Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 26, 2024 | |
Document Document And Entity Information | ||
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Document Quarterly Report | true | |
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 | 37,825,413 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001475841 | |
Amendment Flag | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
ASSETS | ||
Cash and cash equivalents | $ 292,931 | $ 190,826 |
Investment securities available-for-sale (at fair value) | 685,666 | 628,829 |
Investment securities held-to-maturity (fair value of $485,776 and $504,328 at March 31, 2024 and December 31, 2023, respectively) | 570,850 | 585,052 |
Non-marketable securities | 73,439 | 90,477 |
Loans | 7,569,052 | 7,698,758 |
Allowance for credit losses | (97,607) | (97,947) |
Loans, net | 7,471,445 | 7,600,811 |
Loans held for sale | 14,065 | 18,854 |
Other real estate owned | 4,064 | 4,088 |
Premises and equipment, net | 168,956 | 162,733 |
Goodwill | 306,043 | 306,043 |
Intangible assets, net | 64,212 | 66,025 |
Other assets | 315,805 | 297,326 |
Total assets | 9,967,476 | 9,951,064 |
Liabilities: | ||
Non-interest bearing demand deposits | 2,292,917 | 2,361,367 |
Interest bearing demand deposits | 1,427,856 | 1,480,042 |
Savings and money market | 3,801,013 | 3,367,012 |
Time deposits | 995,976 | 981,970 |
Total deposits | 8,517,762 | 8,190,391 |
Securities sold under agreements to repurchase | 19,577 | 19,627 |
Long-term debt, net | 54,278 | 54,200 |
Federal Home Loan Bank advances | 340,000 | |
Other liabilities | 144,029 | 134,039 |
Total liabilities | 8,735,646 | 8,738,257 |
Shareholders' equity: | ||
Common stock, par value $0.01 per share: 400,000,000 shares authorized; 51,487,888 and 51,487,907 shares issued; 37,806,148 and 37,784,851 shares outstanding at March 31, 2024 and December 31, 2023, respectively | 515 | 515 |
Additional paid-in capital | 1,163,773 | 1,162,269 |
Retained earnings | 454,211 | 433,126 |
Treasury stock of 13,444,078 and 13,462,472 shares at March 31, 2024 and December 31, 2023, respectively, at cost | (306,460) | (306,702) |
Accumulated other comprehensive loss, net of tax | (80,209) | (76,401) |
Total shareholders' equity | 1,231,830 | 1,212,807 |
Total liabilities and shareholders' equity | $ 9,967,476 | $ 9,951,064 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Consolidated Statements of Financial Condition (Unaudited) | ||
Investment securities held-to-maturity, fair value | $ 485,776 | $ 504,328 |
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 | 51,487,888 | 51,487,907 |
Common Stock, shares outstanding | 37,806,148 | 37,784,851 |
Treasury stock, shares | 13,444,078 | 13,462,472 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest and dividend income: | ||
Interest and fees on loans | $ 123,736 | $ 105,121 |
Interest and dividends on investment securities | 6,617 | 6,861 |
Dividends on non-marketable securities | 616 | 898 |
Interest on interest-bearing bank deposits | 763 | 653 |
Total interest and dividend income | 131,732 | 113,533 |
Interest expense: | ||
Interest on deposits | 43,998 | 11,049 |
Interest on borrowings | 3,704 | 7,595 |
Total interest expense | 47,702 | 18,644 |
Net interest income before provision for credit losses | 84,030 | 94,889 |
Provision for credit loss expense | 900 | |
Net interest income after provision for credit losses | 84,030 | 93,989 |
Non-interest income: | ||
Non-interest income | 11,008 | 10,072 |
Mortgage banking income | 2,655 | 3,216 |
Bank-owned life insurance income | 733 | 645 |
Other non-interest income | 5,337 | 2,066 |
Total non-interest income | 17,694 | 14,665 |
Non-interest expense: | ||
Salaries and benefits | 36,520 | 32,989 |
Occupancy and equipment | 9,941 | 9,073 |
Data processing | 4,066 | 3,752 |
Marketing and business development | 962 | 870 |
FDIC deposit insurance | 1,345 | 2,178 |
Bank card expenses | 1,349 | 1,328 |
Professional fees | 1,646 | 2,590 |
Other non-interest expense | 4,997 | 4,149 |
Other intangible assets amortization | 2,008 | 1,363 |
Total non-interest expense | 62,834 | 58,292 |
Income before income taxes | 38,890 | 50,362 |
Income tax expense | 7,499 | 10,079 |
Net income | $ 31,391 | $ 40,283 |
Earnings per share-basic (in dollars per share) | $ 0.82 | $ 1.06 |
Earnings per share-diluted (in dollars per share) | $ 0.82 | $ 1.06 |
Weighted average number of common shares outstanding: | ||
Basic (Shares) | 38,031,358 | 37,785,488 |
Diluted (Shares) | 38,188,480 | 38,074,973 |
Service charges | ||
Non-interest income: | ||
Non-interest income | $ 4,391 | $ 4,101 |
Bank card fees | ||
Non-interest income: | ||
Non-interest income | $ 4,578 | $ 4,637 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Consolidated Statements of Comprehensive Income (Unaudited) | ||
Net income | $ 31,391 | $ 40,283 |
Securities available-for-sale: | ||
Net unrealized (losses) gains arising during the period, net of tax benefit (expense) of $985 and ($2,731) for the three months ended March 31, 2024 and 2023, respectively | (3,090) | 8,955 |
Less: amortization of net unrealized holding gains to income, net of tax benefit of $8 and $16 for the three months ended March 31, 2024 and 2023, respectively | (25) | (51) |
Cash flow hedges: | ||
Net unrealized gains arising during the period, net of tax expense of $48 and $173 for the three months ended March 31, 2024 and 2023, respectively | 203 | 566 |
Less: reclassification for (losses) gains included in net income, net of tax benefit (expense) of $269 and ($32) for the three months ended March 31, 2024 and 2023, respectively | (896) | 107 |
Other comprehensive (loss) income | (3,808) | 9,577 |
Comprehensive income | $ 27,583 | $ 49,860 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Consolidated Statements of Comprehensive Income (Unaudited) | ||
Tax benefit on net unrealized losses arising during the period | $ 985 | $ (2,731) |
Tax benefit of amortization of net unrealized holding gains to income | 8 | 16 |
Net unrealized losses arising during the period, tax benefit | 48 | 173 |
Reclassification adjustment for losses included in net income, tax benefit | $ 269 | $ (32) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury stock [Member] | Accumulated other comprehensive (loss) income, net [Member] | Total |
Balance in the beginning at Dec. 31, 2022 | $ 515 | $ 1,159,508 | $ 330,721 | $ (88,204) | $ 1,092,202 | |
Balance in the beginning (Treasury Stock) at Dec. 31, 2022 | $ (310,338) | |||||
Increase (Decrease) in Stockholders' Equity | ||||||
Net income | 40,283 | 40,283 | ||||
Stock-based compensation | 1,427 | 1,427 | ||||
Issuance of stock under purchase and equity compensation plans, including gain on reissuance of treasury stock, net | (499) | 301 | (198) | |||
Cash dividends declared ($0.27 per share) | (9,564) | (9,564) | ||||
Other comprehensive income | 9,577 | 9,577 | ||||
Balance in the ending at Mar. 31, 2023 | 515 | 1,160,436 | 361,440 | (78,627) | 1,133,727 | |
Balance in the ending (Treasury Stock) at Mar. 31, 2023 | (310,037) | |||||
Balance in the beginning at Dec. 31, 2023 | 515 | 1,162,269 | 433,126 | (76,401) | 1,212,807 | |
Balance in the beginning (Treasury Stock) at Dec. 31, 2023 | (306,702) | (306,702) | ||||
Increase (Decrease) in Stockholders' Equity | ||||||
Net income | 31,391 | 31,391 | ||||
Stock-based compensation | 1,576 | 1,576 | ||||
Issuance of stock under purchase and equity compensation plans, including gain on reissuance of treasury stock, net | (72) | 242 | 170 | |||
Cash dividends declared ($0.27 per share) | (10,306) | (10,306) | ||||
Other comprehensive income | (3,808) | (3,808) | ||||
Balance in the ending at Mar. 31, 2024 | $ 515 | $ 1,163,773 | $ 454,211 | $ (80,209) | 1,231,830 | |
Balance in the ending (Treasury Stock) at Mar. 31, 2024 | $ (306,460) | $ (306,460) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) | ||
Gain on reissuance of treasury stock | $ 369 | $ 753 |
Cash dividends declared per share | $ 0.27 | $ 0.25 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net income | $ 31,391 | $ 40,283 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Provision for credit loss expense | 900 | |
Depreciation and amortization | 6,021 | 5,117 |
Change in current income tax receivable | 7,485 | 9,551 |
Change in deferred income taxes | (1,277) | 3,392 |
Discount accretion, net of premium amortization on securities | (202) | (116) |
Gain on sale of mortgages, net | (2,162) | (2,370) |
Origination of loans held for sale, net of repayments | (62,542) | (99,105) |
Proceeds from sales of loans held for sale | 69,160 | 97,311 |
Originations of mortgage servicing rights | (115) | (275) |
Gain on sale of fixed assets | (637) | |
Stock-based compensation | 1,576 | 1,427 |
Operating lease payments | (1,637) | (1,411) |
Change in other assets | (24,527) | (49,455) |
Change in other liabilities | 7,423 | (24,044) |
Net cash provided by (used in) operating activities | 29,957 | (18,795) |
Cash flows from investing activities: | ||
Proceeds from non-marketable securities | 27,114 | 4,662 |
Proceeds from maturities and paydowns of investment securities available-for-sale | 45,662 | 22,502 |
Proceeds from maturities and paydowns of investment securities held-to-maturity | 14,367 | 16,201 |
Proceeds from sales of other real estate owned | 21 | 249 |
Purchases of non-marketable securities | (10,302) | (35,901) |
Purchases of investment securities available-for-sale | (106,554) | 0 |
Purchases of investment securities held-to-maturity | 0 | (2,451) |
Purchases of premises and equipment, net | (5,482) | (6,701) |
Net decrease (increase) in loans | 128,793 | (122,451) |
Net cash provided by (used in) investing activities | 93,619 | (123,890) |
Cash flows from financing activities: | ||
Net increase (decrease) in deposits | 327,260 | (291,138) |
Net (decrease) increase in repurchase agreements and other short-term borrowings | (50) | 1,278 |
Advances from the Federal Home Loan Bank | 419,610 | 990,000 |
Federal Home Loan Bank repayments | (759,610) | (375,000) |
Issuance of stock under purchase and equity compensation plans | 131 | (237) |
Payment of dividends | (10,312) | (9,532) |
Net cash (used in) provided by financing activities | (22,971) | 315,371 |
Increase in cash, cash equivalents and restricted cash | 100,605 | 172,686 |
Cash, cash equivalents and restricted cash at beginning of the year(1) | 192,326 | 198,519 |
Cash, cash equivalents and restricted cash at end of period(1) | 292,931 | 371,205 |
Supplemental disclosure of cash flow information during the period: | ||
Cash paid for interest | 45,172 | 15,348 |
Net tax payments | 76 | 37 |
Supplemental schedule of non-cash activities: | ||
Loans transferred from loans held for sale to loans | $ 333 | $ 2,337 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - Peoples Inc $ in Millions | Mar. 31, 2023 USD ($) |
Restricted cash placed in escrow | $ 1.5 |
Restricted Cash, Asset, Statement of Financial Position [Extensible List] | Other Assets |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
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 subsidiaries NBH Bank and Bank of Jackson Hole Trust. NBH Bank is a Colorado state-chartered bank and a member of the Federal Reserve System, and Bank of Jackson Hole Trust is a Wyoming 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 over 90 banking centers, as of March 31, 2024, located primarily in Colorado, the greater Kansas City region, Utah, Wyoming, Texas, New Mexico and Idaho, 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, 2023 and are contained in the Company's Annual Report on Form 10-K |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2024 | |
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 | 3 Months Ended |
Mar. 31, 2024 | |
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 $1.3 billion at March 31, 2024 and included $0.7 billion of available-for-sale securities and $0.6 billion of held-to-maturity securities. At December 31, 2023, investment securities totaled $1.2 billion and included $0.6 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: March 31, 2024 Amortized Gross Gross cost unrealized gains unrealized losses Fair value U.S. Treasury securities $ 74,125 $ 5 $ (1,479) $ 72,651 Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises 226,494 56 (32,974) 193,576 Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 485,221 17 (68,558) 416,680 Municipal securities 80 — (1) 79 Corporate debt 2,000 — (130) 1,870 Other securities 810 — — 810 Total investment securities available-for-sale $ 788,730 $ 78 $ (103,142) $ 685,666 December 31, 2023 Amortized Gross Gross cost unrealized gains unrealized losses Fair value U.S. Treasury securities $ 74,508 $ — $ (1,464) $ 73,044 Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises 233,264 57 (31,512) 201,809 Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 417,155 — (65,913) 351,242 Municipal securities 80 — (1) 79 Corporate debt 2,000 — (157) 1,843 Other securities 812 — — 812 Total investment securities available-for-sale $ 727,819 $ 57 $ (99,047) $ 628,829 Purchases of available-for-sale securities during the three months ended March 31, 2024 totaled $106.6 million. During the three months ended March 31, 2023, there were no purchases of available-for-sale securities. Maturities and paydowns of available-for-sale securities during the three months ended March 31, 2024 and 2023 totaled $45.7 million and $22.5 million, respectively. There were no sales of available-for-sale securities during the three months ended March 31, 2024 or 2023. At March 31, 2024 and December 31, 2023, the Company’s available-for-sale investment portfolio was primarily comprised of U.S. Treasury securities and mortgage-backed securities (“MBS”). 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: March 31, 2024 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 $ — $ — $ 48,133 $ (1,479) $ 48,133 $ (1,479) Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises — — 190,255 (32,974) 190,255 (32,974) Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 38,658 (313) 335,986 (68,245) 374,644 (68,558) Municipal securities — — 79 (1) 79 (1) Corporate debt — — 1,870 (130) 1,870 (130) Total $ 38,658 $ (313) $ 576,323 $ (102,829) $ 614,981 $ (103,142) December 31, 2023 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 $ — $ — $ 73,044 $ (1,464) $ 73,044 $ (1,464) Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises 9 — 199,000 (31,512) 199,009 (31,512) Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 138 (1) 351,104 (65,912) 351,242 (65,913) Municipal securities — — 79 (1) 79 (1) Corporate debt — — 1,843 (157) 1,843 (157) Total $ 147 $ (1) $ 625,070 $ (99,046) $ 625,217 $ (99,047) Management evaluated all of the available-for-sale securities in an unrealized loss position at March 31, 2024 and December 31, 2023. The portfolio included 231 securities, which were in an unrealized loss position at March 31, 2024, compared to 230 securities at December 31, 2023. The unrealized losses in the Company's investment portfolio at March 31, 2024 and December 31, 2023 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. The tables below summarize the credit quality indicators, by fair value, of available-for-sale securities as of the dates shown: March 31, 2024 AAA Not rated Total U.S. Treasury securities $ 72,651 $ — $ 72,651 Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises 193,576 — 193,576 Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 416,680 — 416,680 Municipal securities — 79 79 Corporate debt — 1,870 1,870 Other securities — 810 810 Total investment securities available-for-sale $ 682,907 $ 2,759 $ 685,666 December 31, 2023 AAA Not rated Total U.S. Treasury securities $ 73,044 $ — $ 73,044 Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises 201,809 — 201,809 Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 351,242 — 351,242 Municipal securities — 79 79 Corporate debt — 1,843 1,843 Other securities — 812 812 Total investment securities available-for-sale $ 626,095 $ 2,734 $ 628,829 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 $301.2 million and $312.4 million at March 31, 2024 and December 31, 2023, respectively. The Company 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 March 31, 2024 or December 31, 2023. A summary of the available-for-sale securities by maturity is shown in the following table as of March 31, 2024. Mortgage-backed securities may have actual maturities that differ from contractual maturities depending on the repayment characteristics and experience of the underlying financial instruments and are therefore not included in the table below. Additionally, the Company holds other available-for-sale securities with an amortized cost and fair value March 31, 2024 Weighted Amortized Cost Fair Value Average Yield U.S. Treasury securities Within one year $ 49,323 $ 48,752 3.93% After one but within five years 24,802 23,899 2.77% Total U.S. Treasury securities 74,125 72,651 3.55% Municipal securities Within one year 80 79 3.17% Corporate debt After five but within ten years 2,000 1,870 5.87% Total $ 76,205 $ 74,600 As of March 31, 2024 and December 31, 2023, accrued interest receivable (“AIR”) from available-for-sale investment securities totaled $1.6 million and $1.3 million, respectively, and was included within other assets in the consolidated statements of financial condition. Held-to-maturity Held-to-maturity investment securities are summarized as follows as of the dates indicated: March 31, 2024 Gross Gross Amortized unrealized unrealized cost gains losses Fair value U.S. Treasury securities $ 49,412 $ — $ (1,223) $ 48,189 Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises 290,450 42 (36,578) 253,914 Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 230,988 — (47,315) 183,673 Total investment securities held-to-maturity $ 570,850 $ 42 $ (85,116) $ 485,776 December 31, 2023 Gross Gross Amortized unrealized unrealized cost gains losses Fair value U.S. Treasury securities $ 49,338 $ — $ (1,004) $ 48,334 Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises 299,337 226 (34,552) 265,011 Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 236,377 2 (45,396) 190,983 Total investment securities held-to-maturity $ 585,052 $ 228 $ (80,952) $ 504,328 There were no purchases of held-to-maturity securities during the three months ended March 31, 2024. During the three months ended March 31, 2023, purchases of held-to-maturity securities totaled $2.5 million. Maturities and paydowns of held-to-maturity securities totaled $14.4 million and $16.2 million during the three months ended March 31, 2024 and 2023, respectively. The held-to-maturity portfolio included 155 securities which were in an unrealized loss position as of March 31, 2024 compared to 123 securities at December 31, 2023. 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: March 31, 2024 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 $ — $ — $ 48,189 $ (1,223) $ 48,189 $ (1,223) Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises 39,333 (383) 210,673 (36,195) 250,006 (36,578) Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 2,946 (53) 180,728 (47,262) 183,674 (47,315) Total $ 42,279 $ (436) $ 439,590 $ (84,680) $ 481,869 $ (85,116) December 31, 2023 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 $ — $ — $ 48,334 $ (1,004) $ 48,334 $ (1,004) Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises 14,689 (72) 217,467 (34,480) 232,156 (34,552) Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 2,289 (37) 187,021 (45,359) 189,310 (45,396) Total $ 16,978 $ (109) $ 452,822 $ (80,843) $ 469,800 $ (80,952) 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. The tables below summarize the credit quality indicators, by amortized cost, of held-to-maturity securities as of the dates shown: March 31, 2024 December 31, 2023 AAA AAA U.S. Treasury securities $ 49,412 $ 49,338 Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises 290,450 299,337 Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 230,988 236,377 Total investment securities held-to-maturity $ 570,850 $ 585,052 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 $543.2 million and $559.3 million at March 31, 2024 and December 31, 2023, respectively. The Company 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 March 31, 2024 or December 31, 2023. A summary of the held-to-maturity securities by maturity is shown in the following table as of March 31, 2024. Actual maturities of mortgage-backed securities may differ from scheduled maturities depending on the repayment characteristics and experience of the underlying financial instruments and are therefore not included in the table below. March 31, 2024 Weighted Amortized Cost Fair Value Average Yield U.S. Treasury securities After one but within five years $ 49,412 $ 48,189 3.14% As of March 31, 2024 and December 31, 2023, AIR from held-to-maturity investment securities totaled $1.3 million and $1.0 million, respectively, and was included within other assets in the consolidated statements of financial condition. |
Non-marketable Securities
Non-marketable Securities | 3 Months Ended |
Mar. 31, 2024 | |
Non-marketable Securities | |
Non-marketable Securities | Note 4 Non-marketable Securities The carrying balance of non-marketable securities are summarized as follows as of the dates indicated: March 31, 2024 December 31, 2023 Federal Reserve Bank stock $ 24,062 $ 24,062 Federal Home Loan Bank stock 779 16,828 Convertible preferred stock 24,415 25,000 Equity method investments 24,183 24,587 Total $ 73,439 $ 90,477 Non-marketable securities included FRB stock, FHLB stock and other non-marketable securities. During the three months ended March 31, 2024, purchases of non-marketable securities totaled $10.3 million, and proceeds from non-marketable securities totaled $27.1 million. Purchases consisted primarily of FHLB stock, and proceeds consisted of redemptions of FHLB stock. Changes in the Company’s FHLB stock holdings were directly correlated to FHLB line of credit advances and paydowns. During the three months ended March 31, 2023, purchases of non-marketable securities totaled $35.9 million, and proceeds from non-marketable securities totaled $4.7 million. FRB and FHLB stock At March 31, 2024 and December 31, 2023, the Company held FRB stock and FHLB stock for regulatory or debt facility purposes. 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 FRB and FHLB stock carried at cost. Other non-marketable securities Other non-marketable securities consist of equity method investments and convertible preferred stock without a readily determinable fair value. During the three months ended March 31, 2024 and 2023, the Company recorded net unrealized losses on equity method investments totaling $49.7 thousand and net unrealized gains on equity method investments totaling $0.2 million, respectively. These gains and losses were recorded in other non-interest income in the Company’s consolidated statements of operations. No impairments were recorded during the three months ended March 31, 2024 or 2023. |
Loans
Loans | 3 Months Ended |
Mar. 31, 2024 | |
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 $33.3 million and $33.6 million as of March 31, 2024 and December 31, 2023, respectively. March 31, 2024 Total loans % of total Commercial $ 4,381,780 57.9% Commercial real estate non-owner occupied 1,860,199 24.6% Residential real estate 1,310,204 17.3% Consumer 16,869 0.2% Total $ 7,569,052 100.0% December 31, 2023 Total loans % of total Commercial $ 4,499,035 58.4% Commercial real estate non-owner occupied 1,856,750 24.1% Residential real estate 1,323,787 17.2% Consumer 19,186 0.3% Total $ 7,698,758 100.0% Information about delinquent and non-accrual loans is shown in the following tables at March 31, 2024 and December 31, 2023: March 31, 2024 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 $ 499 $ — $ 8,817 $ 9,316 $ 1,900,544 $ 1,909,860 Municipal and non-profit — — — — 1,062,581 1,062,581 Owner occupied commercial real estate 49 — 752 801 1,108,988 1,109,789 Food and agribusiness — — 5,476 5,476 294,074 299,550 Total commercial 548 — 15,045 15,593 4,366,187 4,381,780 Commercial real estate non-owner occupied: Construction — — — — 356,564 356,564 Acquisition/development — — — — 90,323 90,323 Multifamily — — — — 347,421 347,421 Non-owner occupied 572 — 13,472 14,044 1,051,847 1,065,891 Total commercial real estate and non-owner occupied 572 — 13,472 14,044 1,846,155 1,860,199 Residential real estate: Senior lien 735 — 6,293 7,028 1,212,617 1,219,645 Junior lien 1,439 — 957 2,396 88,163 90,559 Total residential real estate 2,174 — 7,250 9,424 1,300,780 1,310,204 Consumer 201 1 50 252 16,617 16,869 Total loans $ 3,495 $ 1 $ 35,817 $ 39,313 $ 7,529,739 $ 7,569,052 March 31, 2024 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 $ 8,756 $ 61 $ 8,817 Municipal and non-profit — — — Owner occupied commercial real estate 752 — 752 Food and agribusiness 4,890 586 5,476 Total commercial 14,398 647 15,045 Commercial real estate non-owner occupied: Construction — — — Acquisition/development — — — Multifamily — — — Non-owner occupied 13,472 — 13,472 Total commercial real estate non-owner occupied 13,472 — 13,472 Residential real estate: Senior lien 3,613 2,680 6,293 Junior lien 429 528 957 Total residential real estate 4,042 3,208 7,250 Consumer 50 — 50 Total loans $ 31,962 $ 3,855 $ 35,817 December 31, 2023 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 $ 9,179 $ — $ 2,250 $ 11,429 $ 1,955,480 $ 1,966,909 Municipal and non-profit — — — — 1,083,756 1,083,756 Owner occupied commercial real estate — — 755 755 1,123,018 1,123,773 Food and agribusiness — 12 5,762 5,774 318,823 324,597 Total commercial 9,179 12 8,767 17,958 4,481,077 4,499,035 Commercial real estate non-owner occupied: Construction — — — — 405,250 405,250 Acquisition/development 1,077 — — 1,077 99,019 100,096 Multifamily — — — — 311,770 311,770 Non-owner occupied 60 — 13,472 13,532 1,026,102 1,039,634 Total commercial real estate and non-owner occupied 1,137 — 13,472 14,609 1,842,141 1,856,750 Residential real estate: Senior lien 1,410 50 5,488 6,948 1,226,651 1,233,599 Junior lien 375 528 448 1,351 88,837 90,188 Total residential real estate 1,785 578 5,936 8,299 1,315,488 1,323,787 Consumer 131 1 53 185 19,001 19,186 Total loans $ 12,232 $ 591 $ 28,228 $ 41,051 $ 7,657,707 $ 7,698,758 December 31, 2023 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 $ 2,250 $ — $ 2,250 Municipal and non-profit — — — Owner occupied commercial real estate 755 — 755 Food and agribusiness 5,176 586 5,762 Total commercial 8,181 586 8,767 Commercial real estate non-owner occupied: Construction — — — Acquisition/development — — — Multifamily — — — Non-owner occupied 13,472 — 13,472 Total commercial real estate non-owner occupied 13,472 — 13,472 Residential real estate: Senior lien 3,277 2,211 5,488 Junior lien 448 — 448 Total residential real estate 3,725 2,211 5,936 Consumer 53 — 53 Total loans $ 25,431 $ 2,797 $ 28,228 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. Loans to borrowers experiencing financial difficulties may be modified. Modified loans are discussed in more detail below. There was no interest income recognized from non-accrual loans during the three months ended March 31, 2024 or 2023. 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 2023 Annual Report on Form 10-K The amortized cost basis and current period gross charge offs 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 and for the three months ended March 31, 2024 and year ended December 31, 2023: March 31, 2024 Revolving Revolving loans loans Origination year amortized converted 2024 2023 2022 2021 2020 Prior cost basis to term Total Commercial: Commercial and industrial: Pass $ 96,569 $ 335,134 $ 378,386 $ 269,460 $ 80,650 $ 141,401 $ 467,602 $ 11,284 $ 1,780,486 Special mention 900 6,390 27,376 31,292 11,208 2,335 21,194 1,244 101,939 Substandard — 11,703 3,367 1,347 6,950 575 808 — 24,750 Doubtful — 2,033 — 35 617 — — — 2,685 Total commercial and industrial 97,469 355,260 409,129 302,134 99,425 144,311 489,604 12,528 1,909,860 Gross charge-offs: Commercial and industrial — — — — — 24 — — 24 Municipal and non-profit: Pass 4,593 144,702 141,468 245,572 79,289 411,316 33,607 — 1,060,547 Special mention — — — — 2,034 — — — 2,034 Total municipal and non-profit 4,593 144,702 141,468 245,572 81,323 411,316 33,607 — 1,062,581 Owner occupied commercial real estate: Pass 21,089 230,577 262,466 172,534 97,300 245,581 13,586 270 1,043,403 Special mention — 1,664 22,879 9,698 — 25,858 299 — 60,398 Substandard — — 515 2,378 — 2,587 — — 5,480 Doubtful — — 6 — — 502 — — 508 Total owner occupied commercial real estate 21,089 232,241 285,866 184,610 97,300 274,528 13,885 270 1,109,789 Food and agribusiness: Pass 2,518 11,712 72,805 12,532 9,174 43,007 133,071 477 285,296 Special mention — — — 4,482 — 3,683 — 450 8,615 Substandard — — — 586 — 178 1,587 — 2,351 Doubtful — — — — — — 3,288 — 3,288 Total food and agribusiness 2,518 11,712 72,805 17,600 9,174 46,868 137,946 927 299,550 Total commercial 125,669 743,915 909,268 749,916 287,222 877,023 675,042 13,725 4,381,780 Gross charge-offs: Commercial — — — — — 24 — — 24 Commercial real estate non-owner occupied: Construction: Pass 1,860 61,438 141,828 41,016 66,519 — 43,158 745 356,564 Total construction 1,860 61,438 141,828 41,016 66,519 — 43,158 745 356,564 Acquisition/development: Pass 85 10,100 38,832 20,641 2,532 9,299 3,438 4,319 89,246 Special mention — — 1,077 — — — — — 1,077 Total acquisition/development 85 10,100 39,909 20,641 2,532 9,299 3,438 4,319 90,323 Multifamily: Pass 9,033 16,455 117,430 104,263 16,872 70,794 832 — 335,679 Special mention — — 11,742 — — — — — 11,742 Total multifamily 9,033 16,455 129,172 104,263 16,872 70,794 832 — 347,421 Non-owner occupied Pass 4,031 109,914 274,414 161,436 90,611 353,135 5,988 299 999,828 Special mention — — 9,181 1,820 20,363 6,246 — — 37,610 Substandard — — — 5,207 — 20,013 — — 25,220 Doubtful — — — — — 3,233 — — 3,233 Total non-owner occupied 4,031 109,914 283,595 168,463 110,974 382,627 5,988 299 1,065,891 Total commercial real estate non-owner occupied 15,009 197,907 594,504 334,383 196,897 462,720 53,416 5,363 1,860,199 Residential real estate: Senior lien Pass 9,135 91,141 436,360 308,130 110,679 206,637 48,761 107 1,210,950 Special mention — — 745 — — 505 — — 1,250 Substandard — 1,537 1,582 986 415 2,863 — — 7,383 Doubtful — — 29 — 33 — — — 62 Total senior lien 9,135 92,678 438,716 309,116 111,127 210,005 48,761 107 1,219,645 Junior lien Pass 795 5,916 4,367 1,768 2,117 6,871 63,514 4,183 89,531 Special mention — — — — — 27 — — 27 Substandard — — 146 236 297 322 — — 1,001 Total junior lien 795 5,916 4,513 2,004 2,414 7,220 63,514 4,183 90,559 Total residential real estate 9,930 98,594 443,229 311,120 113,541 217,225 112,275 4,290 1,310,204 Consumer Pass 976 5,235 2,512 1,890 835 440 4,884 47 16,819 Substandard — — — — — 47 3 — 50 Total consumer 976 5,235 2,512 1,890 835 487 4,887 47 16,869 Gross charge-offs: Consumer 198 18 3 3 — 32 — — 254 Total loans $ 151,584 $ 1,045,651 $ 1,949,513 $ 1,397,309 $ 598,495 $ 1,557,455 $ 845,620 $ 23,425 $ 7,569,052 Gross charge-offs: Total loans 198 18 3 3 — 56 — — 278 December 31, 2023 Revolving Revolving loans loans Origination year amortized converted 2023 2022 2021 2020 2019 Prior cost basis to term Total Commercial: Commercial and industrial: Pass $ 348,103 $ 396,618 $ 271,201 $ 87,234 $ 41,261 $ 106,711 $ 563,924 $ 31,620 $ 1,846,672 Special mention 4,775 12,259 31,895 20,340 2,202 683 18,344 3,470 93,968 Substandard 13,729 4,555 4,248 1,314 179 347 910 — 25,282 Doubtful 600 — — 387 — — — — 987 Total commercial and industrial 367,207 413,432 307,344 109,275 43,642 107,741 583,178 35,090 1,966,909 Gross charge-offs: Commercial and industrial — 12 215 — 47 3 — — 277 Municipal and non-profit: Pass 139,591 140,626 246,088 82,590 53,460 389,867 31,534 — 1,083,756 Total municipal and non-profit 139,591 140,626 246,088 82,590 53,460 389,867 31,534 — 1,083,756 Owner occupied commercial real estate: Pass 236,897 275,644 181,472 97,523 86,761 163,997 18,281 — 1,060,575 Special mention 2,074 19,191 7,808 — 2,650 27,653 — — 59,376 Substandard — 515 1,732 — 687 234 — — 3,168 Doubtful — 6 — — — 648 — — 654 Total owner occupied commercial real estate 238,971 295,356 191,012 97,523 90,098 192,532 18,281 — 1,123,773 Food and agribusiness: Pass 16,917 69,212 14,159 15,379 10,417 34,592 149,125 51 309,852 Special mention — — 4,646 — — 3,724 450 — 8,820 Substandard — — 586 — — 180 1,786 — 2,552 Doubtful — — — — — — 3,373 — 3,373 Total food and agribusiness 16,917 69,212 19,391 15,379 10,417 38,496 154,734 51 324,597 Total commercial 762,686 918,626 763,835 304,767 197,617 728,636 787,727 35,141 4,499,035 Gross charge-offs: Commercial — 12 215 — 47 3 — — 277 Commercial real estate non-owner occupied: Construction: Pass 43,385 190,826 59,477 63,486 1,006 — 47,070 — 405,250 Total construction 43,385 190,826 59,477 63,486 1,006 — 47,070 — 405,250 Acquisition/development: Pass 13,228 39,000 21,011 5,992 597 8,814 7,416 2,961 99,019 Special mention — 1,077 — — — — — — 1,077 Total acquisition/development 13,228 40,077 21,011 5,992 597 8,814 7,416 2,961 100,096 Multifamily: Pass 16,450 113,936 92,574 16,938 39,371 31,671 830 — 311,770 Total multifamily 16,450 113,936 92,574 16,938 39,371 31,671 830 — 311,770 Non-owner occupied Pass 116,168 241,563 172,042 91,188 124,291 236,694 6,694 — 988,640 Special mention — — — 21,268 3,876 2,489 — — 27,633 Substandard — — — — — 19,848 — — 19,848 Doubtful — — — 280 — 3,233 — — 3,513 Total non-owner occupied 116,168 241,563 172,042 112,736 128,167 262,264 6,694 — 1,039,634 Total commercial real estate non-owner occupied 189,231 586,402 345,104 199,152 169,141 302,749 62,010 2,961 1,856,750 Residential real estate: Senior lien Pass 87,608 434,963 316,080 112,582 42,752 183,890 48,462 94 1,226,431 Special mention — — — — — 515 — — 515 Substandard 1,555 1,119 740 415 620 2,167 — — 6,616 Doubtful — — — — — 37 — — 37 Total senior lien 89,163 436,082 316,820 112,997 43,372 186,609 48,462 94 1,233,599 Gross charge-offs: Senior lien — — — — — 48 — — 48 Junior lien Pass 4,920 4,464 1,712 2,947 2,270 4,729 66,441 684 88,167 Special mention — — — — — 27 249 — 276 Substandard 263 149 236 758 — 339 — — 1,745 Total junior lien 5,183 4,613 1,948 3,705 2,270 5,095 66,690 684 90,188 Total residential real estate 94,346 440,695 318,768 116,702 45,642 191,704 115,152 778 1,323,787 Gross charge-offs: Residential real estate — — — — — 48 — — 48 Consumer Pass 5,945 3,330 2,233 997 244 410 5,947 27 19,133 Substandard — — — — — 50 3 — 53 Total consumer 5,945 3,330 2,233 997 244 460 5,950 27 19,186 Gross charge-offs: Consumer 1,225 13 1 2 1 8 — — 1,250 Total loans $ 1,052,208 $ 1,949,053 $ 1,429,940 $ 621,618 $ 412,644 $ 1,223,549 $ 970,839 $ 38,907 $ 7,698,758 Gross charge-offs: Total loans 1,225 25 216 2 48 59 — — 1,575 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 modified loans 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 March 31, 2024 and December 31, 2023: March 31, 2024 Total amortized Real property Business assets cost basis Commercial Commercial and industrial $ 2,905 $ 5,882 $ 8,787 Owner-occupied commercial real estate 1,872 — 1,872 Food and agribusiness 586 4,875 5,461 Total Commercial 5,363 10,757 16,120 Commercial real estate non owner-occupied Non-owner occupied 18,770 — 18,770 Total commercial real estate non owner-occupied 18,770 — 18,770 Residential real estate Senior lien 3,565 — 3,565 Junior lien 421 108 529 Total residential real estate 3,986 108 4,094 Total loans $ 28,119 $ 10,865 $ 38,984 December 31, 2023 Total amortized Real property Business assets cost basis Commercial Commercial and industrial $ 1,946 $ 220 $ 2,166 Owner-occupied commercial real estate 1,883 — 1,883 Food and agribusiness 586 5,159 5,745 Total Commercial 4,415 5,379 9,794 Commercial real estate non owner-occupied Non-owner occupied 19,993 — 19,993 Total commercial real estate non owner-occupied 19,993 — 19,993 Residential real estate Senior lien 2,661 — 2,661 Total residential real estate 2,661 — 2,661 Total loans $ 27,069 $ 5,379 $ 32,448 Loan modifications 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 modifying 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. The Company considers loans to borrowers experiencing financial difficulties, where such a concession is utilized, to be troubled debt modifications (“TDM”). TDMs may include principal forgiveness, interest rate reductions, other-than-insignificant-payment delays, term extensions or any combination thereof. The following schedules present, by loan class, the amortized costs basis as of the dates shown for modified loans to borrowers experiencing financial difficulty: March 31, 2024 Combination - interest rate Combination - term extension Term extension Payment delay reduction and term extension and payment delay Amortized % of loan Amortized % of loan Amortized % of loan Amortized % of loan cost basis class cost basis class cost basis class cost basis class Commercial: Commercial and industrial $ — 0.0% $ 8,561 0.4% $ — 0.0% $ — 0.0% Owner occupied commercial real estate — 0.0% 1,664 0.1% — 0.0% — 0.0% Total commercial — 0.0% 10,225 0.2% — 0.0% — 0.0% Commercial real estate non-owner occupied: Non-owner occupied 18,770 1.8% — 0.0% — 0.0% — 0.0% Total commercial real estate non-owner occupied 18,770 1.0% — 0.0% — 0.0% — 0.0% Residential real estate: Senior lien — 0.0% 869 0.1% 651 0.1% 382 0.0% Total residential real estate — 0.0% 869 0.1% 651 0.0% 382 0.0% Total loans $ 18,770 0.2% $ 11,094 0.1% $ 651 0.0% $ 382 0.0% March 31, 2023 Term extension Payment delay Amortized % of loan Amortized % of loan cost basis class cost basis class Commercial: Commercial and industrial $ — 0.0% $ 154 0.0% Owner occupied commercial real estate — 0.0% 116 0.0% Total commercial — 0.0% 270 0.0% Residential real estate: Senior lien 4,000 0.3% — 0.0% Total residential real estate 4,000 0.3% — 0.0% Total loans $ 4,000 0.1% $ 270 0.0% The following schedules present, by loan class, the payment status of loans that have been modified in the last twelve months as of the dates presented on an amortized cost basis: March 31, 2024 Current Non-accrual Commercial: Commercial and industrial $ 3,129 $ 5,354 Owner occupied commercial real estate 1,664 — Total commercial 4,793 5,354 Commercial real estate non-owner occupied: Non-owner occupied 5,298 13,472 Total commercial real estate non-owner occupied 5,298 13,472 Residential real estate: Senior lien 651 1,251 Total loans $ 10,742 $ 20,077 March 31, 2023 Current Non-accrual Commercial: Commercial and industrial $ 154 $ — Owner occupied commercial real estate — 116 Total commercial 154 116 Residential real estate: Senior lien 4,000 — Total residential real estate 4,000 — Total loans $ 4,154 $ 116 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 four TDMs with an amortized cost totaling $18.8 million that were modified within the past twelve months, utilizing a term extension and payment delays, that defaulted on their modified terms during the 12 months ended March 31, 2024. During the three months ended March 31, 2023, the Company had no TDMs that were modified within the preceding twelve months that defaulted on their modified 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 TDMs 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 TDMs. The following schedules present the financial effect of the modifications made to borrowers experiencing financial difficulty as of March 31, 2024 and 2023: March 31, 2024 Financial effect Term extension Payment delay Combination - Interest Rate Reduction and Term Extension Combination - Term Extension and Payment Delay Commercial: Commercial and industrial Delayed payments for a weighted average of 0.5 years Owner occupied commercial real estate Delayed payments for a weighted average of 0.5 years Commercial real estate non-owner occupied: Non-owner occupied Extended a weighted average of 0.3 years to the life of loans, which reduced monthly payment amounts Residential real estate: Senior lien Delayed payments for a weighted average of 0.3 years Reduced weighted average contractual interest rate by 2.5% and renewed with a weighted average life of 30 years , which reduced monthly payment amounts Added weighted average of 0.7 years to the life of loans, which reduced monthly payment amounts and delayed payments for a weighted average of 0.7 years March 31, 2023 Financial effect Term extension Payment delay Commercial: Commercial and industrial Delayed payments for a weighted average of 0.2 years Owner occupied commercial real estate Delayed payments for a weighted average of 0.5 years Residential real estate: Senior lien Extended a weighted average 0.5 years to the life of loans, which reduced monthly payment amounts |
Allowance for Credit Losses
Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 Non-owner occupied commercial Residential Commercial real estate real estate Consumer Total Beginning balance $ 45,304 $ 32,665 $ 19,550 $ 428 $ 97,947 Charge-offs (24) — — (254) (278) Recoveries 116 — 6 66 188 Provision expense (release) for credit losses 919 (1,827) 544 114 (250) Ending balance $ 46,315 $ 30,838 $ 20,100 $ 354 $ 97,607 Three months ended March 31, 2023 Non-owner occupied commercial Residential Commercial real estate real estate Consumer Total Beginning balance $ 37,608 $ 32,050 $ 19,306 $ 589 $ 89,553 Charge-offs — — — (325) (325) Recoveries 41 1 7 16 65 Provision (release) expense for credit losses (254) 839 261 204 1,050 Ending balance $ 37,395 $ 32,890 $ 19,574 $ 484 $ 90,343 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 months ended March 31, 2024 were $0.1 million. The Company recorded a decrease in the allowance for credit losses of $0.3 million during the three months ended March 31, 2024. Net charge-offs on loans during the three months ended March 31, 2023 were $0.3 million. The Company recorded an increase in the allowance for credit losses of $1.1 million during the three months ended March 31, 2023. The Company has elected to exclude AIR from the allowance for credit losses calculation. As of March 31, 2024 and December 31, 2023, AIR from loans totaled $45.9 million and $42.4 million, respectively. |
Other Real Estate Owned
Other Real Estate Owned | 3 Months Ended |
Mar. 31, 2024 | |
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 three months ended March 31, 2024 and 2023 is as follows: For the three months ended March 31, 2024 2023 Beginning balance $ 4,088 $ 3,731 Impairments — (13) Sales (24) (260) Ending balance $ 4,064 $ 3,458 During the three months ended March 31, 2024 and 2023, the Company sold OREO properties with net book balances of $24 thousand and $0.3 million, respectively. Sales of OREO properties resulted in net OREO losses of $2 thousand and $11 thousand, which were included within other non-interest expense in the consolidated statements of operations for the three months ended March 31, 2024 and 2023, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets | |
Goodwill and Intangible Assets | Note 8 Goodwill and Intangible Assets Goodwill and other intangible assets In connection with our acquisitions, the Company’s goodwill was $306.0 million as of March 31, 2024. 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 months ended March 31, 2024 or the year ended December 31, 2023. The gross carrying amount of other intangible assets and the associated accumulated amortization at March 31, 2024 and December 31, 2023, are presented as follows: March 31, 2024 December 31, 2023 Gross Net Gross Net carrying Accumulated carrying carrying Accumulated carrying amount amortization amount amount amortization amount Core deposit intangible $ 91,566 $ (51,425) $ 40,141 $ 91,566 $ (50,095) $ 41,471 Customer relationship intangible 17,000 (2,430) 14,570 17,000 (1,867) 15,133 Internally developed technology 2,300 (345) 1,955 2,300 (230) 2,070 Total $ 110,866 $ (54,200) $ 56,666 $ 110,866 $ (52,192) $ 58,674 The Company is amortizing intangibles from acquisitions over a weighted average period of 9.8 years from the date of the respective acquisitions. The core deposit and customer relationship intangibles are being amortized over a weighted average period The following table shows the estimated future amortization expense during the next five years for other intangible assets as of March 31, 2024: Years ending December 31, Amount For the nine months ending December 31, 2024 $ 5,901 For the year ending December 31, 2025 7,786 For the year ending December 31, 2026 7,664 For the year ending December 31, 2027 7,542 For the year ending December 31, 2028 6,142 Servicing Rights 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 $0.9 billion and $0.8 billion at March 31, 2024 and 2023, respectively. Below are the changes in the MSRs for the periods presented: For the three months ended March 31, 2024 2023 Beginning balance $ 4,911 $ 9,162 Originations 115 274 Amortization (114) (119) Ending balance 4,912 9,317 Fair value of mortgage servicing rights $ 7,523 $ 13,321 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. Discount rates ranged from 10.0% to 10.5%, and the constant prepayment speed ranged from 6.2% to 13.3% for the March 31, 2024 valuation. Discount rates ranged from 10.0% to 10.5%, and the constant prepayment speed ranged from 7.9% to 18.2% for the March 31, 2023 valuation. Included in mortgage banking income in the consolidated statements of operations was servicing income of $0.4 million and $0.5 million for the three months ended March 31, 2024 and 2023, 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 during the next five years for the MSRs as of March 31, 2024: Years ending December 31, Amount For the nine months ending December 31, 2024 $ 411 For the year ending December 31, 2025 502 For the year ending December 31, 2026 446 For the year ending December 31, 2027 396 For the year ending December 31, 2028 352 SBA servicing asset The SBA servicing asset represents the value associated with servicing small business real estate loans that have been sold to outside investors with servicing retained. The SBA servicing asset is evaluated and impairment is recognized to the extent fair value is less than the carrying amount. The Company evaluates impairment by stratifying the SBA servicing asset based on the predominant risk characteristics of the underlying loans, including loan type and loan term. The Company is amortizing the SBA servicing asset in proportion to and over the period of the estimated net servicing income of the underlying loans. The Company serviced $112.2 million and $108.8 million of SBA loans that have been sold into the secondary market, as of March 31, 2024 and December 31, 2023, respectively. For the three months ended March 31, 2024 and 2023, the Company recognized SBA servicing asset fee income of $0.1 million and $0.4 million, respectively. Below are the changes in the SBA servicing asset for the periods presented: For the three months ended March 31, 2024 2023 Beginning balance $ 2,440 $ 2,666 Originations 266 129 Disposals (102) (210) Recovery 104 54 Amortization (74) (35) Ending balance 2,634 2,604 Fair value of SBA servicing asset $ 2,634 $ 2,604 The Company uses assumptions and estimates in determining the fair value of SBA loan servicing rights. These assumptions include prepayment speeds, discount rates, and other assumptions. The assumptions used in the valuation were based on input from buyers, brokers and other qualified personnel, as well as market knowledge. For the three months ended March 31, 2024 and 2023, the key assumptions used to determine the fair value of the Company’s SBA loan servicing rights included weighted average lifetime constant prepayment rates equal to 15.75% and 12.40%, respectively, and weighted average discount rates equal to 10.16% and 13.34%, respectively. |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 and December 31, 2023, the Company sold securities under agreements to repurchase totaling $19.6 million for both periods. The Company pledged mortgage-backed securities with a fair value of approximately $30.1 million and $30.4 million as of March 31, 2024 and December 31, 2023, 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 March 31, 2024 and December 31, 2023, the Company had $10.4 million and $10.8 million, respectively, of excess collateral pledged for repurchase agreements. Federal Home Loan Bank advances As a member of the FHLB, the Banks have access to a line of credit and term financing from the FHLB with total available credit of $1.8 billion at March 31, 2024. The Company may utilize the FHLB line of credit as a funding mechanism for originated loans and loans held for sale. At March 31, 2024, the Banks had no outstanding borrowings with the FHLB. At December 31, 2023, the Banks had $340.0 million of outstanding borrowings with the FHLB. The Banks may pledge investment securities and loans as collateral for FHLB advances. There were no investment securities pledged for FHLB advances at March 31, 2024 or December 31, 2023. Loans pledged were $2.5 billion and $2.6 billion at March 31, 2024 and December 31, 2023, respectively. The Company incurred $3.2 million and $7.1 million of interest expense related to FHLB advances and other short-term borrowings for the three months ended March 31, 2024 and 2023, respectively. Long-term debt The Company holds 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 March 31, 2024 and December 31, 2023, net of long-term debt issuance costs totaling $0.3 million, totaled $39.7 million. Interest expense totaling $0.3 million and $0.3 million was recorded in the consolidated statements of operations during the three months ended March 31, 2024 and 2023, 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 deployed 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. As part of the acquisition of Bank of Jackson Hole (“BOJH”) on October 1, 2022, the Company assumed three subordinated note purchase agreements to issue and sell fixed-to-floating rate notes totaling $15.0 million. The balance on the notes at March 31, 2024, net of the fair value adjustment from the acquisition totaling $0.4 million, totaled $14.6 million. At December 31, 2023, the balance on the notes, net of the fair value adjustment from the acquisition totaling $0.5 million, totaled $14.5 million. Interest expense related to the notes totaling $0.1 million and $0.1 million was recorded in the consolidated statements of operations during the three months ended March 31, 2024 and 2023, respectively. The three notes, containing similar terms, are subordinated, unsecured and mature on June 15, 2031. Payments consist of interest only. Interest expense on the notes is payable semi-annually in arrears and will bear interest at 3.75% per annum until June 15, 2026 (or any earlier redemption date). From June 15, 2026 until June 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 SOFR plus 306 basis points. Prior to June 15, 2026, the Company may redeem the notes only under certain limited circumstances. Beginning on June 15, 2026 through maturity, the notes 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 notes being redeemed, together with any accrued and unpaid interest on the notes being redeemed up to but excluding the date of redemption. The notes are not subject to redemption at the option of the holder. |
Regulatory Capital
Regulatory Capital | 3 Months Ended |
Mar. 31, 2024 | |
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, NBH Bank and Bank of Jackson Hole Trust are subject to regulatory capital adequacy requirements implemented by the Federal Reserve and, for NBH Bank and Bank of Jackson Hole Trust, the FDIC, 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. Regulatory authorities can initiate certain mandatory actions if the Company, NBH Bank or Bank of Jackson Hole Trust fail to meet the minimum capital requirements, which could have a material effect on our financial statements. Under the Basel III requirements, at March 31, 2024 and December 31, 2023, the Company and the Banks met all capital requirements, including the capital conservation buffer of 2.5%. The Company and the Banks had regulatory capital ratios in excess of the levels established for well-capitalized institutions, as detailed in the tables below. March 31, 2024 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 10.0% $ 963,724 N/A N/A 4.0% $ 385,713 NBH Bank 9.0% 863,422 5.0% $ 480,318 4.0% 384,254 Bank of Jackson Hole Trust 30.4% 11,817 5.0% 1,946 4.0% 1,557 Common equity tier 1 risk based capital: Consolidated 12.4% $ 963,724 N/A N/A 7.0% $ 546,078 NBH Bank 11.1% 863,422 6.5% $ 504,635 7.0% 543,453 Bank of Jackson Hole Trust 71.2% 11,817 6.5% 1,079 7.0% 1,162 Tier 1 risk based capital ratio: Consolidated 12.4% $ 963,724 N/A N/A 8.5% $ 663,095 NBH Bank 11.1% 863,422 8.0% $ 621,089 8.5% 659,907 Bank of Jackson Hole Trust 71.2% 11,817 8.0% 1,328 8.5% 1,411 Total risk based capital ratio: Consolidated 14.3% $ 1,115,783 N/A N/A 10.5% $ 819,117 NBH Bank 12.4% 960,480 10.0% $ 776,361 10.5% 815,179 Bank of Jackson Hole Trust 71.2% 11,819 10.0% 1,660 10.5% 1,743 December 31, 2023 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 9.7% $ 941,369 N/A N/A 4.0% $ 386,775 NBH Bank 8.9% 856,243 5.0% $ 481,685 4.0% 385,348 Bank of Jackson Hole Trust 30.0% 11,609 5.0% 1,936 4.0% 1,549 Common equity tier 1 risk based capital: Consolidated 11.9% $ 941,369 N/A N/A 7.0% $ 554,325 NBH Bank 10.9% 856,243 6.5% $ 512,408 7.0% 551,824 Bank of Jackson Hole Trust 71.2% 11,609 6.5% 1,059 7.0% 1,141 Tier 1 risk based capital ratio: Consolidated 11.9% $ 941,369 N/A N/A 8.5% $ 673,109 NBH Bank 10.9% 856,243 8.0% $ 630,656 8.5% 670,072 Bank of Jackson Hole Trust 71.2% 11,609 8.0% 1,304 8.5% 1,385 Total risk based capital ratio: Consolidated 13.8% $ 1,092,800 N/A N/A 10.5% $ 831,487 NBH Bank 12.1% 952,674 10.0% $ 788,319 10.5% 827,735 Bank of Jackson Hole Trust 71.2% 11,609 10.0% 1,629 10.5% 1,711 (1) Includes the capital conservation buffer of 2.5%. T |
Revenue from Contracts with Cli
Revenue from Contracts with Clients | 3 Months Ended |
Mar. 31, 2024 | |
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, including service charges and other deposit account related fees, bank card fees and other non-interest income. Other non-interest income includes trust and wealth management fees and Cambr fee income. Service charges and other account-related 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. Other non-interest income Trust and wealth management fees The trust and wealth management business offers separately managed investment account solutions and trustee services to clients. Services may include custody of securities, trust investments and wealth management services, directed trusts or fixed income portfolio management and irrevocable life insurance trusts. The Company charges an asset-based fee earned for personal and corporate accounts. Additional fees may include minimum annual fees, fees for additional tax reporting and preparation for irrevocable trust returns or annual flat fees for certain trusts. The performance obligations related to this revenue include items such as performing investment advisory services, custody and record-keeping services, and fund administrative and accounting services. The performance obligations are satisfied upon completion of service and fees are generally a fixed flat rate or based on a percentage of the account’s market value per the contract with the client. These fees are recorded within other non-interest income in the consolidated statements of operations. Cambr fee income Cambr operates a deposit acquisition and processing platform that generates core deposits from accounts offered through embedded finance companies. Cambr’s platform facilitates the movement of embedded finance companies’ client deposits into FDIC-insured accounts at banks within Cambr’s network. Cambr generates fee income by charging a percentage-based fee of the client’s deposit balance placed into the Cambr network. The performance obligation is satisfied upon completion of service, and Cambr fee income is recorded within other non-interest income in the consolidated statements of operations. Other non-interest expense Included within other non-interest expense are gains and losses from OREO sales, which are 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 months ended March 31, 2024 and 2023. For the three months ended March 31, 2024 2023 Non-interest income In-scope of Topic 606: Service charges and other account-related fees $ 5,283 $ 4,927 Bank card fees 4,578 4,637 Other non-interest income 1,147 508 Non-interest income (in-scope of Topic 606) 11,008 10,072 Non-interest income (out-of-scope of Topic 606) 6,686 4,593 Total non-interest income $ 17,694 $ 14,665 Non-interest expense In-scope of Topic 606: Other non-interest expense $ (2) $ (11) Total revenue in-scope of Topic 606 $ 11,006 $ 10,061 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 | 3 Months Ended |
Mar. 31, 2024 | |
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. On May 9, 2023, shareholders approved the 2023 Omnibus Incentive Plan (the "2023 Plan"). The 2023 Plan replaces the 2014 Omnibus Incentive Plan (the "Prior Plan"), pursuant to which the Company granted equity awards prior to the approval of the 2023 Plan. Pursuant to the 2023 Plan, the Compensation Committee of the Board of Directors has the authority to grant, from time to time, 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. As of March 31, 2024, the aggregate number of Class A common stock available for issuance under the 2023 Plan is 1,185,202 shares. Any shares that are subject to stock options or stock appreciation rights under the 2023 Plan will be counted against the amount available for issuance as one share for every one share granted, and any shares that are subject to awards under the 2023 Plan other than stock options or stock appreciation rights will be counted against the amount available for issuance as one share for every one share granted. The 2023 Plan provides for recycling of shares from both the Prior Plan and the 2023 Plan, the terms of which are further described in the Company's Proxy Statement for its 2023 Annual Meeting of Shareholders. Upon an option exercise, it is the Company’s policy to issue shares from treasury stock. To date, the Company has issued stock options, restricted stock and performance stock units under the plans. The Compensation Committee sets the option exercise price at the time of grant, but in no case is the exercise price less than the fair market value of a share of stock at the date of grant. Stock options The Company issues stock options, which are primarily time-vesting with 1/3 1 10-year The Company issued stock options in accordance with the 2023 Plan. The following table summarizes stock option activity for the three months ended March 31, 2024: Weighted average Weighted remaining average contractual Aggregate exercise term in intrinsic Options price years value Outstanding at December 31, 2023 755,546 $ 30.95 5.79 $ 5,270 Granted — — Exercised (2,000) 18.92 Forfeited (4,423) 38.01 Outstanding at March 31, 2024 749,123 30.94 5.52 4,557 Options exercisable at March 31, 2024 570,571 29.15 4.60 4,290 Options vested and expected to vest 737,479 30.86 5.47 4,534 Stock option expense is a component of salaries and benefits in the consolidated statements of operations and totaled $0.1 million and $0.1 million for the three months ended March 31, 2024 and 2023, respectively. At March 31, 2024, there was $0.4 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 1.8 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. Sixty percent of the award is based on the Company’s cumulative earnings per share (EPS target) during the performance period, and forty percent 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, 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 EPS target portion and the TSR target portion granted during 2023 was $33.46 and $27.06, respectively. The initial weighted-average performance price for the TSR target portion granted during 2023 was $42.37. During the three months ended March 31, 2024, the Company canceled 5,707 units due to final performance results related to performance stock units granted on April 1, 2021. The following table summarizes restricted stock and performance stock unit activity during the three months ended March 31, 2024: Weighted Weighted Restricted average grant- Performance average grant- stock shares date fair value stock units date fair value Unvested at December 31, 2023 240,584 $ 34.47 171,782 $ 34.56 Granted — — — — Adjustment due to performance — — (5,707) 33.11 Vested — — (15,433) 33.11 Forfeited (2,922) 36.85 (2,104) 33.45 Unvested at March 31, 2024 237,662 $ 34.44 148,538 $ 34.79 As of March 31, 2024, the total unrecognized compensation cost related to the non-vested restricted stock awards and performance stock units totaled $3.4 million and $2.3 million, respectively, and is expected to be recognized over a weighted average period of approximately 1.9 years and 1.6 years, respectively. Expense related to non-vested restricted stock awards totaled $1.0 million and $0.9 million during the three months ended March 31, 2024 and 2023, respectively. Expense related to non-vested performance stock units totaled $0.5 million and $0.4 million during the three months ended March 31, 2024 and 2023, 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 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 224,299 was available for issuance at March 31, 2024. Under the ESPP, employees purchased 11,620 shares and 9,741 shares during the three months ended March 31, 2024 and 2023, respectively. |
Common Stock
Common Stock | 3 Months Ended |
Mar. 31, 2024 | |
Common Stock | |
Common Stock | Note 13 Common Stock The Company had 37,806,148 and 37,784,851 shares of Class A common stock outstanding at March 31, 2024 and December 31, 2023, respectively. Additionally, the Company had 237,662 and 240,584 shares outstanding at March 31, 2024 and December 31, 2023, 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 May 9, 2023, the Company’s Board of Directors authorized a program to repurchase up to $50.0 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 March 31, 2024 was $50.0 million. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2024 | |
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 37,806,148 and 37,641,381 The following table illustrates the computation of basic and diluted earnings per share for the three months ended March 31, 2024 and 2023: For the three months ended March 31, 2024 March 31, 2023 Net income $ 31,391 $ 40,283 Less: income allocated to participating securities (64) (42) Income allocated to common shareholders $ 31,327 $ 40,241 Weighted average shares outstanding for basic earnings per common share 38,031,358 37,785,488 Dilutive effect of equity awards 157,122 289,485 Weighted average shares outstanding for diluted earnings per common share 38,188,480 38,074,973 Basic earnings per share $ 0.82 $ 1.06 Diluted earnings per share 0.82 1.06 The Company had 749,123 and 715,188 outstanding stock options to purchase common stock at weighted average exercise prices of $30.94 and $29.82 per share at March 31, 2024 and 2023, 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 386,200 and 296,853 unvested restricted shares and performance stock units issued as of March 31, 2024 and 2023, 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 | 3 Months Ended |
Mar. 31, 2024 | |
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, cash flow hedges and 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 March 31, 2024 and December 31, 2023. 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 March 31, December 31, Balance Sheet March 31, December 31, location 2024 2023 Location 2024 2023 Derivatives designated as hedging instruments: Interest rate products Other assets $ 32,559 $ 28,928 Other liabilities $ 2,984 $ 3,400 Total derivatives designated as hedging instruments $ 32,559 $ 28,928 $ 2,984 $ 3,400 Derivatives not designated as hedging instruments: Interest rate products Other assets $ 9,477 $ 8,480 Other liabilities $ 9,714 $ 8,484 Interest rate lock commitments Other assets 525 287 Other liabilities — 5 Forward contracts Other assets 2 — Other liabilities 68 110 Total derivatives not designated as hedging instruments $ 10,004 $ 8,767 $ 9,782 $ 8,599 Cash flow hedges The Company’s objectives in using interest rate derivatives are to add stability to interest income and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses floors and collars as part of its interest rate risk management strategy. Interest rate floors designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty if interest rates fall below the strike rate on the contract in exchange for an up-front premium. Interest rate collars designated as cash flow hedges involve the payments of variable-rate amounts if interest rates rise above the cap strike rate on the contract and receipt of variable-rate amounts if interest rates fall below the floor strike rate on the contract. For derivatives that qualify and are designated as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income and subsequently reclassified into interest income in the same periods during which the hedged transaction affects earnings. Gains and losses on the derivative representing hedge components excluded from the assessment of effectiveness are recognized over the life of the hedge on a systematic and rational basis. The earnings recognition of excluded components is included in interest income. Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest income as interest payments are received on the Company’s variable-rate assets. As of March 31, 2024, the Company had cash flow hedges with a notional amount of $200.0 million. The Company expects to reclassify $1.8 million from accumulated other comprehensive (loss) income (“AOCI”) as a reduction to interest income during the next 12 months. 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 March 31, 2024, the Company had interest rate swaps with a notional amount of $352.5 million, which were designated as fair value hedges of interest rate risk. As of December 31, 2023, the Company had interest rate swaps with a notional amount of $351.0 million that were designated as fair value hedges. These interest rate swaps were associated with $472.1 million and $469.4 million of the Company’s fixed-rate loans as of March 31, 2024 and December 31, 2023, respectively, before a gain of $29.1 million and $22.6 million from the fair value hedge adjustment in the carrying amount. The gain is included in loans receivable on the statements of financial condition as of March 31, 2024 and December 31, 2023, respectively. Fair value hedge adjustments included basis adjustments on terminated positions to be amortized through the contractual maturity date of each respective hedged item. Excluding those terminated positions, the fair value hedge adjustments consisted of gains totaling $32.1 million and $25.7 million as of March 31, 2024 and December 31, 2023, 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 March 31, 2024 and December 31, 2023, the Company had matched interest rate swap transactions with an aggregate notional amount of $530.8 million and $464.9 million, respectively, related to this program. Derivative fee income from non-designated hedges totaled $0.9 million and $0.2 million for the three months ended March 31, 2024 and 2023, respectively. 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 $29.7 million and forward contracts with a notional value of $30.0 million at March 31, 2024. At December 31, 2023, the Company had interest rate lock commitments with a notional value of $13.8 million and forward contracts with a notional value of $17.7 million. Effect of derivative instruments on the consolidated statements of operations and accumulated other comprehensive income The tables below present the effect of the Company’s derivative financial instruments in the consolidated statements of operations for the three months ended March 31, 2024 and 2023: Location of gain (loss) Amount of gain (loss) recognized in income on derivatives Derivatives in fair value recognized in income on For the three months ended March 31, hedging relationships derivatives 2024 2023 Interest rate products Interest and fees on loans $ 8,580 $ (5,491) Location of gain (loss) Amount of (loss) gain recognized in income on hedged items recognized in income on For the three months ended March 31, Hedged items hedged items 2024 2023 Interest rate products Interest and fees on loans $ (6,548) $ 7,310 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 March 31, as hedging instruments derivatives 2024 2023 Interest rate products Other non-interest expense $ (232) $ (6) Interest rate lock commitments Mortgage banking income 332 640 Forward contracts Mortgage banking income 44 (344) Total $ 144 $ 290 The table below presents the effect of cash flow hedge accounting on AOCI as of the dates presented. For the three months ended March 31, 2024 Loss recognized in OCI on derivatives Loss recognized in OCI included component Loss recognized in OCI excluded component Location of loss recognized from AOCI into income Loss reclassified from AOCI into income Loss reclassified from AOCI into income included component Loss reclassified from AOCI into income excluded component Derivatives in cash flow hedging relationships: Interest rate products $ (1,427,601) $ (1,002,237) $ (425,364) Interest income $ (512,826) $ (395,034) $ (117,792) For the three months ended March 31, 2023 Gain recognized in OCI on derivatives Gain recognized in OCI included component Gain recognized in OCI excluded component Location of loss recognized from AOCI into income Loss reclassified from AOCI into income Loss reclassified from AOCI into income included component Loss reclassified from AOCI into income excluded component Derivatives in cash flow hedging relationships: Interest rate products $ 616 $ 399 $ 217 Interest income $ (262) $ (162) $ (100) 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 March 31, 2024, the termination value of derivatives in a net liability position related to these agreements was zero. The Company has minimum collateral posting thresholds with certain of its derivative counterparties, and as of March 31, 2024, the Company had met these thresholds. If the Company had breached any of these provisions at March 31, 2024, it could have been required to settle its obligations under the agreements at the termination value. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 and December 31, 2023 were as follows: March 31, 2024 December 31, 2023 Commitments to fund loans $ 706,637 $ 724,928 Credit card lines of credit 4,467 6,278 Unfunded commitments under lines of credit 840,932 890,530 Commercial and standby letters of credit 11,681 13,029 Total unfunded commitments $ 1,563,717 $ 1,634,765 Commitments to fund loans Credit card lines of credit 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 or other documentation or deficiency findings in the portfolio and economic conditions. Charges against the reserve during the three months ended March 31, 2024 and 2023 totaling $26 thousand and $46 thousand, respectively, were primarily driven by early payoffs. The Company recorded a repurchase reserve included in other liabilities in the consolidated statements of financial condition totaling $1.2 million for both March 31, 2024 and December 31, 2023. The following table summarizes mortgage repurchase reserve activity for the periods presented: For the three months ended March 31, 2024 2023 Beginning balance $ 1,198 $ 1,725 Provision released from operating expense, net — (34) Charge-offs (26) (46) Ending balance $ 1,172 $ 1,645 In the ordinary course of business, the Company and NBH 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 | 3 Months Ended |
Mar. 31, 2024 | |
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 three months ended March 31, 2024 and 2023, 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 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 March 31, 2024 and December 31, 2023 in the consolidated statements of financial condition utilizing the hierarchy structure described above: March 31, 2024 Level 1 Level 2 Level 3 Total Assets: Investment securities available-for-sale: U.S. Treasuries $ 72,651 $ — $ — $ 72,651 Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises — 193,576 — 193,576 Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises — 416,680 — 416,680 Municipal securities — 79 — 79 Corporate debt — 1,870 — 1,870 Loans held for sale — 14,065 — 14,065 Interest rate swap derivatives — 42,036 — 42,036 Mortgage banking derivatives — — 527 527 Total assets at fair value $ 72,651 $ 668,306 $ 527 $ 741,484 Liabilities: Interest rate swap derivatives $ — $ 12,698 $ — $ 12,698 Mortgage banking derivatives — — 68 68 Total liabilities at fair value $ — $ 12,698 $ 68 $ 12,766 December 31, 2023 Level 1 Level 2 Level 3 Total Assets: Investment securities available-for-sale: U.S. Treasuries $ 73,044 $ — $ — $ 73,044 Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises — 201,809 — 201,809 Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises — 351,242 — 351,242 Municipal securities — 79 — 79 Corporate debt — 1,843 — 1,843 Loans held for sale — 18,854 — 18,854 Interest rate swap derivatives — 37,408 — 37,408 Mortgage banking derivatives — — 287 287 Total assets at fair value $ 73,044 $ 611,235 $ 287 $ 684,566 Liabilities: Interest rate swap derivatives $ — $ 15,284 $ — $ 15,284 Mortgage banking derivatives — — 115 115 Total liabilities at fair value $ — $ 15,284 $ 115 $ 15,399 The table below details the changes in level 3 financial instruments during the three months ended March 31, 2024: Mortgage banking derivatives, net Balance at December 31, 2023 $ 172 Gain included in earnings, net 376 Fees and costs included in earnings, net (89) Balance at March 31, 2024 $ 459 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 are subject to impairment testing. The carrying 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. There was no MSR impairment during the three months ended March 31, 2024 or 2023. The inputs used to determine the fair values of MSRs are considered level 3 inputs in the fair value hierarchy. SBA servicing asset 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 three months ended March 31, 2024 and 2023: March 31, 2024 Total Losses from fair value changes Individually evaluated loans $ 47,470 $ 278 March 31, 2023 Total Losses from fair value changes Individually evaluated loans $ 19,577 $ 325 Other real estate owned 3,458 13 Total $ 23,035 $ 338 The Company did not record any liabilities measured at fair value on a non-recurring basis during the three months ended March 31, 2024 and 2023. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 and December 31, 2023 are set forth below: Level in fair value March 31, 2024 December 31, 2023 measurement Carrying Estimated Carrying Estimated hierarchy amount fair value amount fair value ASSETS Cash and cash equivalents Level 1 $ 292,931 $ 292,931 $ 190,826 $ 190,826 U.S. Treasury securities - AFS Level 1 72,651 72,651 73,044 73,044 U.S. Treasury securities - HTM Level 1 49,412 48,189 49,338 48,334 Mortgage-backed securities—residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises available-for-sale Level 2 193,576 193,576 201,809 201,809 Mortgage-backed securities—other residential mortgage-backed securities issued or guaranteed by U.S. Government agencies or sponsored enterprises available-for-sale Level 2 416,680 416,680 351,242 351,242 Municipal securities available-for-sale Level 2 79 79 79 79 Corporate debt available-for-sale Level 2 1,870 1,870 1,843 1,843 Other available-for-sale securities Level 3 810 810 812 812 Mortgage-backed securities—residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises held-to-maturity Level 2 290,450 253,914 299,337 265,011 Mortgage-backed securities—other residential mortgage-backed securities issued or guaranteed by U.S. Government agencies or sponsored enterprises held-to-maturity Level 2 230,988 183,673 236,377 190,983 FHLB and FRB stock Level 2 24,841 24,841 40,890 40,890 Loans receivable Level 3 7,569,052 7,355,053 7,698,758 7,411,687 Loans held for sale Level 2 14,065 14,065 18,854 18,854 Accrued interest receivable Level 2 49,585 49,585 44,944 44,944 Interest rate swap derivatives Level 2 42,036 42,036 37,408 37,408 Mortgage banking derivatives Level 3 527 527 287 287 LIABILITIES Deposit transaction accounts Level 2 7,521,786 7,521,786 7,208,421 7,208,421 Time deposits Level 2 995,976 992,649 981,970 972,793 Securities sold under agreements to repurchase Level 2 19,577 19,577 19,627 19,627 Long-term debt Level 2 55,000 45,127 55,000 43,760 Federal Home Loan Bank advances Level 2 — — 340,000 340,000 Accrued interest payable Level 2 14,769 14,769 12,239 12,239 Interest rate swap derivatives Level 2 12,698 12,698 11,884 11,884 Mortgage banking derivatives Level 3 68 68 115 115 |
Acquisition Activities
Acquisition Activities | 3 Months Ended |
Mar. 31, 2024 | |
Acquisition Activities | |
Acquisition Activities | Note 19 Acquisition Activities Cambr Solutions, LLC On April 3, 2023, NBH Bank completed the acquisition of Cambr Solutions, LLC. Upon closing, Cambr became a stand-alone subsidiary of NBH Bank. The transaction was valued at $46.5 million in the aggregate. NBH Bank determined that the acquisition constituted a business combination as defined in ASC Topic 805, Business Combinations Fair Value Measurements and Disclosures Cambr is a deposit acquisition and processing platform that generates core deposits from accounts offered through embedded finance companies. At the time of acquisition, Cambr administered approximately $1.7 billion of deposits comprising more than 500,000 FDIC-insured deposit accounts. Cambr acquisition-related costs totaled $1.0 million for the year ended December 31, 2023. The results of Cambr are included in the results of the Company subsequent to the acquisition date. The table below summarizes net assets acquired (at fair value) and consideration transferred in connection with the Cambr acquisition: April 3, 2023 Assets: Cash and due from banks $ 1,224 Other intangibles 18,000 Other assets 6,729 Total assets acquired 25,953 Liabilities: Other liabilities $ 6,340 Total liabilities assumed 6,340 Identifiable net assets acquired $ 19,613 Consideration: Cash $ 46,524 Total 46,524 Goodwill $ 26,911 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investment Securities | |
Available-for-sale Securities | Available-for-sale securities are summarized as follows as of the dates indicated: March 31, 2024 Amortized Gross Gross cost unrealized gains unrealized losses Fair value U.S. Treasury securities $ 74,125 $ 5 $ (1,479) $ 72,651 Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises 226,494 56 (32,974) 193,576 Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 485,221 17 (68,558) 416,680 Municipal securities 80 — (1) 79 Corporate debt 2,000 — (130) 1,870 Other securities 810 — — 810 Total investment securities available-for-sale $ 788,730 $ 78 $ (103,142) $ 685,666 December 31, 2023 Amortized Gross Gross cost unrealized gains unrealized losses Fair value U.S. Treasury securities $ 74,508 $ — $ (1,464) $ 73,044 Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises 233,264 57 (31,512) 201,809 Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 417,155 — (65,913) 351,242 Municipal securities 80 — (1) 79 Corporate debt 2,000 — (157) 1,843 Other securities 812 — — 812 Total investment securities available-for-sale $ 727,819 $ 57 $ (99,047) $ 628,829 |
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: March 31, 2024 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 $ — $ — $ 48,133 $ (1,479) $ 48,133 $ (1,479) Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises — — 190,255 (32,974) 190,255 (32,974) Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 38,658 (313) 335,986 (68,245) 374,644 (68,558) Municipal securities — — 79 (1) 79 (1) Corporate debt — — 1,870 (130) 1,870 (130) Total $ 38,658 $ (313) $ 576,323 $ (102,829) $ 614,981 $ (103,142) December 31, 2023 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 $ — $ — $ 73,044 $ (1,464) $ 73,044 $ (1,464) Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises 9 — 199,000 (31,512) 199,009 (31,512) Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 138 (1) 351,104 (65,912) 351,242 (65,913) Municipal securities — — 79 (1) 79 (1) Corporate debt — — 1,843 (157) 1,843 (157) Total $ 147 $ (1) $ 625,070 $ (99,046) $ 625,217 $ (99,047) |
Schedule of credit quality indicators, by fair value, of available-for-sale securities | The tables below summarize the credit quality indicators, by fair value, of available-for-sale securities as of the dates shown: March 31, 2024 AAA Not rated Total U.S. Treasury securities $ 72,651 $ — $ 72,651 Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises 193,576 — 193,576 Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 416,680 — 416,680 Municipal securities — 79 79 Corporate debt — 1,870 1,870 Other securities — 810 810 Total investment securities available-for-sale $ 682,907 $ 2,759 $ 685,666 December 31, 2023 AAA Not rated Total U.S. Treasury securities $ 73,044 $ — $ 73,044 Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises 201,809 — 201,809 Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 351,242 — 351,242 Municipal securities — 79 79 Corporate debt — 1,843 1,843 Other securities — 812 812 Total investment securities available-for-sale $ 626,095 $ 2,734 $ 628,829 |
Summary of available-for-sale and held-to-maturity securities by maturity | March 31, 2024 Weighted Amortized Cost Fair Value Average Yield U.S. Treasury securities Within one year $ 49,323 $ 48,752 3.93% After one but within five years 24,802 23,899 2.77% Total U.S. Treasury securities 74,125 72,651 3.55% Municipal securities Within one year 80 79 3.17% Corporate debt After five but within ten years 2,000 1,870 5.87% Total $ 76,205 $ 74,600 March 31, 2024 Weighted Amortized Cost Fair Value Average Yield U.S. Treasury securities After one but within five years $ 49,412 $ 48,189 3.14% |
Held-to-maturity Securities | Held-to-maturity investment securities are summarized as follows as of the dates indicated: March 31, 2024 Gross Gross Amortized unrealized unrealized cost gains losses Fair value U.S. Treasury securities $ 49,412 $ — $ (1,223) $ 48,189 Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises 290,450 42 (36,578) 253,914 Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 230,988 — (47,315) 183,673 Total investment securities held-to-maturity $ 570,850 $ 42 $ (85,116) $ 485,776 December 31, 2023 Gross Gross Amortized unrealized unrealized cost gains losses Fair value U.S. Treasury securities $ 49,338 $ — $ (1,004) $ 48,334 Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises 299,337 226 (34,552) 265,011 Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 236,377 2 (45,396) 190,983 Total investment securities held-to-maturity $ 585,052 $ 228 $ (80,952) $ 504,328 |
Summary of unrealized losses for held-to-maturity securities | The held-to-maturity portfolio included 155 securities which were in an unrealized loss position as of March 31, 2024 compared to 123 securities at December 31, 2023. 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: March 31, 2024 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 $ — $ — $ 48,189 $ (1,223) $ 48,189 $ (1,223) Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises 39,333 (383) 210,673 (36,195) 250,006 (36,578) Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 2,946 (53) 180,728 (47,262) 183,674 (47,315) Total $ 42,279 $ (436) $ 439,590 $ (84,680) $ 481,869 $ (85,116) December 31, 2023 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 $ — $ — $ 48,334 $ (1,004) $ 48,334 $ (1,004) Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises 14,689 (72) 217,467 (34,480) 232,156 (34,552) Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 2,289 (37) 187,021 (45,359) 189,310 (45,396) Total $ 16,978 $ (109) $ 452,822 $ (80,843) $ 469,800 $ (80,952) |
Schedule of credit quality indicators, by amortized cost, of held-to-maturity securities | The tables below summarize the credit quality indicators, by amortized cost, of held-to-maturity securities as of the dates shown: March 31, 2024 December 31, 2023 AAA AAA U.S. Treasury securities $ 49,412 $ 49,338 Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises 290,450 299,337 Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 230,988 236,377 Total investment securities held-to-maturity $ 570,850 $ 585,052 |
Non-marketable Securities (Tabl
Non-marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Non-marketable Securities | |
Schedule of carrying balance of non-marketable securities | The carrying balance of non-marketable securities are summarized as follows as of the dates indicated: March 31, 2024 December 31, 2023 Federal Reserve Bank stock $ 24,062 $ 24,062 Federal Home Loan Bank stock 779 16,828 Convertible preferred stock 24,415 25,000 Equity method investments 24,183 24,587 Total $ 73,439 $ 90,477 |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 | 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 $33.3 million and $33.6 million as of March 31, 2024 and December 31, 2023, respectively. March 31, 2024 Total loans % of total Commercial $ 4,381,780 57.9% Commercial real estate non-owner occupied 1,860,199 24.6% Residential real estate 1,310,204 17.3% Consumer 16,869 0.2% Total $ 7,569,052 100.0% December 31, 2023 Total loans % of total Commercial $ 4,499,035 58.4% Commercial real estate non-owner occupied 1,856,750 24.1% Residential real estate 1,323,787 17.2% Consumer 19,186 0.3% Total $ 7,698,758 100.0% |
Past Due Financing Receivables | Information about delinquent and non-accrual loans is shown in the following tables at March 31, 2024 and December 31, 2023: March 31, 2024 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 $ 499 $ — $ 8,817 $ 9,316 $ 1,900,544 $ 1,909,860 Municipal and non-profit — — — — 1,062,581 1,062,581 Owner occupied commercial real estate 49 — 752 801 1,108,988 1,109,789 Food and agribusiness — — 5,476 5,476 294,074 299,550 Total commercial 548 — 15,045 15,593 4,366,187 4,381,780 Commercial real estate non-owner occupied: Construction — — — — 356,564 356,564 Acquisition/development — — — — 90,323 90,323 Multifamily — — — — 347,421 347,421 Non-owner occupied 572 — 13,472 14,044 1,051,847 1,065,891 Total commercial real estate and non-owner occupied 572 — 13,472 14,044 1,846,155 1,860,199 Residential real estate: Senior lien 735 — 6,293 7,028 1,212,617 1,219,645 Junior lien 1,439 — 957 2,396 88,163 90,559 Total residential real estate 2,174 — 7,250 9,424 1,300,780 1,310,204 Consumer 201 1 50 252 16,617 16,869 Total loans $ 3,495 $ 1 $ 35,817 $ 39,313 $ 7,529,739 $ 7,569,052 March 31, 2024 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 $ 8,756 $ 61 $ 8,817 Municipal and non-profit — — — Owner occupied commercial real estate 752 — 752 Food and agribusiness 4,890 586 5,476 Total commercial 14,398 647 15,045 Commercial real estate non-owner occupied: Construction — — — Acquisition/development — — — Multifamily — — — Non-owner occupied 13,472 — 13,472 Total commercial real estate non-owner occupied 13,472 — 13,472 Residential real estate: Senior lien 3,613 2,680 6,293 Junior lien 429 528 957 Total residential real estate 4,042 3,208 7,250 Consumer 50 — 50 Total loans $ 31,962 $ 3,855 $ 35,817 December 31, 2023 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 $ 9,179 $ — $ 2,250 $ 11,429 $ 1,955,480 $ 1,966,909 Municipal and non-profit — — — — 1,083,756 1,083,756 Owner occupied commercial real estate — — 755 755 1,123,018 1,123,773 Food and agribusiness — 12 5,762 5,774 318,823 324,597 Total commercial 9,179 12 8,767 17,958 4,481,077 4,499,035 Commercial real estate non-owner occupied: Construction — — — — 405,250 405,250 Acquisition/development 1,077 — — 1,077 99,019 100,096 Multifamily — — — — 311,770 311,770 Non-owner occupied 60 — 13,472 13,532 1,026,102 1,039,634 Total commercial real estate and non-owner occupied 1,137 — 13,472 14,609 1,842,141 1,856,750 Residential real estate: Senior lien 1,410 50 5,488 6,948 1,226,651 1,233,599 Junior lien 375 528 448 1,351 88,837 90,188 Total residential real estate 1,785 578 5,936 8,299 1,315,488 1,323,787 Consumer 131 1 53 185 19,001 19,186 Total loans $ 12,232 $ 591 $ 28,228 $ 41,051 $ 7,657,707 $ 7,698,758 December 31, 2023 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 $ 2,250 $ — $ 2,250 Municipal and non-profit — — — Owner occupied commercial real estate 755 — 755 Food and agribusiness 5,176 586 5,762 Total commercial 8,181 586 8,767 Commercial real estate non-owner occupied: Construction — — — Acquisition/development — — — Multifamily — — — Non-owner occupied 13,472 — 13,472 Total commercial real estate non-owner occupied 13,472 — 13,472 Residential real estate: Senior lien 3,277 2,211 5,488 Junior lien 448 — 448 Total residential real estate 3,725 2,211 5,936 Consumer 53 — 53 Total loans $ 25,431 $ 2,797 $ 28,228 |
Credit Exposure for Loans as Determined by Company's Internal Risk Rating System | The amortized cost basis and current period gross charge offs 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 and for the three months ended March 31, 2024 and year ended December 31, 2023: March 31, 2024 Revolving Revolving loans loans Origination year amortized converted 2024 2023 2022 2021 2020 Prior cost basis to term Total Commercial: Commercial and industrial: Pass $ 96,569 $ 335,134 $ 378,386 $ 269,460 $ 80,650 $ 141,401 $ 467,602 $ 11,284 $ 1,780,486 Special mention 900 6,390 27,376 31,292 11,208 2,335 21,194 1,244 101,939 Substandard — 11,703 3,367 1,347 6,950 575 808 — 24,750 Doubtful — 2,033 — 35 617 — — — 2,685 Total commercial and industrial 97,469 355,260 409,129 302,134 99,425 144,311 489,604 12,528 1,909,860 Gross charge-offs: Commercial and industrial — — — — — 24 — — 24 Municipal and non-profit: Pass 4,593 144,702 141,468 245,572 79,289 411,316 33,607 — 1,060,547 Special mention — — — — 2,034 — — — 2,034 Total municipal and non-profit 4,593 144,702 141,468 245,572 81,323 411,316 33,607 — 1,062,581 Owner occupied commercial real estate: Pass 21,089 230,577 262,466 172,534 97,300 245,581 13,586 270 1,043,403 Special mention — 1,664 22,879 9,698 — 25,858 299 — 60,398 Substandard — — 515 2,378 — 2,587 — — 5,480 Doubtful — — 6 — — 502 — — 508 Total owner occupied commercial real estate 21,089 232,241 285,866 184,610 97,300 274,528 13,885 270 1,109,789 Food and agribusiness: Pass 2,518 11,712 72,805 12,532 9,174 43,007 133,071 477 285,296 Special mention — — — 4,482 — 3,683 — 450 8,615 Substandard — — — 586 — 178 1,587 — 2,351 Doubtful — — — — — — 3,288 — 3,288 Total food and agribusiness 2,518 11,712 72,805 17,600 9,174 46,868 137,946 927 299,550 Total commercial 125,669 743,915 909,268 749,916 287,222 877,023 675,042 13,725 4,381,780 Gross charge-offs: Commercial — — — — — 24 — — 24 Commercial real estate non-owner occupied: Construction: Pass 1,860 61,438 141,828 41,016 66,519 — 43,158 745 356,564 Total construction 1,860 61,438 141,828 41,016 66,519 — 43,158 745 356,564 Acquisition/development: Pass 85 10,100 38,832 20,641 2,532 9,299 3,438 4,319 89,246 Special mention — — 1,077 — — — — — 1,077 Total acquisition/development 85 10,100 39,909 20,641 2,532 9,299 3,438 4,319 90,323 Multifamily: Pass 9,033 16,455 117,430 104,263 16,872 70,794 832 — 335,679 Special mention — — 11,742 — — — — — 11,742 Total multifamily 9,033 16,455 129,172 104,263 16,872 70,794 832 — 347,421 Non-owner occupied Pass 4,031 109,914 274,414 161,436 90,611 353,135 5,988 299 999,828 Special mention — — 9,181 1,820 20,363 6,246 — — 37,610 Substandard — — — 5,207 — 20,013 — — 25,220 Doubtful — — — — — 3,233 — — 3,233 Total non-owner occupied 4,031 109,914 283,595 168,463 110,974 382,627 5,988 299 1,065,891 Total commercial real estate non-owner occupied 15,009 197,907 594,504 334,383 196,897 462,720 53,416 5,363 1,860,199 Residential real estate: Senior lien Pass 9,135 91,141 436,360 308,130 110,679 206,637 48,761 107 1,210,950 Special mention — — 745 — — 505 — — 1,250 Substandard — 1,537 1,582 986 415 2,863 — — 7,383 Doubtful — — 29 — 33 — — — 62 Total senior lien 9,135 92,678 438,716 309,116 111,127 210,005 48,761 107 1,219,645 Junior lien Pass 795 5,916 4,367 1,768 2,117 6,871 63,514 4,183 89,531 Special mention — — — — — 27 — — 27 Substandard — — 146 236 297 322 — — 1,001 Total junior lien 795 5,916 4,513 2,004 2,414 7,220 63,514 4,183 90,559 Total residential real estate 9,930 98,594 443,229 311,120 113,541 217,225 112,275 4,290 1,310,204 Consumer Pass 976 5,235 2,512 1,890 835 440 4,884 47 16,819 Substandard — — — — — 47 3 — 50 Total consumer 976 5,235 2,512 1,890 835 487 4,887 47 16,869 Gross charge-offs: Consumer 198 18 3 3 — 32 — — 254 Total loans $ 151,584 $ 1,045,651 $ 1,949,513 $ 1,397,309 $ 598,495 $ 1,557,455 $ 845,620 $ 23,425 $ 7,569,052 Gross charge-offs: Total loans 198 18 3 3 — 56 — — 278 December 31, 2023 Revolving Revolving loans loans Origination year amortized converted 2023 2022 2021 2020 2019 Prior cost basis to term Total Commercial: Commercial and industrial: Pass $ 348,103 $ 396,618 $ 271,201 $ 87,234 $ 41,261 $ 106,711 $ 563,924 $ 31,620 $ 1,846,672 Special mention 4,775 12,259 31,895 20,340 2,202 683 18,344 3,470 93,968 Substandard 13,729 4,555 4,248 1,314 179 347 910 — 25,282 Doubtful 600 — — 387 — — — — 987 Total commercial and industrial 367,207 413,432 307,344 109,275 43,642 107,741 583,178 35,090 1,966,909 Gross charge-offs: Commercial and industrial — 12 215 — 47 3 — — 277 Municipal and non-profit: Pass 139,591 140,626 246,088 82,590 53,460 389,867 31,534 — 1,083,756 Total municipal and non-profit 139,591 140,626 246,088 82,590 53,460 389,867 31,534 — 1,083,756 Owner occupied commercial real estate: Pass 236,897 275,644 181,472 97,523 86,761 163,997 18,281 — 1,060,575 Special mention 2,074 19,191 7,808 — 2,650 27,653 — — 59,376 Substandard — 515 1,732 — 687 234 — — 3,168 Doubtful — 6 — — — 648 — — 654 Total owner occupied commercial real estate 238,971 295,356 191,012 97,523 90,098 192,532 18,281 — 1,123,773 Food and agribusiness: Pass 16,917 69,212 14,159 15,379 10,417 34,592 149,125 51 309,852 Special mention — — 4,646 — — 3,724 450 — 8,820 Substandard — — 586 — — 180 1,786 — 2,552 Doubtful — — — — — — 3,373 — 3,373 Total food and agribusiness 16,917 69,212 19,391 15,379 10,417 38,496 154,734 51 324,597 Total commercial 762,686 918,626 763,835 304,767 197,617 728,636 787,727 35,141 4,499,035 Gross charge-offs: Commercial — 12 215 — 47 3 — — 277 Commercial real estate non-owner occupied: Construction: Pass 43,385 190,826 59,477 63,486 1,006 — 47,070 — 405,250 Total construction 43,385 190,826 59,477 63,486 1,006 — 47,070 — 405,250 Acquisition/development: Pass 13,228 39,000 21,011 5,992 597 8,814 7,416 2,961 99,019 Special mention — 1,077 — — — — — — 1,077 Total acquisition/development 13,228 40,077 21,011 5,992 597 8,814 7,416 2,961 100,096 Multifamily: Pass 16,450 113,936 92,574 16,938 39,371 31,671 830 — 311,770 Total multifamily 16,450 113,936 92,574 16,938 39,371 31,671 830 — 311,770 Non-owner occupied Pass 116,168 241,563 172,042 91,188 124,291 236,694 6,694 — 988,640 Special mention — — — 21,268 3,876 2,489 — — 27,633 Substandard — — — — — 19,848 — — 19,848 Doubtful — — — 280 — 3,233 — — 3,513 Total non-owner occupied 116,168 241,563 172,042 112,736 128,167 262,264 6,694 — 1,039,634 Total commercial real estate non-owner occupied 189,231 586,402 345,104 199,152 169,141 302,749 62,010 2,961 1,856,750 Residential real estate: Senior lien Pass 87,608 434,963 316,080 112,582 42,752 183,890 48,462 94 1,226,431 Special mention — — — — — 515 — — 515 Substandard 1,555 1,119 740 415 620 2,167 — — 6,616 Doubtful — — — — — 37 — — 37 Total senior lien 89,163 436,082 316,820 112,997 43,372 186,609 48,462 94 1,233,599 Gross charge-offs: Senior lien — — — — — 48 — — 48 Junior lien Pass 4,920 4,464 1,712 2,947 2,270 4,729 66,441 684 88,167 Special mention — — — — — 27 249 — 276 Substandard 263 149 236 758 — 339 — — 1,745 Total junior lien 5,183 4,613 1,948 3,705 2,270 5,095 66,690 684 90,188 Total residential real estate 94,346 440,695 318,768 116,702 45,642 191,704 115,152 778 1,323,787 Gross charge-offs: Residential real estate — — — — — 48 — — 48 Consumer Pass 5,945 3,330 2,233 997 244 410 5,947 27 19,133 Substandard — — — — — 50 3 — 53 Total consumer 5,945 3,330 2,233 997 244 460 5,950 27 19,186 Gross charge-offs: Consumer 1,225 13 1 2 1 8 — — 1,250 Total loans $ 1,052,208 $ 1,949,053 $ 1,429,940 $ 621,618 $ 412,644 $ 1,223,549 $ 970,839 $ 38,907 $ 7,698,758 Gross charge-offs: Total loans 1,225 25 216 2 48 59 — — 1,575 |
Schedule of collateral dependent loans | March 31, 2024 Total amortized Real property Business assets cost basis Commercial Commercial and industrial $ 2,905 $ 5,882 $ 8,787 Owner-occupied commercial real estate 1,872 — 1,872 Food and agribusiness 586 4,875 5,461 Total Commercial 5,363 10,757 16,120 Commercial real estate non owner-occupied Non-owner occupied 18,770 — 18,770 Total commercial real estate non owner-occupied 18,770 — 18,770 Residential real estate Senior lien 3,565 — 3,565 Junior lien 421 108 529 Total residential real estate 3,986 108 4,094 Total loans $ 28,119 $ 10,865 $ 38,984 December 31, 2023 Total amortized Real property Business assets cost basis Commercial Commercial and industrial $ 1,946 $ 220 $ 2,166 Owner-occupied commercial real estate 1,883 — 1,883 Food and agribusiness 586 5,159 5,745 Total Commercial 4,415 5,379 9,794 Commercial real estate non owner-occupied Non-owner occupied 19,993 — 19,993 Total commercial real estate non owner-occupied 19,993 — 19,993 Residential real estate Senior lien 2,661 — 2,661 Total residential real estate 2,661 — 2,661 Total loans $ 27,069 $ 5,379 $ 32,448 |
Schedule of Modified Loans to Borrowers Experiencing Financial Difficulty | March 31, 2024 Combination - interest rate Combination - term extension Term extension Payment delay reduction and term extension and payment delay Amortized % of loan Amortized % of loan Amortized % of loan Amortized % of loan cost basis class cost basis class cost basis class cost basis class Commercial: Commercial and industrial $ — 0.0% $ 8,561 0.4% $ — 0.0% $ — 0.0% Owner occupied commercial real estate — 0.0% 1,664 0.1% — 0.0% — 0.0% Total commercial — 0.0% 10,225 0.2% — 0.0% — 0.0% Commercial real estate non-owner occupied: Non-owner occupied 18,770 1.8% — 0.0% — 0.0% — 0.0% Total commercial real estate non-owner occupied 18,770 1.0% — 0.0% — 0.0% — 0.0% Residential real estate: Senior lien — 0.0% 869 0.1% 651 0.1% 382 0.0% Total residential real estate — 0.0% 869 0.1% 651 0.0% 382 0.0% Total loans $ 18,770 0.2% $ 11,094 0.1% $ 651 0.0% $ 382 0.0% March 31, 2023 Term extension Payment delay Amortized % of loan Amortized % of loan cost basis class cost basis class Commercial: Commercial and industrial $ — 0.0% $ 154 0.0% Owner occupied commercial real estate — 0.0% 116 0.0% Total commercial — 0.0% 270 0.0% Residential real estate: Senior lien 4,000 0.3% — 0.0% Total residential real estate 4,000 0.3% — 0.0% Total loans $ 4,000 0.1% $ 270 0.0% |
Schedule of Payment Status of Financing Receivable Modified Past 12 Months | March 31, 2024 Current Non-accrual Commercial: Commercial and industrial $ 3,129 $ 5,354 Owner occupied commercial real estate 1,664 — Total commercial 4,793 5,354 Commercial real estate non-owner occupied: Non-owner occupied 5,298 13,472 Total commercial real estate non-owner occupied 5,298 13,472 Residential real estate: Senior lien 651 1,251 Total loans $ 10,742 $ 20,077 March 31, 2023 Current Non-accrual Commercial: Commercial and industrial $ 154 $ — Owner occupied commercial real estate — 116 Total commercial 154 116 Residential real estate: Senior lien 4,000 — Total residential real estate 4,000 — Total loans $ 4,154 $ 116 |
Schedule of Financial Effect of Loan Restructuring Modifications | March 31, 2024 Financial effect Term extension Payment delay Combination - Interest Rate Reduction and Term Extension Combination - Term Extension and Payment Delay Commercial: Commercial and industrial Delayed payments for a weighted average of 0.5 years Owner occupied commercial real estate Delayed payments for a weighted average of 0.5 years Commercial real estate non-owner occupied: Non-owner occupied Extended a weighted average of 0.3 years to the life of loans, which reduced monthly payment amounts Residential real estate: Senior lien Delayed payments for a weighted average of 0.3 years Reduced weighted average contractual interest rate by 2.5% and renewed with a weighted average life of 30 years , which reduced monthly payment amounts Added weighted average of 0.7 years to the life of loans, which reduced monthly payment amounts and delayed payments for a weighted average of 0.7 years March 31, 2023 Financial effect Term extension Payment delay Commercial: Commercial and industrial Delayed payments for a weighted average of 0.2 years Owner occupied commercial real estate Delayed payments for a weighted average of 0.5 years Residential real estate: Senior lien Extended a weighted average 0.5 years to the life of loans, which reduced monthly payment amounts |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 Non-owner occupied commercial Residential Commercial real estate real estate Consumer Total Beginning balance $ 45,304 $ 32,665 $ 19,550 $ 428 $ 97,947 Charge-offs (24) — — (254) (278) Recoveries 116 — 6 66 188 Provision expense (release) for credit losses 919 (1,827) 544 114 (250) Ending balance $ 46,315 $ 30,838 $ 20,100 $ 354 $ 97,607 Three months ended March 31, 2023 Non-owner occupied commercial Residential Commercial real estate real estate Consumer Total Beginning balance $ 37,608 $ 32,050 $ 19,306 $ 589 $ 89,553 Charge-offs — — — (325) (325) Recoveries 41 1 7 16 65 Provision (release) expense for credit losses (254) 839 261 204 1,050 Ending balance $ 37,395 $ 32,890 $ 19,574 $ 484 $ 90,343 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Other Real Estate Owned | |
Summary of Activity in OREO Balances | A summary of the activity in other real estate owned (“OREO”) during the three months ended March 31, 2024 and 2023 is as follows: For the three months ended March 31, 2024 2023 Beginning balance $ 4,088 $ 3,731 Impairments — (13) Sales (24) (260) Ending balance $ 4,064 $ 3,458 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Summary of gross carrying amount of intangible assets and the associated accumulated amortization | The gross carrying amount of other intangible assets and the associated accumulated amortization at March 31, 2024 and December 31, 2023, are presented as follows: March 31, 2024 December 31, 2023 Gross Net Gross Net carrying Accumulated carrying carrying Accumulated carrying amount amortization amount amount amortization amount Core deposit intangible $ 91,566 $ (51,425) $ 40,141 $ 91,566 $ (50,095) $ 41,471 Customer relationship intangible 17,000 (2,430) 14,570 17,000 (1,867) 15,133 Internally developed technology 2,300 (345) 1,955 2,300 (230) 2,070 Total $ 110,866 $ (54,200) $ 56,666 $ 110,866 $ (52,192) $ 58,674 |
Summary of changes in the mortgage servicing rights | Below are the changes in the MSRs for the periods presented: For the three months ended March 31, 2024 2023 Beginning balance $ 4,911 $ 9,162 Originations 115 274 Amortization (114) (119) Ending balance 4,912 9,317 Fair value of mortgage servicing rights $ 7,523 $ 13,321 |
Schedule of changes in the SBA servicing assets | For the three months ended March 31, 2024 2023 Beginning balance $ 2,440 $ 2,666 Originations 266 129 Disposals (102) (210) Recovery 104 54 Amortization (74) (35) Ending balance 2,634 2,604 Fair value of SBA servicing asset $ 2,634 $ 2,604 |
Other intangible assets | |
Summary of estimated future amortization expense for the next five years | The following table shows the estimated future amortization expense during the next five years for other intangible assets as of March 31, 2024: Years ending December 31, Amount For the nine months ending December 31, 2024 $ 5,901 For the year ending December 31, 2025 7,786 For the year ending December 31, 2026 7,664 For the year ending December 31, 2027 7,542 For the year ending December 31, 2028 6,142 |
MSRs | |
Summary of estimated future amortization expense for the next five years | The following table shows the estimated future amortization expense during the next five years for the MSRs as of March 31, 2024: Years ending December 31, Amount For the nine months ending December 31, 2024 $ 411 For the year ending December 31, 2025 502 For the year ending December 31, 2026 446 For the year ending December 31, 2027 396 For the year ending December 31, 2028 352 |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Regulatory Capital | |
Capital Ratio Requirements under Prompt Corrective Action or Other Regulatory Requirements | March 31, 2024 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 10.0% $ 963,724 N/A N/A 4.0% $ 385,713 NBH Bank 9.0% 863,422 5.0% $ 480,318 4.0% 384,254 Bank of Jackson Hole Trust 30.4% 11,817 5.0% 1,946 4.0% 1,557 Common equity tier 1 risk based capital: Consolidated 12.4% $ 963,724 N/A N/A 7.0% $ 546,078 NBH Bank 11.1% 863,422 6.5% $ 504,635 7.0% 543,453 Bank of Jackson Hole Trust 71.2% 11,817 6.5% 1,079 7.0% 1,162 Tier 1 risk based capital ratio: Consolidated 12.4% $ 963,724 N/A N/A 8.5% $ 663,095 NBH Bank 11.1% 863,422 8.0% $ 621,089 8.5% 659,907 Bank of Jackson Hole Trust 71.2% 11,817 8.0% 1,328 8.5% 1,411 Total risk based capital ratio: Consolidated 14.3% $ 1,115,783 N/A N/A 10.5% $ 819,117 NBH Bank 12.4% 960,480 10.0% $ 776,361 10.5% 815,179 Bank of Jackson Hole Trust 71.2% 11,819 10.0% 1,660 10.5% 1,743 December 31, 2023 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 9.7% $ 941,369 N/A N/A 4.0% $ 386,775 NBH Bank 8.9% 856,243 5.0% $ 481,685 4.0% 385,348 Bank of Jackson Hole Trust 30.0% 11,609 5.0% 1,936 4.0% 1,549 Common equity tier 1 risk based capital: Consolidated 11.9% $ 941,369 N/A N/A 7.0% $ 554,325 NBH Bank 10.9% 856,243 6.5% $ 512,408 7.0% 551,824 Bank of Jackson Hole Trust 71.2% 11,609 6.5% 1,059 7.0% 1,141 Tier 1 risk based capital ratio: Consolidated 11.9% $ 941,369 N/A N/A 8.5% $ 673,109 NBH Bank 10.9% 856,243 8.0% $ 630,656 8.5% 670,072 Bank of Jackson Hole Trust 71.2% 11,609 8.0% 1,304 8.5% 1,385 Total risk based capital ratio: Consolidated 13.8% $ 1,092,800 N/A N/A 10.5% $ 831,487 NBH Bank 12.1% 952,674 10.0% $ 788,319 10.5% 827,735 Bank of Jackson Hole Trust 71.2% 11,609 10.0% 1,629 10.5% 1,711 (1) Includes the capital conservation buffer of 2.5%. |
Revenue from Contracts with C_2
Revenue from Contracts with Clients (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 months ended March 31, 2024 and 2023. For the three months ended March 31, 2024 2023 Non-interest income In-scope of Topic 606: Service charges and other account-related fees $ 5,283 $ 4,927 Bank card fees 4,578 4,637 Other non-interest income 1,147 508 Non-interest income (in-scope of Topic 606) 11,008 10,072 Non-interest income (out-of-scope of Topic 606) 6,686 4,593 Total non-interest income $ 17,694 $ 14,665 Non-interest expense In-scope of Topic 606: Other non-interest expense $ (2) $ (11) Total revenue in-scope of Topic 606 $ 11,006 $ 10,061 |
Stock-based Compensation and _2
Stock-based Compensation and Benefits (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Stock-based Compensation and Benefits | |
Summary of Option Activity | The Company issued stock options in accordance with the 2023 Plan. The following table summarizes stock option activity for the three months ended March 31, 2024: Weighted average Weighted remaining average contractual Aggregate exercise term in intrinsic Options price years value Outstanding at December 31, 2023 755,546 $ 30.95 5.79 $ 5,270 Granted — — Exercised (2,000) 18.92 Forfeited (4,423) 38.01 Outstanding at March 31, 2024 749,123 30.94 5.52 4,557 Options exercisable at March 31, 2024 570,571 29.15 4.60 4,290 Options vested and expected to vest 737,479 30.86 5.47 4,534 |
Summary of Restricted Stock Activity | The following table summarizes restricted stock and performance stock unit activity during the three months ended March 31, 2024: Weighted Weighted Restricted average grant- Performance average grant- stock shares date fair value stock units date fair value Unvested at December 31, 2023 240,584 $ 34.47 171,782 $ 34.56 Granted — — — — Adjustment due to performance — — (5,707) 33.11 Vested — — (15,433) 33.11 Forfeited (2,922) 36.85 (2,104) 33.45 Unvested at March 31, 2024 237,662 $ 34.44 148,538 $ 34.79 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share | |
Schedule of Computation of Basic and Diluted Earnings Per Share | The following table illustrates the computation of basic and diluted earnings per share for the three months ended March 31, 2024 and 2023: For the three months ended March 31, 2024 March 31, 2023 Net income $ 31,391 $ 40,283 Less: income allocated to participating securities (64) (42) Income allocated to common shareholders $ 31,327 $ 40,241 Weighted average shares outstanding for basic earnings per common share 38,031,358 37,785,488 Dilutive effect of equity awards 157,122 289,485 Weighted average shares outstanding for diluted earnings per common share 38,188,480 38,074,973 Basic earnings per share $ 0.82 $ 1.06 Diluted earnings per share 0.82 1.06 |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivatives | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | Asset derivatives fair value Liability derivatives fair value Balance Sheet March 31, December 31, Balance Sheet March 31, December 31, location 2024 2023 Location 2024 2023 Derivatives designated as hedging instruments: Interest rate products Other assets $ 32,559 $ 28,928 Other liabilities $ 2,984 $ 3,400 Total derivatives designated as hedging instruments $ 32,559 $ 28,928 $ 2,984 $ 3,400 Derivatives not designated as hedging instruments: Interest rate products Other assets $ 9,477 $ 8,480 Other liabilities $ 9,714 $ 8,484 Interest rate lock commitments Other assets 525 287 Other liabilities — 5 Forward contracts Other assets 2 — Other liabilities 68 110 Total derivatives not designated as hedging instruments $ 10,004 $ 8,767 $ 9,782 $ 8,599 |
Derivative Instruments, Gain (Loss) | Location of gain (loss) Amount of gain (loss) recognized in income on derivatives Derivatives in fair value recognized in income on For the three months ended March 31, hedging relationships derivatives 2024 2023 Interest rate products Interest and fees on loans $ 8,580 $ (5,491) Location of gain (loss) Amount of (loss) gain recognized in income on hedged items recognized in income on For the three months ended March 31, Hedged items hedged items 2024 2023 Interest rate products Interest and fees on loans $ (6,548) $ 7,310 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 March 31, as hedging instruments derivatives 2024 2023 Interest rate products Other non-interest expense $ (232) $ (6) Interest rate lock commitments Mortgage banking income 332 640 Forward contracts Mortgage banking income 44 (344) Total $ 144 $ 290 |
Summary of effect of fair value cash flow hedge accounting on accumulated other comprehensive income | The table below presents the effect of cash flow hedge accounting on AOCI as of the dates presented. For the three months ended March 31, 2024 Loss recognized in OCI on derivatives Loss recognized in OCI included component Loss recognized in OCI excluded component Location of loss recognized from AOCI into income Loss reclassified from AOCI into income Loss reclassified from AOCI into income included component Loss reclassified from AOCI into income excluded component Derivatives in cash flow hedging relationships: Interest rate products $ (1,427,601) $ (1,002,237) $ (425,364) Interest income $ (512,826) $ (395,034) $ (117,792) For the three months ended March 31, 2023 Gain recognized in OCI on derivatives Gain recognized in OCI included component Gain recognized in OCI excluded component Location of loss recognized from AOCI into income Loss reclassified from AOCI into income Loss reclassified from AOCI into income included component Loss reclassified from AOCI into income excluded component Derivatives in cash flow hedging relationships: Interest rate products $ 616 $ 399 $ 217 Interest income $ (262) $ (162) $ (100) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies | |
Schedule of Total Unfunded Commitments | March 31, 2024 December 31, 2023 Commitments to fund loans $ 706,637 $ 724,928 Credit card lines of credit 4,467 6,278 Unfunded commitments under lines of credit 840,932 890,530 Commercial and standby letters of credit 11,681 13,029 Total unfunded commitments $ 1,563,717 $ 1,634,765 |
Schedule of Repurchase Reserve | The following table summarizes mortgage repurchase reserve activity for the periods presented: For the three months ended March 31, 2024 2023 Beginning balance $ 1,198 $ 1,725 Provision released from operating expense, net — (34) Charge-offs (26) (46) Ending balance $ 1,172 $ 1,645 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Measurements | |
Tables of Financial Instruments Measured At Fair Value on Recurring Basis | March 31, 2024 Level 1 Level 2 Level 3 Total Assets: Investment securities available-for-sale: U.S. Treasuries $ 72,651 $ — $ — $ 72,651 Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises — 193,576 — 193,576 Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises — 416,680 — 416,680 Municipal securities — 79 — 79 Corporate debt — 1,870 — 1,870 Loans held for sale — 14,065 — 14,065 Interest rate swap derivatives — 42,036 — 42,036 Mortgage banking derivatives — — 527 527 Total assets at fair value $ 72,651 $ 668,306 $ 527 $ 741,484 Liabilities: Interest rate swap derivatives $ — $ 12,698 $ — $ 12,698 Mortgage banking derivatives — — 68 68 Total liabilities at fair value $ — $ 12,698 $ 68 $ 12,766 December 31, 2023 Level 1 Level 2 Level 3 Total Assets: Investment securities available-for-sale: U.S. Treasuries $ 73,044 $ — $ — $ 73,044 Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises — 201,809 — 201,809 Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises — 351,242 — 351,242 Municipal securities — 79 — 79 Corporate debt — 1,843 — 1,843 Loans held for sale — 18,854 — 18,854 Interest rate swap derivatives — 37,408 — 37,408 Mortgage banking derivatives — — 287 287 Total assets at fair value $ 73,044 $ 611,235 $ 287 $ 684,566 Liabilities: Interest rate swap derivatives $ — $ 15,284 $ — $ 15,284 Mortgage banking derivatives — — 115 115 Total liabilities at fair value $ — $ 15,284 $ 115 $ 15,399 |
Table of Changes in Level 3 Financial Instruments | Mortgage banking derivatives, net Balance at December 31, 2023 $ 172 Gain included in earnings, net 376 Fees and costs included in earnings, net (89) Balance at March 31, 2024 $ 459 |
Table of Assets Recorded at Fair Value On a Non-Recurring Basis | March 31, 2024 Total Losses from fair value changes Individually evaluated loans $ 47,470 $ 278 March 31, 2023 Total Losses from fair value changes Individually evaluated loans $ 19,577 $ 325 Other real estate owned 3,458 13 Total $ 23,035 $ 338 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Measurements | |
Fair Value of Financial Instruments | Level in fair value March 31, 2024 December 31, 2023 measurement Carrying Estimated Carrying Estimated hierarchy amount fair value amount fair value ASSETS Cash and cash equivalents Level 1 $ 292,931 $ 292,931 $ 190,826 $ 190,826 U.S. Treasury securities - AFS Level 1 72,651 72,651 73,044 73,044 U.S. Treasury securities - HTM Level 1 49,412 48,189 49,338 48,334 Mortgage-backed securities—residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises available-for-sale Level 2 193,576 193,576 201,809 201,809 Mortgage-backed securities—other residential mortgage-backed securities issued or guaranteed by U.S. Government agencies or sponsored enterprises available-for-sale Level 2 416,680 416,680 351,242 351,242 Municipal securities available-for-sale Level 2 79 79 79 79 Corporate debt available-for-sale Level 2 1,870 1,870 1,843 1,843 Other available-for-sale securities Level 3 810 810 812 812 Mortgage-backed securities—residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises held-to-maturity Level 2 290,450 253,914 299,337 265,011 Mortgage-backed securities—other residential mortgage-backed securities issued or guaranteed by U.S. Government agencies or sponsored enterprises held-to-maturity Level 2 230,988 183,673 236,377 190,983 FHLB and FRB stock Level 2 24,841 24,841 40,890 40,890 Loans receivable Level 3 7,569,052 7,355,053 7,698,758 7,411,687 Loans held for sale Level 2 14,065 14,065 18,854 18,854 Accrued interest receivable Level 2 49,585 49,585 44,944 44,944 Interest rate swap derivatives Level 2 42,036 42,036 37,408 37,408 Mortgage banking derivatives Level 3 527 527 287 287 LIABILITIES Deposit transaction accounts Level 2 7,521,786 7,521,786 7,208,421 7,208,421 Time deposits Level 2 995,976 992,649 981,970 972,793 Securities sold under agreements to repurchase Level 2 19,577 19,577 19,627 19,627 Long-term debt Level 2 55,000 45,127 55,000 43,760 Federal Home Loan Bank advances Level 2 — — 340,000 340,000 Accrued interest payable Level 2 14,769 14,769 12,239 12,239 Interest rate swap derivatives Level 2 12,698 12,698 11,884 11,884 Mortgage banking derivatives Level 3 68 68 115 115 |
Acquisition Activities (Tables)
Acquisition Activities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Cambr | |
Acquisition Activities | |
Net Assets acquired (at fair value) and consideration transferred | April 3, 2023 Assets: Cash and due from banks $ 1,224 Other intangibles 18,000 Other assets 6,729 Total assets acquired 25,953 Liabilities: Other liabilities $ 6,340 Total liabilities assumed 6,340 Identifiable net assets acquired $ 19,613 Consideration: Cash $ 46,524 Total 46,524 Goodwill $ 26,911 |
Basis of Presentation (Details)
Basis of Presentation (Details) | 3 Months Ended |
Mar. 31, 2024 item | |
Basis of Presentation | |
Number of full service banking offices | 90 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 USD ($) security | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) security | |
Investment securities total | $ 1,300,000 | $ 1,200,000 | |
Securities with no stated contractual date, fair value | 74,600 | ||
Amortized cost | 788,730 | 727,819 | |
Available-for-sale Securities | 685,666 | 628,829 | |
Held-to-maturity securities | 570,850 | $ 585,052 | |
Purchases of available-for-sale securities | 106,554 | $ 0 | |
Maturities and paydowns of available-for-sale securities | 45,662 | 22,502 | |
Sales of available-for-sale securities | $ 0 | 0 | |
Number of securities | security | 231 | 230 | |
Purchases of held-to-maturity securities | $ 0 | 2,451 | |
Maturities and paydowns of held-to-maturity securities | $ 14,367 | $ 16,201 | |
Number of held-to-maturity securities in unrealized loss positions | security | 155 | 123 | |
Held-to-maturity investment securities pledged as collateral | $ 543,200 | $ 559,300 | |
Held-to-maturity investment securities held as collateral | $ 0 | $ 0 | |
Type of held-to-maturity investment securities collateral | Asset Pledged as Collateral | Asset Pledged as Collateral | |
Accrued interest receivable from available-for-sale investment securities | $ 1,600 | $ 1,300 | |
Accrued interest receivable from held-to-maturity investment securities | 1,300 | 1,000 | |
Asset Pledged as Collateral | Federal Funds Purchased [Member] | |||
Available-for-sale Securities | $ 301,200 | $ 312,400 | |
Financing Receivable, Pledging Purpose [Extensible Enumeration] | Noninterest-bearing Deposit Liabilities | Noninterest-bearing Deposit Liabilities | |
Other Securities Investments With No Contractual Maturity | |||
Securities with no stated contractual date, amortized cost | $ 800 | ||
Securities with no stated contractual date, fair value | $ 800 |
Investment Securities - Summary
Investment Securities - Summary of Available-for-Sale Investment Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 788,730 | $ 727,819 |
Gross unrealized gains | 78 | 57 |
Gross unrealized losses | (103,142) | (99,047) |
Fair Value | 685,666 | 628,829 |
U.S. Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 74,125 | 74,508 |
Gross unrealized gains | 5 | |
Gross unrealized losses | (1,479) | (1,464) |
Fair Value | 72,651 | 73,044 |
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 | 226,494 | 233,264 |
Gross unrealized gains | 56 | 57 |
Gross unrealized losses | (32,974) | (31,512) |
Fair Value | 193,576 | 201,809 |
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 | 485,221 | 417,155 |
Gross unrealized gains | 17 | |
Gross unrealized losses | (68,558) | (65,913) |
Fair Value | 416,680 | 351,242 |
Municipal Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 80 | 80 |
Gross unrealized losses | (1) | (1) |
Fair Value | 79 | 79 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 2,000 | 2,000 |
Gross unrealized losses | (130) | (157) |
Fair Value | 1,870 | 1,843 |
Other Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 810 | 812 |
Fair Value | $ 810 | $ 812 |
Investment Securities - Summa_2
Investment Securities - Summary of Unrealized Losses (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | $ 38,658 | $ 147 |
Less than 12 months, Unrealized losses | (313) | (1) |
12 months or more, Fair Value | 576,323 | 625,070 |
12 months or more, Unrealized Loss | (102,829) | (99,046) |
Total, Fair Value | 614,981 | 625,217 |
Total, Unrealized losses | (103,142) | (99,047) |
U.S. Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
12 months or more, Fair Value | 48,133 | 73,044 |
12 months or more, Unrealized Loss | (1,479) | (1,464) |
Total, Fair Value | 48,133 | 73,044 |
Total, Unrealized losses | (1,479) | (1,464) |
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 | 9 | |
12 months or more, Fair Value | 190,255 | 199,000 |
12 months or more, Unrealized Loss | (32,974) | (31,512) |
Total, Fair Value | 190,255 | 199,009 |
Total, Unrealized losses | (32,974) | (31,512) |
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 | 38,658 | 138 |
Less than 12 months, Unrealized losses | (313) | (1) |
12 months or more, Fair Value | 335,986 | 351,104 |
12 months or more, Unrealized Loss | (68,245) | (65,912) |
Total, Fair Value | 374,644 | 351,242 |
Total, Unrealized losses | (68,558) | (65,913) |
Municipal Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
12 months or more, Fair Value | 79 | 79 |
12 months or more, Unrealized Loss | (1) | (1) |
Total, Fair Value | 79 | 79 |
Total, Unrealized losses | (1) | (1) |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
12 months or more, Fair Value | 1,870 | 1,843 |
12 months or more, Unrealized Loss | (130) | (157) |
Total, Fair Value | 1,870 | 1,843 |
Total, Unrealized losses | $ (130) | $ (157) |
Investment Securities - Summa_3
Investment Securities - Summary of Available-for-sale Securities By Maturity (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Amortized Cost | |
Within one year | $ 49,323 |
Total securities at amortized cost | 76,205 |
Fair Value | |
Within one year | 48,752 |
Total securities at fair value | $ 74,600 |
Weighted Average Yield | |
Within one year | 3.93% |
U.S. Treasury Securities [Member] | |
Amortized Cost | |
After one but within five years | $ 24,802 |
Total securities at amortized cost | 74,125 |
Fair Value | |
After one but within five years | 23,899 |
Total securities at fair value | $ 72,651 |
Weighted Average Yield | |
After one but within five years | 2.77% |
Total securities at weighted average yield | 3.55% |
Municipal Securities [Member] | |
Amortized Cost | |
Within one year | $ 80 |
Fair Value | |
Within one year | $ 79 |
Weighted Average Yield | |
Within one year | 3.17% |
Corporate Debt Securities [Member] | |
Amortized Cost | |
After five but within ten years | $ 2,000 |
Fair Value | |
After five but within ten years | $ 1,870 |
Weighted Average Yield | |
After five but within ten years | 5.87% |
Investment Securities - Summa_4
Investment Securities - Summary of Credit Quality Indicators of Available-for-Sale Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities available-for-sale (at fair value) | $ 685,666 | $ 628,829 |
AAA | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities available-for-sale (at fair value) | 682,907 | 626,095 |
Not Rated | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities available-for-sale (at fair value) | 2,759 | 2,734 |
U.S. Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities available-for-sale (at fair value) | 72,651 | 73,044 |
U.S. Treasury Securities [Member] | AAA | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities available-for-sale (at fair value) | 72,651 | 73,044 |
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] | ||
Investment securities available-for-sale (at fair value) | 193,576 | 201,809 |
Residential Mortgage Pass-Through Securities Issued or Guaranteed by U.S. Government Agencies or Sponsored Enterprises [Member]. | AAA | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities available-for-sale (at fair value) | 193,576 | 201,809 |
Other Residential MBS Issued or Guaranteed by U.S. Government Agencies or Sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities available-for-sale (at fair value) | 416,680 | 351,242 |
Other Residential MBS Issued or Guaranteed by U.S. Government Agencies or Sponsored Enterprises [Member] | AAA | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities available-for-sale (at fair value) | 416,680 | 351,242 |
Municipal Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities available-for-sale (at fair value) | 79 | 79 |
Municipal Securities [Member] | Not Rated | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities available-for-sale (at fair value) | 79 | 79 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities available-for-sale (at fair value) | 1,870 | 1,843 |
Corporate Debt Securities [Member] | Not Rated | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities available-for-sale (at fair value) | 1,870 | 1,843 |
Other Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities available-for-sale (at fair value) | 810 | 812 |
Other Securities [Member] | Not Rated | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities available-for-sale (at fair value) | $ 810 | $ 812 |
Investment Securities - Summa_5
Investment Securities - Summary of Held-to-maturity Investment Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities | $ 570,850 | $ 585,052 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 42 | 228 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | (85,116) | (80,952) |
Fair value | 485,776 | 504,328 |
U.S. Treasury Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities | 49,412 | 49,338 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | (1,223) | (1,004) |
Fair value | 48,189 | 48,334 |
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 | 290,450 | 299,337 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 42 | 226 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | (36,578) | (34,552) |
Fair value | 253,914 | 265,011 |
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 | 230,988 | 236,377 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 2 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | (47,315) | (45,396) |
Fair value | $ 183,673 | $ 190,983 |
Investment Securities - Summa_6
Investment Securities - Summary of Held-to-Maturity Securities, Unrealized Losses (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair Value, Less than 12 months | $ 42,279 | $ 16,978 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (436) | (109) |
Fair Value, 12 months or more | 439,590 | 452,822 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (84,680) | (80,843) |
Total Fair Value | 481,869 | 469,800 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | (85,116) | (80,952) |
U.S. Treasury Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair Value, 12 months or more | 48,189 | 48,334 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1,223) | (1,004) |
Total Fair Value | 48,189 | 48,334 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | (1,223) | (1,004) |
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 | 39,333 | 14,689 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (383) | (72) |
Fair Value, 12 months or more | 210,673 | 217,467 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (36,195) | (34,480) |
Total Fair Value | 250,006 | 232,156 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | (36,578) | (34,552) |
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 | 2,946 | 2,289 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (53) | (37) |
Fair Value, 12 months or more | 180,728 | 187,021 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (47,262) | (45,359) |
Total Fair Value | 183,674 | 189,310 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (47,315) | $ (45,396) |
Investment Securities - Summa_7
Investment Securities - Summary of Held-to-Maturity Securities By Maturity (Details) - U.S. Treasury Securities [Member] $ in Thousands | Mar. 31, 2024 USD ($) |
Amortized Cost | |
After one but within five years | $ 49,412 |
Fair Value | |
After one but within five years | $ 48,189 |
Weighted Average Yield | |
After one but within five years | 3.14% |
Investment Securities - Summa_8
Investment Securities - Summary of Credit Quality Indicators of Held-to-maturity Investment Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | $ 570,850 | $ 585,052 |
AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 570,850 | 585,052 |
U.S. Treasury Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 49,412 | 49,338 |
U.S. Treasury Securities [Member] | AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 49,412 | 49,338 |
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 | 290,450 | 299,337 |
Residential Mortgage Pass-Through Securities Issued or Guaranteed by U.S. Government Agencies or Sponsored Enterprises [Member]. | AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 290,450 | 299,337 |
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 | 230,988 | 236,377 |
Other Residential MBS Issued or Guaranteed by U.S. Government Agencies or Sponsored Enterprises [Member] | AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | $ 230,988 | $ 236,377 |
Non-marketable Securities - Car
Non-marketable Securities - Carrying Balance (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Non-marketable Securities | ||
Federal Reserve Bank stock | $ 24,062 | $ 24,062 |
Federal Home Loan Bank stock | 779 | 16,828 |
Convertible preferred stock | 24,415 | 25,000 |
Equity method investments | 24,183 | 24,587 |
Total | $ 73,439 | $ 90,477 |
Non-Marketable Securities - Nar
Non-Marketable Securities - Narrative (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Non-marketable Securities | |||
Purchase of non-marketable securities | $ 10,300,000 | $ 35,900,000 | |
Proceeds from non-marketable securities | 27,114,000 | 4,662,000 | |
Alternative investments measured using the equity method | 0 | $ 0 | |
Impairments on equity securities | 0 | 0 | |
Unrealized gains (losses) | $ 49,700 | $ 200,000 |
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 | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Loans [Line Items] | ||
Fees and cost related to loans | $ 33,300 | $ 33,600 |
Total Loans | $ 7,569,052 | $ 7,698,758 |
% of Total | 100% | 100% |
Commercial Portfolio Segment [Member] | ||
Loans [Line Items] | ||
Total Loans | $ 4,381,780 | $ 4,499,035 |
% of Total | 57.90% | 58.40% |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans [Line Items] | ||
Total Loans | $ 1,860,199 | $ 1,856,750 |
% of Total | 24.60% | 24.10% |
Residential Portfolio Segment [Member] | ||
Loans [Line Items] | ||
Total Loans | $ 1,310,204 | $ 1,323,787 |
% of Total | 17.30% | 17.20% |
Consumer Loan [Member] | ||
Loans [Line Items] | ||
Total Loans | $ 16,869 | $ 19,186 |
% of Total | 0.20% | 0.30% |
Loans - Loan Delinquency (Detai
Loans - Loan Delinquency (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Loans [Line Items] | |||
Non- accrual loans | $ 35,817 | $ 28,228 | |
Total past due and non-accrual | 39,313 | 41,051 | |
Total loans | 7,569,052 | 7,698,758 | |
Non-accrual loans with a related allowance | 31,962 | 25,431 | |
Non-accrual loans with no related allowance | 3,855 | 2,797 | |
Non-accrual interest income | 0 | $ 0 | |
Commercial Portfolio Segment [Member] | |||
Loans [Line Items] | |||
Non- accrual loans | 15,045 | 8,767 | |
Total past due and non-accrual | 15,593 | 17,958 | |
Total loans | 4,381,780 | 4,499,035 | |
Non-accrual loans with a related allowance | 14,398 | 8,181 | |
Non-accrual loans with no related allowance | 647 | 586 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Loans [Line Items] | |||
Non- accrual loans | 8,817 | 2,250 | |
Total past due and non-accrual | 9,316 | 11,429 | |
Total loans | 1,909,860 | 1,966,909 | |
Non-accrual loans with a related allowance | 8,756 | 2,250 | |
Non-accrual loans with no related allowance | 61 | ||
Commercial Portfolio Segment [Member] | Municipal Securities [Member] | |||
Loans [Line Items] | |||
Total loans | 1,062,581 | 1,083,756 | |
Commercial Portfolio Segment [Member] | Owner-Occupied [Member] | |||
Loans [Line Items] | |||
Non- accrual loans | 752 | 755 | |
Total past due and non-accrual | 801 | 755 | |
Total loans | 1,109,789 | 1,123,773 | |
Non-accrual loans with a related allowance | 752 | 755 | |
Commercial Portfolio Segment [Member] | Agriculture [Member] | |||
Loans [Line Items] | |||
Non- accrual loans | 5,476 | 5,762 | |
Total past due and non-accrual | 5,476 | 5,774 | |
Total loans | 299,550 | 324,597 | |
Non-accrual loans with a related allowance | 4,890 | 5,176 | |
Non-accrual loans with no related allowance | 586 | 586 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans [Line Items] | |||
Non- accrual loans | 13,472 | 13,472 | |
Total past due and non-accrual | 14,044 | 14,609 | |
Total loans | 1,860,199 | 1,856,750 | |
Non-accrual loans with a related allowance | 13,472 | 13,472 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Loans [Line Items] | |||
Total loans | 356,564 | 405,250 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Acquisition/Development [Member] | |||
Loans [Line Items] | |||
Total past due and non-accrual | 1,077 | ||
Total loans | 90,323 | 100,096 | |
Commercial Real Estate Portfolio Segment [Member] | Multifamily [Member] | |||
Loans [Line Items] | |||
Total loans | 347,421 | 311,770 | |
Commercial Real Estate Portfolio Segment [Member] | Non Owner-Occupied [Member] | |||
Loans [Line Items] | |||
Non- accrual loans | 13,472 | 13,472 | |
Total past due and non-accrual | 14,044 | 13,532 | |
Total loans | 1,065,891 | 1,039,634 | |
Non-accrual loans with a related allowance | 13,472 | 13,472 | |
Residential Portfolio Segment [Member] | |||
Loans [Line Items] | |||
Non- accrual loans | 7,250 | 5,936 | |
Total past due and non-accrual | 9,424 | 8,299 | |
Total loans | 1,310,204 | 1,323,787 | |
Non-accrual loans with a related allowance | 4,042 | 3,725 | |
Non-accrual loans with no related allowance | 3,208 | 2,211 | |
Residential Portfolio Segment [Member] | Sr lien [Member] | |||
Loans [Line Items] | |||
Non- accrual loans | 6,293 | 5,488 | |
Total past due and non-accrual | 7,028 | 6,948 | |
Total loans | 1,219,645 | 1,233,599 | |
Non-accrual loans with a related allowance | 3,613 | 3,277 | |
Non-accrual loans with no related allowance | 2,680 | 2,211 | |
Residential Portfolio Segment [Member] | Jr Lien 1-4 Family Closed End [Member] | |||
Loans [Line Items] | |||
Non- accrual loans | 957 | 448 | |
Total past due and non-accrual | 2,396 | 1,351 | |
Total loans | 90,559 | 90,188 | |
Non-accrual loans with a related allowance | 429 | 448 | |
Non-accrual loans with no related allowance | 528 | ||
Consumer Loan [Member] | |||
Loans [Line Items] | |||
Non- accrual loans | 50 | 53 | |
Total past due and non-accrual | 252 | 185 | |
Total loans | 16,869 | 19,186 | |
Non-accrual loans with a related allowance | 50 | 53 | |
30-89 Days Past Due | |||
Loans [Line Items] | |||
Total loans | 3,495 | 12,232 | |
30-89 Days Past Due | Commercial Portfolio Segment [Member] | |||
Loans [Line Items] | |||
Total loans | 548 | 9,179 | |
30-89 Days Past Due | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Loans [Line Items] | |||
Total loans | 499 | 9,179 | |
30-89 Days Past Due | Commercial Portfolio Segment [Member] | Owner-Occupied [Member] | |||
Loans [Line Items] | |||
Total loans | 49 | ||
30-89 Days Past Due | Commercial Real Estate Portfolio Segment [Member] | |||
Loans [Line Items] | |||
Total loans | 572 | 1,137 | |
30-89 Days Past Due | Commercial Real Estate Portfolio Segment [Member] | Commercial Acquisition/Development [Member] | |||
Loans [Line Items] | |||
Total loans | 1,077 | ||
30-89 Days Past Due | Commercial Real Estate Portfolio Segment [Member] | Non Owner-Occupied [Member] | |||
Loans [Line Items] | |||
Total loans | 572 | 60 | |
30-89 Days Past Due | Residential Portfolio Segment [Member] | |||
Loans [Line Items] | |||
Total loans | 2,174 | 1,785 | |
30-89 Days Past Due | Residential Portfolio Segment [Member] | Sr lien [Member] | |||
Loans [Line Items] | |||
Total loans | 735 | 1,410 | |
30-89 Days Past Due | Residential Portfolio Segment [Member] | Jr Lien 1-4 Family Closed End [Member] | |||
Loans [Line Items] | |||
Total loans | 1,439 | 375 | |
30-89 Days Past Due | Consumer Loan [Member] | |||
Loans [Line Items] | |||
Total loans | 201 | 131 | |
Greater than 90 Days Past Due | |||
Loans [Line Items] | |||
Total loans | 1 | 591 | |
Greater than 90 Days Past Due | Commercial Portfolio Segment [Member] | |||
Loans [Line Items] | |||
Total loans | 12 | ||
Greater than 90 Days Past Due | Commercial Portfolio Segment [Member] | Agriculture [Member] | |||
Loans [Line Items] | |||
Total loans | 12 | ||
Greater than 90 Days Past Due | Residential Portfolio Segment [Member] | |||
Loans [Line Items] | |||
Total loans | 578 | ||
Greater than 90 Days Past Due | Residential Portfolio Segment [Member] | Sr lien [Member] | |||
Loans [Line Items] | |||
Total loans | 50 | ||
Greater than 90 Days Past Due | Residential Portfolio Segment [Member] | Jr Lien 1-4 Family Closed End [Member] | |||
Loans [Line Items] | |||
Total loans | 528 | ||
Greater than 90 Days Past Due | Consumer Loan [Member] | |||
Loans [Line Items] | |||
Total loans | 1 | 1 | |
Current | |||
Loans [Line Items] | |||
Total loans | 7,529,739 | 7,657,707 | |
Current | Commercial Portfolio Segment [Member] | |||
Loans [Line Items] | |||
Total loans | 4,366,187 | 4,481,077 | |
Current | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Loans [Line Items] | |||
Total loans | 1,900,544 | 1,955,480 | |
Current | Commercial Portfolio Segment [Member] | Municipal Securities [Member] | |||
Loans [Line Items] | |||
Total loans | 1,062,581 | 1,083,756 | |
Current | Commercial Portfolio Segment [Member] | Owner-Occupied [Member] | |||
Loans [Line Items] | |||
Total loans | 1,108,988 | 1,123,018 | |
Current | Commercial Portfolio Segment [Member] | Agriculture [Member] | |||
Loans [Line Items] | |||
Total loans | 294,074 | 318,823 | |
Current | Commercial Real Estate Portfolio Segment [Member] | |||
Loans [Line Items] | |||
Total loans | 1,846,155 | 1,842,141 | |
Current | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Loans [Line Items] | |||
Total loans | 356,564 | 405,250 | |
Current | Commercial Real Estate Portfolio Segment [Member] | Commercial Acquisition/Development [Member] | |||
Loans [Line Items] | |||
Total loans | 90,323 | 99,019 | |
Current | Commercial Real Estate Portfolio Segment [Member] | Multifamily [Member] | |||
Loans [Line Items] | |||
Total loans | 347,421 | 311,770 | |
Current | Commercial Real Estate Portfolio Segment [Member] | Non Owner-Occupied [Member] | |||
Loans [Line Items] | |||
Total loans | 1,051,847 | 1,026,102 | |
Current | Residential Portfolio Segment [Member] | |||
Loans [Line Items] | |||
Total loans | 1,300,780 | 1,315,488 | |
Current | Residential Portfolio Segment [Member] | Sr lien [Member] | |||
Loans [Line Items] | |||
Total loans | 1,212,617 | 1,226,651 | |
Current | Residential Portfolio Segment [Member] | Jr Lien 1-4 Family Closed End [Member] | |||
Loans [Line Items] | |||
Total loans | 88,163 | 88,837 | |
Current | Consumer Loan [Member] | |||
Loans [Line Items] | |||
Total loans | $ 16,617 | $ 19,001 |
Loans - Carrying Value of Loan
Loans - Carrying Value of Loan Portfolio by Segment and Credit Quality Indicator (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024/2023 | $ 151,584 | $ 1,052,208 | |
2023/2022 | 1,045,651 | 1,949,053 | |
2022/2021 | 1,949,513 | 1,429,940 | |
2021/2020 | 1,397,309 | 621,618 | |
2020/2019 | 598,495 | 412,644 | |
Prior | 1,557,455 | 1,223,549 | |
Revolving Loans Amortized Cost Basis | 845,620 | 970,839 | |
Revolving Loans Converted to Term | 23,425 | 38,907 | |
Total loans | 7,569,052 | 7,698,758 | |
Gross charge-offs 2024/2023 | 198 | 1,225 | |
Gross charge-offs 2023/2022 | 18 | 25 | |
Gross charge-offs 2022/2021 | 3 | 216 | |
Gross charge-offs 2021/2020 | 3 | 2 | |
Gross charge-offs 2020/2019 | 48 | ||
Gross charge-offs Prior | 56 | 59 | |
Gross charge-offs, Total loans | 278 | $ 325 | 1,575 |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024/2023 | 125,669 | 762,686 | |
2023/2022 | 743,915 | 918,626 | |
2022/2021 | 909,268 | 763,835 | |
2021/2020 | 749,916 | 304,767 | |
2020/2019 | 287,222 | 197,617 | |
Prior | 877,023 | 728,636 | |
Revolving Loans Amortized Cost Basis | 675,042 | 787,727 | |
Revolving Loans Converted to Term | 13,725 | 35,141 | |
Total loans | 4,381,780 | 4,499,035 | |
Gross charge-offs 2023/2022 | 12 | ||
Gross charge-offs 2022/2021 | 215 | ||
Gross charge-offs 2020/2019 | 47 | ||
Gross charge-offs Prior | 24 | 3 | |
Gross charge-offs, Total loans | 24 | 277 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024/2023 | 97,469 | 367,207 | |
2023/2022 | 355,260 | 413,432 | |
2022/2021 | 409,129 | 307,344 | |
2021/2020 | 302,134 | 109,275 | |
2020/2019 | 99,425 | 43,642 | |
Prior | 144,311 | 107,741 | |
Revolving Loans Amortized Cost Basis | 489,604 | 583,178 | |
Revolving Loans Converted to Term | 12,528 | 35,090 | |
Total loans | 1,909,860 | 1,966,909 | |
Gross charge-offs 2023/2022 | 12 | ||
Gross charge-offs 2022/2021 | 215 | ||
Gross charge-offs 2020/2019 | 47 | ||
Gross charge-offs Prior | 24 | 3 | |
Gross charge-offs, Total loans | 24 | 277 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Pass [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024/2023 | 96,569 | 348,103 | |
2023/2022 | 335,134 | 396,618 | |
2022/2021 | 378,386 | 271,201 | |
2021/2020 | 269,460 | 87,234 | |
2020/2019 | 80,650 | 41,261 | |
Prior | 141,401 | 106,711 | |
Revolving Loans Amortized Cost Basis | 467,602 | 563,924 | |
Revolving Loans Converted to Term | 11,284 | 31,620 | |
Total loans | 1,780,486 | 1,846,672 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Special Mention [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024/2023 | 900 | 4,775 | |
2023/2022 | 6,390 | 12,259 | |
2022/2021 | 27,376 | 31,895 | |
2021/2020 | 31,292 | 20,340 | |
2020/2019 | 11,208 | 2,202 | |
Prior | 2,335 | 683 | |
Revolving Loans Amortized Cost Basis | 21,194 | 18,344 | |
Revolving Loans Converted to Term | 1,244 | 3,470 | |
Total loans | 101,939 | 93,968 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Substandard [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024/2023 | 13,729 | ||
2023/2022 | 11,703 | 4,555 | |
2022/2021 | 3,367 | 4,248 | |
2021/2020 | 1,347 | 1,314 | |
2020/2019 | 6,950 | 179 | |
Prior | 575 | 347 | |
Revolving Loans Amortized Cost Basis | 808 | 910 | |
Total loans | 24,750 | 25,282 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Doubtful [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024/2023 | 600 | ||
2023/2022 | 2,033 | ||
2021/2020 | 35 | 387 | |
2020/2019 | 617 | ||
Total loans | 2,685 | 987 | |
Commercial Portfolio Segment [Member] | Municipal Securities [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024/2023 | 4,593 | 139,591 | |
2023/2022 | 144,702 | 140,626 | |
2022/2021 | 141,468 | 246,088 | |
2021/2020 | 245,572 | 82,590 | |
2020/2019 | 81,323 | 53,460 | |
Prior | 411,316 | 389,867 | |
Revolving Loans Amortized Cost Basis | 33,607 | 31,534 | |
Total loans | 1,062,581 | 1,083,756 | |
Commercial Portfolio Segment [Member] | Municipal Securities [Member] | Pass [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024/2023 | 4,593 | 139,591 | |
2023/2022 | 144,702 | 140,626 | |
2022/2021 | 141,468 | 246,088 | |
2021/2020 | 245,572 | 82,590 | |
2020/2019 | 79,289 | 53,460 | |
Prior | 411,316 | 389,867 | |
Revolving Loans Amortized Cost Basis | 33,607 | 31,534 | |
Total loans | 1,060,547 | 1,083,756 | |
Commercial Portfolio Segment [Member] | Municipal Securities [Member] | Special Mention [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020/2019 | 2,034 | ||
Total loans | 2,034 | ||
Commercial Portfolio Segment [Member] | Owner-Occupied [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024/2023 | 21,089 | 238,971 | |
2023/2022 | 232,241 | 295,356 | |
2022/2021 | 285,866 | 191,012 | |
2021/2020 | 184,610 | 97,523 | |
2020/2019 | 97,300 | 90,098 | |
Prior | 274,528 | 192,532 | |
Revolving Loans Amortized Cost Basis | 13,885 | 18,281 | |
Revolving Loans Converted to Term | 270 | ||
Total loans | 1,109,789 | 1,123,773 | |
Commercial Portfolio Segment [Member] | Owner-Occupied [Member] | Pass [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024/2023 | 21,089 | 236,897 | |
2023/2022 | 230,577 | 275,644 | |
2022/2021 | 262,466 | 181,472 | |
2021/2020 | 172,534 | 97,523 | |
2020/2019 | 97,300 | 86,761 | |
Prior | 245,581 | 163,997 | |
Revolving Loans Amortized Cost Basis | 13,586 | 18,281 | |
Revolving Loans Converted to Term | 270 | ||
Total loans | 1,043,403 | 1,060,575 | |
Commercial Portfolio Segment [Member] | Owner-Occupied [Member] | Special Mention [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024/2023 | 2,074 | ||
2023/2022 | 1,664 | 19,191 | |
2022/2021 | 22,879 | 7,808 | |
2021/2020 | 9,698 | ||
2020/2019 | 2,650 | ||
Prior | 25,858 | 27,653 | |
Revolving Loans Amortized Cost Basis | 299 | ||
Total loans | 60,398 | 59,376 | |
Commercial Portfolio Segment [Member] | Owner-Occupied [Member] | Substandard [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023/2022 | 515 | ||
2022/2021 | 515 | 1,732 | |
2021/2020 | 2,378 | ||
2020/2019 | 687 | ||
Prior | 2,587 | 234 | |
Total loans | 5,480 | 3,168 | |
Commercial Portfolio Segment [Member] | Owner-Occupied [Member] | Doubtful [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023/2022 | 6 | ||
2022/2021 | 6 | ||
Prior | 502 | 648 | |
Total loans | 508 | 654 | |
Commercial Portfolio Segment [Member] | Agriculture [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024/2023 | 2,518 | 16,917 | |
2023/2022 | 11,712 | 69,212 | |
2022/2021 | 72,805 | 19,391 | |
2021/2020 | 17,600 | 15,379 | |
2020/2019 | 9,174 | 10,417 | |
Prior | 46,868 | 38,496 | |
Revolving Loans Amortized Cost Basis | 137,946 | 154,734 | |
Revolving Loans Converted to Term | 927 | 51 | |
Total loans | 299,550 | 324,597 | |
Commercial Portfolio Segment [Member] | Agriculture [Member] | Pass [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024/2023 | 2,518 | 16,917 | |
2023/2022 | 11,712 | 69,212 | |
2022/2021 | 72,805 | 14,159 | |
2021/2020 | 12,532 | 15,379 | |
2020/2019 | 9,174 | 10,417 | |
Prior | 43,007 | 34,592 | |
Revolving Loans Amortized Cost Basis | 133,071 | 149,125 | |
Revolving Loans Converted to Term | 477 | 51 | |
Total loans | 285,296 | 309,852 | |
Commercial Portfolio Segment [Member] | Agriculture [Member] | Special Mention [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2022/2021 | 4,646 | ||
2021/2020 | 4,482 | ||
Prior | 3,683 | 3,724 | |
Revolving Loans Amortized Cost Basis | 450 | ||
Revolving Loans Converted to Term | 450 | ||
Total loans | 8,615 | 8,820 | |
Commercial Portfolio Segment [Member] | Agriculture [Member] | Substandard [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2022/2021 | 586 | ||
2021/2020 | 586 | ||
Prior | 178 | 180 | |
Revolving Loans Amortized Cost Basis | 1,587 | 1,786 | |
Total loans | 2,351 | 2,552 | |
Commercial Portfolio Segment [Member] | Agriculture [Member] | Doubtful [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Revolving Loans Amortized Cost Basis | 3,288 | 3,373 | |
Total loans | 3,288 | 3,373 | |
Commercial Portfolio Segment [Member] | Non Owner-Occupied [Member] | Doubtful [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2021/2020 | 280 | ||
Prior | 3,233 | ||
Total loans | 3,513 | ||
Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024/2023 | 15,009 | 189,231 | |
2023/2022 | 197,907 | 586,402 | |
2022/2021 | 594,504 | 345,104 | |
2021/2020 | 334,383 | 199,152 | |
2020/2019 | 196,897 | 169,141 | |
Prior | 462,720 | 302,749 | |
Revolving Loans Amortized Cost Basis | 53,416 | 62,010 | |
Revolving Loans Converted to Term | 5,363 | 2,961 | |
Total loans | 1,860,199 | 1,856,750 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024/2023 | 1,860 | 43,385 | |
2023/2022 | 61,438 | 190,826 | |
2022/2021 | 141,828 | 59,477 | |
2021/2020 | 41,016 | 63,486 | |
2020/2019 | 66,519 | 1,006 | |
Revolving Loans Amortized Cost Basis | 43,158 | 47,070 | |
Revolving Loans Converted to Term | 745 | ||
Total loans | 356,564 | 405,250 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Pass [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024/2023 | 1,860 | 43,385 | |
2023/2022 | 61,438 | 190,826 | |
2022/2021 | 141,828 | 59,477 | |
2021/2020 | 41,016 | 63,486 | |
2020/2019 | 66,519 | 1,006 | |
Revolving Loans Amortized Cost Basis | 43,158 | 47,070 | |
Revolving Loans Converted to Term | 745 | ||
Total loans | 356,564 | 405,250 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Acquisition/Development [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024/2023 | 85 | 13,228 | |
2023/2022 | 10,100 | 40,077 | |
2022/2021 | 39,909 | 21,011 | |
2021/2020 | 20,641 | 5,992 | |
2020/2019 | 2,532 | 597 | |
Prior | 9,299 | 8,814 | |
Revolving Loans Amortized Cost Basis | 3,438 | 7,416 | |
Revolving Loans Converted to Term | 4,319 | 2,961 | |
Total loans | 90,323 | 100,096 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Acquisition/Development [Member] | Pass [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024/2023 | 85 | 13,228 | |
2023/2022 | 10,100 | 39,000 | |
2022/2021 | 38,832 | 21,011 | |
2021/2020 | 20,641 | 5,992 | |
2020/2019 | 2,532 | 597 | |
Prior | 9,299 | 8,814 | |
Revolving Loans Amortized Cost Basis | 3,438 | 7,416 | |
Revolving Loans Converted to Term | 4,319 | 2,961 | |
Total loans | 89,246 | 99,019 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Acquisition/Development [Member] | Special Mention [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023/2022 | 1,077 | ||
2022/2021 | 1,077 | ||
Total loans | 1,077 | 1,077 | |
Commercial Real Estate Portfolio Segment [Member] | Multifamily [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024/2023 | 9,033 | 16,450 | |
2023/2022 | 16,455 | 113,936 | |
2022/2021 | 129,172 | 92,574 | |
2021/2020 | 104,263 | 16,938 | |
2020/2019 | 16,872 | 39,371 | |
Prior | 70,794 | 31,671 | |
Revolving Loans Amortized Cost Basis | 832 | 830 | |
Total loans | 347,421 | 311,770 | |
Commercial Real Estate Portfolio Segment [Member] | Multifamily [Member] | Pass [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024/2023 | 9,033 | 16,450 | |
2023/2022 | 16,455 | 113,936 | |
2022/2021 | 117,430 | 92,574 | |
2021/2020 | 104,263 | 16,938 | |
2020/2019 | 16,872 | 39,371 | |
Prior | 70,794 | 31,671 | |
Revolving Loans Amortized Cost Basis | 832 | 830 | |
Total loans | 335,679 | 311,770 | |
Commercial Real Estate Portfolio Segment [Member] | Multifamily [Member] | Special Mention [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2022/2021 | 11,742 | ||
Total loans | 11,742 | ||
Commercial Real Estate Portfolio Segment [Member] | Non Owner-Occupied [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024/2023 | 4,031 | 116,168 | |
2023/2022 | 109,914 | 241,563 | |
2022/2021 | 283,595 | 172,042 | |
2021/2020 | 168,463 | 112,736 | |
2020/2019 | 110,974 | 128,167 | |
Prior | 382,627 | 262,264 | |
Revolving Loans Amortized Cost Basis | 5,988 | 6,694 | |
Revolving Loans Converted to Term | 299 | ||
Total loans | 1,065,891 | 1,039,634 | |
Commercial Real Estate Portfolio Segment [Member] | Non Owner-Occupied [Member] | Pass [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024/2023 | 4,031 | 116,168 | |
2023/2022 | 109,914 | 241,563 | |
2022/2021 | 274,414 | 172,042 | |
2021/2020 | 161,436 | 91,188 | |
2020/2019 | 90,611 | 124,291 | |
Prior | 353,135 | 236,694 | |
Revolving Loans Amortized Cost Basis | 5,988 | 6,694 | |
Revolving Loans Converted to Term | 299 | ||
Total loans | 999,828 | 988,640 | |
Commercial Real Estate Portfolio Segment [Member] | Non Owner-Occupied [Member] | Special Mention [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2022/2021 | 9,181 | ||
2021/2020 | 1,820 | 21,268 | |
2020/2019 | 20,363 | 3,876 | |
Prior | 6,246 | 2,489 | |
Total loans | 37,610 | 27,633 | |
Commercial Real Estate Portfolio Segment [Member] | Non Owner-Occupied [Member] | Substandard [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2021/2020 | 5,207 | ||
Prior | 20,013 | 19,848 | |
Total loans | 25,220 | 19,848 | |
Commercial Real Estate Portfolio Segment [Member] | Non Owner-Occupied [Member] | Doubtful [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior | 3,233 | ||
Total loans | 3,233 | ||
Residential Portfolio Segment [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024/2023 | 9,930 | 94,346 | |
2023/2022 | 98,594 | 440,695 | |
2022/2021 | 443,229 | 318,768 | |
2021/2020 | 311,120 | 116,702 | |
2020/2019 | 113,541 | 45,642 | |
Prior | 217,225 | 191,704 | |
Revolving Loans Amortized Cost Basis | 112,275 | 115,152 | |
Revolving Loans Converted to Term | 4,290 | 778 | |
Total loans | 1,310,204 | 1,323,787 | |
Residential Portfolio Segment [Member] | Sr lien [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024/2023 | 9,135 | 89,163 | |
2023/2022 | 92,678 | 436,082 | |
2022/2021 | 438,716 | 316,820 | |
2021/2020 | 309,116 | 112,997 | |
2020/2019 | 111,127 | 43,372 | |
Prior | 210,005 | 186,609 | |
Revolving Loans Amortized Cost Basis | 48,761 | 48,462 | |
Revolving Loans Converted to Term | 107 | 94 | |
Total loans | 1,219,645 | 1,233,599 | |
Gross charge-offs Prior | 48 | ||
Gross charge-offs, Total loans | 48 | ||
Residential Portfolio Segment [Member] | Sr lien [Member] | Pass [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024/2023 | 9,135 | 87,608 | |
2023/2022 | 91,141 | 434,963 | |
2022/2021 | 436,360 | 316,080 | |
2021/2020 | 308,130 | 112,582 | |
2020/2019 | 110,679 | 42,752 | |
Prior | 206,637 | 183,890 | |
Revolving Loans Amortized Cost Basis | 48,761 | 48,462 | |
Revolving Loans Converted to Term | 107 | 94 | |
Total loans | 1,210,950 | 1,226,431 | |
Residential Portfolio Segment [Member] | Sr lien [Member] | Special Mention [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2022/2021 | 745 | ||
Prior | 505 | 515 | |
Total loans | 1,250 | 515 | |
Residential Portfolio Segment [Member] | Sr lien [Member] | Substandard [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024/2023 | 1,555 | ||
2023/2022 | 1,537 | 1,119 | |
2022/2021 | 1,582 | 740 | |
2021/2020 | 986 | 415 | |
2020/2019 | 415 | 620 | |
Prior | 2,863 | 2,167 | |
Total loans | 7,383 | 6,616 | |
Residential Portfolio Segment [Member] | Sr lien [Member] | Doubtful [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2022/2021 | 29 | ||
2020/2019 | 33 | ||
Prior | 37 | ||
Total loans | 62 | 37 | |
Residential Portfolio Segment [Member] | Jr Lien 1-4 Family Closed End [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024/2023 | 795 | 5,183 | |
2023/2022 | 5,916 | 4,613 | |
2022/2021 | 4,513 | 1,948 | |
2021/2020 | 2,004 | 3,705 | |
2020/2019 | 2,414 | 2,270 | |
Prior | 7,220 | 5,095 | |
Revolving Loans Amortized Cost Basis | 63,514 | 66,690 | |
Revolving Loans Converted to Term | 4,183 | 684 | |
Total loans | 90,559 | 90,188 | |
Gross charge-offs Prior | 48 | ||
Gross charge-offs, Total loans | 48 | ||
Residential Portfolio Segment [Member] | Jr Lien 1-4 Family Closed End [Member] | Pass [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024/2023 | 795 | 4,920 | |
2023/2022 | 5,916 | 4,464 | |
2022/2021 | 4,367 | 1,712 | |
2021/2020 | 1,768 | 2,947 | |
2020/2019 | 2,117 | 2,270 | |
Prior | 6,871 | 4,729 | |
Revolving Loans Amortized Cost Basis | 63,514 | 66,441 | |
Revolving Loans Converted to Term | 4,183 | 684 | |
Total loans | 89,531 | 88,167 | |
Residential Portfolio Segment [Member] | Jr Lien 1-4 Family Closed End [Member] | Special Mention [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior | 27 | 27 | |
Revolving Loans Amortized Cost Basis | 249 | ||
Total loans | 27 | 276 | |
Residential Portfolio Segment [Member] | Jr Lien 1-4 Family Closed End [Member] | Substandard [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024/2023 | 263 | ||
2023/2022 | 149 | ||
2022/2021 | 146 | 236 | |
2021/2020 | 236 | 758 | |
2020/2019 | 297 | ||
Prior | 322 | 339 | |
Total loans | 1,001 | 1,745 | |
Consumer Loan [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024/2023 | 976 | 5,945 | |
2023/2022 | 5,235 | 3,330 | |
2022/2021 | 2,512 | 2,233 | |
2021/2020 | 1,890 | 997 | |
2020/2019 | 835 | 244 | |
Prior | 487 | 460 | |
Revolving Loans Amortized Cost Basis | 4,887 | 5,950 | |
Revolving Loans Converted to Term | 47 | 27 | |
Total loans | 16,869 | 19,186 | |
Gross charge-offs 2024/2023 | 198 | 1,225 | |
Gross charge-offs 2023/2022 | 18 | 13 | |
Gross charge-offs 2022/2021 | 3 | 1 | |
Gross charge-offs 2021/2020 | 3 | 2 | |
Gross charge-offs 2020/2019 | 1 | ||
Gross charge-offs Prior | 32 | 8 | |
Gross charge-offs, Total loans | 254 | $ 325 | 1,250 |
Consumer Loan [Member] | Pass [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024/2023 | 976 | 5,945 | |
2023/2022 | 5,235 | 3,330 | |
2022/2021 | 2,512 | 2,233 | |
2021/2020 | 1,890 | 997 | |
2020/2019 | 835 | 244 | |
Prior | 440 | 410 | |
Revolving Loans Amortized Cost Basis | 4,884 | 5,947 | |
Revolving Loans Converted to Term | 47 | 27 | |
Total loans | 16,819 | 19,133 | |
Consumer Loan [Member] | Substandard [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior | 47 | 50 | |
Revolving Loans Amortized Cost Basis | 3 | 3 | |
Total loans | $ 50 | $ 53 |
Loans - Collateral Dependent Lo
Loans - Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis | $ 38,984 | $ 32,448 |
Management evaluated loan with amortized cost basis | 250 | |
Commercial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis | 16,120 | 9,794 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis | 8,787 | 2,166 |
Commercial Portfolio Segment [Member] | Owner-Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis | 1,872 | 1,883 |
Commercial Portfolio Segment [Member] | Agriculture [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis | 5,461 | 5,745 |
Commercial Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis | 18,770 | 19,993 |
Commercial Real Estate Portfolio Segment [Member] | Non Owner-Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis | 18,770 | 19,993 |
Residential Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis | 4,094 | 2,661 |
Residential Portfolio Segment [Member] | Sr lien [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis | 3,565 | 2,661 |
Residential Portfolio Segment [Member] | Jr Lien 1-4 Family Closed End [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis | 529 | |
Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis | 28,119 | 27,069 |
Real Estate [Member] | Commercial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis | 5,363 | 4,415 |
Real Estate [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis | 2,905 | 1,946 |
Real Estate [Member] | Commercial Portfolio Segment [Member] | Owner-Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis | 1,872 | 1,883 |
Real Estate [Member] | Commercial Portfolio Segment [Member] | Agriculture [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis | 586 | 586 |
Real Estate [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis | 18,770 | 19,993 |
Real Estate [Member] | Commercial Real Estate Portfolio Segment [Member] | Non Owner-Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis | 18,770 | 19,993 |
Real Estate [Member] | Residential Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis | 3,986 | 2,661 |
Real Estate [Member] | Residential Portfolio Segment [Member] | Sr lien [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis | 3,565 | 2,661 |
Real Estate [Member] | Residential Portfolio Segment [Member] | Jr Lien 1-4 Family Closed End [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis | 421 | |
Equipment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis | 10,865 | 5,379 |
Equipment [Member] | Commercial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis | 10,757 | 5,379 |
Equipment [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis | 5,882 | 220 |
Equipment [Member] | Commercial Portfolio Segment [Member] | Agriculture [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis | 4,875 | $ 5,159 |
Equipment [Member] | Residential Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis | 108 | |
Equipment [Member] | Residential Portfolio Segment [Member] | Jr Lien 1-4 Family Closed End [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis | $ 108 |
Loans - Schedule of Modified Lo
Loans - Schedule of Modified Loans to Borrowers Experiencing Financial Difficulty (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Extended Maturity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost basis | $ 18,770 | $ 4,000 |
% of loan class | 0.20% | 0.10% |
Extended Maturity [Member] | Commercial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
% of loan class | 0% | 0% |
Extended Maturity [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
% of loan class | 0% | 0% |
Extended Maturity [Member] | Commercial Portfolio Segment [Member] | Owner-Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
% of loan class | 0% | 0% |
Extended Maturity [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost basis | $ 18,770 | |
% of loan class | 1% | |
Extended Maturity [Member] | Commercial Real Estate Portfolio Segment [Member] | Non Owner-Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost basis | $ 18,770 | |
% of loan class | 1.80% | |
Extended Maturity [Member] | Residential Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost basis | $ 4,000 | |
% of loan class | 0% | 0.30% |
Extended Maturity [Member] | Residential Portfolio Segment [Member] | Sr lien [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost basis | $ 4,000 | |
% of loan class | 0% | 0.30% |
Payment Deferral [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost basis | $ 11,094 | $ 270 |
% of loan class | 0.10% | 0% |
Payment Deferral [Member] | Commercial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost basis | $ 10,225 | $ 270 |
% of loan class | 0.20% | 0% |
Payment Deferral [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost basis | $ 8,561 | $ 154 |
% of loan class | 0.40% | 0% |
Payment Deferral [Member] | Commercial Portfolio Segment [Member] | Owner-Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost basis | $ 1,664 | $ 116 |
% of loan class | 0.10% | 0% |
Payment Deferral [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
% of loan class | 0% | |
Payment Deferral [Member] | Commercial Real Estate Portfolio Segment [Member] | Non Owner-Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
% of loan class | 0% | |
Payment Deferral [Member] | Residential Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost basis | $ 869 | |
% of loan class | 0.10% | 0% |
Payment Deferral [Member] | Residential Portfolio Segment [Member] | Sr lien [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost basis | $ 869 | |
% of loan class | 0.10% | 0% |
Extended Maturity and Interest Rate Reduction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost basis | $ 651 | |
% of loan class | 0% | |
Extended Maturity and Interest Rate Reduction [Member] | Commercial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
% of loan class | 0% | |
Extended Maturity and Interest Rate Reduction [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
% of loan class | 0% | |
Extended Maturity and Interest Rate Reduction [Member] | Commercial Portfolio Segment [Member] | Owner-Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
% of loan class | 0% | |
Extended Maturity and Interest Rate Reduction [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
% of loan class | 0% | |
Extended Maturity and Interest Rate Reduction [Member] | Commercial Real Estate Portfolio Segment [Member] | Non Owner-Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
% of loan class | 0% | |
Extended Maturity and Interest Rate Reduction [Member] | Residential Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost basis | $ 651 | |
% of loan class | 0% | |
Extended Maturity and Interest Rate Reduction [Member] | Residential Portfolio Segment [Member] | Sr lien [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost basis | $ 651 | |
% of loan class | 0.10% | |
Extended Maturity and Payment Deferral [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost basis | $ 382 | |
% of loan class | 0% | |
Extended Maturity and Payment Deferral [Member] | Commercial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
% of loan class | 0% | |
Extended Maturity and Payment Deferral [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
% of loan class | 0% | |
Extended Maturity and Payment Deferral [Member] | Commercial Portfolio Segment [Member] | Owner-Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
% of loan class | 0% | |
Extended Maturity and Payment Deferral [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
% of loan class | 0% | |
Extended Maturity and Payment Deferral [Member] | Commercial Real Estate Portfolio Segment [Member] | Non Owner-Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
% of loan class | 0% | |
Extended Maturity and Payment Deferral [Member] | Residential Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost basis | $ 382 | |
% of loan class | 0% | |
Extended Maturity and Payment Deferral [Member] | Residential Portfolio Segment [Member] | Sr lien [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized cost basis | $ 382 | |
% of loan class | 0% |
Loans - Schedule of Payment Sta
Loans - Schedule of Payment Status of Financing Receivable Modified Past 12 Months (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 USD ($) item | Mar. 31, 2023 USD ($) loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
TDR's modified within the past year that defaulted on their restructured terms | 4 | 0 |
Value of TDMs/TDRs modified within past 12 months | $ 18,800 | |
Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 10,742 | $ 4,154 |
Current | Commercial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 4,793 | 154 |
Current | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 3,129 | 154 |
Current | Commercial Portfolio Segment [Member] | Owner-Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,664 | |
Current | Commercial Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 5,298 | |
Current | Commercial Real Estate Portfolio Segment [Member] | Non Owner-Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 5,298 | |
Current | Residential Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 4,000 | |
Current | Residential Portfolio Segment [Member] | Sr lien [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 651 | 4,000 |
Non-accrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 20,077 | 116 |
Non-accrual | Commercial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 5,354 | 116 |
Non-accrual | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 5,354 | |
Non-accrual | Commercial Portfolio Segment [Member] | Owner-Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 116 | |
Non-accrual | Commercial Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 13,472 | |
Non-accrual | Commercial Real Estate Portfolio Segment [Member] | Non Owner-Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 13,472 | |
Non-accrual | Residential Portfolio Segment [Member] | Sr lien [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 1,251 |
Loans - Schedule of Financial E
Loans - Schedule of Financial Effect of Loan Restructuring Modifications (Details) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Extended Maturity [Member] | Commercial Real Estate Portfolio Segment [Member] | Non Owner-Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term extension | 3 months 18 days | |
Extended Maturity [Member] | Residential Portfolio Segment [Member] | Sr lien [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term extension | 6 months | |
Payment Deferral [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Payment delay | 6 months | 2 months 12 days |
Payment Deferral [Member] | Commercial Portfolio Segment [Member] | Owner-Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Payment delay | 6 months | 6 months |
Payment Deferral [Member] | Residential Portfolio Segment [Member] | Sr lien [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Payment delay | 3 months 18 days | |
Contractual Interest Rate Reduction [Member] | Residential Portfolio Segment [Member] | Sr lien [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term extension | 30 years | |
Combination - Interest Rate Reduction and Term Extension | 2.50% | |
Extended Maturity and Payment Deferral [Member] | Residential Portfolio Segment [Member] | Sr lien [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term extension | 8 months 12 days | |
Payment delay | 8 months 12 days |
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 | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | $ 97,947 | $ 89,553 | $ 89,553 |
Charge-offs | (278) | (325) | (1,575) |
Recoveries | 188 | 65 | |
Provision expense (release) for credit losses | (250) | 1,050 | |
Ending balance | 97,607 | 90,343 | 97,947 |
Commercial | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 45,304 | 37,608 | 37,608 |
Charge-offs | (24) | (277) | |
Recoveries | 116 | 41 | |
Provision expense (release) for credit losses | 919 | (254) | |
Ending balance | 46,315 | 37,395 | 45,304 |
Non-owner occupied commercial real estate | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 32,665 | 32,050 | 32,050 |
Recoveries | 1 | ||
Provision expense (release) for credit losses | (1,827) | 839 | |
Ending balance | 30,838 | 32,890 | 32,665 |
Residential real estate | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 19,550 | 19,306 | 19,306 |
Recoveries | 6 | 7 | |
Provision expense (release) for credit losses | 544 | 261 | |
Ending balance | 20,100 | 19,574 | 19,550 |
Consumer | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 428 | 589 | 589 |
Charge-offs | (254) | (325) | (1,250) |
Recoveries | 66 | 16 | |
Provision expense (release) for credit losses | 114 | 204 | |
Ending balance | $ 354 | $ 484 | $ 428 |
Allowance for Credit Losses - N
Allowance for Credit Losses - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Allowance for Credit Losses | |||
Charge-offs, net | $ 100 | $ 300 | |
Increase in allowance for credit losses | (300) | 1,100 | |
Provision expense (release) for credit losses | (250) | 1,050 | |
Provision for credit loss expense | $ 900 | ||
Accrued interest receivable | $ 45,900 | $ 42,400 |
Other Real Estate Owned - Summa
Other Real Estate Owned - Summary of Activity in OREO Balances (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Other Real Estate Owned | ||
Beginning balance | $ 4,088 | $ 3,731 |
Impairments | (13) | |
Sales | (24) | (260) |
Ending balance | $ 4,064 | $ 3,458 |
Other Real Estate Owned - Narra
Other Real Estate Owned - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Other Real Estate Owned | ||
OREO sales | $ 24 | $ 260 |
(Loss) gain on OREO sales, net | $ (2) | $ (11) |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Apr. 03, 2023 USD ($) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Goodwill and Intangible Assets | ||||
Goodwill acquired | $ 306,043 | $ 306,043 | ||
Goodwill Impairment | $ 0 | 0 | ||
Amortization period for acquired intangible assets | 9 years 9 months 18 days | |||
Mortgage loans serviced | $ 900,000 | $ 800,000 | ||
Mortgage service fees | 400 | 500 | ||
Loans | 7,471,445 | 7,600,811 | ||
Amortization expense | $ 2,008 | 1,363 | ||
Cambr Solutions, LLC ("Cambr") | ||||
Goodwill and Intangible Assets | ||||
Goodwill acquired | $ 26,911 | |||
Core deposit intangible | ||||
Goodwill and Intangible Assets | ||||
Amortization period | 10 years | |||
Core deposit intangible | Cambr Solutions, LLC ("Cambr") | ||||
Goodwill and Intangible Assets | ||||
Acquired through acquisition | 1,700,000 | |||
Other intangible assets | ||||
Goodwill and Intangible Assets | ||||
Amortization expense | $ 2,000 | 1,400 | ||
Other intangible assets | Cambr Solutions, LLC ("Cambr") | ||||
Goodwill and Intangible Assets | ||||
Acquired through acquisition | $ 18,000 | |||
Amortization period for acquired intangible assets | 9 years 4 months 24 days | |||
MSRs | ||||
Goodwill and Intangible Assets | ||||
Amortization expense | $ 114 | $ 119 | ||
MSRs | Discount Rate | Minimum | ||||
Goodwill and Intangible Assets | ||||
Servicing assets measurement input (as a percent) | 0.100 | 0.100 | ||
MSRs | Discount Rate | Maximum | ||||
Goodwill and Intangible Assets | ||||
Servicing assets measurement input (as a percent) | 0.105 | 0.105 | ||
MSRs | Constant Prepayment Speed | Minimum | ||||
Goodwill and Intangible Assets | ||||
Servicing assets measurement input (as a percent) | 0.062 | 0.079 | ||
MSRs | Constant Prepayment Speed | Maximum | ||||
Goodwill and Intangible Assets | ||||
Servicing assets measurement input (as a percent) | 0.133 | 0.182 | ||
Small Business Administration ("SBA") servicing rights | ||||
Goodwill and Intangible Assets | ||||
Fee income | $ 100 | $ 400 | ||
Loans | 112,200 | $ 108,800 | ||
Amortization expense | $ 74 | $ 35 | ||
Small Business Administration ("SBA") servicing rights | Discount Rate | ||||
Goodwill and Intangible Assets | ||||
Servicing assets measurement input (as a percent) | 0.1016 | 0.1334 | ||
Small Business Administration ("SBA") servicing rights | Constant Prepayment Speed | ||||
Goodwill and Intangible Assets | ||||
Servicing assets measurement input (as a percent) | 0.1575 | 0.1240 | ||
Customer relationship intangible | ||||
Goodwill and Intangible Assets | ||||
Amortization period | 10 years | |||
Internally developed technology | ||||
Goodwill and Intangible Assets | ||||
Amortization period | 5 years |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Carrying Amounts (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Carrying amount of intangible assets | ||
Gross carrying amount | $ 110,866 | $ 110,866 |
Accumulated amortization | (54,200) | (52,192) |
Net carrying amount | 56,666 | 58,674 |
Core deposit intangible | ||
Carrying amount of intangible assets | ||
Gross carrying amount | 91,566 | 91,566 |
Accumulated amortization | (51,425) | (50,095) |
Net carrying amount | 40,141 | 41,471 |
Customer relationship intangible | ||
Carrying amount of intangible assets | ||
Gross carrying amount | 17,000 | 17,000 |
Accumulated amortization | (2,430) | (1,867) |
Net carrying amount | 14,570 | 15,133 |
Internally developed technology | ||
Carrying amount of intangible assets | ||
Gross carrying amount | 2,300 | 2,300 |
Accumulated amortization | (345) | (230) |
Net carrying amount | $ 1,955 | $ 2,070 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Summary of Estimated Future Amortization Expense (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Other intangible assets | |
Estimated future amortization expense | |
For the nine months ending December 31, 2024 | $ 5,901 |
For the year ending December 31, 2025 | 7,786 |
For the year ending December 31, 2026 | 7,664 |
For the year ending December 31, 2027 | 7,542 |
For the year ending December 31, 2028 | 6,142 |
MSRs | |
Estimated future amortization expense | |
For the nine months ending December 31, 2024 | 411 |
For the year ending December 31, 2025 | 502 |
For the year ending December 31, 2026 | 446 |
For the year ending December 31, 2027 | 396 |
For the year ending December 31, 2028 | $ 352 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Changes in Servicing Rights (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Changes in the mortgage servicing rights | ||
Beginning balance | $ 58,674 | |
Amortization | (2,008) | $ (1,363) |
Ending balance | 56,666 | |
MSRs | ||
Changes in the mortgage servicing rights | ||
Beginning balance | 4,911 | 9,162 |
Originations | 115 | 274 |
Amortization | (114) | (119) |
Ending balance | 4,912 | 9,317 |
Fair value | 7,523 | 13,321 |
SBA Servicing Rights | ||
Changes in the mortgage servicing rights | ||
Beginning balance | 2,440 | 2,666 |
Originations | 266 | 129 |
Disposals | (102) | (210) |
Recovery | 104 | 54 |
Amortization | (74) | (35) |
Ending balance | 2,634 | 2,604 |
Fair value | $ 2,634 | $ 2,604 |
Borrowings - Narrative (Details
Borrowings - Narrative (Details) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Oct. 01, 2022 USD ($) item | |
Assets Sold under Agreements to Repurchase [Line Items] | ||||
Amount of repurchase agreements | $ 19,600 | $ 19,600 | ||
Fair Value | 685,666 | 628,829 | ||
Remaining balance on the note | 54,278 | 54,200 | ||
Federal home loan bank, advances, general debt obligations, maximum amount available | 1,800,000 | |||
Loans receivable | 7,471,445 | 7,600,811 | ||
Interest expense related to FHLB advances | 3,200 | $ 7,100 | ||
Bank of Jackson Hole | ||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||
Number of subordinated note purchase agreements assumed | item | 3 | |||
Asset Pledged as Collateral | Securities Sold under Agreements to Repurchase [Member] | ||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||
Fair Value | $ 30,100 | $ 30,400 | ||
Financing Receivable, Pledging Purpose [Extensible Enumeration] | Noninterest-bearing Deposit Liabilities | Noninterest-bearing Deposit Liabilities | ||
Excess collateral pledged | $ 10,400 | $ 10,800 | ||
Asset Pledged as Collateral | Federal Home Loan Bank Advances [Member] | ||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||
Fair Value | $ 0 | $ 0 | ||
Financing Receivable, Pledging Purpose [Extensible Enumeration] | Noninterest-bearing Deposit Liabilities | Noninterest-bearing Deposit Liabilities | ||
Fair value of available-for-sale investment securities pledged as collateral | $ 0 | $ 0 | ||
Loans receivable | 2,500,000 | 2,600,000 | ||
Fixed-To-Floating Rate Note, Maturing June 2031 | Bank of Jackson Hole | ||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||
Subordinated note | $ 15,000 | |||
Fair value adjustment from the acquisition | 400 | 500 | ||
Remaining balance on the note | 14,600 | 14,500 | ||
Fixed-To-Floating Rate Note, Maturing June 2031 | Other liabilities | Bank of Jackson Hole | ||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||
Interest expense | 100 | 100 | ||
Line of credit [Member] | ||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||
FHLB advances | 0 | 340,000 | ||
Subordinated Debt [Member] | Fixed-To-Floating Rate Note, Maturing November 2031 | ||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||
Subordinated note | 40,000 | |||
Remaining balance on the note | 39,700 | 39,700 | ||
Debt issuance costs | $ 300 | $ 300 | ||
Interest rate (as a percent) | 3% | |||
Variable rate basis (as a percent) | 2.03% | |||
Redemption price as a percent of principal | 100% | |||
Subordinated Debt [Member] | Fixed-To-Floating Rate Note, Maturing November 2031 | Other liabilities | ||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||
Interest expense | $ 300 | $ 300 | ||
Subordinated Debt [Member] | Fixed-To-Floating Rate Note, Maturing June 2031 | Bank of Jackson Hole | ||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||
Interest rate (as a percent) | 3.75% | |||
Variable rate basis (as a percent) | 3.06% | |||
Redemption price as a percent of principal | 100% |
Regulatory Capital - Capital Ra
Regulatory Capital - Capital Ratio Requirements under Prompt Corrective Action or Other Regulatory Requirements (Details) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capital conservation buffer | 2.50% | 2.50% |
Consolidated | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Leverage Ratio | 0.100 | 0.097 |
Common equity risk-based ratio | 0.124 | 0.119 |
Risk-based capital Ratio | 0.124 | 0.119 |
Total risk-based capital Ratio | 0.143 | 0.138 |
Leverage Amount | $ 963,724 | $ 941,369 |
Common equity risk-based amount | 963,724 | 941,369 |
Risk-based capital amount | 963,724 | 941,369 |
Total risk-based capital Amount | $ 1,115,783 | $ 1,092,800 |
Required to be considered adequately capitalized Ratio, leverage ratio | 0.040 | 0.040 |
Required to be considered well capitalized Ratio, risk-based capital ratio | 0.070 | 0.070 |
Required to be considered adequately capitalized Ratio, risk-based capital ratio | 0.085 | 0.085 |
Required to be considered adequately capitalized Ratio, Total risk-based capital ratio | 0.105 | 0.105 |
Required to be considered adequately capitalized leverage Amount | $ 385,713 | $ 386,775 |
Required to be considered adequately capitalized common equity capital amount | 546,078 | 554,325 |
Required to be considered adequately capitalized risk-based capital Amount | 663,095 | 673,109 |
Required to be considered adequately capitalized Total risk-based capital Amount | $ 819,117 | $ 831,487 |
NBH Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Leverage Ratio | 0.090 | 0.089 |
Common equity risk-based ratio | 0.111 | 0.109 |
Risk-based capital Ratio | 0.111 | 0.109 |
Total risk-based capital Ratio | 0.124 | 0.121 |
Leverage Amount | $ 863,422 | $ 856,243 |
Common equity risk-based amount | 863,422 | 856,243 |
Risk-based capital amount | 863,422 | 856,243 |
Total risk-based capital Amount | $ 960,480 | $ 952,674 |
Required to be considered well capitalized Ratio, leverage ratio | 0.050 | 0.050 |
Required to be considered well capitalized Ratio, risk-based common equity capital ratio | 0.065 | 0.065 |
Required to be considered well capitalized Ratio, risk-based capital ratio | 0.080 | 0.080 |
Required to be considered well capitalized Ratio, Total risk-based capital ratio | 0.100 | 0.100 |
Required to be considered well capitalized leverage Amount | $ 480,318 | $ 481,685 |
Required to be considered well capitalized common equity capital amount | 504,635 | 512,408 |
Required to be considered well capitalized risk-based capital Amount | 621,089 | 630,656 |
Required to be considered well capitalized Total risk-based capital Amount | $ 776,361 | $ 788,319 |
Required to be considered adequately capitalized Ratio, leverage ratio | 0.040 | 0.040 |
Required to be considered well capitalized Ratio, risk-based capital ratio | 0.070 | 0.070 |
Required to be considered adequately capitalized Ratio, risk-based capital ratio | 0.085 | 0.085 |
Required to be considered adequately capitalized Ratio, Total risk-based capital ratio | 0.105 | 0.105 |
Required to be considered adequately capitalized leverage Amount | $ 384,254 | $ 385,348 |
Required to be considered adequately capitalized common equity capital amount | 543,453 | 551,824 |
Required to be considered adequately capitalized risk-based capital Amount | 659,907 | 670,072 |
Required to be considered adequately capitalized Total risk-based capital Amount | $ 815,179 | $ 827,735 |
Bank of Jackson Hole | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Leverage Ratio | 0.304 | 0.300 |
Common equity risk-based ratio | 0.712 | 0.712 |
Risk-based capital Ratio | 0.712 | 0.712 |
Total risk-based capital Ratio | 0.712 | 0.712 |
Leverage Amount | $ 11,817 | $ 11,609 |
Common equity risk-based amount | 11,817 | 11,609 |
Risk-based capital amount | 11,817 | 11,609 |
Total risk-based capital Amount | $ 11,819 | $ 11,609 |
Required to be considered well capitalized Ratio, leverage ratio | 0.050 | 0.050 |
Required to be considered well capitalized Ratio, risk-based common equity capital ratio | 0.065 | 0.065 |
Required to be considered well capitalized Ratio, risk-based capital ratio | 0.080 | 0.080 |
Required to be considered well capitalized Ratio, Total risk-based capital ratio | 0.100 | 0.100 |
Required to be considered well capitalized leverage Amount | $ 1,946 | $ 1,936 |
Required to be considered well capitalized common equity capital amount | 1,079 | 1,059 |
Required to be considered well capitalized risk-based capital Amount | 1,328 | 1,304 |
Required to be considered well capitalized Total risk-based capital Amount | $ 1,660 | $ 1,629 |
Required to be considered adequately capitalized Ratio, leverage ratio | 0.040 | 0.040 |
Required to be considered well capitalized Ratio, risk-based capital ratio | 0.070 | 0.070 |
Required to be considered adequately capitalized Ratio, risk-based capital ratio | 0.085 | 0.085 |
Required to be considered adequately capitalized Ratio, Total risk-based capital ratio | 0.105 | 0.105 |
Required to be considered adequately capitalized leverage Amount | $ 1,557 | $ 1,549 |
Required to be considered adequately capitalized common equity capital amount | 1,162 | 1,141 |
Required to be considered adequately capitalized risk-based capital Amount | 1,411 | 1,385 |
Required to be considered adequately capitalized Total risk-based capital Amount | $ 1,743 | $ 1,711 |
Revenue from Contracts with C_3
Revenue from Contracts with Clients - Non-interest income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue from Contracts with Clients | ||
Non-interest income (in-scope of Topic 606) | $ 11,008 | $ 10,072 |
Non-interest income (out-of-scope of Topic 606) | 6,686 | 4,593 |
Total non-interest income | 17,694 | 14,665 |
(Loss) gain on OREO sales, net | (2) | (11) |
Total Revenue | 11,006 | 10,061 |
Service charges and other fees | ||
Revenue from Contracts with Clients | ||
Non-interest income (in-scope of Topic 606) | 5,283 | 4,927 |
Bank card fees | ||
Revenue from Contracts with Clients | ||
Non-interest income (in-scope of Topic 606) | 4,578 | 4,637 |
Trust and wealth management fees | ||
Revenue from Contracts with Clients | ||
Non-interest income (in-scope of Topic 606) | $ 1,147 | $ 508 |
Stock-based Compensation and _3
Stock-based Compensation and Benefits - Narrative (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
NBH Holdings Corp. 2014 Omnibus Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares authorized | 1,185,202 | |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Contractual term (in years) | 10 years | |
Stock based compensation expense | $ 100,000 | $ 100,000 |
Unrecognized compensation expense | $ 400,000 | |
Unrecognized compensation cost, weighted-average period, years | 1 year 9 months 18 days | |
Employee Stock Option [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] | NBH Holdings Corp. 2014 Omnibus Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock based compensation expense | $ 1,000,000 | 900,000 |
Unrecognized compensation expense | $ 3,400,000 | |
Unrecognized compensation cost, weighted-average period, years | 1 year 10 months 24 days | |
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 | |
Unrecognized compensation expense | $ 2,300,000 | |
Unrecognized compensation cost, weighted-average period, years | 1 year 7 months 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% | |
Performance stock units | Employee Stock Purchase Plan 2014 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock based compensation expense | $ 500,000 | |
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 | |
Shares available for issuance | 224,299 | |
Employees purchased shares (in shares) | 11,620 | 9,741 |
Minimum [Member] | Employee Stock Option [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] | Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 3 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 | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Outstanding Options, beginning | 755,546 | |
Exercised, Options | (2,000) | |
Forfeited, Options | (4,423) | |
Outstanding Options, ending | 749,123 | 755,546 |
Options exercisable at end of period, Options | 570,571 | |
Options vested and expected to vest, Options | 737,479 | |
Outstanding, Weighted average exercise price, beginning | $ 30.95 | |
Exercised, Weighted average exercise price | 18.92 | |
Forfeited, Weighted average exercise price | 38.01 | |
Outstanding, Weighted average exercised price, ending | 30.94 | $ 30.95 |
Options exercisable at end of period, Weighted average exercise price | 29.15 | |
Options vested and expected to vest, Weighted average exercise price | $ 30.86 | |
Outstanding, Weighted average remaining contractual term in years | 5 years 6 months 7 days | 5 years 9 months 14 days |
Options exercisable at end of period, weighted average remaining contractual term in years | 4 years 7 months 6 days | |
Options vested and expected to vest, Weighted average remaining contractual term in years | 5 years 5 months 19 days | |
Outstanding, Aggregate intrinsic value, beginning | $ 5,270 | |
Outstanding, Aggregate intrinsic value, ending | 4,557 | $ 5,270 |
Aggregate intrinsic Value of Options exercisable at end of period | 4,290 | |
Options vested and expected to vest, Aggregate Intrinsic Value | $ 4,534 |
Stock-based Compensation and _5
Stock-based Compensation and Benefits - Summary of Restricted Stock Activity (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | |
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) | 240,584 | ||
Unvested Restricted shares, Forfeited (in shares) | (2,922) | ||
Unvested Restricted shares, Ending (in shares) | 237,662 | 240,584 | |
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) | $ 34.47 | ||
Weighted average grant-date fair value, Forfeited (in dollars per share) | 36.85 | ||
Weighted average grant-date fair value, Ending (in dollars per share) | $ 34.44 | $ 34.47 | |
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) | 171,782 | ||
Unvested Restricted shares, Net adjustment due to performance (in shares) | (5,707) | ||
Unvested Restricted shares, Vested (in shares) | (15,433) | ||
Unvested Restricted shares, Forfeited (in shares) | (2,104) | ||
Unvested Restricted shares, Ending (in shares) | 148,538 | 171,782 | |
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) | $ 34.56 | ||
Weighted average grant-date fair value, Net adjustment due to performance (in dollars per share) | 33.11 | ||
Weighted average grant-date fair value, Vested (in dollars per share) | 33.11 | ||
Weighted average grant-date fair value, Forfeited (in dollars per share) | 33.45 | ||
Weighted average grant-date fair value, Ending (in dollars per share) | $ 34.79 | $ 34.56 | |
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) | 33.46 | ||
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) | $ 27.06 | ||
Weighted average beginning measurement period price | $ 42.37 |
Common Stock - Narrative (Detai
Common Stock - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | May 09, 2023 | |
Schedule Of Common Stock [Line Items] | |||
Shares outstanding | 37,806,148 | 37,784,851 | |
February 2021 Board Authorized Share Purchase Program | |||
Schedule Of Common Stock [Line Items] | |||
Stock repurchase program, authorized amount | $ 50 | ||
Remaining authorized amount | $ 50 | ||
Common Class A [Member] | |||
Schedule Of Common Stock [Line Items] | |||
Shares outstanding | 37,806,148 | 37,784,851 | |
Restricted issued but not yet vested, shares | 237,662 | 240,584 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - $ / shares | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Outstanding stock options to purchase common stock | 749,123 | 715,188 | 755,546 |
Outstanding stock options to purchase common stock, per share | $ 30.94 | $ 29.82 | $ 30.95 |
Restricted shares outstanding | 386,200 | 296,853 | |
Common Class A [Member] | |||
Shares outstanding | 37,806,148 | 37,641,381 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share | ||
Net Income (Loss) | $ 31,391 | $ 40,283 |
Less: income allocated to participating securities | (64) | (42) |
Income allocated to common shareholders | $ 31,327 | $ 40,241 |
Weighted average shares outstanding for basic earnings per common share | 38,031,358 | 37,785,488 |
Dilutive effect of equity awards | 157,122 | 289,485 |
Weighted average shares outstanding for diluted earnings per common share | 38,188,480 | 38,074,973 |
Basic earnings per share (in dollars per share) | $ 0.82 | $ 1.06 |
Diluted earnings per share (in dollars per share) | $ 0.82 | $ 1.06 |
Derivatives - FV of Derivatives
Derivatives - FV of Derivatives on the Balance Sheet (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Asset derivatives fair value | $ 32,559 | $ 28,928 |
Liability derivatives fair value | 2,984 | 3,400 |
Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Asset derivatives fair value | 10,004 | 8,767 |
Liability derivatives fair value | 9,782 | 8,599 |
Other assets [Member] | Interest rate products [Member] | Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Asset derivatives fair value | 32,559 | 28,928 |
Other assets [Member] | Interest rate products [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Asset derivatives fair value | 9,477 | 8,480 |
Other assets [Member] | Interest Rate Lock Commitments [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Asset derivatives fair value | 525 | 287 |
Other assets [Member] | Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Asset derivatives fair value | 2 | |
Other liabilities | Interest rate products [Member] | Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Liability derivatives fair value | 2,984 | 3,400 |
Other liabilities | Interest rate products [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Liability derivatives fair value | 9,714 | 8,484 |
Other liabilities | Interest Rate Lock Commitments [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Liability derivatives fair value | 5 | |
Other liabilities | Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Liability derivatives fair value | $ 68 | $ 110 |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Derivative [Line Items] | |||
Termination value of derivatives in net liability position | $ 0 | ||
Interest Rate Lock Commitments Notional Amount Member | |||
Derivative [Line Items] | |||
Notional amount | 29.7 | $ 13.8 | |
Forward Contract Notional Member | |||
Derivative [Line Items] | |||
Notional amount | 30 | 17.7 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Notional amount | 530.8 | 464.9 | |
Derivative fee income from non-designated hedges | 0.9 | $ 0.2 | |
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Hedged Loans | 472.1 | 469.4 | |
Cumulative fair value hedge adjustment | (29.1) | 22.6 | |
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Notional amount | 352.5 | 351 | |
Cumulative fair value hedge adjustment | 32.1 | $ 25.7 | |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional amount | 200 | ||
Reclassification of accumulated other comprehensive income during the next 12 months | $ 1.8 |
Derivatives - Derivatives on th
Derivatives - Derivatives on the Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Amount of (loss) gain recognized in income on derivatives | $ 144 | $ 290 |
Interest rate products [Member] | Not Designated as Hedging Instrument [Member] | Other Non-Interest expense [Member] | ||
Derivative [Line Items] | ||
Amount of (loss) gain recognized in income on derivatives | (232) | (6) |
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 | 8,580 | (5,491) |
Amount of gain (loss) recognized in income on hedged items | (6,548) | 7,310 |
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 | 44 | (344) |
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 | $ 332 | $ 640 |
Derivatives - Effect of fair va
Derivatives - Effect of fair value cash flow hedge accounting on AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in OCI on derivatives | $ 203 | $ 566 |
Loss reclassified from AOCI into income | 896 | (107) |
Interest rate products [Member] | Cash Flow Hedging [Member] | Interest income [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in OCI on derivatives | (1,427,601) | 616 |
Gain (loss) recognized in OCI included component | (1,002,237) | 399 |
Gain (loss) recognized in OCI excluded component | (425,364) | 217 |
Loss reclassified from AOCI into income | (512,826) | (262) |
Loss reclassified from AOCI into income included component | (395,034) | (162) |
Gain (loss) reclassified from AOCI into income excluded component | $ (117,792) | $ (100) |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Total Unfunded Commitments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Commitment And Contingencies [Line Items] | ||
Total unfunded commitments | $ 1,563,717 | $ 1,634,765 |
Unfunded loan commitment reserves [Member] | ||
Commitment And Contingencies [Line Items] | ||
Total unfunded commitments | 706,637 | 724,928 |
Credit Card Lines of Credit [Member] | ||
Commitment And Contingencies [Line Items] | ||
Total unfunded commitments | 4,467 | 6,278 |
Unfunded Commitment Line Of Credit [Member] | ||
Commitment And Contingencies [Line Items] | ||
Total unfunded commitments | 840,932 | 890,530 |
Commercial And Standby Letters Of Credit [Member] | ||
Commitment And Contingencies [Line Items] | ||
Total unfunded commitments | $ 11,681 | $ 13,029 |
Commitments and Contingencies_2
Commitments and Contingencies - Repurchase Reserve Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Commitment And Contingencies [Line Items] | |||
Beginning balance | $ 97,947 | $ 89,553 | $ 89,553 |
Provision charged to (released from) operating expense, net | 900 | ||
Charge-offs | (278) | (325) | (1,575) |
Ending balance | 97,607 | 90,343 | 97,947 |
Mortgage Loans [Member] | |||
Commitment And Contingencies [Line Items] | |||
Beginning balance | 1,198 | 1,725 | 1,725 |
Provision charged to (released from) operating expense, net | (34) | ||
Charge-offs | (26) | (46) | |
Ending balance | $ 1,172 | $ 1,645 | $ 1,198 |
Fair Value Measurements - Trans
Fair Value Measurements - Transfer Between Hierarchy Levels (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Fair Value Measurements | ||
Level 1 to Level 2 Transfer, Asset | $ 0 | $ 0 |
Level 2 to Level 1 Transfer, Asset | 0 | 0 |
Level 1 to Level 2 Transfer, Liability | 0 | 0 |
Level 2 to Level 1 Transfer, Liability | 0 | 0 |
Level 3 Transfer, Asset | 0 | 0 |
Level 3 Transfer, Liability | $ 0 | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 USD ($) loan | Mar. 31, 2023 USD ($) loan | Dec. 31, 2023 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 | 85 | ||
Loans | $ 7,569,052 | $ 7,698,758 | |
Impairment on other real estate owned | $ 13 | ||
Fair Value, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Nonrecurring Loans Reserves | $ 9,800 | $ 4,400 | |
Number of Loans measured | loan | 13 | 9 | |
Loans | $ 38,200 | $ 12,100 | |
Other Real Estate Owned [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment on other real estate owned | 0 | 13 | |
SBA Servicing Rights | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment on mortgage servicing rights | $ 0 | ||
Measurement Input, Discount Rate [Member] | Other Real Estate Owned [Member] | Minimum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Measurement input (as a percent) | 0.06 | ||
Measurement Input, Discount Rate [Member] | Other Real Estate Owned [Member] | Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Measurement input (as a percent) | 0.10 | ||
Measurement Input, Discount Rate [Member] | Other Real Estate Owned [Member] | Weighted Average | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Measurement input (as a percent) | 0.061 | ||
Measurement Input, Discount Rate [Member] | SBA Servicing Rights | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Servicing assets measurement input (as a percent) | 0.102 | ||
Measurement Input, Constant Prepayment Rate [Member] | SBA Servicing Rights | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Servicing assets measurement input (as a percent) | 0.157 | ||
Impaired loans [Member]. | Measurement Input, Discount Rate [Member] | Minimum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Measurement input (as a percent) | 0.06 | ||
Impaired loans [Member]. | Measurement Input, Discount Rate [Member] | Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Measurement input (as a percent) | 0.37 | ||
Impaired loans [Member]. | Measurement Input, Discount Rate [Member] | Weighted Average | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Measurement input (as a percent) | 0.127 | ||
Mortgage Servicing Rights [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment on mortgage servicing rights | $ 0 | $ 0 | |
Mortgage Servicing Rights [Member] | Measurement Input, Discount Rate [Member] | Minimum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Servicing assets measurement input (as a percent) | 0.100 | ||
Mortgage Servicing Rights [Member] | Measurement Input, Discount Rate [Member] | Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Servicing assets measurement input (as a percent) | 0.105 | ||
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) | 0.100 | ||
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) | 0.062 | ||
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) | 0.133 | ||
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) | 0.063 |
Fair Value Measurements - Table
Fair Value Measurements - Tables of Financial Instruments Measured At Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | $ 741,484 | $ 684,566 |
Total liabilities at fair value | 12,766 | 15,399 |
U.S. Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 72,651 | 73,044 |
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 | 193,576 | 201,809 |
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 | 416,680 | 351,242 |
Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 79 | 79 |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 1,870 | 1,843 |
Loans held for sale member | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 14,065 | 18,854 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 72,651 | 73,044 |
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 | 72,651 | 73,044 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 668,306 | 611,235 |
Total liabilities at fair value | 12,698 | 15,284 |
Level 2 [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 | 193,576 | 201,809 |
Level 2 [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 | 416,680 | 351,242 |
Level 2 [Member] | Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 79 | 79 |
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 | 1,870 | 1,843 |
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 | 14,065 | 18,854 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 527 | 287 |
Total liabilities at fair value | 68 | 115 |
Interest Rate Swap [Member] | Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 42,036 | 37,408 |
Total liabilities at fair value | 12,698 | 15,284 |
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 | 42,036 | 37,408 |
Total liabilities at fair value | 12,698 | 15,284 |
Mortgage-backed securities | Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 527 | 287 |
Total liabilities at fair value | 68 | 115 |
Mortgage-backed securities | Level 3 [Member] | Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 527 | 287 |
Total liabilities at fair value | $ 68 | $ 115 |
Fair Value Measurements - Tab_2
Fair Value Measurements - Table of Changes in Level 3 Financial Instruments (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning Balance | $ 172 |
Gain included in earnings, net | $ 376 |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Noninterest Expense |
Fees and costs included in earnings, net | $ (89) |
Ending Balance | $ 459 |
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 | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | $ 741,484 | $ 684,566 | |
Fair Value, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | $ 23,035 | ||
Losses from fair value changes | 338 | ||
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 | 47,470 | 19,577 | |
Losses from fair value changes | $ 278 | 325 | |
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 | 3,458 | ||
Losses from fair value changes | $ 13 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Schedule of Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
ASSETS: | ||
Cash and cash equivalents | $ 292,931 | $ 190,826 |
Investment securities available-for-sale (at fair value) | 685,666 | 628,829 |
Investment securities held-to-maturity, fair value | 485,776 | 504,328 |
Mortgage-backed securities-residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises held-to-maturity | 570,850 | 585,052 |
Loans receivable | 7,471,445 | 7,600,811 |
Capital stock of FHLB | 779 | 16,828 |
Total Loans | 7,569,052 | 7,698,758 |
Loans held-for-sale | 14,065 | 18,854 |
LIABILITIES: | ||
Time deposits | 995,976 | 981,970 |
Securities sold under agreements to repurchase | 19,577 | 19,627 |
Long-term debt | 54,278 | 54,200 |
Federal Home Loan Bank advances | 340,000 | |
U.S. Treasury Securities [Member] | ||
ASSETS: | ||
Investment securities available-for-sale (at fair value) | 72,651 | 73,044 |
Investment securities held-to-maturity, fair value | 48,189 | 48,334 |
Mortgage-backed securities-residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises held-to-maturity | 49,412 | 49,338 |
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) | 193,576 | 201,809 |
Investment securities held-to-maturity, fair value | 253,914 | 265,011 |
Mortgage-backed securities-residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises held-to-maturity | 290,450 | 299,337 |
Other Residential MBS Issued or Guaranteed by U.S. Government Agencies or Sponsored Enterprises [Member] | ||
ASSETS: | ||
Investment securities available-for-sale (at fair value) | 416,680 | 351,242 |
Investment securities held-to-maturity, fair value | 183,673 | 190,983 |
Mortgage-backed securities-residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises held-to-maturity | 230,988 | 236,377 |
Other Securities [Member] | ||
ASSETS: | ||
Investment securities available-for-sale (at fair value) | 810 | 812 |
Municipal Securities [Member] | ||
ASSETS: | ||
Investment securities available-for-sale (at fair value) | 79 | 79 |
Corporate Debt Securities [Member] | ||
ASSETS: | ||
Investment securities available-for-sale (at fair value) | 1,870 | 1,843 |
Carrying Amount [Member] | Level 1 [Member] | ||
ASSETS: | ||
Cash and cash equivalents | 292,931 | 190,826 |
Carrying Amount [Member] | Level 2 [Member] | ||
ASSETS: | ||
Non-marketable securities | 24,841 | 40,890 |
Loans held-for-sale | 14,065 | 18,854 |
Accrued interest receivable | 49,585 | 44,944 |
LIABILITIES: | ||
Deposit transaction accounts | 7,521,786 | 7,208,421 |
Time deposits | 995,976 | 981,970 |
Securities sold under agreements to repurchase | 19,577 | 19,627 |
Long-term debt | 55,000 | 55,000 |
Federal Home Loan Bank advances | 340,000 | |
Accrued interest payable | 14,769 | 12,239 |
Carrying Amount [Member] | Level 3 [Member] | ||
ASSETS: | ||
Total Loans | 7,569,052 | 7,698,758 |
Carrying Amount [Member] | U.S. Treasury Securities [Member] | Level 1 [Member] | ||
ASSETS: | ||
Investment securities available-for-sale (at fair value) | 72,651 | 73,044 |
Investment securities held-to-maturity, fair value | 49,412 | 49,338 |
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) | 193,576 | 201,809 |
Mortgage-backed securities-residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises held-to-maturity | 290,450 | 299,337 |
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) | 416,680 | 351,242 |
Mortgage-backed securities-residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises held-to-maturity | 230,988 | 236,377 |
Carrying Amount [Member] | Other Securities [Member] | Level 3 [Member] | ||
ASSETS: | ||
Investment securities available-for-sale (at fair value) | 810 | 812 |
Carrying Amount [Member] | Municipal Securities [Member] | Level 2 [Member] | ||
ASSETS: | ||
Municipal obligations | 79 | 79 |
Carrying Amount [Member] | Corporate Debt Securities [Member] | Level 2 [Member] | ||
ASSETS: | ||
Investment securities available-for-sale (at fair value) | 1,870 | 1,843 |
Estimated Fair Value [Member] | Level 1 [Member] | ||
ASSETS: | ||
Cash and cash equivalents | 292,931 | 190,826 |
Estimated Fair Value [Member] | Level 2 [Member] | ||
ASSETS: | ||
Non-marketable securities | 24,841 | 40,890 |
Loans held-for-sale | 14,065 | 18,854 |
Accrued interest receivable | 49,585 | 44,944 |
LIABILITIES: | ||
Deposit transaction accounts | 7,521,786 | 7,208,421 |
Time deposits | 992,649 | 972,793 |
Securities sold under agreements to repurchase | 19,577 | 19,627 |
Long-term debt | 45,127 | 43,760 |
Federal Home Loan Bank advances | 340,000 | |
Accrued interest payable | 14,769 | 12,239 |
Estimated Fair Value [Member] | Level 3 [Member] | ||
ASSETS: | ||
Total Loans | 7,355,053 | 7,411,687 |
Estimated Fair Value [Member] | U.S. Treasury Securities [Member] | Level 1 [Member] | ||
ASSETS: | ||
Investment securities available-for-sale (at fair value) | 72,651 | 73,044 |
Investment securities held-to-maturity, fair value | 48,189 | 48,334 |
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) | 193,576 | 201,809 |
Mortgage-backed securities-residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises held-to-maturity | 253,914 | 265,011 |
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) | 416,680 | 351,242 |
Mortgage-backed securities-residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises held-to-maturity | 183,673 | 190,983 |
Estimated Fair Value [Member] | Other Securities [Member] | Level 3 [Member] | ||
ASSETS: | ||
Investment securities available-for-sale (at fair value) | 810 | 812 |
Estimated Fair Value [Member] | Municipal Securities [Member] | Level 2 [Member] | ||
ASSETS: | ||
Municipal obligations | 79 | 79 |
Estimated Fair Value [Member] | Corporate Debt Securities [Member] | Level 2 [Member] | ||
ASSETS: | ||
Investment securities available-for-sale (at fair value) | 1,870 | 1,843 |
Interest Rate Swap [Member] | Carrying Amount [Member] | Level 2 [Member] | ||
ASSETS: | ||
Derivative asset | $ 42,036 | $ 37,408 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets |
LIABILITIES: | ||
Derivative liability | $ 12,698 | $ 11,884 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities. | Other Liabilities. |
Interest Rate Swap [Member] | Estimated Fair Value [Member] | Level 2 [Member] | ||
ASSETS: | ||
Derivative asset | $ 42,036 | $ 37,408 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets |
LIABILITIES: | ||
Derivative liability | $ 12,698 | $ 11,884 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities. | Other Liabilities. |
Mortgage-backed securities | Carrying Amount [Member] | Level 3 [Member] | ||
ASSETS: | ||
Derivative asset | $ 527 | $ 287 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets |
LIABILITIES: | ||
Derivative liability | $ 68 | $ 115 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities. | Other Liabilities. |
Mortgage-backed securities | Estimated Fair Value [Member] | Level 3 [Member] | ||
ASSETS: | ||
Derivative asset | $ 527 | $ 287 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets |
LIABILITIES: | ||
Derivative liability | $ 68 | $ 115 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities. | Other Liabilities. |
Acquisition Activities (Details
Acquisition Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Apr. 03, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | |
Acquisition Activities | |||
Amortization period for intangible assets | 9 years 9 months 18 days | ||
Cambr | |||
Acquisition Activities | |||
Transaction value | $ 46,524 | ||
Acquisition related expenses | $ 1,000 | ||
Amount of goodwill - Deductible for tax purposes | 27,800 | ||
Cambr | Core deposit intangible | |||
Acquisition Activities | |||
Acquired through acquisition | 1,700,000 | ||
Cambr | Other intangible assets | |||
Acquisition Activities | |||
Acquired through acquisition | $ 18,000 | ||
Amortization period for intangible assets | 9 years 4 months 24 days |
Acquisition Activities - Net As
Acquisition Activities - Net Asset Acquired and Consideration Transferred (Details) - USD ($) $ in Thousands | Apr. 03, 2023 | Mar. 31, 2024 | Dec. 31, 2023 |
Consideration: | |||
Goodwill | $ 306,043 | $ 306,043 | |
Cambr | |||
Assets: | |||
Cash and due from banks | $ 1,224 | ||
Core deposit and other intangibles | 18,000 | ||
Other assets | 6,729 | ||
Total assets acquired | 25,953 | ||
Liabilities: | |||
Other liabilities | 6,340 | ||
Total liabilities assumed | 6,340 | ||
Identifiable net assets acquired | 19,613 | ||
Consideration: | |||
Cash consideration | 46,524 | ||
Total | 46,524 | ||
Goodwill | $ 26,911 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 31,391 | $ 40,283 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |