Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 27, 2019 | Jun. 30, 2018 | |
Document Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | NBHC | ||
Entity Registrant Name | National Bank Holdings Corp | ||
Entity Central Index Key | 1,475,841 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 30,862,685 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1,156,200,000 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash and due from banks | $ 109,056 | $ 193,297 |
Interest bearing bank deposits | 500 | 64,067 |
Cash and cash equivalents | 109,556 | 257,364 |
Investment securities available-for-sale (at fair value) | 791,102 | 855,345 |
Investment securities held-to-maturity (fair value of $230,926 and $256,771 at December 31, 2018 and December 31, 2017, respectively) | 235,398 | 258,730 |
Non-marketable securities | 27,555 | 15,030 |
Loans | 4,092,308 | 3,178,947 |
Allowance for loan losses | (35,692) | (31,264) |
Loans, net | 4,056,616 | 3,147,683 |
Loans held for sale | 48,120 | 4,629 |
Other real estate owned | 10,596 | 10,491 |
Premises and equipment, net | 109,986 | 93,708 |
Goodwill | 115,027 | 59,630 |
Intangible assets, net | 13,470 | 1,607 |
Other assets | 159,240 | 139,248 |
Total assets | 5,676,666 | 4,843,465 |
Liabilities: | ||
Non-interest bearing demand deposits | 1,072,029 | 902,439 |
Interest bearing demand deposits | 688,255 | 474,607 |
Savings and money market | 1,694,808 | 1,484,463 |
Time deposits | 1,080,529 | 1,118,050 |
Total deposits | 4,535,621 | 3,979,559 |
Securities sold under agreements to repurchase | 66,047 | 130,463 |
Federal Home Loan Bank advances | 301,660 | 129,115 |
Other liabilities | 78,332 | 71,921 |
Total liabilities | 4,981,660 | 4,311,058 |
Shareholders' equity: | ||
Common stock, par value $0.01 per share: 400,000,000 shares authorized; 51,498,016 and 51,518,162 shares issued; 30,769,063 and 26,875,585 shares outstanding at December 31, 2018 and December 31, 2017, respectively | 515 | 515 |
Additional paid in capital | 1,014,399 | 970,668 |
Retained earnings | 106,990 | 60,795 |
Treasury stock of 20,582,459 and 24,479,020 shares at December 31, 2018 and December 31, 2017, respectively, at cost | (415,623) | (493,329) |
Accumulated other comprehensive loss, net of tax | (11,275) | (6,242) |
Total shareholders' equity | 695,006 | 532,407 |
Total liabilities and shareholders' equity | $ 5,676,666 | $ 4,843,465 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Investment securities held-to-maturity, fair value | $ 230,926 | $ 256,771 |
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 | 51,498,016 | 51,518,162 |
Common Stock, shares outstanding | 30,769,063 | 26,875,585 |
Treasury stock, shares | 20,582,459 | 24,479,020 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest and dividend income: | |||
Interest and fees on loans | $ 193,124 | $ 137,249 | $ 129,317 |
Interest and dividends on investment securities | 25,746 | 24,841 | 29,665 |
Dividends on non-marketable securities | 1,096 | 839 | 748 |
Interest on interest-bearing bank deposits | 1,425 | 1,492 | 718 |
Total interest and dividend income | 221,391 | 164,421 | 160,448 |
Interest expense: | |||
Interest on deposits | 21,041 | 16,172 | 13,963 |
Interest on borrowings | 2,913 | 1,943 | 845 |
Total interest expense | 23,954 | 18,115 | 14,808 |
Net interest income before provision for loan losses | 197,437 | 146,306 | 145,640 |
Provision for loan losses | 5,197 | 12,972 | 23,651 |
Net interest income after provision for loan losses | 192,240 | 133,334 | 121,989 |
Non-interest income: | |||
Mortgage banking income | 30,107 | 2,154 | 2,881 |
Bank-owned life insurance income | 1,791 | 1,871 | 1,861 |
Other non-interest income | 5,379 | 8,082 | 7,708 |
OREO related income | 917 | 438 | 2,248 |
Total non-interest income | 70,775 | 39,205 | 40,027 |
Non-interest expense: | |||
Salaries and benefits | 114,939 | 80,188 | 79,765 |
Occupancy and equipment | 28,493 | 20,994 | 22,904 |
Telecommunications and data processing | 10,098 | 7,188 | 5,970 |
Marketing and business development | 4,513 | 2,683 | 2,564 |
FDIC deposit insurance | 2,475 | 2,762 | 3,236 |
Bank card expenses | 5,453 | 3,986 | 4,440 |
Professional fees | 6,059 | 3,330 | 3,496 |
Other non-interest expense | 13,073 | 10,360 | 8,554 |
Problem asset workout | 2,549 | 3,994 | 3,983 |
Gain on OREO sales, net | (488) | (4,150) | (4,383) |
Core deposit intangible asset amortization | 2,170 | 5,342 | 5,480 |
Total non-interest expense | 189,334 | 136,677 | 136,009 |
Income before income taxes | 73,681 | 35,862 | 26,007 |
Income tax expense | 12,230 | 21,283 | 2,947 |
Net income | $ 61,451 | $ 14,579 | $ 23,060 |
Income per share—basic (in dollars per share) | $ 2 | $ 0.54 | $ 0.81 |
Income per share—diluted (in dollars per share) | $ 1.95 | $ 0.53 | $ 0.79 |
Weighted average number of common shares outstanding: | |||
Basic (Shares) | 30,748,234 | 26,928,763 | 28,313,061 |
Diluted (Shares) | 31,430,074 | 27,709,659 | 29,091,343 |
Service Charges and other fees | |||
Non-interest income: | |||
Non-interest income | $ 18,092 | $ 14,634 | $ 13,900 |
Bank card fees | |||
Non-interest income: | |||
Non-interest income | $ 14,489 | $ 12,026 | $ 11,429 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 61,451 | $ 14,579 | $ 23,060 |
Securities available-for-sale: | |||
Net unrealized (losses) gains arising during the period, net of tax (expense) benefit of ($876), $1,871 and ($26) for the years ended December 31, 2018, 2017 and 2016, respectively | (2,243) | (3,128) | 42 |
Less: amortization of net unrealized holding gains to income, net of tax benefit of $361 , $828 and $1,166 for the years ended December 31, 2018, 2017 and 2016, respectively | (1,311) | (1,352) | (1,899) |
Other comprehensive loss | (3,554) | (4,480) | (1,857) |
Comprehensive income | $ 57,897 | $ 10,099 | $ 21,203 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Tax (expense) benefit on net unrealized gains arising during the period | $ (876) | $ 1,871 | $ (26) |
Tax (expense) benefit of amortization of net unrealized holding gains to income | $ 361 | $ 828 | $ 1,166 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Common stock [Member] | Additional paid-in capital [Member] | Retained earnings [Member] | Treasury stock [Member] | Accumulated other comprehensive (loss), net [Member] | Total | |
Balance in the beginning at Dec. 31, 2015 | $ 513 | $ 997,926 | $ 38,670 | $ (419,660) | $ 95 | $ 617,544 | |
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 23,060 | 23,060 | |||||
Stock-based compensation | 3,492 | 3,492 | |||||
Issuance of stock under purchase and equity compensation plans, including gain on reissuance of treasury stock, net | 1 | (13,790) | 7,588 | (6,201) | |||
Repurchase of shares | (93,573) | (93,573) | |||||
Cash dividends declared | (6,276) | (6,276) | |||||
Warrant reclassification | (3,541) | 3,541 | |||||
Other comprehensive income (loss) | (1,857) | (1,857) | |||||
Balance in the ending at Dec. 31, 2016 | 514 | 984,087 | 55,454 | (502,104) | (1,762) | 536,189 | |
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 14,579 | 14,579 | |||||
Stock-based compensation | 3,648 | 3,648 | |||||
Issuance of stock under purchase and equity compensation plans, including gain on reissuance of treasury stock, net | 1 | (15,134) | 6,842 | (8,291) | |||
Cash dividends declared | (9,238) | (9,238) | |||||
Warrant exercise | (1,933) | 1,933 | |||||
Other comprehensive income (loss) | (4,480) | (4,480) | |||||
Balance in the ending at Dec. 31, 2017 | 515 | 970,668 | 60,795 | (493,329) | (6,242) | 532,407 | |
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 61,451 | 61,451 | |||||
Stock-based compensation | 4,420 | 4,420 | |||||
Issuance of stock under purchase and equity compensation plans, including gain on reissuance of treasury stock, net | (2,932) | 9,736 | 6,804 | ||||
Reissuance of treasury stock shares for acquisition Peoples, Inc | 42,243 | 67,970 | 110,213 | ||||
Cash dividends declared | (16,761) | (16,761) | |||||
Reclassification of certain tax effects from accumulated other comprehensive income | [1] | 1,479 | (1,479) | ||||
Cumulative effect adjustment | [2] | 26 | 26 | ||||
Other comprehensive income (loss) | (3,554) | (3,554) | |||||
Balance in the ending at Dec. 31, 2018 | $ 515 | $ 1,014,399 | $ 106,990 | $ (415,623) | $ (11,275) | $ 695,006 | |
[1] | Related to the adoption of Accounting Standards Update No. 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. Refer to note 2 - Recent Accounting Pronouncements of our consolidated financial statements for further details. | ||||||
[2] | Related to the adoption of Accounting Standards Update No. 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities. Refer to note 2 - Recent Accounting Pronouncements of our consolidated financial statements for further details. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||
Gain on reissuance of treasury stock | $ 7,998 | $ 6,118 | $ 96 |
Reissuance of treasury stock, shares | 3,398,477 | ||
Shares repurchased (shares) | 8,645,836 | ||
Cash dividends declared per share | $ 0.54 | $ 0.34 | $ 0.20 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Net income | $ 61,451 | $ 14,579 | $ 23,060 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for loan losses | 5,197 | 12,972 | 23,651 |
Depreciation and amortization | 11,522 | 12,889 | 14,203 |
Current income tax receivable | 4,246 | 1,260 | 4,176 |
Deferred income taxes | 9,092 | 17,180 | (176) |
Net excess tax benefit on stock-based compensation | (1,286) | (4,225) | (2,078) |
Discount accretion, net of premium amortization on securities | 2,911 | 2,581 | 3,067 |
Loan accretion | (23,115) | (23,933) | (35,073) |
Gain on sale of mortgages, net | (27,009) | (2,154) | (2,881) |
Origination of loans held for sale, net of repayments | (1,005,850) | (85,959) | (114,397) |
Proceeds from sales of loans held for sale | 1,030,906 | 101,935 | 101,098 |
Bank-owned life insurance income | (1,791) | (1,871) | (1,861) |
Impairment on mortgage servicing rights | 21 | ||
Originations of mortgage servicing rights | (30) | ||
Gain on the sale of other real estate owned, net | (488) | (4,150) | (4,383) |
Impairment on other real estate owned | 230 | 766 | 298 |
Loss on sale of fixed assets | (15) | (2,853) | (1,981) |
Stock-based compensation | 4,420 | 3,648 | 3,492 |
Acquisition-related costs | (7,957) | (2,691) | |
(Increase) decrease in other assets | (3,630) | 6,040 | (4,721) |
Increase (decrease) in other liabilities | 14,749 | 12,125 | (9,430) |
Net cash provided by (used in) operating activities | 73,574 | 58,139 | (3,936) |
Cash flows from investing activities: | |||
Purchase of FHLB stock | (16,463) | (7,448) | (5,544) |
Proceeds from redemption of FHLB stock | 12,062 | 6,877 | 7,670 |
Purchase of FRB stock | (4,716) | ||
Proceeds from redemption of FRB stock | 1,371 | 4,964 | |
Proceeds from maturities of investment securities held-to-maturity | 61,913 | 71,105 | 91,376 |
Proceeds from maturities of investment securities available-for-sale | 216,077 | 224,336 | 275,448 |
Proceeds from sales of investment securities available-for-sale | 33,637 | ||
Proceeds from maturities of non-marketable securities | 67 | 490 | 490 |
Purchase of investment securities held-to-maturity | (40,735) | ||
Purchase of investment securities available-for-sale | (72,555) | (202,694) | (4,872) |
Net increase in loans | (382,441) | (314,008) | (270,585) |
Purchases of premises and equipment, net | (6,277) | (5,617) | 690 |
Purchase of bank-owned life insurance | (10,344) | ||
Proceeds from sales of loans | 713 | 38,087 | 9,231 |
Proceeds from sales of other real estate owned | 26,346 | 10,355 | 16,105 |
Net cash activity from acquisition | 68,984 | ||
Net cash (used in) provided by investing activities | (102,017) | (178,517) | 114,629 |
Cash flows from financing activities: | |||
Net (decrease) increase in deposits | (173,849) | 113,796 | 27,972 |
(Decrease) increase in repurchase agreements | (64,416) | 38,452 | (44,512) |
Advances from FHLB | 889,416 | 263,129 | 218,629 |
FHLB payoffs | (750,696) | (172,679) | (219,964) |
Issuance of stock under purchase and equity compensation plans | (772) | (8,395) | (6,201) |
Proceeds from exercise of stock options | 7,576 | 104 | |
Payment of dividends | (16,624) | (9,401) | (6,400) |
Repurchase of shares | (93,573) | ||
Net cash (used in) provided by financing activities | (109,365) | 225,006 | (124,049) |
(Decrease) increase in cash, cash equivalents and restricted cash | (137,808) | 104,628 | (13,356) |
Cash, cash equivalents and restricted cash at beginning of the year | 257,364 | 152,736 | 166,092 |
Cash, cash equivalents and restricted cash at end of period | 119,556 | 257,364 | 152,736 |
Supplemental disclosure of cash flow information during the period: | |||
Cash paid for interest | 22,714 | 17,312 | 14,154 |
Net tax refunds | 2,345 | 127 | 2,193 |
Supplemental schedule of non-cash investing activities: | |||
Loans transferred to other real estate owned at fair value | 24,940 | 1,800 | 6,868 |
(Decrease) increase in loans purchased but not settled | (21,202) | 25,118 | (4,873) |
Loans transferred from loans held for sale to loans | 1,038 | $ 5,736 | $ 5,285 |
Treasury stock reissued for acquisition | $ 110,213 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2018 | |
Basis of Presentation | |
Basis of Presentation | NATIONAL BANK HOLDINGS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2018, 2017 and 2016 Note 1 Basis of Presenta 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 immediately south of Denver, in Greenwood Village, Colorado, and its primary operations are conducted through its wholly owned subsidiary, NBH Bank, (the "Bank"), a Colorado state-chartered bank and a member of the Federal Reserve System. The Company provides a variety of banking products to both commercial and consumer clients through a network of 104 banking centers as of December 31, 2018, located primarily in Colorado and the greater Kansas City region, and through online and mobile banking products and services. On January 1, 2018, the Company completed the acquisition of Peoples, Inc. Refer to note 4 – Acquisition Activities for further details. The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, NBH Bank. The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and where applicable, with general practices in the banking industry or guidelines prescribed by bank regulatory agencies. The consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results presented. All such adjustments are of a normal recurring nature. All significant intercompany balances and transactions have been eliminated in consolidation. Certain reclassifications of prior years' amounts are made whenever necessary to conform to current period presentation. All amounts are in thousands, except share data, or as otherwise noted. Beginning in the first quarter 2018, loans previously referred to as "non 310-30 loans" are referred to as "originated and acquired loans," which include originated loans as well as acquired loans not accounted for under ASC 310-30. No amounts were reclassified resulting from this change in terminology. The Company's significant accounting policies followed in the preparation of the consolidated financial statements are disclosed in note 2. 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 amount and timing of expected cash flows from assets, the valuation of other real estate owned (“OREO”), the fair value adjustments on assets acquired and liabilities assumed, the valuation of core deposit intangible assets, the valuation of investment securities for other-than-temporary impairment (“OTTI”), the valuation of stock-based compensation, the valuation of mortgage servicing rights, the fair values of financial instruments, the allowance for loan losses (“ALL”), and contingent liabilities. 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Basis of Presentation | |
Summary of Significant Accounting Policies | Note 2 Summary of Significant Accounting Policies a) Acquisition activities —The Company accounts for business combinations under the acquisition method of accounting. Assets acquired and liabilities assumed are measured and recorded at fair value at the date of acquisition, including identifiable intangible assets. If the fair value of net assets acquired exceeds the fair value of consideration paid, a bargain purchase gain is recognized at the date of acquisition. Conversely, if the consideration paid exceeds the fair value of the net assets acquired, goodwill is recognized at the acquisition date. Fair values are subject to refinement for up to a maximum of one year after the closing date of an acquisition as information relative to closing date fair values becomes available. Adjustments recorded to the acquired assets and liabilities assumed are applied prospectively in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations . The determination of the fair value of loans acquired takes into account credit quality deterioration and probability of loss; therefore, the related ALL is not carried forward at the time of acquisition. Identifiable intangible assets are recognized separately if they arise from contractual or other legal rights or if they are separable (i.e., capable of being sold, transferred, licensed, rented, or exchanged separately from the entity). Deposit liabilities and the related depositor relationship intangible assets, known as the core deposit intangible assets, may be exchanged in observable exchange transactions. As a result, the core deposit intangible asset is considered identifiable, because the separability criterion has been met. b) Cash and cash equivalents —Cash and cash equivalents include cash, cash items, amounts due from other banks, amounts due from the Federal Reserve Bank of Kansas City, federal funds sold, and interest-bearing bank deposits. In addition, December 31, 2017 cash and cash equivalents included segregated cash held for the acquisition of Peoples, Inc. c) Investment securities —Investment securities may be classified in three categories: trading, available-for-sale or held-to-maturity. Management determines the appropriate classification at the time of purchase and reevaluates the classification at each reporting period. Any sales of available-for-sale securities are for the purpose of executing the Company’s asset/liability management strategy, reducing borrowings, funding loan growth, providing liquidity, or eliminating a perceived credit risk in a specific security. Held-to-maturity securities are carried at amortized cost and the available-for-sale securities are carried at estimated fair value. Unrealized gains or losses on securities available-for-sale are reported as accumulated other comprehensive income (loss) (“AOCI”), a component of shareholders’ equity, net of income tax. Gains and losses realized upon sales of securities are calculated using the specific identification method. Premiums and discounts are amortized to interest income over the estimated lives of the securities. Prepayment experience is periodically evaluated and a determination made regarding the appropriate estimate of the future rates of prepayment. When a change in a bond’s estimated remaining life is necessary, a corresponding adjustment is made in the related premium amortization or discount accretion. Purchases and sales of securities, including any corresponding gains or losses, are recognized on a trade-date basis and a receivable or payable is recognized for pending transaction settlements. Management evaluates all investments for OTTI on a quarterly basis, and more frequently when economic or market conditions warrant such evaluation. Impairment is considered to be other-than-temporary if it is likely that all amounts contractually due will not be received for debt securities and when there is no positive evidence indicating that an investment’s carrying amount is recoverable in the near term for equity securities. When impairment is considered other-than-temporary, the cost basis of the security is written down to fair value, with the impairment charge related to credit included in earnings, while the impairment charge related to all other factors is recognized in OCI. If the Company has the intent to sell the security or it is more likely than not that the Company will be required to sell the security, the entire amount of the OTTI is recorded in earnings. In evaluating whether the impairment is temporary or other than temporary, the Company considers, among other things, the severity and duration of the unrealized loss position; adverse conditions specifically related to the security; changes in expected future cash flows; downgrades in the rating of the security by a rating agency; the failure of the issuer to make scheduled interest or principal payments; whether the Company has the intent to sell the security; and whether it is more likely than not that the Company will be required to sell the security. d) Non-marketable securities —Non-marketable securities include Federal Reserve Bank ("FRB") stock and Federal Home Loan Bank ("FHLB") stock. These securities have been acquired for debt facility or regulatory purposes and are carried at cost. e) Loans receivable— Loans receivable include loans originated by the Company and loans that are acquired through acquisitions. Loans originated by the Company are carried at the principal amount outstanding, net of premiums, discounts, unearned income, and deferred loan fees and costs. Loan fees and certain costs of originating loans are deferred and the net amount is amortized over the contractual life of the related loans. Acquired loans are initially recorded at fair value and are accounted for under either ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality (see additional information below) or ASC Topic 310, Receivables . Non-refundable loan origination and commitment fees, net of direct costs of originating or acquiring loans, and fair value adjustments for acquired loans, are deferred and recognized over the remaining lives of the related loans in accordance with ASC 310-20. Acquired loans are recorded at their estimated fair value at the time of acquisition and accounted for under either ASC 310-30 or ASC 310. Estimated fair values of acquired loans are based on a discounted cash flow methodology that considers various factors including the type of loan and related collateral, the expected timing of cash flows, classification status, fixed or variable interest rate, term of loan and whether or not the loan is amortizing, and a discount rate reflecting the Company’s assessment of risk inherent in the cash flow estimates. Acquired 310-30 loans are grouped together according to similar characteristics such as type of loan, loan purpose, geography, risk rating and underlying collateral and are treated as distinct pools when applying various valuation techniques and, in certain circumstances, for the ongoing monitoring of the credit quality and performance of the pools. Each pool is accounted for as a single loan for which the integrity is maintained throughout the life of the asset. Discounts created when the loans are recorded at their estimated fair values at acquisition are accreted over the remaining term of the loan as an adjustment to the related loan’s yield. Similar to originated loans described below, the accrual of interest income on acquired loans that are not accounted for under ASC 310-30 is discontinued when the collection of principal or interest, in whole or in part, is doubtful. Interest income on acquired loans that are accounted for under ASC Topic 310 and interest income on loans originated by the Company is accrued and credited to income as it is earned using the interest method based on daily balances of the principal amount outstanding. However, interest is generally not accrued on loans 90 days or more past due, unless they are well secured and in the process of collection. Additionally, in certain situations, loans that are not contractually past due may be placed on non-accrual status due to the continued failure to adhere to contractual payment terms by the borrower coupled with other pertinent factors, such as insufficient collateral value or deficient primary and secondary sources of repayment. Accrued interest receivable is reversed when a loan is placed on non-accrual status and payments received generally reduce the carrying value of the loan. Interest is not accrued while a loan is on non-accrual status and interest income is generally recognized on a cash basis only after payment in full of the past due principal and collection of principal outstanding is reasonably assured. A loan may be placed back on accrual status if all contractual payments have been received, or sooner under certain conditions and collection of future principal and interest payments is no longer doubtful. In the event of borrower default, the Company may seek recovery in compliance with state lending laws, the respective loan agreements, and credit monitoring and remediation procedures that may include modifying or restructuring a loan from its original terms, for economic or legal reasons, to provide a concession to the borrower from their original terms due to borrower financial difficulties in order to facilitate repayment. Such restructured loans are considered “troubled debt restructurings” and are identified in accordance with ASC 310-40, Troubled Debt Restructurings by Creditors . Under this guidance, modifications to loans that fall within the scope of ASC 310-30 are not considered troubled debt restructurings, regardless of otherwise meeting the definition of a troubled debt restructuring. Loans receivable accounted for under ASC 310-30 The Company accounts for and evaluates acquired loans in accordance with the provisions of ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality . When loans exhibit evidence of credit deterioration since origination and it is probable at the date of acquisition that the Company will not collect all principal and interest payments in accordance with the terms of the loan agreement, the expected shortfall in future cash flows, as compared to the contractual amount due, is recognized as a non-accretable difference. Any excess of expected cash flows over the acquisition date fair value is known as the accretable yield, and is recognized as accretion income over the life of each pool. Contractual fees not expected to be collected are not included in ASC 310-30 contractual cash flows. Should fees be subsequently collected, the cash flows are accounted for as originated and acquired fee income in the period they are received. Loans that are accounted for under ASC 310-30 that meet the criteria for non-accrual of interest or are accounted for on the cost recovery method at the time of acquisition or subsequent to acquisition, may be considered performing, regardless of whether the client is contractually delinquent, if the timing and expected cash flows on the loan pool in which the loan is included can be otherwise reasonably estimated and if collection of the new carrying value of such pool is expected. The expected cash flows of individual loans accounted for under ASC 310-30 are periodically remeasured utilizing the same cash flow methodology used at the time of acquisition and subsequent decreases to the expected cash flows will generally result in a provision for loan losses charge in the Company’s consolidated statements of operations. Any increases to the loan cash flow projections are recognized within the loan’s respective loan pools on a prospective basis through an increase to the pool’s accretion income over its remaining life once any previously recorded provision expense has been reversed. These cash flow evaluations are inherently subjective as they require material estimates, all of which may be susceptible to significant change. f) Loans held for sale— The Company has elected to record loans originated and intended for sale in the secondary market at estimated fair value. The Company estimates fair value based on quoted market prices for similar loans in the secondary market. Gains or losses are recognized upon sale and are included as a component of gain on sale of mortgages, net in the consolidated statements of operations. Loans held for sale have primarily been fixed rate single-family residential mortgage loans under contract to be sold in the secondary market. In most cases, loans in this category are sold within 45 days. These loans are generally sold with the mortgage servicing rights released. Under limited circumstances, buyers may have recourse to return a purchased loan to the Company. Recourse conditions may include early payoff, early payment default, breach of representations or warranties, or documentation deficiencies. The Company enters into commitments to originate residential mortgage loans whereby the interest rate on the loan is determined prior to funding (i.e. interest rate lock commitments). Such interest rate lock commitments on mortgage loans to be sold in the secondary market are considered to be derivatives. To protect against the price risk inherent in residential mortgage loan commitments, the Company utilizes both "best efforts" and "mandatory delivery" forward loan sale commitments to mitigate the risk of potential increases or decreases in the values of loans that would result from the change in market rates for such loans. The Company manages the interest rate risk on interest rate lock commitments by entering into forward sale contracts of mortgage backed securities. Such contracts are accounted for as derivatives and are recorded at fair value as derivative assets or liabilities. They are carried on the consolidated statements of financial condition within other assets or other liabilities and changes in fair value are recorded as a component of gain on sale of mortgages, net in the consolidated statements of operations. The gross gains on loan sales are recognized based on new loan commitments with adjustment for price and pair-off activity. Commission expenses on loans held for sale are recognized based on loans closed. g) Allowance for loan losses —The allowance for loan losses represents management’s estimate of probable credit losses inherent in loans, including acquired loans to the extent necessary, as of the balance sheet date. The determination of the ALL takes into consideration, among other matters, the estimated fair value of the underlying collateral, economic conditions, historical net loan losses, the estimated loss emergence period, estimated default rates, any declines in cash flow assumptions from acquisition, loan structures, growth factors and other elements that warrant recognition. In addition, various regulatory agencies, as an integral part of the examination process, periodically review the ALL. Such agencies may require the Company to recognize additions to the ALL or increases to adversely graded classified loans based on their judgments about information available to them at the time of their examinations. The Company uses an internal risk rating system to indicate credit quality in the loan portfolio. The risk rating system is applied to all loans and uses a series of grades, which reflect management’s assessment of the risk attributable to loans based on an analysis of the borrower’s financial condition and ability to meet contractual debt service requirements. Loans that management perceives to have acceptable risk are categorized as “Pass” loans. The “Special Mention” loans represent loans that have potential credit weaknesses that deserve management’s close attention. Special mention loans include borrowers that have potential weaknesses or unwarranted risks that, unless corrected, may threaten the borrower’s ability to meet debt requirements. However, these borrowers are still believed to have the ability to respond to and resolve the financial issues that threaten their financial situation. Loans classified as “Substandard” are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Substandard loans have a distinct possibility of loss if the deficiencies are not corrected. “Doubtful” loans are loans that management believes the collection of payments in accordance with the terms of the loan agreement is highly questionable and improbable. Loans accounted for under ASC 310-30, despite being 90 days or more past due or internally adversely classified, may be classified as performing upon and subsequent to acquisition, regardless of whether the client is contractually delinquent, if the timing and expected cash flows on the loan pool can be reasonably estimated and if collection of the carrying value of the loan pool loans is reasonably expected. Interest accrual is discontinued on doubtful loans and certain substandard loans that are excluded from ASC 310-30, as is more fully discussed in note 7. The Company routinely evaluates adversely risk-rated credits for impairment. Impairment, if any, is typically measured for each loan based on a thorough analysis of the most probable source of repayment, including the present value of the loan’s expected future cash flows, the loan’s estimated fair value, or the estimated fair value of the underlying collateral less costs of disposition for collateral dependent loans. General allowances are established for loans with similar characteristics. In this process, general allowance factors are based on an analysis of historical loss and recovery experience, if any, related to originated and acquired loans, as well as certain industry experience, with adjustments made for qualitative or environmental factors that are likely to cause estimated credit losses to differ from historical experience. To the extent that the data supporting such factors has limitations, management’s judgment and experience play a key role in determining the allowance estimates. Additions to the ALL are made by provisions for loan losses that are charged to operations. The allowance is decreased by charge-offs due to losses and is increased by provisions for loan losses and recoveries. When it is determined that specific loans, or portions thereof, are uncollectible, these amounts are charged off against the ALL. If repayment of the loan is collateral dependent, the fair value of the collateral, less cost to sell, is used to determine charge-off amounts. The Company maintains an ALL for loans accounted for under ASC 310-30 as a result of impairment to loan pools arising from the periodic re-measurement of these loans. Any impairment in the individual pool is generally recognized in the current period as provision for loan losses. Any improvement in the estimated cash flows, is generally not recognized immediately, but is instead reflected as an adjustment to the related loan pools yield on a prospective basis once any previously recorded impairment has been recaptured. h) Premises and equipment —With the exception of premises and equipment acquired through business combinations, which are initially measured and recorded at fair value, purchased land is stated at cost, and buildings and equipment are carried at cost, including capitalized interest when appropriate, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful life of the asset. The Company generally assigns depreciable lives of 39 years for buildings, 7 to 15 years for building improvements, and 3 to 7 years for equipment. Leasehold improvements are amortized over the shorter of their estimated useful lives or remaining lease terms. Maintenance and repairs are charged to non-interest expense as incurred. The Company reviews premises and equipment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. An impairment loss is recognized when the sum of the undiscounted future net cash flows expected to result from the use of the asset and its eventual disposal is less than its carrying amount. In the case of a property that is subject to an operating lease that the Company no longer expects to use, a liability is recorded at the cease-use date equal to the remaining lease rentals, adjusted for the effects of any prepaid or deferred items recognized under the lease, and reduced by estimated sublease rentals that could be reasonably obtained for the property, even if the entity does not intend to enter into a sublease. A ratable portion of the sublease allocation is then expensed until the property is subleased. Property and equipment that meet the held-for-sale criteria is recorded at the lower of its carrying amount or fair value less cost to sell and depreciation is ceased. i) Goodwill and intangible assets —Goodwill is established and recorded if the consideration given during an acquisition transaction exceeds the fair value of the net assets received. Goodwill has an indefinite useful life and is not amortized, but is evaluated annually for potential impairment, or when events or circumstances indicate that it is more likely than not that the fair value of the reporting unit is less than its carrying amount. Such events or circumstances may include deterioration in general economic conditions, deterioration in industry or market conditions, an increased competitive environment, a decline in market-dependent multiples or metrics, declining financial performance, entity-specific events or circumstances or a sustained decrease in share price (either in absolute terms or relative to peers). If the Company determines, based upon the qualitative assessment, that it is more likely than not that the fair value of the reporting unit is greater than the carrying amount no additional procedures are performed; however, if the Company determines that it is more likely than not that the fair value of the reporting unit is less than the carrying amount the Company will compare the fair value of the reporting unit to its carrying amount. Any excess of the carrying amount over fair value would indicate a potential impairment and the Company would proceed to perform an additional test to determine whether goodwill has been impaired and calculate the amount of that impairment. Intangible assets that have finite useful lives, such as core deposit intangibles, are amortized over their estimated useful lives. The Company’s core deposit intangible assets represent the value of the anticipated future cost savings that will result from the acquired core deposit relationships versus an alternative source of funding. Judgment may be used in assessing goodwill and intangible assets for impairment. Estimates of fair value are based on projections of revenues, operating costs and cash flows of the reporting unit considering historical and anticipated future results, general economic and market conditions, as well as the impact of planned business or operational strategies. The valuations use a combination of present value techniques to measure fair value considering market factors. Additionally, judgment is used in determining the useful lives of finite-lived intangible assets. Adverse changes in the economic environment, operations of the reporting unit, or changes in judgments and projections could result in a significantly different estimate of the fair value of the reporting unit and could result in an impairment of goodwill and/or intangible assets. j) Mortgage Servicing– Mortgage servicing rights (“MSRs”) associated with loans originated and sold, where servicing is retained, are initially capitalized at fair value and included in intangible assets, net on the consolidated statements of financial condition. For subsequent measurement purposes, the Company measures servicing assets based on the lower of cost or market using the amortization method. The values of these capitalized servicing rights are amortized as an offset to the loan servicing income earned in relation to the servicing revenue expected to be earned. The carrying values of these rights are reviewed quarterly for impairment based on the fair value of those assets. For purposes of impairment evaluation and measurement, management stratifies MSRs based on the predominant risk characteristics of the underlying loans, including loan type and loan term. If, by individual stratum, the carrying amount of these MSRs exceeds fair value, a valuation allowance is established and the impairment is recognized in mortgage banking income. If the fair value of impaired MSRs subsequently increases, management recognizes the increase in fair value in current period mortgage banking income and, through a reduction in the valuation allowance, adjusts the carrying value of the MSRs to a level not in excess of amortized cost. k) Reserve for Mortgage Loan Repurchase Losses– The Company sells mortgage loans to various third parties, including government-sponsored entities, under contractual provisions that include various representations and warranties that typically cover ownership of the loan, compliance with loan criteria set forth in the applicable agreement, validity of the lien securing the loan, absence of delinquent taxes or liens against the property securing the loan, and similar matters. The Company may be required to repurchase the mortgage loans with identified defects, indemnify the investor or insurer, or reimburse the investor for credit loss incurred on the loan (collectively “repurchase”) in the event of a material breach of such contractual representations or warranties. Risk associated with potential repurchases or other forms of settlement is managed through underwriting and quality assurance practices. The Company establishes mortgage repurchase reserves related to various representations and warranties that reflect management’s estimate of losses based on a combination of factors. Such factors incorporate actual and historic loss history, delinquency trends in the portfolio and economic conditions. The Company establishes a reserve at the time loans are sold and updates the reserve estimate quarterly during the estimated loan life. The repurchase reserve is included in other liabilities on the consolidated statements of financial condition. l) Other real estate owned —OREO consists of property that has been foreclosed on or repossessed by deed in lieu of foreclosure. The assets are initially recorded at the fair value of the collateral less estimated costs to sell, with any initial valuation adjustments charged to the ALL. Subsequent downward valuation adjustments, if any, in addition to gains and losses realized on sales and net operating expenses, are recorded in non-interest expense, while any subsequent write-ups are recorded in non-interest income. Costs associated with maintaining property, such as utilities and maintenance, are charged to expense in the period in which they occur, while costs relating to the development and improvement of property are capitalized to the extent the balance does not exceed fair value. All OREO acquired through acquisition is recorded at fair value, less cost to sell, at the date of acquisition. m) Bank-owned life insurance —The Company purchased or acquired bank-owned life insurance ("BOLI") policies on certain associates of the Company. The Company is the owner and beneficiary of these policies. The BOLI is carried at net realizable value with changes in net realizable value recorded in non-interest income. n) Securities purchased under agreements to resell and securities sold under agreements to repurchase —The Company periodically enters into purchases or sales of securities under agreements to resell or repurchase as of a specified future date. The securities purchased under agreements to resell are accounted for as collateralized financing transactions and are reflected as an asset in the consolidated statements of financial condition. The securities pledged by the counterparties are held by a third party custodian and valued daily. The Company may require additional collateral to ensure full collateralization for these transactions. The repurchase agreements are considered financing agreements and the obligation to repurchase assets sold is reflected as a liability in the consolidated statements of financial condition of the Company. The repurchase agreements are collateralized by debt securities that are under the control of the Company. o) Stock-based compensation —The Company accounts for stock-based compensation in accordance with ASC Topic 718, Compensation—Stock Compensation as amended by ASU 2016-09, Improvements to Employee Share-Based Payment Accounting . The Company grants stock-based awards including stock options, restricted stock and performance stock units. Stock option grants are for a fixed number of common shares and are issued at exercise prices which are not less than the fair value of a share of stock at the date of grant. The options vest over a time period stated in each option agreement and may be subject to other performance vesting conditions, which require the related compensation expense to be recorded ratably over the requisite service period starting when such conditions become probable. Restricted stock is granted for a fixed number of shares, the transferability of which is restricted until such shares become vested according to the terms in the award agreement. Restricted shares may have multiple vesting qualifications, which can include time vesting of a set portion of the restricted shares and performance criterion, such as market criteria that are tied to specified market conditions of the Company’s common stock price and performance targets tied to the Company’s earnings per share. The fair value of stock options is measured using a Black-Scholes model. The fair value of time-based restricted stock awards and performance stock units with performance based vesting criteria is based on the Company’s stock price on the date of grant. The fair value of performance stock units with market-based vesting criteria is measured using a Monte Carlo simulation model. Compensation expense for the portion of the awards that contain performance and service vesting conditions is recognized over the requisite service period based on the fair value of the awards on the grant date. Compensation expense for the portion of the awards that contain a market vesting condition is recognized over the derived service period based on the fair value of the awards on the grant date. The amortization of stock-based compensation reflects any estimated forfeitures, and the expense realized in subsequent periods may be adjusted to reflect the actual forfeitures realized. The outstanding stock options primarily carry a maximum contractual term of ten years. To the extent that any award is forfeited, surrendered, terminated, expires, or lapses without being vested or exercised, the shares of stock subject to such award not delivered as a result thereof are again made available for awards under the Plan. All excess tax benefits and tax deficiencies (including tax benefits of dividends on share-based payment awards) are recognized in the consolidated statements of operations as a component of income tax expense or benefit and are classified as an operating activity within the Company’s consolidated statements of cash flows. The tax effects of exercised, expired or vested awards are treated as discrete items in the reporting period in which they occur and may result in increased volatility in our effective tax rate. Cash paid by the Company when directly withholding shares for tax withholding purposes is classified as a financing activity in the consolidated statements of cash flows. Prior to the Company’s adoption of ASU 2016-09 during 2016, excess tax benefits were recognized in additional paid-in capital and tax deficiencies were recognized either as an offset to accumulated excess tax benefits, if any, or in the consolidated statements of operations. Excess tax benefits were not recognized until the deduction reduced taxes payable. p) Warrants —The Company issued warrants to certain lead investors in 2009 and 2010. During 2015, the outstanding warrant contracts were modified and recorded at fair value as of the modification date using a Black-Scholes model with the change in fair value reported in the statement of operations as non-interest expense. The awards were classified as equity in the Company |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2018 | |
Recent Accounting Pronouncements | |
Recent Accounting Pronouncements | Note 3 Recent Accounting Pronouncements Revenue from Contracts with Customers —In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers . This update supersedes revenue recognition requirements in ASC Topic 605, Revenue Recognition , including most industry-specific revenue recognition guidance in the FASB Accounting Standards Codification. The new guidance stipulates that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides specific steps that entities should apply in order to achieve this principle. The new guidance does not apply to revenue associated with financial assets and liabilities including loans, leases, securities, and derivatives that are accounted for under other GAAP. Accordingly, the majority of the Company’s revenues are not affected. The Company adopted ASU 2014-09 on January 1, 2018 utilizing the modified retrospective approach. Additionally, the Company has determined certain service charges, bank card fees and real estate sales are within the scope of the ASU, but has not identified changes to the timing or amount of revenue recognition. Accounting policies and procedures did not change materially as the principles of revenue recognition from the ASU are largely consistent with existing guidance and current practices applied by the Company. Refer to note 15 of our consolidated financial statements for required disclosures under the new standard. Leases —In February 2016, the FASB issued ASU 2016-02, Leases. The guidance in ASU 2016-02 supersedes the lease recognition requirements in ASC Topic 840, Leases. The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statements. ASU 2016-02 becomes effective for the Company on January 1, 2019 and initially required a transition using a modified retrospective approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. In July 2018, the Financial Accounting Standards Board issued ASU 2018-11 which, among other things, provides an additional transition method that allows entities to not apply the guidance in ASU 2016-02 in the comparative periods presented in the financial statements and instead recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. We expect to elect to apply certain practical expedients provided under ASU 2016-02 whereby we will not reassess (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases and (iii) initial direct costs for any existing leases. We also do not expect to apply the recognition requirements of ASU 2016-02 to any short-term leases (as defined by related accounting guidance). We plan to utilize the modified-retrospective transition approach prescribed by ASU 2018-11. Upon adoption of ASU 2016-02 and ASU 2018-11 on January 1, 2019, we expect to recognize right-of-use assets and related lease liabilities totaling $32.6 million with a cumulative-effect adjustment to beginning retained earnings of $0.3 million. Financial Instruments - Credit Losses —In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments. This update replaces the current incurred loss methodology for recognizing credit losses with a current expected credit loss model, which requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This amendment broadens the information that an entity must consider in developing its expected credit loss estimates. Additionally, the update amends the accounting for credit losses for available-for-sale debt securities and purchased financial assets with a more-than-insignificant amount of credit deterioration since origination. This update requires enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of a company’s loan portfolio. ASU 2016-13 becomes effective for us on January 1, 2020. We have formed a cross-functional working group, including our credit, finance, risk management, and enterprise technology departments, to address the adoption and implementation of ASU 2016-13. We are currently working through our implementation plan and are in the process of implementing a third-party vendor solution to assist us in the application of ASU 2016-13. The adoption of ASU 2016-13 could result in an increase in the allowance for loan losses as a result of changing from an “incurred loss” model, which encompasses allowances for current known and inherent losses within the portfolio, to an “expected loss” model, which encompasses allowances for losses expected to be incurred over the life of the portfolio. We are currently evaluating the potential impact of ASU 2016-13 on our financial statements. Statement of Cash Flows - Restricted Cash —In November 2016, the FASB issued ASU 2016-18, Restricted Cash (a consensus of the FASB Emerging Issues Task Force) , which addresses classification and presentation of changes in restricted cash on the statement of cash flows. The standard requires an entity’s reconciliation of the beginning-of-period and end-of-period total amounts shown on the statement of cash flows to include in cash and cash equivalents amounts general described as restricted cash and restricted cash equivalents. The ASU does not define restricted cash or restricted cash equivalents, but an entity will need to disclose the nature of the restrictions. The ASU is effective for public business entities for annual and interim periods in fiscal years beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. Entities should apply this ASU using a retrospective transition method to each period presented. The Company adopted ASU 2016-18 on January 1, 2018 with no material impact to the consolidated financial statements. Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities —In August 2017, the FASB issued ASU 2017-12 , Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities. The purpose of this updated guidance is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. ASU 2017-12 is effective for public business entities for annual and interim periods in fiscal years beginning after December 15, 2018. Early adoption is permitted, including in an interim period. ASU 2017-12 requires a modified retrospective transition method in which the Company will recognize the cumulative effect of the change on the opening balance of each affected component of equity in the consolidated statements of financial condition as of the date of adoption. The Company adopted ASU 2017-12 during the first quarter of 2018 and recorded a cumulative effect adjustment of $26 thousand within equity in the consolidated statements of financial condition. Reclassification of Certain Tax Effects —In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. This update allows a reclassification from accumulated other comprehensive income (“AOCI”) to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The amendments eliminate the stranded tax effects that were created as a result of the reduction of historical U.S. federal corporate income tax rate to the newly enacted U.S. federal corporate income tax rate. The update is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted, and is to be applied either in the period of adoption or retrospectively to each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. The Company early adopted ASU 2018-02 in the first quarter of 2018, resulting in a $1.5 million reclassification from accumulated other comprehensive loss to retained earnings on the consolidated statements of financial condition and the consolidated statements of changes in shareholders’ equity. Other Pronouncements —The Company early adopted ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract (Subtopic 350-40) on a prospective basis with no material impact on its financial statements. The Company also adopted ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting ; ASU 2016-01, Financial Instruments - Recognition and Measurement of Financial Assets and Financial Liabilities (Topic 825); ASU 2016-18, Restricted Cash (a consensus of the FASB Emerging Issues Task Force ; ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payment s and ASU 2017-05, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) with no material impact on its financial statements. The Company reviewed ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment and ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement and does not expect the adoption of these pronouncements to have a material impact on its financial statements. |
Acquisition Activities
Acquisition Activities | 12 Months Ended |
Dec. 31, 2018 | |
Acquisition Activities | |
Acquisition Activities | Note 4 Acquisition Activities On January 1, 2018, the Company completed its acquisition of Peoples, Inc. (“Peoples”), the bank holding company of Colorado-based Peoples National Bank and Kansas-based Peoples Bank. Immediately following the completion of the acquisition, Peoples National Bank and Peoples Bank merged into NBH Bank. Pursuant to the merger agreement executed in June 2017, the Company paid $36.2 million of cash consideration and 3,398,477 shares of the Company’s Class A common stock in exchange for all of the outstanding common stock of Peoples. Included in the cash consideration is $10.0 million of restricted cash placed in escrow for certain potential liabilities for which the Company is indemnified pursuant to the merger agreement. The restricted cash is included in other assets in the Company’s consolidated statements of financial condition at December 31, 2018. The transaction has a value of $146.4 million in the aggregate, based on the Company’s closing price of $32.43 on the acquisition date. Acquisition-related costs of $8.0 million were included in the Company’s consolidated statements of operations for the year ended December 31, 2018. The financial results of Peoples are included in the financial results of the Company subsequent to the acquisition date. The Company determined that this acquisition constitutes a business combination as defined in ASC Topic 805, Business Combinations . Accordingly, as of the date of the acquisition, the Company recorded the assets acquired and liabilities assumed at fair value. The Company determined fair values in accordance with the guidance provided in ASC Topic 820, Fair Value Measurements and Disclosures . Fair value is established by discounting the expected future cash flows with a market discount rate for like maturities and risk instruments. The estimation of expected future cash flows, market conditions and other future events and actual results could differ materially. The determination of the fair values of fixed assets, loans, OREO, core deposit intangible, mortgage servicing rights and mortgage repurchase reserve involves a high degree of judgment and complexity. The table below summarizes the net assets acquired (at fair value) and consideration transferred in connection with the Peoples acquisition: Assets: Cash and due from banks $ 105,173 Investment securities available-for-sale 118,512 Non-marketable securities 4,796 Loans 542,707 Loans held for sale 54,260 Other real estate owned 1,253 Premises and equipment 18,584 Core deposit intangible asset 10,477 Mortgage servicing rights 4,301 Other assets 15,361 Total assets acquired $ 875,424 Liabilities: Total deposits 729,911 FHLB borrowings 33,825 Other liabilities 20,683 Total liabilities assumed $ 784,419 Identifiable net assets acquired $ 91,005 Consideration: NBHC common stock paid at January 1, 2018, closing price of $32.43 $ 110,213 Cash 36,189 Total $ 146,402 Estimated goodwill created $ 55,397 In connection with the Peoples acquisition, the Company recorded $55.4 million of goodwill, a $10.5 million core deposit intangible asset, a $4.3 million mortgage servicing rights intangible asset and a $4.0 million mortgage repurchase reserve, included in other liabilities. The core deposit intangible will be amortized straight-line over ten years and the mortgage servicing rights intangible is amortized in proportion to and over the period of the estimated net servicing income. The FHLB borrowings of $33.8 million were paid off during the first quarter of 2018. The goodwill associated with this transaction is not tax deductible. At the date of acquisition, the gross contractual amounts receivable, inclusive of all principal and interest, was $713.6 million. The Company’s best estimate of the contractual principal cash flows for loans not expected to be collected was $2.1 million. The following unaudited pro forma information combines the historical results of Peoples and the Company. In accordance with the merger agreement, the Peoples national mortgage business was wound down prior to acquisition. Accordingly, the pro forma information excludes the results of the Peoples national mortgage business for prior periods presented. The pro forma financial information does not include the potential impacts of possible business model changes, current market conditions, revenue enhancements, expense efficiencies, or other factors. If the Peoples acquisition had been completed on January 1, 2017, pro forma total revenue for the Company would have been approximately $268.2 million and $266.5 million for the years ended December 31, 2018 and 2017, respectively. Pro forma net income for the Company would have been approximately $67.8 million and $16.6 million for the years ended December 31, 2018 and 2017, respectively. Pro forma basic and dilutive earnings per share for the Company would have been $2.20 and $2.16 for the years ended December 31, 2018, respectively, and $0.55 and $0.53 for the years ended December 31, 2017, respectively. For the year ended December 31, 2018, the pro forma information reflects adjustments made to exclude acquisition-related expenses of the Company of $8.0 million. For the year ended December 31, 2017, the pro-forma information reflects adjustments made to exclude acquisition-related expenses of the Company of $2.7 million and include estimated amortization and accretion of purchase discounts and premiums of $0.7 million in addition to estimated amortization of acquired identifiable intangibles of $1.0 million. The pro forma information is theoretical in nature and not necessarily indicative of future consolidated results of operations of the Company or the consolidated results of operations which would have resulted had the Company acquired Peoples during the periods presented. The Company has determined that it is impractical to report the amounts of revenue and earnings of legacy Peoples since the acquisition date. Peoples operations were completely integrated shortly after the acquisition date. Accordingly, reliable and separate complete revenue and earnings information is no longer available. In addition, such amounts would require significant estimates related to the proper allocation of merger cost savings that cannot be objectively made. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Note 5 Investment Securities The Company’s investment securities portfolio is comprised of available-for-sale and held-to-maturity investment securities. These investment securities totaled $1.0 billion at December 31, 2018 and included $0.8 billion of available-for-sale securities and $0.2 billion of held-to-maturity securities. At December 31, 2017, investment securities totaled $1.1 billion and included $0.8 billion of available-for-sale securities and $0.3 billion of held-to-maturity securities. Available-for-sale At December 31, 2018 and 2017, the Company held $791.1 million and $855.3 million of available-for-sale investment securities, respectively. Available-for-sale securities are summarized as follows as of the dates indicated: December 31, 2018 Amortized Gross Gross cost unrealized gains unrealized losses Fair value Mortgage-backed securities (“MBS”): Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises $ 147,283 $ 1,232 $ (1,873) $ 146,642 Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 661,354 1,056 (19,029) 643,381 Municipal securities 619 — (9) 610 Other securities 469 — — 469 Total investment securities available-for-sale $ 809,725 $ 2,288 $ (20,911) $ 791,102 December 31, 2017 Amortized Gross Gross cost unrealized gains unrealized losses Fair value Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises $ 167,269 $ 2,371 $ (992) $ 168,648 Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 702,107 351 (17,228) 685,230 Municipal securities 1,054 — (6) 1,048 Other securities 419 — — 419 Total investment securities available-for-sale $ 870,849 $ 2,722 $ (18,226) $ 855,345 At December 31, 2018 and 2017, mortgage-backed securities represented primarily all of the Company’s available-for-sale investment portfolio and all mortgage-backed securities were backed by government sponsored enterprises (“GSE”) collateral such as FHLMC, FNMA and 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: December 31, 2018 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized value losses value losses value losses Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises $ 30,853 $ (392) $ 69,169 $ (1,481) $ 100,022 $ (1,873) Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 127,767 (1,150) 454,662 (17,879) 582,429 (19,029) Municipal securities 441 (9) — — 441 (9) Total $ 159,061 $ (1,551) $ 523,831 $ (19,360) $ 682,892 $ (20,911) December 31, 2017 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized value losses value losses value losses Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises $ 62,178 $ (408) $ 36,086 $ (584) $ 98,264 $ (992) Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 162,346 (830) 412,967 (16,398) 575,313 (17,228) Municipal securities 514 (6) — — 514 (6) Total $ 225,038 $ (1,244) $ 449,053 $ (16,982) $ 674,091 $ (18,226) The unrealized losses in the Company’s investment portfolio at December 31, 2018 were caused by changes in interest rates. The portfolio included 211 securities, having an aggregate fair value of $682.9 million, which were in an unrealized loss position at December 31, 2018, compared to 87 securities, with an aggregate fair value of $674.1 million at December 31, 2017. Management evaluated all of the available for sale securities in an unrealized loss position at December 31, 2018 and December 31, 2017 and concluded no OTTI existed. During the year ended December 31, 2018, the Company recorded a $0.2 million recovery included in other non-interest expense related to one security with an aggregate fair value of $0.3 million which had previously incurred OTTI of $0.2 million during the year ended December 31, 2017. The unrealized losses on the remaining securities in an unrealized loss position were caused by changes in interest rates. The Company has no intention to sell these securities before recovery of their amortized cost and believes it will not be required to sell the securities before the recovery of their amortized cost. Certain securities are pledged as collateral for public deposits, securities sold under agreements to repurchase and to secure borrowing capacity at the Federal Reserve Bank, and FHLB, if needed. The fair value of available-for-sale investment securities pledged as collateral totaled $318.1 million and $334.6 million at December 31, 2018 and 2017, respectively. Certain investment securities may also be pledged as collateral for the line of credit at the FHLB; at December 31, 2018 or December 31, 2017, no securities were pledged for this purpose. Mortgage-backed securities do not have a single maturity date and actual maturities may differ from contractual maturities depending on the repayment characteristics and experience of the underlying financial instruments. The estimated weighted average life of the available-for-sale mortgage-backed securities portfolio was 3.2 years and 3.4 years at December 31, 2018 and 2017, respectively. This estimate is based on assumptions and actual results may differ. At December 31, 2018 and 2017, the duration of the total available-for-sale investment portfolio was 3.0 years and 3.1 years, respectively. As of December 31, 2018, municipal securities with an amortized cost and fair value of $0.2 million were due after one year through five years, while municipal securities with an amortized cost and fair value of $0.4 million were due after five years through ten years. Other securities of $0.5 million as of December 31, 2018, have no stated contractual maturity date. Held-to-maturity At December 31, 2018 and 2017, the Company held $235.4 million and $258.7 million of held-to-maturity investment securities, respectively. Held-to-maturity investment securities are summarized as follows as of the dates indicated: December 31, 2018 Gross Gross Amortized unrealized unrealized cost gains losses Fair value Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises $ 157,115 $ 2 $ (2,705) $ 154,412 Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 78,283 — (1,769) 76,514 Total investment securities held-to-maturity $ 235,398 $ 2 $ (4,474) $ 230,926 December 31, 2017 Gross Gross Amortized unrealized unrealized cost gains losses Fair value Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises $ 204,352 $ 151 $ (455) $ 204,048 Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 54,378 — (1,655) 52,723 Total investment securities held-to-maturity $ 258,730 $ 151 $ (2,110) $ 256,771 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: December 31, 2018 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized value losses value losses value losses Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises $ 26,660 $ (381) $ 126,475 $ (2,324) $ 153,135 $ (2,705) Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 35,235 (79) 41,279 (1,690) 76,514 (1,769) Total $ 61,895 $ (460) $ 167,754 $ (4,014) $ 229,649 $ (4,474) December 31, 2017 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized value losses value losses value losses Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises $ 149,182 $ (220) $ 17,506 $ (235) $ 166,688 $ (455) Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 6,460 (65) 46,264 (1,590) 52,724 (1,655) Total $ 155,642 $ (285) $ 63,770 $ (1,825) $ 219,412 $ (2,110) The held-to-maturity portfolio included 49 securities, having an aggregate fair value of $229.6 million, which were in an unrealized loss position at December 31, 2018, compared to 36 securities, with a fair value of $219.4 million, at December 31, 2017. The unrealized losses in the Company’s investments at December 31, 2018 and December 31, 2017 were caused by changes in interest rates. Management evaluated all of the held-to-maturity securities in an unrealized loss position and concluded that no OTTI existed at December 31, 2018 or December 31, 2017. The Company has no intention to sell these securities before the recovery of their amortized cost and believes it will not be required to sell the securities before the recovery of their amortized cost. The carrying value of held-to-maturity investment securities pledged as collateral totaled $133.1 million and $142.0 million at December 31, 2018 and 2017, respectively. Actual maturities of mortgage-backed securities may differ from scheduled maturities depending on the repayment characteristics and experience of the underlying financial instruments. The estimated weighted average expected life of the held-to-maturity mortgage-backed securities portfolio as of December 31, 2018 and 2017 was 2.8 years and 3.1 years, respectively. This estimate is based on assumptions and actual results may differ. The duration of the total held-to-maturity investment portfolio was 2.5 years and 2.8 years as of December 31, 2018 and 2017, respectively. |
Non-marketable Securities
Non-marketable Securities | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Non Marketable Securities Narrative [Abstract] | |
Non-marketable Securities | Note 6 Non-marketable Securities Non-marketable securities include Federal Reserve Bank stock and FHLB stock. At December 31, 2018, the Company held $13.9 million of Federal Reserve Bank stock and $13.6 million of FHLB stock for regulatory or debt facility purposes. At December 31, 2017, the Company held $9.2 million of Federal Reserve Bank stock and $5.8 million of FHLB stock. These are restricted securities which, lacking a market, are carried at cost. There have been no identified events or changes in circumstances that may have an adverse effect on the investments carried at cost. Management evaluated all of the non-marketable securities and concluded that no OTTI existed at December 31, 2018 or December 31, 2017. |
Loans
Loans | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Loans | Note 7 Loans The loan portfolio is comprised of loans originated by the Company and loans that were acquired in connection with the Company’s acquisitions. Beginning in the first quarter 2018, loans previously referred to as "non 310-30 loans" are referred to as "originated and acquired loans," which include originated loans as well as acquired loans not accounted for under ASC 310-30. No amounts were reclassified resulting from this change in terminology. The tables below show the loan portfolio composition including carrying value by segment of originated and acquired loans and loans accounted for under ASC 310-30, Receivables—Loans and Debt Securities Acquired with Deteriorated Credit Quality, as of the dates shown. The carrying value of originated and acquired loans is net of discounts, fees, costs and fair value marks of $10.2 million and $4.3 million at December 31, 2018 and 2017, respectively. December 31, 2018 Originated and ASC acquired loans 310-30 loans Total loans % of total Commercial $ 2,624,173 $ 20,398 $ 2,644,571 Commercial real estate non-owner occupied 551,819 40,393 592,212 Residential real estate 820,820 9,995 830,815 Consumer 24,617 93 24,710 Total $ 4,021,429 $ 70,879 $ 4,092,308 December 31, 2017 Originated and ASC acquired loans 310-30 loans Total loans % of total Commercial $ 1,845,130 $ 29,475 $ 1,874,605 Commercial real estate non-owner occupied 485,141 77,908 563,049 Residential real estate 703,478 12,759 716,237 Consumer 24,575 481 25,056 Total $ 3,058,324 $ 120,623 $ 3,178,947 Delinquency for originated and acquired loans is shown in the following tables at December 31, 2018 and 2017: December 31, 2018 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 Originated and acquired loans: Commercial: Commercial and industrial $ 495 $ 74 $ 5,510 $ 6,079 $ 1,925,068 $ 1,931,147 Owner occupied commercial real estate 893 — 6,931 7,824 413,842 421,666 Food and agriculture 141 125 768 1,034 221,122 222,156 Energy — — 742 742 48,462 49,204 Total commercial 1,529 199 13,951 15,679 2,608,494 2,624,173 Commercial real estate non-owner occupied: Construction — — 1,208 1,208 93,646 94,854 Acquisition/development — — 121 121 19,529 19,650 Multifamily — — — — 56,685 56,685 Non-owner occupied 328 132 572 1,032 379,598 380,630 Total commercial real estate 328 132 1,901 2,361 549,458 551,819 Residential real estate: Senior lien 2,106 548 7,790 10,444 712,592 723,036 Junior lien 556 — 772 1,328 96,456 97,784 Total residential real estate 2,662 548 8,562 11,772 809,048 820,820 Consumer 91 16 42 149 24,468 24,617 Total originated and acquired loans $ 4,610 $ 895 $ 24,456 $ 29,961 $ 3,991,468 $ 4,021,429 December 31, 2017 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 Originated and acquired loans: Commercial: Commercial and industrial $ 671 $ 150 $ 7,767 $ 8,588 $ 1,367,434 $ 1,376,022 Owner occupied commercial real estate — — 3,479 3,479 269,274 272,753 Food and agriculture 537 — 2,003 2,540 136,355 138,895 Energy — — 1,645 1,645 55,815 57,460 Total commercial 1,208 150 14,894 16,252 1,828,878 1,845,130 Commercial real estate non-owner occupied: Construction — — 179 179 107,502 107,681 Acquisition/development 1,097 — — 1,097 13,318 14,415 Multifamily — — — — 26,947 26,947 Non-owner occupied 56 — 605 661 335,437 336,098 Total commercial real estate 1,153 — 784 1,937 483,204 485,141 Residential real estate: Senior lien 841 — 4,723 5,564 640,918 646,482 Junior lien 316 — 459 775 56,221 56,996 Total residential real estate 1,157 — 5,182 6,339 697,139 703,478 Consumer 163 — 140 303 24,272 24,575 Total originated and acquired loans $ 3,681 $ 150 $ 21,000 $ 24,831 $ 3,033,493 $ 3,058,324 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. Pooled loans accounted for under ASC 310-30 that are 90 days or more past due and still accreting are generally considered to be performing and therefore are not included in the tables above. Non-accrual loans include non-accrual loans and troubled debt restructurings on non-accrual status. Non-accrual originated and acquired loans totaled $24.5 million at December 31, 2018, increasing $3.5 million, or 16.5% from December 31, 2017. Credit exposure for all loans as determined by the Company’s internal risk rating system was as follows at December 31, 2018 and 2017, respectively: December 31, 2018 Special Pass mention Substandard Doubtful Total Originated and acquired loans: Commercial: Commercial and industrial $ 1,890,710 $ 16,531 $ 22,919 $ 987 $ 1,931,147 Owner occupied commercial real estate 393,404 16,349 11,828 85 421,666 Food and agriculture 220,004 1,260 847 45 222,156 Energy 48,462 — 742 — 49,204 Total commercial 2,552,580 34,140 36,336 1,117 2,624,173 Commercial real estate non-owner occupied: Construction 92,731 915 1,208 — 94,854 Acquisition/development 19,529 — 121 — 19,650 Multifamily 56,685 — — — 56,685 Non-owner occupied 355,776 23,243 1,611 — 380,630 Total commercial real estate 524,721 24,158 2,940 — 551,819 Residential real estate: Senior lien 710,972 3,571 8,493 — 723,036 Junior lien 96,456 415 913 — 97,784 Total residential real estate 807,428 3,986 9,406 — 820,820 Consumer 24,575 — 42 — 24,617 Total originated and acquired loans $ 3,909,304 $ 62,284 $ 48,724 $ 1,117 $ 4,021,429 Loans accounted for under ASC 310-30: Commercial $ 17,579 $ 537 $ 2,282 $ — $ 20,398 Commercial real estate non-owner occupied 39,322 246 825 — 40,393 Residential real estate 7,484 908 1,598 — 9,990 Consumer — — 98 — 98 Total loans accounted for under ASC 310-30 $ 64,385 $ 1,691 $ 4,803 $ — $ 70,879 Total loans $ 3,973,689 $ 63,975 $ 53,527 $ 1,117 $ 4,092,308 December 31, 2017 Special Pass mention Substandard Doubtful Total Originated and acquired loans: Commercial: Commercial and industrial $ 1,349,116 $ 10,829 $ 14,824 $ 1,253 $ 1,376,022 Owner occupied commercial real estate 250,224 17,030 5,424 75 272,753 Food and agriculture 118,068 18,824 1,870 133 138,895 Energy 55,814 — 1,646 — 57,460 Total commercial 1,773,222 46,683 23,764 1,461 1,845,130 Commercial real estate non-owner occupied: Construction 107,502 — 179 — 107,681 Acquisition/development 14,415 — — — 14,415 Multifamily 24,817 — 2,130 — 26,947 Non-owner occupied 333,225 1,396 1,477 — 336,098 Total commercial real estate 479,959 1,396 3,786 — 485,141 Residential real estate: Senior lien 641,294 91 5,097 — 646,482 Junior lien 56,172 — 824 — 56,996 Total residential real estate 697,466 91 5,921 — 703,478 Consumer 24,432 1 142 — 24,575 Total originated and acquired loans $ 2,975,079 $ 48,171 $ 33,613 $ 1,461 $ 3,058,324 Loans accounted for under ASC 310-30: Commercial $ 23,954 $ 1,070 $ 4,451 $ — $ 29,475 Commercial real estate non-owner occupied 50,537 883 26,488 — 77,908 Residential real estate 10,072 1,055 1,632 — 12,759 Consumer 327 9 145 — 481 Total loans accounted for under ASC 310-30 $ 84,890 $ 3,017 $ 32,716 $ — $ 120,623 Total loans $ 3,059,969 $ 51,188 $ 66,329 $ 1,461 $ 3,178,947 Impaired Loans Loans are considered to be impaired when it is probable that the Company will not be able to collect all amounts due in accordance with the contractual terms of the loan agreement. Impaired loans are comprised of originated and acquired loans on non-accrual status, loans in bankruptcy, and troubled debt restructurings (“TDRs”) described below. If a specific allowance is warranted based on the borrower’s overall financial condition, the specific allowance is calculated based on discounted 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. At December 31, 2018 and 2017, the Company’s recorded investment in impaired loans were $31.1 million and $30.9 million, respectively, of which $4.1 million and $8.5 million, respectively, were accruing TDRs. Impaired loans at December 31, 2018 were primarily comprised of six relationships totaling $12.1 million. Impaired loans had a collective related allowance for loan losses allocated to them of $1.2 million and $1.5 million at December 31, 2018 and 2017, respectively. Additional information regarding impaired loans at December 31, 2018 and 2017 is set forth in the table below: December 31, 2018 December 31, 2017 Allowance Allowance Unpaid for loan Unpaid for loan principal Recorded losses principal Recorded losses balance investment allocated balance investment allocated With no related allowance recorded: Commercial: Commercial and industrial $ 4,374 $ 3,029 $ — $ 6,481 $ 5,055 $ — Owner occupied commercial real estate 7,130 6,609 — 4,186 3,934 — Food and agriculture 1,468 1,260 — 1,502 1,245 — Energy 5,366 742 — 8,661 3,861 — Total commercial 18,338 11,640 — 20,830 14,095 — Commercial real estate non-owner occupied: Construction 1,435 1,208 — 215 179 — Acquisition/development 378 121 — — — — Multifamily — — — 29 29 — Non-owner occupied 641 547 — 901 853 — Total commercial real estate 2,454 1,876 — 1,145 1,061 — Residential real estate: Senior lien 4,229 3,814 — 333 309 — Junior lien 409 341 — — — — Total residential real estate 4,638 4,155 — 333 309 — Consumer 46 42 — — — — Total impaired loans with no related allowance recorded $ 25,476 $ 17,713 $ — $ 22,308 $ 15,465 $ — With a related allowance recorded: Commercial: Commercial and industrial $ 7,252 $ 4,627 $ 996 $ 7,919 $ 5,339 $ 1,329 Owner occupied commercial real estate 1,362 1,169 90 873 713 4 Food and agriculture 883 845 46 2,122 2,083 133 Energy — — — — — — Total commercial 9,497 6,641 1,132 10,914 8,135 1,466 Commercial real estate non-owner occupied: Construction — — — — — — Acquisition/development — — — — — — Multifamily — — — — — — Non-owner occupied 313 254 2 207 200 1 Total commercial real estate 313 254 2 207 200 1 Residential real estate: Senior lien 6,032 5,178 27 6,481 5,753 24 Junior lien 1,408 1,293 8 1,295 1,179 8 Total residential real estate 7,440 6,471 35 7,776 6,932 32 Consumer — — — 146 141 1 Total impaired loans with a related allowance recorded $ 17,250 $ 13,366 $ 1,169 $ 19,043 $ 15,408 $ 1,500 Total impaired loans $ 42,726 $ 31,079 $ 1,169 $ 41,351 $ 30,873 $ 1,500 The table below shows additional information regarding the average recorded investment and interest income recognized on impaired loans for the periods presented: For the years ended December 31, 2018 December 31, 2017 December 31, 2016 Average Interest Average Interest Average Interest With no related allowance recorded: Commercial: Commercial and industrial $ 3,248 $ 168 $ 5,609 $ 152 $ 7,909 $ 252 Owner occupied commercial real estate 6,799 38 4,155 80 3,249 92 Food and agriculture 1,259 98 1,422 244 1,830 — Energy 884 — 8,004 156 12,565 — Total Commercial 12,190 304 19,190 632 25,553 344 Commercial real estate non-owner occupied: Construction 1,208 — — — — — Acquisition/development 606 — — — — — Multifamily — — — — — — Non-owner occupied 573 — 878 22 368 22 Total commercial real estate 2,387 — 878 22 368 22 Residential real estate: Senior lien 3,904 — 326 — 1,466 19 Junior lien 355 2 — — 54 2 Total residential real estate 4,259 2 326 — 1,520 21 Consumer 12 — — — 4 — Total impaired loans with no related allowance recorded $ 18,848 $ 306 $ 20,394 $ 654 $ 27,445 $ 387 With a related allowance recorded: Commercial: Commercial and industrial $ 4,677 $ — $ 7,331 $ — $ 3,545 $ 198 Owner occupied commercial real estate 1,220 19 747 20 703 20 Food and agriculture 862 5 2,092 5 162 5 Energy — — — — 10,008 — Total Commercial 6,759 23 10,170 25 14,418 223 Commercial real estate non-owner occupied: Construction — — 188 — — — Acquisition/development — — — — — — Multifamily — — 30 1 34 2 Non-owner occupied 288 16 213 9 268 13 Total commercial real estate 288 16 431 10 302 15 Residential real estate: Senior lien 5,412 57 5,986 67 5,200 88 Junior lien 1,331 43 1,225 42 1,600 56 Total residential real estate 6,743 100 7,211 109 6,800 144 Consumer 36 — 163 — 196 — Total impaired loans with a related allowance recorded $ 13,826 $ 140 $ 17,975 $ 144 $ 21,716 $ 382 Total impaired loans $ 32,674 $ 446 $ 38,369 $ 798 $ 49,161 $ 769 Interest income recognized on impaired loans noted in the tables above, primarily represents interest earned on accruing TDRs. Interest income recognized on impaired loans during the years ended December 31, 2018, 2017 and 2016 was $0.4 million, $0.8 million and $0.8 million, respectively. Troubled debt restructurings The Company’s policy is to review each prospective credit to determine the appropriateness and the adequacy of security or collateral prior to making a loan. In the event of borrower default, the Company seeks recovery in compliance with lending laws, the respective loan agreements, and credit monitoring and remediation procedures that may include restructuring a loan to provide a concession by the Company to the borrower from their original terms due to borrower financial difficulties in order to facilitate repayment. Additionally, if a borrower’s repayment obligation has been discharged by a court, and that debt has not been reaffirmed by the borrower, regardless of past due status, the loan is considered to be a TDR. During 2018, the Company restructured ten loans with a recorded investment of $ 0.8 million at December 31, 2018 to facilitate repayment. All of the loan modifications were a reduction of the principal payment, a reduction in interest rate, or an extension of term. Loan modifications to loans accounted for under ASC 310-30 are not considered TDRs. The tables below provide additional information related to accruing TDRs at December 31, 2018 and 2017: December 31, 2018 Recorded Average year-to-date Unpaid Unfunded commitments investment recorded investment principal balance to fund TDRs Commercial $ 2,730 $ 2,827 $ 3,155 $ — Commercial real estate non-owner occupied 229 260 280 — Residential real estate 1,114 1,163 1,121 12 Consumer — — — — Total $ 4,073 $ 4,250 $ 4,556 $ 12 December 31, 2017 Recorded Average year-to-date Unpaid Unfunded commitments investment recorded investment principal balance to fund TDRs Commercial $ 6,595 $ 7,308 $ 7,171 $ 2,041 Commercial real estate non-owner occupied 455 489 500 — Residential real estate 1,409 1,461 1,420 2 Consumer 1 3 1 — Total $ 8,460 $ 9,261 $ 9,092 $ 2,043 The following table summarizes the Company’s carrying value of non-accrual TDRs as of December 31, 2017 and 2016: December 31, 2018 December 31, 2017 Commercial $ 1,854 $ 5,808 Commercial real estate non-owner occupied — — Residential real estate 1,584 1,336 Consumer — 111 Total non-accruing TDRs $ 3,438 $ 7,255 Accrual of interest is resumed on loans that were previously on non-accrual only after the loan has performed sufficiently. The Company had one TDR that was modified within the past twelve months and had defaulted on its restructured terms. The defaulted TDR was a residential loan totaling $0.1 million. For purposes of this disclosure, the Company considers “default” to mean 90 days or more past due on principal or interest. Non-accruing TDRs decreased $3.8 million from December 31, 2017 due to paydowns. The allowance for loan losses related to troubled debt restructurings on non-accrual status is determined by individual evaluation, including collateral adequacy, using the same process as loans on non-accrual status which are not classified as TDRs. During 2017, the Company had three TDRs that had been modified within the prior twelve months that defaulted on their restructured terms. Loans accounted for under ASC 310-30 Loan pools accounted for under ASC Topic 310-30 are periodically remeasured to determine expected future cash flows. In determining the expected cash flows, the timing of cash flows and prepayment assumptions for smaller homogeneous loans are based on statistical models that take into account factors such as the loan interest rate, credit profile of the borrowers, the years in which the loans were originated, and whether the loans are fixed or variable rate loans. Prepayments may be assumed on loans if circumstances specific to that loan warrant a prepayment assumption. The re-measurement of loans accounted for under ASC 310-30 resulted in the following changes in the carrying amount of accretable yield during 2018 and 2017: December 31, 2018 December 31, 2017 Accretable yield beginning balance $ 46,568 $ 60,476 Reclassification from non-accretable difference 10,751 11,398 Reclassification to non-accretable difference (2,263) (2,801) Accretion (19,155) (22,505) Accretable yield ending balance $ 35,901 $ 46,568 Below is the composition of the net book value for loans accounted for under ASC 310-30 at December 31, 2018 and 2017: December 31, 2018 December 31, 2017 Contractual cash flows $ 420,994 $ 489,892 Non-accretable difference (314,214) (322,701) Accretable yield (35,901) (46,568) Loans accounted for under ASC 310-30 $ 70,879 $ 120,623 |
Allowance for Loan Losses
Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Allowance for Loan Losses | Note 8 Allowance for Loan Losses The tables below detail the Company’s allowance for loan losses and recorded investment in loans as of and for the years ended December 31, 2018 and 2017: Year ended December 31, 2018 Non-owner occupied commercial Residential Commercial real estate real estate Consumer Total Beginning balance $ 21,385 $ 5,609 $ 3,965 $ 305 $ 31,264 Originated and acquired beginning balance 21,340 5,583 3,965 305 31,193 Charge-offs (833) (11) (118) (1,134) (2,096) Recoveries 1,171 — 14 204 1,389 Provision 5,268 (1,166) (101) 974 4,975 Originated and acquired ending balance 26,946 4,406 3,760 349 35,461 ASC 310-30 beginning balance 45 26 — — 71 Charge-offs (62) — — — (62) Recoveries — — — — — Provision (recoupment) 208 (26) 40 — 222 ASC 310-30 ending balance 191 — 40 — 231 Ending balance $ 27,137 $ 4,406 $ 3,800 $ 349 $ 35,692 Ending allowance balance attributable to: Originated and acquired loans individually evaluated for impairment $ 1,132 $ 2 $ 35 $ — $ 1,169 Originated and acquired loans collectively evaluated for impairment 25,814 4,404 3,725 349 34,292 ASC 310-30 loans 191 — 40 — 231 Total ending allowance balance $ 27,137 $ 4,406 $ 3,800 $ 349 $ 35,692 Loans: Originated and acquired loans individually evaluated for impairment $ 18,282 $ 2,129 $ 5,169 $ 5,499 $ 31,079 Originated and acquired loans collectively evaluated for impairment 2,605,891 549,690 815,651 19,118 3,990,350 ASC 310-30 loans 20,398 40,393 9,995 93 70,879 Total loans $ 2,644,571 $ 592,212 $ 830,815 $ 24,710 $ 4,092,308 Year ended December 31, 2017 Non-owner occupied commercial Residential Commercial real estate real estate Consumer Total Beginning balance $ 18,821 $ 5,642 $ 4,387 $ 324 $ 29,174 Originated and acquired beginning balance 18,821 5,422 4,387 319 28,949 Charge-offs (10,342) — (236) (737) (11,315) Recoveries 99 20 129 185 433 Provision (recoupment) 12,762 141 (315) 538 13,126 Originated and acquired ending balance 21,340 5,583 3,965 305 31,193 ASC 310-30 beginning balance — 220 — 5 225 Charge-offs — — — — — Recoveries — — — — — Provision (recoupment) 45 (194) — (5) (154) ASC 310-30 ending balance 45 26 — — 71 Ending balance $ 21,385 $ 5,609 $ 3,965 $ 305 $ 31,264 Ending allowance balance attributable to: Originated and acquired loans individually evaluated for impairment $ 1,466 $ 2 $ 32 $ 1 $ 1,501 Originated and acquired loans collectively evaluated for impairment 19,874 5,581 3,933 304 29,692 ASC 310-30 loans 45 26 — — 71 Total ending allowance balance $ 21,385 $ 5,609 $ 3,965 $ 305 $ 31,264 Loans: Originated and acquired loans individually evaluated for impairment $ 22,232 $ 1,260 $ 7,240 $ 141 $ 30,873 Originated and acquired loans collectively evaluated for impairment 1,822,898 483,881 696,238 24,434 3,027,451 ASC 310-30 loans 29,475 77,908 12,759 481 120,623 Total loans $ 1,874,605 $ 563,049 $ 716,237 $ 25,056 $ 3,178,947 In evaluating the loan portfolio for an appropriate ALL level, non-impaired originated and acquired 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 applying loss ratios and determining applicable subjective adjustments to the ALL. The application of subjective adjustments was based upon qualitative risk factors, including economic trends and conditions, industry conditions, asset quality, loss trends, lending management, portfolio growth and loan review/internal audit results. Net charge-offs on originated and acquired loans during the year ended December 31, 2018 were $0.7 million. Management’s evaluation of credit quality resulted in provision for originated and acquired loan losses of $5.0 million during the year ended December 31, 2018. One large recovery of $1.1 million in 2018 resulted in lower provision. During 2018 and 2017, the Company re-estimated the expected cash flows of the loan pools accounted for under ASC 310-30. The re-measurement in 2018 resulted in provision of $222 thousand primarily driven by the commercial segment. The re-measurement in 2017 resulted in a net recoupment of $154 thousand, due to a $194 thousand recoupment in the non-owner occupied commercial real estate segment. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Note 9 Premises and Equipment Premises and equipment consisted of the following at December 31, 2018 and 2017: December 31, 2018 December 31, 2017 Land $ 32,058 $ 28,698 Buildings and improvements 88,955 73,703 Equipment 52,354 46,091 Total premises and equipment, at cost 173,367 148,492 Less: accumulated depreciation and amortization (63,381) (54,784) Premises and equipment, net $ 109,986 $ 93,708 The Company incurred $8.6 million, $7.6 million and $8.7 million of depreciation expense during 2018, 2017 and 2016, respectively, as a component of occupancy and equipment expense in the consolidated statements of operations. The Company disposed of $1.7 million, $2.3 million and $3.5 million of premises and equipment, net, during 2018, 2017 and 2016, respectively. During 2018, the Company consolidated one banking center acquired from Peoples that was valued at fair value less cost to sell at the date of acquisition. The banking center totaled $4.6 million and is classified as held-for-sale at December 31, 2018. During 2018, the Company consolidated one banking center. During 2017, the Company consolidated two banking centers and completed the divestiture of four banking centers, resulting in a gain of $2.9 million included in non-interest income in the consolidated statements of operations. Space in certain facilities is leased under operating leases. Below is a summary of future minimum lease payments as of December 31, 2018: Years ending December 31, Amount 2019 $ 3,092 2020 2,981 2021 3,091 2022 3,052 2023 2,047 Thereafter 10,163 Total $ 24,426 |
Other Real Estate Owned
Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2018 | |
FDIC Loss-Sharing Related | |
Other Real Estate Owned | Note 10 Other Real Estate Owned A summary of the activity in the OREO balances during 2018 and 2017 is as follows: For the years ended December 31, 2018 2017 Beginning balance $ 10,491 $ 15,662 Acquired through acquisition 1,253 — Transfers from loan portfolio, at fair value 24,940 1,800 Impairments (230) (766) Sales (25,858) (6,205) Ending balance $ 10,596 $ 10,491 OREO totaled $10.6 million at December 31, 2018 and increased $0.1 million from December 31, 2017. During 2018, the Company sold $25.9 million of OREO primarily driven by one large property that was previously an acquired 310-30 loan, which was transferred to OREO during the second quarter of 2018. OREO net gains of $0.5 million and $4.2 million were included in the consolidated statement of operations for the years ended December 31, 2018 and 2017, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets | |
Goodwill and Intangible Assets | Note 11 Goodwill and Intangible Assets Goodwill and core deposit intangible In connection with all of our acquisitions, the Company recorded goodwill of $115.0 million and core deposit intangible assets of $48.8 million. In connection with the acquisition of Peoples in January of 2018, the Company recorded goodwill of $55.4 million and core deposit intangible assets of $10.5 million. The 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 years ended December 31, 2018 or December 31, 2017. The gross carrying amount of the core deposit intangibles and the associated accumulated amortization at December 31, 2018 and December 31, 2017, are presented as follows: December 31, 2018 December 31, 2017 Gross Net Gross Net carrying Accumulated carrying carrying Accumulated carrying amount amortization amount amount amortization amount Core deposit intangible $ 48,834 $ 38,920 $ 9,914 $ 38,357 $ 36,750 $ 1,607 The accumulated amortization of the core deposit intangible assets was $38.9 million and $36.8 million at December 31, 2018 and 2017, respectively. At December 31, 2018, the core deposit intangible for the Bank Midwest, Hillcrest Bank, Bank of Choice and Community Banks of Colorado acquisitions were fully amortized. The Company is amortizing the core deposit intangibles from acquisitions on a straight line basis over 7-10 years from the date of the respective acquisitions, which represents the expected useful life of the assets. The Company recognized core deposit intangible amortization expense of $2.2 million, $5.3 million and $5.5 million during 2018, 2017 and 2016, respectively. The following table shows the estimated future amortization expense for the core deposit intangibles as of December 31, 2018: Years ending December 31, Amount 2019 $ 1,183 2020 1,183 2021 1,183 2022 1,127 2023 1,048 Mortgage servicing rights In connection with the acquisition of Peoples, the Company recorded mortgage servicing rights of $4.3 million. Mortgage servicing rights represent rights to service loans originated by the Company and sold to government sponsored enterprises including FHLMC, FNMA, GNMA and FHLB. Mortgage loans serviced for others were $389.0 million at December 31, 2018 and $0.0 million at December 31, 2017. Below are the changes in the mortgage servicing rights for the period presented: For the years ended December 31, 2018 Beginning balance $ — Acquired through acquisition 4,301 Originations 30 Impairment (21) Amortization (754) Ending balance $ 3,556 Fair value of mortgage servicing rights $ 3,884 The fair value of mortgage servicing rights 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 9.5% to 10.5% and the constant prepayment speed ranged from 12.2% to 17.2% for the December 31, 2018 valuation. Included in mortgage banking income in the consolidated statements of operations were service fees of $1.1 million for the year ended December 31, 2018. Mortgage servicing rights are evaluated for impairment and recognized to the extent fair value is less than the carrying amount. The Company evaluates impairment by type (FHLMC, FNMA, GNMA and FHLB) and interest rate. The Company is amortizing the mortgage servicing rights in proportion to and over the period of the estimated net servicing income of the underlying loans. The Company recognized mortgage servicing rights amortization expense of $0.8 million and $0.0 million during the years ended December 31, 2018 and 2017, respectively. The following table shows the estimated future amortization expense for the mortgage servicing rights as of December 31, 2018: Years ending December 31, Amount 2019 $ 604 2020 501 2021 416 2022 346 2023 287 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2018 | |
Deposits [Abstract] | |
Deposits | Note 12 Deposits Total deposits were $4.5 billion and $4.0 billion at December 31, 2018 and 2017, respectively. Time deposits were $1.1 billion and $1.1 billion at December 31, 2018 and 2017, respectively. The following table summarizes the Company’s time deposits by remaining contractual maturity: Years ending December 31, Amount 2019 $ 685,421 2020 316,113 2021 38,778 2022 32,989 2023 4,919 Thereafter 2,309 Total time deposits $ 1,080,529 The Company incurred interest expense on deposits as follows during the periods indicated: For the years ended December 31, 2018 2017 2016 Interest bearing demand deposits $ 887 $ 445 $ 369 Money market accounts 5,622 4,077 3,600 Savings accounts 2,249 1,481 1,016 Time deposits 12,283 10,169 8,978 Total $ 21,041 $ 16,172 $ 13,963 The Federal Reserve System requires cash balances to be maintained at the Federal Reserve Bank based on certain deposit levels. There was no minimum reserve requirement for the Bank at December 31, 2018. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Repurchase Agreements [Abstract] | |
Borrowings | Note 13 Borrowings The following table sets forth selected information regarding repurchase agreements during 2018, 2017 and 2016: As of and for the years ended December 31, 2018 2017 2016 Maximum amount of outstanding agreements at any month end during the period $ 142,292 $ 130,463 $ 154,404 Average amount outstanding during the period $ 87,691 $ 88,390 $ 109,246 Weighted average interest rate for the period As of December 31, 2018, 2017 and 2016, the Company had pledged mortgage-backed securities with a fair value of approximately $73.9 million, $136.1 million and $99.1 million, respectively, for securities sold under agreements to repurchase. Additionally, there was $5.9 million, $5.7 million and $7.0 million of excess collateral pledged for repurchase agreements at December 31, 2018, 2017 and 2016, respectively. The vast majority of the Company’s repurchase agreements are overnight transactions with clients that mature the day after the transaction. During 2018, 2017 and 2016, the overnight agreements had a weighted average interest rate of 0.34%, 0.19% and 0.14%, respectively. At December 31, 2018, 2017 and 2016, none of the Company’s repurchase agreements were for periods longer than one day. The repurchase agreements are subject to a master netting arrangement; however, the Company has not offset any of the amounts shown in the consolidated financial statements. As a member of the FHLB, the Bank has access to a line of credit and term financing from the FHLB with total available credit of $1.1 billion at December 31, 2018. At December 31, 2018, 2017 and 2016, the Bank had $234.3 million, $0.0 million and $0.0 million in line of credit advances from the FHLB, respectively, that mature within a day. At December 31, 2018, 2017 and 2016, the Bank had $67.3 million, $129.1 million and $25.0 million in term advances from the FHLB, respectively. The term advances have fixed interest rates between 1.55% - 2.33% with maturity dates of 2019 - 2020. The Bank had investment securities pledged as collateral for FHLB advances in the amount of $16.0 million, $28.1 million and $28.8 million at December 31, 2018, 2017 and 2016, respectively. Loans pledged were $1.6 billion at December 31, 2018 and $1.2 billion at December 31, 2017. Interest expense related to FHLB advances totaled $2.6 million, $1.8 million and $0.7 million for the years ended December 31, 2018, 2017 and 2016, respectively. |
Regulatory Capital
Regulatory Capital | 12 Months Ended |
Dec. 31, 2018 | |
Regulatory Capital | |
Regulatory Capital | Note 14 Regulatory Capital As a bank holding company, the Company is subject to regulatory capital adequacy requirements implemented by the Federal Reserve. 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. The Basel III rules, effective January 1, 2015, changed the components of regulatory capital, changed the way in which risk ratings are assigned to various categories of bank assets and defined a new Tier 1 common risk-based ratio. In addition, a capital conservative buffer requirement, designed to strengthen an institution’s financial resilience during economic cycles through the restriction of capital distributions and other payments, became effective in 2017, with full phase-in beginning January 1, 2019. When fully phased-in, the capital conservation buffer adds a 2.5% capital requirement above existing regulatory minimum ratios. Under the Basel III requirements, at December 31, 2018 and 2017, the Company and the Bank met all capital requirements and the Bank had regulatory capital ratios in excess of the levels established for well-capitalized institutions, as detailed in the tables below. December 31, 2018 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 $ 580,504 N/A N/A $ 220,988 NBH Bank 498,283 $ 275,703 220,563 Common equity tier 1 risk-based capital: Consolidated $ 580,504 N/A N/A $ 386,728 NBH Bank 498,283 $ 358,414 385,984 Tier 1 risk-based capital ratio: Consolidated $ 580,504 N/A N/A $ 382,306 NBH Bank 498,283 $ 358,938 381,372 Total risk-based capital ratio: Consolidated $ 620,275 N/A N/A $ 472,261 NBH Bank 538,054 $ 448,672 471,106 December 31, 2017 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 $ 470,877 N/A N/A $ 191,559 NBH Bank 382,918 $ 237,772 190,217 Common equity tier 1 risk-based capital: Consolidated $ 470,877 N/A N/A $ 335,228 NBH Bank 382,918 $ 309,103 332,881 Tier 1 risk-based capital ratio: Consolidated $ 470,877 N/A N/A $ 309,400 NBH Bank 382,918 $ 289,022 307,086 Total risk-based capital ratio: Consolidated $ 502,917 N/A N/A $ 382,200 NBH Bank 414,958 $ 361,277 379,341 As of the fully phased-in date of January 1, 2019, including the capital conservation buffer. |
Revenue from Contracts with Cli
Revenue from Contracts with Clients | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contracts with Clients | |
Revenue from Contracts with Clients | Note 15 Revenue from Contracts with Clients On January 1, 2018, the Company adopted ASU No. 2014-09 “Revenue from Contracts with Customers” (Topic 606) and all subsequent ASUs that modified Topic 606. As stated in Note 3, Recent A ccounting Pronouncements, the implementation of the new standard did not have a material impact on the measurement or recognition of revenue; as such, a cumulative effect adjustment to opening retained earnings was not deemed necessary. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts were not adjusted and continue to be reported in accordance with our historic accounting under Topic 605. Topic 606 does not apply to revenue associated with financial instruments, including revenue from loans and securities. In addition, certain noninterest income streams such as fees associated with mortgage servicing rights, financial guarantees, and derivatives are also not in scope of the new guidance. Topic 606 is applicable to non-interest revenue streams such as deposit related fees, interchange fees, and merchant income. However, the recognition of these revenue streams did not change significantly upon adoption of Topic 606. Substantially all of the Company’s revenue is generated from contracts with clients. Noninterest revenue streams in-scope of Topic 606 are discussed below. Service Charges and other fees Service charge fees are primarily comprised of monthly service fees, check orders, and other deposit account related fees. Other fees include revenue from processing wire transfers, bill pay service, cashier’s checks, and other services. The Company’s performance obligation for account analysis fees and monthly service fees is generally satisfied, and the related revenue recognized, over the period in which the service is provided. Check orders and other deposit account related fees are largely transactional based, and therefore, the Company’s performance obligation is satisfied, and related revenue recognized, at a point in time. Payment for service charges on deposit accounts is primarily received immediately or in the following month through a direct charge to clients’ accounts. 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 Company cardholder uses a non-Company ATM or a non-Company cardholder uses a Company 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. Loss (gain) on OREO Sales, net Loss (gain) on OREO Sales, net is recognized when the Company meets its performance obligation to transfer title to the buyer. The gain or loss is measured as the excess of the proceeds received compared to the OREO carrying value. Sales proceeds are received in cash at the time of transfer. The following table presents non-interest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, and non-interest expense in-scope of Topic 606 for the years ended December 31, 2018 and 2017. For the years ended December 31, 2018 2017 2016 Non-interest income In-scope of Topic 606: Service Charges and other fees $ 20,408 $ 19,070 $ 15,961 Bank card fees 14,489 12,026 11,429 Gain on banking center divestiture — 2,942 — Non-interest income (in-scope of Topic 606) 34,897 34,038 27,390 Non-interest income (out-of-scope of Topic 606) 35,878 5,167 12,637 Total non-interest income $ 70,775 $ 39,205 $ 40,027 Non-interest expense In-scope of Topic 606: (Gain) loss on OREO sales, net (488) (4,150) (4,383) Total revenue in-scope of Topic 606 $ 34,409 $ 29,888 $ 23,007 Contract Balances A contract asset balance occurs when an entity performs a service for a client before the client pays consideration (resulting in a contract receivable) or before payment is due (resulting in a contract asset). A contract liability balance is an entity’s obligation to transfer a service to a client for which the entity has already received payment (or payment is due) from the client. The Company’s noninterest revenue streams are largely based on transactional activity or standard month-end revenue accruals. Consideration is often received immediately or shortly after the Company satisfies its performance obligation and revenue is recognized. The Company does not typically enter into long-term revenue contracts with clients, and therefore, does not experience significant contract balances. As of December 31, 2018 and December 31, 2017, the Company did not have any contract balances. Contract Acquisition Costs In connection with the adoption of Topic 606, an entity is required to capitalize, and subsequently amortize into expense, certain incremental costs of obtaining a contract with a client if these costs are expected to be recovered. The incremental costs of obtaining a contract are those costs that an entity incurs to obtain a contract with a client that it would not have incurred if the contract had not been obtained (for example, sales commission). The Company utilizes the practical expedient which allows entities to immediately expense contract acquisition costs when the asset that would have resulted from capitalizing these costs would have been amortized in one year or less. Upon adoption of Topic 606, the Company did not capitalize any contract acquisition cost. |
Stock-based Compensation and Be
Stock-based Compensation and Benefits | 12 Months Ended |
Dec. 31, 2018 | |
Stock-based Compensation and Benefits | |
Stock-based Compensation and Benefits | Note 16 Stock-based Compensation and Benefits The Company provides stock-based compensation in accordance with shareholder-approved plans. During the second quarter of 2014, shareholders approved the 2014 Omnibus Incentive Plan (the "2014 Plan"). The 2014 Plan replaces the NBH Holdings Corp. 2009 Equity Incentive Plan (the "Prior Plan"), pursuant to which the Company granted equity awards prior to the approval of the 2014 Plan. Pursuant to the 2014 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 December 31, 2018, the aggregate number of Class A common stock available for issuance under the 2014 Plan is 5,254,682 shares. Any shares that are subject to stock options or stock appreciation rights under the 2014 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 2014 Plan other than stock options or stock appreciation rights will be counted against the amount available for issuance as 3.25 shares for every one share granted. The 2014 Plan provides for recycling of shares from both the Prior Plan and the 2014 Plan, the terms of which are further described in the Company's Proxy Statement for its 2014 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 issued stock options during 2018, 2017 and 2016, which are primarily time-vesting with 1/3 vesting on each of the first, second and third anniversary of the date of grant or date of hire. The expense associated with the awarded stock options was measured at fair value using a Black-Scholes option-pricing model. The outstanding option awards vest or have vested on a graded basis over 1-4 years of continuous service and have 7-10 year contractual terms. Below are the weighted average assumptions used in the Black-Scholes option pricing model to determine fair value of the Company’s stock options granted in 2018, 2017 and 2016: 2018 2017 2016 Weighted average fair value $ 7.43 $ 7.84 $ 4.24 Weighted average risk-free interest rate (1) Expected volatility (2) Expected term (years) (3) 6.10 6.09 6.09 Dividend yield (4) (1) The risk-free rate for the expected term of the options was based on the U.S. Treasury yield curve at the date of grant and based on the expected term. (2) Expected volatility was calculated using a time-based weighted migration of the Company’s own stock price volatility coupled with those of a peer group of eight comparable publicly traded companies for a period commensurate with the expected term of the options. (3) The expected term was estimated to be the average of the contractual vesting term and time to expiration. (4) The dividend yield was assumed to be $0.05 per share per quarter through the third quarter of 2016, $0.07 per share per quarter through the first quarter of 2017, $0.09 per share per quarter through the first quarter of 2018, $0.14 per share per quarter through the third quarter of 2018 and $0.17 per share per quarter through the fourth quarter of 2018 in accordance with the Company’s dividend policy at the time of grant. The Company issued stock options in accordance with the 2014 Plan during 2018. The following table summarizes stock option activity for 2018: Weighted average Weighted remaining average contractual Aggregate exercise term in intrinsic Options price years value Outstanding at December 31, 2017 1,598,318 $ 20.62 4.07 $ 19,017 Granted 158,316 32.99 Exercised (473,363) 19.88 Forfeited (18,395) 28.76 Outstanding at December 31, 2018 1,264,876 $ 22.33 3.92 $ 11,387 Options exercisable at December 31, 2018 1,011,744 20.18 2.74 10,903 Options vested and expected to vest 1,241,729 22.14 3.82 11,376 Stock option expense is a component of salaries and benefits in the consolidated statements of operations and totaled $0.8 million, $0.7 million and $0.7 million for 2018, 2017 and 2016, respectively. At December 31, 2018, there was $0.7 million of total unrecognized compensation cost related to non-vested stock options granted under the plans. The cost is expected to be recognized over a weighted average period of 2.1 years. The following table summarizes the Company’s outstanding stock options: Options outstanding Options exercisable Weighted average Number remaining contractual Weighted average Number Weighted average Range of exercise price outstanding life (years) exercise price exercisable exercise price $ - 18.99 $ $ $ - 19.99 $ $ $ - 20.99 $ $ $ and above $ $ Restricted stock awards The Company issued time-based restricted stock awards during 2018, 2017 and 2016. The restricted stock awards 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. No market-based stock awards were granted during 2018 or 2017. The market-based performance condition has been met for market-based stock awards granted during 2016, and the total unrecognized compensation cost related to non-vested market-based stock awards is expected to be recognized over a weighted average period of approximately 0.2 years. Performance stock units During the years ended December 31, 2018, 2017 and 2016, the Company granted 77,125, 49,758, and 91,342 performance stock units in accordance with the 2014 Plan, respectively. These performance stock units granted 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. 60% of the award is based on the Company’s cumulative earnings per share (EPS target) during the performance period, and 40% of the award is based on the Company’s cumulative total shareholder return (TSR target), or TSR, during the performance period. On the vesting date, the Company’s TSR will be compared to the respective TSRs of the companies comprising the KBW Regional Index at the grant date to determine the shares awarded. The fair value of the EPS target portion of the award was determined based on the closing stock price of the Company’s common stock on the grant date. The fair value of the TSR target portion of the award was determined using a Monte Carlo Simulation at the grant date. The weighted-average grant date fair value per unit for awards granted during 2018 of the EPS target portion and the TSR target portion was $32.65 and $27.51, respectively. The following table summarizes restricted stock and performance stock unit activity during 2018 and 2017: Weighted Weighted Restricted average grant- Performance average grant- stock shares date fair value stock units date fair value Unvested at December 31, 2016 499,271 $ 15.82 85,295 $ 18.22 Granted 66,471 33.43 49,758 33.22 Vested (380,956) 15.40 — — Forfeited (21,229) 18.73 (9,971) 21.78 Unvested at December 31, 2017 163,557 $ 22.60 125,082 $ 23.90 Granted 92,133 33.69 77,125 30.38 Vested (94,775) 23.71 — — Forfeited (14,421) 29.37 (10,158) 25.90 Unvested at December 31, 2018 146,494 $ 28.19 192,049 $ 26.40 As of December 31, 2018, the total unrecognized compensation cost related to the non-vested restricted stock awards and performance stock units totaled $2.0 million and $2.5 million, respectively, and is expected to be recognized over a weighted average period of approximately 2.0 years and 1.8 years, respectively. Expense related to non-vested restricted stock awards totaled $2.1 million, $2.2 million and $2.4 million during 2018, 2017 and 2016, respectively. Expense related to non-vested performance stock units totaled $1.5 million, $0.8 million and $0.4 million during 2018, 2017 and 2016, respectively. Expense related to non-vested restricted stock awards and units is a component of salaries and benefits in the Company’s consolidated statements of operations. Employee Stock Purchase Plan The 2014 Employee Stock Purchase Plan (“ESPP”) is intended to be a qualified plan within the meaning of Section 423 of the Internal Revenue Code of 1986 and allows eligible employees to purchase shares of common stock through payroll deductions up to a limit of $25,000 per calendar year and 2,000 shares per offering period. The price an employee pays for shares is 90.0% of the fair market value of Company common stock on the last day of the offering period. The offering periods are the six-month periods commencing on March 1 and September 1 of each year and ending on August 31 and February 28 (or February 29 in the case of a leap year) of each year. There are no vesting or other restrictions on the stock purchased by employees under the ESPP. Under the ESPP, the total number of shares of common stock reserved for issuance totaled 400,000 shares, of which 342,644 were available for issuance. Under the ESPP, employees purchased 12,515 shares and 11,178 shares during 2018 and 2017, respectively. |
Warrants
Warrants | 12 Months Ended |
Dec. 31, 2018 | |
Warrants | |
Warrants | Note 17 Warrants During 2017 and 2016, 250,750 and 475,000 warrants were exercised in a non-cash transaction, respectively, representing the remaining outstanding warrants. The warrants were granted to certain lead shareholders of the Company at the time of the Company’s initial capital raise (2009-2010), all with an exercise price of $20.00 per share. Refer to the consolidated statements of changes in shareholders’ equity for additional detail. During 2015, the Company modified its remaining warrant agreements resulting in the reclassification of $3.1 million to additional paid-in capital included in the consolidated statements of financial condition at December 31, 2015. Refer to the consolidated statements of changes in shareholders’ equity for additional detail. |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2018 | |
Common Stock | |
Common Stock | Note 18 Common Stock The Company had 30,769,063 and 26,875,585 shares of Class A common stock outstanding at December 31, 2018 and 2017, respectively. Additionally, the Company had 146,494 and 163,557 shares outstanding at December 31, 2018 and 2017, respectively, of restricted Class A common stock issued but not yet vested under the 2014 Omnibus Incentive Plan and the Prior 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 August 5, 2016, the Board of Directors authorized a share repurchase program for up to $50.0 million from time to time in either the open market or through privately negotiated transactions. The remaining authorization under this program at December 31, 2018 was $12.6 million. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Income Per Share | |
Earnings Per Share | Note 19 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 17. The Company had 30,769,063 and 26,875,585 shares of Class A common stock outstanding as of December 31, 2018 and 2017, respectively, exclusive of issued non-vested restricted shares. Certain stock options and non-vested restricted shares are potentially dilutive securities, but are not included in the calculation of diluted income per share because to do so would have been anti-dilutive for 2018, 2017 and 2016. The following table illustrates the computation of basic and diluted income per share for 2018, 2017 and 2016: For the years ended December 31, 2018 2017 2016 Net income $ 61,451 $ 14,579 $ 23,060 Less: income allocated to participating securities (70) (56) (52) Income allocated to common shareholders $ 61,381 $ 14,523 $ 23,008 Weighted average shares outstanding for basic earnings per common share 30,748,234 26,928,763 28,313,061 Dilutive effect of equity awards 681,840 772,392 704,831 Dilutive effect of warrants — 8,504 73,451 Weighted average shares outstanding for diluted earnings per common share 31,430,074 27,709,659 29,091,343 Basic earnings per share $ 2.00 $ 0.54 $ 0.81 Diluted earnings per share $ 1.95 $ 0.53 $ 0.79 The Company had 1,264,876, 1,598,318 and 2,185,922 outstanding stock options to purchase common stock at weighted average exercise prices of $22.33, $20.62 and $19.81 per share at December 31, 2018, 2017 and 2016, 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. Additionally, 250,750 warrants were exercised in a non-cash transaction during 2017, representing the remaining outstanding warrants to purchase shares of the Company’s common stock. The warrants had an exercise price of $20.00. The Company had 338,543, 288,639 and 499,271 unvested restricted shares and units issued as of December 31, 2018, 2017 and 2016, 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. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Taxes | |
Income Taxes | Note 20 Income Taxes Income tax expense attributable to income before taxes was $12.2 million, $21.3 million and $2.9 million for 2018, 2017 and 2016, respectively. Included in income tax expense was $1.3 million, $4.2 million and $2.1 million of tax benefits from stock compensation activity during 2018, 2017 and 2016, respectively. During the fourth quarter of 2017, the Company remeasured its deferred tax asset as a result of the enactment of the Act, which among other items reduces the federal corporate tax rate to 21% effective January 1, 2018. Income tax expense recorded in 2017 included an $18.5 million non-cash one-time charge primarily related to this re-measurement. (a) Income taxes Total income taxes for 2018, 2017 and 2016 were allocated as follows: For the years ended December 31, 2018 2017 2016 Current expense: U.S. federal $ 427 $ 1,230 $ 1,868 State and local 1,530 169 117 Total current income tax expense 1,957 1,399 1,985 Deferred expense: U.S. federal 10,110 17,639 626 State and local 163 2,245 336 Total deferred income tax expense 10,273 19,884 962 Income tax expense $ 12,230 $ 21,283 $ 2,947 (b) Tax Rate Reconciliation The reconciliation between the income tax expenses and the amounts computed by applying the U.S. federal income tax rate to pretax income is as follows: For the years ended December 31, 2018 2017 2016 Income tax at federal statutory rates (21%, 35% and 35%, respectively) $ 15,473 $ 12,550 $ 9,103 State income taxes, net of federal benefits 1,337 265 295 Tax-exempt loan interest income (4,089) (5,380) (3,798) Bank-owned life insurance income 136 (813) (724) Stock-based compensation (1,207) (3,998) (2,002) Deferred tax rate change — 18,457 — Other 580 202 73 Income tax expense $ 12,230 $ 21,283 $ 2,947 (c) Significant Components of Deferred Taxes The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2018 and 2017 are presented below: December 31, 2018 December 31, 2017 Deferred tax assets: Excess tax basis of acquired loans over carrying value $ 3,076 $ 1,887 Allowance for loan losses 8,521 7,354 Intangible assets 1,937 6,367 Other real estate owned 439 228 Accrued stock-based compensation 2,889 3,098 Accrued compensation 3,046 2,431 Capitalized start-up costs 2,199 2,488 Accrued expenses 1,357 1,227 Net deferred loan fees — 622 Net operating loss 807 1,027 Federal tax credits — 5,891 Net unrealized losses on investment securities 3,543 2,307 Other 1,960 993 Total deferred tax assets 29,774 35,920 Deferred tax liabilities: Premises and equipment (114) (113) Prepaid expenses (210) (177) Net deferred loan fees (174) — Mortgage servicing rights (854) — Other (71) — Total deferred tax liabilities (1,423) (290) Net deferred tax asset $ 28,351 $ 35,630 At December 31, 2018, the Company had federal and state net operating loss carryovers (NOLs) of $3.0 million and $4.9 million, respectively, which are available to offset future taxable income. The federal NOLs expire in varying amounts through 2037, and the state NOLs expire in varying amounts between 2026 and 2037. The Company also had a minimum tax credit carryover of $5.9 million at December 31, 2017 that was fully utilized during 2018. The Company does not expect any tax attribute carryovers to expire before they are utilized. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, if any (including the impact of available carryforward periods), projected future taxable income, and tax-planning strategies in making this assessment. For the years ended December 31, 2018 and 2017, management believes a valuation allowance on the deferred tax asset is not necessary based on the current and future projected earnings of the Company. The Company has no ASC 740-10 unrecognized tax benefits recorded as of December 31, 2018 and 2017 and does not expect the total amount of unrecognized tax benefits to significantly increase within the next 12 months. The Company and its subsidiary bank are subject to income tax by federal, state and local government taxing authorities. The Company’s tax returns for the years ended December 31, 2015 through 2018 remain subject to examination for U.S. federal income tax authorities. The years open to examination by state and local government authorities vary by jurisdiction. The Company has unvested stock-based compensation awards outstanding at December 31, 2018, including stock options, restricted stock and performance stock units. The strike prices for options range from $18.09 to $40.51, with a large portion of the awards having strike prices of $20.00. The restricted stock vest over a range of 1-3 year period. The performance stock units cliff vest over a range of 2-3 years and the number of shares issued is determined by the final performance results. Depending on the movement in our stock price, these stock-based compensation awards may create either an excess tax benefit or tax deficiency depending on the relationship between the fair value at the time of vesting or exercise and the estimated fair value recorded at the time of grant. During 2018, 2017 and 2016, the Company recorded $1.3 million, $4.2 million and $2.1 million, respectively, of excess tax benefit related to the settlement of awards during the period as a component of income tax expense in the consolidated statements of operations. As of December 31, 2018, the Company had a $2.9 million deferred tax asset related to stock-based compensation, $2.3 million of which is associated with executive officers still employed by the Company. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2018 | |
Derivatives | |
Derivatives | Note 21 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 that neither carrying value nor fair value at risk should exceed established guidelines. The Company has designed strategies to confine these risks within the established limits and identify appropriate trade-offs in the financial structure of its balance sheet. These strategies include the use of derivative financial instruments to help achieve the desired balance sheet repricing structure while meeting the desired objectives of its clients. Currently the Company employs certain interest rate swaps that are designated as fair value hedges as well as economic hedges. The Company manages a matched book with respect to its derivative instruments in order to minimize its net risk exposure resulting from such transactions. Fair values of derivative instruments on the balance sheet The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated statements of financial condition as of December 31, 2018 and 2017. Information about the valuation methods used to measure fair value is provided in note 23. Asset derivatives fair value Liability derivatives fair value Balance Sheet December 31, December 31, Balance Sheet December 31, December 31, location 2018 2017 location 2018 2017 Derivatives designated as hedging instruments: Interest rate products Other assets $ 17,436 $ 10,489 Other liabilities $ 228 $ 1,167 Total derivatives designated as hedging instruments $ 17,436 $ 10,489 $ 228 $ 1,167 Derivatives not designated as hedging instruments: Interest rate products Other assets $ 3,191 $ 2,483 Other liabilities $ 3,349 $ 2,584 Interest rate lock commitments Other assets 871 128 Other liabilities 72 — Forward contracts Other assets — 5 Other liabilities 472 7 Total derivatives not designated as hedging instruments $ 4,062 $ 2,616 $ 3,893 $ 2,591 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 December 31, 2018, the Company had interest rate swaps with a notional amount of $473.4 million that were designated as fair value hedges of interest rate risk. These interest rate swaps were associated with $522.7 million of the Company’s fixed-rate loans, before a $13.2 million fair value loss hedge adjustment in the carrying amount, included in loans receivable on the statements of financial condition. As of December 31, 2017, the Company had interest rate swaps with a notional amount of $417.7 million that were designated as fair value hedges. 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 December 31, 2018, the Company had matched interest rate swap transactions with an aggregate notional amount of $206.8 million related to this program. As of December 31, 2017, the Company had matched interest rate swap transactions with an aggregate notional amount of $202.2 million related to this program. 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 customers 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 asset, which is impacted by current interest rates, taking into consideration 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 recognized in current earnings during the period of change. The Company had interest rate lock commitments with a notional value of $50.1 million and forward contracts with a notional value of $77.6 million at December 31, 2018. The Company had interest rate lock commitments with a notional value of $8.0 million and forward contracts with a notional value of $9.0 million at December 31, 2017. Effect of derivative instruments on the consolidated statements of operations The tables below present the effect of the Company’s derivative financial instruments in the consolidated statements of operations for 2018 and 2017: Location of gain (loss) Amount of gain or (loss) recognized in income on derivatives Derivatives in fair value recognized in income on For the years ended December 31, hedging relationships derivatives 2018 2017 Interest rate products Interest and fees on loans $ 13,513 $ — Interest rate products Other non-interest income — 1,177 Total $ 13,513 $ 1,177 Location of gain (loss) Amount of gain or (loss) recognized in income on hedged items recognized in income on For the years ended December 31, Hedged items hedged items 2018 2017 Interest rate products Interest and fees on loans $ (13,972) $ — Interest rate products Other non-interest income — (2,172) Total $ (13,972) $ (2,172) Location of gain (loss) Amount of gain or (loss) recognized in income on derivatives Derivatives not designated recognized in income on For the years ended December 31, as hedging instruments derivatives 2018 2017 Interest rate products Other non-interest expense $ 55 $ 104 Interest rate lock commitments Mortgage banking income (1,329) (13) Forward contracts Mortgage banking income 1,324 (120) Total $ 50 $ (29) 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 December 31, 2018, the termination value of derivatives in a net liability position related to these agreements was $0.2 million, which includes accrued interest but excludes any adjustment for nonperformance risk. The Company has minimum collateral posting thresholds with certain of its derivative counterparties and, as of December 31, 2018, the Company had met these thresholds. If the Company had breached any of these provisions at December 31, 2018, it could have been required to settle its obligations under the agreements at the termination value. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies | |
Commitments and Contingencies | Note 22 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 on 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. At December 31, 2018 and 2017, the Company had loan commitments totaling $773.5 million and $680.8 million, respectively, and standby letters of credit that totaled $10.6 million and $7.2 million, respectively. 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 December 31, 2018 and 2017 were as follows: December 31, 2018 December 31, 2017 Commitments to fund loans $ 183,946 $ 181,904 Unfunded commitments under lines of credit 589,573 498,857 Commercial and standby letters of credit 10,558 7,185 Total unfunded commitments $ 784,077 $ 687,946 Commitments to fund loans —Commitments to fund loans are legally binding agreements to lend to clients in accordance with predetermined contractual provisions providing there have been no violations of any conditions specified in the contract. These commitments are generally at variable interest rates and are for specific periods or contain termination clauses and may require the payment of a fee. The total amounts of unused commitments are not necessarily representative of future credit exposure or cash requirements, as commitments often expire without being drawn upon. Unfunded commitments under lines of credit —In the ordinary course of business, the Company extends revolving credit to its clients. These arrangements may require the payment of a fee. Commercial and standby letters of credit —As a provider of financial services, the Company routinely issues commercial and standby letters of credit, which may be financial standby letters of credit or performance standby letters of credit. These are various forms of “back-up” commitments to guarantee the performance of a client to a third party. While these arrangements represent a potential cash outlay for the Company, the majority of these letters of credit will expire without being drawn upon. Letters of credit are subject to the same underwriting and credit approval process as traditional loans, and as such, many of them have various forms of collateral securing the commitment, which may include real estate, personal property, receivables or marketable securities. Contingencies Mortgage loans sold to investors may be subject to repurchase or indemnification in the event of specific default by the borrower or subsequent discovery that underwriting standards were not met. The Company established a reserve liability for expected losses related to these representations and warranties based upon management’s evaluation of actual and historic loss history, delinquency trends in the portfolio and economic conditions. The Company recorded a repurchase reserve of $3.4 million at December 31, 2018, which is included in other liabilities on the consolidated statements of financial condition. In the ordinary course of business, the Company and the Bank may be subject to litigation. Based upon the available information and advice from the Company’s legal counsel, management does not believe that any potential, threatened or pending litigation to which it is a party will have a material adverse effect on the Company’s liquidity, financial condition or results of operations. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 23 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. Although, in some instances, third party price indications may be available, limited trading activity can challenge the observability of these quotations. 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 2018 and 2017, 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 —Investment securities available-for-sale are carried at fair value on a recurring basis. To the extent possible, observable quoted prices in an active market are used to determine fair value and, as such, these securities are classified as level 1. At December 31, 2018 and 2017, the Company did not hold any level 1 securities. When quoted market prices in active markets for identical assets or liabilities are not available, quoted prices of securities with similar characteristics, discounted cash flows or other pricing characteristics are used to estimate fair values and the securities are then classified as level 2. Loans held for sale —The Company has elected to record loans originated and intended for sale in the secondary market at estimated fair value. The portfolio consists primarily of fixed rate residential loans that are sold within 45 days. The Company estimates fair value based on quoted market prices for similar loans in the secondary market and is classified as level 2. Interest rate swap derivatives —The Company's derivative instruments are limited to interest rate swaps that may be accounted for as fair value hedges or non-designated hedges. The fair values of the swaps incorporate credit valuation adjustments in order to appropriately reflect nonperformance risk in the fair value measurements. The credit valuation adjustment is the dollar amount of the fair value adjustment related to credit risk and utilizes a probability weighted calculation to quantify the potential loss over the life of the trade. The credit valuation adjustments are calculated by determining the total expected exposure of the derivatives (which incorporates both the current and potential future exposure) and then applying the respective counterparties’ credit spreads to the exposure offset by marketable collateral posted, if any. Certain derivative transactions are executed with counterparties who are large financial institutions ("dealers"). International Swaps and Derivative Association Master Agreements ("ISDA") and Credit Support Annexes ("CSA") are employed for all contracts with dealers. These contracts contain bilateral collateral arrangements. The fair value inputs of these financial instruments are determined using discounted cash flow analysis through the use of third-party models whose significant inputs are readily observable market parameters, primarily yield curves, with appropriate adjustments for liquidity and credit risk, and are classified as level 2. Mortgage banking derivatives —The Company relies on a third-party pricing service to value its mortgage banking derivative financial assets and liabilities, which the Company classifies as a level 3 valuation. The external valuation model to estimate the fair value of its interest rate lock commitments to originate residential mortgage loans held for sale includes grouping the interest rate lock commitments by interest rate and terms, applying an estimated pull-through rate based on historical experience, and then multiplying by quoted investor prices determined to be reasonably applicable to the loan commitment groups based on interest rate, terms, and rate lock expiration dates of the loan commitment groups. The Company also relies on an external 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 December 31, 2018 and 2017, on the consolidated statements of financial condition utilizing the hierarchy structure described above: December 31, 2018 Level 1 Level 2 Level 3 Total Assets: Investment securities available-for-sale: Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises $ — $ 146,642 $ — $ 146,642 Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises — 643,381 — 643,381 Municipal securities — 441 — 441 Loans held for sale — 48,120 — 48,120 Interest rate swap derivatives — 20,627 — 20,627 Mortgage banking derivatives — — 871 871 Total assets at fair value $ — $ 859,211 $ 871 $ 860,082 Liabilities: Interest rate swap derivatives $ — $ 3,577 $ — $ 3,577 Mortgage banking derivatives — — 544 Total liabilities at fair value $ — $ 3,577 $ 544 $ 4,121 December 31, 2017 Level 1 Level 2 Level 3 Total Assets: Investment securities available-for-sale: Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises $ — $ 168,648 $ — $ 168,648 Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises — 685,230 — 685,230 Municipal securities — 829 — 829 Loans held for sale — 4,629 — 4,629 Interest rate swap derivatives — 12,972 — 12,972 Mortgage banking derivatives — — 133 Total assets at fair value $ — $ 872,308 $ 133 $ 872,441 Liabilities: Interest rate swap derivatives $ — $ 3,751 $ — $ 3,751 Mortgage banking derivatives — — 7 Total liabilities at fair value $ — $ 3,751 $ 7 $ 3,758 The table below details the changes in level 3 financial instruments during 2018: Mortgage banking derivatives, net Balance at December 31, 2017 $ 126 Gain included in earnings, net 201 Balance at December 31, 2018 $ 327 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. The Company records collateral dependent loans that are considered to be impaired at their estimated fair value. A loan is considered impaired when it is probable that the Company will be unable to collect all contractual amounts due in accordance with the terms of the loan agreement. Collateral dependent impaired loans are measured based on the fair value of the collateral. The Company relies on third-party appraisals and internal assessments, utilizing a discount rate in the range of 0% - 25%, in determining the estimated fair values of these loans. The inputs used to determine the fair values of loans are considered level 3 inputs in the fair value hierarchy. At December 31, 2018, the Company measured four originated and acquired loans at fair value on a non-recurring basis with a carrying balance of $4.9 million and specific reserve balance of $1.1 million. At December 31, 2017, the Company measured seven originated and acquired loans at fair value on a non-recurring basis with a carrying balance of $7.1 million and a specific reserve balance of $1.5 million. OREO is recorded at the fair value of the collateral less estimated selling costs. The estimated fair values of OREO are updated periodically and further write-downs may be taken to reflect a new basis. The Company recognized $0.2 million and $0.8 million of OREO impairments in its consolidated statements of operations during 2018 and 2017, respectively. The fair values of OREO are derived from third party price opinions or appraisals that generally use an income approach or a market value approach. If reasonable comparable appraisals are not available, then the Company may use internally developed models to determine fair values. The inputs used to determine the fair value of OREO properties are considered level 3 inputs in the fair value hierarchy. Mortgage servicing rights represent the value associated with servicing residential real estate loans that have been sold to outside investors with servicing retained. The fair value for servicing assets is determined through discounted cash flow analysis and utilizes discount rates ranging from 9.5% to 10.5% at December 31, 2018 and prepayment speed assumption ranges of 12.2% to 17.2% at December 31, 2018 as inputs. Mortgage servicing rights are subject to impairment testing. The carrying values of these rights are reviewed quarterly for impairment based upon the calculation of fair value. For purposes of measuring impairment, the rights are stratified into certain risk characteristics including note type and note term. If the valuation model reflects a value less than the carrying value, mortgage servicing rights are adjusted to fair value through a valuation allowance. The inputs used to determine the fair values of mortgage servicing rights are considered level 3 inputs in the fair value hierarchy. 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 the assets recorded at fair value on a non-recurring basis at December 31, 2018 and 2017: December 31, 2018 Total Losses from fair value changes Impaired loans $ 31,079 $ 2,120 Other real estate owned 10,596 230 Mortgage servicing rights 3,556 21 Total $ 45,231 $ 2,371 December 31, 2017 Total Losses from fair value changes Impaired loans $ 30,873 $ 11,099 Other real estate owned 10,491 766 Total $ 41,364 $ 11,865 The Company did not record any liabilities measured at fair value on a non-recurring basis during 2018 and 2017. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 24 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 notion set forth by ASU 2016-01 effective January 1, 2018 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 December 31, 2018 and 2017, including methods and assumptions utilized for determining fair value of financial instruments, are set forth below: Level in fair value December 31, 2018 December 31, 2017 measurement Carrying Estimated Carrying Estimated hierarchy amount fair value amount fair value ASSETS Cash and cash equivalents Level 1 $ 109,556 $ 109,556 $ 257,364 $ 257,364 Mortgage-backed securities—residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises available-for-sale Level 2 146,642 146,642 168,648 168,648 Mortgage-backed securities—other residential mortgage-backed securities issued or guaranteed by U.S. Government agencies or sponsored enterprises available-for-sale Level 2 643,381 643,381 685,230 685,230 Municipal securities Level 2 441 441 829 829 Municipal securities Level 3 169 169 219 219 Other available-for-sale securities Level 3 469 469 419 419 Mortgage-backed securities—residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises held-to-maturity Level 2 157,115 154,412 204,352 204,048 Mortgage-backed securities—other residential mortgage-backed securities issued or guaranteed by U.S. Government agencies or sponsored enterprises held-to-maturity Level 2 78,283 76,514 54,378 52,723 Non-marketable securities Level 2 27,555 27,555 15,030 15,030 Loans receivable Level 3 4,092,308 4,082,146 3,178,947 3,167,508 Loans held for sale Level 2 48,120 48,120 4,629 4,629 Accrued interest receivable Level 2 17,852 17,852 14,255 14,255 Interest rate swap derivatives Level 2 20,627 20,627 12,972 12,972 Mortgage banking derivatives Level 3 871 871 133 133 LIABILITIES Deposit transaction accounts Level 2 3,455,092 3,455,092 2,861,509 2,861,509 Time deposits Level 2 1,080,529 1,068,233 1,118,050 1,108,733 Securities sold under agreements to repurchase Level 2 66,047 66,047 130,463 130,463 Federal Home Loan Bank advances Level 2 301,660 301,933 129,115 130,300 Accrued interest payable Level 2 6,889 6,889 5,776 5,776 Interest rate swap derivatives Level 2 3,577 3,577 3,751 3,751 Mortgage banking derivatives Level 3 7 7 |
Parent Company Only Financial S
Parent Company Only Financial Statements | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Parent Company Only Financial Statements | Note 25 Parent Company Only Financial Statements Parent company only financial information for National Bank Holdings Corporation is summarized as follows: Condensed Statements of Financial Condition December 31, 2018 December 31, 2017 ASSETS Cash and cash equivalents $ 71,997 $ 73,873 Investment in subsidiaries 612,784 444,445 Other assets 21,002 14,414 Total assets $ 705,783 $ 532,732 LIABILITIES AND STOCKHOLDERS’ EQUITY Other liabilities $ 10,777 $ 325 Total liabilities 10,777 325 Shareholders’ equity 695,006 532,407 Total liabilities and shareholders’ equity $ 705,783 $ 532,732 Condensed Statements of Operations For the years ended December 31, 2018 2017 2016 Income Interest income $ 112 $ 45 $ 24 Equity in undistributed (earnings) losses of subsidiaries 19,682 (11,192) (129,956) Distributions from subsidiaries 47,338 28,903 155,353 Total income 67,132 17,756 25,421 Expenses Salaries and benefits 4,455 3,680 3,529 Other expenses 4,467 3,587 3,578 Total expenses 8,922 7,267 7,107 Income before income taxes 58,210 10,489 18,314 Income tax benefit (3,241) (4,090) (4,746) Net income $ 61,451 $ 14,579 $ 23,060 Condensed Statements of Cash Flows For the years ended December 31, 2018 2017 2016 Cash flows from operating activities: Net income $ 61,451 $ 14,579 $ 23,060 Equity in undistributed (earnings) losses of subsidiaries (19,682) 11,192 (25,388) Stock-based compensation expense 4,420 3,648 3,492 Net excess tax (benefit) deficit on stock-based compensation (1,286) (4,225) (2,078) Other (770) 6,680 418 Net cash provided by (used in) operating activities 44,133 31,874 (496) Cash flows from investing activities: Outlay for business combinations (36,189) — — Dividend payment from subsidiary equity — — 15,353 Return of capital from investments in subsidiaries — — 140,000 Net cash (used in) provided by investing activities (36,189) — 155,353 Cash flows from financing activities: Capital contribution — (5,000) — Issuance of stock under purchase and equity compensation plans (772) (8,395) (6,201) Proceeds from exercise of stock options 7,576 104 — Payment of dividends (16,624) (9,401) (6,131) Repurchase of shares — — (93,573) Net cash used in financing activities (9,820) (22,692) (105,905) Net (decrease) increase in cash, cash equivalents and restricted cash (1,876) 9,182 48,952 Cash, cash equivalents and restricted cash at beginning of the year 73,873 64,691 15,739 Cash, cash equivalents and restricted cash at end of the year $ 71,997 $ 73,873 $ 64,691 |
Quarterly Results of Operations
Quarterly Results of Operations | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations | Note 26 Quarterly Results of Operations (unaudited) The following is a summary of quarterly results: December 31, 2018 Fourth Third Second First quarter quarter quarter quarter Total Interest and dividend income $ 57,780 $ 55,909 $ 54,911 $ 52,791 $ 221,391 Interest expense 7,148 6,137 5,525 5,144 23,954 Net interest income before provision for loan losses 50,632 49,772 49,386 47,647 197,437 Provision for loan losses 2,476 807 1,873 41 5,197 Net interest income after provision for loan losses 48,156 48,965 47,513 47,606 192,240 Non-interest income 15,317 18,061 19,562 17,835 70,775 Non-interest expense 42,857 44,432 46,763 55,282 189,334 Income before income taxes 20,616 22,594 20,312 10,159 73,681 Income tax expense 3,381 4,354 2,800 1,695 12,230 Net income $ 17,235 $ 18,240 $ 17,512 $ 8,464 $ 61,451 Income per share-basic $ 0.56 $ 0.59 $ 0.57 $ 0.28 $ 2.00 Income per share-diluted $ 0.55 $ 0.58 $ 0.56 $ 0.27 $ 1.95 December 31, 2017 Fourth Third Second First quarter quarter quarter quarter Total Interest and dividend income $ 41,889 $ 42,579 $ 41,213 $ 38,740 $ 164,421 Interest expense 4,976 4,681 4,440 4,018 18,115 Net interest income before provision for loan losses 36,913 37,898 36,773 34,722 146,306 Provision for loan losses 3,272 3,880 4,025 1,795 12,972 Net interest income after provision for loan losses 33,641 34,018 32,748 32,927 133,334 Non-interest income 8,883 9,551 12,075 8,696 39,205 Non-interest expense 34,028 34,605 33,439 34,605 136,677 Income before income taxes 8,496 8,964 11,384 7,018 35,862 Income tax expense (benefit) 18,615 1,733 2,175 (1,240) 21,283 Net (loss) income $ (10,119) $ 7,231 $ 9,209 $ 8,258 $ 14,579 (Loss) income per share-basic $ (0.37) $ 0.27 $ 0.34 $ 0.31 $ 0.54 (Loss) income per share-diluted $ (0.37) $ 0.26 $ 0.33 $ 0.30 $ 0.53 December 31, 2016 Fourth Third Second First quarter quarter quarter quarter Total Interest and dividend income $ 39,658 $ 40,764 $ 38,472 $ 41,554 $ 160,448 Interest expense 3,873 3,700 3,719 3,516 14,808 Net interest income before provision for loan losses 35,785 37,064 34,753 38,038 145,640 Provision for loan losses 1,282 5,293 6,457 10,619 23,651 Net interest income after provision for loan losses 34,503 31,771 28,296 27,419 121,989 Non-interest income 9,992 11,608 10,504 7,923 40,027 Non-interest expense 34,423 33,370 33,314 34,902 136,009 Income before income taxes 10,072 10,009 5,486 440 26,007 Income tax expense 81 1,695 982 189 2,947 Net income $ 9,991 $ 8,314 $ 4,504 $ 251 $ 23,060 Income per share-basic $ 0.38 $ 0.30 $ 0.15 $ 0.01 $ 0.81 Income per share-diluted $ 0.36 $ 0.30 $ 0.15 $ 0.01 $ 0.79 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Basis of Presentation | |
Acquisition activities | a) Acquisition activities —The Company accounts for business combinations under the acquisition method of accounting. Assets acquired and liabilities assumed are measured and recorded at fair value at the date of acquisition, including identifiable intangible assets. If the fair value of net assets acquired exceeds the fair value of consideration paid, a bargain purchase gain is recognized at the date of acquisition. Conversely, if the consideration paid exceeds the fair value of the net assets acquired, goodwill is recognized at the acquisition date. Fair values are subject to refinement for up to a maximum of one year after the closing date of an acquisition as information relative to closing date fair values becomes available. Adjustments recorded to the acquired assets and liabilities assumed are applied prospectively in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations . The determination of the fair value of loans acquired takes into account credit quality deterioration and probability of loss; therefore, the related ALL is not carried forward at the time of acquisition. Identifiable intangible assets are recognized separately if they arise from contractual or other legal rights or if they are separable (i.e., capable of being sold, transferred, licensed, rented, or exchanged separately from the entity). Deposit liabilities and the related depositor relationship intangible assets, known as the core deposit intangible assets, may be exchanged in observable exchange transactions. As a result, the core deposit intangible asset is considered identifiable, because the separability criterion has been met. |
Cash and cash equivalents | b) Cash and cash equivalents —Cash and cash equivalents include cash, cash items, amounts due from other banks, amounts due from the Federal Reserve Bank of Kansas City, federal funds sold, and interest-bearing bank deposits. In addition, December 31, 2017 cash and cash equivalents included segregated cash held for the acquisition of Peoples, Inc. |
Investment securities | c) Investment securities —Investment securities may be classified in three categories: trading, available-for-sale or held-to-maturity. Management determines the appropriate classification at the time of purchase and reevaluates the classification at each reporting period. Any sales of available-for-sale securities are for the purpose of executing the Company’s asset/liability management strategy, reducing borrowings, funding loan growth, providing liquidity, or eliminating a perceived credit risk in a specific security. Held-to-maturity securities are carried at amortized cost and the available-for-sale securities are carried at estimated fair value. Unrealized gains or losses on securities available-for-sale are reported as accumulated other comprehensive income (loss) (“AOCI”), a component of shareholders’ equity, net of income tax. Gains and losses realized upon sales of securities are calculated using the specific identification method. Premiums and discounts are amortized to interest income over the estimated lives of the securities. Prepayment experience is periodically evaluated and a determination made regarding the appropriate estimate of the future rates of prepayment. When a change in a bond’s estimated remaining life is necessary, a corresponding adjustment is made in the related premium amortization or discount accretion. Purchases and sales of securities, including any corresponding gains or losses, are recognized on a trade-date basis and a receivable or payable is recognized for pending transaction settlements. Management evaluates all investments for OTTI on a quarterly basis, and more frequently when economic or market conditions warrant such evaluation. Impairment is considered to be other-than-temporary if it is likely that all amounts contractually due will not be received for debt securities and when there is no positive evidence indicating that an investment’s carrying amount is recoverable in the near term for equity securities. When impairment is considered other-than-temporary, the cost basis of the security is written down to fair value, with the impairment charge related to credit included in earnings, while the impairment charge related to all other factors is recognized in OCI. If the Company has the intent to sell the security or it is more likely than not that the Company will be required to sell the security, the entire amount of the OTTI is recorded in earnings. In evaluating whether the impairment is temporary or other than temporary, the Company considers, among other things, the severity and duration of the unrealized loss position; adverse conditions specifically related to the security; changes in expected future cash flows; downgrades in the rating of the security by a rating agency; the failure of the issuer to make scheduled interest or principal payments; whether the Company has the intent to sell the security; and whether it is more likely than not that the Company will be required to sell the security. |
Non-marketable securities | d) Non-marketable securities —Non-marketable securities include Federal Reserve Bank ("FRB") stock and Federal Home Loan Bank ("FHLB") stock. These securities have been acquired for debt facility or regulatory purposes and are carried at cost. |
Loans receivable | e) Loans receivable— Loans receivable include loans originated by the Company and loans that are acquired through acquisitions. Loans originated by the Company are carried at the principal amount outstanding, net of premiums, discounts, unearned income, and deferred loan fees and costs. Loan fees and certain costs of originating loans are deferred and the net amount is amortized over the contractual life of the related loans. Acquired loans are initially recorded at fair value and are accounted for under either ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality (see additional information below) or ASC Topic 310, Receivables . Non-refundable loan origination and commitment fees, net of direct costs of originating or acquiring loans, and fair value adjustments for acquired loans, are deferred and recognized over the remaining lives of the related loans in accordance with ASC 310-20. Acquired loans are recorded at their estimated fair value at the time of acquisition and accounted for under either ASC 310-30 or ASC 310. Estimated fair values of acquired loans are based on a discounted cash flow methodology that considers various factors including the type of loan and related collateral, the expected timing of cash flows, classification status, fixed or variable interest rate, term of loan and whether or not the loan is amortizing, and a discount rate reflecting the Company’s assessment of risk inherent in the cash flow estimates. Acquired 310-30 loans are grouped together according to similar characteristics such as type of loan, loan purpose, geography, risk rating and underlying collateral and are treated as distinct pools when applying various valuation techniques and, in certain circumstances, for the ongoing monitoring of the credit quality and performance of the pools. Each pool is accounted for as a single loan for which the integrity is maintained throughout the life of the asset. Discounts created when the loans are recorded at their estimated fair values at acquisition are accreted over the remaining term of the loan as an adjustment to the related loan’s yield. Similar to originated loans described below, the accrual of interest income on acquired loans that are not accounted for under ASC 310-30 is discontinued when the collection of principal or interest, in whole or in part, is doubtful. Interest income on acquired loans that are accounted for under ASC Topic 310 and interest income on loans originated by the Company is accrued and credited to income as it is earned using the interest method based on daily balances of the principal amount outstanding. However, interest is generally not accrued on loans 90 days or more past due, unless they are well secured and in the process of collection. Additionally, in certain situations, loans that are not contractually past due may be placed on non-accrual status due to the continued failure to adhere to contractual payment terms by the borrower coupled with other pertinent factors, such as insufficient collateral value or deficient primary and secondary sources of repayment. Accrued interest receivable is reversed when a loan is placed on non-accrual status and payments received generally reduce the carrying value of the loan. Interest is not accrued while a loan is on non-accrual status and interest income is generally recognized on a cash basis only after payment in full of the past due principal and collection of principal outstanding is reasonably assured. A loan may be placed back on accrual status if all contractual payments have been received, or sooner under certain conditions and collection of future principal and interest payments is no longer doubtful. In the event of borrower default, the Company may seek recovery in compliance with state lending laws, the respective loan agreements, and credit monitoring and remediation procedures that may include modifying or restructuring a loan from its original terms, for economic or legal reasons, to provide a concession to the borrower from their original terms due to borrower financial difficulties in order to facilitate repayment. Such restructured loans are considered “troubled debt restructurings” and are identified in accordance with ASC 310-40, Troubled Debt Restructurings by Creditors . Under this guidance, modifications to loans that fall within the scope of ASC 310-30 are not considered troubled debt restructurings, regardless of otherwise meeting the definition of a troubled debt restructuring. Loans receivable accounted for under ASC 310-30 The Company accounts for and evaluates acquired loans in accordance with the provisions of ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality . When loans exhibit evidence of credit deterioration since origination and it is probable at the date of acquisition that the Company will not collect all principal and interest payments in accordance with the terms of the loan agreement, the expected shortfall in future cash flows, as compared to the contractual amount due, is recognized as a non-accretable difference. Any excess of expected cash flows over the acquisition date fair value is known as the accretable yield, and is recognized as accretion income over the life of each pool. Contractual fees not expected to be collected are not included in ASC 310-30 contractual cash flows. Should fees be subsequently collected, the cash flows are accounted for as originated and acquired fee income in the period they are received. Loans that are accounted for under ASC 310-30 that meet the criteria for non-accrual of interest or are accounted for on the cost recovery method at the time of acquisition or subsequent to acquisition, may be considered performing, regardless of whether the client is contractually delinquent, if the timing and expected cash flows on the loan pool in which the loan is included can be otherwise reasonably estimated and if collection of the new carrying value of such pool is expected. The expected cash flows of individual loans accounted for under ASC 310-30 are periodically remeasured utilizing the same cash flow methodology used at the time of acquisition and subsequent decreases to the expected cash flows will generally result in a provision for loan losses charge in the Company’s consolidated statements of operations. Any increases to the loan cash flow projections are recognized within the loan’s respective loan pools on a prospective basis through an increase to the pool’s accretion income over its remaining life once any previously recorded provision expense has been reversed. These cash flow evaluations are inherently subjective as they require material estimates, all of which may be susceptible to significant change. |
Loans held for sale | f) Loans held for sale— The Company has elected to record loans originated and intended for sale in the secondary market at estimated fair value. The Company estimates fair value based on quoted market prices for similar loans in the secondary market. Gains or losses are recognized upon sale and are included as a component of gain on sale of mortgages, net in the consolidated statements of operations. Loans held for sale have primarily been fixed rate single-family residential mortgage loans under contract to be sold in the secondary market. In most cases, loans in this category are sold within 45 days. These loans are generally sold with the mortgage servicing rights released. Under limited circumstances, buyers may have recourse to return a purchased loan to the Company. Recourse conditions may include early payoff, early payment default, breach of representations or warranties, or documentation deficiencies. The Company enters into commitments to originate residential mortgage loans whereby the interest rate on the loan is determined prior to funding (i.e. interest rate lock commitments). Such interest rate lock commitments on mortgage loans to be sold in the secondary market are considered to be derivatives. To protect against the price risk inherent in residential mortgage loan commitments, the Company utilizes both "best efforts" and "mandatory delivery" forward loan sale commitments to mitigate the risk of potential increases or decreases in the values of loans that would result from the change in market rates for such loans. The Company manages the interest rate risk on interest rate lock commitments by entering into forward sale contracts of mortgage backed securities. Such contracts are accounted for as derivatives and are recorded at fair value as derivative assets or liabilities. They are carried on the consolidated statements of financial condition within other assets or other liabilities and changes in fair value are recorded as a component of gain on sale of mortgages, net in the consolidated statements of operations. The gross gains on loan sales are recognized based on new loan commitments with adjustment for price and pair-off activity. Commission expenses on loans held for sale are recognized based on loans closed. |
Allowance for loan losses | g) Allowance for loan losses —The allowance for loan losses represents management’s estimate of probable credit losses inherent in loans, including acquired loans to the extent necessary, as of the balance sheet date. The determination of the ALL takes into consideration, among other matters, the estimated fair value of the underlying collateral, economic conditions, historical net loan losses, the estimated loss emergence period, estimated default rates, any declines in cash flow assumptions from acquisition, loan structures, growth factors and other elements that warrant recognition. In addition, various regulatory agencies, as an integral part of the examination process, periodically review the ALL. Such agencies may require the Company to recognize additions to the ALL or increases to adversely graded classified loans based on their judgments about information available to them at the time of their examinations. The Company uses an internal risk rating system to indicate credit quality in the loan portfolio. The risk rating system is applied to all loans and uses a series of grades, which reflect management’s assessment of the risk attributable to loans based on an analysis of the borrower’s financial condition and ability to meet contractual debt service requirements. Loans that management perceives to have acceptable risk are categorized as “Pass” loans. The “Special Mention” loans represent loans that have potential credit weaknesses that deserve management’s close attention. Special mention loans include borrowers that have potential weaknesses or unwarranted risks that, unless corrected, may threaten the borrower’s ability to meet debt requirements. However, these borrowers are still believed to have the ability to respond to and resolve the financial issues that threaten their financial situation. Loans classified as “Substandard” are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Substandard loans have a distinct possibility of loss if the deficiencies are not corrected. “Doubtful” loans are loans that management believes the collection of payments in accordance with the terms of the loan agreement is highly questionable and improbable. Loans accounted for under ASC 310-30, despite being 90 days or more past due or internally adversely classified, may be classified as performing upon and subsequent to acquisition, regardless of whether the client is contractually delinquent, if the timing and expected cash flows on the loan pool can be reasonably estimated and if collection of the carrying value of the loan pool loans is reasonably expected. Interest accrual is discontinued on doubtful loans and certain substandard loans that are excluded from ASC 310-30, as is more fully discussed in note 7. The Company routinely evaluates adversely risk-rated credits for impairment. Impairment, if any, is typically measured for each loan based on a thorough analysis of the most probable source of repayment, including the present value of the loan’s expected future cash flows, the loan’s estimated fair value, or the estimated fair value of the underlying collateral less costs of disposition for collateral dependent loans. General allowances are established for loans with similar characteristics. In this process, general allowance factors are based on an analysis of historical loss and recovery experience, if any, related to originated and acquired loans, as well as certain industry experience, with adjustments made for qualitative or environmental factors that are likely to cause estimated credit losses to differ from historical experience. To the extent that the data supporting such factors has limitations, management’s judgment and experience play a key role in determining the allowance estimates. Additions to the ALL are made by provisions for loan losses that are charged to operations. The allowance is decreased by charge-offs due to losses and is increased by provisions for loan losses and recoveries. When it is determined that specific loans, or portions thereof, are uncollectible, these amounts are charged off against the ALL. If repayment of the loan is collateral dependent, the fair value of the collateral, less cost to sell, is used to determine charge-off amounts. The Company maintains an ALL for loans accounted for under ASC 310-30 as a result of impairment to loan pools arising from the periodic re-measurement of these loans. Any impairment in the individual pool is generally recognized in the current period as provision for loan losses. Any improvement in the estimated cash flows, is generally not recognized immediately, but is instead reflected as an adjustment to the related loan pools yield on a prospective basis once any previously recorded impairment has been recaptured. |
Premises and equipment | h) Premises and equipment —With the exception of premises and equipment acquired through business combinations, which are initially measured and recorded at fair value, purchased land is stated at cost, and buildings and equipment are carried at cost, including capitalized interest when appropriate, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful life of the asset. The Company generally assigns depreciable lives of 39 years for buildings, 7 to 15 years for building improvements, and 3 to 7 years for equipment. Leasehold improvements are amortized over the shorter of their estimated useful lives or remaining lease terms. Maintenance and repairs are charged to non-interest expense as incurred. The Company reviews premises and equipment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. An impairment loss is recognized when the sum of the undiscounted future net cash flows expected to result from the use of the asset and its eventual disposal is less than its carrying amount. In the case of a property that is subject to an operating lease that the Company no longer expects to use, a liability is recorded at the cease-use date equal to the remaining lease rentals, adjusted for the effects of any prepaid or deferred items recognized under the lease, and reduced by estimated sublease rentals that could be reasonably obtained for the property, even if the entity does not intend to enter into a sublease. A ratable portion of the sublease allocation is then expensed until the property is subleased. Property and equipment that meet the held-for-sale criteria is recorded at the lower of its carrying amount or fair value less cost to sell and depreciation is ceased. |
Goodwill and intangible assets | i) Goodwill and intangible assets —Goodwill is established and recorded if the consideration given during an acquisition transaction exceeds the fair value of the net assets received. Goodwill has an indefinite useful life and is not amortized, but is evaluated annually for potential impairment, or when events or circumstances indicate that it is more likely than not that the fair value of the reporting unit is less than its carrying amount. Such events or circumstances may include deterioration in general economic conditions, deterioration in industry or market conditions, an increased competitive environment, a decline in market-dependent multiples or metrics, declining financial performance, entity-specific events or circumstances or a sustained decrease in share price (either in absolute terms or relative to peers). If the Company determines, based upon the qualitative assessment, that it is more likely than not that the fair value of the reporting unit is greater than the carrying amount no additional procedures are performed; however, if the Company determines that it is more likely than not that the fair value of the reporting unit is less than the carrying amount the Company will compare the fair value of the reporting unit to its carrying amount. Any excess of the carrying amount over fair value would indicate a potential impairment and the Company would proceed to perform an additional test to determine whether goodwill has been impaired and calculate the amount of that impairment. Intangible assets that have finite useful lives, such as core deposit intangibles, are amortized over their estimated useful lives. The Company’s core deposit intangible assets represent the value of the anticipated future cost savings that will result from the acquired core deposit relationships versus an alternative source of funding. Judgment may be used in assessing goodwill and intangible assets for impairment. Estimates of fair value are based on projections of revenues, operating costs and cash flows of the reporting unit considering historical and anticipated future results, general economic and market conditions, as well as the impact of planned business or operational strategies. The valuations use a combination of present value techniques to measure fair value considering market factors. Additionally, judgment is used in determining the useful lives of finite-lived intangible assets. Adverse changes in the economic environment, operations of the reporting unit, or changes in judgments and projections could result in a significantly different estimate of the fair value of the reporting unit and could result in an impairment of goodwill and/or intangible assets. |
Mortgage Servicing | j) Mortgage Servicing– Mortgage servicing rights (“MSRs”) associated with loans originated and sold, where servicing is retained, are initially capitalized at fair value and included in intangible assets, net on the consolidated statements of financial condition. For subsequent measurement purposes, the Company measures servicing assets based on the lower of cost or market using the amortization method. The values of these capitalized servicing rights are amortized as an offset to the loan servicing income earned in relation to the servicing revenue expected to be earned. The carrying values of these rights are reviewed quarterly for impairment based on the fair value of those assets. For purposes of impairment evaluation and measurement, management stratifies MSRs based on the predominant risk characteristics of the underlying loans, including loan type and loan term. If, by individual stratum, the carrying amount of these MSRs exceeds fair value, a valuation allowance is established and the impairment is recognized in mortgage banking income. If the fair value of impaired MSRs subsequently increases, management recognizes the increase in fair value in current period mortgage banking income and, through a reduction in the valuation allowance, adjusts the carrying value of the MSRs to a level not in excess of amortized cost. |
Reserve for Mortgage Loan Repurchase Losses | k) Reserve for Mortgage Loan Repurchase Losses– The Company sells mortgage loans to various third parties, including government-sponsored entities, under contractual provisions that include various representations and warranties that typically cover ownership of the loan, compliance with loan criteria set forth in the applicable agreement, validity of the lien securing the loan, absence of delinquent taxes or liens against the property securing the loan, and similar matters. The Company may be required to repurchase the mortgage loans with identified defects, indemnify the investor or insurer, or reimburse the investor for credit loss incurred on the loan (collectively “repurchase”) in the event of a material breach of such contractual representations or warranties. Risk associated with potential repurchases or other forms of settlement is managed through underwriting and quality assurance practices. The Company establishes mortgage repurchase reserves related to various representations and warranties that reflect management’s estimate of losses based on a combination of factors. Such factors incorporate actual and historic loss history, delinquency trends in the portfolio and economic conditions. The Company establishes a reserve at the time loans are sold and updates the reserve estimate quarterly during the estimated loan life. The repurchase reserve is included in other liabilities on the consolidated statements of financial condition. |
Other real estate owned | l) Other real estate owned —OREO consists of property that has been foreclosed on or repossessed by deed in lieu of foreclosure. The assets are initially recorded at the fair value of the collateral less estimated costs to sell, with any initial valuation adjustments charged to the ALL. Subsequent downward valuation adjustments, if any, in addition to gains and losses realized on sales and net operating expenses, are recorded in non-interest expense, while any subsequent write-ups are recorded in non-interest income. Costs associated with maintaining property, such as utilities and maintenance, are charged to expense in the period in which they occur, while costs relating to the development and improvement of property are capitalized to the extent the balance does not exceed fair value. All OREO acquired through acquisition is recorded at fair value, less cost to sell, at the date of acquisition. |
Bank-owned life insurance | m) Bank-owned life insurance —The Company purchased or acquired bank-owned life insurance ("BOLI") policies on certain associates of the Company. The Company is the owner and beneficiary of these policies. The BOLI is carried at net realizable value with changes in net realizable value recorded in non-interest income. |
Securities purchased under agreements to resell and securities sold under agreements to repurchase | n) Securities purchased under agreements to resell and securities sold under agreements to repurchase —The Company periodically enters into purchases or sales of securities under agreements to resell or repurchase as of a specified future date. The securities purchased under agreements to resell are accounted for as collateralized financing transactions and are reflected as an asset in the consolidated statements of financial condition. The securities pledged by the counterparties are held by a third party custodian and valued daily. The Company may require additional collateral to ensure full collateralization for these transactions. The repurchase agreements are considered financing agreements and the obligation to repurchase assets sold is reflected as a liability in the consolidated statements of financial condition of the Company. The repurchase agreements are collateralized by debt securities that are under the control of the Company. |
Stock-based compensation | o) Stock-based compensation —The Company accounts for stock-based compensation in accordance with ASC Topic 718, Compensation—Stock Compensation as amended by ASU 2016-09, Improvements to Employee Share-Based Payment Accounting . The Company grants stock-based awards including stock options, restricted stock and performance stock units. Stock option grants are for a fixed number of common shares and are issued at exercise prices which are not less than the fair value of a share of stock at the date of grant. The options vest over a time period stated in each option agreement and may be subject to other performance vesting conditions, which require the related compensation expense to be recorded ratably over the requisite service period starting when such conditions become probable. Restricted stock is granted for a fixed number of shares, the transferability of which is restricted until such shares become vested according to the terms in the award agreement. Restricted shares may have multiple vesting qualifications, which can include time vesting of a set portion of the restricted shares and performance criterion, such as market criteria that are tied to specified market conditions of the Company’s common stock price and performance targets tied to the Company’s earnings per share. The fair value of stock options is measured using a Black-Scholes model. The fair value of time-based restricted stock awards and performance stock units with performance based vesting criteria is based on the Company’s stock price on the date of grant. The fair value of performance stock units with market-based vesting criteria is measured using a Monte Carlo simulation model. Compensation expense for the portion of the awards that contain performance and service vesting conditions is recognized over the requisite service period based on the fair value of the awards on the grant date. Compensation expense for the portion of the awards that contain a market vesting condition is recognized over the derived service period based on the fair value of the awards on the grant date. The amortization of stock-based compensation reflects any estimated forfeitures, and the expense realized in subsequent periods may be adjusted to reflect the actual forfeitures realized. The outstanding stock options primarily carry a maximum contractual term of ten years. To the extent that any award is forfeited, surrendered, terminated, expires, or lapses without being vested or exercised, the shares of stock subject to such award not delivered as a result thereof are again made available for awards under the Plan. All excess tax benefits and tax deficiencies (including tax benefits of dividends on share-based payment awards) are recognized in the consolidated statements of operations as a component of income tax expense or benefit and are classified as an operating activity within the Company’s consolidated statements of cash flows. The tax effects of exercised, expired or vested awards are treated as discrete items in the reporting period in which they occur and may result in increased volatility in our effective tax rate. Cash paid by the Company when directly withholding shares for tax withholding purposes is classified as a financing activity in the consolidated statements of cash flows. Prior to the Company’s adoption of ASU 2016-09 during 2016, excess tax benefits were recognized in additional paid-in capital and tax deficiencies were recognized either as an offset to accumulated excess tax benefits, if any, or in the consolidated statements of operations. Excess tax benefits were not recognized until the deduction reduced taxes payable. |
Warrants | p) Warrants —The Company issued warrants to certain lead investors in 2009 and 2010. During 2015, the outstanding warrant contracts were modified and recorded at fair value as of the modification date using a Black-Scholes model with the change in fair value reported in the statement of operations as non-interest expense. The awards were classified as equity in the Company’s consolidated statements of financial condition. Prior to the modification, the exercise price and the number of warrants were subject to certain down-round provisions, whereby certain subsequent equity issuances at a price below the existing exercise price would result in a downward adjustment to the exercise price and an increase in the number of warrants, and as a result, the warrants were historically classified as a liability in the Company’s consolidated statements of financial condition with changes in the fair value each period reported in the statements of operations as non-interest expense. During the first quarter of 2017, the remaining issued warrants were exercised in a non-cash transaction. Refer to the consolidated statements of changes in shareholders’ equity for additional details. |
Income taxes | q) Income taxes —The Company and its subsidiaries file U.S. federal and certain state income tax returns on a consolidated basis. Additionally, the Company and its subsidiaries file separate state income tax returns with various state jurisdictions. The provision for income taxes includes the income tax balances of the Company and all of its subsidiaries. Deferred tax assets and liabilities are recognized for temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities at enacted tax rates expected to be in effect when such amounts are realized or settled. Deferred tax assets and liabilities are adjusted for the effects of changes in tax rates in the period of change. The Company establishes a valuation allowance when management believes, based on the weight of available evidence, it is more likely than not that some portion of the deferred tax assets will not be realized. The Company recognizes and measures income tax benefits based upon a two-step model: 1) a tax position must be more likely than not to be sustained based solely on its technical merits in order to be recognized; and 2) the benefit is measured as the largest dollar amount of that position that is more likely than not to be sustained upon settlement. The difference between the benefit recognized for a position in this model and the tax benefit claimed on a tax return is treated as an unrecognized tax benefit. The Company recognizes income tax related interest and penalties in other non-interest expense. |
Income per share | r) Income per share —The Company applies the two-class method of computing income per share as certain of the Company's restricted shares are entitled to non-forfeitable dividends and are therefore considered to be a class of participating securities. The two-class method allocates income according to dividends declared and participation rights in undistributed income. Basic income per share is computed by dividing income allocated to common shareholders by the weighted average number of common shares outstanding during each period. Diluted income per common share is computed by dividing income allocated to common shareholders by the weighted average common shares outstanding during the period, plus amounts representing the dilutive effect of stock options outstanding, certain unvested restricted shares, warrants to issue common stock, or other contracts to issue common shares (“common stock equivalents”) using the treasury stock method. Common stock equivalents are excluded from the computation of diluted earnings per common share in periods in which they have an anti-dilutive effect. |
Interest Rate Swap Derivatives | s) Interest Rate Swap Derivatives —The Company carries all derivatives on the statement of financial condition at fair value. All derivative instruments are recognized as either assets or liabilities depending on the rights or obligations under the contracts. All gains and losses on the derivatives due to changes in fair value are recognized in earnings each period. The Company offers interest rate swap products to certain of its clients to manage potential changes in interest rates. Each contract between the Company and a client is offset with a contract between the Company and an institutional counterparty, thus minimizing the Company's exposure to rate changes. The Company's portfolio consists of a “matched book,” and as such, changes in fair value of the swap pairs will largely offset in earnings. In accordance with applicable accounting guidance, if certain conditions are met, a derivative may be designated as (1) a hedge of the exposure to changes in the fair value of a recognized asset or liability, or of an unrecognized firm commitment, that are attributable to a particular risk (referred to as a fair value hedge) or (2) a hedge of the exposure to variability in the cash flows of a recognized asset or liability, or of a forecasted transaction, that is attributable to a particular risk (referred to as a cash flow hedge). The Company documents all hedging relationships at the inception of each hedging relationship and uses industry accepted methodologies and ranges to determine the effectiveness of each hedge. The fair value of the hedged item is calculated using the estimated future cash flows of the hedged item and applying discount rates equal to the market interest rate for the hedged item at the inception of the hedging relationship (inception benchmark interest rate plus an inception credit spread), adjusted for changes in the designated benchmark interest rate thereafter. |
Treasury stock | t) Treasury stock —When the Company acquires treasury stock, the sum of the consideration paid and direct transaction costs after tax is recognized as a deduction from equity. The cost basis for the reissuance of treasury stock is determined using a first-in, first-out basis. To the extent that the reissuance price is more than the cost basis (gain), the excess is recorded as an increase to additional paid-in capital in the consolidated statements of financial condition. If the reissuance price is less than the cost basis (loss), the difference is recorded to additional paid-in capital to the extent there is a cumulative treasury stock paid-in capital balance. Any loss in excess of the cumulative treasury stock paid-in capital balance is charged to retained earnings. |
Acquisition Activities - (Table
Acquisition Activities - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Acquisition Activities | |
Net Assets acquired (at fair value) and consideration transferred | Assets: Cash and due from banks $ 105,173 Investment securities available-for-sale 118,512 Non-marketable securities 4,796 Loans 542,707 Loans held for sale 54,260 Other real estate owned 1,253 Premises and equipment 18,584 Core deposit intangible asset 10,477 Mortgage servicing rights 4,301 Other assets 15,361 Total assets acquired $ 875,424 Liabilities: Total deposits 729,911 FHLB borrowings 33,825 Other liabilities 20,683 Total liabilities assumed $ 784,419 Identifiable net assets acquired $ 91,005 Consideration: NBHC common stock paid at January 1, 2018, closing price of $32.43 $ 110,213 Cash 36,189 Total $ 146,402 Estimated goodwill created $ 55,397 |
Investment Securities - (Tables
Investment Securities - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-sale Securities | Available-for-sale securities are summarized as follows as of the dates indicated: December 31, 2018 Amortized Gross Gross cost unrealized gains unrealized losses Fair value Mortgage-backed securities (“MBS”): Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises $ 147,283 $ 1,232 $ (1,873) $ 146,642 Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 661,354 1,056 (19,029) 643,381 Municipal securities 619 — (9) 610 Other securities 469 — — 469 Total investment securities available-for-sale $ 809,725 $ 2,288 $ (20,911) $ 791,102 December 31, 2017 Amortized Gross Gross cost unrealized gains unrealized losses Fair value Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises $ 167,269 $ 2,371 $ (992) $ 168,648 Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 702,107 351 (17,228) 685,230 Municipal securities 1,054 — (6) 1,048 Other securities 419 — — 419 Total investment securities available-for-sale $ 870,849 $ 2,722 $ (18,226) $ 855,345 |
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: December 31, 2018 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized value losses value losses value losses Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises $ 30,853 $ (392) $ 69,169 $ (1,481) $ 100,022 $ (1,873) Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 127,767 (1,150) 454,662 (17,879) 582,429 (19,029) Municipal securities 441 (9) — — 441 (9) Total $ 159,061 $ (1,551) $ 523,831 $ (19,360) $ 682,892 $ (20,911) December 31, 2017 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized value losses value losses value losses Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises $ 62,178 $ (408) $ 36,086 $ (584) $ 98,264 $ (992) Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 162,346 (830) 412,967 (16,398) 575,313 (17,228) Municipal securities 514 (6) — — 514 (6) Total $ 225,038 $ (1,244) $ 449,053 $ (16,982) $ 674,091 $ (18,226) |
Held-to-maturity Securities | Held-to-maturity investment securities are summarized as follows as of the dates indicated: December 31, 2018 Gross Gross Amortized unrealized unrealized cost gains losses Fair value Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises $ 157,115 $ 2 $ (2,705) $ 154,412 Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 78,283 — (1,769) 76,514 Total investment securities held-to-maturity $ 235,398 $ 2 $ (4,474) $ 230,926 December 31, 2017 Gross Gross Amortized unrealized unrealized cost gains losses Fair value Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises $ 204,352 $ 151 $ (455) $ 204,048 Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 54,378 — (1,655) 52,723 Total investment securities held-to-maturity $ 258,730 $ 151 $ (2,110) $ 256,771 |
Summary of unrealized losses for held-to-maturity securities | 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: December 31, 2018 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized value losses value losses value losses Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises $ 26,660 $ (381) $ 126,475 $ (2,324) $ 153,135 $ (2,705) Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 35,235 (79) 41,279 (1,690) 76,514 (1,769) Total $ 61,895 $ (460) $ 167,754 $ (4,014) $ 229,649 $ (4,474) December 31, 2017 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized value losses value losses value losses Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises $ 149,182 $ (220) $ 17,506 $ (235) $ 166,688 $ (455) Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises 6,460 (65) 46,264 (1,590) 52,724 (1,655) Total $ 155,642 $ (285) $ 63,770 $ (1,825) $ 219,412 $ (2,110) |
Loans - (Tables)
Loans - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
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 carrying value of originated and acquired loans is net of discounts, fees, costs and fair value marks of $10.2 million and $4.3 million at December 31, 2018 and 2017, respectively. December 31, 2018 Originated and ASC acquired loans 310-30 loans Total loans % of total Commercial $ 2,624,173 $ 20,398 $ 2,644,571 Commercial real estate non-owner occupied 551,819 40,393 592,212 Residential real estate 820,820 9,995 830,815 Consumer 24,617 93 24,710 Total $ 4,021,429 $ 70,879 $ 4,092,308 December 31, 2017 Originated and ASC acquired loans 310-30 loans Total loans % of total Commercial $ 1,845,130 $ 29,475 $ 1,874,605 Commercial real estate non-owner occupied 485,141 77,908 563,049 Residential real estate 703,478 12,759 716,237 Consumer 24,575 481 25,056 Total $ 3,058,324 $ 120,623 $ 3,178,947 |
Past Due Financing Receivables | Delinquency for originated and acquired loans is shown in the following tables at December 31, 2018 and 2017: December 31, 2018 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 Originated and acquired loans: Commercial: Commercial and industrial $ 495 $ 74 $ 5,510 $ 6,079 $ 1,925,068 $ 1,931,147 Owner occupied commercial real estate 893 — 6,931 7,824 413,842 421,666 Food and agriculture 141 125 768 1,034 221,122 222,156 Energy — — 742 742 48,462 49,204 Total commercial 1,529 199 13,951 15,679 2,608,494 2,624,173 Commercial real estate non-owner occupied: Construction — — 1,208 1,208 93,646 94,854 Acquisition/development — — 121 121 19,529 19,650 Multifamily — — — — 56,685 56,685 Non-owner occupied 328 132 572 1,032 379,598 380,630 Total commercial real estate 328 132 1,901 2,361 549,458 551,819 Residential real estate: Senior lien 2,106 548 7,790 10,444 712,592 723,036 Junior lien 556 — 772 1,328 96,456 97,784 Total residential real estate 2,662 548 8,562 11,772 809,048 820,820 Consumer 91 16 42 149 24,468 24,617 Total originated and acquired loans $ 4,610 $ 895 $ 24,456 $ 29,961 $ 3,991,468 $ 4,021,429 December 31, 2017 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 Originated and acquired loans: Commercial: Commercial and industrial $ 671 $ 150 $ 7,767 $ 8,588 $ 1,367,434 $ 1,376,022 Owner occupied commercial real estate — — 3,479 3,479 269,274 272,753 Food and agriculture 537 — 2,003 2,540 136,355 138,895 Energy — — 1,645 1,645 55,815 57,460 Total commercial 1,208 150 14,894 16,252 1,828,878 1,845,130 Commercial real estate non-owner occupied: Construction — — 179 179 107,502 107,681 Acquisition/development 1,097 — — 1,097 13,318 14,415 Multifamily — — — — 26,947 26,947 Non-owner occupied 56 — 605 661 335,437 336,098 Total commercial real estate 1,153 — 784 1,937 483,204 485,141 Residential real estate: Senior lien 841 — 4,723 5,564 640,918 646,482 Junior lien 316 — 459 775 56,221 56,996 Total residential real estate 1,157 — 5,182 6,339 697,139 703,478 Consumer 163 — 140 303 24,272 24,575 Total originated and acquired loans $ 3,681 $ 150 $ 21,000 $ 24,831 $ 3,033,493 $ 3,058,324 |
Credit Exposure for Loans as Determined by Company's Internal Risk Rating System | Credit exposure for all loans as determined by the Company’s internal risk rating system was as follows at December 31, 2018 and 2017, respectively: December 31, 2018 Special Pass mention Substandard Doubtful Total Originated and acquired loans: Commercial: Commercial and industrial $ 1,890,710 $ 16,531 $ 22,919 $ 987 $ 1,931,147 Owner occupied commercial real estate 393,404 16,349 11,828 85 421,666 Food and agriculture 220,004 1,260 847 45 222,156 Energy 48,462 — 742 — 49,204 Total commercial 2,552,580 34,140 36,336 1,117 2,624,173 Commercial real estate non-owner occupied: Construction 92,731 915 1,208 — 94,854 Acquisition/development 19,529 — 121 — 19,650 Multifamily 56,685 — — — 56,685 Non-owner occupied 355,776 23,243 1,611 — 380,630 Total commercial real estate 524,721 24,158 2,940 — 551,819 Residential real estate: Senior lien 710,972 3,571 8,493 — 723,036 Junior lien 96,456 415 913 — 97,784 Total residential real estate 807,428 3,986 9,406 — 820,820 Consumer 24,575 — 42 — 24,617 Total originated and acquired loans $ 3,909,304 $ 62,284 $ 48,724 $ 1,117 $ 4,021,429 Loans accounted for under ASC 310-30: Commercial $ 17,579 $ 537 $ 2,282 $ — $ 20,398 Commercial real estate non-owner occupied 39,322 246 825 — 40,393 Residential real estate 7,484 908 1,598 — 9,990 Consumer — — 98 — 98 Total loans accounted for under ASC 310-30 $ 64,385 $ 1,691 $ 4,803 $ — $ 70,879 Total loans $ 3,973,689 $ 63,975 $ 53,527 $ 1,117 $ 4,092,308 December 31, 2017 Special Pass mention Substandard Doubtful Total Originated and acquired loans: Commercial: Commercial and industrial $ 1,349,116 $ 10,829 $ 14,824 $ 1,253 $ 1,376,022 Owner occupied commercial real estate 250,224 17,030 5,424 75 272,753 Food and agriculture 118,068 18,824 1,870 133 138,895 Energy 55,814 — 1,646 — 57,460 Total commercial 1,773,222 46,683 23,764 1,461 1,845,130 Commercial real estate non-owner occupied: Construction 107,502 — 179 — 107,681 Acquisition/development 14,415 — — — 14,415 Multifamily 24,817 — 2,130 — 26,947 Non-owner occupied 333,225 1,396 1,477 — 336,098 Total commercial real estate 479,959 1,396 3,786 — 485,141 Residential real estate: Senior lien 641,294 91 5,097 — 646,482 Junior lien 56,172 — 824 — 56,996 Total residential real estate 697,466 91 5,921 — 703,478 Consumer 24,432 1 142 — 24,575 Total originated and acquired loans $ 2,975,079 $ 48,171 $ 33,613 $ 1,461 $ 3,058,324 Loans accounted for under ASC 310-30: Commercial $ 23,954 $ 1,070 $ 4,451 $ — $ 29,475 Commercial real estate non-owner occupied 50,537 883 26,488 — 77,908 Residential real estate 10,072 1,055 1,632 — 12,759 Consumer 327 9 145 — 481 Total loans accounted for under ASC 310-30 $ 84,890 $ 3,017 $ 32,716 $ — $ 120,623 Total loans $ 3,059,969 $ 51,188 $ 66,329 $ 1,461 $ 3,178,947 |
Schedule Of Impaired Financing Receivable With And Without Related Allowance | Additional information regarding impaired loans at December 31, 2018 and 2017 is set forth in the table below: December 31, 2018 December 31, 2017 Allowance Allowance Unpaid for loan Unpaid for loan principal Recorded losses principal Recorded losses balance investment allocated balance investment allocated With no related allowance recorded: Commercial: Commercial and industrial $ 4,374 $ 3,029 $ — $ 6,481 $ 5,055 $ — Owner occupied commercial real estate 7,130 6,609 — 4,186 3,934 — Food and agriculture 1,468 1,260 — 1,502 1,245 — Energy 5,366 742 — 8,661 3,861 — Total commercial 18,338 11,640 — 20,830 14,095 — Commercial real estate non-owner occupied: Construction 1,435 1,208 — 215 179 — Acquisition/development 378 121 — — — — Multifamily — — — 29 29 — Non-owner occupied 641 547 — 901 853 — Total commercial real estate 2,454 1,876 — 1,145 1,061 — Residential real estate: Senior lien 4,229 3,814 — 333 309 — Junior lien 409 341 — — — — Total residential real estate 4,638 4,155 — 333 309 — Consumer 46 42 — — — — Total impaired loans with no related allowance recorded $ 25,476 $ 17,713 $ — $ 22,308 $ 15,465 $ — With a related allowance recorded: Commercial: Commercial and industrial $ 7,252 $ 4,627 $ 996 $ 7,919 $ 5,339 $ 1,329 Owner occupied commercial real estate 1,362 1,169 90 873 713 4 Food and agriculture 883 845 46 2,122 2,083 133 Energy — — — — — — Total commercial 9,497 6,641 1,132 10,914 8,135 1,466 Commercial real estate non-owner occupied: Construction — — — — — — Acquisition/development — — — — — — Multifamily — — — — — — Non-owner occupied 313 254 2 207 200 1 Total commercial real estate 313 254 2 207 200 1 Residential real estate: Senior lien 6,032 5,178 27 6,481 5,753 24 Junior lien 1,408 1,293 8 1,295 1,179 8 Total residential real estate 7,440 6,471 35 7,776 6,932 32 Consumer — — — 146 141 1 Total impaired loans with a related allowance recorded $ 17,250 $ 13,366 $ 1,169 $ 19,043 $ 15,408 $ 1,500 Total impaired loans $ 42,726 $ 31,079 $ 1,169 $ 41,351 $ 30,873 $ 1,500 |
Schedule of Impaired Financing Receivable, Average Recorded Investment and Interest Income Recognized | The table below shows additional information regarding the average recorded investment and interest income recognized on impaired loans for the periods presented: For the years ended December 31, 2018 December 31, 2017 December 31, 2016 Average Interest Average Interest Average Interest With no related allowance recorded: Commercial: Commercial and industrial $ 3,248 $ 168 $ 5,609 $ 152 $ 7,909 $ 252 Owner occupied commercial real estate 6,799 38 4,155 80 3,249 92 Food and agriculture 1,259 98 1,422 244 1,830 — Energy 884 — 8,004 156 12,565 — Total Commercial 12,190 304 19,190 632 25,553 344 Commercial real estate non-owner occupied: Construction 1,208 — — — — — Acquisition/development 606 — — — — — Multifamily — — — — — — Non-owner occupied 573 — 878 22 368 22 Total commercial real estate 2,387 — 878 22 368 22 Residential real estate: Senior lien 3,904 — 326 — 1,466 19 Junior lien 355 2 — — 54 2 Total residential real estate 4,259 2 326 — 1,520 21 Consumer 12 — — — 4 — Total impaired loans with no related allowance recorded $ 18,848 $ 306 $ 20,394 $ 654 $ 27,445 $ 387 With a related allowance recorded: Commercial: Commercial and industrial $ 4,677 $ — $ 7,331 $ — $ 3,545 $ 198 Owner occupied commercial real estate 1,220 19 747 20 703 20 Food and agriculture 862 5 2,092 5 162 5 Energy — — — — 10,008 — Total Commercial 6,759 23 10,170 25 14,418 223 Commercial real estate non-owner occupied: Construction — — 188 — — — Acquisition/development — — — — — — Multifamily — — 30 1 34 2 Non-owner occupied 288 16 213 9 268 13 Total commercial real estate 288 16 431 10 302 15 Residential real estate: Senior lien 5,412 57 5,986 67 5,200 88 Junior lien 1,331 43 1,225 42 1,600 56 Total residential real estate 6,743 100 7,211 109 6,800 144 Consumer 36 — 163 — 196 — Total impaired loans with a related allowance recorded $ 13,826 $ 140 $ 17,975 $ 144 $ 21,716 $ 382 Total impaired loans $ 32,674 $ 446 $ 38,369 $ 798 $ 49,161 $ 769 |
Additional Information Related to Accruing TDR's | The tables below provide additional information related to accruing TDRs at December 31, 2018 and 2017: December 31, 2018 Recorded Average year-to-date Unpaid Unfunded commitments investment recorded investment principal balance to fund TDRs Commercial $ 2,730 $ 2,827 $ 3,155 $ — Commercial real estate non-owner occupied 229 260 280 — Residential real estate 1,114 1,163 1,121 12 Consumer — — — — Total $ 4,073 $ 4,250 $ 4,556 $ 12 December 31, 2017 Recorded Average year-to-date Unpaid Unfunded commitments investment recorded investment principal balance to fund TDRs Commercial $ 6,595 $ 7,308 $ 7,171 $ 2,041 Commercial real estate non-owner occupied 455 489 500 — Residential real estate 1,409 1,461 1,420 2 Consumer 1 3 1 — Total $ 8,460 $ 9,261 $ 9,092 $ 2,043 |
Summary of Company's Carrying Value of Non-Accrual TDR's | The following table summarizes the Company’s carrying value of non-accrual TDRs as of December 31, 2017 and 2016: December 31, 2018 December 31, 2017 Commercial $ 1,854 $ 5,808 Commercial real estate non-owner occupied — — Residential real estate 1,584 1,336 Consumer — 111 Total non-accruing TDRs $ 3,438 $ 7,255 |
Re-Measurement of Loans Accounted for Under ASC Topic 310-30 Resulting in Changes in Carrying Amount of Accretable Yield | The re-measurement of loans accounted for under ASC 310-30 resulted in the following changes in the carrying amount of accretable yield during 2018 and 2017: December 31, 2018 December 31, 2017 Accretable yield beginning balance $ 46,568 $ 60,476 Reclassification from non-accretable difference 10,751 11,398 Reclassification to non-accretable difference (2,263) (2,801) Accretion (19,155) (22,505) Accretable yield ending balance $ 35,901 $ 46,568 |
Composition of Net Book Value for Loans Accounted for under ASC Topic 310-30 | Below is the composition of the net book value for loans accounted for under ASC 310-30 at December 31, 2018 and 2017: December 31, 2018 December 31, 2017 Contractual cash flows $ 420,994 $ 489,892 Non-accretable difference (314,214) (322,701) Accretable yield (35,901) (46,568) Loans accounted for under ASC 310-30 $ 70,879 $ 120,623 |
Allowance for Loan Losses - (Ta
Allowance for Loan Losses - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Summary of Company's Allowance for Loan Losses ("ALL") and Recorded Investment in Loans | The tables below detail the Company’s allowance for loan losses and recorded investment in loans as of and for the years ended December 31, 2018 and 2017: Year ended December 31, 2018 Non-owner occupied commercial Residential Commercial real estate real estate Consumer Total Beginning balance $ 21,385 $ 5,609 $ 3,965 $ 305 $ 31,264 Originated and acquired beginning balance 21,340 5,583 3,965 305 31,193 Charge-offs (833) (11) (118) (1,134) (2,096) Recoveries 1,171 — 14 204 1,389 Provision 5,268 (1,166) (101) 974 4,975 Originated and acquired ending balance 26,946 4,406 3,760 349 35,461 ASC 310-30 beginning balance 45 26 — — 71 Charge-offs (62) — — — (62) Recoveries — — — — — Provision (recoupment) 208 (26) 40 — 222 ASC 310-30 ending balance 191 — 40 — 231 Ending balance $ 27,137 $ 4,406 $ 3,800 $ 349 $ 35,692 Ending allowance balance attributable to: Originated and acquired loans individually evaluated for impairment $ 1,132 $ 2 $ 35 $ — $ 1,169 Originated and acquired loans collectively evaluated for impairment 25,814 4,404 3,725 349 34,292 ASC 310-30 loans 191 — 40 — 231 Total ending allowance balance $ 27,137 $ 4,406 $ 3,800 $ 349 $ 35,692 Loans: Originated and acquired loans individually evaluated for impairment $ 18,282 $ 2,129 $ 5,169 $ 5,499 $ 31,079 Originated and acquired loans collectively evaluated for impairment 2,605,891 549,690 815,651 19,118 3,990,350 ASC 310-30 loans 20,398 40,393 9,995 93 70,879 Total loans $ 2,644,571 $ 592,212 $ 830,815 $ 24,710 $ 4,092,308 Year ended December 31, 2017 Non-owner occupied commercial Residential Commercial real estate real estate Consumer Total Beginning balance $ 18,821 $ 5,642 $ 4,387 $ 324 $ 29,174 Originated and acquired beginning balance 18,821 5,422 4,387 319 28,949 Charge-offs (10,342) — (236) (737) (11,315) Recoveries 99 20 129 185 433 Provision (recoupment) 12,762 141 (315) 538 13,126 Originated and acquired ending balance 21,340 5,583 3,965 305 31,193 ASC 310-30 beginning balance — 220 — 5 225 Charge-offs — — — — — Recoveries — — — — — Provision (recoupment) 45 (194) — (5) (154) ASC 310-30 ending balance 45 26 — — 71 Ending balance $ 21,385 $ 5,609 $ 3,965 $ 305 $ 31,264 Ending allowance balance attributable to: Originated and acquired loans individually evaluated for impairment $ 1,466 $ 2 $ 32 $ 1 $ 1,501 Originated and acquired loans collectively evaluated for impairment 19,874 5,581 3,933 304 29,692 ASC 310-30 loans 45 26 — — 71 Total ending allowance balance $ 21,385 $ 5,609 $ 3,965 $ 305 $ 31,264 Loans: Originated and acquired loans individually evaluated for impairment $ 22,232 $ 1,260 $ 7,240 $ 141 $ 30,873 Originated and acquired loans collectively evaluated for impairment 1,822,898 483,881 696,238 24,434 3,027,451 ASC 310-30 loans 29,475 77,908 12,759 481 120,623 Total loans $ 1,874,605 $ 563,049 $ 716,237 $ 25,056 $ 3,178,947 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Premises and Equipment | Premises and equipment consisted of the following at December 31, 2018 and 2017: December 31, 2018 December 31, 2017 Land $ 32,058 $ 28,698 Buildings and improvements 88,955 73,703 Equipment 52,354 46,091 Total premises and equipment, at cost 173,367 148,492 Less: accumulated depreciation and amortization (63,381) (54,784) Premises and equipment, net $ 109,986 $ 93,708 |
Summary of Future Minimum Lease Payments | Below is a summary of future minimum lease payments as of December 31, 2018: Years ending December 31, Amount 2019 $ 3,092 2020 2,981 2021 3,091 2022 3,052 2023 2,047 Thereafter 10,163 Total $ 24,426 |
Other Real Estate Owned - (Tabl
Other Real Estate Owned - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
FDIC Loss-Sharing Related | |
Summary of Activity in OREO Balances | A summary of the activity in the OREO balances during 2018 and 2017 is as follows: For the years ended December 31, 2018 2017 Beginning balance $ 10,491 $ 15,662 Acquired through acquisition 1,253 — Transfers from loan portfolio, at fair value 24,940 1,800 Impairments (230) (766) Sales (25,858) (6,205) Ending balance $ 10,596 $ 10,491 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Summary of gross carrying amount of intangible assets and the associated accumulated amortization | The gross carrying amount of the core deposit intangibles and the associated accumulated amortization at December 31, 2018 and December 31, 2017, are presented as follows: December 31, 2018 December 31, 2017 Gross Net Gross Net carrying Accumulated carrying carrying Accumulated carrying amount amortization amount amount amortization amount Core deposit intangible $ 48,834 $ 38,920 $ 9,914 $ 38,357 $ 36,750 $ 1,607 |
Summary of changes in the mortgage servicing rights | Below are the changes in the mortgage servicing rights for the period presented: For the years ended December 31, 2018 Beginning balance $ — Acquired through acquisition 4,301 Originations 30 Impairment (21) Amortization (754) Ending balance $ 3,556 Fair value of mortgage servicing rights $ 3,884 |
Core Deposits | |
Summary of estimated future amortization expense for the next five fiscal years | The following table shows the estimated future amortization expense for the core deposit intangibles as of December 31, 2018: Years ending December 31, Amount 2019 $ 1,183 2020 1,183 2021 1,183 2022 1,127 2023 1,048 |
Mortgage servicing rights | |
Summary of estimated future amortization expense for the next five fiscal years | The following table shows the estimated future amortization expense for the mortgage servicing rights as of December 31, 2018: Years ending December 31, Amount 2019 $ 604 2020 501 2021 416 2022 346 2023 287 |
Deposits - (Tables)
Deposits - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Deposits [Abstract] | |
Summary of Time Deposits Based Upon Contractual Maturity | The following table summarizes the Company’s time deposits by remaining contractual maturity: Years ending December 31, Amount 2019 $ 685,421 2020 316,113 2021 38,778 2022 32,989 2023 4,919 Thereafter 2,309 Total time deposits $ 1,080,529 |
Schedule of Interest Expense on Deposits | The Company incurred interest expense on deposits as follows during the periods indicated: For the years ended December 31, 2018 2017 2016 Interest bearing demand deposits $ 887 $ 445 $ 369 Money market accounts 5,622 4,077 3,600 Savings accounts 2,249 1,481 1,016 Time deposits 12,283 10,169 8,978 Total $ 21,041 $ 16,172 $ 13,963 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Repurchase Agreements [Abstract] | |
Schedule of Selected Information Regarding Repurchase Agreements | The following table sets forth selected information regarding repurchase agreements during 2018, 2017 and 2016: As of and for the years ended December 31, 2018 2017 2016 Maximum amount of outstanding agreements at any month end during the period $ 142,292 $ 130,463 $ 154,404 Average amount outstanding during the period $ 87,691 $ 88,390 $ 109,246 Weighted average interest rate for the period |
Regulatory Capital - (Tables)
Regulatory Capital - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Regulatory Capital | |
Capital Ratio Requirements under Prompt Corrective Action or Other Regulatory Requirements | December 31, 2018 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 $ 580,504 N/A N/A $ 220,988 NBH Bank 498,283 $ 275,703 220,563 Common equity tier 1 risk-based capital: Consolidated $ 580,504 N/A N/A $ 386,728 NBH Bank 498,283 $ 358,414 385,984 Tier 1 risk-based capital ratio: Consolidated $ 580,504 N/A N/A $ 382,306 NBH Bank 498,283 $ 358,938 381,372 Total risk-based capital ratio: Consolidated $ 620,275 N/A N/A $ 472,261 NBH Bank 538,054 $ 448,672 471,106 December 31, 2017 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 $ 470,877 N/A N/A $ 191,559 NBH Bank 382,918 $ 237,772 190,217 Common equity tier 1 risk-based capital: Consolidated $ 470,877 N/A N/A $ 335,228 NBH Bank 382,918 $ 309,103 332,881 Tier 1 risk-based capital ratio: Consolidated $ 470,877 N/A N/A $ 309,400 NBH Bank 382,918 $ 289,022 307,086 Total risk-based capital ratio: Consolidated $ 502,917 N/A N/A $ 382,200 NBH Bank 414,958 $ 361,277 379,341 As of the fully phased-in date of January 1, 2019, including the capital conservation buffer. |
Revenue from Contracts with C_2
Revenue from Contracts with Clients - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contracts with Clients | |
Summary of non-interest income segregated by revenue streams | For the years ended December 31, 2018 2017 2016 Non-interest income In-scope of Topic 606: Service Charges and other fees $ 20,408 $ 19,070 $ 15,961 Bank card fees 14,489 12,026 11,429 Gain on banking center divestiture — 2,942 — Non-interest income (in-scope of Topic 606) 34,897 34,038 27,390 Non-interest income (out-of-scope of Topic 606) 35,878 5,167 12,637 Total non-interest income $ 70,775 $ 39,205 $ 40,027 Non-interest expense In-scope of Topic 606: (Gain) loss on OREO sales, net (488) (4,150) (4,383) Total revenue in-scope of Topic 606 $ 34,409 $ 29,888 $ 23,007 |
Stock-based Compensation and _2
Stock-based Compensation and Benefits - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Stock-based Compensation and Benefits | |
Schedule of weighted average assumptions using Black-Scholes option-pricing model | Below are the weighted average assumptions used in the Black-Scholes option pricing model to determine fair value of the Company’s stock options granted in 2018, 2017 and 2016: 2018 2017 2016 Weighted average fair value $ 7.43 $ 7.84 $ 4.24 Weighted average risk-free interest rate (1) Expected volatility (2) Expected term (years) (3) 6.10 6.09 6.09 Dividend yield (4) (1) The risk-free rate for the expected term of the options was based on the U.S. Treasury yield curve at the date of grant and based on the expected term. (2) Expected volatility was calculated using a time-based weighted migration of the Company’s own stock price volatility coupled with those of a peer group of eight comparable publicly traded companies for a period commensurate with the expected term of the options. (3) The expected term was estimated to be the average of the contractual vesting term and time to expiration. (4) The dividend yield was assumed to be $0.05 per share per quarter through the third quarter of 2016, $0.07 per share per quarter through the first quarter of 2017, $0.09 per share per quarter through the first quarter of 2018, $0.14 per share per quarter through the third quarter of 2018 and $0.17 per share per quarter through the fourth quarter of 2018 in accordance with the Company’s dividend policy at the time of grant. |
Summary of Option Activity | The following table summarizes stock option activity for 2018: Weighted average Weighted remaining average contractual Aggregate exercise term in intrinsic Options price years value Outstanding at December 31, 2017 1,598,318 $ 20.62 4.07 $ 19,017 Granted 158,316 32.99 Exercised (473,363) 19.88 Forfeited (18,395) 28.76 Outstanding at December 31, 2018 1,264,876 $ 22.33 3.92 $ 11,387 Options exercisable at December 31, 2018 1,011,744 20.18 2.74 10,903 Options vested and expected to vest 1,241,729 22.14 3.82 11,376 |
Summary of outstanding stock options | The following table summarizes the Company’s outstanding stock options: Options outstanding Options exercisable Weighted average Number remaining contractual Weighted average Number Weighted average Range of exercise price outstanding life (years) exercise price exercisable exercise price $ - 18.99 $ $ $ - 19.99 $ $ $ - 20.99 $ $ $ and above $ $ |
Summary of Restricted Stock Activity | The following table summarizes restricted stock and performance stock unit activity during 2018 and 2017: Weighted Weighted Restricted average grant- Performance average grant- stock shares date fair value stock units date fair value Unvested at December 31, 2016 499,271 $ 15.82 85,295 $ 18.22 Granted 66,471 33.43 49,758 33.22 Vested (380,956) 15.40 — — Forfeited (21,229) 18.73 (9,971) 21.78 Unvested at December 31, 2017 163,557 $ 22.60 125,082 $ 23.90 Granted 92,133 33.69 77,125 30.38 Vested (94,775) 23.71 — — Forfeited (14,421) 29.37 (10,158) 25.90 Unvested at December 31, 2018 146,494 $ 28.19 192,049 $ 26.40 |
Earnings Per Share - (Tables)
Earnings Per Share - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Per Share | |
Schedule of Computation of Basic and Diluted Income (Loss) Per Share | The following table illustrates the computation of basic and diluted income per share for 2018, 2017 and 2016: For the years ended December 31, 2018 2017 2016 Net income $ 61,451 $ 14,579 $ 23,060 Less: income allocated to participating securities (70) (56) (52) Income allocated to common shareholders $ 61,381 $ 14,523 $ 23,008 Weighted average shares outstanding for basic earnings per common share 30,748,234 26,928,763 28,313,061 Dilutive effect of equity awards 681,840 772,392 704,831 Dilutive effect of warrants — 8,504 73,451 Weighted average shares outstanding for diluted earnings per common share 31,430,074 27,709,659 29,091,343 Basic earnings per share $ 2.00 $ 0.54 $ 0.81 Diluted earnings per share $ 1.95 $ 0.53 $ 0.79 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Taxes | |
Components of Income Tax Expense | Total income taxes for 2018, 2017 and 2016 were allocated as follows: For the years ended December 31, 2018 2017 2016 Current expense: U.S. federal $ 427 $ 1,230 $ 1,868 State and local 1,530 169 117 Total current income tax expense 1,957 1,399 1,985 Deferred expense: U.S. federal 10,110 17,639 626 State and local 163 2,245 336 Total deferred income tax expense 10,273 19,884 962 Income tax expense $ 12,230 $ 21,283 $ 2,947 |
Components of Tax Rate Reconciliation | The reconciliation between the income tax expenses and the amounts computed by applying the U.S. federal income tax rate to pretax income is as follows: For the years ended December 31, 2018 2017 2016 Income tax at federal statutory rates (21%, 35% and 35%, respectively) $ 15,473 $ 12,550 $ 9,103 State income taxes, net of federal benefits 1,337 265 295 Tax-exempt loan interest income (4,089) (5,380) (3,798) Bank-owned life insurance income 136 (813) (724) Stock-based compensation (1,207) (3,998) (2,002) Deferred tax rate change — 18,457 — Other 580 202 73 Income tax expense $ 12,230 $ 21,283 $ 2,947 |
Significant Components of Deferred Taxes | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2018 and 2017 are presented below: December 31, 2018 December 31, 2017 Deferred tax assets: Excess tax basis of acquired loans over carrying value $ 3,076 $ 1,887 Allowance for loan losses 8,521 7,354 Intangible assets 1,937 6,367 Other real estate owned 439 228 Accrued stock-based compensation 2,889 3,098 Accrued compensation 3,046 2,431 Capitalized start-up costs 2,199 2,488 Accrued expenses 1,357 1,227 Net deferred loan fees — 622 Net operating loss 807 1,027 Federal tax credits — 5,891 Net unrealized losses on investment securities 3,543 2,307 Other 1,960 993 Total deferred tax assets 29,774 35,920 Deferred tax liabilities: Premises and equipment (114) (113) Prepaid expenses (210) (177) Net deferred loan fees (174) — Mortgage servicing rights (854) — Other (71) — Total deferred tax liabilities (1,423) (290) Net deferred tax asset $ 28,351 $ 35,630 |
Derivatives - (Tables)
Derivatives - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Derivatives | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | Information about the valuation methods used to measure fair value is provided in note 23. Asset derivatives fair value Liability derivatives fair value Balance Sheet December 31, December 31, Balance Sheet December 31, December 31, location 2018 2017 location 2018 2017 Derivatives designated as hedging instruments: Interest rate products Other assets $ 17,436 $ 10,489 Other liabilities $ 228 $ 1,167 Total derivatives designated as hedging instruments $ 17,436 $ 10,489 $ 228 $ 1,167 Derivatives not designated as hedging instruments: Interest rate products Other assets $ 3,191 $ 2,483 Other liabilities $ 3,349 $ 2,584 Interest rate lock commitments Other assets 871 128 Other liabilities 72 — Forward contracts Other assets — 5 Other liabilities 472 7 Total derivatives not designated as hedging instruments $ 4,062 $ 2,616 $ 3,893 $ 2,591 |
Derivative Instruments, Gain (Loss) | The tables below present the effect of the Company’s derivative financial instruments in the consolidated statements of operations for 2018 and 2017: Location of gain (loss) Amount of gain or (loss) recognized in income on derivatives Derivatives in fair value recognized in income on For the years ended December 31, hedging relationships derivatives 2018 2017 Interest rate products Interest and fees on loans $ 13,513 $ — Interest rate products Other non-interest income — 1,177 Total $ 13,513 $ 1,177 Location of gain (loss) Amount of gain or (loss) recognized in income on hedged items recognized in income on For the years ended December 31, Hedged items hedged items 2018 2017 Interest rate products Interest and fees on loans $ (13,972) $ — Interest rate products Other non-interest income — (2,172) Total $ (13,972) $ (2,172) Location of gain (loss) Amount of gain or (loss) recognized in income on derivatives Derivatives not designated recognized in income on For the years ended December 31, as hedging instruments derivatives 2018 2017 Interest rate products Other non-interest expense $ 55 $ 104 Interest rate lock commitments Mortgage banking income (1,329) (13) Forward contracts Mortgage banking income 1,324 (120) Total $ 50 $ (29) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies | |
Schedule of Total Unfunded Commitments | Total unfunded commitments at December 31, 2018 and 2017 were as follows: December 31, 2018 December 31, 2017 Commitments to fund loans $ 183,946 $ 181,904 Unfunded commitments under lines of credit 589,573 498,857 Commercial and standby letters of credit 10,558 7,185 Total unfunded commitments $ 784,077 $ 687,946 |
Fair Value Measurements - (Tabl
Fair Value Measurements - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Tables of Financial Instruments Measured At Fair Value on Recurring Basis | The tables below present the financial instruments measured at fair value on a recurring basis as of December 31, 2018 and 2017, on the consolidated statements of financial condition utilizing the hierarchy structure described above: December 31, 2018 Level 1 Level 2 Level 3 Total Assets: Investment securities available-for-sale: Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises $ — $ 146,642 $ — $ 146,642 Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises — 643,381 — 643,381 Municipal securities — 441 — 441 Loans held for sale — 48,120 — 48,120 Interest rate swap derivatives — 20,627 — 20,627 Mortgage banking derivatives — — 871 871 Total assets at fair value $ — $ 859,211 $ 871 $ 860,082 Liabilities: Interest rate swap derivatives $ — $ 3,577 $ — $ 3,577 Mortgage banking derivatives — — 544 Total liabilities at fair value $ — $ 3,577 $ 544 $ 4,121 December 31, 2017 Level 1 Level 2 Level 3 Total Assets: Investment securities available-for-sale: Mortgage-backed securities: Residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises $ — $ 168,648 $ — $ 168,648 Other residential MBS issued or guaranteed by U.S. Government agencies or sponsored enterprises — 685,230 — 685,230 Municipal securities — 829 — 829 Loans held for sale — 4,629 — 4,629 Interest rate swap derivatives — 12,972 — 12,972 Mortgage banking derivatives — — 133 Total assets at fair value $ — $ 872,308 $ 133 $ 872,441 Liabilities: Interest rate swap derivatives $ — $ 3,751 $ — $ 3,751 Mortgage banking derivatives — — 7 Total liabilities at fair value $ — $ 3,751 $ 7 $ 3,758 |
Table of Changes in Level 3 Financial Instruments | The table below details the changes in level 3 financial instruments during 2018: Mortgage banking derivatives, net Balance at December 31, 2017 $ 126 Gain included in earnings, net 201 Balance at December 31, 2018 $ 327 |
Table of assets recorded at fair value on a non-recurring basis | The tables below provide information regarding the assets recorded at fair value on a non-recurring basis at December 31, 2018 and 2017: December 31, 2018 Total Losses from fair value changes Impaired loans $ 31,079 $ 2,120 Other real estate owned 10,596 230 Mortgage servicing rights 3,556 21 Total $ 45,231 $ 2,371 December 31, 2017 Total Losses from fair value changes Impaired loans $ 30,873 $ 11,099 Other real estate owned 10,491 766 Total $ 41,364 $ 11,865 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | The fair value of financial instruments at December 31, 2018 and 2017, including methods and assumptions utilized for determining fair value of financial instruments, are set forth below: Level in fair value December 31, 2018 December 31, 2017 measurement Carrying Estimated Carrying Estimated hierarchy amount fair value amount fair value ASSETS Cash and cash equivalents Level 1 $ 109,556 $ 109,556 $ 257,364 $ 257,364 Mortgage-backed securities—residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises available-for-sale Level 2 146,642 146,642 168,648 168,648 Mortgage-backed securities—other residential mortgage-backed securities issued or guaranteed by U.S. Government agencies or sponsored enterprises available-for-sale Level 2 643,381 643,381 685,230 685,230 Municipal securities Level 2 441 441 829 829 Municipal securities Level 3 169 169 219 219 Other available-for-sale securities Level 3 469 469 419 419 Mortgage-backed securities—residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises held-to-maturity Level 2 157,115 154,412 204,352 204,048 Mortgage-backed securities—other residential mortgage-backed securities issued or guaranteed by U.S. Government agencies or sponsored enterprises held-to-maturity Level 2 78,283 76,514 54,378 52,723 Non-marketable securities Level 2 27,555 27,555 15,030 15,030 Loans receivable Level 3 4,092,308 4,082,146 3,178,947 3,167,508 Loans held for sale Level 2 48,120 48,120 4,629 4,629 Accrued interest receivable Level 2 17,852 17,852 14,255 14,255 Interest rate swap derivatives Level 2 20,627 20,627 12,972 12,972 Mortgage banking derivatives Level 3 871 871 133 133 LIABILITIES Deposit transaction accounts Level 2 3,455,092 3,455,092 2,861,509 2,861,509 Time deposits Level 2 1,080,529 1,068,233 1,118,050 1,108,733 Securities sold under agreements to repurchase Level 2 66,047 66,047 130,463 130,463 Federal Home Loan Bank advances Level 2 301,660 301,933 129,115 130,300 Accrued interest payable Level 2 6,889 6,889 5,776 5,776 Interest rate swap derivatives Level 2 3,577 3,577 3,751 3,751 Mortgage banking derivatives Level 3 7 7 |
Parent Company Only Financial_2
Parent Company Only Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Statements | Parent company only financial information for National Bank Holdings Corporation is summarized as follows: Condensed Statements of Financial Condition December 31, 2018 December 31, 2017 ASSETS Cash and cash equivalents $ 71,997 $ 73,873 Investment in subsidiaries 612,784 444,445 Other assets 21,002 14,414 Total assets $ 705,783 $ 532,732 LIABILITIES AND STOCKHOLDERS’ EQUITY Other liabilities $ 10,777 $ 325 Total liabilities 10,777 325 Shareholders’ equity 695,006 532,407 Total liabilities and shareholders’ equity $ 705,783 $ 532,732 Condensed Statements of Operations For the years ended December 31, 2018 2017 2016 Income Interest income $ 112 $ 45 $ 24 Equity in undistributed (earnings) losses of subsidiaries 19,682 (11,192) (129,956) Distributions from subsidiaries 47,338 28,903 155,353 Total income 67,132 17,756 25,421 Expenses Salaries and benefits 4,455 3,680 3,529 Other expenses 4,467 3,587 3,578 Total expenses 8,922 7,267 7,107 Income before income taxes 58,210 10,489 18,314 Income tax benefit (3,241) (4,090) (4,746) Net income $ 61,451 $ 14,579 $ 23,060 Condensed Statements of Cash Flows For the years ended December 31, 2018 2017 2016 Cash flows from operating activities: Net income $ 61,451 $ 14,579 $ 23,060 Equity in undistributed (earnings) losses of subsidiaries (19,682) 11,192 (25,388) Stock-based compensation expense 4,420 3,648 3,492 Net excess tax (benefit) deficit on stock-based compensation (1,286) (4,225) (2,078) Other (770) 6,680 418 Net cash provided by (used in) operating activities 44,133 31,874 (496) Cash flows from investing activities: Outlay for business combinations (36,189) — — Dividend payment from subsidiary equity — — 15,353 Return of capital from investments in subsidiaries — — 140,000 Net cash (used in) provided by investing activities (36,189) — 155,353 Cash flows from financing activities: Capital contribution — (5,000) — Issuance of stock under purchase and equity compensation plans (772) (8,395) (6,201) Proceeds from exercise of stock options 7,576 104 — Payment of dividends (16,624) (9,401) (6,131) Repurchase of shares — — (93,573) Net cash used in financing activities (9,820) (22,692) (105,905) Net (decrease) increase in cash, cash equivalents and restricted cash (1,876) 9,182 48,952 Cash, cash equivalents and restricted cash at beginning of the year 73,873 64,691 15,739 Cash, cash equivalents and restricted cash at end of the year $ 71,997 $ 73,873 $ 64,691 |
Quarterly Results of Operatio_2
Quarterly Results of Operations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Results | The following is a summary of quarterly results: December 31, 2018 Fourth Third Second First quarter quarter quarter quarter Total Interest and dividend income $ 57,780 $ 55,909 $ 54,911 $ 52,791 $ 221,391 Interest expense 7,148 6,137 5,525 5,144 23,954 Net interest income before provision for loan losses 50,632 49,772 49,386 47,647 197,437 Provision for loan losses 2,476 807 1,873 41 5,197 Net interest income after provision for loan losses 48,156 48,965 47,513 47,606 192,240 Non-interest income 15,317 18,061 19,562 17,835 70,775 Non-interest expense 42,857 44,432 46,763 55,282 189,334 Income before income taxes 20,616 22,594 20,312 10,159 73,681 Income tax expense 3,381 4,354 2,800 1,695 12,230 Net income $ 17,235 $ 18,240 $ 17,512 $ 8,464 $ 61,451 Income per share-basic $ 0.56 $ 0.59 $ 0.57 $ 0.28 $ 2.00 Income per share-diluted $ 0.55 $ 0.58 $ 0.56 $ 0.27 $ 1.95 December 31, 2017 Fourth Third Second First quarter quarter quarter quarter Total Interest and dividend income $ 41,889 $ 42,579 $ 41,213 $ 38,740 $ 164,421 Interest expense 4,976 4,681 4,440 4,018 18,115 Net interest income before provision for loan losses 36,913 37,898 36,773 34,722 146,306 Provision for loan losses 3,272 3,880 4,025 1,795 12,972 Net interest income after provision for loan losses 33,641 34,018 32,748 32,927 133,334 Non-interest income 8,883 9,551 12,075 8,696 39,205 Non-interest expense 34,028 34,605 33,439 34,605 136,677 Income before income taxes 8,496 8,964 11,384 7,018 35,862 Income tax expense (benefit) 18,615 1,733 2,175 (1,240) 21,283 Net (loss) income $ (10,119) $ 7,231 $ 9,209 $ 8,258 $ 14,579 (Loss) income per share-basic $ (0.37) $ 0.27 $ 0.34 $ 0.31 $ 0.54 (Loss) income per share-diluted $ (0.37) $ 0.26 $ 0.33 $ 0.30 $ 0.53 December 31, 2016 Fourth Third Second First quarter quarter quarter quarter Total Interest and dividend income $ 39,658 $ 40,764 $ 38,472 $ 41,554 $ 160,448 Interest expense 3,873 3,700 3,719 3,516 14,808 Net interest income before provision for loan losses 35,785 37,064 34,753 38,038 145,640 Provision for loan losses 1,282 5,293 6,457 10,619 23,651 Net interest income after provision for loan losses 34,503 31,771 28,296 27,419 121,989 Non-interest income 9,992 11,608 10,504 7,923 40,027 Non-interest expense 34,423 33,370 33,314 34,902 136,009 Income before income taxes 10,072 10,009 5,486 440 26,007 Income tax expense 81 1,695 982 189 2,947 Net income $ 9,991 $ 8,314 $ 4,504 $ 251 $ 23,060 Income per share-basic $ 0.38 $ 0.30 $ 0.15 $ 0.01 $ 0.81 Income per share-diluted $ 0.36 $ 0.30 $ 0.15 $ 0.01 $ 0.79 |
Basis of Presentation - (Detail
Basis of Presentation - (Details) | 12 Months Ended |
Dec. 31, 2018item | |
Basis of Presentation | |
Number of full service banking offices | 104 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Narrative (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Significant Accounting Policies [Line Items] | |
Residential mortgage loans held for sale period | 45 days |
Buildings [Member] | |
Significant Accounting Policies [Line Items] | |
Estimated useful life of the asset | 39 years |
Maximum | |
Significant Accounting Policies [Line Items] | |
Fair values are subject to refinement maximum year | 1 year |
Maximum | Stock options [Member] | |
Significant Accounting Policies [Line Items] | |
Contractual term | 10 years |
Maximum | Building Improvements [Member] | |
Significant Accounting Policies [Line Items] | |
Estimated useful life of the asset | 15 years |
Maximum | Equipment [Member] | |
Significant Accounting Policies [Line Items] | |
Estimated useful life of the asset | 7 years |
Minimum | Building Improvements [Member] | |
Significant Accounting Policies [Line Items] | |
Estimated useful life of the asset | 7 years |
Minimum | Equipment [Member] | |
Significant Accounting Policies [Line Items] | |
Estimated useful life of the asset | 3 years |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements - (Details) - USD ($) $ in Thousands | Jan. 01, 2019 | Dec. 31, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cumulative effect adjustment | [1] | $ 26 | |
Adjustments for New Accounting Principle, Early Adoption [Member] | Accounting Standards Update 2017-12 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cumulative effect adjustment | 26 | ||
Adjustments for New Accounting Principle, Early Adoption [Member] | Accounting Standards Update 2016-02 and 2018-11 [Member] | Restatement Adjustment | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Lease right-of-use assets | $ 32,600 | ||
Lease liabilities | 32,600 | ||
Cumulative effect adjustment | $ 300 | ||
Retained earnings [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Reclassification of certain tax effects from accumulated other comprehensive income | [2] | 1,479 | |
Cumulative effect adjustment | [1] | $ 26 | |
[1] | Related to the adoption of Accounting Standards Update No. 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities. Refer to note 2 - Recent Accounting Pronouncements of our consolidated financial statements for further details. | ||
[2] | Related to the adoption of Accounting Standards Update No. 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. Refer to note 2 - Recent Accounting Pronouncements of our consolidated financial statements for further details. |
Acquisition Activities - (Narra
Acquisition Activities - (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 01, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||
Closing price | $ 32.43 | |||
Acquisition related expenses | $ (7,957) | $ (2,691) | ||
Amortization and accretion of purchase discounts and premiums | (2,911) | (2,581) | $ (3,067) | |
Amortization of acquired identifiable intangibles | 2,170 | 5,342 | $ 5,480 | |
Pro forma information | ||||
Total revenue | 268,200 | 266,500 | ||
Net income | $ 67,800 | $ 16,600 | ||
Basic earnings per share (in dollars per share) | $ 2.20 | $ 0.55 | ||
Diluted earnings per share (in dollars per share) | $ 2.16 | $ 0.53 | ||
Peoples Inc [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash | $ 36,189 | |||
Cash consideration | 3,398,477 | |||
Restricted cash placed in escrow | $ 10,000 | |||
Restricted Cash, Asset, Statement of Financial Position [Extensible List] | Other Assets | |||
Transaction value | 146,402 | |||
Mortgage repurchase reserve | 4,000 | |||
Gross contractual amounts receivable | 713,600 | |||
Loans not expected to be collected | $ 2,100 | |||
Acquisition related expenses | $ 8,000 | $ 2,700 | ||
Amortization and accretion of purchase discounts and premiums | 700 | |||
Amortization of acquired identifiable intangibles | $ 1,000 |
Acquisition Activities - (Summa
Acquisition Activities - (Summary of Net Assets Acquired) (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 01, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Consideration: | |||
Goodwill | $ 115,027 | $ 59,630 | |
Closing price | $ 32.43 | ||
Core Deposits | |||
Assets: | |||
Intangible asset | 48,800 | ||
Mortgage servicing rights | |||
Assets: | |||
Intangible asset | $ 4,300 | ||
Peoples Inc [Member] | |||
Assets: | |||
Cash and due from banks | $ 105,173 | ||
Investment securities available-for-sale (at fair value) | 118,512 | ||
Non-marketable securities | 4,796 | ||
Loans, net | 542,707 | ||
Loans held for sale | 54,260 | ||
Other real estate owned | 1,253 | ||
Premises and equipment, net | 18,584 | ||
Other assets | 15,361 | ||
Total assets acquired | 875,424 | ||
Liabilities: | |||
Total deposits | 729,911 | ||
FHLB borrowings | 33,825 | ||
Other liabilities | 20,683 | ||
Total liabilities assumed | 784,419 | ||
Identifiable net assets acquired | 91,005 | ||
Consideration: | |||
Common stock paid | 110,213 | ||
Cash | 36,189 | ||
Total Consideration | 146,402 | ||
Goodwill | 55,397 | ||
Peoples Inc [Member] | Core Deposits | |||
Assets: | |||
Intangible asset | $ 10,477 | ||
Amortization period for intangible assets | 10 years | ||
Peoples Inc [Member] | Mortgage servicing rights | |||
Assets: | |||
Intangible asset | $ 4,301 |
Investment Securities - (Narrat
Investment Securities - (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($)security | Dec. 31, 2017USD ($)security | |
Investment securities total | $ 1,000,000 | $ 1,100,000 |
Amortized cost | 809,725 | 870,849 |
Available-for-sale securities | 791,102 | 855,345 |
Held-to-maturity securities | $ 235,398 | $ 258,730 |
Number of securities | security | 211 | 87 |
Fair value of available-for-sale securities in an unrealized loss position | $ 682,892 | $ 674,091 |
Gain/(loss) on recovery of securities with previously incurred OTTI | 200 | |
Fair value of available-for-sale security with OTTI | 300 | |
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Recognized in Earnings | 200 | |
Fair value of available-for-sale investment securities pledged as collateral | $ 318,100 | $ 334,600 |
Type of available-for-sale investment securities collateral | us-gaap:AssetPledgedAsCollateralMember | us-gaap:AssetPledgedAsCollateralMember |
Estimated weighted average life of the available-for-sale mortgage-backed securities portfolio | 3 years 2 months 12 days | 3 years 4 months 24 days |
Life of the available-for-sale mortgage-backed securities portfolio | 3 years | 3 years 1 month 6 days |
Number of held-to-maturity securities in unrealized loss positions | security | 49 | 36 |
Fair value of held-to-maturity securities in an unrealized loss position | $ 229,649 | $ 219,412 |
Held-to-maturity investment securities pledged as collateral | $ 133,100 | $ 142,000 |
Type of held-to-maturity investment securities collateral | us-gaap:AssetPledgedAsCollateralMember | us-gaap:AssetPledgedAsCollateralMember |
Estimated weighted average expected life of the held-to-maturity mortgage-backed securities portfolio | 2 years 9 months 18 days | 3 years 1 month 6 days |
Life of the held-to-maturity investment portfolio | 2 years 6 months | 2 years 9 months 18 days |
Municipal securities maturing within one to five years [Member] | ||
Amortized cost | $ 200 | |
Available-for-sale securities | 200 | |
Municipal securities due within five to ten years [Member] | ||
Amortized cost | 400 | |
Available-for-sale securities | 400 | |
Other Securities Investments with No Contractual Maturity [Member] | ||
Amortized cost | 500 | |
Other Securities [Member] | ||
Amortized cost | 469 | $ 419 |
Available-for-sale securities | $ 469 | $ 419 |
Investment Securities - (Summar
Investment Securities - (Summary of Available-for-Sale Investment Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 809,725 | $ 870,849 |
Gross unrealized gains | 2,288 | 2,722 |
Gross unrealized losses | (20,911) | (18,226) |
Investment securities available-for-sale (at fair value) | 791,102 | 855,345 |
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 | 147,283 | 167,269 |
Gross unrealized gains | 1,232 | 2,371 |
Gross unrealized losses | (1,873) | (992) |
Investment securities available-for-sale (at fair value) | 146,642 | 168,648 |
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 | 661,354 | 702,107 |
Gross unrealized gains | 1,056 | 351 |
Gross unrealized losses | (19,029) | (17,228) |
Investment securities available-for-sale (at fair value) | 643,381 | 685,230 |
Municipal [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 619 | 1,054 |
Gross unrealized losses | (9) | (6) |
Investment securities available-for-sale (at fair value) | 610 | 1,048 |
Other Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 469 | 419 |
Investment securities available-for-sale (at fair value) | $ 469 | $ 419 |
Investment Securities - (Summ_2
Investment Securities - (Summary of Unrealized Losses) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months Fair Value | $ 159,061 | $ 225,038 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,551) | (1,244) |
12 months or more, Fair Value | 523,831 | 449,053 |
NBHC_AvailableForSaleSecuritiesDebtMaturitiesTwelveMonthsOrGreaterFairValue | 523,831 | 449,053 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (19,360) | (16,982) |
Total, Fair Value | 682,892 | 674,091 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (20,911) | (18,226) |
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 | 30,853 | 62,178 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (392) | (408) |
12 months or more, Fair Value | 69,169 | 36,086 |
NBHC_AvailableForSaleSecuritiesDebtMaturitiesTwelveMonthsOrGreaterFairValue | 69,169 | 36,086 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1,481) | (584) |
Total, Fair Value | 100,022 | 98,264 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (1,873) | (992) |
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 | 127,767 | 162,346 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,150) | (830) |
12 months or more, Fair Value | 454,662 | 412,967 |
NBHC_AvailableForSaleSecuritiesDebtMaturitiesTwelveMonthsOrGreaterFairValue | 454,662 | 412,967 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (17,879) | (16,398) |
Total, Fair Value | 582,429 | 575,313 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (19,029) | (17,228) |
Municipal [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months Fair Value | 441 | 514 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (9) | (6) |
Total, Fair Value | 441 | 514 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (9) | $ (6) |
Investment Securities - (Summ_3
Investment Securities - (Summary of Held-to-maturity Investment Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities | $ 235,398 | $ 258,730 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 2 | 151 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | (4,474) | (2,110) |
Fair value | 230,926 | 256,771 |
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 | 157,115 | 204,352 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 2 | 151 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | (2,705) | (455) |
Fair value | 154,412 | 204,048 |
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 | 78,283 | 54,378 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | (1,769) | (1,655) |
Fair value | $ 76,514 | $ 52,723 |
Investment Securities - (Summ_4
Investment Securities - (Summary of Held-to-Maturity Securities, Unrealized Losses) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair Value, Less than 12 months | $ 61,895 | $ 155,642 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (460) | (285) |
Fair Value, 12 months or more | 167,754 | 63,770 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (4,014) | (1,825) |
Total Fair Value | 229,649 | 219,412 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | (4,474) | (2,110) |
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 | 26,660 | 149,182 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (381) | (220) |
Fair Value, 12 months or more | 126,475 | 17,506 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (2,324) | (235) |
Total Fair Value | 153,135 | 166,688 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | (2,705) | (455) |
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 | 35,235 | 6,460 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (79) | (65) |
Fair Value, 12 months or more | 41,279 | 46,264 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1,690) | (1,590) |
Total Fair Value | 76,514 | 52,724 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (1,769) | $ (1,655) |
Non-Marketable Securities (Narr
Non-Marketable Securities (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Cost-method Investments [Line Items] | ||
Federal Reserve Bank stock | $ 13.9 | $ 9.2 |
FHLB Des Moines Stock [Member] | ||
Schedule of Cost-method Investments [Line Items] | ||
FHLB Stock | $ 13.6 | $ 5.8 |
Loans - Narrative Section (Deta
Loans - Narrative Section (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Fees and cost related to loans | $ 10,200 | $ 4,300 |
Carrying amount of loan investments | 4,092,308 | 3,178,947 |
Commercial Loan [Member] | ||
Debt Instrument [Line Items] | ||
Carrying amount of loan investments | 2,644,571 | 1,874,605 |
Non Accrual [Member] | ||
Debt Instrument [Line Items] | ||
Recorded investment, non-accrual status | 24,500 | |
Increase (decrease) in non-accrual loans | $ 3,500 | |
Percentage increase (decrease) in past due loans | 16.50% | |
Originated and acquired loans [Member] | ||
Debt Instrument [Line Items] | ||
Carrying amount of loan investments | $ 4,021,429 | 3,058,324 |
Allowance for Loan and Lease Losses, Write-offs | 2,096 | 11,315 |
Originated and acquired loans [Member] | Commercial Loan [Member] | ||
Debt Instrument [Line Items] | ||
Carrying amount of loan investments | 2,624,173 | 1,845,130 |
ASC 310-30 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying amount of loan investments | 70,879 | 120,623 |
Allowance for Loan and Lease Losses, Write-offs | 62 | |
ASC 310-30 [Member] | Commercial Loan [Member] | ||
Debt Instrument [Line Items] | ||
Carrying amount of loan investments | 20,398 | 29,475 |
Total Loans [Member] | ||
Debt Instrument [Line Items] | ||
Carrying amount of loan investments | 4,092,308 | 3,178,947 |
Total Loans [Member] | Originated and acquired loans [Member] | ||
Debt Instrument [Line Items] | ||
Carrying amount of loan investments | 4,021,429 | 3,058,324 |
Recorded investment, non-accrual status | 24,456 | 21,000 |
Total Loans [Member] | Originated and acquired loans [Member] | Commercial and Industrial [Member] | ||
Debt Instrument [Line Items] | ||
Carrying amount of loan investments | 1,931,147 | 1,376,022 |
Recorded investment, non-accrual status | 5,510 | 7,767 |
Total Loans [Member] | Originated and acquired loans [Member] | Energy Loans [Member] | ||
Debt Instrument [Line Items] | ||
Carrying amount of loan investments | 49,204 | 57,460 |
Recorded investment, non-accrual status | 742 | 1,645 |
Total Loans [Member] | Originated and acquired loans [Member] | Commercial Loan [Member] | ||
Debt Instrument [Line Items] | ||
Carrying amount of loan investments | 2,624,173 | 1,845,130 |
Recorded investment, non-accrual status | 13,951 | 14,894 |
Total Loans [Member] | Originated and acquired loans [Member] | Owner-Occupied [Member] | ||
Debt Instrument [Line Items] | ||
Carrying amount of loan investments | 421,666 | 272,753 |
Recorded investment, non-accrual status | 6,931 | 3,479 |
Total Loans [Member] | Originated and acquired loans [Member] | Non Owner-Occupied [Member] | ||
Debt Instrument [Line Items] | ||
Carrying amount of loan investments | 380,630 | 336,098 |
Recorded investment, non-accrual status | 572 | 605 |
Total Loans [Member] | ASC 310-30 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying amount of loan investments | 70,879 | 120,623 |
Total Loans [Member] | ASC 310-30 [Member] | Commercial Loan [Member] | ||
Debt Instrument [Line Items] | ||
Carrying amount of loan investments | 20,398 | 29,475 |
Total Loans [Member] | Substandard [Member] | ||
Debt Instrument [Line Items] | ||
Carrying amount of loan investments | 53,527 | 66,329 |
Total Loans [Member] | Substandard [Member] | Originated and acquired loans [Member] | ||
Debt Instrument [Line Items] | ||
Carrying amount of loan investments | 48,724 | 33,613 |
Total Loans [Member] | Substandard [Member] | Originated and acquired loans [Member] | Commercial and Industrial [Member] | ||
Debt Instrument [Line Items] | ||
Carrying amount of loan investments | 22,919 | 14,824 |
Total Loans [Member] | Substandard [Member] | Originated and acquired loans [Member] | Energy Loans [Member] | ||
Debt Instrument [Line Items] | ||
Carrying amount of loan investments | 742 | 1,646 |
Total Loans [Member] | Substandard [Member] | Originated and acquired loans [Member] | Commercial Loan [Member] | ||
Debt Instrument [Line Items] | ||
Carrying amount of loan investments | 36,336 | 23,764 |
Total Loans [Member] | Substandard [Member] | Originated and acquired loans [Member] | Owner-Occupied [Member] | ||
Debt Instrument [Line Items] | ||
Carrying amount of loan investments | 11,828 | 5,424 |
Total Loans [Member] | Substandard [Member] | Originated and acquired loans [Member] | Non Owner-Occupied [Member] | ||
Debt Instrument [Line Items] | ||
Carrying amount of loan investments | 1,611 | 1,477 |
Total Loans [Member] | Substandard [Member] | ASC 310-30 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying amount of loan investments | 4,803 | 32,716 |
Total Loans [Member] | Substandard [Member] | ASC 310-30 [Member] | Commercial Loan [Member] | ||
Debt Instrument [Line Items] | ||
Carrying amount of loan investments | 2,282 | 4,451 |
Total Loans [Member] | Special Mention [Member] | ||
Debt Instrument [Line Items] | ||
Carrying amount of loan investments | 63,975 | 51,188 |
Total Loans [Member] | Special Mention [Member] | Originated and acquired loans [Member] | ||
Debt Instrument [Line Items] | ||
Carrying amount of loan investments | 62,284 | 48,171 |
Total Loans [Member] | Special Mention [Member] | Originated and acquired loans [Member] | Commercial and Industrial [Member] | ||
Debt Instrument [Line Items] | ||
Carrying amount of loan investments | 16,531 | 10,829 |
Total Loans [Member] | Special Mention [Member] | Originated and acquired loans [Member] | Commercial Loan [Member] | ||
Debt Instrument [Line Items] | ||
Carrying amount of loan investments | 34,140 | 46,683 |
Total Loans [Member] | Special Mention [Member] | Originated and acquired loans [Member] | Owner-Occupied [Member] | ||
Debt Instrument [Line Items] | ||
Carrying amount of loan investments | 16,349 | 17,030 |
Total Loans [Member] | Special Mention [Member] | Originated and acquired loans [Member] | Non Owner-Occupied [Member] | ||
Debt Instrument [Line Items] | ||
Carrying amount of loan investments | 23,243 | 1,396 |
Total Loans [Member] | Special Mention [Member] | ASC 310-30 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying amount of loan investments | 1,691 | 3,017 |
Total Loans [Member] | Special Mention [Member] | ASC 310-30 [Member] | Commercial Loan [Member] | ||
Debt Instrument [Line Items] | ||
Carrying amount of loan investments | 537 | 1,070 |
Total Loans [Member] | Doubtful [Member] | ||
Debt Instrument [Line Items] | ||
Carrying amount of loan investments | 1,117 | 1,461 |
Total Loans [Member] | Doubtful [Member] | Originated and acquired loans [Member] | ||
Debt Instrument [Line Items] | ||
Carrying amount of loan investments | 1,117 | 1,461 |
Total Loans [Member] | Doubtful [Member] | Originated and acquired loans [Member] | Commercial and Industrial [Member] | ||
Debt Instrument [Line Items] | ||
Carrying amount of loan investments | 987 | 1,253 |
Total Loans [Member] | Doubtful [Member] | Originated and acquired loans [Member] | Commercial Loan [Member] | ||
Debt Instrument [Line Items] | ||
Carrying amount of loan investments | 1,117 | 1,461 |
Total Loans [Member] | Doubtful [Member] | Originated and acquired loans [Member] | Owner-Occupied [Member] | ||
Debt Instrument [Line Items] | ||
Carrying amount of loan investments | $ 85 | $ 75 |
Loans - Impaired Loans Narrativ
Loans - Impaired Loans Narrative (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($)loan | Dec. 31, 2017USD ($) | |
Debt Instrument [Line Items] | ||
Carrying amount of loan investments | $ 4,092,308 | $ 3,178,947 |
Recorded investment of impaired loans | 31,079 | 30,873 |
Recorded investment of accruing TDRs | $ 4,100 | 8,500 |
Number of loans resulting in increase to impaired loans | loan | 6 | |
Impaired loans comprised of stated relationships | $ 12,100 | |
Collective related allowance for loan losses for impaired loans | $ 1,169 | $ 1,500 |
Loans - (Loan Portfolio Composi
Loans - (Loan Portfolio Composition Including Carrying Value by Segment of Loans Accounted for under ASC Topic 310-30) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Loans [Line Items] | ||
Total Loans | $ 4,092,308 | $ 3,178,947 |
% of Total | 100.00% | 100.00% |
Commercial Loan [Member] | ||
Loans [Line Items] | ||
Total Loans | $ 2,644,571 | $ 1,874,605 |
% of Total | 64.60% | 59.00% |
Commercial Real Estate [Member] | ||
Loans [Line Items] | ||
Total Loans | $ 592,212 | $ 563,049 |
% of Total | 14.50% | 17.70% |
Residential Real Estate Segment [Member] | ||
Loans [Line Items] | ||
Total Loans | $ 830,815 | $ 716,237 |
% of Total | 20.30% | 22.50% |
Consumer [Member] | ||
Loans [Line Items] | ||
Total Loans | $ 24,710 | $ 25,056 |
% of Total | 0.60% | 0.80% |
ASC 310-30 [Member] | ||
Loans [Line Items] | ||
Total Loans | $ 70,879 | $ 120,623 |
ASC 310-30 [Member] | Commercial Loan [Member] | ||
Loans [Line Items] | ||
Total Loans | 20,398 | 29,475 |
ASC 310-30 [Member] | Commercial Real Estate [Member] | ||
Loans [Line Items] | ||
Total Loans | 40,393 | 77,908 |
ASC 310-30 [Member] | Residential Real Estate Segment [Member] | ||
Loans [Line Items] | ||
Total Loans | 9,995 | 12,759 |
ASC 310-30 [Member] | Consumer [Member] | ||
Loans [Line Items] | ||
Total Loans | 93 | 481 |
Originated and acquired loans [Member] | ||
Loans [Line Items] | ||
Total Loans | 4,021,429 | 3,058,324 |
Originated and acquired loans [Member] | Commercial Loan [Member] | ||
Loans [Line Items] | ||
Total Loans | 2,624,173 | 1,845,130 |
Originated and acquired loans [Member] | Commercial Real Estate [Member] | ||
Loans [Line Items] | ||
Total Loans | 551,819 | 485,141 |
Originated and acquired loans [Member] | Residential Real Estate Segment [Member] | ||
Loans [Line Items] | ||
Total Loans | 820,820 | 703,478 |
Originated and acquired loans [Member] | Consumer [Member] | ||
Loans [Line Items] | ||
Total Loans | $ 24,617 | $ 24,575 |
Loans - (Loan Delinquency) (Det
Loans - (Loan Delinquency) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Loans [Line Items] | ||
Total loans | $ 4,092,308 | $ 3,178,947 |
Commercial Loan [Member] | ||
Loans [Line Items] | ||
Total loans | 2,644,571 | 1,874,605 |
Commercial Real Estate [Member] | ||
Loans [Line Items] | ||
Total loans | 592,212 | 563,049 |
Residential Real Estate Segment [Member] | ||
Loans [Line Items] | ||
Total loans | 830,815 | 716,237 |
Consumer [Member] | ||
Loans [Line Items] | ||
Total loans | 24,710 | 25,056 |
Originated and acquired loans [Member] | ||
Loans [Line Items] | ||
Total loans | 4,021,429 | 3,058,324 |
Originated and acquired loans [Member] | Commercial Loan [Member] | ||
Loans [Line Items] | ||
Total loans | 2,624,173 | 1,845,130 |
Originated and acquired loans [Member] | Commercial Real Estate [Member] | ||
Loans [Line Items] | ||
Total loans | 551,819 | 485,141 |
Originated and acquired loans [Member] | Residential Real Estate Segment [Member] | ||
Loans [Line Items] | ||
Total loans | 820,820 | 703,478 |
Originated and acquired loans [Member] | Consumer [Member] | ||
Loans [Line Items] | ||
Total loans | 24,617 | 24,575 |
ASC 310-30 [Member] | ||
Loans [Line Items] | ||
Total loans | 70,879 | 120,623 |
ASC 310-30 [Member] | Commercial Loan [Member] | ||
Loans [Line Items] | ||
Total loans | 20,398 | 29,475 |
ASC 310-30 [Member] | Commercial Real Estate [Member] | ||
Loans [Line Items] | ||
Total loans | 40,393 | 77,908 |
ASC 310-30 [Member] | Residential Real Estate Segment [Member] | ||
Loans [Line Items] | ||
Total loans | 9,995 | 12,759 |
ASC 310-30 [Member] | Consumer [Member] | ||
Loans [Line Items] | ||
Total loans | 93 | 481 |
Total Loans [Member] | ||
Loans [Line Items] | ||
Total loans | 4,092,308 | 3,178,947 |
Total Loans [Member] | Originated and acquired loans [Member] | ||
Loans [Line Items] | ||
Non- accrual | 24,456 | 21,000 |
Total past due and non-accrual | 29,961 | 24,831 |
Current | 3,991,468 | 3,033,493 |
Total loans | 4,021,429 | 3,058,324 |
Total Loans [Member] | Originated and acquired loans [Member] | Commercial Construction [Member] | ||
Loans [Line Items] | ||
Non- accrual | 1,208 | 179 |
Total past due and non-accrual | 1,208 | 179 |
Current | 93,646 | 107,502 |
Total loans | 94,854 | 107,681 |
Total Loans [Member] | Originated and acquired loans [Member] | Commercial Acquisition/Development [Member] | ||
Loans [Line Items] | ||
Non- accrual | 121 | |
Total past due and non-accrual | 121 | 1,097 |
Current | 19,529 | 13,318 |
Total loans | 19,650 | 14,415 |
Total Loans [Member] | Originated and acquired loans [Member] | Multifamily [Member] | ||
Loans [Line Items] | ||
Current | 56,685 | 26,947 |
Total loans | 56,685 | 26,947 |
Total Loans [Member] | Originated and acquired loans [Member] | Commercial and Industrial [Member] | ||
Loans [Line Items] | ||
Non- accrual | 5,510 | 7,767 |
Total past due and non-accrual | 6,079 | 8,588 |
Current | 1,925,068 | 1,367,434 |
Total loans | 1,931,147 | 1,376,022 |
Total Loans [Member] | Originated and acquired loans [Member] | Owner-Occupied [Member] | ||
Loans [Line Items] | ||
Non- accrual | 6,931 | 3,479 |
Total past due and non-accrual | 7,824 | 3,479 |
Current | 413,842 | 269,274 |
Total loans | 421,666 | 272,753 |
Total Loans [Member] | Originated and acquired loans [Member] | Non Owner-Occupied [Member] | ||
Loans [Line Items] | ||
Non- accrual | 572 | 605 |
Total past due and non-accrual | 1,032 | 661 |
Current | 379,598 | 335,437 |
Total loans | 380,630 | 336,098 |
Total Loans [Member] | Originated and acquired loans [Member] | Total Commercial Real Estate [Member] | ||
Loans [Line Items] | ||
Non- accrual | 1,901 | 784 |
Total past due and non-accrual | 2,361 | 1,937 |
Current | 549,458 | 483,204 |
Total loans | 551,819 | 485,141 |
Total Loans [Member] | Originated and acquired loans [Member] | Senior lien | ||
Loans [Line Items] | ||
Non- accrual | 7,790 | 4,723 |
Total past due and non-accrual | 10,444 | 5,564 |
Current | 712,592 | 640,918 |
Total loans | 723,036 | 646,482 |
Total Loans [Member] | Originated and acquired loans [Member] | Junior lien | ||
Loans [Line Items] | ||
Non- accrual | 772 | 459 |
Total past due and non-accrual | 1,328 | 775 |
Current | 96,456 | 56,221 |
Total loans | 97,784 | 56,996 |
Total Loans [Member] | Originated and acquired loans [Member] | Commercial Loan [Member] | ||
Loans [Line Items] | ||
Non- accrual | 13,951 | 14,894 |
Total past due and non-accrual | 15,679 | 16,252 |
Current | 2,608,494 | 1,828,878 |
Total loans | 2,624,173 | 1,845,130 |
Total Loans [Member] | Originated and acquired loans [Member] | Food and Agriculture [Member] | ||
Loans [Line Items] | ||
Non- accrual | 768 | 2,003 |
Total past due and non-accrual | 1,034 | 2,540 |
Current | 221,122 | 136,355 |
Total loans | 222,156 | 138,895 |
Total Loans [Member] | Originated and acquired loans [Member] | Energy Loans [Member] | ||
Loans [Line Items] | ||
Non- accrual | 742 | 1,645 |
Total past due and non-accrual | 742 | 1,645 |
Current | 48,462 | 55,815 |
Total loans | 49,204 | 57,460 |
Total Loans [Member] | Originated and acquired loans [Member] | Residential Real Estate Segment [Member] | ||
Loans [Line Items] | ||
Non- accrual | 8,562 | 5,182 |
Total past due and non-accrual | 11,772 | 6,339 |
Current | 809,048 | 697,139 |
Total loans | 820,820 | 703,478 |
Total Loans [Member] | Originated and acquired loans [Member] | Consumer [Member] | ||
Loans [Line Items] | ||
Non- accrual | 42 | 140 |
Total past due and non-accrual | 149 | 303 |
Current | 24,468 | 24,272 |
Total loans | 24,617 | 24,575 |
Total Loans [Member] | ASC 310-30 [Member] | ||
Loans [Line Items] | ||
Total loans | 70,879 | 120,623 |
Total Loans [Member] | ASC 310-30 [Member] | Commercial Loan [Member] | ||
Loans [Line Items] | ||
Total loans | 20,398 | 29,475 |
Total Loans [Member] | ASC 310-30 [Member] | Commercial Real Estate [Member] | ||
Loans [Line Items] | ||
Total loans | 40,393 | 77,908 |
Total Loans [Member] | ASC 310-30 [Member] | Residential Real Estate Segment [Member] | ||
Loans [Line Items] | ||
Total loans | 9,990 | 12,759 |
Total Loans [Member] | ASC 310-30 [Member] | Consumer [Member] | ||
Loans [Line Items] | ||
Total loans | 98 | 481 |
Total Loans [Member] | 30-89 Days Past Due | Originated and acquired loans [Member] | ||
Loans [Line Items] | ||
Past due loans | 4,610 | 3,681 |
Total Loans [Member] | 30-89 Days Past Due | Originated and acquired loans [Member] | Commercial Acquisition/Development [Member] | ||
Loans [Line Items] | ||
Past due loans | 1,097 | |
Total Loans [Member] | 30-89 Days Past Due | Originated and acquired loans [Member] | Commercial and Industrial [Member] | ||
Loans [Line Items] | ||
Past due loans | 495 | 671 |
Total Loans [Member] | 30-89 Days Past Due | Originated and acquired loans [Member] | Owner-Occupied [Member] | ||
Loans [Line Items] | ||
Past due loans | 893 | |
Total Loans [Member] | 30-89 Days Past Due | Originated and acquired loans [Member] | Non Owner-Occupied [Member] | ||
Loans [Line Items] | ||
Past due loans | 328 | 56 |
Total Loans [Member] | 30-89 Days Past Due | Originated and acquired loans [Member] | Total Commercial Real Estate [Member] | ||
Loans [Line Items] | ||
Past due loans | 328 | 1,153 |
Total Loans [Member] | 30-89 Days Past Due | Originated and acquired loans [Member] | Senior lien | ||
Loans [Line Items] | ||
Past due loans | 2,106 | 841 |
Total Loans [Member] | 30-89 Days Past Due | Originated and acquired loans [Member] | Junior lien | ||
Loans [Line Items] | ||
Past due loans | 556 | 316 |
Total Loans [Member] | 30-89 Days Past Due | Originated and acquired loans [Member] | Commercial Loan [Member] | ||
Loans [Line Items] | ||
Past due loans | 1,529 | 1,208 |
Total Loans [Member] | 30-89 Days Past Due | Originated and acquired loans [Member] | Food and Agriculture [Member] | ||
Loans [Line Items] | ||
Past due loans | 141 | 537 |
Total Loans [Member] | 30-89 Days Past Due | Originated and acquired loans [Member] | Residential Real Estate Segment [Member] | ||
Loans [Line Items] | ||
Past due loans | 2,662 | 1,157 |
Total Loans [Member] | 30-89 Days Past Due | Originated and acquired loans [Member] | Consumer [Member] | ||
Loans [Line Items] | ||
Past due loans | 91 | 163 |
Total Loans [Member] | Greater than 90 Days Past Due | Originated and acquired loans [Member] | ||
Loans [Line Items] | ||
Past due loans | 895 | 150 |
Total Loans [Member] | Greater than 90 Days Past Due | Originated and acquired loans [Member] | Commercial and Industrial [Member] | ||
Loans [Line Items] | ||
Past due loans | 74 | 150 |
Total Loans [Member] | Greater than 90 Days Past Due | Originated and acquired loans [Member] | Non Owner-Occupied [Member] | ||
Loans [Line Items] | ||
Past due loans | 132 | |
Total Loans [Member] | Greater than 90 Days Past Due | Originated and acquired loans [Member] | Total Commercial Real Estate [Member] | ||
Loans [Line Items] | ||
Past due loans | 132 | |
Total Loans [Member] | Greater than 90 Days Past Due | Originated and acquired loans [Member] | Senior lien | ||
Loans [Line Items] | ||
Past due loans | 548 | |
Total Loans [Member] | Greater than 90 Days Past Due | Originated and acquired loans [Member] | Commercial Loan [Member] | ||
Loans [Line Items] | ||
Past due loans | 199 | $ 150 |
Total Loans [Member] | Greater than 90 Days Past Due | Originated and acquired loans [Member] | Food and Agriculture [Member] | ||
Loans [Line Items] | ||
Past due loans | 125 | |
Total Loans [Member] | Greater than 90 Days Past Due | Originated and acquired loans [Member] | Residential Real Estate Segment [Member] | ||
Loans [Line Items] | ||
Past due loans | 548 | |
Total Loans [Member] | Greater than 90 Days Past Due | Originated and acquired loans [Member] | Consumer [Member] | ||
Loans [Line Items] | ||
Past due loans | 16 | |
Non Accrual [Member] | ||
Loans [Line Items] | ||
Non- accrual | $ 24,500 |
Loans - (Credit Exposure for Lo
Loans - (Credit Exposure for Loans as Determined by Company's Internal Risk Rating System) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Loans [Line Items] | ||
Total Loans | $ 4,092,308 | $ 3,178,947 |
Commercial Loan [Member] | ||
Loans [Line Items] | ||
Total Loans | 2,644,571 | 1,874,605 |
Residential Real Estate Segment [Member] | ||
Loans [Line Items] | ||
Total Loans | 830,815 | 716,237 |
Consumer [Member] | ||
Loans [Line Items] | ||
Total Loans | 24,710 | 25,056 |
Commercial Real Estate [Member] | ||
Loans [Line Items] | ||
Total Loans | 592,212 | 563,049 |
Originated and acquired loans [Member] | ||
Loans [Line Items] | ||
Total Loans | 4,021,429 | 3,058,324 |
Originated and acquired loans [Member] | Commercial Loan [Member] | ||
Loans [Line Items] | ||
Total Loans | 2,624,173 | 1,845,130 |
Originated and acquired loans [Member] | Residential Real Estate Segment [Member] | ||
Loans [Line Items] | ||
Total Loans | 820,820 | 703,478 |
Originated and acquired loans [Member] | Consumer [Member] | ||
Loans [Line Items] | ||
Total Loans | 24,617 | 24,575 |
Originated and acquired loans [Member] | Commercial Real Estate [Member] | ||
Loans [Line Items] | ||
Total Loans | 551,819 | 485,141 |
ASC 310-30 [Member] | ||
Loans [Line Items] | ||
Total Loans | 70,879 | 120,623 |
ASC 310-30 [Member] | Commercial Loan [Member] | ||
Loans [Line Items] | ||
Total Loans | 20,398 | 29,475 |
ASC 310-30 [Member] | Residential Real Estate Segment [Member] | ||
Loans [Line Items] | ||
Total Loans | 9,995 | 12,759 |
ASC 310-30 [Member] | Consumer [Member] | ||
Loans [Line Items] | ||
Total Loans | 93 | 481 |
ASC 310-30 [Member] | Commercial Real Estate [Member] | ||
Loans [Line Items] | ||
Total Loans | 40,393 | 77,908 |
Total Loans [Member] | ||
Loans [Line Items] | ||
Total Loans | 4,092,308 | 3,178,947 |
Total Loans [Member] | Originated and acquired loans [Member] | ||
Loans [Line Items] | ||
Total Loans | 4,021,429 | 3,058,324 |
Total Loans [Member] | Originated and acquired loans [Member] | Commercial and Industrial [Member] | ||
Loans [Line Items] | ||
Total Loans | 1,931,147 | 1,376,022 |
Total Loans [Member] | Originated and acquired loans [Member] | Food and Agriculture [Member] | ||
Loans [Line Items] | ||
Total Loans | 222,156 | 138,895 |
Total Loans [Member] | Originated and acquired loans [Member] | Energy Loans [Member] | ||
Loans [Line Items] | ||
Total Loans | 49,204 | 57,460 |
Total Loans [Member] | Originated and acquired loans [Member] | Commercial Loan [Member] | ||
Loans [Line Items] | ||
Total Loans | 2,624,173 | 1,845,130 |
Total Loans [Member] | Originated and acquired loans [Member] | Total Commercial Real Estate [Member] | ||
Loans [Line Items] | ||
Total Loans | 551,819 | 485,141 |
Total Loans [Member] | Originated and acquired loans [Member] | Commercial Construction [Member] | ||
Loans [Line Items] | ||
Total Loans | 94,854 | 107,681 |
Total Loans [Member] | Originated and acquired loans [Member] | Commercial Acquisition/Development [Member] | ||
Loans [Line Items] | ||
Total Loans | 19,650 | 14,415 |
Total Loans [Member] | Originated and acquired loans [Member] | Multifamily [Member] | ||
Loans [Line Items] | ||
Total Loans | 56,685 | 26,947 |
Total Loans [Member] | Originated and acquired loans [Member] | Owner-Occupied [Member] | ||
Loans [Line Items] | ||
Total Loans | 421,666 | 272,753 |
Total Loans [Member] | Originated and acquired loans [Member] | Non Owner-Occupied [Member] | ||
Loans [Line Items] | ||
Total Loans | 380,630 | 336,098 |
Total Loans [Member] | Originated and acquired loans [Member] | Residential Real Estate Segment [Member] | ||
Loans [Line Items] | ||
Total Loans | 820,820 | 703,478 |
Total Loans [Member] | Originated and acquired loans [Member] | Senior lien | ||
Loans [Line Items] | ||
Total Loans | 723,036 | 646,482 |
Total Loans [Member] | Originated and acquired loans [Member] | Junior lien | ||
Loans [Line Items] | ||
Total Loans | 97,784 | 56,996 |
Total Loans [Member] | Originated and acquired loans [Member] | Consumer [Member] | ||
Loans [Line Items] | ||
Total Loans | 24,617 | 24,575 |
Total Loans [Member] | ASC 310-30 [Member] | ||
Loans [Line Items] | ||
Total Loans | 70,879 | 120,623 |
Total Loans [Member] | ASC 310-30 [Member] | Commercial Loan [Member] | ||
Loans [Line Items] | ||
Total Loans | 20,398 | 29,475 |
Total Loans [Member] | ASC 310-30 [Member] | Residential Real Estate Segment [Member] | ||
Loans [Line Items] | ||
Total Loans | 9,990 | 12,759 |
Total Loans [Member] | ASC 310-30 [Member] | Consumer [Member] | ||
Loans [Line Items] | ||
Total Loans | 98 | 481 |
Total Loans [Member] | ASC 310-30 [Member] | Commercial Real Estate [Member] | ||
Loans [Line Items] | ||
Total Loans | 40,393 | 77,908 |
Total Loans [Member] | Pass [Member] | ||
Loans [Line Items] | ||
Total Loans | 3,973,689 | 3,059,969 |
Total Loans [Member] | Pass [Member] | Originated and acquired loans [Member] | ||
Loans [Line Items] | ||
Total Loans | 3,909,304 | 2,975,079 |
Total Loans [Member] | Pass [Member] | Originated and acquired loans [Member] | Commercial and Industrial [Member] | ||
Loans [Line Items] | ||
Total Loans | 1,890,710 | 1,349,116 |
Total Loans [Member] | Pass [Member] | Originated and acquired loans [Member] | Food and Agriculture [Member] | ||
Loans [Line Items] | ||
Total Loans | 220,004 | 118,068 |
Total Loans [Member] | Pass [Member] | Originated and acquired loans [Member] | Energy Loans [Member] | ||
Loans [Line Items] | ||
Total Loans | 48,462 | 55,814 |
Total Loans [Member] | Pass [Member] | Originated and acquired loans [Member] | Commercial Loan [Member] | ||
Loans [Line Items] | ||
Total Loans | 2,552,580 | 1,773,222 |
Total Loans [Member] | Pass [Member] | Originated and acquired loans [Member] | Total Commercial Real Estate [Member] | ||
Loans [Line Items] | ||
Total Loans | 524,721 | 479,959 |
Total Loans [Member] | Pass [Member] | Originated and acquired loans [Member] | Commercial Construction [Member] | ||
Loans [Line Items] | ||
Total Loans | 92,731 | 107,502 |
Total Loans [Member] | Pass [Member] | Originated and acquired loans [Member] | Commercial Acquisition/Development [Member] | ||
Loans [Line Items] | ||
Total Loans | 19,529 | 14,415 |
Total Loans [Member] | Pass [Member] | Originated and acquired loans [Member] | Multifamily [Member] | ||
Loans [Line Items] | ||
Total Loans | 56,685 | 24,817 |
Total Loans [Member] | Pass [Member] | Originated and acquired loans [Member] | Owner-Occupied [Member] | ||
Loans [Line Items] | ||
Total Loans | 393,404 | 250,224 |
Total Loans [Member] | Pass [Member] | Originated and acquired loans [Member] | Non Owner-Occupied [Member] | ||
Loans [Line Items] | ||
Total Loans | 355,776 | 333,225 |
Total Loans [Member] | Pass [Member] | Originated and acquired loans [Member] | Residential Real Estate Segment [Member] | ||
Loans [Line Items] | ||
Total Loans | 807,428 | 697,466 |
Total Loans [Member] | Pass [Member] | Originated and acquired loans [Member] | Senior lien | ||
Loans [Line Items] | ||
Total Loans | 710,972 | 641,294 |
Total Loans [Member] | Pass [Member] | Originated and acquired loans [Member] | Junior lien | ||
Loans [Line Items] | ||
Total Loans | 96,456 | 56,172 |
Total Loans [Member] | Pass [Member] | Originated and acquired loans [Member] | Consumer [Member] | ||
Loans [Line Items] | ||
Total Loans | 24,575 | 24,432 |
Total Loans [Member] | Pass [Member] | ASC 310-30 [Member] | ||
Loans [Line Items] | ||
Total Loans | 64,385 | 84,890 |
Total Loans [Member] | Pass [Member] | ASC 310-30 [Member] | Commercial Loan [Member] | ||
Loans [Line Items] | ||
Total Loans | 17,579 | 23,954 |
Total Loans [Member] | Pass [Member] | ASC 310-30 [Member] | Residential Real Estate Segment [Member] | ||
Loans [Line Items] | ||
Total Loans | 7,484 | 10,072 |
Total Loans [Member] | Pass [Member] | ASC 310-30 [Member] | Consumer [Member] | ||
Loans [Line Items] | ||
Total Loans | 327 | |
Total Loans [Member] | Pass [Member] | ASC 310-30 [Member] | Commercial Real Estate [Member] | ||
Loans [Line Items] | ||
Total Loans | 39,322 | 50,537 |
Total Loans [Member] | Special Mention [Member] | ||
Loans [Line Items] | ||
Total Loans | 63,975 | 51,188 |
Total Loans [Member] | Special Mention [Member] | Originated and acquired loans [Member] | ||
Loans [Line Items] | ||
Total Loans | 62,284 | 48,171 |
Total Loans [Member] | Special Mention [Member] | Originated and acquired loans [Member] | Commercial and Industrial [Member] | ||
Loans [Line Items] | ||
Total Loans | 16,531 | 10,829 |
Total Loans [Member] | Special Mention [Member] | Originated and acquired loans [Member] | Food and Agriculture [Member] | ||
Loans [Line Items] | ||
Total Loans | 1,260 | 18,824 |
Total Loans [Member] | Special Mention [Member] | Originated and acquired loans [Member] | Commercial Loan [Member] | ||
Loans [Line Items] | ||
Total Loans | 34,140 | 46,683 |
Total Loans [Member] | Special Mention [Member] | Originated and acquired loans [Member] | Total Commercial Real Estate [Member] | ||
Loans [Line Items] | ||
Total Loans | 24,158 | 1,396 |
Total Loans [Member] | Special Mention [Member] | Originated and acquired loans [Member] | Commercial Construction [Member] | ||
Loans [Line Items] | ||
Total Loans | 915 | |
Total Loans [Member] | Special Mention [Member] | Originated and acquired loans [Member] | Owner-Occupied [Member] | ||
Loans [Line Items] | ||
Total Loans | 16,349 | 17,030 |
Total Loans [Member] | Special Mention [Member] | Originated and acquired loans [Member] | Non Owner-Occupied [Member] | ||
Loans [Line Items] | ||
Total Loans | 23,243 | 1,396 |
Total Loans [Member] | Special Mention [Member] | Originated and acquired loans [Member] | Residential Real Estate Segment [Member] | ||
Loans [Line Items] | ||
Total Loans | 3,986 | 91 |
Total Loans [Member] | Special Mention [Member] | Originated and acquired loans [Member] | Senior lien | ||
Loans [Line Items] | ||
Total Loans | 3,571 | 91 |
Total Loans [Member] | Special Mention [Member] | Originated and acquired loans [Member] | Junior lien | ||
Loans [Line Items] | ||
Total Loans | 415 | |
Total Loans [Member] | Special Mention [Member] | Originated and acquired loans [Member] | Consumer [Member] | ||
Loans [Line Items] | ||
Total Loans | 1 | |
Total Loans [Member] | Special Mention [Member] | ASC 310-30 [Member] | ||
Loans [Line Items] | ||
Total Loans | 1,691 | 3,017 |
Total Loans [Member] | Special Mention [Member] | ASC 310-30 [Member] | Commercial Loan [Member] | ||
Loans [Line Items] | ||
Total Loans | 537 | 1,070 |
Total Loans [Member] | Special Mention [Member] | ASC 310-30 [Member] | Residential Real Estate Segment [Member] | ||
Loans [Line Items] | ||
Total Loans | 908 | 1,055 |
Total Loans [Member] | Special Mention [Member] | ASC 310-30 [Member] | Consumer [Member] | ||
Loans [Line Items] | ||
Total Loans | 9 | |
Total Loans [Member] | Special Mention [Member] | ASC 310-30 [Member] | Commercial Real Estate [Member] | ||
Loans [Line Items] | ||
Total Loans | 246 | 883 |
Total Loans [Member] | Substandard [Member] | ||
Loans [Line Items] | ||
Total Loans | 53,527 | 66,329 |
Total Loans [Member] | Substandard [Member] | Originated and acquired loans [Member] | ||
Loans [Line Items] | ||
Total Loans | 48,724 | 33,613 |
Total Loans [Member] | Substandard [Member] | Originated and acquired loans [Member] | Commercial and Industrial [Member] | ||
Loans [Line Items] | ||
Total Loans | 22,919 | 14,824 |
Total Loans [Member] | Substandard [Member] | Originated and acquired loans [Member] | Food and Agriculture [Member] | ||
Loans [Line Items] | ||
Total Loans | 847 | 1,870 |
Total Loans [Member] | Substandard [Member] | Originated and acquired loans [Member] | Energy Loans [Member] | ||
Loans [Line Items] | ||
Total Loans | 742 | 1,646 |
Total Loans [Member] | Substandard [Member] | Originated and acquired loans [Member] | Commercial Loan [Member] | ||
Loans [Line Items] | ||
Total Loans | 36,336 | 23,764 |
Total Loans [Member] | Substandard [Member] | Originated and acquired loans [Member] | Total Commercial Real Estate [Member] | ||
Loans [Line Items] | ||
Total Loans | 2,940 | 3,786 |
Total Loans [Member] | Substandard [Member] | Originated and acquired loans [Member] | Commercial Construction [Member] | ||
Loans [Line Items] | ||
Total Loans | 1,208 | 179 |
Total Loans [Member] | Substandard [Member] | Originated and acquired loans [Member] | Commercial Acquisition/Development [Member] | ||
Loans [Line Items] | ||
Total Loans | 121 | |
Total Loans [Member] | Substandard [Member] | Originated and acquired loans [Member] | Multifamily [Member] | ||
Loans [Line Items] | ||
Total Loans | 2,130 | |
Total Loans [Member] | Substandard [Member] | Originated and acquired loans [Member] | Owner-Occupied [Member] | ||
Loans [Line Items] | ||
Total Loans | 11,828 | 5,424 |
Total Loans [Member] | Substandard [Member] | Originated and acquired loans [Member] | Non Owner-Occupied [Member] | ||
Loans [Line Items] | ||
Total Loans | 1,611 | 1,477 |
Total Loans [Member] | Substandard [Member] | Originated and acquired loans [Member] | Residential Real Estate Segment [Member] | ||
Loans [Line Items] | ||
Total Loans | 9,406 | 5,921 |
Total Loans [Member] | Substandard [Member] | Originated and acquired loans [Member] | Senior lien | ||
Loans [Line Items] | ||
Total Loans | 8,493 | 5,097 |
Total Loans [Member] | Substandard [Member] | Originated and acquired loans [Member] | Junior lien | ||
Loans [Line Items] | ||
Total Loans | 913 | 824 |
Total Loans [Member] | Substandard [Member] | Originated and acquired loans [Member] | Consumer [Member] | ||
Loans [Line Items] | ||
Total Loans | 42 | 142 |
Total Loans [Member] | Substandard [Member] | ASC 310-30 [Member] | ||
Loans [Line Items] | ||
Total Loans | 4,803 | 32,716 |
Total Loans [Member] | Substandard [Member] | ASC 310-30 [Member] | Commercial Loan [Member] | ||
Loans [Line Items] | ||
Total Loans | 2,282 | 4,451 |
Total Loans [Member] | Substandard [Member] | ASC 310-30 [Member] | Residential Real Estate Segment [Member] | ||
Loans [Line Items] | ||
Total Loans | 1,598 | 1,632 |
Total Loans [Member] | Substandard [Member] | ASC 310-30 [Member] | Consumer [Member] | ||
Loans [Line Items] | ||
Total Loans | 98 | 145 |
Total Loans [Member] | Substandard [Member] | ASC 310-30 [Member] | Commercial Real Estate [Member] | ||
Loans [Line Items] | ||
Total Loans | 825 | 26,488 |
Total Loans [Member] | Doubtful [Member] | ||
Loans [Line Items] | ||
Total Loans | 1,117 | 1,461 |
Total Loans [Member] | Doubtful [Member] | Originated and acquired loans [Member] | ||
Loans [Line Items] | ||
Total Loans | 1,117 | 1,461 |
Total Loans [Member] | Doubtful [Member] | Originated and acquired loans [Member] | Commercial and Industrial [Member] | ||
Loans [Line Items] | ||
Total Loans | 987 | 1,253 |
Total Loans [Member] | Doubtful [Member] | Originated and acquired loans [Member] | Food and Agriculture [Member] | ||
Loans [Line Items] | ||
Total Loans | 45 | 133 |
Total Loans [Member] | Doubtful [Member] | Originated and acquired loans [Member] | Commercial Loan [Member] | ||
Loans [Line Items] | ||
Total Loans | 1,117 | 1,461 |
Total Loans [Member] | Doubtful [Member] | Originated and acquired loans [Member] | Owner-Occupied [Member] | ||
Loans [Line Items] | ||
Total Loans | $ 85 | $ 75 |
Loans - (Additional Information
Loans - (Additional Information Regarding Impaired Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Loans [Line Items] | ||
Unpaid principal balance, Total | $ 42,726 | $ 41,351 |
Recorded investment of impaired loans | 31,079 | 30,873 |
Loans and Leases Receivable, Allowance | 1,169 | 1,500 |
Commercial and Industrial [Member] | ||
Loans [Line Items] | ||
Unpaid principal balance with no related allowance recorded | 4,374 | 6,481 |
Recorded investment with no related allowance recorded | 3,029 | 5,055 |
Unpaid principal balance of impaired loans with an allowance recorded | 7,252 | 7,919 |
Recorded investment of impaired loans with an allowance recorded | 4,627 | 5,339 |
Allowance for loan losses allocated with an allowance recorded | 996 | 1,329 |
Food and Agriculture [Member] | ||
Loans [Line Items] | ||
Unpaid principal balance with no related allowance recorded | 1,468 | 1,502 |
Recorded investment with no related allowance recorded | 1,260 | 1,245 |
Unpaid principal balance of impaired loans with an allowance recorded | 883 | 2,122 |
Recorded investment of impaired loans with an allowance recorded | 845 | 2,083 |
Allowance for loan losses allocated with an allowance recorded | 46 | 133 |
Energy Loans [Member] | ||
Loans [Line Items] | ||
Unpaid principal balance with no related allowance recorded | 5,366 | 8,661 |
Recorded investment with no related allowance recorded | 742 | 3,861 |
Commercial Loan [Member] | ||
Loans [Line Items] | ||
Unpaid principal balance with no related allowance recorded | 18,338 | 20,830 |
Recorded investment with no related allowance recorded | 11,640 | 14,095 |
Unpaid principal balance of impaired loans with an allowance recorded | 9,497 | 10,914 |
Recorded investment of impaired loans with an allowance recorded | 6,641 | 8,135 |
Allowance for loan losses allocated with an allowance recorded | 1,132 | 1,466 |
Commercial Construction [Member] | ||
Loans [Line Items] | ||
Unpaid principal balance with no related allowance recorded | 1,435 | 215 |
Recorded investment with no related allowance recorded | 1,208 | 179 |
Commercial Acquisition/Development [Member] | ||
Loans [Line Items] | ||
Unpaid principal balance with no related allowance recorded | 378 | |
Recorded investment with no related allowance recorded | 121 | |
Multifamily [Member] | ||
Loans [Line Items] | ||
Unpaid principal balance with no related allowance recorded | 29 | |
Recorded investment with no related allowance recorded | 29 | |
Owner-Occupied [Member] | ||
Loans [Line Items] | ||
Unpaid principal balance with no related allowance recorded | 7,130 | 4,186 |
Recorded investment with no related allowance recorded | 6,609 | 3,934 |
Unpaid principal balance of impaired loans with an allowance recorded | 1,362 | 873 |
Recorded investment of impaired loans with an allowance recorded | 1,169 | 713 |
Allowance for loan losses allocated with an allowance recorded | 90 | 4 |
Non Owner-Occupied [Member] | ||
Loans [Line Items] | ||
Unpaid principal balance with no related allowance recorded | 641 | 901 |
Recorded investment with no related allowance recorded | 547 | 853 |
Unpaid principal balance of impaired loans with an allowance recorded | 313 | 207 |
Recorded investment of impaired loans with an allowance recorded | 254 | 200 |
Allowance for loan losses allocated with an allowance recorded | 2 | 1 |
Total Commercial Real Estate [Member] | ||
Loans [Line Items] | ||
Unpaid principal balance with no related allowance recorded | 2,454 | 1,145 |
Recorded investment with no related allowance recorded | 1,876 | 1,061 |
Unpaid principal balance of impaired loans with an allowance recorded | 313 | 207 |
Recorded investment of impaired loans with an allowance recorded | 254 | 200 |
Allowance for loan losses allocated with an allowance recorded | 2 | 1 |
Senior lien | ||
Loans [Line Items] | ||
Unpaid principal balance with no related allowance recorded | 4,229 | 333 |
Recorded investment with no related allowance recorded | 3,814 | 309 |
Unpaid principal balance of impaired loans with an allowance recorded | 6,032 | 6,481 |
Recorded investment of impaired loans with an allowance recorded | 5,178 | 5,753 |
Allowance for loan losses allocated with an allowance recorded | 27 | 24 |
Junior lien | ||
Loans [Line Items] | ||
Unpaid principal balance with no related allowance recorded | 409 | |
Recorded investment with no related allowance recorded | 341 | |
Unpaid principal balance of impaired loans with an allowance recorded | 1,408 | 1,295 |
Recorded investment of impaired loans with an allowance recorded | 1,293 | 1,179 |
Allowance for loan losses allocated with an allowance recorded | 8 | 8 |
Residential Real Estate Segment [Member] | ||
Loans [Line Items] | ||
Unpaid principal balance with no related allowance recorded | 4,638 | 333 |
Recorded investment with no related allowance recorded | 4,155 | 309 |
Unpaid principal balance of impaired loans with an allowance recorded | 7,440 | 7,776 |
Recorded investment of impaired loans with an allowance recorded | 6,471 | 6,932 |
Allowance for loan losses allocated with an allowance recorded | 35 | 32 |
Consumer [Member] | ||
Loans [Line Items] | ||
Unpaid principal balance with no related allowance recorded | 46 | |
Recorded investment with no related allowance recorded | 42 | |
Unpaid principal balance of impaired loans with an allowance recorded | 146 | |
Recorded investment of impaired loans with an allowance recorded | 141 | |
Allowance for loan losses allocated with an allowance recorded | 1 | |
Impaired Loans With No Related Allowance Recorded [Member] [Member] | ||
Loans [Line Items] | ||
Unpaid principal balance with no related allowance recorded | 25,476 | 22,308 |
Recorded investment with no related allowance recorded | 17,713 | 15,465 |
Impaired Loans With Related Allowance Recorded [Member] | ||
Loans [Line Items] | ||
Unpaid principal balance of impaired loans with an allowance recorded | 17,250 | 19,043 |
Recorded investment of impaired loans with an allowance recorded | 13,366 | 15,408 |
Allowance for loan losses allocated with an allowance recorded | $ 1,169 | $ 1,500 |
Loans - (Impaired Loans - Avera
Loans - (Impaired Loans - Average Recorded Investment and Interest Income Recognized) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Loans [Line Items] | |||
Impaired Financing Receivable, Average Recorded Investment | $ 32,674 | $ 38,369 | $ 49,161 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 446 | 798 | 769 |
Commercial and Industrial [Member] | |||
Loans [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 3,248 | 5,609 | 7,909 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 168 | 152 | 252 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 4,677 | 7,331 | 3,545 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 198 | ||
Owner-Occupied [Member] | |||
Loans [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 6,799 | 4,155 | 3,249 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 38 | 80 | 92 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 1,220 | 747 | 703 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 19 | 20 | 20 |
Food and Agriculture [Member] | |||
Loans [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 1,259 | 1,422 | 1,830 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 98 | 244 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 862 | 2,092 | 162 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 5 | 5 | 5 |
Energy Loans [Member] | |||
Loans [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 884 | 8,004 | 12,565 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 156 | ||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 10,008 | ||
Commercial Loan [Member] | |||
Loans [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 12,190 | 19,190 | 25,553 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 304 | 632 | 344 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 6,759 | 10,170 | 14,418 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 23 | 25 | 223 |
Commercial Construction [Member] | |||
Loans [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 1,208 | ||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 188 | ||
Commercial Acquisition/Development [Member] | |||
Loans [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 606 | ||
Multifamily [Member] | |||
Loans [Line Items] | |||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 30 | 34 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 1 | 2 | |
Non Owner-Occupied [Member] | |||
Loans [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 573 | 878 | 368 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 22 | 22 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 288 | 213 | 268 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 16 | 9 | 13 |
Total Commercial Real Estate [Member] | |||
Loans [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 2,387 | 878 | 368 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 22 | 22 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 288 | 431 | 302 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 16 | 10 | 15 |
Senior lien | |||
Loans [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 3,904 | 326 | 1,466 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 19 | ||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 5,412 | 5,986 | 5,200 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 57 | 67 | 88 |
Junior lien | |||
Loans [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 355 | 54 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 2 | 2 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 1,331 | 1,225 | 1,600 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 43 | 42 | 56 |
Residential Real Estate Segment [Member] | |||
Loans [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 4,259 | 326 | 1,520 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 2 | 21 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 6,743 | 7,211 | 6,800 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 100 | 109 | 144 |
Consumer [Member] | |||
Loans [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 12 | 4 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 36 | 163 | 196 |
Impaired Loans With No Related Allowance Recorded [Member] [Member] | |||
Loans [Line Items] | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 18,848 | 20,394 | 27,445 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 306 | 654 | 387 |
Impaired Loans With Related Allowance Recorded [Member] | |||
Loans [Line Items] | |||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 13,826 | 17,975 | 21,716 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | $ 140 | $ 144 | $ 382 |
Loans - Troubled Debt Restructu
Loans - Troubled Debt Restructuring and Loans Accounted for Under ASC Topic 310-30 Narratives (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2018USD ($)loan | Dec. 31, 2017USD ($)loan | |
Debt Instrument [Line Items] | ||
Number of restructured loans | loan | 10 | |
Change in Non-accruing TDRs | $ (3.8) | |
Troubled Debt Restructurings [Member] | ||
Debt Instrument [Line Items] | ||
TDR's modified within the past year that defaulted on their restructured terms | loan | 1 | 3 |
Recorded investment | $ 0.8 | |
Agriculture and Consumer loans [Member] | ||
Debt Instrument [Line Items] | ||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 0.1 |
Loans - (Additional Informati_2
Loans - (Additional Information Related to Accruing TDR's) (Details) - Accruing TDR [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Loans [Line Items] | ||
Recorded investment | $ 4,073 | $ 8,460 |
Average year-to- date recorded investment | 4,250 | 9,261 |
Unpaid principal balance | 4,556 | 9,092 |
Unfunded commitments to fund TDRs | 12 | 2,043 |
Commercial [Member] | ||
Loans [Line Items] | ||
Recorded investment | 2,730 | 6,595 |
Average year-to- date recorded investment | 2,827 | 7,308 |
Unpaid principal balance | 3,155 | 7,171 |
Unfunded commitments to fund TDRs | 2,041 | |
Commercial Real Estate [Member] | ||
Loans [Line Items] | ||
Recorded investment | 229 | 455 |
Average year-to- date recorded investment | 260 | 489 |
Unpaid principal balance | 280 | 500 |
Residential Real Estate Segment [Member] | ||
Loans [Line Items] | ||
Recorded investment | 1,114 | 1,409 |
Average year-to- date recorded investment | 1,163 | 1,461 |
Unpaid principal balance | 1,121 | 1,420 |
Unfunded commitments to fund TDRs | $ 12 | 2 |
Consumer [Member] | ||
Loans [Line Items] | ||
Recorded investment | 1 | |
Average year-to- date recorded investment | 3 | |
Unpaid principal balance | $ 1 |
Loans - (Summary of Company's C
Loans - (Summary of Company's Carrying Value of Non-Accrual TDR's) (Details) - Non-Accruing TDR [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Loans [Line Items] | ||
Carrying Value of Non - Accruing TDR's | $ 3,438 | $ 7,255 |
Commercial [Member] | ||
Loans [Line Items] | ||
Carrying Value of Non - Accruing TDR's | 1,854 | 5,808 |
Residential Real Estate Segment [Member] | ||
Loans [Line Items] | ||
Carrying Value of Non - Accruing TDR's | $ 1,584 | 1,336 |
Consumer [Member] | ||
Loans [Line Items] | ||
Carrying Value of Non - Accruing TDR's | $ 111 |
Loans - (Re-Measurement of Loan
Loans - (Re-Measurement of Loans Accounted for Under ASC Topic 310-30 Resulting in Changes in Carrying Amount of Accretable Yield) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Accretable yield beginning balance | $ 46,568 | $ 60,476 |
Reclassification from non-accretable difference | 10,751 | 11,398 |
Reclassification to non-accretable difference | (2,263) | (2,801) |
Accretion | (19,155) | (22,505) |
Accretable yield ending balance | $ 35,901 | $ 46,568 |
Loans - (Composition of Net Boo
Loans - (Composition of Net Book Value for Loans Accounted for under ASC Topic 310-30) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Receivables [Abstract] | ||
Contractual cash flows | $ 420,994 | $ 489,892 |
Non-accretable difference | (314,214) | (322,701) |
Accretable yield | (35,901) | (46,568) |
Loans accounted for under ASC 310-30 | $ 70,879 | $ 120,623 |
Allowance for Loan Losses - (Su
Allowance for Loan Losses - (Summary of Company's Allowance for Loan Losses ("All") and Recorded Investment in Loans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | $ 31,264 | $ 29,174 | |||
Provision (recoupment) for loan losses | 5,197 | 12,972 | $ 23,651 | ||
Ending balance | 35,692 | 31,264 | 29,174 | ||
Carrying amount of loan investments | $ 4,092,308 | $ 3,178,947 | |||
Loans | 31,264 | 29,174 | 29,174 | 35,692 | 31,264 |
Total Loans | 4,092,308 | 3,178,947 | |||
Originated and acquired loans [Member] | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 31,193 | 28,949 | |||
Charge-offs | (2,096) | (11,315) | |||
Recoveries | 1,389 | 433 | |||
Provision (recoupment) for loan losses | 4,975 | 13,126 | |||
Ending balance | 35,461 | 31,193 | 28,949 | ||
Carrying amount of loan investments | 4,021,429 | 3,058,324 | |||
Loans | 31,193 | 28,949 | 28,949 | 35,461 | 31,193 |
Total Loans | 4,021,429 | 3,058,324 | |||
Originated and acquired loans [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Ending allowance balance individually evaluated for impairment | 1,169 | 1,501 | |||
Ending allowance balance collectively evaluated for impairment | 34,292 | 29,692 | |||
Loans individually evaluated for impairment | 31,079 | 30,873 | |||
Loans collectively evaluated for impairment | 3,990,350 | 3,027,451 | |||
ASC 310-30 [Member] | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 71 | 225 | |||
Charge-offs | (62) | ||||
Provision (recoupment) for loan losses | 222 | (154) | |||
Ending balance | 231 | 71 | 225 | ||
Carrying amount of loan investments | 70,879 | 120,623 | |||
Loans | 71 | 225 | 225 | 231 | 71 |
Total Loans | 70,879 | 120,623 | |||
Commercial Portfolio Segment [Member] | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 21,385 | 18,821 | |||
Ending balance | 27,137 | 21,385 | 18,821 | ||
Carrying amount of loan investments | 2,644,571 | 1,874,605 | |||
Loans | 21,385 | 18,821 | 18,821 | 27,137 | 21,385 |
Total Loans | 2,644,571 | 1,874,605 | |||
Commercial Portfolio Segment [Member] | Originated and acquired loans [Member] | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 21,340 | 18,821 | |||
Charge-offs | (833) | (10,342) | |||
Recoveries | 1,171 | 99 | |||
Provision (recoupment) for loan losses | 5,268 | 12,762 | |||
Ending balance | 26,946 | 21,340 | 18,821 | ||
Loans | 21,340 | 18,821 | 18,821 | 26,946 | 21,340 |
Commercial Portfolio Segment [Member] | Originated and acquired loans [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Ending allowance balance individually evaluated for impairment | 1,132 | 1,466 | |||
Ending allowance balance collectively evaluated for impairment | 25,814 | 19,874 | |||
Loans individually evaluated for impairment | 18,282 | 22,232 | |||
Loans collectively evaluated for impairment | 2,605,891 | 1,822,898 | |||
Commercial Portfolio Segment [Member] | ASC 310-30 [Member] | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 45 | ||||
Charge-offs | (62) | ||||
Provision (recoupment) for loan losses | 208 | 45 | |||
Ending balance | 191 | 45 | |||
Carrying amount of loan investments | 20,398 | 29,475 | |||
Loans | 45 | 45 | 191 | 45 | |
Total Loans | 20,398 | 29,475 | |||
Non Owner-Occupied [Member] | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 5,609 | 5,642 | |||
Ending balance | 4,406 | 5,609 | 5,642 | ||
Carrying amount of loan investments | 592,212 | 563,049 | |||
Loans | 5,609 | 5,642 | 5,642 | 4,406 | 5,609 |
Total Loans | 592,212 | 563,049 | |||
Non Owner-Occupied [Member] | Originated and acquired loans [Member] | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 5,583 | 5,422 | |||
Charge-offs | (11) | ||||
Recoveries | 20 | ||||
Provision (recoupment) for loan losses | (1,166) | 141 | |||
Ending balance | 4,406 | 5,583 | 5,422 | ||
Loans | 5,583 | 5,422 | 5,422 | 4,406 | 5,583 |
Non Owner-Occupied [Member] | Originated and acquired loans [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Ending allowance balance individually evaluated for impairment | 2 | 2 | |||
Ending allowance balance collectively evaluated for impairment | 4,404 | 5,581 | |||
Loans individually evaluated for impairment | 2,129 | 1,260 | |||
Loans collectively evaluated for impairment | 549,690 | 483,881 | |||
Non Owner-Occupied [Member] | ASC 310-30 [Member] | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 26 | 220 | |||
Provision (recoupment) for loan losses | (26) | (194) | |||
Ending balance | 26 | 220 | |||
Carrying amount of loan investments | 40,393 | 77,908 | |||
Loans | 26 | 220 | 220 | 26 | |
Total Loans | 40,393 | 77,908 | |||
Residential Portfolio Segment [Member] | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 3,965 | 4,387 | |||
Ending balance | 3,800 | 3,965 | 4,387 | ||
Carrying amount of loan investments | 830,815 | 716,237 | |||
Loans | 3,965 | 4,387 | 4,387 | 3,800 | 3,965 |
Total Loans | 830,815 | 716,237 | |||
Residential Portfolio Segment [Member] | Originated and acquired loans [Member] | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 3,965 | 4,387 | |||
Charge-offs | (118) | (236) | |||
Recoveries | 14 | 129 | |||
Provision (recoupment) for loan losses | (101) | (315) | |||
Ending balance | 3,760 | 3,965 | 4,387 | ||
Loans | 3,965 | 4,387 | 4,387 | 3,760 | 3,965 |
Residential Portfolio Segment [Member] | Originated and acquired loans [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Ending allowance balance individually evaluated for impairment | 35 | 32 | |||
Ending allowance balance collectively evaluated for impairment | 3,725 | 3,933 | |||
Loans individually evaluated for impairment | 5,169 | 7,240 | |||
Loans collectively evaluated for impairment | 815,651 | 696,238 | |||
Residential Portfolio Segment [Member] | ASC 310-30 [Member] | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Provision (recoupment) for loan losses | 40 | ||||
Ending balance | 40 | ||||
Carrying amount of loan investments | 9,995 | 12,759 | |||
Loans | 40 | 40 | |||
Total Loans | 9,995 | 12,759 | |||
Consumer Loan [Member] | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 305 | 324 | |||
Ending balance | 349 | 305 | 324 | ||
Carrying amount of loan investments | 24,710 | 25,056 | |||
Loans | 305 | 324 | 324 | 349 | 305 |
Total Loans | 24,710 | 25,056 | |||
Consumer Loan [Member] | Originated and acquired loans [Member] | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 305 | 319 | |||
Charge-offs | (1,134) | (737) | |||
Recoveries | 204 | 185 | |||
Provision (recoupment) for loan losses | 974 | 538 | |||
Ending balance | 349 | 305 | 319 | ||
Loans | $ 305 | 319 | 319 | 349 | 305 |
Consumer Loan [Member] | Originated and acquired loans [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Ending allowance balance individually evaluated for impairment | 1 | ||||
Ending allowance balance collectively evaluated for impairment | 349 | 304 | |||
Loans individually evaluated for impairment | 5,499 | 141 | |||
Loans collectively evaluated for impairment | 19,118 | 24,434 | |||
Consumer Loan [Member] | ASC 310-30 [Member] | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 5 | ||||
Provision (recoupment) for loan losses | (5) | ||||
Ending balance | 5 | ||||
Carrying amount of loan investments | 93 | 481 | |||
Loans | $ 5 | $ 5 | |||
Total Loans | $ 93 | $ 481 |
Allowance for Loan Losses - (Na
Allowance for Loan Losses - (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Allowance For Loan And Lease Losses [Line Items] | |||
Provision (recoupment) for loan losses | $ 5,197 | $ 12,972 | $ 23,651 |
Originated and acquired loans [Member] | |||
Allowance For Loan And Lease Losses [Line Items] | |||
Charge-offs, net | 700 | ||
Provision (recoupment) for loan losses | 4,975 | 13,126 | |
ASC 310-30 [Member] | |||
Allowance For Loan And Lease Losses [Line Items] | |||
Provision (recoupment) for loan losses | $ 222 | $ (154) |
Premises and Equipment (Schedul
Premises and Equipment (Schedule of Premises and Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Premises and equipment | $ 173,367 | $ 148,492 |
Less: accumulated depreciation and amortization | (63,381) | (54,784) |
Property, Plant and Equipment, Net, Total | 109,986 | 93,708 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment | 32,058 | 28,698 |
Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment | 88,955 | 73,703 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment | $ 52,354 | $ 46,091 |
Premises and Equipment (Narrati
Premises and Equipment (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($)item | Dec. 31, 2017USD ($)item | Dec. 31, 2016USD ($) | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 8.6 | $ 7.6 | $ 8.7 |
Property, Plant and Equipment, Disposals | $ 1.7 | $ 2.3 | $ 3.5 |
Number of banking centers classified as held-for-sale | item | 1 | ||
Banking center classified as held-for-sale | $ 4.6 | ||
Number of Banking Centers Consolidated | item | 1 | 2 | |
Number of banking centers divestitured | item | 4 | ||
Gain on banking center divestiture | $ 2.9 |
Premises and Equipment (Summary
Premises and Equipment (Summary of Future Minimum Lease Payments) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,019 | $ 3,092 |
2,020 | 2,981 |
2,021 | 3,091 |
2,022 | 3,052 |
2,023 | 2,047 |
Thereafter | 10,163 |
Total | $ 24,426 |
Other Real Estate Owned - (Summ
Other Real Estate Owned - (Summary of Activity in OREO Balances) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Real Estate [Roll Forward] | |||
Balance | $ 10,491 | $ 15,662 | |
Acquired through acquisition | 1,253 | ||
Transfers from loan portfolio, at fair value | 24,940 | 1,800 | $ 6,868 |
Impairments | (230) | (766) | |
Sales | (25,858) | (6,205) | |
Balance | $ 10,596 | $ 10,491 | $ 15,662 |
Other Real Estate Owned - (Narr
Other Real Estate Owned - (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
FDIC Loss-Sharing Related | |||
Loans transferred to other real estate owned at fair value | $ 24,940 | $ 1,800 | $ 6,868 |
Other real estate owned | 10,596 | 10,491 | 15,662 |
Increase in OREO | 100 | ||
OREO sales | 25,858 | 6,205 | |
Gain on OREO sales, net | $ 488 | $ 4,150 | $ 4,383 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Narrative) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jan. 01, 2018USD ($) | |
Goodwill and Intangible Assets | ||||
Goodwill acquired | $ 115,027 | $ 59,630 | ||
Goodwill Impairment | 0 | 0 | ||
Amortization of acquired identifiable intangibles | 2,170 | 5,342 | $ 5,480 | |
Mortgage loans serviced | 389,000 | 0 | ||
Mortgage service fees | 1,100 | |||
Peoples Inc [Member] | ||||
Goodwill and Intangible Assets | ||||
Goodwill acquired | $ 55,397 | |||
Amortization of acquired identifiable intangibles | 1,000 | |||
Core Deposits | ||||
Goodwill and Intangible Assets | ||||
Intangible assets acquired | 48,800 | |||
Amortization of acquired identifiable intangibles | 2,200 | 5,300 | $ 5,500 | |
Accumulated amortization | $ 38,920 | 36,750 | ||
Core Deposits | Minimum | ||||
Goodwill and Intangible Assets | ||||
Amortization period | 7 years | |||
Core Deposits | Maximum | ||||
Goodwill and Intangible Assets | ||||
Amortization period | 10 years | |||
Core Deposits | Peoples Inc [Member] | ||||
Goodwill and Intangible Assets | ||||
Intangible assets acquired | 10,477 | |||
Mortgage servicing rights | ||||
Goodwill and Intangible Assets | ||||
Intangible assets acquired | $ 4,300 | |||
Amortization of acquired identifiable intangibles | $ 754 | $ 0 | ||
Mortgage servicing rights | Measurement Input, Discount Rate [Member] | Minimum | ||||
Goodwill and Intangible Assets | ||||
Servicing assets measurement input (as a percent) | 0.095 | |||
Mortgage servicing rights | Measurement Input, Discount Rate [Member] | Maximum | ||||
Goodwill and Intangible Assets | ||||
Servicing assets measurement input (as a percent) | 0.105 | |||
Mortgage servicing rights | Measurement Input, Constant Prepayment Rate [Member] | Minimum | ||||
Goodwill and Intangible Assets | ||||
Servicing assets measurement input (as a percent) | 0.122 | |||
Mortgage servicing rights | Measurement Input, Constant Prepayment Rate [Member] | Maximum | ||||
Goodwill and Intangible Assets | ||||
Servicing assets measurement input (as a percent) | 0.172 | |||
Mortgage servicing rights | Peoples Inc [Member] | ||||
Goodwill and Intangible Assets | ||||
Intangible assets acquired | $ 4,301 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Carrying Amounts) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Core Deposits | ||
Carrying amount of intangible assets | ||
Gross carrying amount | $ 48,834 | $ 38,357 |
Accumulated amortization | 38,920 | 36,750 |
Net carrying amount | 9,914 | $ 1,607 |
Mortgage servicing rights | ||
Carrying amount of intangible assets | ||
Net carrying amount | $ 3,556 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets (Summary of Estimated Future Amortization Expense) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Core Deposits | |
Estimated future amortization expense | |
2,019 | $ 1,183 |
2,020 | 1,183 |
2,021 | 1,183 |
2,022 | 1,127 |
2,023 | 1,048 |
Mortgage servicing rights | |
Estimated future amortization expense | |
2,019 | 604 |
2,020 | 501 |
2,021 | 416 |
2,022 | 346 |
2,023 | $ 287 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets (Changes in Servicing Rights) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Changes in the mortgage servicing rights | |||
Originations | $ 30 | ||
Impairment | (21) | ||
Amortization | (2,170) | $ (5,342) | $ (5,480) |
Mortgage servicing rights | |||
Changes in the mortgage servicing rights | |||
Acquired through acquisition | 4,301 | ||
Originations | 30 | ||
Impairment | (21) | ||
Amortization | (754) | $ 0 | |
Ending balance | 3,556 | ||
Fair value of mortgage servicing rights | $ 3,884 |
Deposits - (Narrative) (Details
Deposits - (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deposits [Abstract] | ||
Total Deposits | $ 4,535,621 | $ 3,979,559 |
Time deposits | 1,080,529 | $ 1,118,050 |
Minimum reserve required | $ 0 |
Deposits - (Summary of Time Dep
Deposits - (Summary of Time Deposits Based Upon Contractual Maturity) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deposits [Abstract] | ||
2,019 | $ 685,421 | |
2,020 | 316,113 | |
2,021 | 38,778 | |
2,022 | 32,989 | |
2,023 | 4,919 | |
Thereafter | 2,309 | |
Time Deposits, Total | $ 1,080,529 | $ 1,118,050 |
Deposits - (Schedule of Interes
Deposits - (Schedule of Interest Expense on Deposits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Deposits [Abstract] | |||
Interest bearing demand deposits | $ 887 | $ 445 | $ 369 |
Money market accounts | 5,622 | 4,077 | 3,600 |
Savings accounts | 2,249 | 1,481 | 1,016 |
Time deposits | 12,283 | 10,169 | 8,978 |
Interest Expense, Deposits, Total | $ 21,041 | $ 16,172 | $ 13,963 |
Borrowings (Narrative) (Details
Borrowings (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Assets Sold under Agreements to Repurchase [Line Items] | |||
Fair value of collateral | $ 5.9 | $ 5.7 | $ 7 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Due Date, Earliest | 2,019 | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Due Date, Last | 2,020 | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | $ 1,100 | ||
FHLB line of credit advances | 234.3 | 0 | 0 |
FHLB advances | 67.3 | 129.1 | 25 |
Loans pledged | 1.6 | 1.2 | |
Interest expense related to FHLB advances | $ 2.6 | 1.8 | 0.7 |
Minimum | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Interest rate range of FHLB advances | 1.55% | ||
Maximum | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Interest rate range of FHLB advances | 2.33% | ||
Federal Home Loan Bank of Des Moines [Member] | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Fair value of collateral | $ 16 | $ 28.1 | $ 28.8 |
Maturity Overnight [Member] | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Average interest rate | 0.34% | 0.19% | 0.14% |
Maturity on Demand [Member] | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Amount of repurchase agreements | $ 0 | $ 0 | $ 0 |
U.S. Treasury Securities [Member] | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Fair value of collateral | $ 73.9 | $ 136.1 | $ 99.1 |
Borrowings (Schedule of Selecte
Borrowings (Schedule of Selected Information Regarding Repurchase Agreements) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Deposits [Abstract] | |||
Maximum amount of outstanding agreements at any month end during the period | $ 142,292 | $ 130,463 | $ 154,404 |
Average amount outstanding during the period | $ 87,691 | $ 88,390 | $ 109,246 |
Weighted average interest rate for the period | 0.34% | 0.19% | 0.14% |
Regulatory Capital - (Capital R
Regulatory Capital - (Capital Ratio Requirements under Prompt Corrective Action or Other Regulatory Requirements) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capital conservation buffer | 2.50% | |
Parent Company [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Leverage Ratio | 10.50% | 9.80% |
Common equity risk-based ratio | 12.90% | 12.90% |
Risk-based capital Ratio | 12.90% | 12.90% |
Total risk-based capital Ratio | 13.80% | 13.80% |
Leverage Amount | $ 580,504 | $ 470,877 |
Common equity risk-based amount | 580,504 | 470,877 |
Risk-based capital amount | 580,504 | 470,877 |
Total risk-based capital Amount | $ 620,275 | $ 502,917 |
Required to be considered adequately capitalized Ratio, leverage ratio | 4.00% | 4.00% |
Required to be considered adequately capitalized Ratio, risk-based common equity capital ratio | 7.00% | 7.00% |
Required to be considered adequately capitalized Ratio, risk-based capital ratio | 8.50% | 8.50% |
Required to be considered adequately capitalized Ratio, Total risk-based capital ratio | 10.50% | 10.50% |
Required to be considered adequately capitalized leverage Amount | $ 220,988 | $ 191,559 |
Required to be considered adequately capitalized common equity capital amount | 386,728 | 335,228 |
Required to be considered adequately capitalized risk-based capital Amount | 382,306 | 309,400 |
Required to be considered adequately capitalized Total risk-based capital Amount | $ 472,261 | $ 382,200 |
NBH Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Leverage Ratio | 9.00% | 8.10% |
Common equity risk-based ratio | 11.10% | 10.60% |
Risk-based capital Ratio | 11.10% | 10.60% |
Total risk-based capital Ratio | 12.00% | 11.50% |
Leverage Amount | $ 498,283 | $ 382,918 |
Common equity risk-based amount | 498,283 | 382,918 |
Risk-based capital amount | 498,283 | 382,918 |
Total risk-based capital Amount | $ 538,054 | $ 414,958 |
Required to be considered well capitalized Ratio, leverage ratio | 5.00% | 5.00% |
Required to be considered adequately capitalized Ratio, risk-based common equity capital ratio | 6.50% | 6.50% |
Required to be considered well capitalized Ratio, risk-based capital ratio | 8.00% | 8.00% |
Required to be considered well capitalized Ratio, Total risk-based capital ratio | 10.00% | 10.00% |
Required to be considered well capitalized leverage Amount | $ 275,703 | $ 237,772 |
Required to be considered well capitalized common equity capital amount | 358,414 | 309,103 |
Required to be considered well capitalized risk-based capital Amount | 358,938 | 289,022 |
Required to be considered well capitalized Total risk-based capital Amount | $ 448,672 | $ 361,277 |
Required to be considered adequately capitalized Ratio, leverage ratio | 4.00% | 4.00% |
Required to be considered adequately capitalized Ratio, risk-based common equity capital ratio | 7.00% | 7.00% |
Required to be considered adequately capitalized Ratio, risk-based capital ratio | 8.50% | 8.50% |
Required to be considered adequately capitalized Ratio, Total risk-based capital ratio | 10.50% | 10.50% |
Required to be considered adequately capitalized leverage Amount | $ 220,563 | $ 190,217 |
Required to be considered adequately capitalized common equity capital amount | 385,984 | 332,881 |
Required to be considered adequately capitalized risk-based capital Amount | 381,372 | 307,086 |
Required to be considered adequately capitalized Total risk-based capital Amount | $ 471,106 | $ 379,341 |
Revenue from Contracts with C_3
Revenue from Contracts with Clients - (Non-interest income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue from Contracts with Clients | |||
Gain on banking center divestiture | $ 2,900 | ||
Gain on OREO sales, net | $ (488) | (4,150) | $ (4,383) |
Service Charges and other fees | |||
Revenue from Contracts with Clients | |||
Non-interest income | 18,092 | 14,634 | 13,900 |
Bank card fees | |||
Revenue from Contracts with Clients | |||
Non-interest income | 14,489 | 12,026 | 11,429 |
In-scope of Topic 606 | |||
Revenue from Contracts with Clients | |||
Gain on OREO sales, net | (488) | (4,150) | (4,383) |
Total Revenue | 34,409 | 29,888 | 23,007 |
ASU 2014-09 | |||
Revenue from Contracts with Clients | |||
Non-interest income | 70,775 | 39,205 | 40,027 |
Contract balances | 0 | 0 | |
ASU 2014-09 | In-scope of Topic 606 | |||
Revenue from Contracts with Clients | |||
Non-interest income | 34,897 | 34,038 | 27,390 |
Gain on banking center divestiture | 2,942 | ||
ASU 2014-09 | In-scope of Topic 606 | Service Charges and other fees | |||
Revenue from Contracts with Clients | |||
Non-interest income | 20,408 | 19,070 | 15,961 |
ASU 2014-09 | In-scope of Topic 606 | Bank card fees | |||
Revenue from Contracts with Clients | |||
Non-interest income | 14,489 | 12,026 | 11,429 |
ASU 2014-09 | Out-of-scope of Topic 606 | |||
Revenue from Contracts with Clients | |||
Non-interest income | $ 35,878 | $ 5,167 | $ 12,637 |
Stock-based Compensation and Em
Stock-based Compensation and Employee Benefits - (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 15 Months Ended | 48 Months Ended | 69 Months Ended | ||||
Dec. 31, 2018 | Sep. 30, 2018 | Mar. 31, 2017 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2018 | Sep. 30, 2016 | |
NBH Holdings Corp. 2014 Omnibus Incentive Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of shares authorized | 5,254,682 | 5,254,682 | 5,254,682 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Reduction in Number of Shares for Every One Option or Stock Appreciation Right Granted | 1 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Reduction in Number of Shares for Every One Award Other Than An Option or Stock Appreciation Right Granted | 3.25 | |||||||||
Stock options [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.17 | $ 0.14 | $ 0.07 | $ 0.09 | ||||||
Stock based compensation expense | $ 800,000 | $ 700,000 | $ 700,000 | |||||||
Unrecognized compensation expense | $ 700,000 | $ 700,000 | $ 700,000 | |||||||
Unrecognized compensation cost, weighted-average period, years | 2 years 1 month 6 days | |||||||||
Stock options [Member] | NBH Holdings Corp. 2014 Omnibus Incentive Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award Vesting Rights, Percentage | 33.33% | |||||||||
Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Awards granted (in shares) | 92,133 | 66,471 | ||||||||
Weighted average grant-date fair value, Granted (in dollars per share) | $ 33.69 | $ 33.43 | ||||||||
Stock based compensation expense | $ 2,100,000 | $ 2,200,000 | $ 2,400,000 | |||||||
Restricted Stock [Member] | NBH Holdings Corp. 2014 Omnibus Incentive Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Unrecognized compensation expense | 2,000,000 | $ 2,000,000 | $ 2,000,000 | |||||||
Unrecognized compensation cost, weighted-average period, years | 2 years | |||||||||
Market-based stock awards | NBH Holdings Corp. 2014 Omnibus Incentive Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Awards granted (in shares) | 0 | 0 | ||||||||
Unrecognized compensation cost, weighted-average period, years | 2 months 12 days | |||||||||
Performance stock units | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Awards granted (in shares) | 77,125 | 49,758 | ||||||||
Weighted average grant-date fair value, Granted (in dollars per share) | $ 30.38 | $ 33.22 | ||||||||
Stock based compensation expense | $ 1,500,000 | $ 800,000 | $ 400,000 | |||||||
Performance stock units | NBH Holdings Corp. 2014 Omnibus Incentive Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Awards granted (in shares) | 77,125 | 49,758 | 91,342 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Performance Period | 3 years | |||||||||
Unrecognized compensation expense | $ 2,500,000 | $ 2,500,000 | $ 2,500,000 | |||||||
Unrecognized compensation cost, weighted-average period, years | 1 year 9 months 18 days | |||||||||
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 | 60.00% | |||||||||
Weighted average grant-date fair value, Granted (in dollars per share) | $ 32.65 | |||||||||
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 | 40.00% | |||||||||
Weighted average grant-date fair value, Granted (in dollars per share) | $ 27.51 | |||||||||
Employee Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of shares authorized | 400,000 | 400,000 | 400,000 | |||||||
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) | 90.00% | |||||||||
Offering period for employee stock purchases | 6 months | |||||||||
Employees purchased shares under the ESPP (in shares) | 12,515 | 11,178 | ||||||||
Shares available for issuance | 342,644 | 342,644 | 342,644 | |||||||
Minimum | Stock options [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting period | 1 year | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award Options Granted Contractual Term | 7 years | |||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.05 | |||||||||
Minimum | Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting period | 1 year | |||||||||
Minimum | 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 | Performance stock units | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting period | 2 years | |||||||||
Minimum | 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 | Stock options [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting period | 4 years | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award Options Granted Contractual Term | 10 years | |||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.07 | |||||||||
Maximum | Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting period | 3 years | |||||||||
Maximum | 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 | Performance stock units | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting period | 3 years | |||||||||
Maximum | 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 _3
Stock-based Compensation and Benefits - (Summary of Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Outstanding Options, beginning | 1,598,318 | 2,185,922 |
Granted, Options | 158,316 | |
Exercised, Options | (473,363) | |
Forfeited, Options | (18,395) | |
Outstanding Options, ending | 1,264,876 | 1,598,318 |
Options fully vested and exercisable at end of period, Options | 1,011,744 | |
Options expected to vest, Options | 1,241,729 | |
Outstanding, Weighted average exercise price, beginning | $ 20.62 | $ 19.81 |
Granted, Weighted average exercise price | 32.99 | |
Forfeited, Weighted average exercise price | 28.76 | |
Exercised, Weighted average exercise price | 19.88 | |
Outstanding, Weighted average exercised price, ending | 22.33 | $ 20.62 |
Options fully vested and exercisable at end of period, Weighted average exercise price | 20.18 | |
Options expected to vest, Weighted average exercise price | $ 22.14 | |
Outstanding, Weighted average remaining contractual term in years | 3 years 11 months 1 day | 4 years 26 days |
Options fully vested and exercisable at end of period, weighted average remaining contractual term in years | 2 years 8 months 27 days | |
Options expected to vest, Weighted average remaining contractual term in years | 3 years 9 months 26 days | |
Outstanding, Aggregate intrinsic value, beginning | $ 19,017 | |
Outstanding, Outstanding, Aggregate intrinsic value, beginning | 11,387 | $ 19,017 |
Aggregate intrinsic Value of Options fully vested and exercisable at end of period | 10,903 | |
Options expected to vest, Aggregate Intrinsic Value | $ 11,376 |
Stock-based Compensation and _4
Stock-based Compensation and Benefits (Schedule Of Weighted Average Assumptions Using Black-Scholes option-Pricing Model) (Details) - Stock options [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share Based Compensation [Line Items] | |||
Weighted average fair value | $ 7.43 | $ 7.84 | $ 4.24 |
Risk-free interest rate | 2.69% | 2.14% | 1.47% |
Expected volatility | 20.75% | 21.61% | 22.47% |
Expected term (years) | 6 years 1 month 6 days | 6 years 1 month 2 days | 6 years 1 month 2 days |
Dividend yield | 1.13% | 0.83% | 1.02% |
Stock-based Compensation and _5
Stock-based Compensation and Benefits - (Summary of Restricted Stock Activity) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
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) | 163,557 | 499,271 |
Unvested Restricted shares, Granted (in shares) | 92,133 | 66,471 |
Unvested Restricted shares, Vested (in shares) | (94,775) | (380,956) |
Unvested Restricted shares, Forfeited (in shares) | (14,421) | (21,229) |
Unvested Restricted shares, Ending (in shares) | 146,494 | 163,557 |
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) | $ 22.60 | $ 15.82 |
Weighted average grant-date fair value, Granted (in dollars per share) | 33.69 | 33.43 |
Weighted average grant-date fair value, Vested (in dollars per share) | 23.71 | 15.40 |
Weighted average grant-date fair value, Forfeited (in dollars per share) | 29.37 | 18.73 |
Weighted average grant-date fair value, Ending (in dollars per share) | $ 28.19 | $ 22.60 |
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) | 125,082 | 85,295 |
Unvested Restricted shares, Granted (in shares) | 77,125 | 49,758 |
Unvested Restricted shares, Forfeited (in shares) | (10,158) | (9,971) |
Unvested Restricted shares, Ending (in shares) | 192,049 | 125,082 |
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) | $ 23.90 | $ 18.22 |
Weighted average grant-date fair value, Granted (in dollars per share) | 30.38 | 33.22 |
Weighted average grant-date fair value, Forfeited (in dollars per share) | 25.90 | 21.78 |
Weighted average grant-date fair value, Ending (in dollars per share) | $ 26.40 | $ 23.90 |
Stock-based Compensation and _6
Stock-based Compensation and Benefits (Summarizes Information about Outstanding Stock Options) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options Outstanding, Number | 1,264,876 | 1,598,318 | 2,185,922 |
Options Outstanding, Weighted Average Remaining Contractual Life in years | 3 years 11 months 1 day | 4 years 26 days | |
Options Outstanding, Weighted Average Exercise Price | $ 22.33 | $ 20.62 | $ 19.81 |
Options Vested, Number | 1,241,729 | ||
Options Vested, Weighted Average Exercise Price | $ 22.14 | ||
18.00 - 18.99 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options Outstanding, Low Range of Exercise Price | 18 | ||
Options Outstanding, High Range of Exercise Price | $ 18.99 | ||
Options Outstanding, Number | 75,863 | ||
Options Outstanding, Weighted Average Remaining Contractual Life in years | 4 years 10 months 24 days | ||
Options Outstanding, Weighted Average Exercise Price | $ 18.60 | ||
Options Vested, Number | 75,863 | ||
Options Vested, Weighted Average Exercise Price | $ 18.60 | ||
19.00 - 19.99 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options Outstanding, Low Range of Exercise Price | 19 | ||
Options Outstanding, High Range of Exercise Price | $ 19.99 | ||
Options Outstanding, Number | 197,339 | ||
Options Outstanding, Weighted Average Remaining Contractual Life in years | 6 years 9 months 18 days | ||
Options Outstanding, Weighted Average Exercise Price | $ 19.39 | ||
Options Vested, Number | 155,231 | ||
Options Vested, Weighted Average Exercise Price | $ 19.34 | ||
20.00 - 20.99 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options Outstanding, Low Range of Exercise Price | 20 | ||
Options Outstanding, High Range of Exercise Price | $ 20.99 | ||
Options Outstanding, Number | 752,786 | ||
Options Outstanding, Weighted Average Remaining Contractual Life in years | 1 year 6 months 4 days | ||
Options Outstanding, Weighted Average Exercise Price | $ 20.01 | ||
Options Vested, Number | 752,440 | ||
Options Vested, Weighted Average Exercise Price | $ 20.01 | ||
21.00 and above | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options Outstanding, Low Range of Exercise Price | 21 | ||
Options Outstanding, Exercise Price | $ 21 | ||
Options Outstanding, Number | 238,888 | ||
Options Outstanding, Weighted Average Remaining Contractual Life in years | 8 years 9 months 18 days | ||
Options Outstanding, Weighted Average Exercise Price | $ 33.27 | ||
Options Vested, Number | 28,210 | ||
Options Vested, Weighted Average Exercise Price | $ 33.59 |
Warrants (Narrative) (Details)
Warrants (Narrative) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | |
Warrants | |||
Warrants granted, exercise price per share | $ 20 | $ 20 | $ 20 |
Warrants settled or exercised | 250,750 | 475,000 |
Common Stock - (Narrative) (Det
Common Stock - (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Aug. 05, 2016 | |
Schedule Of Common Stock [Line Items] | |||
Shares outstanding | 30,769,063 | 26,875,585 | |
Common Class A [Member] | |||
Schedule Of Common Stock [Line Items] | |||
Shares outstanding | 30,769,063 | 26,875,585 | |
Restricted issued but not yet vested, shares | 146,494 | 163,557 | |
New Board Authorized Share Repurchase Program | |||
Schedule Of Common Stock [Line Items] | |||
Stock repurchase program, authorized amount | $ 50 | ||
Remaining authorized amount | $ 12.6 |
Earnings Per Share - (Narrative
Earnings Per Share - (Narrative) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Per Share | |||
Shares outstanding | 30,769,063 | 26,875,585 | |
Outstanding stock options to purchase common stock | 1,264,876 | 1,598,318 | 2,185,922 |
Outstanding stock options to purchase common stock, per share | $ 22.33 | $ 20.62 | $ 19.81 |
Warrants settled or exercised | 250,750 | 475,000 | |
Warrants granted, exercise price per share | $ 20 | $ 20 | $ 20 |
Restricted shares outstanding | 338,543 | 288,639 | 499,271 |
Earnings Per Share - (Schedule
Earnings Per Share - (Schedule of Computation of Basic and Diluted Income Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||
Net income | $ 17,235 | $ 18,240 | $ 17,512 | $ 8,464 | $ (10,119) | $ 7,231 | $ 9,209 | $ 8,258 | $ 9,991 | $ 8,314 | $ 4,504 | $ 251 | $ 61,451 | $ 14,579 | $ 23,060 |
Less: income allocated to participating securities | (70) | (56) | (52) | ||||||||||||
Income allocated to common shareholders | $ 61,381 | $ 14,523 | $ 23,008 | ||||||||||||
Weighted average shares outstanding for basic earnings per common share | 30,748,234 | 26,928,763 | 28,313,061 | ||||||||||||
Weighted average shares outstanding for diluted earnings per common share | 31,430,074 | 27,709,659 | 29,091,343 | ||||||||||||
Basic earnings per share (in dollars per share) | $ 0.56 | $ 0.59 | $ 0.57 | $ 0.28 | $ (0.37) | $ 0.27 | $ 0.34 | $ 0.31 | $ 0.38 | $ 0.30 | $ 0.15 | $ 0.01 | $ 2 | $ 0.54 | $ 0.81 |
Diluted earnings per share (in dollars per share) | $ 0.55 | $ 0.58 | $ 0.56 | $ 0.27 | $ (0.37) | $ 0.26 | $ 0.33 | $ 0.30 | $ 0.36 | $ 0.30 | $ 0.15 | $ 0.01 | $ 1.95 | $ 0.53 | $ 0.79 |
Equity Option [Member] | |||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||
Dilutive Convertible Securities | 681,840 | 772,392 | 704,831 | ||||||||||||
Warrant [Member] | |||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||
Dilutive Convertible Securities | 8,504 | 73,451 |
Income Taxes (Components of Inc
Income Taxes (Components of Income Tax Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current expense: [Abstract] | |||||||||||||||
U.S. federal | $ 427 | $ 1,230 | $ 1,868 | ||||||||||||
State and local | 1,530 | 169 | 117 | ||||||||||||
Total current income tax expense | 1,957 | 1,399 | 1,985 | ||||||||||||
Deferred expense: | |||||||||||||||
U.S. federal | 10,110 | 17,639 | 626 | ||||||||||||
State and local | 163 | 2,245 | 336 | ||||||||||||
Total deferred income tax expense | 10,273 | 19,884 | 962 | ||||||||||||
Income tax expense | $ 3,381 | $ 4,354 | $ 2,800 | $ 1,695 | $ 18,615 | $ 1,733 | $ 2,175 | $ (1,240) | $ 81 | $ 1,695 | $ 982 | $ 189 | $ 12,230 | $ 21,283 | $ 2,947 |
Income Taxes (Components of Tax
Income Taxes (Components of Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes | |||||||||||||||
Statutory rate | 21.00% | 35.00% | 35.00% | ||||||||||||
Income tax at federal statutory rates (21%, 35% and 35%, respectively) | $ 15,473 | $ 12,550 | $ 9,103 | ||||||||||||
State income taxes, net of federal benefits | 1,337 | 265 | 295 | ||||||||||||
Tax-exempt loan interest income | (4,089) | (5,380) | (3,798) | ||||||||||||
Bank-owned life insurance income | 136 | (813) | (724) | ||||||||||||
Stock-based compensation | (1,207) | (3,998) | (2,002) | ||||||||||||
Deferred tax rate change | 18,457 | ||||||||||||||
Other | 580 | 202 | 73 | ||||||||||||
Income tax expense | $ 3,381 | $ 4,354 | $ 2,800 | $ 1,695 | $ 18,615 | $ 1,733 | $ 2,175 | $ (1,240) | $ 81 | $ 1,695 | $ 982 | $ 189 | $ 12,230 | $ 21,283 | $ 2,947 |
Income Taxes (Significant Compo
Income Taxes (Significant Components of Deferred Taxes) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets: | ||
Excess tax basis of acquired loans over carrying value | $ 3,076 | $ 1,887 |
Allowance for loan losses | 8,521 | 7,354 |
Intangible assets | 1,937 | 6,367 |
Other real estate owned | 439 | 228 |
Accrued stock-based compensation | 2,889 | 3,098 |
Accrued compensation | 3,046 | 2,431 |
Capitalized start-up costs | 2,199 | 2,488 |
Accrued expenses | 1,357 | 1,227 |
Net deferred loan fees | 622 | |
Net operating loss | 807 | 1,027 |
Federal tax credits | 5,891 | |
Net unrealized losses on investment securities | 3,543 | 2,307 |
Other | 1,960 | 993 |
Total deferred tax assets | 29,774 | 35,920 |
Deferred tax liabilities: | ||
Premises and equipment | (114) | (113) |
Prepaid expenses | (210) | (177) |
Net deferred loan fees | (174) | |
Mortgage servicing rights | (854) | |
Other | (71) | |
Total deferred tax liabilities | (1,423) | (290) |
Net deferred tax asset | $ 28,351 | $ 35,630 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Loss Carryforwards [Line Items] | |||||||||||||||
Income tax expense | $ 3,381 | $ 4,354 | $ 2,800 | $ 1,695 | $ 18,615 | $ 1,733 | $ 2,175 | $ (1,240) | $ 81 | $ 1,695 | $ 982 | $ 189 | $ 12,230 | $ 21,283 | $ 2,947 |
Income tax benefit from stock compensation activity | $ 1,300 | $ 4,200 | $ 2,100 | ||||||||||||
Statutory rate | 21.00% | 35.00% | 35.00% | ||||||||||||
Income tax expense related to re-measurement | $ 18,457 | ||||||||||||||
Accrued stock-based compensation | 2,889 | $ 3,098 | $ 2,889 | 3,098 | |||||||||||
Adjustments for New Accounting Principle, Early Adoption [Member] | |||||||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||||||
Income tax expense | $ 1,300 | $ (4,200) | $ 2,100 | ||||||||||||
Stock options [Member] | |||||||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||||||
Strike price | $ 20 | ||||||||||||||
Minimum | |||||||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||||||
Tax credit carryover that does not expire | 5,900 | $ 5,900 | |||||||||||||
Minimum | Restricted Stock [Member] | |||||||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||||||
Vesting period | 1 year | ||||||||||||||
Minimum | Stock options [Member] | |||||||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||||||
Strike price | $ 18.09 | ||||||||||||||
Vesting period | 1 year | ||||||||||||||
Minimum | Performance stock units | |||||||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||||||
Vesting period | 2 years | ||||||||||||||
Maximum | Restricted Stock [Member] | |||||||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||||||
Vesting period | 3 years | ||||||||||||||
Maximum | Stock options [Member] | |||||||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||||||
Strike price | $ 40.51 | ||||||||||||||
Vesting period | 4 years | ||||||||||||||
Maximum | Performance stock units | |||||||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||||||
Vesting period | 3 years | ||||||||||||||
Domestic Country [Member] | |||||||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||||||
Net operating loss carryovers (NOLs) | 3,000 | $ 3,000 | |||||||||||||
State and Local Jurisdiction [Member] | |||||||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||||||
Net operating loss carryovers (NOLs) | 4,900 | 4,900 | |||||||||||||
Executive Officer [Member] | |||||||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||||||
Accrued stock-based compensation | $ 2,300 | $ 2,300 |
Derivatives - (FV of Derivative
Derivatives - (FV of Derivatives on the Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Asset derivatives fair value | $ 17,436 | $ 10,489 |
Liability derivatives fair value | 228 | 1,167 |
Not Designated as Hedging Instrument, Economic Hedge [Member] | ||
Derivative [Line Items] | ||
Asset derivatives fair value | 4,062 | 2,616 |
Liability derivatives fair value | 3,893 | 2,591 |
Other assets [Member] | Interest rate products [Member] | Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Asset derivatives fair value | 17,436 | 10,489 |
Other assets [Member] | Interest rate products [Member] | Not Designated as Hedging Instrument, Economic Hedge [Member] | ||
Derivative [Line Items] | ||
Asset derivatives fair value | 3,191 | 2,483 |
Other assets [Member] | Interest Rate Lock Commitments [Member] | Not Designated as Hedging Instrument, Economic Hedge [Member] | ||
Derivative [Line Items] | ||
Asset derivatives fair value | 871 | 128 |
Other assets [Member] | Forward Contracts [Member] | Not Designated as Hedging Instrument, Economic Hedge [Member] | ||
Derivative [Line Items] | ||
Asset derivatives fair value | 5 | |
Other liabilities [Member] | Interest rate products [Member] | Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Liability derivatives fair value | 228 | 1,167 |
Other liabilities [Member] | Interest rate products [Member] | Not Designated as Hedging Instrument, Economic Hedge [Member] | ||
Derivative [Line Items] | ||
Liability derivatives fair value | 3,349 | 2,584 |
Other liabilities [Member] | Interest Rate Lock Commitments [Member] | Not Designated as Hedging Instrument, Economic Hedge [Member] | ||
Derivative [Line Items] | ||
Liability derivatives fair value | 72 | |
Other liabilities [Member] | Forward Contracts [Member] | Not Designated as Hedging Instrument, Economic Hedge [Member] | ||
Derivative [Line Items] | ||
Liability derivatives fair value | $ 472 | $ 7 |
Derivatives - (Narrative) (Deta
Derivatives - (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | ||
Termination value of derivatives in net liability position | $ 0.2 | |
Hedged Loans | 522.7 | |
Cumulative fair value hedge adjustment | 13.2 | |
Interest Rate Lock Commitments [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 8 | |
Interest Rate Lock Commitments Notional Amount Member | ||
Derivative [Line Items] | ||
Notional amount | 50.1 | |
Forward Contract Notional [Member] | ||
Derivative [Line Items] | ||
Notional amount | 77.6 | 9 |
Designated as Hedging Instrument [Member] | Interest rate swap derivatives [Member] | ||
Derivative [Line Items] | ||
Notional amount | 473.4 | 417.7 |
Not Designated as Hedging Instrument, Economic Hedge [Member] | Interest rate swap derivatives [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 206.8 | $ 202.2 |
Derivatives - (Derivatives on t
Derivatives - (Derivatives on the Income Statement) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Amount of gain or (loss) recognized in income on hedged items | $ (13,972) | $ (2,172) |
Not Designated as Hedging Instrument, Economic Hedge [Member] | ||
Derivative [Line Items] | ||
Amount of gain or (loss) recognized in income on derivatives | 50 | (29) |
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Amount of gain or (loss) recognized in income on derivatives | 13,513 | 1,177 |
Interest rate products [Member] | Designated as Hedging Instrument [Member] | Interest income [Member] | ||
Derivative [Line Items] | ||
Amount of gain or (loss) recognized in income on hedged items | (13,972) | |
Interest rate products [Member] | Designated as Hedging Instrument [Member] | Other Non-Interest income [Member] | ||
Derivative [Line Items] | ||
Amount of gain or (loss) recognized in income on hedged items | (2,172) | |
Interest rate products [Member] | Not Designated as Hedging Instrument, Economic Hedge [Member] | Other Non-Interest expense [Member] | ||
Derivative [Line Items] | ||
Amount of gain or (loss) recognized in income on derivatives | 55 | 104 |
Interest rate products [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Interest income [Member] | ||
Derivative [Line Items] | ||
Amount of gain or (loss) recognized in income on derivatives | 13,513 | |
Interest rate products [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Other Non-Interest income [Member] | ||
Derivative [Line Items] | ||
Amount of gain or (loss) recognized in income on derivatives | 1,177 | |
Forward Contracts [Member] | Not Designated as Hedging Instrument, Economic Hedge [Member] | Mortgage banking income [Member] | ||
Derivative [Line Items] | ||
Amount of gain or (loss) recognized in income on derivatives | 1,324 | (120) |
Interest Rate Lock Commitments [Member] | Not Designated as Hedging Instrument, Economic Hedge [Member] | Mortgage banking income [Member] | ||
Derivative [Line Items] | ||
Amount of gain or (loss) recognized in income on derivatives | $ (1,329) | $ (13) |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Commitment And Contingencies [Line Items] | ||
Loan commitments | $ 773.5 | $ 680.8 |
Mortgage Repurchase Reserve | 3.4 | |
Standby Letters of Credit [Member] | ||
Commitment And Contingencies [Line Items] | ||
Standby letters of credit | $ 10.6 | $ 7.2 |
Commitments and Contingencies_3
Commitments and Contingencies (Schedule of Total Unfunded Commitments) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Commitment And Contingencies [Line Items] | ||
Total unfunded commitments | $ 784,077 | $ 687,946 |
Commitments to fund loans [Member] | ||
Commitment And Contingencies [Line Items] | ||
Total unfunded commitments | 183,946 | 181,904 |
Unfunded Commitment Line Of Credit [Member] | ||
Commitment And Contingencies [Line Items] | ||
Total unfunded commitments | 589,573 | 498,857 |
Commercial And Standby Letters Of Credit [Member] | ||
Commitment And Contingencies [Line Items] | ||
Total unfunded commitments | $ 10,558 | $ 7,185 |
Fair Value Measurements - (Ta_2
Fair Value Measurements - (Tables of Financial Instruments Measured At Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | $ 860,082 | $ 872,441 |
Total liabilities at fair value | 4,121 | 3,758 |
Loans held for sale member | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 48,120 | 4,629 |
Municipal [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 441 | 829 |
Mortgage-Backed Securities (MBS) [Member] | Residential Mortgage Pass-Through Securities Issued or Guaranteed by U.S. Government Agencies or Sponsored Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 146,642 | 168,648 |
Mortgage-Backed Securities (MBS) [Member] | Other Residential MBS Issued or Guaranteed by U.S. Government Agencies or Sponsored Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 643,381 | 685,230 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 859,211 | 872,308 |
Total liabilities at fair value | 3,577 | 3,751 |
Level 2 [Member] | Loans held for sale member | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 48,120 | 4,629 |
Level 2 [Member] | Municipal [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 441 | 829 |
Level 2 [Member] | Mortgage-Backed Securities (MBS) [Member] | Residential Mortgage Pass-Through Securities Issued or Guaranteed by U.S. Government Agencies or Sponsored Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 146,642 | 168,648 |
Level 2 [Member] | Mortgage-Backed Securities (MBS) [Member] | Other Residential MBS Issued or Guaranteed by U.S. Government Agencies or Sponsored Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 643,381 | 685,230 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 871 | 133 |
Total liabilities at fair value | 544 | 7 |
Interest rate swap derivatives [Member] | Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 20,627 | 12,972 |
Total liabilities at fair value | 3,577 | 3,751 |
Interest rate swap derivatives [Member] | Level 2 [Member] | Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 20,627 | 12,972 |
Total liabilities at fair value | 3,577 | 3,751 |
Mortgage banking derivatives | Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 871 | 133 |
Total liabilities at fair value | 544 | 7 |
Mortgage banking derivatives | Level 3 [Member] | Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 871 | 133 |
Total liabilities at fair value | $ 544 | $ 7 |
Fair Value Measurements - (Ta_3
Fair Value Measurements - (Table of Changes in Level 3 Financial Instruments) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning Balance | $ 126 |
Realized gain (loss) included in earnings—net mortgage banking derivatives | 201 |
Ending Balance | $ 327 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)loan | Dec. 31, 2017USD ($)loan | Dec. 31, 2016USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans | $ 4,092,308 | $ 3,178,947 | |
Impairment on other real estate owned | $ 230 | $ 766 | $ 298 |
Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Number of Loans measured | loan | 4 | 7 | |
Loans | $ 4,900 | $ 7,100 | |
Nonrecurring Loans Reserves | 1,100 | 1,500 | |
Other Real Estate Owned [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment on other real estate owned | $ 200 | $ 800 |
Fair Value Measurements - (Inpu
Fair Value Measurements - (Inputs Used to Determine Fair Values of Oreo are Considered Level 3 Inputs in Fair Value Hierarchy) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | $ 860,082 | $ 872,441 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 45,231 | 41,364 |
Losses From Fair Value Changes | 2,371 | 11,865 |
Impaired loans [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 31,079 | 30,873 |
Losses From Fair Value Changes | 2,120 | 11,099 |
Other Real Estate Owned [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 10,596 | 10,491 |
Losses From Fair Value Changes | 230 | 766 |
Mortgage servicing rights member | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 3,556 | |
Losses From Fair Value Changes | 21 | |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 859,211 | 872,308 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | $ 871 | $ 133 |
Fair Value Measurements - (Ta_4
Fair Value Measurements - (Table of Valuation Techniques and Unobservable Inputs Used in Valuation of Financial Instruments Falling Within Level 3 of Fair Value Hierarchy) (Details) $ in Thousands | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Total assets at fair value | $ 860,082 | $ 872,441 |
Minimum | Impaired loans [Member] | Measurement Input, Discount Rate [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Loan measurement input (as a percent) | 0 | |
Minimum | Mortgage servicing rights member | Measurement Input, Discount Rate [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Servicing assets measurement input (as a percent) | 0.095 | |
Minimum | Mortgage servicing rights member | Measurement Input, Constant Prepayment Rate [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Servicing assets measurement input (as a percent) | 0.122 | |
Maximum | Impaired loans [Member] | Measurement Input, Discount Rate [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Loan measurement input (as a percent) | 0.25 | |
Maximum | Mortgage servicing rights member | Measurement Input, Discount Rate [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Servicing assets measurement input (as a percent) | 0.105 | |
Maximum | Mortgage servicing rights member | Measurement Input, Constant Prepayment Rate [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Servicing assets measurement input (as a percent) | 0.172 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - (Schedule of Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS: | ||
Cash and cash equivalents | $ 109,556 | $ 257,364 |
Investment securities available-for-sale (at fair value) | 791,102 | 855,345 |
Mortgage-backed securities-residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises held-to-maturity | 235,398 | 258,730 |
Non-marketable securities | 27,555 | 15,030 |
Loans held-for-sale | 48,120 | 4,629 |
LIABILITIES: | ||
Time deposits | 1,080,529 | 1,118,050 |
Securities sold under agreements to repurchase | 66,047 | 130,463 |
Federal Home Loan Bank advances | 301,660 | 129,115 |
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) | 146,642 | 168,648 |
Mortgage-backed securities-residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises held-to-maturity | 157,115 | 204,352 |
Other Residential MBS Issued or Guaranteed by U.S. Government Agencies or Sponsored Enterprises [Member] | ||
ASSETS: | ||
Investment securities available-for-sale (at fair value) | 643,381 | 685,230 |
Mortgage-backed securities-residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises held-to-maturity | 78,283 | 54,378 |
Other Securities [Member] | ||
ASSETS: | ||
Investment securities available-for-sale (at fair value) | 469 | 419 |
Municipal [Member] | ||
ASSETS: | ||
Investment securities available-for-sale (at fair value) | 610 | 1,048 |
Carrying Amount [Member] | Level 1 [Member] | ||
ASSETS: | ||
Cash and cash equivalents | 109,556 | 257,364 |
Carrying Amount [Member] | Level 2 [Member] | ||
ASSETS: | ||
Non-marketable securities | 27,555 | 15,030 |
Loans held-for-sale | 48,120 | 4,629 |
Accrued interest receivable | 17,852 | 14,255 |
LIABILITIES: | ||
Deposit transaction accounts | 3,455,092 | 2,861,509 |
Time deposits | 1,080,529 | 1,118,050 |
Securities sold under agreements to repurchase | 66,047 | 130,463 |
Federal Home Loan Bank advances | 301,660 | 129,115 |
Accrued interest payable | 6,889 | 5,776 |
Carrying Amount [Member] | Level 3 [Member] | ||
ASSETS: | ||
Loans receivable, net | 4,092,308 | 3,178,947 |
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) | 146,642 | 168,648 |
Mortgage-backed securities-residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises held-to-maturity | 157,115 | 204,352 |
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) | 643,381 | 685,230 |
Mortgage-backed securities-residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises held-to-maturity | 78,283 | 54,378 |
Carrying Amount [Member] | Other Securities [Member] | Level 3 [Member] | ||
ASSETS: | ||
Investment securities available-for-sale (at fair value) | 469 | 419 |
Carrying Amount [Member] | Municipal [Member] | Level 2 [Member] | ||
ASSETS: | ||
Municipal obligations | 441 | 829 |
Carrying Amount [Member] | Municipal [Member] | Level 3 [Member] | ||
ASSETS: | ||
Municipal obligations | 169 | 219 |
Estimated Fair Value [Member] | Level 1 [Member] | ||
ASSETS: | ||
Cash and cash equivalents | 109,556 | 257,364 |
Estimated Fair Value [Member] | Level 2 [Member] | ||
ASSETS: | ||
Non-marketable securities | 27,555 | 15,030 |
Loans held-for-sale | 48,120 | 4,629 |
Accrued interest receivable | 17,852 | 14,255 |
LIABILITIES: | ||
Deposit transaction accounts | 3,455,092 | 2,861,509 |
Time deposits | 1,068,233 | 1,108,733 |
Securities sold under agreements to repurchase | 66,047 | 130,463 |
Federal Home Loan Bank advances | 301,933 | 130,300 |
Accrued interest payable | 6,889 | 5,776 |
Estimated Fair Value [Member] | Level 3 [Member] | ||
ASSETS: | ||
Loans receivable, net | 4,082,146 | 3,167,508 |
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) | 146,642 | 168,648 |
Mortgage-backed securities-residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises held-to-maturity | 154,412 | 204,048 |
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) | 643,381 | 685,230 |
Mortgage-backed securities-residential mortgage pass-through securities issued or guaranteed by U.S. Government agencies or sponsored enterprises held-to-maturity | 76,514 | 52,723 |
Estimated Fair Value [Member] | Other Securities [Member] | Level 3 [Member] | ||
ASSETS: | ||
Investment securities available-for-sale (at fair value) | 469 | 419 |
Estimated Fair Value [Member] | Municipal [Member] | Level 2 [Member] | ||
ASSETS: | ||
Municipal obligations | 441 | 829 |
Estimated Fair Value [Member] | Municipal [Member] | Level 3 [Member] | ||
ASSETS: | ||
Municipal obligations | 169 | 219 |
Interest rate swap derivatives [Member] | Carrying Amount [Member] | Level 2 [Member] | ||
ASSETS: | ||
Derivative asset | 20,627 | 12,972 |
LIABILITIES: | ||
Derivative liability | 3,577 | 3,751 |
Interest rate swap derivatives [Member] | Estimated Fair Value [Member] | Level 2 [Member] | ||
ASSETS: | ||
Derivative asset | 20,627 | 12,972 |
LIABILITIES: | ||
Derivative liability | 3,577 | 3,751 |
Mortgage banking derivatives | Carrying Amount [Member] | Level 3 [Member] | ||
ASSETS: | ||
Derivative asset | 871 | 133 |
LIABILITIES: | ||
Derivative liability | 544 | 7 |
Mortgage banking derivatives | Estimated Fair Value [Member] | Level 3 [Member] | ||
ASSETS: | ||
Derivative asset | 871 | 133 |
LIABILITIES: | ||
Derivative liability | $ 544 | $ 7 |
Parent Company Only Financial_3
Parent Company Only Financial Statements (Condensed Statements of Financial Condition) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||||
Cash and cash equivalents | $ 109,556 | $ 257,364 | ||
Other assets | 159,240 | 139,248 | ||
Total assets | 5,676,666 | 4,843,465 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Other liabilities | 78,332 | 71,921 | ||
Total liabilities | 4,981,660 | 4,311,058 | ||
Stockholders' equity | 695,006 | 532,407 | $ 536,189 | $ 617,544 |
Total liabilities and shareholders' equity | 5,676,666 | 4,843,465 | ||
Parent Company [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 71,997 | 73,873 | ||
Investment in subsidiaries | 612,784 | 444,445 | ||
Other assets | 21,002 | 14,414 | ||
Total assets | 705,783 | 532,732 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Other liabilities | 10,777 | 325 | ||
Total liabilities | 10,777 | 325 | ||
Stockholders' equity | 695,006 | 532,407 | ||
Total liabilities and shareholders' equity | $ 705,783 | $ 532,732 |
Parent Company Only Financial_4
Parent Company Only Financial Statements (Condensed Statements of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest expense: | |||||||||||||||
Salaries and benefits | $ 114,939 | $ 80,188 | $ 79,765 | ||||||||||||
Income tax expense (benefit) | $ 3,381 | $ 4,354 | $ 2,800 | $ 1,695 | $ 18,615 | $ 1,733 | $ 2,175 | $ (1,240) | $ 81 | $ 1,695 | $ 982 | $ 189 | 12,230 | 21,283 | 2,947 |
Net income | $ 17,235 | $ 18,240 | $ 17,512 | $ 8,464 | $ (10,119) | $ 7,231 | $ 9,209 | $ 8,258 | $ 9,991 | $ 8,314 | $ 4,504 | $ 251 | 61,451 | 14,579 | 23,060 |
Parent Company [Member] | |||||||||||||||
Interest income | 112 | 45 | 24 | ||||||||||||
Equity in undistributed (earnings) losses of subsidiaries | 19,682 | (11,192) | (129,956) | ||||||||||||
Distributions from subsidiaries | 47,338 | 28,903 | 155,353 | ||||||||||||
Total income | 67,132 | 17,756 | 25,421 | ||||||||||||
Interest expense: | |||||||||||||||
Salaries and benefits | 4,455 | 3,680 | 3,529 | ||||||||||||
Other expenses | 4,467 | 3,587 | 3,578 | ||||||||||||
Total expenses | 8,922 | 7,267 | 7,107 | ||||||||||||
Operating income | 58,210 | 10,489 | 18,314 | ||||||||||||
Income tax expense (benefit) | (3,241) | (4,090) | (4,746) | ||||||||||||
Net income | $ 61,451 | $ 14,579 | $ 23,060 |
Parent Company Only Financial_5
Parent Company Only Financial Statements (Condensed Statements of Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||||||||||||||
Net income | $ 17,235 | $ 18,240 | $ 17,512 | $ 8,464 | $ (10,119) | $ 7,231 | $ 9,209 | $ 8,258 | $ 9,991 | $ 8,314 | $ 4,504 | $ 251 | $ 61,451 | $ 14,579 | $ 23,060 |
Stock-based compensation expense | 4,420 | 3,648 | 3,492 | ||||||||||||
Net excess tax (benefit) deficit on stock-based compensation | (1,286) | (4,225) | (2,078) | ||||||||||||
Net cash provided by (used in) operating activities | 73,574 | 58,139 | (3,936) | ||||||||||||
Cash flows from investing activities: | |||||||||||||||
Net cash (used in) provided by investing activities | (102,017) | (178,517) | 114,629 | ||||||||||||
Cash flows from financing activities: | |||||||||||||||
Issuance of stock under purchase and equity compensation plans | (772) | (8,395) | (6,201) | ||||||||||||
Proceeds from exercise of stock options | 7,576 | 104 | |||||||||||||
Payment of dividends | (16,624) | (9,401) | (6,400) | ||||||||||||
Repurchase of shares | (93,573) | ||||||||||||||
Net cash (used in) provided by financing activities | (109,365) | 225,006 | (124,049) | ||||||||||||
(Decrease) increase in cash, cash equivalents and restricted cash | (137,808) | 104,628 | (13,356) | ||||||||||||
Cash, cash equivalents and restricted cash at beginning of the year | 257,364 | 152,736 | 166,092 | 257,364 | 152,736 | 166,092 | |||||||||
Cash, cash equivalents and restricted cash at end of period | 119,556 | 257,364 | 152,736 | 119,556 | 257,364 | 152,736 | |||||||||
Parent Company [Member] | |||||||||||||||
Cash flows from operating activities: | |||||||||||||||
Net income | 61,451 | 14,579 | 23,060 | ||||||||||||
Equity in undistributed (earnings) losses of subsidiaries | (19,682) | 11,192 | (25,388) | ||||||||||||
Stock-based compensation expense | 4,420 | 3,648 | 3,492 | ||||||||||||
Net excess tax (benefit) deficit on stock-based compensation | (1,286) | (4,225) | (2,078) | ||||||||||||
Other | (770) | 6,680 | 418 | ||||||||||||
Net cash provided by (used in) operating activities | 44,133 | 31,874 | (496) | ||||||||||||
Cash flows from investing activities: | |||||||||||||||
Outlay for business combinations | (36,189) | ||||||||||||||
Dividend payment from subsidiary equity | 15,353 | ||||||||||||||
Return of capital from investments in subsidiaries | 140,000 | ||||||||||||||
Net cash (used in) provided by investing activities | (36,189) | 155,353 | |||||||||||||
Cash flows from financing activities: | |||||||||||||||
Capital Contribution | (5,000) | ||||||||||||||
Issuance of stock under purchase and equity compensation plans | (772) | (8,395) | (6,201) | ||||||||||||
Proceeds from exercise of stock options | 7,576 | 104 | |||||||||||||
Payment of dividends | (16,624) | (9,401) | (6,131) | ||||||||||||
Repurchase of shares | (93,573) | ||||||||||||||
Net cash (used in) provided by financing activities | (9,820) | (22,692) | (105,905) | ||||||||||||
(Decrease) increase in cash, cash equivalents and restricted cash | (1,876) | 9,182 | 48,952 | ||||||||||||
Cash, cash equivalents and restricted cash at beginning of the year | $ 73,873 | $ 64,691 | $ 15,739 | 73,873 | 64,691 | 15,739 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ 71,997 | $ 73,873 | $ 64,691 | $ 71,997 | $ 73,873 | $ 64,691 |
Quarterly Results of Operatio_3
Quarterly Results of Operations - Summary of Quarterly Results (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||
Interest and dividend income | $ 57,780 | $ 55,909 | $ 54,911 | $ 52,791 | $ 41,889 | $ 42,579 | $ 41,213 | $ 38,740 | $ 39,658 | $ 40,764 | $ 38,472 | $ 41,554 | $ 221,391 | $ 164,421 | $ 160,448 |
Interest expense | 7,148 | 6,137 | 5,525 | 5,144 | 4,976 | 4,681 | 4,440 | 4,018 | 3,873 | 3,700 | 3,719 | 3,516 | 23,954 | 18,115 | 14,808 |
Net interest income before provision for loan losses | 50,632 | 49,772 | 49,386 | 47,647 | 36,913 | 37,898 | 36,773 | 34,722 | 35,785 | 37,064 | 34,753 | 38,038 | 197,437 | 146,306 | 145,640 |
Provision for loan losses | 2,476 | 807 | 1,873 | 41 | 3,272 | 3,880 | 4,025 | 1,795 | 1,282 | 5,293 | 6,457 | 10,619 | 5,197 | 12,972 | 23,651 |
Net interest income after provision for loan losses | 48,156 | 48,965 | 47,513 | 47,606 | 33,641 | 34,018 | 32,748 | 32,927 | 34,503 | 31,771 | 28,296 | 27,419 | 192,240 | 133,334 | 121,989 |
Non-interest income | 15,317 | 18,061 | 19,562 | 17,835 | 8,883 | 9,551 | 12,075 | 8,696 | 9,992 | 11,608 | 10,504 | 7,923 | 70,775 | 39,205 | 40,027 |
Non-interest expense | 42,857 | 44,432 | 46,763 | 55,282 | 34,028 | 34,605 | 33,439 | 34,605 | 34,423 | 33,370 | 33,314 | 34,902 | 189,334 | 136,677 | 136,009 |
Income before income taxes | 20,616 | 22,594 | 20,312 | 10,159 | 8,496 | 8,964 | 11,384 | 7,018 | 10,072 | 10,009 | 5,486 | 440 | 73,681 | 35,862 | 26,007 |
Income tax expense (benefit) | 3,381 | 4,354 | 2,800 | 1,695 | 18,615 | 1,733 | 2,175 | (1,240) | 81 | 1,695 | 982 | 189 | 12,230 | 21,283 | 2,947 |
Net income | $ 17,235 | $ 18,240 | $ 17,512 | $ 8,464 | $ (10,119) | $ 7,231 | $ 9,209 | $ 8,258 | $ 9,991 | $ 8,314 | $ 4,504 | $ 251 | $ 61,451 | $ 14,579 | $ 23,060 |
Income per share—basic (in dollars per share) | $ 0.56 | $ 0.59 | $ 0.57 | $ 0.28 | $ (0.37) | $ 0.27 | $ 0.34 | $ 0.31 | $ 0.38 | $ 0.30 | $ 0.15 | $ 0.01 | $ 2 | $ 0.54 | $ 0.81 |
Income per share—diluted (in dollars per share) | $ 0.55 | $ 0.58 | $ 0.56 | $ 0.27 | $ (0.37) | $ 0.26 | $ 0.33 | $ 0.30 | $ 0.36 | $ 0.30 | $ 0.15 | $ 0.01 | $ 1.95 | $ 0.53 | $ 0.79 |