Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 29, 2021 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Period Focus | Q3 | |
Document Transition Report | false | |
Entity File Number | 000-51018 | |
Entity Registrant Name | THE BANCORP, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 23-3016517 | |
Entity Address, Address Line One | 409 Silverside Road | |
Entity Address, City or Town | Wilmington | |
Entity Address, State or Province | DE | |
Entity Address, Postal Zip Code | 19809 | |
City Area Code | 302 | |
Local Phone Number | 385-5000 | |
Title of 12(b) Security | Common Stock, par value $1.00 per share | |
Trading Symbol | TBBK | |
Security Exchange Name | NASDAQ | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 56,980,415 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Entity Central Index Key | 0001295401 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 | |
Cash and cash equivalents | |||
Cash and due from banks | $ 6,687,000 | $ 5,984,000 | |
Interest earning deposits at Federal Reserve Bank | 310,642,000 | 339,531,000 | |
Total cash and cash equivalents | 317,329,000 | 345,515,000 | |
Debt Securities, Available-for-sale | 1,054,223,000 | 1,206,164,000 | |
Commercial loans, at fair value | 1,550,025,000 | 1,810,812,000 | |
Loans, net of deferred loan fees and costs | [1] | 3,136,662,000 | 2,652,323,000 |
Allowance for credit losses | (16,159,000) | (16,082,000) | |
Loans, net | 3,120,503,000 | 2,636,241,000 | |
Federal Home Loan Bank and Atlantic Central Bankers Bank stock | 1,663,000 | 1,368,000 | |
Premises and equipment, net | 16,602,000 | 17,608,000 | |
Accrued interest receivable | 17,180,000 | 20,458,000 | |
Intangible assets, net | 2,547,000 | 2,845,000 | |
Other real estate owned | 2,145,000 | 0 | |
Deferred tax asset, net | 12,237,000 | 9,757,000 | |
Investment in unconsolidated entity, at fair value | 31,294,000 | ||
Assets held-for-sale from discontinued operations | 87,904,000 | 113,650,000 | |
Other assets | 86,105,000 | 81,129,000 | |
Total assets | 6,268,463,000 | 6,276,841,000 | |
Deposits | |||
Demand and interest checking | 4,734,352,000 | 5,205,010,000 | |
Savings and money market | 378,160,000 | 257,050,000 | |
Total deposits | 5,112,512,000 | 5,462,060,000 | |
Securities sold under agreements to repurchase | 42,000 | 42,000 | |
Short-term borrowings | 300,000,000 | ||
Senior debt | 98,590,000 | 98,314,000 | |
Subordinated debentures | 13,401,000 | 13,401,000 | |
Other long-term borrowings | 39,715,000 | 40,277,000 | |
Other liabilities | 66,226,000 | 81,583,000 | |
Total liabilities | 5,630,486,000 | 5,695,677,000 | |
SHAREHOLDERS' EQUITY | |||
Common stock - authorized, 75,000,000 shares of $1.00 par value; 57,330,846 and 57,550,629 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively | 57,331,000 | 57,551,000 | |
Additional paid-in capital | 357,528,000 | 377,452,000 | |
Retained earnings | 212,114,000 | 128,453,000 | |
Accumulated other comprehensive income | 11,004,000 | 17,708,000 | |
Total shareholders' equity | 637,977,000 | 581,164,000 | |
Total liabilities and shareholders' equity | $ 6,268,463,000 | $ 6,276,841,000 | |
[1] | The ending balance for loans in the unallocated column represents deferred costs and fees. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
SHAREHOLDERS' EQUITY | ||
Common stock, authorized (in shares) | 75,000,000 | 75,000,000 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, issued (in shares) | 57,330,846 | 57,550,629 |
Common stock, outstanding | 57,330,846 | 57,550,629 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Interest income | ||||
Loans, including fees | $ 46,426 | $ 44,433 | $ 143,784 | $ 125,326 |
Investment securities: | ||||
Taxable interest | 6,882 | 7,911 | 22,891 | 28,594 |
Tax-exempt interest | 25 | 28 | 78 | 87 |
Interest earning deposits | 167 | 106 | 650 | 1,836 |
Total interest income | 53,500 | 52,478 | 167,403 | 155,843 |
Interest expense | ||||
Deposits | 1,209 | 1,730 | 4,494 | 11,468 |
Short-term borrowings | 7 | 1 | 15 | 181 |
Senior debt | 1,279 | 633 | 3,838 | 633 |
Subordinated debentures | 112 | 118 | 337 | 408 |
Total interest expense | 2,607 | 2,482 | 8,684 | 12,690 |
Net interest income | 50,893 | 49,996 | 158,719 | 143,153 |
Provision for credit losses | 1,613 | 1,297 | 1,484 | 5,798 |
Net interest income after provision for credit losses | 49,280 | 48,699 | 157,235 | 137,355 |
Non-interest income | ||||
Net realized and unrealized gains (losses) on commercial loans, at fair value | 4,306 | 684 | 8,881 | (5,412) |
Change in value of investment in unconsolidated entity | (45) | |||
Leasing related income | 1,968 | 1,519 | 4,700 | 2,795 |
Other | 186 | 955 | 459 | 2,019 |
Total non-interest income | 26,588 | 24,352 | 76,523 | 61,317 |
Non-interest expense | ||||
Salaries and employee benefits | 25,094 | 26,417 | 77,839 | 74,650 |
Depreciation and amortization | 729 | 785 | 2,144 | 2,457 |
Rent and related occupancy cost | 1,256 | 1,376 | 3,777 | 4,191 |
Data processing expense | 1,209 | 1,192 | 3,481 | 3,538 |
Printing and supplies | 81 | 114 | 277 | 440 |
Audit expense | 356 | 397 | 1,110 | 1,205 |
Legal expense | 1,251 | 994 | 5,349 | 4,136 |
Amortization of intangible assets | 99 | 147 | 298 | 441 |
FDIC insurance | 266 | 2,180 | 5,235 | 7,687 |
Software | 4,045 | 3,595 | 11,435 | 10,458 |
Insurance | 1,110 | 741 | 2,881 | 2,059 |
Telecom and IT network communications | 413 | 392 | 1,227 | 1,186 |
Consulting | 448 | 410 | 952 | 1,011 |
Other | 3,027 | 3,286 | 9,145 | 9,605 |
Total non-interest expense | 39,384 | 42,026 | 125,150 | 123,064 |
Income from continuing operations before income taxes | 36,484 | 31,025 | 108,608 | 75,608 |
Income tax expense | 8,289 | 7,894 | 25,195 | 19,033 |
Net income from continuing operations | 28,195 | 23,131 | 83,413 | 56,575 |
Discontinued operations | ||||
Income (loss) from discontinued operations before income taxes | 87 | (1,671) | 324 | (2,720) |
Income tax expense (benefit) | 21 | (1,794) | 76 | (2,058) |
Income (loss) from discontinued operations, net of tax | 66 | 123 | 248 | (662) |
Net income | $ 28,261 | $ 23,254 | $ 83,661 | $ 55,913 |
Net income per share from continuing operations - basic | $ 0.49 | $ 0.40 | $ 1.45 | $ 0.98 |
Net income (loss) per share from discontinued operations - basic | 0.01 | (0.01) | ||
Net income per share - basic | 0.49 | 0.40 | 1.46 | 0.97 |
Net income per share from continuing operations - diluted | 0.48 | 0.40 | 1.41 | 0.97 |
Net income (loss) per share from discontinued operations - diluted | 0.01 | (0.01) | ||
Net income per share - diluted | $ 0.48 | $ 0.40 | $ 1.42 | $ 0.96 |
ACH, Card And Other Payment Processing Fees [Member] | ||||
Non-interest income | ||||
Non-interest income | $ 1,905 | $ 1,760 | $ 5,605 | $ 5,313 |
Prepaid, Debit Card And Related Fees [Member] | ||||
Non-interest income | ||||
Non-interest income | $ 18,223 | $ 19,434 | $ 56,878 | $ 56,647 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ||||
Net income | $ 28,261 | $ 23,254 | $ 83,661 | $ 55,913 |
Securities available-for-sale: | ||||
Change in net unrealized (losses) gains during the period | (4,867) | (114) | (9,192) | 20,068 |
Reclassification adjustments for losses included in income | 7 | |||
Amortization of losses previously held as available-for-sale | 5 | |||
Other comprehensive (loss) income | (4,867) | (114) | (9,185) | 20,073 |
Securities available-for-sale: | ||||
Change in net unrealized (losses) gains during the period | (1,314) | (31) | (2,483) | 5,418 |
Reclassification adjustments for losses included in income | 2 | |||
Amortization of losses previously held as available-for-sale | 1 | |||
Income tax (benefit) expense related to items of other comprehensive income | (1,314) | (31) | (2,481) | 5,419 |
Other comprehensive (loss) income, net of tax and reclassifications into net income | (3,553) | (83) | (6,704) | 14,654 |
Comprehensive income | $ 24,708 | $ 23,171 | $ 76,957 | $ 70,567 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Total |
Balance at Dec. 31, 2019 | $ 56,841 | $ 370,867 | $ 50,742 | $ 6,047 | $ 484,497 |
Balance, shares at Dec. 31, 2019 | 56,840,521 | ||||
Net income | 12,591 | 12,591 | |||
Common stock issued from option exercises, net of tax benefits | $ 74 | 546 | 620 | ||
Common stock issued from option exercises, net of tax benefits, shares | 74,000 | ||||
Common stock issued from restricted units, net of tax benefits | $ 411 | (411) | |||
Common stock issued from restricted units, net of tax benefits, shares | 411,035 | ||||
Stock-based compensation | 1,216 | 1,216 | |||
Other comprehensive income (loss) net of reclassification adjustments and tax | 1,553 | 1,553 | |||
Balance (Accounting Standards Update 2016-13 [Member]) at Mar. 31, 2020 | (2,373) | (2,373) | |||
Balance at Mar. 31, 2020 | $ 57,326 | 372,218 | 60,960 | 7,600 | 498,104 |
Balance (in shares) at Mar. 31, 2020 | 57,325,556 | ||||
Balance at Dec. 31, 2019 | $ 56,841 | 370,867 | 50,742 | 6,047 | 484,497 |
Balance, shares at Dec. 31, 2019 | 56,840,521 | ||||
Net income | 55,913 | ||||
Other comprehensive income (loss) net of reclassification adjustments and tax | 14,654 | ||||
Balance at Sep. 30, 2020 | $ 57,491 | 375,985 | 104,282 | 20,701 | 558,459 |
Balance (in shares) at Sep. 30, 2020 | 57,490,874 | ||||
Balance at Mar. 31, 2020 | $ 57,326 | 372,218 | 60,960 | 7,600 | 498,104 |
Balance, shares at Mar. 31, 2020 | 57,325,556 | ||||
Net income | 20,068 | 20,068 | |||
Common stock issued from restricted units, net of tax benefits | $ 129 | (129) | |||
Common stock issued from restricted units, net of tax benefits, shares | 129,752 | ||||
Stock-based compensation | 1,723 | 1,723 | |||
Other comprehensive income (loss) net of reclassification adjustments and tax | 13,184 | 13,184 | |||
Balance at Jun. 30, 2020 | $ 57,455 | 373,812 | 81,028 | 20,784 | 533,079 |
Balance (in shares) at Jun. 30, 2020 | 57,455,308 | ||||
Net income | 23,254 | 23,254 | |||
Common stock issued from restricted units, net of tax benefits | $ 36 | (36) | |||
Common stock issued from restricted units, net of tax benefits, shares | 35,566 | ||||
Stock-based compensation | 2,209 | 2,209 | |||
Other comprehensive income (loss) net of reclassification adjustments and tax | (83) | (83) | |||
Balance at Sep. 30, 2020 | $ 57,491 | 375,985 | 104,282 | 20,701 | 558,459 |
Balance (in shares) at Sep. 30, 2020 | 57,490,874 | ||||
Balance at Dec. 31, 2020 | $ 57,551 | 377,452 | 128,453 | 17,708 | $ 581,164 |
Balance, shares at Dec. 31, 2020 | 57,550,629 | 57,550,629 | |||
Net income | 25,965 | $ 25,965 | |||
Common stock issued from option exercises, net of tax benefits | $ 61 | 404 | 465 | ||
Common stock issued from option exercises, net of tax benefits, shares | 61,500 | ||||
Common stock issued from restricted units, net of tax benefits | $ 230 | (230) | |||
Common stock issued from restricted units, net of tax benefits, shares | 230,212 | ||||
Stock-based compensation | 2,261 | 2,261 | |||
Common stock repurchases | $ (594) | (9,406) | (10,000) | ||
Common stock repurchases, shares | (594,428) | ||||
Other comprehensive income (loss) net of reclassification adjustments and tax | (3,091) | (3,091) | |||
Balance at Mar. 31, 2021 | $ 57,248 | 370,481 | 154,418 | 14,617 | 596,764 |
Balance (in shares) at Mar. 31, 2021 | 57,247,913 | ||||
Balance at Dec. 31, 2020 | $ 57,551 | 377,452 | 128,453 | 17,708 | $ 581,164 |
Balance, shares at Dec. 31, 2020 | 57,550,629 | 57,550,629 | |||
Net income | $ 83,661 | ||||
Common stock repurchases, shares | (1,484,630) | ||||
Other comprehensive income (loss) net of reclassification adjustments and tax | $ (6,704) | ||||
Balance at Sep. 30, 2021 | $ 57,331 | 357,528 | 212,114 | 11,004 | $ 637,977 |
Balance (in shares) at Sep. 30, 2021 | 57,330,846 | 57,330,846 | |||
Balance at Mar. 31, 2021 | $ 57,248 | 370,481 | 154,418 | 14,617 | $ 596,764 |
Balance, shares at Mar. 31, 2021 | 57,247,913 | ||||
Net income | 29,435 | 29,435 | |||
Common stock issued from option exercises, net of tax benefits | $ 217 | 547 | 764 | ||
Common stock issued from option exercises, net of tax benefits, shares | 217,368 | ||||
Common stock issued from restricted units, net of tax benefits | $ 442 | (442) | |||
Common stock issued from restricted units, net of tax benefits, shares | 442,321 | ||||
Stock-based compensation | 2,206 | 2,206 | |||
Common stock repurchases | $ (449) | (9,551) | (10,000) | ||
Common stock repurchases, shares | (449,315) | ||||
Other comprehensive income (loss) net of reclassification adjustments and tax | (60) | (60) | |||
Balance at Jun. 30, 2021 | $ 57,458 | 363,241 | 183,853 | 14,557 | 619,109 |
Balance (in shares) at Jun. 30, 2021 | 57,458,287 | ||||
Net income | 28,261 | 28,261 | |||
Common stock issued from option exercises, net of tax benefits | $ 314 | 1,790 | 2,104 | ||
Common stock issued from option exercises, net of tax benefits, shares | 313,446 | ||||
Stock-based compensation | 2,056 | 2,056 | |||
Common stock repurchases | $ (441) | (9,559) | $ (10,000) | ||
Common stock repurchases, shares | (440,887) | (440,887) | |||
Other comprehensive income (loss) net of reclassification adjustments and tax | (3,553) | $ (3,553) | |||
Balance at Sep. 30, 2021 | $ 57,331 | $ 357,528 | $ 212,114 | $ 11,004 | $ 637,977 |
Balance (in shares) at Sep. 30, 2021 | 57,330,846 | 57,330,846 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating activities | ||
Net income from continuing operations | $ 83,413 | $ 56,575 |
Net income (loss) from discontinued operations | 248 | (662) |
Adjustments to reconcile net income to net cash provided by (used in) operating activities | ||
Depreciation and amortization | 2,442 | 2,898 |
Provision for credit losses | 1,484 | 5,798 |
Net amortization of investment securities discounts/premiums | 3,216 | 13,929 |
Stock-based compensation expense | 6,523 | 5,149 |
(Gain) loss on commercial loans, at fair value | (7,267) | 126 |
(Gain) loss from discontinued operations | (1,492) | 668 |
Fair value adjustment on investment in unconsolidated entity | 45 | |
Change in fair value of commercial loans, at fair value | 1,330 | 3,054 |
Change in fair value of derivatives | (1,328) | 2,233 |
Loss on sales of investment securities | 7 | |
Decrease (increase) in accrued interest receivable | 3,278 | (5,233) |
(Increase) decrease in other assets | (6,216) | 8,050 |
Change in fair value of discontinued assets held-for-sale | 498 | |
Decrease in other liabilities | (14,744) | (2,770) |
Net cash provided by operating activities | 71,392 | 89,860 |
Investing activities | ||
Purchase of investment securities available-for-sale | (246,958) | (27,658) |
Proceeds from redemptions and prepayments of securities available-for-sale | 386,369 | 173,892 |
Net cash paid due to acquisitions, net of cash acquired | (3,920) | |
Net decrease in repossessed assets | 927 | 10,529 |
Net increase in loans | (485,647) | (672,666) |
Net decrease in discontinued loans held-for-sale | 21,882 | 13,710 |
Commercial loans, at fair value originated or drawn during the period | (62,151) | (683,696) |
Payments on commercial loans, at fair value | 351,239 | 10,586 |
Purchases of premises and equipment | (1,237) | (999) |
Change in receivable from investment in unconsolidated entity | 18 | 45 |
Return of investment in unconsolidated entity | 7,337 | 7,326 |
Decrease in discontinued assets held-for-sale | 4,858 | 4,026 |
Net cash used in investing activities | (23,363) | (1,168,825) |
Financing activities | ||
Net (decrease) increase in deposits | (349,548) | 336,732 |
Net decrease in securities sold under agreements to repurchase | (40) | |
Proceeds of short-term borrowings | 300,000 | |
Proceeds of senior debt offering | 98,160 | |
Proceeds from the issuance of common stock | 3,333 | 619 |
Repurchases of common stock | (30,000) | |
Net cash (used in) provided by financing activities | (76,215) | 435,471 |
Net decrease in cash and cash equivalents | (28,186) | (643,494) |
Cash and cash equivalents, beginning of period | 345,515 | 944,472 |
Cash and cash equivalents, end of period | 317,329 | 300,978 |
Supplemental disclosure: | ||
Interest paid | 10,343 | 11,098 |
Taxes paid | 31,057 | 16,694 |
Non-cash investing and financing activities | ||
Loans settled in acquisition | 3,961 | |
Transfer of loans from investment in unconsolidated entity upon its dissolution | 22,926 | |
Transfers of real estate owned from investment in unconsolidated entity upon its dissolution | 2,145 | 3,780 |
Leased vehicles transferred to repossessed assets | $ 757 | $ 15,318 |
Structure Of Company
Structure Of Company | 9 Months Ended |
Sep. 30, 2021 | |
Structure Of Company [Abstract] | |
Structure Of Company | Note 1. Structure of Company The Bancorp, Inc., or (“the Company”), is a Delaware corporation and a registered financial holding company. Its primary subsidiary is The Bancorp Bank, or (“the Bank”), which is wholly owned by the Company. The Bank is a Delaware chartered commercial bank located in Wilmington, Delaware and is a Federal Deposit Insurance Corporation (“FDIC”) insured institution. In its continuing operations, the Bank has four primary lines of national specialty lending: securities-backed lines of credit (“SBLOC”) and cash value of insurance-backed lines of credit (“IBLOC”), leasing (direct lease financing), Small Business Administration (“SBA”) loans and non-SBA commercial real estate (“CRE”) loans (the “CRE loans”). Prior to 2020, The Company generated non-SBA CRE loans for sale into capital markets primarily through loan securitizations which issued commercial mortgage backed securities (“CMBS”). In 2020, the Company decided to retain the CRE loans on its balance sheet and no future securitizations are currently planned. In the third quarter of 2021, the Company resumed originating non-SBA CRE loans, after suspending the origination of such loans for most of 2020 and the first half of 2021. Additionally, in 2020, the Company began originating advisor financing loans to investment advisors for debt refinance, acquisition of other advisory firms or internal succession. Through the Bank, the Company also provides banking services nationally, which include prepaid and debit cards, private label banking, deposit accounts to investment advisors’ customers, card payment and other payment processing. The Company and the Bank are subject to regulation by certain state and federal agencies and, accordingly, they are examined periodically by those regulatory authorities. As a consequence of the extensive regulation of commercial banking activities, the Company’s and the Bank’s businesses may be affected by state and federal legislation and regulations. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | Note 2. Significant Accounting Policies Basis of Presentation The financial statements of the Company, as of September 30, 2021 and for the three and nine month periods ended September 30, 2021 and 2020, are unaudited. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted in this Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). However, in the opinion of management, these interim financial statements include all necessary adjustments to fairly present the results of the interim periods presented. The unaudited interim consolidated financial statements should be read in conjunction with the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Form 10-K”). The results of operations for the nine month period ended September 30, 2021 may not necessarily be indicative of the results of operations for the full year ending December 31, 2021. Reclassifications have been made to the 2020 consolidated financial statements to conform to the 2021 presentation. Specifically, the minimal service fees on deposit accounts which were shown separately on the income statement are now shown in other income. In the first quarter of 2021, the Company changed its presentation of treasury stock acquired through common stock repurchases. To simplify presentation, common stock repurchases previously shown separately as treasury stock, are now shown as reductions in common stock and additional paid-in capital. There have been no significant changes to the Significant Accounting Policies as described in the 2020 Form 10-K. Those significant accounting policies remain unchanged at September 30, 2021, except those relating to the COVID-19 pandemic for which management has updated their assessment of related risks and uncertainties. Those risks have been reduced as a result of increased vaccination rates, the significant reopening of the economy and the elimination of the vast majority of the Company’s COVID-related loan payment deferrals. Additionally, previous balance sheets included investment in unconsolidated entity, which reflected the Company’s balance of the Walnut Street investment. Walnut Street was comprised of Bancorp loans sold to that entity, which was partially financed by an independent investor. In the third quarter of 2021, The Bancorp and that investor dissolved the entity, as the remaining balance did not warrant ongoing administrative and accounting expenses. As a result of the dissolution, the investment in unconsolidated entity, which had a June 30, 2021 balance of $ 25.0 million, was reclassified as follows. Approximately $ 22.9 million of loans were reclassified to commercial loans, at fair value and $ 2.1 million was reclassified to other real estate owned, as those assets continue to be reported at fair value. Our non-SBA commercial real estate loans, at fair value, are primarily collateralized by multi-family properties (apartment buildings), and to a lesser extent, by hotel and retail properties. These loans were originally generated for sale through securitizations. In 2020, we decided to retain these loans on our balance sheet as interest earning assets and have again begun originating such loans, primarily to replace the impact of loan payoffs. These new originations are identified as real estate bridge loans and are held for investment in the loan portfolio. Prior originations originally intended for securitizations which were accounted for at fair value, continue to be accounted for at fair value, and are included in the balance sheet in “commercial loans, at fair value.” |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | Note 3. Stock-based Compensation The Company recognizes compensation expense for stock options in accordance with Financial Accounting Standards Board (“FASB”) ASC 718, “Stock Based Compensation”. The expense of the option is generally measured at fair value at the grant date with compensation expense recognized over the service period, which is typically the vesting period. For grants subject to a service condition, the Company utilizes the Black-Scholes option-pricing model to estimate the fair value of each option on the date of grant. The Black-Scholes model takes into consideration the exercise price and expected life of the options, the current price of the underlying stock and its expected volatility, the expected dividends on the stock and the current risk-free interest rate for the expected life of the option. The Company’s estimate of the fair value of a stock option is based on expectations derived from historical experience and may not necessarily equate to its market value when fully vested. In accordance with ASC 718, the Company estimates the number of options for which the requisite service is expected to be rendered . At September 30, 2021, the Company had four active stock-based compensation plans. The Company granted 100,000 stock options with a vesting period of four years during the nine month period ended September 30, 2021 . The weighted average grant-date fair value was $ 8.51 . The Company granted 300,000 stock options with a vesting period of four years during the nine month period ended September 30, 2020 . The weighted average grant-date fair value was $ 3.02 . There were 657,500 common stock options exercised in the nine month period ended September 30, 2021. There were 74,000 common stock options exercised in the nine month period ended September 30, 2020. A summary of the Company’s stock options is presented below. Weighted average remaining Weighted average contractual Aggregate Options exercise price term (years) intrinsic value Outstanding at January 1, 2021 1,161,604 $ 7.62 4.75 $ 7,001,843 Granted 100,000 18.81 9.37 664,000 Exercised ( 657,500 ) 7.51 — 10,465,250 Expired — — — — Forfeited — — — — Outstanding at September 30, 2021 604,104 $ 9.60 6.81 $ 9,574,056 Exercisable at September 30, 2021 246,552 $ 8.50 4.03 $ 4,180,078 The Company granted 313,697 restricted stock units (“RSUs”) in the first nine months of 2021 of which 261,073 have a vesting period of three years and 52,624 have a vesting period of one year . At issuance, the 313,697 RSUs granted in the first nine months of 2021 had a fair value of $ 18.81 per unit. I n the first nine months of 2020, t he Company granted 1,531,702 RSUs of which 1,387,602 have a vesting period of three years and 144,100 have a vesting period of one year . At issuance, the 1,531,702 RSUs granted in the first nine months of 2020 had a fair value of $ 6.87 per unit . A summary of the status of the Company’s RSUs is presented below. Weighted average Average remaining grant date contractual RSUs fair value term (years) Outstanding at January 1, 2021 1,787,943 $ 7.49 1.50 Granted 313,697 18.81 2.03 Vested ( 672,533 ) 7.72 — Forfeited ( 50,487 ) 8.73 — Outstanding at September 30, 2021 1,378,620 $ 9.91 1.12 As of September 30, 2021 , there was a total of $ 9.3 million of unrecognized compensation cost related to unvested awards under share-based plans. This cost is expected to be recognized over a weighted average period of approximately 1.5 years. Related compensation expense for the nine months ended September 30, 2021 and 2020 was $ 6.5 million and $ 5.1 million, respectively. The total issuance date fair value of RSUs vested and options exercised during the nine months ended September 30, 2021 and 2020 was $ 7.6 million and $ 5.3 million, respectively. The total intrinsic value of the options exercised and RSUs vested in those respective periods was $ 25.3 million and $ 6.5 million, respectively. For the periods ended September 30, 2021 and 2020, the Company estimated the fair value of each stock option grant on the date of grant using the Black-Scholes options pricing model with the following weighted average assumptions: September 30, 2021 2020 Risk-free interest rate 1.19 % 0.68 % Expected dividend yield — — Expected volatility 45.61 % 45.20 % Expected lives (years) 6.3 6.3 Expected volatility is based on the historical volatility of the Company’s stock and peer group comparisons over the expected life of the grant. The risk-free rate for periods within the expected life of the option is based on the U.S. Treasury strip rate in effect at the time of the grant. The life of the option is based on historical factors which include the contractual term, vesting period, exercise behavior and employee terminations. In accordance with ASC 718, Stock Based Compensation, stock based compensation expense for the period ended September 30, 2021 is based on awards that are ultimately expected to vest and has been reduced for estimated forfeitures. The Company estimated forfeitures using historical data based upon the groups identified by management. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 4. Earnings Per Share The Company calculates earnings per share under ASC 260, “Earnings Per Share”. Basic earnings per share exclude dilution and are computed by dividing income available to common shareholders by the weighted average common shares outstanding during the period. Diluted earnings per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock. The following tables show the Company’s earnings per share for the periods presented: For the three months ended September 30, 2021 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings per share from continuing operations Net earnings available to common shareholders $ 28,195 57,198,778 $ 0.49 Effect of dilutive securities Common stock options and restricted stock units — 1,429,528 ( 0.01 ) Diluted earnings per share Net earnings available to common shareholders $ 28,195 58,628,306 $ 0.48 1 For the three months ended September 30, 2021 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings per share from discontinued operations Net earnings available to common shareholders $ 66 57,198,778 $ — Effect of dilutive securities Common stock options and restricted stock units — 1,429,528 — Diluted earnings per share Net earnings available to common shareholders $ 66 58,628,306 $ — 1 For the three months ended September 30, 2021 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings per share Net earnings available to common shareholders $ 28,261 57,198,778 $ 0.49 Effect of dilutive securities Common stock options and restricted stock units — 1,429,528 ( 0.01 ) Diluted earnings per share Net earnings available to common shareholders $ 28,261 58,628,306 $ 0.48 Note: The total of diluted earnings per share from continuing and discontinued operations does not equal diluted earnings per share due to rounding. Stock options for 504,104 shares, exercisable at prices between $ 6.87 and $ 18.81 per share, were outstanding at September 30, 2021, and included in the dilutive earnings per share computation. Stock options for 100,000 shares were anti-dilutive and not included in the earnings per share calculation. For the nine months ended September 30, 2021 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings per share from continuing operations Net earnings available to common shareholders $ 83,413 57,221,174 $ 1.45 Effect of dilutive securities Common stock options and restricted stock units — 1,710,972 ( 0.04 ) Diluted earnings per share Net earnings available to common shareholders $ 83,413 58,932,146 $ 1.41 For the nine months ended September 30, 2021 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings per share from discontinued operations Net earnings available to common shareholders $ 248 57,221,174 $ 0.01 Effect of dilutive securities Common stock options and restricted stock units — 1,710,972 — Diluted earnings per share Net earnings available to common shareholders $ 248 58,932,146 $ 0.01 For the nine months ended September 30, 2021 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings per share Net earnings available to common shareholders $ 83,661 57,221,174 $ 1.46 Effect of dilutive securities Common stock options and restricted stock units — 1,710,972 ( 0.04 ) Diluted earnings per share Net earnings available to common shareholders $ 83,661 58,932,146 $ 1.42 Stock options for 504,104 shares, exercisable at prices between $ 6.87 and $ 18.81 per share, were outstanding at September 30, 2021, and included in the dilutive earnings per share computation. Stock options for 100,000 shares were anti-dilutive and not included in the earnings per share calculation. For the three months ended September 30, 2020 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings per share from continuing operations Net earnings available to common shareholders $ 23,131 57,588,168 $ 0.40 Effect of dilutive securities Common stock options and restricted stock units — 883,024 — Diluted earnings per share Net earnings available to common shareholders $ 23,131 58,471,192 $ 0.40 For the three months ended September 30, 2020 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings per share from discontinued operations Net earnings available to common shareholders $ 123 57,588,168 $ — Effect of dilutive securities Common stock options and restricted stock units — 883,024 — Diluted earnings per share Net earnings available to common shareholders $ 123 58,471,192 $ — For the three months ended September 30, 2020 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings per share Net earnings available to common shareholders $ 23,254 57,588,168 $ 0.40 Effect of dilutive securities Common stock options and restricted stock units — 883,024 — Diluted earnings per share Net earnings available to common shareholders $ 23,254 58,471,192 $ 0.40 Stock options for 1,056,604 shares, exercisable at prices between $ 6.75 and $ 8.57 per share, were outstanding at September 30, 2020, and included in the dilutive earnings per share computation. Stock options for 326,000 were anti-dilutive and not included in the earnings per share calculation. For the nine months ended September 30, 2020 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings per share from continuing operations Net earnings available to common shareholders $ 56,575 57,433,477 $ 0.98 Effect of dilutive securities Common stock options and restricted stock units — 618,356 ( 0.01 ) Diluted earnings per share Net earnings available to common shareholders $ 56,575 58,051,833 $ 0.97 For the nine months ended September 30, 2020 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic loss per share from discontinued operations Net loss $ ( 662 ) 57,433,477 $ ( 0.01 ) Effect of dilutive securities Common stock options and restricted stock units — 618,356 — Diluted loss per share Net loss $ ( 662 ) 58,051,833 $ ( 0.01 ) For the nine months ended September 30, 2020 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings per share Net earnings available to common shareholders $ 55,913 57,433,477 $ 0.97 Effect of dilutive securities Common stock options and restricted stock units — 618,356 ( 0.01 ) Diluted earnings per share Net earnings available to common shareholders $ 55,913 58,051,833 $ 0.96 Stock options for 1,056,604 shares, exercisable at prices between $ 6.75 and $ 8.57 per share, were outstanding at September 30, 2020, and included in the dilutive earnings per share computation. Stock options for 326,000 were anti-dilutive and not included in the earnings per share calculation. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2021 | |
Investment Securities [Abstract] | |
Investment Securities | Note 5. Investment Securities The amortized cost, gross unrealized gains and losses, and fair values of the Company’s investment securities classified as available-for-sale at September 30, 2021 and December 31, 2020 are summarized as follows (in thousands): Available-for-sale September 30, 2021 Gross Gross Amortized unrealized unrealized Fair cost gains losses value U.S. Government agency securities $ 37,489 $ 1,680 $ ( 49 ) $ 39,120 Asset-backed securities * 368,502 481 ( 70 ) 368,913 Tax-exempt obligations of states and political subdivisions 3,559 181 — 3,740 Taxable obligations of states and political subdivisions 46,013 3,044 — 49,057 Residential mortgage-backed securities 193,037 6,442 ( 209 ) 199,270 Collateralized mortgage obligation securities 74,628 1,715 ( 1 ) 76,342 Commercial mortgage-backed securities 305,922 6,572 ( 1,218 ) 311,276 Corporate debt securities 10,000 — ( 3,495 ) 6,505 $ 1,039,150 $ 20,115 $ ( 5,042 ) $ 1,054,223 September 30, 2021 Gross Gross Amortized unrealized unrealized Fair * Asset-backed securities as shown above cost gains losses value Federally insured student loan securities $ 24,709 $ 85 $ ( 14 ) $ 24,780 Collateralized loan obligation securities 343,793 396 ( 56 ) 344,133 $ 368,502 $ 481 $ ( 70 ) $ 368,913 Available-for-sale December 31, 2020 Gross Gross Amortized unrealized unrealized Fair cost gains losses value U.S. Government agency securities $ 44,960 $ 2,357 $ ( 120 ) $ 47,197 Asset-backed securities * 238,678 143 ( 460 ) 238,361 Tax-exempt obligations of states and political subdivisions 4,042 248 — 4,290 Taxable obligations of states and political subdivisions 47,884 4,180 — 52,064 Residential mortgage-backed securities 256,914 9,765 ( 96 ) 266,583 Collateralized mortgage obligation securities 145,260 3,281 ( 11 ) 148,530 Commercial mortgage-backed securities 359,125 12,717 ( 4,562 ) 367,280 Corporate debt securities 85,043 63 ( 3,247 ) 81,859 $ 1,181,906 $ 32,754 $ ( 8,496 ) $ 1,206,164 December 31, 2020 Gross Gross Amortized unrealized unrealized Fair * Asset-backed securities as shown above cost gains losses value Federally insured student loan securities $ 28,013 $ 38 $ ( 93 ) $ 27,958 Collateralized loan obligation securities 210,665 105 ( 367 ) 210,403 $ 238,678 $ 143 $ ( 460 ) $ 238,361 Investments in Federal Home Loan Bank (“FHLB”) and Atlantic Central Bankers Bank stock are recorded at cost and amounted to $ 1.7 million and $ 1.4 million at September 30, 2021 and December 31, 2020, respectively. The amount of FHLB stock required to be held is based on the amount of borrowings, and after repayment thereof, the stock may be redeemed. The amortized cost and fair value of the Company’s investment securities at September 30, 2021, by contractual maturity, are shown below (in thousands). Expected maturities may differ from contractual maturities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Available-for-sale Amortized Fair cost value Due before one year $ 1,215 $ 1,214 Due after one year through five years 156,589 164,150 Due after five years through ten years 238,612 241,810 Due after ten years 642,734 647,049 $ 1,039,150 $ 1,054,223 At September 30, 2021 and December 31, 2020, no investment securities were encumbered through pledging or otherwise. Fair values of available-for-sale securities are based on the fair market values supplied by a third-party market data provider, or where such third-party market data is not available, fair values are based on discounted cash flows. The third-party market data provider uses a pricing matrix which it creates daily, taking into consideration actual trade data, projected prepayments, and when relevant, projected credit defaults and losses. The table below indicates the length of time individual securities had been in a continuous unrealized loss position at September 30, 2021 (dollars in thousands): Available-for-sale Less than 12 months 12 months or longer Total Number of securities Fair Value Unrealized losses Fair Value Unrealized losses Fair Value Unrealized losses Description of Securities U.S. Government agency securities 2 $ — $ — $ 2,817 $ ( 49 ) $ 2,817 $ ( 49 ) Asset-backed securities 27 148,324 ( 68 ) 1,233 ( 2 ) 149,557 ( 70 ) Residential mortgage-backed securities 14 13,688 ( 118 ) 3,743 ( 91 ) 17,431 ( 209 ) Collateralized mortgage obligation securities 1 — — 424 ( 1 ) 424 ( 1 ) Commercial mortgage-backed securities 11 44,203 ( 658 ) 66,139 ( 560 ) 110,342 ( 1,218 ) Corporate debt securities 1 — — 6,505 ( 3,495 ) 6,505 ( 3,495 ) Total unrealized loss position investment securities 56 $ 206,215 $ ( 844 ) $ 80,861 $ ( 4,198 ) $ 287,076 $ ( 5,042 ) The table below indicates the length of time individual securities had been in a continuous unrealized loss position at December 31, 2020 (dollars in thousands): Available-for-sale Less than 12 months 12 months or longer Total Number of securities Fair Value Unrealized losses Fair Value Unrealized losses Fair Value Unrealized losses Description of Securities U.S. Government agency securities 5 $ 594 $ ( 2 ) $ 5,322 $ ( 118 ) $ 5,916 $ ( 120 ) Asset-backed securities 24 123,447 ( 337 ) 29,563 ( 123 ) 153,010 ( 460 ) Residential mortgage-backed securities 12 6,221 ( 35 ) 6,650 ( 61 ) 12,871 ( 96 ) Collateralized mortgage obligation securities 6 2,505 ( 10 ) 3,489 ( 1 ) 5,994 ( 11 ) Commercial mortgage-backed securities 4 69,486 ( 4,562 ) — — 69,486 ( 4,562 ) Corporate debt securities 2 — — 31,796 ( 3,247 ) 31,796 ( 3,247 ) Total unrealized loss position investment securities 53 $ 202,253 $ ( 4,946 ) $ 76,820 $ ( 3,550 ) $ 279,073 $ ( 8,496 ) The Company owns one single issuer trust preferred security issued by an insurance company. The security is not rated by any bond rating service. At September 30, 2021, it had a book value of $ 10.0 million and a fair value of $ 6.5 million. This security is presented in the corporate debt securities classification in the tables above. The Company has evaluated the securities in the above tables as of September 30, 2021 and has concluded that no ne of these securities required an allowance for credit loss. The Company evaluates whether an allowance for credit loss is required by considering primarily the following factors: (a) the extent to which the fair value is less than the amortized cost of the security, (b) changes in the financial condition, credit rating and near-term prospects of the issuer, (c) whether the issuer is current on interest and principal payments it is contractually obligated to make, (d) changes in the financial condition of the security’s underlying collateral and (e) the payment structure of the security. The Company’s determination of the best estimate of expected future cash flows, which is used to determine the credit loss amount, is a quantitative and qualitative process that incorporates information received from third-party sources along with internal assumptions and judgments regarding the future performance of the security. The Company concluded that the securities that are in an unrealized loss position are in a loss position because of changes in market interest rates after the securities were purchased. The Company’s unrealized loss for other debt securities, which include one single issuer trust preferred security, is primarily related to general market conditions, including a lack of liquidity in the market. The severity of the impact of fair value in relation to the carrying amounts of the individual investments is consistent with market developments. The Company’s analysis of each investment is performed at the security level. As a result of its review, the Company concluded that an allowance was not required to recognize credit losses. |
Loans
Loans | 9 Months Ended |
Sep. 30, 2021 | |
Loans [Abstract] | |
Loans | Note 6. Loans The Company has several lending lines of business including small business comprised primarily of SBA loans, direct lease financing, SBLOC, IBLOC, real estate bridge lending, investment advisor financing and other specialty and consumer lending. Prior to 2020, t he Company also originated real estate bridge loans for sale into commercial mortgage-backed securitizations or to secondary government guaranteed loan markets. At origination, the Company elected fair value treatment for these loans as they were originally held-for-sale, to better reflect the economics of the transactions. Currently, the Company intends to hold these loans on its balance sheet, and thus no longer accounts for these loans as held-for-sale. The Company continues to present these loans at fair value. At September 30, 2021, the fair value of these loans was $ 1.55 billion, and their amortized cost was $ 1.55 billion. Included in “Net realized and unrealized gains (losses) on commercial loans, at fair value” in the consolidated statements of operations are changes in the estimate in fair value of such loans. For the nine months ended September 30, 2021, net unrealized gains recognized for such changes in fair value were $ 285,000 , which reflected $ 15,000 of loss attributable to credit weaknesses. For the nine months ended September 30, 2020, unrealized losses recognized for such changes in fair value were $ 3.1 million of which $ 490,000 was attributable to credit weaknesses. The Bank also pledged the majority of its loans held for investment at amortized cost and commercial loans at fair value to the Federal Home Loan Bank and to the Federal Reserve Bank for lines of credit. The Federal Home Loan Bank line is periodically utilized to manage liquidity, but the Federal Reserve line has not generally been used. However, in light of the impact of the COVID-19 pandemic, the Federal Reserve has encouraged banks to utilize their lines to maximize the amount of funding available for credit markets. Accordingly, the Bank has periodically borrowed against its Federal Reserve line on an overnight basis. The amount of loans pledged varies and the collateral may be unpledged at any time to the extent the collateral exceeds advances. The lines are maintained consistent with the Bank’s liquidity policy which maximizes potential liquidity. At September 30, 2021, $ 1.80 billion of loans were pledged to the Federal Reserve and $ 891.6 million of loans were pledged to the Federal Home Loan Bank. At September 30, 2021, there were $ 300 million of advances outstanding against the Federal Reserve line and no amount outstanding against the Federal Home Loan Bank line. Prior to 2020, the Company periodically sponsored the structuring of commercial mortgage loan securitizations. The Company has sponsored six of these securitizations since 2017 which are described in the 2020 Form 10-K . The loans previously sold to the commercial mortgage-backed securitizations, and now originated and held on the balance sheet at fair value, are transitional commercial mortgage loans which are made to improve and rehabilitate existing properties which are already cash flowing. Servicing rights are not retained. Each of the securitizations is considered a variable interest entity of which the Company is not the primary beneficiary and therefore are not consolidated in its financial statements. Further, true sale accounting has been applicable to each of the securitizations, as supported by a review performed by an independent third-party consultant. In each of the securitizations, the Company has obtained a tranche of certificates which are accounted for as available-for-sale debt securities. The securities are recorded at fair value at acquisition, which is determined by an independent third-party based on the discounted cash flow method using unobservable (level 3) inputs. The loans securitized are structured with some prepayment protection and with extension options which are common for rehabilitation loans. It was expected such prepayment protection and extension options would generally offset the impact of prepayments which would therefore not be significant. Accordingly, prepayments on CRE securities were not originally assumed in the first four securitizations. However, as a result of higher than expected prepayments on CRE2 annual prepayments of 15 % on CRE5 were assumed, beginning after the first-year anniversary of the CRE5 securitization. For CRE6, there was no premium or discount associated with the tranche purchased and prepayments were accordingly not estimated . During the third quarter of 2021, the remaining principal balances of certificates owned by the Company from the CRE1 and CRE4 securitizations which respectively amounted to $ 7.1 million and $ 25.6 million at June 30, 2021, were fully repaid. Because of credit enhancements for each security, cash flows were not reduced by expected losses. For each of the securitizations, the Company has recorded a gain which is comprised of (i) the excess of consideration received by the Company in the transaction over the carrying value of the loans at securitization, less related transactions costs incurred; and (ii) the recognition of previously deferred origination and exit fees. In 2020, the Company decided to not pursue securitizations and no future securitizations are currently planned. The loans currently retained total approximately $ 1.3 billion and are mostly comprised of multi-family loans, specifically apartment buildings. The $ 1.3 billion comprises the majority of the commercial loans , at fair value on the September 30, 2021 balance sheet , with the balance of that category comprised of the government guaranteed portion of SBA loans. The Company analyzes credit risk prior to making loans on an individual loan basis. The Company considers relevant aspects of the borrowers’ financial position and cash flow, past borrower performance, management’s knowledge of market conditions, collateral and the ratio of loan amounts to estimated collateral value in making its credit determinations. Major classifications of loans, excluding commercial loans at fair value, are as follows (in thousands): September 30, December 31, 2021 2020 SBL non-real estate $ 171,845 $ 255,318 SBL commercial mortgage 367,272 300,817 SBL construction 23,117 20,273 Small business loans * 562,234 576,408 Direct lease financing 514,068 462,182 SBLOC / IBLOC ** 1,834,523 1,550,086 Advisor financing *** 81,143 48,282 Real estate bridge lending 128,699 — Other loans **** 4,917 6,426 3,125,584 2,643,384 Unamortized loan fees and costs 11,078 8,939 Total loans, net of unamortized loan fees and costs $ 3,136,662 $ 2,652,323 September 30, December 31, 2021 2020 SBL loans, net of deferred costs of $ 4,238 and $ 1,536 for September 30, 2021 and December 31, 2020, respectively $ 566,472 $ 577,944 SBL loans included in commercial loans, at fair value 214,301 243,562 Total small business loans $ 780,773 $ 821,506 * The preceding table shows small business loans and small business loans held at fair value. The small business loans held at fair value are comprised of the government guaranteed portion of SBA 7a loans at the dates indicated. A reduction in SBL non-real estate loans from $ 229.0 million at June 30, 2021 to $ 171.8 million at September 30, 2021 resulted from U.S. government repayments of $ 58.2 million of Paycheck Protection Program (“PPP”) loans authorized by The Consolidated Appropriations Act, 2021. PPP loans totaled $ 71.3 million at September 30, 2021 and $ 165.7 million at December 31, 2020, respectively. ** Securities Backed Lines of Credit, or SBLOC, are collateralized by marketable securities, while Insurance Backed Lines of Credit, or IBLOC, are collateralized by the cash surrender value of insurance policies. At September 30, 2021 and December 31, 2020, respectively, IBLOC loans amounted to $ 686.8 million and $ 437.2 million. *** In 2020, the Company began originating loans to investment advisors for purposes of debt refinance, acquisition of another firm or internal succession. Maximum loan amounts are subject to loan-to-value ratios of 70 %, based on third-party business appraisals, but may be increased depending upon the debt service coverage ratio. Personal guarantees and blanket business liens are obtained as appropriate. **** Included in the table above under Other loans are demand deposit overdrafts reclassified as loan balances totaling $ 272,000 and $ 663,000 at September 30, 2021 and December 31, 2020, respectively. Estimated overdraft charge-offs and recoveries are reflected in the allowance for credit losses and have been immaterial . The following table provides information about loans individually evaluated for credit loss at September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 Recorded investment Unpaid principal balance Related allowance Average recorded investment Interest income recognized Without an allowance recorded SBL non-real estate $ 408 $ 3,497 $ — $ 413 $ — SBL commercial mortgage 2,183 2,206 — 2,091 — Direct lease financing 289 289 — 474 — Consumer - home equity 325 325 — 493 7 With an allowance recorded SBL non-real estate 1,825 1,825 ( 1,163 ) 2,464 12 SBL commercial mortgage 984 984 ( 510 ) 3,145 — SBL construction 711 711 ( 34 ) 711 — Direct lease financing 141 141 ( 91 ) 165 — Consumer - other 14 14 ( 14 ) 6 — Total SBL non-real estate 2,233 5,322 ( 1,163 ) 2,877 12 SBL commercial mortgage 3,167 3,190 ( 510 ) 5,236 — SBL construction 711 711 ( 34 ) 711 — Direct lease financing 430 430 ( 91 ) 639 — Consumer - other 14 14 ( 14 ) 6 — Consumer - home equity 325 325 — 493 7 $ 6,880 $ 9,992 $ ( 1,812 ) $ 9,962 $ 19 December 31, 2020 Recorded investment Unpaid principal balance Related allowance Average recorded investment Interest income recognized Without an allowance recorded SBL non-real estate $ 387 $ 2,836 $ — $ 370 $ 3 SBL commercial mortgage 2,037 2,037 — 1,253 — Direct lease financing 299 299 — 3,352 — Consumer - home equity 557 557 — 554 10 With an allowance recorded SBL non-real estate 3,044 3,044 ( 2,129 ) 3,257 15 SBL commercial mortgage 5,268 5,268 ( 1,010 ) 2,732 — SBL construction 711 711 ( 34 ) 711 — Direct lease financing 452 452 ( 4 ) 716 — Consumer - home equity — — — 24 — Total SBL non-real estate 3,431 5,880 ( 2,129 ) 3,627 18 SBL commercial mortgage 7,305 7,305 ( 1,010 ) 3,985 — SBL construction 711 711 ( 34 ) 711 — Direct lease financing 751 751 ( 4 ) 4,068 — Consumer - home equity 557 557 — 578 10 $ 12,755 $ 15,204 $ ( 3,177 ) $ 12,969 $ 28 The l oan r eview department recommend s n on-accrual status for loans to the surveillance committee, where interest income appears to be uncollectible or a protracted delay in collection becomes evident. The surveillance committee further vets and approves the non-accrual status. The following table summarizes non-accrual loans with and without an allowance for credit losses (“ACL”) as of the periods indicated (in thousands): September 30, 2021 December 31, 2020 Non-accrual loans with a related ACL Non-accrual loans without a related ACL Total non-accrual loans Total non-accrual loans SBL non-real estate $ 1,300 $ 408 $ 1,708 $ 3,159 SBL commercial mortgage 984 2,183 3,167 7,305 SBL construction 711 — 711 711 Direct leasing 141 289 430 751 Consumer - home equity — 76 76 301 Consumer - other 14 — 14 — $ 3,150 $ 2,956 $ 6,106 $ 12,227 The Company had $ 2.1 million of other real estate owned at September 30, 2021 and no other real estate owned at December 31, 2020 in continuing operations. The following table summarizes the Company’s non-accrual loans, loans past due 90 days or more, and other real estate owned at September 30, 2021 and December 31, 2020, respectively: September 30, December 31, 2021 2020 (in thousands) Non-accrual loans SBL non-real estate $ 1,708 $ 3,159 SBL commercial mortgage 3,167 7,305 SBL construction 711 711 Direct leasing 430 751 Consumer - home equity 76 301 Consumer - other 14 — Total non-accrual loans 6,106 12,227 Loans past due 90 days or more and still accruing 1,569 497 Total non-performing loans 7,675 12,724 Other real estate owned 2,145 — Total non-performing assets $ 9,820 $ 12,724 Interest which would have been earned on loans classified as non-accrual for the nine months ended September 30, 2021 and 2020, was $ 247,000 and $ 459,000 , respectively. No income on non-accrual loans was recognized during the nine months ended September 30, 2021. In the nine months ended September 30, 2021 and 2020 a total of $ 39,000 and $ 361,000 , respectively, was reversed from interest income, which represented interest accrued on loans placed into non-accrual status during the period. The Company’s loans that were modified as of September 30, 2021 and December 31, 2020 and considered troubled debt restructurings are as follows (dollars in thousands): September 30, 2021 December 31, 2020 Number Pre-modification recorded investment Post-modification recorded investment Number Pre-modification recorded investment Post-modification recorded investment SBL non-real estate 8 $ 1,190 $ 1,190 8 $ 911 $ 911 Direct lease financing — — — 1 251 251 Consumer - home equity 1 249 249 2 469 469 Total(1) 9 $ 1,439 $ 1,439 11 $ 1,631 $ 1,631 (1) Troubled debt restructurings include non-accrual loans of $ 665,000 and $ 1.1 million at September 30, 2021 and December 31, 2020, respectively. The balances below provide information as to how the loans were modified as troubled debt restructuring loans as of September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 Adjusted interest rate Extended maturity Combined rate and maturity Adjusted interest rate Extended maturity Combined rate and maturity SBL non-real estate $ — $ — $ 1,190 $ — $ 16 $ 895 Direct lease financing — — — — 251 — Consumer - home equity — — 249 — — 469 Total(1) $ — $ — $ 1,439 $ — $ 267 $ 1,364 (1) Troubled debt restructurings include non-accrual loans of $ 665,000 and $ 1.1 million at September 30, 2021 and December 31, 2020, respectively. The Company had no commitments to extend additional credit to loans classified as troubled debt restructurings as of September 30, 2021 or December 31, 2020. When loans are classified as troubled debt restructurings, the Company estimates the value of underlying collateral and repayment sources. A specific reserve in the allowance for credit losses is established if the collateral valuation, less disposition costs, is lower than the recorded loan value. The amount of the specific reserve serves to increase the provision for credit losses in the quarter the loan is classified as a troubled debt restructuring . As of September 30, 2021 , there were 9 troubled debt restructured loans with a balance of $ 1.4 million which had specific reserves of $ 626,000 . Substantially all of these reserves related to the non-guaranteed portion of SBA loans for start-up businesses. The following table summarizes loans that were restructured within the 12 months ended September 30, 2021 that have subsequently defaulted (in thousands): September 30, 2021 Number Pre-modification recorded investment SBL non-real estate 1 $ 205 Total 1 $ 205 The SBA began, in April 2020, to make six months of principal and interest payments on SBA 7a loans, which are generally 75 % guaranteed by the U.S. government. As of September 30, 2021, the Company had $ 369.7 million of related guaranteed balances, and additionally had $ 71.3 million of PPP loan balances which were also guaranteed. The majority of the six months of support expired in the fourth quarter of 2020, and the Company generally approved COVID-19 pandemic-related deferrals for principal and interest payments as requested by borrowers. Additionally, the Company granted such deferrals for certain other loans. The Consolidated Appropriations Act, 2021, became law in December 2020, provide for at least an additional two months of principal and interest payments on SBA 7a loans, with up to five months of payments for hotel, restaurant and other more highly impacted loans. Unlike the six months of COVID-19 Aid, Relief, and Economic Security Act (“CARES Act”) payments, these additional payments are capped at $ 9,000 per month. Per section 4013 of the CARES Act, accounting and banking regulators have determined that loans with COVID-19 pandemic-related deferrals of principal and interest payments will not, during the deferral period, be classified as restructured. Such treatment is temporary and will terminate after the earlier of the end of the national emergency, or December 31, 2021. As of September 30, 2021, substantially all borrowers with prior COVID-19 deferrals had resumed making their payments, with $ 1.3 million of principal remaining in deferral status as of that date. Effective January 1, 2020, current expected credit loss (“CECL”) accounting replaced the prior incurred loss model that recognized losses when it became probable that a credit loss would be incurred, with a new requirement to recognize lifetime expected credit losses immediately when a financial asset is originated or purchased. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of loans to present the net amount expected to be collected on the loans. Loans, or portions thereof, are charged off against the allowance when they are deemed uncollectible. Loans are deemed uncollectible based on individual facts and circumstances including the quality of repayment sources, the length of collection efforts and the probability and timing of recoveries. During the first quarter of 2020, upon adoption of the guidance, the allowance for credit losses was increased by $ 2.6 million. Additionally, $ 569,000 was established as an allowance for off-balance sheet credit losses (for unfunded loan commitments) and recorded in other liabilities. These amounts did not impact our Consolidated Statement of Operations, as the guidance required these cumulative differences between the two accounting conventions to flow through retained earnings, net of their income tax benefit. The following table shows the effect of the adoption of CECL as of January 1, 2020 and the September 30, 2021 allowance for credit loss (in thousands). December 31, 2019 January 1, 2020 September 30, 2021 Incurred loss method CECL (day 1 adoption) CECL Amount % of Segment Amount % of Segment Amount % of Segment Allowance for credit losses on loans and leases SBL non real estate $ 4,985 5.89 % $ 4,765 5.63 % $ 5,378 3.13 % SBL commercial mortgage 1,472 0.67 % 2,009 0.92 % 2,795 0.76 % SBL construction 432 0.95 % 571 1.26 % 370 1.60 % Direct lease financing 2,426 0.56 % 4,788 1.10 % 5,637 1.10 % SBLOC 440 0.05 % 440 0.05 % 574 0.05 % IBLOC 113 0.08 % 72 0.05 % 343 0.05 % Advisor financing — — — — 609 0.75 % Real estate bridge lending — — — — 245 0.19 % Other loans (1) 52 0.68 % 230 3.02 % 208 4.23 % Unallocated 318 — — $ 10,238 0.56 % $ 12,875 0.71 % $ 16,159 0.52 % Liabilities: Allowance for credit losses on off-balance sheet credit exposures — 569 1,088 Total allowance for credit losses $ 10,238 $ 13,444 $ 17,247 (1) Included in Other loans are $ 25.0 million of SBA loans purchased for Community Reinvestment Act (“CRA”) purposes as of September 30, 2021. These loans are classified as SBL in our loan tables . Management estimates the allowance using relevant available internal and external historical loan performance information, current economic conditions and reasonable and supportable forecasts. Historical credit loss experience provides the initial basis for the estimation of expected credit losses over the estimated remaining life of the loans. The methodology used in the estimation of the allowance, which is performed at least quarterly, is designed to be responsive to changes in portfolio credit quality and the impact of current and future economic conditions on loan performance. The review of the appropriateness of the allowance is performed by the Chief Credit Officer and presented to the audit committee for their review. The allowance for credit losses includes reserves on loan pools with similar risk characteristics based on a lifetime loss-rate model, or vintage analysis, as described in the following paragraph. Loans that do not share risk characteristics are evaluated on an individual basis. If foreclosure is believed to be probable or repayment is expected from the sale of the collateral, a reserve for deficiency is established within the allowance. Expected credit losses for such collateral dependent loans are based on the difference between loan principal and the estimated fair value of the collateral, adjusted for estimated disposition costs as appropriate. For purposes of determining the pool-basis reserve, the loans not assigned an individual reserve are segregated by product type, to recognize differing risk characteristics within portfolio segments. A historical loss rate is calculated for each product type, except SBLOC, IBLOC, real estate bridge lending and investment advisor financing, based upon historical net charge-offs for that product. The loss rate is determined by classifying charge-off losses according to the year the related loans were originated, which is referred to as vintage analysis. The loss rate is then projected over the estimated remaining loan lives unique to each loan pool, to determine estimated lifetime losses. For SBLOC and IBLOC, since losses have not been incurred, probability of loss/loss given default considerations are utilized. For real estate bridge lending, industry loss rate statistics were utilized. Due to the specialized nature of investment advisor financing, industry loss rate statistics are not available. Accordingly, factors based upon the nature of the underlying collateral were utilized, namely the income streams resulting from investment portfolios which represent the primary repayment source for such loans. For all loan pools the Company adds to the allowance a component for each pool based upon qualitative factors such as the Company’s current loan performance statistics as determined by pool. These qualitative factors adjust for asset specific differences between historical loss experience and the current portfolio for each pool. The qualitative factors are intended to address factors that may not be reflected in historical loss rates and otherwise unaccounted for in the quantitative process. A similar process is employed to calculate an allowance assigned to off-balance sheet commitments, which are comprised of unfunded loan commitments and letters of credit. That allowance is recorded in other liabilities. These qualitative factors may increase the allowance compared to historical loss rates . Expected losses provided for in the allowance are based on applying historical loss rates over the estimated remaining lives of the loans, when historical loss rate information is available. The qualitative factor percentages are applied against the portfolio balance as of the end of the period. Even though portions of the allowance may be allocated to loans that have been individually measured for credit deterioration, the entire allowance is available for any credit that, in management’s judgment, should be charged off. The Company ranks its qualitative factors in five levels: minimal risk, low, moderate, moderate-high and high. When the Company adopted CECL as of January 1, 2020, the management assumption was that some degree of economic slowdown should be considered over the next eighteen months. That belief reflected the length of the current economic expansion and the relatively high level of unsustainable deficit spending. Accordingly, certain of the Company’s qualitative factors were set at moderate as of January 1, 2020. Based on the uncertainty as to how the COVID-19 pandemic would impact the Company’s loan pools, the Company increased other qualitative factors to moderate and moderate high in 2020. In the second quarter of 2021, the Company reassessed these factors and reversed increases to moderate-high for certain pools, based upon increased vaccination rates and significant reopening of the economy. The economic qualitative factor is based on the estimated impact of economic conditions on the loan pools, as distinguished from the economic factors themselves, for the following reasons. The Company’s charge-offs in its lines of business have been non-existent for SBLOC and IBLOC, notwithstanding stressed economic periods. Additionally, the charge-off histories for SBL and leasing have not correlated with economic conditions. While specific groups of economic factors did not correlate with actual historical losses, multiple economic factors are considered. For the non-guaranteed portion of SBA loans and leasing, the Company’s loss forecasting analysis included a review of industry statistics. However, the Company’s own charge-off history was the primary quantitative element in the forecasts. Below are the portfolio segments used to pool loans with similar risk characteristics and align with the Company’s methodology for measuring expected credit losses. These pools have similar risk and collateral characteristics, and certain of these pools are broken down further in determining and applying the vintage loss estimates previously discussed. For instance, within the direct lease financing pool, government and public institution leases are considered separately. Additionally, the Company evaluates its loans under an internal loan risk rating system as a means of identifying problem loans. The special mention classification indicates weaknesses that may, if not cured, threaten the borrower’s future repayment ability. A substandard classification reflects an existing weakness indicating the possible inadequacy of net worth and other repayment sources. These classifications are used both by regulators and peers, as they have been correlated with an increased probability of credit losses. A summary of the Company’s primary portfolio pools and loans accordingly classified, by year of origination, at September 30, 2021 and December 31, 2020 are as follows (in thousands): As of September 30, 2021 2021 2020 2019 2018 2017 Prior Revolving loans at amortized cost Total SBL non real estate Non-rated* $ 66,244 $ 8,844 $ — $ — $ — $ — $ — $ 75,088 Pass 21,814 17,432 9,180 9,563 5,534 12,934 — 76,457 Special mention 79 — — 687 — 873 — 1,639 Substandard — — — 18 574 1,282 — 1,874 Total SBL non-real estate 88,137 26,276 9,180 10,268 6,108 15,089 — 155,058 SBL commercial mortgage Non-rated 9,707 — 4,500 — — — — 14,207 Pass 62,268 55,850 77,930 46,916 38,465 58,177 — 339,606 Special mention — — 1,853 — — 249 — 2,102 Substandard — — — — — 3,167 — 3,167 Total SBL commercial mortgage 71,975 55,850 84,283 46,916 38,465 61,593 — 359,082 SBL construction Pass 3,194 13,958 1,411 3,844 — — — 22,407 Substandard — — — — — 711 — 711 Total SBL construction 3,194 13,958 1,411 3,844 — 711 — 23,118 Direct lease financing Non-rated 44,973 14,486 2,088 1,291 474 126 — 63,438 Pass 168,932 166,215 65,411 32,392 11,573 2,956 — 447,479 Substandard 792 2,170 39 58 78 14 — 3,151 Total direct lease financing 214,697 182,871 67,538 33,741 12,125 3,096 — 514,068 SBLOC Non-rated — — — — — — 4,465 4,465 Pass — — — — — — 1,143,291 1,143,291 Total SBLOC — — — — — — 1,147,756 1,147,756 IBLOC Non-rated — — — — — — 277,567 277,567 Pass — — — — — — 409,200 409,200 Total IBLOC — — — — — — 686,767 686,767 Advisor financing Non-rated 1,847 264 — — — — — 2,111 Pass 34,452 44,580 — — — — — 79,032 Total advisor financing 36,299 44,844 — — — — — 81,143 Real estate bridge lending Pass 128,699 — — — — — — 128,699 Total real estate bridge lending 128,699 — — — — — — 128,699 Other loans Non-rated 428 184 — — 4 217 677 1,510 Pass 101 114 3,323 4,820 5,632 12,977 1,278 28,245 Substandard — 14 — — 48 — 76 138 Total other loans** 529 312 3,323 4,820 5,684 13,194 2,031 29,893 $ 543,530 $ 324,111 $ 165,735 $ 99,589 $ 62,382 $ 93,683 $ 1,836,554 $ 3,125,584 Unamortized loan fees and costs — — — — — — — 11,078 Total $ 3,136,662 * Included in the SBL non real estate non-rated total of $ 75.1 million, were $ 71.3 million of PPP loans which are government guaranteed. ** Included in Other loans are $ 25.0 million of SBA loans purchased for CRA purposes as of September 30, 2021. These loans are classified as SBL in the Company’s loan table which classify loans by type, as opposed to risk characteristics. As of December 31, 2020 2020 2019 2018 2017 2016 Prior Revolving loans at amortized cost Total SBL non real estate Non-rated* $ 170,910 $ — $ — $ — $ — $ — $ — $ 170,910 Pass 10,775 10,943 12,002 5,454 7,153 9,964 — 56,291 Special mention — — 731 — 499 767 — 1,997 Substandard — — 20 1,489 1,347 1,491 — 4,347 Total SBL non-real estate 181,685 10,943 12,753 6,943 8,999 12,222 — 233,545 SBL commercial mortgage Non-rated 17,592 2,758 — — — — — 20,350 Pass 26,971 76,975 46,099 39,219 32,505 35,298 — 257,067 Special mention — 1,852 — — — 257 — 2,109 Substandard — — — — 77 7,605 — 7,682 Total SBL commercial mortgage 44,563 81,585 46,099 39,219 32,582 43,160 — 287,208 SBL construction Non-rated 566 — — — — — — 566 Pass 6,769 1,146 11,081 — — — — 18,996 Substandard — — — — 711 — — 711 Total SBL construction 7,335 1,146 11,081 — 711 — — 20,273 . Direct lease financing Non-rated 23,273 2,888 2,189 1,093 447 7 — 29,897 Pass 249,946 90,156 53,638 23,944 9,091 1,106 — 427,881 Substandard 3,536 45 97 152 536 38 — 4,404 Total direct lease financing 276,755 93,089 55,924 25,189 10,074 1,151 — 462,182 SBLOC Non-rated — — — — — — 3,772 3,772 Pass — — — — — — 1,109,161 1,109,161 Total SBLOC — — — — — — 1,112,933 1,112,933 IBLOC Non-rated — — — — — — 132,777 132,777 Pass — — — — — — 304,376 304,376 Total IBLOC — — — — — — 437,153 437,153 Advisor financing Non-rated 22,341 — — — — — — 22,341 Pass 25,941 — — — — — — 25,941 Total advisor financing 48,282 — — — — — — 48,282 Other loans Non-rated 1,221 — — 14 — 1,558 — 2,793 Pass 376 3,569 6,225 7,320 7,228 13,996 — 38,714 Substandard — — — — — 301 — 301 Total other loans** 1,597 3,569 6,225 7,334 7,228 15,855 — 41,808 Total $ 560,217 $ 190,332 $ 132,082 $ 78,685 $ 59,594 $ 72,388 $ 1,550,086 $ 2,643,384 Unamortized loan fees and costs — — — — — — — 8,939 Total $ 2,652,323 * Included in the SBL non real estate non-rated total of $ 170.9 million, were $ 165.7 million of PPP loans which are government guaranteed. ** Included in Other loans are $ 35.4 million of SBA loans purchased for CRA purposes as of December 31, 2020. These loans are classified as SBL in the Company’s loan table which classify loans by type, as opposed to risk characteristics. SBL. Substantially all small business loans consist of SBA loans. The Bank participates in loan programs established by the SBA, including the 7(a) Loan Guarantee Program and the 504 Fixed Asset Financing Program and a temporary program, the PPP . The 7(a) Loan Guarantee Program is designed to help small business borrowers start or expand their businesses by providing partial guarantees of loans made by banks and non-bank lending institutions for specific business purposes, including long or short term working capital; funds for the purchase of equipment, machinery, supplies and materials; funds for the purchase, construction or renovation of real estate; and funds to acquire, operate or expand an existing business or refinance existing debt, all under conditions established by the SBA. The 504 Fixed Asset Financing Program includes the financing of real estate and commercial mortgages. In 2020 and 2021, the Company also participated in PPP, which provides short-term loans to small businesses. PPP loans are fully guaranteed by the U.S. government. This program was a specific response to the COVID-19 pandemic, and these loans are expected to be reimbursed by the U.S. government within one year of their origination. The Company segments the SBL portfolio into four pools: non real estate, commercial mortgage and construction to capture the risk characteristics of each pool, and the PPP loans discussed above. In the table above, the PPP loans are included in non-rated SBL non real estate. The qualitative factors for SBL loans focus on pool loan performance, underlying collateral for collateral dependent loans and changes in economic conditions. Additionally, the construction segment adds a qualitative factor for general construction risk, such as construction delays. The U.S. government guaranteed portion of 7a loans and PPP loans, which are fully guaranteed, are not included in the risk pools because they have inherently different risk characteri |
Transactions With Affiliates
Transactions With Affiliates | 9 Months Ended |
Sep. 30, 2021 | |
Transactions With Affiliates [Abstract] | |
Transactions With Affiliates | N ote 7. Transactions with Affiliates The Bank did no t maintain any deposits for various affiliated companies as of September 30, 2021 and December 31, 2020, respectively. The Bank has entered into lending transactions in the ordinary course of business with directors, executive officers, principal stockholders and affiliates of such persons. All loans were made on substantially the same terms, including interest rate and collateral, as those prevailing at the time for comparable loans with persons not related to the lender. At September 30, 2021, these loans were current as to principal and interest payments and did not involve more than normal risk of collectability. Loans to these related parties amounted to $ 3.2 million at September 30, 2021 and $ 4.7 million at December 31, 2020. The Bank has periodically purchased securities through J.V.B. Financial Group, LLC (“JVB”), a broker dealer in which the Company’s former Chairman is a registered representative and has a minority interest. Prices for these securities are verified to market rates and no separate commissions or fees are paid to that firm. The Company’s former Chairman also serves as the President, a director and the Chief Investment Officer of Cohen & Company Financial Limited (formerly Euro Dekania Management Ltd.), a wholly-owned subsidiary of Cohen & Company Inc. (formerly Institutional Financial Markets Inc.), the parent company of JVB. In the first nine months of 2021 and 2020, the Company did no t purchase any securities from JVB. The Company’s former Chairman retired effective October 31, 2021. Mr. Hersh Kozlov, a director of the Company, is a partner at Duane Morris LLP, an international law firm. The Company paid Duane Morris LLP $ 1.5 million and $ 1.4 million for legal services for the nine months ended September 30, 2021 and 2020, respectively. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 8. Fair Value Measurements ASC 825, “Financial Instruments”, requires disclosure of the estimated fair value of an entity’s assets and liabilities considered to be financial instruments. For the Company, as for most financial institutions, the majority of its assets and liabilities are considered to be financial instruments. However, many such instruments lack an available trading market as characterized by a willing buyer and willing seller engaging in an exchange transaction. Accordingly, estimated fair values are determined by the Company using the best available data and an estimation methodology it believes to be suitable for each category of financial instruments. Also, it is the Company’s general practice and intent to hold its financial instruments to maturity whether or not categorized as “available-for-sale” and not to engage in trading or sales activities although it has sold loans in the past and may do so in the future. For fair value disclosure purposes, the Company utilized certain value measurement criteria required under ASC 820, “Fair Value Measurements and Disclosures”, as discussed below. Changes in the assumptions or methodologies used to estimate fair values may materially affect the estimated amounts. Also, there may not be reasonable comparability between institutions due to the wide range of permitted assumptions and methodologies in the absence of active markets. This lack of uniformity gives rise to a high degree of subjectivity in estimating financial instrument fair values. Cash and cash equivalents, which are comprised of cash and due from banks, the Company’s balance at the Federal Reserve Bank and securities purchased under agreements to resell, had recorded values of $ 317.3 million and $ 345.5 million as of September 30, 2021 and December 31, 2020, respectively, which approximated fair values. The estimated fair values of investment securities are based on quoted market prices, if available, or estimated using a methodology based on management’s inputs. Level 3 investment security fair values are based on the present valuing of cash flows, which discounts expected cash flows from principal and interest using yield to maturity, or yield to call as appropriate, at the measurement date. In the third quarter of 2021 and 2020, there were no transfers between the three levels. FHLB and Atlantic Central Bankers Bank stock is held as required by those respective institutions and is carried at cost. Federal law requires a member institution of the FHLB to hold stock according to predetermined formulas. Atlantic Central Bankers Bank requires its correspondent banking institutions to hold stock as a condition of membership. Co mmercial loans held at fair value are comprised of commercial real estate loans and SBA loans which had been originated for sale or securitization in the secondary market, and which are now being held on the balance sheet. Commercial real estate loans and SBA loans are valued using a discounted cash flow analysis based upon pricing for similar loans where market indications of the sales price of such loans are not available, on a pooled basis. The net loan portfolio is valued using the present value of discounted cash flow where market prices were not available. The discount rate used in these calculations is the estimated current market rate adjusted for credit risk. Accrued interest receivable has a carrying value that approximates fair value. On December 30, 2014, the Bank entered into an agreement for, and closed on, the sale of a portion of its discontinued commercial loan portfolio. The purchaser of the loan portfolio was a newly formed entity, 2014-1 LLC (Walnut Street). The price paid to the Bank for the loan portfolio which had a face value of approximately $ 267.6 million, was approximately $ 209.6 million, of which approximately $ 193.6 million was in the form of two notes issued by Walnut Street to the Bank; a senior note in the principal amount of approximately $ 178.2 million bearing interest at 1.5 % per year and maturing in December 2024 and a subordinate note in the principal amount of approximately $ 15.4 million, bearing interest at 10.0 % per year and maturing in December 2024. The balance of these notes comprises the balance of the investment in unconsolidated entity on the consolidated balance sheets, which was measured at fair value at each balance sheet date. The fair value was initially established by the sales price and the investment was marked quarterly to fair value, as determined using a discounted cash flow analysis. The change in value of investment in unconsolidated entity in the consolidated statements of operations reflected changes in estimated fair value. Interest paid to the bank on the notes was credited to principal. In the third quarter of 2021, The Bancorp and the other investor dissolved the entity, as the remaining balance did not warrant ongoing administrative and accounting expenses. As a result of the dissolution, the investment in unconsolidated entity, which had a June 30, 2021 balance of $ 25.0 million, was reclassified as follows. Approximately $ 22.9 million of loans were reclassified to commercial loans, at fair value and $ 2.1 million was reclassified to other real estate owned, as those assets continue to be reported at fair value. Assets held-for-sale from discontinued operations are recorded at the lower of cost basis or market value. For loans, market value was determined using the discounted cash flow approach which converts expected cash flows from the loan portfolio by unit of measurement to a present value estimate. Unit of measurement was determined by loan type and for significant loans on an individual loan basis. Loan fair values are based on “unobservable inputs” that are based on available information. Level 3 fair values are based on the present value of cash flows by unit of measurement. For commercial loans other than SBA loans, a market adjusted rate to discount expected cash flows from outstanding principal and interest to expected maturity at the measurement date was utilized. For SBA loans, market indications for similar loans were utilized on a pooled basis. For other real estate owned, market value is based upon appraisals of the underlying collateral by third-party appraisers, reduced by 7 % to 10 % for estimated selling costs. The estimated fair values of demand deposits (comprised of interest and non-interest bearing checking accounts, savings accounts, and certain types of money market accounts) are equal to the amount payable on demand at the reporting date (generally, their carrying amounts). The fair values of securities sold under agreements to repurchase and short-term borrowings are equal to their carrying amounts as they are short-term borrowings. Time deposits, when outstanding, senior debt and subordinated debentures have a fair value estimated using a discounted cash flow calculation that applies current interest rates to discount expected cash flows. The carrying amount of accrued interest payable approximates its fair value. Long term borrowings resulted from sold loans which did not qualify for true sale accounting. They are presented in the amount of the principal of such loans. The fair values of interest rate swaps, recorded in other assets or other liabilities, are determined using models that use readily observable market inputs and a market standard methodology applied to the contractual terms of the derivatives, including the period to maturity and interest rate indices. The fair value of commitments to extend credit is estimated based on the amount of unamortized deferred loan commitment fees. The fair value of letters of credit is based on the amount of unearned fees plus the estimated cost to terminate the letters of credit. Fair values of unrecognized financial instruments, including commitments to extend credit, and the fair value of letters of credit are considered immaterial. The following tables provide information regarding carrying amounts and estimated fair values (in thousands) as of the dates indicated: September 30, 2021 Quoted prices in Significant other Significant active markets for observable unobservable Carrying Estimated identical assets inputs inputs amount fair value (Level 1) (Level 2) (Level 3) Investment securities, available-for-sale $ 1,054,223 $ 1,054,223 $ — $ 984,961 $ 69,262 Federal Home Loan Bank and Atlantic Central Bankers Bank stock 1,663 1,663 — — 1,663 Commercial loans, at fair value 1,550,025 1,550,025 — — 1,550,025 Loans, net of deferred loan fees and costs 3,136,662 3,129,602 — — 3,129,602 Assets held-for-sale from discontinued operations 87,904 87,904 — — 87,904 Interest rate swaps, liability 895 895 — 895 — Demand and interest checking 4,734,352 4,734,352 — 4,734,352 — Savings and money market 378,160 378,160 — 378,160 — Senior debt 98,590 101,433 — 101,433 — Subordinated debentures 13,401 8,663 — — 8,663 Securities sold under agreements to repurchase 42 42 42 — — Short-term borrowings 300,000 300,000 300,000 — — December 31, 2020 Quoted prices in Significant other Significant active markets for observable unobservable Carrying Estimated identical assets inputs inputs amount fair value (Level 1) (Level 2) (Level 3) Investment securities, available-for-sale $ 1,206,164 $ 1,206,164 $ — $ 1,027,213 $ 178,951 Federal Home Loan Bank and Atlantic Central Bankers Bank stock 1,368 1,368 — — 1,368 Commercial loans, at fair value 1,810,812 1,810,812 — — 1,810,812 Loans, net of deferred loan fees and costs 2,652,323 2,650,613 — — 2,650,613 Investment in unconsolidated entity 31,294 31,294 — — 31,294 Assets held-for-sale from discontinued operations 113,650 113,650 — — 113,650 Interest rate swaps, liability 2,223 2,223 — 2,223 — Demand and interest checking 5,205,010 5,205,010 — 5,205,010 — Savings and money market 257,050 257,050 — 257,050 — Senior debt 98,314 104,111 — 104,111 — Subordinated debentures 13,401 9,102 — — 9,102 Securities sold under agreements to repurchase 42 42 42 — — The assets and liabilities measured at fair value on a recurring basis, segregated by fair value hierarchy, are summarized below (in thousands) as of the dates indicated: Fair Value Measurements at Reporting Date Using Quoted prices in Significant other Significant active markets for observable unobservable Fair value identical assets inputs inputs September 30, 2021 (Level 1) (Level 2) (Level 3) Investment securities, available-for-sale U.S. Government agency securities $ 39,120 $ — $ 39,120 $ — Asset-backed securities 368,913 — 368,913 — Obligations of states and political subdivisions 52,797 — 52,797 — Residential mortgage-backed securities 199,270 — 199,270 — Collateralized mortgage obligation securities 76,342 — 76,342 — Commercial mortgage-backed securities 311,276 — 248,519 62,757 Corporate debt securities 6,505 — — 6,505 Total investment securities, available-for-sale 1,054,223 — 984,961 69,262 Commercial loans, at fair value 1,550,025 — — 1,550,025 Assets held-for-sale from discontinued operations 87,904 — — 87,904 Interest rate swaps, liability 895 — 895 — $ 2,691,257 $ — $ 984,066 $ 1,707,191 Fair Value Measurements at Reporting Date Using Quoted prices in Significant other Significant active markets for observable unobservable Fair value identical assets inputs inputs December 31, 2020 (Level 1) (Level 2) (Level 3) Investment securities, available-for-sale U.S. Government agency securities $ 47,197 $ — $ 47,197 $ — Asset-backed securities 238,361 — 238,361 — Obligations of states and political subdivisions 56,354 — 56,354 — Residential mortgage-backed securities 266,583 — 266,583 — Collateralized mortgage obligation securities 148,530 — 148,530 — Commercial mortgage-backed securities 367,280 — 270,188 97,092 Corporate debt securities 81,859 — — 81,859 Total investment securities, available-for-sale 1,206,164 — 1,027,213 178,951 Commercial loans, at fair value 1,810,812 — — 1,810,812 Investment in unconsolidated entity 31,294 — — 31,294 Assets held-for-sale from discontinued operations 113,650 — — 113,650 Interest rate swaps, liability 2,223 — 2,223 — $ 3,159,697 $ — $ 1,024,990 $ 2,134,707 In addition, ASC 820 establishes a common definition for fair value to be applied to assets and liabilities. It clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. It also establishes a framework for measuring fair value and expands disclosures concerning fair value measurements. ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Level 1 valuation is based on quoted market prices for identical assets or liabilities to which the Company has access at the measurement date. Level 2 valuation is based on other observable inputs for the asset or liability, either directly or indirectly. This includes quoted prices for similar assets in active or inactive markets, inputs other than quoted prices that are observable for the asset or liability such as yield curves, volatilities, prepayment speeds, credit risks, default rates, or inputs that are derived principally from, or corroborated through, observable market data by market-corroborated reports. Level 3 valuation is based on “unobservable inputs” which the Company believes is the best information available in the circumstances. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s Level 3 asset activity for the categories shown are summarized below (in thousands): Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Available-for-sale Commercial loans, securities at fair value September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Beginning balance $ 178,951 $ 117,333 $ 1,810,812 $ 1,180,546 Transfers from investment in unconsolidated entity — — 22,926 — Reclass of held-to-maturity securities to available-for-sale — 85,151 — — Total (losses) or gains (realized/unrealized) Included in earnings ( 676 ) — 5,315 ( 1,883 ) Included in other comprehensive loss ( 1,096 ) ( 2,121 ) — — Purchases, issuances, sales and settlements Issuances — — 62,151 721,590 Settlements ( 107,917 ) ( 21,412 ) ( 351,179 ) ( 89,441 ) Ending balance $ 69,262 $ 178,951 $ 1,550,025 $ 1,810,812 Total losses year to date included in earnings attributable to the change in unrealized gains or losses relating to assets still held at the reporting date as shown above. $ ( 879 ) $ — $ ( 1,953 ) $ ( 3,567 ) The Company’s Level 3 asset activity for the categories shown are summarized below (in thousands): Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Investment in Assets held-for-sale unconsolidated entity from discontinued operations September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Beginning balance $ 31,294 $ 39,154 $ 113,650 $ 140,657 Transfers to commercial loans, at fair value ( 22,926 ) — — — Transfers to other real estate owned ( 2,145 ) — — — Total (losses) or gains (realized/unrealized) Included in earnings — ( 45 ) 1,115 ( 3,326 ) Purchases, issuances, sales, settlements and charge-offs Issuances — — 3,715 4,942 Sales — — ( 2,020 ) ( 1,482 ) Settlements ( 6,223 ) ( 7,815 ) ( 28,556 ) ( 26,846 ) Charge-offs — — — ( 295 ) Ending balance $ — $ 31,294 $ 87,904 $ 113,650 Total losses year to date included in earnings attributable to the change in unrealized gains or losses relating to assets still held at the reporting date as shown above. $ — $ ( 45 ) $ 498 $ ( 2,664 ) The Company’s other real estate owned activity is summarized below (in thousands) as of the dates indicated: September 30, 2021 December 31, 2020 Beginning balance $ — $ — Transfers from investment in unconsolidated entity 2,145 — Ending balance $ 2,145 $ — Level 3 instruments only Weighted Fair value at Range at average at September 30, 2021 Valuation techniques Unobservable inputs September 30, 2021 September 30, 2021 Commercial mortgage backed investment securities (a) $ 62,757 Discounted cash flow Discount rate 3.11 %- 7.71 % 4.00 % Insurance liquidating trust preferred security (b) 6,505 Discounted cash flow Discount rate 7.00 % 7.00 % Federal Home Loan Bank and Atlantic Central Bankers Bank stock 1,663 Cost N/A N/A N/A Loans, net of deferred loan fees and costs (c) 3,129,602 Discounted cash flow Discount rate 1.00 % - 7.00 % 3.60 % Commercial - SBA (d) 214,301 Traders' pricing Offered quotes $ 100 - $ 106 $ 103.5 Non-SBA CRE - fixed (e) 85,075 Discounted cash flow Discount rate 5.72 %- 7.44 % 5.85 % Non-SBA CRE - floating (f) 1,250,649 Discounted cash flow Discount rate 3.96 %- 8.2 % 4.86 % Commercial loans, at fair value 1,550,025 Assets held-for-sale from discontinued operations (g) 87,904 Discounted cash flow Discount rate 3.37 %- 6.58 % 4.69 % Subordinated debentures (h) 8,663 Discounted cash flow Discount rate 7.00 % 7.00 % Other real estate owned 2,145 Appraised value N/A N/A N/A Level 3 instruments only Weighted Fair value at Range at average at December 31, 2020 Valuation techniques Unobservable inputs December 31, 2020 December 31, 2020 Commercial mortgage backed investment securities $ 97,092 Discounted cash flow Discount rate 3.68 %- 8.30 % 4.62 % Insurance liquidating trust preferred security 6,765 Discounted cash flow Discount rate 6.61 % 6.61 % Corporate debt securities 75,094 Traders' pricing Price indications $ 100.13 $ 100.13 Federal Home Loan Bank and Atlantic Central Bankers Bank stock 1,368 Cost N/A N/A N/A Loans, net of deferred loan fees and costs 2,650,613 Discounted cash flow Discount rate 1.00 % - 6.36 % 2.82 % Commercial - SBA 243,562 Traders' pricing Offered quotes $ 100.00 - $ 117.80 $ 105.60 Non-SBA CRE - fixed 87,288 Discounted cash flow Discount rate 5.16 %- 7.32 % 6.03 % Non-SBA CRE - floating 1,479,962 Discounted cash flow Discount rate 3.96 % - 9.70 % 4.91 % Commercial loans, at fair value 1,810,812 Investment in unconsolidated entity 31,294 Discounted cash flow Discount rate 3.93 % 3.93 % Default rate 1.00 % 1.00 % Assets held-for-sale from discontinued operations 113,650 Discounted cash flow Discount rate, 2.55 %- 6.83 % 4.15 % Credit analysis Subordinated debentures 9,102 Discounted cash flow Discount rate 6.61 % 6.61 % The valuations for each of the instruments above, as of the balance sheet date, are subject to judgments, assumptions and uncertainties, changes in which could have a significant impact on such valuations. Weighted averages were calculated by using the discount rate for each individual security or loan weighted by its market value, except for SBA loans. For SBA loans, traders’ pricing indications for pools determined by date of loan origination were weighted. For commercial loans recorded at fair value and assets held-for-sale from discontinued operations, changes in fair value are reflected in the income statement. Changes in fair value of securities which are unrelated to credit are recorded through equity. Changes in the fair value of loans recorded at amortized cost which are unrelated to credit are a disclosure item, without impact on the financial statements. The notes below refer to the September 30, 2021 table. a) Commercial mortgage backed investment securities, consisting of Bank sponsored CRE securities, are valued using discounted cash flow analyses. The discount rates applied are based upon market observations for comparable securities and implicitly assume market averages for defaults and loss severities. Each of the securities has some credit enhancement, or protection from other tranches in the issue, which limit their valuation exposure to credit losses. Nonetheless, increases in expected default rates or loss severities on the loans underlying the issue could reduce their value. In market environments in which investors demand greater yield compensation for credit risk, the discount rate applied would ordinarily be higher and the valuation lower. Changes in prepayments and loss experience could also change the interest earned on these holdings in future periods and impact fair values. b) Insurance liquidating trust preferred is a single debenture which is valued using discounted cash flow analysis. The discount rate used is based on the market rate on comparable relatively illiquid instruments and credit analysis. A change in the liquidating trust’s ability to repay the note, or an increase in interest rates, particularly for privately placed debentures, would affect the discount rate and thus the valuation. As a single security, the weighted average rate shown is the actual rate applied to the security. c) Loans, net of deferred loan fees and costs are valued using discounted cash flow analysis. Discount rates are based upon available information for estimated current origination rates for each loan type. Origination rates may fluctuate based upon changes in the risk free (Treasury) rate and credit experience for each loan type. At September 30, 2021, the balance included $ 71.3 million of Paycheck Protection Program loans, which bear interest at 1 %, but also earn fees. d) Commercial-SBL (SBA Loans) are comprised of the government guaranteed portion of SBA insured loans. Their valuation is based upon dealer pricing indications. A limited number of broker/dealers originate the pooled securities for which the loans are purchased and as a result, prices can fluctuate based on such limited market demand, although the government guarantee has resulted in consistent historical demand. Valuations are also impacted by prepayment assumptions resulting from both voluntary payoffs and defaults. e) Non-SBA CRE-fixed are fixed rate non-SBA commercial real estate mortgages. Discount rates used in applying discounted cash flow analysis are based upon loan terms, the current origination rates for similar loans and the quality of the credit. f) Non-SBA CRE-floating are floating rate non-SBA loans, the vast majority of which are secured by multi-family properties. These are bridge loans designed to provide owners time and funding for property improvements and are generally valued internally using discounted cash flow analysis. The discount rate for the vast majority of these loans, which are multi-family, was based upon current origination rates for similar loans. Certain of these loans are fair valued by a third-party, based upon discounting at market rates for similar loans. g) Assets held-for-sale from discontinued operations are valued using discounted cash flow by an independent valuation consultant using loan performance, other credit characteristics and market interest rate comparisons. Changes in those factors could change the valuation. h) Subordinated debentures are comprised of two subordinated notes issued by the Company, maturing in 2038 with a floating rate of 3-month LIBOR plus 3.25 %. These notes are valued using discounted cash flow analysis. The discount rate is based on the market rate for comparable relatively illiquid instruments. Changes in those market rates, or the credit of the Company could result in changes in the valuation. Assets measured at fair value on a nonrecurring basis, segregated by fair value hierarchy, during the periods shown are summarized below (in thousands): Fair Value Measurements at Reporting Date Using Quoted prices in active Significant other Significant markets for identical observable unobservable Fair value assets inputs inputs (1) Description September 30, 2021 (Level 1) (Level 2) (Level 3) Collateral dependent loans (1) $ 5,068 $ — $ — $ 5,068 Other real estate owned 2,145 — — 2,145 Intangible assets 2,547 — — 2,547 $ 9,760 $ — $ — $ 9,760 Fair Value Measurements at Reporting Date Using Quoted prices in active Significant other Significant markets for identical observable unobservable Fair value assets inputs inputs (1) Description December 31, 2020 (Level 1) (Level 2) (Level 3) Collateral dependent loans (1) $ 9,578 $ — $ — $ 9,578 Intangible assets 2,845 — — 2,845 $ 12,423 $ — $ — $ 12,423 (1) The method of valuation approach for the collateral dependent loans was the market value approach based upon appraisals of the underlying collateral by external appraisers, reduced by 7 % to 10 % for estimated selling costs. Intangible assets are valued based upon internal analyses. At September 30, 2021, principal on collateral dependent loans and troubled debt restructurings, which is accounted for on the basis of the value of underlying collateral, is shown at estimated fair value of $ 5.1 million. To arrive at that fair value, related loan principal of $ 6.9 million was reduced by specific reserves of $ 1.8 million within the allowance for credit losses as of that date, representing the deficiency between principal and estimated collateral values, which were reduced by estimated costs to sell. When the deficiency is deemed uncollectible, it is charged off by reducing the specific reserve and decreasing principal. Included in the collateral dependent loans at September 30, 2021 were 9 troubled debt restructured loans with a balance of $ 1.4 million, which had specific reserves of $ 626,000 . Valuation techniques consistent with the market and/or cost approach were used to measure fair value and primarily included observable inputs for the individual collateral dependent loans being evaluated such as recent sales of similar assets or observable market data for operational or carrying costs. In cases where such inputs were unobservable, the loan balance is reflected within the Level 3 hierarchy. |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2021 | |
Derivatives [Abstract] | |
Derivatives | Note 9. Derivatives The Company utilizes derivative instruments to assist in the management of interest rate sensitivity by modifying the repricing, maturity and option characteristics on certain non-SBA CRE loans held at fair value. These instruments are not accounted for as effective hedges. As of September 30, 2021, the Company had entered into three interest rate swap agreements with an aggregate notional amount of $ 21.3 million. These swap agreements provide for the Company to receive an adjustable rate of interest based upon the three-month LIBOR. The Company recorded a net gain of $ 1.3 million for the nine months ended September 30, 2021 to recognize the fair value of the derivative instruments which is reported in net realized and unrealized gains (losses) on commercial loans, at fair value, in the consolidated statements of operations. The amount payable by the Company under these swap agreements was $ 895,000 at September 30, 2021, which is reported in other liabilities. The Company had minimum collateral posting thresholds with certain of its derivative counterparties and had posted cash collateral of $ 2.3 million as of September 30, 2021. The maturity dates, notional amounts, interest rates paid and received and fair value of the Company’s remaining interest rate swap agreements as of September 30, 2021 are summarized below (dollars in thousands): September 30, 2021 Maturity date Notional amount Interest rate paid Interest rate received Fair value December 23, 2025 6,800 2.16 % 0.13 % ( 348 ) December 24, 2025 8,200 2.17 % 0.13 % ( 426 ) July 20, 2026 6,300 1.44 % 0.13 % ( 121 ) Total $ 21,300 $ ( 895 ) |
Other Identifiable Intangible A
Other Identifiable Intangible Assets | 9 Months Ended |
Sep. 30, 2021 | |
Other Identifiable Intangible Assets [Abstract] | |
Other Identifiable Intangible Assets | Note 10. Other Identifiable Intangible Assets In May 2016, the Company purchased approximately $ 60.0 million of lease receivables which resulted in a customer list intangible of $ 3.4 million that is being amortized over a 10 year period. A mortization expense is $ 340,000 per year ($ 1.5 million over the next five years). The gross carrying amount of the customer list intangible is $ 3.4 million, and as of September 30, 2021 and December 31, 2020, respectively, the accumulated amortization was $ 1.8 million and $ 1.6 million. In January 2020, the Company purchased McMahon Leasing and subsidiaries for approximately $ 8.7 million allocated as follows: $ 3.9 million extinguishment of debt, $ 3.1 million investment in subsidiary, $ 1.1 million to intangibles and $ 550,000 primarily comprised of fair value adjustments to the lease receivables and inventory. In the acquisition, the Company acquired $ 9.9 million of lease receivables, $ 958,000 in automobile inventory and other assets. The excess of the consideration issued over the book value of the assets acquired was $ 1.6 million which was comprised of the aforementioned $ 1.1 million of intangibles and $ 550,000 of fair value adjustments. The fair value of the leases was $ 453,000 over their book value which is being amortized over the lives of the leases, with the balance of the $ 550,000 reflecting automobile inventory fair value adjustments. The $ 1.1 million of intangibles is comprised of a customer list intangible of $ 689,000 , goodwill of $ 263,000 and a trade name valuation of $ 135,000 . The customer list intangible is being amortized over a 12 year period and accumulated depreciation was $ 100,000 at September 30, 2021. Amortization expense is $ 57,000 per year ($ 285,000 over the next five years). |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2021 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | Note 11. Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04 which addressed optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, resulting from the phase-out of the LIBOR reference rate. The interest rates on certain of the Company’s securities, the majority of commercial loans held at fair value and its trust preferred securities outstanding (classified as subordinated debenture on the balance sheet), utilize LIBOR as a reference rate. To maximize management and accounting flexibility for holders of instruments using LIBOR as a benchmark, the guidance permitted a one-time transfer of such instruments from held-to-maturity to available-for-sale. The Company made such a transfer of four LIBOR-based securities, which comprised its held-to-maturity portfolio, in the first quarter of 2020. While the Company discontinued LIBOR based originations in 2021, certain of its financial instruments outstanding use LIBOR based pricing, including its non-SBA commercial loans, at fair value. However, these loans are short-term and generally expected to be repaid by the June 2023 LIBOR end date. When the Company resumed originating non-SBA commercial loans in third quarter 2021 which are identified separately as real estate bridge lending, it utilized the secured overnight financing rate (SOFR). In addition, the Bank owns certain investment securities, including collateralized loan obligations (CLOs) and U.S. government agency adjustable-rate mortgages which utilize LIBOR based pricing. CLOs generally have language regarding an index alternative should LIBOR no longer be available. U.S. government agencies generally have the ability to adjust interest rate indices as necessary. There is less clarity for the Company’s student loan securities, its subordinated debentures and its derivatives based upon publicly available information. However, these types of instruments are relatively widely held and industry standards continue to be considered by trustees and other governing bodies. The Company continues to assess the potential impact of the phase-out of LIBOR on those instruments and any other potential impacts, and related accounting guidance. |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2021 | |
Shareholders' Equity [Abstract] | |
Shareholders' Equity | Note 12. Shareholder’s Equity On November 5, 2020, the Company’s Board of Directors (“the “Board”) authorized a common stock repurchase program (the “2021 Common Stock Repurchase Program”). Under the Common Stock Repurchase Program, repurchased shares may be reissued for various corporate purposes. The Company is authorized to repurchase up to $ 10.0 million in each quarter of 2021 depending on the share price, securities laws and stock exchange rules which regulate such repurchases. This plan may be modified or terminated at any time. During the three and nine months ended September 30, 2021, the Company repurchased 440,887 shares and 1,484,630 shares, respectively, of its common stock in the open market under the 2021 Common Stock Repurchase Plan at an average cost of $ 22.68 per share and $ 20.21 per share, respectively. In the first quarter of 2021, the Company changed its presentation of treasury stock acquired through common stock repurchases. To simplify presentation, common stock repurchases previously shown separately as treasury stock are now shown as reductions in common stock and additional paid-in capital. On October 20, 2021, the Board approved a revised stock repurchase program for the upcoming 2022 fiscal year (the “2022 Common Stock Repurchase Plan”). The amount that the Company intends to repurchase has been increased to $ 15.0 million in value of the Company’s common stock per fiscal quarter in 2022, for a maximum amount of $ 60.0 million. |
Regulatory Matters
Regulatory Matters | 9 Months Ended |
Sep. 30, 2021 | |
Regulatory Matters [Abstract] | |
Regulatory Matters | Note 13. Regulatory Matters It is the policy of the Federal Reserve that financial holding companies should pay cash dividends on common stock only out of income available over the past year and only if prospective earnings retention is consistent with the organization’s expected future needs and financial condition. The policy provides that a financial holding company should not maintain a level of cash dividends that undermines the financial holding company’s ability to serve as a source of strength to its banking subsidiaries . Various federal and state statutory provisions limit the amount of dividends that subsidiary banks can pay to their holding companies without regulatory approval. Under Delaware banking law, the Bank’s directors may declare dividends on common or preferred stock of so much of its net profits as they judge expedient, but the Bank must, before the declaration of a dividend on common stock from net profits, carry 50 % of its net profits from the preceding period for which the dividend is paid to its surplus fund until its surplus fund amounts to 50 % of its capital stock and thereafter must carry 25 % of its net profits for the preceding period for which the dividend is paid to its surplus fund until its surplus fund amounts to 100 % of its capital stock. In addition to these explicit limitations, federal and state regulatory agencies are authorized to prohibit a banking subsidiary or financial holding company from engaging in an unsafe or unsound practice. Depending upon the circumstances, the agencies could take the position that paying a dividend would constitute an unsafe or unsound banking practice. The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification of the Company and the Bank are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Moreover, capital requirements may be modified based upon regulatory rules or by regulatory discretion at any time reflecting a variety of factors including deterioration in asset quality. The following table sets forth our regulatory capital amounts and ratios for the periods indicated: Tier 1 capital Tier 1 capital Total capital Common equity to average to risk-weighted to risk-weighted tier 1 to risk assets ratio assets ratio assets ratio weighted assets As of September 30, 2021 The Bancorp, Inc. 9.82 % 15.69 % 16.10 % 15.69 % The Bancorp Bank 10.24 % 16.29 % 16.69 % 16.29 % "Well capitalized" institution (under FDIC regulations-Basel III) 5.00 % 8.00 % 10.00 % 6.50 % As of December 31, 2020 The Bancorp, Inc. 9.20 % 14.43 % 14.84 % 14.43 % The Bancorp Bank 9.11 % 14.27 % 14.68 % 14.27 % "Well capitalized" institution (under FDIC regulations-Basel III) 5.00 % 8.00 % 10.00 % 6.50 % |
Legal
Legal | 9 Months Ended |
Sep. 30, 2021 | |
Legal [Abstract] | |
Legal | Note 14. Legal On June 12, 2019, the Bank was served with a qui tam lawsuit filed in the Superior Court of the State of Delaware, New Castle County. The Delaware Department of Justice intervened in the litigation. The case is titled The State of Delaware, Plaintiff, Ex rel. Russell S. Rogers, Plaintiff-Relator, v. The Bancorp Bank, Interactive Communications International, Inc., and InComm Financial Services, Inc., Defendants. The lawsuit alleges that the defendants violated the Delaware False Claims Act by not paying balances on certain open-loop “Vanilla” prepaid cards to the State of Delaware as unclaimed property. The complaint seeks actual and treble damages, statutory penalties, and attorneys’ fees. The Bank has filed an answer denying the allegations and continues to vigorously defend the claims. The Bank and other defendants previously filed a motion to dismiss the action, but the motion was denied, and the case is in preliminary stages of discovery. At this time, the Company is unable to determine whether the ultimate resolution of the matter will have a material adverse effect on the Company’s financial condition or operations. The Company has received and is responding to two non-public fact-finding inquiries from the SEC, which in each case is seeking to determine if violations of the federal securities laws have occurred. The Company refers to these inquiries collectively as the SEC matters. On October 9, 2019, the Company received a subpoena seeking records related generally to the Bank’s debit card issuance activity and gross dollar volume data, among other things. The Company responded to the subpoena and subsequent subpoenas issued to the Company. Unrelated to the first inquiry, on April 10, 2020, the Company received a subpoena in connection with the Bank’s CMBS business seeking records related to various offerings as well as CMBS securities held by the Bank. Since inception of these SEC matters to the present, the Company has been cooperating fully with the SEC. The SEC has not made any findings, or alleged any wrongdoings, with respect to the SEC matters. The costs related to responding to and cooperating with the SEC staff may be material, and could continue to be material at least through the completion of the SEC matters. On June 2, 2020, the Bank was served with a complaint filed in the Supreme Court of the State of New York, titled Cascade Funding, LP – Series 6, Plaintiff v. The Bancorp Bank, Defendant. The lawsuit arises from a Purchase and Sale Agreement between Cascade Funding, LP – Series 6 (“Cascade”) and the Bank, pursuant to which Cascade was to purchase certain mortgage loan assets from the Bank for securitization. Cascade improperly attempted to invoke a market disruption clause in the agreement to avoid the purchase. Cascade’s failure to close the transaction constituted a breach of the agreement and, accordingly, the Bank terminated the agreement, effective April 29, 2020. Pursuant to the agreement, the Bank retained Cascade’s deposit of approximately $ 12.5 million. The lawsuit asserts three causes of action: (i) breach of contract; (ii) injunction and specific performance; and (iii) declaratory judgment. Cascade seeks the return of its deposit plus interest and attorneys’ fees and costs. On October 4, 2021, Cascade filed a motion for summary judgment, which is still pending before the court. The Bank is vigorously defending this matter. At this time, the Company is not yet able to determine whether the ultimate resolution of this matter will have a material adverse effect on the Company’s financial conditions or operations. On January 12, 2021, three former employees of the Bank filed separate complaints against the Company in the Supreme Court of the State of New York, New York County. The Company subsequently removed all three lawsuits to the United States District Court for the Southern District of New York. The cases are captioned: John Edward Barker, Plaintiff v. The Bancorp, Inc., Defendant; Alexander John Kamai, Plaintiff v. The Bancorp, Inc., Defendant; and John Patrick McGlynn III, Plaintiff v. The Bancorp, Inc., Defendant. The lawsuits arise from the Bank’s termination of the plaintiffs’ employment in connection with the restructuring of its CMBS business. The plaintiffs seek damages in the following amounts: $ 4,135,142 (Barker), $ 901,088 (Kamai) and $ 2,909,627 (McGlynn). The Company intends to vigorously defend these matters. On June 11, 2021, the Company filed a motion to dismiss in each case. The motions are still pending before the court. Given the early stage of the lawsuits, the Company is not yet able to determine whether the ultimate resolution of this matter will have a material adverse effect on the Company’s financial conditions or operations. On September 14, 2021, Cachet Financial Services (“Cachet”) filed an adversary proceeding against the Bank in the United States Bankruptcy Court for the Central District of California, titled Cachet Financial Services v. The Bancorp Bank. The case was filed within the context of Cachet’s pending Chapter 11 bankruptcy case. The Bank previously served as the Originating Depository Financial Institution (“ODFI”) for Automated Clearing House (“ACH”) transactions in connection with Cachet’s payroll services business. The complaint in the matter primarily arises from the Bank’s termination of its Payroll Processing ODFI Agreement with Cachet on October 23, 2019 for safety and soundness reasons. The complaint alleges eight causes of action: (i) breach of contract; (ii) negligence; (iii) intentional interference with contract; (iv) conversion; (v) express indemnity; (vi) implied indemnity; (vii) accounting; and (viii) objection to the Bank’s proof of claim in the bankruptcy case. Cachet seeks approximately $ 150 million in damages and disallowance of the Bank’s proof of claim. The Bank has not been served with the complaint to date but intends to vigorously defend against Cachet’s claims. Given the early stage of the lawsuit, the Company is not yet able to determine whether the ultimate resolution of this matter will have a material adverse effect on the Company’s financial conditions or operations. In addition, the Company is a party to various routine legal proceedings arising out of the ordinary course of business. The Company believes that none of these actions, individually or in the aggregate, will have a material adverse effect on the Company’s financial condition or operations. |
Segment Financials
Segment Financials | 9 Months Ended |
Sep. 30, 2021 | |
Segment Financials [Abstract] | |
Segment Financials | Note 15. Segment Financials The Company performed a strategic evaluation of its businesses in the third quarter of 2014. As a result of the evaluation, the Company decided to discontinue its commercial lending operations, as described in Note 16, Discontinued Operations. The shift from a traditional bank balance sheet led the Company to evaluate its continuing operations. Based on the continuing operations of the Company, it was determined that there would be four segments of the business: specialty finance, payments, corporate and discontinued operations. The chief decision maker for these segments is the Chief Executive Officer. Specialty finance includes the origination of non-SBA CRE loans, SBA loans, direct lease financing and security-backed lines of credit, cash value insurance policy-backed lines of credit and deposits generated by those business lines. Payments include prepaid card accounts, card payments, ACH processing and deposits generated by those business lines. Corporate includes the Company’s investment portfolio, corporate overhead and non-allocated expenses. Investment income is reallocated to the payments segment. These operating segments reflect the way the Company views its current operations. The following tables provide segment information for the periods indicated: For the three months ended September 30, 2021 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Interest income $ 46,313 $ — $ 7,187 $ — $ 53,500 Interest allocation — 7,187 ( 7,187 ) — — Interest expense 239 916 1,452 — 2,607 Net interest income (loss) 46,074 6,271 ( 1,452 ) — 50,893 Provision for credit losses 1,613 — — — 1,613 Non-interest income 6,408 20,166 14 — 26,588 Non-interest expense 16,452 16,286 6,646 — 39,384 Income (loss) from continuing operations before taxes 34,417 10,151 ( 8,084 ) — 36,484 Income tax expense — — 8,289 — 8,289 Income (loss) from continuing operations 34,417 10,151 ( 16,373 ) — 28,195 Income from discontinued operations — — — 66 66 Net income (loss) $ 34,417 $ 10,151 $ ( 16,373 ) $ 66 $ 28,261 For the three months ended September 30, 2020 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Interest income $ 44,408 $ — $ 8,070 $ — $ 52,478 Interest allocation — 8,070 ( 8,070 ) — — Interest expense 232 1,234 1,016 — 2,482 Net interest income (loss) 44,176 6,836 ( 1,016 ) — 49,996 Provision for credit losses 1,297 — — — 1,297 Non-interest income 2,395 21,933 24 — 24,352 Non-interest expense 17,236 16,939 7,851 — 42,026 Income (loss) from continuing operations before taxes 28,038 11,830 ( 8,843 ) — 31,025 Income tax expense — — 7,894 — 7,894 Income (loss) from continuing operations 28,038 11,830 ( 16,737 ) — 23,131 Income from discontinued operations — — — 123 123 Net income (loss) $ 28,038 $ 11,830 $ ( 16,737 ) $ 123 $ 23,254 For the nine months ended September 30, 2021 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Interest income $ 143,549 $ — $ 23,854 $ — $ 167,403 Interest allocation — 23,854 ( 23,854 ) — — Interest expense 723 3,298 4,663 — 8,684 Net interest income (loss) 142,826 20,556 ( 4,663 ) — 158,719 Provision for credit losses 1,484 — — — 1,484 Non-interest income 13,864 62,600 59 — 76,523 Non-interest expense 50,844 52,666 21,640 — 125,150 Income (loss) from continuing operations before taxes 104,362 30,490 ( 26,244 ) — 108,608 Income tax expense — — 25,195 — 25,195 Income (loss) from continuing operations 104,362 30,490 ( 51,439 ) — 83,413 Income from discontinued operations — — — 248 248 Net income (loss) $ 104,362 $ 30,490 $ ( 51,439 ) $ 248 $ 83,661 For the nine months ended September 30, 2020 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Interest income $ 125,254 $ — $ 30,589 $ — $ 155,843 Interest allocation — 30,589 ( 30,589 ) — — Interest expense 791 7,381 4,518 — 12,690 Net interest income (loss) 124,463 23,208 ( 4,518 ) — 143,153 Provision for credit losses 5,798 — — — 5,798 Non-interest income ( 1,622 ) 62,770 169 — 61,317 Non-interest expense 51,742 51,345 19,977 — 123,064 Income (loss) from continuing operations before taxes 65,301 34,633 ( 24,326 ) — 75,608 Income tax expense — — 19,033 — 19,033 Income (loss) from continuing operations 65,301 34,633 ( 43,359 ) — 56,575 Loss from discontinued operations — — — ( 662 ) ( 662 ) Net income (loss) $ 65,301 $ 34,633 $ ( 43,359 ) $ ( 662 ) $ 55,913 September 30, 2021 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Total assets $ 4,706,208 $ 39,702 $ 1,434,649 $ 87,904 $ 6,268,463 Total liabilities $ 342,746 $ 4,691,158 $ 596,582 $ — $ 5,630,486 December 31, 2020 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Total assets $ 4,491,768 $ 32,976 $ 1,638,447 $ 113,650 $ 6,276,841 Total liabilities $ 304,908 $ 4,877,674 $ 513,095 $ — $ 5,695,677 |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2021 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | Note 16. Discontinued Operations The Company performed a strategic evaluation of its businesses in the third quarter of 2014 and decided to discontinue its Philadelphia commercial lending operations to focus on its specialty finance lending. The loans which constitute the commercial loan portfolio are in the process of disposition including transfers to other financial institutions. As such, financial results of the commercial lending operations are presented as separate from continuing operations on the consolidated statements of operations and assets of the commercial lending operations to be disposed of are presented as assets held-for-sale on the consolidated balance sheets. The following table presents financial results of the commercial lending business included in net loss from discontinued operations for the three and nine months ended September 30, 2021 and 2020 (in thousands) : For the three months ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 Interest income $ 754 $ 890 $ 2,388 $ 3,259 Interest expense — — — — Net interest income 754 890 2,388 3,259 Non-interest income 48 4 51 18 Non-interest expense 715 2,565 2,115 5,997 Income (loss) before taxes 87 ( 1,671 ) 324 ( 2,720 ) Income tax expense (benefit) 21 ( 1,794 ) 76 ( 2,058 ) Net income (loss) $ 66 $ 123 $ 248 $ ( 662 ) The following table presents assets held-for-sale from discontinued operations at September 30, 2021 and December 31, 2020 (in thousands): September 30, December 31, 2021 2020 Loans, net $ 69,435 $ 91,316 Other real estate owned 18,469 22,334 Total assets $ 87,904 $ 113,650 Non-interest expense for the respective three and nine month periods ended September 30, 2021 reflected $ 384,000 and $ 1.5 million of recoveries of prior losses on loans. For the respective three and nine month periods ended September 30, 2020 non-interest expense included loan fair value and realized losses of $ 1.4 million and $ 2.3 million. Also in non-interest expense are expenses and losses related to other real estate owned of $ 745,000 and $ 2.3 million for the three and nine month periods ended September 30, 2021 and $ 2.1 million and $ 3.8 million for the three and nine month periods ended September 30, 2020, respectively. Discontinued operations loans are recorded at the lower of their cost or fair value. Fair value is determined using a discontinued cash flow analysis where projections of cash flows are developed in consideration of internal loan review analysis and default/prepayment assumptions for smaller pools of loans. These credit and collateral related assumptions are subject to uncertainty. The results of discontinued operations do not include any future severance payments. Of the approximately $ 1.1 billion in book value of loans in that portfolio as of the September 30, 2014 date of discontinuance of operations, $ 87.9 million of loans and other real estate owned remain in assets held-for- sale on the September 30, 2021 consolidated balance sheet as a result of loan sales, principal paydowns and fair value charges as of September 30, 2021 . The Company is attempting to dispose of those remaining loans and other real estate owned. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 17. Subsequent Events The Company evaluated its September 30, 2021 consolidated financial statements for subsequent events through the date the consolidated financial statements were issued. On October 20, 2021, the Board approved the 2022 Common Stock Repurchase Program for the upcoming 2022 fiscal year, as discussed in Note 12. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Significant Accounting Policies [Abstract] | |
Basis Of Presentation | Basis of Presentation The financial statements of the Company, as of September 30, 2021 and for the three and nine month periods ended September 30, 2021 and 2020, are unaudited. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted in this Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). However, in the opinion of management, these interim financial statements include all necessary adjustments to fairly present the results of the interim periods presented. The unaudited interim consolidated financial statements should be read in conjunction with the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Form 10-K”). The results of operations for the nine month period ended September 30, 2021 may not necessarily be indicative of the results of operations for the full year ending December 31, 2021. Reclassifications have been made to the 2020 consolidated financial statements to conform to the 2021 presentation. Specifically, the minimal service fees on deposit accounts which were shown separately on the income statement are now shown in other income. In the first quarter of 2021, the Company changed its presentation of treasury stock acquired through common stock repurchases. To simplify presentation, common stock repurchases previously shown separately as treasury stock, are now shown as reductions in common stock and additional paid-in capital. There have been no significant changes to the Significant Accounting Policies as described in the 2020 Form 10-K. Those significant accounting policies remain unchanged at September 30, 2021, except those relating to the COVID-19 pandemic for which management has updated their assessment of related risks and uncertainties. Those risks have been reduced as a result of increased vaccination rates, the significant reopening of the economy and the elimination of the vast majority of the Company’s COVID-related loan payment deferrals. Additionally, previous balance sheets included investment in unconsolidated entity, which reflected the Company’s balance of the Walnut Street investment. Walnut Street was comprised of Bancorp loans sold to that entity, which was partially financed by an independent investor. In the third quarter of 2021, The Bancorp and that investor dissolved the entity, as the remaining balance did not warrant ongoing administrative and accounting expenses. As a result of the dissolution, the investment in unconsolidated entity, which had a June 30, 2021 balance of $ 25.0 million, was reclassified as follows. Approximately $ 22.9 million of loans were reclassified to commercial loans, at fair value and $ 2.1 million was reclassified to other real estate owned, as those assets continue to be reported at fair value. Our non-SBA commercial real estate loans, at fair value, are primarily collateralized by multi-family properties (apartment buildings), and to a lesser extent, by hotel and retail properties. These loans were originally generated for sale through securitizations. In 2020, we decided to retain these loans on our balance sheet as interest earning assets and have again begun originating such loans, primarily to replace the impact of loan payoffs. These new originations are identified as real estate bridge loans and are held for investment in the loan portfolio. Prior originations originally intended for securitizations which were accounted for at fair value, continue to be accounted for at fair value, and are included in the balance sheet in “commercial loans, at fair value.” |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Stock-Based Compensation [Abstract] | |
Summary Of Status Of Company's Equity Compensations Plans | Weighted average remaining Weighted average contractual Aggregate Options exercise price term (years) intrinsic value Outstanding at January 1, 2021 1,161,604 $ 7.62 4.75 $ 7,001,843 Granted 100,000 18.81 9.37 664,000 Exercised ( 657,500 ) 7.51 — 10,465,250 Expired — — — — Forfeited — — — — Outstanding at September 30, 2021 604,104 $ 9.60 6.81 $ 9,574,056 Exercisable at September 30, 2021 246,552 $ 8.50 4.03 $ 4,180,078 |
Summary Of Restricted Stock Units | Weighted average Average remaining grant date contractual RSUs fair value term (years) Outstanding at January 1, 2021 1,787,943 $ 7.49 1.50 Granted 313,697 18.81 2.03 Vested ( 672,533 ) 7.72 — Forfeited ( 50,487 ) 8.73 — Outstanding at September 30, 2021 1,378,620 $ 9.91 1.12 |
Fair Value Of Grant On Date Of Grant Using The Black-Scholes Options Pricing Model | September 30, 2021 2020 Risk-free interest rate 1.19 % 0.68 % Expected dividend yield — — Expected volatility 45.61 % 45.20 % Expected lives (years) 6.3 6.3 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | For the three months ended September 30, 2021 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings per share from continuing operations Net earnings available to common shareholders $ 28,195 57,198,778 $ 0.49 Effect of dilutive securities Common stock options and restricted stock units — 1,429,528 ( 0.01 ) Diluted earnings per share Net earnings available to common shareholders $ 28,195 58,628,306 $ 0.48 1 For the three months ended September 30, 2021 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings per share from discontinued operations Net earnings available to common shareholders $ 66 57,198,778 $ — Effect of dilutive securities Common stock options and restricted stock units — 1,429,528 — Diluted earnings per share Net earnings available to common shareholders $ 66 58,628,306 $ — 1 For the three months ended September 30, 2021 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings per share Net earnings available to common shareholders $ 28,261 57,198,778 $ 0.49 Effect of dilutive securities Common stock options and restricted stock units — 1,429,528 ( 0.01 ) Diluted earnings per share Net earnings available to common shareholders $ 28,261 58,628,306 $ 0.48 Note: The total of diluted earnings per share from continuing and discontinued operations does not equal diluted earnings per share due to rounding. Stock options for 504,104 shares, exercisable at prices between $ 6.87 and $ 18.81 per share, were outstanding at September 30, 2021, and included in the dilutive earnings per share computation. Stock options for 100,000 shares were anti-dilutive and not included in the earnings per share calculation. For the nine months ended September 30, 2021 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings per share from continuing operations Net earnings available to common shareholders $ 83,413 57,221,174 $ 1.45 Effect of dilutive securities Common stock options and restricted stock units — 1,710,972 ( 0.04 ) Diluted earnings per share Net earnings available to common shareholders $ 83,413 58,932,146 $ 1.41 For the nine months ended September 30, 2021 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings per share from discontinued operations Net earnings available to common shareholders $ 248 57,221,174 $ 0.01 Effect of dilutive securities Common stock options and restricted stock units — 1,710,972 — Diluted earnings per share Net earnings available to common shareholders $ 248 58,932,146 $ 0.01 For the nine months ended September 30, 2021 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings per share Net earnings available to common shareholders $ 83,661 57,221,174 $ 1.46 Effect of dilutive securities Common stock options and restricted stock units — 1,710,972 ( 0.04 ) Diluted earnings per share Net earnings available to common shareholders $ 83,661 58,932,146 $ 1.42 Stock options for 504,104 shares, exercisable at prices between $ 6.87 and $ 18.81 per share, were outstanding at September 30, 2021, and included in the dilutive earnings per share computation. Stock options for 100,000 shares were anti-dilutive and not included in the earnings per share calculation. For the three months ended September 30, 2020 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings per share from continuing operations Net earnings available to common shareholders $ 23,131 57,588,168 $ 0.40 Effect of dilutive securities Common stock options and restricted stock units — 883,024 — Diluted earnings per share Net earnings available to common shareholders $ 23,131 58,471,192 $ 0.40 For the three months ended September 30, 2020 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings per share from discontinued operations Net earnings available to common shareholders $ 123 57,588,168 $ — Effect of dilutive securities Common stock options and restricted stock units — 883,024 — Diluted earnings per share Net earnings available to common shareholders $ 123 58,471,192 $ — For the three months ended September 30, 2020 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings per share Net earnings available to common shareholders $ 23,254 57,588,168 $ 0.40 Effect of dilutive securities Common stock options and restricted stock units — 883,024 — Diluted earnings per share Net earnings available to common shareholders $ 23,254 58,471,192 $ 0.40 Stock options for 1,056,604 shares, exercisable at prices between $ 6.75 and $ 8.57 per share, were outstanding at September 30, 2020, and included in the dilutive earnings per share computation. Stock options for 326,000 were anti-dilutive and not included in the earnings per share calculation. For the nine months ended September 30, 2020 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings per share from continuing operations Net earnings available to common shareholders $ 56,575 57,433,477 $ 0.98 Effect of dilutive securities Common stock options and restricted stock units — 618,356 ( 0.01 ) Diluted earnings per share Net earnings available to common shareholders $ 56,575 58,051,833 $ 0.97 For the nine months ended September 30, 2020 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic loss per share from discontinued operations Net loss $ ( 662 ) 57,433,477 $ ( 0.01 ) Effect of dilutive securities Common stock options and restricted stock units — 618,356 — Diluted loss per share Net loss $ ( 662 ) 58,051,833 $ ( 0.01 ) For the nine months ended September 30, 2020 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except share and per share data) Basic earnings per share Net earnings available to common shareholders $ 55,913 57,433,477 $ 0.97 Effect of dilutive securities Common stock options and restricted stock units — 618,356 ( 0.01 ) Diluted earnings per share Net earnings available to common shareholders $ 55,913 58,051,833 $ 0.96 |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investment Securities [Abstract] | |
Schedule Of Investment Securities Classified As Available-for-sale And Held-to-maturity | Available-for-sale September 30, 2021 Gross Gross Amortized unrealized unrealized Fair cost gains losses value U.S. Government agency securities $ 37,489 $ 1,680 $ ( 49 ) $ 39,120 Asset-backed securities * 368,502 481 ( 70 ) 368,913 Tax-exempt obligations of states and political subdivisions 3,559 181 — 3,740 Taxable obligations of states and political subdivisions 46,013 3,044 — 49,057 Residential mortgage-backed securities 193,037 6,442 ( 209 ) 199,270 Collateralized mortgage obligation securities 74,628 1,715 ( 1 ) 76,342 Commercial mortgage-backed securities 305,922 6,572 ( 1,218 ) 311,276 Corporate debt securities 10,000 — ( 3,495 ) 6,505 $ 1,039,150 $ 20,115 $ ( 5,042 ) $ 1,054,223 September 30, 2021 Gross Gross Amortized unrealized unrealized Fair * Asset-backed securities as shown above cost gains losses value Federally insured student loan securities $ 24,709 $ 85 $ ( 14 ) $ 24,780 Collateralized loan obligation securities 343,793 396 ( 56 ) 344,133 $ 368,502 $ 481 $ ( 70 ) $ 368,913 Available-for-sale December 31, 2020 Gross Gross Amortized unrealized unrealized Fair cost gains losses value U.S. Government agency securities $ 44,960 $ 2,357 $ ( 120 ) $ 47,197 Asset-backed securities * 238,678 143 ( 460 ) 238,361 Tax-exempt obligations of states and political subdivisions 4,042 248 — 4,290 Taxable obligations of states and political subdivisions 47,884 4,180 — 52,064 Residential mortgage-backed securities 256,914 9,765 ( 96 ) 266,583 Collateralized mortgage obligation securities 145,260 3,281 ( 11 ) 148,530 Commercial mortgage-backed securities 359,125 12,717 ( 4,562 ) 367,280 Corporate debt securities 85,043 63 ( 3,247 ) 81,859 $ 1,181,906 $ 32,754 $ ( 8,496 ) $ 1,206,164 December 31, 2020 Gross Gross Amortized unrealized unrealized Fair * Asset-backed securities as shown above cost gains losses value Federally insured student loan securities $ 28,013 $ 38 $ ( 93 ) $ 27,958 Collateralized loan obligation securities 210,665 105 ( 367 ) 210,403 $ 238,678 $ 143 $ ( 460 ) $ 238,361 |
Amortized Cost And Fair Value Of Investment Securities By Contractual Maturity | Available-for-sale Amortized Fair cost value Due before one year $ 1,215 $ 1,214 Due after one year through five years 156,589 164,150 Due after five years through ten years 238,612 241,810 Due after ten years 642,734 647,049 $ 1,039,150 $ 1,054,223 |
Available-for-sale And Held-to-maturity Securities, Continuous Unrealized Loss Position | Available-for-sale Less than 12 months 12 months or longer Total Number of securities Fair Value Unrealized losses Fair Value Unrealized losses Fair Value Unrealized losses Description of Securities U.S. Government agency securities 2 $ — $ — $ 2,817 $ ( 49 ) $ 2,817 $ ( 49 ) Asset-backed securities 27 148,324 ( 68 ) 1,233 ( 2 ) 149,557 ( 70 ) Residential mortgage-backed securities 14 13,688 ( 118 ) 3,743 ( 91 ) 17,431 ( 209 ) Collateralized mortgage obligation securities 1 — — 424 ( 1 ) 424 ( 1 ) Commercial mortgage-backed securities 11 44,203 ( 658 ) 66,139 ( 560 ) 110,342 ( 1,218 ) Corporate debt securities 1 — — 6,505 ( 3,495 ) 6,505 ( 3,495 ) Total unrealized loss position investment securities 56 $ 206,215 $ ( 844 ) $ 80,861 $ ( 4,198 ) $ 287,076 $ ( 5,042 ) The table below indicates the length of time individual securities had been in a continuous unrealized loss position at December 31, 2020 (dollars in thousands): Available-for-sale Less than 12 months 12 months or longer Total Number of securities Fair Value Unrealized losses Fair Value Unrealized losses Fair Value Unrealized losses Description of Securities U.S. Government agency securities 5 $ 594 $ ( 2 ) $ 5,322 $ ( 118 ) $ 5,916 $ ( 120 ) Asset-backed securities 24 123,447 ( 337 ) 29,563 ( 123 ) 153,010 ( 460 ) Residential mortgage-backed securities 12 6,221 ( 35 ) 6,650 ( 61 ) 12,871 ( 96 ) Collateralized mortgage obligation securities 6 2,505 ( 10 ) 3,489 ( 1 ) 5,994 ( 11 ) Commercial mortgage-backed securities 4 69,486 ( 4,562 ) — — 69,486 ( 4,562 ) Corporate debt securities 2 — — 31,796 ( 3,247 ) 31,796 ( 3,247 ) Total unrealized loss position investment securities 53 $ 202,253 $ ( 4,946 ) $ 76,820 $ ( 3,550 ) $ 279,073 $ ( 8,496 ) |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Loans [Abstract] | |
Major Classifications Of Loans | September 30, December 31, 2021 2020 SBL non-real estate $ 171,845 $ 255,318 SBL commercial mortgage 367,272 300,817 SBL construction 23,117 20,273 Small business loans * 562,234 576,408 Direct lease financing 514,068 462,182 SBLOC / IBLOC ** 1,834,523 1,550,086 Advisor financing *** 81,143 48,282 Real estate bridge lending 128,699 — Other loans **** 4,917 6,426 3,125,584 2,643,384 Unamortized loan fees and costs 11,078 8,939 Total loans, net of unamortized loan fees and costs $ 3,136,662 $ 2,652,323 September 30, December 31, 2021 2020 SBL loans, net of deferred costs of $ 4,238 and $ 1,536 for September 30, 2021 and December 31, 2020, respectively $ 566,472 $ 577,944 SBL loans included in commercial loans, at fair value 214,301 243,562 Total small business loans $ 780,773 $ 821,506 * The preceding table shows small business loans and small business loans held at fair value. The small business loans held at fair value are comprised of the government guaranteed portion of SBA 7a loans at the dates indicated. A reduction in SBL non-real estate loans from $ 229.0 million at June 30, 2021 to $ 171.8 million at September 30, 2021 resulted from U.S. government repayments of $ 58.2 million of Paycheck Protection Program (“PPP”) loans authorized by The Consolidated Appropriations Act, 2021. PPP loans totaled $ 71.3 million at September 30, 2021 and $ 165.7 million at December 31, 2020, respectively. ** Securities Backed Lines of Credit, or SBLOC, are collateralized by marketable securities, while Insurance Backed Lines of Credit, or IBLOC, are collateralized by the cash surrender value of insurance policies. At September 30, 2021 and December 31, 2020, respectively, IBLOC loans amounted to $ 686.8 million and $ 437.2 million. *** In 2020, the Company began originating loans to investment advisors for purposes of debt refinance, acquisition of another firm or internal succession. Maximum loan amounts are subject to loan-to-value ratios of 70 %, based on third-party business appraisals, but may be increased depending upon the debt service coverage ratio. Personal guarantees and blanket business liens are obtained as appropriate. **** Included in the table above under Other loans are demand deposit overdrafts reclassified as loan balances totaling $ 272,000 and $ 663,000 at September 30, 2021 and December 31, 2020, respectively. Estimated overdraft charge-offs and recoveries are reflected in the allowance for credit losses and have been immaterial . |
Impaired Loans | September 30, 2021 Recorded investment Unpaid principal balance Related allowance Average recorded investment Interest income recognized Without an allowance recorded SBL non-real estate $ 408 $ 3,497 $ — $ 413 $ — SBL commercial mortgage 2,183 2,206 — 2,091 — Direct lease financing 289 289 — 474 — Consumer - home equity 325 325 — 493 7 With an allowance recorded SBL non-real estate 1,825 1,825 ( 1,163 ) 2,464 12 SBL commercial mortgage 984 984 ( 510 ) 3,145 — SBL construction 711 711 ( 34 ) 711 — Direct lease financing 141 141 ( 91 ) 165 — Consumer - other 14 14 ( 14 ) 6 — Total SBL non-real estate 2,233 5,322 ( 1,163 ) 2,877 12 SBL commercial mortgage 3,167 3,190 ( 510 ) 5,236 — SBL construction 711 711 ( 34 ) 711 — Direct lease financing 430 430 ( 91 ) 639 — Consumer - other 14 14 ( 14 ) 6 — Consumer - home equity 325 325 — 493 7 $ 6,880 $ 9,992 $ ( 1,812 ) $ 9,962 $ 19 December 31, 2020 Recorded investment Unpaid principal balance Related allowance Average recorded investment Interest income recognized Without an allowance recorded SBL non-real estate $ 387 $ 2,836 $ — $ 370 $ 3 SBL commercial mortgage 2,037 2,037 — 1,253 — Direct lease financing 299 299 — 3,352 — Consumer - home equity 557 557 — 554 10 With an allowance recorded SBL non-real estate 3,044 3,044 ( 2,129 ) 3,257 15 SBL commercial mortgage 5,268 5,268 ( 1,010 ) 2,732 — SBL construction 711 711 ( 34 ) 711 — Direct lease financing 452 452 ( 4 ) 716 — Consumer - home equity — — — 24 — Total SBL non-real estate 3,431 5,880 ( 2,129 ) 3,627 18 SBL commercial mortgage 7,305 7,305 ( 1,010 ) 3,985 — SBL construction 711 711 ( 34 ) 711 — Direct lease financing 751 751 ( 4 ) 4,068 — Consumer - home equity 557 557 — 578 10 $ 12,755 $ 15,204 $ ( 3,177 ) $ 12,969 $ 28 |
Summary Of Non-Accrual Loans With And Without Allowance For Credit Losses | September 30, 2021 December 31, 2020 Non-accrual loans with a related ACL Non-accrual loans without a related ACL Total non-accrual loans Total non-accrual loans SBL non-real estate $ 1,300 $ 408 $ 1,708 $ 3,159 SBL commercial mortgage 984 2,183 3,167 7,305 SBL construction 711 — 711 711 Direct leasing 141 289 430 751 Consumer - home equity — 76 76 301 Consumer - other 14 — 14 — $ 3,150 $ 2,956 $ 6,106 $ 12,227 |
Non-accrual Loans, Loans Past Due 90 Days And Other Real Estate Owned And Delinquent Loans By Loan Category | September 30, December 31, 2021 2020 (in thousands) Non-accrual loans SBL non-real estate $ 1,708 $ 3,159 SBL commercial mortgage 3,167 7,305 SBL construction 711 711 Direct leasing 430 751 Consumer - home equity 76 301 Consumer - other 14 — Total non-accrual loans 6,106 12,227 Loans past due 90 days or more and still accruing 1,569 497 Total non-performing loans 7,675 12,724 Other real estate owned 2,145 — Total non-performing assets $ 9,820 $ 12,724 |
Loans Modified And Considered Troubled Debt Restructurings | September 30, 2021 December 31, 2020 Number Pre-modification recorded investment Post-modification recorded investment Number Pre-modification recorded investment Post-modification recorded investment SBL non-real estate 8 $ 1,190 $ 1,190 8 $ 911 $ 911 Direct lease financing — — — 1 251 251 Consumer - home equity 1 249 249 2 469 469 Total(1) 9 $ 1,439 $ 1,439 11 $ 1,631 $ 1,631 |
Loans Modified As Troubled Debt Restructurings | September 30, 2021 December 31, 2020 Adjusted interest rate Extended maturity Combined rate and maturity Adjusted interest rate Extended maturity Combined rate and maturity SBL non-real estate $ — $ — $ 1,190 $ — $ 16 $ 895 Direct lease financing — — — — 251 — Consumer - home equity — — 249 — — 469 Total(1) $ — $ — $ 1,439 $ — $ 267 $ 1,364 |
Summary Of Restructured Loans Within The Last Twelve Months That Have Subsequently Defaulted | September 30, 2021 Number Pre-modification recorded investment SBL non-real estate 1 $ 205 Total 1 $ 205 |
Effect Of The Adoption Of CECL | December 31, 2019 January 1, 2020 September 30, 2021 Incurred loss method CECL (day 1 adoption) CECL Amount % of Segment Amount % of Segment Amount % of Segment Allowance for credit losses on loans and leases SBL non real estate $ 4,985 5.89 % $ 4,765 5.63 % $ 5,378 3.13 % SBL commercial mortgage 1,472 0.67 % 2,009 0.92 % 2,795 0.76 % SBL construction 432 0.95 % 571 1.26 % 370 1.60 % Direct lease financing 2,426 0.56 % 4,788 1.10 % 5,637 1.10 % SBLOC 440 0.05 % 440 0.05 % 574 0.05 % IBLOC 113 0.08 % 72 0.05 % 343 0.05 % Advisor financing — — — — 609 0.75 % Real estate bridge lending — — — — 245 0.19 % Other loans (1) 52 0.68 % 230 3.02 % 208 4.23 % Unallocated 318 — — $ 10,238 0.56 % $ 12,875 0.71 % $ 16,159 0.52 % Liabilities: Allowance for credit losses on off-balance sheet credit exposures — 569 1,088 Total allowance for credit losses $ 10,238 $ 13,444 $ 17,247 (1) Included in Other loans are $ 25.0 million of SBA loans purchased for Community Reinvestment Act (“CRA”) purposes as of September 30, 2021. These loans are classified as SBL in our loan tables . |
Summary Of Gross Loans Held For Investment By Year Of Origination And Internally Assigned Credit Grade | As of September 30, 2021 2021 2020 2019 2018 2017 Prior Revolving loans at amortized cost Total SBL non real estate Non-rated* $ 66,244 $ 8,844 $ — $ — $ — $ — $ — $ 75,088 Pass 21,814 17,432 9,180 9,563 5,534 12,934 — 76,457 Special mention 79 — — 687 — 873 — 1,639 Substandard — — — 18 574 1,282 — 1,874 Total SBL non-real estate 88,137 26,276 9,180 10,268 6,108 15,089 — 155,058 SBL commercial mortgage Non-rated 9,707 — 4,500 — — — — 14,207 Pass 62,268 55,850 77,930 46,916 38,465 58,177 — 339,606 Special mention — — 1,853 — — 249 — 2,102 Substandard — — — — — 3,167 — 3,167 Total SBL commercial mortgage 71,975 55,850 84,283 46,916 38,465 61,593 — 359,082 SBL construction Pass 3,194 13,958 1,411 3,844 — — — 22,407 Substandard — — — — — 711 — 711 Total SBL construction 3,194 13,958 1,411 3,844 — 711 — 23,118 Direct lease financing Non-rated 44,973 14,486 2,088 1,291 474 126 — 63,438 Pass 168,932 166,215 65,411 32,392 11,573 2,956 — 447,479 Substandard 792 2,170 39 58 78 14 — 3,151 Total direct lease financing 214,697 182,871 67,538 33,741 12,125 3,096 — 514,068 SBLOC Non-rated — — — — — — 4,465 4,465 Pass — — — — — — 1,143,291 1,143,291 Total SBLOC — — — — — — 1,147,756 1,147,756 IBLOC Non-rated — — — — — — 277,567 277,567 Pass — — — — — — 409,200 409,200 Total IBLOC — — — — — — 686,767 686,767 Advisor financing Non-rated 1,847 264 — — — — — 2,111 Pass 34,452 44,580 — — — — — 79,032 Total advisor financing 36,299 44,844 — — — — — 81,143 Real estate bridge lending Pass 128,699 — — — — — — 128,699 Total real estate bridge lending 128,699 — — — — — — 128,699 Other loans Non-rated 428 184 — — 4 217 677 1,510 Pass 101 114 3,323 4,820 5,632 12,977 1,278 28,245 Substandard — 14 — — 48 — 76 138 Total other loans** 529 312 3,323 4,820 5,684 13,194 2,031 29,893 $ 543,530 $ 324,111 $ 165,735 $ 99,589 $ 62,382 $ 93,683 $ 1,836,554 $ 3,125,584 Unamortized loan fees and costs — — — — — — — 11,078 Total $ 3,136,662 * Included in the SBL non real estate non-rated total of $ 75.1 million, were $ 71.3 million of PPP loans which are government guaranteed. ** Included in Other loans are $ 25.0 million of SBA loans purchased for CRA purposes as of September 30, 2021. These loans are classified as SBL in the Company’s loan table which classify loans by type, as opposed to risk characteristics. As of December 31, 2020 2020 2019 2018 2017 2016 Prior Revolving loans at amortized cost Total SBL non real estate Non-rated* $ 170,910 $ — $ — $ — $ — $ — $ — $ 170,910 Pass 10,775 10,943 12,002 5,454 7,153 9,964 — 56,291 Special mention — — 731 — 499 767 — 1,997 Substandard — — 20 1,489 1,347 1,491 — 4,347 Total SBL non-real estate 181,685 10,943 12,753 6,943 8,999 12,222 — 233,545 SBL commercial mortgage Non-rated 17,592 2,758 — — — — — 20,350 Pass 26,971 76,975 46,099 39,219 32,505 35,298 — 257,067 Special mention — 1,852 — — — 257 — 2,109 Substandard — — — — 77 7,605 — 7,682 Total SBL commercial mortgage 44,563 81,585 46,099 39,219 32,582 43,160 — 287,208 SBL construction Non-rated 566 — — — — — — 566 Pass 6,769 1,146 11,081 — — — — 18,996 Substandard — — — — 711 — — 711 Total SBL construction 7,335 1,146 11,081 — 711 — — 20,273 . Direct lease financing Non-rated 23,273 2,888 2,189 1,093 447 7 — 29,897 Pass 249,946 90,156 53,638 23,944 9,091 1,106 — 427,881 Substandard 3,536 45 97 152 536 38 — 4,404 Total direct lease financing 276,755 93,089 55,924 25,189 10,074 1,151 — 462,182 SBLOC Non-rated — — — — — — 3,772 3,772 Pass — — — — — — 1,109,161 1,109,161 Total SBLOC — — — — — — 1,112,933 1,112,933 IBLOC Non-rated — — — — — — 132,777 132,777 Pass — — — — — — 304,376 304,376 Total IBLOC — — — — — — 437,153 437,153 Advisor financing Non-rated 22,341 — — — — — — 22,341 Pass 25,941 — — — — — — 25,941 Total advisor financing 48,282 — — — — — — 48,282 Other loans Non-rated 1,221 — — 14 — 1,558 — 2,793 Pass 376 3,569 6,225 7,320 7,228 13,996 — 38,714 Substandard — — — — — 301 — 301 Total other loans** 1,597 3,569 6,225 7,334 7,228 15,855 — 41,808 Total $ 560,217 $ 190,332 $ 132,082 $ 78,685 $ 59,594 $ 72,388 $ 1,550,086 $ 2,643,384 Unamortized loan fees and costs — — — — — — — 8,939 Total $ 2,652,323 * Included in the SBL non real estate non-rated total of $ 170.9 million, were $ 165.7 million of PPP loans which are government guaranteed. ** Included in Other loans are $ 35.4 million of SBA loans purchased for CRA purposes as of December 31, 2020. These loans are classified as SBL in the Company’s loan table which classify loans by type, as opposed to risk characteristics. |
Changes In Allowance For Loan And Lease Losses By Loan Category | September 30, 2021 SBL non-real estate SBL commercial mortgage SBL construction Direct lease financing SBLOC / IBLOC Advisor financing Real estate bridge lending Other loans Unallocated Total Beginning 1/1/2021 $ 5,060 $ 3,315 $ 328 $ 6,043 $ 775 $ 362 $ — $ 199 $ — $ 16,082 Charge-offs ( 896 ) ( 23 ) — ( 248 ) ( 15 ) — — ( 10 ) — ( 1,192 ) Recoveries 18 9 — 50 — — — — — 77 Provision (credit)* 1,196 ( 506 ) 42 ( 208 ) 157 247 245 19 — 1,192 Ending balance $ 5,378 $ 2,795 $ 370 $ 5,637 $ 917 $ 609 $ 245 $ 208 $ — $ 16,159 Ending balance: Individually evaluated for expected credit loss $ 1,163 $ 510 $ 34 $ 91 $ — $ — $ — $ 14 $ — $ 1,812 Ending balance: Collectively evaluated for expected credit loss $ 4,215 $ 2,285 $ 336 $ 5,546 $ 917 $ 609 $ 245 $ 194 $ — $ 14,347 Loans: Ending balance** $ 171,845 $ 367,272 $ 23,117 $ 514,068 $ 1,834,523 $ 81,143 $ 128,699 $ 4,917 $ 11,078 $ 3,136,662 Ending balance: Individually evaluated for expected credit loss $ 2,233 $ 3,167 $ 711 $ 430 $ — $ — $ — $ 339 $ — $ 6,880 Ending balance: Collectively evaluated for expected credit loss $ 169,612 $ 364,105 $ 22,406 $ 513,638 $ 1,834,523 $ 81,143 $ 128,699 $ 4,578 $ 11,078 $ 3,129,782 December 31, 2020 SBL non-real estate SBL commercial mortgage SBL construction Direct lease financing SBLOC / IBLOC Advisor financing Other loans Unallocated Total Beginning 12/31/2019 $ 4,985 $ 1,472 $ 432 $ 2,426 $ 553 $ — $ 52 $ 318 $ 10,238 1/1 CECL adjustment ( 220 ) 537 139 2,362 ( 41 ) — 178 ( 318 ) 2,637 Charge-offs ( 1,350 ) — — ( 2,243 ) — — — — ( 3,593 ) Recoveries 103 — — 570 — — — — 673 Provision (credit)* 1,542 1,306 ( 243 ) 2,928 263 362 ( 31 ) — 6,127 Ending balance $ 5,060 $ 3,315 $ 328 $ 6,043 $ 775 $ 362 $ 199 $ — $ 16,082 Ending balance: Individually evaluated for expected credit loss $ 2,129 $ 1,010 $ 34 $ 4 $ — $ — $ — $ — $ 3,177 Ending balance: Collectively evaluated for expected credit loss $ 2,931 $ 2,305 $ 294 $ 6,039 $ 775 $ 362 $ 199 $ — $ 12,905 Loans: Ending balance** $ 255,318 $ 300,817 $ 20,273 $ 462,182 $ 1,550,086 $ 48,282 $ 6,426 $ 8,939 $ 2,652,323 Ending balance: Individually evaluated for expected credit loss $ 3,431 $ 7,305 $ 711 $ 751 $ — $ — $ 557 $ — $ 12,755 Ending balance: Collectively evaluated for expected credit loss $ 251,887 $ 293,512 $ 19,562 $ 461,431 $ 1,550,086 $ 48,282 $ 5,869 $ 8,939 $ 2,639,568 September 30, 2020 SBL non-real estate SBL commercial mortgage SBL construction Direct lease financing SBLOC / IBLOC Advisor financing Other loans Unallocated Total Beginning 12/31/2019 $ 4,985 $ 1,472 $ 432 $ 2,426 $ 553 $ — $ 52 318 $ 10,238 1/1 CECL adjustment ( 220 ) 537 139 2,362 ( 41 ) — 178 ( 318 ) 2,637 Charge-offs ( 1,350 ) — — ( 2,178 ) — — — — ( 3,528 ) Recoveries 82 — — 502 — — — — 584 Provision (credit)* 1,304 1,543 ( 148 ) 2,735 202 199 ( 39 ) — 5,796 Ending balance $ 4,801 $ 3,552 $ 423 $ 5,847 $ 714 $ 199 $ 191 — $ 15,727 Ending balance: Individually evaluated for expected credit loss $ 1,818 $ 1,010 $ 26 $ 43 $ — $ — $ — $ — $ 2,897 Ending balance: Collectively evaluated for expected credit loss $ 2,983 $ 2,542 $ 397 $ 5,804 $ 714 $ 199 $ 191 $ — $ 12,830 Loans: Ending balance** $ 293,488 $ 270,264 $ 27,169 $ 430,675 $ 1,428,253 $ 26,600 $ 6,003 $ 6,308 $ 2,488,760 Ending balance: Individually evaluated for expected credit loss $ 3,220 $ 7,517 $ 711 $ 804 $ — $ — $ 567 $ — $ 12,819 Ending balance: Collectively evaluated for expected credit loss $ 290,268 $ 262,747 $ 26,458 $ 429,871 $ 1,428,253 $ 26,600 $ 5,436 $ 6,308 $ 2,475,941 * The amount shown as the provision for the period, reflects the provision on credit losses for loans, while the income statement provision for credit losses includes the provision for unfunded commitments. ** The ending balance for loans in the unallocated column represents deferred costs and fees. |
Delinquent Loans By Loan Category | September 30, 2021 30-59 Days 60-89 Days 90+ Days Total Total past due past due still accruing Non-accrual past due Current loans SBL non-real estate $ 1,622 $ 848 $ 1,085 $ 1,708 $ 5,263 $ 166,582 $ 171,845 SBL commercial mortgage 17 208 417 3,167 3,809 363,463 367,272 SBL construction — — — 711 711 22,406 23,117 Direct lease financing 994 211 67 430 1,702 512,366 514,068 SBLOC / IBLOC 1,389 — — — 1,389 1,833,134 1,834,523 Advisor financing — — — — — 81,143 81,143 Real estate bridge lending — — — — — 128,699 128,699 Other loans — — — 90 90 4,827 4,917 Unamortized loan fees and costs — — — — — 11,078 11,078 $ 4,022 $ 1,267 $ 1,569 $ 6,106 $ 12,964 $ 3,123,698 $ 3,136,662 December 31, 2020 30-59 Days 60-89 Days 90+ Days Total Total past due past due still accruing Non-accrual past due Current loans SBL non-real estate $ 1,760 $ 805 $ 110 $ 3,159 $ 5,834 $ 249,484 $ 255,318 SBL commercial mortgage 87 961 — 7,305 8,353 292,464 300,817 SBL construction — — — 711 711 19,562 20,273 Direct lease financing 2,845 941 78 751 4,615 457,567 462,182 SBLOC / IBLOC 650 247 309 — 1,206 1,548,880 1,550,086 Advisor financing — — — — — 48,282 48,282 Other loans — — — 301 301 6,125 6,426 Unamortized loan fees and costs — — — — — 8,939 8,939 $ 5,342 $ 2,954 $ 497 $ 12,227 $ 21,020 $ 2,631,303 $ 2,652,323 |
Scheduled Maturities Of Direct Financing Leases | Remaining 2021 $ 47,882 2022 146,333 2023 111,954 2024 69,895 2025 34,726 2026 and thereafter 12,823 Total undiscounted cash flows 423,613 Residual value * 142,558 Difference between undiscounted cash flows and discounted cash flows ( 52,103 ) Present value of lease payments recorded as lease receivables $ 514,068 * Of the $ 142,558,000 , $ 31,122,000 is not guaranteed by the lessee or other guarantors. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Carrying Amount And Estimated Fair Value Of Assets And Liabilities | September 30, 2021 Quoted prices in Significant other Significant active markets for observable unobservable Carrying Estimated identical assets inputs inputs amount fair value (Level 1) (Level 2) (Level 3) Investment securities, available-for-sale $ 1,054,223 $ 1,054,223 $ — $ 984,961 $ 69,262 Federal Home Loan Bank and Atlantic Central Bankers Bank stock 1,663 1,663 — — 1,663 Commercial loans, at fair value 1,550,025 1,550,025 — — 1,550,025 Loans, net of deferred loan fees and costs 3,136,662 3,129,602 — — 3,129,602 Assets held-for-sale from discontinued operations 87,904 87,904 — — 87,904 Interest rate swaps, liability 895 895 — 895 — Demand and interest checking 4,734,352 4,734,352 — 4,734,352 — Savings and money market 378,160 378,160 — 378,160 — Senior debt 98,590 101,433 — 101,433 — Subordinated debentures 13,401 8,663 — — 8,663 Securities sold under agreements to repurchase 42 42 42 — — Short-term borrowings 300,000 300,000 300,000 — — December 31, 2020 Quoted prices in Significant other Significant active markets for observable unobservable Carrying Estimated identical assets inputs inputs amount fair value (Level 1) (Level 2) (Level 3) Investment securities, available-for-sale $ 1,206,164 $ 1,206,164 $ — $ 1,027,213 $ 178,951 Federal Home Loan Bank and Atlantic Central Bankers Bank stock 1,368 1,368 — — 1,368 Commercial loans, at fair value 1,810,812 1,810,812 — — 1,810,812 Loans, net of deferred loan fees and costs 2,652,323 2,650,613 — — 2,650,613 Investment in unconsolidated entity 31,294 31,294 — — 31,294 Assets held-for-sale from discontinued operations 113,650 113,650 — — 113,650 Interest rate swaps, liability 2,223 2,223 — 2,223 — Demand and interest checking 5,205,010 5,205,010 — 5,205,010 — Savings and money market 257,050 257,050 — 257,050 — Senior debt 98,314 104,111 — 104,111 — Subordinated debentures 13,401 9,102 — — 9,102 Securities sold under agreements to repurchase 42 42 42 — — |
Changes In Company's Level 3 Assets | Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Available-for-sale Commercial loans, securities at fair value September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Beginning balance $ 178,951 $ 117,333 $ 1,810,812 $ 1,180,546 Transfers from investment in unconsolidated entity — — 22,926 — Reclass of held-to-maturity securities to available-for-sale — 85,151 — — Total (losses) or gains (realized/unrealized) Included in earnings ( 676 ) — 5,315 ( 1,883 ) Included in other comprehensive loss ( 1,096 ) ( 2,121 ) — — Purchases, issuances, sales and settlements Issuances — — 62,151 721,590 Settlements ( 107,917 ) ( 21,412 ) ( 351,179 ) ( 89,441 ) Ending balance $ 69,262 $ 178,951 $ 1,550,025 $ 1,810,812 Total losses year to date included in earnings attributable to the change in unrealized gains or losses relating to assets still held at the reporting date as shown above. $ ( 879 ) $ — $ ( 1,953 ) $ ( 3,567 ) The Company’s Level 3 asset activity for the categories shown are summarized below (in thousands): Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Investment in Assets held-for-sale unconsolidated entity from discontinued operations September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Beginning balance $ 31,294 $ 39,154 $ 113,650 $ 140,657 Transfers to commercial loans, at fair value ( 22,926 ) — — — Transfers to other real estate owned ( 2,145 ) — — — Total (losses) or gains (realized/unrealized) Included in earnings — ( 45 ) 1,115 ( 3,326 ) Purchases, issuances, sales, settlements and charge-offs Issuances — — 3,715 4,942 Sales — — ( 2,020 ) ( 1,482 ) Settlements ( 6,223 ) ( 7,815 ) ( 28,556 ) ( 26,846 ) Charge-offs — — — ( 295 ) Ending balance $ — $ 31,294 $ 87,904 $ 113,650 Total losses year to date included in earnings attributable to the change in unrealized gains or losses relating to assets still held at the reporting date as shown above. $ — $ ( 45 ) $ 498 $ ( 2,664 ) |
Schedule Of Other Real Estate Owned | September 30, 2021 December 31, 2020 Beginning balance $ — $ — Transfers from investment in unconsolidated entity 2,145 — Ending balance $ 2,145 $ — |
Fair Value, Measurements, Recurring [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets Measured At Fair Value On A Recurring And Nonrecurring Basis | Fair Value Measurements at Reporting Date Using Quoted prices in Significant other Significant active markets for observable unobservable Fair value identical assets inputs inputs September 30, 2021 (Level 1) (Level 2) (Level 3) Investment securities, available-for-sale U.S. Government agency securities $ 39,120 $ — $ 39,120 $ — Asset-backed securities 368,913 — 368,913 — Obligations of states and political subdivisions 52,797 — 52,797 — Residential mortgage-backed securities 199,270 — 199,270 — Collateralized mortgage obligation securities 76,342 — 76,342 — Commercial mortgage-backed securities 311,276 — 248,519 62,757 Corporate debt securities 6,505 — — 6,505 Total investment securities, available-for-sale 1,054,223 — 984,961 69,262 Commercial loans, at fair value 1,550,025 — — 1,550,025 Assets held-for-sale from discontinued operations 87,904 — — 87,904 Interest rate swaps, liability 895 — 895 — $ 2,691,257 $ — $ 984,066 $ 1,707,191 Fair Value Measurements at Reporting Date Using Quoted prices in Significant other Significant active markets for observable unobservable Fair value identical assets inputs inputs December 31, 2020 (Level 1) (Level 2) (Level 3) Investment securities, available-for-sale U.S. Government agency securities $ 47,197 $ — $ 47,197 $ — Asset-backed securities 238,361 — 238,361 — Obligations of states and political subdivisions 56,354 — 56,354 — Residential mortgage-backed securities 266,583 — 266,583 — Collateralized mortgage obligation securities 148,530 — 148,530 — Commercial mortgage-backed securities 367,280 — 270,188 97,092 Corporate debt securities 81,859 — — 81,859 Total investment securities, available-for-sale 1,206,164 — 1,027,213 178,951 Commercial loans, at fair value 1,810,812 — — 1,810,812 Investment in unconsolidated entity 31,294 — — 31,294 Assets held-for-sale from discontinued operations 113,650 — — 113,650 Interest rate swaps, liability 2,223 — 2,223 — $ 3,159,697 $ — $ 1,024,990 $ 2,134,707 |
Fair Value Inputs, Assets, Quantitative Information | Level 3 instruments only Weighted Fair value at Range at average at September 30, 2021 Valuation techniques Unobservable inputs September 30, 2021 September 30, 2021 Commercial mortgage backed investment securities (a) $ 62,757 Discounted cash flow Discount rate 3.11 %- 7.71 % 4.00 % Insurance liquidating trust preferred security (b) 6,505 Discounted cash flow Discount rate 7.00 % 7.00 % Federal Home Loan Bank and Atlantic Central Bankers Bank stock 1,663 Cost N/A N/A N/A Loans, net of deferred loan fees and costs (c) 3,129,602 Discounted cash flow Discount rate 1.00 % - 7.00 % 3.60 % Commercial - SBA (d) 214,301 Traders' pricing Offered quotes $ 100 - $ 106 $ 103.5 Non-SBA CRE - fixed (e) 85,075 Discounted cash flow Discount rate 5.72 %- 7.44 % 5.85 % Non-SBA CRE - floating (f) 1,250,649 Discounted cash flow Discount rate 3.96 %- 8.2 % 4.86 % Commercial loans, at fair value 1,550,025 Assets held-for-sale from discontinued operations (g) 87,904 Discounted cash flow Discount rate 3.37 %- 6.58 % 4.69 % Subordinated debentures (h) 8,663 Discounted cash flow Discount rate 7.00 % 7.00 % Other real estate owned 2,145 Appraised value N/A N/A N/A Level 3 instruments only Weighted Fair value at Range at average at December 31, 2020 Valuation techniques Unobservable inputs December 31, 2020 December 31, 2020 Commercial mortgage backed investment securities $ 97,092 Discounted cash flow Discount rate 3.68 %- 8.30 % 4.62 % Insurance liquidating trust preferred security 6,765 Discounted cash flow Discount rate 6.61 % 6.61 % Corporate debt securities 75,094 Traders' pricing Price indications $ 100.13 $ 100.13 Federal Home Loan Bank and Atlantic Central Bankers Bank stock 1,368 Cost N/A N/A N/A Loans, net of deferred loan fees and costs 2,650,613 Discounted cash flow Discount rate 1.00 % - 6.36 % 2.82 % Commercial - SBA 243,562 Traders' pricing Offered quotes $ 100.00 - $ 117.80 $ 105.60 Non-SBA CRE - fixed 87,288 Discounted cash flow Discount rate 5.16 %- 7.32 % 6.03 % Non-SBA CRE - floating 1,479,962 Discounted cash flow Discount rate 3.96 % - 9.70 % 4.91 % Commercial loans, at fair value 1,810,812 Investment in unconsolidated entity 31,294 Discounted cash flow Discount rate 3.93 % 3.93 % Default rate 1.00 % 1.00 % Assets held-for-sale from discontinued operations 113,650 Discounted cash flow Discount rate, 2.55 %- 6.83 % 4.15 % Credit analysis Subordinated debentures 9,102 Discounted cash flow Discount rate 6.61 % 6.61 % The valuations for each of the instruments above, as of the balance sheet date, are subject to judgments, assumptions and uncertainties, changes in which could have a significant impact on such valuations. Weighted averages were calculated by using the discount rate for each individual security or loan weighted by its market value, except for SBA loans. For SBA loans, traders’ pricing indications for pools determined by date of loan origination were weighted. For commercial loans recorded at fair value and assets held-for-sale from discontinued operations, changes in fair value are reflected in the income statement. Changes in fair value of securities which are unrelated to credit are recorded through equity. Changes in the fair value of loans recorded at amortized cost which are unrelated to credit are a disclosure item, without impact on the financial statements. The notes below refer to the September 30, 2021 table. a) Commercial mortgage backed investment securities, consisting of Bank sponsored CRE securities, are valued using discounted cash flow analyses. The discount rates applied are based upon market observations for comparable securities and implicitly assume market averages for defaults and loss severities. Each of the securities has some credit enhancement, or protection from other tranches in the issue, which limit their valuation exposure to credit losses. Nonetheless, increases in expected default rates or loss severities on the loans underlying the issue could reduce their value. In market environments in which investors demand greater yield compensation for credit risk, the discount rate applied would ordinarily be higher and the valuation lower. Changes in prepayments and loss experience could also change the interest earned on these holdings in future periods and impact fair values. b) Insurance liquidating trust preferred is a single debenture which is valued using discounted cash flow analysis. The discount rate used is based on the market rate on comparable relatively illiquid instruments and credit analysis. A change in the liquidating trust’s ability to repay the note, or an increase in interest rates, particularly for privately placed debentures, would affect the discount rate and thus the valuation. As a single security, the weighted average rate shown is the actual rate applied to the security. c) Loans, net of deferred loan fees and costs are valued using discounted cash flow analysis. Discount rates are based upon available information for estimated current origination rates for each loan type. Origination rates may fluctuate based upon changes in the risk free (Treasury) rate and credit experience for each loan type. At September 30, 2021, the balance included $ 71.3 million of Paycheck Protection Program loans, which bear interest at 1 %, but also earn fees. d) Commercial-SBL (SBA Loans) are comprised of the government guaranteed portion of SBA insured loans. Their valuation is based upon dealer pricing indications. A limited number of broker/dealers originate the pooled securities for which the loans are purchased and as a result, prices can fluctuate based on such limited market demand, although the government guarantee has resulted in consistent historical demand. Valuations are also impacted by prepayment assumptions resulting from both voluntary payoffs and defaults. e) Non-SBA CRE-fixed are fixed rate non-SBA commercial real estate mortgages. Discount rates used in applying discounted cash flow analysis are based upon loan terms, the current origination rates for similar loans and the quality of the credit. f) Non-SBA CRE-floating are floating rate non-SBA loans, the vast majority of which are secured by multi-family properties. These are bridge loans designed to provide owners time and funding for property improvements and are generally valued internally using discounted cash flow analysis. The discount rate for the vast majority of these loans, which are multi-family, was based upon current origination rates for similar loans. Certain of these loans are fair valued by a third-party, based upon discounting at market rates for similar loans. g) Assets held-for-sale from discontinued operations are valued using discounted cash flow by an independent valuation consultant using loan performance, other credit characteristics and market interest rate comparisons. Changes in those factors could change the valuation. h) Subordinated debentures are comprised of two subordinated notes issued by the Company, maturing in 2038 with a floating rate of 3-month LIBOR plus 3.25 %. These notes are valued using discounted cash flow analysis. The discount rate is based on the market rate for comparable relatively illiquid instruments. Changes in those market rates, or the credit of the Company could result in changes in the valuation. |
Fair Value, Measurements, Nonrecurring [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets Measured At Fair Value On A Recurring And Nonrecurring Basis | Fair Value Measurements at Reporting Date Using Quoted prices in active Significant other Significant markets for identical observable unobservable Fair value assets inputs inputs (1) Description September 30, 2021 (Level 1) (Level 2) (Level 3) Collateral dependent loans (1) $ 5,068 $ — $ — $ 5,068 Other real estate owned 2,145 — — 2,145 Intangible assets 2,547 — — 2,547 $ 9,760 $ — $ — $ 9,760 Fair Value Measurements at Reporting Date Using Quoted prices in active Significant other Significant markets for identical observable unobservable Fair value assets inputs inputs (1) Description December 31, 2020 (Level 1) (Level 2) (Level 3) Collateral dependent loans (1) $ 9,578 $ — $ — $ 9,578 Intangible assets 2,845 — — 2,845 $ 12,423 $ — $ — $ 12,423 (1) The method of valuation approach for the collateral dependent loans was the market value approach based upon appraisals of the underlying collateral by external appraisers, reduced by 7 % to 10 % for estimated selling costs. Intangible assets are valued based upon internal analyses. |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivatives [Abstract] | |
Summary Of Derivatives | September 30, 2021 Maturity date Notional amount Interest rate paid Interest rate received Fair value December 23, 2025 6,800 2.16 % 0.13 % ( 348 ) December 24, 2025 8,200 2.17 % 0.13 % ( 426 ) July 20, 2026 6,300 1.44 % 0.13 % ( 121 ) Total $ 21,300 $ ( 895 ) |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Regulatory Matters [Abstract] | |
Schedule Of Regulatory Capital Amounts | Tier 1 capital Tier 1 capital Total capital Common equity to average to risk-weighted to risk-weighted tier 1 to risk assets ratio assets ratio assets ratio weighted assets As of September 30, 2021 The Bancorp, Inc. 9.82 % 15.69 % 16.10 % 15.69 % The Bancorp Bank 10.24 % 16.29 % 16.69 % 16.29 % "Well capitalized" institution (under FDIC regulations-Basel III) 5.00 % 8.00 % 10.00 % 6.50 % As of December 31, 2020 The Bancorp, Inc. 9.20 % 14.43 % 14.84 % 14.43 % The Bancorp Bank 9.11 % 14.27 % 14.68 % 14.27 % "Well capitalized" institution (under FDIC regulations-Basel III) 5.00 % 8.00 % 10.00 % 6.50 % |
Segment Financials (Tables)
Segment Financials (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Financials [Abstract] | |
Schedule Of Segment Financials | For the three months ended September 30, 2021 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Interest income $ 46,313 $ — $ 7,187 $ — $ 53,500 Interest allocation — 7,187 ( 7,187 ) — — Interest expense 239 916 1,452 — 2,607 Net interest income (loss) 46,074 6,271 ( 1,452 ) — 50,893 Provision for credit losses 1,613 — — — 1,613 Non-interest income 6,408 20,166 14 — 26,588 Non-interest expense 16,452 16,286 6,646 — 39,384 Income (loss) from continuing operations before taxes 34,417 10,151 ( 8,084 ) — 36,484 Income tax expense — — 8,289 — 8,289 Income (loss) from continuing operations 34,417 10,151 ( 16,373 ) — 28,195 Income from discontinued operations — — — 66 66 Net income (loss) $ 34,417 $ 10,151 $ ( 16,373 ) $ 66 $ 28,261 For the three months ended September 30, 2020 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Interest income $ 44,408 $ — $ 8,070 $ — $ 52,478 Interest allocation — 8,070 ( 8,070 ) — — Interest expense 232 1,234 1,016 — 2,482 Net interest income (loss) 44,176 6,836 ( 1,016 ) — 49,996 Provision for credit losses 1,297 — — — 1,297 Non-interest income 2,395 21,933 24 — 24,352 Non-interest expense 17,236 16,939 7,851 — 42,026 Income (loss) from continuing operations before taxes 28,038 11,830 ( 8,843 ) — 31,025 Income tax expense — — 7,894 — 7,894 Income (loss) from continuing operations 28,038 11,830 ( 16,737 ) — 23,131 Income from discontinued operations — — — 123 123 Net income (loss) $ 28,038 $ 11,830 $ ( 16,737 ) $ 123 $ 23,254 For the nine months ended September 30, 2021 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Interest income $ 143,549 $ — $ 23,854 $ — $ 167,403 Interest allocation — 23,854 ( 23,854 ) — — Interest expense 723 3,298 4,663 — 8,684 Net interest income (loss) 142,826 20,556 ( 4,663 ) — 158,719 Provision for credit losses 1,484 — — — 1,484 Non-interest income 13,864 62,600 59 — 76,523 Non-interest expense 50,844 52,666 21,640 — 125,150 Income (loss) from continuing operations before taxes 104,362 30,490 ( 26,244 ) — 108,608 Income tax expense — — 25,195 — 25,195 Income (loss) from continuing operations 104,362 30,490 ( 51,439 ) — 83,413 Income from discontinued operations — — — 248 248 Net income (loss) $ 104,362 $ 30,490 $ ( 51,439 ) $ 248 $ 83,661 For the nine months ended September 30, 2020 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Interest income $ 125,254 $ — $ 30,589 $ — $ 155,843 Interest allocation — 30,589 ( 30,589 ) — — Interest expense 791 7,381 4,518 — 12,690 Net interest income (loss) 124,463 23,208 ( 4,518 ) — 143,153 Provision for credit losses 5,798 — — — 5,798 Non-interest income ( 1,622 ) 62,770 169 — 61,317 Non-interest expense 51,742 51,345 19,977 — 123,064 Income (loss) from continuing operations before taxes 65,301 34,633 ( 24,326 ) — 75,608 Income tax expense — — 19,033 — 19,033 Income (loss) from continuing operations 65,301 34,633 ( 43,359 ) — 56,575 Loss from discontinued operations — — — ( 662 ) ( 662 ) Net income (loss) $ 65,301 $ 34,633 $ ( 43,359 ) $ ( 662 ) $ 55,913 September 30, 2021 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Total assets $ 4,706,208 $ 39,702 $ 1,434,649 $ 87,904 $ 6,268,463 Total liabilities $ 342,746 $ 4,691,158 $ 596,582 $ — $ 5,630,486 December 31, 2020 Specialty finance Payments Corporate Discontinued operations Total (in thousands) Total assets $ 4,491,768 $ 32,976 $ 1,638,447 $ 113,650 $ 6,276,841 Total liabilities $ 304,908 $ 4,877,674 $ 513,095 $ — $ 5,695,677 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Discontinued Operations [Abstract] | |
Financial Results Of The Commercial Lending Business Included In Net Income (Loss) From Discontinued Operations | : For the three months ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 Interest income $ 754 $ 890 $ 2,388 $ 3,259 Interest expense — — — — Net interest income 754 890 2,388 3,259 Non-interest income 48 4 51 18 Non-interest expense 715 2,565 2,115 5,997 Income (loss) before taxes 87 ( 1,671 ) 324 ( 2,720 ) Income tax expense (benefit) 21 ( 1,794 ) 76 ( 2,058 ) Net income (loss) $ 66 $ 123 $ 248 $ ( 662 ) The following table presents assets held-for-sale from discontinued operations at September 30, 2021 and December 31, 2020 (in thousands): September 30, December 31, 2021 2020 Loans, net $ 69,435 $ 91,316 Other real estate owned 18,469 22,334 Total assets $ 87,904 $ 113,650 |
Structure of Company (Details)
Structure of Company (Details) | Sep. 30, 2021item |
Structure Of Company [Abstract] | |
Number of specialty lending lines | 4 |
Significant Accounting Polici_3
Significant Accounting Policies (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Reclassification [Line Items] | ||||
Investment in unconsolidated entity | $ 31,294 | |||
Transfer of loans from investment in unconsolidated entity upon its dissolution | $ 22,900 | $ 22,926 | ||
Transfers of real estate owned from investment in unconsolidated entity upon its dissolution | 2,100 | $ 2,145 | $ 3,780 | |
Reclassification, Other [Member] | ||||
Reclassification [Line Items] | ||||
Investment in unconsolidated entity | $ (25,000) |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Millions | 9 Months Ended | |
Sep. 30, 2021USD ($)item$ / sharesshares | Sep. 30, 2020USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of stock-based compensation plans | item | 4 | |
Unrecognized compensation cost related to unvested awards under share-based plans | $ | $ 9.3 | |
Cost expected to be recognized over a weighted average period | 1 year 6 months | |
Share-based Payment Arrangement, Expense | $ | $ 6.5 | $ 5.1 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 313,697 | 1,531,702 |
Granted (in dollars per share) | $ / shares | $ 18.81 | $ 6.87 |
Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Tranche One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 3 years | 3 years |
Granted (in shares) | 261,073 | 1,387,602 |
Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Tranche Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 1 year | 1 year |
Granted (in shares) | 52,624 | 144,100 |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 100,000 | 300,000 |
Vesting period | 4 years | 4 years |
Stock option exercised (in shares) | 657,500 | 74,000 |
Options Granted (in dollars per share) | $ / shares | $ 8.51 | $ 3.02 |
Options exercised and vested in period, total intrinsic value | $ | $ 25.3 | $ 6.5 |
Restricted Stock Units And Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ | $ 7.6 | $ 5.3 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary Of Status Of Company's Equity Compensations Plans) (Details) - Stock Options [Member] - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Shares | |||
Outstanding, beginning of period (in shares) | 1,161,604 | ||
Granted (in shares) | 100,000 | 300,000 | |
Exercised (in shares) | (657,500) | (74,000) | |
Outstanding, end of period (in shares) | 604,104 | 1,161,604 | |
Exercisable, end of period (in shares) | 246,552 | ||
Weighted average exercise price | |||
Outstanding, beginning of period (in dollars per share) | $ 7.62 | ||
Granted (in dollars per share) | 18.81 | ||
Exercised (in dollars per share) | 7.51 | ||
Outstanding, end of period (in dollars per share) | 9.60 | $ 7.62 | |
Exercisable, end of period (in dollars per share) | $ 8.50 | ||
Weighted-average remaining contractual term (years) | |||
Granted | 9 years 4 months 13 days | ||
Outstanding | 6 years 9 months 21 days | 4 years 9 months | |
Exercisable, end of period | 4 years 10 days | ||
Aggregate intrinsic value | |||
Outstanding, beginning of period | $ 7,001,843 | ||
Granted | 664,000 | ||
Exercised | 10,465,250 | ||
Expired | |||
Forfeited | |||
Outstanding, end of period | 9,574,056 | $ 7,001,843 | |
Exercisable, end of period | $ 4,180,078 |
Stock-Based Compensation (Sum_2
Stock-Based Compensation (Summary Of Restricted Stock Units) (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Shares [Roll Forward] | |||
Outstanding, beginning of period (in shares) | 1,787,943 | ||
Granted (in shares) | 313,697 | 1,531,702 | |
Vested (in shares) | (672,533) | ||
Forfeited (in shares) | (50,487) | ||
Outstanding, end of period (in shares) | 1,378,620 | 1,787,943 | |
Weighted-average price [Roll forward] | |||
Outstanding, beginning of period (in dollars per share) | $ 7.49 | ||
Granted (in dollars per share) | 18.81 | $ 6.87 | |
Vested (in dollars per share) | 7.72 | ||
Forfeited (in dollars per share) | 8.73 | ||
Outstanding, end of period (in dollars per share) | $ 9.91 | $ 7.49 | |
Average remaining contractual term (years), Outstanding | 1 year 1 month 13 days | 1 year 6 months | |
Average remaining contractual term (years), Granted | 2 years 10 days |
Stock-Based Compensation (Fair
Stock-Based Compensation (Fair Value Of Grant On Date Of Grant Using The Black-Scholes Options Pricing Model) (Details) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Stock-Based Compensation [Abstract] | ||
Risk-free interest rate (in hundredths) | 1.19% | 0.68% |
Expected volatility (in hundredths) | 45.61% | 45.20% |
Expected lives (years) | 6 years 3 months 18 days | 6 years 3 months 18 days |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - $ / shares | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||
Stock options, outstanding, exercisable range | 504,104 | 1,056,604 |
Minimum exercisable prices (in dollars per share) | $ 6.87 | $ 6.75 |
Maximum exercisable prices (in dollars per share) | $ 18.81 | $ 8.57 |
Anti-dilutive shares not included in earnings per share calculation | 100,000 | 326,000 |
Earnings Per Share (Earnings Pe
Earnings Per Share (Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income (numerator) [Abstract] | ||||
Net earnings (loss) available to common shareholders | $ 28,261 | $ 23,254 | $ 83,661 | $ 55,913 |
Diluted earnings (loss) per share, Net income (loss) available to common shareholders | $ 28,261 | $ 23,254 | $ 83,661 | $ 55,913 |
Shares (denominator) [Abstract] | ||||
Basic earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 57,198,778 | 57,588,168 | 57,221,174 | 57,433,477 |
Effect of dilutive securities, Common stock options and restricted stock units (in shares) | 1,429,528 | 883,024 | 1,710,972 | 618,356 |
Diluted earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 58,628,306 | 58,471,192 | 58,932,146 | 58,051,833 |
Per share amount [Abstract] | ||||
Basic earnings (loss) per share, Net income (loss) available to common shareholders (in dollars per share) | $ 0.49 | $ 0.40 | $ 1.46 | $ 0.97 |
Effect of dilutive securities, Common stock options and restricted stock units (in dollars per share) | (0.01) | (0.04) | (0.01) | |
Net income per share - diluted | $ 0.48 | $ 0.40 | $ 1.42 | $ 0.96 |
Continuing Operations [Member] | ||||
Income (numerator) [Abstract] | ||||
Net earnings (loss) available to common shareholders | $ 28,195 | $ 23,131 | $ 83,413 | $ 56,575 |
Diluted earnings (loss) per share, Net income (loss) available to common shareholders | $ 28,195 | $ 23,131 | $ 83,413 | $ 56,575 |
Shares (denominator) [Abstract] | ||||
Basic earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 57,198,778 | 57,588,168 | 57,221,174 | 57,433,477 |
Effect of dilutive securities, Common stock options and restricted stock units (in shares) | 1,429,528 | 883,024 | 1,710,972 | 618,356 |
Diluted earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 58,628,306 | 58,471,192 | 58,932,146 | 58,051,833 |
Per share amount [Abstract] | ||||
Basic earnings (loss) per share, Net income (loss) available to common shareholders (in dollars per share) | $ 0.49 | $ 0.40 | $ 1.45 | $ 0.98 |
Effect of dilutive securities, Common stock options and restricted stock units (in dollars per share) | (0.01) | (0.04) | (0.01) | |
Net income per share - diluted | $ 0.48 | $ 0.40 | $ 1.41 | $ 0.97 |
Discontinued Operations [Member] | ||||
Income (numerator) [Abstract] | ||||
Net earnings (loss) available to common shareholders | $ 66 | $ 123 | $ 248 | $ (662) |
Diluted earnings (loss) per share, Net income (loss) available to common shareholders | $ 66 | $ 123 | $ 248 | $ (662) |
Shares (denominator) [Abstract] | ||||
Basic earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 57,198,778 | 57,588,168 | 57,221,174 | 57,433,477 |
Effect of dilutive securities, Common stock options and restricted stock units (in shares) | 1,429,528 | 883,024 | 1,710,972 | 618,356 |
Diluted earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 58,628,306 | 58,471,192 | 58,932,146 | 58,051,833 |
Per share amount [Abstract] | ||||
Basic earnings (loss) per share, Net income (loss) available to common shareholders (in dollars per share) | $ 0.01 | $ (0.01) | ||
Net income per share - diluted | $ 0.01 | $ (0.01) |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2021USD ($)security | Dec. 31, 2020USD ($) | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||
Investment in Federal Home Loan and Atlantic Central Bankers Bank stock recorded at cost | $ 1.7 | $ 1.4 |
Investment securities pledged as collateral | $ 0 | $ 0 |
Number of securities with impairment that is other-than-temporary | security | 0 | |
Single Issuers [Member] | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||
Number of single issuer trust preferred securities | security | 1 | |
Book value | $ 10 | |
Fair value | $ 6.5 |
Investment Securities (Schedule
Investment Securities (Schedule Of Investment Securities Classified As Available-for-sale And Held-to-maturity) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Available-for-sale [Abstract] | ||
Total | $ 1,039,150 | $ 1,181,906 |
Gross unrealized gains | 20,115 | 32,754 |
Gross unrealized losses | (5,042) | (8,496) |
Investment securities available-for-sale | 1,054,223 | 1,206,164 |
U.S. Government Agency Securities [Member] | ||
Available-for-sale [Abstract] | ||
Total | 37,489 | 44,960 |
Gross unrealized gains | 1,680 | 2,357 |
Gross unrealized losses | (49) | (120) |
Investment securities available-for-sale | 39,120 | 47,197 |
Asset-backed Securities [Member] | ||
Available-for-sale [Abstract] | ||
Total | 368,502 | 238,678 |
Gross unrealized gains | 481 | 143 |
Gross unrealized losses | (70) | (460) |
Investment securities available-for-sale | 368,913 | 238,361 |
Federally insured student loan securities [Member] | ||
Available-for-sale [Abstract] | ||
Total | 24,709 | 28,013 |
Gross unrealized gains | 85 | 38 |
Gross unrealized losses | (14) | (93) |
Investment securities available-for-sale | 24,780 | 27,958 |
Collateralized Loan Obligations Securities [Member] | ||
Available-for-sale [Abstract] | ||
Total | 343,793 | 210,665 |
Gross unrealized gains | 396 | 105 |
Gross unrealized losses | (56) | (367) |
Investment securities available-for-sale | 344,133 | 210,403 |
Tax-exempt Obligations Of States And Political Subdivisions [Member] | ||
Available-for-sale [Abstract] | ||
Total | 3,559 | 4,042 |
Gross unrealized gains | 181 | 248 |
Investment securities available-for-sale | 3,740 | 4,290 |
Taxable Obligations Of States And Political Subdivisions [Member] | ||
Available-for-sale [Abstract] | ||
Total | 46,013 | 47,884 |
Gross unrealized gains | 3,044 | 4,180 |
Investment securities available-for-sale | 49,057 | 52,064 |
Residential Mortgage-backed Securities [Member] | ||
Available-for-sale [Abstract] | ||
Total | 193,037 | 256,914 |
Gross unrealized gains | 6,442 | 9,765 |
Gross unrealized losses | (209) | (96) |
Investment securities available-for-sale | 199,270 | 266,583 |
Collateralized Mortgage Obligation Securities [Member] | ||
Available-for-sale [Abstract] | ||
Total | 74,628 | 145,260 |
Gross unrealized gains | 1,715 | 3,281 |
Gross unrealized losses | (1) | (11) |
Investment securities available-for-sale | 76,342 | 148,530 |
Commercial Mortgage-backed Securities [Member] | ||
Available-for-sale [Abstract] | ||
Total | 305,922 | 359,125 |
Gross unrealized gains | 6,572 | 12,717 |
Gross unrealized losses | (1,218) | (4,562) |
Investment securities available-for-sale | 311,276 | 367,280 |
Corporate Debt Securities [Member] | ||
Available-for-sale [Abstract] | ||
Total | 10,000 | 85,043 |
Gross unrealized gains | 63 | |
Gross unrealized losses | (3,495) | (3,247) |
Investment securities available-for-sale | $ 6,505 | $ 81,859 |
Investment Securities (Amortize
Investment Securities (Amortized Cost And Fair Value Of Investment Securities By Contractual Maturity) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Available-for-sale, Amortized cost [Abstract] | ||
Due before one year | $ 1,215 | |
Due after one year through five years | 156,589 | |
Due after five years through ten years | 238,612 | |
Due after ten years | 642,734 | |
Total | 1,039,150 | $ 1,181,906 |
Available-for-sale, Fair value [Abstract] | ||
Due before one year | 1,214 | |
Due after one year through five years | 164,150 | |
Due after five years through ten years | 241,810 | |
Due after ten years | 647,049 | |
Debt Securities, Available-for-sale, Total | $ 1,054,223 | $ 1,206,164 |
Investment Securities (Availabl
Investment Securities (Available-for-sale And Held-to-maturity Securities, Continuous Unrealized Loss Position) (Details) $ in Thousands | Sep. 30, 2021USD ($)security | Dec. 31, 2020USD ($)security |
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 56 | 53 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 206,215 | $ 202,253 |
12 months or longer, Fair Value | 80,861 | 76,820 |
Total, Fair Value | 287,076 | 279,073 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (844) | (4,946) |
12 months or longer, Unrealized losses | (4,198) | (3,550) |
Total, Unrealized losses | $ (5,042) | $ (8,496) |
U.S. Government Agency Securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 2 | 5 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 594 | |
12 months or longer, Fair Value | $ 2,817 | 5,322 |
Total, Fair Value | 2,817 | 5,916 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (2) | |
12 months or longer, Unrealized losses | (49) | (118) |
Total, Unrealized losses | $ (49) | $ (120) |
Asset-backed Securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 27 | 24 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 148,324 | $ 123,447 |
12 months or longer, Fair Value | 1,233 | 29,563 |
Total, Fair Value | 149,557 | 153,010 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (68) | (337) |
12 months or longer, Unrealized losses | (2) | (123) |
Total, Unrealized losses | $ (70) | $ (460) |
Residential Mortgage-backed Securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 14 | 12 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 13,688 | $ 6,221 |
12 months or longer, Fair Value | 3,743 | 6,650 |
Total, Fair Value | 17,431 | 12,871 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (118) | (35) |
12 months or longer, Unrealized losses | (91) | (61) |
Total, Unrealized losses | $ (209) | $ (96) |
Collateralized Mortgage Obligation Securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 1 | 6 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 2,505 | |
12 months or longer, Fair Value | $ 424 | 3,489 |
Total, Fair Value | 424 | 5,994 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (10) | |
12 months or longer, Unrealized losses | (1) | (1) |
Total, Unrealized losses | $ (1) | $ (11) |
Commercial Mortgage-backed Securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 11 | 4 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 44,203 | $ 69,486 |
12 months or longer, Fair Value | 66,139 | |
Total, Fair Value | 110,342 | 69,486 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (658) | (4,562) |
12 months or longer, Unrealized losses | (560) | |
Total, Unrealized losses | $ (1,218) | $ (4,562) |
Corporate Debt Securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 1 | 2 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
12 months or longer, Fair Value | $ 6,505 | $ 31,796 |
Total, Fair Value | 6,505 | 31,796 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
12 months or longer, Unrealized losses | (3,495) | (3,247) |
Total, Unrealized losses | $ (3,495) | $ (3,247) |
Loans (Narrative) (Details)
Loans (Narrative) (Details) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||
Mar. 31, 2020USD ($) | Jun. 30, 2021USD ($) | Sep. 30, 2021USD ($)loan | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($)loan | Dec. 31, 2019USD ($) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans held for sale | $ 1,550,000,000 | ||||||
Loans available for sale, unpaid principal amount | 1,550,000,000 | ||||||
Gains (losses) recognized from changes in fair value | 285,000 | $ (3,100,000) | |||||
Changes in fair value gain (loss) of loans, credit weaknesses amount | $ 15,000 | 490,000 | |||||
Prepayments percentage, loans | 15.00% | ||||||
Other real estate owned | $ 2,145,000 | $ 0 | |||||
Number of troubled debt restructured loans | loan | 9 | 11 | |||||
Interest which would have been earned on loans classified as non-accrual | $ 247,000 | 459,000 | |||||
Commitments to lend additional funds to loan customers whose terms have been modified in troubled debt restructurings | 0 | $ 0 | |||||
Non-accrual loans, income | 0 | ||||||
Nonaccrual loans, Income Reversed | 39,000 | $ 361,000 | |||||
CARES Act, additional payments per month | 9,000 | ||||||
Loans acquired with deteriorated credit quality | 0 | 0 | |||||
Troubled debt restructured loans balance | 1,439,000 | 1,631,000 | |||||
Financing receivable, troubled debt restructured loans, reserves | 626,000 | ||||||
Total loans, gross | 3,125,584,000 | 2,643,384,000 | |||||
Allowance for credit losses on off-balance sheet credit | 1,088,000 | ||||||
Payment Deferral [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Recorded investment | 1,300,000 | ||||||
Federal Reserve Bank Advances [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans Pledged as Collateral | 1,800,000,000 | ||||||
Balance against these lines | 300,000,000 | ||||||
Federal Home Loan Bank Advances [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans Pledged as Collateral | 891,600,000,000 | ||||||
Balance against these lines | $ 0 | ||||||
Equity Securities [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans, advanced rate calculation, percentage | 50.00% | ||||||
Mutual Fund [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans, advanced rate calculation, percentage | 50.00% | ||||||
Debt Securities [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans, advanced rate calculation, percentage | 80.00% | ||||||
Accounting Standards Update 2016-13 [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | $ 2,600,000 | ||||||
Financing Receivable Allowance For Off-Balance Credit Losses Period Increase | $ 569,000 | ||||||
Allowance for credit losses on off-balance sheet credit | $ 569,000 | ||||||
CRE1 [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Proceeds from payment of loans | $ 7,100,000 | ||||||
CRE4 [Member | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Proceeds from payment of loans | $ 25,600,000 | ||||||
SBA Loan [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Guaranteed principal and interest payments percent | 75.00% | ||||||
Commercial Mortgage - Securitization [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Total loans, gross | $ 1,300,000,000 | ||||||
SBLOC [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Gains (losses) recognized from changes in fair value | 0 | ||||||
Advisor Financing [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Total loans, gross | [1] | $ 81,143,000 | $ 48,282,000 | ||||
Loan Amount, Loan-To-Value Ratio | 70.00% | ||||||
Paycheck Protection Program Loans [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Total loans, gross | $ 71,300,000 | ||||||
Government Guaranteed Loans [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Total loans, gross | $ 369,700,000 | ||||||
SBL Non Real Estate [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Number of troubled debt restructured loans | loan | 8 | 8 | |||||
Troubled debt restructured loans balance | $ 1,190,000 | $ 911,000 | |||||
Total loans, gross | 171,845,000 | 255,318,000 | |||||
Estimated Fair Value [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans held for sale | $ 1,550,025,000 | $ 1,810,812,000 | |||||
[1] | In 2020, the Company began originating loans to investment advisors for purposes of debt refinance, acquisition of another firm or internal succession. Maximum loan amounts are subject to loan-to-value ratios of 70 %, based on third-party business appraisals, but may be increased depending upon the debt service coverage ratio. Personal guarantees and blanket business liens are obtained as appropriate. |
Loans (Major Classifications Of
Loans (Major Classifications Of Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | ||
Major classifications of loans [Abstract] | |||||||
Total loans, gross | $ 3,125,584 | $ 3,125,584 | $ 2,643,384 | ||||
Unamortized loan fees and costs | 11,078 | 11,078 | 8,939 | ||||
Total loans, net of unamortized loan fees and costs | [1] | 3,136,662 | $ 2,488,760 | 3,136,662 | $ 2,488,760 | 2,652,323 | |
Repayment of loans | 46,426 | 44,433 | 143,784 | 125,326 | |||
SBL Non Real Estate [Member] | |||||||
Major classifications of loans [Abstract] | |||||||
Total loans, gross | 171,845 | 171,845 | 255,318 | ||||
Total loans, net of unamortized loan fees and costs | [1] | 171,845 | 293,488 | 171,845 | 293,488 | 255,318 | |
SBL Commercial Mortgage [Member] | |||||||
Major classifications of loans [Abstract] | |||||||
Total loans, gross | 367,272 | 367,272 | 300,817 | ||||
Total loans, net of unamortized loan fees and costs | [1] | 367,272 | 270,264 | 367,272 | 270,264 | 300,817 | |
SBL Construction [Member] | |||||||
Major classifications of loans [Abstract] | |||||||
Total loans, gross | 23,117 | 23,117 | 20,273 | ||||
Total loans, net of unamortized loan fees and costs | [1] | 23,117 | 27,169 | 23,117 | 27,169 | 20,273 | |
Small Business Loans [Member] | |||||||
Major classifications of loans [Abstract] | |||||||
Total loans, gross | [2] | 562,234 | 562,234 | 576,408 | |||
Direct Lease Financing [Member] | |||||||
Major classifications of loans [Abstract] | |||||||
Total loans, gross | 514,068 | 514,068 | 462,182 | ||||
Total loans, net of unamortized loan fees and costs | [1] | 514,068 | 430,675 | 514,068 | 430,675 | 462,182 | |
SBLOC/IBLOC [Member] | |||||||
Major classifications of loans [Abstract] | |||||||
Total loans, gross | [3] | 1,834,523 | 1,834,523 | 1,550,086 | |||
Total loans, net of unamortized loan fees and costs | [1] | 1,834,523 | 1,428,253 | 1,834,523 | 1,428,253 | 1,550,086 | |
Advisor Financing [Member] | |||||||
Major classifications of loans [Abstract] | |||||||
Total loans, gross | [4] | 81,143 | 81,143 | 48,282 | |||
Total loans, net of unamortized loan fees and costs | [1] | 81,143 | 26,600 | $ 81,143 | 26,600 | 48,282 | |
Loan amount, loan-to-value ratio | 70.00% | ||||||
Real Estate Bridge Lending [Member] | |||||||
Major classifications of loans [Abstract] | |||||||
Total loans, gross | 128,699 | $ 128,699 | |||||
Total loans, net of unamortized loan fees and costs | [1] | 128,699 | 128,699 | ||||
Other Loans [Member] | |||||||
Major classifications of loans [Abstract] | |||||||
Total loans, gross | [5] | 4,917 | 4,917 | 6,426 | |||
Total loans, net of unamortized loan fees and costs | [1] | 4,917 | $ 6,003 | 4,917 | $ 6,003 | 6,426 | |
Consumer - Other [Member] | |||||||
Major classifications of loans [Abstract] | |||||||
Demand deposit overdrafts reclassified as loan balances | 272 | 272 | 663 | ||||
Small Business Loans: Non-SBA Loans [Member] | |||||||
Major classifications of loans [Abstract] | |||||||
Total loans, gross | 171,800 | 171,800 | $ 229,000 | ||||
PPP Loans [Member] | |||||||
Major classifications of loans [Abstract] | |||||||
Total loans, gross | 71,300 | 71,300 | 165,700 | ||||
IBLOC [Member] | |||||||
Major classifications of loans [Abstract] | |||||||
Total loans, gross | $ 686,800 | 686,800 | $ 437,200 | ||||
US Government [Member] | PPP Loans [Member] | |||||||
Major classifications of loans [Abstract] | |||||||
Repayment of loans | $ 58,200 | ||||||
[1] | The ending balance for loans in the unallocated column represents deferred costs and fees. | ||||||
[2] | The preceding table shows small business loans and small business loans held at fair value. The small business loans held at fair value are comprised of the government guaranteed portion of SBA 7a loans at the dates indicated. A reduction in SBL non-real estate loans from $ 229.0 million at June 30, 2021 to $ 171.8 million at September 30, 2021 resulted from U.S. government repayments of $ 58.2 million of Paycheck Protection Program (“PPP”) loans authorized by The Consolidated Appropriations Act, 2021. PPP loans totaled $ 71.3 million at September 30, 2021 and $ 165.7 million at December 31, 2020, respectively. | ||||||
[3] | Securities Backed Lines of Credit, or SBLOC, are collateralized by marketable securities, while Insurance Backed Lines of Credit, or IBLOC, are collateralized by the cash surrender value of insurance policies. At September 30, 2021 and December 31, 2020, respectively, IBLOC loans amounted to $ 686.8 million and $ 437.2 million. | ||||||
[4] | In 2020, the Company began originating loans to investment advisors for purposes of debt refinance, acquisition of another firm or internal succession. Maximum loan amounts are subject to loan-to-value ratios of 70 %, based on third-party business appraisals, but may be increased depending upon the debt service coverage ratio. Personal guarantees and blanket business liens are obtained as appropriate. | ||||||
[5] | Included in the table above under Other loans are demand deposit overdrafts reclassified as loan balances totaling $ 272,000 and $ 663,000 at September 30, 2021 and December 31, 2020, respectively. Estimated overdraft charge-offs and recoveries are reflected in the allowance for credit losses and have been immaterial . |
Loans (Schedule Of Small Busine
Loans (Schedule Of Small Business Administration Loans and Held For Sale) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Loans [Abstract] | ||
SBL loans, net of deferred fees costs of $4,238 and $1,536 and September 30, 2021 and December 31, 2020, respectively | $ 566,472 | $ 577,944 |
SBL loans included in commercial loans at fair value | 214,301 | 243,562 |
Total small business loans | 780,773 | 821,506 |
SBL deferred fees and costs | $ 4,238 | $ 1,536 |
Loans (Impaired Loans) (Details
Loans (Impaired Loans) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
With an allowance recorded [Abstract] | ||
Related allowance | $ (1,812) | $ (3,177) |
Total allowance recorded [Abstract] | ||
Recorded investment | 6,880 | 12,755 |
Unpaid principal balance | 9,992 | 15,204 |
Average recorded investment | 9,962 | 12,969 |
Interest income recognized | 19 | 28 |
SBL Non Real Estate [Member] | ||
Without an allowance recorded [Abstract] | ||
Recorded investment | 408 | 387 |
Unpaid principal balance | 3,497 | 2,836 |
Average recorded investment | 413 | 370 |
Interest income recognized | 3 | |
With an allowance recorded [Abstract] | ||
Recorded investment | 1,825 | 3,044 |
Unpaid principal balance | 1,825 | 3,044 |
Related allowance | (1,163) | (2,129) |
Average recorded investment | 2,464 | 3,257 |
Interest income recognized | 12 | 15 |
Total allowance recorded [Abstract] | ||
Recorded investment | 2,233 | 3,431 |
Unpaid principal balance | 5,322 | 5,880 |
Average recorded investment | 2,877 | 3,627 |
Interest income recognized | 12 | 18 |
SBL Commercial Mortgage [Member] | ||
Without an allowance recorded [Abstract] | ||
Recorded investment | 2,183 | 2,037 |
Unpaid principal balance | 2,206 | 2,037 |
Average recorded investment | 2,091 | 1,253 |
With an allowance recorded [Abstract] | ||
Recorded investment | 984 | 5,268 |
Unpaid principal balance | 984 | 5,268 |
Related allowance | (510) | (1,010) |
Average recorded investment | 3,145 | 2,732 |
Total allowance recorded [Abstract] | ||
Recorded investment | 3,167 | 7,305 |
Unpaid principal balance | 3,190 | 7,305 |
Average recorded investment | 5,236 | 3,985 |
SBL Construction [Member] | ||
With an allowance recorded [Abstract] | ||
Recorded investment | 711 | 711 |
Unpaid principal balance | 711 | 711 |
Related allowance | (34) | (34) |
Average recorded investment | 711 | 711 |
Total allowance recorded [Abstract] | ||
Recorded investment | 711 | 711 |
Unpaid principal balance | 711 | 711 |
Average recorded investment | 711 | 711 |
Direct Lease Financing [Member] | ||
Without an allowance recorded [Abstract] | ||
Recorded investment | 289 | 299 |
Unpaid principal balance | 289 | 299 |
Average recorded investment | 474 | 3,352 |
With an allowance recorded [Abstract] | ||
Recorded investment | 141 | 452 |
Unpaid principal balance | 141 | 452 |
Related allowance | (91) | (4) |
Average recorded investment | 165 | 716 |
Total allowance recorded [Abstract] | ||
Recorded investment | 430 | 751 |
Unpaid principal balance | 430 | 751 |
Average recorded investment | 639 | 4,068 |
Consumer - Other [Member] | ||
With an allowance recorded [Abstract] | ||
Recorded investment | 14 | |
Unpaid principal balance | 14 | |
Related allowance | (14) | |
Average recorded investment | 6 | |
Total allowance recorded [Abstract] | ||
Recorded investment | 14 | |
Unpaid principal balance | 14 | |
Average recorded investment | 6 | |
Consumer - Home Equity [Member] | ||
Without an allowance recorded [Abstract] | ||
Recorded investment | 325 | 557 |
Unpaid principal balance | 325 | 557 |
Average recorded investment | 493 | 554 |
Interest income recognized | 7 | 10 |
With an allowance recorded [Abstract] | ||
Average recorded investment | 24 | |
Total allowance recorded [Abstract] | ||
Recorded investment | 325 | 557 |
Unpaid principal balance | 325 | 557 |
Average recorded investment | 493 | 578 |
Interest income recognized | $ 7 | $ 10 |
Loans (Summary Of Non-Accrual L
Loans (Summary Of Non-Accrual Loans With And Without Allowance For Credit Losses) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Nonaccrual [Line Items] | ||
Non-accrual loans with a related ACL | $ 3,150 | |
Non-accrual loans without a related ACL | 2,956 | |
Total non-accrual loans | 6,106 | $ 12,227 |
SBL Non Real Estate [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non-accrual loans with a related ACL | 1,300 | |
Non-accrual loans without a related ACL | 408 | |
Total non-accrual loans | 1,708 | 3,159 |
SBL Commercial Mortgage [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non-accrual loans with a related ACL | 984 | |
Non-accrual loans without a related ACL | 2,183 | |
Total non-accrual loans | 3,167 | 7,305 |
SBL Construction [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non-accrual loans with a related ACL | 711 | |
Total non-accrual loans | 711 | 711 |
Direct Lease Financing [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non-accrual loans with a related ACL | 141 | |
Non-accrual loans without a related ACL | 289 | |
Total non-accrual loans | 430 | 751 |
Consumer - Home Equity [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non-accrual loans without a related ACL | 76 | |
Total non-accrual loans | 76 | $ 301 |
Consumer - Other [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non-accrual loans with a related ACL | 14 | |
Total non-accrual loans | $ 14 |
Loans (Non-accrual Loans, Loans
Loans (Non-accrual Loans, Loans Past Due 90 Days And Other Real Estate Owned And Delinquent Loans By Loan Category) (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||
Total non-accrual loans | $ 6,106,000 | $ 12,227,000 |
Loans past due 90 days or more and still accruing | 1,569,000 | 497,000 |
Total non-performing loans | 3,125,584,000 | 2,643,384,000 |
Other real estate owned | 2,145,000 | 0 |
Total non-performing assets | 9,820,000 | 12,724,000 |
Non-Performing Loans [Member] | ||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||
Total non-performing loans | 7,675,000 | 12,724,000 |
SBL Non Real Estate [Member] | ||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||
Total non-accrual loans | 1,708,000 | 3,159,000 |
Total non-performing loans | 171,845,000 | 255,318,000 |
SBL Non Real Estate [Member] | Non-Accrual Loans [Member] | ||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||
Total non-accrual loans | 14,000 | |
SBL Commercial Mortgage [Member] | ||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||
Total non-accrual loans | 3,167,000 | 7,305,000 |
Total non-performing loans | 367,272,000 | 300,817,000 |
SBL Commercial Mortgage [Member] | Non-Accrual Loans [Member] | ||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||
Total non-accrual loans | 76,000 | 301,000 |
SBL Construction [Member] | ||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||
Total non-accrual loans | 711,000 | 711,000 |
Total non-performing loans | 23,117,000 | 20,273,000 |
SBL Construction [Member] | Non-Accrual Loans [Member] | ||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||
Total non-accrual loans | 430,000 | 751,000 |
Direct Lease Financing [Member] | ||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||
Total non-accrual loans | 430,000 | 751,000 |
Total non-performing loans | 514,068,000 | 462,182,000 |
Direct Lease Financing [Member] | Non-Accrual Loans [Member] | ||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||
Total non-accrual loans | 711,000 | 711,000 |
Consumer - Home Equity [Member] | ||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||
Total non-accrual loans | 76,000 | 301,000 |
Consumer - Home Equity [Member] | Non-Accrual Loans [Member] | ||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||
Total non-accrual loans | 3,167,000 | 7,305,000 |
Consumer - Other [Member] | ||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||
Total non-accrual loans | 14,000 | |
Consumer - Other [Member] | Non-Accrual Loans [Member] | ||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||
Total non-accrual loans | $ 1,708,000 | $ 3,159,000 |
Loans (Loans Modified And Consi
Loans (Loans Modified And Considered Troubled Debt Restructurings) (Details) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021USD ($)loan | Dec. 31, 2020USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 9 | 11 |
Pre-modification recorded investment | $ 1,439 | $ 1,631 |
Post-modification recorded investment | $ 1,439 | $ 1,631 |
SBL Non Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 8 | 8 |
Pre-modification recorded investment | $ 1,190 | $ 911 |
Post-modification recorded investment | $ 1,190 | $ 911 |
Direct Lease Financing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 1 | |
Pre-modification recorded investment | $ 251 | |
Post-modification recorded investment | $ 251 | |
Consumer - Home Equity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 1 | 2 |
Pre-modification recorded investment | $ 249 | $ 469 |
Post-modification recorded investment | $ 249 | $ 469 |
Loans (Loans Modified As Troubl
Loans (Loans Modified As Troubled Debt Restructurings) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Financing Receivable, Modifications [Line Items] | |||
Extended maturity | [1] | $ 267 | |
Combined rate and maturity | [1] | $ 1,439 | 1,364 |
Troubled debt restructurings including nonaccrual loans | 665 | 1,100 | |
SBL Non Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Extended maturity | 16 | ||
Combined rate and maturity | 1,190 | 895 | |
Direct Lease Financing [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Extended maturity | 251 | ||
Consumer - Home Equity [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Combined rate and maturity | $ 249 | $ 469 | |
[1] | Troubled debt restructurings include non-accrual loans of $ 665,000 and $ 1.1 million at September 30, 2021 and December 31, 2020, respectively. |
Loans (Summary Of Restructured
Loans (Summary Of Restructured Loans Within The Last Twelve Months That Have Subsequently Defaulted) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($)item | |
Financing Receivable, Modifications [Line Items] | |
Number | item | 1 |
Pre-modification recorded investment | $ | $ 205 |
SBL Non Real Estate [Member] | |
Financing Receivable, Modifications [Line Items] | |
Number | item | 1 |
Pre-modification recorded investment | $ | $ 205 |
Loans (Effect Of The Adoption O
Loans (Effect Of The Adoption Of CECL) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing Receivable, Allowance for Credit Losses | $ 16,159 | $ 16,082 | $ 15,727 | $ 10,238 | ||
Allowance for credit losses on off-balance sheet credit | 1,088 | |||||
Total allowance for credit losses | $ 17,247 | |||||
Financing Receivable Allowance For Credit Losses, Percent Of Segment | 0.52% | |||||
SBL Non Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing Receivable, Allowance for Credit Losses | $ 5,378 | 5,060 | 4,801 | 4,985 | ||
Financing Receivable Allowance For Credit Losses, Percent Of Segment | 3.13% | |||||
SBL Commercial Mortgage [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing Receivable, Allowance for Credit Losses | $ 2,795 | 3,315 | 3,552 | 1,472 | ||
Financing Receivable Allowance For Credit Losses, Percent Of Segment | 0.76% | |||||
SBL Construction [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing Receivable, Allowance for Credit Losses | $ 370 | 328 | 423 | 432 | ||
Financing Receivable Allowance For Credit Losses, Percent Of Segment | 1.60% | |||||
Direct Lease Financing [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing Receivable, Allowance for Credit Losses | $ 5,637 | 6,043 | 5,847 | 2,426 | ||
Financing Receivable Allowance For Credit Losses, Percent Of Segment | 1.10% | |||||
SBLOC [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing Receivable, Allowance for Credit Losses | $ 574 | |||||
Financing Receivable Allowance For Credit Losses, Percent Of Segment | 0.05% | |||||
IBLOC [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing Receivable, Allowance for Credit Losses | $ 343 | |||||
Financing Receivable Allowance For Credit Losses, Percent Of Segment | 0.05% | |||||
Advisor Financing [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing Receivable, Allowance for Credit Losses | $ 609 | 362 | 199 | |||
Financing Receivable Allowance For Credit Losses, Percent Of Segment | 0.75% | |||||
Real Estate Bridge Lending [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing Receivable, Allowance for Credit Losses | $ 245 | |||||
Financing Receivable Allowance For Credit Losses, Percent Of Segment | 0.19% | |||||
Other Loans [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing Receivable, Allowance for Credit Losses | $ 208 | [1] | $ 199 | $ 191 | 52 | |
Financing Receivable Allowance For Credit Losses, Percent Of Segment | [1] | 4.23% | ||||
Unallocated [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing Receivable, Allowance for Credit Losses | 318 | |||||
SBA Loans Purchased For CRA Purposes [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing Receivable, Allowance for Credit Losses | $ 25,000 | |||||
Incurred Loss Method [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing Receivable, Allowance for Credit Losses | 10,238 | |||||
Total allowance for credit losses | $ 10,238 | |||||
Financing Receivable Allowance For Credit Losses, Percent Of Segment | 0.56% | |||||
Incurred Loss Method [Member] | SBL Non Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing Receivable, Allowance for Credit Losses | $ 4,985 | |||||
Financing Receivable Allowance For Credit Losses, Percent Of Segment | 5.89% | |||||
Incurred Loss Method [Member] | SBL Commercial Mortgage [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing Receivable, Allowance for Credit Losses | $ 1,472 | |||||
Financing Receivable Allowance For Credit Losses, Percent Of Segment | 0.67% | |||||
Incurred Loss Method [Member] | SBL Construction [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing Receivable, Allowance for Credit Losses | $ 432 | |||||
Financing Receivable Allowance For Credit Losses, Percent Of Segment | 0.95% | |||||
Incurred Loss Method [Member] | Direct Lease Financing [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing Receivable, Allowance for Credit Losses | $ 2,426 | |||||
Financing Receivable Allowance For Credit Losses, Percent Of Segment | 0.56% | |||||
Incurred Loss Method [Member] | SBLOC [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing Receivable, Allowance for Credit Losses | $ 440 | |||||
Financing Receivable Allowance For Credit Losses, Percent Of Segment | 0.05% | |||||
Incurred Loss Method [Member] | IBLOC [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing Receivable, Allowance for Credit Losses | $ 113 | |||||
Financing Receivable Allowance For Credit Losses, Percent Of Segment | 0.08% | |||||
Incurred Loss Method [Member] | Other Loans [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing Receivable, Allowance for Credit Losses | [1] | $ 52 | ||||
Financing Receivable Allowance For Credit Losses, Percent Of Segment | [1] | 0.68% | ||||
Incurred Loss Method [Member] | Unallocated [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing Receivable, Allowance for Credit Losses | $ 318 | |||||
Accounting Standards Update 2016-13 [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing Receivable, Allowance for Credit Losses | 12,875 | |||||
Allowance for credit losses on off-balance sheet credit | 569 | |||||
Total allowance for credit losses | $ 13,444 | |||||
Financing Receivable Allowance For Credit Losses, Percent Of Segment | 0.71% | |||||
Accounting Standards Update 2016-13 [Member] | SBL Non Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing Receivable, Allowance for Credit Losses | $ 4,765 | |||||
Financing Receivable Allowance For Credit Losses, Percent Of Segment | 5.63% | |||||
Accounting Standards Update 2016-13 [Member] | SBL Commercial Mortgage [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing Receivable, Allowance for Credit Losses | $ 2,009 | |||||
Financing Receivable Allowance For Credit Losses, Percent Of Segment | 0.92% | |||||
Accounting Standards Update 2016-13 [Member] | SBL Construction [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing Receivable, Allowance for Credit Losses | $ 571 | |||||
Financing Receivable Allowance For Credit Losses, Percent Of Segment | 1.26% | |||||
Accounting Standards Update 2016-13 [Member] | Direct Lease Financing [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing Receivable, Allowance for Credit Losses | $ 4,788 | |||||
Financing Receivable Allowance For Credit Losses, Percent Of Segment | 1.10% | |||||
Accounting Standards Update 2016-13 [Member] | SBLOC [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing Receivable, Allowance for Credit Losses | $ 440 | |||||
Financing Receivable Allowance For Credit Losses, Percent Of Segment | 0.05% | |||||
Accounting Standards Update 2016-13 [Member] | IBLOC [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing Receivable, Allowance for Credit Losses | $ 72 | |||||
Financing Receivable Allowance For Credit Losses, Percent Of Segment | 0.05% | |||||
Accounting Standards Update 2016-13 [Member] | Other Loans [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing Receivable, Allowance for Credit Losses | [1] | $ 230 | ||||
Financing Receivable Allowance For Credit Losses, Percent Of Segment | [1] | 3.02% | ||||
[1] | Included in Other loans are $ 25.0 million of SBA loans purchased for CRA purposes as of September 30, 2021. These loans are classified as SBL in the Company’s loan table which classify loans by type, as opposed to risk characteristics. |
Loans (Summary Of Gross Loans H
Loans (Summary Of Gross Loans Held For Investment By Year Of Origination And Internally Assigned Credit Grade) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | |||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Current Fiscal Year | $ 543,530 | $ 560,217 | ||||
Fiscal Year Before Latest Fiscal Year | 324,111 | 190,332 | ||||
Two Years Before Latest Fiscal Year | 165,735 | 132,082 | ||||
Three Years Before Latest Fiscal Year | 99,589 | 78,685 | ||||
Four Years Before Latest Fiscal Year | 62,382 | 59,594 | ||||
Prior | 93,683 | 72,388 | ||||
Revolving loans at amortized cost | 1,836,554 | 1,550,086 | ||||
Financing Receivable, before Allowance for Credit Loss, Total | 3,125,584 | 2,643,384 | ||||
Unamortized loan fees and costs | 11,078 | 8,939 | ||||
Total loans, net of unamortized loan fees and costs | [1] | 3,136,662 | 2,652,323 | $ 2,488,760 | ||
SBL Non Real Estate [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Current Fiscal Year | 88,137 | 181,685 | ||||
Fiscal Year Before Latest Fiscal Year | 26,276 | 10,943 | ||||
Two Years Before Latest Fiscal Year | 9,180 | 12,753 | ||||
Three Years Before Latest Fiscal Year | 10,268 | 6,943 | ||||
Four Years Before Latest Fiscal Year | 6,108 | 8,999 | ||||
Prior | 15,089 | 12,222 | ||||
Financing Receivable, before Allowance for Credit Loss, Total | 155,058 | 233,545 | ||||
Total loans, net of unamortized loan fees and costs | [1] | 171,845 | 255,318 | 293,488 | ||
SBL Commercial Mortgage [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Current Fiscal Year | 71,975 | 44,563 | ||||
Fiscal Year Before Latest Fiscal Year | 55,850 | 81,585 | ||||
Two Years Before Latest Fiscal Year | 84,283 | 46,099 | ||||
Three Years Before Latest Fiscal Year | 46,916 | 39,219 | ||||
Four Years Before Latest Fiscal Year | 38,465 | 32,582 | ||||
Prior | 61,593 | 43,160 | ||||
Financing Receivable, before Allowance for Credit Loss, Total | 359,082 | 287,208 | ||||
Total loans, net of unamortized loan fees and costs | [1] | 367,272 | 300,817 | 270,264 | ||
SBL Construction [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Current Fiscal Year | 3,194 | 7,335 | ||||
Fiscal Year Before Latest Fiscal Year | 13,958 | 1,146 | ||||
Two Years Before Latest Fiscal Year | 1,411 | 11,081 | ||||
Three Years Before Latest Fiscal Year | 3,844 | |||||
Four Years Before Latest Fiscal Year | 711 | |||||
Prior | 711 | |||||
Financing Receivable, before Allowance for Credit Loss, Total | 23,118 | 20,273 | ||||
Total loans, net of unamortized loan fees and costs | [1] | 23,117 | 20,273 | 27,169 | ||
Direct Lease Financing [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Current Fiscal Year | 214,697 | 276,755 | ||||
Fiscal Year Before Latest Fiscal Year | 182,871 | 93,089 | ||||
Two Years Before Latest Fiscal Year | 67,538 | 55,924 | ||||
Three Years Before Latest Fiscal Year | 33,741 | 25,189 | ||||
Four Years Before Latest Fiscal Year | 12,125 | 10,074 | ||||
Prior | 3,096 | 1,151 | ||||
Financing Receivable, before Allowance for Credit Loss, Total | 514,068 | 462,182 | ||||
Total loans, net of unamortized loan fees and costs | [1] | 514,068 | 462,182 | 430,675 | ||
SBLOC [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Revolving loans at amortized cost | 1,147,756 | 1,112,933 | ||||
Financing Receivable, before Allowance for Credit Loss, Total | 1,147,756 | 1,112,933 | ||||
IBLOC [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Revolving loans at amortized cost | 686,767 | 437,153 | ||||
Financing Receivable, before Allowance for Credit Loss, Total | 686,767 | 437,153 | ||||
Advisor Financing [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Current Fiscal Year | 36,299 | 48,282 | ||||
Fiscal Year Before Latest Fiscal Year | 44,844 | |||||
Financing Receivable, before Allowance for Credit Loss, Total | 81,143 | 48,282 | ||||
Total loans, net of unamortized loan fees and costs | [1] | 81,143 | 48,282 | 26,600 | ||
Real Estate Bridge Lending [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Current Fiscal Year | 128,699 | |||||
Financing Receivable, before Allowance for Credit Loss, Total | 128,699 | |||||
Total loans, net of unamortized loan fees and costs | [1] | 128,699 | ||||
Other Loans [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Current Fiscal Year | 529 | [2] | 1,597 | [3] | ||
Fiscal Year Before Latest Fiscal Year | 312 | [2] | 3,569 | [3] | ||
Two Years Before Latest Fiscal Year | 3,323 | [2] | 6,225 | [3] | ||
Three Years Before Latest Fiscal Year | 4,820 | [2] | 7,334 | [3] | ||
Four Years Before Latest Fiscal Year | 5,684 | [2] | 7,228 | [3] | ||
Prior | 13,194 | [2] | 15,855 | [3] | ||
Revolving loans at amortized cost | [2] | 2,031 | ||||
Financing Receivable, before Allowance for Credit Loss, Total | 29,893 | [2] | 41,808 | [3] | ||
Total loans, net of unamortized loan fees and costs | [1] | 4,917 | 6,426 | $ 6,003 | ||
SBA Loan [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Financing Receivable, before Allowance for Credit Loss, Total | 75,100 | 170,900 | ||||
SBA Loan PPP [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Financing Receivable, before Allowance for Credit Loss, Total | 71,300 | 165,700 | ||||
SBL CRA [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Financing Receivable, before Allowance for Credit Loss, Total | 25,000 | 35,400 | ||||
Non-Rated [Member] | SBL Non Real Estate [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Current Fiscal Year | 66,244 | [4] | 170,910 | [5] | ||
Fiscal Year Before Latest Fiscal Year | [4] | 8,844 | ||||
Financing Receivable, before Allowance for Credit Loss, Total | 75,088 | [4] | 170,910 | [5] | ||
Non-Rated [Member] | SBL Commercial Mortgage [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Current Fiscal Year | 9,707 | 17,592 | ||||
Fiscal Year Before Latest Fiscal Year | 2,758 | |||||
Two Years Before Latest Fiscal Year | 4,500 | |||||
Financing Receivable, before Allowance for Credit Loss, Total | 14,207 | 20,350 | ||||
Non-Rated [Member] | SBL Construction [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Current Fiscal Year | 566 | |||||
Financing Receivable, before Allowance for Credit Loss, Total | 566 | |||||
Non-Rated [Member] | Direct Lease Financing [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Current Fiscal Year | 44,973 | 23,273 | ||||
Fiscal Year Before Latest Fiscal Year | 14,486 | 2,888 | ||||
Two Years Before Latest Fiscal Year | 2,088 | 2,189 | ||||
Three Years Before Latest Fiscal Year | 1,291 | 1,093 | ||||
Four Years Before Latest Fiscal Year | 474 | 447 | ||||
Prior | 126 | 7 | ||||
Financing Receivable, before Allowance for Credit Loss, Total | 63,438 | 29,897 | ||||
Non-Rated [Member] | SBLOC [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Revolving loans at amortized cost | 4,465 | 3,772 | ||||
Financing Receivable, before Allowance for Credit Loss, Total | 4,465 | 3,772 | ||||
Non-Rated [Member] | IBLOC [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Revolving loans at amortized cost | 277,567 | 132,777 | ||||
Financing Receivable, before Allowance for Credit Loss, Total | 277,567 | 132,777 | ||||
Non-Rated [Member] | Advisor Financing [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Current Fiscal Year | 1,847 | 22,341 | ||||
Fiscal Year Before Latest Fiscal Year | 264 | |||||
Financing Receivable, before Allowance for Credit Loss, Total | 2,111 | 22,341 | ||||
Non-Rated [Member] | Other Loans [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Current Fiscal Year | 428 | 1,221 | ||||
Fiscal Year Before Latest Fiscal Year | 184 | |||||
Three Years Before Latest Fiscal Year | 14 | |||||
Four Years Before Latest Fiscal Year | 4 | |||||
Prior | 217 | 1,558 | ||||
Revolving loans at amortized cost | 677 | |||||
Financing Receivable, before Allowance for Credit Loss, Total | 1,510 | 2,793 | ||||
Pass [Member] | SBL Non Real Estate [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Current Fiscal Year | 21,814 | 10,775 | ||||
Fiscal Year Before Latest Fiscal Year | 17,432 | 10,943 | ||||
Two Years Before Latest Fiscal Year | 9,180 | 12,002 | ||||
Three Years Before Latest Fiscal Year | 9,563 | 5,454 | ||||
Four Years Before Latest Fiscal Year | 5,534 | 7,153 | ||||
Prior | 12,934 | 9,964 | ||||
Financing Receivable, before Allowance for Credit Loss, Total | 76,457 | 56,291 | ||||
Pass [Member] | SBL Commercial Mortgage [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Current Fiscal Year | 62,268 | 26,971 | ||||
Fiscal Year Before Latest Fiscal Year | 55,850 | 76,975 | ||||
Two Years Before Latest Fiscal Year | 77,930 | 46,099 | ||||
Three Years Before Latest Fiscal Year | 46,916 | 39,219 | ||||
Four Years Before Latest Fiscal Year | 38,465 | 32,505 | ||||
Prior | 58,177 | 35,298 | ||||
Financing Receivable, before Allowance for Credit Loss, Total | 339,606 | 257,067 | ||||
Pass [Member] | SBL Construction [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Current Fiscal Year | 3,194 | 6,769 | ||||
Fiscal Year Before Latest Fiscal Year | 13,958 | 1,146 | ||||
Two Years Before Latest Fiscal Year | 1,411 | 11,081 | ||||
Three Years Before Latest Fiscal Year | 3,844 | |||||
Financing Receivable, before Allowance for Credit Loss, Total | 22,407 | 18,996 | ||||
Pass [Member] | Direct Lease Financing [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Current Fiscal Year | 168,932 | 249,946 | ||||
Fiscal Year Before Latest Fiscal Year | 166,215 | 90,156 | ||||
Two Years Before Latest Fiscal Year | 65,411 | 53,638 | ||||
Three Years Before Latest Fiscal Year | 32,392 | 23,944 | ||||
Four Years Before Latest Fiscal Year | 11,573 | 9,091 | ||||
Prior | 2,956 | 1,106 | ||||
Financing Receivable, before Allowance for Credit Loss, Total | 447,479 | 427,881 | ||||
Pass [Member] | SBLOC [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Revolving loans at amortized cost | 1,143,291 | 1,109,161 | ||||
Financing Receivable, before Allowance for Credit Loss, Total | 1,143,291 | 1,109,161 | ||||
Pass [Member] | IBLOC [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Revolving loans at amortized cost | 409,200 | 304,376 | ||||
Financing Receivable, before Allowance for Credit Loss, Total | 409,200 | 304,376 | ||||
Pass [Member] | Advisor Financing [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Current Fiscal Year | 34,452 | 25,941 | ||||
Fiscal Year Before Latest Fiscal Year | 44,580 | |||||
Financing Receivable, before Allowance for Credit Loss, Total | 79,032 | 25,941 | ||||
Pass [Member] | Real Estate Bridge Lending [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Current Fiscal Year | 128,699 | |||||
Financing Receivable, before Allowance for Credit Loss, Total | 128,699 | |||||
Pass [Member] | Other Loans [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Current Fiscal Year | 101 | 376 | ||||
Fiscal Year Before Latest Fiscal Year | 114 | 3,569 | ||||
Two Years Before Latest Fiscal Year | 3,323 | 6,225 | ||||
Three Years Before Latest Fiscal Year | 4,820 | 7,320 | ||||
Four Years Before Latest Fiscal Year | 5,632 | 7,228 | ||||
Prior | 12,977 | 13,996 | ||||
Revolving loans at amortized cost | 1,278 | |||||
Financing Receivable, before Allowance for Credit Loss, Total | 28,245 | 38,714 | ||||
Special Mention [Member] | SBL Non Real Estate [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Current Fiscal Year | 79 | |||||
Two Years Before Latest Fiscal Year | 731 | |||||
Three Years Before Latest Fiscal Year | 687 | |||||
Four Years Before Latest Fiscal Year | 499 | |||||
Prior | 873 | 767 | ||||
Financing Receivable, before Allowance for Credit Loss, Total | 1,639 | 1,997 | ||||
Special Mention [Member] | SBL Commercial Mortgage [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Fiscal Year Before Latest Fiscal Year | 1,852 | |||||
Two Years Before Latest Fiscal Year | 1,853 | |||||
Prior | 249 | 257 | ||||
Financing Receivable, before Allowance for Credit Loss, Total | 2,102 | 2,109 | ||||
Substandard [Member] | SBL Non Real Estate [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Two Years Before Latest Fiscal Year | 20 | |||||
Three Years Before Latest Fiscal Year | 18 | 1,489 | ||||
Four Years Before Latest Fiscal Year | 574 | 1,347 | ||||
Prior | 1,282 | 1,491 | ||||
Financing Receivable, before Allowance for Credit Loss, Total | 1,874 | 4,347 | ||||
Substandard [Member] | SBL Commercial Mortgage [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Four Years Before Latest Fiscal Year | 77 | |||||
Prior | 3,167 | 7,605 | ||||
Financing Receivable, before Allowance for Credit Loss, Total | 3,167 | 7,682 | ||||
Substandard [Member] | SBL Construction [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Four Years Before Latest Fiscal Year | 711 | |||||
Prior | 711 | |||||
Financing Receivable, before Allowance for Credit Loss, Total | 711 | 711 | ||||
Substandard [Member] | Direct Lease Financing [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Current Fiscal Year | 792 | 3,536 | ||||
Fiscal Year Before Latest Fiscal Year | 2,170 | 45 | ||||
Two Years Before Latest Fiscal Year | 39 | 97 | ||||
Three Years Before Latest Fiscal Year | 58 | 152 | ||||
Four Years Before Latest Fiscal Year | 78 | 536 | ||||
Prior | 14 | 38 | ||||
Financing Receivable, before Allowance for Credit Loss, Total | 3,151 | 4,404 | ||||
Substandard [Member] | Other Loans [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Fiscal Year Before Latest Fiscal Year | 14 | |||||
Four Years Before Latest Fiscal Year | 48 | |||||
Prior | 301 | |||||
Revolving loans at amortized cost | 76 | |||||
Financing Receivable, before Allowance for Credit Loss, Total | $ 138 | $ 301 | ||||
[1] | The ending balance for loans in the unallocated column represents deferred costs and fees. | |||||
[2] | Included in Other loans are $ 25.0 million of SBA loans purchased for CRA purposes as of September 30, 2021. These loans are classified as SBL in the Company’s loan table which classify loans by type, as opposed to risk characteristics. | |||||
[3] | Included in Other loans are $ 35.4 million of SBA loans purchased for CRA purposes as of December 31, 2020. These loans are classified as SBL in the Company’s loan table which classify loans by type, as opposed to risk characteristics. | |||||
[4] | Included in the SBL non real estate non-rated total of $ 75.1 million, were $ 71.3 million of PPP loans which are government guaranteed. | |||||
[5] | Included in the SBL non real estate non-rated total of $ 170.9 million, were $ 165.7 million of PPP loans which are government guaranteed. |
Loans (Changes In Allowance For
Loans (Changes In Allowance For Loan And Lease Losses By Loan Category) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||||
Beginning balance | $ 16,082 | $ 10,238 | $ 10,238 | ||
CECL adjustment | 2,637 | 2,637 | |||
Charge-offs | (1,192) | (3,528) | (3,593) | ||
Recoveries | 77 | 584 | 673 | ||
Provision (credit) | [1] | 1,192 | 5,796 | 6,127 | |
Ending balance | 16,159 | 15,727 | 16,082 | ||
Ending balance: Individually evaluated for expected credit loss | 1,812 | 2,897 | 3,177 | ||
Ending balance: Collectively evaluated for expected credit loss | 14,347 | 12,830 | 12,905 | ||
Loans [Abstract] | |||||
Loans: Ending Balance | [2] | 3,136,662 | 2,488,760 | 2,652,323 | |
Ending balance: Individually evaluated for impairment | 6,880 | 12,819 | 12,755 | ||
Ending balance: Collectively evaluated for impairment | 3,129,782 | 2,475,941 | 2,639,568 | ||
SBL Non Real Estate [Member] | |||||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||||
Beginning balance | 5,060 | 4,985 | 4,985 | ||
CECL adjustment | (220) | (220) | |||
Charge-offs | (896) | (1,350) | (1,350) | ||
Recoveries | 18 | 82 | 103 | ||
Provision (credit) | [1] | 1,196 | 1,304 | 1,542 | |
Ending balance | 5,378 | 4,801 | 5,060 | ||
Ending balance: Individually evaluated for expected credit loss | 1,163 | 1,818 | 2,129 | ||
Ending balance: Collectively evaluated for expected credit loss | 4,215 | 2,983 | 2,931 | ||
Loans [Abstract] | |||||
Loans: Ending Balance | [2] | 171,845 | 293,488 | 255,318 | |
Ending balance: Individually evaluated for impairment | 2,233 | 3,220 | 3,431 | ||
Ending balance: Collectively evaluated for impairment | 169,612 | 290,268 | 251,887 | ||
SBL Commercial Mortgage [Member] | |||||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||||
Beginning balance | 3,315 | 1,472 | 1,472 | ||
CECL adjustment | 537 | 537 | |||
Charge-offs | (23) | ||||
Recoveries | 9 | ||||
Provision (credit) | [1] | (506) | 1,543 | 1,306 | |
Ending balance | 2,795 | 3,552 | 3,315 | ||
Ending balance: Individually evaluated for expected credit loss | 510 | 1,010 | 1,010 | ||
Ending balance: Collectively evaluated for expected credit loss | 2,285 | 2,542 | 2,305 | ||
Loans [Abstract] | |||||
Loans: Ending Balance | [2] | 367,272 | 270,264 | 300,817 | |
Ending balance: Individually evaluated for impairment | 3,167 | 7,517 | 7,305 | ||
Ending balance: Collectively evaluated for impairment | 364,105 | 262,747 | 293,512 | ||
SBL Construction [Member] | |||||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||||
Beginning balance | 328 | 432 | 432 | ||
CECL adjustment | 139 | 139 | |||
Provision (credit) | [1] | 42 | (148) | (243) | |
Ending balance | 370 | 423 | 328 | ||
Ending balance: Individually evaluated for expected credit loss | 34 | 26 | 34 | ||
Ending balance: Collectively evaluated for expected credit loss | 336 | 397 | 294 | ||
Loans [Abstract] | |||||
Loans: Ending Balance | [2] | 23,117 | 27,169 | 20,273 | |
Ending balance: Individually evaluated for impairment | 711 | 711 | 711 | ||
Ending balance: Collectively evaluated for impairment | 22,406 | 26,458 | 19,562 | ||
Direct Lease Financing [Member] | |||||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||||
Beginning balance | 6,043 | 2,426 | 2,426 | ||
CECL adjustment | 2,362 | 2,362 | |||
Charge-offs | (248) | (2,178) | (2,243) | ||
Recoveries | 50 | 502 | 570 | ||
Provision (credit) | [1] | (208) | 2,735 | 2,928 | |
Ending balance | 5,637 | 5,847 | 6,043 | ||
Ending balance: Individually evaluated for expected credit loss | 91 | 43 | 4 | ||
Ending balance: Collectively evaluated for expected credit loss | 5,546 | 5,804 | 6,039 | ||
Loans [Abstract] | |||||
Loans: Ending Balance | [2] | 514,068 | 430,675 | 462,182 | |
Ending balance: Individually evaluated for impairment | 430 | 804 | 751 | ||
Ending balance: Collectively evaluated for impairment | 513,638 | 429,871 | 461,431 | ||
SBLOC/IBLOC [Member] | |||||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||||
Beginning balance | 775 | 553 | 553 | ||
CECL adjustment | (41) | (41) | |||
Charge-offs | (15) | ||||
Provision (credit) | [1] | 157 | 202 | 263 | |
Ending balance | 917 | 714 | 775 | ||
Ending balance: Collectively evaluated for expected credit loss | 917 | 714 | 775 | ||
Loans [Abstract] | |||||
Loans: Ending Balance | [2] | 1,834,523 | 1,428,253 | 1,550,086 | |
Ending balance: Collectively evaluated for impairment | 1,834,523 | 1,428,253 | 1,550,086 | ||
Advisor Financing [Member] | |||||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||||
Beginning balance | 362 | ||||
Charge-offs | |||||
Recoveries | |||||
Provision (credit) | [1] | 247 | 199 | 362 | |
Ending balance | 609 | 199 | 362 | ||
Ending balance: Individually evaluated for expected credit loss | |||||
Ending balance: Collectively evaluated for expected credit loss | 609 | 199 | 362 | ||
Loans [Abstract] | |||||
Loans: Ending Balance | [2] | 81,143 | 26,600 | 48,282 | |
Ending balance: Individually evaluated for impairment | |||||
Ending balance: Collectively evaluated for impairment | 81,143 | 26,600 | 48,282 | ||
Real Estate Bridge Lending [Member] | |||||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||||
Provision (credit) | [1] | 245 | |||
Ending balance | 245 | ||||
Ending balance: Collectively evaluated for expected credit loss | 245 | ||||
Loans [Abstract] | |||||
Loans: Ending Balance | [2] | 128,699 | |||
Ending balance: Collectively evaluated for impairment | 128,699 | ||||
Other Loans [Member] | |||||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||||
Beginning balance | 199 | 52 | 52 | ||
CECL adjustment | 178 | 178 | |||
Charge-offs | (10) | ||||
Provision (credit) | [1] | 19 | (39) | (31) | |
Ending balance | 208 | [3] | 191 | 199 | |
Ending balance: Individually evaluated for expected credit loss | 14 | ||||
Ending balance: Collectively evaluated for expected credit loss | 194 | 191 | 199 | ||
Loans [Abstract] | |||||
Loans: Ending Balance | [2] | 4,917 | 6,003 | 6,426 | |
Ending balance: Individually evaluated for impairment | 339 | 567 | 557 | ||
Ending balance: Collectively evaluated for impairment | 4,578 | 5,436 | 5,869 | ||
Unallocated [Member] | |||||
Changes in allowance for loan and lease losses by loan category [Abstract] | |||||
Beginning balance | 318 | 318 | |||
CECL adjustment | (318) | (318) | |||
Loans [Abstract] | |||||
Loans: Ending Balance | [2] | 11,078 | 6,308 | 8,939 | |
Ending balance: Collectively evaluated for impairment | $ 11,078 | $ 6,308 | $ 8,939 | ||
[1] | The amount shown as the provision for the period, reflects the provision on credit losses for loans, while the income statement provision for credit losses includes the provision for unfunded commitments. | ||||
[2] | The ending balance for loans in the unallocated column represents deferred costs and fees. | ||||
[3] | Included in Other loans are $ 25.0 million of SBA loans purchased for CRA purposes as of September 30, 2021. These loans are classified as SBL in the Company’s loan table which classify loans by type, as opposed to risk characteristics. |
Loans (Delinquent Loans By Loan
Loans (Delinquent Loans By Loan Category) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Non-accrual | $ 6,106 | $ 12,227 | ||||
Loans Receivable, Gross | 3,125,584 | 2,643,384 | ||||
Total loans, net of unamortized loan fees and costs | [1] | 3,136,662 | 2,652,323 | $ 2,488,760 | ||
30 to 59 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Loans Receivable, Gross | 4,022 | 5,342 | ||||
60 to 89 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Loans Receivable, Gross | 1,267 | 2,954 | ||||
90+ Days Still Accruing [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Loans Receivable, Gross | 1,569 | 497 | ||||
Total Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Loans Receivable, Gross | 12,964 | 21,020 | ||||
Current [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Loans Receivable, Gross | 3,123,698 | 2,631,303 | ||||
SBL Non Real Estate [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Non-accrual | 1,708 | 3,159 | ||||
Loans Receivable, Gross | 155,058 | 233,545 | ||||
Total loans, net of unamortized loan fees and costs | [1] | 171,845 | 255,318 | 293,488 | ||
SBL Non Real Estate [Member] | 30 to 59 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Loans Receivable, Gross | 1,622 | 1,760 | ||||
SBL Non Real Estate [Member] | 60 to 89 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Loans Receivable, Gross | 848 | 805 | ||||
SBL Non Real Estate [Member] | 90+ Days Still Accruing [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Loans Receivable, Gross | 1,085 | 110 | ||||
SBL Non Real Estate [Member] | Total Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Loans Receivable, Gross | 5,263 | 5,834 | ||||
SBL Non Real Estate [Member] | Current [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Loans Receivable, Gross | 166,582 | 249,484 | ||||
SBL Commercial Mortgage [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Non-accrual | 3,167 | 7,305 | ||||
Loans Receivable, Gross | 359,082 | 287,208 | ||||
Total loans, net of unamortized loan fees and costs | [1] | 367,272 | 300,817 | 270,264 | ||
SBL Commercial Mortgage [Member] | 30 to 59 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Loans Receivable, Gross | 17 | 87 | ||||
SBL Commercial Mortgage [Member] | 60 to 89 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Loans Receivable, Gross | 208 | 961 | ||||
SBL Commercial Mortgage [Member] | 90+ Days Still Accruing [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Loans Receivable, Gross | 417 | |||||
SBL Commercial Mortgage [Member] | Total Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Loans Receivable, Gross | 3,809 | 8,353 | ||||
SBL Commercial Mortgage [Member] | Current [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Loans Receivable, Gross | 363,463 | 292,464 | ||||
SBL Construction [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Non-accrual | 711 | 711 | ||||
Loans Receivable, Gross | 23,118 | 20,273 | ||||
Total loans, net of unamortized loan fees and costs | [1] | 23,117 | 20,273 | 27,169 | ||
SBL Construction [Member] | Total Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Loans Receivable, Gross | 711 | 711 | ||||
SBL Construction [Member] | Current [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Loans Receivable, Gross | 22,406 | 19,562 | ||||
Direct Lease Financing [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Non-accrual | 430 | 751 | ||||
Loans Receivable, Gross | 514,068 | 462,182 | ||||
Total loans, net of unamortized loan fees and costs | [1] | 514,068 | 462,182 | 430,675 | ||
Direct Lease Financing [Member] | 30 to 59 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Loans Receivable, Gross | 994 | 2,845 | ||||
Direct Lease Financing [Member] | 60 to 89 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Loans Receivable, Gross | 211 | 941 | ||||
Direct Lease Financing [Member] | 90+ Days Still Accruing [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Loans Receivable, Gross | 67 | 78 | ||||
Direct Lease Financing [Member] | Total Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Loans Receivable, Gross | 1,702 | 4,615 | ||||
Direct Lease Financing [Member] | Current [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Loans Receivable, Gross | 512,366 | 457,567 | ||||
SBLOC/IBLOC [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total loans, net of unamortized loan fees and costs | [1] | 1,834,523 | 1,550,086 | 1,428,253 | ||
SBLOC/IBLOC [Member] | 30 to 59 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Loans Receivable, Gross | 1,389 | 650 | ||||
SBLOC/IBLOC [Member] | 60 to 89 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Loans Receivable, Gross | 247 | |||||
SBLOC/IBLOC [Member] | 90+ Days Still Accruing [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Loans Receivable, Gross | 309 | |||||
SBLOC/IBLOC [Member] | Total Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Loans Receivable, Gross | 1,389 | 1,206 | ||||
SBLOC/IBLOC [Member] | Current [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Loans Receivable, Gross | 1,833,134 | 1,548,880 | ||||
Advisor Financing [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Loans Receivable, Gross | 81,143 | 48,282 | ||||
Total loans, net of unamortized loan fees and costs | [1] | 81,143 | 48,282 | 26,600 | ||
Advisor Financing [Member] | Current [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Loans Receivable, Gross | 81,143 | 48,282 | ||||
Real Estate Bridge Lending [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Loans Receivable, Gross | 128,699 | |||||
Total loans, net of unamortized loan fees and costs | [1] | 128,699 | ||||
Real Estate Bridge Lending [Member] | Current [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Loans Receivable, Gross | 128,699 | |||||
Other Loans [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Non-accrual | 90 | 301 | ||||
Loans Receivable, Gross | 29,893 | [2] | 41,808 | [3] | ||
Total loans, net of unamortized loan fees and costs | [1] | 4,917 | 6,426 | $ 6,003 | ||
Other Loans [Member] | Total Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Loans Receivable, Gross | 90 | 301 | ||||
Other Loans [Member] | Current [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Loans Receivable, Gross | 4,827 | 6,125 | ||||
Consumer - Other [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Non-accrual | 14 | |||||
Consumer - Home Equity [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Non-accrual | 76 | 301 | ||||
Unamortized Loan Fees And Costs [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total loans, net of unamortized loan fees and costs | 11,078 | 8,939 | ||||
Unamortized Loan Fees And Costs [Member] | Current [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Loans Receivable, Gross | $ 11,078 | $ 8,939 | ||||
[1] | The ending balance for loans in the unallocated column represents deferred costs and fees. | |||||
[2] | Included in Other loans are $ 25.0 million of SBA loans purchased for CRA purposes as of September 30, 2021. These loans are classified as SBL in the Company’s loan table which classify loans by type, as opposed to risk characteristics. | |||||
[3] | Included in Other loans are $ 35.4 million of SBA loans purchased for CRA purposes as of December 31, 2020. These loans are classified as SBL in the Company’s loan table which classify loans by type, as opposed to risk characteristics. |
Loans (Scheduled Maturities of
Loans (Scheduled Maturities of Direct Financing Leases) (Details) $ in Thousands | Sep. 30, 2021USD ($) | |
Recent Accounting Pronouncements [Abstract] | ||
Remaining 2021 | $ 47,882 | |
2022 | 146,333 | |
2023 | 111,954 | |
2024 | 69,895 | |
2025 | 34,726 | |
2026 and thereafter | 12,823 | |
Total undiscounted cash flows | 423,613 | |
Residual value | 142,558 | [1] |
Difference between undiscounted cash flows and discounted cash flows | (52,103) | |
Present value of lease payments recorded as lease receivables | 514,068 | |
Direct residual value not guaranteed | $ 31,122 | |
[1] | Of the $ 142,558,000 , $ 31,122,000 is not guaranteed by the lessee or other guarantors. |
Transactions With Affiliates (D
Transactions With Affiliates (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||
Deposits | $ 5,112,512,000 | $ 5,462,060,000 | |
Payments to acquire available-for-sale securities, debt | 246,958,000 | $ 27,658,000 | |
Affiliated Entity [Member] | |||
Related Party Transaction [Line Items] | |||
Deposits | 0 | 0 | |
Directors, Executive Officers, Principal Stockholders and Affiliates [Member] | |||
Related Party Transaction [Line Items] | |||
Due from related parties | 3,200,000 | $ 4,700,000 | |
J.V.B. Financial Group, LLC (JVB) [Member] | |||
Related Party Transaction [Line Items] | |||
Amount of purchases from affiliates | 0 | 0 | |
Duane Morris LLP [Member] | |||
Related Party Transaction [Line Items] | |||
Payment for legal services | $ 1,500,000 | $ 1,400,000 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) | Dec. 30, 2014USD ($)loan | Sep. 30, 2021USD ($)loan | Jun. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)loan | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | 0 | 0 | 0 | 0 | ||||
Investment in unconsolidated entity | $ 31,294,000 | |||||||
Transfer of loans from investment in unconsolidated entity upon its dissolution | $ 22,900,000 | 22,926,000 | ||||||
Transfer to Other Real Estate | 2,100,000 | 2,145,000 | $ 3,780,000 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | $ 0 | ||||||
Cash and cash equivalents | 317,300,000 | 317,300,000 | 345,500,000 | |||||
Collateral dependent loans | 6,900,000 | 6,900,000 | ||||||
Specific reserves and other write downs on impaired loans | $ 1,812,000 | $ 1,812,000 | 3,177,000 | |||||
Number of troubled debt restructured loans | loan | 9 | 9 | ||||||
Troubled debt restructured loans balance | $ 1,439,000 | 1,631,000 | ||||||
Troubled debt restructured loans, specific reserve | $ 626,000 | 626,000 | ||||||
Other real estate owned | 2,145,000 | $ 2,145,000 | 0 | |||||
Minimum [Member] | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Estimated selling costs | 7.00% | |||||||
Maximum [Member] | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Estimated selling costs | 10.00% | |||||||
Walnut Street [Member] | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Loans, face value | $ 267,600,000 | |||||||
Proceeds from Sale of Loans Receivable | 209,600,000 | |||||||
Notes Payable | $ 193,600,000 | |||||||
Number of notes | loan | 2 | |||||||
Walnut Street [Member] | Senior Debt [Member] | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Senior Notes | $ 178,200,000 | |||||||
Interest rate (in hundredths) | 1.50% | |||||||
Walnut Street [Member] | Junior Subordinated Debt [Member] | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Junior Subordinated Notes | $ 15,400,000 | |||||||
Interest rate (in hundredths) | 10.00% | |||||||
Fair Value, Measurements, Nonrecurring [Member] | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Collateral dependent loans | [1] | 5,068,000 | $ 5,068,000 | $ 9,578,000 | ||||
Other real estate owned | $ 2,145,000 | $ 2,145,000 | ||||||
Reclassification, Other [Member] | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Investment in unconsolidated entity | $ (25,000,000) | |||||||
[1] | The method of valuation approach for the collateral dependent loans was the market value approach based upon appraisals of the underlying collateral by external appraisers, reduced by 7 % to 10 % for estimated selling costs. Intangible assets are valued based upon internal analyses. |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Amount And Estimated Fair Value Of Assets And Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | ||
Carrying amount and estimated fair value of assets and liabilities [Abstract] | ||||
Investment securities available-for-sale | $ 1,054,223 | $ 1,206,164 | ||
Commercial loans, at fair value | 1,550,000 | |||
Short-term borrowings | 300,000 | |||
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||||
Carrying amount and estimated fair value of assets and liabilities [Abstract] | ||||
Securities sold under agreements to repurchase | 42 | 42 | ||
Short-term borrowings | 300,000 | |||
Significant Other Observable Inputs (Level 2) [Member] | ||||
Carrying amount and estimated fair value of assets and liabilities [Abstract] | ||||
Investment securities available-for-sale | 984,961 | 1,027,213 | ||
Interest rate swaps, liability | 895 | 2,223 | ||
Demand and interest checking | 4,734,352 | 5,205,010 | ||
Savings and money market | 378,160 | 257,050 | ||
Senior debt | 101,433 | 104,111 | ||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Carrying amount and estimated fair value of assets and liabilities [Abstract] | ||||
Investment securities available-for-sale | 69,262 | 178,951 | ||
Federal Home Loan Bank and Atlantic Central Bankers Bank stock | 1,663 | 1,368 | ||
Commercial loans, at fair value | 1,550,025 | 1,810,812 | [1] | |
Loans, net of deferred loan fees and costs | 3,129,602 | 2,650,613 | ||
Investment in unconsolidated entity | 31,294 | |||
Assets held-for-sale from discontinued operations | [2] | 87,904 | 113,650 | [1] |
Subordinated debentures | 8,663 | 9,102 | ||
Carrying Amount [Member] | ||||
Carrying amount and estimated fair value of assets and liabilities [Abstract] | ||||
Investment securities available-for-sale | 1,054,223 | 1,206,164 | ||
Federal Home Loan Bank and Atlantic Central Bankers Bank stock | 1,663 | 1,368 | ||
Commercial loans, at fair value | 1,550,025 | 1,810,812 | ||
Loans, net of deferred loan fees and costs | 3,136,662 | 2,652,323 | ||
Investment in unconsolidated entity | 31,294 | |||
Assets held-for-sale from discontinued operations | 87,904 | 113,650 | ||
Interest rate swaps, liability | 895 | 2,223 | ||
Demand and interest checking | 4,734,352 | 5,205,010 | ||
Savings and money market | 378,160 | 257,050 | ||
Senior debt | 98,590 | 98,314 | ||
Subordinated debentures | 13,401 | 13,401 | ||
Securities sold under agreements to repurchase | 42 | 42 | ||
Short-term borrowings | 300,000 | |||
Estimated Fair Value [Member] | ||||
Carrying amount and estimated fair value of assets and liabilities [Abstract] | ||||
Investment securities available-for-sale | 1,054,223 | 1,206,164 | ||
Federal Home Loan Bank and Atlantic Central Bankers Bank stock | 1,663 | 1,368 | ||
Commercial loans, at fair value | 1,550,025 | 1,810,812 | ||
Loans, net of deferred loan fees and costs | 3,129,602 | 2,650,613 | ||
Investment in unconsolidated entity | 31,294 | |||
Assets held-for-sale from discontinued operations | 87,904 | 113,650 | ||
Interest rate swaps, liability | 895 | 2,223 | ||
Demand and interest checking | 4,734,352 | 5,205,010 | ||
Savings and money market | 378,160 | 257,050 | ||
Senior debt | 101,433 | 104,111 | ||
Subordinated debentures | 8,663 | 9,102 | ||
Securities sold under agreements to repurchase | 42 | $ 42 | ||
Short-term borrowings | $ 300,000 | |||
[1] | Insurance liquidating trust preferred is a single debenture which is valued using discounted cash flow analysis. The discount rate used is based on the market rate on comparable relatively illiquid instruments and credit analysis. A change in the liquidating trust’s ability to repay the note, or an increase in interest rates, particularly for privately placed debentures, would affect the discount rate and thus the valuation. As a single security, the weighted average rate shown is the actual rate applied to the security. | |||
[2] | Assets held-for-sale from discontinued operations are valued using discounted cash flow by an independent valuation consultant using loan performance, other credit characteristics and market interest rate comparisons. Changes in those factors could change the valuation. |
Fair Value Measurements (Assets
Fair Value Measurements (Assets Measured At Fair Value On A Recurring And Nonrecurring Basis) (Details) - USD ($) | 9 Months Ended | |||
Sep. 30, 2021 | Dec. 31, 2020 | |||
Assets measured at fair value on a recurring basis [Abstract] | ||||
Debt Securities, Available-for-sale, Total | $ 1,054,223,000 | $ 1,206,164,000 | ||
Commercial loans, at fair value | 1,550,000,000 | |||
Assets measured on a nonrecurring basis [Abstract] | ||||
Collateral dependent loans | 6,900,000 | |||
Other real estate owned | 2,145,000 | 0 | ||
Fair Value, Measurements, Recurring [Member] | ||||
Assets measured at fair value on a recurring basis [Abstract] | ||||
U.S. Government agency securities | 39,120,000 | 47,197,000 | ||
Asset-backed securities | 368,913,000 | 238,361,000 | ||
Obligations of states and political subdivisions | 52,797,000 | 56,354,000 | ||
Residential mortgage-backed securities | 199,270,000 | 266,583,000 | ||
Collateralized mortgage obligation securities | 76,342,000 | 148,530,000 | ||
Commercial mortgage-backed securities | 311,276,000 | 367,280,000 | ||
Corporate debt securities | 6,505,000 | 81,859,000 | ||
Debt Securities, Available-for-sale, Total | 1,054,223,000 | 1,206,164,000 | ||
Commercial loans, at fair value | 1,550,025,000 | 1,810,812,000 | ||
Investment in unconsolidated entity | 31,294,000 | |||
Assets held-for-sale from discontinued operations | 87,904,000 | 113,650,000 | ||
Interest rate swaps, liability | 895,000 | 2,223,000 | ||
Total assets | 2,691,257,000 | 3,159,697,000 | ||
Fair Value, Measurements, Nonrecurring [Member] | ||||
Assets measured on a nonrecurring basis [Abstract] | ||||
Collateral dependent loans | [1] | 5,068,000 | 9,578,000 | |
Other real estate owned | 2,145,000 | |||
Intangible assets | 2,547,000 | 2,845,000 | ||
Assets nonrecurring | 9,760,000 | 12,423,000 | ||
Significant Other Observable Inputs (Level 2) [Member] | ||||
Assets measured at fair value on a recurring basis [Abstract] | ||||
Debt Securities, Available-for-sale, Total | 984,961,000 | 1,027,213,000 | ||
Interest rate swaps, liability | 895,000 | 2,223,000 | ||
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets measured at fair value on a recurring basis [Abstract] | ||||
U.S. Government agency securities | 39,120,000 | 47,197,000 | ||
Asset-backed securities | 368,913,000 | 238,361,000 | ||
Obligations of states and political subdivisions | 52,797,000 | 56,354,000 | ||
Residential mortgage-backed securities | 199,270,000 | 266,583,000 | ||
Collateralized mortgage obligation securities | 76,342,000 | 148,530,000 | ||
Commercial mortgage-backed securities | 248,519,000 | 270,188,000 | ||
Debt Securities, Available-for-sale, Total | 984,961,000 | 1,027,213,000 | ||
Interest rate swaps, liability | 895,000 | 2,223,000 | ||
Total assets | 984,066,000 | 1,024,990,000 | ||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Assets measured at fair value on a recurring basis [Abstract] | ||||
Corporate debt securities | [2] | 75,094,000 | ||
Debt Securities, Available-for-sale, Total | 69,262,000 | 178,951,000 | ||
Commercial loans, at fair value | 1,550,025,000 | 1,810,812,000 | [2] | |
Investment in unconsolidated entity | 31,294,000 | |||
Assets held-for-sale from discontinued operations | [3] | 87,904,000 | 113,650,000 | [2] |
Assets measured on a nonrecurring basis [Abstract] | ||||
Other real estate owned | 2,145,000 | |||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets measured at fair value on a recurring basis [Abstract] | ||||
Commercial mortgage-backed securities | 62,757,000 | 97,092,000 | ||
Corporate debt securities | 6,505,000 | 81,859,000 | ||
Debt Securities, Available-for-sale, Total | 69,262,000 | 178,951,000 | ||
Commercial loans, at fair value | 1,550,025,000 | 1,810,812,000 | ||
Investment in unconsolidated entity | 31,294,000 | |||
Assets held-for-sale from discontinued operations | 87,904,000 | 113,650,000 | ||
Total assets | 1,707,191,000 | 2,134,707,000 | ||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
Assets measured on a nonrecurring basis [Abstract] | ||||
Collateral dependent loans | [1] | 5,068,000 | 9,578,000 | |
Other real estate owned | 2,145,000 | |||
Intangible assets | 2,547,000 | 2,845,000 | ||
Assets nonrecurring | $ 9,760,000 | $ 12,423,000 | ||
Minimum [Member] | ||||
Assets measured on a nonrecurring basis [Abstract] | ||||
Estimated Selling Costs | 7.00% | |||
Maximum [Member] | ||||
Assets measured on a nonrecurring basis [Abstract] | ||||
Estimated Selling Costs | 10.00% | |||
[1] | The method of valuation approach for the collateral dependent loans was the market value approach based upon appraisals of the underlying collateral by external appraisers, reduced by 7 % to 10 % for estimated selling costs. Intangible assets are valued based upon internal analyses. | |||
[2] | Insurance liquidating trust preferred is a single debenture which is valued using discounted cash flow analysis. The discount rate used is based on the market rate on comparable relatively illiquid instruments and credit analysis. A change in the liquidating trust’s ability to repay the note, or an increase in interest rates, particularly for privately placed debentures, would affect the discount rate and thus the valuation. As a single security, the weighted average rate shown is the actual rate applied to the security. | |||
[3] | Assets held-for-sale from discontinued operations are valued using discounted cash flow by an independent valuation consultant using loan performance, other credit characteristics and market interest rate comparisons. Changes in those factors could change the valuation. |
Fair Value Measurements (Change
Fair Value Measurements (Changes In Company's Level 3 Assets) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Assets Held-For-Sale [Member] | ||
Changes in Company's Level 3 assets [Roll Forward] | ||
Beginning balance | $ 113,650 | $ 140,657 |
Total (losses) or gains (realized/unrealized) Included in earnings | 1,115 | (3,326) |
Purchases, issuances, sales, settlements and charge-offs | ||
Issuances | 3,715 | 4,942 |
Sales | (2,020) | (1,482) |
Settlements | (28,556) | (26,846) |
Charge-offs | (295) | |
Ending balance | 87,904 | 113,650 |
Total losses year to date included in earnings attributable to the change in unrealized gains or losses relating to assets still held at the reporting date as shown above | 498 | (2,664) |
Investment In Unconsolidated Entity [Member] | ||
Changes in Company's Level 3 assets [Roll Forward] | ||
Beginning balance | 31,294 | 39,154 |
Total (losses) or gains (realized/unrealized) Included in earnings | (45) | |
Purchases, issuances, sales, settlements and charge-offs | ||
Settlements | (6,223) | (7,815) |
Ending balance | 31,294 | |
Total losses year to date included in earnings attributable to the change in unrealized gains or losses relating to assets still held at the reporting date as shown above | (45) | |
Available For Sale Securities [Member] | ||
Changes in Company's Level 3 assets [Roll Forward] | ||
Beginning balance | 178,951 | 117,333 |
Reclass of held-to-maturity securities to available-for-sale | 85,151 | |
Total (losses) or gains (realized/unrealized) Included in earnings | (676) | |
Total (losses) or gains (realized/unrealized) Included in other comprehensive loss | (1,096) | (2,121) |
Purchases, issuances, sales, settlements and charge-offs | ||
Settlements | (107,917) | (21,412) |
Ending balance | 69,262 | 178,951 |
Total losses year to date included in earnings attributable to the change in unrealized gains or losses relating to assets still held at the reporting date as shown above | (879) | |
Commercial Loans At Fair Value [Member] | ||
Changes in Company's Level 3 assets [Roll Forward] | ||
Beginning balance | 1,810,812 | 1,180,546 |
Total (losses) or gains (realized/unrealized) Included in earnings | 5,315 | (1,883) |
Purchases, issuances, sales, settlements and charge-offs | ||
Issuances | 62,151 | 721,590 |
Settlements | (351,179) | (89,441) |
Ending balance | 1,550,025 | 1,810,812 |
Total losses year to date included in earnings attributable to the change in unrealized gains or losses relating to assets still held at the reporting date as shown above | (1,953) | $ (3,567) |
Commercial Loans At Fair Value [Member] | Investment In Unconsolidated Entity [Member] | ||
Changes in Company's Level 3 assets [Roll Forward] | ||
Transfers into level 3 | 22,926 | |
Transfers out of level 3 | (22,926) | |
Other Real Estate Owned [Member] | Investment In Unconsolidated Entity [Member] | ||
Changes in Company's Level 3 assets [Roll Forward] | ||
Transfers out of level 3 | $ (2,145) |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Other Real Estate Owned) (Details) | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Fair Value Measurements [Abstract] | |
Beginning balance | $ 0 |
Transfers from investment in unconsolidated entity | 2,145,000 |
Ending balance | $ 2,145,000 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Inputs, Assets, Quantitative Information) (Details) $ in Thousands | 9 Months Ended | ||||
Sep. 30, 2021USD ($)item | Dec. 31, 2020USD ($)item | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Investment securities available-for-sale | $ | $ 1,054,223 | $ 1,206,164 | |||
Commercial loans held for sale | $ | 1,550,000 | ||||
Investment in unconsolidated entity | $ | $ 31,294 | ||||
Paycheck Protection Program Loans [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Loans, net of deferred loan fees and costs | $ | $ 71,300 | ||||
Loans, interest rate | 1.00% | ||||
Measurement Input, Default Rate [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Investment in unconsolidated entity, measurement input | 0.0100 | ||||
Measurement Input, Discount Rate [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Investment in unconsolidated entity, measurement input | 0.0393 | ||||
Subordinated debentures, measurement input | 0.0661 | ||||
Minimum [Member] | Measurement Input, Discount Rate [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Loans, net of deferred loan fees and costs, measurement input | 0.0100 | ||||
Assets held-for-sale from discontinued operations, measurement input | 0.0255 | ||||
Maximum [Member] | Measurement Input, Discount Rate [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Loans, net of deferred loan fees and costs, measurement input | 0.0636 | ||||
Assets held-for-sale from discontinued operations, measurement input | 0.0683 | ||||
Weighted Average [Member] | Measurement Input, Default Rate [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Investment in unconsolidated entity, measurement input | 0.0100 | ||||
Weighted Average [Member] | Measurement Input, Discount Rate [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Loans, net of deferred loan fees and costs, measurement input | 0.0360 | 0.0282 | |||
Investment in unconsolidated entity, measurement input | 0.0393 | ||||
Assets held-for-sale from discontinued operations, measurement input | 0.0469 | 0.0415 | |||
Subordinated debentures, measurement input | 0.0661 | ||||
Commercial Mortgage-backed Securities [Member] | Minimum [Member] | Measurement Input, Discount Rate [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Investment securities available-for-sale, measurement input | 0.0311 | 0.0368 | |||
Commercial Mortgage-backed Securities [Member] | Maximum [Member] | Measurement Input, Discount Rate [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Investment securities available-for-sale, measurement input | 0.0771 | 0.0830 | |||
Commercial Mortgage-backed Securities [Member] | Weighted Average [Member] | Measurement Input, Discount Rate [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Investment securities available-for-sale, measurement input | 0.0400 | 0.0462 | |||
Insurance Liquidating Trust Preferred Security [Member] | Measurement Input, Discount Rate [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Investment securities available-for-sale, measurement input | 0.0700 | 0.0661 | |||
Insurance Liquidating Trust Preferred Security [Member] | Weighted Average [Member] | Measurement Input, Discount Rate [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Investment securities available-for-sale, measurement input | 0.0700 | 0.0661 | |||
Commercial - SBA [Member] | Minimum [Member] | Measurement Input, Offered Price [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Commercial loans held for sale, measurement input | 100 | [1] | 100 | ||
Commercial - SBA [Member] | Maximum [Member] | Measurement Input, Offered Price [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Commercial loans held for sale, measurement input | 106 | [1] | 117.80 | ||
Commercial - SBA [Member] | Weighted Average [Member] | Measurement Input, Offered Price [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Commercial loans held for sale, measurement input | 103.5 | 105.60 | |||
Non-SBA CRE - Fixed [Member] | Minimum [Member] | Measurement Input, Discount Rate [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Commercial loans held for sale, measurement input | 0.0572 | [2] | 0.0516 | ||
Non-SBA CRE - Fixed [Member] | Maximum [Member] | Measurement Input, Discount Rate [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Commercial loans held for sale, measurement input | 0.0744 | 0.0732 | |||
Non-SBA CRE - Fixed [Member] | Weighted Average [Member] | Measurement Input, Discount Rate [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Commercial loans held for sale, measurement input | 0.0585 | 0.0603 | |||
Non-SBA CRE - Floating [Member] | Minimum [Member] | Measurement Input, Discount Rate [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Commercial loans held for sale, measurement input | 0.0396 | [3] | 0.0396 | ||
Non-SBA CRE - Floating [Member] | Maximum [Member] | Measurement Input, Discount Rate [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Commercial loans held for sale, measurement input | 0.082 | 0.0970 | |||
Non-SBA CRE - Floating [Member] | Weighted Average [Member] | Measurement Input, Discount Rate [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Commercial loans held for sale, measurement input | 0.0486 | 0.0491 | |||
Assets Held-For-Sale [Member] | Minimum [Member] | Measurement Input, Discount Rate [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Assets held-for-sale from discontinued operations, measurement input | [4] | 0.0337 | |||
Assets Held-For-Sale [Member] | Maximum [Member] | Measurement Input, Discount Rate [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Assets held-for-sale from discontinued operations, measurement input | [4] | 0.0658 | |||
Subordinated Debentures [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Number Of Debt Instruments | 2 | ||||
Subordinated Debentures [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | ||||
Subordinated Debentures [Member] | Measurement Input, Discount Rate [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Subordinated debentures, measurement input | 0.0700 | ||||
Subordinated Debentures [Member] | Weighted Average [Member] | Measurement Input, Discount Rate [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Subordinated debentures, measurement input | 0.0700 | ||||
Corporate Debt Securities [Member] | Measurement Input, Price Indications [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Investment securities available-for-sale, measurement input | 100.13 | ||||
Corporate Debt Securities [Member] | Weighted Average [Member] | Measurement Input, Price Indications [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Investment securities available-for-sale, measurement input | 100.13 | ||||
Loans, Net Of Deferred Loan Fees And Costs [Member] | Minimum [Member] | Measurement Input, Discount Rate [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Loans, net of deferred loan fees and costs, measurement input | [5] | 0.0100 | |||
Loans, Net Of Deferred Loan Fees And Costs [Member] | Maximum [Member] | Measurement Input, Discount Rate [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Loans, net of deferred loan fees and costs, measurement input | [5] | 0.0700 | |||
Significant Unobservable Inputs (Level 3) [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Investment securities available-for-sale | $ | $ 69,262 | $ 178,951 | |||
Corporate debt securities | $ | [6] | 75,094 | |||
Federal Home Loan Bank And Atlantic Central Bankers Bank stock | $ | 1,663 | 1,368 | [6] | ||
Loans, net of deferred loan fees and costs | $ | [5] | 3,129,602 | 2,650,613 | [6] | |
Commercial loans held for sale | $ | 1,550,025 | 1,810,812 | [6] | ||
Investment in unconsolidated entity | $ | [6] | 31,294 | |||
Assets held-for-sale from discontinued operations | $ | [4] | 87,904 | 113,650 | [6] | |
Subordinated debentures | $ | [6],[7] | 9,102 | |||
Significant Unobservable Inputs (Level 3) [Member] | Commercial Mortgage-backed Securities [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Investment securities available-for-sale | $ | 62,757 | [8] | 97,092 | [6] | |
Significant Unobservable Inputs (Level 3) [Member] | Insurance Liquidating Trust Preferred Security [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Investment securities available-for-sale | $ | [6] | 6,505 | 6,765 | ||
Significant Unobservable Inputs (Level 3) [Member] | Commercial - SBA [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Commercial loans held for sale | $ | [1] | 214,301 | 243,562 | [6] | |
Significant Unobservable Inputs (Level 3) [Member] | Non-SBA CRE - Fixed [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Commercial loans held for sale | $ | [2] | 85,075 | 87,288 | [6] | |
Significant Unobservable Inputs (Level 3) [Member] | Non-SBA CRE - Floating [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Commercial loans held for sale | $ | [3] | 1,250,649 | $ 1,479,962 | [6] | |
Significant Unobservable Inputs (Level 3) [Member] | Subordinated Debentures [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Subordinated debentures | $ | [7] | $ 8,663 | |||
[1] | Commercial-SBL (SBA Loans) are comprised of the government guaranteed portion of SBA insured loans. Their valuation is based upon dealer pricing indications. A limited number of broker/dealers originate the pooled securities for which the loans are purchased and as a result, prices can fluctuate based on such limited market demand, although the government guarantee has resulted in consistent historical demand. Valuations are also impacted by prepayment assumptions resulting from both voluntary payoffs and defaults. | ||||
[2] | Non-SBA CRE-fixed are fixed rate non-SBA commercial real estate mortgages. Discount rates used in applying discounted cash flow analysis are based upon loan terms, the current origination rates for similar loans and the quality of the credit. | ||||
[3] | Non-SBA CRE-floating are floating rate non-SBA loans, the vast majority of which are secured by multi-family properties. These are bridge loans designed to provide owners time and funding for property improvements and are generally valued internally using discounted cash flow analysis. The discount rate for the vast majority of these loans, which are multi-family, was based upon current origination rates for similar loans. Certain of these loans are fair valued by a third-party, based upon discounting at market rates for similar loans. | ||||
[4] | Assets held-for-sale from discontinued operations are valued using discounted cash flow by an independent valuation consultant using loan performance, other credit characteristics and market interest rate comparisons. Changes in those factors could change the valuation. | ||||
[5] | Loans, net of deferred loan fees and costs are valued using discounted cash flow analysis. Discount rates are based upon available information for estimated current origination rates for each loan type. Origination rates may fluctuate based upon changes in the risk free (Treasury) rate and credit experience for each loan type. At September 30, 2021, the balance included $ 71.3 million of Paycheck Protection Program loans, which bear interest at 1 %, but also earn fees. | ||||
[6] | Insurance liquidating trust preferred is a single debenture which is valued using discounted cash flow analysis. The discount rate used is based on the market rate on comparable relatively illiquid instruments and credit analysis. A change in the liquidating trust’s ability to repay the note, or an increase in interest rates, particularly for privately placed debentures, would affect the discount rate and thus the valuation. As a single security, the weighted average rate shown is the actual rate applied to the security. | ||||
[7] | Subordinated debentures are comprised of two subordinated notes issued by the Company, maturing in 2038 with a floating rate of 3-month LIBOR plus 3.25 %. These notes are valued using discounted cash flow analysis. The discount rate is based on the market rate for comparable relatively illiquid instruments. Changes in those market rates, or the credit of the Company could result in changes in the valuation. | ||||
[8] | Commercial mortgage backed investment securities, consisting of Bank sponsored CRE securities, are valued using discounted cash flow analyses. The discount rates applied are based upon market observations for comparable securities and implicitly assume market averages for defaults and loss severities. Each of the securities has some credit enhancement, or protection from other tranches in the issue, which limit their valuation exposure to credit losses. Nonetheless, increases in expected default rates or loss severities on the loans underlying the issue could reduce their value. In market environments in which investors demand greater yield compensation for credit risk, the discount rate applied would ordinarily be higher and the valuation lower. Changes in prepayments and loss experience could also change the interest earned on these holdings in future periods and impact fair values. |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Derivative [Line Items] | |
Notional Amount | $ 21,300 |
Receivable under agreements | 895 |
Cash collateral | 2,300 |
Interest Rate Swap [Member] | |
Derivative [Line Items] | |
Fair value adjustment on derivatives, loss | $ 1,300 |
Derivatives (Summary Of Derivat
Derivatives (Summary Of Derivatives) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Derivative [Line Items] | |
Notional Amount | $ 21,300 |
Fair Value | $ (895) |
December 23, 2025 [Member] | |
Derivative [Line Items] | |
Maturity Date | Dec. 23, 2025 |
Notional Amount | $ 6,800 |
Interest rate paid (in hundredths) | 2.16% |
Interest rate received (in hundredths) | 0.13% |
Fair Value | $ (348) |
December 24, 2025 [Member] | |
Derivative [Line Items] | |
Maturity Date | Dec. 24, 2025 |
Notional Amount | $ 8,200 |
Interest rate paid (in hundredths) | 2.17% |
Interest rate received (in hundredths) | 0.13% |
Fair Value | $ (426) |
July 20, 2026 [Member] | |
Derivative [Line Items] | |
Maturity Date | Jul. 20, 2026 |
Notional Amount | $ 6,300 |
Interest rate paid (in hundredths) | 1.44% |
Interest rate received (in hundredths) | 0.13% |
Fair Value | $ (121) |
Other Identifiable Intangible_2
Other Identifiable Intangible Assets (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Jan. 31, 2020 | May 31, 2016 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||||||
Amortization of intangible assets | $ 99,000 | $ 147,000 | $ 298,000 | $ 441,000 | |||
Excess of consideration issued over book value of assets acquired | $ 1,600,000 | ||||||
McMahon Leasing [Member] | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Goodwill | 263,000 | ||||||
Payments for purchase of business | 8,700,000 | ||||||
Extinguishment of debt | 3,900,000 | ||||||
Investment in subsidiary | 3,100,000 | ||||||
Acquired finite-lived intangible assets | 1,100,000 | ||||||
Lease receivable and inventory fair value adjustment | 550,000 | ||||||
Purchase of lease receivables | 9,900,000 | ||||||
Purchase of automobile inventory and other assets | 958,000 | ||||||
Customer List Intangibles [Member] | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Acquisition purchase price | $ 60,000,000 | ||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 10 years | ||||||
Amortization of intangible assets over five years | 1,500,000 | ||||||
Gross intangible assets | $ 3,400,000 | 3,400,000 | 3,400,000 | $ 3,400,000 | |||
Accumulated amortization | 1,800,000 | 1,800,000 | $ 1,600,000 | ||||
Amortization of intangible assets | $ 340,000 | ||||||
Customer List Intangibles [Member] | McMahon Leasing [Member] | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Estimated useful life | 12 years | ||||||
Accumulated amortization | 100,000 | $ 100,000 | |||||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 57,000 | 57,000 | |||||
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year | 57,000 | 57,000 | |||||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 57,000 | 57,000 | |||||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 57,000 | 57,000 | |||||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 57,000 | 57,000 | |||||
Finite-Lived Intangible Assets, Net | $ 285,000 | $ 285,000 | |||||
Gross Carrying Amount | 689,000 | ||||||
Leases [Member] | McMahon Leasing [Member] | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Excess of consideration issued over book value of assets acquired | 453,000 | ||||||
Trade Names [Member] | McMahon Leasing [Member] | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Acquired finite-lived intangible assets | $ 135,000 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2021 | Oct. 20, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | |
Equity, Class of Treasury Stock [Line Items] | |||||
Amount per quarter planned for stock repurchase | $ 10 | $ 10 | $ 10 | $ 10 | |
Share repurchased during period, shares | 440,887 | 1,484,630 | |||
Average cost of repurchased stock (in dollars per share) | $ 22.68 | $ 20.21 | |||
Stock Repurchase Program, Authorized Amount | $ 10 | $ 10 | $ 10 | $ 10 | |
Subsequent Event [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Amount per quarter planned for stock repurchase | $ 60 | ||||
Stock Repurchase Program Authorized Increase Amount | 15 | ||||
Stock Repurchase Program, Authorized Amount | $ 60 |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2021 | |
Regulatory Matters [Abstract] | |
Percentage of net profits from preceding period for which dividend is paid to surplus fund (in hundredths) | 50.00% |
Percentage of capital stock (in hundredths) | 50.00% |
Percentage of net profits from preceding period for which dividend is paid to surplus fund thereafter (in hundredths) | 25.00% |
Percentage of capital stock thereafter (in hundredths) | 100.00% |
Regulatory Matters (Schedule Of
Regulatory Matters (Schedule Of Regulatory Capital Amounts) (Details) | Sep. 30, 2021 | Dec. 31, 2020 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 capital to average assets ratio "Well capitalized" institution (under FDIC regulations-Basel III) | 0.0500 | 0.0500 |
Tier 1 capital to risk-weighted assets ratio "Well capitalized" institution (under FDIC regulations-Basel III) | 0.0800 | 0.0800 |
Total capital to risk-weighted assets ratio "Well capitalized" institution (under FDIC regulations-Basel III) | 0.1000 | 0.1000 |
Common equity tier 1 to risk weighted assets "Well capitalized" institution (under FDIC regulations-Basel III) | 0.0650 | 0.0650 |
The Bancorp, Inc. [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 capital to average assets ratio | 0.0982 | 0.0920 |
Tier 1 capital to risk-weighted assets ratio | 0.1569 | 0.1443 |
Total capital to risk-weighted assets ratio (in hundredths) | 0.1610 | 0.1484 |
Common equity tier 1 to risk weighted assets | 0.1569 | 0.1443 |
The Bancorp Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 capital to average assets ratio | 0.1024 | 0.0911 |
Tier 1 capital to risk-weighted assets ratio | 0.1629 | 0.1427 |
Total capital to risk-weighted assets ratio (in hundredths) | 0.1669 | 0.1468 |
Common equity tier 1 to risk weighted assets | 0.1629 | 0.1427 |
Legal (Details)
Legal (Details) - USD ($) | Sep. 14, 2021 | Jan. 12, 2021 | Apr. 29, 2020 |
Cascade Funding, LP – Series 6 v. The Bancorp Bank [Member] | |||
Loss Contingency, Damages Sought, Value | $ 12,500,000 | ||
Barker [Member] | |||
Loss Contingency, Damages Sought, Value | $ 4,135,142 | ||
Kamai [Member] | |||
Loss Contingency, Damages Sought, Value | 901,088 | ||
McGlynn [Member] | |||
Loss Contingency, Damages Sought, Value | $ 2,909,627 | ||
Cachet [Member] | |||
Loss Contingency, Damages Sought, Value | $ 150,000,000 |
Segment Financials (Narrative)
Segment Financials (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2021segment | |
Segment Financials [Abstract] | |
Continuing operation segments | 4 |
Segment Financials (Schedule Of
Segment Financials (Schedule Of Segment Financials) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||||||
Interest income | $ 53,500 | $ 52,478 | $ 167,403 | $ 155,843 | |||||
Interest expense | 2,607 | 2,482 | 8,684 | 12,690 | |||||
Net interest income | 50,893 | 49,996 | 158,719 | 143,153 | |||||
Provision for credit losses | 1,613 | 1,297 | 1,484 | 5,798 | |||||
Non-interest income | 26,588 | 24,352 | 76,523 | 61,317 | |||||
Non-interest expense | 39,384 | 42,026 | 125,150 | 123,064 | |||||
Income before income tax | 36,484 | 31,025 | 108,608 | 75,608 | |||||
Income tax expense | 8,289 | 7,894 | 25,195 | 19,033 | |||||
Net income from continuing operations | 28,195 | 23,131 | 83,413 | 56,575 | |||||
Income (Loss) from discontinued operations | 66 | 123 | 248 | (662) | |||||
Net income | 28,261 | $ 29,435 | $ 25,965 | 23,254 | $ 20,068 | $ 12,591 | 83,661 | 55,913 | |
Total assets | 6,268,463 | 6,268,463 | $ 6,276,841 | ||||||
Total liabilities | 5,630,486 | 5,630,486 | 5,695,677 | ||||||
Specialty Finance [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Interest income | 46,313 | 44,408 | 143,549 | 125,254 | |||||
Interest expense | 239 | 232 | 723 | 791 | |||||
Net interest income | 46,074 | 44,176 | 142,826 | 124,463 | |||||
Provision for credit losses | 1,613 | 1,297 | 1,484 | 5,798 | |||||
Non-interest income | 6,408 | 2,395 | 13,864 | (1,622) | |||||
Non-interest expense | 16,452 | 17,236 | 50,844 | 51,742 | |||||
Income before income tax | 34,417 | 28,038 | 104,362 | 65,301 | |||||
Net income from continuing operations | 34,417 | 28,038 | 104,362 | 65,301 | |||||
Net income | 34,417 | 28,038 | 104,362 | 65,301 | |||||
Total assets | 4,706,208 | 4,706,208 | 4,491,768 | ||||||
Total liabilities | 342,746 | 342,746 | 304,908 | ||||||
Payments [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Interest allocation | 7,187 | 8,070 | 23,854 | 30,589 | |||||
Interest expense | 916 | 1,234 | 3,298 | 7,381 | |||||
Net interest income | 6,271 | 6,836 | 20,556 | 23,208 | |||||
Non-interest income | 20,166 | 21,933 | 62,600 | 62,770 | |||||
Non-interest expense | 16,286 | 16,939 | 52,666 | 51,345 | |||||
Income before income tax | 10,151 | 11,830 | 30,490 | 34,633 | |||||
Net income from continuing operations | 10,151 | 11,830 | 30,490 | 34,633 | |||||
Net income | 10,151 | 11,830 | 30,490 | 34,633 | |||||
Total assets | 39,702 | 39,702 | 32,976 | ||||||
Total liabilities | 4,691,158 | 4,691,158 | 4,877,674 | ||||||
Corporate [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Interest income | 7,187 | 8,070 | 23,854 | 30,589 | |||||
Interest allocation | (7,187) | (8,070) | (23,854) | (30,589) | |||||
Interest expense | 1,452 | 1,016 | 4,663 | 4,518 | |||||
Net interest income | (1,452) | (1,016) | (4,663) | (4,518) | |||||
Non-interest income | 14 | 24 | 59 | 169 | |||||
Non-interest expense | 6,646 | 7,851 | 21,640 | 19,977 | |||||
Income before income tax | (8,084) | (8,843) | (26,244) | (24,326) | |||||
Income tax expense | 8,289 | 7,894 | 25,195 | 19,033 | |||||
Net income from continuing operations | (16,373) | (16,737) | (51,439) | (43,359) | |||||
Net income | (16,373) | (16,737) | (51,439) | (43,359) | |||||
Total assets | 1,434,649 | 1,434,649 | 1,638,447 | ||||||
Total liabilities | 596,582 | 596,582 | 513,095 | ||||||
Discontinued Operations [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Income (Loss) from discontinued operations | 66 | 123 | 248 | (662) | |||||
Net income | 66 | $ 123 | 248 | $ (662) | |||||
Total assets | $ 87,904 | $ 87,904 | $ 113,650 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Sep. 30, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Noninterest Expense | $ 39,384 | $ 42,026 | $ 125,150 | $ 123,064 | ||
Assets held-for-sale from discontinued operations | 87,904 | 87,904 | $ 113,650 | |||
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Other real estate owned expenses and losses | 745 | 2,100 | 2,300 | 3,800 | ||
Disposal Group, Including Discontinued Operation, Loan Portfolio, Book Value | $ 1,100,000 | |||||
Assets held-for-sale from discontinued operations | 87,904 | 87,904 | $ 113,650 | |||
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | Discontinued Operations [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Noninterest Expense | $ 384 | $ 1,400 | $ 1,500 | $ 2,300 |
Discontinued Operations (Financ
Discontinued Operations (Financial Results Of The Commercial Lending Business Included In Net Income (Loss) From Discontinued Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Loss before taxes | $ 87 | $ (1,671) | $ 324 | $ (2,720) | |
Income tax expense (benefit) | 21 | (1,794) | 76 | (2,058) | |
Total assets | 87,904 | 87,904 | $ 113,650 | ||
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Interest income | 754 | 890 | 2,388 | 3,259 | |
Interest expense | |||||
Net interest income | 754 | 890 | 2,388 | 3,259 | |
Non-interest income | 48 | 4 | 51 | 18 | |
Non-interest expense | 715 | 2,565 | 2,115 | 5,997 | |
Loss before taxes | 87 | (1,671) | 324 | (2,720) | |
Income tax expense (benefit) | 21 | (1,794) | 76 | (2,058) | |
Net loss | 66 | $ 123 | 248 | $ (662) | |
Loans, net | 69,435 | 69,435 | 91,316 | ||
Other real estate owned | 18,469 | 18,469 | 22,334 | ||
Total assets | $ 87,904 | $ 87,904 | $ 113,650 |