Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 29, 2022 | |
Document Document And Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2022 | |
Entity File Number | 001-35654 | |
Entity Registrant Name | NATIONAL BANK HOLDINGS CORP | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 27-0563799 | |
Entity Address, Address Line One | 7800 East Orchard Road, Suite 300 | |
Entity Address, City or Town | Greenwood Village | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80111 | |
City Area Code | 303 | |
Local Phone Number | 892-8715 | |
Title of 12(b) Security | Class A Common Stock | |
Trading Symbol | NBHC | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 30,078,203 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001475841 | |
Amendment Flag | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and due from banks | $ 447,875 | $ 845,195 |
Interest bearing bank deposits | 500 | 500 |
Cash and cash equivalents | 448,375 | 845,695 |
Investment securities available-for-sale (at fair value) | 805,858 | 691,847 |
Investment securities held-to-maturity (fair value of $516,685 and $599,260 at June 30, 2022 and December 31, 2021, respectively) | 582,650 | 609,012 |
Non-marketable securities | 59,754 | 50,740 |
Loans | 4,817,070 | 4,513,383 |
Allowance for credit losses | (50,860) | (49,694) |
Loans, net | 4,766,210 | 4,463,689 |
Loans held for sale | 48,816 | 139,142 |
Other real estate owned | 4,992 | 7,005 |
Premises and equipment, net | 103,690 | 96,747 |
Goodwill | 115,027 | 115,027 |
Intangible assets, net | 14,568 | 12,322 |
Other assets | 218,059 | 182,785 |
Total assets | 7,167,999 | 7,214,011 |
Liabilities: | ||
Non-interest bearing demand deposits | 2,454,740 | 2,506,265 |
Interest bearing demand deposits | 597,000 | 555,401 |
Savings and money market | 2,364,681 | 2,332,591 |
Time deposits | 777,977 | 833,916 |
Total deposits | 6,194,398 | 6,228,173 |
Securities sold under agreements to repurchase | 24,396 | 22,768 |
Long-term debt, net | 39,532 | 39,478 |
Other liabilities | 94,122 | 83,486 |
Total liabilities | 6,352,448 | 6,373,905 |
Shareholders' equity: | ||
Common stock, par value $0.01 per share: 400,000,000 shares authorized; 51,487,907 and 51,487,907 shares issued; 30,075,175 and 29,958,764 shares outstanding at June 30, 2022 and December 31, 2021, respectively | 515 | 515 |
Additional paid-in capital | 1,014,330 | 1,014,294 |
Retained earnings | 314,616 | 289,876 |
Treasury stock of 21,251,530 and 21,384,676 shares at June 30, 2022 and December 31, 2021, respectively, at cost | (455,909) | (457,616) |
Accumulated other comprehensive loss, net of tax | (58,001) | (6,963) |
Total shareholders' equity | 815,551 | 840,106 |
Total liabilities and shareholders' equity | $ 7,167,999 | $ 7,214,011 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Investment securities held-to-maturity, fair value | $ 516,685 | $ 599,260 |
Common Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 400,000,000 | 400,000,000 |
Common Stock, shares issued | 51,487,907 | 51,487,907 |
Common Stock, shares outstanding | 30,075,175 | 29,958,764 |
Treasury stock, shares | 21,251,530 | 21,384,676 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Interest and dividend income: | ||||
Interest and fees on loans | $ 51,737 | $ 43,892 | $ 95,832 | $ 88,830 |
Interest and dividends on investment securities | 5,873 | 4,121 | 10,735 | 8,021 |
Dividends on non-marketable securities | 211 | 209 | 420 | 419 |
Interest on interest-bearing bank deposits | 1,015 | 228 | 1,374 | 393 |
Total interest and dividend income | 58,836 | 48,450 | 108,361 | 97,663 |
Interest expense: | ||||
Interest on deposits | 2,485 | 3,576 | 5,016 | 7,563 |
Interest on borrowings | 334 | 6 | 667 | 11 |
Total interest expense | 2,819 | 3,582 | 5,683 | 7,574 |
Net interest income before provision for loan losses | 56,017 | 44,868 | 102,678 | 90,089 |
Provision expense (release) for loan losses | 2,504 | (5,850) | 2,182 | (9,425) |
Net interest income after provision for loan losses | 53,513 | 50,718 | 100,496 | 99,514 |
Non-interest income: | ||||
Mortgage banking income | 6,948 | 13,979 | 16,614 | 36,358 |
Bank-owned life insurance income | 540 | 553 | 1,072 | 1,101 |
Other non-interest income | 777 | 2,552 | 1,800 | 5,439 |
Total non-interest income | 16,762 | 25,266 | 35,816 | 58,627 |
Non-interest expense: | ||||
Salaries and benefits | 28,776 | 31,439 | 58,112 | 64,962 |
Occupancy and equipment | 6,665 | 6,131 | 13,061 | 12,681 |
Telecommunications and data processing | 2,453 | 2,315 | 4,834 | 4,652 |
Marketing and business development | 674 | 570 | 1,347 | 1,022 |
FDIC deposit insurance | 486 | 456 | 968 | 900 |
Bank card expenses | 1,398 | 1,330 | 2,666 | 2,474 |
Professional fees | 1,486 | 649 | 2,300 | 1,391 |
Other non-interest expense | 3,169 | 2,348 | 5,717 | 4,824 |
Problem asset workout | 144 | 294 | 307 | 732 |
Loss (gain) on OREO sales, net | 5 | 221 | (270) | 192 |
Core deposit intangible asset amortization | 296 | 296 | 592 | 592 |
Banking center consolidation-related expense | 294 | 1,589 | ||
Total non-interest expense | 45,552 | 46,343 | 89,634 | 96,011 |
Income before income taxes | 24,723 | 29,641 | 46,678 | 62,130 |
Income tax expense | 4,361 | 5,441 | 7,964 | 11,118 |
Net income | $ 20,362 | $ 24,200 | $ 38,714 | $ 51,012 |
Earnings per share-basic (in dollars per share) | $ 0.67 | $ 0.78 | $ 1.28 | $ 1.65 |
Earnings per share-diluted (in dollars per share) | $ 0.67 | $ 0.77 | $ 1.27 | $ 1.63 |
Weighted average number of common shares outstanding: | ||||
Basic (Shares) | 30,225,898 | 30,947,206 | 30,173,338 | 30,888,062 |
Diluted (Shares) | 30,493,265 | 31,226,351 | 30,492,613 | 31,182,584 |
Service charges | ||||
Non-interest income: | ||||
Non-interest income | $ 3,956 | $ 3,568 | $ 7,666 | $ 7,042 |
Bank card fees | ||||
Non-interest income: | ||||
Non-interest income | $ 4,541 | $ 4,614 | $ 8,664 | $ 8,687 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 20,362 | $ 24,200 | $ 38,714 | $ 51,012 |
Securities available-for-sale: | ||||
Net unrealized (losses) gains arising during the period, net of tax benefit (expense) of $6,009 and ($423) for the three months ended June 30, 2022 and 2021, respectively; and net of tax benefit of $15,846 and $2,409 for the six months ended June 30, 2022 and 2021, respectively | (19,288) | 1,361 | (50,866) | (7,757) |
Less: amortization of net unrealized holding gains to income, net of tax benefit of $25 and $47 for the three months ended June 30, 2022 and 2021, respectively; and net of tax benefit of $53 and $98 for the six months ended June 30, 2022 and 2021, respectively | (80) | (151) | (172) | (314) |
Other comprehensive (loss) income | (19,368) | 1,210 | (51,038) | (8,071) |
Comprehensive income (loss) | $ 994 | $ 25,410 | $ (12,324) | $ 42,941 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Tax benefit (expense) on net unrealized (losses) gains arising during the period | $ 6,009 | $ 423 | $ 15,846 | $ 2,409 |
Tax benefit of amortization of net unrealized holding gains to income | $ 25 | $ 47 | $ 53 | $ 98 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Common stock [Member] | Additional paid-in capital [Member] | Retained earnings [Member] | Treasury stock [Member] | Accumulated other comprehensive income (loss), net [Member] | Total |
Balance in the beginning at Dec. 31, 2020 | $ 515 | $ 1,011,362 | $ 223,175 | $ (424,127) | $ 9,766 | $ 820,691 |
Increase (Decrease) in Stockholders' Equity | ||||||
Net income | 51,012 | 51,012 | ||||
Stock-based compensation | 2,483 | 2,483 | ||||
Issuance of stock under purchase and equity compensation plans, including gain on reissuance of treasury stock, net | (2,645) | 1,762 | (883) | |||
Cash dividends declared | (13,366) | (13,366) | ||||
Other comprehensive loss | (8,071) | (8,071) | ||||
Balance in the ending at Jun. 30, 2021 | 515 | 1,011,200 | 260,821 | (422,365) | 1,695 | 851,866 |
Balance in the beginning at Mar. 31, 2021 | 515 | 1,010,798 | 243,446 | (423,254) | 485 | 831,990 |
Increase (Decrease) in Stockholders' Equity | ||||||
Net income | 24,200 | 24,200 | ||||
Stock-based compensation | 1,353 | 1,353 | ||||
Issuance of stock under purchase and equity compensation plans, including gain on reissuance of treasury stock, net | (951) | 889 | (62) | |||
Cash dividends declared | (6,825) | (6,825) | ||||
Other comprehensive loss | 1,210 | 1,210 | ||||
Balance in the ending at Jun. 30, 2021 | 515 | 1,011,200 | 260,821 | (422,365) | 1,695 | 851,866 |
Balance in the beginning at Dec. 31, 2021 | 515 | 1,014,294 | 289,876 | (457,616) | (6,963) | 840,106 |
Increase (Decrease) in Stockholders' Equity | ||||||
Net income | 38,714 | 38,714 | ||||
Stock-based compensation | 2,848 | 2,848 | ||||
Issuance of stock under purchase and equity compensation plans, including gain on reissuance of treasury stock, net | (2,812) | 1,707 | (1,105) | |||
Cash dividends declared | (13,974) | (13,974) | ||||
Other comprehensive loss | (51,038) | (51,038) | ||||
Balance in the ending at Jun. 30, 2022 | 515 | 1,014,330 | 314,616 | (455,909) | (58,001) | 815,551 |
Balance in the beginning at Mar. 31, 2022 | 515 | 1,014,332 | 301,220 | (457,219) | (38,633) | 820,215 |
Increase (Decrease) in Stockholders' Equity | ||||||
Net income | 20,362 | 20,362 | ||||
Stock-based compensation | 1,697 | 1,697 | ||||
Issuance of stock under purchase and equity compensation plans, including gain on reissuance of treasury stock, net | (1,699) | 1,310 | (389) | |||
Cash dividends declared | (6,966) | (6,966) | ||||
Other comprehensive loss | (19,368) | (19,368) | ||||
Balance in the ending at Jun. 30, 2022 | $ 515 | $ 1,014,330 | $ 314,616 | $ (455,909) | $ (58,001) | $ 815,551 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||
Gain on reissuance of treasury stock | $ 1,782 | $ 1,654 | $ 2,849 | $ 3,187 |
Cash dividends declared per share | $ 0.23 | $ 0.22 | $ 0.46 | $ 0.43 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 38,714 | $ 51,012 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision expense (release) for loan losses | 2,182 | (9,425) |
Depreciation and amortization | 6,887 | 7,692 |
Change in current income tax receivable | 2,001 | (3,563) |
Change in deferred income taxes | (13,309) | 2,710 |
Net excess tax benefit from stock-based compensation | (206) | (392) |
Discount accretion, net of premium amortization on securities | 1,132 | 2,570 |
Gain on sale of mortgages, net | (14,304) | (33,326) |
Origination of loans held for sale, net of repayments | (531,523) | (1,064,145) |
Proceeds from sales of loans held for sale | 639,614 | 1,213,796 |
Originations of mortgage serving rights | (3,325) | (5,949) |
Impairment on other real estate owned | 188 | 0 |
Impairment on fixed assets related to banking center consolidations | 1,552 | |
Gain on sale of fixed assets | (718) | (2,315) |
Stock-based compensation | 2,848 | 2,483 |
Operating lease payments | (2,339) | (2,620) |
Change in other assets | (7,317) | 10,535 |
Change in other liabilities | 6,678 | (36,626) |
Net cash provided by operating activities | 127,203 | 133,989 |
Cash flows from investing activities: | ||
Proceeds from non-marketable securities | 62 | 1,765 |
Proceeds from maturities of investment securities available-for-sale | 79,103 | 131,113 |
Proceeds from maturities of investment securities held-to-maturity | 69,734 | 64,762 |
Proceeds from sales of other real estate owned | 2,134 | 936 |
Purchase of non-marketable securities | (9,379) | (3,840) |
Purchase of investment securities available-for-sale | (260,246) | (86,199) |
Purchase of investment securities held-to-maturity | (44,309) | (377,687) |
(Purchases) sales of premises and equipment, net | (10,007) | 9,102 |
Net (increase) decrease in loans | (306,728) | 52,462 |
Proceeds from the sale of loans | 933 | |
Net cash used in investing activities | (478,703) | (207,586) |
Cash flows from financing activities: | ||
Net (decrease) increase in deposits | (33,775) | 481,821 |
Net increase in repurchase agreements and other short-term borrowings | 1,628 | 60 |
Issuance of stock under purchase and equity compensation plans | (1,623) | (2,424) |
Proceeds from exercise of stock options | 482 | 1,506 |
Payment of dividends | (14,043) | (13,438) |
Net cash (used in) provided by financing activities | (47,331) | 467,525 |
(Decrease) increase in cash, cash equivalents and restricted cash(1) | (398,831) | 393,928 |
Cash, cash equivalents and restricted cash at beginning of the year(1) | 850,220 | 615,565 |
Cash, cash equivalents and restricted cash at end of period(1) | 451,389 | 1,009,493 |
Supplemental disclosure of cash flow information during the period: | ||
Cash paid for interest | 6,282 | 9,581 |
Net tax payments | 3,373 | 9,464 |
Supplemental schedule of non-cash activities: | ||
Loans transferred to other real estate owned at fair value | 39 | 1,522 |
Increase in loans purchased but not settled | 2,000 | |
Loans transferred from loans held for sale to loans | $ 3,461 | $ 3,317 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2022 | Jun. 30, 2021 |
Peoples Inc | ||
Restricted cash placed in escrow | $ 3 | $ 5 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2022 | |
Basis of Presentation | |
Basis of Presentation | Note 1 Basis of Presentation National Bank Holdings Corporation ("NBHC" or the "Company") is a bank holding company that was incorporated in the State of Delaware in 2009. The Company is headquartered in Greenwood Village, Colorado, and its primary operations are conducted through its wholly owned subsidiary, NBH Bank (the "Bank"), a Colorado state-chartered bank and a member of the Federal Reserve System. The Company provides a variety of banking products to both commercial and consumer clients through a network of 81 banking centers, as of June 30, 2022, located primarily in Colorado, the greater Kansas City region, Texas, Utah and New Mexico, as well as through online and mobile banking products and services. The accompanying interim unaudited consolidated financial statements serve to update the National Bank Holdings Corporation Annual Report on Form 10-K Form 10-K GAAP requires management to make estimates that affect the reported amounts of assets, liabilities, revenues and expenses and disclosures of contingent assets and liabilities. By their nature, estimates are based on judgment and available information. Management has made significant estimates in certain areas, such as the fair values of financial instruments, contingent liabilities and the allowance for credit losses (“ACL”). Because of the inherent uncertainties associated with any estimation process and future changes in market and economic conditions, it is possible that actual results could differ significantly from those estimates. The Company's significant accounting policies followed in the preparation of the unaudited consolidated financial statements are disclosed in note 2 of the audited financial statements and notes for the year ended December 31, 2021 and are contained in the Company's Annual Report on Form 10-K |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2022 | |
Recent Accounting Pronouncements | |
Recent Accounting Pronouncements | Note 2 Recent Accounting Pronouncements The Company has not adopted any recent accounting pronouncements in addition to those disclosed in our Annual Report on Form 10-K |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2022 | |
Investment Securities | |
Investment Securities | Note 3 Investment Securities The Company’s investment securities portfolio is comprised of available-for-sale and held-to-maturity investment securities. These investment securities totaled $1.4 billion at June 30, 2022 and included $0.8 billion of available-for-sale securities and $0.6 billion of held-to-maturity securities. At December 31, 2021, investment securities totaled $1.3 billion and included $0.7 billion of available-for-sale securities and $0.6 billion of held-to-maturity securities. Available-for-sale Available-for-sale securities are summarized as follows as of the dates indicated: June 30, 2022 Amortized Gross Gross cost unrealized gains unrealized losses Fair value U.S. Treasury securities $ 73,793 $ — $ (739) $ 73,054 Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises 282,052 59 (29,333) 252,778 Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 523,891 3 (46,593) 477,301 Municipal securities 230 — — 230 Corporate debt 2,000 26 — 2,026 Other securities 469 — — 469 Total investment securities available-for-sale $ 882,435 $ 88 $ (76,665) $ 805,858 December 31, 2021 Amortized Gross Gross cost unrealized gains unrealized losses Fair value Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises $ 231,523 $ 1,436 $ (5,263) $ 227,696 Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 467,490 1,889 (8,045) 461,334 Municipal securities 230 7 — 237 Corporate debt 2,000 111 — 2,111 Other securities 469 — — 469 Total investment securities available-for-sale $ 701,712 $ 3,443 $ (13,308) $ 691,847 During the six months ended June 30, 2022 and 2021, purchases of available-for-sale securities totaled $260.2 million and $86.2 million, respectively. Maturities and paydowns of available-for-sale securities during the six months ended June 30, 2022 and 2021 totaled $79.1 million and $131.1 million, respectively. There were no sales of available-for-sale securities during the six months ended June 30, 2022 or 2021. At June 30, 2022 and December 31, 2021, the Company’s available-for-sale investment portfolio was primarily comprised of mortgage-backed securities, and all mortgage-backed securities were backed by government sponsored enterprises (“GSE”) collateral such as Federal Home Loan Mortgage Corporation (“FHLMC”) and Federal National Mortgage Association (“FNMA”) and the government owned agency Government National Mortgage Association (“GNMA”). The tables below summarize the available-for-sale securities with unrealized losses as of the dates shown, along with the length of the impairment period: June 30, 2022 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized value losses value losses value losses U.S. Treasury securities $ 73,054 $ (739) $ — $ — $ 73,054 $ (739) Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises 134,678 (7,765) 112,143 (21,568) 246,821 (29,333) Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 388,472 (30,013) 88,281 (16,580) 476,753 (46,593) Total $ 596,204 $ (38,517) $ 200,424 $ (38,148) $ 796,628 $ (76,665) December 31, 2021 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized value losses value losses value losses Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises $ 163,579 $ (4,404) $ 22,852 $ (859) $ 186,431 $ (5,263) Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 237,759 (5,593) 48,750 (2,452) 286,509 (8,045) Total $ 401,338 $ (9,997) $ 71,602 $ (3,311) $ 472,940 $ (13,308) Management evaluated all of the available-for-sale securities in an unrealized loss position at June 30, 2022 and December 31, 2021. The portfolio included 223 securities, which were in an unrealized loss position at June 30, 2022, compared to 49 securities at December 31, 2021. The unrealized losses in the Company's investment portfolio at June 30, 2022 were caused by changes in interest rates. The Company has no intention to sell these securities and believes it will not be required to sell the securities before the recovery of their amortized cost. Management believes that default of the available-for-sale securities is highly unlikely. FHLMC, FNMA and GNMA guaranteed mortgage-backed securities and U.S. Treasury securities have a long history of zero credit losses, an explicit guarantee by the U.S. government (although limited for FNMA and FHLMC securities) and yields that generally trade based on market views of prepayment and liquidity risk rather than credit risk. Certain securities are pledged as collateral for public deposits, securities sold under agreements to repurchase and to secure borrowing capacity at the Federal Reserve Bank (“FRB”), if needed. The fair value of available-for-sale investment securities pledged as collateral totaled $418.2 million and $363.4 million at June 30, 2022 and at December 31, 2021, respectively. The Bank may also pledge available-for-sale investment securities as collateral for Federal Home Loan Bank (“FHLB”) advances. No securities were pledged for this purpose at June 30, 2022 or December 31, 2021. A summary of the available-for-sale securities by maturity is shown in the following table as of June 30, 2022. Mortgage-backed securities may have actual maturities that differ from contractual maturities depending on the repayment characteristics and experience of the underlying financial instruments. Additionally, the Company holds other available-for-sale securities with an amortized cost and fair value June 30, 2022 Weighted Amortized Cost Fair Value Average Yield U.S. Treasury securities After one but within five years $ 73,793 $ 73,054 2.54% Total U.S. Treasury securities 73,793 73,054 Municipal securities After one but within five years 230 230 3.17% Total municipal securities 230 230 Corporate debt After five but within ten years 2,000 2,026 5.87% Total corporate debt 2,000 2,026 Total $ 76,023 $ 75,310 As of June 30, 2022 and December 31, 2021, accrued interest receivable (“AIR”) from available-for-sale investment securities totaled $1.5 million and $1.0 million, respectively, and was included within other assets in the statements of financial condition. Held-to-maturity Held-to-maturity investment securities are summarized as follows as of the dates indicated: June 30, 2022 Gross Gross Amortized unrealized unrealized cost gains losses Fair value U.S. Treasury securities $ 24,794 $ 124 $ — $ 24,918 Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises 303,370 — (32,354) 271,016 Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 254,486 — (33,735) 220,751 Total investment securities held-to-maturity $ 582,650 $ 124 $ (66,089) $ 516,685 December 31, 2021 Gross Gross Amortized unrealized unrealized cost gains losses Fair value Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises $ 312,916 $ 2,061 $ (5,363) $ 309,614 Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 296,096 122 (6,572) 289,646 Total investment securities held-to-maturity $ 609,012 $ 2,183 $ (11,935) $ 599,260 During the six months ended June 30, 2022 and 2021, purchases of held-to-maturity securities totaled $44.3 million and $377.7 million, respectively. Maturities and paydowns of held-to-maturity securities totaled $69.7 million and $64.8 million during the six months ended June 30, 2022 and 2021, respectively. The held-to-maturity portfolio included 99 securities, which were in an unrealized loss position as of June 30, 2022, compared to 48 securities at December 31, 2021. The tables below summarize the held-to-maturity securities with unrealized losses as of the dates shown, along with the length of the impairment period: June 30, 2022 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized value losses value losses value losses Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises $ 133,297 $ (10,258) $ 137,689 $ (22,096) $ 270,986 $ (32,354) Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 184,788 (26,395) 35,963 (7,340) 220,751 (33,735) Total $ 318,085 $ (36,653) $ 173,652 $ (29,436) $ 491,737 $ (66,089) December 31, 2021 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized value losses value losses value losses Mortgage-backed securities: Residential mortgage pass-through securities issued or by U.S. Government agencies or sponsored enterprises $ 197,095 $ (3,499) $ 45,353 $ (1,864) $ 242,448 $ (5,363) Other residential MBS issued or guaranteed by U.S. Government or sponsored enterprises 276,098 (6,572) — — 276,098 (6,572) Total $ 473,193 $ (10,071) $ 45,353 $ (1,864) $ 518,546 $ (11,935) The Company does not measure expected credit losses on a financial asset, or group of financial assets, in which historical credit loss information adjusted for current conditions and reasonable and supportable forecasts results in an expectation that nonpayment of the amortized cost basis is zero. Management evaluated held-to-maturity securities noting they are backed by loans guaranteed by either U.S. government agencies or U.S. government sponsored entities, and management believes that default is highly unlikely given this governmental backing and long history without credit losses. Additionally, management notes that yields on which the portfolio generally trades are based upon market views of prepayment and liquidity risk and not credit risk. The Company has no intention to sell any held-to-maturity securities and believes it will not be required to sell any held-to-maturity securities before the recovery of their amortized cost. Certain securities are pledged as collateral for public deposits, securities sold under agreements to repurchase and to secure borrowing capacity at the FRB, if needed. The carrying value of held-to-maturity investment securities pledged as collateral totaled $244.7 million and $147.3 million at June 30, 2022 and December 31, 2021, respectively. The Bank may also pledge held-to-maturity investment securities as collateral for FHLB advances. No held-to-maturity investment securities were pledged for this purpose at June 30, 2022 or December 31, 2021. A summary of the held-to-maturity securities by maturity is shown in the following table as of June 30, 2022. Actual maturities of mortgage-backed securities may differ from scheduled maturities depending on the repayment characteristics and experience of the underlying financial instruments. June 30, 2022 Weighted Amortized Cost Fair Value Average Yield U.S. Treasury securities After one but within five years $ 24,794 $ 24,918 3.18% Total $ 24,794 $ 24,918 As of June 30, 2022 and December 31, 2021, AIR from held-to-maturity investment securities totaled $0.9 million and $0.9 million, respectively, and was included within other assets in the statements of financial condition. |
Non-marketable Securities
Non-marketable Securities | 6 Months Ended |
Jun. 30, 2022 | |
Non-marketable Securities | |
Non-marketable Securities | Note 4 Non-marketable Securities Non-marketable securities totaled $59.8 million and $50.7 million at June 30, 2022 and December 31, 2021, respectively, and included FRB stock, FHLB stock and other non-marketable securities. At June 30, 2022, other non-marketable securities totaled $45.2 million and consisted of equity method investments totaling $19.2 million and convertible preferred stock without a readily determinable fair value totaling $26.0 million. At December 31, 2021, other non-marketable securities totaled $36.2 million and consisted of equity method investments totaling $14.2 million and convertible preferred stock without a readily determinable fair value totaling $22.0 million. During the six months ended June 30, 2022 and 2021, purchases of non-marketable securities totaled $9.4 million and $3.8 million, respectively. At June 30, 2022, the Company held $13.9 million of FRB stock and $0.7 million of FHLB stock for regulatory or debt facility purposes. At December 31, 2021, the Company held $13.9 million of FRB stock and $0.7 million of FHLB stock. These are restricted securities which, lacking a market, are carried at cost. There have been no identified events or changes in circumstances that may have an adverse effect on the investments carried at cost. |
Loans
Loans | 6 Months Ended |
Jun. 30, 2022 | |
Loans | |
Loans | Note 5 Loans The loan portfolio is comprised of loans originated by the Company and loans that were acquired in connection with the Company’s acquisitions. The tables below show the loan portfolio composition including carrying value by segment as of the dates shown. The carrying value of loans is net of discounts, fees, costs and fair value marks of $8.2 million and $9.4 million as of June 30, 2022 and December 31, 2021, respectively. June 30, 2022 Total loans % of total Commercial $ 3,410,711 70.8% Commercial real estate non-owner occupied 662,904 13.8% Residential real estate 725,758 15.0% Consumer 17,697 0.4% Total $ 4,817,070 100.0% December 31, 2021 Total loans % of total Commercial $ 3,162,417 70.1% Commercial real estate non-owner occupied 664,729 14.7% Residential real estate 668,656 14.8% Consumer 17,581 0.4% Total $ 4,513,383 100.0% Information about delinquent and non-accrual loans is shown in the following tables at June 30, 2022 and December 31, 2021: June 30, 2022 Greater 30-89 days than 90 days Total past past due and past due and Non-accrual due and accruing accruing loans non-accrual Current Total loans Commercial: Commercial and industrial $ 544 $ — $ 1,021 $ 1,565 $ 1,601,732 $ 1,603,297 Municipal and non-profit — — — — 996,553 996,553 Owner occupied commercial real estate — — 2,487 2,487 608,696 611,183 Food and agribusiness 84 — 56 140 199,538 199,678 Total commercial 628 — 3,564 4,192 3,406,519 3,410,711 Commercial real estate non-owner occupied: Construction — — — — 146,569 146,569 Acquisition/development — — — — 11,162 11,162 Multifamily — — — — 69,913 69,913 Non-owner occupied 652 191 754 1,597 433,663 435,260 Total commercial real estate 652 191 754 1,597 661,307 662,904 Residential real estate: Senior lien 228 — 5,160 5,388 667,731 673,119 Junior lien 126 — 372 498 52,141 52,639 Total residential real estate 354 — 5,532 5,886 719,872 725,758 Consumer 147 3 12 162 17,535 17,697 Total loans $ 1,781 $ 194 $ 9,862 $ 11,837 $ 4,805,233 $ 4,817,070 June 30, 2022 Non-accrual loans Non-accrual loans with a related with no related allowance for allowance for Non-accrual credit loss credit loss loans Commercial: Commercial and industrial $ 224 $ 797 $ 1,021 Municipal and non-profit — — — Owner occupied commercial real estate 2,317 170 2,487 Food and agribusiness 56 — 56 Total commercial 2,597 967 3,564 Commercial real estate non-owner occupied: Construction — — — Acquisition/development — — — Multifamily — — — Non-owner occupied 754 — 754 Total commercial real estate 754 — 754 Residential real estate: Senior lien 3,609 1,551 5,160 Junior lien 372 — 372 Total residential real estate 3,981 1,551 5,532 Consumer 12 — 12 Total loans $ 7,344 $ 2,518 $ 9,862 December 31, 2021 Greater 30-89 days than 90 days Total past past due and past due and Non-accrual due and accruing accruing loans non-accrual Current Total loans Commercial: Commercial and industrial $ 481 $ — $ 1,490 $ 1,971 $ 1,494,176 $ 1,496,147 Municipal and non-profit 202 — — 202 928,843 929,045 Owner occupied commercial real estate 207 — 4,525 4,732 528,904 533,636 Food and agribusiness 89 — 64 153 203,436 203,589 Total commercial 979 — 6,079 7,058 3,155,359 3,162,417 Commercial real estate non-owner occupied: Construction — — — — 86,126 86,126 Acquisition/development — — — — 9,609 9,609 Multifamily — — — — 92,174 92,174 Non-owner occupied 94 217 121 432 476,388 476,820 Total commercial real estate 94 217 121 432 664,297 664,729 Residential real estate: Senior lien 399 198 4,251 4,848 609,780 614,628 Junior lien 179 — 374 553 53,475 54,028 Total residential real estate 578 198 4,625 5,401 663,255 668,656 Consumer 36 5 7 48 17,533 17,581 Total loans $ 1,687 $ 420 $ 10,832 $ 12,939 $ 4,500,444 $ 4,513,383 December 31, 2021 Non-accrual loans Non-accrual loans with a related with no related allowance for allowance for Non-accrual credit loss credit loss loans Commercial: Commercial and industrial $ 1,490 $ — $ 1,490 Municipal and non-profit — — — Owner occupied commercial real estate 4,525 — 4,525 Food and agribusiness 64 — 64 Total commercial 6,079 — 6,079 Commercial real estate non-owner occupied: Construction — — — Acquisition/development — — — Multifamily — — — Non-owner occupied 121 — 121 Total commercial real estate 121 — 121 Residential real estate: Senior lien 3,274 977 4,251 Junior lien 374 — 374 Total residential real estate 3,648 977 4,625 Consumer 7 — 7 Total loans $ 9,855 $ 977 $ 10,832 Loans are considered past due or delinquent when the contractual principal or interest due in accordance with the terms of the loan agreement remains unpaid after the due date of the scheduled payment. Non-accrual loans include non-accrual loans and troubled debt restructurings (“TDRs”) on non-accrual status. There was no interest income recognized from non-accrual loans during the three or six months ended June 30, 2022 or 2021. The Company’s internal risk rating system uses a series of grades, which reflect our assessment of the credit quality of loans based on an analysis of the borrower's financial condition, liquidity and ability to meet contractual debt service requirements and are categorized as “Pass”, “Special mention”, “Substandard” and “Doubtful”. For a description of the general characteristics of the risk grades, refer to note 2 Summary of Significant Accounting Policies in our audited consolidated financial statements in our 2021 Annual Report on Form 10-K The amortized cost basis for all loans as determined by the Company’s internal risk rating system and year of origination is shown in the following tables as of June 30, 2022 and December 31, 2021: June 30, 2022 Revolving Revolving loans loans Origination year amortized converted 2022 2021 2020 2019 2018 Prior cost basis to term Total Commercial: Commercial and industrial: Pass $ 242,060 $ 345,996 $ 120,916 $ 116,400 $ 116,898 $ 65,106 $ 543,613 $ 18,173 $ 1,569,162 Special mention — — 2,528 1,818 646 16,562 1,173 — 22,727 Substandard 38 — — 104 209 10,883 150 24 11,408 Total commercial and industrial 242,098 345,996 123,444 118,322 117,753 92,551 544,936 18,197 1,603,297 Municipal and non-profit: Pass 85,811 238,344 94,037 63,194 77,055 436,512 1,600 — 996,553 Total municipal and non-profit 85,811 238,344 94,037 63,194 77,055 436,512 1,600 — 996,553 Owner occupied commercial real estate: Pass 122,872 118,103 63,379 78,870 68,105 110,319 15,979 14 577,641 Special mention — — — 10,651 4,350 14,694 — — 29,695 Substandard — — 1,192 263 — 1,992 — — 3,447 Doubtful — — 385 15 — — — — 400 Total owner occupied commercial real estate 122,872 118,103 64,956 89,799 72,455 127,005 15,979 14 611,183 Food and agribusiness: Pass 10,309 11,940 15,103 6,758 14,405 22,858 103,854 13 185,240 Special mention — — 4,669 1,233 — 199 7,388 — 13,489 Substandard — — — — — 949 — — 949 Total food and agribusiness 10,309 11,940 19,772 7,991 14,405 24,006 111,242 13 199,678 Total commercial 461,090 714,383 302,209 279,306 281,668 680,074 673,757 18,224 3,410,711 Commercial real estate non-owner occupied: Construction: Pass 16,737 69,351 19,069 32,366 — 217 8,829 — 146,569 Total construction 16,737 69,351 19,069 32,366 — 217 8,829 — 146,569 Acquisition/development: Pass 2,975 867 375 711 1,830 4,404 — — 11,162 Total acquisition/development 2,975 867 375 711 1,830 4,404 — — 11,162 Multifamily: Pass 23,684 2,999 25,851 — 15,820 1,559 — — 69,913 Total multifamily 23,684 2,999 25,851 — 15,820 1,559 — — 69,913 Non-owner occupied Pass 29,537 61,499 58,341 76,444 17,522 158,061 300 — 401,704 Special mention — — — 9,840 5,484 13,050 — — 28,374 Substandard — — — — 653 4,425 — — 5,078 Doubtful — — — — — 104 — — 104 Total non-owner occupied 29,537 61,499 58,341 86,284 23,659 175,640 300 — 435,260 Total commercial real estate non-owner occupied 72,933 134,716 103,636 119,361 41,309 181,820 9,129 — 662,904 Residential real estate: Senior lien Pass 112,424 221,697 86,468 31,290 19,223 177,110 18,148 471 666,831 Special mention — — — — — 320 — — 320 Substandard — 235 477 1,175 111 3,970 — — 5,968 Total senior lien 112,424 221,932 86,945 32,465 19,334 181,400 18,148 471 673,119 Junior lien Pass 1,444 1,149 1,748 2,236 1,486 3,319 40,190 290 51,862 Special mention — — — — — 322 — 27 349 Substandard — — 112 — 58 258 — — 428 Total junior lien 1,444 1,149 1,860 2,236 1,544 3,899 40,190 317 52,639 Total residential real estate 113,868 223,081 88,805 34,701 20,878 185,299 58,338 788 725,758 Consumer Pass 4,522 6,059 2,288 891 388 528 2,973 35 17,684 Substandard — — — 4 — 6 3 — 13 Total consumer 4,522 6,059 2,288 895 388 534 2,976 35 17,697 Total loans $ 652,413 $ 1,078,239 $ 496,938 $ 434,263 $ 344,243 $ 1,047,727 $ 744,200 $ 19,047 $ 4,817,070 December 31, 2021 Revolving Revolving loans loans Origination year amortized converted 2021 2020 2019 2018 2017 Prior cost basis to term Total Commercial: Commercial and industrial: Pass $ 424,813 $ 155,268 $ 146,420 $ 128,002 $ 49,408 $ 18,529 $ 519,678 $ 5,975 $ 1,448,093 Special mention — 1,122 2,000 3,446 22,654 4,440 1,824 250 35,736 Substandard — 99 89 744 10,399 303 105 — 11,739 Doubtful — 375 — 54 49 101 — — 579 Total commercial and industrial 424,813 156,864 148,509 132,246 82,510 23,373 521,607 6,225 1,496,147 Municipal and non-profit: Pass 234,827 93,310 69,509 81,175 147,115 302,574 535 — 929,045 Total municipal and non-profit 234,827 93,310 69,509 81,175 147,115 302,574 535 — 929,045 Owner occupied commercial real estate: Pass 122,641 81,072 84,359 71,183 48,086 77,100 13,666 1,688 499,795 Special mention — — 9,155 3,864 1,429 13,443 — — 27,891 Substandard — 1,192 1,527 — 220 2,028 — — 4,967 Doubtful — 389 550 — — 44 — — 983 Total owner occupied commercial real estate 122,641 82,653 95,591 75,047 49,735 92,615 13,666 1,688 533,636 Food and agribusiness: Pass 11,245 20,606 6,966 21,427 2,443 24,047 107,978 24 194,736 Special mention — 4,670 1,234 — — 215 1,897 — 8,016 Substandard — — — — 259 578 — — 837 Total food and agribusiness 11,245 25,276 8,200 21,427 2,702 24,840 109,875 24 203,589 Total commercial 793,526 358,103 321,809 309,895 282,062 443,402 645,683 7,937 3,162,417 Commercial real estate non-owner occupied: Construction: Pass 39,584 10,047 29,496 — 222 — 6,777 — 86,126 Total construction 39,584 10,047 29,496 — 222 — 6,777 — 86,126 Acquisition/development: Pass 1,691 385 766 1,830 30 4,907 — — 9,609 Total acquisition/development 1,691 385 766 1,830 30 4,907 — — 9,609 Multifamily: Pass 3,101 32,619 2,184 15,977 193 37,713 — — 91,787 Special mention — — — — — 387 — — 387 Total multifamily 3,101 32,619 2,184 15,977 193 38,100 — — 92,174 Non-owner occupied Pass 59,060 58,964 122,452 18,425 92,349 95,265 557 — 447,072 Special mention — — 5,747 5,584 9,745 3,898 — — 24,974 Substandard — — — 729 — 4,045 — — 4,774 Total non-owner occupied 59,060 58,964 128,199 24,738 102,094 103,208 557 — 476,820 Total commercial real estate non-owner occupied 103,436 102,015 160,645 42,545 102,539 146,215 7,334 — 664,729 Residential real estate: Senior lien Pass 223,120 100,476 38,696 21,889 29,554 177,051 18,278 188 609,252 Special mention — — — — — 290 — — 290 Substandard 44 325 684 318 299 3,416 — — 5,086 Total senior lien 223,164 100,801 39,380 22,207 29,853 180,757 18,278 188 614,628 Junior lien Pass 1,320 2,150 2,731 1,639 951 3,209 40,921 328 53,249 Special mention — — — — — — 24 322 346 Substandard — 19 — 62 131 221 — — 433 Total junior lien 1,320 2,169 2,731 1,701 1,082 3,430 40,945 650 54,028 Total residential real estate 224,484 102,970 42,111 23,908 30,935 184,187 59,223 838 668,656 Consumer: Pass 8,815 3,528 1,241 631 131 557 2,653 19 17,575 Substandard — — — — — 6 — — 6 Total consumer 8,815 3,528 1,241 631 131 563 2,653 19 17,581 Total loans $ 1,130,261 $ 566,616 $ 525,806 $ 376,979 $ 415,667 $ 774,367 $ 714,893 $ 8,794 $ 4,513,383 Loans evaluated individually We evaluate loans individually when they no longer share risk characteristics with pooled loans. These loans include loans on non-accrual status, loans in bankruptcy, and TDRs as described below. If a specific allowance is warranted based on the borrower’s overall financial condition, the specific allowance is calculated based on discounted expected cash flows using the loan’s initial contractual effective interest rate or the fair value of the collateral less selling costs for collateral-dependent loans. A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. Management individually evaluates collateral-dependent loans with an amortized cost basis of $250 thousand or more and includes collateral-dependent loans less than $250 thousand within the general allowance population. The amortized cost basis of collateral-dependent loans over $250 thousand was as follows at June 30, 2022 and December 31, 2021: June 30, 2022 Total amortized Real property Business assets cost basis Commercial Commercial and industrial $ 241 $ 1,490 $ 1,731 Owner-occupied commercial real estate 2,431 — 2,431 Total Commercial 2,672 1,490 4,162 Commercial real estate non owner-occupied Non-owner occupied 574 — 574 Total commercial real estate 574 — 574 Residential real estate Senior lien 3,476 1,606 5,082 Total residential real estate 3,476 1,606 5,082 Total loans $ 6,722 $ 3,096 $ 9,818 December 31, 2021 Total amortized Real property Business assets cost basis Commercial Commercial and industrial $ 3,270 $ 1,261 $ 4,531 Owner-occupied commercial real estate 4,012 255 4,267 Total Commercial 7,282 1,516 8,798 Residential real estate Senior lien 2,212 — 2,212 Total residential real estate 2,212 — 2,212 Total loans $ 9,494 $ 1,516 $ 11,010 Loan modifications and troubled debt restructurings The Company’s policy is to review each prospective credit to determine the appropriateness and the adequacy of security or collateral prior to making a loan. In the event of borrower default, the Company seeks recovery in compliance with lending laws, the respective loan agreements, and credit monitoring and remediation procedures that may include restructuring a loan to provide a concession by the Company to the borrower from their original terms due to borrower financial difficulties in order to facilitate repayment. Additionally, if a borrower’s repayment obligation has been discharged by a court, and that debt has not been reaffirmed by the borrower, regardless of past due status, the loan is considered to be a TDR. During the three months ended June 30, 2022, the Company restructured two loans with an amortized cost basis of $2.4 million to facilitate repayment that are considered TDRs. During the six months ended June 30, 2022, the Company restructured six loans with an amortized cost basis of $3.0 million to facilitate repayment that are considered TDRs. Loan modifications were a reduction of the principal payment, a reduction in interest rate, or an extension of term. The tables below provide additional information related to accruing TDRs at June 30, 2022 and December 31, 2021: June 30, 2022 Amortized Average year-to-date Unpaid Unfunded commitments cost basis amortized cost basis principal balance to fund TDRs Commercial $ 4,621 $ 4,655 $ 4,729 $ 317 Commercial real estate non-owner occupied 739 761 913 — Residential real estate 1,848 1,876 2,242 — Consumer — — — — Total $ 7,208 $ 7,292 $ 7,884 $ 317 December 31, 2021 Amortized Average year-to-date Unpaid Unfunded commitments cost basis amortized cost basis principal balance to fund TDRs Commercial $ 4,066 $ 4,472 $ 4,417 $ — Commercial real estate non-owner occupied 725 767 892 — Residential real estate 2,395 2,468 2,781 — Consumer — — — — Total $ 7,186 $ 7,707 $ 8,090 $ — The following table summarizes the Company’s carrying value of non-accrual TDRs as of June 30, 2022 and December 31, 2021: June 30, 2022 December 31, 2021 Commercial $ 439 $ 644 Commercial real estate non-owner occupied 94 117 Residential real estate 1,378 1,605 Consumer — — Total non-accruing TDRs $ 1,911 $ 2,366 Accrual of interest is resumed on loans that were previously on non-accrual only after the loan has performed sufficiently for a period of time. The Company had no TDRs that were modified within the past 12 months and had defaulted on their restructured terms during the six months ended June 30, 2022. During the six months ended June 30, 2021, the Company had two TDRs totaling $49 thousand that were modified within the past 12 months and had defaulted on their restructured terms. For purposes of this disclosure, the Company considers “default” to mean 90 days or more past due on principal or interest. The allowance for credit losses related to TDRs on non-accrual status is determined by individual evaluation, including collateral adequacy, using the same process as loans on non-accrual status, which are not classified as TDRs. |
Allowance for Credit Losses
Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2022 | |
Allowance for Credit Losses | |
Allowance for Credit Losses | Note 6 Allowance for Credit Losses The tables below detail the Company’s allowance for credit losses as of the dates shown: Three months ended June 30, 2022 Non-owner occupied commercial Residential Commercial real estate real estate Consumer Total Beginning balance $ 31,845 $ 8,495 $ 8,136 $ 334 $ 48,810 Charge-offs (291) — — (160) (451) Recoveries 27 21 44 23 115 Provision expense (release) for loan losses 430 (90) 1,892 154 2,386 Ending balance $ 32,011 $ 8,426 $ 10,072 $ 351 $ 50,860 Six months ended June 30, 2022 Non-owner occupied commercial Residential Commercial real estate real estate Consumer Total Beginning balance $ 31,256 $ 10,033 $ 8,056 $ 349 $ 49,694 Charge-offs (754) — (2) (329) (1,085) Recoveries 74 21 46 49 190 Provision expense (release) for loan losses 1,435 (1,628) 1,972 282 2,061 Ending balance $ 32,011 $ 8,426 $ 10,072 $ 351 $ 50,860 Three months ended June 30, 2021 Non-owner occupied commercial Residential Commercial real estate real estate Consumer Total Beginning balance $ 28,085 $ 15,054 $ 11,546 $ 372 $ 55,057 Charge-offs (781) — — (144) (925) Recoveries 128 — 37 33 198 Provision expense (release) for loan losses 1,208 (3,867) (2,732) 91 (5,300) Ending balance $ 28,640 $ 11,187 $ 8,851 $ 352 $ 49,030 Six months ended June 30, 2021 Non-owner occupied commercial Residential Commercial real estate real estate Consumer Total Beginning balance $ 30,376 $ 17,448 $ 11,492 $ 461 $ 59,777 Charge-offs (942) — (22) (263) (1,227) Recoveries 257 6 44 73 380 Provision (release) expense for loan losses (1,051) (6,267) (2,663) 81 (9,900) Ending balance $ 28,640 $ 11,187 $ 8,851 $ 352 $ 49,030 In evaluating the loan portfolio for an appropriate ACL level, excluding loans evaluated individually, loans were grouped into segments based on broad characteristics such as primary use and underlying collateral. Within the segments, the portfolio was further disaggregated into classes of loans with similar attributes and risk characteristics for purposes of developing the underlying data used within the discounted cash flow model including, but not limited to, prepayment and recovery rates as well as loss rates tied to macro-economic conditions within management’s reasonable and supportable forecast. The ACL also includes subjective adjustments based upon qualitative risk factors including asset quality, loss trends, lending management, portfolio growth and loan review/internal audit results. Net charge-offs on loans during the three and six months ended June 30, 2022 were and , respectively. which included a provision expense of $2.4 million for funded loans and a provision expense of $0.1 $0.1 million Net charge-offs on loans during the three and six months ended June 30, 2021 were $0.7 million and $0.8 million, respectively. $0.6 $0.5 The Company has elected to exclude AIR from the allowance for credit losses calculation. As of June 30, 2022 and December 31, 2021, AIR from loans totaled $17.2 million and $15.7 million, respectively. |
Other Real Estate Owned
Other Real Estate Owned | 6 Months Ended |
Jun. 30, 2022 | |
Other Real Estate Owned | |
Other Real Estate Owned | Note 7 Other Real Estate Owned A summary of the activity in other real estate owned (“OREO”) during the six months ended June 30, 2022 and 2021 is as follows: For the six months ended June 30, 2022 2021 Beginning balance $ 7,005 $ 4,730 Transfers from loan portfolio, at fair value 39 1,522 Impairments (188) — Sales (1,864) (1,128) Ending balance $ 4,992 $ 5,124 During the three months ended June 30, 2022 and 2021, the Company sold OREO properties with net book balances of $0.1 million and $0.5 million, respectively. During the six months ended June 30, 2022 and 2021, the Company sold OREO properties with net book balances of $1.9 million and $1.1 million, respectively. Sales of OREO properties resulted in net OREO losses of $5 thousand and net OREO gains of $270 thousand, which were included within gain on OREO sales, net in the consolidated statements of operations for the three and six months ended June 30, 2022, respectively. Net OREO losses of $0.2 million and $0.2 million were included in the consolidated statements of operations for the three and six months ended June 30, 2021, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets | |
Goodwill and Intangible Assets | Note 8 Goodwill and Intangible Assets Goodwill and core deposit intangible In connection with our acquisitions, the Company recorded goodwill of $115.0 million. Goodwill is measured as the excess of the fair value of consideration paid over the fair value of net assets acquired. No goodwill impairment was recorded during the three or six months ended June 30, 2022 or the year ended December 31, 2021. The gross carrying amount of the core deposit intangibles (“CDI”) and the associated accumulated amortization at June 30, 2022 and December 31, 2021, are presented as follows: June 30, 2022 December 31, 2021 Gross Net Gross Net carrying Accumulated carrying carrying Accumulated carrying amount amortization amount amount amortization amount Core deposit intangible $ 48,834 $ (43,060) $ 5,774 $ 48,834 $ (42,469) $ 6,365 The Company is amortizing the CDI from acquisitions on a straight-line basis over 7 million and $0.6 million during the three and six months ended June 30, 2022, respectively. During the three and six months ended June 30, 2021, the Company recognized CDI amortization expense of $0.3 million and $0.6 million, respectively. The following table shows the estimated future amortization expense for the CDI as of June 30, 2022: Years ending December 31, Amount For the six months ending December 31, 2022 $ 563 For the year ending December 31, 2023 1,048 For the year ending December 31, 2024 1,048 For the year ending December 31, 2025 1,048 For the year ending December 31, 2026 1,048 Mortgage servicing rights Mortgage servicing rights (“MSRs”) represent rights to service loans originated by the Company and sold to government-sponsored enterprises including FHLMC, FNMA, GNMA and FHLB and are included in other assets in the consolidated statements of financial condition. Mortgage loans serviced for others were $1.0 billion and $1.9 billion at June 30, 2022 and 2021, respectively. Below are the changes in the MSRs for the periods presented: For the six months ended June 30, 2022 2021 Beginning balance $ 5,957 $ 10,380 Originations 3,325 5,949 (Impairment) recovery (39) 707 Amortization (448) (1,632) Ending balance 8,795 15,404 Fair value of mortgage servicing rights $ 12,728 $ 18,685 The fair value of MSRs was determined based upon a discounted cash flow analysis. The cash flow analysis included assumptions for discount rates and prepayment speeds. The discount rate was 9.5%, and the constant prepayment speed ranged from 7.8% to 8.2% for the June 30, 2022 valuation. Discount rates ranged from 9.5% to 10.5%, and the constant prepayment speed ranged from 11.4% to 18.7% for the June 30, 2021 valuation. Included in mortgage banking income in the consolidated statements of operations was servicing income of $0.6 million and $1.1 million for the three and six months ended June 30, 2022, respectively, and $1.1 million and $2.1 million for the three and six months ended June 30, 2021, respectively. MSRs are evaluated and impairment is recognized to the extent fair value is less than the carrying amount. The Company evaluates impairment by stratifying MSRs based on the predominant risk characteristics of the underlying loans, including loan type and loan term. The Company is amortizing the MSRs in proportion to and over the period of the estimated net servicing income of the underlying loans. The following table shows the estimated future amortization expense for the MSRs as of June 30, 2022: Years ending December 31, Amount For the six months ending December 31, 2022 $ 537 For the year ending December 31, 2023 1,010 For the year ending December 31, 2024 887 For the year ending December 31, 2025 779 For the year ending December 31, 2026 684 |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2022 | |
Borrowings | |
Borrowings | Note 9 Borrowings Borrowings consist of securities sold under agreements to repurchase, long-term debt and FHLB advances. Securities sold under agreements to repurchase The Company enters into repurchase agreements to facilitate the needs of its clients. As of June 30, 2022 and December 31, 2021, the Company sold securities under agreements to repurchase totaling $24.4 million and $22.8 million, respectively. The Company pledged mortgage-backed securities with a fair value of approximately $32.4 million and $28.8 million as of June 30, 2022 and December 31, 2021, respectively, for these agreements. The Company monitors collateral levels on a continuous basis and may be required to provide additional collateral based on the fair value of the underlying securities. As of June 30, 2022 and December 31, 2021, the Company had $8.0 million and $6.1 million, respectively, of excess collateral pledged for repurchase agreements. Long-term debt On November 5, 2021, the Company entered into a subordinated note purchase agreement to issue and sell a fixed-to-floating rate note totaling $40.0 million. The balance on the note at June 30, 2022, net of long-term debt issuance costs totaling $0.5 million, totaled $39.5 million. Interest expense totaling $0.3 million and $0.6 million was recorded in the consolidated statements of operations during the three and six months ended June 30, 2022, respectively. The note is subordinated, unsecured and matures on November 15, 2031. Payments consist of interest only. Interest expense on the note is payable semi-annually in arrears and will bear interest at 3.00% per annum until November 15, 2026 (or any earlier redemption date). From November 15, 2026 until November 15, 2031 (or any earlier redemption date) payments will be made quarterly in arrears, and the interest rate shall reset quarterly to an interest rate per annum equal to the then current three-month term secured overnight financing rate (“SOFR”) plus 203 basis points. The Company intends to use the net proceeds from the sale of the note for general corporate purposes. Prior to November 5, 2026, the Company may redeem the note only under certain limited circumstances. Beginning on November 5, 2026 through maturity, the note may be redeemed, at the Company’s option, on any scheduled interest payment date. Any redemption by the Company would be at a redemption price equal to 100% of the principal amount of the note being redeemed, together with any accrued and unpaid interest on the note being redeemed up to but excluding the date of redemption. The note is not subject to redemption at the option of the holder. FHLB advances As a member of the FHLB, the Bank has access to a line of credit and term financing from the FHLB with total available credit of $1.0 billion at June 30, 2022. The Bank may utilize its FHLB line of credit as a funding mechanism for originated loans and loans held for sale. At June 30, 2022 and December 31, 2021, the Bank had no outstanding borrowings from the FHLB. The Bank may pledge investment securities and loans as collateral for FHLB advances. There were no investment securities pledged at June 30, 2022 or December 31, 2021. Loans pledged were $1.4 billion and $1.3 billion at June 30, 2022 and December 31, 2021, respectively. There was no interest expense related to FHLB advances and other short-term borrowings for the three and six months ended June 30, 2022 or 2021. |
Regulatory Capital
Regulatory Capital | 6 Months Ended |
Jun. 30, 2022 | |
Regulatory Capital | |
Regulatory Capital | Note 10 Regulatory Capital As a bank holding company that has elected to be treated as a financial holding company, the Company and NBH Bank is subject to regulatory capital adequacy requirements implemented by the Federal Reserve, including maintaining capital positions at the “well-capitalized” level. The federal banking agencies have risk based capital adequacy regulations intended to provide a measure of capital adequacy that reflects the degree of risk associated with a banking organization’s operations. Under these regulations, assets are assigned to one of several risk categories, and nominal dollar amounts of assets and credit equivalent amounts of off-balance-sheet items are multiplied by a risk adjustment percentage for the category. Under the Basel III requirements, at June 30, 2022 and December 31, 2021, the Company and the Bank met all capital requirements, including the capital conservation buffer of 2.5%. The Company and Bank had regulatory capital ratios in excess of the levels established for well-capitalized institutions, as detailed in the tables below: June 30, 2022 Required to be Required to be well capitalized under considered prompt corrective adequately Actual action provisions capitalized (1) Ratio Amount Ratio Amount Ratio Amount Tier 1 leverage ratio: Consolidated 10.5% $ 756,805 N/A N/A 4.0% $ 287,215 NBH Bank 9.1% 648,767 5.0% $ 357,493 4.0% 285,994 Common equity tier 1 risk based capital: Consolidated 13.8% $ 756,805 N/A N/A 7.0% $ 385,243 NBH Bank 11.9% 648,767 6.5% $ 355,490 7.0% 382,835 Tier 1 risk based capital ratio: Consolidated 13.8% $ 756,805 N/A N/A 8.5% $ 467,795 NBH Bank 11.9% 648,767 8.0% $ 437,526 8.5% 464,871 Total risk based capital ratio: Consolidated 15.4% $ 844,697 N/A N/A 10.5% $ 577,864 NBH Bank 12.7% 696,659 10.0% $ 546,907 10.5% 574,252 December 31, 2021 Required to be Required to be well capitalized under considered prompt corrective adequately Actual action provisions capitalized (1) Ratio Amount Ratio Amount Ratio Amount Tier 1 leverage ratio: Consolidated 10.4% $ 731,087 N/A N/A 4.0% $ 281,463 NBH Bank 9.1% 637,115 5.0% $ 350,584 4.0% 280,467 Common equity tier 1 risk based capital: Consolidated 14.3% $ 731,087 N/A N/A 7.0% $ 358,813 NBH Bank 12.5% 637,115 6.5% $ 331,427 7.0% 356,921 Tier 1 risk based capital ratio: Consolidated 14.3% $ 731,087 N/A N/A 8.5% $ 435,701 NBH Bank 12.5% 637,115 8.0% $ 407,910 8.5% 433,404 Total risk based capital ratio: Consolidated 15.9% $ 816,117 N/A N/A 10.5% $ 538,219 NBH Bank 13.4% 682,145 10.0% $ 509,888 10.5% 535,382 (1) Includes the capital conservation buffer of 2.5%. |
Revenue from Contracts with Cli
Revenue from Contracts with Clients | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contracts with Clients | |
Revenue from Contracts with Clients | Note 11 Revenue from Contracts with Clients Revenue is recognized when obligations under the terms of a contract with clients are satisfied. Below is the detail of the Company’s revenue from contracts with clients. Service charges and other fees Service charge fees are primarily comprised of monthly service fees, check orders and other deposit account related fees. Other fees include revenue from processing Bank card fees Bank card fees are primarily comprised of debit card income, ATM fees, merchant services income and other fees. Debit card income is primarily comprised of interchange fees earned whenever the Company’s debit cards are processed through card payment networks such as Visa. ATM fees are primarily generated when a Bank cardholder uses a non-Bank ATM or a non-Bank cardholder uses a Bank ATM. Merchant services income mainly represents fees charged to merchants to process their debit card transactions. The Company’s performance obligation for bank card fees are largely satisfied, and related revenue recognized, when the services are rendered or upon completion. Payment is typically received immediately or in the following month. Gain on OREO sales, net Gain on OREO sales, net is recognized when the Company meets its performance obligation to transfer title to the buyer. The gain or loss is measured as the excess of the proceeds received compared to the OREO carrying value. Sales proceeds are received in cash at the time of transfer. The following table presents non-interest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, and non-interest expense in-scope of Topic 606 for the three and six months ended June 30, 2022 and 2021: For the three months ended June 30, For the six months ended June 30, 2022 2021 2022 2021 Non-interest income In-scope of Topic 606: Service charges and other fees $ 3,956 $ 4,415 $ 7,666 $ 8,367 Bank card fees 4,541 4,614 8,664 8,687 Non-interest income (in-scope of Topic 606) 8,497 9,029 16,330 17,054 Non-interest income (out-of-scope of Topic 606) 8,265 16,237 19,486 41,573 Total non-interest income $ 16,762 $ 25,266 $ 35,816 $ 58,627 Non-interest expense In-scope of Topic 606: (Loss) gain on OREO sales, net $ (5) $ (221) $ 270 $ (192) Total revenue in-scope of Topic 606 $ 8,492 $ 8,808 $ 16,600 $ 16,862 Contract acquisition costs The Company utilizes the practical expedient which allows entities to expense immediately contract acquisition costs when the asset that would have resulted from capitalizing these costs would have been amortized in one year or less. The Company has not capitalized any contract acquisition costs. |
Stock-based Compensation and Be
Stock-based Compensation and Benefits | 6 Months Ended |
Jun. 30, 2022 | |
Stock-based Compensation and Benefits | |
Stock-based Compensation and Benefits | Note 12 Stock-based Compensation and Benefits The Company provides stock-based compensation in accordance with shareholder-approved plans and is authorized to issue awards of stock options, stock appreciation rights, restricted stock, restricted stock units, performance units, other stock-based awards, or any combination thereof to eligible persons. Stock options The Company issues stock options, which are primarily time-vesting with 1/3 The expense associated with the awarded stock options was measured at fair value using a Black-Scholes option-pricing model. The outstanding option awards vest or have vested on a graded basis over 1-4 years of continuous service and have 10-year The following table summarizes stock option activity for the six months ended June 30, 2022: Weighted average Weighted remaining average contractual Aggregate exercise term in intrinsic Options price years value Outstanding at December 31, 2021 695,960 $ 28.19 6.57 $ 10,964 Granted 74,715 40.79 Exercised (21,794) 23.96 Forfeited (12,432) 31.38 Outstanding at June 30, 2022 736,449 29.54 6.43 6,770 Options exercisable at June 30, 2022 544,103 27.73 5.58 5,785 Options vested and expected to vest 716,705 29.32 6.35 6,715 Stock option expense is a component of salaries and benefits in the consolidated statements of operations and totaled $0.4 million and $0.5 million for the three and six months ended June 30, 2022, respectively, and $0.5 million and $0.6 million for the three and six months ended June 30, 2021, respectively. At June 30, 2022, there was $0.6 million of total unrecognized compensation cost related to non-vested stock options granted under the plans. The cost is expected to be recognized over a weighted average period of 2.5 years. Restricted stock awards The Company issues primarily time-based restricted stock awards that vest over a range of a 1 - 3 year period. Restricted stock with time-based vesting was valued at the fair value of the shares on the date of grant as they are assumed to be held beyond the vesting period. Performance stock units The Company grants performance stock units which represent initial target awards and do not reflect potential increases or decreases resulting from the final performance results, which are to be determined at the end of the three-year performance period (vesting date). The actual number of shares to be awarded at the end of the performance period will range from 0% - 150% of the initial target awards. For awards granted in years other than 2020 and 2021, 60% of the award is based on the Company’s cumulative earnings per share (EPS target) during the performance period, and 40% of the award is based on the Company’s cumulative total shareholder return (TSR target), or TSR, during the performance period. On the vesting date, the Company’s TSR will be compared to the respective TSRs of the companies comprising the KBW Regional Index at the grant date to determine the shares awarded. The fair value of the EPS target portion of the award was determined based on the closing stock price of the Company’s common stock on the grant date. The fair value of the TSR target portion of the award was determined using a Monte Carlo Simulation at the grant date. In establishing PSU components during 2021 and 2020, the Compensation Committee determined the EPS target portion of the award would not be an effective metric in light of economic uncertainty surrounding COVID-19. Consequently, the Compensation Committee granted an award based upon a relative return on tangible assets (“ROTA”). Annually, the Company’s ROTA is compared to the respective ROTA of companies comprising the KBW Regional Index. At the end of the measurement period, the Company’s ranking will be averaged to determine the shares awarded. The fair value of the ROTA award was determined based on the closing stock price of the Company’s common stock on the grant date. The weighted-average grant date fair value per unit for the awards granted during the six months ended June 30, 2022 of the EPS target portion and the TSR target portion was $40.83 and $35.25, respectively. The initial weighted-average performance price for the TSR target portion granted during 2022 was $43.51. During the six months ended June 30, 2022, the Company awarded an additional 17,741 units due to final performance results related to performance stock units granted in 2019. The following table summarizes restricted stock and performance stock unit activity during the six months ended June 30, 2022: Weighted Weighted Restricted average grant- Performance average grant- stock shares date fair value stock units date fair value Unvested at December 31, 2021 144,467 $ 33.40 160,394 $ 31.36 Granted 94,155 39.87 51,931 38.40 Adjustment due to performance — — 17,741 32.44 Vested (69,183) 32.99 (67,875) 31.27 Forfeited (8,237) 36.13 (6,334) 32.70 Unvested at June 30, 2022 161,202 $ 37.22 155,857 $ 33.81 As of June 30, 2022, the total unrecognized compensation cost related to the non-vested restricted stock awards and performance stock units totaled $4.3 million and $3.4 million, respectively, and is expected to be recognized over a weighted average period of approximately 2.0 years and 2.1 years, respectively. Expense related to non-vested restricted stock awards totaled $0.9 million and $1.5 million during the three and six months ended June 30, 2022, respectively, and $0.6 million and $1.2 million during the three and six months ended June 30, 2021, respectively. Expense related to non-vested performance stock units totaled $0.4 million and $0.8 million during the three and six months ended June 30, 2022, respectively, and $0.2 million and $0.7 million during the three and six months ended June 30, 2021, respectively. Expense related to non-vested restricted stock awards and units is a component of salaries and benefits in the Company’s consolidated statements of operations. Employee stock purchase plan The 2014 Employee Stock Purchase Plan (“ESPP”) is intended to be a qualified plan within the meaning of Section 423 of the Internal Revenue Code of 1986 and allows eligible employees to purchase shares of common stock through payroll deductions up to a limit of $25,000 per calendar year and 2,000 shares per offering period. The price an employee pays for shares is 90.0% of the fair market value of Company common stock on the last day of the offering period. The offering periods are the six-month periods commencing on March 1 and September 1 of each year and ending on August 31 and February 28 (or February 29 in the case of a leap year) of each year. There are no vesting or other restrictions on the stock purchased by employees under the ESPP. Under the ESPP, the total number of shares of common stock reserved for issuance totaled 400,000 shares, of which 273,868 was available for issuance at June 30, 2022. Under the ESPP, employees purchased 8,028 shares and 8,971 shares during the six months ended June 30, 2022 and 2021, respectively. |
Common Stock
Common Stock | 6 Months Ended |
Jun. 30, 2022 | |
Common Stock | |
Common Stock | Note 13 Common Stock The Company had 30,075,175 and 29,958,764 shares of Class A common stock outstanding at June 30, 2022 and December 31, 2021, respectively. Additionally, the Company had 161,202 and 144,467 shares outstanding at June 30, 2022 and December 31, 2021, respectively, of restricted Class A common stock issued but not yet vested under the 2014 Omnibus Incentive Plan that are not included in shares outstanding until such time that they are vested; however, these shares do have voting and certain dividend rights during the vesting period. On February 24, 2021, the Company’s Board of Directors authorized a program to repurchase up to $75.0 million of the Company’s stock from time to time in either the open market or through privately negotiated transactions. The remaining authorization under the current program as of June 30, 2022 was $38.6 million. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share | |
Earnings Per Share | Note 14 Earnings Per Share The Company calculates earnings per share under the two-class method, as certain non-vested share awards contain non-forfeitable rights to dividends. As such, these awards are considered securities that participate in the earnings of the Company. Non-vested shares are discussed further in note 12. The Company had 30,075,175 and 30,800,985 shares of Class A common stock outstanding as of June 30, 2022 and 2021, respectively, exclusive of issued non-vested restricted shares. Certain stock options and non-vested restricted shares are potentially dilutive securities, but are not included in the calculation of diluted earnings per share because to do so would have been anti-dilutive for the three and six months ended June 30, 2022 and 2021. The following table illustrates the computation of basic and diluted earnings per share for the three and six months ended June 30, 2022 and 2021: For the three months ended For the six months ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Net income $ 20,362 $ 24,200 $ 38,714 $ 51,012 Less: income allocated to participating securities (37) (33) (72) (67) Income allocated to common shareholders $ 20,325 $ 24,167 $ 38,642 $ 50,945 Weighted average shares outstanding for basic earnings per common share 30,225,898 30,947,206 30,173,338 30,888,062 Dilutive effect of equity awards 267,367 279,145 319,275 294,522 Weighted average shares outstanding for diluted earnings per common share 30,493,265 31,226,351 30,492,613 31,182,584 Basic earnings per share $ 0.67 $ 0.78 $ 1.28 $ 1.65 Diluted earnings per share 0.67 0.77 1.27 1.63 The Company had 736,449 and 751,394 outstanding stock options to purchase common stock at weighted average exercise prices of $29.54 and $27.68 per share at June 30, 2022 and 2021, respectively, which have time-vesting criteria, and as such, any dilution is derived only for the time frame in which the vesting criteria had been met and where the inclusion of those stock options is dilutive. The Company had 317,059 and 311,744 unvested restricted shares and performance stock units issued as of June 30, 2022 and 2021, respectively, which have performance, market and/or time-vesting criteria, and as such, any dilution is derived only for the time frame in which the vesting criteria had been met and where the inclusion of those restricted shares and units is dilutive. |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 2022 | |
Derivatives | |
Derivatives | Note 15 Derivatives Risk management objective of using derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company has established policies stipulating that neither carrying value nor fair value at risk should exceed established guidelines. The Company has designed strategies to confine these risks within the established limits and identify appropriate trade-offs in the financial structure of its balance sheet. These strategies include the use of derivative financial instruments to help achieve the desired balance sheet repricing structure while meeting the desired objectives of its clients. Currently, the Company employs certain interest rate swaps that are designated as fair value hedges as well as economic hedges. The Company manages a matched book with respect to its derivative instruments in order to minimize its net risk exposure resulting from such transactions. Fair values of derivative instruments on the balance sheet The table below presents the fair value of the Company’s derivative financial instruments as well as their classification in the consolidated statements of financial condition as of June 30, 2022 and December 31, 2021. Information about the valuation methods used to measure fair value is provided in note 17. Asset derivatives fair value Liability derivatives fair value Balance Sheet June 30, December 31, Balance Sheet June 30, December 31, location 2022 2021 Location 2022 2021 Derivatives designated as hedging instruments: Interest rate products Other assets $ 21,213 $ 477 Other liabilities $ 127 $ 12,221 Total derivatives designated as hedging instruments $ 21,213 $ 477 $ 127 $ 12,221 Derivatives not designated as hedging instruments: Interest rate products Other assets $ 4,883 $ 8,321 Other liabilities $ 4,935 $ 8,329 Interest rate lock commitments Other assets 1,361 1,792 Other liabilities 525 197 Forward contracts Other assets 175 91 Other liabilities 434 266 Total derivatives not designated as hedging instruments $ 6,419 $ 10,204 $ 5,894 $ 8,792 Fair value hedges Interest rate swaps designated as fair value hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without the exchange of the underlying notional amount. As of June 30, 2022, the Company had interest rate swaps with a notional amount of $344.6 million, which were designated as fair value hedges of interest rate risk. As of December 31, 2021, the Company had interest rate swaps with a notional amount of $343.1 million that were designated as fair value hedges. These interest rate swaps were associated with $346.8 million and $345.2 million of the Company’s fixed-rate loans as of June 30, 2022 and December 31, 2021, respectively, before a loss of $17.0 million and a gain of $16.1 million from the fair value hedge adjustment in the carrying amount, included in loans receivable in the statements of financial condition as of June 30, 2022 and December 31, 2021, respectively. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in earnings. The Company includes the gain or loss on the hedged items in the same line item as the offsetting loss or gain on the related derivatives. Non-designated hedges Derivatives not designated as hedges are not speculative and consist of interest rate swaps with commercial banking clients that facilitate their respective risk management strategies. Interest rate swaps are simultaneously hedged by offsetting interest rate swaps that the Company executes with a third party, such that the Company minimizes its net risk exposure resulting from such transactions. As the interest rate swaps associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the client swaps and the offsetting swaps are recognized directly in earnings. As of June 30, 2022, the Company had matched interest rate swap transactions with an aggregate notional amount of $369.6 million related to this program. As of December 31, 2021, the Company had matched interest rate swap transactions with an aggregate notional amount of $394.4 million. As part of its mortgage banking activities, the Company enters into interest rate lock commitments, which are commitments to originate loans where the interest rate on the loan is determined prior to funding and the clients have locked into that interest rate. The Company then locks in the loan and interest rate with an investor and commits to deliver the loan if settlement occurs ("best efforts") or commits to deliver the locked loan in a binding ("mandatory") delivery program with an investor. Fair value changes of certain loans under interest rate lock commitments are hedged with forward sales contracts of MBS. Forward sales contracts of MBS are recorded at fair value with changes in fair value recorded in non-interest income. Interest rate lock commitments and commitments to deliver loans to investors are considered derivatives. The market value of interest rate lock commitments and best efforts contracts are not readily ascertainable with precision because they are not actively traded in stand-alone markets. The Company determines the fair value of interest rate lock commitments and delivery contracts by measuring the fair value of the underlying assets. The fair value of the underlying assets is impacted by current interest rates, remaining origination fees, costs of production to be incurred and the probability that the interest rate lock commitments will close or will be funded. Certain additional risks arise from these forward delivery contracts in that the counterparties to the contracts may not be able to meet the terms of the contracts. The Company does not expect any counterparty to any MBS contract to fail to meet its obligation. Additional risks inherent in mandatory delivery programs include the risk that, if the Company fails to deliver the loans subject to interest rate risk lock commitments, it will still be obligated to “pair off” MBS to the counterparty. Should this be required, the Company could incur significant costs in acquiring replacement loans and such costs could have an adverse effect on the consolidated financial statements. The fair value of the mortgage banking derivative is recorded as a freestanding asset or liability with the change in value being The Company had interest rate lock commitments with a notional value of $102.9 million and forward contracts with a notional value of $104.1 million at June 30, 2022. At December 31, 2021, the Company had interest rate lock commitments with a notional value of $110.0 million and forward contracts with a notional value of $198.3 million . Effect of derivative instruments on the consolidated statements of operations The tables below present the effect of the Company’s derivative financial instruments in the consolidated statements of operations for the three and six months ended June 30, 2022 and 2021: Location of gain (loss) Amount of (loss) gain recognized in income on derivatives Derivatives in fair value recognized in income on For the three months ended June 30, For the six months ended June 30, hedging relationships derivatives 2022 2021 2022 2021 Interest rate products Interest and fees on loans $ (6,902) $ (28,100) $ 11,694 $ (7,228) Location of gain (loss) Amount of gain (loss) recognized in income on hedged items recognized in income on For the three months ended June 30, For the six months ended June 30, Hedged items hedged items 2022 2021 2022 2021 Interest rate products Interest and fees on loans $ 7,428 $ 23,726 $ (12,792) $ 5,157 Location of gain (loss) Amount of (loss) gain recognized in income on derivatives Derivatives not designated recognized in income on For the three months ended June 30, For the six months ended June 30, as hedging instruments derivatives 2022 2021 2022 2021 Interest rate products Other non-interest expense $ (50) $ 4 $ (44) $ 10 Interest rate lock commitments Mortgage banking income 243 (1,029) (844) (5,101) Forward contracts Mortgage banking income (2,795) (3,698) (84) 2,384 Total $ (2,602) $ (4,723) $ (972) $ (2,707) Credit-risk-related contingent features The Company has agreements with its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness for reasons other than an error or omission of an administrative or operational nature, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. The Company also has agreements with certain of its derivative counterparties that contain a provision where if the Company fails to maintain its status as a well/adequately capitalized institution, then the counterparty has the right to terminate the derivative positions and the Company would be required to settle its obligations under the agreements. As of June 30, 2022, the termination value of derivatives in a net liability position related to these agreements was $23.6 million, which includes accrued interest but excludes any adjustment for nonperformance risk. The Company has minimum collateral posting thresholds with certain of its derivative counterparties and, as of June 30, 2022, the Company had posted $0.1 million in eligible collateral. If the Company had breached any of these provisions at June 30, 2022, it could have been required to settle its obligations under the agreements at the termination value. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies | |
Commitments and Contingencies | Note 16 Commitments and Contingencies In the normal course of business, the Company enters into various off-balance sheet commitments to help meet the financing needs of clients. These financial instruments include commitments to extend credit, commercial and consumer lines of credit and standby letters of credit. The same credit policies are applied to these commitments as the loans in the consolidated statements of financial condition; however, these commitments involve varying degrees of credit risk in excess of the amount recognized in the consolidated statements of financial condition. The total amounts of unused commitments do not necessarily represent future credit exposure or cash requirements, as commitments often expire without being drawn upon. However, the contractual amount of these commitments, offset by any additional collateral pledged, represents the Company’s potential credit loss exposure. Total unfunded commitments at June 30, 2022 and December 31, 2021 were as follows: June 30, 2022 December 31, 2021 Commitments to fund loans $ 573,082 $ 462,151 Unfunded commitments under lines of credit 584,554 530,397 Commercial and standby letters of credit 7,236 7,321 Total unfunded commitments $ 1,164,872 $ 999,869 Commitments to fund loans Unfunded commitments under lines of credit Commercial and standby letters of credit Contingencies Mortgage loans sold to investors may be subject to repurchase or indemnification in the event of specific default by the borrower or subsequent discovery that underwriting standards were not met. The Company established a reserve liability for expected losses related to these representations and warranties based upon management’s evaluation of actual and historic loss history, delinquency trends in the portfolio and economic conditions. Charges against the reserve during the three and six months ended June 30, 2022 totaling $98 thousand and $144 thousand, respectively, were primarily driven by early payoffs and repurchases. Charges against the reserve during the three and six months ended June 30, 2021 totaling $116 thousand and $241 thousand, respectively, were primarily driven by early payoffs and repurchases. The repurchase reserve is included in other liabilities in the consolidated statements of financial condition. The following table summarizes mortgage repurchase reserve activity for the periods presented: For the three months ended June 30, For the six months ended June 30, 2022 2021 2022 2021 Beginning balance $ 1,969 $ 2,620 $ 2,102 $ 2,741 Provision charged to (released from) operating expense, net 7 (106) (80) (102) Charge-offs (98) (116) (144) (241) Ending balance $ 1,878 $ 2,398 $ 1,878 $ 2,398 In the ordinary course of business, the Company and the Bank may be subject to litigation. Based upon the available information and advice from the Company’s legal counsel, management does not believe that any potential, threatened or pending litigation to which it is a party will have a material adverse effect on the Company’s liquidity, financial condition or results of operations. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Measurements | |
Fair Value Measurements | Note 17 Fair Value Measurements The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to disclose the fair value of its financial instruments. Fair value is defined as 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. For disclosure purposes, the Company groups its financial and non-financial assets and liabilities into three different levels based on the nature of the instrument and the availability and reliability of the information that is used to determine fair value. The three levels are defined as follows: ● Level 1—Includes assets or liabilities in which the valuation methodologies are based on unadjusted quoted prices in active markets for identical assets or liabilities. ● Level 2—Includes assets or liabilities in which the inputs to the valuation methodologies are based on similar assets or liabilities in inactive markets, quoted prices for identical or similar assets or liabilities in inactive markets, and inputs other than quoted prices that are observable, such as interest rates, yield curves, volatilities, prepayment speeds and other inputs obtained from observable market input. ● Level 3—Includes assets or liabilities in which the inputs to the valuation methodology are based on at least one significant assumption that is not observable in the marketplace. These valuations may rely on management’s judgment and may include internally-developed model-based valuation techniques. Level 1 inputs are considered to be the most transparent and reliable and level 3 inputs are considered to be the least transparent and reliable. The Company assumes the use of the principal market to conduct a transaction of each particular asset or liability being measured and then considers the assumptions that market participants would use when pricing the asset or liability. Whenever possible, the Company first looks for quoted prices for identical assets or liabilities in active markets (level 1 inputs) to value each asset or liability. However, when inputs from identical assets or liabilities on active markets are not available, the Company utilizes market observable data for similar assets and liabilities. The Company maximizes the use of observable inputs and limits the use of unobservable inputs to occasions when observable inputs are not available. The need to use unobservable inputs generally results from the lack of market liquidity of the actual financial instrument or of the underlying collateral. While third-party price indications may be available in those cases, limited trading activity can challenge the observability of those inputs. Changes in the valuation inputs used for measuring the fair value of financial instruments may occur due to changes in current market conditions or other factors. Such changes may necessitate a transfer of the financial instruments to another level in the hierarchy based on the new inputs used. The Company recognizes these transfers at the end of the reporting period that the transfer occurs. During the six months ended June 30, 2022 and 2021, there were no transfers of financial instruments between the hierarchy levels. The following is a description of the valuation methodologies used for assets and liabilities measured at fair value, as well as the general classification of each instrument under the valuation hierarchy: Fair Value of Financial Instruments Measured on a Recurring Basis Investment securities available-for-sale Loans held for sale Interest rate swap derivatives fair value adjustment related to credit risk and utilizes a probability weighted calculation to quantify the potential loss over the life of the trade. The credit valuation adjustments are calculated by determining the total expected exposure of the derivatives (which incorporates both the current and potential future exposure) and then applying the respective counterparties’ credit spreads to the exposure offset by marketable collateral posted, if any. Certain derivative transactions are executed with counterparties who are large financial institutions ("dealers"). International Swaps and Derivative Association Master Agreements ("ISDA") and Credit Support Annexes ("CSA") are employed for all contracts with dealers. These contracts contain bilateral collateral arrangements. The fair value inputs of these financial instruments are determined using discounted cash flow analysis through the use of third-party models whose significant inputs are readily observable market parameters, primarily yield curves, with appropriate adjustments for liquidity and credit risk, and are classified as level 2. Mortgage banking derivatives valuation model to estimate the fair value of its forward commitments to sell residential mortgage loans (i.e., an estimate of what the Company would receive or pay to terminate the forward delivery contract based on market prices for similar financial instruments), which includes matching specific terms and maturities of the forward commitments against applicable investor pricing. The tables below present the financial instruments measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021 in the consolidated statements of financial condition utilizing the hierarchy structure described above: June 30, 2022 Level 1 Level 2 Level 3 Total Assets: Investment securities available-for-sale: U.S. Treasuries $ 73,054 $ — $ — $ 73,054 Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises — 252,778 — 252,778 Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises — 477,301 — 477,301 Municipal securities — 230 — 230 Corporate debt — 2,026 — 2,026 Loans held for sale — 48,816 — 48,816 Interest rate swap derivatives — 26,096 — 26,096 Mortgage banking derivatives — — 1,536 1,536 Total assets at fair value $ 73,054 $ 807,247 $ 1,536 $ 881,837 Liabilities: Interest rate swap derivatives $ — $ 5,062 $ — $ 5,062 Mortgage banking derivatives — — 959 959 Total liabilities at fair value $ — $ 5,062 $ 959 $ 6,021 December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Investment securities available-for-sale: Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises $ — $ 227,696 $ — $ 227,696 Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises — 461,334 — 461,334 Municipal securities — 237 — 237 Corporate debt — 2,111 — 2,111 Loans held for sale — 139,142 — 139,142 Interest rate swap derivatives — 8,798 — 8,798 Mortgage banking derivatives — — 1,883 1,883 Total assets at fair value $ — $ 839,318 $ 1,883 $ 841,201 Liabilities: Interest rate swap derivatives $ — $ 20,550 $ — $ 20,550 Mortgage banking derivatives — — 463 463 Total liabilities at fair value $ — $ 20,550 $ 463 $ 21,013 The table below details the changes in level 3 financial instruments during the six months ended June 30, 2022: Mortgage banking derivatives, net Balance at December 31, 2021 $ 1,420 Loss included in earnings, net (928) Fees and costs included in earnings, net 85 Balance at June 30, 2022 $ 577 Fair Value of Financial Instruments Measured on a Non-recurring Basis Certain assets may be recorded at fair value on a non-recurring basis as conditions warrant. These non-recurring fair value measurements typically result from the application of lower of cost or fair value accounting or a write-down occurring during the period. Individually evaluated loans OREO Mortgage servicing rights MSRs values of these MSRs are reviewed quarterly for impairment based upon the calculation of fair value. For purposes of measuring impairment, the MSRs are stratified into certain risk characteristics including note type and note term. If the valuation model reflects a value less than the carrying value, MSRs are adjusted to fair value through a valuation allowance and the adjustment is included in mortgage banking income in the consolidated statements of operations. During the six months ended June 30, 2022, the Company recorded $39 thousand of impairment. There was $0.7 million of recovery during the six months ended June 30, 2021. The inputs used to determine the fair values of MSRs are considered level 3 inputs in the fair value hierarchy. Premises and equipment The Company may be required to record fair value adjustments on other available-for-sale and municipal securities valued at par on a non-recurring basis. The tables below provide information regarding losses from assets recorded at fair value on a non-recurring basis during the six months ended June 30, 2022 and 2021: June 30, 2022 Total Losses from fair value changes Individually evaluated loans $ 14,916 $ 1,085 Other real estate owned 4,992 188 Mortgage servicing rights 8,795 39 Total $ 28,703 $ 1,312 June 30, 2021 Total Losses from fair value changes Individually evaluated loans $ 20,807 $ 1,227 Premises and equipment 6,032 1,552 Total $ 26,839 $ 2,779 The Company did not record any liabilities measured at fair value on a non-recurring basis during the six months ended June 30, 2022. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Measurements | |
Fair Value of Financial Instruments | Note 18 Fair Value of Financial Instruments The fair value of a financial instrument is the amount that would be exchanged between willing parties, other than in a forced liquidation. Fair value is determined based upon quoted market prices to the extent possible; however, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques that may be significantly impacted by the assumptions used, including the discount rate and estimates of future cash flows. Changes in any of these assumptions could significantly affect the fair value estimates. The fair value of the financial instruments listed below does not reflect a premium or discount that could result from offering all of the Company’s holdings of financial instruments at one time, nor does it reflect the underlying value of the Company, as ASC Topic 825 excludes certain financial instruments and all non-financial instruments from its disclosure requirements. The estimated fair value amounts have been determined by the Company using available market information and appropriate valuation methodologies and are based on the exit price concept within ASC Topic 825 and applied to this disclosure on a prospective basis. Considerable judgment is required to interpret market data in order to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize in a current market exchange. The fair value of financial instruments at June 30, 2022 and December 31, 2021 are set forth below: Level in fair value June 30, 2022 December 31, 2021 measurement Carrying Estimated Carrying Estimated hierarchy amount fair value amount fair value ASSETS Cash and cash equivalents Level 1 $ 448,375 $ 448,375 $ 845,695 $ 845,695 U.S. Treasury securities - AFS Level 1 73,054 73,054 — — U.S. Treasury securities - HTM Level 1 24,794 24,918 — — Mortgage-backed securities—residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises available-for-sale Level 2 252,778 252,778 227,696 227,696 Mortgage-backed securities—other residential mortgage-backed securities issued or guaranteed by U.S. Government agencies or sponsored enterprises available-for-sale Level 2 477,301 477,301 461,334 461,334 Municipal securities available-for-sale Level 2 230 230 237 237 Municipal securities available-for-sale Level 3 — — — — Corporate debt Level 2 2,026 2,026 2,111 2,111 Other available-for-sale securities Level 3 469 469 469 469 Mortgage-backed securities—residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises held-to-maturity Level 2 303,370 271,016 312,916 309,614 Mortgage-backed securities—other residential mortgage-backed securities issued or guaranteed by U.S. Government agencies or sponsored enterprises held-to-maturity Level 2 254,486 220,751 296,096 289,646 Non-marketable securities Level 2 14,534 14,534 14,533 14,533 Loans receivable Level 3 4,817,070 4,741,285 4,513,383 4,540,847 Loans held for sale Level 2 48,816 48,816 139,142 139,142 Accrued interest receivable Level 2 19,785 19,785 17,848 17,848 Interest rate swap derivatives Level 2 26,095 26,095 8,798 8,798 Mortgage banking derivatives Level 3 1,536 1,536 1,883 1,883 LIABILITIES Deposit transaction accounts Level 2 5,416,421 5,416,421 5,394,257 5,394,257 Time deposits Level 2 777,977 761,336 833,916 833,163 Securities sold under agreements to repurchase Level 2 24,396 24,396 22,768 22,768 Long-term debt Level 2 40,000 37,149 40,000 40,000 Accrued interest payable Level 2 3,345 3,345 3,944 3,944 Interest rate swap derivatives Level 2 5,062 5,062 20,550 20,550 Mortgage banking derivatives Level 3 959 959 463 463 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Investment Securities | |
Available-for-sale Securities | Available-for-sale securities are summarized as follows as of the dates indicated: June 30, 2022 Amortized Gross Gross cost unrealized gains unrealized losses Fair value U.S. Treasury securities $ 73,793 $ — $ (739) $ 73,054 Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises 282,052 59 (29,333) 252,778 Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 523,891 3 (46,593) 477,301 Municipal securities 230 — — 230 Corporate debt 2,000 26 — 2,026 Other securities 469 — — 469 Total investment securities available-for-sale $ 882,435 $ 88 $ (76,665) $ 805,858 December 31, 2021 Amortized Gross Gross cost unrealized gains unrealized losses Fair value Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises $ 231,523 $ 1,436 $ (5,263) $ 227,696 Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 467,490 1,889 (8,045) 461,334 Municipal securities 230 7 — 237 Corporate debt 2,000 111 — 2,111 Other securities 469 — — 469 Total investment securities available-for-sale $ 701,712 $ 3,443 $ (13,308) $ 691,847 |
Summary of unrealized losses for available-for-sale securities | The tables below summarize the available-for-sale securities with unrealized losses as of the dates shown, along with the length of the impairment period: June 30, 2022 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized value losses value losses value losses U.S. Treasury securities $ 73,054 $ (739) $ — $ — $ 73,054 $ (739) Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises 134,678 (7,765) 112,143 (21,568) 246,821 (29,333) Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 388,472 (30,013) 88,281 (16,580) 476,753 (46,593) Total $ 596,204 $ (38,517) $ 200,424 $ (38,148) $ 796,628 $ (76,665) December 31, 2021 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized value losses value losses value losses Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises $ 163,579 $ (4,404) $ 22,852 $ (859) $ 186,431 $ (5,263) Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 237,759 (5,593) 48,750 (2,452) 286,509 (8,045) Total $ 401,338 $ (9,997) $ 71,602 $ (3,311) $ 472,940 $ (13,308) |
Summary of available-for-sale and held-to-maturity securities by maturity | A summary of the available-for-sale securities by maturity is shown in the following table as of June 30, 2022. Mortgage-backed securities may have actual maturities that differ from contractual maturities depending on the repayment characteristics and experience of the underlying financial instruments. Additionally, the Company holds other available-for-sale securities with an amortized cost and fair value June 30, 2022 Weighted Amortized Cost Fair Value Average Yield U.S. Treasury securities After one but within five years $ 73,793 $ 73,054 2.54% Total U.S. Treasury securities 73,793 73,054 Municipal securities After one but within five years 230 230 3.17% Total municipal securities 230 230 Corporate debt After five but within ten years 2,000 2,026 5.87% Total corporate debt 2,000 2,026 Total $ 76,023 $ 75,310 A summary of the held-to-maturity securities by maturity is shown in the following table as of June 30, 2022. Actual maturities of mortgage-backed securities may differ from scheduled maturities depending on the repayment characteristics and experience of the underlying financial instruments. June 30, 2022 Weighted Amortized Cost Fair Value Average Yield U.S. Treasury securities After one but within five years $ 24,794 $ 24,918 3.18% Total $ 24,794 $ 24,918 |
Held-to-maturity Securities | Held-to-maturity investment securities are summarized as follows as of the dates indicated: June 30, 2022 Gross Gross Amortized unrealized unrealized cost gains losses Fair value U.S. Treasury securities $ 24,794 $ 124 $ — $ 24,918 Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises 303,370 — (32,354) 271,016 Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 254,486 — (33,735) 220,751 Total investment securities held-to-maturity $ 582,650 $ 124 $ (66,089) $ 516,685 December 31, 2021 Gross Gross Amortized unrealized unrealized cost gains losses Fair value Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises $ 312,916 $ 2,061 $ (5,363) $ 309,614 Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 296,096 122 (6,572) 289,646 Total investment securities held-to-maturity $ 609,012 $ 2,183 $ (11,935) $ 599,260 |
Summary of unrealized losses for held-to-maturity securities | The held-to-maturity portfolio included 99 securities, which were in an unrealized loss position as of June 30, 2022, compared to 48 securities at December 31, 2021. The tables below summarize the held-to-maturity securities with unrealized losses as of the dates shown, along with the length of the impairment period: June 30, 2022 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized value losses value losses value losses Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises $ 133,297 $ (10,258) $ 137,689 $ (22,096) $ 270,986 $ (32,354) Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 184,788 (26,395) 35,963 (7,340) 220,751 (33,735) Total $ 318,085 $ (36,653) $ 173,652 $ (29,436) $ 491,737 $ (66,089) December 31, 2021 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized value losses value losses value losses Mortgage-backed securities: Residential mortgage pass-through securities issued or by U.S. Government agencies or sponsored enterprises $ 197,095 $ (3,499) $ 45,353 $ (1,864) $ 242,448 $ (5,363) Other residential MBS issued or guaranteed by U.S. Government or sponsored enterprises 276,098 (6,572) — — 276,098 (6,572) Total $ 473,193 $ (10,071) $ 45,353 $ (1,864) $ 518,546 $ (11,935) |
Loans (Tables)
Loans (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Loans | ||
Loan Portfolio Composition Including Carrying Value by Segment of Originated and Acquired Loans Accounted for under ASC Topic 310-30 and Loans Covered by the FDIC Loss Sharing Agreements | June 30, 2022 Total loans % of total Commercial $ 3,410,711 70.8% Commercial real estate non-owner occupied 662,904 13.8% Residential real estate 725,758 15.0% Consumer 17,697 0.4% Total $ 4,817,070 100.0% December 31, 2021 Total loans % of total Commercial $ 3,162,417 70.1% Commercial real estate non-owner occupied 664,729 14.7% Residential real estate 668,656 14.8% Consumer 17,581 0.4% Total $ 4,513,383 100.0% | |
Past Due Financing Receivables | Information about delinquent and non-accrual loans is shown in the following tables at June 30, 2022 and December 31, 2021: June 30, 2022 Greater 30-89 days than 90 days Total past past due and past due and Non-accrual due and accruing accruing loans non-accrual Current Total loans Commercial: Commercial and industrial $ 544 $ — $ 1,021 $ 1,565 $ 1,601,732 $ 1,603,297 Municipal and non-profit — — — — 996,553 996,553 Owner occupied commercial real estate — — 2,487 2,487 608,696 611,183 Food and agribusiness 84 — 56 140 199,538 199,678 Total commercial 628 — 3,564 4,192 3,406,519 3,410,711 Commercial real estate non-owner occupied: Construction — — — — 146,569 146,569 Acquisition/development — — — — 11,162 11,162 Multifamily — — — — 69,913 69,913 Non-owner occupied 652 191 754 1,597 433,663 435,260 Total commercial real estate 652 191 754 1,597 661,307 662,904 Residential real estate: Senior lien 228 — 5,160 5,388 667,731 673,119 Junior lien 126 — 372 498 52,141 52,639 Total residential real estate 354 — 5,532 5,886 719,872 725,758 Consumer 147 3 12 162 17,535 17,697 Total loans $ 1,781 $ 194 $ 9,862 $ 11,837 $ 4,805,233 $ 4,817,070 June 30, 2022 Non-accrual loans Non-accrual loans with a related with no related allowance for allowance for Non-accrual credit loss credit loss loans Commercial: Commercial and industrial $ 224 $ 797 $ 1,021 Municipal and non-profit — — — Owner occupied commercial real estate 2,317 170 2,487 Food and agribusiness 56 — 56 Total commercial 2,597 967 3,564 Commercial real estate non-owner occupied: Construction — — — Acquisition/development — — — Multifamily — — — Non-owner occupied 754 — 754 Total commercial real estate 754 — 754 Residential real estate: Senior lien 3,609 1,551 5,160 Junior lien 372 — 372 Total residential real estate 3,981 1,551 5,532 Consumer 12 — 12 Total loans $ 7,344 $ 2,518 $ 9,862 December 31, 2021 Greater 30-89 days than 90 days Total past past due and past due and Non-accrual due and accruing accruing loans non-accrual Current Total loans Commercial: Commercial and industrial $ 481 $ — $ 1,490 $ 1,971 $ 1,494,176 $ 1,496,147 Municipal and non-profit 202 — — 202 928,843 929,045 Owner occupied commercial real estate 207 — 4,525 4,732 528,904 533,636 Food and agribusiness 89 — 64 153 203,436 203,589 Total commercial 979 — 6,079 7,058 3,155,359 3,162,417 Commercial real estate non-owner occupied: Construction — — — — 86,126 86,126 Acquisition/development — — — — 9,609 9,609 Multifamily — — — — 92,174 92,174 Non-owner occupied 94 217 121 432 476,388 476,820 Total commercial real estate 94 217 121 432 664,297 664,729 Residential real estate: Senior lien 399 198 4,251 4,848 609,780 614,628 Junior lien 179 — 374 553 53,475 54,028 Total residential real estate 578 198 4,625 5,401 663,255 668,656 Consumer 36 5 7 48 17,533 17,581 Total loans $ 1,687 $ 420 $ 10,832 $ 12,939 $ 4,500,444 $ 4,513,383 December 31, 2021 Non-accrual loans Non-accrual loans with a related with no related allowance for allowance for Non-accrual credit loss credit loss loans Commercial: Commercial and industrial $ 1,490 $ — $ 1,490 Municipal and non-profit — — — Owner occupied commercial real estate 4,525 — 4,525 Food and agribusiness 64 — 64 Total commercial 6,079 — 6,079 Commercial real estate non-owner occupied: Construction — — — Acquisition/development — — — Multifamily — — — Non-owner occupied 121 — 121 Total commercial real estate 121 — 121 Residential real estate: Senior lien 3,274 977 4,251 Junior lien 374 — 374 Total residential real estate 3,648 977 4,625 Consumer 7 — 7 Total loans $ 9,855 $ 977 $ 10,832 | |
Credit Exposure for Loans as Determined by Company's Internal Risk Rating System | The amortized cost basis for all loans as determined by the Company’s internal risk rating system and year of origination is shown in the following tables as of June 30, 2022 and December 31, 2021: June 30, 2022 Revolving Revolving loans loans Origination year amortized converted 2022 2021 2020 2019 2018 Prior cost basis to term Total Commercial: Commercial and industrial: Pass $ 242,060 $ 345,996 $ 120,916 $ 116,400 $ 116,898 $ 65,106 $ 543,613 $ 18,173 $ 1,569,162 Special mention — — 2,528 1,818 646 16,562 1,173 — 22,727 Substandard 38 — — 104 209 10,883 150 24 11,408 Total commercial and industrial 242,098 345,996 123,444 118,322 117,753 92,551 544,936 18,197 1,603,297 Municipal and non-profit: Pass 85,811 238,344 94,037 63,194 77,055 436,512 1,600 — 996,553 Total municipal and non-profit 85,811 238,344 94,037 63,194 77,055 436,512 1,600 — 996,553 Owner occupied commercial real estate: Pass 122,872 118,103 63,379 78,870 68,105 110,319 15,979 14 577,641 Special mention — — — 10,651 4,350 14,694 — — 29,695 Substandard — — 1,192 263 — 1,992 — — 3,447 Doubtful — — 385 15 — — — — 400 Total owner occupied commercial real estate 122,872 118,103 64,956 89,799 72,455 127,005 15,979 14 611,183 Food and agribusiness: Pass 10,309 11,940 15,103 6,758 14,405 22,858 103,854 13 185,240 Special mention — — 4,669 1,233 — 199 7,388 — 13,489 Substandard — — — — — 949 — — 949 Total food and agribusiness 10,309 11,940 19,772 7,991 14,405 24,006 111,242 13 199,678 Total commercial 461,090 714,383 302,209 279,306 281,668 680,074 673,757 18,224 3,410,711 Commercial real estate non-owner occupied: Construction: Pass 16,737 69,351 19,069 32,366 — 217 8,829 — 146,569 Total construction 16,737 69,351 19,069 32,366 — 217 8,829 — 146,569 Acquisition/development: Pass 2,975 867 375 711 1,830 4,404 — — 11,162 Total acquisition/development 2,975 867 375 711 1,830 4,404 — — 11,162 Multifamily: Pass 23,684 2,999 25,851 — 15,820 1,559 — — 69,913 Total multifamily 23,684 2,999 25,851 — 15,820 1,559 — — 69,913 Non-owner occupied Pass 29,537 61,499 58,341 76,444 17,522 158,061 300 — 401,704 Special mention — — — 9,840 5,484 13,050 — — 28,374 Substandard — — — — 653 4,425 — — 5,078 Doubtful — — — — — 104 — — 104 Total non-owner occupied 29,537 61,499 58,341 86,284 23,659 175,640 300 — 435,260 Total commercial real estate non-owner occupied 72,933 134,716 103,636 119,361 41,309 181,820 9,129 — 662,904 Residential real estate: Senior lien Pass 112,424 221,697 86,468 31,290 19,223 177,110 18,148 471 666,831 Special mention — — — — — 320 — — 320 Substandard — 235 477 1,175 111 3,970 — — 5,968 Total senior lien 112,424 221,932 86,945 32,465 19,334 181,400 18,148 471 673,119 Junior lien Pass 1,444 1,149 1,748 2,236 1,486 3,319 40,190 290 51,862 Special mention — — — — — 322 — 27 349 Substandard — — 112 — 58 258 — — 428 Total junior lien 1,444 1,149 1,860 2,236 1,544 3,899 40,190 317 52,639 Total residential real estate 113,868 223,081 88,805 34,701 20,878 185,299 58,338 788 725,758 Consumer Pass 4,522 6,059 2,288 891 388 528 2,973 35 17,684 Substandard — — — 4 — 6 3 — 13 Total consumer 4,522 6,059 2,288 895 388 534 2,976 35 17,697 Total loans $ 652,413 $ 1,078,239 $ 496,938 $ 434,263 $ 344,243 $ 1,047,727 $ 744,200 $ 19,047 $ 4,817,070 December 31, 2021 Revolving Revolving loans loans Origination year amortized converted 2021 2020 2019 2018 2017 Prior cost basis to term Total Commercial: Commercial and industrial: Pass $ 424,813 $ 155,268 $ 146,420 $ 128,002 $ 49,408 $ 18,529 $ 519,678 $ 5,975 $ 1,448,093 Special mention — 1,122 2,000 3,446 22,654 4,440 1,824 250 35,736 Substandard — 99 89 744 10,399 303 105 — 11,739 Doubtful — 375 — 54 49 101 — — 579 Total commercial and industrial 424,813 156,864 148,509 132,246 82,510 23,373 521,607 6,225 1,496,147 Municipal and non-profit: Pass 234,827 93,310 69,509 81,175 147,115 302,574 535 — 929,045 Total municipal and non-profit 234,827 93,310 69,509 81,175 147,115 302,574 535 — 929,045 Owner occupied commercial real estate: Pass 122,641 81,072 84,359 71,183 48,086 77,100 13,666 1,688 499,795 Special mention — — 9,155 3,864 1,429 13,443 — — 27,891 Substandard — 1,192 1,527 — 220 2,028 — — 4,967 Doubtful — 389 550 — — 44 — — 983 Total owner occupied commercial real estate 122,641 82,653 95,591 75,047 49,735 92,615 13,666 1,688 533,636 Food and agribusiness: Pass 11,245 20,606 6,966 21,427 2,443 24,047 107,978 24 194,736 Special mention — 4,670 1,234 — — 215 1,897 — 8,016 Substandard — — — — 259 578 — — 837 Total food and agribusiness 11,245 25,276 8,200 21,427 2,702 24,840 109,875 24 203,589 Total commercial 793,526 358,103 321,809 309,895 282,062 443,402 645,683 7,937 3,162,417 Commercial real estate non-owner occupied: Construction: Pass 39,584 10,047 29,496 — 222 — 6,777 — 86,126 Total construction 39,584 10,047 29,496 — 222 — 6,777 — 86,126 Acquisition/development: Pass 1,691 385 766 1,830 30 4,907 — — 9,609 Total acquisition/development 1,691 385 766 1,830 30 4,907 — — 9,609 Multifamily: Pass 3,101 32,619 2,184 15,977 193 37,713 — — 91,787 Special mention — — — — — 387 — — 387 Total multifamily 3,101 32,619 2,184 15,977 193 38,100 — — 92,174 Non-owner occupied Pass 59,060 58,964 122,452 18,425 92,349 95,265 557 — 447,072 Special mention — — 5,747 5,584 9,745 3,898 — — 24,974 Substandard — — — 729 — 4,045 — — 4,774 Total non-owner occupied 59,060 58,964 128,199 24,738 102,094 103,208 557 — 476,820 Total commercial real estate non-owner occupied 103,436 102,015 160,645 42,545 102,539 146,215 7,334 — 664,729 Residential real estate: Senior lien Pass 223,120 100,476 38,696 21,889 29,554 177,051 18,278 188 609,252 Special mention — — — — — 290 — — 290 Substandard 44 325 684 318 299 3,416 — — 5,086 Total senior lien 223,164 100,801 39,380 22,207 29,853 180,757 18,278 188 614,628 Junior lien Pass 1,320 2,150 2,731 1,639 951 3,209 40,921 328 53,249 Special mention — — — — — — 24 322 346 Substandard — 19 — 62 131 221 — — 433 Total junior lien 1,320 2,169 2,731 1,701 1,082 3,430 40,945 650 54,028 Total residential real estate 224,484 102,970 42,111 23,908 30,935 184,187 59,223 838 668,656 Consumer: Pass 8,815 3,528 1,241 631 131 557 2,653 19 17,575 Substandard — — — — — 6 — — 6 Total consumer 8,815 3,528 1,241 631 131 563 2,653 19 17,581 Total loans $ 1,130,261 $ 566,616 $ 525,806 $ 376,979 $ 415,667 $ 774,367 $ 714,893 $ 8,794 $ 4,513,383 | |
Schedule of collateral dependent loans | The amortized cost basis of collateral-dependent loans over $250 thousand was as follows at June 30, 2022 and December 31, 2021: June 30, 2022 Total amortized Real property Business assets cost basis Commercial Commercial and industrial $ 241 $ 1,490 $ 1,731 Owner-occupied commercial real estate 2,431 — 2,431 Total Commercial 2,672 1,490 4,162 Commercial real estate non owner-occupied Non-owner occupied 574 — 574 Total commercial real estate 574 — 574 Residential real estate Senior lien 3,476 1,606 5,082 Total residential real estate 3,476 1,606 5,082 Total loans $ 6,722 $ 3,096 $ 9,818 | December 31, 2021 Total amortized Real property Business assets cost basis Commercial Commercial and industrial $ 3,270 $ 1,261 $ 4,531 Owner-occupied commercial real estate 4,012 255 4,267 Total Commercial 7,282 1,516 8,798 Residential real estate Senior lien 2,212 — 2,212 Total residential real estate 2,212 — 2,212 Total loans $ 9,494 $ 1,516 $ 11,010 |
Additional Information Related to Accruing TDR's | The tables below provide additional information related to accruing TDRs at June 30, 2022 and December 31, 2021: June 30, 2022 Amortized Average year-to-date Unpaid Unfunded commitments cost basis amortized cost basis principal balance to fund TDRs Commercial $ 4,621 $ 4,655 $ 4,729 $ 317 Commercial real estate non-owner occupied 739 761 913 — Residential real estate 1,848 1,876 2,242 — Consumer — — — — Total $ 7,208 $ 7,292 $ 7,884 $ 317 December 31, 2021 Amortized Average year-to-date Unpaid Unfunded commitments cost basis amortized cost basis principal balance to fund TDRs Commercial $ 4,066 $ 4,472 $ 4,417 $ — Commercial real estate non-owner occupied 725 767 892 — Residential real estate 2,395 2,468 2,781 — Consumer — — — — Total $ 7,186 $ 7,707 $ 8,090 $ — | |
Summary of Company's Carrying Value of Non-Accrual TDR's | The following table summarizes the Company’s carrying value of non-accrual TDRs as of June 30, 2022 and December 31, 2021: June 30, 2022 December 31, 2021 Commercial $ 439 $ 644 Commercial real estate non-owner occupied 94 117 Residential real estate 1,378 1,605 Consumer — — Total non-accruing TDRs $ 1,911 $ 2,366 |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Allowance for Credit Losses | |
Summary of Company's Allowance for Loan Losses ("ALL") and Recorded Investment in Loans | The tables below detail the Company’s allowance for credit losses as of the dates shown: Three months ended June 30, 2022 Non-owner occupied commercial Residential Commercial real estate real estate Consumer Total Beginning balance $ 31,845 $ 8,495 $ 8,136 $ 334 $ 48,810 Charge-offs (291) — — (160) (451) Recoveries 27 21 44 23 115 Provision expense (release) for loan losses 430 (90) 1,892 154 2,386 Ending balance $ 32,011 $ 8,426 $ 10,072 $ 351 $ 50,860 Six months ended June 30, 2022 Non-owner occupied commercial Residential Commercial real estate real estate Consumer Total Beginning balance $ 31,256 $ 10,033 $ 8,056 $ 349 $ 49,694 Charge-offs (754) — (2) (329) (1,085) Recoveries 74 21 46 49 190 Provision expense (release) for loan losses 1,435 (1,628) 1,972 282 2,061 Ending balance $ 32,011 $ 8,426 $ 10,072 $ 351 $ 50,860 Three months ended June 30, 2021 Non-owner occupied commercial Residential Commercial real estate real estate Consumer Total Beginning balance $ 28,085 $ 15,054 $ 11,546 $ 372 $ 55,057 Charge-offs (781) — — (144) (925) Recoveries 128 — 37 33 198 Provision expense (release) for loan losses 1,208 (3,867) (2,732) 91 (5,300) Ending balance $ 28,640 $ 11,187 $ 8,851 $ 352 $ 49,030 Six months ended June 30, 2021 Non-owner occupied commercial Residential Commercial real estate real estate Consumer Total Beginning balance $ 30,376 $ 17,448 $ 11,492 $ 461 $ 59,777 Charge-offs (942) — (22) (263) (1,227) Recoveries 257 6 44 73 380 Provision (release) expense for loan losses (1,051) (6,267) (2,663) 81 (9,900) Ending balance $ 28,640 $ 11,187 $ 8,851 $ 352 $ 49,030 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Other Real Estate Owned | |
Summary of Activity in OREO Balances | A summary of the activity in other real estate owned (“OREO”) during the six months ended June 30, 2022 and 2021 is as follows: For the six months ended June 30, 2022 2021 Beginning balance $ 7,005 $ 4,730 Transfers from loan portfolio, at fair value 39 1,522 Impairments (188) — Sales (1,864) (1,128) Ending balance $ 4,992 $ 5,124 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Summary of gross carrying amount of intangible assets and the associated accumulated amortization | The gross carrying amount of the core deposit intangibles (“CDI”) and the associated accumulated amortization at June 30, 2022 and December 31, 2021, are presented as follows: June 30, 2022 December 31, 2021 Gross Net Gross Net carrying Accumulated carrying carrying Accumulated carrying amount amortization amount amount amortization amount Core deposit intangible $ 48,834 $ (43,060) $ 5,774 $ 48,834 $ (42,469) $ 6,365 |
Summary of changes in the mortgage servicing rights | Below are the changes in the MSRs for the periods presented: For the six months ended June 30, 2022 2021 Beginning balance $ 5,957 $ 10,380 Originations 3,325 5,949 (Impairment) recovery (39) 707 Amortization (448) (1,632) Ending balance 8,795 15,404 Fair value of mortgage servicing rights $ 12,728 $ 18,685 |
Core Deposits | |
Summary of estimated future amortization expense for the next five fiscal years | The following table shows the estimated future amortization expense for the CDI as of June 30, 2022: Years ending December 31, Amount For the six months ending December 31, 2022 $ 563 For the year ending December 31, 2023 1,048 For the year ending December 31, 2024 1,048 For the year ending December 31, 2025 1,048 For the year ending December 31, 2026 1,048 |
MSRs | |
Summary of estimated future amortization expense for the next five fiscal years | The following table shows the estimated future amortization expense for the MSRs as of June 30, 2022: Years ending December 31, Amount For the six months ending December 31, 2022 $ 537 For the year ending December 31, 2023 1,010 For the year ending December 31, 2024 887 For the year ending December 31, 2025 779 For the year ending December 31, 2026 684 |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Regulatory Capital | |
Capital Ratio Requirements under Prompt Corrective Action or Other Regulatory Requirements | June 30, 2022 Required to be Required to be well capitalized under considered prompt corrective adequately Actual action provisions capitalized (1) Ratio Amount Ratio Amount Ratio Amount Tier 1 leverage ratio: Consolidated 10.5% $ 756,805 N/A N/A 4.0% $ 287,215 NBH Bank 9.1% 648,767 5.0% $ 357,493 4.0% 285,994 Common equity tier 1 risk based capital: Consolidated 13.8% $ 756,805 N/A N/A 7.0% $ 385,243 NBH Bank 11.9% 648,767 6.5% $ 355,490 7.0% 382,835 Tier 1 risk based capital ratio: Consolidated 13.8% $ 756,805 N/A N/A 8.5% $ 467,795 NBH Bank 11.9% 648,767 8.0% $ 437,526 8.5% 464,871 Total risk based capital ratio: Consolidated 15.4% $ 844,697 N/A N/A 10.5% $ 577,864 NBH Bank 12.7% 696,659 10.0% $ 546,907 10.5% 574,252 December 31, 2021 Required to be Required to be well capitalized under considered prompt corrective adequately Actual action provisions capitalized (1) Ratio Amount Ratio Amount Ratio Amount Tier 1 leverage ratio: Consolidated 10.4% $ 731,087 N/A N/A 4.0% $ 281,463 NBH Bank 9.1% 637,115 5.0% $ 350,584 4.0% 280,467 Common equity tier 1 risk based capital: Consolidated 14.3% $ 731,087 N/A N/A 7.0% $ 358,813 NBH Bank 12.5% 637,115 6.5% $ 331,427 7.0% 356,921 Tier 1 risk based capital ratio: Consolidated 14.3% $ 731,087 N/A N/A 8.5% $ 435,701 NBH Bank 12.5% 637,115 8.0% $ 407,910 8.5% 433,404 Total risk based capital ratio: Consolidated 15.9% $ 816,117 N/A N/A 10.5% $ 538,219 NBH Bank 13.4% 682,145 10.0% $ 509,888 10.5% 535,382 (1) Includes the capital conservation buffer of 2.5%. |
Revenue from Contracts with C_2
Revenue from Contracts with Clients (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contracts with Clients | |
Summary of non-interest income segregated by revenue streams | The following table presents non-interest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, and non-interest expense in-scope of Topic 606 for the three and six months ended June 30, 2022 and 2021: For the three months ended June 30, For the six months ended June 30, 2022 2021 2022 2021 Non-interest income In-scope of Topic 606: Service charges and other fees $ 3,956 $ 4,415 $ 7,666 $ 8,367 Bank card fees 4,541 4,614 8,664 8,687 Non-interest income (in-scope of Topic 606) 8,497 9,029 16,330 17,054 Non-interest income (out-of-scope of Topic 606) 8,265 16,237 19,486 41,573 Total non-interest income $ 16,762 $ 25,266 $ 35,816 $ 58,627 Non-interest expense In-scope of Topic 606: (Loss) gain on OREO sales, net $ (5) $ (221) $ 270 $ (192) Total revenue in-scope of Topic 606 $ 8,492 $ 8,808 $ 16,600 $ 16,862 |
Stock-based Compensation and _2
Stock-based Compensation and Benefits (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Stock-based Compensation and Benefits | |
Summary of outstanding stock options | The following table summarizes stock option activity for the six months ended June 30, 2022: Weighted average Weighted remaining average contractual Aggregate exercise term in intrinsic Options price years value Outstanding at December 31, 2021 695,960 $ 28.19 6.57 $ 10,964 Granted 74,715 40.79 Exercised (21,794) 23.96 Forfeited (12,432) 31.38 Outstanding at June 30, 2022 736,449 29.54 6.43 6,770 Options exercisable at June 30, 2022 544,103 27.73 5.58 5,785 Options vested and expected to vest 716,705 29.32 6.35 6,715 |
Summary of Restricted Stock Activity | The following table summarizes restricted stock and performance stock unit activity during the six months ended June 30, 2022: Weighted Weighted Restricted average grant- Performance average grant- stock shares date fair value stock units date fair value Unvested at December 31, 2021 144,467 $ 33.40 160,394 $ 31.36 Granted 94,155 39.87 51,931 38.40 Adjustment due to performance — — 17,741 32.44 Vested (69,183) 32.99 (67,875) 31.27 Forfeited (8,237) 36.13 (6,334) 32.70 Unvested at June 30, 2022 161,202 $ 37.22 155,857 $ 33.81 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share | |
Schedule of Computation of Basic and Diluted Income (Loss) Per Share | The following table illustrates the computation of basic and diluted earnings per share for the three and six months ended June 30, 2022 and 2021: For the three months ended For the six months ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Net income $ 20,362 $ 24,200 $ 38,714 $ 51,012 Less: income allocated to participating securities (37) (33) (72) (67) Income allocated to common shareholders $ 20,325 $ 24,167 $ 38,642 $ 50,945 Weighted average shares outstanding for basic earnings per common share 30,225,898 30,947,206 30,173,338 30,888,062 Dilutive effect of equity awards 267,367 279,145 319,275 294,522 Weighted average shares outstanding for diluted earnings per common share 30,493,265 31,226,351 30,492,613 31,182,584 Basic earnings per share $ 0.67 $ 0.78 $ 1.28 $ 1.65 Diluted earnings per share 0.67 0.77 1.27 1.63 |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Derivatives | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification in the consolidated statements of financial condition as of June 30, 2022 and December 31, 2021. Information about the valuation methods used to measure fair value is provided in note 17. Asset derivatives fair value Liability derivatives fair value Balance Sheet June 30, December 31, Balance Sheet June 30, December 31, location 2022 2021 Location 2022 2021 Derivatives designated as hedging instruments: Interest rate products Other assets $ 21,213 $ 477 Other liabilities $ 127 $ 12,221 Total derivatives designated as hedging instruments $ 21,213 $ 477 $ 127 $ 12,221 Derivatives not designated as hedging instruments: Interest rate products Other assets $ 4,883 $ 8,321 Other liabilities $ 4,935 $ 8,329 Interest rate lock commitments Other assets 1,361 1,792 Other liabilities 525 197 Forward contracts Other assets 175 91 Other liabilities 434 266 Total derivatives not designated as hedging instruments $ 6,419 $ 10,204 $ 5,894 $ 8,792 |
Derivative Instruments, Gain (Loss) | The tables below present the effect of the Company’s derivative financial instruments in the consolidated statements of operations for the three and six months ended June 30, 2022 and 2021: Location of gain (loss) Amount of (loss) gain recognized in income on derivatives Derivatives in fair value recognized in income on For the three months ended June 30, For the six months ended June 30, hedging relationships derivatives 2022 2021 2022 2021 Interest rate products Interest and fees on loans $ (6,902) $ (28,100) $ 11,694 $ (7,228) Location of gain (loss) Amount of gain (loss) recognized in income on hedged items recognized in income on For the three months ended June 30, For the six months ended June 30, Hedged items hedged items 2022 2021 2022 2021 Interest rate products Interest and fees on loans $ 7,428 $ 23,726 $ (12,792) $ 5,157 Location of gain (loss) Amount of (loss) gain recognized in income on derivatives Derivatives not designated recognized in income on For the three months ended June 30, For the six months ended June 30, as hedging instruments derivatives 2022 2021 2022 2021 Interest rate products Other non-interest expense $ (50) $ 4 $ (44) $ 10 Interest rate lock commitments Mortgage banking income 243 (1,029) (844) (5,101) Forward contracts Mortgage banking income (2,795) (3,698) (84) 2,384 Total $ (2,602) $ (4,723) $ (972) $ (2,707) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies | |
Schedule of Total Unfunded Commitments | Total unfunded commitments at June 30, 2022 and December 31, 2021 were as follows: June 30, 2022 December 31, 2021 Commitments to fund loans $ 573,082 $ 462,151 Unfunded commitments under lines of credit 584,554 530,397 Commercial and standby letters of credit 7,236 7,321 Total unfunded commitments $ 1,164,872 $ 999,869 |
Schedule of Repurchase Reserve | The following table summarizes mortgage repurchase reserve activity for the periods presented: For the three months ended June 30, For the six months ended June 30, 2022 2021 2022 2021 Beginning balance $ 1,969 $ 2,620 $ 2,102 $ 2,741 Provision charged to (released from) operating expense, net 7 (106) (80) (102) Charge-offs (98) (116) (144) (241) Ending balance $ 1,878 $ 2,398 $ 1,878 $ 2,398 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Measurements | |
Tables of Financial Instruments Measured At Fair Value on Recurring Basis | The tables below present the financial instruments measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021 in the consolidated statements of financial condition utilizing the hierarchy structure described above: June 30, 2022 Level 1 Level 2 Level 3 Total Assets: Investment securities available-for-sale: U.S. Treasuries $ 73,054 $ — $ — $ 73,054 Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises — 252,778 — 252,778 Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises — 477,301 — 477,301 Municipal securities — 230 — 230 Corporate debt — 2,026 — 2,026 Loans held for sale — 48,816 — 48,816 Interest rate swap derivatives — 26,096 — 26,096 Mortgage banking derivatives — — 1,536 1,536 Total assets at fair value $ 73,054 $ 807,247 $ 1,536 $ 881,837 Liabilities: Interest rate swap derivatives $ — $ 5,062 $ — $ 5,062 Mortgage banking derivatives — — 959 959 Total liabilities at fair value $ — $ 5,062 $ 959 $ 6,021 December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Investment securities available-for-sale: Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises $ — $ 227,696 $ — $ 227,696 Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises — 461,334 — 461,334 Municipal securities — 237 — 237 Corporate debt — 2,111 — 2,111 Loans held for sale — 139,142 — 139,142 Interest rate swap derivatives — 8,798 — 8,798 Mortgage banking derivatives — — 1,883 1,883 Total assets at fair value $ — $ 839,318 $ 1,883 $ 841,201 Liabilities: Interest rate swap derivatives $ — $ 20,550 $ — $ 20,550 Mortgage banking derivatives — — 463 463 Total liabilities at fair value $ — $ 20,550 $ 463 $ 21,013 |
Table of Changes in Level 3 Financial Instruments | The table below details the changes in level 3 financial instruments during the six months ended June 30, 2022: Mortgage banking derivatives, net Balance at December 31, 2021 $ 1,420 Loss included in earnings, net (928) Fees and costs included in earnings, net 85 Balance at June 30, 2022 $ 577 |
Table of Assets Recorded at Fair Value On a Non-Recurring Basis | The tables below provide information regarding losses from assets recorded at fair value on a non-recurring basis during the six months ended June 30, 2022 and 2021: June 30, 2022 Total Losses from fair value changes Individually evaluated loans $ 14,916 $ 1,085 Other real estate owned 4,992 188 Mortgage servicing rights 8,795 39 Total $ 28,703 $ 1,312 June 30, 2021 Total Losses from fair value changes Individually evaluated loans $ 20,807 $ 1,227 Premises and equipment 6,032 1,552 Total $ 26,839 $ 2,779 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Measurements | |
Fair Value of Financial Instruments | The fair value of financial instruments at June 30, 2022 and December 31, 2021 are set forth below: Level in fair value June 30, 2022 December 31, 2021 measurement Carrying Estimated Carrying Estimated hierarchy amount fair value amount fair value ASSETS Cash and cash equivalents Level 1 $ 448,375 $ 448,375 $ 845,695 $ 845,695 U.S. Treasury securities - AFS Level 1 73,054 73,054 — — U.S. Treasury securities - HTM Level 1 24,794 24,918 — — Mortgage-backed securities—residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises available-for-sale Level 2 252,778 252,778 227,696 227,696 Mortgage-backed securities—other residential mortgage-backed securities issued or guaranteed by U.S. Government agencies or sponsored enterprises available-for-sale Level 2 477,301 477,301 461,334 461,334 Municipal securities available-for-sale Level 2 230 230 237 237 Municipal securities available-for-sale Level 3 — — — — Corporate debt Level 2 2,026 2,026 2,111 2,111 Other available-for-sale securities Level 3 469 469 469 469 Mortgage-backed securities—residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises held-to-maturity Level 2 303,370 271,016 312,916 309,614 Mortgage-backed securities—other residential mortgage-backed securities issued or guaranteed by U.S. Government agencies or sponsored enterprises held-to-maturity Level 2 254,486 220,751 296,096 289,646 Non-marketable securities Level 2 14,534 14,534 14,533 14,533 Loans receivable Level 3 4,817,070 4,741,285 4,513,383 4,540,847 Loans held for sale Level 2 48,816 48,816 139,142 139,142 Accrued interest receivable Level 2 19,785 19,785 17,848 17,848 Interest rate swap derivatives Level 2 26,095 26,095 8,798 8,798 Mortgage banking derivatives Level 3 1,536 1,536 1,883 1,883 LIABILITIES Deposit transaction accounts Level 2 5,416,421 5,416,421 5,394,257 5,394,257 Time deposits Level 2 777,977 761,336 833,916 833,163 Securities sold under agreements to repurchase Level 2 24,396 24,396 22,768 22,768 Long-term debt Level 2 40,000 37,149 40,000 40,000 Accrued interest payable Level 2 3,345 3,345 3,944 3,944 Interest rate swap derivatives Level 2 5,062 5,062 20,550 20,550 Mortgage banking derivatives Level 3 959 959 463 463 |
Basis of Presentation (Details)
Basis of Presentation (Details) | 6 Months Ended |
Jun. 30, 2022 item | |
Basis of Presentation | |
Number of full service banking offices | 81 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2022 USD ($) security | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) security | |
Investment securities total | $ 1,400,000 | $ 1,300,000 | |
Amortized cost | 882,435 | 701,712 | |
Available-for-sale Securities | 805,858 | 691,847 | |
Held-to-maturity securities | 582,650 | $ 609,012 | |
Purchases of available-for-sale securities | 260,246 | $ 86,199 | |
Maturities and paydowns of available-for-sale securities | 79,103 | 131,113 | |
Sales of available-for-sale securities | $ 0 | 0 | |
Number of securities | security | 223 | 49 | |
Fair value of collateral | $ 0 | $ 0 | |
Fair value of available-for-sale investment securities pledged as collateral | 418,200 | $ 363,400 | |
Purchases of held-to-maturity securities | 44,309 | 377,687 | |
Maturities and paydowns of held-to-maturity securities | $ 69,734 | $ 64,762 | |
Number of held-to-maturity securities in unrealized loss positions | security | 99 | 48 | |
Held-to-maturity investment securities pledged as collateral | $ 244,700 | $ 147,300 | |
Held-to-maturity investment securities held as collateral | $ 0 | $ 0 | |
Type of held-to-maturity investment securities collateral | us-gaap:AssetPledgedAsCollateralMember | us-gaap:AssetPledgedAsCollateralMember | |
Investment Securities Available-For-Sale [Member] | |||
Accrued interest receivable | $ 1,500 | $ 1,000 | |
Held-to-maturity Securities [Member] | |||
Accrued interest receivable | 900 | $ 900 | |
Other Securities Investments with No Contractual Maturity [Member] | |||
Amortized cost | $ 500 |
Investment Securities - Summary
Investment Securities - Summary of Available-for-Sale Investment Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 882,435 | $ 701,712 |
Gross unrealized gains | 88 | 3,443 |
Gross unrealized losses | (76,665) | (13,308) |
Fair Value | 805,858 | 691,847 |
U.S. Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 73,793 | |
Gross unrealized losses | (739) | |
Fair Value | 73,054 | |
Residential Mortgage Pass-Through Securities Issued or Guaranteed by U.S. Government Agencies or Sponsored Enterprises [Member]. | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 282,052 | 231,523 |
Gross unrealized gains | 59 | 1,436 |
Gross unrealized losses | (29,333) | (5,263) |
Fair Value | 252,778 | 227,696 |
Other Residential MBS Issued or Guaranteed by U.S. Government Agencies or Sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 523,891 | 467,490 |
Gross unrealized gains | 3 | 1,889 |
Gross unrealized losses | (46,593) | (8,045) |
Fair Value | 477,301 | 461,334 |
Municipal Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 230 | 230 |
Gross unrealized gains | 7 | |
Fair Value | 230 | 237 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 2,000 | 2,000 |
Gross unrealized gains | 26 | 111 |
Fair Value | 2,026 | 2,111 |
Other Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 469 | 469 |
Fair Value | $ 469 | $ 469 |
Investment Securities - Summa_2
Investment Securities - Summary of Unrealized Losses (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | $ 596,204 | $ 401,338 |
Less than 12 months, Unrealized losses | (38,517) | (9,997) |
12 months or more, Fair Value | 200,424 | 71,602 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (38,148) | (3,311) |
Total, Fair Value | 796,628 | 472,940 |
Total, Unrealized losses | (76,665) | (13,308) |
U.S. Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 73,054 | |
Less than 12 months, Unrealized losses | (739) | |
Total, Fair Value | 73,054 | |
Total, Unrealized losses | (739) | |
Residential Mortgage Pass-Through Securities Issued or Guaranteed by U.S. Government Agencies or Sponsored Enterprises [Member]. | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 134,678 | 163,579 |
Less than 12 months, Unrealized losses | (7,765) | (4,404) |
12 months or more, Fair Value | 112,143 | 22,852 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (21,568) | (859) |
Total, Fair Value | 246,821 | 186,431 |
Total, Unrealized losses | (29,333) | (5,263) |
Other Residential MBS Issued or Guaranteed by U.S. Government Agencies or Sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 388,472 | 237,759 |
Less than 12 months, Unrealized losses | (30,013) | (5,593) |
12 months or more, Fair Value | 88,281 | 48,750 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (16,580) | (2,452) |
Total, Fair Value | 476,753 | 286,509 |
Total, Unrealized losses | $ (46,593) | $ (8,045) |
Investment Securities - Summa_3
Investment Securities - Summary of Available-for-sale Securities By Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Amortized Cost | ||
Amortized cost | $ 882,435 | $ 701,712 |
Fair Value | ||
Fair Value | 805,858 | 691,847 |
US Treasury Securities, US States and Political Subdivisions Debt Securities and Corporate Debt Securities [Member] | ||
Amortized Cost | ||
Amortized cost | 76,023 | |
Fair Value | ||
Fair Value | 75,310 | |
U.S. Treasury Securities [Member] | ||
Amortized Cost | ||
After one but within five years | 73,793 | |
Total AFS securities at amortized cost | 73,793 | |
Amortized cost | 73,793 | |
Fair Value | ||
After one but within five years | 73,054 | |
Total AFS securities at fair value | 73,054 | |
Fair Value | $ 73,054 | |
Weighted Average Yield | ||
After one but within five years | 2.54% | |
Municipal Securities [Member] | ||
Amortized Cost | ||
After one but within five years | $ 230 | |
Total AFS securities at amortized cost | 230 | |
Amortized cost | 230 | 230 |
Fair Value | ||
After one but within five years | 230 | |
Total AFS securities at fair value | 230 | |
Fair Value | $ 230 | 237 |
Weighted Average Yield | ||
After one but within five years | 3.17% | |
Corporate Debt Securities [Member] | ||
Amortized Cost | ||
After five but within ten years | $ 2,000 | |
Total AFS securities at amortized cost | 2,000 | |
Amortized cost | 2,000 | 2,000 |
Fair Value | ||
After five but within ten years | 2,026 | |
Total AFS securities at fair value | 2,026 | |
Fair Value | $ 2,026 | $ 2,111 |
Weighted Average Yield | ||
After five but within ten years | 5.87% |
Investment Securities - Summa_4
Investment Securities - Summary of Held-to-maturity Investment Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities | $ 582,650 | $ 609,012 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 124 | 2,183 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | (66,089) | (11,935) |
Fair value | 516,685 | 599,260 |
U.S. Treasury Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities | 24,794 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 124 | |
Fair value | 24,918 | |
Residential Mortgage Pass-Through Securities Issued or Guaranteed by U.S. Government Agencies or Sponsored Enterprises [Member]. | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities | 303,370 | 312,916 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 2,061 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | (32,354) | (5,363) |
Fair value | 271,016 | 309,614 |
Other Residential MBS Issued or Guaranteed by U.S. Government Agencies or Sponsored Enterprises [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities | 254,486 | 296,096 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 122 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | (33,735) | (6,572) |
Fair value | $ 220,751 | $ 289,646 |
Investment Securities - Summa_5
Investment Securities - Summary of Held-to-Maturity Securities, Unrealized Losses (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair Value, Less than 12 months | $ 318,085 | $ 473,193 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (36,653) | (10,071) |
Fair Value, 12 months or more | 173,652 | 45,353 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (29,436) | (1,864) |
Total Fair Value | 491,737 | 518,546 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | (66,089) | (11,935) |
Residential Mortgage Pass-Through Securities Issued or Guaranteed by U.S. Government Agencies or Sponsored Enterprises [Member]. | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair Value, Less than 12 months | 133,297 | 197,095 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (10,258) | (3,499) |
Fair Value, 12 months or more | 137,689 | 45,353 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (22,096) | (1,864) |
Total Fair Value | 270,986 | 242,448 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | (32,354) | (5,363) |
Other Residential MBS Issued or Guaranteed by U.S. Government Agencies or Sponsored Enterprises [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair Value, Less than 12 months | 184,788 | 276,098 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (26,395) | (6,572) |
Fair Value, 12 months or more | 35,963 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (7,340) | |
Total Fair Value | 220,751 | 276,098 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (33,735) | $ (6,572) |
Investment Securities - Summa_6
Investment Securities - Summary of Held-to-Maturity Securities By Maturity (Details) - U.S. Treasury Securities [Member] $ in Thousands | Jun. 30, 2022 USD ($) |
Amortized Cost | |
After one but within five years | $ 24,794 |
Total Held-to-Maturity securities at amortized cost | 24,794 |
Fair Value | |
After one but within five years | 24,918 |
Total Held-to-Maturity securities at fair value | $ 24,918 |
Weighted Average Yield | |
After one but within five years | 3.18% |
Non-Marketable Securities - Nar
Non-Marketable Securities - Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Non-marketable Securities | |||
Non-marketable securities | $ 59,754 | $ 50,740 | |
Purchase of non-marketable securities | 9,379 | $ 3,840 | |
Other non-marketable securities | 45,200 | 36,200 | |
Equity method investments | 19,200 | 14,200 | |
Convertible preferred stock without readily determinable fair values | 26,000 | 22,000 | |
FRB stock | 13,900 | 13,900 | |
FHLB Stock | $ 700 | $ 700 |
Loans - Loan Portfolio Composit
Loans - Loan Portfolio Composition Including Carrying Value by Segment of Loans Accounted for under ASC Topic 310-30 (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Loans [Line Items] | ||
Fees and cost related to loans | $ 8,200 | $ 9,400 |
Total Loans | $ 4,817,070 | $ 4,513,383 |
% of Total | 100% | 100% |
Commercial Portfolio Segment [Member] | ||
Loans [Line Items] | ||
Total Loans | $ 3,410,711 | $ 3,162,417 |
% of Total | 70.80% | 70.10% |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans [Line Items] | ||
Total Loans | $ 662,904 | $ 664,729 |
% of Total | 13.80% | 14.70% |
Residential Portfolio Segment [Member] | ||
Loans [Line Items] | ||
Total Loans | $ 725,758 | $ 668,656 |
% of Total | 15% | 14.80% |
Consumer Loan [Member] | ||
Loans [Line Items] | ||
Total Loans | $ 17,697 | $ 17,581 |
% of Total | 0.40% | 0.40% |
Loans - Loan Delinquency (Detai
Loans - Loan Delinquency (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Loans [Line Items] | |||||
Non- accrual loans | $ 9,862 | $ 9,862 | $ 10,832 | ||
Total past due and non-accrual | 11,837 | 11,837 | 12,939 | ||
Total loans | 4,817,070 | 4,817,070 | 4,513,383 | ||
Non-accrual loans with a related allowance | 7,344 | 7,344 | 9,855 | ||
Non-accrual loans with no related allowance | 2,518 | 2,518 | 977 | ||
Interest income recognized non-accrual | 0 | $ 0 | 0 | $ 0 | |
Commercial Portfolio Segment [Member] | |||||
Loans [Line Items] | |||||
Non- accrual loans | 3,564 | 3,564 | 6,079 | ||
Total past due and non-accrual | 4,192 | 4,192 | 7,058 | ||
Total loans | 3,410,711 | 3,410,711 | 3,162,417 | ||
Non-accrual loans with a related allowance | 2,597 | 2,597 | 6,079 | ||
Non-accrual loans with no related allowance | 967 | 967 | |||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||||
Loans [Line Items] | |||||
Non- accrual loans | 1,021 | 1,021 | 1,490 | ||
Total past due and non-accrual | 1,565 | 1,565 | 1,971 | ||
Total loans | 1,603,297 | 1,603,297 | 1,496,147 | ||
Non-accrual loans with a related allowance | 224 | 224 | 1,490 | ||
Non-accrual loans with no related allowance | 797 | 797 | |||
Commercial Portfolio Segment [Member] | Municipal Securities [Member] | |||||
Loans [Line Items] | |||||
Total past due and non-accrual | 202 | ||||
Total loans | 996,553 | 996,553 | 929,045 | ||
Commercial Portfolio Segment [Member] | Owner-Occupied [Member] | |||||
Loans [Line Items] | |||||
Non- accrual loans | 2,487 | 2,487 | 4,525 | ||
Total past due and non-accrual | 2,487 | 2,487 | 4,732 | ||
Total loans | 611,183 | 611,183 | 533,636 | ||
Non-accrual loans with a related allowance | 2,317 | 2,317 | 4,525 | ||
Non-accrual loans with no related allowance | 170 | 170 | |||
Commercial Portfolio Segment [Member] | Agriculture [Member] | |||||
Loans [Line Items] | |||||
Non- accrual loans | 56 | 56 | 64 | ||
Total past due and non-accrual | 140 | 140 | 153 | ||
Total loans | 199,678 | 199,678 | 203,589 | ||
Non-accrual loans with a related allowance | 56 | 56 | 64 | ||
Commercial Real Estate Portfolio Segment [Member] | |||||
Loans [Line Items] | |||||
Non- accrual loans | 754 | 754 | 121 | ||
Total past due and non-accrual | 1,597 | 1,597 | 432 | ||
Total loans | 662,904 | 662,904 | 664,729 | ||
Non-accrual loans with a related allowance | 754 | 754 | 121 | ||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||||
Loans [Line Items] | |||||
Total loans | 146,569 | 146,569 | 86,126 | ||
Commercial Real Estate Portfolio Segment [Member] | Commercial Acquisition/Development [Member] | |||||
Loans [Line Items] | |||||
Total loans | 11,162 | 11,162 | 9,609 | ||
Commercial Real Estate Portfolio Segment [Member] | Multifamily [Member] | |||||
Loans [Line Items] | |||||
Total loans | 69,913 | 69,913 | 92,174 | ||
Commercial Real Estate Portfolio Segment [Member] | Non Owner-Occupied [Member] | |||||
Loans [Line Items] | |||||
Non- accrual loans | 754 | 754 | 121 | ||
Total past due and non-accrual | 1,597 | 1,597 | 432 | ||
Total loans | 435,260 | 435,260 | 476,820 | ||
Non-accrual loans with a related allowance | 754 | 754 | 121 | ||
Residential Portfolio Segment [Member] | |||||
Loans [Line Items] | |||||
Non- accrual loans | 5,532 | 5,532 | 4,625 | ||
Total past due and non-accrual | 5,886 | 5,886 | 5,401 | ||
Total loans | 725,758 | 725,758 | 668,656 | ||
Non-accrual loans with a related allowance | 3,981 | 3,981 | 3,648 | ||
Non-accrual loans with no related allowance | 1,551 | 1,551 | 977 | ||
Residential Portfolio Segment [Member] | Sr lien [Member] | |||||
Loans [Line Items] | |||||
Non- accrual loans | 5,160 | 5,160 | 4,251 | ||
Total past due and non-accrual | 5,388 | 5,388 | 4,848 | ||
Total loans | 673,119 | 673,119 | 614,628 | ||
Non-accrual loans with a related allowance | 3,609 | 3,609 | 3,274 | ||
Non-accrual loans with no related allowance | 1,551 | 1,551 | 977 | ||
Residential Portfolio Segment [Member] | Jr Lien 1-4 Family Closed End [Member] | |||||
Loans [Line Items] | |||||
Non- accrual loans | 372 | 372 | 374 | ||
Total past due and non-accrual | 498 | 498 | 553 | ||
Total loans | 52,639 | 52,639 | 54,028 | ||
Non-accrual loans with a related allowance | 372 | 372 | 374 | ||
Consumer Loan [Member] | |||||
Loans [Line Items] | |||||
Non- accrual loans | 12 | 12 | 7 | ||
Total past due and non-accrual | 162 | 162 | 48 | ||
Total loans | 17,697 | 17,697 | 17,581 | ||
Non-accrual loans with a related allowance | 12 | 12 | 7 | ||
30-89 Days Past Due | |||||
Loans [Line Items] | |||||
Total loans | 1,781 | 1,781 | 1,687 | ||
30-89 Days Past Due | Commercial Portfolio Segment [Member] | |||||
Loans [Line Items] | |||||
Total loans | 628 | 628 | 979 | ||
30-89 Days Past Due | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||||
Loans [Line Items] | |||||
Total loans | 544 | 544 | 481 | ||
30-89 Days Past Due | Commercial Portfolio Segment [Member] | Municipal Securities [Member] | |||||
Loans [Line Items] | |||||
Total loans | 202 | ||||
30-89 Days Past Due | Commercial Portfolio Segment [Member] | Owner-Occupied [Member] | |||||
Loans [Line Items] | |||||
Total loans | 207 | ||||
30-89 Days Past Due | Commercial Portfolio Segment [Member] | Agriculture [Member] | |||||
Loans [Line Items] | |||||
Total loans | 84 | 84 | 89 | ||
30-89 Days Past Due | Commercial Real Estate Portfolio Segment [Member] | |||||
Loans [Line Items] | |||||
Total loans | 652 | 652 | 94 | ||
30-89 Days Past Due | Commercial Real Estate Portfolio Segment [Member] | Non Owner-Occupied [Member] | |||||
Loans [Line Items] | |||||
Total loans | 652 | 652 | 94 | ||
30-89 Days Past Due | Residential Portfolio Segment [Member] | |||||
Loans [Line Items] | |||||
Total loans | 354 | 354 | 578 | ||
30-89 Days Past Due | Residential Portfolio Segment [Member] | Sr lien [Member] | |||||
Loans [Line Items] | |||||
Total loans | 228 | 228 | 399 | ||
30-89 Days Past Due | Residential Portfolio Segment [Member] | Jr Lien 1-4 Family Closed End [Member] | |||||
Loans [Line Items] | |||||
Total loans | 126 | 126 | 179 | ||
30-89 Days Past Due | Consumer Loan [Member] | |||||
Loans [Line Items] | |||||
Total loans | 147 | 147 | 36 | ||
Greater than 90 Days Past Due | |||||
Loans [Line Items] | |||||
Total loans | 194 | 194 | 420 | ||
Greater than 90 Days Past Due | Commercial Real Estate Portfolio Segment [Member] | |||||
Loans [Line Items] | |||||
Total loans | 191 | 191 | 217 | ||
Greater than 90 Days Past Due | Commercial Real Estate Portfolio Segment [Member] | Non Owner-Occupied [Member] | |||||
Loans [Line Items] | |||||
Total loans | 191 | 191 | 217 | ||
Greater than 90 Days Past Due | Residential Portfolio Segment [Member] | |||||
Loans [Line Items] | |||||
Total loans | 198 | ||||
Greater than 90 Days Past Due | Residential Portfolio Segment [Member] | Sr lien [Member] | |||||
Loans [Line Items] | |||||
Total loans | 198 | ||||
Greater than 90 Days Past Due | Consumer Loan [Member] | |||||
Loans [Line Items] | |||||
Total loans | 3 | 3 | 5 | ||
Current | |||||
Loans [Line Items] | |||||
Total loans | 4,805,233 | 4,805,233 | 4,500,444 | ||
Current | Commercial Portfolio Segment [Member] | |||||
Loans [Line Items] | |||||
Total loans | 3,406,519 | 3,406,519 | 3,155,359 | ||
Current | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||||
Loans [Line Items] | |||||
Total loans | 1,601,732 | 1,601,732 | 1,494,176 | ||
Current | Commercial Portfolio Segment [Member] | Municipal Securities [Member] | |||||
Loans [Line Items] | |||||
Total loans | 996,553 | 996,553 | 928,843 | ||
Current | Commercial Portfolio Segment [Member] | Owner-Occupied [Member] | |||||
Loans [Line Items] | |||||
Total loans | 608,696 | 608,696 | 528,904 | ||
Current | Commercial Portfolio Segment [Member] | Agriculture [Member] | |||||
Loans [Line Items] | |||||
Total loans | 199,538 | 199,538 | 203,436 | ||
Current | Commercial Real Estate Portfolio Segment [Member] | |||||
Loans [Line Items] | |||||
Total loans | 661,307 | 661,307 | 664,297 | ||
Current | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||||
Loans [Line Items] | |||||
Total loans | 146,569 | 146,569 | 86,126 | ||
Current | Commercial Real Estate Portfolio Segment [Member] | Commercial Acquisition/Development [Member] | |||||
Loans [Line Items] | |||||
Total loans | 11,162 | 11,162 | 9,609 | ||
Current | Commercial Real Estate Portfolio Segment [Member] | Multifamily [Member] | |||||
Loans [Line Items] | |||||
Total loans | 69,913 | 69,913 | 92,174 | ||
Current | Commercial Real Estate Portfolio Segment [Member] | Non Owner-Occupied [Member] | |||||
Loans [Line Items] | |||||
Total loans | 433,663 | 433,663 | 476,388 | ||
Current | Residential Portfolio Segment [Member] | |||||
Loans [Line Items] | |||||
Total loans | 719,872 | 719,872 | 663,255 | ||
Current | Residential Portfolio Segment [Member] | Sr lien [Member] | |||||
Loans [Line Items] | |||||
Total loans | 667,731 | 667,731 | 609,780 | ||
Current | Residential Portfolio Segment [Member] | Jr Lien 1-4 Family Closed End [Member] | |||||
Loans [Line Items] | |||||
Total loans | 52,141 | 52,141 | 53,475 | ||
Current | Consumer Loan [Member] | |||||
Loans [Line Items] | |||||
Total loans | $ 17,535 | $ 17,535 | $ 17,533 |
Loans - Carrying Value of Loan
Loans - Carrying Value of Loan Portfolio by Segment and Credit Quality Indicator (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022/2021 | $ 652,413 | $ 1,130,261 |
2021/2020 | 1,078,239 | 566,616 |
2020/2019 | 496,938 | 525,806 |
2019/2018 | 434,263 | 376,979 |
2018/2017 | 344,243 | 415,667 |
Prior | 1,047,727 | 774,367 |
Revolving Loans Amortized Cost Basis | 744,200 | 714,893 |
Revolving Loans Converted to Term | 19,047 | 8,794 |
Total loans | 4,817,070 | 4,513,383 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022/2021 | 461,090 | 793,526 |
2021/2020 | 714,383 | 358,103 |
2020/2019 | 302,209 | 321,809 |
2019/2018 | 279,306 | 309,895 |
2018/2017 | 281,668 | 282,062 |
Prior | 680,074 | 443,402 |
Revolving Loans Amortized Cost Basis | 673,757 | 645,683 |
Revolving Loans Converted to Term | 18,224 | 7,937 |
Total loans | 3,410,711 | 3,162,417 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022/2021 | 242,098 | 424,813 |
2021/2020 | 345,996 | 156,864 |
2020/2019 | 123,444 | 148,509 |
2019/2018 | 118,322 | 132,246 |
2018/2017 | 117,753 | 82,510 |
Prior | 92,551 | 23,373 |
Revolving Loans Amortized Cost Basis | 544,936 | 521,607 |
Revolving Loans Converted to Term | 18,197 | 6,225 |
Total loans | 1,603,297 | 1,496,147 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022/2021 | 242,060 | 424,813 |
2021/2020 | 345,996 | 155,268 |
2020/2019 | 120,916 | 146,420 |
2019/2018 | 116,400 | 128,002 |
2018/2017 | 116,898 | 49,408 |
Prior | 65,106 | 18,529 |
Revolving Loans Amortized Cost Basis | 543,613 | 519,678 |
Revolving Loans Converted to Term | 18,173 | 5,975 |
Total loans | 1,569,162 | 1,448,093 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 1,122 | |
2020/2019 | 2,528 | 2,000 |
2019/2018 | 1,818 | 3,446 |
2018/2017 | 646 | 22,654 |
Prior | 16,562 | 4,440 |
Revolving Loans Amortized Cost Basis | 1,173 | 1,824 |
Revolving Loans Converted to Term | 250 | |
Total loans | 22,727 | 35,736 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022/2021 | 38 | |
2021/2020 | 99 | |
2020/2019 | 89 | |
2019/2018 | 104 | 744 |
2018/2017 | 209 | 10,399 |
Prior | 10,883 | 303 |
Revolving Loans Amortized Cost Basis | 150 | 105 |
Revolving Loans Converted to Term | 24 | |
Total loans | 11,408 | 11,739 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 375 | |
2019/2018 | 54 | |
2018/2017 | 49 | |
Prior | 101 | |
Total loans | 579 | |
Commercial Portfolio Segment [Member] | Municipal Securities [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022/2021 | 85,811 | 234,827 |
2021/2020 | 238,344 | 93,310 |
2020/2019 | 94,037 | 69,509 |
2019/2018 | 63,194 | 81,175 |
2018/2017 | 77,055 | 147,115 |
Prior | 436,512 | 302,574 |
Revolving Loans Amortized Cost Basis | 1,600 | 535 |
Total loans | 996,553 | 929,045 |
Commercial Portfolio Segment [Member] | Municipal Securities [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022/2021 | 85,811 | 234,827 |
2021/2020 | 238,344 | 93,310 |
2020/2019 | 94,037 | 69,509 |
2019/2018 | 63,194 | 81,175 |
2018/2017 | 77,055 | 147,115 |
Prior | 436,512 | 302,574 |
Revolving Loans Amortized Cost Basis | 1,600 | 535 |
Total loans | 996,553 | 929,045 |
Commercial Portfolio Segment [Member] | Owner-Occupied [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022/2021 | 122,872 | 122,641 |
2021/2020 | 118,103 | 82,653 |
2020/2019 | 64,956 | 95,591 |
2019/2018 | 89,799 | 75,047 |
2018/2017 | 72,455 | 49,735 |
Prior | 127,005 | 92,615 |
Revolving Loans Amortized Cost Basis | 15,979 | 13,666 |
Revolving Loans Converted to Term | 14 | 1,688 |
Total loans | 611,183 | 533,636 |
Commercial Portfolio Segment [Member] | Owner-Occupied [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022/2021 | 122,872 | 122,641 |
2021/2020 | 118,103 | 81,072 |
2020/2019 | 63,379 | 84,359 |
2019/2018 | 78,870 | 71,183 |
2018/2017 | 68,105 | 48,086 |
Prior | 110,319 | 77,100 |
Revolving Loans Amortized Cost Basis | 15,979 | 13,666 |
Revolving Loans Converted to Term | 14 | 1,688 |
Total loans | 577,641 | 499,795 |
Commercial Portfolio Segment [Member] | Owner-Occupied [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020/2019 | 9,155 | |
2019/2018 | 10,651 | 3,864 |
2018/2017 | 4,350 | 1,429 |
Prior | 14,694 | 13,443 |
Total loans | 29,695 | 27,891 |
Commercial Portfolio Segment [Member] | Owner-Occupied [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 1,192 | |
2020/2019 | 1,192 | 1,527 |
2019/2018 | 263 | |
2018/2017 | 220 | |
Prior | 1,992 | 2,028 |
Total loans | 3,447 | 4,967 |
Commercial Portfolio Segment [Member] | Owner-Occupied [Member] | Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020/2019 | 385 | |
2019/2018 | 15 | |
Total loans | 400 | |
Commercial Portfolio Segment [Member] | Agriculture [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022/2021 | 10,309 | 11,245 |
2021/2020 | 11,940 | 25,276 |
2020/2019 | 19,772 | 8,200 |
2019/2018 | 7,991 | 21,427 |
2018/2017 | 14,405 | 2,702 |
Prior | 24,006 | 24,840 |
Revolving Loans Amortized Cost Basis | 111,242 | 109,875 |
Revolving Loans Converted to Term | 13 | 24 |
Total loans | 199,678 | 203,589 |
Commercial Portfolio Segment [Member] | Agriculture [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022/2021 | 10,309 | 11,245 |
2021/2020 | 11,940 | 20,606 |
2020/2019 | 15,103 | 6,966 |
2019/2018 | 6,758 | 21,427 |
2018/2017 | 14,405 | 2,443 |
Prior | 22,858 | 24,047 |
Revolving Loans Amortized Cost Basis | 103,854 | 107,978 |
Revolving Loans Converted to Term | 13 | 24 |
Total loans | 185,240 | 194,736 |
Commercial Portfolio Segment [Member] | Agriculture [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 4,670 | |
2020/2019 | 4,669 | 1,234 |
2019/2018 | 1,233 | |
Prior | 199 | 215 |
Revolving Loans Amortized Cost Basis | 7,388 | 1,897 |
Total loans | 13,489 | 8,016 |
Commercial Portfolio Segment [Member] | Agriculture [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2018/2017 | 259 | |
Prior | 949 | 578 |
Total loans | 949 | 837 |
Commercial Portfolio Segment [Member] | Non Owner-Occupied [Member] | Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 389 | |
2020/2019 | 550 | |
Prior | 44 | |
Total loans | 983 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022/2021 | 72,933 | 103,436 |
2021/2020 | 134,716 | 102,015 |
2020/2019 | 103,636 | 160,645 |
2019/2018 | 119,361 | 42,545 |
2018/2017 | 41,309 | 102,539 |
Prior | 181,820 | 146,215 |
Revolving Loans Amortized Cost Basis | 9,129 | 7,334 |
Total loans | 662,904 | 664,729 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022/2021 | 16,737 | 39,584 |
2021/2020 | 69,351 | 10,047 |
2020/2019 | 19,069 | 29,496 |
2019/2018 | 32,366 | |
2018/2017 | 222 | |
Prior | 217 | |
Revolving Loans Amortized Cost Basis | 8,829 | 6,777 |
Total loans | 146,569 | 86,126 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022/2021 | 16,737 | 39,584 |
2021/2020 | 69,351 | 10,047 |
2020/2019 | 19,069 | 29,496 |
2019/2018 | 32,366 | |
2018/2017 | 222 | |
Prior | 217 | |
Revolving Loans Amortized Cost Basis | 8,829 | 6,777 |
Total loans | 146,569 | 86,126 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Acquisition/Development [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022/2021 | 2,975 | 1,691 |
2021/2020 | 867 | 385 |
2020/2019 | 375 | 766 |
2019/2018 | 711 | 1,830 |
2018/2017 | 1,830 | 30 |
Prior | 4,404 | 4,907 |
Total loans | 11,162 | 9,609 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Acquisition/Development [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022/2021 | 2,975 | 1,691 |
2021/2020 | 867 | 385 |
2020/2019 | 375 | 766 |
2019/2018 | 711 | 1,830 |
2018/2017 | 1,830 | 30 |
Prior | 4,404 | 4,907 |
Total loans | 11,162 | 9,609 |
Commercial Real Estate Portfolio Segment [Member] | Multifamily [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022/2021 | 23,684 | 3,101 |
2021/2020 | 2,999 | 32,619 |
2020/2019 | 25,851 | 2,184 |
2019/2018 | 15,977 | |
2018/2017 | 15,820 | 193 |
Prior | 1,559 | 38,100 |
Total loans | 69,913 | 92,174 |
Commercial Real Estate Portfolio Segment [Member] | Multifamily [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022/2021 | 23,684 | 3,101 |
2021/2020 | 2,999 | 32,619 |
2020/2019 | 25,851 | 2,184 |
2019/2018 | 15,977 | |
2018/2017 | 15,820 | 193 |
Prior | 1,559 | 37,713 |
Total loans | 69,913 | 91,787 |
Commercial Real Estate Portfolio Segment [Member] | Multifamily [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Prior | 387 | |
Total loans | 387 | |
Commercial Real Estate Portfolio Segment [Member] | Non Owner-Occupied [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022/2021 | 29,537 | 59,060 |
2021/2020 | 61,499 | 58,964 |
2020/2019 | 58,341 | 128,199 |
2019/2018 | 86,284 | 24,738 |
2018/2017 | 23,659 | 102,094 |
Prior | 175,640 | 103,208 |
Revolving Loans Amortized Cost Basis | 300 | 557 |
Total loans | 435,260 | 476,820 |
Commercial Real Estate Portfolio Segment [Member] | Non Owner-Occupied [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022/2021 | 29,537 | 59,060 |
2021/2020 | 61,499 | 58,964 |
2020/2019 | 58,341 | 122,452 |
2019/2018 | 76,444 | 18,425 |
2018/2017 | 17,522 | 92,349 |
Prior | 158,061 | 95,265 |
Revolving Loans Amortized Cost Basis | 300 | 557 |
Total loans | 401,704 | 447,072 |
Commercial Real Estate Portfolio Segment [Member] | Non Owner-Occupied [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020/2019 | 5,747 | |
2019/2018 | 9,840 | 5,584 |
2018/2017 | 5,484 | 9,745 |
Prior | 13,050 | 3,898 |
Total loans | 28,374 | 24,974 |
Commercial Real Estate Portfolio Segment [Member] | Non Owner-Occupied [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2019/2018 | 729 | |
2018/2017 | 653 | |
Prior | 4,425 | 4,045 |
Total loans | 5,078 | 4,774 |
Commercial Real Estate Portfolio Segment [Member] | Non Owner-Occupied [Member] | Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Prior | 104 | |
Total loans | 104 | |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022/2021 | 113,868 | 224,484 |
2021/2020 | 223,081 | 102,970 |
2020/2019 | 88,805 | 42,111 |
2019/2018 | 34,701 | 23,908 |
2018/2017 | 20,878 | 30,935 |
Prior | 185,299 | 184,187 |
Revolving Loans Amortized Cost Basis | 58,338 | 59,223 |
Revolving Loans Converted to Term | 788 | 838 |
Total loans | 725,758 | 668,656 |
Residential Portfolio Segment [Member] | Sr lien [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022/2021 | 112,424 | 223,164 |
2021/2020 | 221,932 | 100,801 |
2020/2019 | 86,945 | 39,380 |
2019/2018 | 32,465 | 22,207 |
2018/2017 | 19,334 | 29,853 |
Prior | 181,400 | 180,757 |
Revolving Loans Amortized Cost Basis | 18,148 | 18,278 |
Revolving Loans Converted to Term | 471 | 188 |
Total loans | 673,119 | 614,628 |
Residential Portfolio Segment [Member] | Sr lien [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022/2021 | 112,424 | 223,120 |
2021/2020 | 221,697 | 100,476 |
2020/2019 | 86,468 | 38,696 |
2019/2018 | 31,290 | 21,889 |
2018/2017 | 19,223 | 29,554 |
Prior | 177,110 | 177,051 |
Revolving Loans Amortized Cost Basis | 18,148 | 18,278 |
Revolving Loans Converted to Term | 471 | 188 |
Total loans | 666,831 | 609,252 |
Residential Portfolio Segment [Member] | Sr lien [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Prior | 320 | 290 |
Total loans | 320 | 290 |
Residential Portfolio Segment [Member] | Sr lien [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022/2021 | 44 | |
2021/2020 | 235 | 325 |
2020/2019 | 477 | 684 |
2019/2018 | 1,175 | 318 |
2018/2017 | 111 | 299 |
Prior | 3,970 | 3,416 |
Total loans | 5,968 | 5,086 |
Residential Portfolio Segment [Member] | Jr Lien 1-4 Family Closed End [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022/2021 | 1,444 | 1,320 |
2021/2020 | 1,149 | 2,169 |
2020/2019 | 1,860 | 2,731 |
2019/2018 | 2,236 | 1,701 |
2018/2017 | 1,544 | 1,082 |
Prior | 3,899 | 3,430 |
Revolving Loans Amortized Cost Basis | 40,190 | 40,945 |
Revolving Loans Converted to Term | 317 | 650 |
Total loans | 52,639 | 54,028 |
Residential Portfolio Segment [Member] | Jr Lien 1-4 Family Closed End [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022/2021 | 1,444 | 1,320 |
2021/2020 | 1,149 | 2,150 |
2020/2019 | 1,748 | 2,731 |
2019/2018 | 2,236 | 1,639 |
2018/2017 | 1,486 | 951 |
Prior | 3,319 | 3,209 |
Revolving Loans Amortized Cost Basis | 40,190 | 40,921 |
Revolving Loans Converted to Term | 290 | 328 |
Total loans | 51,862 | 53,249 |
Residential Portfolio Segment [Member] | Jr Lien 1-4 Family Closed End [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Prior | 322 | |
Revolving Loans Amortized Cost Basis | 24 | |
Revolving Loans Converted to Term | 27 | 322 |
Total loans | 349 | 346 |
Residential Portfolio Segment [Member] | Jr Lien 1-4 Family Closed End [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021/2020 | 19 | |
2020/2019 | 112 | |
2019/2018 | 62 | |
2018/2017 | 58 | 131 |
Prior | 258 | 221 |
Total loans | 428 | 433 |
Consumer Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022/2021 | 4,522 | 8,815 |
2021/2020 | 6,059 | 3,528 |
2020/2019 | 2,288 | 1,241 |
2019/2018 | 895 | 631 |
2018/2017 | 388 | 131 |
Prior | 534 | 563 |
Revolving Loans Amortized Cost Basis | 2,976 | 2,653 |
Revolving Loans Converted to Term | 35 | 19 |
Total loans | 17,697 | 17,581 |
Consumer Loan [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022/2021 | 4,522 | 8,815 |
2021/2020 | 6,059 | 3,528 |
2020/2019 | 2,288 | 1,241 |
2019/2018 | 891 | 631 |
2018/2017 | 388 | 131 |
Prior | 528 | 557 |
Revolving Loans Amortized Cost Basis | 2,973 | 2,653 |
Revolving Loans Converted to Term | 35 | 19 |
Total loans | 17,684 | 17,575 |
Consumer Loan [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2019/2018 | 4 | |
Prior | 6 | 6 |
Revolving Loans Amortized Cost Basis | 3 | |
Total loans | $ 13 | $ 6 |
Loans - Collateral Dependent Lo
Loans - Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis | $ 9,818 | $ 11,010 |
Management evaluated loan with amortized cost basis | 250 | |
Commercial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis | 4,162 | 8,798 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis | 1,731 | 4,531 |
Commercial Portfolio Segment [Member] | Owner-Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis | 2,431 | 4,267 |
Commercial Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis | 574 | |
Commercial Real Estate Portfolio Segment [Member] | Non Owner-Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis | 574 | |
Residential Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis | 5,082 | 2,212 |
Residential Portfolio Segment [Member] | Sr lien [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis | 5,082 | |
Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis | 6,722 | 9,494 |
Real Estate [Member] | Commercial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis | 2,672 | 7,282 |
Real Estate [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis | 241 | 3,270 |
Real Estate [Member] | Commercial Portfolio Segment [Member] | Owner-Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis | 2,431 | 4,012 |
Real Estate [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis | 574 | |
Real Estate [Member] | Commercial Real Estate Portfolio Segment [Member] | Non Owner-Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis | 574 | |
Real Estate [Member] | Residential Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis | 3,476 | 2,212 |
Real Estate [Member] | Residential Portfolio Segment [Member] | Sr lien [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis | 3,476 | |
Equipment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis | 3,096 | 1,516 |
Equipment [Member] | Commercial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis | 1,490 | 1,516 |
Equipment [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis | 1,490 | 1,261 |
Equipment [Member] | Commercial Portfolio Segment [Member] | Owner-Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis | $ 255 | |
Equipment [Member] | Residential Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis | 1,606 | |
Equipment [Member] | Residential Portfolio Segment [Member] | Sr lien [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis | $ 1,606 |
Loans - Troubled Debt Restructu
Loans - Troubled Debt Restructuring and Loans Accounted for Under ASC Topic 310-30 Narratives (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) loan | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Debt Instrument [Line Items] | ||||
Loans receivable | $ 4,766,210,000 | $ 4,766,210,000 | $ 4,463,689,000 | |
Non- accrual loans | $ 9,862,000 | $ 9,862,000 | $ 10,832,000 | |
TDR's modified within the past year that defaulted on their restructured terms | 0 | 2 | ||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 49,000 | |||
Troubled Debt Restructurings [Member] | ||||
Debt Instrument [Line Items] | ||||
Number of restructured loans | 2 | 6 | ||
Amortized cost basis of restructured loans | $ 2,400,000 | $ 3,000,000 |
Loans - Additional Information
Loans - Additional Information Related to Accruing TDR's (Details) - Accruing TDR [Member] - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Loans [Line Items] | ||
Recorded Investment | $ 7,208 | $ 7,186 |
Average year-to- date recorded investment | 7,292 | 7,707 |
Unpaid principal balance | 7,884 | 8,090 |
Unfunded commitments to fund TDRs | 317 | |
Commercial Portfolio Segment [Member] | ||
Loans [Line Items] | ||
Recorded Investment | 4,621 | 4,066 |
Average year-to- date recorded investment | 4,655 | 4,472 |
Unpaid principal balance | 4,729 | 4,417 |
Unfunded commitments to fund TDRs | 317 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans [Line Items] | ||
Recorded Investment | 739 | 725 |
Average year-to- date recorded investment | 761 | 767 |
Unpaid principal balance | 913 | 892 |
Residential Portfolio Segment [Member] | ||
Loans [Line Items] | ||
Recorded Investment | 1,848 | 2,395 |
Average year-to- date recorded investment | 1,876 | 2,468 |
Unpaid principal balance | $ 2,242 | $ 2,781 |
Loans - Summary of Company's Ca
Loans - Summary of Company's Carrying Value of Non-Accrual TDR's (Details) - Non-Accruing TDR [Member] - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Loans [Line Items] | ||
Carrying Value of Non - Accruing TDR's | $ 1,911 | $ 2,366 |
Commercial Portfolio Segment [Member] | ||
Loans [Line Items] | ||
Carrying Value of Non - Accruing TDR's | 439 | 644 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans [Line Items] | ||
Carrying Value of Non - Accruing TDR's | 94 | 117 |
Residential Portfolio Segment [Member] | ||
Loans [Line Items] | ||
Carrying Value of Non - Accruing TDR's | $ 1,378 | $ 1,605 |
Allowance for Credit Losses - S
Allowance for Credit Losses - Summary of Company's Allowance for Loan Losses ("All") and Recorded Investment in Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | $ 48,810 | $ 55,057 | $ 49,694 | $ 59,777 |
Charge-offs | (451) | (925) | (1,085) | (1,227) |
Recoveries | 115 | 198 | 190 | 380 |
Provision expense (release) for loan losses | 2,386 | (5,300) | 2,061 | (9,900) |
Ending balance | 50,860 | 49,030 | 50,860 | 49,030 |
Commercial Portfolio Segment [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 31,845 | 28,085 | 31,256 | 30,376 |
Charge-offs | (291) | (781) | (754) | (942) |
Recoveries | 27 | 128 | 74 | 257 |
Provision expense (release) for loan losses | 430 | 1,208 | 1,435 | (1,051) |
Ending balance | 32,011 | 28,640 | 32,011 | 28,640 |
Commercial Real Estate Portfolio Segment [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 8,495 | 15,054 | 10,033 | 17,448 |
Recoveries | 21 | 21 | 6 | |
Provision expense (release) for loan losses | (90) | (3,867) | (1,628) | (6,267) |
Ending balance | 8,426 | 11,187 | 8,426 | 11,187 |
Residential Portfolio Segment [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 8,136 | 11,546 | 8,056 | 11,492 |
Charge-offs | (2) | (22) | ||
Recoveries | 44 | 37 | 46 | 44 |
Provision expense (release) for loan losses | 1,892 | (2,732) | 1,972 | (2,663) |
Ending balance | 10,072 | 8,851 | 10,072 | 8,851 |
Consumer Loan [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 334 | 372 | 349 | 461 |
Charge-offs | (160) | (144) | (329) | (263) |
Recoveries | 23 | 33 | 49 | 73 |
Provision expense (release) for loan losses | 154 | 91 | 282 | 81 |
Ending balance | $ 351 | $ 352 | $ 351 | $ 352 |
Allowance for Credit Losses - N
Allowance for Credit Losses - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Allowance For Loan And Lease Losses [Line Items] | |||||
Charge-offs, net | $ 300 | $ 700 | $ 900 | $ 800 | |
Provision (release) expense | 2,386 | (5,300) | 2,061 | (9,900) | |
Provision expense (release) for loan losses | 2,504 | (5,850) | 2,182 | (9,425) | |
Accrued interest receivable | 17,200 | 17,200 | $ 15,700 | ||
Unfunded loan commitment reserves [Member] | |||||
Allowance For Loan And Lease Losses [Line Items] | |||||
Provision (release) expense | $ 500 | ||||
Provision expense (release) for loan losses | $ 100 | $ (600) | $ 100 |
Other Real Estate Owned - Summa
Other Real Estate Owned - Summary of Activity in OREO Balances (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Other Real Estate [Roll Forward] | ||||
Beginning balance | $ 7,005 | $ 4,730 | ||
Transfers from loan portfolio, at fair value | 39 | 1,522 | ||
Impairments | (188) | |||
Sales | $ (100) | $ (500) | (1,864) | (1,128) |
Ending balance | $ 4,992 | $ 5,124 | $ 4,992 | $ 5,124 |
Other Real Estate Owned - Narra
Other Real Estate Owned - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Other Real Estate Owned | ||||
OREO sales | $ 100 | $ 500 | $ 1,864 | $ 1,128 |
(Loss) gain on OREO sales, net | $ (5) | $ (221) | $ 270 | $ (192) |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Narrative (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 USD ($) item | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) item | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Goodwill and Intangible Assets | |||||
Goodwill acquired | $ 115,027,000 | $ 115,027,000 | $ 115,027,000 | ||
Goodwill Impairment | 0 | 0 | $ 0 | ||
Amortization of acquired identifiable intangibles | 296,000 | $ 296,000 | 592,000 | $ 592,000 | |
Mortgage loans serviced | 1,000,000,000 | 1,900,000,000 | |||
Mortgage service fees | 600,000 | 1,100,000 | 1,100,000 | 2,100,000 | |
Core Deposits | |||||
Goodwill and Intangible Assets | |||||
Amortization of acquired identifiable intangibles | $ 300,000 | $ 300,000 | $ 600,000 | 600,000 | |
Core Deposits | Minimum [Member] | |||||
Goodwill and Intangible Assets | |||||
Amortization period | 7 years | ||||
Core Deposits | Maximum [Member] | |||||
Goodwill and Intangible Assets | |||||
Amortization period | 10 years | ||||
MSRs | |||||
Goodwill and Intangible Assets | |||||
Amortization of acquired identifiable intangibles | $ 448,000 | $ 1,632,000 | |||
MSRs | Measurement Input, Discount Rate [Member] | |||||
Goodwill and Intangible Assets | |||||
Servicing assets measurement input (as a percent) | item | 0.095 | 0.095 | |||
MSRs | Measurement Input, Discount Rate [Member] | Minimum [Member] | |||||
Goodwill and Intangible Assets | |||||
Servicing assets measurement input (as a percent) | 0.095 | 0.095 | |||
MSRs | Measurement Input, Discount Rate [Member] | Maximum [Member] | |||||
Goodwill and Intangible Assets | |||||
Servicing assets measurement input (as a percent) | 0.105 | 0.105 | |||
MSRs | Measurement Input, Constant Prepayment Rate [Member] | Minimum [Member] | |||||
Goodwill and Intangible Assets | |||||
Servicing assets measurement input (as a percent) | 0.078 | 0.114 | 0.078 | 0.114 | |
MSRs | Measurement Input, Constant Prepayment Rate [Member] | Maximum [Member] | |||||
Goodwill and Intangible Assets | |||||
Servicing assets measurement input (as a percent) | 0.082 | 0.187 | 0.082 | 0.187 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Carrying Amounts (Details) - Core Deposits - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Carrying amount of intangible assets | ||
Gross carrying amount | $ 48,834 | $ 48,834 |
Accumulated amortization | (43,060) | (42,469) |
Net carrying amount | $ 5,774 | $ 6,365 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Summary of Estimated Future Amortization Expense (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Core Deposits | |
Estimated future amortization expense | |
For the six months ending December 31, 2022 | $ 563 |
For the year ending December 31, 2023 | 1,048 |
For the year ending December 31, 2024 | 1,048 |
For the year ending December 31, 2025 | 1,048 |
For the year ending December 31, 2026 | 1,048 |
MSRs | |
Estimated future amortization expense | |
For the six months ending December 31, 2022 | 537 |
For the year ending December 31, 2023 | 1,010 |
For the year ending December 31, 2024 | 887 |
For the year ending December 31, 2025 | 779 |
For the year ending December 31, 2026 | $ 684 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Changes in Servicing Rights (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Changes in the mortgage servicing rights | ||||
Amortization | $ (296) | $ (296) | $ (592) | $ (592) |
MSRs | ||||
Changes in the mortgage servicing rights | ||||
Beginning balance | 5,957 | 10,380 | ||
Originations | 3,325 | 5,949 | ||
(Impairment) recovery | (39) | 707 | ||
Amortization | (448) | (1,632) | ||
Ending balance | 8,795 | 15,404 | 8,795 | 15,404 |
Fair value of mortgage servicing rights | $ 12,728 | $ 18,685 | $ 12,728 | $ 18,685 |
Borrowings - Narrative (Details
Borrowings - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Nov. 05, 2021 | |
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Amount of repurchase agreements | $ 24,400 | $ 24,400 | $ 22,800 | |||
Fair value of collateral | 0 | 0 | 0 | |||
Fair value of Collateral pledged for repurchase agreement | 8,000 | 8,000 | 6,100 | |||
Remaining balance on the note | 39,532 | 39,532 | 39,478 | |||
Debt issuance costs | 500 | 500 | ||||
Federal home loan bank, advances, general debt obligations, maximum amount available | 1,000,000 | 1,000,000 | ||||
Loans pledged | 1,400,000 | 1,400,000 | 1,300,000 | |||
Interest expense related to FHLB advances | 0 | $ 0 | 0 | $ 0 | ||
Fixed-To-Floating Rate Note, Maturing November 2031 [Member] | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Subordinated note | $ 40,000 | |||||
Remaining balance on the note | 39,500 | 39,500 | ||||
Fixed-To-Floating Rate Note, Maturing November 2031 [Member] | Other Liabilities [Member] | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Interest expense | 300 | 600 | ||||
Line of credit [Member] | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
FHLB advances | 0 | $ 0 | 0 | |||
Subordinated Debt [Member] | Fixed-To-Floating Rate Note, Maturing November 2031 [Member] | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Interest rate (as a percent) | 3% | |||||
Variable rate basis (as a percent) | 203% | |||||
Redemption price as a percent of principal | 100% | |||||
Federal Home Loan Bank of Des Moines [Member] | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Fair value of collateral | 0 | $ 0 | 0 | |||
U.S. Treasury Securities [Member] | ||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||
Fair value of collateral | $ 32,400 | $ 32,400 | $ 28,800 |
Regulatory Capital - Capital Ra
Regulatory Capital - Capital Ratio Requirements under Prompt Corrective Action or Other Regulatory Requirements (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capital conservation buffer | 2.50% | |
Consolidated [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Leverage Ratio | 0.105 | 0.104 |
Common equity risk-based ratio | 0.138 | 0.143 |
Risk-based capital Ratio | 0.138 | 0.143 |
Total risk-based capital Ratio | 0.154 | 0.159 |
Leverage Amount | $ 756,805 | $ 731,087 |
Common equity risk-based amount | 756,805 | 731,087 |
Risk-based capital amount | 756,805 | 731,087 |
Total risk-based capital Amount | $ 844,697 | $ 816,117 |
Required to be considered well capitalized Ratio, risk-based capital ratio | 0.085 | 0.085 |
Required to be considered adequately capitalized Ratio, leverage ratio | 0.040 | 0.040 |
Required to be considered well capitalized Ratio, risk-based capital ratio | 7% | 7% |
Required to be considered adequately capitalized Ratio, Total risk-based capital ratio | 0.105 | 0.105 |
Required to be considered adequately capitalized leverage Amount | $ 287,215 | $ 281,463 |
Required to be considered adequately capitalized common equity capital amount | 385,243 | 358,813 |
Required to be considered adequately capitalized risk-based capital Amount | 467,795 | 435,701 |
Required to be considered adequately capitalized Total risk-based capital Amount | $ 577,864 | $ 538,219 |
NBH Bank, N.A. [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Leverage Ratio | 0.091 | 0.091 |
Common equity risk-based ratio | 0.119 | 0.125 |
Risk-based capital Ratio | 0.119 | 0.125 |
Total risk-based capital Ratio | 0.127 | 0.134 |
Leverage Amount | $ 648,767 | $ 637,115 |
Common equity risk-based amount | 648,767 | 637,115 |
Risk-based capital amount | 648,767 | 637,115 |
Total risk-based capital Amount | $ 696,659 | $ 682,145 |
Required to be considered well capitalized Ratio, leverage ratio | 0.050 | 0.050 |
Required to be considered adequately capitalized Ratio, risk-based common equity capital ratio | 6.50% | 6.50% |
Required to be considered well capitalized Ratio, risk-based capital ratio | 0.085 | 0.085 |
Required to be considered well capitalized Ratio, Total risk-based capital ratio | 0.100 | 0.100 |
Required to be considered well capitalized leverage Amount | $ 357,493 | $ 350,584 |
Required to be considered well capitalized common equity capital amount | 355,490 | 331,427 |
Required to be considered well capitalized risk-based capital Amount | 437,526 | 407,910 |
Required to be considered well capitalized Total risk-based capital Amount | $ 546,907 | $ 509,888 |
Required to be considered adequately capitalized Ratio, leverage ratio | 0.040 | 0.040 |
Required to be considered well capitalized Ratio, risk-based capital ratio | 7% | 7% |
Required to be considered adequately capitalized Ratio, risk-based capital ratio | 0.080 | 0.080 |
Required to be considered adequately capitalized Ratio, Total risk-based capital ratio | 0.105 | 0.105 |
Required to be considered adequately capitalized leverage Amount | $ 285,994 | $ 280,467 |
Required to be considered adequately capitalized common equity capital amount | 382,835 | 356,921 |
Required to be considered adequately capitalized risk-based capital Amount | 464,871 | 433,404 |
Required to be considered adequately capitalized Total risk-based capital Amount | $ 574,252 | $ 535,382 |
Revenue from Contracts with C_3
Revenue from Contracts with Clients - Non-interest income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue from Contracts with Clients | ||||
(Loss) gain on OREO sales, net | $ (5) | $ (221) | $ 270 | $ (192) |
Service charges | ||||
Revenue from Contracts with Clients | ||||
Non-interest income | 3,956 | 3,568 | 7,666 | 7,042 |
Bank card fees | ||||
Revenue from Contracts with Clients | ||||
Non-interest income | 4,541 | 4,614 | 8,664 | 8,687 |
ASU 2014-09 | ||||
Revenue from Contracts with Clients | ||||
Non-interest income | 16,762 | 25,266 | 35,816 | 58,627 |
ASU 2014-09 | In-scope of Topic 606 | ||||
Revenue from Contracts with Clients | ||||
Non-interest income | 8,497 | 9,029 | 16,330 | 17,054 |
(Loss) gain on OREO sales, net | (5) | (221) | 270 | (192) |
Total Revenue | 8,492 | 8,808 | 16,600 | 16,862 |
ASU 2014-09 | In-scope of Topic 606 | Service charges | ||||
Revenue from Contracts with Clients | ||||
Non-interest income | 3,956 | 4,415 | 7,666 | 8,367 |
ASU 2014-09 | In-scope of Topic 606 | Bank card fees | ||||
Revenue from Contracts with Clients | ||||
Non-interest income | 4,541 | 4,614 | 8,664 | 8,687 |
ASU 2014-09 | Out-of-scope of Topic 606 | ||||
Revenue from Contracts with Clients | ||||
Non-interest income | $ 8,265 | $ 16,237 | $ 19,486 | $ 41,573 |
Stock-based Compensation and _3
Stock-based Compensation and Benefits - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Stock options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Contractual term (in years) | 10 years | |||
Stock based compensation expense | $ 400,000 | $ 500,000 | $ 500,000 | $ 600,000 |
Unrecognized compensation expense | 600,000 | $ 600,000 | ||
Unrecognized compensation cost, weighted-average period, years | 2 years 6 months | |||
Stock options [Member] | NBH Holdings Corp. 2014 Omnibus Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award Vesting Rights, Percentage | 33.30% | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards granted (in shares) | 94,155 | |||
Restricted Stock [Member] | NBH Holdings Corp. 2014 Omnibus Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation expense | 900,000 | 600,000 | $ 1,500,000 | 1,200,000 |
Unrecognized compensation expense | 4,300,000 | $ 4,300,000 | ||
Unrecognized compensation cost, weighted-average period, years | 2 years | |||
Performance stock units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards granted (in shares) | 51,931 | |||
Performance stock units | NBH Holdings Corp. 2014 Omnibus Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation expense | 400,000 | $ 200,000 | $ 800,000 | $ 700,000 |
Unrecognized compensation expense | $ 3,400,000 | $ 3,400,000 | ||
Unrecognized compensation cost, weighted-average period, years | 2 years 1 month 6 days | |||
Performance period | 3 years | |||
Performance stock units | NBH Holdings Corp. 2014 Omnibus Incentive Plan [Member] | EPS target | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of awards based on performance type | 60% | |||
Performance stock units | NBH Holdings Corp. 2014 Omnibus Incentive Plan [Member] | TSR target | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of awards based on performance type | 40% | |||
Employee Stock [Member] | Employee Stock Purchase Plan 2014 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum stock purchases by employees, value | $ 25,000 | |||
Maximum stock purchases by employees (in shares) | 2,000 | |||
Discount on purchase of common stock (as a percent) | 90% | |||
Offering period for employee stock purchases | 6 months | |||
Number of shares authorized | 400,000 | 400,000 | ||
Shares available for issuance | 273,868 | 273,868 | ||
Employees purchased shares (in shares) | 8,028 | 8,971 | ||
Minimum [Member] | Stock options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 1 year | |||
Minimum [Member] | Restricted Stock [Member] | NBH Holdings Corp. 2014 Omnibus Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 1 year | |||
Minimum [Member] | Performance stock units | NBH Holdings Corp. 2014 Omnibus Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of initial target awards | 0% | |||
Maximum [Member] | Stock options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Maximum [Member] | Restricted Stock [Member] | NBH Holdings Corp. 2014 Omnibus Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Maximum [Member] | Performance stock units | NBH Holdings Corp. 2014 Omnibus Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of initial target awards | 150% |
Stock-based Compensation and _4
Stock-based Compensation and Benefits - Summary of Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Outstanding Options, beginning | 695,960 | |
Granted, Options | 74,715 | |
Exercised, Options | (21,794) | |
Forfeited, Options | (12,432) | |
Outstanding Options, ending | 736,449 | 695,960 |
Options exercisable at end of period, Options | 544,103 | |
Options vested and expected to vest, Options | 716,705 | |
Outstanding, Weighted average exercise price, beginning | $ 28.19 | |
Granted, Weighted average exercise price | 40.79 | |
Exercised, Weighted average exercise price | 23.96 | |
Forfeited, Weighted average exercise price | 31.38 | |
Outstanding, Weighted average exercised price, ending | 29.54 | $ 28.19 |
Options exercisable at end of period, Weighted average exercise price | 27.73 | |
Options vested and expected to vest, Weighted average exercise price | $ 29.32 | |
Outstanding, Weighted average remaining contractual term in years | 6 years 5 months 4 days | 6 years 6 months 25 days |
Options exercisable at end of period, weighted average remaining contractual term in years | 5 years 6 months 29 days | |
Options vested and expected to vest, Weighted average remaining contractual term in years | 6 years 4 months 6 days | |
Outstanding, Aggregate intrinsic value, beginning | $ 10,964 | |
Outstanding, Aggregate intrinsic value, ending | 6,770 | $ 10,964 |
Aggregate intrinsic Value of Options exercisable at end of period | 5,785 | |
Options vested and expected to vest, Aggregate Intrinsic Value | $ 6,715 |
Stock-based Compensation and _5
Stock-based Compensation and Benefits - Summary of Restricted Stock Activity (Details) | 6 Months Ended |
Jun. 30, 2022 USD ($) $ / shares shares | |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested Restricted shares, Beginning (in shares) | shares | 144,467 |
Unvested Restricted shares, Granted (in shares) | shares | 94,155 |
Unvested Restricted shares, Vested (in shares) | shares | (69,183) |
Unvested Restricted shares, Forfeited (in shares) | shares | (8,237) |
Unvested Restricted shares, Ending (in shares) | shares | 161,202 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Weighted average grant-date fair value, Beginning (in dollars per share) | $ 33.40 |
Weighted average grant-date fair value, Granted (in dollars per share) | 39.87 |
Weighted average grant-date fair value, Vested (in dollars per share) | 32.99 |
Weighted average grant-date fair value, Forfeited (in dollars per share) | 36.13 |
Weighted average grant-date fair value, Ending (in dollars per share) | $ 37.22 |
Performance stock units | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested Restricted shares, Beginning (in shares) | shares | 160,394 |
Unvested Restricted shares, Granted (in shares) | shares | 51,931 |
Unvested Restricted shares, Net adjustment due to performance (in shares) | shares | 17,741 |
Unvested Restricted shares, Vested (in shares) | shares | (67,875) |
Unvested Restricted shares, Forfeited (in shares) | shares | (6,334) |
Unvested Restricted shares, Ending (in shares) | shares | 155,857 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Weighted average grant-date fair value, Beginning (in dollars per share) | $ 31.36 |
Weighted average grant-date fair value, Granted (in dollars per share) | 38.40 |
Weighted average grant-date fair value, Net adjustment due to performance (in dollars per share) | 32.44 |
Weighted average grant-date fair value, Vested (in dollars per share) | 31.27 |
Weighted average grant-date fair value, Forfeited (in dollars per share) | 32.70 |
Weighted average grant-date fair value, Ending (in dollars per share) | 33.81 |
EPS | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Weighted average grant-date fair value, Granted (in dollars per share) | 40.83 |
TSR | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Weighted average grant-date fair value, Granted (in dollars per share) | $ 35.25 |
Weighted average beginning measurement period price | $ | $ 43.51 |
Common Stock - Narrative (Detai
Common Stock - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | Feb. 24, 2021 | |
Schedule Of Common Stock [Line Items] | |||
Shares outstanding | 30,075,175 | 29,958,764 | |
Common Class A [Member] | |||
Schedule Of Common Stock [Line Items] | |||
Shares outstanding | 30,075,175 | 29,958,764 | |
Restricted issued but not yet vested, shares | 161,202 | 144,467 | |
February 2021 Board Authorized Share Purchase Program | |||
Schedule Of Common Stock [Line Items] | |||
Remaining authorized amount | $ 38.6 | ||
Maximum [Member] | February 2021 Board Authorized Share Purchase Program | |||
Schedule Of Common Stock [Line Items] | |||
Stock repurchase program, authorized amount | $ 75 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - $ / shares | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Earnings Per Share | |||
Shares outstanding | 30,075,175 | 30,800,985 | |
Outstanding stock options to purchase common stock | 736,449 | 751,394 | 695,960 |
Outstanding stock options to purchase common stock, per share | $ 29.54 | $ 27.68 | $ 28.19 |
Restricted shares outstanding | 317,059 | 311,744 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Computation of Basic and Diluted Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share | ||||
Net income | $ 20,362 | $ 24,200 | $ 38,714 | $ 51,012 |
Less: income allocated to participating securities | (37) | (33) | (72) | (67) |
Income allocated to common shareholders | $ 20,325 | $ 24,167 | $ 38,642 | $ 50,945 |
Weighted average shares outstanding for basic earnings per common share | 30,225,898 | 30,947,206 | 30,173,338 | 30,888,062 |
Dilutive effect of equity awards | 267,367 | 279,145 | 319,275 | 294,522 |
Weighted average shares outstanding for diluted earnings per common share | 30,493,265 | 31,226,351 | 30,492,613 | 31,182,584 |
Basic earnings per share (in dollars per share) | $ 0.67 | $ 0.78 | $ 1.28 | $ 1.65 |
Diluted earnings per share (in dollars per share) | $ 0.67 | $ 0.77 | $ 1.27 | $ 1.63 |
Derivatives - FV of Derivatives
Derivatives - FV of Derivatives on the Balance Sheet (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Asset derivatives fair value | $ 21,213 | $ 477 |
Liability derivatives fair value | 127 | 12,221 |
Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Asset derivatives fair value | 6,419 | 10,204 |
Liability derivatives fair value | 5,894 | 8,792 |
Other assets [Member] | Interest rate products [Member] | Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Asset derivatives fair value | 21,213 | 477 |
Other assets [Member] | Interest rate products [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Asset derivatives fair value | 4,883 | 8,321 |
Other assets [Member] | Interest Rate Lock Commitments [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Asset derivatives fair value | 1,361 | 1,792 |
Other assets [Member] | Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Asset derivatives fair value | 175 | 91 |
Other Liabilities [Member] | Interest rate products [Member] | Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Liability derivatives fair value | 127 | 12,221 |
Other Liabilities [Member] | Interest rate products [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Liability derivatives fair value | 4,935 | 8,329 |
Other Liabilities [Member] | Interest Rate Lock Commitments [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Liability derivatives fair value | 525 | 197 |
Other Liabilities [Member] | Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Liability derivatives fair value | $ 434 | $ 266 |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | ||
Hedged Loans | $ 346.8 | $ 345.2 |
Cumulative fair value hedge adjustment | (17) | 16.1 |
Termination value of derivatives in net liability position | 23.6 | |
Eligible collateral posted | 0.1 | |
Interest Rate Lock Commitments Notional Amount Member | ||
Derivative [Line Items] | ||
Notional amount | 102.9 | 110 |
Forward Contract Notional Member | ||
Derivative [Line Items] | ||
Notional amount | 104.1 | 198.3 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Notional amount | 344.6 | 343.1 |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 369.6 | $ 394.4 |
Derivatives - Derivatives on th
Derivatives - Derivatives on the Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Not Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Amount of (loss) gain recognized in income on derivatives | $ (2,602) | $ (4,723) | $ (972) | $ (2,707) |
Interest rate products [Member] | Not Designated as Hedging Instrument [Member] | Other Non-Interest income [Member] | ||||
Derivative [Line Items] | ||||
Amount of (loss) gain recognized in income on derivatives | (50) | 4 | (44) | 10 |
Interest rate products [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Interest income [Member] | ||||
Derivative [Line Items] | ||||
Amount of (loss) gain recognized in income on derivatives | (6,902) | (28,100) | 11,694 | (7,228) |
Amount of gain (loss) recognized in income on hedged items | 7,428 | 23,726 | (12,792) | 5,157 |
Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | Mortgage banking income [Member] | ||||
Derivative [Line Items] | ||||
Amount of (loss) gain recognized in income on derivatives | (2,795) | (3,698) | (84) | 2,384 |
Interest Rate Lock Commitments [Member] | Not Designated as Hedging Instrument [Member] | Mortgage banking income [Member] | ||||
Derivative [Line Items] | ||||
Amount of (loss) gain recognized in income on derivatives | $ 243 | $ (1,029) | $ (844) | $ (5,101) |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Total Unfunded Commitments (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Commitment And Contingencies [Line Items] | ||
Total unfunded commitments | $ 1,164,872 | $ 999,869 |
Unfunded loan commitment reserves [Member] | ||
Commitment And Contingencies [Line Items] | ||
Total unfunded commitments | 573,082 | 462,151 |
Unfunded Commitment Line Of Credit [Member] | ||
Commitment And Contingencies [Line Items] | ||
Total unfunded commitments | 584,554 | 530,397 |
Commercial And Standby Letters Of Credit [Member] | ||
Commitment And Contingencies [Line Items] | ||
Total unfunded commitments | $ 7,236 | $ 7,321 |
Commitments and Contingencies_2
Commitments and Contingencies - Repurchase Reserve (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Commitments and Contingencies | ||||||||
Beginning balance | $ 1,969 | $ 2,620 | $ 2,102 | $ 2,741 | ||||
Provision charged to (released from) operating expense, net | $ 7 | $ (106) | $ (80) | $ (102) | ||||
Charge-offs | (98) | (116) | (144) | (241) | ||||
Ending balance | $ 1,878 | $ 2,398 | $ 1,878 | $ 2,398 |
Fair Value Measurements - Trans
Fair Value Measurements - Transfer Between Hierarchy Levels (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Fair Value Measurements | ||
Level 1 to Level 2 Transfer, Asset | $ 0 | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) | 6 Months Ended | |||
Jun. 30, 2022 USD ($) loan | Jun. 30, 2021 USD ($) loan | Dec. 31, 2021 USD ($) | Mar. 31, 2021 USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Residential mortgage loans held for sale period | 45 days | |||
Interest Rate Lock Commitments, Average Percentage Of Estimated Pull Through Rate To Calculate Fair Value | 84.9 | |||
Loans | $ 4,817,070,000 | $ 4,513,383,000 | ||
Impairment on other real estate owned | $ 188,000 | $ 0 | ||
Impairment on fixed assets related to banking center consolidations | 1,600,000 | |||
Net Book Balance Of Fixed Assets Sold | 6,000,000 | |||
Banking centers classified as held-for-sale | $ 7 | |||
Minimum [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Estimated selling cost (as a percent) | 6% | |||
Maximum [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Estimated selling cost (as a percent) | 10% | |||
Weighted Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Estimated selling cost (as a percent) | 7.20% | |||
Fair Value, Nonrecurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Nonrecurring Loans Reserves | $ 500,000 | $ 1,400,000 | ||
Number of Loans measured | loan | 3 | 7 | ||
Loans | $ 2,400,000 | $ 5,700,000 | ||
Impaired loans [Member]. | Measurement Input, Discount Rate [Member] | Minimum [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount rate | 5% | |||
Impaired loans [Member]. | Measurement Input, Discount Rate [Member] | Maximum [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount rate | 17% | |||
Impaired loans [Member]. | Measurement Input, Discount Rate [Member] | Weighted Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of loans measurement input (as a percent) | 9.8 | |||
Mortgage servicing rights member | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment on mortgage servicing rights | $ 39,000 | $ (700,000) | ||
Mortgage servicing rights member | Measurement Input, Discount Rate [Member] | Weighted Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Servicing assets measurement input (as a percent) | 9.5 | |||
Mortgage servicing rights member | Measurement Input, Constant Prepayment Rate [Member] | Minimum [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Servicing assets measurement input (as a percent) | 7.8 | |||
Mortgage servicing rights member | Measurement Input, Constant Prepayment Rate [Member] | Maximum [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Servicing assets measurement input (as a percent) | 8.2 | |||
Mortgage servicing rights member | Measurement Input, Constant Prepayment Rate [Member] | Weighted Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Servicing assets measurement input (as a percent) | 7.9 |
Fair Value Measurements - Table
Fair Value Measurements - Tables of Financial Instruments Measured At Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | $ 881,837 | $ 841,201 |
Total liabilities at fair value | 6,021 | 21,013 |
U.S. Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 73,054 | |
Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 230 | 237 |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 2,026 | 2,111 |
Loans held for sale member | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 48,816 | 139,142 |
Mortgage-Backed Securities (MBS) [Member] | Residential Mortgage Pass-Through Securities Issued or Guaranteed by U.S. Government Agencies or Sponsored Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 252,778 | 227,696 |
Mortgage-Backed Securities (MBS) [Member] | Other Residential MBS Issued or Guaranteed by U.S. Government Agencies or Sponsored Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 477,301 | 461,334 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 73,054 | |
Level 1 [Member] | U.S. Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 73,054 | |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 807,247 | 839,318 |
Total liabilities at fair value | 5,062 | 20,550 |
Level 2 [Member] | Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 230 | 237 |
Level 2 [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 2,026 | 2,111 |
Level 2 [Member] | Loans held for sale member | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 48,816 | 139,142 |
Level 2 [Member] | Mortgage-Backed Securities (MBS) [Member] | Residential Mortgage Pass-Through Securities Issued or Guaranteed by U.S. Government Agencies or Sponsored Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 252,778 | 227,696 |
Level 2 [Member] | Mortgage-Backed Securities (MBS) [Member] | Other Residential MBS Issued or Guaranteed by U.S. Government Agencies or Sponsored Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 477,301 | 461,334 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 1,536 | 1,883 |
Total liabilities at fair value | 959 | 463 |
Interest Rate Swap [Member] | Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 26,096 | 8,798 |
Total liabilities at fair value | 5,062 | 20,550 |
Interest Rate Swap [Member] | Level 2 [Member] | Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 26,096 | 8,798 |
Total liabilities at fair value | 5,062 | 20,550 |
Mortgage banking derivatives | Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 1,536 | 1,883 |
Total liabilities at fair value | 959 | 463 |
Mortgage banking derivatives | Level 3 [Member] | Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 1,536 | 1,883 |
Total liabilities at fair value | $ 959 | $ 463 |
Fair Value Measurements - Tab_2
Fair Value Measurements - Table of Changes in Level 3 Financial Instruments (Details) - Derivative Financial Instruments Assets and Liabilities [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning Balance | $ 1,420 |
Loss included in earnings, net | (928) |
Fees and costs included in earnings, net | 85 |
Ending Balance | $ 577 |
Fair Value Measurements - Input
Fair Value Measurements - Inputs Used to Determine Fair Values of Oreo are Considered Level 3 Inputs in Fair Value Hierarchy (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | $ 881,837 | $ 841,201 | |
Fair Value, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | 28,703 | $ 26,839 | |
Losses From Fair Value Changes | 1,312 | 2,779 | |
Impaired loans [Member] | Fair Value, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | 14,916 | 20,807 | |
Losses From Fair Value Changes | 1,085 | 1,227 | |
Other Real Estate Owned [Member] | Fair Value, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | 4,992 | ||
Losses From Fair Value Changes | 188 | ||
Mortgage servicing rights member | Fair Value, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | 8,795 | ||
Losses From Fair Value Changes | 39 | ||
Premise And Equipment [Member] | Fair Value, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | 6,032 | ||
Losses From Fair Value Changes | $ 1,552 | ||
Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | $ 73,054 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Schedule of Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
ASSETS: | ||
Cash and cash equivalents | $ 448,375 | $ 845,695 |
Investment securities available-for-sale (at fair value) | 805,858 | 691,847 |
Investment securities held-to-maturity, fair value | 516,685 | 599,260 |
Mortgage-backed securities-residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises held-to-maturity | 582,650 | 609,012 |
Loans receivable | 4,766,210 | 4,463,689 |
Capital stock of FHLB | 700 | 700 |
Total Loans | 4,817,070 | 4,513,383 |
Loans held-for-sale | 48,816 | 139,142 |
Accrued interest receivable | 17,200 | 15,700 |
LIABILITIES: | ||
Time deposits | 777,977 | 833,916 |
Securities sold under agreements to repurchase | 24,396 | 22,768 |
Long-term debt | 39,532 | 39,478 |
U.S. Treasury Securities [Member] | ||
ASSETS: | ||
Investment securities available-for-sale (at fair value) | 73,054 | |
Investment securities held-to-maturity, fair value | 24,918 | |
Mortgage-backed securities-residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises held-to-maturity | 24,794 | |
Residential Mortgage Pass-Through Securities Issued or Guaranteed by U.S. Government Agencies or Sponsored Enterprises [Member]. | ||
ASSETS: | ||
Investment securities available-for-sale (at fair value) | 252,778 | 227,696 |
Investment securities held-to-maturity, fair value | 271,016 | 309,614 |
Mortgage-backed securities-residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises held-to-maturity | 303,370 | 312,916 |
Other Residential MBS Issued or Guaranteed by U.S. Government Agencies or Sponsored Enterprises [Member] | ||
ASSETS: | ||
Investment securities available-for-sale (at fair value) | 477,301 | 461,334 |
Investment securities held-to-maturity, fair value | 220,751 | 289,646 |
Mortgage-backed securities-residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises held-to-maturity | 254,486 | 296,096 |
Other Securities [Member] | ||
ASSETS: | ||
Investment securities available-for-sale (at fair value) | 469 | 469 |
Municipal Securities [Member] | ||
ASSETS: | ||
Investment securities available-for-sale (at fair value) | 230 | 237 |
Corporate Debt Securities [Member] | ||
ASSETS: | ||
Investment securities available-for-sale (at fair value) | 2,026 | 2,111 |
Carrying Amount [Member] | Level 1 [Member] | ||
ASSETS: | ||
Cash and cash equivalents | 448,375 | 845,695 |
Carrying Amount [Member] | Level 2 [Member] | ||
ASSETS: | ||
Other non-marketable investments | 14,534 | 14,533 |
Loans held-for-sale | 48,816 | 139,142 |
Accrued interest receivable | 19,785 | 17,848 |
LIABILITIES: | ||
Deposit transaction accounts | 5,416,421 | 5,394,257 |
Time deposits | 777,977 | 833,916 |
Securities sold under agreements to repurchase | 24,396 | 22,768 |
Long-term debt | 40,000 | 40,000 |
Accrued interest payable | 3,345 | 3,944 |
Carrying Amount [Member] | Level 3 [Member] | ||
ASSETS: | ||
Loans receivable | 4,817,070 | 4,513,383 |
Carrying Amount [Member] | U.S. Treasury Securities [Member] | Level 1 [Member] | ||
ASSETS: | ||
Investment securities available-for-sale (at fair value) | 73,054 | |
Investment securities held-to-maturity, fair value | 24,794 | |
Carrying Amount [Member] | Residential Mortgage Pass-Through Securities Issued or Guaranteed by U.S. Government Agencies or Sponsored Enterprises [Member]. | Level 2 [Member] | ||
ASSETS: | ||
Investment securities available-for-sale (at fair value) | 252,778 | 227,696 |
Mortgage-backed securities-residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises held-to-maturity | 303,370 | 312,916 |
Carrying Amount [Member] | Other Residential MBS Issued or Guaranteed by U.S. Government Agencies or Sponsored Enterprises [Member] | Level 2 [Member] | ||
ASSETS: | ||
Investment securities available-for-sale (at fair value) | 477,301 | 461,334 |
Mortgage-backed securities-residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises held-to-maturity | 254,486 | 296,096 |
Carrying Amount [Member] | Other Securities [Member] | Level 3 [Member] | ||
ASSETS: | ||
Investment securities available-for-sale (at fair value) | 469 | 469 |
Carrying Amount [Member] | Municipal Securities [Member] | Level 2 [Member] | ||
ASSETS: | ||
Municipal obligations | 230 | 237 |
Carrying Amount [Member] | Corporate Debt Securities [Member] | Level 2 [Member] | ||
ASSETS: | ||
Investment securities available-for-sale (at fair value) | 2,026 | 2,111 |
Estimated Fair Value [Member] | Level 1 [Member] | ||
ASSETS: | ||
Cash and cash equivalents | 448,375 | 845,695 |
Estimated Fair Value [Member] | Level 2 [Member] | ||
ASSETS: | ||
Other non-marketable investments | 14,534 | 14,533 |
Loans held-for-sale | 48,816 | 139,142 |
Accrued interest receivable | 19,785 | 17,848 |
LIABILITIES: | ||
Deposit transaction accounts | 5,416,421 | 5,394,257 |
Time deposits | 761,336 | 833,163 |
Securities sold under agreements to repurchase | 24,396 | 22,768 |
Long-term debt | 37,149 | 40,000 |
Accrued interest payable | 3,345 | 3,944 |
Estimated Fair Value [Member] | Level 3 [Member] | ||
ASSETS: | ||
Loans receivable | 4,741,285 | 4,540,847 |
Estimated Fair Value [Member] | U.S. Treasury Securities [Member] | Level 1 [Member] | ||
ASSETS: | ||
Investment securities available-for-sale (at fair value) | 73,054 | |
Investment securities held-to-maturity, fair value | 24,918 | |
Estimated Fair Value [Member] | Residential Mortgage Pass-Through Securities Issued or Guaranteed by U.S. Government Agencies or Sponsored Enterprises [Member]. | Level 2 [Member] | ||
ASSETS: | ||
Investment securities available-for-sale (at fair value) | 252,778 | 227,696 |
Mortgage-backed securities-residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises held-to-maturity | 271,016 | 309,614 |
Estimated Fair Value [Member] | Other Residential MBS Issued or Guaranteed by U.S. Government Agencies or Sponsored Enterprises [Member] | Level 2 [Member] | ||
ASSETS: | ||
Investment securities available-for-sale (at fair value) | 477,301 | 461,334 |
Mortgage-backed securities-residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises held-to-maturity | 220,751 | 289,646 |
Estimated Fair Value [Member] | Other Securities [Member] | Level 3 [Member] | ||
ASSETS: | ||
Investment securities available-for-sale (at fair value) | 469 | 469 |
Estimated Fair Value [Member] | Municipal Securities [Member] | Level 2 [Member] | ||
ASSETS: | ||
Municipal obligations | 230 | 237 |
Estimated Fair Value [Member] | Corporate Debt Securities [Member] | Level 2 [Member] | ||
ASSETS: | ||
Investment securities available-for-sale (at fair value) | 2,026 | 2,111 |
Interest Rate Swap [Member] | Carrying Amount [Member] | Level 2 [Member] | ||
ASSETS: | ||
Derivative asset | 26,095 | 8,798 |
LIABILITIES: | ||
Derivative liability | 5,062 | 20,550 |
Interest Rate Swap [Member] | Estimated Fair Value [Member] | Level 2 [Member] | ||
ASSETS: | ||
Derivative asset | 26,095 | 8,798 |
LIABILITIES: | ||
Derivative liability | 5,062 | 20,550 |
Mortgage banking derivatives | Carrying Amount [Member] | Level 3 [Member] | ||
ASSETS: | ||
Derivative asset | 1,536 | 1,883 |
LIABILITIES: | ||
Derivative liability | 959 | 463 |
Mortgage banking derivatives | Estimated Fair Value [Member] | Level 3 [Member] | ||
ASSETS: | ||
Derivative asset | 1,536 | 1,883 |
LIABILITIES: | ||
Derivative liability | $ 959 | $ 463 |