Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 01, 2022 | Jun. 30, 2021 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Period Focus | FY | ||
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 | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Public Float | $ 1,280 | ||
Entity Common Stock, Shares Outstanding | 57,398,381 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2021 | ||
Entity Central Index Key | 0001295401 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the proxy statement for registrant’s 2022 Annual Meeting of Shareholders are incorporated by reference in Part III of this Form 10-K. | ||
Auditor Firm ID | 248 | ||
Auditor Location | Philadelphia, Pennsylvania | ||
Auditor Name | GRANT THORNTON LLP |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents | ||
Cash and due from banks | $ 5,382,000 | $ 5,984,000 |
Interest earning deposits at Federal Reserve Bank | 596,402,000 | 339,531,000 |
Total cash and cash equivalents | 601,784,000 | 345,515,000 |
Investment securities, available-for-sale, at fair value | 953,709,000 | 1,206,164,000 |
Commercial loans, at fair value | 1,326,836,000 | 1,810,812,000 |
Loans, net of deferred loan fees and costs | 3,747,224,000 | 2,652,323,000 |
Allowance for credit losses | (17,806,000) | (16,082,000) |
Loans, net | 3,729,418,000 | 2,636,241,000 |
Federal Home Loan Bank and Atlantic Central Bankers Bank stock | 1,663,000 | 1,368,000 |
Premises and equipment, net | 16,156,000 | 17,608,000 |
Accrued interest receivable | 17,871,000 | 20,458,000 |
Intangible assets, net | 2,447,000 | 2,845,000 |
Other real estate owned | 1,530,000 | 0 |
Deferred tax asset, net | 12,667,000 | 9,757,000 |
Investment in unconsolidated entity, at fair value | 0 | 31,294,000 |
Assets held-for-sale from discontinued operations | 82,191,000 | 113,650,000 |
Other assets | 96,967,000 | 81,129,000 |
Total assets | 6,843,239,000 | 6,276,841,000 |
Deposits | ||
Demand and interest checking | 5,561,365,000 | 5,205,010,000 |
Savings and money market | 415,546,000 | 257,050,000 |
Total deposits | 5,976,911,000 | 5,462,060,000 |
Securities sold under agreements to repurchase | 42,000 | 42,000 |
Senior debt | 98,682,000 | 98,314,000 |
Subordinated debentures | 13,401,000 | 13,401,000 |
Other long-term borrowings | 39,521,000 | 40,277,000 |
Other liabilities | 62,228,000 | 81,583,000 |
Total liabilities | 6,190,785,000 | 5,695,677,000 |
SHAREHOLDERS' EQUITY | ||
Common stock - authorized, 75,000,000 shares of $1.00 par value; 57,370,563 and 57,550,629 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively | 57,371,000 | 57,551,000 |
Additional paid-in capital | 349,686,000 | 377,452,000 |
Retained earnings | 239,106,000 | 128,453,000 |
Accumulated other comprehensive income | 6,291,000 | 17,708,000 |
Total shareholders' equity | 652,454,000 | 581,164,000 |
Total liabilities and shareholders' equity | $ 6,843,239,000 | $ 6,276,841,000 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 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) | 57,370,563 | 57,550,629 |
Common stock, outstanding | 57,370,563 | 57,550,629 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest income | |||
Loans, including fees | $ 192,636 | $ 170,960 | $ 127,106 |
Investment securities: | |||
Taxable interest | 28,661 | 37,822 | 42,286 |
Tax-exempt interest | 103 | 115 | 170 |
Interest earning deposits | 715 | 1,885 | 10,007 |
Total interest income | 222,115 | 210,782 | 179,569 |
Interest expense | |||
Deposits | 5,623 | 13,281 | 34,400 |
Short-term borrowings | 49 | 198 | 3,131 |
Senior debt | 5,118 | 1,913 | |
Subordinated debentures | 449 | 524 | 750 |
Total interest expense | 11,239 | 15,916 | 38,281 |
Net interest income | 210,876 | 194,866 | 141,288 |
Provision for credit losses | 3,110 | 6,352 | 4,400 |
Net interest income after provision for credit losses | 207,766 | 188,514 | 136,888 |
Non-interest income | |||
ACH, card and other payment processing fees | 7,526 | 7,101 | 9,376 |
Prepaid, debit card and related fees | 74,654 | 74,465 | 65,141 |
Net realized and unrealized gains (losses) on commercial loans | 14,885 | (3,874) | 24,072 |
Change in value of investment in unconsolidated entity | (45) | ||
Leasing related income | 6,457 | 3,294 | 3,243 |
Other | 1,227 | 3,676 | 2,295 |
Total non-interest income | 104,749 | 84,617 | 104,127 |
Non-interest expense | |||
Salaries and employee benefits | 105,998 | 101,737 | 94,259 |
Depreciation and amortization | 2,903 | 3,202 | 3,696 |
Rent and related occupancy cost | 5,016 | 5,541 | 6,628 |
Data processing expense | 4,664 | 4,712 | 4,894 |
Printing and supplies | 371 | 514 | 637 |
Audit expense | 1,469 | 1,061 | 1,785 |
Legal expense | 6,848 | 5,141 | 5,319 |
Amortization of intangible assets | 398 | 556 | 1,531 |
FDIC insurance | 5,586 | 9,808 | 7,025 |
Software | 15,659 | 14,028 | 12,731 |
Insurance | 3,896 | 2,818 | 2,475 |
Telecom and IT network communications | 1,569 | 1,623 | 1,493 |
Securitization and servicing expense | 81 | ||
Consulting | 1,426 | 1,361 | 3,240 |
Civil money penalties | 8,900 | ||
Lease termination expense | 908 | ||
Other | 12,547 | 12,745 | 12,919 |
Total non-interest expense | 168,350 | 164,847 | 168,521 |
Income from continuing operations before income taxes | 144,165 | 108,284 | 72,494 |
Income tax expense | 33,724 | 27,688 | 21,226 |
Net income from continuing operations | 110,441 | 80,596 | 51,268 |
Discontinued operations | |||
Income (loss) from discontinued operations before income taxes | 288 | (3,816) | 510 |
Income tax expense (benefit) | 76 | (3,304) | 219 |
Income (loss) from discontinued operations, net of tax | 212 | (512) | 291 |
Net income | $ 110,653 | $ 80,084 | $ 51,559 |
Net income per share from continuing operations - basic | $ 1.93 | $ 1.40 | $ 0.90 |
Net income (loss) per share from discontinued operations - basic | (0.01) | 0.01 | |
Net income per share - basic | 1.93 | 1.39 | 0.91 |
Net income per share from continuing operations - diluted | 1.88 | 1.38 | 0.89 |
Net income (loss) per share from discontinued operations - diluted | (0.01) | 0.01 | |
Net income per share - diluted | $ 1.88 | $ 1.37 | $ 0.90 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | |||
Net income | $ 110,653 | $ 80,084 | $ 51,559 |
Securities available-for-sale: | |||
Change in net unrealized (losses) gains during the period | (15,679) | 15,969 | 27,662 |
Reclassification adjustments for losses included in income | 7 | ||
Amortization of losses previously held as available-for-sale | 5 | 30 | |
Other comprehensive (loss) income | (15,672) | 15,974 | 27,692 |
Securities available-for-sale: | |||
Change in net unrealized (losses) gains during the period | (4,257) | 4,312 | 7,469 |
Reclassification adjustments for losses included in income | 2 | ||
Amortization of losses previously held as available-for-sale | 1 | 8 | |
Income tax (benefit) expense related to items of other comprehensive income | (4,255) | 4,313 | 7,477 |
Other comprehensive (loss) income, net of tax and reclassifications into net income | (11,417) | 11,661 | 20,215 |
Comprehensive income | $ 99,236 | $ 91,745 | $ 71,774 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings/(Accumulated Deficit) [Member] | Accumulated Other Comprehensive Income/(Loss) [Member] | Total |
Balance at Dec. 31, 2018 | $ 56,346 | $ 365,415 | $ (817) | $ (14,168) | $ 406,776 |
Balance, shares at Dec. 31, 2018 | 56,346,088 | ||||
Net income | 51,559 | 51,559 | |||
Common stock issued from option exercises, net of tax benefits | $ 30 | 228 | $ 258 | ||
Common stock issued from option exercises, net of tax benefits, shares | 30,000 | 30,000 | |||
Common stock issued from restricted units, net of tax benefits | $ 465 | (465) | |||
Common stock issued from restricted units, net of tax benefits, shares | 464,433 | ||||
Stock-based compensation | 5,689 | $ 5,689 | |||
Other comprehensive income (loss) net of reclassification adjustments and tax | 20,215 | 20,215 | |||
Balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2019 | (2,373) | (2,373) | |||
Balance at Dec. 31, 2019 | $ 56,841 | 370,867 | 50,742 | 6,047 | 484,497 |
Balance (in shares) at Dec. 31, 2019 | 56,840,521 | ||||
Net income | 80,084 | 80,084 | |||
Common stock issued from option exercises, net of tax benefits | $ 99 | 767 | $ 866 | ||
Common stock issued from option exercises, net of tax benefits, shares | 99,000 | 99,000 | |||
Common stock issued from restricted units, net of tax benefits | $ 611 | (611) | |||
Common stock issued from restricted units, net of tax benefits, shares | 611,108 | ||||
Stock-based compensation | 6,429 | $ 6,429 | |||
Other comprehensive income (loss) net of reclassification adjustments and tax | 11,661 | 11,661 | |||
Balance at Dec. 31, 2020 | $ 57,551 | 377,452 | 128,453 | 17,708 | $ 581,164 |
Balance (in shares) at Dec. 31, 2020 | 57,550,629 | 57,550,629 | |||
Net income | 110,653 | $ 110,653 | |||
Common stock issued from option exercises, net of tax benefits | $ 634 | 2,794 | $ 3,428 | ||
Common stock issued from option exercises, net of tax benefits, shares | 633,966 | 633,966 | |||
Common stock issued from restricted units, net of tax benefits | $ 1,021 | (1,021) | |||
Common stock issued from restricted units, net of tax benefits, shares | 1,021,029 | ||||
Stock-based compensation | 8,626 | $ 8,626 | |||
Common stock repurchases | $ (1,835) | (38,165) | (40,000) | ||
Common stock repurchases, shares | (1,835,061) | ||||
Other comprehensive income (loss) net of reclassification adjustments and tax | (11,417) | (11,417) | |||
Balance at Dec. 31, 2021 | $ 57,371 | $ 349,686 | $ 239,106 | $ 6,291 | $ 652,454 |
Balance (in shares) at Dec. 31, 2021 | 57,370,563 | 57,370,563 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating activities | |||
Net income from continuing operations | $ 110,441 | $ 80,596 | $ 51,268 |
Net income (loss) from discontinued operations, net of tax | 212 | (512) | 291 |
Adjustments to reconcile net income to net cash used in operating activities | |||
Depreciation and amortization | 3,301 | 3,758 | 5,227 |
Provision for credit losses | 3,110 | 6,352 | 4,400 |
Net amortization of investment securities discounts/premiums | 3,458 | 15,825 | 20,337 |
Stock-based compensation expense | 8,626 | 6,429 | 5,689 |
Gain on commercial loans, at fair value | (12,929) | (1,684) | (25,023) |
Deferred income tax expense (benefit) | 1,402 | (1,350) | 1,607 |
(Gain) loss from discontinued operations | (1,546) | 668 | 2,014 |
Loss on sale of other real estate owned | 315 | ||
Fair value adjustment on investment in unconsolidated entity | 45 | ||
Change in fair value of commercial loans, at fair value | 1,510 | 3,567 | (963) |
Change in fair value of derivatives | (1,671) | 1,991 | 1,914 |
Loss on sales of investment securities | 7 | ||
Decrease (increase) in accrued interest receivable | 2,587 | (6,839) | (866) |
(Increase) decrease in other assets | (17,030) | 2,350 | (10,422) |
Change in fair value of discontinued assets held-for-sale | 498 | 487 | |
(Decrease) increase in other liabilities | (18,399) | 9,489 | 10,920 |
Net cash provided by operating activities | 83,892 | 120,685 | 66,880 |
Investing activities | |||
Purchase of investment securities available-for-sale | (259,059) | (34,658) | (157,478) |
Proceeds from redemptions and prepayments of securities available-for-sale | 492,258 | 233,794 | 173,916 |
Net cash paid due to acquisitions, net of cash acquired | (3,920) | ||
Sale of repossessed assets | 910 | 14,727 | |
Proceeds from sale of other real estate owned | 300 | ||
Net increase in loans | (1,096,189) | (836,217) | (322,611) |
Net decrease in discontinued loans held-for-sale | 27,175 | 20,783 | 49,170 |
Commercial loans, at fair value originated or drawn during the period | (127,765) | (721,590) | (1,795,376) |
Payments on commercial loans, at fair value | 645,330 | 88,727 | 1,235,413 |
Proceeds from sale of fixed assets | 15 | ||
Purchases of premises and equipment | (1,549) | (3,738) | (2,012) |
Change in receivable from investment in unconsolidated entity | 18 | 48 | 83 |
Return of investment in unconsolidated entity | 7,337 | 7,815 | 20,119 |
Decrease in discontinued assets held-for-sale | 5,332 | 5,556 | 5,503 |
Net cash used in investing activities | (305,902) | (1,228,658) | (793,273) |
Financing activities | |||
Net increase in deposits | 514,851 | 410,030 | 1,116,316 |
Net decrease in securities sold under agreements to repurchase | (40) | (11) | |
Proceeds of senior debt offering | 98,160 | ||
Proceeds from the issuance of common stock options | 3,428 | 866 | 258 |
Repurchases of common stock | (40,000) | ||
Net cash provided by financing activities | 478,279 | 509,016 | 1,116,563 |
Net increase (decrease) in cash and cash equivalents | 256,269 | (598,957) | 390,170 |
Cash and cash equivalents, beginning of period | 345,515 | 944,472 | 554,302 |
Cash and cash equivalents, end of period | 601,784 | 345,515 | 944,472 |
Supplemental disclosure: | |||
Interest paid | 11,709 | 13,310 | 37,532 |
Taxes paid | 44,341 | 23,040 | 20,683 |
Non-cash investing and financing activities | |||
Investment securities transferred in securitizations | 93,191 | ||
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 | $ 5,295 |
Loans settled in acquisition | 3,961 | ||
Leased vehicles transferred to repossessed assets | $ 1,009 | $ 15,327 |
Organization and Nature of Oper
Organization and Nature of Operations | 12 Months Ended |
Dec. 31, 2021 | |
Organization and Nature of Operations [Abstract] | |
Organization and Nature of Operations | Note A—Organization and Nature of Operations The Bancorp, Inc. (“the Company”) is a Delaware corporation and a registered financial holding company. Its primary subsidiary is The Bancorp Bank (“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 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 the third quarter of 2020, the Company decided to retain the CMBS 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 (primarily apartment buildings), after suspending the origination of such loans for most of 2020 and the first half of 2021. These originations are classified as real estate bridge loans (“REBL”). 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 payment and deposit 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. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | Note B—Summary of Significant Accounting Policies 1. Basis of Presentation The accounting and reporting policies of the Company conform to generally accepted accounting principles in the United States of America (“U.S. GAAP”) and predominant practices within the banking industry. The consolidated financial statements include the accounts of the Company and all its subsidiaries. All inter-company balances have been eliminated. Reclassifications have been made to the 2020 and 2019 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. 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. Our non-SBA commercial real estate loans continue to be accounted for at fair value, consistent with their accounting treatment when they were held-for-sale, and are included in the consolidated balance sheet in “commercial loans, at fair value.” New REBL originations as described in Note A are held for investment in the loan portfolio. The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The principal estimates that are particularly susceptible to a significant change in the near term relate to the allowance for credit losses, assets held-for-sale from discontinued operations measured at lower of cost or market, credit deterioration in investment securities, loans measured at fair value and deferred income taxes. 2. Cash and Cash Equivalents Cash and cash equivalents are defined as cash and amounts due from banks with an original maturity from date of purchase of three months or less and federal funds sold. The Company maintains balances in excess of insured limits at various financial institutions including the Federal Reserve Bank (“FRB”), the Federal Home Loan Bank (“FHLB”) and other private institutions. The Company does not believe these instruments carry a significant risk of loss, but cannot provide assurances that no losses could occur if these institutions were to become insolvent. The Company also funds cash in ATMs on cruise ships for use by certain of its card account holders, for which insurance is maintained. 3. Investment Securities Investments in debt and equity securities which management believes may be sold prior to maturity due to changes in interest rates, prepayment risk, liquidity requirements, or other factors, are classified as available-for-sale. Net unrealized gains for such securities, net of tax effect, are reported as other comprehensive income, through equity and are excluded from the determination of net income. The unrealized losses for available-for-sale securities are evaluated to determine if any component is attributable to credit loss versus market factors. If the present value of cash flows expected to be collected is less than the amortized cost basis, a provision for credit losses is recorded within the consolidated statement of operations. Subsequent improvement in credit may, unlike previous accounting, results in reversal of the credit charge in future periods. For available-for-sale debt securities in an unrealized loss position, the Company also assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. The Company does not engage in securities trading. Gains or losses on disposition of investment securities are based on the net proceeds and the adjusted carrying amount of the securities sold using the specific identification method.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 contractually obligated interest and principal payments, (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 quarterly review, the Company concluded that an allowance was not required to recognize credit losses in 2021 and 2020. Under prior accounting rules which analyzed investment securities for other-than-temporary declines in value, the Company did not recognize any other than temporary impairment (“OTTI”) charges in 2019, applicable to either available-for-sale or held-to-maturity securities.4. Loans and Allowance for Credit Losses Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are classified as held for investment and are stated at amortized cost, net of unearned discounts, unearned loan fees and an allowance for credit losses. For loans held for investment at amortized cost, the Company, effective January 1, 2020, began to utilize a current expected credit loss, or CECL, approach to determine the allowance for credit losses. 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. Accordingly, CECL requires loss estimates for the remaining estimated life of the financial asset using historical experience, current conditions, and reasonable and supportable forecasts. The allowance for credit losses is established through a provision for credit losses charged to expense. Loan principal considered to be uncollectible by management is charged against the allowance for credit losses. The allowance is an amount that management believes will be adequate to absorb current and future expected losses on existing loans that may become uncollectible. The evaluation takes into consideration historical losses by pools of loans with similar risk characteristics and qualitative factors such as portfolio performance and the potential impact of current economic conditions which may affect the borrowers’ ability to pay. For pools for which the Company has experienced credit losses, the historical loss ratio for each pool is multiplied by its outstanding balance and further multiplied by the estimated remaining average life of each pool. A qualitative factor determined according to the pool’s risk characteristics, is multiplied by the pool’s outstanding principal to comprise the second component of the allowance for credit losses. For pools for which the Company has not experienced credit losses, probability of loss/loss given default considerations and qualitative factors are utilized. Additionally, the allowance includes allocations for specific loans which have been individually evaluated for an allowance for credit losses. Factors considered by management in determining the need for individual loan evaluation for a specific allowance include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not evaluated for an allowance for that reason alone. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower's prior payment record and the amount of the shortfall in relation to the principal and interest owed. The determination of the amount of the allowance calculated on individual loans considers either the present value of expected future cash flows discounted at the loan's effective interest rate or the estimated fair value of the collateral if the loan is collateral dependent. An allowance allocation is established for such loans in the amount their carrying value exceeds the present value of future cash flows; or, if collateral dependent, the amount their carrying value exceeds the collateral’s estimated fair value. The estimated fair values of substantially all of the Company's allowances on individual loans are measured based on the estimated fair value of the loan's collateral, and applicable loans are primarily found in two portfolios.First, for small business (“SBL”) commercial loans secured by real estate (primarily SBA), estimated fair values are determined primarily through third-party appraisals or evaluations. When a real estate secured loan is individually evaluated for a potential allowance for credit loss, a decision is made regarding whether an updated certified appraisal of the real estate is necessary. This decision is based on various considerations including the age of the most recent appraisal and the condition of the property. Appraised value, discounted by the estimated costs to sell the collateral, is considered to be the estimated fair value. For SBL commercial and industrial loans secured by non-real estate collateral, such as accounts receivable or inventory and equipment, estimated fair values are determined based on the borrower's financial statements, inventory reports, accounts receivable agings or equipment appraisals or invoices. Indications of value from these sources may be discounted based on the age of the financial information or the quality of the assets. Amounts guaranteed by the U.S. government are excluded from the Company’s allowance evaluations. Second, for leasing, fair values are determined utilizing authoritative industry sources such as Black Book.The CECL methodology and the loan analyses performed on individual loans described above comprise the components of the allowance for credit losses. On a quarterly basis, the allowance is adjusted to the total of those components through the provision for credit losses. The allowance for credit losses represents management's estimate of losses inherent in the loan and lease portfolio as of the consolidated balance sheet date and is recorded as a reduction to loans and leases. If the quarterly analysis of those two components exceeds the balance of the allowance for credit losses, the allowance is increased by the provision for credit losses. Loans deemed to be uncollectible are charged against the allowance for credit losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable are charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. Because all identified losses are immediately charged off, no portion of the allowance for credit losses is restricted to any individual loan or groups of loans, and the entire allowance is available to absorb any and all loan losses. The evaluation of the adequacy of the allowance for credit losses includes, among other factors, an analysis of historical loss rates and qualitative judgments, applied to current loan totals over remaining estimated lives. However, actual future losses may vary compared to historical trends and estimated remaining lives may change over time. Actual losses on specified problem loans, may depend upon disposition of collateral for which actual sales prices may differ from appraisals. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant revision as more information becomes available. Interest income is accrued as earned on a simple interest method. Accrual of interest is discontinued on a loan when management believes, after considering economic and business conditions and collection efforts, that the borrower’s financial condition is such that collection of interest is doubtful. When a loan is placed on non-accrual status, all accumulated accrued interest receivable applicable to periods prior to the current year is charged off to the allowance for credit losses. Interest that had accrued in the current year is reversed from current period income. Loans reported as having missed four or more consecutive monthly payments and still accruing interest must have both principal and accruing interest adequately secured and must be in the process of collection. Such loans are reported as 90 days delinquent and still accruing. For all loan types, the Company uses the method of reporting delinquencies which considers a loan past due or delinquent if a monthly payment has not been received by the close of business on the loan’s next due date. In the Company’s reporting, two missed payments are reflected as 30 to 59 day delinquencies and three missed payments are reflected as 60 to 89 day delinquencies. Loans which were originated from continuing operations and previously intended for sale in secondary markets, but which are now being held on the balance sheet as earning assets, are carried at estimated fair value and are excluded from the allowance analysis. Changes in fair value are recognized as unrealized gains or losses on commercial loans in the consolidated statements of operations. The Company originated and sold or securitized specific commercial mortgage loans in secondary markets through 2019, but in 2020 decided to retain these loans on its balance sheet. No further sales or securitizations are currently planned. These loans are accounted for under the fair value option and amounted to $1.33 billion at December 31, 2021, and $1.81 billion at December 31, 2020. These loans are classified as commercial loans, at fair value. Loans from discontinued operations intended for sale or other disposition are carried at the lower of cost or market on the balance sheet, determined by loan type or, for larger loans, on an individual loan basis. See Note W to the financial statements.5. Premises and EquipmentPremises and equipment, including leasehold improvements, are stated at cost less accumulated depreciation. Depreciation expense is computed on the straight-line method over the useful lives of the assets. Leasehold improvements are depreciated over the shorter of the estimated useful lives of the improvements or the terms of the related leases.6. Internal Use Software The Company capitalizes costs associated with internally developed and/or purchased software systems for new products and enhancements to existing products that have reached the application stage and meet recoverability tests. Capitalized costs include external direct costs of materials and services utilized in developing or obtaining internal use software and payroll and payroll related expenses for employees who are directly associated with, and devote time to, the internal use software project. Capitalization of such costs begins when the preliminary project stage is complete and ceases no later than the point at which the project is substantially complete and ready for its intended purpose.The carrying value of the Company’s software is periodically reviewed and a loss is recognized if the value of the estimated undiscounted cash flow benefit related to the asset falls below the unamortized cost. Amortization is provided using the straight-line method over the estimated useful life of the related software, which is generally seven years. As of December 31, 2021 and 2020, the Company had net capitalized software costs of approximately $5.7 million and $5.6 million, respectively. Net capitalized software is presented as part of other assets on the consolidated balance sheets. The Company recorded related amortization expense of approximately $2.0 million, $2.4 million and $2.3 million for the years ended December 31, 2021, 2020 and 2019, respectively. 7. Income Taxes The Company accounts for income taxes under the liability method whereby deferred tax assets and liabilities are determined based on the difference between their carrying values on the consolidated balance sheet and their tax basis as measured by the enacted tax rates which will be in effect when these differences reverse. Deferred tax expense (benefit) is the result of changes in deferred tax assets and liabilities.The Company recognizes the benefit of a tax position in the consolidated financial statements only after determining that the relevant tax authority would more likely than not sustain the position following an audit by the tax authority. For tax positions meeting the more likely than not threshold, the amount recognized in the consolidated financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. For these analyses, the Company may engage attorneys to provide opinions related to the positions. The Company applies this policy to all tax positions for which the statute of limitations remain open, but this application does not materially impact the Company’s consolidated balance sheet or consolidated statement of operations. Any interest or penalties related to uncertain tax positions are recognized in income tax expense (benefit) in the consolidated statement of operations.Deferred tax assets are recorded on the consolidated balance sheet at their net realizable value. The Company performs an assessment each reporting period to evaluate the amount of the deferred tax asset it is more likely than not to realize. Realization of deferred tax assets is dependent upon the amount of taxable income expected in future periods, as tax benefits require taxable income to be realized. If a valuation allowance is required, the deferred tax asset on the consolidated balance sheet is reduced via a corresponding income tax expense in the consolidated statement of operations.8. Share-Based Compensation The Company recognizes compensation expense for stock options and restricted stock units (“RSUs”) in accordance with Accounting Standards Codification (“ASC”) 718, Stock Based Compensation. The fair value of the option or restricted stock unit (“RSU”) is generally measured on the grant date with compensation expense recognized over the service period, which is usually the stated vesting period. For options subject to a service condition, the Company utilizes the Black-Scholes option-pricing model to estimate the fair value 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. 9. Other Real Estate OwnedOther real estate owned is recorded at estimated fair market value less cost of disposal; which establishes a new cost basis or carrying value. When property is acquired, the excess, if any, of the loan balance over fair market value is charged to the allowance for credit losses. Periodically thereafter, the asset is reviewed for subsequent declines in the estimated fair market value against the carrying value. Subsequent declines, if any, and holding costs, as well as gains and losses on subsequent sale, are included in the consolidated statements of operations. In continuing operations, the Company had $1.5 million of other real estate owned at December 31, 2021 and none at December 31, 202010. Advertising Costs The Company expenses advertising and marketing costs as incurred. Advertising and marketing costs amounted to $1.6 million, $1.3 million and $782,000 for the years ended December 31, 2021, 2020 and 2019, respectively. Advertising and marketing expense is reflected under “other” in the non-interest expense section of the consolidated statements of operations.11. 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 take 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: Year ended December 31, 2021 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data)Basic earnings per share from continuing operations Net earnings available to common shareholders $ 110,441 57,190,311 $ 1.93 Effect of dilutive securities Common stock options and restricted stock units — 1,640,126 (0.05)Diluted earnings per share Net earnings available to common shareholders $ 110,441 58,830,437 $ 1.88 Year ended December 31, 2021 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data)Basic earnings per share from discontinued operations Net earnings available to common shareholders $ 212 57,190,311 $ —Effect of dilutive securities Common stock options and restricted stock units — 1,640,126 —Diluted earnings per share Net earnings available to common shareholders $ 212 58,830,437 $ — Year ended December 31, 2021 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data)Basic earnings per share Net earnings available to common shareholders $ 110,653 57,190,311 $ 1.93 Effect of dilutive securities Common stock options and restricted stock units — 1,640,126 (0.05)Diluted earnings per share Net earnings available to common shareholders $ 110,653 58,830,437 $ 1.88 Stock options for 450,104 shares, exercisable at prices between $6.87 and $18.81 per share, were outstanding at December 31, 2021 and included in the dilutive earnings per share computation because the exercise price per share was less than the average market price. Stock options for 100,000 shares were anti-dilutive and not included in the earnings per share calculation. Year ended December 31, 2020 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data)Basic earnings per share from continuing operations Net earnings available to common shareholders $ 80,596 57,474,612 $ 1.40 Effect of dilutive securities Common stock options and restricted stock units — 936,610 (0.02)Diluted earnings per share Net earnings available to common shareholders $ 80,596 58,411,222 $ 1.38 Year ended December 31, 2020 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data)Basic loss per share from discontinued operations Net loss $ (512) 57,474,612 $ (0.01)Effect of dilutive securities Common stock options and restricted stock units — 936,610 —Diluted loss per share Net loss $ (512) 58,411,222 $ (0.01) Year ended December 31, 2020 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data)Basic earnings per share Net earnings available to common shareholders $ 80,084 57,474,612 $ 1.39 Effect of dilutive securities Common stock options and restricted stock units — 936,610 (0.02)Diluted earnings per share Net earnings available to common shareholders $ 80,084 58,411,222 $ 1.37 Stock options for 1,056,604 shares, exercisable at prices between $6.75 and $8.57 per share, were outstanding at December 31, 2020 and included in the dilutive earnings per share computation because the exercise price per share was less than the average market price. Stock options for 105,000 shares were anti-dilutive and not included in the earnings per share calculation. Year ended December 31, 2019 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data)Basic earnings per share from continuing operations Net earnings available to common shareholders $ 51,268 56,765,635 $ 0.90 Effect of dilutive securities Common stock options and restricted stock units — 573,350 (0.01)Diluted earnings per share Net earnings available to common shareholders $ 51,268 57,338,985 $ 0.89 Year ended December 31, 2019 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data)Basic earnings per share from discontinued operations Net earnings available to common shareholders $ 291 56,765,635 $ 0.01 Effect of dilutive securities Common stock options and restricted stock units — 573,350 —Diluted earnings per share Net earnings available to common shareholders $ 291 57,338,985 $ 0.01 Year ended December 31, 2019 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data)Basic earnings per share Net earnings available to common shareholders $ 51,559 56,765,635 $ 0.91 Effect of dilutive securities Common stock options and restricted stock units — 573,350 (0.01)Diluted earnings per share Net earnings available to common shareholders $ 51,559 57,338,985 $ 0.90 Stock options for 971,604 shares, exercisable at prices between $6.75 and $9.58 per share, were outstanding at December 31, 2019 and included in the dilutive earnings per share computation because the exercise price per share was less than the average market price. Stock options for 340,000 shares were anti-dilutive and not included in the earnings per share calculation. 12. Restrictions on Cash and Due from Banks Historically, the Bank has been required to maintain reserves against customer demand deposits by keeping cash on hand or balances with the FRB. As a result of the pandemic, the requirement for such reserves has been at least temporarily suspended. Accordingly, the amounts of those required reserves was approximately zero at both December 31, 2021 and 2020.13. Other Identifiable Intangible Assets In May 2016, the Company purchased approximately $60 million of lease receivables which resulted in a customer list intangible of $3.4 million which is being amortized over a 10-year period. Amortization expense is $340,000 per year ($1.5 million over the next five years). The gross carrying value is $3.4 million with respective accumulated amortization of $1.9 million and $1.6 million at December 31, 2021 and December 31, 2020. The purchase price allocation related to this intangible was finalized in 2017 and remained unchanged from the purchase price allocation recorded in 2016 when the purchase was made.In January 2020, the Company purchased McMahon Leasing and subsidiaries for approximately $8.7 million which resulted in $1.1 million of intangibles. The gross carrying value of $1.1 million of intangibles was 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 $115,000 at December 31, 2021. Amortization expense is $57,000 per year ($285,000 over the next five years). The gross carrying value and accumulated amortization related to the Company’s intangibles at December 31, 2021 and 2020 are presented below. December 31, 2021 2020 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization (in thousands) Customer list intangibles $ 4,093 $ 2,044 $ 4,093 $ 1,646 Goodwill 263 — 263 —Trade Name 135 — 135 —Total $ 4,491 $ 2,044 $ 4,491 $ 1,646 The approximate future annual amortization of both the Company’s intangible items are as follows (in thousands): Year ending December 31, 2022 $ 398 2023 398 2024 398 2025 398 2026 173 Thereafter 285 $ 2,050 14. Derivative Financial Instruments The Company has utilized derivatives to hedge interest rate risk on fixed rate loans which are accounted for and recorded on the consolidated balance sheets at fair value. Changes in the fair value of these derivatives, designated as fair value hedges, are recorded in earnings with and in the same consolidated income statement line item as changes in the fair value of the related hedged item, “Net realized and unrealized gains (losses) on commercial loans (at fair value)”. Related loans are no longer held-for-sale, but continue to be accounted for at their estimated fair value. As the Company is no longer originating fixed rate loans for sale, it is no longer entering into new hedges. The Company has left existing hedges in place to provide interest rate protection against a higher rate environment. 15. Common Stock Repurchase Program In 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 was authorized and did repurchase $10.0 million in each quarter of 2021. During the twelve months ended December 31, 2021, the Company repurchased 1,835,061 shares of its common stock in the open market under the 2021 Common Stock Repurchase Program at an average cost of $21.80 per share. 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 Prog |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note C— Subsequent Events The Company evaluated its December 31, 2021 consolidated financial statements for subsequent events through the date the consolidated financial statements were issued. Pursuant to a stock repurchase plan described in Note J, the Company repurchased 527,393 common shares in January and February of 2022, at a total cost of $15.0 million and an average price of $28.44 per share. On January 28, 2022, the Company signed a lease for approximately 52,000 square feet to relocate its Sioux Falls office to a new Sioux Falls location, for a minimum period of 10 years, which can be extended. Estimated occupancy is mid-2023 when rent payments, which begin at $24 per square foot, will increase throughout that 10 year period and amount to $28.68 in year 10. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2021 | |
Investment Securities [Abstract] | |
Investment Securities | Note D—Investment Securities In March 2020, the Company transferred the four securities previously comprising its held-to-maturity securities portfolio to available-for-sale. The interest rates for these securities utilize the LIBOR as a benchmark and were permitted to be transferred by a provision of ASU 2020-04, to maximize management and accounting flexibility as a result of the phase-out of LIBOR. The amortized cost, gross unrealized gains and losses and fair values of the Company’s investment securities classified as available-for-sale are summarized as follows (in thousands): Available-for-sale December 31, 2021 Gross Gross Amortized unrealized unrealized Fair cost gains losses valueU.S. Government agency securities $ 36,182 $ 1,167 $ (47) $ 37,302 Asset-backed securities * 360,332 327 (241) 360,418 Tax-exempt obligations of states and political subdivisions 3,559 172 — 3,731 Taxable obligations of states and political subdivisions 45,984 2,422 — 48,406 Residential mortgage-backed securities 179,778 4,804 (281) 184,301 Collateralized mortgage obligation securities 60,778 1,083 — 61,861 Commercial mortgage-backed securities 248,599 4,106 (1,629) 251,076 Corporate debt securities 10,000 — (3,386) 6,614 $ 945,212 $ 14,081 $ (5,584) $ 953,709 December 31, 2021 Gross Gross Amortized unrealized unrealized Fair* Asset-backed securities as shown above cost gains losses valueFederally insured student loan securities $ 22,518 $ 13 $ (73) $ 22,458 Collateralized loan obligation securities 337,814 314 (168) 337,960 $ 360,332 $ 327 $ (241) $ 360,418 Available-for-sale December 31, 2020 Gross Gross Amortized unrealized unrealized Fair cost gains losses valueU.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 valueFederally 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 The amortized cost and fair value of the Company’s investment securities at December 31, 2021, by contractual maturity are shown below (in thousands). Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Available-for-sale Amortized Fair cost valueDue after one year through five years $ 165,864 $ 171,635 Due after five years through ten years 223,057 225,507 Due after ten years 556,291 556,567 $ 945,212 $ 953,709 In 2020, the Company began pledging loans to collateralize its line of credit with the FHLB, as described in Note E and had no securities pledged against that line at December 31, 2021 and December 31, 2020. There were no gross realized gains on sales of securities for each of the years ended December 31, 2021, 2020 and 2019. Realized losses on securities sales were $7,000 for the year ended December 31, 2021. There were no realized losses on securities sales for the years ended December 31, 2020 and 2019. Investment securities fair values are based on a fair market value supplied by a third-party market data provider when available. If not available, prices provided by securities dealers with expertise in the securities being evaluated may also be utilized. When such market information is not available, fair values are based on the present value of cash flows, which discounts expected cash flows from principal and interest using yield to maturity at the measurement date. CECL accounting was adopted in 2020, and requires that an allowance for credit losses be established through a charge to the income statement to recognize credit deterioration. The charge may be reversed should credit improve in the future. Prior accounting required recognition of losses of other-than temporary-impairment, which could not be reversed in future periods. The Company periodically reviews its investment portfolio to determine whether an allowance for credit losses is warranted, based on evaluations of the creditworthiness of the issuers/guarantors, the underlying collateral if applicable and the continuing performance of the securities. The Company did not recognize credit charges in 2021 and 2020 or any other-than-temporary impairment charges in 2019. Investments in FHLB and Atlantic Central Bankers Bank (“ACBB”) stock are recorded at cost and amounted to $1.7 million at December 31, 2021 and $1.4 million at December 31, 2020. At those dates, ACBB stock amounted to $40,000. The amount of FHLB stock required to be held is based on the amount of borrowings, and after such borrowings are repaid, the stock may be redeemed. The table below indicates the length of time individual securities had been in a continuous unrealized loss position at December 31, 2021 (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 lossesDescription of Securities U.S. Government agency securities 2 $ — $ — $ 2,700 $ (47) $ 2,700 $ (47)Asset-backed securities 42 243,598 (235) 1,197 (6) 244,795 (241)Residential mortgage-backed securities 30 21,640 (159) 5,160 (122) 26,800 (281)Commercial mortgage-backed securities 12 3,334 (43) 91,355 (1,586) 94,689 (1,629)Corporate debt securities 1 — — 6,614 (3,386) 6,614 (3,386)Total unrealized loss position investment securities 87 $ 268,572 $ (437) $ 107,026 $ (5,147) $ 375,598 $ (5,584) The table below indicates the length of time individual securities had been in a continuous unrealized loss position at December 31, 2020 (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 lossesDescription 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 December 31, 2021, it had a book value of $10.0 million and a fair value of $6.6 million. The Company has evaluated the securities in the above tables as of December 31, 2021 and has concluded that none 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 contractually obligated interest and principal payments, (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 | 12 Months Ended |
Dec. 31, 2021 | |
Loans [Abstract] | |
Loans | Note E—Loans The Company has several lending lines of business including: small business comprised primarily of SBA loans; direct lease financing primarily for commercial vehicles and to a lesser extent equipment; SBLOC collateralized by marketable securities; IBLOC collateralized by the cash value of eligible life insurance policies; and investment advisor financing for purposes of debt refinance, acquisition of another firm or internal succession. Prior to 2020, the Company also originated commercial real estate loans for sale into 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 classifies these loans as held-for-sale. The Company continues to present these loans at fair value. At December 31, 2021 and 2020, the fair value of these loans was $1.33 billion and $1.81 billion, respectively, and the unpaid principal balance was $1.33 billion and $1.81 billion, respectively. Included in the “Net realized and unrealized gains (losses) on commercial loans (at fair value)” in the consolidated statement of operations were changes in fair value resulting in an unrealized gain of $285,000 in 2021, net of credit related reductions, an unrealized loss of $3.6 million in 2020 and an unrealized gain of $963,000 in 2019. These amounts include credit related reductions in fair value of $201,000, $1.0 million and $486,000, respectively, in 2021, 2020 and 2019. Interest earned on loans held at fair value during the period held is recorded in Interest Income – Loans, including fees in the consolidated statements of operations. In the third quarter of 2021, the Company resumed the origination of such loans which it also intends to hold for investment and which are accounted for at amortized cost. They are captioned as real estate bridge lending, (“REBL”) as they are transitional commercial mortgage loans which are made to improve and rehabilitate existing properties which already have cash flow. The Bank pledged the majority of its loans held for investment at amortized cost and commercial loans at fair value to either the Federal Home Loan Bank or the Federal Reserve Bank for lines of credit with those institutions. 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 December 31, 2021, $1.81 billion of loans were pledged to the Federal Reserve and $1.11 billion of loans were pledged to the Federal Home Loan Bank. There were no balances against these lines at that date. Prior to 2020, the Company sponsored the structuring of commercial mortgage loan securitizations, and in 2020 decided not to pursue additional securitizations. The loans sold to the commercial mortgage-backed securitizations are transitional commercial mortgage loans which are made to improve and rehabilitate existing properties which already have cash flow. Servicing rights are not retained. Each of the securitizations is considered a variable interest entity of which the Company is not the primary beneficiary. 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 securitized loans are structured with some prepayment protection and with extension options which are common for rehabilitation loans. It was expected that those factors would generally offset the impact of prepayments which would therefore not be significant. Accordingly, prepayments on Commercial Real Estate (“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. Of the six securities we own resulting from our securitizations all have been repaid except those from CRE-2 and CRE-6. Payments on CRE-6 are on schedule. As of December 31, 2021 the principal balance of the security we owned issued by CRE-2 was $12.6 million. Repayment is expected from the workout or disposition of commercial real estate collateral, after repayment of more senior tranches. Our $12.6 million security has 41% excess credit support; thus, losses of 41% of remaining security balances would have to be incurred, prior to any loss on our security. Additionally, the commercial real estate collateral supporting four of the remaining five loans was re-appraised in 2020 and 2021. The updated appraised value is approximately $78.8 million, which is net of $3.1 million due to the servicer. The remaining principal to be repaid on all securities is approximately $76.1 million and, as noted, our security is scheduled to be repaid prior to 41% of the outstanding securities. However, any future reappraisals could result in further decreases in collateral valuation. While available information indicates that the value of existing collateral will be adequate to repay our security, there can be no assurance that such valuations will be realized upon loan resolutions, and that deficiencies will not exceed the 41% credit support. 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 being currently retained total approximately $1.13 billion and are mostly comprised of multi-family loans, specifically apartment buildings. The $1.13 billion comprises the majority of the commercial loans, at fair value on the balance sheet, with the balance of that category comprised of the government guaranteed portion of SBA loans. The last securitizations were in 2019 as follows. In the third quarter of 2019, the Company sponsored The Bancorp Commercial Mortgage 2019-CRE6 Trust, securitizing $778.2 million of loans and recording a $14.2 million gain. The certificates obtained by the Company in the transaction had an acquisition date fair value of $51.6 million based upon an initial discount rate of 4.12%. In the first quarter of 2019, the Company sponsored The Bancorp Commercial Mortgage 2019-CRE5 Trust, securitizing $518.3 million of loans and recording a $11.2 million gain. The certificates obtained by the Company in the transaction had an acquisition date fair value of $41.6 million based upon an initial discount rate of 4.75%. 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 the loan amount to estimated collateral value in making its credit determinations. Major classifications of loans, excluding commercial loans, at fair value, are as follows (in thousands): December 31, December 31, 2021 2020 SBL non-real estate $ 147,722 $ 255,318 SBL commercial mortgage 361,171 300,817 SBL construction 27,199 20,273 Small business loans 536,092 576,408 Direct lease financing 531,012 462,182 SBLOC / IBLOC * 1,929,581 1,550,086 Advisor financing ** 115,770 48,282 Real estate bridge lending 621,702 —Other loans*** 5,014 6,426 3,739,171 2,643,384 Unamortized loan fees and costs 8,053 8,939 Total loans, net of unamortized loan fees and costs$ 3,747,224 $ 2,652,323 December 31, December 31, 2021 2020 SBL loans, including costs net of deferred fees of $5,345 and $1,536for December 31, 2021 and December 31, 2020, respectively$ 541,437 $ 577,944 SBL loans included in commercial loans, at fair value 199,585 243,562 Total small business loans ****$ 741,022 $ 821,506 * 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 life insurance policies. At December 31, 2021 and December 31, 2020, respectively, IBLOC loans amounted to $788.3 million and $437.2 million. ** In 2020, we 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 $322,000 and $663,000 at December 31, 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 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 certain SBA loans at the dates indicated (in thousands). A reduction in SBL non-real estate from $171.8 million to $147.7 million in the fourth quarter of 2021 resulted from U.S. government repayments of $26.5 million of PPP loans authorized by The Consolidated Appropriations Act, 2021. PPP loans totaled $44.8 million at December 31, 2021 and $165.7 million at December 31, 2020, respectively. The following table provides information about loans individually evaluated for credit loss at December 31, 2021 and 2020 (in thousands): December 31, 2021 Recordedinvestment Unpaidprincipalbalance Relatedallowance Averagerecordedinvestment InterestincomerecognizedWithout an allowance recorded SBL non-real estate$ 409 $ 3,414 $ — $ 412 $ 5 SBL commercial mortgage 223 246 — 1,717 —Direct lease financing 254 254 — 430 —Consumer - home equity 320 320 — 458 8 With an allowance recorded SBL non-real estate 1,478 1,478 (829) 2,267 13 SBL commercial mortgage 589 589 (115) 2,634 —SBL construction 710 710 (34) 711 —Direct lease financing — — — 132 —Consumer - other — — — 5 —Total SBL non-real estate 1,887 4,892 (829) 2,679 18 SBL commercial mortgage 812 835 (115) 4,351 —SBL construction 710 710 (34) 711 —Direct lease financing 254 254 — 562 —Consumer - other — — — 5 —Consumer - home equity 320 320 — 458 8 $ 3,983 $ 7,011 $ (978) $ 8,766 $ 26 December 31, 2020 Recordedinvestment Unpaidprincipalbalance Relatedallowance Averagerecordedinvestment InterestincomerecognizedWithout 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 loan review department recommends non-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): December 31, 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 $ 1,045 $ 268 $ 1,313 $ 3,159 SBL commercial mortgage 589 223 812 7,305 SBL construction 710 — 710 711 Direct leasing — 254 254 751 Consumer - home equity — 72 72 301 $ 2,344 $ 817 $ 3,161 $ 12,227 The Company had $1.5 million of other real estate owned at December 31, 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 December 31, 2021, and 2020, respectively: December 31, 2021 2020 (in thousands)Non-accrual loans SBL non-real estate $ 1,313 $ 3,159 SBL commercial mortgage 812 7,305 SBL construction 710 711 Direct leasing 254 751 Consumer - home equity 72 301 Total non-accrual loans* 3,161 12,227 Loans past due 90 days or more and still accruing 461 497 Total non-performing loans 3,622 12,724 Other real estate owned 1,530 —Total non-performing assets $ 5,152 $ 12,724 Interest which would have been earned on loans classified as non-accrual at December 31, 2021 and 2020, was $186,000 and $406,000, respectively. No income on non-accrual loans was recognized during 2021 or 2020. In 2021 and 2020, respectively, $39,000 and $890,000 were reversed from interest income, which represented interest accrued on loans placed into non-accrual status during the period. Material amounts of non-accrual interest reversals are charged to the allowance for credit losses, but such amounts were not material in either 2021 or 2020. The Company’s loans that were modified as of December 31, 2021 and 2020 and considered troubled debt restructurings are as follows (in thousands): December 31, 2021 December 31, 2020 Number Pre-modification recorded investment Post-modification recorded investment Number Pre-modification recorded investment Post-modification recorded investmentSBL non-real estate 9 $ 1,231 $ 1,231 8 $ 911 $ 911 Direct lease financing — — — 1 251 251 Consumer - home equity 1 248 248 2 469 469 Total(1) 10 $ 1,479 $ 1,479 11 $ 1,631 $ 1,631 (1) Troubled debt restructurings include non-accrual loans of $656,000 and $1.1 million at December 31, 2021 and December 31, 2020, respectively. The balances below provide information as to how the loans were modified as troubled debt restructured loans at December 31, 2021 and 2020 (in thousands): December 31, 2021 December 31, 2020 Adjusted interest rate Extended maturity Combined rate and maturity Adjusted interest rate Extended maturity Combined rate and maturitySBL non-real estate $ — $ — $ 1,231 $ — $ 16 $ 895 Direct lease financing — — — — 251 —Consumer - home equity — — 248 — — 469 Total(1) $ — $ — $ 1,479 $ — $ 267 $ 1,364 (1) Troubled debt restructurings include non-accrual loans of $656,000 and $1.1 million at December 31, 2021 and December 31, 2020, respectively. The Company had no commitments to extend additional credit to loans classified as troubled debt restructurings as of either December 31, 2021 or 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 estimated 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 December 31, 2021, there were ten troubled debt restructured loans with a balance of $1.5 million which had specific reserves of $476,000. 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 December 31, 2021 that have subsequently defaulted (in thousands). December 31, 2021 Number Pre-modification recorded investmentSBL 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 December 31, 2021, the Company had $371.5 million of related guaranteed balances, and additionally had $44.8 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 they were requested by borrowers. Additionally, the Company granted such deferrals for certain other loans. The Consolidated Appropriations Act, 2021, became law in December 2020 and provided 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 CARES Act payments, these additional payments were capped at $9,000 per month. Per section 4013 of the CARES Act, accounting and banking regulators determined that loans with COVID-19 pandemic-related deferrals of principal and interest payments would not, during the deferral period, be classified as delinquent or restructured. Such treatment was temporary and terminated on December 31, 2021. As of that date, substantially all loans with pandemic related deferrals had returned to repayment, prior to the December 31, 2021 termination date of such deferrals. 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. Those reserves are estimated based on the difference between loan principal and the estimated fair value of the collateral, adjusted for estimated disposition costs. 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. An average historical loss rate is calculated for each product type, except SBLOC and IBLOC, which utilize probability of loss/loss given default considerations. Loss rates are computed by classifying net charge-offs by year of loan origin, and dividing into total originations for that specific year. This methodology is referred to as vintage analysis. The average 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 all loan pools the Company considers the need for an additional allowance based upon qualitative factors such as the Company’s current loan performance statistics as determined by pool. These qualitative factors are intended to account for forward looking expectations over a twelve to eighteen month period not reflected in historical loss rates and otherwise unaccounted for in the quantitative process. Accordingly, such factors may increase or decrease the allowance compared to historical loss rates. Aside from the qualitative adjustments to account for forward looking expectations of loss over a twelve to eighteen month projection period the balance of the allowance reverts directly to our quantitative analysis derived from our historical loss rates. 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 for unfunded commitments is recorded in other liabilities. 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, low, moderate, moderate-high and high risk. The individual qualitative factors for each portfolio segment have their own scale based on an analysis of that segment. A high risk ranking has the greatest impact on the allowance calculation with each level below having a lesser impact on a sliding scale. The qualitative factors used for each portfolio are described below in the description of each portfolio segment. 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 U.S. government 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 has not experienced charge-offs for either real estate bridge lending or similarly underwritten loans in its predecessor commercial loans, at fair value portfolio, despite stressed economic conditions. Additionally, there have been no losses for multi-family (apartment buildings) in the Company’s securitizations accordingly industry loss information for multi-family housing was utilized in the qualitative factors. Similarly the Company’s charge-offs in its lines of business have been virtually non-existent for SBLOC and IBLOC notwithstanding stressed economic periods. Investment advisor loans were first offered in 2020, with limited performance history. For investment advisor loans, the nature of the underlying ultimate repayment source was considered, namely the fee based advisory income streams resulting from investment portfolios under management and the impact changes in economic conditions would have on those payment streams. Additionally, the Company’s charge-off histories for small business loans, primarily SBA, and leases have not correlated with economic conditions. While specific economic factors did not correlate with actual historical losses, multiple economic factors are considered. For the non-guaranteed portion of SBA loans, leases, real estate bridge lending and investment advisor financing the Company’s loss forecasting analysis included a review of industry statistics. However, the Company’s own charge-off history and average life estimates, for categories in which the Company has experienced charge-offs, was the primary quantitatively derived element in the forecasts. The qualitative component results from management’s qualitative assessments. 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 December 31, 2021 and December 31, 2020 is as follows (in thousands): As of December 31, 2021 2021 2020 2019 2018 2017 Prior Revolving loans at amortized cost TotalSBL non real estate Non-rated* $ 39,318 $ 7,257 $ — $ — $ — $ — $ — $ 46,575 Pass 34,172 15,934 8,794 8,988 5,088 9,809 — 82,785 Special mention — — 99 666 — 859 — 1,624 Substandard — — — 18 848 895 — 1,761 Total SBL non-real estate 73,490 23,191 8,893 9,672 5,936 11,563 — 132,745 SBL commercial mortgage Non-rated 10,963 — — — — — — 10,963 Pass 79,166 57,554 75,290 43,820 37,607 46,016 — 339,453 Special mention — 141 1,853 — — 247 — 2,241 Substandard — — — — — 812 — 812 Total SBL commercial mortgage 90,129 57,695 77,143 43,820 37,607 47,075 — 353,469 SBL construction Pass 6,869 12,629 1,880 5,111 — — — 26,489 Substandard — — — — — 710 — 710 Total SBL construction 6,869 12,629 1,880 5,111 — 710 — 27,199 Direct lease financing Non-rated 56,152 13,271 1,933 1,115 355 104 — 72,930 Pass 214,780 145,256 58,337 26,662 8,574 2,105 — 455,714 Special mention — — — 22 38 — — 60 Substandard 526 1,679 38 22 31 12 — 2,308 Total direct lease financing 271,458 160,206 60,308 27,821 8,998 2,221 — 531,012 SBLOC Non-rated — — — — — — 3,176 3,176 Pass — — — — — — 1,138,140 1,138,140 Total SBLOC — — — — — — 1,141,316 1,141,316 IBLOC Non-rated — — — — — — 346,604 346,604 Pass — — — — — — 441,661 441,661 Total IBLOC — — — — — — 788,265 788,265 Advisor financing Non-rated 38,330 258 — — — — — 38,588 Pass 33,776 43,406 — — — — — 77,182 Total advisor financing 72,106 43,664 — — — — — 115,770 Real estate bridge lending Pass 621,702 — — — — — — 621,702 Total real estate bridge lending 621,702 — — — — — — 621,702 Other loans Non-rated 396 152 — — — 216 656 1,420 Pass 373 113 3,081 4,553 5,212 11,604 1,264 26,200 Substandard — — — — — — 73 73 Total other loans** 769 265 3,081 4,553 5,212 11,820 1,993 27,693 $ 1,136,523 $ 297,650 $ 151,305 $ 90,977 $ 57,753 $ 73,389 $ 1,931,574 $ 3,739,171 Unamortized loan fees and costs — — — — — — — 8,053 Total $ 3,747,224 *Included in the SBL non real estate non-rated total of $46.6 million, were $44.8 million of PPP loans which are government guaranteed. **Included in Other loans are $22.7 million of SBA loans purchased for CRA purposes as of December 31, 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 TotalSBL 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 — — |
Premises And Equipment
Premises And Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Premises And Equipment [Abstract] | |
Premises And Equipment | Note F—Premises and Equipment Premises and equipment are as follows (in thousands): December 31, Estimated useful lives 2021 2020Land - $ 1,732 $ 1,732 Buildings 39 years 3,436 3,436 Furniture, fixtures, and equipment 3 to 12 years 56,600 55,253 Leasehold improvements 6 to 10 years 11,331 11,225 73,099 71,646 Accumulated depreciation (56,943) (54,038) $ 16,156 $ 17,608 Depreciation expense for the years ended December 31, 2021, 2020 and 2019 was approximately $2.9 million, $3.2 million and $3.7 million, respectively. |
Time Deposits
Time Deposits | 12 Months Ended |
Dec. 31, 2021 | |
Time Deposits [Abstract] | |
Time Deposits | Note G—Time Deposits There were no time deposits outstanding at December 31, 2021 and December 31, 2020. |
Variable Interest Entity (VIE)
Variable Interest Entity (VIE) | 12 Months Ended |
Dec. 31, 2021 | |
Variable Interest Entity [Abstract] | |
Variable Interest Entity (VIE) | Note H—Variable Interest Entity (“VIE”) VIE’s are entities that, by design, either (1) lack sufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties, or (2) have equity investors that do not have the ability to make significant decisions relating to the entity’s operations through voting rights, or do not have the obligation to absorb the expected losses, or do not have the right to receive the residual returns of the entity. The most common type of VIE is a special purpose entity (“SPE”). SPEs are commonly used in securitization transactions in order to isolate certain assets and distribute the cash flows from those assets to investors. The basic SPE structure involves a company selling assets to the SPE with the SPE funding the purchase of those assets by issuing securities to investors. The agreements that govern the transaction specify how the cash earned on the assets must be allocated to the SPE’s investors and other parties that have rights to those cash flows. SPEs are generally structured to insulate investors from claims on the SPE’s assets by creditors of other entities, including the creditors of the seller of the assets. The primary beneficiary of a VIE (i.e., the party that has a controlling financial interest) is required to consolidate the assets and liabilities of the VIE. The primary beneficiary is the party that has both (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and (2) through its interests in the VIE, the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. At December 31, 2020 the Company held a variable interest in Walnut Street 2014-1 LLC (“WS 2014”), accounted for as a debt instrument for which the Company elected the fair value option. The debt acquired was a 49% equity interest in WS 2014, as well as 100% of the A-Notes and 49% of the B-Notes that WS 2014 issued in a securitization transaction. The assets within the securitization consisted of loans and loan collateral from the Company’s discontinued loan portfolio. The variable interests related to the economic interests held by the Company in WS 2014 and the asset management contract between the Company and WS 2014. The Company was not the primary beneficiary, as it did not have the controlling financial interest in WS 2014, and; therefore, did not consolidate WS 2014. Walnut Street was dissolved in the third quarter of 2021 and had a June 30, 2021 balance of $25.0 million which 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. The following table shows the Company’s remaining interests in CRE2 and CRE6, which represent single securities purchased by the Company in the securitizations for which the Company generated all of the commercial mortgage-backed loan collateral. The Company’s securities purchased from CRE1, CRE3, CRE4, and CRE5 were paid in full during 2021. December 31, 2021 Principal amount outstanding The Company's Assets held in interest Total assets Assets held in nonconsolidated in securitized held by consolidated VIEs with assets in securitization securitization continuing nonconsolidated VIEs (a) VIEs involvement VIEs (b)Commercial mortgage-backed securities CRE2 (c) $ 76,115 $ — $ 76,115 $ 12,574 CRE3 61,887 — 61,887 —CRE4 48,405 — 48,405 —CRE5 112,832 — 112,832 —CRE6 343,501 — 343,501 51,558 December 31, 2020 Principal amount outstanding The Company's Assets held in interest Total assets Assets held in nonconsolidated in securitized held by consolidated VIEs with assets in securitization securitization continuing nonconsolidated VIEs (a) VIEs involvement VIEsCommercial and other $ 43,982 $ — $ 43,982 $ 31,294 Commercial mortgage-backed securities CRE1 28,152 — 28,152 7,342 CRE2 114,205 — 114,205 12,574 CRE3 111,158 — 111,158 17,495 CRE4 157,038 — 157,038 25,575 CRE5 350,569 — 350,569 33,042 CRE6 625,773 — 625,773 51,558 (a) Consists of commercial loans predominantly secured by real estate.(b) The Company’s securities purchased from CRE1, CRE3, CRE4, and CRE5 were paid in full during 2021. The security purchased from CRE2 was non-rated and the security purchased from CRE6 was rated AA- by Kroll Bond Rating Agency at December 31, 2021. At December 31, 2021, CRE2 was valued by discounted cash flow analysis and CRE6 was priced by a pricing service. (c) As of December 31, 2020, the principal balance of the security the Company owned issued by CRE1 was $7.3 million. The entire security including our interest was paid off in full during 2021. As of December 31, 2021, the principal balance of the security we owned issued by CRE2 was $12.6 million. Repayment is expected from the workout or disposition of commercial real estate collateral, after repayment of more senior tranches. Our $12.6 million security has 41% excess credit support; thus, losses of 41% of remaining security balances would have to be incurred, prior to any loss on our security. Additionally, the commercial real estate collateral supporting four of the remaining five loans was re-appraised in 2020 and 2021. The updated appraised value is approximately $78.8 million, which is net of $3.1 million due to the servicer. The remaining principal to be repaid on all securities is approximately $76.1 million and, as noted, our security is scheduled to be repaid prior to 41% of the outstanding securities. However, any future reappraisals could result in further decreases in collateral valuation. While available information indicates that the value of existing collateral will be adequate to repay our security, there can be no assurance that such valuations will be realized upon loan resolutions, and that deficiencies will not exceed the 41% credit support. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt [Abstract] | |
Debt | Note I—Debt 1.Short-term borrowings The Bank has overnight borrowing capacity with the Federal Home Loan Bank of Pittsburgh which amounted to $939.6 million at December 31, 2021, collateralized by loans. Borrowings under this arrangement have a variable interest rate. The Bank also had a $1.36 billion line with the FRB as of that date, also collateralized by loans. As of December 31, 2021, the Bank did not have any borrowings outstanding on these lines. The details of these categories are presented below: As of or for the year ended December 31, 2021 2020 2019 (dollars in thousands)Short-term borrowings Balance at year-end $ — $ — $ —Average during the year 19,958 27,322 129,031 Maximum month-end balance 300,000 140,000 300,000 Weighted average rate during the year 0.25% 0.72% 2.43%Rate at December 31 0.25% 0.25% 1.50% 2.Securities sold under agreements to repurchase Securities sold under agreements to repurchase generally mature within 30 days from the date of the transactions. The detail of securities sold under agreements to repurchase is presented below: As of or for the year ended December 31, 2021 2020 2019 (dollars in thousands)Securities sold under repurchase agreements Balance at year-end $ 42 $ 42 $ 82 Average during the year 41 49 90 Maximum month-end balance 42 82 93 Weighted average rate during the year — — —Rate at December 31 — — —3. Guaranteed preferred beneficiary interest in the Company’s subordinated debt As of December 31, 2021, the Company held two statutory business trusts: The Bancorp Capital Trust II and The Bancorp Capital Trust III. In each case, the Company owns all the common securities of the Trust. The Trusts issued preferred capital securities to investors and invested the proceeds in the Company through the purchase of junior subordinated debentures issued by the Company. These debentures are the sole assets of the Trusts. The $10.3 million of debentures issued to The Bancorp Capital Trust II and the $3.1 million of debentures issued to The Bancorp Capital Trust III were both issued on November 28, 2007, mature on March 15, 2038 and bear a floating rate of interest equal to 3-month LIBOR plus 3.25%. As of December 31, 2021, the Trusts qualify as VIEs under ASC 810, Consolidation. However, the Company is not considered the primary beneficiary and, therefore, the Trusts are not consolidated in the Company’s consolidated financial statements. The Trusts are accounted for under the equity method of accounting. 4. Senior debt On August 13, 2020, the Company issued $100.0 million of senior debt with a maturity date of August 15, 2025, and a 4.75% interest rate, with interest paid semi-annually on March 15 and September 15. The Senior Notes are the Company’s direct, unsecured and unsubordinated obligations and rank equal in priority with all of the Company’s existing and future unsecured and unsubordinated indebtedness and senior in right of payment to all of the Company’s existing and future subordinated indebtedness. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Shareholders' Equity [Abstract] | |
Shareholders' Equity | Note J—Shareholders’ Equity In 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 was authorized and did repurchase $10.0 million in each quarter of 2021. During the twelve months ended December 31, 2021, the Company repurchased 1,835,061 shares of its common stock in the open market under the 2021 Common Stock Repurchase Program at an average cost of $21.80 per share. 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 Program”). The Company may repurchase up 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, depending on the share price, securities laws and stock exchange rules which regulate such repurchases. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Benefit Plans [Abstract] | |
Benefit Plans | Note K—Benefit Plans 401 (k) Plan The Company maintains a 401(k) savings plan covering substantially all employees of the Company. Under the plan, the Company matches 50% of the employee contributions for all participants, not to exceed 6% of their salary. Contributions made by the Company were approximately $1.6 million, $1.7 million and $1.6 million for the years ended December 31, 2021, 2020 and 2019, respectively and are reflected in salaries and employee benefits in the consolidated statement of operations. Supplemental Executive Retirement Plan In 2005, the Company began contributing to a supplemental executive retirement plan for its former Chief Executive Officer that provides annual retirement benefits of $25,000 per month until death. There were $300,000 of disbursements under the plan in each of 2021, 2020 and 2019. The actuarial assumptions as of December 31, 2021, 2020 and 2019 reflected respective discount rates of 2.12%, 1.59% and 2.62% with a monthly benefit of $25,000. Projected payouts for each of the next three years are $300,000 per year, $266,000 and $254,000 for years four and five and $1.1 million for the subsequent five years. The Company adjusts its related liability to actuarially derived estimates of lifetime payouts based upon actuarial tables as follows: SOA Pri-2012 Amount-Weighted White Collar Retiree Mortality Table with Mortality Improvement Scale MP-2021. The Company’s related expense was $300,000, $465,000 and $357,000, respectively, for the years ended December 31, 2021, 2020 and 2019. As of December 31, 2021, the Company had accrued $3.3 million for potential future payouts. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
Income Taxes | Note L—Income Taxes The Company operates in the United States and is subject to corporate net income taxes for federal and state purposes. Tax expense is computed in total on combined continuing and discontinued operations, then separately for continuing operations which is subtracted from that total. The remainder is shown as tax expense for discontinued operations. The components of income tax expense included in the statements of continuing operations are as follows: For the years ended December 31, 2021 2020 2019 (in thousands)Current tax provision Federal $ 22,364 $ 21,816 $ 14,407 State 9,958 7,222 5,212 32,322 29,038 19,619 Deferred tax provision (benefit) Federal 1,564 (966) 1,382 State (162) (384) 225 1,402 (1,350) 1,607 $ 33,724 $ 27,688 $ 21,226 The differences between applicable income tax expense (benefit) from continuing operations and the amounts computed by applying the statutory federal income tax rate of 21% for 2021, 2020 and 2019, are as follows: For the years ended December 31, 2021 2020 2019 (in thousands) Computed tax expense at statutory rate $ 30,275 $ 22,740 $ 15,224 State taxes 7,704 5,363 4,140 Tax-exempt interest income (566) (517) (467)Meals and entertainment 24 24 97 Civil money penalty — — 1,870 Other net (deductible) nondeductible items (3,762) 254 263 Valuation allowance - domestic (1,446) 587 —Other 1,495 (763) 99 $ 33,724 $ 27,688 $ 21,226 Deferred income taxes are provided for the temporary difference between the financial reporting basis and the tax basis of the Company’s assets and liabilities. Cumulative temporary differences recognized in the financial statement of position are as follows: For the years ended December 31, 2021 2020 (in thousands)Deferred tax assets: Allowance for credit losses $ 4,031 $ 3,544 Non-accrual interest 1,613 1,412 Deferred compensation 697 697 State taxes 1,857 1,695 Nonqualified stock options 1,031 1,954 Capital loss limitations 4,158 4,158 Tax deductible goodwill 1,365 2,134 Partnership interest, Walnut St basis difference 13,737 12,153 Operating lease liabilities 2,156 2,790 Fair value adjustment to investments 817 808 Loan charges 3,351 3,606 Other 544 1,081 Total gross deferred tax assets 35,357 36,032 Federal and state valuation allowance (16,903) (15,457)Deferred tax liabilities: Unrealized gains on investment securities available-for-sale 2,207 6,550 Discount on Class A notes 92 92 Depreciation 1,743 1,671 Right of use asset 1,745 2,505 Total deferred tax liabilities 5,787 10,818 Net deferred tax asset $ 12,667 $ 9,757 Management assesses all available positive and negative evidence to determine whether it is more likely than not that the Company will be able to recognize the existing deferred tax assets. If that threshold is not met, a valuation allowance is established against the deferred tax asset. The federal and state valuation allowance at December 31, 2021 and 2020, respectively, was $16.9 million and $15.5 million and resulted from Walnut Street assets, primarily because related capital losses will likely be non-deductible. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: For the years ended December 31, 2021 2020 2019 (in thousands)Beginning balance at January 1 $ 338 $ 338 $ 338 Decreases in tax provisions for prior years — — —Gross unrecognized tax benefits at December 31 $ 338 $ 338 $ 338 Management does not believe these amounts will significantly increase or decrease within 12 months of December 31, 2021. The total amount of unrecognized tax benefits, if recognized, will impact the effective tax rate. Tax years after 2018 remain subject to examination by the federal authorities, and 2017 and after remain subject to examination by most state tax authorities. The Company recognizes interest accrued and penalties related to unrecognized tax benefits in income tax expense for all periods presented. To date, no amounts of interest or penalties relating to unrecognized tax benefits have been recorded. On December 27, 2020, the Consolidated Appropriations Act 2021 (the “Appropriations Act”) was enacted in response to the COVID-19 pandemic. The Appropriations Act, among other things, temporarily extends through December 31, 2025, certain expiring tax provisions. Additionally, the Appropriations Act enacts new provisions and extends certain provisions originated within the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), enacted on March 27, 2020. The legislation did not have a material impact on the Company’s tax position. On March 11, 2021 the American Rescue Plan Act of 2021, which includes certain business tax provisions, was signed into law. This legislation did not have a material impact on the Company’s tax provision. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | Note M—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 December 31, 2021, the Company had four active stock-based compensation plans. In May 2020, the Company adopted an Equity Incentive Plan (“the 2020 Plan”). Employees and directors of the Company and the Bank and consultants (with restrictions) are eligible to participate in the 2020 Plan. The option term may not exceed 10 years from the date of the grant. Any employee or consultant who possesses more than 10 percent of voting power of all classes of stock of the Company, or any parent or subsidiary, may not have options with terms exceeding five years from the date of grant. An aggregate of 3,300,000 shares of common stock were reserved for issuance under the 2020 Plan. Restricted stock units may also be granted under the 2020 Plan with conditions similar to those for options. In May 2018, the Company adopted an Equity Incentive Plan (“the 2018 Plan”). Employees and directors of the Company and the Bank and consultants (with restrictions) are eligible to participate in the 2018 Plan. The option term may not exceed 10 years from the date of the grant. Any employee or consultant who possesses more than 10 percent of voting power of all classes of stock of the Company, or any parent or subsidiary, may not have options with terms exceeding five years from the date of grant. An aggregate of 1,700,000 shares of common stock were reserved for issuance under the 2018 Plan, but none remain. Restricted stock units may also be granted under the 2018 Plan with conditions similar to those for options. In May 2013, the Company adopted a Stock Option and Equity Plan (“the 2013 Plan”). Employees and directors of the Company and the Bank and consultants (with restrictions) are eligible to participate in the 2013 Plan. The option term may not exceed 10 years from the date of the grant. An employee or consultant who possesses more than 10 percent of voting power of all classes of stock of the Company, or any parent or subsidiary, may not have options with terms exceeding five years from the date of grant. An aggregate of 2,200,000 shares of common stock were originally reserved for issuance under the 2013 Plan, but none remain. Restricted stock units may also be granted under the 2013 Plan with conditions similar to those for options. In May 2011, the Company adopted a Stock Option and Equity Plan (“the 2011 Plan”). Employees and directors of the Company and the Bank and consultants (with restrictions) are eligible to participate in the 2011 Plan. The option term may not exceed 10 years from the date of the grant. An employee or consultant who possesses more than 10 percent of voting power of all classes of stock of the Company, or any parent or subsidiary, may not have options with terms exceeding five years from the date of grant. An aggregate of 1,400,000 shares of common stock were originally reserved for issuance under the 2011 Plan, but none remain. The Company granted 100,000 stock options with a vesting period of four years during 2021 with a weighted average grant-date fair value of $8.51. The Company granted 300,000 stock options with a vesting period of four years during 2020 with a weighted average grant-date fair value of $3.02. The Company granted 65,104 stock options with a vesting period of four years during 2019 with a weighted average grant-date fair value of $3.84. The total common stock options exercised in 2021, 2020 and 2019 were 633,966, 99,000 and 30,000, respectively. 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 (in thousands except per share data) Outstanding at January 1, 2021 1,161,604 $ 7.62 4.75 $ 7,001,843 Granted 100,000 18.81 9.12 650,000 Exercised (633,966) 7.61 — 11,608,275 Expired — — — —Forfeited (77,534) — — —Outstanding at December 31, 2021 550,104 9.67 7.17 8,603,191 Exercisable at December 31, 2021 192,552 $ 8.38 4.76 $ 3,259,270 The Company granted 313,697 RSUs in 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 2021 had a fair value of $18.81 per unit. The Company granted 1,531,702 RSUs in 2020 of which 1,387,602 have a vesting period of two years and nine months and 144,100 have a vesting period of one year. At issuance, the 1,531,702 RSUs granted in 2020 had a fair value of $6.87 per unit. The Company granted 930,831 RSUs in 2019 of which 863,331 had a vesting period of three years and 67,500 had a vesting period of one year. At issuance, the 930,831 RSUs granted in 2019 had a fair value of $8.57 per unit. A summary of the Company’s restricted stock units 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 1.77 Vested (1,021,029) 7.69 —Forfeited (50,487) 9.27 —Outstanding at December 31, 2021 1,030,124 $ 10.49 1.17 A summary of the status of the Company’s non-vested options under the plans as of December 31, 2021, and changes during the year then ended, is presented below: Weighted-average grant date Options fair valueNon-Vested at January 1, 2021 348,828 $ 3.13 Granted 100,000 8.51 Vested (91,276) 3.17 Expired — —Forfeited — —Non-Vested at December 31, 2021 357,552 $ 4.63 There were 1,732,529 options exercised and restricted stock units vested in 2021, 710,111 options exercised and restricted stock units vested in 2020 and 494,430 options exercised and restricted stock units vested in 2019. The total intrinsic value of the options exercised and stock units vested in 2021, 2020 and 2019 was $35.5 million, $7.1 million and $4.4 million, respectively. The total issuance date fair value of options that were exercised and restricted units which vested during the year ended December 31, 2021 was $10.5 million. As of December 31, 2021, there was a total of $7.3 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 1.2 years. Related compensation expense for the years ended December 31, 2021, 2020 and 2019 was $8.6 million, $6.4 million and $5.7 million respectively, and the related tax benefits recognized were $1.8 million, $1.4 million and $1.2 million, respectively. For the years ended December 31, 2021, 2020 and 2019, 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: December 31, 2021 2020 2019Risk-free interest rate 1.19% 0.68% 2.63%Expected dividend yield — — —Expected volatility 45.6% 45.2% 41.8%Expected lives (years) 6.3 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 the ASC 718, Stock Based Compensation, stock based compensation expense for the year ended December 31, 2021 is based on awards that are ultimately expected to vest and has been reduced for estimated forfeitures. The Company estimates forfeitures using historical data based upon the groups identified by management. |
Transactions With Affiliates
Transactions With Affiliates | 12 Months Ended |
Dec. 31, 2021 | |
Transactions With Affiliates [Abstract] | |
Transactions With Affiliates | Note N—Transactions with Affiliates The Bank did not maintain any deposits for various affiliated companies as of December 31, 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 December 31, 2021, these loans were current as to principal and interest payments, and did not involve more than normal risk of collectability or present other unfavorable features. At December 31, 2021 and 2020, loans to these related parties amounted to $5.2 million and $4.7 million, respectively. 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 $1.9 million in 2021, $1.7 million in 2020 and $1.1 million in 2019 for legal services. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | Note O—Commitments and Contingencies 1. Operating Leases As part of its cost control efforts, the Company is actively managing its facilities. The lease for its Wilmington, Delaware operations facility and its Crofton, Maryland business leasing office expire in 2025. The lease for its Westmont (suburban Chicago), Illinois SBL office expires in 2026. The occupied New York and Norristown sites are, respectively, loan administration and leasing offices, and the leases will expire in 2024 and 2025, respectively. The Morrisville, North Carolina SBL loan office lease also expires in 2024. The Company also has leases for leasing business development offices in New Jersey and Pennsylvania that expire in 2022, and leases for SBL and leasing business development offices in Utah and Washington state that expire at various times through 2022. The Company’s lease in South Dakota for its prepaid and debit card division expires in 2023. The Company has signed a lease for office space to relocate those offices to a development under construction in Sioux Falls, South Dakota, with expected occupancy in 2023. These leases require the Company to pay the real estate taxes and insurance on the leased properties in addition to rent. The approximate future minimum annual rental payments, including any additional rents for escalation clauses, are as follows (in thousands): Year ending December 31, 2022 $ 2,908 2023 2,598 2024 2,537 2025 1,606 2026 28 Thereafter — $ 9,677 Rent and related expense for the years ended December 31, 2021, 2020 and 2019 were approximately $3.6 million, $4.1 million and $5.0 million net of sublease rentals of approximately $729,000, $848,000 and $586,300, respectively. 2.Legal Proceedings 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 condition 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 is vigorously defending these matters. On June 11, 2021, the Company filed a consolidated motion to dismiss in each case. On February 25, 2022, the court granted the Company’s motion in part, dismissing McGlynn’s claims in entirety and most of Barker and Kamai’s claims. The sole claims remaining are Barker and Kamai’s breach of implied contract claims related to an unpaid bonus, for which they seek $2,000,000 and $300,000, respectively. 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 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. On November 4, 2021, the Bank filed a motion in the United States District Court for the Central District of California to withdraw the reference of the adversary proceeding to the bankruptcy court. The motion is still pending. 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. |
Financial Instruments With Off-
Financial Instruments With Off-Balance-Sheet Risk And Concentrations Of Credit Risk | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments With Off-Balance-Sheet Risk And Concentrations Of Credit Risk [Abstract] | |
Financial Instruments With Off-Balance-Sheet Risk And Concentrations Of Credit Risk | Note P—Financial Instruments with Off-Balance-Sheet Risk and Concentrations of Credit Risk The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Such financial instruments are recorded in the consolidated financial statements when they become payable. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheets. The contractual, or notional, amounts of those instruments reflect the extent of involvement the Company has in particular classes of financial instruments. The approximate contract amounts and maturity term of the Company’s unused credit commitments are as follows: December 31, 2021 2020 (in thousands)Financial instruments whose contract amounts represent credit risk Commitments to extend credit$ 2,154,352 $ 2,163,331 Standby letters of credit 1,698 1,829 $ 2,156,050 $ 2,165,160 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation. The vast majority of commitments to extend credit arise from security backed lines of credit (SBLOC) which are variable rate and which represent collateral values available to support additional extensions of credit, and not expected usage. Such commitments are normally based on the full amount of collateral in a customer’s investment account. The majority of such lines of credit have historically not been drawn upon. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing and similar transactions. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Company holds residential or commercial real estate, accounts receivable, inventory and equipment as collateral supporting those commitments for which collateral is deemed necessary. The Company reduces any potential liability on its standby letters of credit based upon its estimate of the proceeds obtainable upon the liquidation of the collateral held. Fair values of unrecognized financial instruments, including commitments to extend credit and the fair value of letters of credit, are considered immaterial. The Company’s exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual or notional amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. CECL accounting guidance requires the establishment of an allowance for loss on such unfunded instruments. To establish that allowance, the Company generally utilizes the same methodologies as it does to establish allowances on outstanding loans, adjusted for estimated usage as appropriate. |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Of Financial Instruments [Abstract] | |
Fair Value Of Financial Instruments | Note Q—Fair Value of Financial Instruments 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. 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 sold loans in 2019 and prior years, and may do so in the future. For fair value disclosure purposes, the Company utilized the fair value measurement criteria of ASC 820, Fair Value Measurements and Disclosures. ASC 820, Fair Value Measurements and Disclosures, 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” that are 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. Transfers between levels in 2020, 2019 and 2018, consisted only of transfers resulting from the availability or non-availability of third-party pricing for CRE securities from the Company’s securitizations, see Note E. For fair value disclosure purposes, the Company utilized certain value measurement criteria required under the ASC 820, “Fair Value Measurements and Disclosures,” as discussed below. Estimated fair values have been determined by the Company using the best available data and an estimation methodology it believes to be suitable for each category of financial instruments. 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 and the Company’s balance at the FRB, had recorded values of $601.8 million and $345.5 million at December 31, 2021 and 2020, respectively, which approximated fair values. Investment securities have estimated fair values based on quoted market prices or other observable inputs, if available. If observable inputs are not available, fair values are determined using unobservable (Level 3) inputs that are based on the best information available in the circumstances. For these investment securities, fair values are based on the present value of expected cash flows from principal and interest to maturity, or yield to call as appropriate, at the measurement date. Commercial loans, at fair value are comprised of commercial real estate loans and SBA loans which had been previously 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. Loans, net of deferred loan fees and costs, have an estimated fair value using the present value of future cash flows. The discount rate used in these calculations is the estimated current market rate adjusted for borrower-specific credit risk. The carrying value of accrued interest approximates fair value. FHLB and Atlantic Central Bankers Bank stock are held as required by those respective institutions and are carried at cost. Federal law requires a member institution of the FHLB to hold stock according to predetermined formulas, primarily based upon the level of borrowings. Atlantic Central Bankers Bank requires its correspondent banking institutions to hold stock as a condition of membership. Investment in unconsolidated entity - 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, WS 2014. The fair value of the notes issued to the Bank by WS 2014 was initially established by the sales price and subsequently marked to fair value based upon discounted cash flow analysis. At December 31, 2020, the cash flows were modeled using a discount rate of 3.93%, based on market indications. A constant default rate on cash flowing loans of 1%, net of recoveries, was utilized. As described in Note H, this entity was dissolved in 2021. Assets held-for-sale from discontinued operations as of December 31, 2021 and December 31, 2020 are held at the lower of cost basis or market value. For loans, market value was determined using the income approach which converts expected cash flows from the loan portfolio by unit of measurement to a present value estimate based on a market adjusted rate. Unit of measurement was determined by loan type and for significant loans on an individual loan basis. For other real estate owned, market value was based upon appraisals of the underlying collateral by third party appraisers, reduced by 7% to 10% for estimated selling costs. Deposits (comprised of interest and non-interest-bearing checking accounts, savings, 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 overnight borrowings. There were no short term borrowings outstanding at December 31, 2021 or 2020. 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. Long term borrowings resulted from sold loans which did not qualify for true sale accounting. They are presented in the amount of principal of such loans. Interest rate swaps are either assets or liabilities and have a fair value which is estimated 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 the applicable interest rate index.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. Fair value information for specific balance sheet categories is as follows. December 31, 2021 Quoted prices Significant in active other Significant markets for observable unobservable Carrying Estimated identical assets inputs inputs amount fair value (Level 1) (Level 2) (Level 3) (in thousands)Investment securities, available-for-sale$ 953,709 $ 953,709 $ — $ 934,678 $ 19,031 Federal Home Loan Bank and Atlantic Central Bankers Bank stock 1,663 1,663 — — 1,663 Commercial loans, at fair value 1,326,836 1,326,836 — — 1,326,836 Loans, net of deferred loan fees and costs 3,747,224 3,745,548 — — 3,745,548 Assets held-for-sale from discontinued operations 82,191 82,191 — — 82,191 Interest rate swaps, liability 553 553 — 553 —Demand and interest checking 5,561,365 5,561,365 — 5,561,365 —Savings and money market 415,546 415,546 — 415,546 —Senior debt 98,682 101,980 — 101,980 —Subordinated debentures 13,401 8,815 — — 8,815 Securities sold under agreements to repurchase 42 42 42 — — December 31, 2020 Quoted prices Significant in active other Significant markets for observable unobservable Carrying Estimated identical assets inputs inputs amount fair value (Level 1) (Level 2) (Level 3) (in thousands)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): Fair Value Measurements at Reporting Date Using Quoted prices in active Significant other Significant markets for identical observable unobservable Fair value assets inputs inputs December 31, 2021 (Level 1) (Level 2) (Level 3) Investment securities, available-for-sale U.S. Government agency securities$ 37,302 $ — $ 37,302 $ —Asset-backed securities 360,418 — 360,418 —Obligations of states and political subdivisions 52,137 — 52,137 —Residential mortgage-backed securities 184,301 — 184,301 —Collateralized mortgage obligation securities 61,861 — 61,861 —Commercial mortgage-backed securities 251,076 — 238,659 12,417 Corporate debt securities 6,614 — — 6,614 Total investment securities, available-for-sale 953,709 — 934,678 19,031 Commercial loans, at fair value 1,326,836 — — 1,326,836 Assets held-for-sale from discontinued operations 82,191 — — 82,191 Interest rate swaps, liability 553 — 553 — $ 2,362,183 $ — $ 934,125 $ 1,428,058 Fair Value Measurements at Reporting Date Using Quoted prices in active Significant other Significant markets for identical observable unobservable Fair value 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 The Company’s Level 3 asset activity for the categories shown for the years 2021 and 2020 is as follows (in thousands): Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Available-for-sale Commercial loans, securities at fair value December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020Beginning 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 (44) — 13,214 (1,883)Included in other comprehensive loss (1,422) (2,121) — —Purchases, issuances, sales and settlements Issuances — — 127,765 721,590 Settlements (158,454) (21,412) (647,881) (89,441)Ending balance$ 19,031 $ 178,951 $ 1,326,836 $ 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.$ — $ — $ (2,133) $ (3,567) Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Investment in Assets held-for-sale unconsolidated entity from discontinued operations December 31, 2021 December 31, 2020 December 31, 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) 1,102 (3,326) Purchases, issuances, sales, settlements and charge-offs Issuances — — 5,222 4,942 Sales — — (2,020) (1,482) Settlements (6,223) (7,815) (35,750) (26,846) Charge-offs — — (13) (295) Ending balance$ — $ 31,294 $ 82,191 $ 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) $ 566 $ (2,664) The Company’s other real estate owned activity is summarized below (in thousands) as of the dates indicated: December 31, 2021 December 31, 2020Beginning balance$ — $ —Transfers from investment in unconsolidated entity 2,145 —Sales (615) —Ending balance$ 1,530 $ — Information related to fair values of level 3 balance sheet categories is as follows. Fair value at Range at Weighted average atLevel 3 instruments only December 31, 2021 Valuation techniques Unobservable inputs December 31, 2021 December 31, 2021 Commercial mortgage-backed investment security (a) $ 12,417 Discounted cash flow Discount rate 8.00% 8.00%Insurance liquidating trust preferred security (b) 6,614 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/ALoans, net of deferred loan fees and costs (c) 3,745,548 Discounted cash flow Discount rate 1.00% - 7.00% 3.70% Commercial - SBA (d) 199,585 Discounted cash flow Discount rate 1.04%- 2.12% $103.40 Non-SBA CRE - fixed (e) 79,864 Discounted cash flow Discount rate 5.31%-7.43% 6.26% Non-SBA CRE - floating (f) 1,047,387 Discounted cash flow Discount rate 3.96%-10.20% 4.96%Commercial loans, at fair value 1,326,836 Assets held-for-sale from discontinued operations (g) 82,191 Discounted cash flow Discount rate 3.18%-6.80% 4.36% Subordinated debentures (h) 8,815 Discounted cash flow Discount rate 7.00% 7.00% Other real estate owned (i) 1,530 Appraised value N/A N/A N/A Fair value at Range at Weighted average atLevel 3 instruments only 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 $100.13Federal Home Loan Bank and Atlantic Central Bankers Bank stock 1,368 Cost N/A N/A N/ALoans, 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 sensitive to judgments, assumptions and uncertainties, changes in which could have a significant impact on such valuations. All weighted averages at December 31, 2021 were calculated 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 the fair value of securities which are unrelated to credit are recorded through equity. Changes in the value of subordinated debentures are a disclosure item, without impact on the financial statements. Changes in the fair value of loans recorded at amortized cost which are unrelated to credit are also a disclosure item, without impact on the financial statements. The notes below refer to the December 31, 2021 table. a)Commercial mortgage-backed investment security, consisting of a single Bank issued CRE security, is valued using discounted cash flow analysis. The discount rate and prepayment rate applied are based upon market observations and actual experience for comparable securities and implicitly assume market averages for defaults and loss severities. The security has significant credit enhancement, or protection from other tranches in the issue, which limits the valuation exposure to credit losses. Nonetheless, increases in expected default rates or loss severities on the loans underlying the issue could reduce its 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 this holding in future periods and impact its fair value. b)Insurance liquidating trust preferred security 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 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 December 31, 2021, the balance included $44.8 million of Paycheck Protection Program loans, which bear interest at 1%, but also earn fees. d)Commercial-SBA Loans are comprised of the government guaranteed portion of SBA insured loans. Their valuation is based upon the yield derived from dealer pricing indications for guaranteed pools, adjusted for seasoning and prepayments. 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 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 utilize input from an independent valuation consultant based upon loan terms, the general level of interest rates and the quality of the credit. Certain of these loans are fair valued by a third party, based upon discounting at market rates for similar loans. Deterioration in loan performance or other credit weaknesses could result in fair value ranges which would be dependent upon potential buyers’ tolerance for such weaknesses and are difficult to estimate. f)Non-SBA CRE-floating are floating rate non-SBA loans, the vast majority of which are secured by multi-family properties (apartments). 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 was based upon current origination rates for similar loans. Deterioration in loan performance or other credit weaknesses could result in fair value ranges which would be dependent upon potential buyers’ tolerance for such weaknesses and are difficult to estimate. 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. i)For other real estate owned, fair value is based upon appraisals of the underlying collateral by third party appraisers, reduced by 7% to 10% for estimated selling costs. Such appraisals reflect estimates of amounts realizable upon property sales based on the sale of comparable properties and other factors. Actual sales prices may vary based upon the identification of potential purchasers, changing conditions in local real estate markets and the level of interest rates required to finance purchases. Assets measured at fair value on a nonrecurring basis, segregated by fair value hierarchy, at December 31, 2021 and 2020 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 inputsDescriptionDecember 31, 2021 (Level 1) (Level 2) (Level 3) Collateral dependent loans (1)$ 3,005 $ — $ — $ 3,005 Other real estate owned 1,530 — — 1,530 Intangible assets 2,447 — — 2,447 $ 6,982 $ — $ — $ 6,982 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)DescriptionDecember 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 loans evaluated for an allowance for credit losses on an individual loan basis and also for other real estate owned was the market 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 December 31, 2021, principal on loans individually evaluated for an allowance for credit losses, and troubled debt restructurings that is accounted for on the basis of the value of underlying collateral, is shown in the above table at an estimated fair value of $3.0 million. To arrive at that fair value, related loan principal of $4.0 million was reduced by specific allowances of $1.0 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 allowance and decreasing principal. Included in the loans individually evaluated for an allowance for credit losses at December 31, 2021, were troubled debt restructured loans with a balance of $1.5 million which had specific allowances of $476,000. At December 31, 2020, principal on loans individually evaluated for an allowance for credit losses and troubled debt restructurings that is accounted for on the basis of the value of underlying collateral, is shown in the above table at an estimated fair value of $9.6 million. To arrive at that fair value, related loan principal of $12.8 million was reduced by specific allowances of $3.2 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. Included in the loans individually evaluated for an allowance for credit losses at December 31, 2020, were troubled debt restructured loans with a balance of $1.6 million which had specific allowances of $467,000. Valuation techniques consistent with the market and/or cost approach were used to measure fair value and primarily included observable inputs for the individual loans being evaluated such as recent sales of similar collateral 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. The Company had $1.5 million of other real estate owned at December 31, 2021 and no other real estate owned at December 31, 2020 in continuing operations. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2021 | |
Derivatives [Abstract] | |
Derivatives | Note R –Derivatives The Company has utilized derivative instruments to assist in the management of interest rate sensitivity by modifying the repricing, maturity and option characteristics on certain commercial real estate loans held at fair value. These instruments are not accounted for as effective hedges. As of December 31, 2021, the Company had entered into three interest rate swap agreements with an aggregate notional amount of $21.3 million. Under these swap agreements the Company receives an adjustable rate of interest based upon LIBOR. The Company recorded a gain of $1.7 million, a loss of $2.0 million and a loss of $1.9 million for the years ended December 31, 2021 and 2020 and 2019, respectively, to recognize the fair value of derivative instruments. Those amounts are recorded on the consolidated statements of operations under “Net realized and unrealized gains (losses) on commercial loans (at fair value)”. At December 31, 2021, the amount payable by the Company under these swap agreements was $553,000. At December 31, 2021 and 2020, the Company had minimum collateral posting thresholds with certain of its derivative counterparties and had posted cash collateral of $2.3 million and $2.8 million, respectively. The maturity dates, notional amounts, interest rates paid and received and fair value of the Company’s remaining interest rate swap agreements as of December 31, 2021 are summarized below (in thousands): December 31, 2021Maturity date Notional amount Interest rate paid Interest rate received Fair valueDecember 23, 2025 $ 6,800 2.16% 0.22% $ (233)December 24, 2025 8,200 2.17% 0.21% (287)July 20, 2026 6,300 1.44% 0.13% (33)Total $ 21,300 $ (553) The $553,000 fair value loss position of the outstanding derivatives at December 31, 2021 as detailed in the above table, was recorded in other liabilities on the consolidated balance sheet. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2021 | |
Regulatory Matters [Abstract] | |
Regulatory Matters | Note S—Regulatory Matters It is the policy of the Federal Reserve that financial holding companies should pay cash dividends on common stock only from 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 financial holding companies 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. To be well capitalized under For capital prompt corrective Actual adequacy purposes action provisions Amount Ratio Amount Ratio Amount Ratio (dollars in thousands)As of December 31, 2021 Total capital (to risk-weighted assets) The Bancorp, Inc.$ 661,656 15.13% $ 349,923 >=8.00 N/A N/A The Bancorp Bank 695,450 15.88% 349,897 8.00 437,371 >= 10.00% Tier 1 capital (to risk-weighted assets) The Bancorp, Inc. 643,850 14.72% 262,442 >=6.00 N/A N/A The Bancorp Bank 677,644 15.48% 262,423 6.00 349,897 >= 8.00% Tier 1 capital (to average assets) The Bancorp, Inc. 643,850 10.40% 247,722 >=4.00 N/A N/A The Bancorp Bank 677,644 10.98% 247,630 4.00 309,537 >= 5.00% Common equity tier 1 (to risk-weighted assets) The Bancorp, Inc. 643,850 14.72% 174,962 >=4.00 N/A N/A The Bancorp Bank 677,644 15.48% 196,817 4.50 284,291 >= 6.50% As of December 31, 2020 Total capital (to risk-weighted assets) The Bancorp, Inc.$ 577,092 14.84% $ 311,045 >=8.00 N/A N/A The Bancorp Bank 571,220 14.68% 311,148 8.00 388,935 >= 10.00% Tier 1 capital (to risk-weighted assets) The Bancorp, Inc. 561,010 14.43% 233,284 >=6.00 N/A N/A The Bancorp Bank 555,138 14.27% 233,361 6.00 311,148 >= 8.00% Tier 1 capital (to average assets) The Bancorp, Inc. 561,010 9.20% 243,941 >=4.00 N/A N/A The Bancorp Bank 555,138 9.11% 243,843 4.00 304,804 >= 5.00% Common equity tier 1 (to risk-weighted assets) The Bancorp, Inc. 561,010 14.43% 155,523 >=4.00 N/A N/A The Bancorp Bank 555,138 14.27% 175,021 4.50 252,808 >= 6.50% As of December 31, 2021, the Company and the Bank met all regulatory requirements for classification as well capitalized under the regulatory framework for prompt corrective action. The Bank has entered into several consent orders with the FDIC relating to several aspects of its operations. These orders were resolved and concluded in 2020. |
Condensed Financial Information
Condensed Financial Information-Parent Only | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information-Parent Only [Abstract] | |
Condensed Financial Information-Parent Only | Note T—Condensed Financial Information—Parent Only Condensed Balance Sheets December 31, 2021 2020 (in thousands)Assets Cash and due from banks $ 68,383 $ 111,267 Investment in subsidiaries 686,248 575,293 Other assets 11,324 8,160 Total assets $ 765,955 $ 694,720 Liabilities and stockholders' equity Other liabilities $ 1,418 $ 1,841 Senior debt 98,682 98,314 Subordinated debentures 13,401 13,401 Stockholders' equity 652,454 581,164 Total liabilities and stockholders' equity $ 765,955 $ 694,720 Condensed Statements of Operations For the year ended December 31, 2021 2020 2019 (in thousands)Income Other income $ — $ 1 $ —Total income — 1 — Expense Interest on subordinated debentures 449 524 750 Interest on senior debt 5,118 1,913 —Non-interest expense 9,266 7,486 6,721 Total expense 14,833 9,923 7,471 Income tax benefit (3,114) — —Equity in undistributed income of subsidiaries 122,372 90,006 59,030 Net income available to common shareholders $ 110,653 $ 80,084 $ 51,559 Condensed Statements of Cash Flows Year ended December 31, 2021 2020 2019 (in thousands)Operating activities Net income $ 110,653 $ 80,084 $ 51,559 Net amortization of investment securities discounts/premiums 368 — —(Increase) decrease in other assets (3,164) 484 724 (Decrease) increase in other liabilities (423) 1,810 (4)Stock based compensation expense 8,626 6,429 5,689 Equity in undistributed income (122,372) (90,006) (59,030)Net cash used in operating activities (6,312) (1,199) (1,062) Financing activities Proceeds from the exercise of common stock options 3,428 866 258 Proceeds of senior debt offering — 98,314 —Repurchases of common stock (40,000) — —Net cash (used in) provided by financing activities (36,572) 99,180 258 Net (decrease) increase in cash and cash equivalents (42,884) 97,981 (804)Cash and cash equivalents, beginning of year 111,267 13,286 14,090 Cash and cash equivalents, end of year $ 68,383 $ 111,267 $ 13,286 |
Segment Financials
Segment Financials | 12 Months Ended |
Dec. 31, 2021 | |
Segment Financials [Abstract] | |
Segment Financials | Note U—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 Philadelphia commercial lending operations, as described in Note V- Discontinued Operations. The shift from a traditional bank balance sheet led the Company to evaluate its remaining business structure. 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 small business (primarily SBA loans), direct lease financing, security and insurance backed lines of credit, investment advisor financing, real estate bridge lending and deposits generated by those business lines. In 2019, specialty finance included commercial mortgage loan sales and securitizations, prior to their cessation. Payments include prepaid and debit cards, 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. For the year ended December 31, 2021 Specialty finance Payments Corporate Discontinued operations Total (in thousands)Interest income $ 191,867 $ — $ 30,248 $ — $ 222,115 Interest allocation — 30,248 (30,248) — —Interest expense 963 4,162 6,114 — 11,239 Net interest income (loss) 190,904 26,086 (6,114) — 210,876 Provision for credit losses 3,110 — — — 3,110 Non-interest income 22,331 82,343 75 — 104,749 Non-interest expense 67,263 69,716 31,371 — 168,350 Income (loss) from continuing operations before taxes 142,862 38,713 (37,410) — 144,165 Income tax expense — — 33,724 — 33,724 Income (loss) from continuing operations 142,862 38,713 (71,134) — 110,441 Income from discontinued operations — — — 212 212 Net income (loss) $ 142,862 $ 38,713 $ (71,134) $ 212 $ 110,653 For the year ended December 31, 2020 Specialty finance Payments Corporate Discontinued operations Total (in thousands)Interest income $ 170,847 $ — $ 39,935 $ — $ 210,782 Interest allocation — 39,935 (39,935) — —Interest expense 1,024 8,690 6,202 — 15,916 Net interest income (loss) 169,823 31,245 (6,202) — 194,866 Provision for credit losses 6,352 — — — 6,352 Non-interest income 678 83,751 188 — 84,617 Non-interest expense 68,244 68,379 28,224 — 164,847 Income (loss) from continuing operations before taxes 95,905 46,617 (34,238) — 108,284 Income tax expense — — 27,688 — 27,688 Income (loss) from continuing operations 95,905 46,617 (61,926) — 80,596 Loss from discontinued operations — — — (512) (512)Net income (loss) $ 95,905 $ 46,617 $ (61,926) $ (512) $ 80,084 For the year ended December 31, 2019 Specialty finance Payments Corporate Discontinued operations Total (in thousands)Interest income $ 126,814 $ — $ 52,755 $ — $ 179,569 Interest allocation — 52,755 (52,755) — —Interest expense 1,429 28,971 7,881 — 38,281 Net interest income (loss) 125,385 23,784 (7,881) — 141,288 Provision for credit losses 4,400 — — — 4,400 Non-interest income 29,140 74,742 245 — 104,127 Non-interest expense 63,884 67,884 36,753 — 168,521 Income (loss) from continuing operations before taxes 86,241 30,642 (44,389) — 72,494 Income tax expense — — 21,226 — 21,226 Income (loss) from continuing operations 86,241 30,642 (65,615) — 51,268 Income from discontinued operations — — — 291 291 Net income (loss) $ 86,241 $ 30,642 $ (65,615) $ 291 $ 51,559 December 31, 2021 Specialty finance Payments Corporate Discontinued operations Total (in thousands)Total assets $ 5,099,388 $ 41,593 $ 1,620,067 $ 82,191 $ 6,843,239 Total liabilities $ 329,372 $ 5,312,115 $ 549,298 $ — $ 6,190,785 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 | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | Note V—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 and focus on its specialty finance lending. The loans which constitute the Philadelphia commercial loan portfolio are in the process of disposition including transfers to other financial institutions. As such, financial results of the Philadelphia commercial lending operations are presented as separate from continuing operations on the consolidated statements of operations, and the assets of the commercial lending operations to be disposed are presented as assets held-for-sale from discontinued operations in the consolidated balance sheets. The following table presents financial results of the commercial lending business included in net income (loss) from discontinued operations for the twelve months ended December 31, 2021, 2020 and 2019. The majority of non-interest expense is comprised of loan related charges including charge-offs, realized and unrealized gains and losses, other real estate loan charges and attorney fees. For the year ended December 31, 2021 2020 2019 (in thousands) Interest income$ 3,096 $ 4,222 $ 6,710 Interest expense — — —Net interest income 3,096 4,222 6,710 Non-interest income 99 21 34 Non-interest expense 2,907 8,059 6,234 Income (loss) before taxes 288 (3,816) 510 Income tax (benefit) expense 76 (3,304) 219 Net income (loss)$ 212 $ (512) $ 291 December 31, December 31, 2021 2020 (in thousands) Loans, net$ 64,141 $ 91,316 Other real estate owned 18,050 22,334 Total assets$ 82,191 $ 113,650 Non-interest expense for the years ended December 31, 2021, 2020 and 2019, reflected a gain of $1.5 million for 2021, and losses of $520,000 and $2.0 million, respectively, of fair value and realized gains (losses) on loans. For those respective years, it also reflected respective expenses and losses of $2.8 million, $5.5 million and $1.5 million related to other real estate owned. Discontinued operations loans are recorded at the lower of their cost or fair value. Fair value is determined using a discounted 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. Since the discontinuance of operations in 2014, the Company has securitized or sold related loans, and the approximate $1.1 billion in book value of loans has been reduced to $64.1 million at December 31, 2021. The Company continues to pursue additional loan and other collateral dispositions. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Summary Of Significant Accounting Policies [Abstract] | |
Basis Of Presentation | 1. Basis of Presentation The accounting and reporting policies of the Company conform to generally accepted accounting principles in the United States of America (“U.S. GAAP”) and predominant practices within the banking industry. The consolidated financial statements include the accounts of the Company and all its subsidiaries. All inter-company balances have been eliminated. Reclassifications have been made to the 2020 and 2019 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. 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. Our non-SBA commercial real estate loans continue to be accounted for at fair value, consistent with their accounting treatment when they were held-for-sale, and are included in the consolidated balance sheet in “commercial loans, at fair value.” New REBL originations as described in Note A are held for investment in the loan portfolio. The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The principal estimates that are particularly susceptible to a significant change in the near term relate to the allowance for credit losses, assets held-for-sale from discontinued operations measured at lower of cost or market, credit deterioration in investment securities, loans measured at fair value and deferred income taxes. |
Cash And Cash Equivalents | 2. Cash and Cash Equivalents Cash and cash equivalents are defined as cash and amounts due from banks with an original maturity from date of purchase of three months or less and federal funds sold. The Company maintains balances in excess of insured limits at various financial institutions including the Federal Reserve Bank (“FRB”), the Federal Home Loan Bank (“FHLB”) and other private institutions. The Company does not believe these instruments carry a significant risk of loss, but cannot provide assurances that no losses could occur if these institutions were to become insolvent. The Company also funds cash in ATMs on cruise ships for use by certain of its card account holders, for which insurance is maintained. |
Investment Securities | 3. Investment Securities Investments in debt and equity securities which management believes may be sold prior to maturity due to changes in interest rates, prepayment risk, liquidity requirements, or other factors, are classified as available-for-sale. Net unrealized gains for such securities, net of tax effect, are reported as other comprehensive income, through equity and are excluded from the determination of net income. The unrealized losses for available-for-sale securities are evaluated to determine if any component is attributable to credit loss versus market factors. If the present value of cash flows expected to be collected is less than the amortized cost basis, a provision for credit losses is recorded within the consolidated statement of operations. Subsequent improvement in credit may, unlike previous accounting, results in reversal of the credit charge in future periods. For available-for-sale debt securities in an unrealized loss position, the Company also assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. The Company does not engage in securities trading. Gains or losses on disposition of investment securities are based on the net proceeds and the adjusted carrying amount of the securities sold using the specific identification method.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 contractually obligated interest and principal payments, (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 quarterly review, the Company concluded that an allowance was not required to recognize credit losses in 2021 and 2020. Under prior accounting rules which analyzed investment securities for other-than-temporary declines in value, the Company did not recognize any other than temporary impairment (“OTTI”) charges in 2019, applicable to either available-for-sale or held-to-maturity securities. |
Loans And Allowance For Credit Losses | 4. Loans and Allowance for Credit Losses Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are classified as held for investment and are stated at amortized cost, net of unearned discounts, unearned loan fees and an allowance for credit losses. For loans held for investment at amortized cost, the Company, effective January 1, 2020, began to utilize a current expected credit loss, or CECL, approach to determine the allowance for credit losses. 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. Accordingly, CECL requires loss estimates for the remaining estimated life of the financial asset using historical experience, current conditions, and reasonable and supportable forecasts. The allowance for credit losses is established through a provision for credit losses charged to expense. Loan principal considered to be uncollectible by management is charged against the allowance for credit losses. The allowance is an amount that management believes will be adequate to absorb current and future expected losses on existing loans that may become uncollectible. The evaluation takes into consideration historical losses by pools of loans with similar risk characteristics and qualitative factors such as portfolio performance and the potential impact of current economic conditions which may affect the borrowers’ ability to pay. For pools for which the Company has experienced credit losses, the historical loss ratio for each pool is multiplied by its outstanding balance and further multiplied by the estimated remaining average life of each pool. A qualitative factor determined according to the pool’s risk characteristics, is multiplied by the pool’s outstanding principal to comprise the second component of the allowance for credit losses. For pools for which the Company has not experienced credit losses, probability of loss/loss given default considerations and qualitative factors are utilized. Additionally, the allowance includes allocations for specific loans which have been individually evaluated for an allowance for credit losses. Factors considered by management in determining the need for individual loan evaluation for a specific allowance include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not evaluated for an allowance for that reason alone. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower's prior payment record and the amount of the shortfall in relation to the principal and interest owed. The determination of the amount of the allowance calculated on individual loans considers either the present value of expected future cash flows discounted at the loan's effective interest rate or the estimated fair value of the collateral if the loan is collateral dependent. An allowance allocation is established for such loans in the amount their carrying value exceeds the present value of future cash flows; or, if collateral dependent, the amount their carrying value exceeds the collateral’s estimated fair value. The estimated fair values of substantially all of the Company's allowances on individual loans are measured based on the estimated fair value of the loan's collateral, and applicable loans are primarily found in two portfolios.First, for small business (“SBL”) commercial loans secured by real estate (primarily SBA), estimated fair values are determined primarily through third-party appraisals or evaluations. When a real estate secured loan is individually evaluated for a potential allowance for credit loss, a decision is made regarding whether an updated certified appraisal of the real estate is necessary. This decision is based on various considerations including the age of the most recent appraisal and the condition of the property. Appraised value, discounted by the estimated costs to sell the collateral, is considered to be the estimated fair value. For SBL commercial and industrial loans secured by non-real estate collateral, such as accounts receivable or inventory and equipment, estimated fair values are determined based on the borrower's financial statements, inventory reports, accounts receivable agings or equipment appraisals or invoices. Indications of value from these sources may be discounted based on the age of the financial information or the quality of the assets. Amounts guaranteed by the U.S. government are excluded from the Company’s allowance evaluations. Second, for leasing, fair values are determined utilizing authoritative industry sources such as Black Book.The CECL methodology and the loan analyses performed on individual loans described above comprise the components of the allowance for credit losses. On a quarterly basis, the allowance is adjusted to the total of those components through the provision for credit losses. The allowance for credit losses represents management's estimate of losses inherent in the loan and lease portfolio as of the consolidated balance sheet date and is recorded as a reduction to loans and leases. If the quarterly analysis of those two components exceeds the balance of the allowance for credit losses, the allowance is increased by the provision for credit losses. Loans deemed to be uncollectible are charged against the allowance for credit losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable are charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. Because all identified losses are immediately charged off, no portion of the allowance for credit losses is restricted to any individual loan or groups of loans, and the entire allowance is available to absorb any and all loan losses. The evaluation of the adequacy of the allowance for credit losses includes, among other factors, an analysis of historical loss rates and qualitative judgments, applied to current loan totals over remaining estimated lives. However, actual future losses may vary compared to historical trends and estimated remaining lives may change over time. Actual losses on specified problem loans, may depend upon disposition of collateral for which actual sales prices may differ from appraisals. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant revision as more information becomes available. Interest income is accrued as earned on a simple interest method. Accrual of interest is discontinued on a loan when management believes, after considering economic and business conditions and collection efforts, that the borrower’s financial condition is such that collection of interest is doubtful. When a loan is placed on non-accrual status, all accumulated accrued interest receivable applicable to periods prior to the current year is charged off to the allowance for credit losses. Interest that had accrued in the current year is reversed from current period income. Loans reported as having missed four or more consecutive monthly payments and still accruing interest must have both principal and accruing interest adequately secured and must be in the process of collection. Such loans are reported as 90 days delinquent and still accruing. For all loan types, the Company uses the method of reporting delinquencies which considers a loan past due or delinquent if a monthly payment has not been received by the close of business on the loan’s next due date. In the Company’s reporting, two missed payments are reflected as 30 to 59 day delinquencies and three missed payments are reflected as 60 to 89 day delinquencies. Loans which were originated from continuing operations and previously intended for sale in secondary markets, but which are now being held on the balance sheet as earning assets, are carried at estimated fair value and are excluded from the allowance analysis. Changes in fair value are recognized as unrealized gains or losses on commercial loans in the consolidated statements of operations. The Company originated and sold or securitized specific commercial mortgage loans in secondary markets through 2019, but in 2020 decided to retain these loans on its balance sheet. No further sales or securitizations are currently planned. These loans are accounted for under the fair value option and amounted to $1.33 billion at December 31, 2021, and $1.81 billion at December 31, 2020. These loans are classified as commercial loans, at fair value. Loans from discontinued operations intended for sale or other disposition are carried at the lower of cost or market on the balance sheet, determined by loan type or, for larger loans, on an individual loan basis. See Note W to the financial statements. |
Premises And Equipment | 5. Premises and EquipmentPremises and equipment, including leasehold improvements, are stated at cost less accumulated depreciation. Depreciation expense is computed on the straight-line method over the useful lives of the assets. Leasehold improvements are depreciated over the shorter of the estimated useful lives of the improvements or the terms of the related leases. |
Internal Use Software | 6. Internal Use Software The Company capitalizes costs associated with internally developed and/or purchased software systems for new products and enhancements to existing products that have reached the application stage and meet recoverability tests. Capitalized costs include external direct costs of materials and services utilized in developing or obtaining internal use software and payroll and payroll related expenses for employees who are directly associated with, and devote time to, the internal use software project. Capitalization of such costs begins when the preliminary project stage is complete and ceases no later than the point at which the project is substantially complete and ready for its intended purpose.The carrying value of the Company’s software is periodically reviewed and a loss is recognized if the value of the estimated undiscounted cash flow benefit related to the asset falls below the unamortized cost. Amortization is provided using the straight-line method over the estimated useful life of the related software, which is generally seven years. As of December 31, 2021 and 2020, the Company had net capitalized software costs of approximately $5.7 million and $5.6 million, respectively. Net capitalized software is presented as part of other assets on the consolidated balance sheets. The Company recorded related amortization expense of approximately $2.0 million, $2.4 million and $2.3 million for the years ended December 31, 2021, 2020 and 2019, respectively. |
Income Taxes | 7. Income Taxes The Company accounts for income taxes under the liability method whereby deferred tax assets and liabilities are determined based on the difference between their carrying values on the consolidated balance sheet and their tax basis as measured by the enacted tax rates which will be in effect when these differences reverse. Deferred tax expense (benefit) is the result of changes in deferred tax assets and liabilities.The Company recognizes the benefit of a tax position in the consolidated financial statements only after determining that the relevant tax authority would more likely than not sustain the position following an audit by the tax authority. For tax positions meeting the more likely than not threshold, the amount recognized in the consolidated financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. For these analyses, the Company may engage attorneys to provide opinions related to the positions. The Company applies this policy to all tax positions for which the statute of limitations remain open, but this application does not materially impact the Company’s consolidated balance sheet or consolidated statement of operations. Any interest or penalties related to uncertain tax positions are recognized in income tax expense (benefit) in the consolidated statement of operations.Deferred tax assets are recorded on the consolidated balance sheet at their net realizable value. The Company performs an assessment each reporting period to evaluate the amount of the deferred tax asset it is more likely than not to realize. Realization of deferred tax assets is dependent upon the amount of taxable income expected in future periods, as tax benefits require taxable income to be realized. If a valuation allowance is required, the deferred tax asset on the consolidated balance sheet is reduced via a corresponding income tax expense in the consolidated statement of operations. |
Share-Based Compensation | 8. Share-Based Compensation The Company recognizes compensation expense for stock options and restricted stock units (“RSUs”) in accordance with Accounting Standards Codification (“ASC”) 718, Stock Based Compensation. The fair value of the option or restricted stock unit (“RSU”) is generally measured on the grant date with compensation expense recognized over the service period, which is usually the stated vesting period. For options subject to a service condition, the Company utilizes the Black-Scholes option-pricing model to estimate the fair value 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. |
Other Real Estate Owned | 9. Other Real Estate OwnedOther real estate owned is recorded at estimated fair market value less cost of disposal; which establishes a new cost basis or carrying value. When property is acquired, the excess, if any, of the loan balance over fair market value is charged to the allowance for credit losses. Periodically thereafter, the asset is reviewed for subsequent declines in the estimated fair market value against the carrying value. Subsequent declines, if any, and holding costs, as well as gains and losses on subsequent sale, are included in the consolidated statements of operations. In continuing operations, the Company had $1.5 million of other real estate owned at December 31, 2021 and none at December 31, 2020 |
Advertising Costs | 10. Advertising Costs The Company expenses advertising and marketing costs as incurred. Advertising and marketing costs amounted to $1.6 million, $1.3 million and $782,000 for the years ended December 31, 2021, 2020 and 2019, respectively. Advertising and marketing expense is reflected under “other” in the non-interest expense section of the consolidated statements of operations. |
Earnings Per Share | 11. 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 take 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: Year ended December 31, 2021 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data)Basic earnings per share from continuing operations Net earnings available to common shareholders $ 110,441 57,190,311 $ 1.93 Effect of dilutive securities Common stock options and restricted stock units — 1,640,126 (0.05)Diluted earnings per share Net earnings available to common shareholders $ 110,441 58,830,437 $ 1.88 Year ended December 31, 2021 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data)Basic earnings per share from discontinued operations Net earnings available to common shareholders $ 212 57,190,311 $ —Effect of dilutive securities Common stock options and restricted stock units — 1,640,126 —Diluted earnings per share Net earnings available to common shareholders $ 212 58,830,437 $ — Year ended December 31, 2021 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data)Basic earnings per share Net earnings available to common shareholders $ 110,653 57,190,311 $ 1.93 Effect of dilutive securities Common stock options and restricted stock units — 1,640,126 (0.05)Diluted earnings per share Net earnings available to common shareholders $ 110,653 58,830,437 $ 1.88 Stock options for 450,104 shares, exercisable at prices between $6.87 and $18.81 per share, were outstanding at December 31, 2021 and included in the dilutive earnings per share computation because the exercise price per share was less than the average market price. Stock options for 100,000 shares were anti-dilutive and not included in the earnings per share calculation. Year ended December 31, 2020 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data)Basic earnings per share from continuing operations Net earnings available to common shareholders $ 80,596 57,474,612 $ 1.40 Effect of dilutive securities Common stock options and restricted stock units — 936,610 (0.02)Diluted earnings per share Net earnings available to common shareholders $ 80,596 58,411,222 $ 1.38 Year ended December 31, 2020 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data)Basic loss per share from discontinued operations Net loss $ (512) 57,474,612 $ (0.01)Effect of dilutive securities Common stock options and restricted stock units — 936,610 —Diluted loss per share Net loss $ (512) 58,411,222 $ (0.01) Year ended December 31, 2020 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data)Basic earnings per share Net earnings available to common shareholders $ 80,084 57,474,612 $ 1.39 Effect of dilutive securities Common stock options and restricted stock units — 936,610 (0.02)Diluted earnings per share Net earnings available to common shareholders $ 80,084 58,411,222 $ 1.37 Stock options for 1,056,604 shares, exercisable at prices between $6.75 and $8.57 per share, were outstanding at December 31, 2020 and included in the dilutive earnings per share computation because the exercise price per share was less than the average market price. Stock options for 105,000 shares were anti-dilutive and not included in the earnings per share calculation. Year ended December 31, 2019 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data)Basic earnings per share from continuing operations Net earnings available to common shareholders $ 51,268 56,765,635 $ 0.90 Effect of dilutive securities Common stock options and restricted stock units — 573,350 (0.01)Diluted earnings per share Net earnings available to common shareholders $ 51,268 57,338,985 $ 0.89 Year ended December 31, 2019 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data)Basic earnings per share from discontinued operations Net earnings available to common shareholders $ 291 56,765,635 $ 0.01 Effect of dilutive securities Common stock options and restricted stock units — 573,350 —Diluted earnings per share Net earnings available to common shareholders $ 291 57,338,985 $ 0.01 Year ended December 31, 2019 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data)Basic earnings per share Net earnings available to common shareholders $ 51,559 56,765,635 $ 0.91 Effect of dilutive securities Common stock options and restricted stock units — 573,350 (0.01)Diluted earnings per share Net earnings available to common shareholders $ 51,559 57,338,985 $ 0.90 Stock options for 971,604 shares, exercisable at prices between $6.75 and $9.58 per share, were outstanding at December 31, 2019 and included in the dilutive earnings per share computation because the exercise price per share was less than the average market price. Stock options for 340,000 shares were anti-dilutive and not included in the earnings per share calculation. |
Restrictions On Cash And Due From Banks | 12. Restrictions on Cash and Due from Banks Historically, the Bank has been required to maintain reserves against customer demand deposits by keeping cash on hand or balances with the FRB. As a result of the pandemic, the requirement for such reserves has been at least temporarily suspended. Accordingly, the amounts of those required reserves was approximately zero at both December 31, 2021 and 2020. |
Other Identifiable Intangible Assets | 13. Other Identifiable Intangible Assets In May 2016, the Company purchased approximately $60 million of lease receivables which resulted in a customer list intangible of $3.4 million which is being amortized over a 10-year period. Amortization expense is $340,000 per year ($1.5 million over the next five years). The gross carrying value is $3.4 million with respective accumulated amortization of $1.9 million and $1.6 million at December 31, 2021 and December 31, 2020. The purchase price allocation related to this intangible was finalized in 2017 and remained unchanged from the purchase price allocation recorded in 2016 when the purchase was made.In January 2020, the Company purchased McMahon Leasing and subsidiaries for approximately $8.7 million which resulted in $1.1 million of intangibles. The gross carrying value of $1.1 million of intangibles was 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 $115,000 at December 31, 2021. Amortization expense is $57,000 per year ($285,000 over the next five years). The gross carrying value and accumulated amortization related to the Company’s intangibles at December 31, 2021 and 2020 are presented below. December 31, 2021 2020 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization (in thousands) Customer list intangibles $ 4,093 $ 2,044 $ 4,093 $ 1,646 Goodwill 263 — 263 —Trade Name 135 — 135 —Total $ 4,491 $ 2,044 $ 4,491 $ 1,646 The approximate future annual amortization of both the Company’s intangible items are as follows (in thousands): Year ending December 31, 2022 $ 398 2023 398 2024 398 2025 398 2026 173 Thereafter 285 $ 2,050 |
Derivative Financial Instruments | 14. Derivative Financial Instruments The Company has utilized derivatives to hedge interest rate risk on fixed rate loans which are accounted for and recorded on the consolidated balance sheets at fair value. Changes in the fair value of these derivatives, designated as fair value hedges, are recorded in earnings with and in the same consolidated income statement line item as changes in the fair value of the related hedged item, “Net realized and unrealized gains (losses) on commercial loans (at fair value)”. Related loans are no longer held-for-sale, but continue to be accounted for at their estimated fair value. As the Company is no longer originating fixed rate loans for sale, it is no longer entering into new hedges. The Company has left existing hedges in place to provide interest rate protection against a higher rate environment. |
Common Stock Repurchase Program | 15. Common Stock Repurchase Program In 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 was authorized and did repurchase $10.0 million in each quarter of 2021. During the twelve months ended December 31, 2021, the Company repurchased 1,835,061 shares of its common stock in the open market under the 2021 Common Stock Repurchase Program at an average cost of $21.80 per share. 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 Program”). The Company may repurchase up 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, depending on the share price, securities laws and stock exchange rules which regulate such repurchases. |
Long-Term Borrowings | 16. Long-term Borrowings The $39.5 million and $40.3 million respectively outstanding for long-term borrowings at December 31, 2021 and 2020, reflected the proceeds from two loans which were sold, in which the Company retained a participating interest that did not qualify for sale accounting. |
Revenue Recognition | 17. Revenue Recognition The Company’s revenue streams that are in the scope of Accounting Standards Codification (“ASC”) 606 include prepaid and debit card, card payment, interchange, automated clearing house (“ACH”) and deposit processing and other fees. The Company recognizes revenue when the performance obligations related to the transfer of goods or services under the terms of a contract are satisfied. Some obligations are satisfied at a point in time while others are satisfied over a period of time. Revenue is recognized as the amount of consideration to which the Company expects to be entitled to in exchange for transferring goods or services to a customer. When consideration includes a variable component, the amount of consideration attributable to variability is included in the transaction price only to the extent it is probable that significant revenue recognized will not be reversed when uncertainty associated with the variable consideration is subsequently resolved. The Company’s contracts generally do not contain terms that require significant judgment to determine the variability impacting the transaction price. A performance obligation is deemed satisfied when the control over goods or services is transferred to the customer. Control is transferred to a customer either at a point in time or over time. To determine when control is transferred at a point in time, the Company considers indicators, including but not limited to the right to payment for the asset, transfer of significant risk and rewards of ownership of the asset and acceptance of the asset by the customer. When control is transferred over a period of time, for different performance obligations, either the input or output method is used to measure progress for the transfer. The measure of progress used to assess completion of the performance obligation varies between performance obligations and may be based on time throughout the period of service or on the value of goods and services transferred to the customer. As each distinct service or activity is performed, the Company transfers control to the customer based on the services performed as the customer simultaneously receives the benefits of those services. This timing of revenue recognition aligns with the resolution of any uncertainty related to variable consideration. Costs incurred to obtain a revenue producing contract generally are expensed when incurred as a practical expedient as the contractual period for the majority of contracts is one year or less. The fees on those revenue streams are generally assessed and collected as the transaction occurs, or on a monthly or quarterly basis. The Company has completed its review of the contracts and other agreements that are within the scope of revenue guidance and did not identify any material changes to the timing or amount of revenue recognition. The Company’s accounting policies did not change materially since the principles of revenue recognition in Accounting Standards Update (“ASU” or “Update”) 2014-09, “Revenue from Contracts with Customers” are largely consistent with previous practices already implemented and applied by the Company. The vast majority of the Company’s services related to its revenues are performed, earned and recognized monthly. The majority of fees the Company earns result from contractual transaction fees paid by third-party sponsors to the Company and monthly service fees. Additionally, the Company earns interchange fees paid through settlement with associations such as Visa, which are also determined on a per transaction basis. The Company records this revenue net of costs such as association fees and interchange transaction charges. The Company also earns monthly fees for the use of its cash in payroll card sponsor ATMs for payroll cardholders. Fees earned by the Company from processing card payments, or from processing ACH payments or other payments are also determined primarily on a per transaction basis. Prepaid and debit card fees primarily include fees for services related to reconciliation, fraud detection, regulatory compliance and other services which are performed and earned daily or monthly and are also billed and collected on a monthly basis. Accordingly, there is no significant component of the services the Company performs or related revenues which are deferred. The Company earns transactional and/or interchange fees on prepaid and debit card accounts when transactions occur and revenue is billed and collected monthly or quarterly. Certain volume or transaction based interchange expenses paid to payment networks such as Visa, reduce revenue which is presented net on the income statement. Card payment and ACH processing fees include transaction fees earned for processing merchant transactions. Revenue is recognized when a cardholder’s transaction is approved and settled, or monthly. ACH processing fees are earned on a per item basis as the transactions are processed for third party clients and are also billed and collected monthly. Service charges on deposit accounts include fees and other charges the Company receives to provide various services, including but not limited to, account maintenance, check writing, wire transfer and other services normally associated with deposit accounts. Revenue for these services is recognized monthly as the services are performed. The Company’s customer contracts do not typically have performance obligations and fees are collected and earned when the transaction occurs. The Company may, from time to time, waive certain fees for customers but generally does not reduce the transaction price to reflect variability for future reversals due to the insignificance of the amounts. Waiver of fees reduces the revenue in the period the waiver is granted to the customer. |
Leases | 18. Leases The Company determines if an arrangement is a lease at inception. Operating lease right-of-use (“ROU”) assets and operating lease liabilities are included in the Company’s consolidated financial statements. ROU assets represent the Company’s right-of-use of an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments pursuant to the Company’s leases. The ROU assets and liabilities are recognized at commencement of the lease based on the present value of lease payments over the lease term. To determine the present value of lease payments, the Company uses its incremental borrowing rate. The lease term may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. |
Risks And Uncertainties | 19. Risks and Uncertainties ASC 275 addresses disclosures when it is reasonably possible that estimates in the financial statements may change in future periods. The ultimate severity of the economic impact of COVID-19 pandemic and virus variants is not known. However, those risks, which could affect loan performance, have been reduced as a result of increased vaccination rates, the significant reopening of the economy and the termination of the Company’s COVID-19 related loan payment deferrals, with related borrowers having resumed making payments in the fourth quarter of 2021. |
Senior Debt | 20. Senior Debt On August 13, 2020, the Company issued $100 million of senior debt with a maturity date of August 15, 2025, and a 4.75% interest rate, with interest paid semi-annually on March 15 and September 15. The Senior Notes are the Company’s direct, unsecured and unsubordinated obligations and rank equal in priority with all of the Company’s existing and future unsecured and unsubordinated indebtedness and senior in right of payment to all of the Company’s existing and future subordinated indebtedness. |
Recent Accounting Pronouncements | 21. Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued an update ASU 2016-13 – “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The Update changes the accounting for credit losses on loans and debt securities. For loans and held-to-maturity debt securities, the Update requires a current expected credit loss (“CECL”) approach to determine the allowance for credit losses. CECL requires loss estimates for the remaining estimated life of the financial asset using historical experience, current conditions, and reasonable and supportable forecasts. Also, the Update eliminates the existing guidance for purchased credit impaired loans, but requires an allowance for purchased financial assets with more than insignificant deterioration since origination. In addition, the Update modifies the OTTI impairment model for available-for-sale debt securities to require an allowance for credit losses instead of a direct write-down, which allows for reversal of credit losses in future periods based on improvements in credit. The guidance was effective in the first quarter of 2020 with a cumulative-effect adjustment to retained earnings as of the beginning of the year of adoption. As a result of the Company’s adoption of the guidance in the first quarter of 2020, it recorded a $2.4 million charge to retained earnings and an $834,000 deferred tax asset, with a corresponding $2.6 million increase in the allowance for credit losses and a $569,000 increase to other liabilities. The $569,000 reflected an allowance on unfunded commitments. In December 2019, the FASB issued ASU 2019-12, adding new guidance which a. permitted a policy election such that an allocation of consolidated income taxes was not required when a member of a consolidated tax return is not subject to income tax and b. provided methodology to evaluate whether a step-up in tax basis of goodwill relates to a business combination or a separate transaction. The ASU also changed guidance for a. making an intraperiod allocation, if there is a loss in continuing operations and gains outside of continuing operations and b. accounting for tax law changes and year-to-date-losses in interim periods. The guidance was effective in the first quarter of 2021 and its adoption did not have a material impact on the financial statements. 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 London Inter-Bank Offered Rate (“LIBOR”) 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. The Company discontinued LIBOR-based originations in 2021; however, certain financial instruments outstanding are indexed to LIBOR, including non-SBA commercial loans, at fair value, which amounted to $1.1 billion at December 31, 2021. However, these loans are short-term and are generally expected to be repaid by the June 2023 LIBOR end date. At December 31, 2021, the Company owned $64.1 million of LIBOR based securities purchased from previous securitizations, which are also expected to mature before June 2023. When the Company resumed originating non-SBA commercial loans in the third quarter of 2021, which are identified separately under real estate bridge lending, it utilized the secured overnight financing rate (“SOFR”) as the index. In addition, the Company owns collateralized loan obligations (“CLOs”) and U.S. government agency adjustable-rate mortgages which utilize LIBOR based pricing. CLOs, which amounted to $338.0 million at December 31, 2021, 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 on impacted LIBOR based securities, which amounted to $93.5 million at December 31, 2021. There is less clarity for the Company’s student loan securities of $22.5 million and its subordinated debentures payable of $13.4 million at that date, and for which industry standards continue to be considered by trustees and other governing bodies. The Company’s derivatives, the notional amount for which totaled $21.3 million at December 31, 2021, are interest rate swaps that are documented under bilateral agreements which contain LIBOR fallback provisions by virtue of counterparty adherence to the 2020 International Swaps and Derivatives Association, Inc.’s LIBOR Fallbacks Protocol. The Company continues to assess the potential impact of the phase-out of LIBOR on all affected accounts and any other potential impacts, and related accounting guidance. In October 2020, the FASB issued ASU 2020-08 which addressed non-refundable fees and other costs related to receivables. This ASU clarifies that an entity should amortize any premium, if applicable, to the next call date, which is the first date when a call option at a specified price becomes exercisable. The amendments in this ASU are effective for fiscal years beginning after December 15, 2020. The Company had previously amortized fees through the next call date and will continue to do so; accordingly, there is no impact on the financial statements. In August 2021, the FASB issued ASU 2021-06. This ASU adds new quarterly disclosures and expands certain annual disclosures to quarterly reporting. Amendments within this ASU are effective for fiscal years ending after December 15, 2021 and the Company will present the quarterly disclosures in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” as specified in the ASU. |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summary Of Significant Accounting Policies [Abstract] | |
Earnings Per Share | The following tables show the Company’s earnings per share for the periods presented: Year ended December 31, 2021 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data)Basic earnings per share from continuing operations Net earnings available to common shareholders $ 110,441 57,190,311 $ 1.93 Effect of dilutive securities Common stock options and restricted stock units — 1,640,126 (0.05)Diluted earnings per share Net earnings available to common shareholders $ 110,441 58,830,437 $ 1.88 Year ended December 31, 2021 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data)Basic earnings per share from discontinued operations Net earnings available to common shareholders $ 212 57,190,311 $ —Effect of dilutive securities Common stock options and restricted stock units — 1,640,126 —Diluted earnings per share Net earnings available to common shareholders $ 212 58,830,437 $ — Year ended December 31, 2021 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data)Basic earnings per share Net earnings available to common shareholders $ 110,653 57,190,311 $ 1.93 Effect of dilutive securities Common stock options and restricted stock units — 1,640,126 (0.05)Diluted earnings per share Net earnings available to common shareholders $ 110,653 58,830,437 $ 1.88 Stock options for 450,104 shares, exercisable at prices between $6.87 and $18.81 per share, were outstanding at December 31, 2021 and included in the dilutive earnings per share computation because the exercise price per share was less than the average market price. Stock options for 100,000 shares were anti-dilutive and not included in the earnings per share calculation. Year ended December 31, 2020 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data)Basic earnings per share from continuing operations Net earnings available to common shareholders $ 80,596 57,474,612 $ 1.40 Effect of dilutive securities Common stock options and restricted stock units — 936,610 (0.02)Diluted earnings per share Net earnings available to common shareholders $ 80,596 58,411,222 $ 1.38 Year ended December 31, 2020 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data)Basic loss per share from discontinued operations Net loss $ (512) 57,474,612 $ (0.01)Effect of dilutive securities Common stock options and restricted stock units — 936,610 —Diluted loss per share Net loss $ (512) 58,411,222 $ (0.01) Year ended December 31, 2020 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data)Basic earnings per share Net earnings available to common shareholders $ 80,084 57,474,612 $ 1.39 Effect of dilutive securities Common stock options and restricted stock units — 936,610 (0.02)Diluted earnings per share Net earnings available to common shareholders $ 80,084 58,411,222 $ 1.37 Stock options for 1,056,604 shares, exercisable at prices between $6.75 and $8.57 per share, were outstanding at December 31, 2020 and included in the dilutive earnings per share computation because the exercise price per share was less than the average market price. Stock options for 105,000 shares were anti-dilutive and not included in the earnings per share calculation. Year ended December 31, 2019 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data)Basic earnings per share from continuing operations Net earnings available to common shareholders $ 51,268 56,765,635 $ 0.90 Effect of dilutive securities Common stock options and restricted stock units — 573,350 (0.01)Diluted earnings per share Net earnings available to common shareholders $ 51,268 57,338,985 $ 0.89 Year ended December 31, 2019 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data)Basic earnings per share from discontinued operations Net earnings available to common shareholders $ 291 56,765,635 $ 0.01 Effect of dilutive securities Common stock options and restricted stock units — 573,350 —Diluted earnings per share Net earnings available to common shareholders $ 291 57,338,985 $ 0.01 Year ended December 31, 2019 Income Shares Per share (numerator) (denominator) amount (dollars in thousands except per share data)Basic earnings per share Net earnings available to common shareholders $ 51,559 56,765,635 $ 0.91 Effect of dilutive securities Common stock options and restricted stock units — 573,350 (0.01)Diluted earnings per share Net earnings available to common shareholders $ 51,559 57,338,985 $ 0.90 |
Summary Of Gross Carrying Value And Accumulated Amortization Related To The Company's Intangible Items | December 31, 2021 2020 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization (in thousands) Customer list intangibles $ 4,093 $ 2,044 $ 4,093 $ 1,646 Goodwill 263 — 263 —Trade Name 135 — 135 —Total $ 4,491 $ 2,044 $ 4,491 $ 1,646 |
Schedule Of Approximate Future Annual Amortization Of The Company's Intangible Items | Year ending December 31, 2022 $ 398 2023 398 2024 398 2025 398 2026 173 Thereafter 285 $ 2,050 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investment Securities [Abstract] | |
Schedule Of Investment Securities Classified As Available-for-sale And Held-to-maturity | Available-for-sale December 31, 2021 Gross Gross Amortized unrealized unrealized Fair cost gains losses valueU.S. Government agency securities $ 36,182 $ 1,167 $ (47) $ 37,302 Asset-backed securities * 360,332 327 (241) 360,418 Tax-exempt obligations of states and political subdivisions 3,559 172 — 3,731 Taxable obligations of states and political subdivisions 45,984 2,422 — 48,406 Residential mortgage-backed securities 179,778 4,804 (281) 184,301 Collateralized mortgage obligation securities 60,778 1,083 — 61,861 Commercial mortgage-backed securities 248,599 4,106 (1,629) 251,076 Corporate debt securities 10,000 — (3,386) 6,614 $ 945,212 $ 14,081 $ (5,584) $ 953,709 December 31, 2021 Gross Gross Amortized unrealized unrealized Fair* Asset-backed securities as shown above cost gains losses valueFederally insured student loan securities $ 22,518 $ 13 $ (73) $ 22,458 Collateralized loan obligation securities 337,814 314 (168) 337,960 $ 360,332 $ 327 $ (241) $ 360,418 Available-for-sale December 31, 2020 Gross Gross Amortized unrealized unrealized Fair cost gains losses valueU.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 valueFederally 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 valueDue after one year through five years $ 165,864 $ 171,635 Due after five years through ten years 223,057 225,507 Due after ten years 556,291 556,567 $ 945,212 $ 953,709 |
Available-for-sale And Held-to-maturity Securities, Continuous Unrealized Loss Position | The table below indicates the length of time individual securities had been in a continuous unrealized loss position at December 31, 2021 (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 lossesDescription of Securities U.S. Government agency securities 2 $ — $ — $ 2,700 $ (47) $ 2,700 $ (47)Asset-backed securities 42 243,598 (235) 1,197 (6) 244,795 (241)Residential mortgage-backed securities 30 21,640 (159) 5,160 (122) 26,800 (281)Commercial mortgage-backed securities 12 3,334 (43) 91,355 (1,586) 94,689 (1,629)Corporate debt securities 1 — — 6,614 (3,386) 6,614 (3,386)Total unrealized loss position investment securities 87 $ 268,572 $ (437) $ 107,026 $ (5,147) $ 375,598 $ (5,584) The table below indicates the length of time individual securities had been in a continuous unrealized loss position at December 31, 2020 (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 lossesDescription 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) | 12 Months Ended |
Dec. 31, 2021 | |
Loans [Abstract] | |
Major Classifications Of Loans | December 31, December 31, 2021 2020 SBL non-real estate $ 147,722 $ 255,318 SBL commercial mortgage 361,171 300,817 SBL construction 27,199 20,273 Small business loans 536,092 576,408 Direct lease financing 531,012 462,182 SBLOC / IBLOC * 1,929,581 1,550,086 Advisor financing ** 115,770 48,282 Real estate bridge lending 621,702 —Other loans*** 5,014 6,426 3,739,171 2,643,384 Unamortized loan fees and costs 8,053 8,939 Total loans, net of unamortized loan fees and costs$ 3,747,224 $ 2,652,323 December 31, December 31, 2021 2020 SBL loans, including costs net of deferred fees of $5,345 and $1,536for December 31, 2021 and December 31, 2020, respectively$ 541,437 $ 577,944 SBL loans included in commercial loans, at fair value 199,585 243,562 Total small business loans ****$ 741,022 $ 821,506 |
Impaired Loans | December 31, 2021 Recordedinvestment Unpaidprincipalbalance Relatedallowance Averagerecordedinvestment InterestincomerecognizedWithout an allowance recorded SBL non-real estate$ 409 $ 3,414 $ — $ 412 $ 5 SBL commercial mortgage 223 246 — 1,717 —Direct lease financing 254 254 — 430 —Consumer - home equity 320 320 — 458 8 With an allowance recorded SBL non-real estate 1,478 1,478 (829) 2,267 13 SBL commercial mortgage 589 589 (115) 2,634 —SBL construction 710 710 (34) 711 —Direct lease financing — — — 132 —Consumer - other — — — 5 —Total SBL non-real estate 1,887 4,892 (829) 2,679 18 SBL commercial mortgage 812 835 (115) 4,351 —SBL construction 710 710 (34) 711 —Direct lease financing 254 254 — 562 —Consumer - other — — — 5 —Consumer - home equity 320 320 — 458 8 $ 3,983 $ 7,011 $ (978) $ 8,766 $ 26 December 31, 2020 Recordedinvestment Unpaidprincipalbalance Relatedallowance Averagerecordedinvestment InterestincomerecognizedWithout 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 | December 31, 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 $ 1,045 $ 268 $ 1,313 $ 3,159 SBL commercial mortgage 589 223 812 7,305 SBL construction 710 — 710 711 Direct leasing — 254 254 751 Consumer - home equity — 72 72 301 $ 2,344 $ 817 $ 3,161 $ 12,227 |
Non-accrual Loans, Loans Past Due 90 Days And Other Real Estate Owned And Delinquent Loans By Loan Category | December 31, 2021 2020 (in thousands)Non-accrual loans SBL non-real estate $ 1,313 $ 3,159 SBL commercial mortgage 812 7,305 SBL construction 710 711 Direct leasing 254 751 Consumer - home equity 72 301 Total non-accrual loans* 3,161 12,227 Loans past due 90 days or more and still accruing 461 497 Total non-performing loans 3,622 12,724 Other real estate owned 1,530 —Total non-performing assets $ 5,152 $ 12,724 |
Loans Modified And Considered Troubled Debt Restructurings | December 31, 2021 December 31, 2020 Number Pre-modification recorded investment Post-modification recorded investment Number Pre-modification recorded investment Post-modification recorded investmentSBL non-real estate 9 $ 1,231 $ 1,231 8 $ 911 $ 911 Direct lease financing — — — 1 251 251 Consumer - home equity 1 248 248 2 469 469 Total(1) 10 $ 1,479 $ 1,479 11 $ 1,631 $ 1,631 (1) Troubled debt restructurings include non-accrual loans of $656,000 and $1.1 million at December 31, 2021 and December 31, 2020, respectively. |
Loans Modified As Troubled Debt Restructurings | December 31, 2021 December 31, 2020 Adjusted interest rate Extended maturity Combined rate and maturity Adjusted interest rate Extended maturity Combined rate and maturitySBL non-real estate $ — $ — $ 1,231 $ — $ 16 $ 895 Direct lease financing — — — — 251 —Consumer - home equity — — 248 — — 469 Total(1) $ — $ — $ 1,479 $ — $ 267 $ 1,364 (1) Troubled debt restructurings include non-accrual loans of $656,000 and $1.1 million at December 31, 2021 and December 31, 2020, respectively. |
Summary Of Restructured Loans Within The Last Twelve Months That Have Subsequently Defaulted | December 31, 2021 Number Pre-modification recorded investmentSBL non-real estate 1 $ 205 Total 1 $ 205 |
Summary Of Gross Loans Held For Investment By Year Of Origination And Internally Assigned Credit Grade | As of December 31, 2021 2021 2020 2019 2018 2017 Prior Revolving loans at amortized cost TotalSBL non real estate Non-rated* $ 39,318 $ 7,257 $ — $ — $ — $ — $ — $ 46,575 Pass 34,172 15,934 8,794 8,988 5,088 9,809 — 82,785 Special mention — — 99 666 — 859 — 1,624 Substandard — — — 18 848 895 — 1,761 Total SBL non-real estate 73,490 23,191 8,893 9,672 5,936 11,563 — 132,745 SBL commercial mortgage Non-rated 10,963 — — — — — — 10,963 Pass 79,166 57,554 75,290 43,820 37,607 46,016 — 339,453 Special mention — 141 1,853 — — 247 — 2,241 Substandard — — — — — 812 — 812 Total SBL commercial mortgage 90,129 57,695 77,143 43,820 37,607 47,075 — 353,469 SBL construction Pass 6,869 12,629 1,880 5,111 — — — 26,489 Substandard — — — — — 710 — 710 Total SBL construction 6,869 12,629 1,880 5,111 — 710 — 27,199 Direct lease financing Non-rated 56,152 13,271 1,933 1,115 355 104 — 72,930 Pass 214,780 145,256 58,337 26,662 8,574 2,105 — 455,714 Special mention — — — 22 38 — — 60 Substandard 526 1,679 38 22 31 12 — 2,308 Total direct lease financing 271,458 160,206 60,308 27,821 8,998 2,221 — 531,012 SBLOC Non-rated — — — — — — 3,176 3,176 Pass — — — — — — 1,138,140 1,138,140 Total SBLOC — — — — — — 1,141,316 1,141,316 IBLOC Non-rated — — — — — — 346,604 346,604 Pass — — — — — — 441,661 441,661 Total IBLOC — — — — — — 788,265 788,265 Advisor financing Non-rated 38,330 258 — — — — — 38,588 Pass 33,776 43,406 — — — — — 77,182 Total advisor financing 72,106 43,664 — — — — — 115,770 Real estate bridge lending Pass 621,702 — — — — — — 621,702 Total real estate bridge lending 621,702 — — — — — — 621,702 Other loans Non-rated 396 152 — — — 216 656 1,420 Pass 373 113 3,081 4,553 5,212 11,604 1,264 26,200 Substandard — — — — — — 73 73 Total other loans** 769 265 3,081 4,553 5,212 11,820 1,993 27,693 $ 1,136,523 $ 297,650 $ 151,305 $ 90,977 $ 57,753 $ 73,389 $ 1,931,574 $ 3,739,171 Unamortized loan fees and costs — — — — — — — 8,053 Total $ 3,747,224 *Included in the SBL non real estate non-rated total of $46.6 million, were $44.8 million of PPP loans which are government guaranteed. **Included in Other loans are $22.7 million of SBA loans purchased for CRA purposes as of December 31, 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 TotalSBL 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 | December 31, 2021 SBL non-real estate SBL commercial mortgage SBL construction Direct lease financing SBLOC / IBLOC Advisor financing Real estate bridge lending Other loans Unallocated TotalBeginning balance 1/1/2021 $ 5,060 $ 3,315 $ 328 $ 6,043 $ 775 $ 362 $ — $ 199 $ — $ 16,082 Charge-offs (1,138) (417) — (412) (15) — — (24) — (2,006)Recoveries 51 9 — 58 — — — 1,099 — 1,217 Provision (credit)* 1,442 45 104 128 204 506 1,181 (1,097) — 2,513 Ending balance $ 5,415 $ 2,952 $ 432 $ 5,817 $ 964 $ 868 $ 1,181 $ 177 $ — $ 17,806 Ending balance: Individually evaluated for expected credit loss $ 829 $ 115 $ 34 $ — $ — $ — $ — $ — $ — $ 978 Ending balance: Collectively evaluated for expected credit loss $ 4,586 $ 2,837 $ 398 $ 5,817 $ 964 $ 868 $ 1,181 $ 177 $ — $ 16,828 Loans: Ending balance** $ 147,722 $ 361,171 $ 27,199 $ 531,012 $ 1,929,581 $ 115,770 $ 621,702 $ 5,014 $ 8,053 $ 3,747,224 Ending balance: Individually evaluated for expected credit loss $ 1,887 $ 812 $ 710 $ 254 $ — $ — $ — $ 320 $ — $ 3,983 Ending balance: Collectively evaluated for expected credit loss $ 145,835 $ 360,359 $ 26,489 $ 530,758 $ 1,929,581 $ 115,770 $ 621,702 $ 4,694 $ 8,053 $ 3,743,241 December 31, 2020 SBL non-real estate SBL commercial mortgage SBL construction Direct lease financing SBLOC / IBLOC Advisor financing Other loans Unallocated TotalBeginning balance 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 |
Scheduled Maturities Of Direct Financing Leases | 2022 $ 161,378 2023 124,093 2024 91,215 2025 42,717 2026 16,862 2027 and thereafter 3,413 Total undiscounted cash flows 439,678 Residual value * 143,437 Difference between undiscounted cash flows and discounted cash flows (52,103)Present value of lease payments recorded as lease receivables $ 531,012 *Of the $143,437,000, $30,556,000 is not guaranteed by the lessee or other guarantors. |
Delinquent Loans By Loan Category | December 31, 2021 30-59 Days 60-89 Days 90+ Days Total Total past due past due still accruing Non-accrual past due Current loansSBL non-real estate $ 1,375 $ 3,138 $ 441 $ 1,313 $ 6,267 $ 141,455 $ 147,722 SBL commercial mortgage — 220 — 812 1,032 360,139 361,171 SBL construction — — — 710 710 26,489 27,199 Direct lease financing 1,833 692 20 254 2,799 528,213 531,012 SBLOC / IBLOC 5,985 289 — — 6,274 1,923,307 1,929,581 Advisor financing — — — — — 115,770 115,770 Real estate bridge lending — — — — — 621,702 621,702 Other loans — — — 72 72 4,942 5,014 Unamortized loan fees and costs — — — — — 8,053 8,053 $ 9,193 $ 4,339 $ 461 $ 3,161 $ 17,154 $ 3,730,070 $ 3,747,224 December 31, 2020 30-59 Days 60-89 Days 90+ Days Total Total past due past due still accruing Non-accrual past due Current loansSBL 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 |
Premises And Equipment (Tables)
Premises And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Premises And Equipment [Abstract] | |
Premises And Equipment | December 31, Estimated useful lives 2021 2020Land - $ 1,732 $ 1,732 Buildings 39 years 3,436 3,436 Furniture, fixtures, and equipment 3 to 12 years 56,600 55,253 Leasehold improvements 6 to 10 years 11,331 11,225 73,099 71,646 Accumulated depreciation (56,943) (54,038) $ 16,156 $ 17,608 |
Variable Interest Entity (VIE)
Variable Interest Entity (VIE) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Variable Interest Entity [Abstract] | |
Schedule Of The Total Unpaid Principal Amount Of Assets Held In Private Label Securitization Entities, Including Those In Which The Company Has Continuing Involvement | December 31, 2021 Principal amount outstanding The Company's Assets held in interest Total assets Assets held in nonconsolidated in securitized held by consolidated VIEs with assets in securitization securitization continuing nonconsolidated VIEs (a) VIEs involvement VIEs (b)Commercial mortgage-backed securities CRE2 (c) $ 76,115 $ — $ 76,115 $ 12,574 CRE3 61,887 — 61,887 —CRE4 48,405 — 48,405 —CRE5 112,832 — 112,832 —CRE6 343,501 — 343,501 51,558 December 31, 2020 Principal amount outstanding The Company's Assets held in interest Total assets Assets held in nonconsolidated in securitized held by consolidated VIEs with assets in securitization securitization continuing nonconsolidated VIEs (a) VIEs involvement VIEsCommercial and other $ 43,982 $ — $ 43,982 $ 31,294 Commercial mortgage-backed securities CRE1 28,152 — 28,152 7,342 CRE2 114,205 — 114,205 12,574 CRE3 111,158 — 111,158 17,495 CRE4 157,038 — 157,038 25,575 CRE5 350,569 — 350,569 33,042 CRE6 625,773 — 625,773 51,558 (a) Consists of commercial loans predominantly secured by real estate.(b) The Company’s securities purchased from CRE1, CRE3, CRE4, and CRE5 were paid in full during 2021. The security purchased from CRE2 was non-rated and the security purchased from CRE6 was rated AA- by Kroll Bond Rating Agency at December 31, 2021. At December 31, 2021, CRE2 was valued by discounted cash flow analysis and CRE6 was priced by a pricing service. (c) As of December 31, 2020, the principal balance of the security the Company owned issued by CRE1 was $7.3 million. The entire security including our interest was paid off in full during 2021. As of December 31, 2021, the principal balance of the security we owned issued by CRE2 was $12.6 million. Repayment is expected from the workout or disposition of commercial real estate collateral, after repayment of more senior tranches. Our $12.6 million security has 41% excess credit support; thus, losses of 41% of remaining security balances would have to be incurred, prior to any loss on our security. Additionally, the commercial real estate collateral supporting four of the remaining five loans was re-appraised in 2020 and 2021. The updated appraised value is approximately $78.8 million, which is net of $3.1 million due to the servicer. The remaining principal to be repaid on all securities is approximately $76.1 million and, as noted, our security is scheduled to be repaid prior to 41% of the outstanding securities. However, any future reappraisals could result in further decreases in collateral valuation. While available information indicates that the value of existing collateral will be adequate to repay our security, there can be no assurance that such valuations will be realized upon loan resolutions, and that deficiencies will not exceed the 41% credit support. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt [Abstract] | |
Schedule Of Short-term Debt | As of or for the year ended December 31, 2021 2020 2019 (dollars in thousands)Short-term borrowings Balance at year-end $ — $ — $ —Average during the year 19,958 27,322 129,031 Maximum month-end balance 300,000 140,000 300,000 Weighted average rate during the year 0.25% 0.72% 2.43%Rate at December 31 0.25% 0.25% 1.50% |
Schedule Of Securities Sold Under Agreements To Repurchase | As of or for the year ended December 31, 2021 2020 2019 (dollars in thousands)Securities sold under repurchase agreements Balance at year-end $ 42 $ 42 $ 82 Average during the year 41 49 90 Maximum month-end balance 42 82 93 Weighted average rate during the year — — —Rate at December 31 — — — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
Schedule Of Components Of The Income Taxes (Benefit) | For the years ended December 31, 2021 2020 2019 (in thousands)Current tax provision Federal $ 22,364 $ 21,816 $ 14,407 State 9,958 7,222 5,212 32,322 29,038 19,619 Deferred tax provision (benefit) Federal 1,564 (966) 1,382 State (162) (384) 225 1,402 (1,350) 1,607 $ 33,724 $ 27,688 $ 21,226 |
Schedule Of Income Tax Expenses And Statutory Federal Income Tax Rate | For the years ended December 31, 2021 2020 2019 (in thousands) Computed tax expense at statutory rate $ 30,275 $ 22,740 $ 15,224 State taxes 7,704 5,363 4,140 Tax-exempt interest income (566) (517) (467)Meals and entertainment 24 24 97 Civil money penalty — — 1,870 Other net (deductible) nondeductible items (3,762) 254 263 Valuation allowance - domestic (1,446) 587 —Other 1,495 (763) 99 $ 33,724 $ 27,688 $ 21,226 |
Schedule Of Deferred Tax Assets And Liabilities | For the years ended December 31, 2021 2020 (in thousands)Deferred tax assets: Allowance for credit losses $ 4,031 $ 3,544 Non-accrual interest 1,613 1,412 Deferred compensation 697 697 State taxes 1,857 1,695 Nonqualified stock options 1,031 1,954 Capital loss limitations 4,158 4,158 Tax deductible goodwill 1,365 2,134 Partnership interest, Walnut St basis difference 13,737 12,153 Operating lease liabilities 2,156 2,790 Fair value adjustment to investments 817 808 Loan charges 3,351 3,606 Other 544 1,081 Total gross deferred tax assets 35,357 36,032 Federal and state valuation allowance (16,903) (15,457)Deferred tax liabilities: Unrealized gains on investment securities available-for-sale 2,207 6,550 Discount on Class A notes 92 92 Depreciation 1,743 1,671 Right of use asset 1,745 2,505 Total deferred tax liabilities 5,787 10,818 Net deferred tax asset $ 12,667 $ 9,757 |
Reconciliation Of Unrecognized Tax Benefits | For the years ended December 31, 2021 2020 2019 (in thousands)Beginning balance at January 1 $ 338 $ 338 $ 338 Decreases in tax provisions for prior years — — —Gross unrecognized tax benefits at December 31 $ 338 $ 338 $ 338 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 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 (in thousands except per share data) Outstanding at January 1, 2021 1,161,604 $ 7.62 4.75 $ 7,001,843 Granted 100,000 18.81 9.12 650,000 Exercised (633,966) 7.61 — 11,608,275 Expired — — — —Forfeited (77,534) — — —Outstanding at December 31, 2021 550,104 9.67 7.17 8,603,191 Exercisable at December 31, 2021 192,552 $ 8.38 4.76 $ 3,259,270 |
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 1.77 Vested (1,021,029) 7.69 —Forfeited (50,487) 9.27 —Outstanding at December 31, 2021 1,030,124 $ 10.49 1.17 |
Schedule Of Nonvested Options Status | Weighted-average grant date Options fair valueNon-Vested at January 1, 2021 348,828 $ 3.13 Granted 100,000 8.51 Vested (91,276) 3.17 Expired — —Forfeited — —Non-Vested at December 31, 2021 357,552 $ 4.63 |
Fair Value Of Grant On Date Of Grant Using The Black-Scholes Options Pricing Model | December 31, 2021 2020 2019Risk-free interest rate 1.19% 0.68% 2.63%Expected dividend yield — — —Expected volatility 45.6% 45.2% 41.8%Expected lives (years) 6.3 6.3 6.3 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies [Abstract] | |
Schedule Of Future Minimum Annual Rental Payments | Year ending December 31, 2022 $ 2,908 2023 2,598 2024 2,537 2025 1,606 2026 28 Thereafter — $ 9,677 |
Financial Instruments With Of_2
Financial Instruments With Off-Balance-Sheet Risk And Concentrations Of Credit Risk (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments With Off-Balance-Sheet Risk And Concentrations Of Credit Risk [Abstract] | |
Schedule Of Contract Amounts And Maturity Term Of Credit Commitment | December 31, 2021 2020 (in thousands)Financial instruments whose contract amounts represent credit risk Commitments to extend credit$ 2,154,352 $ 2,163,331 Standby letters of credit 1,698 1,829 $ 2,156,050 $ 2,165,160 |
Fair Value Of Financial Instr_2
Fair Value Of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Carrying Amount And Estimated Fair Value Of Assets And Liabilities | December 31, 2021 Quoted prices Significant in active other Significant markets for observable unobservable Carrying Estimated identical assets inputs inputs amount fair value (Level 1) (Level 2) (Level 3) (in thousands)Investment securities, available-for-sale$ 953,709 $ 953,709 $ — $ 934,678 $ 19,031 Federal Home Loan Bank and Atlantic Central Bankers Bank stock 1,663 1,663 — — 1,663 Commercial loans, at fair value 1,326,836 1,326,836 — — 1,326,836 Loans, net of deferred loan fees and costs 3,747,224 3,745,548 — — 3,745,548 Assets held-for-sale from discontinued operations 82,191 82,191 — — 82,191 Interest rate swaps, liability 553 553 — 553 —Demand and interest checking 5,561,365 5,561,365 — 5,561,365 —Savings and money market 415,546 415,546 — 415,546 —Senior debt 98,682 101,980 — 101,980 —Subordinated debentures 13,401 8,815 — — 8,815 Securities sold under agreements to repurchase 42 42 42 — — December 31, 2020 Quoted prices Significant in active other Significant markets for observable unobservable Carrying Estimated identical assets inputs inputs amount fair value (Level 1) (Level 2) (Level 3) (in thousands)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 | The Company’s Level 3 asset activity for the categories shown for the years 2021 and 2020 is as follows (in thousands): Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Available-for-sale Commercial loans, securities at fair value December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020Beginning 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 (44) — 13,214 (1,883)Included in other comprehensive loss (1,422) (2,121) — —Purchases, issuances, sales and settlements Issuances — — 127,765 721,590 Settlements (158,454) (21,412) (647,881) (89,441)Ending balance$ 19,031 $ 178,951 $ 1,326,836 $ 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.$ — $ — $ (2,133) $ (3,567) Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Investment in Assets held-for-sale unconsolidated entity from discontinued operations December 31, 2021 December 31, 2020 December 31, 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) 1,102 (3,326) Purchases, issuances, sales, settlements and charge-offs Issuances — — 5,222 4,942 Sales — — (2,020) (1,482) Settlements (6,223) (7,815) (35,750) (26,846) Charge-offs — — (13) (295) Ending balance$ — $ 31,294 $ 82,191 $ 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) $ 566 $ (2,664) |
Schedule Of Other Real Estate Owned | December 31, 2021 December 31, 2020Beginning balance$ — $ —Transfers from investment in unconsolidated entity 2,145 —Sales (615) —Ending balance$ 1,530 $ — |
Fair Value Inputs, Assets, Quantitative Information | Fair value at Range at Weighted average atLevel 3 instruments only December 31, 2021 Valuation techniques Unobservable inputs December 31, 2021 December 31, 2021 Commercial mortgage-backed investment security (a) $ 12,417 Discounted cash flow Discount rate 8.00% 8.00%Insurance liquidating trust preferred security (b) 6,614 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/ALoans, net of deferred loan fees and costs (c) 3,745,548 Discounted cash flow Discount rate 1.00% - 7.00% 3.70% Commercial - SBA (d) 199,585 Discounted cash flow Discount rate 1.04%- 2.12% $103.40 Non-SBA CRE - fixed (e) 79,864 Discounted cash flow Discount rate 5.31%-7.43% 6.26% Non-SBA CRE - floating (f) 1,047,387 Discounted cash flow Discount rate 3.96%-10.20% 4.96%Commercial loans, at fair value 1,326,836 Assets held-for-sale from discontinued operations (g) 82,191 Discounted cash flow Discount rate 3.18%-6.80% 4.36% Subordinated debentures (h) 8,815 Discounted cash flow Discount rate 7.00% 7.00% Other real estate owned (i) 1,530 Appraised value N/A N/A N/A Fair value at Range at Weighted average atLevel 3 instruments only 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 $100.13Federal Home Loan Bank and Atlantic Central Bankers Bank stock 1,368 Cost N/A N/A N/ALoans, 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 sensitive to judgments, assumptions and uncertainties, changes in which could have a significant impact on such valuations. All weighted averages at December 31, 2021 were calculated 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 the fair value of securities which are unrelated to credit are recorded through equity. Changes in the value of subordinated debentures are a disclosure item, without impact on the financial statements. Changes in the fair value of loans recorded at amortized cost which are unrelated to credit are also a disclosure item, without impact on the financial statements. The notes below refer to the December 31, 2021 table. a)Commercial mortgage-backed investment security, consisting of a single Bank issued CRE security, is valued using discounted cash flow analysis. The discount rate and prepayment rate applied are based upon market observations and actual experience for comparable securities and implicitly assume market averages for defaults and loss severities. The security has significant credit enhancement, or protection from other tranches in the issue, which limits the valuation exposure to credit losses. Nonetheless, increases in expected default rates or loss severities on the loans underlying the issue could reduce its 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 this holding in future periods and impact its fair value. b)Insurance liquidating trust preferred security 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 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 December 31, 2021, the balance included $44.8 million of Paycheck Protection Program loans, which bear interest at 1%, but also earn fees. d)Commercial-SBA Loans are comprised of the government guaranteed portion of SBA insured loans. Their valuation is based upon the yield derived from dealer pricing indications for guaranteed pools, adjusted for seasoning and prepayments. 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 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 utilize input from an independent valuation consultant based upon loan terms, the general level of interest rates and the quality of the credit. Certain of these loans are fair valued by a third party, based upon discounting at market rates for similar loans. Deterioration in loan performance or other credit weaknesses could result in fair value ranges which would be dependent upon potential buyers’ tolerance for such weaknesses and are difficult to estimate. f)Non-SBA CRE-floating are floating rate non-SBA loans, the vast majority of which are secured by multi-family properties (apartments). 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 was based upon current origination rates for similar loans. Deterioration in loan performance or other credit weaknesses could result in fair value ranges which would be dependent upon potential buyers’ tolerance for such weaknesses and are difficult to estimate. 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. i)For other real estate owned, fair value is based upon appraisals of the underlying collateral by third party appraisers, reduced by 7% to 10% for estimated selling costs. Such appraisals reflect estimates of amounts realizable upon property sales based on the sale of comparable properties and other factors. Actual sales prices may vary based upon the identification of potential purchasers, changing conditions in local real estate markets and the level of interest rates required to finance purchases. |
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 active Significant other Significant markets for identical observable unobservable Fair value assets inputs inputs December 31, 2021 (Level 1) (Level 2) (Level 3) Investment securities, available-for-sale U.S. Government agency securities$ 37,302 $ — $ 37,302 $ —Asset-backed securities 360,418 — 360,418 —Obligations of states and political subdivisions 52,137 — 52,137 —Residential mortgage-backed securities 184,301 — 184,301 —Collateralized mortgage obligation securities 61,861 — 61,861 —Commercial mortgage-backed securities 251,076 — 238,659 12,417 Corporate debt securities 6,614 — — 6,614 Total investment securities, available-for-sale 953,709 — 934,678 19,031 Commercial loans, at fair value 1,326,836 — — 1,326,836 Assets held-for-sale from discontinued operations 82,191 — — 82,191 Interest rate swaps, liability 553 — 553 — $ 2,362,183 $ — $ 934,125 $ 1,428,058 Fair Value Measurements at Reporting Date Using Quoted prices in active Significant other Significant markets for identical observable unobservable Fair value 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, 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 inputsDescriptionDecember 31, 2021 (Level 1) (Level 2) (Level 3) Collateral dependent loans (1)$ 3,005 $ — $ — $ 3,005 Other real estate owned 1,530 — — 1,530 Intangible assets 2,447 — — 2,447 $ 6,982 $ — $ — $ 6,982 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)DescriptionDecember 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 loans evaluated for an allowance for credit losses on an individual loan basis and also for other real estate owned was the market 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) | 12 Months Ended |
Dec. 31, 2021 | |
Derivatives [Abstract] | |
Summary Of Derivatives | December 31, 2021Maturity date Notional amount Interest rate paid Interest rate received Fair valueDecember 23, 2025 $ 6,800 2.16% 0.22% $ (233)December 24, 2025 8,200 2.17% 0.21% (287)July 20, 2026 6,300 1.44% 0.13% (33)Total $ 21,300 $ (553) |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Regulatory Matters [Abstract] | |
Schedule Of Regulatory Capital Amounts | To be well capitalized under For capital prompt corrective Actual adequacy purposes action provisions Amount Ratio Amount Ratio Amount Ratio (dollars in thousands)As of December 31, 2021 Total capital (to risk-weighted assets) The Bancorp, Inc.$ 661,656 15.13% $ 349,923 >=8.00 N/A N/A The Bancorp Bank 695,450 15.88% 349,897 8.00 437,371 >= 10.00% Tier 1 capital (to risk-weighted assets) The Bancorp, Inc. 643,850 14.72% 262,442 >=6.00 N/A N/A The Bancorp Bank 677,644 15.48% 262,423 6.00 349,897 >= 8.00% Tier 1 capital (to average assets) The Bancorp, Inc. 643,850 10.40% 247,722 >=4.00 N/A N/A The Bancorp Bank 677,644 10.98% 247,630 4.00 309,537 >= 5.00% Common equity tier 1 (to risk-weighted assets) The Bancorp, Inc. 643,850 14.72% 174,962 >=4.00 N/A N/A The Bancorp Bank 677,644 15.48% 196,817 4.50 284,291 >= 6.50% As of December 31, 2020 Total capital (to risk-weighted assets) The Bancorp, Inc.$ 577,092 14.84% $ 311,045 >=8.00 N/A N/A The Bancorp Bank 571,220 14.68% 311,148 8.00 388,935 >= 10.00% Tier 1 capital (to risk-weighted assets) The Bancorp, Inc. 561,010 14.43% 233,284 >=6.00 N/A N/A The Bancorp Bank 555,138 14.27% 233,361 6.00 311,148 >= 8.00% Tier 1 capital (to average assets) The Bancorp, Inc. 561,010 9.20% 243,941 >=4.00 N/A N/A The Bancorp Bank 555,138 9.11% 243,843 4.00 304,804 >= 5.00% Common equity tier 1 (to risk-weighted assets) The Bancorp, Inc. 561,010 14.43% 155,523 >=4.00 N/A N/A The Bancorp Bank 555,138 14.27% 175,021 4.50 252,808 >= 6.50% |
Condensed Financial Informati_2
Condensed Financial Information-Parent Only (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information-Parent Only [Abstract] | |
Schedule Of Condensed Balance Sheet | December 31, 2021 2020 (in thousands)Assets Cash and due from banks $ 68,383 $ 111,267 Investment in subsidiaries 686,248 575,293 Other assets 11,324 8,160 Total assets $ 765,955 $ 694,720 Liabilities and stockholders' equity Other liabilities $ 1,418 $ 1,841 Senior debt 98,682 98,314 Subordinated debentures 13,401 13,401 Stockholders' equity 652,454 581,164 Total liabilities and stockholders' equity $ 765,955 $ 694,720 |
Schedule Of Condensed Statements Of Operations | For the year ended December 31, 2021 2020 2019 (in thousands)Income Other income $ — $ 1 $ —Total income — 1 — Expense Interest on subordinated debentures 449 524 750 Interest on senior debt 5,118 1,913 —Non-interest expense 9,266 7,486 6,721 Total expense 14,833 9,923 7,471 Income tax benefit (3,114) — —Equity in undistributed income of subsidiaries 122,372 90,006 59,030 Net income available to common shareholders $ 110,653 $ 80,084 $ 51,559 |
Schedule Of Condensed Cash Flow Statement | Year ended December 31, 2021 2020 2019 (in thousands)Operating activities Net income $ 110,653 $ 80,084 $ 51,559 Net amortization of investment securities discounts/premiums 368 — —(Increase) decrease in other assets (3,164) 484 724 (Decrease) increase in other liabilities (423) 1,810 (4)Stock based compensation expense 8,626 6,429 5,689 Equity in undistributed income (122,372) (90,006) (59,030)Net cash used in operating activities (6,312) (1,199) (1,062) Financing activities Proceeds from the exercise of common stock options 3,428 866 258 Proceeds of senior debt offering — 98,314 —Repurchases of common stock (40,000) — —Net cash (used in) provided by financing activities (36,572) 99,180 258 Net (decrease) increase in cash and cash equivalents (42,884) 97,981 (804)Cash and cash equivalents, beginning of year 111,267 13,286 14,090 Cash and cash equivalents, end of year $ 68,383 $ 111,267 $ 13,286 |
Segment Financials (Tables)
Segment Financials (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Financials [Abstract] | |
Schedule Of Segment Financials | For the year ended December 31, 2021 Specialty finance Payments Corporate Discontinued operations Total (in thousands)Interest income $ 191,867 $ — $ 30,248 $ — $ 222,115 Interest allocation — 30,248 (30,248) — —Interest expense 963 4,162 6,114 — 11,239 Net interest income (loss) 190,904 26,086 (6,114) — 210,876 Provision for credit losses 3,110 — — — 3,110 Non-interest income 22,331 82,343 75 — 104,749 Non-interest expense 67,263 69,716 31,371 — 168,350 Income (loss) from continuing operations before taxes 142,862 38,713 (37,410) — 144,165 Income tax expense — — 33,724 — 33,724 Income (loss) from continuing operations 142,862 38,713 (71,134) — 110,441 Income from discontinued operations — — — 212 212 Net income (loss) $ 142,862 $ 38,713 $ (71,134) $ 212 $ 110,653 For the year ended December 31, 2020 Specialty finance Payments Corporate Discontinued operations Total (in thousands)Interest income $ 170,847 $ — $ 39,935 $ — $ 210,782 Interest allocation — 39,935 (39,935) — —Interest expense 1,024 8,690 6,202 — 15,916 Net interest income (loss) 169,823 31,245 (6,202) — 194,866 Provision for credit losses 6,352 — — — 6,352 Non-interest income 678 83,751 188 — 84,617 Non-interest expense 68,244 68,379 28,224 — 164,847 Income (loss) from continuing operations before taxes 95,905 46,617 (34,238) — 108,284 Income tax expense — — 27,688 — 27,688 Income (loss) from continuing operations 95,905 46,617 (61,926) — 80,596 Loss from discontinued operations — — — (512) (512)Net income (loss) $ 95,905 $ 46,617 $ (61,926) $ (512) $ 80,084 For the year ended December 31, 2019 Specialty finance Payments Corporate Discontinued operations Total (in thousands)Interest income $ 126,814 $ — $ 52,755 $ — $ 179,569 Interest allocation — 52,755 (52,755) — —Interest expense 1,429 28,971 7,881 — 38,281 Net interest income (loss) 125,385 23,784 (7,881) — 141,288 Provision for credit losses 4,400 — — — 4,400 Non-interest income 29,140 74,742 245 — 104,127 Non-interest expense 63,884 67,884 36,753 — 168,521 Income (loss) from continuing operations before taxes 86,241 30,642 (44,389) — 72,494 Income tax expense — — 21,226 — 21,226 Income (loss) from continuing operations 86,241 30,642 (65,615) — 51,268 Income from discontinued operations — — — 291 291 Net income (loss) $ 86,241 $ 30,642 $ (65,615) $ 291 $ 51,559 December 31, 2021 Specialty finance Payments Corporate Discontinued operations Total (in thousands)Total assets $ 5,099,388 $ 41,593 $ 1,620,067 $ 82,191 $ 6,843,239 Total liabilities $ 329,372 $ 5,312,115 $ 549,298 $ — $ 6,190,785 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) | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations [Abstract] | |
Financial Results Of The Commercial Lending Business Included In Net Income (Loss) From Discontinued Operations | For the year ended December 31, 2021 2020 2019 (in thousands) Interest income$ 3,096 $ 4,222 $ 6,710 Interest expense — — —Net interest income 3,096 4,222 6,710 Non-interest income 99 21 34 Non-interest expense 2,907 8,059 6,234 Income (loss) before taxes 288 (3,816) 510 Income tax (benefit) expense 76 (3,304) 219 Net income (loss)$ 212 $ (512) $ 291 December 31, December 31, 2021 2020 (in thousands) Loans, net$ 64,141 $ 91,316 Other real estate owned 18,050 22,334 Total assets$ 82,191 $ 113,650 |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||
Jan. 31, 2020 | May 31, 2016 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Aug. 13, 2020 | Mar. 31, 2020 | |
Accounting Policies [Line Items] | |||||||||||||||
Investment in unconsolidated entity | $ 0 | $ 0 | $ 31,294,000 | ||||||||||||
Transfer of loans from investment in unconsolidated entity upon its dissolution | $ 22,900,000 | 22,926,000 | |||||||||||||
Transfers of real estate owned from investment in unconsolidated entity upon its dissolution | 2,100,000 | 2,145,000 | 3,780,000 | $ 5,295,000 | |||||||||||
Other than temporary impairment charges | 0 | ||||||||||||||
Loans held for sale | $ 1,330,000,000 | 1,330,000,000 | 1,810,000,000 | ||||||||||||
Amortization of intangible assets | 398,000 | 556,000 | 1,531,000 | ||||||||||||
Advertising costs | $ 1,600,000 | $ 1,300,000 | $ 782,000 | ||||||||||||
Stock options included in dilutive earnings per share, due to exercise price per share being less than average market price | 450,104 | 450,104 | 1,056,604 | 971,604 | |||||||||||
Minimum exercisable prices (in dollars per share) | $ 6.87 | $ 6.75 | $ 6.75 | ||||||||||||
Maximum exercisable prices (in dollars per share) | $ 18.81 | $ 8.57 | $ 9.58 | ||||||||||||
Common stock options (in shares) | 100,000 | 105,000 | 340,000 | ||||||||||||
Restricted cash and cash equivalents | $ 0 | $ 0 | $ 0 | ||||||||||||
Amortization expense per year | 398,000 | 398,000 | |||||||||||||
Accumulated Amortization | 2,044,000 | 2,044,000 | 1,646,000 | ||||||||||||
Finite-Lived Intangible Assets, Gross | 4,491,000 | $ 4,491,000 | 4,491,000 | ||||||||||||
Purchase of treasury shares | 10,000,000 | $ 10,000,000 | 10,000,000 | $ 10,000,000 | |||||||||||
Purchase of treasury shares (in shares) | 1,835,061 | ||||||||||||||
Long-term borrowings | 39,500,000 | $ 39,500,000 | 40,300,000 | ||||||||||||
Average cost of repurchased stock (in dollars per share) | $ 21.80 | ||||||||||||||
Retained earnings | 239,106,000 | $ 239,106,000 | 128,453,000 | ||||||||||||
Deferred Tax Assets, Gross | 35,357,000 | 35,357,000 | 36,032,000 | ||||||||||||
Other liabilities | 62,228,000 | 62,228,000 | 81,583,000 | ||||||||||||
Notional Amount | 21,300,000 | $ 21,300,000 | |||||||||||||
Forecast [Member] | |||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||
Purchase of treasury shares | $ 15,000,000 | $ 15,000,000 | $ 15,000,000 | $ 15,000,000 | |||||||||||
Amount per quarter planned for stock repurchase | $ 60,000,000 | ||||||||||||||
Senior Debt [Member] | |||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||
Debt instrument, face amount | $ 100,000,000 | ||||||||||||||
Debt instrument, maturity date | Aug. 15, 2025 | ||||||||||||||
Interest rate (in hundredths) | 4.75% | ||||||||||||||
McMahon Leasing [Member] | |||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||
Goodwill | $ 263,000 | ||||||||||||||
Payments to Acquire Businesses, Gross | 8,700,000 | ||||||||||||||
Finite-lived Intangible Assets Acquired | 1,100,000 | ||||||||||||||
Restatement Adjustments [Member] | |||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||
Investment in unconsolidated entity | $ (25,000,000) | ||||||||||||||
Accounting Standards Update 2016-13 [Member] | |||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||
Retained earnings | $ 2,400,000 | ||||||||||||||
Deferred Tax Assets, Gross | 834,000 | ||||||||||||||
Allowance for credit losses | 2,600,000 | ||||||||||||||
Other liabilities | (569,000) | ||||||||||||||
Reserve on unfunded commitments | $ 569,000 | ||||||||||||||
Accounting Standards Update 2020-04 [Member] | |||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||
Securities Purchased From Previous Securitizations | 64,100,000 | $ 64,100,000 | |||||||||||||
Collateralized Loan Obligations And U.S. Government Agency Adjustable-Rate Mortgages Which Utilize LIBOR | 338,000,000 | 338,000,000 | |||||||||||||
U.S. Government Agencies With Adjustable Interest Rate Indices | 93,500,000 | 93,500,000 | |||||||||||||
Subordinated Debt | 13,400,000 | 13,400,000 | |||||||||||||
Notional Amount | 21,300,000 | 21,300,000 | |||||||||||||
Accounting Standards Update 2020-04 [Member] | Certain Financial Instruments Indexed To LIBOR [Member] | |||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||
Loans | 1,100,000,000 | 1,100,000,000 | |||||||||||||
Accounting Standards Update 2020-04 [Member] | Student Loan [Member] | |||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||
Loans | 22,500,000 | $ 22,500,000 | |||||||||||||
Internal Use Software [Member] | |||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||
Estimated useful life | 7 years | ||||||||||||||
Total capitalized software costs | 5,700,000 | $ 5,700,000 | 5,600,000 | ||||||||||||
Amortization of intangible assets | 2,000,000 | 2,400,000 | $ 2,300,000 | ||||||||||||
Customer List Intangibles [Member] | |||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||
Estimated useful life | 10 years | ||||||||||||||
Acquired finite lived intangible assets accumulated amortization | 1,900,000 | 1,900,000 | 1,600,000 | ||||||||||||
Amortization expense per year | 340,000 | 340,000 | |||||||||||||
Accumulated Amortization | 2,044,000 | 2,044,000 | 1,646,000 | ||||||||||||
Finite-Lived Intangible Assets, Gross | 4,093,000 | 4,093,000 | 4,093,000 | ||||||||||||
Amortization Expense Over Next Five Years | 1,500,000 | ||||||||||||||
Finite-lived Intangible Assets Acquired | $ 3,400,000 | $ 3,400,000 | 3,400,000 | ||||||||||||
Payments to Acquire Lease Receivables | $ 60,000,000 | ||||||||||||||
Customer List Intangibles [Member] | McMahon Leasing [Member] | |||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||
Estimated useful life | 12 years | ||||||||||||||
Amortization expense per year | 57,000 | $ 57,000 | |||||||||||||
Accumulated Amortization | 115,000 | 115,000 | |||||||||||||
Finite-Lived Intangible Assets, Gross | 689,000 | ||||||||||||||
Amortization Expense Over Next Five Years | 285,000 | ||||||||||||||
Trade Names [Member] | |||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||
Finite-Lived Intangible Assets, Gross | 135,000 | 135,000 | 135,000 | ||||||||||||
Trade Names [Member] | McMahon Leasing [Member] | |||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||
Finite-lived Intangible Assets Acquired | $ 135,000 | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | |||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||
Loans held for sale | $ 1,326,836,000 | $ 1,326,836,000 | $ 1,810,812,000 |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies (Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income (numerator) [Abstract] | |||
Net income | $ 110,653 | $ 80,084 | $ 51,559 |
Diluted earnings (loss) per share, Net income (loss) available to common shareholders | $ 110,653 | $ 80,084 | $ 51,559 |
Shares (denominator) [Abstract] | |||
Basic earnings per share (in shares) | 57,190,311 | 57,474,612 | 56,765,635 |
Effect of dilutive securities, Common stock options and restricted stock units (in shares) | 1,640,126 | 936,610 | 573,350 |
Diluted earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 58,830,437 | 58,411,222 | 57,338,985 |
Per share amount [Abstract] | |||
Basic earnings per share (in dollars per share) | $ 1.93 | $ 1.39 | $ 0.91 |
Effect of dilutive securities, Common stock options and restricted stock units (in dollars per share) | (0.05) | (0.02) | (0.01) |
Net income per share - diluted | $ 1.88 | $ 1.37 | $ 0.90 |
Continuing Operations [Member] | |||
Income (numerator) [Abstract] | |||
Net income | $ 110,441 | $ 80,596 | $ 51,268 |
Diluted earnings (loss) per share, Net income (loss) available to common shareholders | $ 110,441 | $ 80,596 | $ 51,268 |
Shares (denominator) [Abstract] | |||
Basic earnings per share (in shares) | 57,190,311 | 57,474,612 | 56,765,635 |
Effect of dilutive securities, Common stock options and restricted stock units (in shares) | 1,640,126 | 936,610 | 573,350 |
Diluted earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 58,830,437 | 58,411,222 | 57,338,985 |
Per share amount [Abstract] | |||
Basic earnings per share (in dollars per share) | $ 1.93 | $ 1.40 | $ 0.90 |
Effect of dilutive securities, Common stock options and restricted stock units (in dollars per share) | (0.05) | (0.02) | (0.01) |
Net income per share - diluted | $ 1.88 | $ 1.38 | $ 0.89 |
Discontinued Operations [Member] | |||
Income (numerator) [Abstract] | |||
Net income | $ 212 | $ (512) | $ 291 |
Diluted earnings (loss) per share, Net income (loss) available to common shareholders | $ 212 | $ (512) | $ 291 |
Shares (denominator) [Abstract] | |||
Basic earnings per share (in shares) | 57,190,311 | 57,474,612 | 56,765,635 |
Effect of dilutive securities, Common stock options and restricted stock units (in shares) | 1,640,126 | 936,610 | 573,350 |
Diluted earnings (loss) per share, Net income (loss) available to common shareholders (in shares) | 58,830,437 | 58,411,222 | 57,338,985 |
Per share amount [Abstract] | |||
Basic earnings per share (in dollars per share) | $ (0.01) | $ 0.01 | |
Net income per share - diluted | $ (0.01) | $ 0.01 |
Summary Of Significant Accoun_6
Summary Of Significant Accounting Policies (Summary Of Gross Carrying Value And Accumulated Amortization Related To The Company's Intangible Items) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 4,491 | $ 4,491 |
Accumulated Amortization | 2,044 | 1,646 |
Goodwill [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 263 | 263 |
Customer List Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 4,093 | 4,093 |
Accumulated Amortization | 2,044 | 1,646 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 135 | $ 135 |
Summary Of Significant Accoun_7
Summary Of Significant Accounting Policies (Schedule Of Approximate Future Annual Amortization Of The Company's Intangible Items) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Summary Of Significant Accounting Policies [Abstract] | |
2022 | $ 398 |
2023 | 398 |
2024 | 398 |
2025 | 398 |
2026 | 173 |
Thereafter | 285 |
Approximate future annual amortization of intangible items | $ 2,050 |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, $ in Millions | Jan. 28, 2022ft²$ / ft² | Feb. 28, 2022USD ($)$ / sharesshares | Dec. 31, 2021USD ($) | Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2021$ / sharesshares |
Subsequent Event [Line Items] | |||||||
Repurchase of shares | shares | 1,835,061 | ||||||
Cost of repurchased share | $ | $ 10 | $ 10 | $ 10 | $ 10 | |||
Average cost of repurchased stock (in dollars per share) | $ / shares | $ 21.80 | ||||||
Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Repurchase of shares | shares | 527,393 | ||||||
Cost of repurchased share | $ | $ 15 | ||||||
Average cost of repurchased stock (in dollars per share) | $ / shares | $ 28.44 | ||||||
Square feet of office | ft² | 52,000 | ||||||
Amount per square foot, office | $ / ft² | 24 | ||||||
Amount per square foot, office, at year ten | $ / ft² | 28.68 | ||||||
Subsequent Event [Member] | Minimum [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Lease term | 10 years |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
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 | $ 1,700,000 | $ 1,400,000 | |
Pledged Assets Separately Reported, Securities Pledged for Federal Home Loan Bank, at Fair Value | 0 | 0 | |
Gross gains on sales of securities | 0 | 0 | $ 0 |
Gross losses on sales of securities | 7,000 | 0 | 0 |
Recognized credit charges | 0 | $ 0 | $ 0 |
Single Issuers [Member] | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | |||
Book value | 10,000,000 | ||
Fair value | 6,600,000 | ||
Atlantic Central Bankers Bank [Member] | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | |||
Investment stock amount | $ 40,000 |
Investment Securities (Schedule
Investment Securities (Schedule Of Investment Securities Classified As Available-for-sale And Held-to-maturity) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Available-for-sale [Abstract] | ||
Total | $ 945,212 | $ 1,181,906 |
Gross unrealized gains | 14,081 | 32,754 |
Gross unrealized losses | (5,584) | (8,496) |
Investment securities available-for-sale | 953,709 | 1,206,164 |
U.S. Government Agency Securities [Member] | ||
Available-for-sale [Abstract] | ||
Total | 36,182 | 44,960 |
Gross unrealized gains | 1,167 | 2,357 |
Gross unrealized losses | (47) | (120) |
Investment securities available-for-sale | 37,302 | 47,197 |
Asset-backed Securities [Member] | ||
Available-for-sale [Abstract] | ||
Total | 360,332 | 238,678 |
Gross unrealized gains | 327 | 143 |
Gross unrealized losses | (241) | (460) |
Investment securities available-for-sale | 360,418 | 238,361 |
Federally insured student loan securities [Member] | ||
Available-for-sale [Abstract] | ||
Total | 22,518 | 28,013 |
Gross unrealized gains | 13 | 38 |
Gross unrealized losses | (73) | (93) |
Investment securities available-for-sale | 22,458 | 27,958 |
Collateralized Loan Obligations Securities [Member] | ||
Available-for-sale [Abstract] | ||
Total | 337,814 | 210,665 |
Gross unrealized gains | 314 | 105 |
Gross unrealized losses | (168) | (367) |
Investment securities available-for-sale | 337,960 | 210,403 |
Tax-exempt Obligations Of States And Political Subdivisions [Member] | ||
Available-for-sale [Abstract] | ||
Total | 3,559 | 4,042 |
Gross unrealized gains | 172 | 248 |
Investment securities available-for-sale | 3,731 | 4,290 |
Taxable Obligations Of States And Political Subdivisions [Member] | ||
Available-for-sale [Abstract] | ||
Total | 45,984 | 47,884 |
Gross unrealized gains | 2,422 | 4,180 |
Investment securities available-for-sale | 48,406 | 52,064 |
Residential Mortgage-backed Securities [Member] | ||
Available-for-sale [Abstract] | ||
Total | 179,778 | 256,914 |
Gross unrealized gains | 4,804 | 9,765 |
Gross unrealized losses | (281) | (96) |
Investment securities available-for-sale | 184,301 | 266,583 |
Collateralized Mortgage Obligation Securities [Member] | ||
Available-for-sale [Abstract] | ||
Total | 60,778 | 145,260 |
Gross unrealized gains | 1,083 | 3,281 |
Gross unrealized losses | (11) | |
Investment securities available-for-sale | 61,861 | 148,530 |
Commercial Mortgage-backed Securities [Member] | ||
Available-for-sale [Abstract] | ||
Total | 248,599 | 359,125 |
Gross unrealized gains | 4,106 | 12,717 |
Gross unrealized losses | (1,629) | (4,562) |
Investment securities available-for-sale | 251,076 | 367,280 |
Corporate Debt Securities [Member] | ||
Available-for-sale [Abstract] | ||
Total | 10,000 | 85,043 |
Gross unrealized gains | 63 | |
Gross unrealized losses | (3,386) | (3,247) |
Investment securities available-for-sale | $ 6,614 | $ 81,859 |
Investment Securities (Amortize
Investment Securities (Amortized Cost And Fair Value Of Investment Securities By Contractual Maturity) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Available-for-sale, Amortized cost [Abstract] | ||
Due after one year through five years | $ 165,864 | |
Due after five years through ten years | 223,057 | |
Due after ten years | 556,291 | |
Total | 945,212 | $ 1,181,906 |
Available-for-sale, Fair value [Abstract] | ||
Due after one year through five years | 171,635 | |
Due after five years through ten years | 225,507 | |
Due after ten years | 556,567 | |
Debt Securities, Available-for-sale, Total | $ 953,709 | $ 1,206,164 |
Investment Securities (Availabl
Investment Securities (Available-for-sale And Held-to-maturity Securities, Continuous Unrealized Loss Position) (Details) $ in Thousands | Dec. 31, 2021USD ($)security | Dec. 31, 2020USD ($)security |
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 87 | 53 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 268,572 | $ 202,253 |
12 months or longer, Fair Value | 107,026 | 76,820 |
Total, Fair Value | 375,598 | 279,073 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (437) | (4,946) |
12 months or longer, Unrealized losses | (5,147) | (3,550) |
Total, Unrealized losses | $ (5,584) | $ (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 | $ 2,700 | 5,322 |
Total, Fair Value | 2,700 | 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 | (47) | (118) |
Total, Unrealized losses | $ (47) | $ (120) |
Asset-backed Securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 42 | 24 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 243,598 | $ 123,447 |
12 months or longer, Fair Value | 1,197 | 29,563 |
Total, Fair Value | 244,795 | 153,010 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (235) | (337) |
12 months or longer, Unrealized losses | (6) | (123) |
Total, Unrealized losses | $ (241) | $ (460) |
Residential Mortgage-backed Securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 30 | 12 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 21,640 | $ 6,221 |
12 months or longer, Fair Value | 5,160 | 6,650 |
Total, Fair Value | 26,800 | 12,871 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (159) | (35) |
12 months or longer, Unrealized losses | (122) | (61) |
Total, Unrealized losses | $ (281) | $ (96) |
Collateralized Mortgage Obligation Securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 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 | 3,489 | |
Total, Fair Value | 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) | |
Total, Unrealized losses | $ (11) | |
Commercial Mortgage-backed Securities [Member] | ||
Available-for-sale, continuous unrealized loss position [Abstract] | ||
Number of securities | security | 12 | 4 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months, Fair Value | $ 3,334 | $ 69,486 |
12 months or longer, Fair Value | 91,355 | |
Total, Fair Value | 94,689 | 69,486 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
Less than 12 months, Unrealized losses | (43) | (4,562) |
12 months or longer, Unrealized losses | (1,586) | |
Total, Unrealized losses | $ (1,629) | $ (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 | $ 6,614 | $ 31,796 |
Total, Fair Value | 6,614 | 31,796 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ||
12 months or longer, Unrealized losses | (3,386) | (3,247) |
Total, Unrealized losses | $ (3,386) | $ (3,247) |
Loans (Narrative) (Details)
Loans (Narrative) (Details) | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2021USD ($)loan | Dec. 31, 2020USD ($)loan | Dec. 31, 2019USD ($) | Sep. 30, 2021USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans held for sale | $ 1,330,000,000 | $ 1,810,000,000 | ||||
Loans available for sale, unpaid principal amount | 1,330,000,000 | 1,810,000,000 | ||||
Gains (losses) recognized from changes in fair value | (285,000) | (3,600,000) | $ 963,000 | |||
Loans Receivable, Gross | $ 778,200,000 | $ 518,300,000 | 3,739,171,000 | 2,643,384,000 | ||
Changes in fair value related to instrument-specific credit risk | 201,000 | 1,000,000 | 486,000 | |||
Balance against these lines | 0 | |||||
Gain (Loss) on Securitization of Financial Assets | 14,200,000 | 11,200,000 | ||||
Transfers of Financial Assets Accounted for as Sale, Initial Fair Value of Assets Obtained as Proceeds | $ 51,600,000 | $ 41,600,000 | ||||
Fair Value Assumption, Date of Securitization or Asset-backed Financing Arrangement, Transferor's Continuing Involvement, Servicing Assets or Liabilities, Discount Rate | 4.12% | 4.75% | ||||
Other real estate owned | $ 1,530,000 | $ 0 | $ 0 | |||
Number of troubled debt restructured loans | loan | 10 | 11 | ||||
Interest which would have been earned on loans classified as non-accrual | $ 186,000 | $ 406,000 | ||||
Non-accrual loans, income | 0 | 0 | ||||
Nonaccrual loans, Income Reversed | 39,000 | $ 890,000 | ||||
CARES Act, additional payments per month | $ 9,000 | |||||
Commitments to lend additional funds to loan customers whose terms have been modified in troubled debt restructurings, number of loans | loan | 0 | 0 | ||||
Troubled debt restructured loans balance | $ 1,479,000 | $ 1,631,000 | ||||
Financing receivable, troubled debt restructured loans, reserves | 476,000 | |||||
Assets | 6,843,239,000 | 6,276,841,000 | ||||
Total loans, gross | 3,739,171,000 | 2,643,384,000 | ||||
Allowance for credit losses on off-balance sheet credit | 1,400,000 | |||||
Federal Reserve Bank Advances [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans Pledged as Collateral | 1,810,000,000 | |||||
Federal Home Loan Bank Advances [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans Pledged as Collateral | $ 1,110,000,000 | |||||
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% | |||||
CRE2 [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Proceeds from payment of loans | $ 12,600,000 | |||||
Percent Of Excess Credit Support | 41.00% | |||||
CRE5 [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Prepayments percentage, loans | 15.00% | |||||
SBA Loan [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans Receivable, Gross | $ 46,600,000 | 170,900,000 | ||||
Guaranteed principal and interest payments percent | 75.00% | |||||
Commercial Mortgage - Securitization [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans, gross | 1,130,000,000 | |||||
Commercial Real Estate Collateral [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Assets | $ 78,800,000 | |||||
Due To Servicer | 3,100,000 | |||||
Remaining Principal Amount To Be Repaid On Securities | 76,100,000 | |||||
SBLOC [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans Receivable, Gross | 1,141,316,000 | 1,112,933,000 | ||||
Advisor Financing [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans Receivable, Gross | $ 115,770,000 | 48,282,000 | ||||
Loans, advanced rate calculation, percentage | 70.00% | |||||
Total loans, gross | $ 115,770,000 | $ 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 | 44,800,000 | |||||
Government Guaranteed Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans, gross | 371,500,000 | |||||
SBL Non Real Estate [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans Receivable, Gross | $ 132,745,000 | $ 233,545,000 | ||||
Number of troubled debt restructured loans | loan | 9 | 8 | ||||
Troubled debt restructured loans balance | $ 1,231,000 | $ 911,000 | ||||
Total loans, gross | 147,722,000 | 255,318,000 | $ 171,800,000 | |||
Receivables Acquired with Deteriorated Credit Quality [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans acquired with deteriorated credit quality | 0 | 0 | ||||
Estimated Fair Value [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans held for sale | $ 1,326,836,000 | $ 1,810,812,000 |
Loans (Major Classifications Of
Loans (Major Classifications Of Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2021 | |
Major classifications of loans [Abstract] | |||||
Total loans, gross | $ 3,739,171 | $ 3,739,171 | $ 2,643,384 | ||
Unamortized loan fees and costs | 8,053 | 8,053 | 8,939 | ||
Total loans, net of unamortized loan fees and costs | 3,747,224 | 3,747,224 | 2,652,323 | ||
Repayment of loans | 192,636 | 170,960 | $ 127,106 | ||
Demand deposit overdrafts reclassified as loan balances | 322 | 322 | 663 | ||
SBL Non Real Estate [Member] | |||||
Major classifications of loans [Abstract] | |||||
Total loans, gross | 147,722 | 147,722 | 255,318 | $ 171,800 | |
Total loans, net of unamortized loan fees and costs | 147,722 | 147,722 | 255,318 | ||
SBL Commercial Mortgage [Member] | |||||
Major classifications of loans [Abstract] | |||||
Total loans, gross | 361,171 | 361,171 | 300,817 | ||
Total loans, net of unamortized loan fees and costs | 361,171 | 361,171 | 300,817 | ||
SBL Construction [Member] | |||||
Major classifications of loans [Abstract] | |||||
Total loans, gross | 27,199 | 27,199 | 20,273 | ||
Total loans, net of unamortized loan fees and costs | 27,199 | 27,199 | 20,273 | ||
Small Business Loans [Member] | |||||
Major classifications of loans [Abstract] | |||||
Total loans, gross | 536,092 | 536,092 | 576,408 | ||
Direct Lease Financing [Member] | |||||
Major classifications of loans [Abstract] | |||||
Total loans, gross | 531,012 | 531,012 | 462,182 | ||
Total loans, net of unamortized loan fees and costs | 531,012 | 531,012 | 462,182 | ||
SBLOC/IBLOC [Member] | |||||
Major classifications of loans [Abstract] | |||||
Total loans, gross | 1,929,581 | 1,929,581 | 1,550,086 | ||
Total loans, net of unamortized loan fees and costs | 1,929,581 | 1,929,581 | 1,550,086 | ||
Advisor Financing [Member] | |||||
Major classifications of loans [Abstract] | |||||
Total loans, gross | 115,770 | 115,770 | 48,282 | ||
Total loans, net of unamortized loan fees and costs | 115,770 | 115,770 | $ 48,282 | ||
Loan amount, loan-to-value ratio | 70.00% | ||||
Real Estate Bridge Lending [Member] | |||||
Major classifications of loans [Abstract] | |||||
Total loans, gross | 621,702 | 621,702 | |||
Total loans, net of unamortized loan fees and costs | 621,702 | 621,702 | |||
Other Loans [Member] | |||||
Major classifications of loans [Abstract] | |||||
Total loans, gross | 5,014 | 5,014 | $ 6,426 | ||
Total loans, net of unamortized loan fees and costs | 5,014 | 5,014 | 6,426 | ||
PPP Loans [Member] | |||||
Major classifications of loans [Abstract] | |||||
Total loans, gross | 44,800 | 44,800 | 165,700 | ||
Repayment of loans | 26,500 | ||||
IBLOC [Member] | |||||
Major classifications of loans [Abstract] | |||||
Total loans, gross | $ 788,300 | $ 788,300 | $ 437,200 |
Loans (Schedule Of Small Busine
Loans (Schedule Of Small Business Administration Loans and Held For Sale) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Loans [Abstract] | ||
SBL loans, net of deferred fees costs of $5,345 and $1,536 and December 31, 2021 and December 31, 2020, respectively | $ 541,437 | $ 577,944 |
SBL loans included in commercial loans at fair value | 199,585 | 243,562 |
Total small business loans | 741,022 | 821,506 |
SBL deferred fees and costs | $ 5,345 | $ 1,536 |
Loans (Impaired Loans) (Details
Loans (Impaired Loans) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
With an allowance recorded [Abstract] | ||
Related allowance | $ (1,000) | $ (3,200) |
Total allowance recorded [Abstract] | ||
Recorded investment | 3,983 | 12,755 |
Unpaid principal balance | 7,011 | 15,204 |
Related allowance | (978) | (3,177) |
Average recorded investment | 8,766 | 12,969 |
Interest income recognized | 26 | 28 |
SBL Non Real Estate [Member] | ||
Without an allowance recorded [Abstract] | ||
Recorded investment | 409 | 387 |
Unpaid principal balance | 3,414 | 2,836 |
Average recorded investment | 412 | 370 |
Interest income recognized | 5 | 3 |
With an allowance recorded [Abstract] | ||
Recorded investment | 1,478 | 3,044 |
Unpaid principal balance | 1,478 | 3,044 |
Related allowance | (829) | (2,129) |
Average recorded investment | 2,267 | 3,257 |
Interest income recognized | 13 | 15 |
Total allowance recorded [Abstract] | ||
Recorded investment | 1,887 | 3,431 |
Unpaid principal balance | 4,892 | 5,880 |
Related allowance | (829) | (2,129) |
Average recorded investment | 2,679 | 3,627 |
Interest income recognized | 18 | 18 |
SBL Commercial Mortgage [Member] | ||
Without an allowance recorded [Abstract] | ||
Recorded investment | 223 | 2,037 |
Unpaid principal balance | 246 | 2,037 |
Average recorded investment | 1,717 | 1,253 |
With an allowance recorded [Abstract] | ||
Recorded investment | 589 | 5,268 |
Unpaid principal balance | 589 | 5,268 |
Related allowance | (115) | (1,010) |
Average recorded investment | 2,634 | 2,732 |
Total allowance recorded [Abstract] | ||
Recorded investment | 812 | 7,305 |
Unpaid principal balance | 835 | 7,305 |
Related allowance | (115) | (1,010) |
Average recorded investment | 4,351 | 3,985 |
SBL Construction [Member] | ||
With an allowance recorded [Abstract] | ||
Recorded investment | 710 | 711 |
Unpaid principal balance | 710 | 711 |
Related allowance | (34) | (34) |
Average recorded investment | 711 | 711 |
Total allowance recorded [Abstract] | ||
Recorded investment | 710 | 711 |
Unpaid principal balance | 710 | 711 |
Related allowance | (34) | (34) |
Average recorded investment | 711 | 711 |
Direct Lease Financing [Member] | ||
Without an allowance recorded [Abstract] | ||
Recorded investment | 254 | 299 |
Unpaid principal balance | 254 | 299 |
Average recorded investment | 430 | 3,352 |
With an allowance recorded [Abstract] | ||
Recorded investment | 452 | |
Unpaid principal balance | 452 | |
Related allowance | (4) | |
Average recorded investment | 132 | 716 |
Total allowance recorded [Abstract] | ||
Recorded investment | 254 | 751 |
Unpaid principal balance | 254 | 751 |
Related allowance | (4) | |
Average recorded investment | 562 | 4,068 |
Consumer - Other [Member] | ||
With an allowance recorded [Abstract] | ||
Average recorded investment | 5 | |
Total allowance recorded [Abstract] | ||
Average recorded investment | 5 | |
Consumer - Home Equity [Member] | ||
Without an allowance recorded [Abstract] | ||
Recorded investment | 320 | 557 |
Unpaid principal balance | 320 | 557 |
Average recorded investment | 458 | 554 |
Interest income recognized | 8 | 10 |
With an allowance recorded [Abstract] | ||
Average recorded investment | 24 | |
Total allowance recorded [Abstract] | ||
Recorded investment | 320 | 557 |
Unpaid principal balance | 320 | 557 |
Average recorded investment | 458 | 578 |
Interest income recognized | $ 8 | $ 10 |
Loans (Summary Of Non-Accrual L
Loans (Summary Of Non-Accrual Loans With And Without Allowance For Credit Losses) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Nonaccrual [Line Items] | ||
Non-accrual loans with a related ACL | $ 2,344 | |
Non-accrual loans without a related ACL | 817 | |
Total non-accrual loans | 3,161 | $ 12,227 |
SBL Non Real Estate [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non-accrual loans with a related ACL | 1,045 | |
Non-accrual loans without a related ACL | 268 | |
Total non-accrual loans | 1,313 | 3,159 |
SBL Commercial Mortgage [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non-accrual loans with a related ACL | 589 | |
Non-accrual loans without a related ACL | 223 | |
Total non-accrual loans | 812 | 7,305 |
SBL Construction [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non-accrual loans with a related ACL | 710 | |
Total non-accrual loans | 710 | 711 |
Direct Lease Financing [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non-accrual loans without a related ACL | 254 | |
Total non-accrual loans | 254 | 751 |
Consumer - Home Equity [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non-accrual loans without a related ACL | 72 | |
Total non-accrual loans | $ 72 | $ 301 |
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 ($) | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||||
Total non-accrual loans | $ 3,161,000 | $ 12,227,000 | ||
Loans past due 90 days or more and still accruing | 461,000 | 497,000 | ||
Total non-performing loans | 3,739,171,000 | 2,643,384,000 | ||
Other real estate owned | 1,530,000 | 0 | $ 0 | |
Total non-performing assets | 5,152,000 | 12,724,000 | ||
Non-Accrual Loans [Member] | ||||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||||
Total non-accrual loans | 3,161,000 | 12,227,000 | ||
Non-Performing Loans [Member] | ||||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||||
Total non-performing loans | 3,622,000 | 12,724,000 | ||
SBL Non Real Estate [Member] | ||||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||||
Total non-accrual loans | 1,313,000 | 3,159,000 | ||
Total non-performing loans | 147,722,000 | $ 171,800,000 | 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 | 1,313,000 | 3,159,000 | ||
SBL Commercial Mortgage [Member] | ||||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||||
Total non-accrual loans | 812,000 | 7,305,000 | ||
Total non-performing loans | 361,171,000 | 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 | 812,000 | 7,305,000 | ||
SBL Construction [Member] | ||||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||||
Total non-accrual loans | 710,000 | 711,000 | ||
Total non-performing loans | 27,199,000 | 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 | 710,000 | 711,000 | ||
Direct Lease Financing [Member] | ||||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||||
Total non-accrual loans | 254,000 | 751,000 | ||
Total non-performing loans | 531,012,000 | 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 | 254,000 | 751,000 | ||
Consumer - Home Equity [Member] | ||||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ||||
Total non-accrual loans | 72,000 | 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 | $ 72,000 | $ 301,000 |
Loans (Loans Modified And Consi
Loans (Loans Modified And Considered Troubled Debt Restructurings) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)loan | Dec. 31, 2020USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 10 | 11 |
Pre-modification recorded investment | $ 1,479 | $ 1,631 |
Post-modification recorded investment | 1,479 | 1,631 |
Troubled debt restructurings including nonaccrual loans | $ 656 | $ 1,100 |
Two Other Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 1 | |
Pre-modification recorded investment | $ 205 | |
SBL Non Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 9 | 8 |
Pre-modification recorded investment | $ 1,231 | $ 911 |
Post-modification recorded investment | $ 1,231 | $ 911 |
SBL Non Real Estate [Member] | Two Other Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 1 | |
Pre-modification recorded investment | $ 205 | |
Direct Lease Financing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 1 | |
Pre-modification recorded investment | $ 251 | |
Post-modification recorded investment | $ 251 | |
Consumer Loan [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 1 | 2 |
Pre-modification recorded investment | $ 248 | $ 469 |
Post-modification recorded investment | $ 248 | $ 469 |
Loans (Loans Modified As Troubl
Loans (Loans Modified As Troubled Debt Restructurings) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Modifications [Line Items] | ||
Extended maturity | $ 267 | |
Combined rate and maturity | $ 1,479 | 1,364 |
Troubled debt restructurings including nonaccrual loans | 656 | 1,100 |
SBL Non Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Extended maturity | 16 | |
Combined rate and maturity | 1,231 | 895 |
Direct Lease Financing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Extended maturity | 251 | |
Consumer Loan [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Combined rate and maturity | $ 248 | $ 469 |
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 | Dec. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2019 | Mar. 31, 2019 |
Financing Receivable, Recorded Investment [Line Items] | ||||
Current Fiscal Year | $ 1,136,523 | $ 560,217 | ||
Fiscal Year Before Latest Fiscal Year | 297,650 | 190,332 | ||
Two Years Before Latest Fiscal Year | 151,305 | 132,082 | ||
Three Years Before Latest Fiscal Year | 90,977 | 78,685 | ||
Four Years Before Latest Fiscal Year | 57,753 | 59,594 | ||
Prior | 73,389 | 72,388 | ||
Revolving loans at amortized cost | 1,931,574 | 1,550,086 | ||
Financing Receivable, before Allowance for Credit Loss, Total | 3,739,171 | 2,643,384 | $ 778,200 | $ 518,300 |
Unamortized loan fees and costs | 8,053 | 8,939 | ||
Total loans, net of unamortized loan fees and costs | 3,747,224 | 2,652,323 | ||
SBL Non Real Estate [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Current Fiscal Year | 73,490 | 181,685 | ||
Fiscal Year Before Latest Fiscal Year | 23,191 | 10,943 | ||
Two Years Before Latest Fiscal Year | 8,893 | 12,753 | ||
Three Years Before Latest Fiscal Year | 9,672 | 6,943 | ||
Four Years Before Latest Fiscal Year | 5,936 | 8,999 | ||
Prior | 11,563 | 12,222 | ||
Financing Receivable, before Allowance for Credit Loss, Total | 132,745 | 233,545 | ||
Total loans, net of unamortized loan fees and costs | 147,722 | 255,318 | ||
SBL Commercial Mortgage [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Current Fiscal Year | 90,129 | 44,563 | ||
Fiscal Year Before Latest Fiscal Year | 57,695 | 81,585 | ||
Two Years Before Latest Fiscal Year | 77,143 | 46,099 | ||
Three Years Before Latest Fiscal Year | 43,820 | 39,219 | ||
Four Years Before Latest Fiscal Year | 37,607 | 32,582 | ||
Prior | 47,075 | 43,160 | ||
Financing Receivable, before Allowance for Credit Loss, Total | 353,469 | 287,208 | ||
Total loans, net of unamortized loan fees and costs | 361,171 | 300,817 | ||
SBL Construction [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Current Fiscal Year | 6,869 | 7,335 | ||
Fiscal Year Before Latest Fiscal Year | 12,629 | 1,146 | ||
Two Years Before Latest Fiscal Year | 1,880 | 11,081 | ||
Three Years Before Latest Fiscal Year | 5,111 | |||
Four Years Before Latest Fiscal Year | 711 | |||
Prior | 710 | |||
Financing Receivable, before Allowance for Credit Loss, Total | 27,199 | 20,273 | ||
Total loans, net of unamortized loan fees and costs | 27,199 | 20,273 | ||
Direct Lease Financing [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Current Fiscal Year | 271,458 | 276,755 | ||
Fiscal Year Before Latest Fiscal Year | 160,206 | 93,089 | ||
Two Years Before Latest Fiscal Year | 60,308 | 55,924 | ||
Three Years Before Latest Fiscal Year | 27,821 | 25,189 | ||
Four Years Before Latest Fiscal Year | 8,998 | 10,074 | ||
Prior | 2,221 | 1,151 | ||
Financing Receivable, before Allowance for Credit Loss, Total | 531,012 | 462,182 | ||
Total loans, net of unamortized loan fees and costs | 531,012 | 462,182 | ||
SBLOC [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Revolving loans at amortized cost | 1,141,316 | 1,112,933 | ||
Financing Receivable, before Allowance for Credit Loss, Total | 1,141,316 | 1,112,933 | ||
IBLOC [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Revolving loans at amortized cost | 788,265 | 437,153 | ||
Financing Receivable, before Allowance for Credit Loss, Total | 788,265 | 437,153 | ||
Advisor Financing [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Current Fiscal Year | 72,106 | 48,282 | ||
Fiscal Year Before Latest Fiscal Year | 43,664 | |||
Financing Receivable, before Allowance for Credit Loss, Total | 115,770 | 48,282 | ||
Total loans, net of unamortized loan fees and costs | 115,770 | 48,282 | ||
Real Estate Bridge Lending [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Current Fiscal Year | 621,702 | |||
Financing Receivable, before Allowance for Credit Loss, Total | 621,702 | |||
Total loans, net of unamortized loan fees and costs | 621,702 | |||
Other Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Current Fiscal Year | 769 | 1,597 | ||
Fiscal Year Before Latest Fiscal Year | 265 | 3,569 | ||
Two Years Before Latest Fiscal Year | 3,081 | 6,225 | ||
Three Years Before Latest Fiscal Year | 4,553 | 7,334 | ||
Four Years Before Latest Fiscal Year | 5,212 | 7,228 | ||
Prior | 11,820 | 15,855 | ||
Revolving loans at amortized cost | 1,993 | |||
Financing Receivable, before Allowance for Credit Loss, Total | 27,693 | 41,808 | ||
Total loans, net of unamortized loan fees and costs | 5,014 | 6,426 | ||
SBA Loan [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss, Total | 46,600 | 170,900 | ||
SBA Loan PPP [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss, Total | 44,800 | 165,700 | ||
SBL CRA [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss, Total | 22,700 | 35,400 | ||
Non-Rated [Member] | SBL Non Real Estate [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Current Fiscal Year | 39,318 | 170,910 | ||
Fiscal Year Before Latest Fiscal Year | 7,257 | |||
Financing Receivable, before Allowance for Credit Loss, Total | 46,575 | 170,910 | ||
Non-Rated [Member] | SBL Commercial Mortgage [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Current Fiscal Year | 10,963 | 17,592 | ||
Fiscal Year Before Latest Fiscal Year | 2,758 | |||
Financing Receivable, before Allowance for Credit Loss, Total | 10,963 | 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 | 56,152 | 23,273 | ||
Fiscal Year Before Latest Fiscal Year | 13,271 | 2,888 | ||
Two Years Before Latest Fiscal Year | 1,933 | 2,189 | ||
Three Years Before Latest Fiscal Year | 1,115 | 1,093 | ||
Four Years Before Latest Fiscal Year | 355 | 447 | ||
Prior | 104 | 7 | ||
Financing Receivable, before Allowance for Credit Loss, Total | 72,930 | 29,897 | ||
Non-Rated [Member] | SBLOC [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Revolving loans at amortized cost | 3,176 | 3,772 | ||
Financing Receivable, before Allowance for Credit Loss, Total | 3,176 | 3,772 | ||
Non-Rated [Member] | IBLOC [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Revolving loans at amortized cost | 346,604 | 132,777 | ||
Financing Receivable, before Allowance for Credit Loss, Total | 346,604 | 132,777 | ||
Non-Rated [Member] | Advisor Financing [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Current Fiscal Year | 38,330 | 22,341 | ||
Fiscal Year Before Latest Fiscal Year | 258 | |||
Financing Receivable, before Allowance for Credit Loss, Total | 38,588 | 22,341 | ||
Non-Rated [Member] | Other Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Current Fiscal Year | 396 | 1,221 | ||
Fiscal Year Before Latest Fiscal Year | 152 | |||
Three Years Before Latest Fiscal Year | 14 | |||
Prior | 216 | 1,558 | ||
Revolving loans at amortized cost | 656 | |||
Financing Receivable, before Allowance for Credit Loss, Total | 1,420 | 2,793 | ||
Pass [Member] | SBL Non Real Estate [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Current Fiscal Year | 34,172 | 10,775 | ||
Fiscal Year Before Latest Fiscal Year | 15,934 | 10,943 | ||
Two Years Before Latest Fiscal Year | 8,794 | 12,002 | ||
Three Years Before Latest Fiscal Year | 8,988 | 5,454 | ||
Four Years Before Latest Fiscal Year | 5,088 | 7,153 | ||
Prior | 9,809 | 9,964 | ||
Financing Receivable, before Allowance for Credit Loss, Total | 82,785 | 56,291 | ||
Pass [Member] | SBL Commercial Mortgage [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Current Fiscal Year | 79,166 | 26,971 | ||
Fiscal Year Before Latest Fiscal Year | 57,554 | 76,975 | ||
Two Years Before Latest Fiscal Year | 75,290 | 46,099 | ||
Three Years Before Latest Fiscal Year | 43,820 | 39,219 | ||
Four Years Before Latest Fiscal Year | 37,607 | 32,505 | ||
Prior | 46,016 | 35,298 | ||
Financing Receivable, before Allowance for Credit Loss, Total | 339,453 | 257,067 | ||
Pass [Member] | SBL Construction [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Current Fiscal Year | 6,869 | 6,769 | ||
Fiscal Year Before Latest Fiscal Year | 12,629 | 1,146 | ||
Two Years Before Latest Fiscal Year | 1,880 | 11,081 | ||
Three Years Before Latest Fiscal Year | 5,111 | |||
Financing Receivable, before Allowance for Credit Loss, Total | 26,489 | 18,996 | ||
Pass [Member] | Direct Lease Financing [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Current Fiscal Year | 214,780 | 249,946 | ||
Fiscal Year Before Latest Fiscal Year | 145,256 | 90,156 | ||
Two Years Before Latest Fiscal Year | 58,337 | 53,638 | ||
Three Years Before Latest Fiscal Year | 26,662 | 23,944 | ||
Four Years Before Latest Fiscal Year | 8,574 | 9,091 | ||
Prior | 2,105 | 1,106 | ||
Financing Receivable, before Allowance for Credit Loss, Total | 455,714 | 427,881 | ||
Pass [Member] | SBLOC [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Revolving loans at amortized cost | 1,138,140 | 1,109,161 | ||
Financing Receivable, before Allowance for Credit Loss, Total | 1,138,140 | 1,109,161 | ||
Pass [Member] | IBLOC [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Revolving loans at amortized cost | 441,661 | 304,376 | ||
Financing Receivable, before Allowance for Credit Loss, Total | 441,661 | 304,376 | ||
Pass [Member] | Advisor Financing [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Current Fiscal Year | 33,776 | 25,941 | ||
Fiscal Year Before Latest Fiscal Year | 43,406 | |||
Financing Receivable, before Allowance for Credit Loss, Total | 77,182 | 25,941 | ||
Pass [Member] | Real Estate Bridge Lending [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Current Fiscal Year | 621,702 | |||
Financing Receivable, before Allowance for Credit Loss, Total | 621,702 | |||
Pass [Member] | Other Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Current Fiscal Year | 373 | 376 | ||
Fiscal Year Before Latest Fiscal Year | 113 | 3,569 | ||
Two Years Before Latest Fiscal Year | 3,081 | 6,225 | ||
Three Years Before Latest Fiscal Year | 4,553 | 7,320 | ||
Four Years Before Latest Fiscal Year | 5,212 | 7,228 | ||
Prior | 11,604 | 13,996 | ||
Revolving loans at amortized cost | 1,264 | |||
Financing Receivable, before Allowance for Credit Loss, Total | 26,200 | 38,714 | ||
Special Mention [Member] | SBL Non Real Estate [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Two Years Before Latest Fiscal Year | 99 | 731 | ||
Three Years Before Latest Fiscal Year | 666 | |||
Four Years Before Latest Fiscal Year | 499 | |||
Prior | 859 | 767 | ||
Financing Receivable, before Allowance for Credit Loss, Total | 1,624 | 1,997 | ||
Special Mention [Member] | SBL Commercial Mortgage [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Fiscal Year Before Latest Fiscal Year | 141 | 1,852 | ||
Two Years Before Latest Fiscal Year | 1,853 | |||
Prior | 247 | 257 | ||
Financing Receivable, before Allowance for Credit Loss, Total | 2,241 | 2,109 | ||
Special Mention [Member] | Direct Lease Financing [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Three Years Before Latest Fiscal Year | 22 | |||
Four Years Before Latest Fiscal Year | 38 | |||
Financing Receivable, before Allowance for Credit Loss, Total | 60 | |||
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 | 848 | 1,347 | ||
Prior | 895 | 1,491 | ||
Financing Receivable, before Allowance for Credit Loss, Total | 1,761 | 4,347 | ||
Substandard [Member] | SBL Commercial Mortgage [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Four Years Before Latest Fiscal Year | 77 | |||
Prior | 812 | 7,605 | ||
Financing Receivable, before Allowance for Credit Loss, Total | 812 | 7,682 | ||
Substandard [Member] | SBL Construction [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Four Years Before Latest Fiscal Year | 711 | |||
Prior | 710 | |||
Financing Receivable, before Allowance for Credit Loss, Total | 710 | 711 | ||
Substandard [Member] | Direct Lease Financing [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Current Fiscal Year | 526 | 3,536 | ||
Fiscal Year Before Latest Fiscal Year | 1,679 | 45 | ||
Two Years Before Latest Fiscal Year | 38 | 97 | ||
Three Years Before Latest Fiscal Year | 22 | 152 | ||
Four Years Before Latest Fiscal Year | 31 | 536 | ||
Prior | 12 | 38 | ||
Financing Receivable, before Allowance for Credit Loss, Total | 2,308 | 4,404 | ||
Substandard [Member] | Other Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Prior | 301 | |||
Revolving loans at amortized cost | 73 | |||
Financing Receivable, before Allowance for Credit Loss, Total | $ 73 | $ 301 |
Loans (Information By Credit Ri
Loans (Information By Credit Risk Rating Indicator) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Loans by categories [Abstract] | ||
Loans, net of deferred loan costs | $ 3,747,224 | $ 2,652,323 |
Percentage of loan portfolio review coverage (in hundredths) | 50.00% | |
Review threshold for independent loan review | $ 1,000 | |
SBL Non Real Estate [Member] | ||
Loans by categories [Abstract] | ||
Loans, net of deferred loan costs | 147,722 | 255,318 |
SBL Commercial Mortgage [Member] | ||
Loans by categories [Abstract] | ||
Loans, net of deferred loan costs | 361,171 | 300,817 |
SBL Construction [Member] | ||
Loans by categories [Abstract] | ||
Loans, net of deferred loan costs | 27,199 | 20,273 |
SBA Loan [Member] | ||
Loans by categories [Abstract] | ||
Review threshold balance | $ 1,500 | |
Percentage of loan portfolio review coverage (in hundredths) | 74.00% | |
SBA Loan [Member] | Scenario, Plan [Member] | ||
Loans by categories [Abstract] | ||
Threshold amount of commercial and construction loans and leases subject to loan review | 60.00% | |
Direct Lease Financing [Member] | ||
Loans by categories [Abstract] | ||
Loans, net of deferred loan costs | $ 531,012 | 462,182 |
Percentage of loan portfolio review coverage (in hundredths) | 45.00% | |
Review threshold for independent loan review | $ 1,500 | |
Direct Lease Financing [Member] | Scenario, Plan [Member] | ||
Loans by categories [Abstract] | ||
Threshold amount of leases subject to loan review | 35.00% | |
Commercial Mortgage Backed Securities, Floating Rate For CLOs [Member] | ||
Loans by categories [Abstract] | ||
Percentage of loan portfolio review coverage (in hundredths) | 100.00% | |
Commercial Mortgage Backed Securities, Floating Rate For CLOs [Member] | Scenario, Plan [Member] | ||
Loans by categories [Abstract] | ||
Threshold amount of leases subject to loan review | 60.00% | |
Commercial Mortgage Backed Securities, Fixed Rate Loan [Member] | ||
Loans by categories [Abstract] | ||
Percentage of loan portfolio review coverage (in hundredths) | 100.00% | |
SBLOC/IBLOC [Member] | ||
Loans by categories [Abstract] | ||
Loans, net of deferred loan costs | $ 1,929,581 | 1,550,086 |
Security Backed Lines Of Credit [Member] | ||
Loans by categories [Abstract] | ||
Threshold amount of commercial and construction loans and leases subject to loan review | 40.00% | |
Percentage of loan portfolio review coverage (in hundredths) | 52.00% | |
Insurance Backed Lines of Credit [Member] | ||
Loans by categories [Abstract] | ||
Threshold amount of commercial and construction loans and leases subject to loan review | 40.00% | |
Percentage of loan portfolio review coverage (in hundredths) | 56.00% | |
Advisor Financing [Member] | ||
Loans by categories [Abstract] | ||
Loans, net of deferred loan costs | $ 115,770 | 48,282 |
Threshold amount of leases subject to loan review | 50.00% | |
Percentage of loan portfolio review coverage (in hundredths) | 77.00% | |
Other Specialty Lending [Member] | ||
Loans by categories [Abstract] | ||
Percentage of loan portfolio review coverage (in hundredths) | 100.00% | |
Other Specialty Lending [Member] | Scenario, Plan [Member] | ||
Loans by categories [Abstract] | ||
Threshold amount of commercial and construction loans and leases subject to loan review | 100.00% | |
Home Equity Line Of Credit [Member] | ||
Loans by categories [Abstract] | ||
Threshold amount of commercial and construction loans and leases subject to loan review | 50.00% | |
Percentage of loan portfolio review coverage (in hundredths) | 67.00% | |
Unamortized Loan Fees And Costs [Member] | ||
Loans by categories [Abstract] | ||
Loans, net of deferred loan costs | $ 8,053 | $ 8,939 |
Loans (Changes In Allowance For
Loans (Changes In Allowance For Loan And Lease Losses By Loan Category) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Changes in allowance for loan and lease losses by loan category [Abstract] | ||
Beginning balance | $ 16,082 | $ 10,238 |
Charge-offs | (2,006) | (3,593) |
Recoveries | 1,217 | 673 |
Provision (credit) | 2,513 | 6,127 |
Ending balance | 17,806 | 16,082 |
Ending balance: Individually evaluated for expected credit loss | 978 | 3,177 |
Ending balance: Collectively evaluated for expected credit loss | 16,828 | 12,905 |
Loans [Abstract] | ||
Loans: Ending Balance | 3,747,224 | 2,652,323 |
Ending balance: Individually evaluated for impairment | 3,983 | 12,755 |
Ending balance: Collectively evaluated for impairment | 3,743,241 | 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 |
Charge-offs | (1,138) | (1,350) |
Recoveries | 51 | 103 |
Provision (credit) | 1,442 | 1,542 |
Ending balance | 5,415 | 5,060 |
Ending balance: Individually evaluated for expected credit loss | 829 | 2,129 |
Ending balance: Collectively evaluated for expected credit loss | 4,586 | 2,931 |
Loans [Abstract] | ||
Loans: Ending Balance | 147,722 | 255,318 |
Ending balance: Individually evaluated for impairment | 1,887 | 3,431 |
Ending balance: Collectively evaluated for impairment | 145,835 | 251,887 |
SBL Commercial Mortgage [Member] | ||
Changes in allowance for loan and lease losses by loan category [Abstract] | ||
Beginning balance | 3,315 | 1,472 |
Charge-offs | (417) | |
Recoveries | 9 | |
Provision (credit) | 45 | 1,306 |
Ending balance | 2,952 | 3,315 |
Ending balance: Individually evaluated for expected credit loss | 115 | 1,010 |
Ending balance: Collectively evaluated for expected credit loss | 2,837 | 2,305 |
Loans [Abstract] | ||
Loans: Ending Balance | 361,171 | 300,817 |
Ending balance: Individually evaluated for impairment | 812 | 7,305 |
Ending balance: Collectively evaluated for impairment | 360,359 | 293,512 |
SBL Construction [Member] | ||
Changes in allowance for loan and lease losses by loan category [Abstract] | ||
Beginning balance | 328 | 432 |
Provision (credit) | 104 | (243) |
Ending balance | 432 | 328 |
Ending balance: Individually evaluated for expected credit loss | 34 | 34 |
Ending balance: Collectively evaluated for expected credit loss | 398 | 294 |
Loans [Abstract] | ||
Loans: Ending Balance | 27,199 | 20,273 |
Ending balance: Individually evaluated for impairment | 710 | 711 |
Ending balance: Collectively evaluated for impairment | 26,489 | 19,562 |
Direct Lease Financing [Member] | ||
Changes in allowance for loan and lease losses by loan category [Abstract] | ||
Beginning balance | 6,043 | 2,426 |
Charge-offs | (412) | (2,243) |
Recoveries | 58 | 570 |
Provision (credit) | 128 | 2,928 |
Ending balance | 5,817 | 6,043 |
Ending balance: Individually evaluated for expected credit loss | 4 | |
Ending balance: Collectively evaluated for expected credit loss | 5,817 | 6,039 |
Loans [Abstract] | ||
Loans: Ending Balance | 531,012 | 462,182 |
Ending balance: Individually evaluated for impairment | 254 | 751 |
Ending balance: Collectively evaluated for impairment | 530,758 | 461,431 |
SBLOC/IBLOC [Member] | ||
Changes in allowance for loan and lease losses by loan category [Abstract] | ||
Beginning balance | 775 | 553 |
Charge-offs | (15) | |
Provision (credit) | 204 | 263 |
Ending balance | 964 | 775 |
Ending balance: Collectively evaluated for expected credit loss | 964 | 775 |
Loans [Abstract] | ||
Loans: Ending Balance | 1,929,581 | 1,550,086 |
Ending balance: Collectively evaluated for impairment | 1,929,581 | 1,550,086 |
Advisor Financing [Member] | ||
Changes in allowance for loan and lease losses by loan category [Abstract] | ||
Beginning balance | 362 | |
Provision (credit) | 506 | 362 |
Ending balance | 868 | 362 |
Ending balance: Collectively evaluated for expected credit loss | 868 | 362 |
Loans [Abstract] | ||
Loans: Ending Balance | 115,770 | 48,282 |
Ending balance: Collectively evaluated for impairment | 115,770 | 48,282 |
Real Estate Bridge Lending [Member] | ||
Changes in allowance for loan and lease losses by loan category [Abstract] | ||
Provision (credit) | 1,181 | |
Ending balance | 1,181 | |
Ending balance: Collectively evaluated for expected credit loss | 1,181 | |
Loans [Abstract] | ||
Loans: Ending Balance | 621,702 | |
Ending balance: Collectively evaluated for impairment | 621,702 | |
Other Loans [Member] | ||
Changes in allowance for loan and lease losses by loan category [Abstract] | ||
Beginning balance | 199 | 52 |
Charge-offs | (24) | |
Recoveries | 1,099 | |
Provision (credit) | (1,097) | (31) |
Ending balance | 177 | 199 |
Ending balance: Collectively evaluated for expected credit loss | 177 | 199 |
Loans [Abstract] | ||
Loans: Ending Balance | 5,014 | 6,426 |
Ending balance: Individually evaluated for impairment | 320 | 557 |
Ending balance: Collectively evaluated for impairment | 4,694 | 5,869 |
Unallocated [Member] | ||
Changes in allowance for loan and lease losses by loan category [Abstract] | ||
Beginning balance | 318 | |
Loans [Abstract] | ||
Loans: Ending Balance | 8,053 | 8,939 |
Ending balance: Collectively evaluated for impairment | 8,053 | 8,939 |
Unfunded Loan Commitment [Member] | ||
Changes in allowance for loan and lease losses by loan category [Abstract] | ||
Provision (credit) | $ 597 | 225 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Changes in allowance for loan and lease losses by loan category [Abstract] | ||
Beginning balance | 2,637 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | SBL Non Real Estate [Member] | ||
Changes in allowance for loan and lease losses by loan category [Abstract] | ||
Beginning balance | (220) | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | SBL Commercial Mortgage [Member] | ||
Changes in allowance for loan and lease losses by loan category [Abstract] | ||
Beginning balance | 537 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | SBL Construction [Member] | ||
Changes in allowance for loan and lease losses by loan category [Abstract] | ||
Beginning balance | 139 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Direct Lease Financing [Member] | ||
Changes in allowance for loan and lease losses by loan category [Abstract] | ||
Beginning balance | 2,362 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | SBLOC/IBLOC [Member] | ||
Changes in allowance for loan and lease losses by loan category [Abstract] | ||
Beginning balance | (41) | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Other Loans [Member] | ||
Changes in allowance for loan and lease losses by loan category [Abstract] | ||
Beginning balance | 178 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Unallocated [Member] | ||
Changes in allowance for loan and lease losses by loan category [Abstract] | ||
Beginning balance | $ (318) |
Loans (Scheduled Maturities of
Loans (Scheduled Maturities of Direct Financing Leases) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Recent Accounting Pronouncements [Abstract] | |
2022 | $ 161,378 |
2023 | 124,093 |
2024 | 91,215 |
2025 | 42,717 |
2026 | 16,862 |
2027 and thereafter | 3,413 |
Total undiscounted cash flows | 439,678 |
Residual value | 143,437 |
Difference between undiscounted cash flows and discounted cash flows | (52,103) |
Present value of lease payments recorded as lease receivables | 531,012 |
Direct residual value not guaranteed | $ 30,556 |
Loans (Delinquent Loans By Loan
Loans (Delinquent Loans By Loan Category) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2019 | Mar. 31, 2019 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Non-accrual | $ 3,161 | $ 12,227 | ||
Loans Receivable, Gross | 3,739,171 | 2,643,384 | $ 778,200 | $ 518,300 |
Total loans, net of unamortized loan fees and costs | 3,747,224 | 2,652,323 | ||
30 to 59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Receivable, Gross | 9,193 | 5,342 | ||
60 to 89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Receivable, Gross | 4,339 | 2,954 | ||
90+ Days Still Accruing [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Receivable, Gross | 461 | 497 | ||
Financial Asset, Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Receivable, Gross | 17,154 | 21,020 | ||
Financial Asset, Not Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Receivable, Gross | 3,730,070 | 2,631,303 | ||
SBL Non Real Estate [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Non-accrual | 1,313 | 3,159 | ||
Loans Receivable, Gross | 132,745 | 233,545 | ||
Total loans, net of unamortized loan fees and costs | 147,722 | 255,318 | ||
SBL Non Real Estate [Member] | 30 to 59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Receivable, Gross | 1,375 | 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 | 3,138 | 805 | ||
SBL Non Real Estate [Member] | 90+ Days Still Accruing [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Receivable, Gross | 441 | 110 | ||
SBL Non Real Estate [Member] | Financial Asset, Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Receivable, Gross | 6,267 | 5,834 | ||
SBL Non Real Estate [Member] | Financial Asset, Not Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Receivable, Gross | 141,455 | 249,484 | ||
SBL Commercial Mortgage [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Non-accrual | 812 | 7,305 | ||
Loans Receivable, Gross | 353,469 | 287,208 | ||
Total loans, net of unamortized loan fees and costs | 361,171 | 300,817 | ||
SBL Commercial Mortgage [Member] | 30 to 59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Receivable, Gross | 87 | |||
SBL Commercial Mortgage [Member] | 60 to 89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Receivable, Gross | 220 | 961 | ||
SBL Commercial Mortgage [Member] | Financial Asset, Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Receivable, Gross | 1,032 | 8,353 | ||
SBL Commercial Mortgage [Member] | Financial Asset, Not Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Receivable, Gross | 360,139 | 292,464 | ||
SBL Construction [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Non-accrual | 710 | 711 | ||
Loans Receivable, Gross | 27,199 | 20,273 | ||
Total loans, net of unamortized loan fees and costs | 27,199 | 20,273 | ||
SBL Construction [Member] | Financial Asset, Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Receivable, Gross | 710 | 711 | ||
SBL Construction [Member] | Financial Asset, Not Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Receivable, Gross | 26,489 | 19,562 | ||
Direct Lease Financing [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Non-accrual | 254 | 751 | ||
Loans Receivable, Gross | 531,012 | 462,182 | ||
Total loans, net of unamortized loan fees and costs | 531,012 | 462,182 | ||
Direct Lease Financing [Member] | 30 to 59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Receivable, Gross | 1,833 | 2,845 | ||
Direct Lease Financing [Member] | 60 to 89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Receivable, Gross | 692 | 941 | ||
Direct Lease Financing [Member] | 90+ Days Still Accruing [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Receivable, Gross | 20 | 78 | ||
Direct Lease Financing [Member] | Financial Asset, Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Receivable, Gross | 2,799 | 4,615 | ||
Direct Lease Financing [Member] | Financial Asset, Not Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Receivable, Gross | 528,213 | 457,567 | ||
SBLOC/IBLOC [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total loans, net of unamortized loan fees and costs | 1,929,581 | 1,550,086 | ||
SBLOC/IBLOC [Member] | 30 to 59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Receivable, Gross | 5,985 | 650 | ||
SBLOC/IBLOC [Member] | 60 to 89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Receivable, Gross | 289 | 247 | ||
SBLOC/IBLOC [Member] | 90+ Days Still Accruing [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Receivable, Gross | 309 | |||
SBLOC/IBLOC [Member] | Financial Asset, Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Receivable, Gross | 6,274 | 1,206 | ||
SBLOC/IBLOC [Member] | Financial Asset, Not Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Receivable, Gross | 1,923,307 | 1,548,880 | ||
Advisor Financing [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Receivable, Gross | 115,770 | 48,282 | ||
Total loans, net of unamortized loan fees and costs | 115,770 | 48,282 | ||
Advisor Financing [Member] | Financial Asset, Not Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Receivable, Gross | 115,770 | 48,282 | ||
Real Estate Bridge Lending [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Receivable, Gross | 621,702 | |||
Total loans, net of unamortized loan fees and costs | 621,702 | |||
Real Estate Bridge Lending [Member] | Financial Asset, Not Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Receivable, Gross | 621,702 | |||
Other Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Non-accrual | 72 | 301 | ||
Loans Receivable, Gross | 27,693 | 41,808 | ||
Total loans, net of unamortized loan fees and costs | 5,014 | 6,426 | ||
Other Loans [Member] | Financial Asset, Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Receivable, Gross | 72 | 301 | ||
Other Loans [Member] | Financial Asset, Not Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Receivable, Gross | 4,942 | 6,125 | ||
Consumer - Home Equity [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Non-accrual | 72 | 301 | ||
Unamortized Loan Fees And Costs [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total loans, net of unamortized loan fees and costs | 8,053 | 8,939 | ||
Unamortized Loan Fees And Costs [Member] | Financial Asset, Not Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans Receivable, Gross | $ 8,053 | $ 8,939 |
Premises And Equipment (Narrati
Premises And Equipment (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Premises And Equipment [Abstract] | |||
Depreciation | $ 2.9 | $ 3.2 | $ 3.7 |
Premises And Equipment (Premise
Premises And Equipment (Premises And Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, Gross | $ 73,099 | $ 71,646 |
Accumulated depreciation | (56,943) | (54,038) |
Premises and equipment, net | 16,156 | 17,608 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, Gross | $ 1,732 | 1,732 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 39 years | |
Premises and equipment, Gross | $ 3,436 | 3,436 |
Furniture, Fixtures, and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, Gross | $ 56,600 | 55,253 |
Furniture, Fixtures, and Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 12 years | |
Furniture, Fixtures, and Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 3 years | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, Gross | $ 11,331 | $ 11,225 |
Leasehold Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 10 years | |
Leasehold Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 6 years |
Time Deposits (Details)
Time Deposits (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Time Deposits [Abstract] | ||
Time deposits | $ 0 | $ 0 |
Variable Interest Entity (VIE_2
Variable Interest Entity (VIE) (Schedule Of The Total Unpaid Principal Amount Of Assets Held In Private Label Securitization Entities, Including Those In Which The Company Has Continuing Involvement) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | |||
Variable Interest Entity [Line Items] | ||||||
Total assets | $ 6,843,239 | $ 6,276,841 | ||||
Investments | $ 25,000 | |||||
Loans Reclassified To Commercial Loans | $ 22,900 | |||||
Transfers from investment in unconsolidated entity | $ 2,100 | 2,145 | $ 0 | |||
A-Notes [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Acquisition of notes, percentage | 100.00% | |||||
B-Notes [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Acquisition of notes, percentage | 49.00% | |||||
CRE1 [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
The Company's interest in securitized assets in nonconsolidated VIEs | [1] | $ 7,342 | ||||
CRE1 [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total assets | 28,152 | |||||
CRE2 [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total assets | 78,800 | |||||
The Company's interest in securitized assets in nonconsolidated VIEs | [1] | 12,574 | [2] | 12,574 | ||
Remaining principal amount to be repaid on securities | 76,100 | |||||
Due To Servicer | $ 3,100 | |||||
Percent of excess credit support | 41.00% | |||||
CRE2 [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total assets | $ 76,115 | [2] | 114,205 | |||
CRE3 [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
The Company's interest in securitized assets in nonconsolidated VIEs | [1] | 17,495 | ||||
CRE3 [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total assets | 61,887 | 111,158 | ||||
CRE4 [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
The Company's interest in securitized assets in nonconsolidated VIEs | [1] | 25,575 | ||||
CRE4 [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total assets | 48,405 | 157,038 | ||||
CRE5 [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
The Company's interest in securitized assets in nonconsolidated VIEs | [1] | 33,042 | ||||
CRE5 [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total assets | 112,832 | 350,569 | ||||
CRE6 [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
The Company's interest in securitized assets in nonconsolidated VIEs | [1] | 51,558 | 51,558 | |||
CRE6 [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total assets | 343,501 | $ 625,773 | ||||
WS 2014 [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Acquisition of notes, percentage | 49.00% | |||||
Commercial And Other [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
The Company's interest in securitized assets in nonconsolidated VIEs | [1] | $ 31,294 | ||||
Commercial And Other [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total assets | 43,982 | |||||
Variable Interest Entity [Member] | CRE1 [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total assets | [3] | 28,152 | ||||
Variable Interest Entity [Member] | CRE2 [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total assets | [3] | 76,115 | [2] | 114,205 | ||
Variable Interest Entity [Member] | CRE3 [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total assets | [3] | 61,887 | 111,158 | |||
Variable Interest Entity [Member] | CRE4 [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total assets | [3] | 48,405 | 157,038 | |||
Variable Interest Entity [Member] | CRE5 [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total assets | [3] | 112,832 | 350,569 | |||
Variable Interest Entity [Member] | CRE6 [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total assets | [3] | $ 343,501 | 625,773 | |||
Variable Interest Entity [Member] | Commercial And Other [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total assets | [3] | $ 43,982 | ||||
[1] | The Company’s securities purchased from CRE1, CRE3, CRE4, and CRE5 were paid in full during 2021. The security purchased from CRE2 was non-rated and the security purchased from CRE6 was rated AA- by Kroll Bond Rating Agency at December 31, 2021. At December 31, 2021, CRE2 was valued by discounted cash flow analysis and CRE6 was priced by a pricing service. | |||||
[2] | As of December 31, 2020, the principal balance of the security the Company owned issued by CRE1 was $ 7.3 million. The entire security including our interest was paid off in full during 2021. As of December 31, 2021, the principal balance of the security we owned issued by CRE2 was $ 12.6 million. Repayment is expected from the workout or disposition of commercial real estate collateral, after repayment of more senior tranches. Our $ 12.6 million security has 41 % excess credit support; thus, losses of 41 % of remaining security balances would have to be incurred, prior to any loss on our security. Additionally, the commercial real estate collateral supporting four of the remaining five loans was re-appraised in 2020 and 2021. The updated appraised value is approximately $ 78.8 million, which is net of $ 3.1 million due to the servicer. The remaining principal to be repaid on all securities is approximately $ 76.1 million and, as noted, our security is scheduled to be repaid prior to 41 % of the outstanding securities. However, any future reappraisals could result in further decreases in collateral valuation. While available information indicates that the value of existing collateral will be adequate to repay our security, there can be no assurance that such valuations will be realized upon loan resolutions, and that deficiencies will not exceed the 41 % credit support. | |||||
[3] | Consists of commercial loans predominantly secured by real estate. |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | 12 Months Ended | ||||
Dec. 31, 2021USD ($)item | Dec. 31, 2020USD ($) | Aug. 13, 2020USD ($) | Dec. 31, 2019USD ($) | Nov. 28, 2007USD ($) | |
Debt Instrument [Line Items] | |||||
Unsecured lines of credit | $ 0 | ||||
Overnight borrowing capacity with the federal home loan bank | 939,600,000 | ||||
Line with Federal Reserve Bank | 1,360,000,000 | ||||
Borrowings outstanding on lines with the Federal Reserve Bank | |||||
Maturity period | 30 days | ||||
Number of statutory business trusts established | item | 2 | ||||
Debentures issued | $ 13,401,000 | $ 13,401,000 | |||
Senior Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 100,000,000 | ||||
Debenture maturity date | Aug. 15, 2025 | ||||
Interest rate (in hundredths) | 4.75% | ||||
The Bancorp Capital Trust II [Member] | |||||
Debt Instrument [Line Items] | |||||
Debentures issued | $ 10,300,000 | ||||
Debenture issuance date | Nov. 28, 2007 | ||||
Debenture maturity date | Mar. 15, 2038 | ||||
Interest rate (in hundredths) | 3.25% | ||||
The Bancorp Capital Trust III [Member] | |||||
Debt Instrument [Line Items] | |||||
Debentures issued | $ 3,100,000 | ||||
Debenture issuance date | Nov. 28, 2007 | ||||
Debenture maturity date | Mar. 15, 2038 | ||||
Interest rate (in hundredths) | 3.25% |
Debt (Schedule Of Short-term De
Debt (Schedule Of Short-term Debt) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt [Abstract] | |||
Balance at year-end | |||
Average during the year | 19,958 | 27,322 | 129,031 |
Maximum month-end balance | $ 300,000 | $ 140,000 | $ 300,000 |
Weighted average rate during the year (in hundredths) | 0.25% | 0.72% | 2.43% |
Rate at December 31 (in hundredths) | 0.25% | 0.25% | 1.50% |
Debt (Schedule Of Securities So
Debt (Schedule Of Securities Sold Under Agreements To Repurchase) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt [Abstract] | |||
Balance at year-end | $ 42 | $ 42 | $ 82 |
Average during the year | 41 | 49 | 90 |
Maximum month-end balance | $ 42 | $ 82 | $ 93 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 2 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Feb. 28, 2022 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2021 | |
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Cost of repurchased share | $ 10 | $ 10 | $ 10 | $ 10 | ||||||
Repurchase of shares | 1,835,061 | |||||||||
Average cost of repurchased stock (in dollars per share) | $ 21.80 | |||||||||
Subsequent Event [Member] | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Cost of repurchased share | $ 15 | |||||||||
Repurchase of shares | 527,393 | |||||||||
Average cost of repurchased stock (in dollars per share) | $ 28.44 | |||||||||
Forecast [Member] | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Amount per quarter planned for stock repurchase | $ 60 | |||||||||
Cost of repurchased share | 15 | $ 15 | $ 15 | $ 15 | ||||||
Stock Repurchase Program, Authorized Amount | $ 60 |
Benefit Plans (Details)
Benefit Plans (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Benefit Plans [Abstract] | |||
Employer contribution (in hundredths) | 50.00% | ||
Maximum annual contribution per employee (in hundredths) | 6.00% | ||
Contributions made by employer | $ 1,600,000 | $ 1,700,000 | $ 1,600,000 |
Retirement benefits paid per month | 25,000 | ||
Disbursements under plan | $ 300,000 | $ 300,000 | $ 300,000 |
Actuarial assumption discount rate | 2.12% | 1.59% | 2.62% |
Actuarial assumption monthly benefit | $ 25,000 | ||
Actuarial Assumption, Projected Payouts, Year One | 300,000 | ||
Actuarial Assumption, Projected Payouts, Year Two | 300,000 | ||
Actuarial Assumption, Projected Payouts, Year Three | 300,000 | ||
Actuarial Assumption, Projected Payouts, Year Four | 266,000 | ||
Actuarial Assumption, Projected Payouts, Year Five | 254,000 | ||
Actuarial Assumption, Projected Payouts, After Five Years | 1,100,000 | ||
Retirement plan expense | 300,000 | $ 465,000 | $ 357,000 |
Accrued potential future payouts | $ 3,300,000 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Abstract] | |||
Statutory federal income tax rate | 21.00% | 21.00% | 21.00% |
Federal and state valuation allowance | $ 16,903 | $ 15,457 | |
Interest or penalties relating to unrecognized tax benefits recorded | $ 0 |
Income Taxes (Schedule Of Compo
Income Taxes (Schedule Of Components Of The Income Taxes (Benefit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Abstract] | |||
Current tax provision: Federal | $ 22,364 | $ 21,816 | $ 14,407 |
Current tax provision: State | 9,958 | 7,222 | 5,212 |
Current tax provision | 32,322 | 29,038 | 19,619 |
Deferred tax provision (benefit): Federal | 1,564 | (966) | 1,382 |
Deferred tax provision (benefit): State | (162) | (384) | 225 |
Deferred tax provision (benefit) | 1,402 | (1,350) | 1,607 |
Income Tax Expense (Benefit), Total | $ 33,724 | $ 27,688 | $ 21,226 |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax Expenses And Statutory Federal Income Tax Rate) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Abstract] | |||
Computed tax expense at statutory rate | $ 30,275 | $ 22,740 | $ 15,224 |
State taxes | 7,704 | 5,363 | 4,140 |
Tax-exempt interest income | (566) | (517) | (467) |
Meals and entertainment | 24 | 24 | 97 |
Civil money penalty | 1,870 | ||
Other net (deductible) nondeductible items | (3,762) | 254 | 263 |
Valuation allowance - domestic | (1,446) | 587 | |
Other | 1,495 | (763) | 99 |
Income Tax Expense (Benefit), Total | $ 33,724 | $ 27,688 | $ 21,226 |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Income Taxes [Abstract] | ||
Deferred tax assets: Allowance for credit losses | $ 4,031 | $ 3,544 |
Deferred tax assets: Non-accrual interest | 1,613 | 1,412 |
Deferred tax assets: Deferred compensation | 697 | 697 |
Deferred tax assets: State taxes | 1,857 | 1,695 |
Deferred tax assets: Nonqualified stock options | 1,031 | 1,954 |
Deferred tax assets: Capital loss limitations | 4,158 | 4,158 |
Deferred tax assets: Tax deductible goodwill | 1,365 | 2,134 |
Deferred tax assets: Partnership interest, Walnut St basis difference | 13,737 | 12,153 |
Deferred tax assets: Operating lease liabilites | 2,156 | 2,790 |
Deferred tax assets: Fair value adjustment to investments | 817 | 808 |
Deferred tax assets: Loan charges | 3,351 | 3,606 |
Deferred tax assets: Other | 544 | 1,081 |
Total gross deferred tax assets | 35,357 | 36,032 |
Federal and state valuation allowance | (16,903) | (15,457) |
Deferred tax liabilities: Unrealized gains on investment securities available-for-sale | 2,207 | 6,550 |
Deferred tax liabilities: Discount on Class A notes | 92 | 92 |
Deferred tax liabilities: Depreciation | 1,743 | 1,671 |
Deferred tax liabilities: Right of use asset | 1,745 | 2,505 |
Total deferred tax liabilities | 5,787 | 10,818 |
Net deferred tax asset | $ 12,667 | $ 9,757 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Income Taxes [Abstract] | |||
Beginning balance at January 1 | $ 338 | $ 338 | $ 338 |
Gross unrecognized tax benefits at December 31 | $ 338 | $ 338 | $ 338 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 100,000 | 300,000 | 65,104 | |
Options Granted (in dollars per share) | $ 8.51 | $ 3.02 | $ 3.84 | |
Stock option exercised (in shares) | 633,966 | 99,000 | 30,000 | |
Options exercised and vested in period, total intrinsic value | $ 1,732,529 | $ 710,111 | $ 494,430 | |
Intrinsic value of options exercised | 35,500,000 | 7,100,000 | 4,400,000 | |
Fair value of options vested during the year | 10,500,000 | |||
Unrecognized compensation cost related to unvested awards under share-based plans | $ 7,300,000 | |||
Cost expected to be recognized over a weighted average period | 1 year 2 months 12 days | |||
Stock-based compensation expense, tax benefits recognized | $ 1,800,000 | 1,400,000 | 1,200,000 | |
Share-based Payment Arrangement, Expense | $ 8,600,000 | $ 6,400,000 | $ 5,700,000 | |
The 2020 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of voting power (in hundredths) | 10.00% | |||
Term of option if an employee or consultant possesses more than 10 percent of voting power | 5 years | |||
Number of common stock reserved for issuance (in shares) | 3,300,000 | |||
The 2018 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of voting power (in hundredths) | 10.00% | |||
Term of option if an employee or consultant possesses more than 10 percent of voting power | 5 years | |||
Number of common stock reserved for issuance (in shares) | 1,700,000 | |||
The 2013 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of voting power (in hundredths) | 10.00% | |||
Term of option if an employee or consultant possesses more than 10 percent of voting power | 5 years | |||
Number of common stock reserved for issuance (in shares) | 2,200,000 | |||
The 2011 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of voting power (in hundredths) | 10.00% | |||
Term of option if an employee or consultant possesses more than 10 percent of voting power | 5 years | |||
Number of common stock reserved for issuance (in shares) | 1,400,000 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 313,697 | 1,531,702 | 930,831 | |
Granted (in dollars per share) | $ 18.81 | $ 6.87 | $ 8.57 | |
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 | 2 years 9 months | 3 years | |
Granted (in shares) | 261,073 | 1,387,602 | 863,331 | |
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 | 1 year | |
Granted (in shares) | 52,624 | 144,100 | 67,500 | |
Non Vested Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 100,000 | |||
Granted (in dollars per share) | $ 8.51 | |||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 4 years | 4 years | 4 years | |
Maximum [Member] | The 2020 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Option expiration period | 10 years | |||
Maximum [Member] | The 2018 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Option expiration period | 10 years | |||
Maximum [Member] | The 2013 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Option expiration period | 10 years | |||
Maximum [Member] | The 2011 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Option expiration period | 10 years |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary Of Status Of Company's Equity Compensations Plans) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Shares | |||
Granted (in shares) | 100,000 | 300,000 | 65,104 |
Exercised (in shares) | (633,966) | (99,000) | (30,000) |
Weighted-average remaining contractual term (years) | |||
Granted | 9 years 1 month 13 days | ||
Outstanding | 7 years 2 months 1 day | 4 years 9 months | |
Exercisable, end of period | 4 years 9 months 3 days | ||
Equity Compensations Plans [Member] | |||
Shares | |||
Outstanding, beginning of period (in shares) | 1,161,604 | ||
Granted (in shares) | 100,000 | ||
Exercised (in shares) | (633,966) | ||
Forfeited (in shares) | (77,534) | ||
Outstanding, end of period (in shares) | 550,104 | 1,161,604 | |
Exercisable, end of period (in shares) | 192,552 | ||
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) | 7.61 | ||
Outstanding, end of period (in dollars per share) | 9.67 | $ 7.62 | |
Exercisable, end of period (in dollars per share) | $ 8.38 | ||
Aggregate intrinsic value | |||
Outstanding, beginning of period | $ 7,001,843 | ||
Granted | 650,000 | ||
Exercised | 11,608,275 | ||
Outstanding, end of period | 8,603,191 | $ 7,001,843 | |
Exercisable, end of period | $ 3,259,270 |
Stock-Based Compensation (Sum_2
Stock-Based Compensation (Summary Of Restricted Stock Units) (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Shares [Roll Forward] | |||
Outstanding, beginning of period (in shares) | 1,787,943 | ||
Granted (in shares) | 313,697 | 1,531,702 | 930,831 |
Vested (in shares) | (1,021,029) | ||
Forfeited (in shares) | (50,487) | ||
Outstanding, end of period (in shares) | 1,030,124 | 1,787,943 | |
Weighted-average price grant date fair value | |||
Outstanding, beginning of period (in dollars per share) | $ 7.49 | ||
Granted (in dollars per share) | 18.81 | $ 6.87 | $ 8.57 |
Vested (in dollars per share) | 7.69 | ||
Forfeited (in dollars per share) | 9.27 | ||
Outstanding, end of period (in dollars per share) | $ 10.49 | $ 7.49 | |
Average remaining contractual term (years) [Abstract] | |||
Average remaining contractual term (years), Granted | 1 year 9 months 7 days | ||
Average remaining contractual term (years), Outstanding | 1 year 2 months 1 day | 1 year 6 months |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule Of Nonvested Options Status) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Non Vested Options [Member] | |||
Shares [Roll Forward] | |||
Outstanding, beginning of period (in shares) | 348,828 | ||
Granted (in shares) | 100,000 | ||
Vested (in shares) | (91,276) | ||
Outstanding, end of period (in shares) | 357,552 | 348,828 | |
Weighted-average price grant date fair value | |||
Outstanding, beginning of period (in dollars per share) | $ 3.13 | ||
Granted (in dollars per share) | 8.51 | ||
Vested (in dollars per share) | 3.17 | ||
Outstanding, end of period (in dollars per share) | $ 4.63 | $ 3.13 | |
Restricted Stock Units (RSUs) [Member] | |||
Shares [Roll Forward] | |||
Outstanding, beginning of period (in shares) | 1,787,943 | ||
Granted (in shares) | 313,697 | 1,531,702 | 930,831 |
Vested (in shares) | (1,021,029) | ||
Forfeited (in shares) | (50,487) | ||
Outstanding, end of period (in shares) | 1,030,124 | 1,787,943 | |
Weighted-average price grant date fair value | |||
Outstanding, beginning of period (in dollars per share) | $ 7.49 | ||
Granted (in dollars per share) | 18.81 | $ 6.87 | $ 8.57 |
Vested (in dollars per share) | 7.69 | ||
Forfeited (in dollars per share) | 9.27 | ||
Outstanding, end of period (in dollars per share) | $ 10.49 | $ 7.49 | |
Average remaining contractual term (years), Outstanding | 1 year 2 months 1 day | 1 year 6 months | |
Average remaining contractual term (years), Granted | 1 year 9 months 7 days |
Stock-Based Compensation (Fair
Stock-Based Compensation (Fair Value Of Grant On Date Of Grant Using The Black-Scholes Options Pricing Model) (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stock-Based Compensation [Abstract] | |||
Risk-free interest rate (in hundredths) | 1.19% | 0.68% | 2.63% |
Expected volatility (in hundredths) | 45.60% | 45.20% | 41.80% |
Expected lives (years) | 6 years 3 months 18 days | 6 years 3 months 18 days | 6 years 3 months 18 days |
Transactions With Affiliates (D
Transactions With Affiliates (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Directors, Executive Officers, Principal Stockholders and Affiliates [Member] | |||
Related Party Transaction [Line Items] | |||
Due from related parties | $ 5.2 | $ 4.7 | |
Duane Morris LLP [Member] | |||
Related Party Transaction [Line Items] | |||
Payment for legal services | $ 1.9 | $ 1.7 | $ 1.1 |
Commitments And Contingencies_2
Commitments And Contingencies (Narrative) (Details) - USD ($) | Feb. 25, 2022 | Sep. 14, 2021 | Jan. 12, 2021 | Apr. 29, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Rent expense | $ 3,600,000 | $ 4,100,000 | $ 5,000,000 | ||||
Sublease Income | $ 729,000 | $ 848,000 | $ 586,300 | ||||
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 | ||||||
Barker [Member] | Subsequent Event [Member] | |||||||
Loss Contingency, Damages Sought, Value | $ 2,000,000 | ||||||
Kamai [Member] | |||||||
Loss Contingency, Damages Sought, Value | 901,088 | ||||||
Kamai [Member] | Subsequent Event [Member] | |||||||
Loss Contingency, Damages Sought, Value | $ 300,000 | ||||||
McGlynn [Member] | |||||||
Loss Contingency, Damages Sought, Value | $ 2,909,627 | ||||||
Cachet [Member] | |||||||
Loss Contingency, Damages Sought, Value | $ 150,000,000 |
Commitments And Contingencies_3
Commitments And Contingencies (Schedule Of Future Minimum Annual Rental Payments) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Commitments And Contingencies [Abstract] | |
2022 | $ 2,908 |
2023 | 2,598 |
2024 | 2,537 |
2025 | 1,606 |
2026 | 28 |
Approximate future minimum annual rental payments | $ 9,677 |
Financial Instruments With Of_3
Financial Instruments With Off-Balance-Sheet Risk And Concentrations Of Credit Risk (Schedule Of Contract Amounts And Maturity Term Of Credit Commitment) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | $ 2,156,050 | $ 2,165,160 |
Commitments To Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | 2,154,352 | 2,163,331 |
Standby Letters Of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | $ 1,698 | $ 1,829 |
Fair Value Of Financial Instr_3
Fair Value Of Financial Instruments (Narrative) (Details) | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021USD ($) | Dec. 31, 2021USD ($)item | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Aug. 13, 2020 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Investment in unconsolidated entity | $ 0 | $ 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 | $ 5,295,000 | ||
Cash and cash equivalents | 601,800,000 | 345,500,000 | ||||
Short-term Debt | 0 | 0 | ||||
Time deposits | 0 | 0 | ||||
Collateral dependent loans | 9,600,000 | |||||
Impaired Financing Receivable, Recorded Investment | 3,983,000 | 12,755,000 | ||||
Specific reserves and other write downs on impaired loans | 1,000,000 | 3,200,000 | ||||
Troubled debt restructured loans balance | 1,479,000 | 1,631,000 | ||||
Troubled debt restructured loans, specific reserve | 476,000 | 467,000 | ||||
Other real estate owned | $ 1,530,000 | 0 | $ 0 | |||
Senior Debt [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Interest rate (in hundredths) | 4.75% | |||||
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% | |||||
Measurement Input, Default Rate [Member] | Performing Financial Instruments [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Equity Securities, FV-NI, Measurement Input | item | 1 | |||||
Measurement Input, Discount Rate [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Equity Securities, FV-NI, Measurement Input | item | 3.93 | |||||
Fair Value, Measurements, Nonrecurring [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Collateral dependent loans | [1] | $ 3,005,000 | $ 9,578,000 | |||
Other real estate owned | $ 1,530,000 | |||||
[1] | The method of valuation approach for the loans evaluated for an allowance for credit losses on an individual loan basis and also for other real estate owned was the market 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 Of Financial Instr_4
Fair Value Of Financial Instruments (Carrying Amount And Estimated Fair Value Of Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Carrying amount and estimated fair value of assets and liabilities [Abstract] | ||
Investment securities available-for-sale | $ 953,709 | $ 1,206,164 |
Commercial loans, at fair value | 1,330,000 | 1,810,000 |
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 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Carrying amount and estimated fair value of assets and liabilities [Abstract] | ||
Investment securities available-for-sale | 934,678 | 1,027,213 |
Interest rate swaps, asset | 553 | |
Interest rate swaps, liability | 2,223 | |
Demand and interest checking | 5,561,365 | 5,205,010 |
Savings and money market | 415,546 | 257,050 |
Senior debt | 101,980 | 104,111 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Carrying amount and estimated fair value of assets and liabilities [Abstract] | ||
Investment securities available-for-sale | 19,031 | 178,951 |
Federal Home Loan Bank and Atlantic Central Bankers Bank stock | 1,663 | 1,368 |
Commercial loans, at fair value | 1,326,836 | 1,810,812 |
Loans, net of deferred loan fees and costs | 3,745,548 | 2,650,613 |
Investment in unconsolidated entity | 31,294 | |
Assets held-for-sale from discontinued operations | 82,191 | 113,650 |
Subordinated debentures | 8,815 | 9,102 |
Carrying Amount [Member] | ||
Carrying amount and estimated fair value of assets and liabilities [Abstract] | ||
Investment securities available-for-sale | 953,709 | 1,206,164 |
Federal Home Loan Bank and Atlantic Central Bankers Bank stock | 1,663 | 1,368 |
Commercial loans, at fair value | 1,326,836 | 1,810,812 |
Loans, net of deferred loan fees and costs | 3,747,224 | 2,652,323 |
Investment in unconsolidated entity | 31,294 | |
Assets held-for-sale from discontinued operations | 82,191 | 113,650 |
Interest rate swaps, asset | 553 | |
Interest rate swaps, liability | 2,223 | |
Demand and interest checking | 5,561,365 | 5,205,010 |
Savings and money market | 415,546 | 257,050 |
Senior debt | 98,682 | 98,314 |
Subordinated debentures | 13,401 | 13,401 |
Securities sold under agreements to repurchase | 42 | 42 |
Estimated Fair Value [Member] | ||
Carrying amount and estimated fair value of assets and liabilities [Abstract] | ||
Investment securities available-for-sale | 953,709 | 1,206,164 |
Federal Home Loan Bank and Atlantic Central Bankers Bank stock | 1,663 | 1,368 |
Commercial loans, at fair value | 1,326,836 | 1,810,812 |
Loans, net of deferred loan fees and costs | 3,745,548 | 2,650,613 |
Investment in unconsolidated entity | 31,294 | |
Assets held-for-sale from discontinued operations | 82,191 | 113,650 |
Interest rate swaps, asset | 553 | |
Interest rate swaps, liability | 2,223 | |
Demand and interest checking | 5,561,365 | 5,205,010 |
Savings and money market | 415,546 | 257,050 |
Senior debt | 101,980 | 104,111 |
Subordinated debentures | 8,815 | 9,102 |
Securities sold under agreements to repurchase | $ 42 | $ 42 |
Fair Value Of Financial Instr_5
Fair Value Of Financial Instruments (Assets Measured At Fair Value On A Recurring And Nonrecurring Basis) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Assets measured at fair value on a recurring basis [Abstract] | ||||
Debt Securities, Available-for-sale, Total | $ 953,709,000 | $ 1,206,164,000 | ||
Commercial loans, at fair value | 1,330,000,000 | 1,810,000,000 | ||
Assets measured on a nonrecurring basis [Abstract] | ||||
Collateral dependent loans | 9,600,000 | |||
Other real estate owned | 1,530,000 | 0 | $ 0 | |
Fair Value, Measurements, Recurring [Member] | ||||
Assets measured at fair value on a recurring basis [Abstract] | ||||
U.S. Government agency securities | 37,302,000 | 47,197,000 | ||
Asset-backed securities | 360,418,000 | 238,361,000 | ||
Obligations of states and political subdivisions | 52,137,000 | 56,354,000 | ||
Residential mortgage-backed securities | 184,301,000 | 266,583,000 | ||
Collateralized mortgage obligation securities | 61,861,000 | 148,530,000 | ||
Commercial mortgage-backed securities | 251,076,000 | 367,280,000 | ||
Corporate debt securities | 6,614,000 | 81,859,000 | ||
Debt Securities, Available-for-sale, Total | 953,709,000 | 1,206,164,000 | ||
Commercial loans, at fair value | 1,326,836,000 | 1,810,812,000 | ||
Investment in unconsolidated entity | 31,294,000 | |||
Assets held-for-sale from discontinued operations | 82,191,000 | 113,650,000 | ||
Interest rate swaps, liability | 553,000 | 2,223,000 | ||
Total assets | 2,362,183,000 | 3,159,697,000 | ||
Fair Value, Measurements, Nonrecurring [Member] | ||||
Assets measured on a nonrecurring basis [Abstract] | ||||
Collateral dependent loans | [1] | 3,005,000 | 9,578,000 | |
Other real estate owned | 1,530,000 | |||
Intangible assets | 2,447,000 | 2,845,000 | ||
Assets nonrecurring | 6,982,000 | 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 | 934,678,000 | 1,027,213,000 | ||
Interest rate swaps, asset | 553,000 | |||
Interest rate swaps, liability | 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 | 37,302,000 | 47,197,000 | ||
Asset-backed securities | 360,418,000 | 238,361,000 | ||
Obligations of states and political subdivisions | 52,137,000 | 56,354,000 | ||
Residential mortgage-backed securities | 184,301,000 | 266,583,000 | ||
Collateralized mortgage obligation securities | 61,861,000 | 148,530,000 | ||
Commercial mortgage-backed securities | 238,659,000 | 270,188,000 | ||
Debt Securities, Available-for-sale, Total | 934,678,000 | 1,027,213,000 | ||
Interest rate swaps, liability | 553,000 | 2,223,000 | ||
Total assets | 934,125,000 | 1,024,990,000 | ||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Assets measured at fair value on a recurring basis [Abstract] | ||||
Corporate debt securities | 75,094,000 | |||
Debt Securities, Available-for-sale, Total | 19,031,000 | 178,951,000 | ||
Commercial loans, at fair value | 1,326,836,000 | 1,810,812,000 | ||
Investment in unconsolidated entity | 31,294,000 | |||
Assets held-for-sale from discontinued operations | 82,191,000 | 113,650,000 | ||
Assets measured on a nonrecurring basis [Abstract] | ||||
Other real estate owned | 1,530,000 | |||
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 | 12,417,000 | 97,092,000 | ||
Corporate debt securities | 6,614,000 | 81,859,000 | ||
Debt Securities, Available-for-sale, Total | 19,031,000 | 178,951,000 | ||
Commercial loans, at fair value | 1,326,836,000 | 1,810,812,000 | ||
Investment in unconsolidated entity | 31,294,000 | |||
Assets held-for-sale from discontinued operations | 82,191,000 | 113,650,000 | ||
Total assets | 1,428,058,000 | 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] | 3,005,000 | 9,578,000 | |
Other real estate owned | 1,530,000 | |||
Intangible assets | 2,447,000 | 2,845,000 | ||
Assets nonrecurring | $ 6,982,000 | $ 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 loans evaluated for an allowance for credit losses on an individual loan basis and also for other real estate owned was the market 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 Of Financial Instr_6
Fair Value Of Financial Instruments (Changes In Company's Level 3 Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 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 | 1,102 | (3,326) |
Purchases, issuances, sales, settlements and charge-offs | ||
Issuances | 5,222 | 4,942 |
Sales | (2,020) | (1,482) |
Settlements | (35,750) | (26,846) |
Charge-offs | (13) | (295) |
Ending balance | 82,191 | 113,650 |
The amount of total gains or (losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | 566 | (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 | |
The amount of total gains or (losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | (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 | (44) | |
Total (losses) or gains (realized/unrealized) Included in other comprehensive loss | (1,422) | (2,121) |
Purchases, issuances, sales, settlements and charge-offs | ||
Settlements | (158,454) | (21,412) |
Ending balance | 19,031 | 178,951 |
Commercial Loans Held for Sale [Member] | ||
Changes in Company's Level 3 assets [Roll Forward] | ||
Beginning balance | 1,810,812 | 1,180,546 |
Transfers into level 3 | 22,926 | |
Total (losses) or gains (realized/unrealized) Included in earnings | 13,214 | (1,883) |
Purchases, issuances, sales, settlements and charge-offs | ||
Issuances | 127,765 | 721,590 |
Settlements | (647,881) | (89,441) |
Ending balance | 1,326,836 | 1,810,812 |
The amount of total gains or (losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | (2,133) | $ (3,567) |
Commercial Loans At Fair Value [Member] | Investment In Unconsolidated Entity [Member] | ||
Changes in Company's Level 3 assets [Roll Forward] | ||
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 Of Financial Instr_7
Fair Value Of Financial Instruments (Schedule Of Other Real Estate Owned) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value Of Financial Instruments [Abstract] | |||
Beginning balance | $ 0 | $ 0 | |
Transfers from investment in unconsolidated entity | $ 2,100,000 | 2,145,000 | 0 |
Sales | (615,000) | 0 | |
Ending balance | $ 1,530,000 | $ 0 |
Fair Value Of Financial Instr_8
Fair Value Of Financial Instruments (Fair Value Inputs, Assets, Quantitative Information) (Details) | 12 Months Ended | ||
Dec. 31, 2021USD ($)item | Dec. 31, 2020USD ($)item | Dec. 31, 2019USD ($) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investment securities available-for-sale | $ | $ 953,709,000 | $ 1,206,164,000 | |
Commercial loans held for sale | $ | 1,330,000,000 | 1,810,000,000 | |
Investment in unconsolidated entity | $ | 0 | 31,294,000 | |
Other real estate owned | $ | 1,530,000 | $ 0 | $ 0 |
Paycheck Protection Program Loans [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans, net of deferred loan fees and costs | $ | $ 44,800,000 | ||
Loans, interest rate | 1.00% | ||
Subordinated Debentures [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Number Of Debt Instruments | 2 | ||
London Interbank Offered Rate (LIBOR) [Member] | Subordinated Debentures [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | ||
Measurement Input, Discount Rate [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investment in unconsolidated entity, measurement input | 3.93 | ||
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 | 0.0100 | |
Assets held-for-sale from discontinued operations, measurement input | 0.0318 | 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 | 0.0700 | 0.0636 | |
Assets held-for-sale from discontinued operations, measurement input | 0.0680 | 0.0683 | |
Weighted Average [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Assets held-for-sale from discontinued operations, measurement input | 0.0436 | ||
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 | 0.0370 | ||
Investment in unconsolidated entity, measurement input | 0.0393 | ||
Assets held-for-sale from discontinued operations, measurement input | 0.0415 | ||
Subordinated debentures, measurement input | 0.0700 | 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 | 0.0800 | 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 | 0.0830 | ||
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 | 0.0800 | 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 | 0.0661 | ||
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, Discount Rate [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Commercial loans held for sale, measurement input | 0.0104 | ||
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 | ||
Commercial - SBA [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 | 0.0212 | ||
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 | 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 | 103.40 | 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 | 0.0531 | ||
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 | 0.0743 | ||
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 | 0.0603 | ||
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 | ||
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 | 0.1020 | ||
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 | 0.0491 | ||
Commercial - 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 | 0.0516 | ||
Commercial - 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 | (0.0732) | ||
Commercial - 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 | 0.0626 | ||
Commercial - 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 | ||
Commercial - 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 | (0.0970) | ||
Commercial - 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 | 0.0496 | ||
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 | ||
Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investment securities available-for-sale | $ | $ 19,031,000 | $ 178,951,000 | |
Corporate debt securities | $ | 75,094,000 | ||
Federal Home Loan Bank And Atlantic Central Bankers Bank stock | $ | 1,663,000 | 1,368,000 | |
Loans, net of deferred loan fees and costs | $ | 3,745,548,000 | 2,650,613,000 | |
Commercial loans held for sale | $ | 1,326,836,000 | 1,810,812,000 | |
Investment in unconsolidated entity | $ | 31,294,000 | ||
Assets held-for-sale from discontinued operations | $ | 82,191,000 | 113,650,000 | |
Subordinated debentures | $ | 8,815,000 | 9,102,000 | |
Other real estate owned | $ | 1,530,000 | ||
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 | $ | 12,417,000 | 97,092,000 | |
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 | $ | 6,614,000 | 6,765,000 | |
Significant Unobservable Inputs (Level 3) [Member] | Commercial - SBA [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Commercial loans held for sale | $ | 199,585,000 | 243,562,000 | |
Significant Unobservable Inputs (Level 3) [Member] | Commercial - Fixed [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Commercial loans held for sale | $ | 79,864,000 | 87,288,000 | |
Significant Unobservable Inputs (Level 3) [Member] | Commercial - Floating [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Commercial loans held for sale | $ | $ 1,047,387,000 | $ 1,479,962,000 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)agreement | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Derivative [Line Items] | |||
Notional Amount | $ 21,300 | ||
Cash collateral | $ 2,300 | $ 2,800 | |
Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Number of interest rate swap agreements | agreement | 3 | ||
Fair value adjustment on derivatives, gain | $ 1,700 | ||
Fair value adjustment on derivatives, loss | $ 2,000 | $ 1,900 | |
Receivable under agreements | 553,000,000 | ||
Fair value loss position of outstanding derivatives | $ 553,000,000 |
Derivatives (Summary Of Derivat
Derivatives (Summary Of Derivatives) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Derivative [Line Items] | |
Notional Amount | $ 21,300 |
Fair Value | $ (553) |
December 24, 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) | 0.22% |
Fair Value | $ (233) |
January 28, 2026 [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) | 0.21% |
Fair Value | $ (287) |
December 12, 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 | $ (33) |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Details) | 12 Months Ended |
Dec. 31, 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) $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
The Bancorp, Inc. [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 capital (to average assets): Actual Amount | $ 643,850 | $ 561,010 |
Tier 1 capital (to average assets): For capital adequacy purposes | $ 247,722 | $ 243,941 |
Tier 1 capital to average assets ratio | 0.1040 | 0.0920 |
Tier 1 capital (to risk-weighted assets): Actual Amount | $ 643,850 | $ 561,010 |
Tier 1 capital (to risk-weighted assets): For capital adequacy purposes | $ 262,442 | $ 233,284 |
Tier 1 capital to risk-weighted assets ratio | 0.1472 | 0.1443 |
Total capital (to risk-weighted assets): Actual Amount | $ 661,656 | $ 577,092 |
Total capital (to risk-weighted assets): For capital adequacy purposes | $ 349,923 | $ 311,045 |
Total capital to risk-weighted assets ratio (in hundredths) | 0.1513 | 0.1484 |
The Bancorp Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 capital (to average assets): Actual Amount | $ 677,644 | $ 555,138 |
Tier 1 capital (to average assets): For capital adequacy purposes | 247,630 | 243,843 |
Tier 1 capital (to average assets): To be well capitalized under prompt corrective action provisions | $ 309,537 | $ 304,804 |
Tier 1 capital to average assets ratio | 0.1098 | 0.0911 |
Tier 1 capital (to average assets): For capital adequacy purposes (in hundredths) | 0.0400 | 0.0400 |
Tier 1 capital (to risk-weighted assets): Actual Amount | $ 677,644 | $ 555,138 |
Tier 1 capital (to risk-weighted assets): For capital adequacy purposes | 262,423 | 233,361 |
Tier 1 capital (to risk-weighted assets): To be well capitalized under prompt corrective action provisions | $ 349,897 | $ 311,148 |
Tier 1 capital to risk-weighted assets ratio | 0.1548 | 0.1427 |
Tier 1 capital (to risk-weighted assets): For capital adequacy purposes (in hundredths) | 0.0600 | 0.0600 |
Total capital (to risk-weighted assets): Actual Amount | $ 695,450 | $ 571,220 |
Total capital (to risk-weighted assets): For capital adequacy purposes | 349,897 | 311,148 |
Total capital (to risk-weighted assets): To be well capitalized under prompt corrective action provisions | $ 437,371 | $ 388,935 |
Total capital to risk-weighted assets ratio (in hundredths) | 0.1588 | 0.1468 |
Total capital (to risk-weighted assets): For capital adequacy purposes (in hundredths) | 0.0800 | 0.0800 |
Common Equity [Member] | The Bancorp, Inc. [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 capital (to risk-weighted assets): Actual Amount | $ 643,850 | $ 561,010 |
Tier 1 capital (to risk-weighted assets): For capital adequacy purposes | $ 174,962 | $ 155,523 |
Tier 1 capital to risk-weighted assets ratio | 0.1472 | 0.1443 |
Tier 1 capital (to risk-weighted assets): For capital adequacy purposes (in hundredths) | 0.0400 | 0.0400 |
Common Equity [Member] | The Bancorp Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 capital (to risk-weighted assets): Actual Amount | $ 677,644 | $ 555,138 |
Tier 1 capital (to risk-weighted assets): For capital adequacy purposes | 196,817 | 175,021 |
Tier 1 capital (to risk-weighted assets): To be well capitalized under prompt corrective action provisions | $ 284,291 | $ 252,808 |
Tier 1 capital to risk-weighted assets ratio | 0.1548 | 0.1427 |
Tier 1 capital (to risk-weighted assets): For capital adequacy purposes (in hundredths) | 0.0450 | 0.0450 |
Tier 1 capital to risk-weighted assets ratio "Well capitalized" institution (under FDIC regulations-Basel III) | 0.0650 | 0.0650 |
Minimum [Member] | The Bancorp, Inc. [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 capital (to average assets): For capital adequacy purposes (in hundredths) | 0.0400 | 0.0400 |
Tier 1 capital (to risk-weighted assets): For capital adequacy purposes (in hundredths) | 0.0600 | 0.0600 |
Total capital (to risk-weighted assets): For capital adequacy purposes (in hundredths) | 0.0800 | 0.0800 |
Minimum [Member] | The Bancorp Bank [Member] | ||
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 |
Condensed Financial Informati_3
Condensed Financial Information-Parent Only (Schedule Of Condensed Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||||
Cash and due from banks | $ 5,382 | $ 5,984 | ||
Investment in subsidiaries | 0 | 31,294 | ||
Other assets | 96,967 | 81,129 | ||
Total assets | 6,843,239 | 6,276,841 | ||
Liabilities and stockholders' equity | ||||
Other liabilities | 62,228 | 81,583 | ||
Senior debt | 98,682 | 98,314 | ||
Stockholders' equity | 652,454 | 581,164 | $ 484,497 | $ 406,776 |
Total liabilities and shareholders' equity | 6,843,239 | 6,276,841 | ||
The Bancorp, Inc. [Member] | ||||
Assets | ||||
Cash and due from banks | 68,383 | 111,267 | ||
Investment in subsidiaries | 686,248 | 575,293 | ||
Other assets | 11,324 | 8,160 | ||
Total assets | 765,955 | 694,720 | ||
Liabilities and stockholders' equity | ||||
Other liabilities | 1,418 | 1,841 | ||
Senior debt | 98,682 | 98,314 | ||
Subordinated debenture | 13,401 | 13,401 | ||
Stockholders' equity | 652,454 | 581,164 | ||
Total liabilities and shareholders' equity | $ 765,955 | $ 694,720 |
Condensed Financial Informati_4
Condensed Financial Information-Parent Only (Schedule Of Condensed Statements Of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Expense | |||
Interest on subordinated debentures | $ 449 | $ 524 | $ 750 |
Interest on senior debt | 5,118 | 1,913 | |
Non-interest expense | 168,350 | 164,847 | 168,521 |
Income before income tax | 144,165 | 108,284 | 72,494 |
Income tax expense | 33,724 | 27,688 | 21,226 |
Net income | 110,653 | 80,084 | 51,559 |
The Bancorp, Inc. [Member] | |||
Income | |||
Other income | 1 | ||
Total income | 1 | ||
Expense | |||
Interest on subordinated debentures | 449 | 524 | 750 |
Interest on senior debt | 5,118 | 1,913 | |
Non-interest expense | 9,266 | 7,486 | 6,721 |
Total expense | 14,833 | 9,923 | 7,471 |
Income tax expense | (3,114) | ||
Equity in undistributed income of subsidiaries | 122,372 | 90,006 | 59,030 |
Net income | $ 110,653 | $ 80,084 | $ 51,559 |
Condensed Financial Informati_5
Condensed Financial Information-Parent Only (Schedule Of Condensed Cash Flow Statement) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating activities | |||
Net income | $ 110,653 | $ 80,084 | $ 51,559 |
Net amortization of investment securities discounts/premiums | 3,458 | 15,825 | 20,337 |
(Increase) decrease in other assets | (17,030) | 2,350 | (10,422) |
(Decrease) increase in other liabilities | (18,399) | 9,489 | 10,920 |
Stock-based compensation expense | 8,626 | 6,429 | 5,689 |
Net cash provided by operating activities | 83,892 | 120,685 | 66,880 |
Financing activities | |||
Proceeds from the exercise of common stock options | 3,428 | 866 | 258 |
Proceeds of senior debt offering | 98,160 | ||
Repurchases of common stock | (40,000) | ||
Net cash provided by financing activities | 478,279 | 509,016 | 1,116,563 |
Net increase (decrease) in cash and cash equivalents | 256,269 | (598,957) | 390,170 |
Cash and cash equivalents, beginning of period | 345,515 | ||
Cash and cash equivalents, end of period | 601,784 | 345,515 | |
The Bancorp, Inc. [Member] | |||
Operating activities | |||
Net income | 110,653 | 80,084 | 51,559 |
Net amortization of investment securities discounts/premiums | 368 | ||
(Increase) decrease in other assets | (3,164) | 484 | 724 |
(Decrease) increase in other liabilities | (423) | 1,810 | (4) |
Stock-based compensation expense | 8,626 | 6,429 | 5,689 |
Equity in undistributed income loss | (122,372) | (90,006) | (59,030) |
Net cash provided by operating activities | (6,312) | (1,199) | (1,062) |
Financing activities | |||
Proceeds from the exercise of common stock options | 3,428 | 866 | 258 |
Proceeds of senior debt offering | 98,314 | ||
Repurchases of common stock | (40,000) | ||
Net cash provided by financing activities | (36,572) | 99,180 | 258 |
Net increase (decrease) in cash and cash equivalents | (42,884) | 97,981 | (804) |
Cash and cash equivalents, beginning of period | 111,267 | 13,286 | 14,090 |
Cash and cash equivalents, end of period | $ 68,383 | $ 111,267 | $ 13,286 |
Segment Financials (Narrative)
Segment Financials (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2021segment | |
Segment Financials [Abstract] | |
Continuing operation segments | 4 |
Segment Financials (Schedule Of
Segment Financials (Schedule Of Segment Financials) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Interest income | $ 222,115 | $ 210,782 | $ 179,569 |
Interest expense | 11,239 | 15,916 | 38,281 |
Net interest income | 210,876 | 194,866 | 141,288 |
Provision for credit losses | 3,110 | 6,352 | 4,400 |
Non-interest income | 104,749 | 84,617 | 104,127 |
Non-interest expense | 168,350 | 164,847 | 168,521 |
Income before income tax | 144,165 | 108,284 | 72,494 |
Income tax expense | 33,724 | 27,688 | 21,226 |
Net income from continuing operations | 110,441 | 80,596 | 51,268 |
Income (Loss) from discontinued operations | 212 | (512) | 291 |
Net income | 110,653 | 80,084 | 51,559 |
Total assets | 6,843,239 | 6,276,841 | |
Total liabilities | 6,190,785 | 5,695,677 | |
Specialty Finance [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | 191,867 | 170,847 | 126,814 |
Interest expense | 963 | 1,024 | 1,429 |
Net interest income | 190,904 | 169,823 | 125,385 |
Provision for credit losses | 3,110 | 6,352 | 4,400 |
Non-interest income | 22,331 | 678 | 29,140 |
Non-interest expense | 67,263 | 68,244 | 63,884 |
Income before income tax | 142,862 | 95,905 | 86,241 |
Net income from continuing operations | 142,862 | 95,905 | 86,241 |
Net income | 142,862 | 95,905 | 86,241 |
Total assets | 5,099,388 | 4,491,768 | |
Total liabilities | 329,372 | 304,908 | |
Payments [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest allocation | 30,248 | 39,935 | 52,755 |
Interest expense | 4,162 | 8,690 | 28,971 |
Net interest income | 26,086 | 31,245 | 23,784 |
Non-interest income | 82,343 | 83,751 | 74,742 |
Non-interest expense | 69,716 | 68,379 | 67,884 |
Income before income tax | 38,713 | 46,617 | 30,642 |
Net income from continuing operations | 38,713 | 46,617 | 30,642 |
Net income | 38,713 | 46,617 | 30,642 |
Total assets | 41,593 | 32,976 | |
Total liabilities | 5,312,115 | 4,877,674 | |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | 30,248 | 39,935 | 52,755 |
Interest allocation | (30,248) | (39,935) | (52,755) |
Interest expense | 6,114 | 6,202 | 7,881 |
Net interest income | (6,114) | (6,202) | (7,881) |
Non-interest income | 75 | 188 | 245 |
Non-interest expense | 31,371 | 28,224 | 36,753 |
Income before income tax | (37,410) | (34,238) | (44,389) |
Income tax expense | 33,724 | 27,688 | 21,226 |
Net income from continuing operations | (71,134) | (61,926) | (65,615) |
Net income | (71,134) | (61,926) | (65,615) |
Total assets | 1,620,067 | 1,638,447 | |
Total liabilities | 549,298 | 513,095 | |
Discontinued Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Income (Loss) from discontinued operations | 212 | (512) | 291 |
Net income | 212 | (512) | $ 291 |
Total assets | $ 82,191 | $ 113,650 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Fair value adjustments | $ 1,500 | $ 520 | $ 2,000 | |
Other real estate owned expenses and losses | 2,800 | $ 5,500 | $ 1,500 | |
Discontinued Operations [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Book value of loans | $ 64,100 | $ 1,100,000 |
Discontinued Operations (Financ
Discontinued Operations (Financial Results Of The Commercial Lending Business Included In Net Income (Loss) From Discontinued Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Discontinued Operations [Abstract] | |||
Interest income | $ 3,096 | $ 4,222 | $ 6,710 |
Net interest income | 3,096 | 4,222 | 6,710 |
Non-interest income | 99 | 21 | 34 |
Non-interest expense | 2,907 | 8,059 | 6,234 |
Loss before taxes | 288 | (3,816) | 510 |
Income tax expense (benefit) | 76 | (3,304) | 219 |
Net loss | 212 | (512) | $ 291 |
Loans, net | 64,141 | 91,316 | |
Other real estate owned | 18,050 | 22,334 | |
Total assets | $ 82,191 | $ 113,650 |