Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 01, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-39028 | |
Entity Registrant Name | CROSSFIRST BANKSHARES, INC. | |
Entity Incorporation, State or Country Code | KS | |
Entity Tax Identification Number | 26-3212879 | |
Entity Address, Address Line One | 11440 Tomahawk Creek Parkway | |
Entity Address, City or Town | Leawood | |
Entity Address, State or Province | KS | |
Entity Address, Postal Zip Code | 66211 | |
City Area Code | 913 | |
Local Phone Number | 312-6822 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | CFB | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 50,918,788 | |
Entity Central Index Key | 0001458412 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and cash equivalents | $ 316,722 | $ 408,810 |
Available-for-sale securities - taxable | 168,182 | 177,238 |
Available-for-sale securities - tax-exempt | 539,924 | 477,350 |
Loans, net of allowance for loan losses of $64,152 and $75,295 at September 30, 2021 and December 31, 2020, respectively | 4,168,965 | 4,366,602 |
Premises and equipment, net | 66,598 | 70,509 |
Restricted equity securities | 12,885 | 15,543 |
Interest receivable | 15,928 | 17,236 |
Foreclosed assets held for sale | 1,148 | 2,347 |
Bank-owned life insurance | 67,104 | 67,498 |
Other | 43,695 | 56,170 |
Total assets | 5,401,151 | 5,659,303 |
Deposits | ||
Noninterest-bearing | 960,999 | 718,459 |
Savings, NOW and money market | 2,774,477 | 2,932,799 |
Time | 701,121 | 1,043,482 |
Total deposits | 4,436,597 | 4,694,740 |
Federal funds purchased and repurchase agreements | 0 | 2,306 |
Federal Home Loan Bank advances | 276,600 | 293,100 |
Other borrowings | 997 | 963 |
Interest payable and other liabilities | 34,550 | 43,766 |
Total liabilities | 4,748,744 | 5,034,875 |
Stockholders' equity | ||
Common stock, $0.01 par value: authorized - 200,000,000 shares, issued - 52,576,504 and 52,289,129 shares at September 30, 2021 and December 31, 2020, respectively | 526 | 523 |
Treasury stock, at cost: 1,573,806 and 609,613 shares held at September 30, 2021 and December 31, 2020, respectively | (20,000) | (6,061) |
Additional paid-in capital | 525,676 | 522,911 |
Retained earnings | 126,299 | 77,652 |
Accumulated other comprehensive income | 19,906 | 29,403 |
Total stockholders equity | 652,407 | 624,428 |
Total liabilities and stockholders' equity | $ 5,401,151 | $ 5,659,303 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Allowance for loan losses | $ 64,152 | $ 75,295 |
Stockholders' equity | ||
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock issued (in shares) | 52,576,504 | 52,289,129 |
Treasure stock held (in shares) | 1,573,806 | 609,613 |
Consolidated Statements of Inco
Consolidated Statements of Income - Unaudited - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Interest Income | ||||
Loans, including fees | $ 42,664 | $ 43,929 | $ 130,268 | $ 138,591 |
Available-for-sale securities - taxable | 803 | 1,042 | 2,423 | 4,174 |
Available-for-sale securities - tax-exempt | 3,562 | 3,186 | 10,410 | 9,758 |
Deposits with financial institutions | 121 | 47 | 359 | 583 |
Dividends on bank stocks | 161 | 248 | 488 | 808 |
Total interest income | 47,311 | 48,452 | 143,948 | 153,914 |
Interest Expense | ||||
Deposits | 4,211 | 7,298 | 14,789 | 29,975 |
Fed funds purchased and repurchase agreements | 0 | 54 | 3 | 162 |
Federal Home Loan Bank Advances | 1,275 | 1,749 | 3,838 | 4,980 |
Other borrowings | 24 | 24 | 72 | 85 |
Total interest expense | 5,510 | 9,125 | 18,702 | 35,202 |
Net Interest Income | 41,801 | 39,327 | 125,246 | 118,712 |
Provision for loan losses | (10,000) | 10,875 | 1,000 | 45,825 |
Net Interest Income after Provision for Loan Losses | 51,801 | 28,452 | 124,246 | 72,887 |
Non-Interest Income (Loss) | ||||
Realized gains on available-for-sale securities | 1,046 | 1,012 | 1,043 | 1,725 |
Unrealized gains (losses), net on equity securities | (6,210) | 0 | (6,243) | 53 |
Income from bank-owned life insurance | 427 | 464 | 3,088 | 1,373 |
Swap fees and credit valuation adjustments, net | 31 | 121 | 156 | 80 |
Other non-interest income | 670 | 192 | 1,921 | 751 |
Total non-interest income (loss) | (1,105) | 4,063 | 8,864 | 8,792 |
Non-Interest Expense | ||||
Salaries and employee benefits | 15,399 | 14,628 | 44,612 | 43,022 |
Occupancy | 2,416 | 2,144 | 7,307 | 6,274 |
Professional fees | 618 | 1,132 | 2,538 | 3,098 |
Deposit insurance premiums | 927 | 1,096 | 2,995 | 3,151 |
Data processing | 700 | 652 | 2,136 | 2,065 |
Advertising | 596 | 147 | 1,334 | 870 |
Software and communication | 999 | 959 | 3,098 | 2,772 |
Foreclosed assets, net | (35) | 20 | 680 | 1,174 |
Goodwill impairment | 0 | 0 | 0 | 7,397 |
Other non-interest expense | 2,416 | 2,233 | 7,967 | 6,421 |
Total non-interest expense | 24,036 | 23,011 | 72,667 | 76,244 |
Net Income Before Taxes | 26,660 | 9,504 | 60,443 | 5,435 |
Income tax expense | 5,660 | 1,498 | 11,831 | 928 |
Net Income | $ 21,000 | $ 8,006 | $ 48,612 | $ 4,507 |
Basic Earnings Per Share (in dollars per share) | $ 0.41 | $ 0.15 | $ 0.95 | $ 0.09 |
Diluted Earnings Per Share (in dollars per share) | $ 0.41 | $ 0.15 | $ 0.93 | $ 0.09 |
Service charges and fees on customer accounts | ||||
Non-Interest Income (Loss) | ||||
Non-interest income | $ 1,196 | $ 792 | $ 3,330 | $ 1,947 |
ATM and credit card interchange income | ||||
Non-Interest Income (Loss) | ||||
Non-interest income | $ 1,735 | $ 1,482 | $ 5,569 | $ 2,863 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - Unaudited - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 21,000 | $ 8,006 | $ 48,612 | $ 4,507 |
Other Comprehensive Income (Loss) | ||||
Unrealized gain (loss) on available-for-sale securities | (7,989) | 1,923 | (11,532) | 14,073 |
Less: income tax expense (benefit) | (1,956) | 472 | (2,823) | 3,440 |
Unrealized gain (loss) on available-for-sale securities, net of income tax | (6,033) | 1,451 | (8,709) | 10,633 |
Reclassification adjustment for realized gains included in income | 1,046 | 1,012 | 1,043 | 1,725 |
Less: income tax expense | 256 | 248 | 255 | 422 |
Less: reclassification adjustment for realized gains included in income, net of income tax | 790 | 764 | 788 | 1,303 |
Other comprehensive income (loss) | (6,823) | 687 | (9,497) | 9,330 |
Comprehensive Income | $ 14,177 | $ 8,693 | $ 39,115 | $ 13,837 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - Unaudited - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
Beginning balance (in shares) at Dec. 31, 2019 | 51,969,203 | |||||
Beginning balance at Dec. 31, 2019 | $ 601,644 | $ 520 | $ 519,870 | $ 64,803 | $ 16,451 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 4,507 | 4,507 | ||||
Change in unrealized appreciation on available-for-sale securities | 9,330 | 9,330 | ||||
Issuance of shares from equity-based awards (in shares) | 226,575 | |||||
Issuance of shares from equity-based awards | (868) | $ 1 | (869) | |||
Employee receivables from sale of stock | 47 | 2 | 45 | |||
Stock-based compensation | 3,223 | 3,223 | ||||
Ending balance (in shares) at Sep. 30, 2020 | 52,195,778 | |||||
Ending balance at Sep. 30, 2020 | 617,883 | $ 521 | 522,226 | 69,355 | 25,781 | |
Beginning balance (in shares) at Jun. 30, 2020 | 52,167,573 | |||||
Beginning balance at Jun. 30, 2020 | 608,092 | $ 521 | 521,133 | 61,344 | 25,094 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 8,006 | 8,006 | ||||
Change in unrealized appreciation on available-for-sale securities | 687 | 687 | ||||
Issuance of shares from equity-based awards (in shares) | 28,205 | |||||
Issuance of shares from equity-based awards | (115) | (115) | ||||
Employee receivables from sale of stock | 6 | 1 | 5 | |||
Stock-based compensation | 1,207 | 1,207 | ||||
Ending balance (in shares) at Sep. 30, 2020 | 52,195,778 | |||||
Ending balance at Sep. 30, 2020 | 617,883 | $ 521 | 522,226 | 69,355 | 25,781 | |
Beginning balance (in shares) at Dec. 31, 2020 | 51,679,516 | |||||
Beginning balance at Dec. 31, 2020 | 624,428 | $ 523 | 522,911 | 77,652 | 29,403 | $ (6,061) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 48,612 | 48,612 | ||||
Change in unrealized appreciation on available-for-sale securities | (9,497) | (9,497) | ||||
Issuance of shares from equity-based awards (in shares) | 287,375 | |||||
Issuance of shares from equity-based awards | (605) | $ 3 | (608) | |||
Open market common share repurchases | (13,939) | (13,939) | ||||
Open market common share repurchases (in shares) | (964,193) | |||||
Employee receivables from sale of stock | 35 | 35 | ||||
Stock-based compensation | 3,373 | 3,373 | ||||
Ending balance (in shares) at Sep. 30, 2021 | 51,002,698 | |||||
Ending balance at Sep. 30, 2021 | 652,407 | $ 526 | 525,676 | 126,299 | 19,906 | (20,000) |
Beginning balance (in shares) at Jun. 30, 2021 | 50,958,680 | |||||
Beginning balance at Jun. 30, 2021 | 637,190 | $ 525 | 524,637 | 105,299 | 26,729 | (20,000) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 21,000 | 21,000 | ||||
Change in unrealized appreciation on available-for-sale securities | (6,823) | (6,823) | ||||
Issuance of shares from equity-based awards (in shares) | 44,018 | |||||
Issuance of shares from equity-based awards | (109) | $ 1 | (110) | |||
Stock-based compensation | 1,149 | 1,149 | ||||
Ending balance (in shares) at Sep. 30, 2021 | 51,002,698 | |||||
Ending balance at Sep. 30, 2021 | $ 652,407 | $ 526 | $ 525,676 | $ 126,299 | $ 19,906 | $ (20,000) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - Unaudited - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating Activities | ||
Net income | $ 48,612 | $ 4,507 |
Items not requiring (providing) cash | ||
Depreciation and amortization | 3,993 | 3,888 |
Provision for loan losses | 1,000 | 45,825 |
Accretion of discounts and amortization of premiums on securities | 3,876 | 4,632 |
Equity based compensation | 3,373 | 3,223 |
Foreclosed asset impairment | 630 | 1,270 |
Deferred income taxes | 2,233 | (5,098) |
Net increase in bank owned life insurance | 3,088 | 1,373 |
Net recognized gains (losses) on equity securities | 6,243 | (53) |
Net realized gains on available-for-sale securities | (1,043) | (1,725) |
Goodwill impairment | 0 | 7,397 |
Changes in | ||
Interest receivable | 1,308 | (3,287) |
Other assets | (1,753) | (1,472) |
Other liabilities | (541) | (4,546) |
Net cash provided by operating activities | 64,843 | 53,188 |
Investing Activities | ||
Net change in loans | 196,637 | (652,251) |
Purchases of available-for-sale securities | (168,705) | (35,326) |
Proceeds from maturities of available-for-sale securities | 83,546 | 102,529 |
Proceeds from sale of available-for-sale securities | 15,923 | 31,810 |
Purchase of premises and equipment | (671) | (4,849) |
Proceeds from the sale of premises and equipment and related insurance claims | 547 | 121 |
Purchase of restricted equity securities, net | 0 | (2,839) |
Purchase of restricted equity securities | 3,143 | 0 |
Proceeds from death benefit on bank owned life insurance | 3,483 | 0 |
Net cash provided by (used in) investing activities | 134,531 | (560,805) |
Financing Activities | ||
Net increase in demand deposits, savings, NOW and money market accounts | 84,218 | 667,849 |
Net decrease in time deposits | (342,361) | (99,060) |
Net decrease in repurchase agreements and federal funds purchased | (2,306) | (1,390) |
Proceeds from Federal Home Loan Bank advances | 0 | 138,000 |
Repayment of Federal Home Loan Bank advances | (16,500) | (160,643) |
Issuance of common shares, net of issuance cost | 3 | 0 |
Proceeds from employee stock purchase plan | 172 | 0 |
Repurchase of common stock | (13,939) | 0 |
Acquisition of common stock for tax withholding obligations | (784) | (869) |
Net decrease in employee receivables | 35 | 46 |
Net cash provided by (used in) financing activities | (291,462) | 543,933 |
Increase (Decrease) in Cash and Cash Equivalents | (92,088) | 36,316 |
Cash and Cash Equivalents, Beginning of Period | 408,810 | 187,320 |
Cash and Cash Equivalents, End of Period | 316,722 | 223,636 |
Supplemental Cash Flows Information | ||
Interest paid | 19,402 | 37,238 |
Income taxes paid | $ 8,370 | $ 7,335 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Nature of Operations and Summary of Significant Accounting Policies [Abstract] | |
Nature of Operations and Summary of Significant Accounting Policies | Note 1: Nature of Operations and Summary of Significant Accounting Policies Organization and Nature of Operations CrossFirst Bankshares, Inc. (the “Company”) is a bank holding company whose principal activities are the ownership and management of its wholly-owned subsidiary, CrossFirst Bank (the “Bank”). In addition, the Bank has three CrossFirst Investments, Inc. (“CFI”) that holds investments in marketable securities, CFBSA CFBSA II, LLC that holds foreclosed assets. The Bank is primarily engaged in providing a full range of banking and financial services to individual and corporate customers through its branches in: (i) Leawood, Kansas; (ii) Wichita, Kansas; (iii) Kansas City, Missouri; (iv) Oklahoma City, Oklahoma; (v) Tulsa, Oklahoma; (vi) Dallas, Texas; (vii) Frisco, Texas; and (viii) Phoenix, Basis of Presentation The Company’s accounting and reporting policies conform to accounting principles generally accepted in the United States (“GAAP”). The consolidated financial statements include the accounts of the Company, the Bank, CFI, CFBSA LLC. All significant intercompany accounts and transactions The consolidated interim financial statements are unaudited and certain information and footnote disclosures presented in accordance with GAAP have been condensed or omitted and should be read in conjunction with the Company’s statements and footnotes included in the Company’s Form 10-K”), filed with the Securities and Exchange Commission (the “SEC”) on February 26, 2021. necessary for the fair presentation of the financial position, results of operations, and cash flows of the Company and the disclosures made are adequate to make the interim financial information not misleading. The consolidated financial statements have been prepared in accordance with GAAP for interim financial information and the instructions to No significant changes in the accounting policies of the Company occurred since December 31, 2020, the most recent date financial statements were provided within the Company’s 2020 Form 10-K. Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period. Use of Estimates The Company identified accounting policies and estimates that, due to the difficult, subjective or complex judgments and assumptions inherent in those policies and estimates and the potential sensitivity of the Company’s financial judgments and assumptions, are critical to an understanding of the Company’s financial condition and results of results could differ from those estimates. In particular, the novel coronavirus (“COVID-19”) pandemic and resulting impacts to economic conditions, as well as adverse impacts to the Company’s operations, may impact future estimates. losses, deferred tax asset, and fair value of financial instruments are particularly susceptible to significant change. Cash Equivalents The Company had $ 253 2021. The reserve required at September 30, 2021 was $ 0 . Coronavirus Aid, Relief, and Economic Security Act (“CARES The CARES Act gave financial institutions the right to elect modifications relating to COVID-19 that would otherwise be categorized as troubled debt restructurings (“TDRs”) from March 1, 2020, through December 31, 2020. On December 27, 2020, the Consolidated Appropriations the period during which the Company may suspend GAAP principles and regulatory determinations for loan modifications relating COVID-19 that would otherwise be categorized as TDRs through January 1, 2022. in the first quarter of 2020. Changes Affecting Comparability Beginning with the quarter ended March 31, 2021, the Company consolidated the “Goodwill and other intangible assets, “other assets” within the Consolidated Balance Sheets. The consolidation was due to the immateriality of the remaining intangible assets. The change had no impact on net income. For the quarter ended September 30, 2021, the Company broke out “unrealized gains (losses), net on equity securities” previously consolidated in “other non-interest income”. periods were made to conform to the current period presentation. The changes provided additional detail operations. The changes had no impact on net income. Emerging Growth Company (“EGC”) The Company is currently an EGC. An EGC may take advantage of reduced other significant requirements that are otherwise generally applicable to public companies. Company elected to extend the transition period for complying with new or revised accounting standards affecting public companies. This means that the financial statements the Company files or furnishes will not be subject to all new or revised accounting standards generally applicable to public companies for the transition period for so long as the Company remains an EGC or until the Company affirmatively and irrevocably opts out of the extended transition period under the JOBS Recent Accounting Pronouncements The following table provides information about Accounting Standard Updates (“ASUs”) the Company future: Standard Anticipated Date of Adoption Description Effect on Financial Statements or Other Significant Matters ASU 2016-13 Financial Instruments- Credit Losses If the Company maintains its EGC status, the Company is not required to implement this standard until January 2023. The Company expects to implement this standard on January 1, 2022. Requires an entity to utilize a new impairment model known as the current expected credit loss ("CECL") model to estimate its lifetime expected credit loss and record an allowance that, when deducted from amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. The Company established a committee to formulate and oversee the implementation process including selection, implementation and testing of third-party software. The Company began parallel processing with the existing allowance for loan losses model during the first quarter of 2019 recalibrating inputs as necessary. The Company is formulating changes to policies, procedures, disclosures and internal controls that will be necessary to transition to the new standard. A accuracy and reasonableness of the model in the fourth quarter of 2021. The Company plans to use a loss-rate ("cohort") method to estimate the expected allowance for credit losses ("ACL") for all loan pools. Upon adoption in 2022, a cumulative-effect adjustment for the change in the will be recognized in retained earnings. Based on our forecasted economic conditions and portfolio balances at September 30, 2021, the adoption of the standard could result in an overall cumulative-effect adjustment of up to a 5% change in the ACL, as compared to our current reserve levels. results include the adoption of a forecast based on several economic assumptions, including unemployment rates and management judgments. Adoption will not materially impact reporting for debt securities as the Company does not currently own held-to-maturity debt securities within the scope of ASU 2016-13. The actual impact could be significantly affected by the composition, characteristics, and quality of the underlying loan portfolio and economic assumptions at the time of adoption. The Company does not expect the adoption to have a significant impact on capital or capital ratios and will continue to evaluate the impact the adoption of ASU 2016-13 will have on the Company's consolidated financial statements. Standard Anticipated Date of Adoption Description Effect on Financial Statements or Other Significant Matters ASU 2016-02 Leases (Topic 842) The Company expects to implement this standard on January 1, 2022. Requires lessees and lessors to recognize lease assets and lease liabilities on the balance sheet and disclose key information about leasing arrangements. The update requires lessees and lessors to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach with the option to elect certain practical expedients. The update will also increase disclosures around leases, including qualitative and specific quantitative measures. The Company expects to apply the update as of the beginning of the period of adoption and the Company does not plan to restate comparative periods. The Company expects to elect certain optional practical expedients. The Company gathered all potential lease and embedded lease agreements and is evaluating the applicability and impact to the financial statements. The Company’s current operating leases relate primarily to four branch locations. Based on the current leases, the Company anticipates recognizing a lease liability and related right-to-use asset on its balance sheet, with an immaterial impact to its income statement compared to the current lease accounting model. However, the ultimate impact of the standard will depend on the Company's lease portfolio as of the adoption date. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 2: Earnings Per Share The following table presents the computation of basic and diluted earnings per share: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (Dollars in thousands except per share data) Earnings per Share Net income available to common stockholders $ 21,000 $ 8,006 $ 48,612 $ 4,507 Weighted average common shares 50,990,113 52,136,286 51,368,957 52,104,372 Earnings per share $ 0.41 $ 0.15 $ 0.95 $ 0.09 Diluted Earnings per Share Net income available to common stockholders $ 21,000 $ 8,006 $ 48,612 $ 4,507 Weighted average common shares 50,990,113 52,136,286 51,368,957 52,104,372 Effect of dilutive shares 615,608 423,840 699,257 463,219 Weighted average dilutive common shares 51,605,721 52,560,126 52,068,214 52,567,591 Diluted earnings per share $ 0.41 $ 0.15 $ 0.93 $ 0.09 Stock-based awards not included because to do so would be antidilutive 587,200 1,214,433 657,887 1,053,393 |
Securities
Securities | 9 Months Ended |
Sep. 30, 2021 | |
Securities [Abstract] | |
Securities | Note 3: Securities The amortized cost and approximate fair values, together with gross unrealized gains and losses, of period end available-for-sale securities consisted of the following: The amortized cost and fair value of available-for-sale securities at September 30, 2021, by contractual maturity, are shown below: (1) without prepayment penalties. (2) Yields are calculated based on amortized cost. The following tables show the number of securities, unrealized loss, and fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired (“OTTI”), aggregated by investment class and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2021 and December 31, 2020: The Company expects to recover the amortized cost basis over the term of the securities. The Company does not intend to sell the investments and it is not more likely than not the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity. The following tables show the gross gains and losses on securities that matured or were sold: (1) The gross gains for the nine-months ended September 30, 2020, included $ 75 municipal security that was settled in 2020. Equity Securities Equity securities consist of a $ 2 308 private equity investment and a $ 5 Equity securities are included in “other assets” on the Consolidated Balance Sheets. The privately-held security was acquired in partial satisfaction of debts previously contracted at an initial value of $ 11 The Company elected a measurement alternative that allows the security to remain at cost until an impairment is identified observable price change for an identical or similar investment of the same issuer occurs. Impairment is recorded when there is evidence that the expected fair value of the investment has declined to below the recorded cost. During the third quarter of 2021, qualitative impairment factors required the Company to update the equity’s fair market value and the Company recorded a $ 6 loss on the equity security due to a reduction in its fair market value. The following is a summary of the unrealized and realized gains and losses recognized in net income on equity securities: September 30, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Approximate Fair Value (Dollars in thousands) Available-for-sale securities Mortgage-backed - GSE residential $ 132,059 $ 2,326 $ 1,421 $ 132,964 Collateralized mortgage obligations - GSE residential 22,122 498 16 22,604 State and political subdivisions 523,324 27,922 2,968 548,278 Corporate bonds 4,242 85 67 4,260 Total available-for-sale securities $ 681,747 $ 30,831 $ 4,472 $ 708,106 December 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Approximate Fair Value (Dollars in thousands) Available-for-sale securities Mortgage-backed - GSE residential $ 104,839 $ 4,277 $ - $ 109,116 Collateralized mortgage obligations - GSE residential 52,070 984 42 53,012 State and political subdivisions 454,486 33,642 31 488,097 Corporate bonds 4,259 104 - 4,363 Total available-for-sale securities $ 615,654 $ 39,007 $ 73 $ 654,588 September 30, 2021 Within After One to After Five to After One Year Five Years Ten Years Ten Years Total (Dollars in thousands) Available-for-sale securities Mortgage-backed - GSE residential (1) Amortized cost $ - $ 40 $ 148 $ 131,871 $ 132,059 Estimated fair value $ - $ 41 $ 159 $ 132,764 $ 132,964 Weighted average yield (2) 0.00 % 4.68 % 3.96 % 1.60 % 1.60 % Collateralized mortgage obligations - GSE residential (1) Amortized cost $ - $ - $ 2,438 $ 19,684 $ 22,122 Estimated fair value $ - $ - $ 2,608 $ 19,996 $ 22,604 Weighted average yield (2) 0.00 % 0.00 % 2.77 % 1.16 % 1.34 % State and political subdivisions Amortized cost $ 522 $ 6,115 $ 78,231 $ 438,456 $ 523,324 Estimated fair value $ 524 $ 6,319 $ 84,402 $ 457,033 $ 548,278 Weighted average yield (2) 3.25 % 3.88 % 3.35 % 2.76 % 2.86 % Corporate bonds Amortized cost $ - $ 355 $ 3,887 $ - $ 4,242 Estimated fair value $ - $ 360 $ 3,900 $ - $ 4,260 Weighted average yield (2) 0.00 % 4.22 % 4.54 % 0.00 % 4.52 % Total available-for-sale securities Amortized cost $ 522 $ 6,510 $ 84,704 $ 590,011 $ 681,747 Estimated fair value $ 524 $ 6,720 $ 91,069 $ 609,793 $ 708,106 Weighted average yield (2) 3.25 % 3.90 % 3.39 % 2.44 % 2.58 % September 30, 2021 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities (Dollars in thousands) Available-for-sale securities Mortgage-backed - GSE residential $ 70,590 $ 1,421 15 $ - $ - - $ 70,590 $ 1,421 15 Collateralized mortgage obligations - GSE residential 1,561 15 3 161 1 1 1,722 16 4 State and political subdivisions 99,890 2,964 62 1,101 4 3 100,991 2,968 65 Corporate bonds 3,433 67 1 - - - 3,433 67 1 Total temporarily impaired securities $ 175,474 $ 4,467 81 $ 1,262 $ 5 4 $ 176,736 $ 4,472 85 December 31, 2020 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities (Dollars in thousands) Available-for-sale securities Mortgage-backed - GSE residential $ - $ - - $ - $ - - $ - $ - - Collateralized mortgage obligations - GSE residential 9,933 42 5 - - - 9,933 42 5 State and political subdivisions 8,525 31 8 25 - 1 8,550 31 9 Corporate bonds - - - - - - - - - Total temporarily impaired securities $ 18,458 $ 73 13 $ 25 $ - 1 $ 18,483 $ 73 14 Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (Dollars in thousands) Net gains (losses) recognized during the reporting period on equity securities $ (6,210) $ - $ (6,243) $ 53 Less: net gains recognized during the reporting period on equity securities sold during the reporting period - - - - Unrealized gain (losses) recognized during the reporting period on equity securities still held at the reporting date $ (6,210) $ - $ (6,243) $ 53 For the Three Months Ended For the Nine Months Ended September 30, 2021 September 30, 2021 Gross Realized Gains Gross Realized Losses Net Realized Gain Gross Realized Gains Gross Realized Losses Net Realized Gain (Dollars in thousands) Available-for-sale securities $ 1,125 $ 79 $ 1,046 $ 1,151 $ 108 $ 1,043 For the Three Months Ended For the Nine Months Ended September 30, 2020 September 30, 2020 Gross Realized Gains Gross Realized Losses Net Realized Gain Gross Realized Gains (1) Gross Realized Losses Net Realized Gain (Dollars in thousands) Available-for-sale securities $ 1,025 $ 13 $ 1,012 $ 1,785 $ 60 $ 1,725 |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses ("ALLL") | 9 Months Ended |
Sep. 30, 2021 | |
Loans and Allowance for Loan Losses ("ALLL") [Abstract] | |
Loans and Allowance for Loan Losses ("ALLL") | Note 4: Categories of loans at September 30, 2021 and December 31, 2020 include: Allowance for Loan Losses The ALLL is established management believes the loan balance is not collectible. Subsequent recoveries, if any, are credited to the allowance. The ALLL is evaluated the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying conditions. This evaluation is inherently subjective as it requires estimates that are susceptible The ALLL consists impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying loan. The general component covers all loans on accrual and is based on historical charge-off experience and expected loss rating process and loan categories. Other adjustments may be made to the allowance for pools of loans after an assessment of internal or external influences not fully reflected in the historical loss or risk rating data. The Company evaluates the loan risk grading system definitions, portfolio segment definitions and segmentation, and ALLL The following tables summarize the activity in the ALLL portfolio segment does not preclude its availability to absorb losses in other segments: Credit Risk Profile The Company analyzes its loan portfolio based on internal rating categories (grades 1 - 8), portfolio segmentation and payment activity. These develop the associated ALLL. Loan Grades Pass (risk rating 1-4) financial condition or the credit is currently protected with sales trends remaining flat or declining. Most ratios compare favorably with industry policies. Debt is programmed and timely repayment is expected. Special Mention (risk rating 5) sheet that has not reached a point where repayment is jeopardized. Credits are currently protected but, if left uncorrected, the potential deterioration of the repayment prospects for the credit or in the Company’s credit or lien position at a future date. expose the Company to enough risk to warrant adverse classification. Substandard (risk rating 6) protected by the current worth and paying capacity of the obligor or of the collateral pledged. deficiencies are not corrected. Loss potential, while existing in the aggregate amount of substandard assets, does not have to exist substandard. Substandard loans include both performing and nonperforming loans and are broken out in the table below. Doubtful (risk rating 7) - The category includes borrowers that exhibit weaknesses inherent in a substandard credit and collection or liquidation in full highly questionable or improbable based on existing facts, conditions and values. Because of reasonably specific pending factors, which may work to the advantage and strengthening of the assets, classification as a loss is deferred until its more exact Loss (risk rating 8) - Credits which are considered uncollectible or of such little value that their continuance as a bankable asset is not warranted. Commercial primarily from the cash flow of a borrower’s principal business operation. Credit risk is driven by creditworthiness of a borrower and the economic conditions that impact the cash flow stability from business operations. Energy acquisitions. The loans are repaid primarily from the conversion of crude oil and natural gas to cash. Credit risk is driven by creditworthiness economic conditions that impact the cash flow stability from business operations. Energy loans are typically collateralized Commercial Real Estate successful operations of the property securing the loan or the business conducted on the property securing the loan. These secondarily as loans secured by real estate. Credit risk may be impacted by the creditworthiness of a borrower, property values and the local economies borrower’s market areas. Construction and Land Development include independent appraisal reviews and a financial analysis of the developers and property owners. Sources of repayment include developed property or an interim loan commitment from the Company until permanent financing is obtained. due to their ultimate repayment being sensitive to interest rate changes, general economic conditions and the availability of long-term impacted by the creditworthiness of a borrower, property values and the local economies in the borrower’s Residential and Multifamily Real Estate - The category includes loans that are generally secured by owner-occupied 1-4 family residences properties. Repayment of these loans is primarily dependent on the personal income and credit rating of the borrowers or underlying tenants. can be impacted by economic conditions within or outside the borrower’s market areas that might impact either property values, a borrower’s personal income, or residents’ income. PPP - The category includes loans that were established by the CARES COVID-19 pandemic. The loans are 100 percent guaranteed by the SBA approval. Consumer - The category includes revolving lines of credit and various term loans such as automobile primarily dependent on the personal income and credit rating of the borrowers. Credit risk is driven by consumer economic factors (such as unemployment and general economic conditions in the borrower’s market area) and the creditworthiness of a borrower. The following tables present the credit risk profile of the Company’s loan portfolio based on internal rating categories (grades 1 - 8), portfolio segmentation, and payment activity: Loan Portfolio Aging Analysis The following tables present the Company’s loan portfolio aging analysis as of September 30, 2021 and December 31, 2020: Impaired Loans A loan is considered impaired, in accordance Company will be unable to collect all amounts due from the borrower in accordance with the contractual terms of the loan. Impaired loans include loans modified in troubled debt restructurings where concessions have been granted to borrowers experiencing financial difficulties. collection. Groups of loans with similar risk characteristics are collectively evaluated for impairment based on the group’s historical conditions and other relevant factors that affect repayment of the loans. The following tables formerly restructured loans, for the periods ended September 30, 2021 and December 31, 2020: The table below shows interest income recognized during the three- and nine-month periods ended September 30, 2021 and 2020 for impaired loans, and formerly restructured loans, held at the end of each period: The table below shows the three- and nine-month average balance of impaired loans for the periods ended September including all restructured and formerly restructured loans, held at the end of each period: Non-accrual Loans Non-accrual loans are loans for which the Company does not record interest income. The accrual of unless the credit is well secured and in process of collection. Past due status is based on contractual terms an earlier date, if collection of principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on non-accrual or charged off are reversed against interest income. on the cash basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal brought current and future payments are reasonably assured. The following table presents the Company’s non-accrual December 31, 2020: Troubled Debt Restructurings Restructured loans are those extended to borrowers who are experiencing financial difficulty and who have been granted a concession, excluding of the COVID-19 pandemic. The modification of terms typically includes the extension of maturity, reduction or deferment of monthly rate. For the three- and nine-month periods ended September 30, 2021 and 2020, the modifications related to the TDRs below did not impact previously impaired and evaluated on an individual basis or enough collateral was obtained. The table below presents loans restructured, excluding loans restructured as a result of the COVID-19 pandemic, during the three- and nine-month September 30, 2021 and 2020, including the post-modification outstanding balance and the type of concession made: The balance of restructured loans, excluding loans restructured as a result of the COVID-19 pandemic, is provided below as of September In addition, the balance of those loans that are in default at any time during the past twelve months at September 30, 2021 and December The TDRs above had an allowance of $ 4 September 30, 2021 December 31, 2020 (Dollars in thousands) Commercial $ 1,305,536 $ 1,338,757 Energy 296,365 345,233 Commercial real estate 1,266,694 1,179,534 Construction and land development 585,134 563,144 Residential and multifamily real estate 620,877 680,932 Paycheck Protection Program (“PPP”) 109,465 292,230 Consumer 62,113 55,270 Gross loans 4,246,184 4,455,100 Less: Allowance for loan losses 64,152 75,295 Less: Net deferred loan fees and costs 13,067 13,203 Net loans $ 4,168,965 $ 4,366,602 Commercial Energy Commercial Real Estate Construction and Land Development Residential and Multifamily Real Estate PPP Consumer Total (Dollars in thousands) Three Months Ended September 30, 2021 Allowance for loan losses Beginning balance $ 28,433 $ 17,849 $ 19,181 $ 3,885 $ 5,826 $ - $ 319 $ 75,493 Provision (3,666) (4,798) (236) (694) (561) - (45) (10,000) Charge-offs (1,071) (503) - - - - (1) (1,575) Recoveries 225 - - - 5 - 4 234 Ending balance $ 23,921 $ 12,548 $ 18,945 $ 3,191 $ 5,270 $ - $ 277 $ 64,152 Commercial Energy Commercial Real Estate Construction and Land Development Residential and Multifamily Real Estate PPP Consumer Total (Dollars in thousands) Three Months Ended September 30, 2020 Allowance for loan losses Beginning balance $ 26,543 $ 17,372 $ 16,899 $ 5,019 $ 4,868 $ - $ 484 $ 71,185 Provision 7,439 2,168 908 (530) 882 - 8 10,875 Charge-offs (5,781) - - - (256) - - (6,037) Recoveries 2 - - - - - 10 12 Ending balance $ 28,203 $ 19,540 $ 17,807 $ 4,489 $ 5,494 $ - $ 502 $ 76,035 Commercial Energy Commercial Real Estate Construction and Land Development Residential and Multifamily Real Estate PPP Consumer Total (Dollars in thousands) Nine Months Ended September 30, 2021 Allowance for loan losses Beginning balance $ 24,693 $ 18,341 $ 22,354 $ 3,612 $ 5,842 $ - $ 453 $ 75,295 Provision 10,881 (5,290) (3,409) (421) (577) - (184) 1,000 Charge-offs (11,903) (503) - - - - (1) (12,407) Recoveries 250 - - - 5 - 9 264 Ending balance $ 23,921 $ 12,548 $ 18,945 $ 3,191 $ 5,270 $ - $ 277 $ 64,152 Commercial Energy Commercial Real Estate Construction and Land Development Residential and Multifamily Real Estate PPP Consumer Total (Dollars in thousands) Nine Months Ended September 30, 2020 Allowance for loan losses Beginning balance $ 35,864 $ 6,565 $ 8,085 $ 3,516 $ 2,546 $ - $ 320 $ 56,896 Provision 16,210 15,253 9,722 973 3,393 - 274 45,825 Charge-offs (23,946) (2,278) - - (445) - (104) (26,773) Recoveries 75 - - - - - 12 87 Ending balance $ 28,203 $ 19,540 $ 17,807 $ 4,489 $ 5,494 $ - $ 502 $ 76,035 Commercial Energy Commercial Real Estate Construction and Land Development Residential and Multifamily Real Estate PPP Consumer Total (Dollars in thousands) September 30, 2021 Period end allowance for loan losses allocated to: Individually evaluated for impairment $ 1,760 $ 2,624 $ 2,872 $ - $ - $ - $ - $ 7,256 Collectively evaluated for impairment $ 22,161 $ 9,924 $ 16,073 $ 3,191 $ 5,270 $ - $ 277 $ 56,896 Ending balance $ 23,921 $ 12,548 $ 18,945 $ 3,191 $ 5,270 $ - $ 277 $ 64,152 Allocated to loans: Individually evaluated for impairment $ 24,455 $ 25,503 $ 35,319 $ - $ 8,942 $ - $ 236 $ 94,455 Collectively evaluated for impairment $ 1,281,081 $ 270,862 $ 1,231,375 $ 585,134 $ 611,935 $ 109,465 $ 61,877 $ 4,151,729 Ending balance $ 1,305,536 $ 296,365 $ 1,266,694 $ 585,134 $ 620,877 $ 109,465 $ 62,113 $ 4,246,184 Commercial Energy Commercial Real Estate Construction and Land Development Residential and Multifamily Real Estate PPP Consumer Total (Dollars in thousands) December 31, 2020 Period end allowance for loan losses allocated to: Individually evaluated for impairment $ 1,115 $ 3,370 $ 5,048 $ - $ - $ - $ - $ 9,533 Collectively evaluated for impairment $ 23,578 $ 14,971 $ 17,306 $ 3,612 $ 5,842 $ - $ 453 $ 65,762 Ending balance $ 24,693 $ 18,341 $ 22,354 $ 3,612 $ 5,842 $ - $ 453 $ 75,295 Allocated to loans: Individually evaluated for impairment $ 44,678 $ 26,045 $ 44,318 $ - $ 6,329 $ - $ 244 $ 121,614 Collectively evaluated for impairment $ 1,294,079 $ 319,188 $ 1,135,216 $ 563,144 $ 674,603 $ 292,230 $ 55,026 $ 4,333,486 Ending balance $ 1,338,757 $ 345,233 $ 1,179,534 $ 563,144 $ 680,932 $ 292,230 $ 55,270 $ 4,455,100 Pass Special Mention Substandard Performing Substandard Nonperforming Doubtful Loss Total (Dollars in thousands) September 30, 2021 Commercial $ 1,230,682 $ 47,492 $ 20,907 $ 6,455 $ - $ - $ 1,305,536 Energy 133,551 116,495 20,887 22,348 3,084 - 296,365 Commercial real estate 1,119,569 109,639 27,221 10,265 - - 1,266,694 Construction and land development 585,134 - - - - - 585,134 Residential and multifamily real estate 607,588 546 6,984 5,759 - - 620,877 PPP 109,465 - - - - - 109,465 Consumer 61,826 51 - 236 - - 62,113 $ 3,847,815 $ 274,223 $ 75,999 $ 45,063 $ 3,084 $ - $ 4,246,184 Pass Special Mention Substandard Performing Substandard Nonperforming Doubtful Loss Total (Dollars in thousands) December 31, 2020 Commercial $ 1,182,519 $ 66,142 $ 63,407 $ 26,124 $ 565 $ - $ 1,338,757 Energy 145,598 90,134 83,574 22,177 3,750 - 345,233 Commercial real estate 1,035,056 67,710 57,680 19,088 - - 1,179,534 Construction and land development 561,871 125 1,148 - - - 563,144 Residential and multifamily real estate 672,327 305 5,199 3,101 - - 680,932 PPP 292,230 - - - - - 292,230 Consumer 55,026 - - 244 - - 55,270 $ 3,944,627 $ 224,416 $ 211,008 $ 70,734 $ 4,315 $ - $ 4,455,100 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Total Past Due Current Total Loans Receivable Loans >= 90 Days and Accruing (Dollars in thousands) September 30, 2021 Commercial $ 1,716 $ 12,700 $ 1,167 $ 15,583 $ 1,289,953 $ 1,305,536 $ 300 Energy 738 6,500 6,144 13,382 282,983 296,365 - Commercial real estate 398 15,328 - 15,726 1,250,968 1,266,694 - Construction and land development - - - - 585,134 585,134 - Residential and multifamily real estate 191 - 1,844 2,035 618,842 620,877 42 PPP - - - - 109,465 109,465 - Consumer 29 - - 29 62,084 62,113 - $ 3,072 $ 34,528 $ 9,155 $ 46,755 $ 4,199,429 $ 4,246,184 $ 342 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Total Past Due Current Total Loans Receivable Loans >= 90 Days and Accruing (Dollars in thousands) December 31, 2020 Commercial $ 8,497 $ 264 $ 11,236 $ 19,997 $ 1,318,760 $ 1,338,757 $ - Energy - - 7,173 7,173 338,060 345,233 372 Commercial real estate 63 7,677 4,825 12,565 1,166,969 1,179,534 - Construction and land development - - - - 563,144 563,144 - Residential and multifamily real estate 1,577 - 3,520 5,097 675,835 680,932 652 PPP - - - - 292,230 292,230 - Consumer - - - - 55,270 55,270 - $ 10,137 $ 7,941 $ 26,754 $ 44,832 $ 4,410,268 $ 4,455,100 $ 1,024 Recorded Balance Unpaid Principal Balance Specific Allowance (Dollars in thousands) September 30, 2021 Loans without a specific valuation Commercial $ 22,570 $ 22,651 $ - Energy 809 1,809 - Commercial real estate 9,398 10,982 - Construction and land development - - - Residential and multifamily real estate 8,942 9,198 - PPP - - - Consumer 236 236 - Loans with a specific valuation Commercial 1,885 14,069 1,760 Energy 24,694 32,289 2,624 Commercial real estate 25,921 25,921 2,872 Construction and land development - - - Residential and multifamily real estate - - - PPP - - - Consumer - - - Total Commercial 24,455 36,720 1,760 Energy 25,503 34,098 2,624 Commercial real estate 35,319 36,903 2,872 Construction and land development - - - Residential and multifamily real estate 8,942 9,198 - PPP - - - Consumer 236 236 - $ 94,455 $ 117,155 $ 7,256 Recorded Balance Unpaid Principal Balance Specific Allowance (Dollars in thousands) December 31, 2020 Loans without a specific valuation Commercial $ 36,111 $ 50,245 $ - Energy 3,864 6,677 - Commercial real estate 10,079 11,663 - Construction and land development - - - Residential and multifamily real estate 6,329 6,585 - PPP - - - Consumer 244 244 - Loans with a specific valuation Commercial 8,567 8,567 1,115 Energy 22,181 27,460 3,370 Commercial real estate 34,239 34,239 5,048 Construction and land development - - - Residential and multifamily real estate - - - PPP - - - Consumer - - - Total Commercial 44,678 58,812 1,115 Energy 26,045 34,137 3,370 Commercial real estate 44,318 45,902 5,048 Construction and land development - - - Residential and multifamily real estate 6,329 6,585 - PPP - - - Consumer 244 244 - $ 121,614 $ 145,680 $ 9,533 Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (Dollars in thousands) Commercial $ 307 $ 12 $ 930 $ 841 Energy 1 2 18 257 Commercial real estate 291 58 868 346 Construction and land development - - - - Residential and multifamily real estate 16 36 78 108 PPP - - - - Consumer - - - - Total interest income recognized $ 615 $ 108 $ 1,894 $ 1,552 Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (Dollars in thousands) Commercial $ 26,724 $ 45,482 $ 28,675 $ 49,538 Energy 26,298 21,396 26,863 23,220 Commercial real estate 35,488 17,937 35,856 18,132 Construction and land development - - - - Residential and multifamily real estate 6,021 6,419 5,505 6,304 PPP - - - - Consumer 238 248 240 253 Total average impaired loans $ 94,769 $ 91,482 $ 97,139 $ 97,447 September 30, 2021 December 31, 2020 (Dollars in thousands) Commercial $ 6,455 $ 26,691 Energy 25,432 25,927 Commercial real estate 10,265 19,088 Construction and land development - - Residential and multifamily real estate 5,759 3,101 PPP - - Consumer 236 244 Total non-accrual loans $ 48,147 $ 75,051 Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (Dollars in thousands) Commercial - Interest rate reduction $ 1,000 $ - $ 1,000 $ 3,171 Energy - Extension of maturity date - - - 2,340 Residential and multifamily real estate - Interest rate reduction 3,750 - 3,750 - - Payment deferral - - - 65 Total troubled debt restructurings $ 4,750 $ - $ 4,750 $ 5,576 September 30, 2021 December 31, 2020 Number of Loans Outstanding Balance Balance 90 days past due at any time during previous 12 months (1) Number of Loans Outstanding Balance Balance 90 days past due at any time during previous 12 months (1) (Dollars in thousands) Commercial 4 $ 19,395 $ 4,899 7 $ 22,759 $ 2,776 Energy 4 10,401 7,825 4 11,053 2,713 Commercial real estate 4 25,762 - 4 26,038 - Construction and land development 0 - - 0 - - Residential and multifamily real estate 2 6,933 89 2 3,245 - PPP 0 - - 0 - - Consumer 0 - - 0 - - Total troubled debt restructured loans 14 $ 62,491 $ 12,813 17 $ 63,095 $ 5,489 (1) Default is considered to mean 90 days or more past due as to interest or principal. |
Derivatives and Hedging
Derivatives and Hedging | 9 Months Ended |
Sep. 30, 2021 | |
Derivatives and Hedging [Abstract] | |
Derivatives and Hedging | Note 5: Derivatives not designated as hedges are not speculative and result from a service the Company provides to clients. Company executes interest rate swaps with customers to facilitate their respective risk management strategies. Those interest are simultaneously hedged by offsetting derivatives that the Company executes with a third party, such that the Company net risk exposure resulting from such transactions. hedge accounting requirements, changes in the fair value of both the customer derivatives and the offsetting derivatives are recognized directly in earnings. As of September 30, 2021 and December 31, 2020, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships: September 30, 2021 December 31, 2020 Product Number of Instruments Notional Amount Number of Instruments Notional Amount (Dollars in thousands) Back-to-back swaps 56 $ 573,304 56 $ 515,567 The table below presents the fair value of the Company’s derivative financial instruments and their classification on the Balance Sheet as of September 30, 2021 and December 31, 2020: Asset Derivatives Liability Derivatives Balance Sheet September 30, December 31, Balance Sheet September 30, December 31, Location 2021 2020 Location 2021 2020 (Dollars in thousands) Derivatives not designated as hedging instruments Interest rate products Other assets $ 15,424 $ 24,094 Other liabilities $ 15,628 $ 24,454 The effect of the Company’s derivative financial instruments that are not designated as hedging instruments are reported on the Consolidated Statements of Income as swap fee income, net, which includes swap fees earned upon origination and credit adjustments that represent the risk of a counterparty’s default. The effect of the Company’s derivative financial are reported on the Consolidated Statements of Cash Flows within “other assets” and “other liabilities”. |
Time Deposits and Borrowings
Time Deposits and Borrowings | 9 Months Ended |
Sep. 30, 2021 | |
Time Deposits and Borrowings [Abstract] | |
Time Deposits and Borrowings | Note 6: The scheduled maturities, excluding interest, of the Company’s borrowings at September 30, 2021 were as follows: September 30, 2021 Within One Year One to Two Years Two to Three Years Three to Four Years Four to Five Years After Five Years Total (Dollars in thousands) Time deposits $ 586,365 $ 83,090 $ 27,086 $ 187 $ 4,393 $ - $ 701,121 FHLB borrowings 21,500 35,000 - 5,100 - 215,000 276,600 Trust preferred securities (1) - - - - - 997 997 $ 607,865 $ 118,090 $ 27,086 $ 5,287 $ 4,393 $ 215,997 $ 978,718 (1) The contract value of the trust preferred securities is $ 2.6 |
Change in Accumulated Other Com
Change in Accumulated Other Comprehensive Income ("AOCI") | 9 Months Ended |
Sep. 30, 2021 | |
Change in Accumulated Other Comprehensive Income ("AOCI") [Abstract] | |
Change in Accumulated Other Comprehensive Income ("AOCI") | Note 7: Amounts reclassified from AOCI and the affected line items in the Consolidated month periods ended September 30, 2021 and 2020, were as follows: Three Months Ended Nine Months Ended September 30, September 30, Affected Line Item in the 2021 2020 2021 2020 Statements of Income (Dollars in thousands) Unrealized gains on available-for-sale securities $ 1,046 $ 1,012 $ 1,043 $ 1,725 Gain on sale of available-for-sale securities Less: tax benefit effect 256 248 255 422 Income tax benefit Net reclassified amount $ 790 $ 764 $ 788 $ 1,303 |
Regulatory Matters
Regulatory Matters | 9 Months Ended |
Sep. 30, 2021 | |
Regulatory Matters [Abstract] | |
Regulatory Matters | Note 8: 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 possibly additional discretionary that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Management believes that, as of September 30, 2021, the Company and the Bank met all capital adequacy requirements to which they are subject. The capital rules require the Company to maintain a 2.5% capital conservation buffer with respect to Common Equity capital, Tier I capital to risk-weighted assets, and total capital to risk-weighted assets, which is included Capital Required - Basel III” within the table below. A subject to limitations on capital distributions, including dividend payments and stock repurchases, as well as certain discretionary payments to executive officers. The Company’s and the Bank’s actual capital amounts and ratios as of September 30, 2021 and December 31, 2020 are presented in the following table: Actual Minimum Capital Required - Basel III Required to be Considered Well Capitalized Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) September 30, 2021 Total Capital to Risk-Weighted Assets Consolidated $ 694,816 13.9 % $ 525,431 10.5 % N/A Bank 663,787 13.3 525,157 10.5 $ 500,150 10.0 % Tier I Capital to Risk-Weighted Assets Consolidated 632,244 12.6 425,349 8.5 N/A N/A Bank 601,248 12.0 425,127 8.5 400,120 8.0 Common Equity Tier 1 to Risk-Weighted Consolidated 631,247 12.6 350,287 7.0 N/A Bank 601,248 12.0 350,105 7.0 325,097 6.5 Tier I Capital to Average Consolidated 632,244 11.8 214,865 4.0 N/A N/A Bank $ 601,248 11.2 % $ 214,943 4.0 % $ 268,679 5.0 % December 31, 2020 Total Capital to Risk-Weighted Assets Consolidated $ 656,806 13.1 % $ 527,486 10.5 % N/A N/A Bank 611,533 12.2 527,217 10.5 $ 502,111 10.0 % Tier I Capital to Risk-Weighted Assets Consolidated 593,865 11.8 427,012 8.5 N/A Bank 548,615 10.9 426,794 8.5 401,689 8.0 Common Equity Tier 1 to Risk-Weighted Consolidated 592,902 11.8 351,657 7.0 N/A N/A Bank 548,615 10.9 351,478 7.0 326,372 6.5 Tier I Capital to Average Consolidated 593,865 10.8 219,550 4.0 N/A Bank $ 548,615 10.0 % $ 219,441 4.0 % $ 274,302 5.0 % |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | Note 9: The Company issues stock-based compensation in the form of nonvested restricted stock and stock appreciation rights under the 2018 Omnibus Equity Incentive Plan (“Omnibus Plan”). The Omnibus Plan will expire on the tenth anniversary addition, the Company has an Employee Stock Purchase Plan that was reinstated during the third quarter of 2020. The aggregate of shares authorized for future issuance under the Omnibus Plan is 1,774,321 The table below summarizes the stock-based compensation for the three- and nine-month periods ended September 30, 2021 and 2020: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (Dollars in thousands) Stock appreciation rights $ 150 $ 250 $ 584 $ 744 Performance-based stock awards 75 79 337 175 Restricted stock units and awards 895 857 2,394 2,283 Employee stock purchase plan 29 21 58 21 Total stock-based compensation $ 1,149 $ 1,207 $ 3,373 $ 3,223 Performance-Based Stock Awards (“PBSAs”) The Company awards PBSAs to key officers of the Company. The performance-based shares typically cliff-vest at the end of three years shares issuable under each performance award is the product of the award target and the award payout percentage given the level of achievement. The award payout percentages by level of achievement range between 0 % of target and 150 % of target. During the nine-month period ended September 30, 2021, the Company granted 63,631 three year The following table summarizes the status of and changes in the performance-based awards: Performance-Based Awards Number of Shares Weighted-Average Grant Date Fair Value Unvested, January 1, 2021 231,631 $ 10.51 Granted 63,631 12.89 Incremental performance shares 2,424 10.00 Vested (77,426) 11.31 Forfeited - - Unvested, September 30, 2021 220,260 $ 10.90 Unrecognized stock-based compensation related to the performance awards issued through September 30, 2021 was $ 678 thousand and is expected to be recognized over 2.4 Restricted Stock Units (“RSUs”) and Restricted Stock Awards (“RSAs”) The Company issues RSUs and RSAs to provide incentives to key officers, employees, and nonemployee directors. typically granted annually as determined by the Compensation Committee. The service-based RSUs typically three years. The service-based RSAs typically cliff-vest after one year . The following table summarizes the status of and changes in the RSUs and RSAs: Restricted Stock Units and Awards Number of Shares Weighted-Average Grant Date Fair Value Unvested, January 1, 2021 369,217 $ 12.61 Granted 281,197 13.27 Vested (247,690) 11.91 Forfeited (22,646) 13.65 Unvested, September 30, 2021 380,078 $ 13.50 Unrecognized stock-based compensation related to the RSUs and RSAs issued through September 30, 2021 was $ 4 expected to be recognized over 1.9 |
Income Tax
Income Tax | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax [Abstract] | |
Income Tax | Note 10: An income tax expense reconciliation at the statutory rate to the Company’s actual income tax expense is shown below: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (Dollars in thousands) Computed at the statutory rate (21%) $ 5,598 $ 1,996 $ 12,693 $ 1,141 Increase (decrease) resulting from Tax-exempt income (828) (766) (2,830) (2,335) Nondeductible expenses 55 21 145 119 State income taxes 912 320 2,090 501 Equity based compensation (40) (15) (157) 24 Goodwill impairment - - - 1,553 Other adjustments (37) (58) (110) (75) Actual tax expense $ 5,660 $ 1,498 $ 11,831 $ 928 The tax effects of temporary differences related to deferred taxes shown on the Consolidated Balance Sheets are presented below: September 30, 2021 December 31, 2020 (Dollars in thousands) Deferred tax assets Allowance for loan losses $ 15,441 $ 18,124 Lease incentive 522 564 Unrecognized loss on equity investment 1,483 - Loan fees 3,145 3,178 Accrued expenses 2,022 2,128 Deferred compensation 2,244 2,474 State tax credit 1,536 2,621 Other 614 946 Total deferred tax asset 27,007 30,035 Deferred tax liability Net unrealized gain on securities available-for-sale (6,453) (9,531) FHLB stock basis (969) (1,209) Premises and equipment (2,739) (2,881) Other (1,187) (1,601) Total deferred tax liability (11,348) (15,222) Net deferred tax asset $ 15,659 $ 14,813 |
Disclosures about Fair Value of
Disclosures about Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Disclosures about Fair Value of Financial Instruments [Abstract] | |
Disclosures about Fair Value of Financial Instruments | Note 11: Fair value is the price 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. Fair value measurements must maximize the use of observable inputs and minimize the of unobservable inputs. There is a hierarchy of three levels of inputs that may be used to measure fair value: Level 1 Level 2 markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Recurring Measurements The following list presents the assets and liabilities recognized in the accompanying Consolidated Balance Sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2021 and December 31, 2020: Nonrecurring Measurements The following tables present assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2021 and December 31, 2020: Following is a description of the valuation methodologies and inputs used for assets measured at fair value on a nonrecurring basis and recognized in the accompanying Consolidated Balance Sheets. Collateral-dependent Impaired Loans, Net of ALLL The estimated fair value of collateral-dependent impaired loans is based on the appraised fair value of the collateral, less estimated cost to sell. Collateral-dependent impaired loans are classified within Level 3 of the fair value hierarchy. The Company considers the appraisal or evaluation as the starting point for determining fair value and then considers other factors and events in the environment that may affect the fair value. are obtained when the loan is determined to be collateral-dependent and subsequently as deemed necessary by the Office of the Chief Credit Officer. Appraisals are reviewed for accuracy and consistency by the Office of the Chief Credit Officer. list of approved appraisers maintained by management. The appraised values are reduced by discounts to consider lack and estimated cost to sell if repayment or satisfaction of the loan is dependent on the sale of the collateral. These discounts and are developed by the Office of the Chief Credit Officer by comparison to historical results. Equity securities The Company’s equity investments without readily determinable fair values are held at cost and are adjusted for observable transactions during the reporting period or if the security is determined to be impaired. The estimated fair value of the equity security was determined based on the marketability of the investment. The equity investment is classified as Level 3 due to the the observable prices. Foreclosed Assets Held-for-Sale The fair value of foreclosed assets-held-for-sale is based on the appraised fair value of the collateral, less estimated cost to sell. Unobservable (Level 3) Inputs The following tables present quantitative information about unobservable inputs used in nonrecurring Level 3 fair value measurements at September 30, 2021 and December 31, 2020: The following tables present the estimated fair values of the Company’s financial instruments at September 30, 2021 and December 31, 2020: Fair Value Description Valuation Hierarchy Level Where Fair Value Balance Can Be Found Available-for- Sale Securities Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available, then fair values are estimated by using quoted prices of securities with similar characteristics or independent asset pricing services and pricing models, the inputs of which are market-based or independently sourced market parameters, including, but not limited to, yield curves, interest rates, volatilities, prepayments, defaults, cumulative loss projections and cash flows. Level 2 Note 3: Securities Derivatives Fair value of the interest rate swaps is obtained from independent pricing services based on quoted market prices for similar derivative contracts. Level 2 Note 5: Derivatives and Hedging September 30, 2021 Fair Value Measurements Using Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) (Dollars in thousands) Collateral-dependent impaired loans $ 45,244 $ - $ - $ 45,244 Equity security $ 4,989 $ - $ - $ 4,989 Foreclosed assets held-for-sale $ 1,148 $ - $ - $ 1,148 December 31, 2020 Fair Value Measurements Using Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) (Dollars in thousands) Collateral-dependent impaired loans $ 55,454 $ - $ - $ 55,454 Foreclosed assets held-for-sale $ 2,347 $ - $ - $ 2,347 September 30, 2021 Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Average) (Dollars in thousands) $ Market comparable properties Marketability discount 7 % - 100 % Collateral-dependent impaired loans 45,244 ( 30 )% Market comparable transactions Marketability discount Equity security 4,989 ( 55 )% $ Market comparable properties Marketability discount Foreclosed assets held-for-sale 1,148 ( 10 )% December 31, 2020 Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Average) (Dollars in thousands) $ Market comparable properties Marketability discount 1 % - 98 % Collateral-dependent impaired loans 55,454 ( 24 )% $ Market comparable properties Marketability discount 7 % - 10 % Foreclosed assets held-for-sale 2,347 ( 9 )% September 30, 2021 Carrying Fair Value Measurements Amount Level 1 Level 2 Level 3 Total (Dollars in thousands) Financial Assets Cash and cash equivalents $ 316,722 $ 316,722 $ - $ - $ 316,722 Available-for-sale securities 708,106 - 708,106 - 708,106 Loans, net of allowance for loan losses 4,168,965 - - 4,154,406 4,154,406 Restricted equity securities 12,885 - - 12,885 12,885 Interest receivable 15,928 - 15,928 - 15,928 Equity securities 7,521 - 2,224 5,297 7,521 Derivative assets 15,424 - 15,424 - 15,424 $ 5,245,551 $ 316,722 $ 741,682 $ 4,172,588 $ 5,230,992 Financial Liabilities Deposits $ 4,436,597 $ 960,999 $ - $ 3,504,449 $ 4,465,448 Federal Home Loan Bank advances 276,600 - 285,876 - 285,876 Other borrowings 997 - 2,326 - 2,326 Interest payable 1,463 - 1,463 - 1,463 Derivative liabilities 15,628 - 15,628 - 15,628 $ 4,731,285 $ 960,999 $ 305,293 $ 3,504,449 $ 4,770,741 December 31, 2020 Carrying Fair Value Measurements Amount Level 1 Level 2 Level 3 Total (Dollars in thousands) Financial Assets Cash and cash equivalents $ 408,810 $ 408,810 $ - $ - $ 408,810 Available-for-sale securities 654,588 - 654,588 - 654,588 Loans, net of allowance for loan losses 4,366,602 - - 4,351,970 4,351,970 Restricted equity securities 15,543 - - 15,543 15,543 Interest receivable 17,236 - 17,236 - 17,236 Equity securities 13,436 - 2,247 11,189 13,436 Derivative assets 24,094 - 24,094 - 24,094 $ 5,500,309 $ 408,810 $ 698,165 $ 4,378,702 $ 5,485,677 Financial Liabilities Deposits $ 4,694,740 $ 718,459 $ - $ 4,015,792 $ 4,734,251 Federal funds purchased and repurchase agreements 2,306 - 2,306 - 2,306 Federal Home Loan Bank advances 293,100 - 309,020 - 309,020 Other borrowings 963 - 2,024 - 2,024 Interest payable 2,163 - 2,163 - 2,163 Derivative liabilities 24,454 - 24,454 - 24,454 $ 5,017,726 $ 718,459 $ 339,967 $ 4,015,792 $ 5,074,218 |
Commitments and Credit Risk
Commitments and Credit Risk | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Credit Risk | Note 12: Commitments The Company had the following commitments at September 30, 2021 and December 31, 2020: September 30, 2021 December 31, 2020 (Dollars in thousands) Commitments to originate loans $ 238,863 $ 99,596 Standby letters of credit 50,669 48,607 Lines of credit 1,423,363 1,423,038 Total $ 1,712,895 $ 1,571,241 |
Legal and Regulatory Proceeding
Legal and Regulatory Proceedings | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal and Regulatory Proceedings | Note 13: General Litigation The Company is subject to claims and lawsuits that arise primarily in the ordinary course of business. It is the opinion management the disposition or ultimate resolution of such claims and lawsuits will not have a material adverse effect on the consolidated financial position, results of operations and cash flows of the Company. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 14: On October 18, 2021, the Company announced that its Board of Directors adopted a new stock repurchase program. Under the repurchase program, the Company may repurchase Company common stock with up to $ 30 |
Nature of Operations and Summ_2
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Nature of Operations and Summary of Significant Accounting Policies [Abstract] | |
Organization and Nature of Operations | Organization and Nature of Operations CrossFirst Bankshares, Inc. (the “Company”) is a bank holding company whose principal activities are the ownership and management of its wholly-owned subsidiary, CrossFirst Bank (the “Bank”). In addition, the Bank has three CrossFirst Investments, Inc. (“CFI”) that holds investments in marketable securities, CFBSA CFBSA II, LLC that holds foreclosed assets. The Bank is primarily engaged in providing a full range of banking and financial services to individual and corporate customers through its branches in: (i) Leawood, Kansas; (ii) Wichita, Kansas; (iii) Kansas City, Missouri; (iv) Oklahoma City, Oklahoma; (v) Tulsa, Oklahoma; (vi) Dallas, Texas; (vii) Frisco, Texas; and (viii) Phoenix, |
Basis of Presentation | Basis of Presentation The Company’s accounting and reporting policies conform to accounting principles generally accepted in the United States (“GAAP”). The consolidated financial statements include the accounts of the Company, the Bank, CFI, CFBSA LLC. All significant intercompany accounts and transactions The consolidated interim financial statements are unaudited and certain information and footnote disclosures presented in accordance with GAAP have been condensed or omitted and should be read in conjunction with the Company’s statements and footnotes included in the Company’s Form 10-K”), filed with the Securities and Exchange Commission (the “SEC”) on February 26, 2021. necessary for the fair presentation of the financial position, results of operations, and cash flows of the Company and the disclosures made are adequate to make the interim financial information not misleading. The consolidated financial statements have been prepared in accordance with GAAP for interim financial information and the instructions to No significant changes in the accounting policies of the Company occurred since December 31, 2020, the most recent date financial statements were provided within the Company’s 2020 Form 10-K. Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period. |
Use of Estimates | Use of Estimates The Company identified accounting policies and estimates that, due to the difficult, subjective or complex judgments and assumptions inherent in those policies and estimates and the potential sensitivity of the Company’s financial judgments and assumptions, are critical to an understanding of the Company’s financial condition and results of results could differ from those estimates. In particular, the novel coronavirus (“COVID-19”) pandemic and resulting impacts to economic conditions, as well as adverse impacts to the Company’s operations, may impact future estimates. losses, deferred tax asset, and fair value of financial instruments are particularly susceptible to significant change. |
Cash Equivalents | Cash Equivalents The Company had $ 253 2021. The reserve required at September 30, 2021 was $ 0 . |
Coronavirus Aid, Relief, and Economic Security Act (CARES Act) | Coronavirus Aid, Relief, and Economic Security Act (“CARES The CARES Act gave financial institutions the right to elect modifications relating to COVID-19 that would otherwise be categorized as troubled debt restructurings (“TDRs”) from March 1, 2020, through December 31, 2020. On December 27, 2020, the Consolidated Appropriations the period during which the Company may suspend GAAP principles and regulatory determinations for loan modifications relating COVID-19 that would otherwise be categorized as TDRs through January 1, 2022. in the first quarter of 2020. |
Changes Affecting Comparability | Changes Affecting Comparability Beginning with the quarter ended March 31, 2021, the Company consolidated the “Goodwill and other intangible assets, “other assets” within the Consolidated Balance Sheets. The consolidation was due to the immateriality of the remaining intangible assets. The change had no impact on net income. For the quarter ended September 30, 2021, the Company broke out “unrealized gains (losses), net on equity securities” previously consolidated in “other non-interest income”. periods were made to conform to the current period presentation. The changes provided additional detail operations. The changes had no impact on net income. |
Emerging Growth Company (EGC) | Emerging Growth Company (“EGC”) The Company is currently an EGC. An EGC may take advantage of reduced other significant requirements that are otherwise generally applicable to public companies. Company elected to extend the transition period for complying with new or revised accounting standards affecting public companies. This means that the financial statements the Company files or furnishes will not be subject to all new or revised accounting standards generally applicable to public companies for the transition period for so long as the Company remains an EGC or until the Company affirmatively and irrevocably opts out of the extended transition period under the JOBS |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The following table provides information about Accounting Standard Updates (“ASUs”) the Company future: Standard Anticipated Date of Adoption Description Effect on Financial Statements or Other Significant Matters ASU 2016-13 Financial Instruments- Credit Losses If the Company maintains its EGC status, the Company is not required to implement this standard until January 2023. The Company expects to implement this standard on January 1, 2022. Requires an entity to utilize a new impairment model known as the current expected credit loss ("CECL") model to estimate its lifetime expected credit loss and record an allowance that, when deducted from amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. The Company established a committee to formulate and oversee the implementation process including selection, implementation and testing of third-party software. The Company began parallel processing with the existing allowance for loan losses model during the first quarter of 2019 recalibrating inputs as necessary. The Company is formulating changes to policies, procedures, disclosures and internal controls that will be necessary to transition to the new standard. A accuracy and reasonableness of the model in the fourth quarter of 2021. The Company plans to use a loss-rate ("cohort") method to estimate the expected allowance for credit losses ("ACL") for all loan pools. Upon adoption in 2022, a cumulative-effect adjustment for the change in the will be recognized in retained earnings. Based on our forecasted economic conditions and portfolio balances at September 30, 2021, the adoption of the standard could result in an overall cumulative-effect adjustment of up to a 5% change in the ACL, as compared to our current reserve levels. results include the adoption of a forecast based on several economic assumptions, including unemployment rates and management judgments. Adoption will not materially impact reporting for debt securities as the Company does not currently own held-to-maturity debt securities within the scope of ASU 2016-13. The actual impact could be significantly affected by the composition, characteristics, and quality of the underlying loan portfolio and economic assumptions at the time of adoption. The Company does not expect the adoption to have a significant impact on capital or capital ratios and will continue to evaluate the impact the adoption of ASU 2016-13 will have on the Company's consolidated financial statements. Standard Anticipated Date of Adoption Description Effect on Financial Statements or Other Significant Matters ASU 2016-02 Leases (Topic 842) The Company expects to implement this standard on January 1, 2022. Requires lessees and lessors to recognize lease assets and lease liabilities on the balance sheet and disclose key information about leasing arrangements. The update requires lessees and lessors to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach with the option to elect certain practical expedients. The update will also increase disclosures around leases, including qualitative and specific quantitative measures. The Company expects to apply the update as of the beginning of the period of adoption and the Company does not plan to restate comparative periods. The Company expects to elect certain optional practical expedients. The Company gathered all potential lease and embedded lease agreements and is evaluating the applicability and impact to the financial statements. The Company’s current operating leases relate primarily to four branch locations. Based on the current leases, the Company anticipates recognizing a lease liability and related right-to-use asset on its balance sheet, with an immaterial impact to its income statement compared to the current lease accounting model. However, the ultimate impact of the standard will depend on the Company's lease portfolio as of the adoption date. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings (Loss) Per Share, Basic and Diluted | Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (Dollars in thousands except per share data) Earnings per Share Net income available to common stockholders $ 21,000 $ 8,006 $ 48,612 $ 4,507 Weighted average common shares 50,990,113 52,136,286 51,368,957 52,104,372 Earnings per share $ 0.41 $ 0.15 $ 0.95 $ 0.09 Diluted Earnings per Share Net income available to common stockholders $ 21,000 $ 8,006 $ 48,612 $ 4,507 Weighted average common shares 50,990,113 52,136,286 51,368,957 52,104,372 Effect of dilutive shares 615,608 423,840 699,257 463,219 Weighted average dilutive common shares 51,605,721 52,560,126 52,068,214 52,567,591 Diluted earnings per share $ 0.41 $ 0.15 $ 0.93 $ 0.09 Stock-based awards not included because to do so would be antidilutive 587,200 1,214,433 657,887 1,053,393 |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Securities [Abstract] | |
Schedule of Available-for-sale Securities Reconciliation | The amortized cost and approximate fair values, together with gross unrealized gains and losses, of period end available-for-sale securities consisted of the following: September 30, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Approximate Fair Value (Dollars in thousands) Available-for-sale securities Mortgage-backed - GSE residential $ 132,059 $ 2,326 $ 1,421 $ 132,964 Collateralized mortgage obligations - GSE residential 22,122 498 16 22,604 State and political subdivisions 523,324 27,922 2,968 548,278 Corporate bonds 4,242 85 67 4,260 Total available-for-sale securities $ 681,747 $ 30,831 $ 4,472 $ 708,106 December 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Approximate Fair Value (Dollars in thousands) Available-for-sale securities Mortgage-backed - GSE residential $ 104,839 $ 4,277 $ - $ 109,116 Collateralized mortgage obligations - GSE residential 52,070 984 42 53,012 State and political subdivisions 454,486 33,642 31 488,097 Corporate bonds 4,259 104 - 4,363 Total available-for-sale securities $ 615,654 $ 39,007 $ 73 $ 654,588 |
Investments Classified by Contractual Maturity Date | The amortized cost and fair value of available-for-sale securities at September 30, 2021, by contractual maturity, are shown below: September 30, 2021 Within After One to After Five to After One Year Five Years Ten Years Ten Years Total (Dollars in thousands) Available-for-sale securities Mortgage-backed - GSE residential (1) Amortized cost $ - $ 40 $ 148 $ 131,871 $ 132,059 Estimated fair value $ - $ 41 $ 159 $ 132,764 $ 132,964 Weighted average yield (2) 0.00 % 4.68 % 3.96 % 1.60 % 1.60 % Collateralized mortgage obligations - GSE residential (1) Amortized cost $ - $ - $ 2,438 $ 19,684 $ 22,122 Estimated fair value $ - $ - $ 2,608 $ 19,996 $ 22,604 Weighted average yield (2) 0.00 % 0.00 % 2.77 % 1.16 % 1.34 % State and political subdivisions Amortized cost $ 522 $ 6,115 $ 78,231 $ 438,456 $ 523,324 Estimated fair value $ 524 $ 6,319 $ 84,402 $ 457,033 $ 548,278 Weighted average yield (2) 3.25 % 3.88 % 3.35 % 2.76 % 2.86 % Corporate bonds Amortized cost $ - $ 355 $ 3,887 $ - $ 4,242 Estimated fair value $ - $ 360 $ 3,900 $ - $ 4,260 Weighted average yield (2) 0.00 % 4.22 % 4.54 % 0.00 % 4.52 % Total available-for-sale securities Amortized cost $ 522 $ 6,510 $ 84,704 $ 590,011 $ 681,747 Estimated fair value $ 524 $ 6,720 $ 91,069 $ 609,793 $ 708,106 Weighted average yield (2) 3.25 % 3.90 % 3.39 % 2.44 % 2.58 % (1) without prepayment penalties. (2) Yields are calculated based on amortized cost. |
Schedule of Unrealized Loss on Investments | The following tables show the number of securities, unrealized loss, and fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired (“OTTI”), aggregated by investment class and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2021 and December 31, 2020: September 30, 2021 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities (Dollars in thousands) Available-for-sale securities Mortgage-backed - GSE residential $ 70,590 $ 1,421 15 $ - $ - - $ 70,590 $ 1,421 15 Collateralized mortgage obligations - GSE residential 1,561 15 3 161 1 1 1,722 16 4 State and political subdivisions 99,890 2,964 62 1,101 4 3 100,991 2,968 65 Corporate bonds 3,433 67 1 - - - 3,433 67 1 Total temporarily impaired securities $ 175,474 $ 4,467 81 $ 1,262 $ 5 4 $ 176,736 $ 4,472 85 December 31, 2020 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities (Dollars in thousands) Available-for-sale securities Mortgage-backed - GSE residential $ - $ - - $ - $ - - $ - $ - - Collateralized mortgage obligations - GSE residential 9,933 42 5 - - - 9,933 42 5 State and political subdivisions 8,525 31 8 25 - 1 8,550 31 9 Corporate bonds - - - - - - - - - Total temporarily impaired securities $ 18,458 $ 73 13 $ 25 $ - 1 $ 18,483 $ 73 14 |
Available-for-sale, Net Realized Gain | The following tables show the gross gains and losses on securities that matured or were sold: For the Three Months Ended For the Nine Months Ended September 30, 2021 September 30, 2021 Gross Realized Gains Gross Realized Losses Net Realized Gain Gross Realized Gains Gross Realized Losses Net Realized Gain (Dollars in thousands) Available-for-sale securities $ 1,125 $ 79 $ 1,046 $ 1,151 $ 108 $ 1,043 For the Three Months Ended For the Nine Months Ended September 30, 2020 September 30, 2020 Gross Realized Gains Gross Realized Losses Net Realized Gain Gross Realized Gains (1) Gross Realized Losses Net Realized Gain (Dollars in thousands) Available-for-sale securities $ 1,025 $ 13 $ 1,012 $ 1,785 $ 60 $ 1,725 (1) The gross gains for the nine-months ended September 30, 2020, included $ 75 municipal security that was settled in 2020. |
Gain (Loss) on Securities | The following is a summary of the unrealized and realized gains and losses recognized in net income on equity securities: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (Dollars in thousands) Net gains (losses) recognized during the reporting period on equity securities $ (6,210) $ - $ (6,243) $ 53 Less: net gains recognized during the reporting period on equity securities sold during the reporting period - - - - Unrealized gain (losses) recognized during the reporting period on equity securities still held at the reporting date $ (6,210) $ - $ (6,243) $ 53 |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses ("ALLL") (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Loans and Allowance for Loan Losses ("ALLL") [Abstract] | |
Category of Loans | September 30, 2021 December 31, 2020 (Dollars in thousands) Commercial $ 1,305,536 $ 1,338,757 Energy 296,365 345,233 Commercial real estate 1,266,694 1,179,534 Construction and land development 585,134 563,144 Residential and multifamily real estate 620,877 680,932 Paycheck Protection Program (“PPP”) 109,465 292,230 Consumer 62,113 55,270 Gross loans 4,246,184 4,455,100 Less: Allowance for loan losses 64,152 75,295 Less: Net deferred loan fees and costs 13,067 13,203 Net loans $ 4,168,965 $ 4,366,602 |
Loans, Allowance for Loan Loss | Commercial Energy Commercial Real Estate Construction and Land Development Residential and Multifamily Real Estate PPP Consumer Total (Dollars in thousands) Three Months Ended September 30, 2021 Allowance for loan losses Beginning balance $ 28,433 $ 17,849 $ 19,181 $ 3,885 $ 5,826 $ - $ 319 $ 75,493 Provision (3,666) (4,798) (236) (694) (561) - (45) (10,000) Charge-offs (1,071) (503) - - - - (1) (1,575) Recoveries 225 - - - 5 - 4 234 Ending balance $ 23,921 $ 12,548 $ 18,945 $ 3,191 $ 5,270 $ - $ 277 $ 64,152 Commercial Energy Commercial Real Estate Construction and Land Development Residential and Multifamily Real Estate PPP Consumer Total (Dollars in thousands) Three Months Ended September 30, 2020 Allowance for loan losses Beginning balance $ 26,543 $ 17,372 $ 16,899 $ 5,019 $ 4,868 $ - $ 484 $ 71,185 Provision 7,439 2,168 908 (530) 882 - 8 10,875 Charge-offs (5,781) - - - (256) - - (6,037) Recoveries 2 - - - - - 10 12 Ending balance $ 28,203 $ 19,540 $ 17,807 $ 4,489 $ 5,494 $ - $ 502 $ 76,035 Commercial Energy Commercial Real Estate Construction and Land Development Residential and Multifamily Real Estate PPP Consumer Total (Dollars in thousands) Nine Months Ended September 30, 2021 Allowance for loan losses Beginning balance $ 24,693 $ 18,341 $ 22,354 $ 3,612 $ 5,842 $ - $ 453 $ 75,295 Provision 10,881 (5,290) (3,409) (421) (577) - (184) 1,000 Charge-offs (11,903) (503) - - - - (1) (12,407) Recoveries 250 - - - 5 - 9 264 Ending balance $ 23,921 $ 12,548 $ 18,945 $ 3,191 $ 5,270 $ - $ 277 $ 64,152 Commercial Energy Commercial Real Estate Construction and Land Development Residential and Multifamily Real Estate PPP Consumer Total (Dollars in thousands) Nine Months Ended September 30, 2020 Allowance for loan losses Beginning balance $ 35,864 $ 6,565 $ 8,085 $ 3,516 $ 2,546 $ - $ 320 $ 56,896 Provision 16,210 15,253 9,722 973 3,393 - 274 45,825 Charge-offs (23,946) (2,278) - - (445) - (104) (26,773) Recoveries 75 - - - - - 12 87 Ending balance $ 28,203 $ 19,540 $ 17,807 $ 4,489 $ 5,494 $ - $ 502 $ 76,035 Commercial Energy Commercial Real Estate Construction and Land Development Residential and Multifamily Real Estate PPP Consumer Total (Dollars in thousands) September 30, 2021 Period end allowance for loan losses allocated to: Individually evaluated for impairment $ 1,760 $ 2,624 $ 2,872 $ - $ - $ - $ - $ 7,256 Collectively evaluated for impairment $ 22,161 $ 9,924 $ 16,073 $ 3,191 $ 5,270 $ - $ 277 $ 56,896 Ending balance $ 23,921 $ 12,548 $ 18,945 $ 3,191 $ 5,270 $ - $ 277 $ 64,152 Allocated to loans: Individually evaluated for impairment $ 24,455 $ 25,503 $ 35,319 $ - $ 8,942 $ - $ 236 $ 94,455 Collectively evaluated for impairment $ 1,281,081 $ 270,862 $ 1,231,375 $ 585,134 $ 611,935 $ 109,465 $ 61,877 $ 4,151,729 Ending balance $ 1,305,536 $ 296,365 $ 1,266,694 $ 585,134 $ 620,877 $ 109,465 $ 62,113 $ 4,246,184 Commercial Energy Commercial Real Estate Construction and Land Development Residential and Multifamily Real Estate PPP Consumer Total (Dollars in thousands) December 31, 2020 Period end allowance for loan losses allocated to: Individually evaluated for impairment $ 1,115 $ 3,370 $ 5,048 $ - $ - $ - $ - $ 9,533 Collectively evaluated for impairment $ 23,578 $ 14,971 $ 17,306 $ 3,612 $ 5,842 $ - $ 453 $ 65,762 Ending balance $ 24,693 $ 18,341 $ 22,354 $ 3,612 $ 5,842 $ - $ 453 $ 75,295 Allocated to loans: Individually evaluated for impairment $ 44,678 $ 26,045 $ 44,318 $ - $ 6,329 $ - $ 244 $ 121,614 Collectively evaluated for impairment $ 1,294,079 $ 319,188 $ 1,135,216 $ 563,144 $ 674,603 $ 292,230 $ 55,026 $ 4,333,486 Ending balance $ 1,338,757 $ 345,233 $ 1,179,534 $ 563,144 $ 680,932 $ 292,230 $ 55,270 $ 4,455,100 |
Loans, Credit Quality Indicators | Pass Special Mention Substandard Performing Substandard Nonperforming Doubtful Loss Total (Dollars in thousands) September 30, 2021 Commercial $ 1,230,682 $ 47,492 $ 20,907 $ 6,455 $ - $ - $ 1,305,536 Energy 133,551 116,495 20,887 22,348 3,084 - 296,365 Commercial real estate 1,119,569 109,639 27,221 10,265 - - 1,266,694 Construction and land development 585,134 - - - - - 585,134 Residential and multifamily real estate 607,588 546 6,984 5,759 - - 620,877 PPP 109,465 - - - - - 109,465 Consumer 61,826 51 - 236 - - 62,113 $ 3,847,815 $ 274,223 $ 75,999 $ 45,063 $ 3,084 $ - $ 4,246,184 Pass Special Mention Substandard Performing Substandard Nonperforming Doubtful Loss Total (Dollars in thousands) December 31, 2020 Commercial $ 1,182,519 $ 66,142 $ 63,407 $ 26,124 $ 565 $ - $ 1,338,757 Energy 145,598 90,134 83,574 22,177 3,750 - 345,233 Commercial real estate 1,035,056 67,710 57,680 19,088 - - 1,179,534 Construction and land development 561,871 125 1,148 - - - 563,144 Residential and multifamily real estate 672,327 305 5,199 3,101 - - 680,932 PPP 292,230 - - - - - 292,230 Consumer 55,026 - - 244 - - 55,270 $ 3,944,627 $ 224,416 $ 211,008 $ 70,734 $ 4,315 $ - $ 4,455,100 |
Loans, Past Due | 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Total Past Due Current Total Loans Receivable Loans >= 90 Days and Accruing (Dollars in thousands) September 30, 2021 Commercial $ 1,716 $ 12,700 $ 1,167 $ 15,583 $ 1,289,953 $ 1,305,536 $ 300 Energy 738 6,500 6,144 13,382 282,983 296,365 - Commercial real estate 398 15,328 - 15,726 1,250,968 1,266,694 - Construction and land development - - - - 585,134 585,134 - Residential and multifamily real estate 191 - 1,844 2,035 618,842 620,877 42 PPP - - - - 109,465 109,465 - Consumer 29 - - 29 62,084 62,113 - $ 3,072 $ 34,528 $ 9,155 $ 46,755 $ 4,199,429 $ 4,246,184 $ 342 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Total Past Due Current Total Loans Receivable Loans >= 90 Days and Accruing (Dollars in thousands) December 31, 2020 Commercial $ 8,497 $ 264 $ 11,236 $ 19,997 $ 1,318,760 $ 1,338,757 $ - Energy - - 7,173 7,173 338,060 345,233 372 Commercial real estate 63 7,677 4,825 12,565 1,166,969 1,179,534 - Construction and land development - - - - 563,144 563,144 - Residential and multifamily real estate 1,577 - 3,520 5,097 675,835 680,932 652 PPP - - - - 292,230 292,230 - Consumer - - - - 55,270 55,270 - $ 10,137 $ 7,941 $ 26,754 $ 44,832 $ 4,410,268 $ 4,455,100 $ 1,024 |
Loans, Impaired | Recorded Balance Unpaid Principal Balance Specific Allowance (Dollars in thousands) September 30, 2021 Loans without a specific valuation Commercial $ 22,570 $ 22,651 $ - Energy 809 1,809 - Commercial real estate 9,398 10,982 - Construction and land development - - - Residential and multifamily real estate 8,942 9,198 - PPP - - - Consumer 236 236 - Loans with a specific valuation Commercial 1,885 14,069 1,760 Energy 24,694 32,289 2,624 Commercial real estate 25,921 25,921 2,872 Construction and land development - - - Residential and multifamily real estate - - - PPP - - - Consumer - - - Total Commercial 24,455 36,720 1,760 Energy 25,503 34,098 2,624 Commercial real estate 35,319 36,903 2,872 Construction and land development - - - Residential and multifamily real estate 8,942 9,198 - PPP - - - Consumer 236 236 - $ 94,455 $ 117,155 $ 7,256 Recorded Balance Unpaid Principal Balance Specific Allowance (Dollars in thousands) December 31, 2020 Loans without a specific valuation Commercial $ 36,111 $ 50,245 $ - Energy 3,864 6,677 - Commercial real estate 10,079 11,663 - Construction and land development - - - Residential and multifamily real estate 6,329 6,585 - PPP - - - Consumer 244 244 - Loans with a specific valuation Commercial 8,567 8,567 1,115 Energy 22,181 27,460 3,370 Commercial real estate 34,239 34,239 5,048 Construction and land development - - - Residential and multifamily real estate - - - PPP - - - Consumer - - - Total Commercial 44,678 58,812 1,115 Energy 26,045 34,137 3,370 Commercial real estate 44,318 45,902 5,048 Construction and land development - - - Residential and multifamily real estate 6,329 6,585 - PPP - - - Consumer 244 244 - $ 121,614 $ 145,680 $ 9,533 Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (Dollars in thousands) Commercial $ 307 $ 12 $ 930 $ 841 Energy 1 2 18 257 Commercial real estate 291 58 868 346 Construction and land development - - - - Residential and multifamily real estate 16 36 78 108 PPP - - - - Consumer - - - - Total interest income recognized $ 615 $ 108 $ 1,894 $ 1,552 Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (Dollars in thousands) Commercial $ 26,724 $ 45,482 $ 28,675 $ 49,538 Energy 26,298 21,396 26,863 23,220 Commercial real estate 35,488 17,937 35,856 18,132 Construction and land development - - - - Residential and multifamily real estate 6,021 6,419 5,505 6,304 PPP - - - - Consumer 238 248 240 253 Total average impaired loans $ 94,769 $ 91,482 $ 97,139 $ 97,447 |
Loans, Nonaccrual | September 30, 2021 December 31, 2020 (Dollars in thousands) Commercial $ 6,455 $ 26,691 Energy 25,432 25,927 Commercial real estate 10,265 19,088 Construction and land development - - Residential and multifamily real estate 5,759 3,101 PPP - - Consumer 236 244 Total non-accrual loans $ 48,147 $ 75,051 |
Loans, Troubled Debt Restructuring | Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (Dollars in thousands) Commercial - Interest rate reduction $ 1,000 $ - $ 1,000 $ 3,171 Energy - Extension of maturity date - - - 2,340 Residential and multifamily real estate - Interest rate reduction 3,750 - 3,750 - - Payment deferral - - - 65 Total troubled debt restructurings $ 4,750 $ - $ 4,750 $ 5,576 September 30, 2021 December 31, 2020 Number of Loans Outstanding Balance Balance 90 days past due at any time during previous 12 months (1) Number of Loans Outstanding Balance Balance 90 days past due at any time during previous 12 months (1) (Dollars in thousands) Commercial 4 $ 19,395 $ 4,899 7 $ 22,759 $ 2,776 Energy 4 10,401 7,825 4 11,053 2,713 Commercial real estate 4 25,762 - 4 26,038 - Construction and land development 0 - - 0 - - Residential and multifamily real estate 2 6,933 89 2 3,245 - PPP 0 - - 0 - - Consumer 0 - - 0 - - Total troubled debt restructured loans 14 $ 62,491 $ 12,813 17 $ 63,095 $ 5,489 (1) Default is considered to mean 90 days or more past due as to interest or principal. |
Derivatives and Hedging (Tables
Derivatives and Hedging (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivatives and Hedging [Abstract] | |
Schedule of Derivative Instruments | September 30, 2021 December 31, 2020 Product Number of Instruments Notional Amount Number of Instruments Notional Amount (Dollars in thousands) Back-to-back swaps 56 $ 573,304 56 $ 515,567 Asset Derivatives Liability Derivatives Balance Sheet September 30, December 31, Balance Sheet September 30, December 31, Location 2021 2020 Location 2021 2020 (Dollars in thousands) Derivatives not designated as hedging instruments Interest rate products Other assets $ 15,424 $ 24,094 Other liabilities $ 15,628 $ 24,454 |
Time Deposits and Borrowings (T
Time Deposits and Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Time Deposits and Borrowings [Abstract] | |
Schedule of Time Deposit Maturities and Borrowings | September 30, 2021 Within One Year One to Two Years Two to Three Years Three to Four Years Four to Five Years After Five Years Total (Dollars in thousands) Time deposits $ 586,365 $ 83,090 $ 27,086 $ 187 $ 4,393 $ - $ 701,121 FHLB borrowings 21,500 35,000 - 5,100 - 215,000 276,600 Trust preferred securities (1) - - - - - 997 997 $ 607,865 $ 118,090 $ 27,086 $ 5,287 $ 4,393 $ 215,997 $ 978,718 (1) The contract value of the trust preferred securities is $ 2.6 |
Change in Accumulated Other C_2
Change in Accumulated Other Comprehensive Income (AOCI) (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Change in Accumulated Other Comprehensive Income ("AOCI") [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | Amounts reclassified from AOCI and the affected line items in the Consolidated month periods ended September 30, 2021 and 2020, were as follows: Three Months Ended Nine Months Ended September 30, September 30, Affected Line Item in the 2021 2020 2021 2020 Statements of Income (Dollars in thousands) Unrealized gains on available-for-sale securities $ 1,046 $ 1,012 $ 1,043 $ 1,725 Gain on sale of available-for-sale securities Less: tax benefit effect 256 248 255 422 Income tax benefit Net reclassified amount $ 790 $ 764 $ 788 $ 1,303 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Regulatory Matters [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The Company’s and the Bank’s actual capital amounts and ratios as of September 30, 2021 and December 31, 2020 are presented in the following table: Actual Minimum Capital Required - Basel III Required to be Considered Well Capitalized Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) September 30, 2021 Total Capital to Risk-Weighted Assets Consolidated $ 694,816 13.9 % $ 525,431 10.5 % N/A Bank 663,787 13.3 525,157 10.5 $ 500,150 10.0 % Tier I Capital to Risk-Weighted Assets Consolidated 632,244 12.6 425,349 8.5 N/A N/A Bank 601,248 12.0 425,127 8.5 400,120 8.0 Common Equity Tier 1 to Risk-Weighted Consolidated 631,247 12.6 350,287 7.0 N/A Bank 601,248 12.0 350,105 7.0 325,097 6.5 Tier I Capital to Average Consolidated 632,244 11.8 214,865 4.0 N/A N/A Bank $ 601,248 11.2 % $ 214,943 4.0 % $ 268,679 5.0 % December 31, 2020 Total Capital to Risk-Weighted Assets Consolidated $ 656,806 13.1 % $ 527,486 10.5 % N/A N/A Bank 611,533 12.2 527,217 10.5 $ 502,111 10.0 % Tier I Capital to Risk-Weighted Assets Consolidated 593,865 11.8 427,012 8.5 N/A Bank 548,615 10.9 426,794 8.5 401,689 8.0 Common Equity Tier 1 to Risk-Weighted Consolidated 592,902 11.8 351,657 7.0 N/A N/A Bank 548,615 10.9 351,478 7.0 326,372 6.5 Tier I Capital to Average Consolidated 593,865 10.8 219,550 4.0 N/A Bank $ 548,615 10.0 % $ 219,441 4.0 % $ 274,302 5.0 % |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Stock-Based Compensation [Abstract] | |
Schedule of Stock-based Compensation | The table below summarizes the stock-based compensation for the three- and nine-month periods ended September 30, 2021 and 2020: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (Dollars in thousands) Stock appreciation rights $ 150 $ 250 $ 584 $ 744 Performance-based stock awards 75 79 337 175 Restricted stock units and awards 895 857 2,394 2,283 Employee stock purchase plan 29 21 58 21 Total stock-based compensation $ 1,149 $ 1,207 $ 3,373 $ 3,223 |
Summary of Status and Changes in Performance-Based Awards | The following table summarizes the status of and changes in the performance-based awards: Performance-Based Awards Number of Shares Weighted-Average Grant Date Fair Value Unvested, January 1, 2021 231,631 $ 10.51 Granted 63,631 12.89 Incremental performance shares 2,424 10.00 Vested (77,426) 11.31 Forfeited - - Unvested, September 30, 2021 220,260 $ 10.90 |
Summary of Status and Changes in RSUs and RSAs | The following table summarizes the status of and changes in the RSUs and RSAs: Restricted Stock Units and Awards Number of Shares Weighted-Average Grant Date Fair Value Unvested, January 1, 2021 369,217 $ 12.61 Granted 281,197 13.27 Vested (247,690) 11.91 Forfeited (22,646) 13.65 Unvested, September 30, 2021 380,078 $ 13.50 |
Income Tax (Tables)
Income Tax (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | An income tax expense reconciliation at the statutory rate to the Company’s actual income tax expense is shown below: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (Dollars in thousands) Computed at the statutory rate (21%) $ 5,598 $ 1,996 $ 12,693 $ 1,141 Increase (decrease) resulting from Tax-exempt income (828) (766) (2,830) (2,335) Nondeductible expenses 55 21 145 119 State income taxes 912 320 2,090 501 Equity based compensation (40) (15) (157) 24 Goodwill impairment - - - 1,553 Other adjustments (37) (58) (110) (75) Actual tax expense $ 5,660 $ 1,498 $ 11,831 $ 928 |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences related to deferred taxes shown on the Consolidated Balance Sheets are presented below: September 30, 2021 December 31, 2020 (Dollars in thousands) Deferred tax assets Allowance for loan losses $ 15,441 $ 18,124 Lease incentive 522 564 Unrecognized loss on equity investment 1,483 - Loan fees 3,145 3,178 Accrued expenses 2,022 2,128 Deferred compensation 2,244 2,474 State tax credit 1,536 2,621 Other 614 946 Total deferred tax asset 27,007 30,035 Deferred tax liability Net unrealized gain on securities available-for-sale (6,453) (9,531) FHLB stock basis (969) (1,209) Premises and equipment (2,739) (2,881) Other (1,187) (1,601) Total deferred tax liability (11,348) (15,222) Net deferred tax asset $ 15,659 $ 14,813 |
Disclosures about Fair Value _2
Disclosures about Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Disclosures about Fair Value of Financial Instruments [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following list presents the assets and liabilities recognized in the accompanying Consolidated Balance Sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2021 and December 31, 2020: Fair Value Description Valuation Hierarchy Level Where Fair Value Balance Can Be Found Available-for- Sale Securities Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available, then fair values are estimated by using quoted prices of securities with similar characteristics or independent asset pricing services and pricing models, the inputs of which are market-based or independently sourced market parameters, including, but not limited to, yield curves, interest rates, volatilities, prepayments, defaults, cumulative loss projections and cash flows. Level 2 Note 3: Securities Derivatives Fair value of the interest rate swaps is obtained from independent pricing services based on quoted market prices for similar derivative contracts. Level 2 Note 5: Derivatives and Hedging |
Fair Value Measurements, Nonrecurring | The following tables present assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2021 and December 31, 2020: September 30, 2021 Fair Value Measurements Using Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) (Dollars in thousands) Collateral-dependent impaired loans $ 45,244 $ - $ - $ 45,244 Equity security $ 4,989 $ - $ - $ 4,989 Foreclosed assets held-for-sale $ 1,148 $ - $ - $ 1,148 December 31, 2020 Fair Value Measurements Using Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) (Dollars in thousands) Collateral-dependent impaired loans $ 55,454 $ - $ - $ 55,454 Foreclosed assets held-for-sale $ 2,347 $ - $ - $ 2,347 |
Fair Value, Assets Measured on Nonrecurring Basis, Unobservable Input Reconciliation | The following tables present quantitative information about unobservable inputs used in nonrecurring Level 3 fair value measurements at September 30, 2021 and December 31, 2020: September 30, 2021 Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Average) (Dollars in thousands) $ Market comparable properties Marketability discount 7 % - 100 % Collateral-dependent impaired loans 45,244 ( 30 )% Market comparable transactions Marketability discount Equity security 4,989 ( 55 )% $ Market comparable properties Marketability discount Foreclosed assets held-for-sale 1,148 ( 10 )% December 31, 2020 Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Average) (Dollars in thousands) $ Market comparable properties Marketability discount 1 % - 98 % Collateral-dependent impaired loans 55,454 ( 24 )% $ Market comparable properties Marketability discount 7 % - 10 % Foreclosed assets held-for-sale 2,347 ( 9 )% |
Fair Value, by Balance Sheet Grouping | The following tables present the estimated fair values of the Company’s financial instruments at September 30, 2021 and December 31, 2020: September 30, 2021 Carrying Fair Value Measurements Amount Level 1 Level 2 Level 3 Total (Dollars in thousands) Financial Assets Cash and cash equivalents $ 316,722 $ 316,722 $ - $ - $ 316,722 Available-for-sale securities 708,106 - 708,106 - 708,106 Loans, net of allowance for loan losses 4,168,965 - - 4,154,406 4,154,406 Restricted equity securities 12,885 - - 12,885 12,885 Interest receivable 15,928 - 15,928 - 15,928 Equity securities 7,521 - 2,224 5,297 7,521 Derivative assets 15,424 - 15,424 - 15,424 $ 5,245,551 $ 316,722 $ 741,682 $ 4,172,588 $ 5,230,992 Financial Liabilities Deposits $ 4,436,597 $ 960,999 $ - $ 3,504,449 $ 4,465,448 Federal Home Loan Bank advances 276,600 - 285,876 - 285,876 Other borrowings 997 - 2,326 - 2,326 Interest payable 1,463 - 1,463 - 1,463 Derivative liabilities 15,628 - 15,628 - 15,628 $ 4,731,285 $ 960,999 $ 305,293 $ 3,504,449 $ 4,770,741 December 31, 2020 Carrying Fair Value Measurements Amount Level 1 Level 2 Level 3 Total (Dollars in thousands) Financial Assets Cash and cash equivalents $ 408,810 $ 408,810 $ - $ - $ 408,810 Available-for-sale securities 654,588 - 654,588 - 654,588 Loans, net of allowance for loan losses 4,366,602 - - 4,351,970 4,351,970 Restricted equity securities 15,543 - - 15,543 15,543 Interest receivable 17,236 - 17,236 - 17,236 Equity securities 13,436 - 2,247 11,189 13,436 Derivative assets 24,094 - 24,094 - 24,094 $ 5,500,309 $ 408,810 $ 698,165 $ 4,378,702 $ 5,485,677 Financial Liabilities Deposits $ 4,694,740 $ 718,459 $ - $ 4,015,792 $ 4,734,251 Federal funds purchased and repurchase agreements 2,306 - 2,306 - 2,306 Federal Home Loan Bank advances 293,100 - 309,020 - 309,020 Other borrowings 963 - 2,024 - 2,024 Interest payable 2,163 - 2,163 - 2,163 Derivative liabilities 24,454 - 24,454 - 24,454 $ 5,017,726 $ 718,459 $ 339,967 $ 4,015,792 $ 5,074,218 |
Commitments and Credit Risk (Ta
Commitments and Credit Risk (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Commitments | September 30, 2021 December 31, 2020 (Dollars in thousands) Commitments to originate loans $ 238,863 $ 99,596 Standby letters of credit 50,669 48,607 Lines of credit 1,423,363 1,423,038 Total $ 1,712,895 $ 1,571,241 |
Nature of Operations and Summ_3
Nature of Operations and Summary of Significant Accounting Policies (Details) | 3 Months Ended |
Sep. 30, 2021USD ($)Item | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Cash and cash equivalents held at the Federal Reserve Bank of Kansas City | $ 253,000,000 |
Required reserve | $ 0 |
Number of subsidiaries | Item | 3 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings per Share | ||||
Net income | $ 21,000 | $ 8,006 | $ 48,612 | $ 4,507 |
Net income available to common stockholders | $ 21,000 | $ 8,006 | $ 48,612 | $ 4,507 |
Weighted average common shares (in shares) | 50,990,113 | 52,136,286 | 51,368,957 | 52,104,372 |
Earnings per share (in dollars per share) | $ 0.41 | $ 0.15 | $ 0.95 | $ 0.09 |
Dilutive Earnings Per Share | ||||
Net income available to common stockholders | $ 21,000 | $ 8,006 | $ 48,612 | $ 4,507 |
Weighted average common shares (in shares) | 50,990,113 | 52,136,286 | 51,368,957 | 52,104,372 |
Effect of dilutive shares (in shares) | 615,608 | 423,840 | 699,257 | 463,219 |
Weighted average dilutive common shares (in shares) | 51,605,721 | 52,560,126 | 52,068,214 | 52,567,591 |
Diluted earnings per share (in dollars per share) | $ 0.41 | $ 0.15 | $ 0.93 | $ 0.09 |
Stock-based awards not included because to do so would be antidilutive (in shares) | 587,200 | 1,214,433 | 657,887 | 1,053,393 |
Securities - Amortized Cost and
Securities - Amortized Cost and Fair Value of Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Available-for-sale debt securities | ||
Total | $ 681,747 | $ 615,654 |
Gross Unrealized Gains | 30,831 | 39,007 |
Gross Unrealized Losses | 4,472 | 73 |
Approximate Fair Value | 708,106 | 654,588 |
Mortgage-backed - GSE residential | ||
Available-for-sale debt securities | ||
Total | 132,059 | 104,839 |
Gross Unrealized Gains | 2,326 | 4,277 |
Gross Unrealized Losses | 1,421 | 0 |
Approximate Fair Value | 132,964 | 109,116 |
Collateralized mortgage obligations - GSE residential | ||
Available-for-sale debt securities | ||
Total | 22,122 | 52,070 |
Gross Unrealized Gains | 498 | 984 |
Gross Unrealized Losses | 16 | 42 |
Approximate Fair Value | 22,604 | 53,012 |
State and political subdivisions | ||
Available-for-sale debt securities | ||
Total | 523,324 | 454,486 |
Gross Unrealized Gains | 27,922 | 33,642 |
Gross Unrealized Losses | 2,968 | 31 |
Approximate Fair Value | 548,278 | 488,097 |
Corporate bonds | ||
Available-for-sale debt securities | ||
Total | 4,242 | 4,259 |
Gross Unrealized Gains | 85 | 104 |
Gross Unrealized Losses | 67 | 0 |
Approximate Fair Value | 4,260 | $ 4,363 |
Mutual funds | ||
Equity Securities | ||
Approximate Fair Value | $ 2,000 |
Securities - Amortized Cost a_2
Securities - Amortized Cost and Fair Value by Maturity Date (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Amortized cost | ||
Within one year | $ 522 | |
After one to five years | 6,510 | |
After five to ten years | 84,704 | |
After ten years | 590,011 | |
Total | 681,747 | $ 615,654 |
Estimated fair value | ||
Within one year | 524 | |
After one to five years | 6,720 | |
After five to ten years | 91,069 | |
After ten years | 609,793 | |
Total | $ 708,106 | 654,588 |
Weighted average yield | ||
Within one year | 3.25% | |
After one to five years | 3.90% | |
After five to ten years | 3.39% | |
After ten years | 2.44% | |
Total | 2.58% | |
Mortgage-backed - GSE residential | ||
Amortized cost | ||
After one to five years | $ 40 | |
After five to ten years | 148 | |
After ten years | 131,871 | |
Total | 132,059 | 104,839 |
Estimated fair value | ||
After one to five years | 41 | |
After five to ten years | 159 | |
After ten years | 132,764 | |
Total | $ 132,964 | 109,116 |
Weighted average yield | ||
Within one year | 0.00% | |
After one to five years | 4.68% | |
After five to ten years | 3.96% | |
After ten years | 1.60% | |
Total | 1.60% | |
Collateralized mortgage obligations - GSE residential | ||
Amortized cost | ||
After five to ten years | $ 2,438 | |
After ten years | 19,684 | |
Total | 22,122 | 52,070 |
Estimated fair value | ||
After five to ten years | 2,608 | |
After ten years | 19,996 | |
Total | $ 22,604 | 53,012 |
Weighted average yield | ||
Within one year | 0.00% | |
After one to five years | 0.00% | |
After five to ten years | 2.77% | |
After ten years | 1.16% | |
Total | 1.34% | |
State and political subdivisions | ||
Amortized cost | ||
Within one year | $ 522 | |
After one to five years | 6,115 | |
After five to ten years | 78,231 | |
After ten years | 438,456 | |
Total | 523,324 | 454,486 |
Estimated fair value | ||
Within one year | 524 | |
After one to five years | 6,319 | |
After five to ten years | 84,402 | |
After ten years | 457,033 | |
Total | $ 548,278 | 488,097 |
Weighted average yield | ||
Within one year | 3.25% | |
After one to five years | 3.88% | |
After five to ten years | 3.35% | |
After ten years | 2.76% | |
Total | 2.86% | |
Corporate bonds | ||
Amortized cost | ||
After one to five years | $ 355 | |
After five to ten years | 3,887 | |
Total | 4,242 | 4,259 |
Estimated fair value | ||
After one to five years | 360 | |
After five to ten years | 3,900 | |
Total | $ 4,260 | $ 4,363 |
Weighted average yield | ||
Within one year | 0.00% | |
After one to five years | 4.22% | |
After five to ten years | 4.54% | |
After ten years | 0.00% | |
Total | 4.52% |
Securities - Unrealized Losses
Securities - Unrealized Losses (Details) $ in Thousands | Sep. 30, 2021USD ($)Securities | Dec. 31, 2020USD ($)Securities |
Less than 12 Months | ||
Fair Value | $ 175,474 | $ 18,458 |
Unrealized Losses | $ 4,467 | $ 73 |
Number of Securities | Securities | 81 | 13 |
12 Months or More | ||
Fair Value | $ 1,262 | $ 25 |
Unrealized Losses | $ 5 | $ 0 |
Number of Securities | Securities | 4 | 1 |
Total | ||
Fair Value | $ 176,736 | $ 18,483 |
Unrealized Losses | $ 4,472 | $ 73 |
Number of Securities | Securities | 85 | 14 |
Mortgage-backed - GSE residential | ||
Less than 12 Months | ||
Fair Value | $ 70,590 | $ 0 |
Unrealized Losses | $ 1,421 | $ 0 |
Number of Securities | Securities | 15 | 0 |
12 Months or More | ||
Fair Value | $ 0 | $ 0 |
Unrealized Losses | $ 0 | $ 0 |
Number of Securities | Securities | 0 | 0 |
Total | ||
Fair Value | $ 70,590 | $ 0 |
Unrealized Losses | $ 1,421 | $ 0 |
Number of Securities | Securities | 15 | 0 |
Collateralized mortgage obligations - GSE residential | ||
Less than 12 Months | ||
Fair Value | $ 1,561 | $ 9,933 |
Unrealized Losses | $ 15 | $ 42 |
Number of Securities | Securities | 3 | 5 |
12 Months or More | ||
Fair Value | $ 161 | $ 0 |
Unrealized Losses | $ 1 | $ 0 |
Number of Securities | Securities | 1 | 0 |
Total | ||
Fair Value | $ 1,722 | $ 9,933 |
Unrealized Losses | $ 16 | $ 42 |
Number of Securities | Securities | 4 | 5 |
State and political subdivisions | ||
Less than 12 Months | ||
Fair Value | $ 99,890 | $ 8,525 |
Unrealized Losses | $ 2,964 | $ 31 |
Number of Securities | Securities | 62 | 8 |
12 Months or More | ||
Fair Value | $ 1,101 | $ 25 |
Unrealized Losses | $ 4 | $ 0 |
Number of Securities | Securities | 3 | 1 |
Total | ||
Fair Value | $ 100,991 | $ 8,550 |
Unrealized Losses | $ 2,968 | $ 31 |
Number of Securities | Securities | 65 | 9 |
Corporate bonds | ||
Less than 12 Months | ||
Fair Value | $ 3,433 | $ 0 |
Unrealized Losses | $ 67 | $ 0 |
Number of Securities | Securities | 1 | 0 |
12 Months or More | ||
Fair Value | $ 0 | $ 0 |
Unrealized Losses | $ 0 | $ 0 |
Number of Securities | Securities | 0 | 0 |
Total | ||
Fair Value | $ 3,433 | $ 0 |
Unrealized Losses | $ 67 | $ 0 |
Number of Securities | Securities | 1 | 0 |
Securities - Available-for-sale
Securities - Available-for-sale, Net Realized Gain (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Securities [Abstract] | ||||
Gross Realized Gains | $ 1,125 | $ 1,025 | $ 1,151 | $ 1,785 |
Gross Realized Losses | 79 | 13 | 108 | 60 |
Net Realized Gain (Loss) | $ 1,046 | $ 1,012 | $ 1,043 | 1,725 |
Gross gains on available-for-sale- securities included an other-than-temporary impaired municipal security settled in 2020 | $ 75 |
Securities - Equity Securities
Securities - Equity Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Securities [Abstract] | ||||
Net gains (losses) recognized during the reporting period on equity securities | $ (6,210) | $ 0 | $ (6,243) | $ 53 |
Less: net gains recognized during the reporting period on equity securities sold during the reporting period | 0 | 0 | 0 | 0 |
Unrealized gain (losses) recognized during the reporting period on equity securities still held at the reporting date | $ (6,210) | $ 0 | $ (6,243) | $ 53 |
Securities - Narrative (Details
Securities - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Debt and Equity Securities, FV-NI [Line Items] | ||||
Unrealized gain (losses) recognized during the reporting period on equity securities still held at the reporting date | $ (6,210) | $ 0 | $ (6,243) | $ 53 |
Mutual Fund [Member] | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Equity securities | 2,000 | 2,000 | ||
Private Equity Funds [Member] | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Equity securities | 308 | 308 | ||
Private Equity Security [Member] | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Equity securities | 5 | 5 | ||
Equity securities received for satisfaction of debt | 11,000 | $ 11,000 | ||
Unrealized gain (losses) recognized during the reporting period on equity securities still held at the reporting date | $ 6,000 |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses ("ALLL") - Category of Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | $ 4,246,184 | $ 4,455,100 | ||||
Less: Allowance for loan losses | 64,152 | $ 75,493 | 75,295 | $ 76,035 | $ 71,185 | $ 56,896 |
Less: Net deferred loan fees and costs | 13,067 | 13,203 | ||||
Net loans | 4,168,965 | 4,366,602 | ||||
Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | 1,305,536 | 1,338,757 | ||||
Less: Allowance for loan losses | 23,921 | 28,433 | 24,693 | 28,203 | 26,543 | 35,864 |
Energy | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | 296,365 | 345,233 | ||||
Less: Allowance for loan losses | 12,548 | 17,849 | 18,341 | 19,540 | 17,372 | 6,565 |
Commercial real estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | 1,266,694 | 1,179,534 | ||||
Less: Allowance for loan losses | 18,945 | 19,181 | 22,354 | 17,807 | 16,899 | 8,085 |
Construction and land development | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | 585,134 | 563,144 | ||||
Less: Allowance for loan losses | 3,191 | 3,885 | 3,612 | 4,489 | 5,019 | 3,516 |
Residential real estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | 620,877 | 680,932 | ||||
Less: Allowance for loan losses | 5,270 | 5,826 | 5,842 | 5,494 | 4,868 | 2,546 |
Paycheck Protection Program ("PPP") | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | 109,465 | 292,230 | ||||
Less: Allowance for loan losses | 0 | 0 | 0 | 0 | 0 | 0 |
Consumer | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | 62,113 | 55,270 | ||||
Less: Allowance for loan losses | $ 277 | $ 319 | $ 453 | $ 502 | $ 484 | $ 320 |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses ("ALLL") - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Allowance for loan losses | |||||
Beginning balance | $ 75,493 | $ 71,185 | $ 75,295 | $ 56,896 | |
Provision charged to expense | (10,000) | 10,875 | 1,000 | 45,825 | |
Charge-offs | (1,575) | (6,037) | (12,407) | (26,773) | |
Recoveries | 234 | 12 | 264 | 87 | |
Ending balance | 64,152 | 76,035 | 64,152 | 76,035 | |
Period end allowance for loan losses allocated to: | |||||
Individually evaluated for impairment | 7,256 | 7,256 | $ 9,533 | ||
Collectively evaluated for impairment | 56,896 | 56,896 | 65,762 | ||
Allowance for loan losses | 64,152 | 76,035 | 64,152 | 76,035 | 75,295 |
Allocated to loans: | |||||
Individually evaluated for impairment | 94,455 | 94,455 | 121,614 | ||
Collectively evaluated for impairment | 4,151,729 | 4,151,729 | 4,333,486 | ||
Total Loans Receivable | 4,246,184 | 4,246,184 | 4,455,100 | ||
Commercial | |||||
Allowance for loan losses | |||||
Beginning balance | 28,433 | 26,543 | 24,693 | 35,864 | |
Provision charged to expense | (3,666) | 7,439 | 10,881 | 16,210 | |
Charge-offs | (1,071) | (5,781) | (11,903) | (23,946) | |
Recoveries | 225 | 2 | 250 | 75 | |
Ending balance | 23,921 | 28,203 | 23,921 | 28,203 | |
Period end allowance for loan losses allocated to: | |||||
Individually evaluated for impairment | 1,760 | 1,760 | 1,115 | ||
Collectively evaluated for impairment | 22,161 | 22,161 | 23,578 | ||
Allowance for loan losses | 23,921 | 28,203 | 23,921 | 28,203 | 24,693 |
Allocated to loans: | |||||
Individually evaluated for impairment | 24,455 | 24,455 | 44,678 | ||
Collectively evaluated for impairment | 1,281,081 | 1,281,081 | 1,294,079 | ||
Total Loans Receivable | 1,305,536 | 1,305,536 | 1,338,757 | ||
Energy | |||||
Allowance for loan losses | |||||
Beginning balance | 17,849 | 17,372 | 18,341 | 6,565 | |
Provision charged to expense | (4,798) | 2,168 | (5,290) | 15,253 | |
Charge-offs | (503) | 0 | (503) | (2,278) | |
Recoveries | 0 | 0 | 0 | 0 | |
Ending balance | 12,548 | 19,540 | 12,548 | 19,540 | |
Period end allowance for loan losses allocated to: | |||||
Individually evaluated for impairment | 2,624 | 2,624 | 3,370 | ||
Collectively evaluated for impairment | 9,924 | 9,924 | 14,971 | ||
Allowance for loan losses | 12,548 | 19,540 | 12,548 | 19,540 | 18,341 |
Allocated to loans: | |||||
Individually evaluated for impairment | 25,503 | 25,503 | 26,045 | ||
Collectively evaluated for impairment | 270,862 | 270,862 | 319,188 | ||
Total Loans Receivable | 296,365 | 296,365 | 345,233 | ||
Commercial real estate | |||||
Allowance for loan losses | |||||
Beginning balance | 19,181 | 16,899 | 22,354 | 8,085 | |
Provision charged to expense | (236) | 908 | (3,409) | 9,722 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Ending balance | 18,945 | 17,807 | 18,945 | 17,807 | |
Period end allowance for loan losses allocated to: | |||||
Individually evaluated for impairment | 2,872 | 2,872 | 5,048 | ||
Collectively evaluated for impairment | 16,073 | 16,073 | 17,306 | ||
Allowance for loan losses | 18,945 | 17,807 | 18,945 | 17,807 | 22,354 |
Allocated to loans: | |||||
Individually evaluated for impairment | 35,319 | 35,319 | 44,318 | ||
Collectively evaluated for impairment | 1,231,375 | 1,231,375 | 1,135,216 | ||
Total Loans Receivable | 1,266,694 | 1,266,694 | 1,179,534 | ||
Construction and land development | |||||
Allowance for loan losses | |||||
Beginning balance | 3,885 | 5,019 | 3,612 | 3,516 | |
Provision charged to expense | (694) | (530) | (421) | 973 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Ending balance | 3,191 | 4,489 | 3,191 | 4,489 | |
Period end allowance for loan losses allocated to: | |||||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 3,191 | 3,191 | 3,612 | ||
Allowance for loan losses | 3,191 | 4,489 | 3,191 | 4,489 | 3,612 |
Allocated to loans: | |||||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 585,134 | 585,134 | 563,144 | ||
Total Loans Receivable | 585,134 | 585,134 | 563,144 | ||
Residential real estate | |||||
Allowance for loan losses | |||||
Beginning balance | 5,826 | 4,868 | 5,842 | 2,546 | |
Provision charged to expense | (561) | 882 | (577) | 3,393 | |
Charge-offs | 0 | (256) | 0 | (445) | |
Recoveries | 5 | 0 | 5 | 0 | |
Ending balance | 5,270 | 5,494 | 5,270 | 5,494 | |
Period end allowance for loan losses allocated to: | |||||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 5,270 | 5,270 | 5,842 | ||
Allowance for loan losses | 5,270 | 5,494 | 5,270 | 5,494 | 5,842 |
Allocated to loans: | |||||
Individually evaluated for impairment | 8,942 | 8,942 | 6,329 | ||
Collectively evaluated for impairment | 611,935 | 611,935 | 674,603 | ||
Total Loans Receivable | 620,877 | 620,877 | 680,932 | ||
Paycheck Protection Program ("PPP") | |||||
Allowance for loan losses | |||||
Beginning balance | 0 | 0 | 0 | 0 | |
Provision charged to expense | 0 | 0 | 0 | 0 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Ending balance | 0 | 0 | 0 | 0 | |
Period end allowance for loan losses allocated to: | |||||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 0 | 0 | 0 | ||
Allowance for loan losses | 0 | 0 | 0 | 0 | 0 |
Allocated to loans: | |||||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 109,465 | 109,465 | 292,230 | ||
Total Loans Receivable | 109,465 | 109,465 | 292,230 | ||
Consumer | |||||
Allowance for loan losses | |||||
Beginning balance | 319 | 484 | 453 | 320 | |
Provision charged to expense | (45) | 8 | (184) | 274 | |
Charge-offs | (1) | 0 | (1) | (104) | |
Recoveries | 4 | 10 | 9 | 12 | |
Ending balance | 277 | 502 | 277 | 502 | |
Period end allowance for loan losses allocated to: | |||||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 277 | 277 | 453 | ||
Allowance for loan losses | 277 | $ 502 | 277 | $ 502 | 453 |
Allocated to loans: | |||||
Individually evaluated for impairment | 236 | 236 | 244 | ||
Collectively evaluated for impairment | 61,877 | 61,877 | 55,026 | ||
Total Loans Receivable | $ 62,113 | $ 62,113 | $ 55,270 |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses ("ALLL") - Internal Risk Ratings (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | $ 4,246,184 | $ 4,455,100 |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 3,847,815 | 3,944,627 |
Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 274,223 | 224,416 |
Substandard | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 75,999 | 211,008 |
Substandard | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 45,063 | 70,734 |
Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 3,084 | 4,315 |
Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,305,536 | 1,338,757 |
Commercial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,230,682 | 1,182,519 |
Commercial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 47,492 | 66,142 |
Commercial | Substandard | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 20,907 | 63,407 |
Commercial | Substandard | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 6,455 | 26,124 |
Commercial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 565 |
Commercial | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Energy | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 296,365 | 345,233 |
Energy | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 133,551 | 145,598 |
Energy | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 116,495 | 90,134 |
Energy | Substandard | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 20,887 | 83,574 |
Energy | Substandard | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 22,348 | 22,177 |
Energy | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 3,084 | 3,750 |
Energy | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,266,694 | 1,179,534 |
Commercial real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,119,569 | 1,035,056 |
Commercial real estate | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 109,639 | 67,710 |
Commercial real estate | Substandard | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 27,221 | 57,680 |
Commercial real estate | Substandard | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 10,265 | 19,088 |
Commercial real estate | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Commercial real estate | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Construction and land development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 585,134 | 563,144 |
Construction and land development | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 585,134 | 561,871 |
Construction and land development | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 125 |
Construction and land development | Substandard | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 1,148 |
Construction and land development | Substandard | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Construction and land development | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Construction and land development | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 620,877 | 680,932 |
Residential real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 607,588 | 672,327 |
Residential real estate | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 546 | 305 |
Residential real estate | Substandard | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 6,984 | 5,199 |
Residential real estate | Substandard | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 5,759 | 3,101 |
Residential real estate | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Residential real estate | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Paycheck Protection Program ("PPP") | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 109,465 | 292,230 |
Paycheck Protection Program ("PPP") | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 109,465 | 292,230 |
Paycheck Protection Program ("PPP") | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Paycheck Protection Program ("PPP") | Substandard | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Paycheck Protection Program ("PPP") | Substandard | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Paycheck Protection Program ("PPP") | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Paycheck Protection Program ("PPP") | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 62,113 | 55,270 |
Consumer | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 61,826 | 55,026 |
Consumer | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 51 | 0 |
Consumer | Substandard | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Consumer | Substandard | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 236 | 244 |
Consumer | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Consumer | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | $ 0 | $ 0 |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses ("ALLL") - Loan Aging Analysis (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | $ 46,755 | $ 44,832 |
Current | 4,199,429 | 4,410,268 |
Total Loans Receivable | 4,246,184 | 4,455,100 |
Loans >= 90 Days and Accruing | 342 | 1,024 |
30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 3,072 | 10,137 |
60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 34,528 | 7,941 |
90 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 9,155 | 26,754 |
Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 15,583 | 19,997 |
Current | 1,289,953 | 1,318,760 |
Total Loans Receivable | 1,305,536 | 1,338,757 |
Loans >= 90 Days and Accruing | 300 | 0 |
Commercial | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 1,716 | 8,497 |
Commercial | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 12,700 | 264 |
Commercial | 90 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 1,167 | 11,236 |
Energy | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 13,382 | 7,173 |
Current | 282,983 | 338,060 |
Total Loans Receivable | 296,365 | 345,233 |
Loans >= 90 Days and Accruing | 0 | 372 |
Energy | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 738 | 0 |
Energy | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 6,500 | 0 |
Energy | 90 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 6,144 | 7,173 |
Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 15,726 | 12,565 |
Current | 1,250,968 | 1,166,969 |
Total Loans Receivable | 1,266,694 | 1,179,534 |
Loans >= 90 Days and Accruing | 0 | 0 |
Commercial real estate | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 398 | 63 |
Commercial real estate | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 15,328 | 7,677 |
Commercial real estate | 90 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 0 | 4,825 |
Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Current | 585,134 | 563,144 |
Total Loans Receivable | 585,134 | 563,144 |
Loans >= 90 Days and Accruing | 0 | 0 |
Construction and land development | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Construction and land development | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Construction and land development | 90 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 2,035 | 5,097 |
Current | 618,842 | 675,835 |
Total Loans Receivable | 620,877 | 680,932 |
Loans >= 90 Days and Accruing | 42 | 652 |
Residential real estate | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 191 | 1,577 |
Residential real estate | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Residential real estate | 90 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 1,844 | 3,520 |
Paycheck Protection Program ("PPP") | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Current | 109,465 | 292,230 |
Total Loans Receivable | 109,465 | 292,230 |
Loans >= 90 Days and Accruing | 0 | 0 |
Paycheck Protection Program ("PPP") | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Paycheck Protection Program ("PPP") | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Paycheck Protection Program ("PPP") | 90 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 29 | 0 |
Current | 62,084 | 55,270 |
Total Loans Receivable | 62,113 | 55,270 |
Loans >= 90 Days and Accruing | 0 | 0 |
Consumer | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 29 | 0 |
Consumer | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Consumer | 90 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | $ 0 | $ 0 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses ("ALLL") - Impaired Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Recorded Balance | ||
Total | $ 94,455 | $ 121,614 |
Unpaid Principal Balance | ||
Total | 117,155 | 145,680 |
Specific Allowance | 7,256 | 9,533 |
Commercial | ||
Recorded Balance | ||
Loans without a specific valuation | 22,570 | 36,111 |
Loans with a specific valuation | 1,885 | 8,567 |
Total | 24,455 | 44,678 |
Unpaid Principal Balance | ||
Loans without a specific valuation | 22,651 | 50,245 |
Loans with a specific valuation | 14,069 | 8,567 |
Total | 36,720 | 58,812 |
Specific Allowance | 1,760 | 1,115 |
Energy | ||
Recorded Balance | ||
Loans without a specific valuation | 809 | 3,864 |
Loans with a specific valuation | 24,694 | 22,181 |
Total | 25,503 | 26,045 |
Unpaid Principal Balance | ||
Loans without a specific valuation | 1,809 | 6,677 |
Loans with a specific valuation | 32,289 | 27,460 |
Total | 34,098 | 34,137 |
Specific Allowance | 2,624 | 3,370 |
Commercial real estate | ||
Recorded Balance | ||
Loans without a specific valuation | 9,398 | 10,079 |
Loans with a specific valuation | 25,921 | 34,239 |
Total | 35,319 | 44,318 |
Unpaid Principal Balance | ||
Loans without a specific valuation | 10,982 | 11,663 |
Loans with a specific valuation | 25,921 | 34,239 |
Total | 36,903 | 45,902 |
Specific Allowance | 2,872 | 5,048 |
Construction and land development | ||
Recorded Balance | ||
Loans without a specific valuation | 0 | 0 |
Loans with a specific valuation | 0 | 0 |
Total | 0 | 0 |
Unpaid Principal Balance | ||
Loans without a specific valuation | 0 | 0 |
Loans with a specific valuation | 0 | 0 |
Total | 0 | 0 |
Specific Allowance | 0 | 0 |
Residential real estate | ||
Recorded Balance | ||
Loans without a specific valuation | 8,942 | 6,329 |
Loans with a specific valuation | 0 | 0 |
Total | 8,942 | 6,329 |
Unpaid Principal Balance | ||
Loans without a specific valuation | 9,198 | 6,585 |
Loans with a specific valuation | 0 | 0 |
Total | 9,198 | 6,585 |
Specific Allowance | 0 | 0 |
Paycheck Protection Program ("PPP") | ||
Recorded Balance | ||
Loans without a specific valuation | 0 | 0 |
Loans with a specific valuation | 0 | 0 |
Total | 0 | 0 |
Unpaid Principal Balance | ||
Loans without a specific valuation | 0 | 0 |
Loans with a specific valuation | 0 | 0 |
Total | 0 | 0 |
Specific Allowance | 0 | 0 |
Consumer | ||
Recorded Balance | ||
Loans without a specific valuation | 236 | 244 |
Loans with a specific valuation | 0 | 0 |
Total | 236 | 244 |
Unpaid Principal Balance | ||
Loans without a specific valuation | 236 | 244 |
Loans with a specific valuation | 0 | 0 |
Total | 236 | 244 |
Specific Allowance | $ 0 | $ 0 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses ("ALLL") - Impaired Loan Interest Income and Average Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Financing Receivable, Impaired [Line Items] | ||||
Total interest income recognized | $ 615 | $ 108 | $ 1,894 | $ 1,552 |
Total average impaired loans | 94,769 | 91,482 | 97,139 | 97,447 |
Commercial | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total interest income recognized | 307 | 12 | 930 | 841 |
Total average impaired loans | 26,724 | 45,482 | 28,675 | 49,538 |
Energy | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total interest income recognized | 1 | 2 | 18 | 257 |
Total average impaired loans | 26,298 | 21,396 | 26,863 | 23,220 |
Commercial real estate | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total interest income recognized | 291 | 58 | 868 | 346 |
Total average impaired loans | 35,488 | 17,937 | 35,856 | 18,132 |
Construction and land development | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total interest income recognized | 0 | 0 | 0 | 0 |
Total average impaired loans | 0 | 0 | 0 | 0 |
Residential real estate | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total interest income recognized | 16 | 36 | 78 | 108 |
Total average impaired loans | 6,021 | 6,419 | 5,505 | 6,304 |
Paycheck Protection Program ("PPP") | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total interest income recognized | 0 | 0 | 0 | 0 |
Total average impaired loans | 0 | 0 | 0 | 0 |
Consumer | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total interest income recognized | 0 | 0 | 0 | 0 |
Total average impaired loans | $ 238 | $ 248 | $ 240 | $ 253 |
Loans and Allowance for Loan _9
Loans and Allowance for Loan Losses ("ALLL") - Non-Accrual Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Nonaccrual [Line Items] | ||
Total non-accrual loans | $ 48,147 | $ 75,051 |
Commercial | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total non-accrual loans | 6,455 | 26,691 |
Energy | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total non-accrual loans | 25,432 | 25,927 |
Commercial real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total non-accrual loans | 10,265 | 19,088 |
Construction and land development | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total non-accrual loans | 0 | 0 |
Residential real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total non-accrual loans | 5,759 | 3,101 |
Paycheck Protection Program ("PPP") | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total non-accrual loans | 0 | 0 |
Consumer | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total non-accrual loans | $ 236 | $ 244 |
Loans and Allowance for Loan_10
Loans and Allowance for Loan Losses ("ALLL") - Troubled Debt Restructuring Loans (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)Item | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($)Item | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Total troubled debt restructurings | $ 4,750 | $ 0 | $ 4,750 | $ 5,576 | |
Number of Loans | Item | 14 | 17 | |||
Outstanding Balance | 62,491 | $ 62,491 | $ 63,095 | ||
Balance 90 days past due at any time during previous 12 months | 12,813 | 5,489 | |||
Increase in allowance for loan losses from loan restructuring | $ 4,000 | $ 4,000 | |||
Commercial | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Loans | Item | 4 | 7 | |||
Outstanding Balance | 19,395 | $ 19,395 | $ 22,759 | ||
Balance 90 days past due at any time during previous 12 months | $ 4,899 | $ 2,776 | |||
Energy | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Loans | Item | 4 | 4 | |||
Outstanding Balance | 10,401 | $ 10,401 | $ 11,053 | ||
Balance 90 days past due at any time during previous 12 months | $ 7,825 | $ 2,713 | |||
Commercial real estate | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Loans | Item | 4 | 4 | |||
Outstanding Balance | 25,762 | $ 25,762 | $ 26,038 | ||
Balance 90 days past due at any time during previous 12 months | $ 0 | $ 0 | |||
Construction and land development | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Loans | Item | 0 | 0 | |||
Outstanding Balance | 0 | $ 0 | $ 0 | ||
Balance 90 days past due at any time during previous 12 months | $ 0 | $ 0 | |||
Residential real estate | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Loans | Item | 2 | 2 | |||
Outstanding Balance | 6,933 | $ 6,933 | $ 3,245 | ||
Balance 90 days past due at any time during previous 12 months | $ 89 | $ 0 | |||
Paycheck Protection Program ("PPP") | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Loans | Item | 0 | 0 | |||
Outstanding Balance | 0 | $ 0 | $ 0 | ||
Balance 90 days past due at any time during previous 12 months | $ 0 | $ 0 | |||
Consumer | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Loans | Item | 0 | 0 | |||
Outstanding Balance | 0 | $ 0 | $ 0 | ||
Balance 90 days past due at any time during previous 12 months | 0 | $ 0 | |||
Interest Rate Reduction | Commercial | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Total troubled debt restructurings | 1,000 | 1,000 | 3,171 | ||
Interest Rate Reduction | Residential real estate | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Total troubled debt restructurings | $ 3,750 | $ 3,750 | |||
Extension of Maturity Date | Energy | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Total troubled debt restructurings | 2,340 | ||||
Payment Deferral | Residential real estate | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Total troubled debt restructurings | $ 65 |
Derivatives and Hedging - Outst
Derivatives and Hedging - Outstanding Derivatives (Details) - Back-to-back swaps - Not Designated as Hedging Instrument $ in Thousands | Sep. 30, 2021USD ($)Item | Dec. 31, 2020USD ($)Item |
Derivative [Line Items] | ||
Number of Instruments | Item | 56 | 56 |
Notional Amount | $ | $ 573,304 | $ 515,567 |
Derivatives and Hedging - Fair
Derivatives and Hedging - Fair Value of Derivatives (Details) - Not Designated as Hedging Instrument - Interest rate products - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Other assets | ||
Derivative [Line Items] | ||
Asset Derivatives | $ 15,424 | $ 24,094 |
Other liabilities | ||
Derivative [Line Items] | ||
Liability Derivatives | $ 15,628 | $ 24,454 |
Time Deposits and Borrowings (D
Time Deposits and Borrowings (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Time deposits | ||
Within One Year | $ 586,365 | |
One to Two Years | 83,090 | |
Two to Three Years | 27,086 | |
Three to Four Years | 187 | |
Four to Five Years | 4,393 | |
After Five Years | 0 | |
Total | 701,121 | $ 1,043,482 |
Fed funds purchased & repurchase agreements | 0 | 2,306 |
FHLB borrowings | ||
Within One Year | 21,500 | |
One to Two Years | 35,000 | |
Two to Three Years | 0 | |
Three to Four Years | 5,100 | |
Four to Five Years | 0 | |
After Five Years | 215,000 | |
Total | 276,600 | $ 293,100 |
Trust preferred securities | ||
Within One Year | 0 | |
One to Two Years | 0 | |
Two to Three Years | 0 | |
Three to Four Years | 0 | |
Four to Five Years | 0 | |
After Five Years | 997 | |
Total | 997 | |
Time Deposit Maturities And Borrowings, Fiscal Year Maturity [Abstract] | ||
Within One Year | 607,865 | |
One to Two Years | 118,090 | |
Two to Three Years | 27,086 | |
Three to Four Years | 5,287 | |
Four to Five Years | 4,393 | |
After Five Years | 215,997 | |
Total | 978,718 | |
Contract value | $ 2,600 |
Change in Accumulated Other C_3
Change in Accumulated Other Comprehensive Income ("AOCI") (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Gain on sale of available-for-sale debt securities | $ 1,046 | $ 1,012 | $ 1,043 | $ 1,725 |
Income tax expense | 5,660 | 1,498 | 11,831 | 928 |
Net Income | 21,000 | 8,006 | 48,612 | 4,507 |
Reclassification out of Accumulated Other Comprehensive Income | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Gain on sale of available-for-sale debt securities | 1,046 | 1,012 | 1,043 | 1,725 |
Income tax expense | 256 | 248 | 255 | 422 |
Net Income | $ 790 | $ 764 | $ 788 | $ 1,303 |
Regulatory Matters (Details)
Regulatory Matters (Details) $ in Thousands | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Total Capital to Risk-Weighted Assets | ||
Actual, amount | $ 694,816 | $ 656,806 |
Actual, ratio | 0.139 | 0.131 |
Minimum capital required, Basel III fully phased-in, amount | $ 525,431 | $ 527,486 |
Minimum capital required, Basel III fully phased-in, ratio | 0.105 | 0.105 |
Tier I Capital to Risk-Weighted Assets | ||
Actual, amount | $ 632,244 | $ 593,865 |
Actual, ratio | 0.126 | 0.118 |
Minimum capital required, Basel III fully phased-in, amount | $ 425,349 | $ 427,012 |
Minimum capital required, Basel III fully phased-in, ratio | 0.085 | 0.085 |
Common Equity Tier 1 to Risk-Weighted Assets | ||
Actual, amount | $ 631,247 | $ 592,902 |
Actual, ratio | 0.126 | 0.118 |
Minimum capital required, Basel III fully phased-in, amount | $ 350,287 | $ 351,657 |
Minimum capital required, Basel III fully phased-in, ratio | 7.00% | 7.00% |
Tier I Capital to Average Assets | ||
Actual, amount | $ 632,244 | $ 593,865 |
Actual, ratio | 0.118 | 0.108 |
Minimum capital required, Basel III fully phased-in, amount | $ 214,865 | $ 219,550 |
Minimum capital required, Basel III fully phased-in, ratio | 0.040 | 0.040 |
Bank | ||
Total Capital to Risk-Weighted Assets | ||
Actual, amount | $ 663,787 | $ 611,533 |
Actual, ratio | 0.133 | 0.122 |
Minimum capital required, Basel III fully phased-in, amount | $ 525,157 | $ 527,217 |
Minimum capital required, Basel III fully phased-in, ratio | 0.105 | 0.105 |
Required to be considered well capitalized, amount | $ 500,150 | $ 502,111 |
Required to be considered well capitalized, ratio | 0.100 | 0.100 |
Tier I Capital to Risk-Weighted Assets | ||
Actual, amount | $ 601,248 | $ 548,615 |
Actual, ratio | 0.120 | 0.109 |
Minimum capital required, Basel III fully phased-in, amount | $ 425,127 | $ 426,794 |
Minimum capital required, Basel III fully phased-in, ratio | 0.085 | 0.085 |
Required to be considered well capitalized, amount | $ 400,120 | $ 401,689 |
Required to be considered well capitalized, ratio | 0.080 | 0.080 |
Common Equity Tier 1 to Risk-Weighted Assets | ||
Actual, amount | $ 601,248 | $ 548,615 |
Actual, ratio | 0.120 | 0.109 |
Minimum capital required, Basel III fully phased-in, amount | $ 350,105 | $ 351,478 |
Minimum capital required, Basel III fully phased-in, ratio | 7.00% | 7.00% |
Required to be considered well capitalized, amount | $ 325,097 | $ 326,372 |
Required to be considered well capitalized, ratio | 6.50% | 6.50% |
Tier I Capital to Average Assets | ||
Actual, amount | $ 601,248 | $ 548,615 |
Actual, ratio | 0.112 | 0.100 |
Minimum capital required, Basel III fully phased-in, amount | $ 214,943 | $ 219,441 |
Minimum capital required, Basel III fully phased-in, ratio | 0.040 | 0.040 |
Required to be considered well capitalized, amount | $ 268,679 | $ 274,302 |
Required to be considered well capitalized, ratio | 0.050 | 0.050 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($)shares | |
Performance Based Stock Awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period | 3 years |
Granted (in shares) | 63,631 |
Award performance metric period | 3 years |
Unrecognized compensation cost | $ | $ 678 |
Period for recognizing stock-based compensation expense | 2 years 4 months 24 days |
Performance Based Stock Awards | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award payout percentage | 0.00% |
Performance Based Stock Awards | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award payout percentage | 150.00% |
Restricted Stock Units and Awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period | 1 year |
Granted (in shares) | 281,197 |
Unrecognized compensation cost | $ | $ 4,000 |
Period for recognizing stock-based compensation expense | 1 year 10 months 24 days |
2018 Omnibus Equity Incentive Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares authorized for future issuance (in shares) | 1,774,321 |
Stock-Based Compensation - Tota
Stock-Based Compensation - Total Stock Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation | $ 1,149 | $ 1,207 | $ 3,373 | $ 3,223 |
Stock appreciation rights | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation | 150 | 250 | 584 | 744 |
Performance-based stock awards | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation | 75 | 79 | 337 | 175 |
Restricted stock units and awards | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation | 895 | 857 | 2,394 | 2,283 |
Employee stock purchase plan | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation | $ 29 | $ 21 | $ 58 | $ 21 |
Stock-Based Compensation - Stat
Stock-Based Compensation - Status and Changes in Performance-Based Awards (Details) - Performance Based Stock Awards | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Number of Shares | |
Beginning balance (in shares) | shares | 231,631 |
Granted (in shares) | shares | 63,631 |
Incremental performance shares (in shares) | shares | 2,424 |
Vested (in shares) | shares | (77,426) |
Forfeited (in shares) | shares | 0 |
Ending balance (in shares) | shares | 220,260 |
Weighted-Average Grant Date Fair Value | |
Beginning balance (in dollars per share) | $ / shares | $ 10.51 |
Granted (in dollars per share) | $ / shares | 12.89 |
Incremental performance shares (in dollars per share) | $ / shares | 10 |
Vested (in dollars per share) | $ / shares | 11.31 |
Forfeited (in dollars per share) | $ / shares | 0 |
Ending balance (in dollars per share) | $ / shares | $ 10.90 |
Stock-Based Compensation - St_2
Stock-Based Compensation - Status and Changes in RSUs and RSAs (Details) - Restricted Stock Units and Awards | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Number of Shares | |
Beginning balance (in shares) | shares | 369,217 |
Granted (in shares) | shares | 281,197 |
Vested (in shares) | shares | (247,690) |
Forfeited (in shares) | shares | (22,646) |
Ending balance (in shares) | shares | 380,078 |
Weighted-Average Grant Date Fair Value | |
Beginning balance (in dollars per share) | $ / shares | $ 12.61 |
Granted (in dollars per share) | $ / shares | 13.27 |
Vested (in dollars per share) | $ / shares | 11.91 |
Forfeited (in dollars per share) | $ / shares | 13.65 |
Ending balance (in dollars per share) | $ / shares | $ 13.50 |
Income Tax - Effective Income T
Income Tax - Effective Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax [Abstract] | ||||
Computed at the statutory rate (21%) | $ 5,598 | $ 1,996 | $ 12,693 | $ 1,141 |
Increase (decrease) resulting from | ||||
Tax-exempt income | (828) | (766) | (2,830) | (2,335) |
Nondeductible expenses | 55 | 21 | 145 | 119 |
State income taxes | 912 | 320 | 2,090 | 501 |
Equity based compensation | (40) | (15) | (157) | 24 |
Goodwill impairment | 0 | 0 | 0 | 1,553 |
Other adjustments | (37) | (58) | (110) | (75) |
Actual tax expense | $ 5,660 | $ 1,498 | $ 11,831 | $ 928 |
Income Tax - Deferred Tax Asset
Income Tax - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Deferred tax assets | ||
Allowance for loan losses | $ 15,441 | $ 18,124 |
Lease incentive | 522 | 564 |
Unrecognized loss on equity investment | 1,483 | 0 |
Loan fees | 3,145 | 3,178 |
Accrued expenses | 2,022 | 2,128 |
Deferred compensation | 2,244 | 2,474 |
State tax credit | 1,536 | 2,621 |
Other | 614 | 946 |
Total deferred tax asset | 27,007 | 30,035 |
Deferred tax liability | ||
Net unrealized gain on securities available-for-sale | (6,453) | (9,531) |
FHLB stock basis | (969) | (1,209) |
Premises and equipment | (2,739) | (2,881) |
Other | (1,187) | (1,601) |
Total deferred tax liability | (11,348) | (15,222) |
Net deferred tax asset | $ 15,659 | $ 14,813 |
Disclosures about Fair Value _3
Disclosures about Fair Value of Financial Instruments - Nonrecurring Measurements (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | $ 45,244 | $ 55,454 |
Equity securities | 4,989 | |
Foreclosed assets held-for-sale | 1,148 | 2,347 |
Fair Value, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | 45,244 | 55,454 |
Equity securities | 4,989 | |
Foreclosed assets held-for-sale | 1,148 | 2,347 |
Fair Value, Nonrecurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | 0 | 0 |
Equity securities | 0 | |
Foreclosed assets held-for-sale | 0 | 0 |
Fair Value, Nonrecurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | 0 | 0 |
Equity securities | 0 | |
Foreclosed assets held-for-sale | 0 | 0 |
Fair Value, Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | 45,244 | 55,454 |
Equity securities | 4,989 | |
Foreclosed assets held-for-sale | $ 1,148 | $ 2,347 |
Disclosures about Fair Value _4
Disclosures about Fair Value of Financial Instruments - Unobservable Inputs (Details) $ in Thousands | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Fair Value, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | $ 45,244 | $ 55,454 |
Equity securities | 4,989 | |
Foreclosed assets held-for-sale | 1,148 | 2,347 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | 45,244 | $ 55,454 |
Collateral-dependent impaired loans, measurement input | (0.24) | |
Equity securities | 4,989 | |
Foreclosed assets held-for-sale | 1,148 | $ 2,347 |
Foreclosed assets held-for-sale, measurement input | (9) | |
Level 3 | Fair Value, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | 45,244 | $ 55,454 |
Equity securities | 4,989 | |
Foreclosed assets held-for-sale | $ 1,148 | $ 2,347 |
Level 3 | Marketability discount | Market comparable properties | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans, measurement input | (30) | |
Equity securities, measurement input | (55) | |
Foreclosed assets held-for-sale, measurement input | (0.10) | |
Level 3 | Marketability discount | Market comparable properties | Minimum | Fair Value, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans, measurement input | 7 | 1 |
Foreclosed assets held-for-sale, measurement input | 7 | |
Level 3 | Marketability discount | Market comparable properties | Maximum | Fair Value, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans, measurement input | 100 | 98 |
Foreclosed assets held-for-sale, measurement input | 10 |
Disclosures about Fair Value _5
Disclosures about Fair Value of Financial Instruments - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Financial Assets | |||
Available-for-sale securities | $ 708,106 | $ 654,588 | |
Restricted equity securities | 12,885 | $ 15,543 | |
Level 3 | |||
Financial Assets | |||
Equity securities | 4,989 | ||
Carrying Amount | |||
Financial Assets | |||
Cash and cash equivalents | $ 408,810 | 316,722 | |
Available-for-sale securities | 654,588 | 708,106 | |
Loans, net of allowance for loan losses | 4,366,602 | 4,168,965 | |
Restricted equity securities | 15,543 | 12,885 | |
Interest receivable | 17,236 | 15,928 | |
Equity securities | 13,436 | 7,521 | |
Derivative assets | 24,094 | 15,424 | |
Total financial assets | 5,500,309 | 5,245,551 | |
Financial Liabilities | |||
Deposits | 4,694,740 | 4,436,597 | |
Federal funds purchased and repurchase agreements | 2,306 | ||
Federal Home Loan Bank advances | 293,100 | 276,600 | |
Other borrowings | 963 | 997 | |
Interest payable | 2,163 | 1,463 | |
Derivative liabilities | 24,454 | 15,628 | |
Total financial liabilities | 5,017,726 | 4,731,285 | |
Estimate of Fair Value Measurement | |||
Financial Assets | |||
Cash and cash equivalents | 408,810 | 316,722 | |
Available-for-sale securities | 654,588 | 708,106 | |
Loans, net of allowance for loan losses | 4,351,970 | 4,154,406 | |
Restricted equity securities | 15,543 | 12,885 | |
Interest receivable | 17,236 | 15,928 | |
Equity securities | 13,436 | 7,521 | |
Derivative assets | 24,094 | 15,424 | |
Total financial assets | 5,485,677 | 5,230,992 | |
Financial Liabilities | |||
Deposits | 4,734,251 | 4,465,448 | |
Federal funds purchased and repurchase agreements | 2,306 | ||
Federal Home Loan Bank advances | 309,020 | 285,876 | |
Other borrowings | 2,024 | 2,326 | |
Interest payable | 2,163 | 1,463 | |
Derivative liabilities | 24,454 | 15,628 | |
Total financial liabilities | 5,074,218 | 4,770,741 | |
Estimate of Fair Value Measurement | Level 1 | |||
Financial Assets | |||
Cash and cash equivalents | 408,810 | 316,722 | |
Available-for-sale securities | 0 | 0 | |
Loans, net of allowance for loan losses | 0 | 0 | |
Restricted equity securities | 0 | 0 | |
Interest receivable | 0 | 0 | |
Equity securities | 0 | 0 | |
Derivative assets | 0 | 0 | |
Total financial assets | 408,810 | 316,722 | |
Financial Liabilities | |||
Deposits | 718,459 | 960,999 | |
Federal funds purchased and repurchase agreements | 0 | ||
Federal Home Loan Bank advances | 0 | 0 | |
Other borrowings | 0 | 0 | |
Interest payable | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Total financial liabilities | 718,459 | 960,999 | |
Estimate of Fair Value Measurement | Level 2 | |||
Financial Assets | |||
Cash and cash equivalents | 0 | 0 | |
Available-for-sale securities | 654,588 | 708,106 | |
Loans, net of allowance for loan losses | 0 | 0 | |
Restricted equity securities | 0 | 0 | |
Interest receivable | 17,236 | 15,928 | |
Equity securities | 2,247 | 2,224 | |
Derivative assets | 24,094 | 15,424 | |
Total financial assets | 698,165 | 741,682 | |
Financial Liabilities | |||
Deposits | 0 | 0 | |
Federal funds purchased and repurchase agreements | 2,306 | ||
Federal Home Loan Bank advances | 309,020 | 285,876 | |
Other borrowings | 2,024 | 2,326 | |
Interest payable | 2,163 | 1,463 | |
Derivative liabilities | 24,454 | 15,628 | |
Total financial liabilities | 339,967 | 305,293 | |
Estimate of Fair Value Measurement | Level 3 | |||
Financial Assets | |||
Cash and cash equivalents | 0 | 0 | |
Available-for-sale securities | 0 | 0 | |
Loans, net of allowance for loan losses | 4,351,970 | 4,154,406 | |
Restricted equity securities | 15,543 | 12,885 | |
Interest receivable | 0 | 0 | |
Equity securities | 11,189 | 5,297 | |
Derivative assets | 0 | 0 | |
Total financial assets | 4,378,702 | 4,172,588 | |
Financial Liabilities | |||
Deposits | 4,015,792 | 3,504,449 | |
Federal funds purchased and repurchase agreements | 0 | ||
Federal Home Loan Bank advances | 0 | 0 | |
Other borrowings | 0 | 0 | |
Interest payable | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Total financial liabilities | $ 4,015,792 | $ 3,504,449 |
Commitments and Credit Risk (De
Commitments and Credit Risk (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Loss Contingencies [Line Items] | ||
Total commitments | $ 1,712,895 | $ 1,571,241 |
Commitments to originate loans | ||
Loss Contingencies [Line Items] | ||
Total commitments | 238,863 | 99,596 |
Standby letters of credit | ||
Loss Contingencies [Line Items] | ||
Total commitments | 50,669 | 48,607 |
Lines of credit | ||
Loss Contingencies [Line Items] | ||
Total commitments | $ 1,423,363 | $ 1,423,038 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | Oct. 18, 2021USD ($) |
Subsequent Event | |
Subsequent Event [Line Items] | |
Stock repurchase program, authorized amount | $ 30 |