: Commercial and industrial $ (12) $ (34) Real estate construction and land development: Commercial and multifamily — (14) Total (12) (48) Prepaid expenses and other assets: Branch held for sale — 20 Net loss from nonrecurring fair value adjustments $ (12) $ (28) |
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: March 31, 2022 Fair Valuation Unobservable Input(s) Range of Inputs; Weighted (Dollars in thousands) Collateral-dependent loans $ 749 Market approach Adjustment for differences between the comparable sales 35.0% - (11.0)%; 13.8% December 31, 2021 Fair Valuation Unobservable Input(s) Range of Inputs; Weighted (Dollars in thousands) Collateral-dependent loans $ 1,772 Market approach Adjustment for differences between the comparable sales 35.0% - (11.0%); 13.8% Branch held for sale $ 698 Market approach Sale agreement Not applicable |
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: March 31, 2022 Carrying Fair Fair Value Measurements Using: Level 1 Level 2 Level 3 (In thousands) Financial Assets: Cash and cash equivalents $ 1,576,722 $ 1,576,722 $ 1,576,722 $ — $ — Investment securities available for sale 1,039,924 1,039,924 — 1,039,924 — Investment securities held to maturity 422,213 384,822 — 384,822 — Loans held for sale 1,142 1,181 — 1,181 — Loans receivable, net 3,780,845 3,808,897 — — 3,808,897 Accrued interest receivable 14,582 14,582 128 4,593 9,861 March 31, 2022 Carrying Fair Fair Value Measurements Using: Level 1 Level 2 Level 3 (In thousands) Derivative assets - interest rate swaps 12,975 12,975 — 12,975 — Equity security 224 224 224 — — Financial Liabilities: Non-maturity deposits $ 6,163,084 $ 6,163,084 $ 6,163,084 $ — $ — Certificates of deposit 328,416 329,358 — — 329,358 Securities sold under agreement to repurchase 49,069 49,069 49,069 — — Junior subordinated debentures 21,253 18,750 — — 18,750 Accrued interest payable 75 75 33 15 27 Derivative liabilities - interest rate swaps 12,989 12,989 — 12,989 — December 31, 2021 Carrying Fair Fair Value Measurements Using: Level 1 Level 2 Level 3 (In thousands) Financial Assets: Cash and cash equivalents $ 1,723,292 $ 1,723,292 $ 1,723,292 $ — $ — Investment securities available for sale 894,335 894,335 — 894,335 — Investment securities held to maturity 383,393 376,331 — 376,331 — Loans held for sale 1,476 1,527 — 1,527 — Loans receivable, net 3,773,301 3,849,602 — — 3,849,602 Accrued interest receivable 14,657 14,657 14 4,582 10,061 Derivative assets - interest rate swaps 15,219 15,219 — 15,219 — Equity security 240 240 240 — — Financial Liabilities: Non-maturity deposits $ 6,038,498 $ 6,038,498 $ 6,038,498 $ — $ — Certificates of deposit 342,839 344,025 — 344,025 — Securities sold under agreement to repurchase 50,839 50,839 50,839 — — Junior subordinated debentures 21,180 18,750 — — 18,750 Accrued interest payable 73 73 33 19 21 Derivative liabilities - interest rate swaps 15,286 15,286 — 15,286 — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Outstanding Commitments to Extend Credit and Letters of Credit [Table Text Block] | The following table presents outstanding commitments to extend credit, including letters of credit, at the dates indicated: March 31, December 31, 2021 (In thousands) Commercial business: Commercial and industrial $ 537,566 $ 570,156 Owner-occupied CRE 7,932 2,252 Non-owner occupied CRE 13,620 7,487 Total commercial business 559,118 579,895 Real estate construction and land development: Residential 55,599 51,838 Commercial and multifamily 194,678 209,217 Total real estate construction and land development 250,277 261,055 Consumer 288,621 285,010 Total outstanding commitments $ 1,098,016 $ 1,125,960 |
Allowance For Credit Losses And Allowance for Unfunded Commitments And Letters Of Credit | The following table details the activity in the ACL on unfunded commitments during the periods indicated: Three Months Ended March 31, March 31, (In thousands) Balance, beginning of period $ 2,607 $ 4,681 Reversal of provision for credit losses on unfunded commitments (1,055) (1,064) Balance, end of period $ 1,552 $ 3,617 |
Description of Business, Basi_3
Description of Business, Basis of Presentation and Significant Accounting Policies and Recently Issued Accounting Pronouncements (Details) | Mar. 31, 2022branch |
Heritage Bank [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Number of Branches Operating | 49 |
Investment Securities - Textual
Investment Securities - Textual (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Total investment securities | $ 384,822,000 | $ 376,331,000 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 0 | ||
Debt Securities, Trading, and Equity Securities, FV-NI | 0 | $ 0 | |
Debt Securities, Available-for-Sale, Accrued Interest Writeoff | 0 | $ 0 | |
Debt Securities, Held-to-Maturity, Accrued Interest, Writeoff | $ 0 | $ 0 | |
Concentration, debt securities | 0.00% | 0.00% | |
Investment securities held to maturity, at amortized cost, net (fair value of $384,822 and $376,331, respectively) | $ 422,213,000 | $ 383,393,000 | |
Debt Securities, Held-to-maturity, Nonaccrual | 0 | 0 | |
Debt Securities, Held-to-maturity, 90 Days or More Past Due, Still Accruing | 0 | 0 | |
Total investment securities available for sale | 1,039,924,000 | 894,335,000 | |
Available-for-sale Securities [Member] | |||
Accrued Investment Income Receivable | 3,400,000 | 3,500,000 | |
Held-to-maturity Securities | |||
Accrued Investment Income Receivable | 1,200,000 | 1,100,000 | |
US Treasury and Government [Member] | |||
Total investment securities | 136,629,000 | 139,363,000 | |
Investment securities held to maturity, at amortized cost, net (fair value of $384,822 and $376,331, respectively) | 150,973,000 | $ 141,011,000 | |
US Treasury and Government [Member] | Level 2 | |||
Total investment securities available for sale | $ 39,555,000 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost, Gross Unrealized Gains and Losses and Fair Values (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Investment Holdings [Line Items] | ||
Amortized Cost | $ 1,085,016 | $ 883,832 |
Gross Unrealized Gains | 2,890 | 15,341 |
Gross Unrealized Losses | (47,982) | (4,838) |
Fair Value | 1,039,924 | 894,335 |
Total investment securities | 422,213 | 383,393 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 0 | 120 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (37,391) | (7,182) |
Total investment securities | 384,822 | 376,331 |
Fair Value, Recurring [Member] | ||
Investment Holdings [Line Items] | ||
Fair Value | 894,335 | |
Level 2 | Fair Value, Recurring [Member] | ||
Investment Holdings [Line Items] | ||
Fair Value | 894,335 | |
U.S. government and agency securities | ||
Investment Holdings [Line Items] | ||
Amortized Cost | 41,489 | 21,494 |
Gross Unrealized Gains | 0 | 55 |
Gross Unrealized Losses | (1,934) | (176) |
Total investment securities | 150,973 | 141,011 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 0 | 120 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (14,344) | (1,768) |
Total investment securities | 136,629 | 139,363 |
U.S. government and agency securities | Fair Value, Recurring [Member] | ||
Investment Holdings [Line Items] | ||
Fair Value | 39,555 | 21,373 |
U.S. government and agency securities | Level 2 | ||
Investment Holdings [Line Items] | ||
Fair Value | 39,555 | |
U.S. government and agency securities | Level 2 | Fair Value, Recurring [Member] | ||
Investment Holdings [Line Items] | ||
Fair Value | 21,373 | |
Municipal securities | ||
Investment Holdings [Line Items] | ||
Amortized Cost | 215,488 | 213,158 |
Gross Unrealized Gains | 1,964 | 8,908 |
Gross Unrealized Losses | (7,213) | (854) |
Municipal securities | Fair Value, Recurring [Member] | ||
Investment Holdings [Line Items] | ||
Fair Value | 210,239 | 221,212 |
Municipal securities | Level 2 | ||
Investment Holdings [Line Items] | ||
Fair Value | 210,239 | |
Municipal securities | Level 2 | Fair Value, Recurring [Member] | ||
Investment Holdings [Line Items] | ||
Fair Value | 221,212 | |
Residential CMO and MBS | ||
Investment Holdings [Line Items] | ||
Amortized Cost | 378,934 | 307,366 |
Gross Unrealized Gains | 219 | 2,111 |
Gross Unrealized Losses | (20,744) | (2,593) |
Total investment securities | 54,486 | 24,529 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 0 | 0 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (2,936) | (153) |
Total investment securities | 51,550 | 24,376 |
Residential CMO and MBS | Fair Value, Recurring [Member] | ||
Investment Holdings [Line Items] | ||
Fair Value | 358,409 | 306,884 |
Residential CMO and MBS | Level 2 | ||
Investment Holdings [Line Items] | ||
Fair Value | 358,409 | |
Residential CMO and MBS | Level 2 | Fair Value, Recurring [Member] | ||
Investment Holdings [Line Items] | ||
Fair Value | 306,884 | |
Commercial CMO and MBS | ||
Investment Holdings [Line Items] | ||
Amortized Cost | 421,696 | 313,169 |
Gross Unrealized Gains | 615 | 3,891 |
Gross Unrealized Losses | (17,806) | (1,199) |
Total investment securities | 216,754 | 217,853 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 0 | 0 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (20,111) | (5,261) |
Total investment securities | 196,643 | 212,592 |
Commercial CMO and MBS | Fair Value, Recurring [Member] | ||
Investment Holdings [Line Items] | ||
Fair Value | 404,505 | 315,861 |
Commercial CMO and MBS | Level 2 | ||
Investment Holdings [Line Items] | ||
Fair Value | 404,505 | |
Commercial CMO and MBS | Level 2 | Fair Value, Recurring [Member] | ||
Investment Holdings [Line Items] | ||
Fair Value | 315,861 | |
Corporate obligations | ||
Investment Holdings [Line Items] | ||
Amortized Cost | 2,005 | 2,007 |
Gross Unrealized Gains | 4 | 7 |
Gross Unrealized Losses | 0 | 0 |
Corporate obligations | Fair Value, Recurring [Member] | ||
Investment Holdings [Line Items] | ||
Fair Value | 2,009 | 2,014 |
Corporate obligations | Level 2 | ||
Investment Holdings [Line Items] | ||
Fair Value | 2,009 | |
Corporate obligations | Level 2 | Fair Value, Recurring [Member] | ||
Investment Holdings [Line Items] | ||
Fair Value | 2,014 | |
Other asset-backed securities | ||
Investment Holdings [Line Items] | ||
Amortized Cost | 25,404 | 26,638 |
Gross Unrealized Gains | 88 | 369 |
Gross Unrealized Losses | (285) | (16) |
Other asset-backed securities | Fair Value, Recurring [Member] | ||
Investment Holdings [Line Items] | ||
Fair Value | 25,207 | 26,991 |
Other asset-backed securities | Level 2 | ||
Investment Holdings [Line Items] | ||
Fair Value | $ 25,207 | |
Other asset-backed securities | Level 2 | Fair Value, Recurring [Member] | ||
Investment Holdings [Line Items] | ||
Fair Value | $ 26,991 |
Investment Securities - Contrac
Investment Securities - Contractual Maturities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Amortized Cost | ||
Due in one year or less | $ 8,733 | |
Due after one year through five years | 55,551 | |
Due after five years through ten years | 63,330 | |
Due after ten years | 131,368 | |
Amortized Cost | 1,085,016 | $ 883,832 |
Fair Value | ||
Due in one year or less | 8,777 | |
Due after one year through five years | 55,075 | |
Due after five years through ten years | 62,935 | |
Due after ten years | 125,016 | |
Fair Value | 1,039,924 | 894,335 |
Amortized Cost | ||
Due in one year or less | 0 | |
Due after one year through five years | 0 | |
Due after five years through ten years | 83,202 | |
Due after ten years | 67,771 | |
Total investment securities | 422,213 | 383,393 |
Fair Value | ||
Due in one year or less | 0 | |
Due after one year through five years | 0 | |
Due after five years through ten years | 76,884 | |
Due after ten years | 59,745 | |
Total investment securities | 384,822 | $ 376,331 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost | 258,982 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value | 251,803 | |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date | 150,973 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Fair Value | 136,629 | |
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Amortized Cost | 826,034 | |
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | 788,121 | |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, without Single Maturity Date | 271,240 | |
Debt Securities, Held-to-maturity, Maturity, without Single Maturity Date, Fair Value | $ 248,193 |
Investment Securities - Unreali
Investment Securities - Unrealized Losses (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value | ||
Less than 12 Months | $ 756,153 | $ 334,687 |
12 Months or Longer | 45,842 | 32,267 |
Total | 801,995 | 366,954 |
Unrealized Losses | ||
Less than 12 Months | (44,251) | (4,435) |
12 Months or Longer | (3,731) | (403) |
Total | (47,982) | (4,838) |
U.S. government and agency securities | ||
Fair Value | ||
Less than 12 Months | 38,002 | 14,828 |
12 Months or Longer | 1,553 | 0 |
Total | 39,555 | 14,828 |
Unrealized Losses | ||
Less than 12 Months | (1,764) | (176) |
12 Months or Longer | (170) | 0 |
Total | (1,934) | (176) |
Municipal securities | ||
Fair Value | ||
Less than 12 Months | 90,266 | 29,774 |
12 Months or Longer | 16,837 | 9,351 |
Total | 107,103 | 39,125 |
Unrealized Losses | ||
Less than 12 Months | (5,206) | (619) |
12 Months or Longer | (2,007) | (235) |
Total | (7,213) | (854) |
Residential CMO and MBS | ||
Fair Value | ||
Less than 12 Months | 307,811 | 204,039 |
12 Months or Longer | 24,731 | 19,862 |
Total | 332,542 | 223,901 |
Unrealized Losses | ||
Less than 12 Months | (19,312) | (2,470) |
12 Months or Longer | (1,432) | (123) |
Total | (20,744) | (2,593) |
Commercial CMO and MBS | ||
Fair Value | ||
Less than 12 Months | 307,598 | 83,283 |
12 Months or Longer | 1,717 | 1,936 |
Total | 309,315 | 85,219 |
Unrealized Losses | ||
Less than 12 Months | (17,695) | (1,161) |
12 Months or Longer | (111) | (38) |
Total | (17,806) | (1,199) |
Other asset-backed securities | ||
Fair Value | ||
Less than 12 Months | 12,476 | 2,763 |
12 Months or Longer | 1,004 | 1,118 |
Total | 13,480 | 3,881 |
Unrealized Losses | ||
Less than 12 Months | (274) | (9) |
12 Months or Longer | (11) | (7) |
Total | $ (285) | $ (16) |
Investment Securities - Realize
Investment Securities - Realized Gains and Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | ||
Gross realized gains | $ 0 | $ 29 |
Investment Securities - Amort_2
Investment Securities - Amortized Cost and Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Scheduled of amortized cost and fair value of securities pledged as collateral | ||
Amortized Cost | $ 317,544 | $ 305,579 |
Fair Value | 299,064 | 305,179 |
Other securities pledged | ||
Scheduled of amortized cost and fair value of securities pledged as collateral | ||
Amortized Cost | 53,673 | 56,419 |
Fair Value | 50,333 | 55,633 |
Washington and Oregon State to Secure Public Deposits [Member] | ||
Scheduled of amortized cost and fair value of securities pledged as collateral | ||
Amortized Cost | 139,817 | 128,216 |
Fair Value | 134,625 | 130,217 |
Repurchase Agreements [Member] | ||
Scheduled of amortized cost and fair value of securities pledged as collateral | ||
Amortized Cost | 63,088 | 59,887 |
Fair Value | 59,144 | 59,655 |
Federal Reserve Bank Advances | ||
Scheduled of amortized cost and fair value of securities pledged as collateral | ||
Amortized Cost | 60,966 | 61,057 |
Fair Value | $ 54,962 | $ 59,674 |
Loans Receivable - Loan Origina
Loans Receivable - Loan Origination/Risk Management (Details) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022USD ($)segment | Dec. 31, 2021USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accrued interest receivable | $ 14,582 | $ 14,657 | ||
Number of loan segments | segment | 4 | |||
Loans receivable | $ 3,821,178 | 3,815,662 | ||
Allowance for credit losses on loans | 40,333 | 42,361 | $ 64,225 | $ 70,185 |
Loans and Leases Receivable, Net Amount | 3,780,845 | 3,773,301 | ||
Financing Receivable, Unamortized Purchase Premium (Discount) | (3,354) | (3,938) | ||
Financing Receivable, Unamortized Loan Fee (Cost) and Purchase Premium (Discount) | (5,310) | (7,952) | ||
Loans Receivable [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accrued interest receivable | 9,900 | 10,100 | ||
Commercial Portfolio Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 3,157,673 | 3,191,656 | ||
Allowance for credit losses on loans | 31,932 | 33,049 | 45,204 | 49,608 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 651,523 | 621,567 | ||
Allowance for credit losses on loans | 15,265 | 17,777 | 21,770 | 30,010 |
Commercial Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 935,705 | 931,150 | ||
Allowance for credit losses on loans | 7,085 | 6,411 | 10,464 | 9,486 |
Commercial Portfolio Segment [Member] | Non Owner Occupied Commercial Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 1,505,483 | 1,493,099 | ||
Allowance for credit losses on loans | 9,582 | 8,861 | 12,970 | 10,112 |
Commercial Portfolio Segment [Member] | Paycheck Protection Program | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 64,962 | 145,840 | ||
Commercial Portfolio Segment [Member] | SBA PPP Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 64,962 | 145,840 | ||
Residential Portfolio Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 223,442 | 164,582 | ||
Allowance for credit losses on loans | 1,803 | 1,409 | 1,402 | 1,591 |
Real Estate Construction and Land Development | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 222,112 | 226,883 | ||
Allowance for credit losses on loans | 4,299 | 5,276 | 13,271 | 13,092 |
Real Estate Construction and Land Development | One-to-four Family Real Estate Construction | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 83,529 | 85,547 | ||
Allowance for credit losses on loans | 1,124 | 1,304 | 2,048 | 1,951 |
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 | 138,583 | 141,336 | ||
Allowance for credit losses on loans | 3,175 | 3,972 | 11,223 | 11,141 |
Consumer Portfolio Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 217,951 | 232,541 | ||
Allowance for credit losses on loans | $ 2,299 | $ 2,627 | $ 4,348 | $ 5,894 |
Loans Receivable - Credit Quali
Loans Receivable - Credit Quality Indicators (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | $ 172,296 | $ 795,563 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 776,562 | 495,465 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 463,984 | 665,007 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 615,601 | 341,114 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 321,997 | 289,525 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,202,091 | 984,194 |
Financing Receivable, Revolving | 267,595 | 242,629 |
Financing Receivable revolving converted to Term Loans | 1,052 | 2,165 |
Financing Receivable, before Allowance for Credit Loss | 3,821,178 | 3,815,662 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 133,074 | 607,848 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 533,054 | 386,542 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 369,314 | 548,563 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 524,393 | 296,432 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 285,384 | 266,675 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,154,557 | 949,467 |
Financing Receivable, Revolving | 156,846 | 134,101 |
Financing Receivable revolving converted to Term Loans | 1,051 | 2,028 |
Financing Receivable, before Allowance for Credit Loss | 3,157,673 | 3,191,656 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 40,289 | 97,729 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 99,649 | 102,364 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 97,841 | 106,567 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 90,962 | 58,941 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 54,110 | 33,307 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 110,775 | 86,602 |
Financing Receivable, Revolving | 156,846 | 134,101 |
Financing Receivable revolving converted to Term Loans | 1,051 | 1,956 |
Financing Receivable, before Allowance for Credit Loss | 651,523 | 621,567 |
Commercial Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 30,659 | 183,006 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 178,095 | 91,941 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 94,990 | 191,459 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 185,195 | 85,022 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 85,265 | 72,990 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 361,501 | 306,660 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable revolving converted to Term Loans | 0 | 72 |
Financing Receivable, before Allowance for Credit Loss | 935,705 | 931,150 |
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 | 62,126 | 187,860 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 190,931 | 185,650 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 175,900 | 250,537 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 248,236 | 152,469 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 146,009 | 160,378 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 682,281 | 556,205 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable revolving converted to Term Loans | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 1,505,483 | 1,493,099 |
Commercial Portfolio Segment [Member] | Paycheck Protection Program | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 64,962 | 145,840 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 937 | 1,286 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,141 | 15,918 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 14,166 | 46,698 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 40,776 | 30,295 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 25,761 | 15,610 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 24,420 | 14,069 |
Financing Receivable, Revolving | 110,749 | 108,528 |
Financing Receivable revolving converted to Term Loans | 1 | 137 |
Financing Receivable, before Allowance for Credit Loss | 217,951 | 232,541 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 24,214 | 85,089 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 129,511 | 27,090 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 26,840 | 23,295 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 19,330 | 5,672 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 4,766 | 6,141 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 18,781 | 17,295 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable revolving converted to Term Loans | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 223,442 | 164,582 |
Real Estate Construction and Land Development [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 14,071 | 101,340 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 112,856 | 65,915 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 53,664 | 46,451 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 31,102 | 8,715 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 6,086 | 1,099 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 4,333 | 3,363 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable revolving converted to Term Loans | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 222,112 | 226,883 |
Real Estate Construction and Land Development [Member] | One to Four Family Real Estate Construction [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 83,529 | 85,547 |
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 | 5,197 | 56,448 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 68,477 | 42,187 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 40,397 | 34,185 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 18,680 | 5,794 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 3,188 | 710 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 2,644 | 2,012 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable revolving converted to Term Loans | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 138,583 | 141,336 |
Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 171,169 | 793,530 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 774,927 | 491,210 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 457,760 | 643,619 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 597,557 | 321,717 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 297,986 | 261,801 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,083,752 | 882,945 |
Financing Receivable, Revolving | 263,457 | 236,143 |
Financing Receivable revolving converted to Term Loans | 1 | 1,227 |
Financing Receivable, before Allowance for Credit Loss | 3,646,609 | 3,632,192 |
Pass [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 131,947 | 605,815 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 531,419 | 383,039 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 363,836 | 527,900 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 506,943 | 277,511 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 261,792 | 239,493 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,038,730 | 850,298 |
Financing Receivable, Revolving | 152,708 | 127,651 |
Financing Receivable revolving converted to Term Loans | 0 | 1,107 |
Financing Receivable, before Allowance for Credit Loss | 2,987,375 | 3,012,814 |
Pass [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 39,162 | 95,960 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 98,276 | 100,193 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 95,753 | 94,657 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 80,825 | 54,707 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 43,389 | 28,558 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 98,840 | 77,294 |
Financing Receivable, Revolving | 152,708 | 127,651 |
Financing Receivable revolving converted to Term Loans | 0 | 1,035 |
Financing Receivable, before Allowance for Credit Loss | 608,953 | 580,055 |
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 | 30,659 | 182,742 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 177,833 | 90,609 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 91,600 | 188,380 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 181,568 | 73,714 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 75,692 | 66,039 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 327,070 | 273,518 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable revolving converted to Term Loans | 0 | 72 |
Financing Receivable, before Allowance for Credit Loss | 884,422 | 875,074 |
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 | 62,126 | 187,860 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 190,931 | 185,650 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 175,900 | 244,863 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 244,550 | 149,090 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 142,711 | 144,896 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 612,820 | 499,486 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable revolving converted to Term Loans | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 1,429,038 | 1,411,845 |
Pass [Member] | Commercial Portfolio Segment [Member] | Paycheck Protection Program | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 139,253 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 64,379 | 6,587 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 583 | 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 | 64,962 | 145,840 |
Pass [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 937 | 1,286 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,141 | 15,737 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 13,991 | 46,041 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 40,242 | 29,819 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 25,342 | 15,068 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 22,871 | 13,026 |
Financing Receivable, Revolving | 110,749 | 108,492 |
Financing Receivable revolving converted to Term Loans | 1 | 120 |
Financing Receivable, before Allowance for Credit Loss | 215,274 | 229,589 |
Pass [Member] | Residential Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 24,214 | 85,089 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 129,511 | 27,090 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 26,840 | 23,295 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 19,330 | 5,672 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 4,766 | 6,141 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 18,602 | 16,891 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable revolving converted to Term Loans | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 223,263 | 164,178 |
Allowance for Loan and Lease Losses, Loans Acquired | 42,200 | |
Pass [Member] | Real Estate Construction and Land Development [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 14,071 | 101,340 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 112,856 | 65,344 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 53,093 | 46,383 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 31,042 | 8,715 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 6,086 | 1,099 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 3,549 | 2,730 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable revolving converted to Term Loans | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 220,697 | 225,611 |
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 | 8,874 | 44,892 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 44,379 | 23,728 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 13,267 | 12,266 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 12,422 | 2,921 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 2,898 | 389 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,689 | 1,351 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable revolving converted to Term Loans | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 83,529 | 85,547 |
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 | 5,197 | 56,448 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 68,477 | 41,616 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 39,826 | 34,117 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 18,620 | 5,794 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 3,188 | 710 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,860 | 1,379 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable revolving converted to Term Loans | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 137,168 | 140,064 |
Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 245 | 590 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,352 | 884 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 3,664 | 14,819 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 12,723 | 8,946 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 7,109 | 21,642 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 36,826 | 21,738 |
Financing Receivable, Revolving | 1,350 | 2,048 |
Financing Receivable revolving converted to Term Loans | 0 | 353 |
Financing Receivable, before Allowance for Credit Loss | 63,269 | 71,020 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 245 | 590 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,352 | 884 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 3,664 | 14,751 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 12,663 | 8,946 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 7,109 | 21,642 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 36,614 | 21,525 |
Financing Receivable, Revolving | 1,350 | 2,048 |
Financing Receivable revolving converted to Term Loans | 0 | 353 |
Financing Receivable, before Allowance for Credit Loss | 62,997 | 70,739 |
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 | 245 | 326 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,090 | 884 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 957 | 5,998 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 5,350 | 1,425 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,306 | 2,223 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 3,108 | 2,401 |
Financing Receivable, Revolving | 1,350 | 2,048 |
Financing Receivable revolving converted to Term Loans | 0 | 353 |
Financing Receivable, before Allowance for Credit Loss | 13,406 | 15,658 |
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 | 264 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 262 | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 2,707 | 3,079 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 3,627 | 7,521 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 5,803 | 3,937 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 16,704 | 16,724 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable revolving converted to Term Loans | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 29,103 | 31,525 |
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 | 0 | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 5,674 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 3,686 | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 15,482 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 16,802 | 2,400 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable revolving converted to Term Loans | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 20,488 | 23,556 |
Special Mention [Member] | Real Estate Construction and Land Development [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 | 68 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 60 | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 212 | 213 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable revolving converted to Term Loans | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 272 | 281 |
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 | 0 | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 68 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 60 | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 212 | 213 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable revolving converted to Term Loans | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 272 | 281 |
Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 882 | 1,443 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 283 | 3,371 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 2,560 | 6,569 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 5,321 | 10,451 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 16,902 | 6,082 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 81,513 | 79,511 |
Financing Receivable, Revolving | 2,788 | 4,438 |
Financing Receivable revolving converted to Term Loans | 1,051 | 585 |
Financing Receivable, before Allowance for Credit Loss | 111,300 | 112,450 |
Substandard [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 882 | 1,443 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 283 | 2,619 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,814 | 5,912 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 4,787 | 9,975 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 16,483 | 5,540 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 79,213 | 77,644 |
Financing Receivable, Revolving | 2,788 | 4,402 |
Financing Receivable revolving converted to Term Loans | 1,051 | 568 |
Financing Receivable, before Allowance for Credit Loss | 107,301 | 108,103 |
Substandard [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 882 | 1,443 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 283 | 1,287 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,131 | 5,912 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 4,787 | 2,809 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 9,415 | 2,526 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 8,827 | 6,907 |
Financing Receivable, Revolving | 2,788 | 4,402 |
Financing Receivable revolving converted to Term Loans | 1,051 | 568 |
Financing Receivable, before Allowance for Credit Loss | 29,164 | 25,854 |
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 | 0 | 1,332 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 683 | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 3,787 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 3,770 | 3,014 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 17,727 | 16,418 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable revolving converted to Term Loans | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 22,180 | 24,551 |
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 | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 3,379 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 3,298 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 52,659 | 54,319 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable revolving converted to Term Loans | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 55,957 | 57,698 |
Substandard [Member] | Consumer 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 | 181 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 175 | 657 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 534 | 476 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 419 | 542 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,549 | 1,043 |
Financing Receivable, Revolving | 0 | 36 |
Financing Receivable revolving converted to Term Loans | 0 | 17 |
Financing Receivable, before Allowance for Credit Loss | 2,677 | 2,952 |
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 | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 179 | 404 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable revolving converted to Term Loans | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 179 | 404 |
Substandard [Member] | Real Estate Construction and Land Development [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 | 571 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 571 | 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 | 572 | 420 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable revolving converted to Term Loans | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 1,143 | 991 |
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 | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 571 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 571 | 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 | 572 | 420 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable revolving converted to Term Loans | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | $ 1,143 | $ 991 |
Loans Receivable - Nonaccrual L
Loans Receivable - Nonaccrual Loans (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross nonaccrual loans | $ 16,527,000 | $ 23,754,000 | |
Financing Receivable, Nonaccrual, No Allowance | 6,514,000 | 10,763,000 | |
Financing Receivable, Nonaccrual, with Allowance | 10,013,000 | 12,991,000 | |
Financing Receivable, Originated in Current Fiscal Year | 172,296,000 | 795,563,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 776,562,000 | 495,465,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 463,984,000 | 665,007,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 615,601,000 | 341,114,000 | |
Interest and Fee Income, Loans and Leases | 41,025,000 | $ 49,524,000 | |
Pass [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 171,169,000 | 793,530,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 774,927,000 | 491,210,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 457,760,000 | 643,619,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 597,557,000 | 321,717,000 | |
Special Mention [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 245,000 | 590,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,352,000 | 884,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 3,664,000 | 14,819,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 12,723,000 | 8,946,000 | |
Substandard [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 882,000 | 1,443,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 283,000 | 3,371,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 2,560,000 | 6,569,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 5,321,000 | 10,451,000 | |
Commercial Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross nonaccrual loans | 15,956,000 | 23,107,000 | |
Financing Receivable, Nonaccrual, No Allowance | 6,514,000 | 10,763,000 | |
Financing Receivable, Nonaccrual, with Allowance | 9,442,000 | 12,344,000 | |
Financing Receivable, Originated in Current Fiscal Year | 133,074,000 | 607,848,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 533,054,000 | 386,542,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 369,314,000 | 548,563,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 524,393,000 | 296,432,000 | |
Commercial Portfolio Segment [Member] | Pass [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 131,947,000 | 605,815,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 531,419,000 | 383,039,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 363,836,000 | 527,900,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 506,943,000 | 277,511,000 | |
Commercial Portfolio Segment [Member] | Special Mention [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 245,000 | 590,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,352,000 | 884,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 3,664,000 | 14,751,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 12,663,000 | 8,946,000 | |
Commercial Portfolio Segment [Member] | Substandard [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 882,000 | 1,443,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 283,000 | 2,619,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,814,000 | 5,912,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 4,787,000 | 9,975,000 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross nonaccrual loans | 6,615,000 | 10,281,000 | |
Financing Receivable, Nonaccrual, No Allowance | 4,694,000 | 6,454,000 | |
Financing Receivable, Nonaccrual, with Allowance | 1,921,000 | 3,827,000 | |
Financing Receivable, Originated in Current Fiscal Year | 40,289,000 | 97,729,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 99,649,000 | 102,364,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 97,841,000 | 106,567,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 90,962,000 | 58,941,000 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Pass [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 39,162,000 | 95,960,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 98,276,000 | 100,193,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 95,753,000 | 94,657,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 80,825,000 | 54,707,000 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Special Mention [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 245,000 | 326,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,090,000 | 884,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 957,000 | 5,998,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 5,350,000 | 1,425,000 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Substandard [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 882,000 | 1,443,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 283,000 | 1,287,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,131,000 | 5,912,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 4,787,000 | 2,809,000 | |
Commercial Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross nonaccrual loans | 6,043,000 | 8,174,000 | |
Financing Receivable, Nonaccrual, No Allowance | 1,820,000 | 3,036,000 | |
Financing Receivable, Nonaccrual, with Allowance | 4,223,000 | 5,138,000 | |
Financing Receivable, Originated in Current Fiscal Year | 30,659,000 | 183,006,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 178,095,000 | 91,941,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 94,990,000 | 191,459,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 185,195,000 | 85,022,000 | |
Commercial Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | Pass [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 30,659,000 | 182,742,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 177,833,000 | 90,609,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 91,600,000 | 188,380,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 181,568,000 | 73,714,000 | |
Commercial Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | Special Mention [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross nonaccrual loans | 571,000 | 571,000 | |
Financing Receivable, Nonaccrual, No Allowance | 0 | 0 | |
Financing Receivable, Nonaccrual, with Allowance | 571,000 | 571,000 | |
Financing Receivable, Originated in Current Fiscal Year | 0 | 264,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 262,000 | 0 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 2,707,000 | 3,079,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 3,627,000 | 7,521,000 | |
Commercial Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | Substandard [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 1,332,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 683,000 | 0 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 3,787,000 | |
Commercial Portfolio Segment [Member] | Non Owner Occupied Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross nonaccrual loans | 3,298,000 | 4,652,000 | |
Financing Receivable, Nonaccrual, No Allowance | 0 | 1,273,000 | |
Financing Receivable, Nonaccrual, with Allowance | 3,298,000 | 3,379,000 | |
Financing Receivable, Originated in Current Fiscal Year | 62,126,000 | 187,860,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 190,931,000 | 185,650,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 175,900,000 | 250,537,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 248,236,000 | 152,469,000 | |
Commercial Portfolio Segment [Member] | Non Owner Occupied Commercial Real Estate [Member] | Pass [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 62,126,000 | 187,860,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 190,931,000 | 185,650,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 175,900,000 | 244,863,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 244,550,000 | 149,090,000 | |
Commercial Portfolio Segment [Member] | Non Owner Occupied Commercial Real Estate [Member] | Special Mention [Member] | |||
Accounts, Notes, Loans and Financing Receivable [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 | 5,674,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 3,686,000 | 0 | |
Commercial Portfolio Segment [Member] | Non Owner Occupied Commercial Real Estate [Member] | Substandard [Member] | |||
Accounts, Notes, Loans and Financing Receivable [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 | 3,379,000 | |
Residential Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross nonaccrual loans | 47,000 | ||
Financing Receivable, Nonaccrual, No Allowance | 0 | ||
Financing Receivable, Nonaccrual, with Allowance | 47,000 | ||
Financing Receivable, Originated in Current Fiscal Year | 24,214,000 | 85,089,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 129,511,000 | 27,090,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 26,840,000 | 23,295,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 19,330,000 | 5,672,000 | |
Residential Portfolio Segment [Member] | Pass [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 24,214,000 | 85,089,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 129,511,000 | 27,090,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 26,840,000 | 23,295,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 19,330,000 | 5,672,000 | |
Residential Portfolio Segment [Member] | Substandard [Member] | |||
Accounts, Notes, Loans and Financing Receivable [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 | 0 | |
Real Estate Construction and Land Development | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 14,071,000 | 101,340,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 112,856,000 | 65,915,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 53,664,000 | 46,451,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 31,102,000 | 8,715,000 | |
Real Estate Construction and Land Development | Pass [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 14,071,000 | 101,340,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 112,856,000 | 65,344,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 53,093,000 | 46,383,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 31,042,000 | 8,715,000 | |
Real Estate Construction and Land Development | Special Mention [Member] | |||
Accounts, Notes, Loans and Financing Receivable [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 | 68,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 60,000 | 0 | |
Real Estate Construction and Land Development | Substandard [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 571,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 571,000 | 0 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 | |
Real Estate Construction and Land Development | One-to-four Family Real Estate Construction | Pass [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 8,874,000 | 44,892,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 44,379,000 | 23,728,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 13,267,000 | 12,266,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 12,422,000 | 2,921,000 | |
Real Estate Construction and Land Development | Five or More Family Residential and Commercial Properties [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 5,197,000 | 56,448,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 68,477,000 | 42,187,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 40,397,000 | 34,185,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 18,680,000 | 5,794,000 | |
Real Estate Construction and Land Development | Five or More Family Residential and Commercial Properties [Member] | Pass [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 5,197,000 | 56,448,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 68,477,000 | 41,616,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 39,826,000 | 34,117,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 18,620,000 | 5,794,000 | |
Real Estate Construction and Land Development | Five or More Family Residential and Commercial Properties [Member] | Special Mention [Member] | |||
Accounts, Notes, Loans and Financing Receivable [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 | 68,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 60,000 | 0 | |
Real Estate Construction and Land Development | Five or More Family Residential and Commercial Properties [Member] | Substandard [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 571,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 571,000 | 0 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 | |
Consumer Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross nonaccrual loans | 29,000 | ||
Financing Receivable, Nonaccrual, No Allowance | 0 | ||
Financing Receivable, Nonaccrual, with Allowance | 29,000 | ||
Financing Receivable, Originated in Current Fiscal Year | 937,000 | 1,286,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,141,000 | 15,918,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 14,166,000 | 46,698,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 40,776,000 | 30,295,000 | |
Consumer Portfolio Segment [Member] | Pass [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 937,000 | 1,286,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,141,000 | 15,737,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 13,991,000 | 46,041,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 40,242,000 | 29,819,000 | |
Consumer Portfolio Segment [Member] | Substandard [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 181,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 175,000 | 657,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 534,000 | $ 476,000 | |
Nonaccrual [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired Financing Receivable, Interest Income, Accrual Method | 1,053,000 | 563,000 | |
Impaired Financing Receivable Interest Income Reversal Accrual Method | (2,000) | (2,000) | |
Interest and Fee Income, Loans and Leases | 0 | 0 | |
Nonaccrual [Member] | Commercial Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired Financing Receivable, Interest Income, Accrual Method | 966,000 | 490,000 | |
Impaired Financing Receivable Interest Income Reversal Accrual Method | (2,000) | (2,000) | |
Nonaccrual [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired Financing Receivable, Interest Income, Accrual Method | 139,000 | 63,000 | |
Impaired Financing Receivable Interest Income Reversal Accrual Method | (2,000) | (2,000) | |
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, Accrual Method | 53,000 | 114,000 | |
Impaired Financing Receivable Interest Income Reversal Accrual Method | 0 | 0 | |
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, Accrual Method | 774,000 | 313,000 | |
Impaired Financing Receivable Interest Income Reversal Accrual Method | 0 | 0 | |
Nonaccrual [Member] | Residential Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired Financing Receivable, Interest Income, Accrual Method | 19,000 | 0 | |
Impaired Financing Receivable Interest Income Reversal Accrual Method | 0 | 0 | |
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, Accrual Method | 0 | 73,000 | |
Impaired Financing Receivable Interest Income Reversal Accrual Method | 0 | 0 | |
Nonaccrual [Member] | Consumer Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired Financing Receivable, Interest Income, Accrual Method | 68,000 | 0 | |
Impaired Financing Receivable Interest Income Reversal Accrual Method | 0 | 0 | |
Troubled Debt Restructured Loans [Member] | Modified during the quarter [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired Financing Receivable, Related Allowance | $ 56,000 | $ 2,400,000 |
Loans Receivable - Past Due Loa
Loans Receivable - Past Due Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 3,821,178 | $ 3,815,662 |
90 days or more and still accruing | 1,300 | 293 |
Financing Receivable, Unamortized Purchase Premium (Discount) | (3,354) | (3,938) |
Debt Securities, Held-to-maturity, Nonaccrual | 0 | 0 |
Debt Securities, Held-to-maturity, 90 Days or More Past Due, Still Accruing | 0 | 0 |
Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 3,858 | 10,190 |
90 Days or Greater | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 6,828 | 7,807 |
Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 10,686 | 17,997 |
Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 3,810,492 | 3,797,665 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 3,157,673 | 3,191,656 |
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 | 2,289 | 4,478 |
Commercial Portfolio Segment [Member] | 90 Days or Greater | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 6,257 | 7,226 |
Commercial Portfolio Segment [Member] | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 8,546 | 11,704 |
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 3,149,127 | 3,179,952 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 651,523 | 621,567 |
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 | 2,139 | 1,858 |
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 | 6,069 | 6,821 |
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 | 8,208 | 8,679 |
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 | 643,315 | 612,888 |
Commercial Portfolio Segment [Member] | SBA PPP Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 64,962 | 145,840 |
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 | 150 | 223 |
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 | 293 |
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 | 150 | 516 |
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 | 64,812 | 145,324 |
Commercial Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 935,705 | 931,150 |
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 | 2,397 |
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 | 188 | 112 |
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 | 188 | 2,509 |
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 | 935,517 | 928,641 |
Commercial Portfolio Segment [Member] | Non Owner Occupied Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 1,505,483 | 1,493,099 |
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 | 0 | 0 |
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 | 0 |
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 | 0 | 0 |
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 | 1,505,483 | 1,493,099 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 223,442 | 164,582 |
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 | 994 | 420 |
Residential Portfolio Segment [Member] | 90 Days or Greater | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 10 |
Residential Portfolio Segment [Member] | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 994 | 430 |
Residential Portfolio Segment [Member] | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 222,448 | 164,152 |
Real Estate Construction and Land Development | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 222,112 | 226,883 |
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 | 4,266 |
Real Estate Construction and Land Development | 90 Days or Greater | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 571 | 571 |
Real Estate Construction and Land Development | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 571 | 4,837 |
Real Estate Construction and Land Development | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 221,541 | 222,046 |
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 | 83,529 | 85,547 |
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 | 792 |
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 | 792 |
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 | 83,529 | 84,755 |
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 | 138,583 | 141,336 |
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 | 3,474 |
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 | 571 |
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 | 4,045 |
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 | 138,012 | 137,291 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 217,951 | 232,541 |
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 | 575 | 1,026 |
Consumer Portfolio Segment [Member] | 90 Days or Greater | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 575 | 1,026 |
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 217,376 | $ 231,515 |
Loans Receivable - Modified TDR
Loans Receivable - Modified TDRs (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022USD ($)contract | Mar. 31, 2021USD ($)contractContract | |
Loans Modified as Troubled Debt Restructurings [Abstract] | ||
Outstanding Principal Balance | $ 2,493 | $ 19,750 |
Interest and Fee Income, Loans and Leases | $ 41,025 | $ 49,524 |
Commercial Portfolio Segment [Member] | ||
Loans Modified as Troubled Debt Restructurings [Abstract] | ||
Number of Contracts | contract | 4 | 27 |
Outstanding Principal Balance | $ 2,438 | $ 18,741 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Loans Modified as Troubled Debt Restructurings [Abstract] | ||
Number of Contracts | contract | 4 | 24 |
Outstanding Principal Balance | $ 2,438 | $ 12,102 |
Number of contracts modified | contract | 0 | 2 |
Commercial Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | ||
Loans Modified as Troubled Debt Restructurings [Abstract] | ||
Number of Contracts | contract | 0 | 2 |
Outstanding Principal Balance | $ 0 | $ 4,660 |
Number of contracts modified | 1 | 0 |
Commercial Portfolio Segment [Member] | Non Owner Occupied Commercial Real Estate [Member] | ||
Loans Modified as Troubled Debt Restructurings [Abstract] | ||
Number of Contracts | contract | 0 | 1 |
Outstanding Principal Balance | $ 0 | $ 1,979 |
Consumer Portfolio Segment [Member] | ||
Loans Modified as Troubled Debt Restructurings [Abstract] | ||
Number of Contracts | contract | 5 | 15 |
Outstanding Principal Balance | $ 55 | $ 379 |
One-to-four Family Real Estate Construction | ||
Loans Modified as Troubled Debt Restructurings [Abstract] | ||
Number of Contracts | contract | 0 | 1 |
Outstanding Principal Balance | $ 0 | $ 180 |
Troubled Debt Restructured Loans | ||
Loans Modified as Troubled Debt Restructurings [Abstract] | ||
Number of Contracts | contract | 9 | 44 |
Troubled Debt Restructured Loans | Modified during the quarter [Member] | ||
Loans Modified as Troubled Debt Restructurings [Abstract] | ||
Related Specific Valuation Allowance | $ 56 | $ 2,400 |
Troubled Debt Restructured Loans | Finance Receivable Modified Subsequent Default | ||
Loans Modified as Troubled Debt Restructurings [Abstract] | ||
Related Specific Valuation Allowance | $ 0 | $ 94 |
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 | 0 | 1 |
Outstanding Principal Balance | $ 0 | $ 450 |
Loans Receivable - TDRs Subsequ
Loans Receivable - TDRs Subsequently Defaulted (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022USD ($)contract | Mar. 31, 2021USD ($)contractContract | Dec. 31, 2021USD ($) | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 2,493 | $ 19,750 | |
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | 3,800 | $ 5,700 | |
Interest and Fee Income, Loans and Leases | 41,025 | 49,524 | |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 2,438 | $ 18,741 | |
Financing Receivable, Modifications, Number of Contracts | contract | 4 | 27 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 2,438 | $ 12,102 | |
Financing Receivable, Modifications, Number of Contracts | contract | 4 | 24 | |
Number of Contracts (1) | contract | 0 | 2 | |
Amortized Cost (1) | $ 0 | $ 2,792 | |
Commercial Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 4,660 | |
Financing Receivable, Modifications, Number of Contracts | contract | 0 | 2 | |
Number of Contracts (1) | 1 | 0 | |
Amortized Cost (1) | $ 189 | $ 0 | |
Commercial Portfolio Segment [Member] | Non Owner Occupied Commercial Real Estate [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 1,979 | |
Financing Receivable, Modifications, Number of Contracts | contract | 0 | 1 | |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 55 | $ 379 | |
Financing Receivable, Modifications, Number of Contracts | contract | 5 | 15 | |
One-to-four Family Real Estate Construction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 180 | |
Financing Receivable, Modifications, Number of Contracts | contract | 0 | 1 | |
Troubled Debt Restructured Loans | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | contract | 9 | 44 | |
Troubled Debt Restructured Loans | Real Estate Construction and Land Development | Five or More Family Residential and Commercial Properties [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 450 | |
Financing Receivable, Modifications, Number of Contracts | contract | 0 | 1 | |
Finance Receivable Modified Subsequent Default | Troubled Debt Restructured Loans | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Related Specific Valuation Allowance | $ 0 | $ 94 |
Loans Receivable - Collateral D
Loans Receivable - Collateral Dependent (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Loans and Leases Receivable, Collateral for Secured Borrowings | $ 6,957,000 | $ 12,021,000 | |
Accrued interest receivable | 14,582,000 | 14,657,000 | |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 0 | ||
Finance Receivable Modified Subsequent Default | Troubled Debt Restructured Loans [Member] | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Impaired Financing Receivable, Related Allowance | 0 | $ 94,000 | |
Loans Receivable [Member] | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Accrued interest receivable | 9,900,000 | 10,100,000 | |
Commercial Portfolio Segment [Member] | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Loans and Leases Receivable, Collateral for Secured Borrowings | 6,386,000 | 11,450,000 | |
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 | 4,566,000 | 7,142,000 | |
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 | 1,820,000 | 3,035,000 | |
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 | 1,273,000 | ||
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 | 571,000 | 571,000 | |
Farmland [Member] | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Loans and Leases Receivable, Collateral for Secured Borrowings | 2,492,000 | 4,362,000 | |
Farmland [Member] | Commercial Portfolio Segment [Member] | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Loans and Leases Receivable, Collateral for Secured Borrowings | 2,492,000 | 4,362,000 | |
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 | 2,492,000 | 4,362,000 | |
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 | ||
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 | |
Commercial Real Estate | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Loans and Leases Receivable, Collateral for Secured Borrowings | 3,770,000 | 6,378,000 | |
Commercial Real Estate | Commercial Portfolio Segment [Member] | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Loans and Leases Receivable, Collateral for Secured Borrowings | 3,199,000 | 5,807,000 | |
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 | 1,379,000 | 1,499,000 | |
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 | 1,820,000 | 3,035,000 | |
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 | 1,273,000 | ||
Single Family Residence | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Loans and Leases Receivable, Collateral for Secured Borrowings | 695,000 | 1,036,000 | |
Single Family Residence | Commercial Portfolio Segment [Member] | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Loans and Leases Receivable, Collateral for Secured Borrowings | 695,000 | 1,036,000 | |
Single Family Residence | 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 | 695,000 | 1,036,000 | |
Single Family Residence | 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 | |
Single Family Residence | 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 | ||
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 | 571,000 | 571,000 | |
Single Family [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] | Commercial Portfolio Segment [Member] | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Loans and Leases Receivable, Collateral for Secured Borrowings | 245,000 | ||
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 | 245,000 | ||
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 | ||
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 | ||
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 |
Allowance for Credit Losses o_2
Allowance for Credit Losses on Loans - Summary of Changes in Loan Allowance (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for Loan and Lease Losses, Period Increase (Decrease) | $ (2,000) | |
Allowance for Loan and Lease Losses, Period Increase (Decrease), Percent | (4.80%) | |
Financing Receivable, Allowance for Credit Loss, Writeoff | $ (355) | $ (187) |
Schedule of changes in allowance for loan losses | ||
Beginning Balance | 42,361 | 70,185 |
Recoveries | (849) | (362) |
(Reversal of) Provision for Credit Losses | (2,522) | (6,135) |
Ending Balance | 40,333 | 64,225 |
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 849 | 362 |
Allowance for Loan and Lease Losses, Write-offs | (355) | (187) |
Commercial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | (199) | (1) |
Schedule of changes in allowance for loan losses | ||
Beginning Balance | 33,049 | 49,608 |
Recoveries | (272) | (207) |
(Reversal of) Provision for Credit Losses | (1,190) | (4,610) |
Ending Balance | 31,932 | 45,204 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | (163) | (1) |
Schedule of changes in allowance for loan losses | ||
Beginning Balance | 17,777 | 30,010 |
Recoveries | (272) | (205) |
(Reversal of) Provision for Credit Losses | (2,621) | (8,444) |
Ending Balance | 15,265 | 21,770 |
Commercial Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | (36) | 0 |
Schedule of changes in allowance for loan losses | ||
Beginning Balance | 6,411 | 9,486 |
Recoveries | 0 | (2) |
(Reversal of) Provision for Credit Losses | 710 | 976 |
Ending Balance | 7,085 | 10,464 |
Commercial Portfolio Segment [Member] | Non Owner Occupied Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 |
Schedule of changes in allowance for loan losses | ||
Beginning Balance | 8,861 | 10,112 |
Recoveries | 0 | 0 |
(Reversal of) Provision for Credit Losses | 721 | 2,858 |
Ending Balance | 9,582 | 12,970 |
Residential Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | (30) | 0 |
Schedule of changes in allowance for loan losses | ||
Beginning Balance | 1,409 | 1,591 |
Recoveries | (3) | 0 |
(Reversal of) Provision for Credit Losses | 421 | (189) |
Ending Balance | 1,803 | 1,402 |
Real Estate Construction and Land Development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | (1) |
Schedule of changes in allowance for loan losses | ||
Beginning Balance | 5,276 | 13,092 |
Recoveries | (8) | (16) |
(Reversal of) Provision for Credit Losses | (985) | 164 |
Ending Balance | 4,299 | 13,271 |
Real Estate Construction and Land Development | One-to-four Family Real Estate Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 |
Schedule of changes in allowance for loan losses | ||
Beginning Balance | 1,304 | 1,951 |
Recoveries | (8) | (16) |
(Reversal of) Provision for Credit Losses | (188) | 81 |
Ending Balance | 1,124 | 2,048 |
Real Estate Construction and Land Development | Five or More Family Residential and Commercial Properties [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | (1) |
Schedule of changes in allowance for loan losses | ||
Beginning Balance | 3,972 | 11,141 |
Recoveries | 0 | 0 |
(Reversal of) Provision for Credit Losses | (797) | 83 |
Ending Balance | 3,175 | 11,223 |
Consumer Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | (126) | (185) |
Schedule of changes in allowance for loan losses | ||
Beginning Balance | 2,627 | 5,894 |
Recoveries | (566) | (139) |
(Reversal of) Provision for Credit Losses | (768) | (1,500) |
Ending Balance | $ 2,299 | $ 4,348 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets - Other Intangible Assets, Textual (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |
Goodwill, Impairment Loss | $ 0 |
Core Deposits | Premier Commercial Bancorp | |
Finite-Lived Intangible Assets [Line Items] | |
Useful life | 10 years |
Core Deposits | Puget Sound Bancorp | |
Finite-Lived Intangible Assets [Line Items] | |
Useful life | 10 years |
Core Deposits | Washington Banking Company | |
Finite-Lived Intangible Assets [Line Items] | |
Useful life | 10 years |
Core Deposits | Valley Community Bancshares | |
Finite-Lived Intangible Assets [Line Items] | |
Useful life | 10 years |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Customers | ||
Derivative Asset | ||
Estimated Fair Value | $ (8,700) | $ 9,800 |
Third Parties | ||
Derivative Asset | ||
Estimated Fair Value | (9,800) | |
Derivative Liability | ||
Estimated Fair Value | 8,700 | |
Interest rate swap | ||
Derivative Asset | ||
Estimated Fair Value | 12,975 | |
Derivative Liability | ||
Estimated Fair Value | (12,989) | |
Interest rate swap | Non-hedging interest rate derivatives | ||
Derivative Asset | ||
Notional Amounts | 319,526 | 322,726 |
Estimated Fair Value | 15,219 | |
Derivative Liability | ||
Notional Amounts | $ 319,526 | 322,726 |
Estimated Fair Value | $ (15,286) |
Stockholders' Equity - Reconcil
Stockholders' Equity - Reconciliation of Weighted Average Shares (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net income: | ||
Net income | $ 19,757 | $ 25,344 |
Basic: | ||
Weighted average common shares outstanding (in shares) | 35,094,725 | 35,926,950 |
Total basic weighted average common shares outstanding (in shares) | 35,094,725 | 35,926,950 |
Diluted: | ||
Basic weighted average common shares outstanding (in shares) | 35,094,725 | 35,926,950 |
Effect of potentially dilutive common shares (in shares) | 317,373 | 305,254 |
Total diluted weighted average common shares outstanding (in shares) | 35,412,098 | 36,232,204 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 17,041 | 15,538 |
Stockholders' Equity - Dividend
Stockholders' Equity - Dividends (Details) - $ / shares | Jan. 26, 2022 | Oct. 20, 2021 | Jul. 21, 2021 | Apr. 21, 2021 | Jan. 27, 2021 | Mar. 31, 2022 | Mar. 31, 2021 |
Stockholders' Equity Note [Abstract] | |||||||
Declared | Jan. 26, 2022 | Oct. 20, 2021 | Jul. 21, 2021 | Apr. 21, 2021 | Jan. 27, 2021 | ||
Cash Dividend per Share (in usd per share) | $ 0.21 | $ 0.21 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.21 | $ 0.20 |
Record Date | Feb. 9, 2022 | Nov. 3, 2021 | Aug. 4, 2021 | May 5, 2021 | Feb. 10, 2021 | ||
Paid Date | Feb. 23, 2022 | Nov. 17, 2021 | Aug. 18, 2021 | May 19, 2021 | Feb. 24, 2021 |
Stockholders' Equity - Stock Re
Stockholders' Equity - Stock Repurchase Program (Details) - $ / shares | Mar. 12, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 |
Shares Related to Withholding Taxes on the Vesting of Restricted Stock | ||||
Stockholders Equity (Textual) [Abstract] | ||||
Number of shares repurchased (in shares) | 24,531 | 23,246 | ||
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 | |||
Twelfth Stock Repurchase Plan [Member] [Member] [Domain] | ||||
Stockholders Equity (Textual) [Abstract] | ||||
Number of shares repurchased (in shares) | 80,559 | 0 | ||
Net Total Stock Repurchased During Periods Presented, Shares | 1,141,309 | |||
Net Stock Repurchased During Periods Presented, Value Per Share | $ 25.17 | $ 0 | $ 23.92 |
Stockholders' Equity - Shares R
Stockholders' Equity - Shares Repurchased (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Twelfth Stock Repurchase Plan [Member] [Member] [Domain] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Repurchased shares to pay withholding taxes (in shares) | 80,559 | 0 |
Shares Related to Withholding Taxes on the Vesting of Restricted Stock | ||
Equity, Class of Treasury Stock [Line Items] | ||
Repurchased shares to pay withholding taxes (in shares) | 24,531 | 23,246 |
Withholding taxes average price per share (in usd per share) | $ 25.46 | $ 29.54 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Measurement on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | $ 1,039,924 | $ 894,335 |
Fair Value | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 1,039,924 | |
Equity security | 224 | 240 |
Derivative assets - interest rate swaps | 12,975 | 15,219 |
Derivative liabilities - interest rate swaps | 12,989 | 15,286 |
Level 1 | Fair Value | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 0 | |
Equity security | 240 | |
Derivative assets - interest rate swaps | 0 | 0 |
Derivative liabilities - interest rate swaps | 0 | 0 |
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 | |
Level 1 | Municipal securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 0 | |
Level 2 | Fair Value | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 1,039,924 | |
Equity security | 0 | 0 |
Derivative assets - interest rate swaps | 12,975 | 15,219 |
Derivative liabilities - interest rate swaps | 12,989 | 15,286 |
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 | 39,555 | |
Level 2 | Municipal securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 210,239 | |
Level 2 | Residential CMO and MBS | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 358,409 | |
Level 2 | Commercial CMO and MBS | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 404,505 | |
Level 2 | Corporate obligations | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 2,009 | |
Level 2 | Other asset-backed securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 25,207 | |
Level 3 | Fair Value | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Equity security | 0 | 0 |
Derivative assets - interest rate swaps | 0 | 0 |
Derivative liabilities - interest rate swaps | 0 | 0 |
Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 894,335 | |
Equity security | 224 | 240 |
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 | 39,555 | 21,373 |
Recurring | Municipal securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 210,239 | 221,212 |
Recurring | Residential CMO and MBS | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 358,409 | 306,884 |
Recurring | Commercial CMO and MBS | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 404,505 | 315,861 |
Recurring | Corporate obligations | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 2,009 | 2,014 |
Recurring | Other asset-backed securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 25,207 | 26,991 |
Recurring | Interest rate swap | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative assets - interest rate swaps | 12,975 | 15,219 |
Derivative liabilities - interest rate swaps | 12,989 | 15,286 |
Recurring | Level 1 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 0 | |
Equity security | 224 | 240 |
Recurring | Level 1 | Fair Value | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Equity security | 224 | |
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 | |
Recurring | Level 1 | Municipal securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 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 | 894,335 | |
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 | 21,373 | |
Recurring | Level 2 | Municipal securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 221,212 | |
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 | 306,884 | |
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 | 315,861 | |
Recurring | Level 2 | Corporate obligations | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities available for sale | 2,014 | |
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 | 26,991 | |
Recurring | Level 2 | Interest rate swap | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative assets - interest rate swaps | 12,975 | 15,219 |
Derivative liabilities - interest rate swaps | 12,989 | 15,286 |
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 | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Fair value measurements of assets on a nonrecurring basis | |||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ (12) | $ (28) | |
Assets, Fair Value Disclosure | 1,327 | $ 4,213 | |
Level 1 | |||
Fair value measurements of assets on a nonrecurring basis | |||
Assets, Fair Value Disclosure | 0 | 0 | |
Level 2 | |||
Fair value measurements of assets on a nonrecurring basis | |||
Assets, Fair Value Disclosure | 0 | 0 | |
Level 3 | |||
Fair value measurements of assets on a nonrecurring basis | |||
Assets, Fair Value Disclosure | 749 | 2,470 | |
Fair Value, Inputs, Level 1, 2 and 3 | |||
Fair value measurements of assets on a nonrecurring basis | |||
Assets, Fair Value Disclosure | 2,470 | ||
Impaired Loans | |||
Fair value measurements of assets on a nonrecurring basis | |||
Net Losses (Gains) Recorded in Earnings | (12) | (48) | |
Assets, Fair Value Disclosure | 3,515 | ||
Impaired Loans | Level 1 | |||
Fair value measurements of assets on a nonrecurring basis | |||
Assets, Fair Value Disclosure | 0 | ||
Impaired Loans | Level 2 | |||
Fair value measurements of assets on a nonrecurring basis | |||
Assets, Fair Value Disclosure | 0 | ||
Impaired Loans | Level 3 | |||
Fair value measurements of assets on a nonrecurring basis | |||
Fair Value | 749 | ||
Assets, Fair Value Disclosure | 1,772 | ||
Impaired Loans | Fair Value, Inputs, Level 1, 2 and 3 | |||
Fair value measurements of assets on a nonrecurring basis | |||
Assets, Fair Value Disclosure | 1,772 | ||
Impaired Loans | Commercial Portfolio Segment [Member] | |||
Fair value measurements of assets on a nonrecurring basis | |||
Assets, Fair Value Disclosure | 2,524 | ||
Impaired Loans | Commercial Portfolio Segment [Member] | Level 1 | |||
Fair value measurements of assets on a nonrecurring basis | |||
Assets, Fair Value Disclosure | 0 | ||
Impaired Loans | Commercial Portfolio Segment [Member] | Level 2 | |||
Fair value measurements of assets on a nonrecurring basis | |||
Assets, Fair Value Disclosure | 0 | ||
Impaired Loans | Commercial Portfolio Segment [Member] | Level 3 | |||
Fair value measurements of assets on a nonrecurring basis | |||
Assets, Fair Value Disclosure | 1,238 | ||
Impaired Loans | Commercial Portfolio Segment [Member] | Fair Value, Inputs, Level 1, 2 and 3 | |||
Fair value measurements of assets on a nonrecurring basis | |||
Assets, Fair Value Disclosure | 1,238 | ||
Impaired Loans | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Fair value measurements of assets on a nonrecurring basis | |||
Fair Value | 215 | ||
Net Losses (Gains) Recorded in Earnings | (12) | (34) | |
Assets, Fair Value Disclosure | 336 | 1,911 | |
Impaired Loans | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Level 1 | |||
Fair value measurements of assets on a nonrecurring basis | |||
Fair Value | 0 | ||
Assets, Fair Value Disclosure | 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 | ||
Assets, Fair Value Disclosure | 0 | ||
Impaired Loans | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Level 3 | |||
Fair value measurements of assets on a nonrecurring basis | |||
Fair Value | 215 | ||
Assets, Fair Value Disclosure | 1,049 | ||
Impaired Loans | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Fair Value, Inputs, Level 1, 2 and 3 | |||
Fair value measurements of assets on a nonrecurring basis | |||
Assets, Fair Value Disclosure | 1,049 | ||
Impaired Loans | Commercial Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | |||
Fair value measurements of assets on a nonrecurring basis | |||
Assets, Fair Value Disclosure | 613 | ||
Impaired Loans | Commercial Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | Level 1 | |||
Fair value measurements of assets on a nonrecurring basis | |||
Assets, Fair Value Disclosure | 0 | ||
Impaired Loans | Commercial Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | Level 2 | |||
Fair value measurements of assets on a nonrecurring basis | |||
Assets, Fair Value Disclosure | 0 | ||
Impaired Loans | Commercial Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | Level 3 | |||
Fair value measurements of assets on a nonrecurring basis | |||
Assets, Fair Value Disclosure | 189 | ||
Impaired Loans | Commercial Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | Fair Value, Inputs, Level 1, 2 and 3 | |||
Fair value measurements of assets on a nonrecurring basis | |||
Assets, Fair Value Disclosure | 189 | ||
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 | |||
Fair Value | 534 | ||
Net Losses (Gains) Recorded in Earnings | 0 | $ (14) | |
Assets, Fair Value Disclosure | 991 | 991 | |
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 | ||
Assets, Fair Value Disclosure | 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 | ||
Assets, Fair Value Disclosure | 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 | ||
Assets, Fair Value Disclosure | 534 | ||
Impaired Loans | Real Estate Construction and Land Development [Member] | Five or More Family Residential and Commercial Properties [Member] | Fair Value, Inputs, Level 1, 2 and 3 | |||
Fair value measurements of assets on a nonrecurring basis | |||
Assets, Fair Value Disclosure | 534 | ||
Branch held for sale | |||
Fair value measurements of assets on a nonrecurring basis | |||
Assets, Fair Value Disclosure | 698 | ||
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 | 698 | ||
Branch held for sale | Fair Value, Inputs, Level 1, 2 and 3 | |||
Fair value measurements of assets on a nonrecurring basis | |||
Assets, Fair Value Disclosure | $ 698 |
Fair Value Measurements - Quant
Fair Value Measurements - Quantitative Information, Level 3 (Details) - Nonrecurring $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | |
Impaired Loans | |||
Fair value measurements for financial instruments measured at fair value on a non-recurring basis | |||
Net Losses (Gains) Recorded in Earnings | $ (12) | $ (48) | |
Impaired Loans | Branch held for sale | |||
Fair value measurements for financial instruments measured at fair value on a non-recurring basis | |||
Net Losses (Gains) Recorded in Earnings | 0 | $ 20 | |
Level 3 | Impaired Loans | |||
Fair value measurements for financial instruments measured at fair value on a non-recurring basis | |||
Collateral-dependent loans | $ 749 | ||
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 | (0.110) | (11) | |
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 | 0.350 | 35 | |
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 | 0.138 | 13.8 | |
Level 3 | Branch held for sale | |||
Fair value measurements for financial instruments measured at fair value on a non-recurring basis | |||
Collateral-dependent loans | $ 698 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Value and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financial Assets: | ||
Investment securities held to maturity | $ 384,822 | $ 376,331 |
Bank owned life insurance | 119,929 | 120,196 |
Carrying Value | ||
Financial Assets: | ||
Cash and cash equivalents | 1,576,722 | 1,723,292 |
Investment securities available for sale | 1,039,924 | 894,335 |
Investment securities held to maturity | 422,213 | 383,393 |
Loans held for sale | 1,142 | 1,476 |
Loans receivable, net | 3,780,845 | 3,773,301 |
Accrued interest receivable | 14,582 | 14,657 |
Derivative assets - interest rate swaps | 12,975 | 15,219 |
Equity security | 224 | 240 |
Financial Liabilities: | ||
Non-maturity deposits | 6,038,498 | |
Certificates of deposit | 342,839 | |
Securities sold under agreement to repurchase | 49,069 | 50,839 |
Junior subordinated debentures | 21,253 | 21,180 |
Accrued interest payable | 75 | 73 |
Derivative liabilities - interest rate swaps | 12,989 | 15,286 |
Carrying Value | Noninterest deposits, interest bearing demand deposits, money market accounts and savings accounts | ||
Financial Liabilities: | ||
Non-maturity deposits | 6,163,084 | |
Carrying Value | Bank Time Deposits | ||
Financial Liabilities: | ||
Non-maturity deposits | 328,416 | |
Fair Value | ||
Financial Assets: | ||
Cash and cash equivalents | 1,576,722 | 1,723,292 |
Investment securities available for sale | 894,335 | |
Investment securities held to maturity | 384,822 | 376,331 |
Loans held for sale | 1,181 | 1,527 |
Loans receivable, net | 3,808,897 | 3,849,602 |
Accrued interest receivable | 14,582 | 14,657 |
Derivative assets - interest rate swaps | 12,975 | 15,219 |
Equity security | 224 | 240 |
Financial Liabilities: | ||
Non-maturity deposits | 6,038,498 | |
Certificates of deposit | 344,025 | |
Securities sold under agreement to repurchase | 49,069 | 50,839 |
Junior subordinated debentures | 18,750 | 18,750 |
Accrued interest payable | 75 | 73 |
Derivative liabilities - interest rate swaps | 12,989 | 15,286 |
Fair Value | Noninterest deposits, interest bearing demand deposits, money market accounts and savings accounts | ||
Financial Liabilities: | ||
Non-maturity deposits | 6,163,084 | |
Fair Value | Bank Time Deposits | ||
Financial Liabilities: | ||
Non-maturity deposits | 329,358 | |
Fair Value | Level 1 | ||
Financial Assets: | ||
Cash and cash equivalents | 1,576,722 | 1,723,292 |
Investment securities available for sale | 0 | |
Investment securities held to maturity | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans receivable, net | 0 | 0 |
Accrued interest receivable | 128 | 14 |
Derivative assets - interest rate swaps | 0 | 0 |
Equity security | 240 | |
Financial Liabilities: | ||
Non-maturity deposits | 6,038,498 | |
Certificates of deposit | 0 | |
Securities sold under agreement to repurchase | 49,069 | 50,839 |
Junior subordinated debentures | 0 | 0 |
Accrued interest payable | 33 | 33 |
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: | ||
Non-maturity deposits | 6,163,084 | |
Fair Value | Level 1 | Bank Time Deposits | ||
Financial Liabilities: | ||
Non-maturity deposits | 0 | |
Fair Value | Level 2 | ||
Financial Assets: | ||
Cash and cash equivalents | 0 | 0 |
Investment securities available for sale | 894,335 | |
Investment securities held to maturity | 384,822 | 376,331 |
Loans held for sale | 1,181 | 1,527 |
Loans receivable, net | 0 | 0 |
Accrued interest receivable | 4,593 | 4,582 |
Derivative assets - interest rate swaps | 12,975 | 15,219 |
Equity security | 0 | 0 |
Financial Liabilities: | ||
Non-maturity deposits | 0 | |
Certificates of deposit | 344,025 | |
Securities sold under agreement to repurchase | 0 | 0 |
Junior subordinated debentures | 0 | 0 |
Accrued interest payable | 15 | 19 |
Derivative liabilities - interest rate swaps | 12,989 | 15,286 |
Fair Value | Level 2 | Noninterest deposits, interest bearing demand deposits, money market accounts and savings accounts | ||
Financial Liabilities: | ||
Non-maturity deposits | 0 | |
Fair Value | Level 2 | Bank Time Deposits | ||
Financial Liabilities: | ||
Non-maturity deposits | 0 | |
Fair Value | Level 3 | ||
Financial Assets: | ||
Cash and cash equivalents | 0 | 0 |
Investment securities available for sale | 0 | 0 |
Investment securities held to maturity | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans receivable, net | 3,808,897 | 3,849,602 |
Accrued interest receivable | 9,861 | 10,061 |
Derivative assets - interest rate swaps | 0 | 0 |
Equity security | 0 | 0 |
Financial Liabilities: | ||
Non-maturity deposits | 0 | |
Certificates of deposit | 0 | |
Securities sold under agreement to repurchase | 0 | 0 |
Junior subordinated debentures | 18,750 | 18,750 |
Accrued interest payable | 27 | 21 |
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: | ||
Non-maturity deposits | 0 | |
Fair Value | Level 3 | Bank Time Deposits | ||
Financial Liabilities: | ||
Non-maturity deposits | $ 329,358 |
Cash Restriction (Details)
Cash Restriction (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Banking and Thrift, Other Disclosures [Abstract] | ||
Restricted Cash | $ 0 | $ 9.8 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Commitments [Line Items] | ||||
Unused Commitments to Extend Credit | $ 1,098,016 | $ 1,125,960 | ||
Allowance for credit losses on loans | 40,333 | $ 64,225 | 42,361 | $ 70,185 |
Commercial Portfolio Segment [Member] | ||||
Other Commitments [Line Items] | ||||
Unused Commitments to Extend Credit | 559,118 | 579,895 | ||
Allowance for credit losses on loans | 31,932 | 45,204 | 33,049 | 49,608 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||||
Other Commitments [Line Items] | ||||
Unused Commitments to Extend Credit | 537,566 | 570,156 | ||
Allowance for credit losses on loans | 15,265 | 21,770 | 17,777 | 30,010 |
Commercial Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | ||||
Other Commitments [Line Items] | ||||
Unused Commitments to Extend Credit | 7,932 | 2,252 | ||
Allowance for credit losses on loans | 7,085 | 10,464 | 6,411 | 9,486 |
Commercial Portfolio Segment [Member] | Non Owner Occupied Commercial Real Estate [Member] | ||||
Other Commitments [Line Items] | ||||
Unused Commitments to Extend Credit | 13,620 | 7,487 | ||
Allowance for credit losses on loans | 9,582 | 12,970 | 8,861 | 10,112 |
Real Estate Construction and Land Development [Member] | ||||
Other Commitments [Line Items] | ||||
Unused Commitments to Extend Credit | 250,277 | 261,055 | ||
Allowance for credit losses on loans | 4,299 | 13,271 | 5,276 | 13,092 |
Real Estate Construction and Land Development [Member] | One to Four Family Real Estate Construction [Member] | ||||
Other Commitments [Line Items] | ||||
Unused Commitments to Extend Credit | 55,599 | 51,838 | ||
Allowance for credit losses on loans | 1,124 | 2,048 | 1,304 | 1,951 |
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 | 194,678 | 209,217 | ||
Allowance for credit losses on loans | 3,175 | 11,223 | 3,972 | 11,141 |
Consumer Portfolio Segment [Member] | ||||
Other Commitments [Line Items] | ||||
Unused Commitments to Extend Credit | 288,621 | 285,010 | ||
Allowance for credit losses on loans | 2,299 | 4,348 | 2,627 | 5,894 |
Unused Commitments to Extend Credit [Member] | ||||
Other Commitments [Line Items] | ||||
Provision for Other Credit Losses | (1,055) | (1,064) | ||
Allowance for credit losses on loans | $ 1,552 | $ 3,617 | $ 2,607 | $ 4,681 |