Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 05, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-36682 | |
Entity Registrant Name | VERITEX HOLDINGS, INC. | |
Entity Incorporation, State or Country Code | TX | |
Entity Tax Identification Number | 27-0973566 | |
Entity Address, Address Line One | 8214 Westchester Drive, Suite 800 | |
Entity Address, City or Town | Dallas, | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75225 | |
City Area Code | (972) | |
Local Phone Number | 349-6200 | |
Title of 12(b) Security | Common Stock, par value $0.01 | |
Trading Symbol | VBTX | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 49,523,683 | |
Entity Central Index Key | 0001501570 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from banks | $ 51,726 | $ 44,337 |
Interest bearing deposits in other banks | 338,301 | 186,488 |
Total cash and cash equivalents | 390,027 | 230,825 |
Debt securities available-for-sale, at fair value | 1,077,239 | 1,024,329 |
Debt securities held-to-maturity (fair value of $51,489 and $34,283, at June 30, 2021 and December 31, 2020, respectively) | 48,638 | 30,872 |
Equity securities | 14,982 | 14,938 |
Investment in unconsolidated subsidiaries | 1,018 | 1,018 |
Federal Home Loan Bank of Dallas Stock (“FHLB”) and Federal Reserve Bank (“FRB”) Stock | 71,558 | 71,236 |
Total investments | 1,213,435 | 1,142,393 |
Loans held for sale | 12,065 | 21,414 |
Loans held for investment, Paycheck Protection Program (“PPP”) loans, carried at fair value | 291,401 | 358,042 |
Loans held for investment, mortgage warehouse (“MW”) | 559,939 | 577,594 |
Loans held for investment, excluding MW and PPP | 6,272,087 | 5,847,862 |
Less: Allowance for credit losses (“ACL”) | (99,543) | (105,084) |
Total loans held for investment, net | 7,023,884 | 6,678,414 |
Bank-owned life insurance (“BOLI”) | 83,304 | 82,855 |
Bank premises, furniture and equipment, net | 123,504 | 115,063 |
Other real estate owned | 2,467 | 2,337 |
Intangible assets, net of accumulated amortization | 57,143 | 61,733 |
Goodwill | 370,840 | 370,840 |
Other assets | 72,856 | 114,997 |
Total assets | 9,349,525 | 8,820,871 |
Deposits: | ||
Noninterest-bearing deposits | 2,388,068 | 2,097,099 |
Interest-bearing transaction and savings deposits | 3,112,974 | 2,958,456 |
Certificates and other time deposits | 1,477,860 | 1,457,291 |
Total deposits | 6,978,902 | 6,512,846 |
Accounts payable and other liabilities | 55,499 | 61,928 |
Advances from FHLB | 777,640 | 777,718 |
Subordinated debentures and subordinated notes | 262,766 | 262,778 |
Securities sold under agreements to repurchase | 1,811 | 2,225 |
Total liabilities | 8,076,618 | 7,617,495 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock, $0.01 par value; 75,000,000 shares authorized; 55,808,267 and 55,500,118 shares issued at June 30, 2021 and December 31, 2020, respectively; 49,498,295 and 49,337,768 shares outstanding at June 30, 2021 and December 31, 2020, respectively | 558 | 555 |
Additional paid-in capital | 1,134,603 | 1,126,437 |
Retained earnings | 216,704 | 172,232 |
Accumulated other comprehensive income | 77,189 | 56,225 |
Treasury stock, 6,309,972 and 6,162,350 shares at cost at June 30, 2021 and December 31, 2020, respectively | (156,147) | (152,073) |
Total stockholders’ equity | 1,272,907 | 1,203,376 |
Total liabilities and stockholders’ equity | $ 9,349,525 | $ 8,820,871 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Held-to-maturity debt securities, fair value | $ 51,489 | $ 34,283 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 75,000,000 | 75,000,000 |
Common stock, shares issued (in shares) | 55,808,267 | 55,500,118 |
Common stock, shares outstanding (in shares) | 49,498,295 | 49,337,768 |
Treasury stock, shares (in shares) | 6,309,972 | 6,162,350 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Interest and dividend income: | ||||
Loans, including fees | $ 67,814 | $ 70,440 | $ 135,213 | $ 148,301 |
Debt securities | 7,529 | 7,825 | 14,966 | 15,222 |
Deposits in financial institutions and Fed Funds sold | 167 | 186 | 294 | 1,057 |
Equity securities and other investments | 672 | 891 | 1,335 | 1,741 |
Total interest and dividend income | 76,182 | 79,342 | 151,808 | 166,321 |
Interest expense: | ||||
Transaction and savings deposits | 1,661 | 2,471 | 3,641 | 9,023 |
Certificates and other time deposits | 2,423 | 6,515 | 5,484 | 14,755 |
Advances from FHLB | 1,829 | 2,801 | 3,641 | 5,680 |
Subordinated debentures and subordinated notes | 3,138 | 1,798 | 6,276 | 3,701 |
Total interest expense | 9,051 | 13,585 | 19,042 | 33,159 |
Net interest income | 67,131 | 65,757 | 132,766 | 133,162 |
Provision for credit losses | 0 | 16,172 | 0 | 47,948 |
Provision for credit losses on unfunded commitments | 577 | 2,799 | 7 | 6,680 |
Net interest income after provision for credit losses | 66,554 | 46,786 | 132,759 | 78,534 |
Noninterest income: | ||||
Service charges and fees on deposit accounts | 3,847 | 2,960 | 7,476 | 6,602 |
Loan fees | 1,823 | 1,240 | 3,164 | 2,085 |
Gain on sales of securities | 0 | 2,879 | 0 | 2,879 |
Gain on sale of mortgage loans held for sale | 385 | 308 | 892 | 450 |
Government guaranteed loan income, net | 3,448 | 11,006 | 9,996 | 11,445 |
Other | 2,953 | 2,897 | 5,100 | 5,076 |
Total noninterest income | 12,456 | 21,290 | 26,628 | 28,537 |
Noninterest expense: | ||||
Salaries and employee benefits | 23,451 | 20,019 | 46,383 | 38,889 |
Occupancy and equipment | 4,233 | 3,994 | 8,329 | 8,267 |
Professional and regulatory fees | 3,086 | 2,796 | 6,527 | 4,992 |
Data processing and software expense | 2,536 | 2,434 | 4,855 | 4,523 |
Marketing | 1,841 | 561 | 2,750 | 1,644 |
Amortization of intangibles | 2,517 | 2,696 | 5,054 | 5,392 |
Telephone and communications | 337 | 308 | 674 | 627 |
COVID expenses | 0 | 1,245 | 0 | 1,245 |
Other | 3,716 | 6,008 | 6,742 | 10,027 |
Total noninterest expense | 41,717 | 40,061 | 81,314 | 75,606 |
Income before income tax expense | 37,293 | 28,015 | 78,073 | 31,465 |
Income tax expense | 7,837 | 3,987 | 16,830 | 3,303 |
Net income | $ 29,456 | $ 24,028 | $ 61,243 | $ 28,162 |
Basic earnings per share (in dollars per share) | $ 0.60 | $ 0.48 | $ 1.24 | $ 0.56 |
Diluted earnings per share (in dollars per share) | $ 0.59 | $ 0.48 | $ 1.22 | $ 0.56 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 29,456 | $ 24,028 | $ 61,243 | $ 28,162 |
Net unrealized gains (losses) on securities available-for-sale: | ||||
Change in net unrealized gains (losses) on securities available-for-sale during the period, net | 10,303 | 4,773 | (9,134) | 33,260 |
Reclassification adjustment for net gains included in net income | 0 | (2,879) | 0 | (2,879) |
Net unrealized gains (losses) on securities available-for-sale | 10,303 | 1,894 | (9,134) | 30,381 |
Net unrealized gains (losses) on derivative instruments designated as cash flow hedges | 8,401 | (4,668) | 35,672 | (936) |
Other comprehensive income (loss), before tax | 18,704 | (2,774) | 26,538 | 29,445 |
Income tax expense (benefit) | 3,928 | (518) | 5,574 | 6,492 |
Other comprehensive income (loss), net of tax | 14,776 | (3,292) | 20,964 | 22,953 |
Comprehensive income | $ 44,232 | $ 20,736 | $ 82,207 | $ 51,115 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Cumulative Effect, Period Of Adoption, Adjustment | Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Earnings | Retained EarningsCumulative Effect, Period Of Adoption, Adjustment | Accumulated Other Comprehensive Income |
Beginning balance (in shares) at Dec. 31, 2019 | 51,063,869 | 3,812,711 | ||||||
Beginning balance at Dec. 31, 2019 | $ 1,190,797 | $ (15,505) | $ 549 | $ (94,603) | $ 1,117,879 | $ 147,911 | $ (15,505) | $ 19,061 |
Increase (Decrease) in Stockholders' Equity | ||||||||
Restricted stock units ("RSUs") vested, net of shares withheld to cover tax withholdings (in shares) | 86,279 | |||||||
Restricted stock units ("RSUs") vested, net of shares withheld to cover tax withholdings | (643) | $ 1 | (644) | |||||
Exercise of employee stock options, net of shares withheld to cover tax withholdings and exercise price (in shares) | 474,810 | |||||||
Exercise of employee stock options, net of shares withheld to cover tax withholdings and exercise price | 921 | $ 5 | 916 | |||||
Stock warrants exercised (in shares) | 10,000 | |||||||
Stock warrants exercised | 109 | 109 | ||||||
Stock buyback (in shares) | (2,002,211) | (2,002,211) | ||||||
Stock buyback | (49,557) | $ (49,557) | ||||||
Stock based compensation | 3,803 | 3,803 | ||||||
Net income | 28,162 | 28,162 | ||||||
Dividends paid | (17,291) | (17,291) | ||||||
Other comprehensive income | 22,953 | 22,953 | ||||||
Ending balance (in shares) at Jun. 30, 2020 | 49,632,747 | 5,814,922 | ||||||
Ending balance at Jun. 30, 2020 | 1,163,749 | $ 555 | $ (144,160) | 1,122,063 | 143,277 | 42,014 | ||
Beginning balance (in shares) at Mar. 31, 2020 | 49,557,364 | 5,814,922 | ||||||
Beginning balance at Mar. 31, 2020 | 1,149,269 | $ 554 | $ (144,160) | 1,119,757 | 127,812 | 45,306 | ||
Increase (Decrease) in Stockholders' Equity | ||||||||
Restricted stock units ("RSUs") vested, net of shares withheld to cover tax withholdings (in shares) | 17,447 | |||||||
Restricted stock units ("RSUs") vested, net of shares withheld to cover tax withholdings | (41) | (41) | ||||||
Exercise of employee stock options, net of shares withheld to cover tax withholdings and exercise price (in shares) | 57,936 | |||||||
Exercise of employee stock options, net of shares withheld to cover tax withholdings and exercise price | 503 | $ 1 | 502 | |||||
Stock based compensation | 1,845 | 1,845 | ||||||
Net income | 24,028 | 24,028 | ||||||
Dividends paid | (8,563) | (8,563) | ||||||
Other comprehensive income | (3,292) | (3,292) | ||||||
Ending balance (in shares) at Jun. 30, 2020 | 49,632,747 | 5,814,922 | ||||||
Ending balance at Jun. 30, 2020 | $ 1,163,749 | $ 555 | $ (144,160) | 1,122,063 | 143,277 | 42,014 | ||
Beginning balance (in shares) at Dec. 31, 2020 | 49,337,768 | 49,337,768 | 6,162,350 | |||||
Beginning balance at Dec. 31, 2020 | $ 1,203,376 | $ 555 | $ (152,073) | 1,126,437 | 172,232 | 56,225 | ||
Increase (Decrease) in Stockholders' Equity | ||||||||
Restricted stock units ("RSUs") vested, net of shares withheld to cover tax withholdings (in shares) | 79,056 | |||||||
Restricted stock units ("RSUs") vested, net of shares withheld to cover tax withholdings | (550) | $ 1 | (551) | |||||
Exercise of employee stock options, net of shares withheld to cover tax withholdings and exercise price (in shares) | 229,093 | |||||||
Exercise of employee stock options, net of shares withheld to cover tax withholdings and exercise price | 3,549 | $ 2 | 3,547 | |||||
Stock buyback (in shares) | (147,622) | (147,622) | ||||||
Stock buyback | (4,074) | $ (4,074) | ||||||
Stock based compensation | 5,170 | 5,170 | ||||||
Net income | 61,243 | 61,243 | ||||||
Dividends paid | (16,771) | (16,771) | ||||||
Other comprehensive income | $ 20,964 | 20,964 | ||||||
Ending balance (in shares) at Jun. 30, 2021 | 49,498,295 | 49,498,295 | 6,309,972 | |||||
Ending balance at Jun. 30, 2021 | $ 1,272,907 | $ 558 | $ (156,147) | 1,134,603 | 216,704 | 77,189 | ||
Beginning balance (in shares) at Mar. 31, 2021 | 49,432,750 | 6,309,972 | ||||||
Beginning balance at Mar. 31, 2021 | 1,233,808 | $ 557 | $ (156,147) | 1,131,324 | 195,661 | 62,413 | ||
Increase (Decrease) in Stockholders' Equity | ||||||||
Restricted stock units ("RSUs") vested, net of shares withheld to cover tax withholdings (in shares) | 20,946 | |||||||
Restricted stock units ("RSUs") vested, net of shares withheld to cover tax withholdings | (82) | $ 1 | (83) | |||||
Exercise of employee stock options, net of shares withheld to cover tax withholdings and exercise price (in shares) | 44,599 | |||||||
Exercise of employee stock options, net of shares withheld to cover tax withholdings and exercise price | 670 | 670 | ||||||
Stock based compensation | 2,692 | 2,692 | ||||||
Net income | 29,456 | 29,456 | ||||||
Dividends paid | (8,413) | (8,413) | ||||||
Other comprehensive income | $ 14,776 | 14,776 | ||||||
Ending balance (in shares) at Jun. 30, 2021 | 49,498,295 | 49,498,295 | 6,309,972 | |||||
Ending balance at Jun. 30, 2021 | $ 1,272,907 | $ 558 | $ (156,147) | $ 1,134,603 | $ 216,704 | $ 77,189 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 61,243,000 | $ 28,162,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of fixed assets and intangibles | 7,420,000 | 7,856,000 |
Net accretion of time deposit premium, debt discount and debt issuance costs | (132,000) | (974,000) |
Provision for credit losses | 7,000 | 54,628,000 |
Accretion of loan purchase discount | (3,447,000) | (7,454,000) |
Stock-based compensation expense | 5,170,000 | 3,803,000 |
Excess tax benefit from stock compensation | (269,000) | (1,423,000) |
Net amortization of premiums on debt securities | 1,548,000 | 1,746,000 |
Unrealized loss (gain) on equity securities recognized in earnings | 136,000 | (213,000) |
Change in cash surrender value and mortality rates of BOLI | (449,000) | (961,000) |
Net gain on sales of debt securities | 0 | (2,879,000) |
Change in fair value of government guaranteed loans using fair value option | 416,000 | 1,675,000 |
Gain on sales of mortgage loans held for sale | (892,000) | (449,000) |
Gain on sales of government guaranteed loans | (1,953,000) | (604,000) |
Originations of loans held for sale | (47,763,000) | (52,164,000) |
Proceeds from sales of loans held for sale | 59,875,000 | 39,586,000 |
Loss on sale of other real estate owned | 0 | 209,000 |
Gain on sale of bank premises, furniture and equipment | 0 | (358,000) |
Write-down of other real estate owned | 174,000 | 0 |
Termination of derivatives designated as hedging instruments | 43,900,000 | 0 |
Decrease (increase) in other assets | 26,384,000 | (13,291,000) |
(Decrease) increase in accounts payable and other liabilities | (4,178,000) | 10,706,000 |
Net cash provided by operating activities | 147,190,000 | 67,601,000 |
Cash flows from investing activities: | ||
Purchases of available for sale debt securities | (151,796,000) | (321,465,000) |
Proceeds from sales of available for sale debt securities | 0 | 90,897,000 |
Proceeds from maturities, calls and pay downs of available for sale debt securities | 88,361,000 | 146,525,000 |
Purchases of held to maturity debt securities | (19,877,000) | 0 |
Maturity, calls and paydowns of held to maturity debt securities | 1,953,000 | 826,000 |
Purchases of other investments | (502,000) | (20,150,000) |
Net loans originated | (344,869,000) | (636,536,000) |
Proceeds from sale of government guaranteed loans | 1,692,000 | 8,384,000 |
Net additions to bank premises, furniture and equipment | (10,742,000) | (1,090,000) |
Proceeds from sales of bank premises, furniture and equipment | 0 | 2,157,000 |
Proceeds from sales of other real estate owned | 0 | 1,843,000 |
Net cash used in investing activities | (435,780,000) | (728,609,000) |
Cash flows from financing activities: | ||
Net increase in deposits | 466,130,000 | 231,882,000 |
Net (decrease) increase in advances from FHLB | (78,000) | 409,924,000 |
Redemption of subordinated debt | 0 | (5,000,000) |
Net change in securities sold under agreement to repurchase | (414,000) | (581,000) |
Payments to tax authorities for stock-based compensation | (550,000) | (3,790,000) |
Proceeds from exercise of employee stock options | 3,549,000 | 4,068,000 |
Proceeds from exercise of stock warrants | 0 | 109,000 |
Purchase of treasury stock | (4,074,000) | (49,557,000) |
Dividends paid | (16,771,000) | (17,291,000) |
Net cash provided by financing activities | 447,792,000 | 569,764,000 |
Net increase in cash and cash equivalents | 159,202,000 | (91,244,000) |
Cash and cash equivalents at beginning of period | 230,825,000 | 251,550,000 |
Cash and cash equivalents at end of period | $ 390,027,000 | $ 160,306,000 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Restricted Stock Units | ||||
Shares withheld to cover tax withholdings (in shares) | 2,402 | 2,501 | 18,989 | 21,180 |
Employee Stock Options | ||||
Shares withheld to cover tax withholdings (in shares) | 3,831 | 0 | 37,668 | 98,836 |
Shares withheld to cover exercise price (in shares) | 19,616 | 7,305 | 139,715 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Nature of Organization In this report, the words “Veritex”, “the Company,” “we,” “us,” and “our” refer to the combined entities of Veritex Holdings, Inc. and its subsidiaries, including Veritex Community Bank. The word “Holdco” refers to Veritex Holdings, Inc. The word “the Bank” refers to Veritex Community Bank. Veritex is a Texas state banking organization, with corporate offices in Dallas, Texas, and currently operates 21 branches and one mortgage office located in the Dallas-Fort Worth metroplex and 11 branches in the Houston metropolitan area. The Bank provides a full range of banking services, including commercial and retail lending and the acceptance of checking and savings deposits, to individual and corporate customers. The Texas Department of Banking (the “TDB”) and the Board of Governors of the Federal Reserve System (the “Federal Reserve”) are the primary regulators of the Company and the Bank, and both regulatory agencies perform periodic examinations to ensure regulatory compliance. Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Veritex Holdings, Inc. and its subsidiaries, including Veritex Community Bank. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”), but do not include all of the information and footnotes required for complete financial statements. Intercompany transactions and balances are eliminated in consolidation. In management’s opinion, these unaudited condensed consolidated financial statements include all adjustments of a normal recurring nature necessary for a fair statement of the Company’s condensed consolidated balance sheets at June 30, 2021 and December 31, 2020, condensed consolidated statements of income and comprehensive income for the three and six months ended June 30, 2021 and 2020, condensed consolidated statements of changes in stockholders’ equity for the three and six months ended June 30, 2021 and 2020 and condensed consolidated statements of cash flows for the six months ended June 30, 2021 and 2020. Accounting measurements at interim dates inherently involve greater reliance on estimates than at year end and the results for the interim periods shown herein are not necessarily indicative of results to be expected for the full year due in part to global economic and financial market conditions, interest rates, access to sources of liquidity, market competition and interruptions of business processes. These unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information and the instructions to Quarterly Reports on Form 10-Q adopted by the Securities and Exchange Commission (“SEC”). These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the year ended December 31, 2020 included in the Company’s Annual Report on Form 10-K, as filed with the SEC on February 26, 2021. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. These estimates and assumptions may also affect disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Segment Reporting The Company has one reportable segment. All of the Company’s activities are interrelated, and each activity is dependent and assessed based on how each activity of the Company supports the others. For example, lending is dependent upon the ability of the Company to fund itself with deposits and borrowings while managing interest rate and credit risk. Accordingly, all significant operating decisions are based upon an analysis of the Bank as one segment or unit. The Company’s chief operating decision-maker, the Chief Executive Officer, uses the consolidated results to make operating and strategic decisions. Reclassifications Certain items in the Company’s prior year financial statements were reclassified to conform to the current presentation including the reclassification on the condensed consolidated statements of income from rental income to other income of $547 and $1,098 during the three and six months ended June 30, 2020, respectively. Earnings Per Share (“EPS”) EPS are based upon the weighted average shares outstanding. The table below sets forth the reconciliation between weighted average shares used for calculating basic and diluted EPS for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Earnings (numerator) Net income $ 29,456 $ 24,028 $ 61,243 $ 28,162 Shares (denominator) Weighted average shares outstanding for basic EPS 49,476 49,597 49,435 50,161 Dilutive effect of employee stock-based awards 855 130 752 222 Adjusted weighted average shares outstanding 50,331 49,727 50,187 50,383 EPS: Basic $ 0.60 $ 0.48 $ 1.24 $ 0.56 Diluted $ 0.59 $ 0.48 $ 1.22 $ 0.56 For the three and six months ended June 30, 2021, there were 52 and 538 antidilutive shares, respectively, excluded from the diluted EPS weighted average shares outstanding related to stock options. For the three months ended June 30, 2020, there were 1,651 antidilutive shares excluded from the diluted EPS weighted average shares outstanding, 477 relating to restricted stock units (“RSUs”) and 1,174 relating to stock options. For the six months ended June 30, 2020, there were 1,353 antidilutive shares excluded from the diluted weighted average shares outstanding, 226 relating to RSUs and 1,127 relating to stock options. Recent Accounting Pronouncements ASU 2019-12, "Income Taxes (Topic 740)" ("ASU 2019-12") simplifies the accounting for income taxes by removing certain exceptions and improves the consistent application of GAAP by clarifying and amending other existing guidance. ASU 2019-12 was effective for us on January 1, 2021 and did not have a significant impact on our consolidated financial statements and related disclosures. ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting" ("ASU 2020-04") amendments provide optional guidance for a limited time to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company is currently evaluating the amended guidance and the impact on its consolidated financial statements and related disclosures. ASU 2020-08, “Codification Improvements to Subtopic 310-20, Receivables - Nonrefundable Fees and Other Costs” ("ASU 2020-08") clarifies the accounting for the amortization of purchase premiums for callable debt securities with multiple call dates. ASU 2020-08 was effective for us on January 1, 2021 and did not have a significant impact on our consolidated financial statements and related disclosures. |
Supplemental Statement of Cash
Supplemental Statement of Cash Flows | 6 Months Ended |
Jun. 30, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Statement of Cash Flows | Supplemental Statement of Cash Flows Other supplemental cash flow information is presented below: Six Months Ended June 30, 2021 2020 (in thousands) Supplemental Disclosures of Cash Flow Information: Cash paid for interest $ 20,022 $ 35,116 Cash paid for income taxes 15 2,330 Supplemental Disclosures of Non-Cash Flow Information: Net foreclosure of other real estate owned and repossessed assets 334 4,100 Transfer of other real estate owned to other assets for losses incurred upon sale and expected to be collected from the SBA — 327 |
Share Transactions
Share Transactions | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Share Transactions | Share Transactions On January 28, 2019, the Company's Board of Directors (the “Board”) originally authorized a stock buyback program (the "Stock Buyback Program") pursuant to which the Company could, from time to time, purchase up to $50,000 of its outstanding common stock in the aggregate. The Board authorized increases of $50,000 on September 3, 2019 and $75,000 on December 12, 2019, resulting in an aggregate authorization to purchase up to $175,000 under the Stock Buyback Program. The Board also authorized an extension of the original expiration date of the Stock Buyback Program from December 31, 2019 to December 31, 2021. The shares may be repurchased in the open market or in privately negotiated transactions from time to time, depending upon market conditions and other factors, and in accordance with applicable regulations of the SEC. The Stock Buyback Program does not obligate the Company to purchase any share and the program may be terminated or amended by the Board at any time prior to its expiration. During the three months ended June 30, 2021 and 2020, there were no shares repurchased through the Stock Buyback Program. During the six months ended June 30, 2021 and 2020, there were 147,622 and 2,002,211 shares repurchased through the Stock Buyback Program and held as treasury stock at an average price per share of $26.83 and $24.78, respectively. |
Securities
Securities | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities Equity Securities With a Readily Determinable Fair Value The Company held equity securities with a fair value of $11,227 and $11,363 at June 30, 2021 and December 31, 2020, respectively. The Company did not realize a loss on equity securities with a readily determinable fair value during the three and six months ended June 30, 2021 or 2020. The gross unrealized gain (loss) recognized on equity securities with readily determinable fair values recorded in other noninterest income in the Company’s condensed consolidated statements of income were as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Unrealized gain (loss) recognized on equity securities with a readily determinable fair value $ 63 $ 462 $ (136) $ 213 Equity Securities Without a Readily Determinable Fair Value The Company held equity securities without a readily determinable fair values and measured at cost of $3,755 and $3,575 as of June 30, 2021 and December 31, 2020, respectively. Debt Securities Debt securities have been classified in the condensed consolidated balance sheets according to management’s intent. The amortized cost, related gross unrealized gains and losses, allowance for credit losses (“ACL”) and the fair value of available for sale and held to maturity securities are as follows: June 30, 2021 Amortized Gross Gross ACL Fair Value Available for sale Corporate bonds $ 195,342 $ 10,032 $ 4 $ — $ 205,370 Municipal securities 117,277 8,704 177 — 125,804 Mortgage-backed securities 233,997 11,990 1,097 — 244,890 Collateralized mortgage obligations 375,506 15,057 572 — 389,991 Asset-backed securities 59,091 2,292 349 — 61,034 Collateralized loan obligations 50,149 1 — — 50,150 $ 1,031,362 $ 48,076 $ 2,199 $ — $ 1,077,239 June 30, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses ACL Fair Value Held to maturity Mortgage-backed securities $ 21,073 $ 727 $ 105 $ — $ 21,695 Collateralized mortgage obligations 1,423 73 — — 1,496 Municipal securities 26,142 2,176 20 — 28,298 $ 48,638 $ 2,976 $ 125 $ — $ 51,489 The Company did not transfer any debt securities from available for sale to held to maturity at fair value during the three and six months ended June 30, 2021. December 31, 2020 Amortized Gross Gross ACL Fair Value Available for sale Corporate bonds $ 173,050 $ 6,417 $ 1,297 $ — $ 178,170 Municipal securities 115,533 10,129 6 — 125,656 Mortgage-backed securities 240,320 16,047 42 — 256,325 Collateralized mortgage obligations 388,080 20,895 66 — 408,909 Asset-backed securities 52,335 2,934 — — 55,269 $ 969,318 $ 56,422 $ 1,411 $ — $ 1,024,329 December 31, 2020 Amortized Gross Gross ACL Fair Value Held to maturity Mortgage-backed securities $ 6,982 $ 849 $ — $ — $ 7,831 Collateralized mortgage obligations 1,620 103 — — 1,723 Municipal securities 22,270 2,459 — — 24,729 $ 30,872 $ 3,411 $ — $ — $ 34,283 The following tables disclose the Company’s available for sale debt securities in an unrealized loss position for which an ACL has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous loss position: June 30, 2021 Less Than 12 Months 12 Months or More Totals Fair Unrealized Fair Unrealized Fair Unrealized Available for sale Corporate bonds $ 3,246 $ 4 $ — $ — $ 3,246 $ 4 Municipal securities 12,753 151 2,314 26 15,067 177 Mortgage-backed securities 62,811 1,097 — — 62,811 1,097 Collateralized mortgage obligations 64,909 572 — — 64,909 572 Asset-backed securities 11,626 349 — — 11,626 349 $ 155,345 $ 2,173 $ 2,314 $ 26 $ 157,659 $ 2,199 Held to maturity Mortgage-backed securities $ 15,028 $ 105 $ — $ — $ 15,028 $ 105 Municipal securities 2,031 20 — — 2,031 20 $ 17,059 $ 125 $ — $ — $ 17,059 $ 125 December 31, 2020 Less Than 12 Months 12 Months or More Totals Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss Available for sale Municipal securities $ 2,667 $ 6 $ — $ — $ 2,667 $ 6 Corporate bonds 31,953 1,297 — — 31,953 1,297 Mortgage-backed securities 34,402 108 — — 34,402 108 $ 69,022 $ 1,411 $ — $ — $ 69,022 $ 1,411 Management evaluates available for sale debt securities in unrealized loss positions to determine whether the impairment is due to credit-related factors or noncredit-related factors. Consideration is given to (1) the extent to which the fair value is less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value. The number of available for sale debt securities in an unrealized loss position totaled 22 and 11 at June 30, 2021 and December 31, 2020, respectively. Management does not have the intent to sell any of these debt securities and believes that it is more likely than not that the Company will not have to sell any such debt securities before a recovery of cost. The fair value is expected to recover as the debt securities approach their maturity date or repricing date or if market yields for such investments decline. Accordingly, as of June 30, 2021, management believes that the unrealized losses detailed in the previous tables are due to noncredit-related factors, including changes in interest rates and other market conditions, and therefore no losses have been recognized in the Company’s condensed consolidated statements of income. The amortized costs and estimated fair values of securities available for sale, by contractual maturity, as of the dates indicated, are shown in the table below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Mortgage-backed securities, collateralized mortgage obligations, asset-backed securities and collateralized loan obligations typically are issued with stated principal amounts, and the securities are backed by pools of mortgage loans and other loans that have varying maturities. The terms of mortgage-backed securities, collateralized mortgage obligations, asset-backed securities and collateralized loan obligations thus approximates the terms of the underlying mortgages and loans and can vary significantly due to prepayments. Therefore, these securities are not included in the maturity categories below. June 30, 2021 Available for Sale Held to Maturity Amortized Fair Amortized Fair Due from one year to five years $ 5,186 $ 5,308 $ — $ — Due from five years to ten years 175,614 184,705 3,871 4,180 Due after ten years 131,819 141,161 22,271 24,118 312,619 331,174 26,142 28,298 Mortgage-backed securities and collateralized mortgage obligations 609,503 634,881 22,496 23,191 Asset-backed securities 59,091 61,034 — — Collateralized loan obligations 50,149 50,150 — — $ 1,031,362 $ 1,077,239 $ 48,638 $ 51,489 December 31, 2020 Available for Sale Held to Maturity Amortized Fair Amortized Fair Due from one year to five years $ 4,935 $ 5,139 $ — $ — Due from five years to ten years 154,576 158,510 3,334 3,591 Due after ten years 129,072 140,177 18,936 21,138 288,583 303,826 22,270 24,729 Mortgage-backed securities and collateralized mortgage obligations 628,400 665,234 8,602 9,554 Asset-backed securities 52,335 55,269 — — $ 969,318 $ 1,024,329 $ 30,872 $ 34,283 Proceeds from sales of debt securities available for sale and gross gains and losses for the six months ended June 30, 2021 and 2020 were as follows: Six Months Ended June 30, 2021 2020 Proceeds for sales $ — $ 90,897 Gross realized gains — 2,879 Gross realized losses — — As of June 30, 2021 and December 31, 2020, there were no holdings of securities of any one issuer, other than the U.S. government and its agencies, in an amount greater than 10% of stockholders’ equity. There was a blanket floating lien on all debt securities held by the Company to secure FHLB advances as of June 30, 2021 and December 31, 2020. |
Loans Held for Investment and A
Loans Held for Investment and ACL | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Loans Held for Investment and ACL | Loans Held for Investment and ACL Loans held for investment in the accompanying condensed consolidated balance sheets are summarized as follows: June 30, 2021 December 31, 2020 Loans held for investment, carried at amortized cost: Real estate: Construction and land $ 871,765 $ 693,030 Farmland 13,661 13,844 1 - 4 family residential 513,635 524,344 Multi-family residential 367,445 424,962 Owner occupied commercial (“OOCRE”) 744,899 717,472 Non-owner occupied commercial (“NOOCRE”) 1,986,538 1,904,132 Commercial 1,771,100 1,559,546 MW 559,939 577,594 Consumer 10,530 13,000 6,839,512 6,427,924 Deferred loan fees, net (7,486) (2,468) ACL (99,543) (105,084) Loans held for investment carried at amortized cost, net 6,732,483 6,320,372 Loans held for investment, carried at fair value: PPP loans 291,401 358,042 Total loans held for investment, net $ 7,023,884 $ 6,678,414 Included in the total loans held for investment, net, as of June 30, 2021 and December 31, 2020 was an accretable discount related to purchased performing and purchased credit deteriorated (“PCD”) loans acquired within a business combination in the approximate amounts of $12,192 and $15,526, respectively. The discount is being accreted into income on a level-yield basis over the life of the loans. In addition, included in the net loan portfolio as of June 30, 2021 and December 31, 2020 is a discount on retained loans from sale of originated U.S. Small Business Administration (“SBA”) loans of $3,291 and $3,215, respectively. Loans held for investment, PPP loans, carried at fair value Included in total loans held for investment, net, as of June 30, 2021 and December 31, 2020 was $291,401 and $358,042, respectively, of PPP loans, which are carried at fair value. The following table summarizes the PPP fee income which is included in government guaranteed loan income, net on the accompanying condensed consolidated statements of income and the net gain (loss) due to the change in the fair value of PPP loans which is included in government guaranteed loan income, net, on the accompanying condensed consolidated statements of income and in change in fair value of government guaranteed loans using fair value option on the accompanying condensed consolidated statements of cash flows. June 30, 2021 June 30, 2020 Three Months Ended Six Months Ended Three Months Ended Six Months Ended PPP fee income $ 1,004 $ 7,628 $ 12,516 $ 12,516 Net gain (loss) due to the change in fair value 622 335 (2,005) (2,005) These PPP loans were originated through an application to the SBA under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act and are 100% forgivable if certain criteria are met by the borrowers. As of June 30, 2021, we believe a majority of the Company’s PPP loans will meet such criteria. ACL The Company’s estimate of the ACL reflects losses expected over the remaining contractual life of the assets. The contractual term does not consider extensions, renewals or modifications unless the Company has identified an expected troubled debt restructuring (“TDR”). The activity in the ACL related to loans held for investment is as follows: Three Months Ended June 30, 2021 Construction and Land Farmland Residential Multifamily OOCRE NOOCRE Commercial Consumer Total Balance at beginning of period $ 6,805 $ 47 $ 6,968 $ 4,814 $ 9,122 $ 39,503 $ 37,381 $ 296 $ 104,936 Credit loss expense non-PCD loans 462 (1) 130 (627) 2,408 (595) 2,750 (76) 4,451 Credit loss expense PCD loans 13 — (173) — (17) (1,666) (2,610) 2 (4,451) Charge-offs — — (288) — (689) — (5,620) (20) (6,617) Recoveries — — 23 — 500 — 659 42 1,224 Ending Balance $ 7,280 $ 46 $ 6,660 $ 4,187 $ 11,324 $ 37,242 $ 32,560 $ 244 $ 99,543 Three Months Ended June 30, 2020 Construction and Land Farmland Residential Multifamily OOCRE NOOCRE Commercial Consumer Total Balance at beginning of period $ 6,838 $ 58 $ 8,318 $ 4,899 $ 16,461 $ 25,681 $ 38,110 $ 618 $ 100,983 Credit loss expense non-PCD loans 2,818 5 2,609 1,529 1,597 7,424 1,202 (11) 17,173 Credit loss expense PCD loans (635) — (150) — (4,172) 2,962 998 (4) (1,001) Charge-offs — — — — — — (1,740) (57) (1,797) Recoveries — — — — — — 7 — 7 Ending Balance $ 9,021 $ 63 $ 10,777 $ 6,428 $ 13,886 $ 36,067 $ 38,577 $ 546 $ 115,365 Six Months Ended June 30, 2021 Construction and Land Farmland Residential Multifamily OOCRE NOOCRE Commercial Consumer Total Balance at beginning of year $ 7,768 $ 56 $ 8,148 $ 6,231 $ 9,719 $ 35,237 $ 37,554 $ 371 $ 105,084 Credit loss expense non-PCD loans (487) (10) (1,014) (2,044) 793 3,479 1,647 (130) 2,234 Credit loss expense PCD loans (1) (197) — 1,001 (1,474) (1,560) (3) (2,234) Charge-offs — — (303) — (689) — (5,966) (38) (6,996) Recoveries — — 26 — 500 — 885 44 1,455 Ending Balance $ 7,280 0 $ 46 $ 6,660 $ 4,187 $ 11,324 $ 37,242 $ 32,560 $ 244 $ 99,543 Six Months Ended June 30, 2020 Construction and Land Farmland Residential Multifamily OOCRE NOOCRE Commercial Consumer Total Balance at beginning of year $ 3,822 $ 61 $ 1,378 $ 1,965 $ 1,978 $ 8,139 $ 12,369 $ 122 $ 29,834 Impact of adopting ASC 326 non-PCD loans (707) 4 3,716 628 3,406 5,138 7,025 217 19,427 Impact of adoption ASC 326 PCD loans 645 — 908 — 7,682 2,037 8,335 103 19,710 Credit loss expense non-PCD loans 5,783 (2) 5,097 3,835 2,515 17,379 11,428 (26) 46,009 Credit loss expense PCD loans (522) — (323) — (1,695) 3,374 1,124 (19) 1,939 Charge-offs — — — — — — (1,740) (125) (1,865) Recoveries — — 1 — — — 36 274 311 Ending Balance $ 9,021 $ 63 $ 10,777 $ 6,428 $ 13,886 $ 36,067 $ 38,577 $ 546 $ 115,365 The majority of the Company’s loan portfolio consists of loans to businesses and individuals in the Dallas-Fort Worth metroplex and the Houston metropolitan area. This geographic concentration subjects the loan portfolio to the general economic conditions within these areas. The risks created by this concentration have been considered by management in the determination of the adequacy of the ACL. Management believes the ACL was adequate to cover estimated losses on loans held for investment as of June 30, 2021 and December 31, 2020. The following table presents the amortized cost basis of collateral dependent loans, which are individually evaluated to determine expected credit losses, and the related ACL allocated to these loans as of June 30, 2021 and December 31, 2020, were as follows: June 30, 2021 December 31, 2020 Real Property (1) ACL Allocation Real Property (1) ACL Allocation Real estate: 1 - 4 family residential $ 199 $ — $ 199 $ 11 OOCRE 1,413 430 — — NOOCRE 19,321 6,147 16,080 — Commercial 4,053 1,508 8,666 4,668 Consumer 1,063 — 143 50 Total $ 26,049 $ 8,085 $ 25,088 $ 4,729 (1) Loans reported exclude PCD loans that transitioned upon adoption of ASC 326 and accounted for on a pooled basis. Nonaccrual and Past Due Loans Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due in accordance with the terms of the applicable loan agreement . Loans are placed on nonaccrual status when, in management’s opinion, the borrower may be unable to meet payment obligations as they become due, as well as when required by regulatory provisions. Loans may be placed on nonaccrual status regardless of whether or not such loans are considered past due. When interest accrual is discontinued, all unpaid accrued interest is reversed. Interest income is subsequently recognized only to the extent cash payments are received in excess of principal due. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Nonaccrual loans aggregated by class of loans, as of June 30, 2021 and December 31, 2020, were as follows: June 30, 2021 December 31, 2020 Nonaccrual Nonaccrual With No ACL Nonaccrual Nonaccrual With No ACL Real estate: 1 - 4 family residential $ 1,201 $ 1,201 $ 3,308 $ 3,199 OOCRE 16,960 16,385 6,266 5,645 NOOCRE 35,181 15,739 40,830 19,213 Commercial 22,424 1,743 29,318 1,015 Consumer 1,228 1,216 1,374 1,220 Total $ 76,994 $ 36,284 $ 81,096 $ 30,292 There were $12,515 and $1,508 of PCD loans that are not accounted for on a pooled basis included in nonaccrual loans at June 30, 2021 and December 31, 2020, respectively. During the three and six months ended June 30, 2021, interest income not recognized on nonaccrual loans was $255 and $1,375, respectively. During the three and six months ended June 30, 2020, interest income not recognized on nonaccrual loans was $363 and $536, respectively. An age analysis of past due loans, aggregated by class of loans and including past due nonaccrual loans, as of June 30, 2021 and December 31, 2020, is as follows: June 30, 2021 30 to 59 Days 60 to 89 Days 90 Days or Greater Total Past Due Total Current PCD Total Total 90 Days Past Due and Still Accruing (1) Real estate: Construction and land $ — $ — $ — $ — $ 869,324 $ 2,441 $ 871,765 $ — Farmland — — — — 13,661 — 13,661 — 1 - 4 family residential 1,837 — 1,145 2,982 509,444 1,209 513,635 43 Multi-family residential — — — — 367,445 — 367,445 — OOCRE 143 4,612 11,740 16,495 699,518 28,886 744,899 — NOOCRE 855 12,501 3,359 16,715 1,941,201 28,622 1,986,538 — Commercial 1,985 404 11,560 13,949 1,741,947 15,204 1,771,100 356 MW — — — — 559,939 — 559,939 — Consumer 148 2 1,159 1,309 9,035 186 10,530 63 Total $ 4,968 $ 17,519 $ 28,963 $ 51,450 $ 6,711,514 $ 76,548 $ 6,839,512 $ 462 (1) Loans 90 days past due and still accruing excludes $17,099 of pooled PCD loans as of June 30, 2021 that transitioned upon adoption of ASC 326. December 31, 2020 30 to 59 Days 60 to 89 Days 90 Days or Greater Total Past Due Total Current PCD Total Total 90 Days Past Due and Still Accruing (1) Real estate: Construction and land $ — $ — $ — $ — $ 690,345 $ 2,685 $ 693,030 $ — Farmland — — — — 13,844 — 13,844 — 1 - 4 family residential 2,338 122 4,802 7,262 508,341 8,741 524,344 1,670 Multi-family residential — — — — 424,962 — 424,962 — OOCRE 2,278 2,143 2,814 7,235 672,246 37,991 717,472 1,280 NOOCRE 7,675 2,911 17,586 28,172 1,832,784 43,176 1,904,132 — Commercial 1,983 1,431 20,360 23,774 1,516,312 19,460 1,559,546 1,230 MW — — — — 577,594 — 577,594 — Consumer 75 77 1,338 1,490 11,308 202 13,000 24 Total $ 14,349 $ 6,684 $ 46,900 $ 67,933 $ 6,247,736 $ 112,255 $ 6,427,924 $ 4,204 (1) Loans 90 days past due and still accruing excludes $32,627 of PCD loans accounted for on a pooled basis as of December 31, 2020. Loans past due 90 days and still accruing were $462 and $4,204 as of June 30, 2021 and December 31, 2020, respectively. These loans are also considered well-secured, and are in the process of collection with plans in place for the borrowers to bring the notes fully current or to subsequently be renewed. The Company believes that it will collect all principal and interest due on each of the loans past due 90 days and still accruing. Troubled Debt Restructuring Modifications of terms for the Company’s loans and their inclusion as TDRs are based on individual facts and circumstances. Loan modifications that are included as TDRs may involve a reduction of the stated interest rate of the loan, an extension of the maturity date at a stated rate of interest lower than the current market rate for new debt with similar risk, or deferral of principal payments, regardless of the period of the modification. The recorded investment in TDRs was $28,643 and $29,157 as of June 30, 2021 and December 31, 2020, respectively. The following table presents the pre- and post-modification amortized cost of loans modified as TDRs during the six months ended June 30, 2021 and 2020. There were no loans modified as TDRS during the three months ended June 30, 2021 and 2020. Adjusted Payment Structure Payment Deferrals Total Modifications Number of Loans Six months ended June 30, 2021 Commercial $ 207 $ — $ 207 1 Six months ended June 30, 2020 Commercial $ 1,440 $ 1,337 $ 2,777 3 There were no loans modified as TDR loans within the previous 12 months and for which there was a payment default during the three and six months ended June 30, 2021 and 2020. A default for purposes of this disclosure is a TDR loan in which the borrower is 90 days past due or results in the foreclosure and repossession of the applicable collateral. Interest income during the three and six months ended June 30, 2021 that would have been recorded had the terms of the loans not been modified on TDR loans was $57 and $179, respectively. Interest income recorded during the three and six months ended June 30, 2020 on TDR loans and interest income that would have been recorded had the terms of the loans not been modified was minimal. The Company has not committed to lend additional amounts to customers with outstanding loans classified as TDRs as of June 30, 2021 or December 31, 2020. For the six months ended June 30, 2021, the Company ha d 12 modifications of loans with an aggregate principal balances of $4,758 that qualified for temporary suspension of TDR requirements under Section 4013 of the CARES Act, as amended by the Consolidated Appropriations Act, 2021, and related interagency guidance of the federal banking agencies (collectively “Section 4013 of the CARES Act”). For the year ended December 31, 2020, the Company had 754 modifications of loans with an aggregate principal balance of $1,126,975 that qualified for temporary suspension of TDR requirements under Section 4013 of the CARES Act. As of June 30, 2021, the Company had 2 loans with an aggregate principal balance of $6,920 remaining on deferment under Section 4013 of the CARES Act. Credit Quality Indicators From a credit risk standpoint, the Company classifies its loans in one of the following categories: (i) pass, (ii) special mention, (iii) substandard or (iv) doubtful. Loans classified as loss are charged-off. Loans not rated special mention, substandard, doubtful or loss are classified as pass loans. The classifications of loans reflect a judgment about the risks of default and loss associated with the loan. The Company reviews the ratings on criticized credits monthly. Ratings are adjusted to reflect the degree of risk and loss that is felt to be inherent in each credit as of each monthly reporting period. All classified credits are evaluated for impairment. If impairment is determined to exist, a specific reserve is established. The Company’s methodology is structured so that specific reserves are increased in accordance with deterioration in credit quality (and a corresponding increase in risk and loss) or decreased in accordance with improvement in credit quality (and a corresponding decrease in risk and loss). Credits rated special mention show clear signs of financial weaknesses or deterioration in credit worthiness, however, such concerns are generally not so pronounced that the Company expects to experience significant loss within the short-term. Such credits typically maintain the ability to perform within standard credit terms and credit exposure is not as prominent as credits with a lower rating. Credits rated substandard are those in which the normal repayment of principal and interest may be, or has been, jeopardized by reason of adverse trends or developments of a financial, managerial, economic or political nature, or important weaknesses which exist in collateral. A protracted workout on these credits is a distinct possibility. Prompt corrective action is therefore required to strengthen the Company’s position, and/or to reduce exposure and to assure that adequate remedial measures are taken by the borrower. Credit exposure becomes more likely in such credits and a serious evaluation of the secondary support to the credit is performed. Credits rated doubtful are those in which full collection of principal appears highly questionable, and in which some degree of loss is anticipated, even though the ultimate amount of loss may not yet be certain and/or other factors exist which could affect collection of debt. Based upon available information, positive action by the Company is required to avert or minimize loss. Credits rated doubtful are generally also placed on non-accrual. Credits classified as PCD are those that, at acquisition date, have experienced a more-than-insignificant deterioration in credit quality since origination. All loans considered to be purchased-credit impaired loans prior to January 1, 2020 were converted to PCD loans upon adoption of ASC 326. The Company elected to maintain pools of loans that were previously accounted for under ASC 310-30 and will continue to account for these pools as a unit of account. Loans are only removed from the existing pools if they are foreclosed, written off, paid off, or sold. The Company considers the guidance in ASC 310-20 when determining whether a modification, extension or renewal of a loan constitutes a current period origination. Generally, current period renewals of credit are re-underwritten at the point of renewal and considered current period originations for purposes of the table below. Based on the most recent analysis performed, the risk category of loans by class of loans based on year or origination is as follows: Term Loans Amortized Cost Basis by Origination Year 1 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total As of June 30, 2021 Construction and land: Pass $ 114,709 $ 309,478 $ 267,673 $ 116,639 $ 16,742 $ 29,490 $ 12,591 $ 496 $ 867,818 Special mention — — — 321 — — — — 321 Substandard — — — 1,185 — — — — 1,185 PCD — — — — — 2,441 — — 2,441 Total construction and land $ 114,709 $ 309,478 $ 267,673 $ 118,145 $ 16,742 $ 31,931 $ 12,591 $ 496 $ 871,765 Farmland: Pass $ 1,549 $ 534 $ 469 $ 3,367 $ 3,023 $ 3,554 $ 1,165 $ — $ 13,661 Total farmland $ 1,549 $ 534 $ 469 $ 3,367 $ 3,023 $ 3,554 $ 1,165 $ — $ 13,661 1 - 4 family residential: Pass $ 90,644 $ 112,315 $ 61,905 $ 77,038 $ 32,372 $ 115,821 $ 16,295 $ 3,338 $ 509,728 Special mention — — — 152 — 421 — — 573 Substandard — — — — 118 1,117 890 — 2,125 PCD — — — — — 1,209 — — 1,209 Total 1 - 4 family residential $ 90,644 $ 112,315 $ 61,905 $ 77,190 $ 32,490 $ 118,568 $ 17,185 $ 3,338 $ 513,635 Multi-family residential: Pass $ 51,096 $ 66,234 $ 94,568 $ 81,127 $ 13,762 $ 39,419 $ 52 $ — $ 346,258 Special mention — — — 21,187 — — — — 21,187 Total multi-family residential $ 51,096 $ 66,234 $ 94,568 $ 102,314 $ 13,762 $ 39,419 $ 52 $ — $ 367,445 OOCRE: Pass $ 64,427 $ 149,710 $ 69,980 $ 59,757 $ 69,529 $ 212,896 $ 2,246 $ — $ 628,545 Special mention — — 1,077 20,251 333 8,218 — — 29,879 Substandard — 414 — 25,656 881 30,638 — — 57,589 PCD — — 1,431 — 7,299 20,156 — — 28,886 Total OOCRE $ 64,427 $ 150,124 $ 72,488 $ 105,664 $ 78,042 $ 271,908 $ 2,246 $ — $ 744,899 NOOCRE: Pass $ 192,285 $ 337,090 $ 265,817 $ 441,505 $ 97,425 $ 416,101 $ 15,848 $ 1,593 $ 1,767,664 Special mention — 238 2,747 15,678 22,176 45,872 493 — 87,204 Substandard — 1,495 11,044 26,127 4,487 47,394 12,501 — 103,048 PCD — — — 18,855 — 9,767 — — 28,622 Total NOOCRE $ 192,285 $ 338,823 $ 279,608 $ 502,165 $ 124,088 $ 519,134 $ 28,842 $ 1,593 $ 1,986,538 Commercial: Pass $ 297,688 $ 244,094 $ 161,556 $ 78,968 $ 21,978 $ 55,754 $ 800,605 $ 12,640 $ 1,673,283 Special mention 760 4,367 1,395 8,137 9,217 2,390 3,814 3,448 33,528 Substandard — 866 4,315 14,683 6,288 4,244 14,665 4,024 49,085 PCD — — — 365 2,121 12,718 — — 15,204 Total commercial $ 298,448 $ 249,327 $ 167,266 $ 102,153 $ 39,604 $ 75,106 $ 819,084 $ 20,112 $ 1,771,100 MW: Pass $ — $ — $ — $ — $ — $ — $ 558,400 $ — $ 558,400 Special mention — — — — — — 1,539 — 1,539 Total MW $ — $ — $ — $ — $ — $ — $ 559,939 $ — $ 559,939 Consumer: Pass $ 325 $ 1,818 $ 842 $ 622 $ 3,290 $ 1,142 $ 1,053 $ — $ 9,092 Special mention — — — — — 16 — — 16 Substandard — — 3 3 107 59 1,064 — 1,236 PCD — — — — 26 160 — — 186 Total consumer $ 325 $ 1,818 $ 845 $ 625 $ 3,423 $ 1,377 $ 2,117 $ — $ 10,530 Total Pass $ 812,723 $ 1,221,273 $ 922,810 $ 859,023 $ 258,121 $ 874,177 $ 1,408,255 $ 18,067 $ 6,374,449 Total Special Mention 760 4,605 5,219 65,726 31,726 56,917 5,846 3,448 174,247 Total Substandard — 2,775 15,362 67,654 11,881 83,452 29,120 4,024 214,268 Total PCD — — 1,431 19,220 9,446 46,451 — — 76,548 Total $ 813,483 $ 1,228,653 $ 944,822 $ 1,011,623 $ 311,174 $ 1,060,997 $ 1,443,221 $ 25,539 $ 6,839,512 1 Term loans amortized cost basis by origination year excludes $7,486 of deferred loan fees, net . Term Loans Amortized Cost Basis by Origination Year 1 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total As of December 31, 2020 Construction and land: Pass $ 155,358 $ 282,497 $ 179,372 $ 11,791 $ 9,938 $ 27,147 $ 21,066 $ — $ 687,169 Special mention — — 2,666 — — — — — 2,666 Substandard — — 510 — — — — — 510 PCD — — — — — 2,685 — — 2,685 Total construction and land $ 155,358 $ 282,497 $ 182,548 $ 11,791 $ 9,938 $ 29,832 $ 21,066 $ — $ 693,030 Farmland: Pass $ 867 $ 972 $ 3,367 $ 3,688 $ — $ 3,656 $ 1,294 $ — $ 13,844 Total farmland $ 867 $ 972 $ 3,367 $ 3,688 $ — $ 3,656 $ 1,294 $ — $ 13,844 1 - 4 family residential: Pass $ 120,580 $ 79,617 $ 91,890 $ 49,338 $ 31,936 $ 115,797 $ 19,065 $ 2,968 $ 511,191 Special mention — 1,077 154 760 — 687 — — 2,678 Substandard — — 142 668 — — 924 — 1,734 PCD — — — — — 8,741 — — 8,741 Total 1 - 4 family residential $ 120,580 $ 80,694 $ 92,186 $ 50,766 $ 31,936 $ 125,225 $ 19,989 $ 2,968 $ 524,344 Multi-family residential: Pass $ 107,332 $ 106,559 $ 139,721 $ 18,722 $ 32,672 $ 7,218 $ 58 $ — $ 412,282 Special mention — — 12,680 — — — — — 12,680 Total multi-family residential $ 107,332 $ 106,559 $ 152,401 $ 18,722 $ 32,672 $ 7,218 $ 58 $ — $ 424,962 OOCRE: Pass $ 113,741 $ 65,262 $ 75,940 $ 79,253 $ 79,202 $ 176,668 $ 5,532 $ — $ 595,598 Special mention — 948 22,725 3,701 12,860 4,326 — — 44,560 Substandard 370 — 10,579 3,830 11,315 6,822 201 6,206 39,323 PCD — — — — 7,951 30,040 — — 37,991 Total OOCRE $ 114,111 $ 66,210 $ 109,244 $ 86,784 $ 111,328 $ 217,856 $ 5,733 $ 6,206 $ 717,472 NOOCRE: Pass $ 361,246 $ 255,976 $ 445,079 $ 90,738 $ 174,893 $ 309,572 $ 13,413 $ — $ 1,650,917 Special mention 101 31,714 37,572 19,262 25,997 37,951 493 — 153,090 Substandard 1,226 0 9,850 0 4,562 4,108 — 23,098 14,105 — 56,949 PCD — — 18,744 — 6,652 17,780 — — 43,176 Total NOOCRE $ 362,573 $ 297,540 $ 505,957 $ 114,108 $ 207,542 $ 388,401 $ 28,011 $ — $ 1,904,132 Commercial: Pass $ 251,004 $ 158,158 $ 112,961 $ 50,734 $ 19,821 $ 41,856 $ 758,832 $ 13,400 $ 1,406,766 Special mention 1,306 2,539 8,224 10,033 1,201 2,165 26,922 3,670 56,060 Substandard 722 4,487 23,245 3,772 7,216 2,083 30,460 5,275 77,260 PCD — — — 3,382 4,196 11,882 — — 19,460 Total commercial $ 253,032 $ 165,184 $ 144,430 $ 67,921 $ 32,434 $ 57,986 $ 816,214 $ 22,345 $ 1,559,546 MW: Pass $ — $ — $ — $ — $ — $ — $ 577,594 $ — $ 577,594 Total MW $ — $ — $ — $ — $ — $ — $ 577,594 $ — $ 577,594 Consumer: Pass $ 2,489 $ 1,216 $ 1,038 $ 3,899 $ 887 $ 353 $ 1,475 $ — $ 11,357 Special mention — — — — 25 227 — — 252 Substandard — — — 60 — 66 1,063 — 1,189 PCD — — — 36 — 166 — — 202 Total consumer $ 2,489 $ 1,216 $ 1,038 $ 3,995 $ 912 $ 812 $ 2,538 $ — $ 13,000 Total Pass $ 1,112,617 $ 950,257 $ 1,049,368 $ 308,163 $ 349,349 $ 682,267 $ 1,398,329 $ 16,368 $ 5,866,718 Total Special Mention 1,407 36,278 84,021 33,756 40,083 45,356 27,415 3,670 271,986 Total Substandard 2,318 14,337 39,038 12,438 18,531 32,069 46,753 11,481 176,965 Total PCD — — 18,744 3,418 18,799 71,294 — — 112,255 Total $ 1,116,342 $ 1,000,872 $ 1,191,171 $ 357,775 $ 426,762 $ 830,986 $ 1,472,497 $ 31,519 $ 6,427,924 1 Term loans amortized cost basis by origination year excludes $2,468 of deferred loan fees, net. Servicing Assets The Company was servicing loans of approximately $304,290 and $215,638 as of June 30, 2021 and 2020, respectively. A summary of the changes in the related servicing assets are as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Balance at beginning of period $ 3,402 $ 2,990 $ 3,363 $ 3,113 Increase from loan sales 384 22 384 131 Net recoveries 84 — 212 — Amortization charged as a reduction to income (145) (72) (234) (304) Balance at end of period $ 3,725 $ 2,940 $ 3,725 $ 2,940 Fair value of servicing assets is estimated by discounting estimated future cash flows from the servicing assets using discount rates that approximate current market rates over the expected lives of the loans being serviced. A valuation allowance is recorded when the fair value is below the carrying amount of the asset. As of June 30, 2021 and June 30, 2020 there was a valuation allowance of $344 and $536, respectively. The Company may also receive a portion of subsequent interest collections on loans sold that exceed the contractual servicing fees. In that case, the Company records an interest-only strip based on its relative fair market value and the other components of the loans. There was no interest-only strip receivable recorded at June 30, 2021 and December 31, 2020. During the quarter ended June 30, 2021, the Bank sold $15,176 of SBA loans held for investment resulting in a gain of $1,953. During the quarter ended June 30, 2020, the Bank sold $7,780 of SBA loans held for investment resulting in a gain of $604. The gain on sale of SBA loans is recorded in government guaranteed loan income, net in the accompanying condensed consolidated statements of income. |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value The following table summarizes assets measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: June 30, 2021 Level 1 Level 2 Level 3 Total Financial Assets: Available for sale debt securities $ — $ 1,077,239 $ — $ 1,077,239 Equity securities with a readily determinable fair value 11,227 — — 11,227 PPP loans — 291,401 — 291,401 Loans held for sale (1) — 6,605 — 6,605 Interest rate swap designated as hedging instruments — 7,926 — 7,926 Correspondent interest rate swaps not designated as hedging instruments — 334 — 334 Customer interest rate swaps not designated as hedging instruments — 6,050 — 6,050 Correspondent interest rate caps and collars not designated as hedging instruments — 1 — 1 Financial Liabilities: Correspondent interest rate swaps not designated as hedging instruments $ — $ 6,406 $ — $ 6,406 Customer interest rate swaps not designated as hedging instruments — 297 — 297 Customer interest rate caps and collars not designated as hedging instruments — 1 — 1 (1) Represents loans held for sale elected to be carried at fair value upon origination or acquisition. December 31, 2020 Level 1 Level 2 Level 3 Total Financial Assets: Available for sale debt securities $ — $ 1,024,329 $ — $ 1,024,329 Equity securities with a readily determinable fair value 11,363 — — 11,363 PPP loans — 358,042 — 358,042 Loans held for sale (1) — 6,681 — 6,681 Interest rate swap designated as hedging instruments — 17,543 — 17,543 Customer interest rate swaps not designated as hedging instruments — 10,937 — 10,937 Correspondent interest rate caps and collars not designated as hedging instruments — 1 — 1 Financial Liabilities: Interest rate swap designated as hedging instruments $ — $ 2,255 $ — $ 2,255 Correspondent interest rate swaps not designated as hedging instruments — 11,666 — 11,666 Customer interest rate caps and collars not designated as hedging instruments — 1 — 1 (1) Represents loans held for sale elected to be carried at fair value upon origination or acquisition. The following table summarizes assets measured at fair value on a non-recurring basis at June 30, 2021 and December 31, 2020, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: Fair Value Level 1 Level 2 Level 3 Total As of June 30, 2021 Assets: Collateral dependent loans with an ACL $ — $ — $ 15,618 $ 15,618 Servicing assets with a valuation allowance — — 2,560 2,560 Other real estate owned — — 2,467 2,467 As of December 31, 2020 Assets: Collateral dependent loans with an ACL $ — $ — $ 2,386 $ 2,386 Servicing assets with a valuation allowance — — 2,975 2,975 At June 30, 2021, collateral dependent loans with an allowance had a recorded investment of $23,703, with $8,085 specific allowance for credit loss allocated. At December 31, 2020, collateral dependent loans had a carrying value of $7,115, with $4,729 specific allowance for credit loss allocated. At June 30, 2021, servicing assets of $2,904 had a valuation allowance totaling $344. At December 31, 2020, servicing assets of $3,531 had a valuation allowance totaling $556. Other real estate owned consisted of three properties recorded with a fair value of approximately $2,467 at June 30, 2021. During the six months ended June 30, 2021, the Company incurred a write-down of $174 in total on all properties. There were no liabilities measured at fair value on a non-recurring basis at June 30, 2021 or December 31, 2020. Fair Value of Financial Instruments The Company’s methods of determining fair value of financial instruments in this Note are consistent with its methodologies disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Please re fer to Note 17 in the Company’s Annual Report on Form 10-K for information on these methods. The estimated fair values and carrying values of all financial instruments not measured at fair value on a recurring basis under current authoritative guidance as of June 30, 2021 and December 31, 2020 were as follows: Fair Value Carrying Level 1 Level 2 Level 3 June 30, 2021 Financial assets: Cash and cash equivalents $ 390,027 $ — $ 390,027 $ — Held to maturity debt securities 48,638 — 51,489 — Loans held for sale (1) 5,460 — 5,460 — Loans held for investment (2) 6,708,780 — — 6,751,060 Accrued interest receivable 23,494 — 23,494 — Bank-owned life insurance 83,304 — 83,304 — Servicing asset 1,165 — 1,165 — Equity securities without a readily determinable fair value 3,755 N/A N/A N/A FHLB and FRB stock 71,558 N/A N/A N/A Financial liabilities: Deposits $ 6,978,902 $ — $ 6,887,072 $ — Advances from FHLB 777,640 — 791,331 — Accrued interest payable 1,832 — 1,832 — Subordinated debentures and subordinated notes 262,766 — 262,766 — Securities sold under agreement to repurchase 1,811 — 1,789 — December 31, 2020 Financial assets: Cash and cash equivalents $ 230,825 $ — $ 230,825 $ — Held to maturity debt securities 30,872 — 34,283 — Loans held for sale (1) 14,733 — 14,733 — Loans held for investment (2) 6,317,986 — — 6,335,402 Accrued interest receivable 23,798 — 23,798 — Bank-owned life insurance 82,855 — 82,855 — Servicing asset 388 — 486 — Equity securities without a readily determinable fair value 3,575 N/A N/A N/A FHLB and FRB stock 71,236 N/A N/A N/A Financial liabilities: Deposits $ 6,512,846 $ — $ 6,608,849 $ — Advances from FHLB 777,718 — 782,321 — Accrued interest payable 2,665 — 2,665 — Subordinated debentures and subordinated notes 262,778 — 262,778 — Securities sold under agreement to repurchase 2,225 — 2,199 — (1) Loans held for sale represent mortgage loans held for sale that are carried at lower of cost or market. (2) Loans held for investment includes MW and is carried at amortized cost. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The Company primarily uses derivatives to manage exposure to market risk, including interest rate risk and credit risk and to assist customers with their risk management objectives. Management will designate certain derivatives as hedging instruments in a qualifying hedge accounting relationship. The Company’s remaining derivatives consist of derivatives held for customer accommodation or other purposes. The fair value of derivative positions outstanding is included in other assets and accounts payable and other liabilities on the accompanying condensed consolidated balance sheets and in the net change in each of these financial statement line items in the accompanying condensed consolidated statements of cash flows. For derivatives not designated as hedging instruments, swap fee income and gains and losses due to changes in fair value are included in other noninterest income and the operating section of the condensed consolidated statement of cash flows. For derivatives designated as hedging instruments, the entire change in the fair value related to the derivative instrument is recognized as a component of other comprehensive income and subsequently reclassified into interest income or interest expense when the forecasted transaction affects income. The notional amounts and estimated fair values as of June 30, 2021 and December 31, 2020 are as shown in the table below. June 30, 2021 December 31, 2020 Estimated Fair Value Estimated Fair Value Notional Asset Derivative Liability Derivative Notional Asset Derivative Liability Derivative Derivatives designated as hedging instruments (cash flow hedges): Interest rate swap on borrowing advances $ — $ — $ — $ 500,000 $ 17,543 $ — Interest rate swap on money market deposit account payments 250,000 1,508 — 250,000 — 2,255 Interest rate swap on customer loan interest payments 125,000 987 — — — — Interest rate swap on customer loan interest payments 125,000 1,347 — — — — Interest rate swap on customer loan interest payments 125,000 4,084 — — — — Total derivatives designated as hedging instruments $ 625,000 $ 7,926 $ — $ 750,000 $ 17,543 $ 2,255 Derivatives not designated as hedging instruments: Financial institution counterparty: Interest rate swaps $ 240,912 $ 334 $ 6,406 $ 303,918 $ — $ 11,666 Interest rate caps and collars 41,916 1 — 41,916 1 — Commercial customer counterparty: Interest rate swaps 240,912 6,050 297 303,918 10,937 — Interest rate caps and collars 41,916 — 1 41,916 — 1 Total derivatives not designated as hedging instruments $ 565,656 $ 6,385 $ 6,704 $ 691,668 $ 10,938 $ 11,667 Offsetting derivative assets/liabilities (5,727) (5,727) 1 1 Total derivatives $ 1,190,656 $ 8,584 $ 977 $ 1,441,668 $ 28,482 $ 13,923 Pre-tax gain (loss) included in the condensed consolidated statements of income and related to derivative instruments for the three and six months ended June 30, 2021 and 2020 were as follows. For the Three Months Ended For the Three Months Ended (Loss) gain recognized in other comprehensive income on derivative (Loss) gain reclassified from accumulated other comprehensive income into income Location of (loss) gain reclassified from accumulated other comprehensive income into income (Loss) recognized in other comprehensive income on derivative (Loss) gain reclassified from accumulated other comprehensive income into income Location of (loss) gain reclassified from accumulated other comprehensive income into income Derivatives designated as hedging instruments (cash flow hedges): Interest rate swap on borrowing advances $ — $ — Interest Expense $ (2,089) $ — Interest Expense Interest rate swap on money market deposit account payments (132) (207) Interest Expense (2,033) (215) Interest Income Commercial loan interest rate floor — 325 Interest Income (546) 546 Interest Income Interest rate swaps on customer loan interest payments 8,533 (8) Interest Income — — Total $ 8,401 $ 110 $ (4,668) $ 331 Net gain recognized in other noninterest income Net gain recognized in other noninterest income Derivatives not designated as hedging instruments: Interest rate swaps, caps and collars $ 92 $ 75 For the Six Months Ended For the Six Months Ended Gain recognized in other comprehensive income on derivative (Loss) gain reclassified from accumulated other comprehensive income into income Location of (loss) gain reclassified from accumulated other comprehensive income into income Gain (loss) recognized in other comprehensive income on derivative (Loss) gain reclassified from accumulated other comprehensive income into income Location of (loss) gain reclassified from accumulated other comprehensive income into income Derivatives designated as hedging instruments (cash flow hedges): Interest rate swap on borrowing advances $ 26,357 $ — Interest Expense $ 2,525 $ — Interest Expense Interest rate swap on money market deposit account payments 3,763 (406) Interest Expense (3,936) (215) Interest Expense Commercial loan interest rate floor — 866 Interest Income 475 831 Interest Income Interest rate swaps on customer loan interest payments 5,552 216 Interest Income — — Total $ 35,672 $ 676 $ (936) $ 616 Derivatives not designated as hedging instruments: Net gain recognized in other noninterest income Net gain recognized in other noninterest income Interest rate swaps, caps and collars $ 190 $ 576 Cash Flow Hedges Cash flow hedge relationships mitigate exposure to the variability of future cash flows or other forecasted transactions. The Company uses interest rate swaps, floors, caps and collars to manage overall cash flow changes related to interest rate risk exposure on benchmark interest rate loans. In March 2021, the Company entered into three fixed receive/pay variable interest rate swaps, each with a notional amount of $125,000, to hedge the variability of cash flow payments attributable to changes in interest rates in regards to forecasted of three-month attributable to changes in interest rates in regards to forecasted money market account borrowings from March 2021 through March 2028 and March 2021 through March 2031. In March 2020, the Company entered into an interest rate swap for a notional amount of $500,000 to hedge the variability of cash flow payments attributable to changes in interest rates in regards to forecasted issuances of three-month term debt arrangements every three months from March 2022 through March 2032. These forecasted borrowings can be sourced from a FHLB advance, repurchase agreement, brokered certificate of deposit or some combination of these sources. This interest rate swap was terminated on February 24, 2021. The pre-tax gain of $43,900, resulting from the termination of the interest rate swap, will remain in other comprehensive income (loss) and will be accreted over a 10-year period starting in March 2022 unless the forecasted transactions become probable of not occurring. In March 2020, the Company entered into an interest rate swap for a notional amount of $250,000 to hedge the variability of cash flow payments attributable to changes in interest rates in regards to forecasted money market account borrowings from March 2020 through March 2025. In May 2019, the Company entered into a $275,000 notional interest rate floor for commercial loans with a two-year term. The interest rate floor had a purchased floor strike of 2.43%. In February 2020, the Company terminated this interest rate floor. The gain resulting from the termination of the interest rate floor will remain in other comprehensive income (loss) and will be accreted into earnings over the remaining period of the former hedging relationship unless the forecasted transaction becomes probable of not occurring. Interest Rate Swap, Floor, Cap and Collar Agreements Not Designated as Hedging Derivatives In order to accommodate the borrowing needs of certain commercial customers, the Company has entered into interest rate swap or cap agreements with those customers. These interest rate derivative contracts effectively allow the Company’s customers to convert a variable rate loan into a fixed rate loan. In order to offset the exposure and manage interest rate risk, at the time an agreement was entered into with a customer, the Company entered into an interest rate swap or cap with a correspondent bank counterparty with offsetting terms. These derivative instruments are not designated as accounting hedges and changes in the net fair value are recognized in noninterest income or expense. Because the Company acts as an intermediary for its customers, changes in the fair value of the underlying derivative contracts substantially offset each other and do not have a material impact on the Company’s results of operations. The fair value amounts are included in other assets and other liabilities. The following is a summary of the interest rate swaps, caps and collars outstanding as of June 30, 2021 and December 31, 2020. June 30, 2021 Notional Amount Fixed Rate Floating Rate Maturity Fair Value Non-hedging derivative instruments: Customer interest rate derivative: Interest rate swaps - receive fixed/pay floating $ 240,912 3.140% - 8.470% LIBOR 1 month + 0% - 5.00% Wtd. Avg. 5.0 years $ (6,072) Interest rate caps and collars $ 41,916 2.500% / 3.000% LIBOR 1 month + —%- Wtd. Avg. 1.1 years $ 1 Correspondent interest rate derivative: Interest rate swaps - pay fixed/receive floating $ 240,912 3.140% - 8.470% LIBOR 1 month + —% - 5.00% Wtd. Avg. 5.0 years $ 5,753 Interest rate caps and collars $ 41,916 3.000% / 5.000% LIBOR 1 month + 0% Wtd. Avg. 1.1 years $ (1) December 31, 2020 Notional Amount Fixed Rate Floating Rate Maturity Fair Value Non-hedging derivative instruments: Customer interest rate derivative: Interest rate swaps - receive fixed/pay floating $ 303,918 3.140% - 8.470% LIBOR 1 month + —% - 5.00% PRIME H15 - 0.250% Wtd. Avg. 4.1 years $ (11,666) Interest rate caps and collars $ 41,916 2.500% / 3.000% LIBOR 1 month + —% Wtd. Avg. 1.6 years $ 1 Correspondent interest rate derivative: Interest rate swaps - pay fixed/receive floating $ 303,918 3.140% - 8.470% LIBOR 1 month + —% - 5.00% PRIME H15 - 25 Wtd. Avg. 4.1 years $ 10,937 Interest rate caps and collars $ 41,916 3.000% / 5.000% LIBOR 1 month + —% - 2.5% Wtd. Avg. 1.6 years $ (1) |
Off-Balance Sheet Loan Commitme
Off-Balance Sheet Loan Commitments | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Off-Balance Sheet Loan Commitments | Off-Balance Sheet Loan Commitments The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, MW commitments and standby and commercial letters of credit. Those instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the condensed consolidated balance sheets. The Company’s exposure to credit loss in the event of nonperformance by the other party to a financial instrument for commitments to extend credit, MW commitments and standby and commercial letters of credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. The following table sets forth the approximate amounts of these financial instruments as of June 30, 2021 and December 31, 2020: June 30, December 31, 2021 2020 Commitments to extend credit $ 3,599,961 $ 2,743,571 MW commitments 575,657 354,603 Standby and commercial letters of credit 53,877 44,427 Total $ 4,229,495 $ 3,142,601 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Management evaluates each customer’s creditworthiness on a case-by-case basis and substantially all of the Company’s commitments to extend credit are contingent upon customers maintaining specific credit standards at the time of future loan funding. The amount of collateral obtained, if deemed necessary upon extension of credit, is based on management’s credit evaluation of the borrower. MW commitments are unconditionally cancellable and represent the unused capacity on MW facilities the Company has approved. The Company reserves the right to refuse to buy any mortgage loans offered for sale by a customer, for any reason, at the Company’s sole and absolute discretion. Standby and commercial letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Standby and commercial letters of credit generally have fixed expiration dates or other termination clauses and may require payment of a fee. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Company’s policy for obtaining collateral and the nature of such collateral is substantially the same as that involved in making commitments to extend credit. The table below presents the activity in the allowance for unfunded commitment credit losses related to those financial instruments discussed above. This allowance is recorded in accounts payable and other liabilities on the condensed consolidated balance sheets: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Beginning balance for ACL on unfunded commitments $ 10,177 $ 5,599 $ 10,747 $ 878 Impact of CECL adoption — — — 840 Provision for credit losses on unfunded commitments 577 2,799 7 6,680 Ending balance of ACL on unfunded commitments $ 10,754 $ 8,398 $ 10,754 $ 8,398 |
Stock-Based Awards
Stock-Based Awards | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Awards | Stock-Based Awards 2010 Stock Option and Equity Incentive Plan (“2010 Incentive Plan”) The Company recognized no stock compensation expense related to the 2010 Incentive Plan for the three and six months ended June 30, 2021 and 2020. A summary of option activity under the 2010 Incentive Plan for the six months ended June 30, 2021 and 2020, and changes during the periods then ended, is presented below: 2010 Incentive Plan Non-Performance Based Stock Options Shares Weighted Weighted Aggregate Intrinsic Value Outstanding at January 1, 2020 257,500 $ 10.28 1.37 years Exercised (207,500) 10.14 Outstanding and exercisable at June 30, 2020 50,000 $ 10.84 1.98 years Outstanding at January 1, 2021 20,000 $ 10.09 1.06 years $ 374 Exercised (18,550) 10.00 Outstanding and exercisable at June 30, 2021 1,450 $ 10.39 1.48 years $ 136 As of June 30, 2021, December 31, 2020 and June 30, 2020 there was no unrecognized stock compensation expense related to non-performance based stock options. A summary of the fair value of the Company’s stock options exercised under the 2010 Incentive Plan for the six months ended June 30, 2021 and 2020 is presented below: Fair Value of Options Exercised as of June 30, 2021 2020 Nonperformance-based stock options exercised 552 5,851 2019 Amended Plan and Green Acquired Omnibus Plans 2021 Grants of RSUs During the six months ending June 30, 2021, the Company granted non-performance-based RSUs and performance-based RSUs (“PSUs”) under the 2019 Amended and Restatement Omnibus Incentive Plan (the “2019 Amended Plan”) and the Veritex (Green) 2014 Omnibus Equity Incentive Plan (the “Veritex (Green) 2014 Plan”). The majority of the RSUs granted to employees during the six months ending June 30, 2021 with annual graded vesting over a three year period from the grant date. The PSUs granted in February 2021 are subject to a service, performance and market condition. The performance and market condition determine the number of awards to vest. The service period is from February 1, 2021 to January 31, 2024, the performance condition performance period is from January 1, 2021 to December 31, 2023 and the market condition performance period is from February 1, 2021 to January 31, 2024. A Monte Carlo simulation was used to estimate the fair value of PSUs on the grant date. Stock Compensation Expense Stock compensation expense for options, RSUs and PSUs granted under the 2019 Amended Plan and the Veritex (Green) 2014 Plan were as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 2019 Amended Plan $ 2,202 $ 1,392 $ 4,183 $ 2,880 Veritex (Green) 2014 Plan 490 453 987 923 2019 Amended Plan A summary of the status of the Company’s stock options under the 2019 Amended Plan as of June 30, 2021 and 2020, and changes during the six months then ended, is as follows: 2019 Amended Plan Non-performance Based Stock Options Shares Weighted Weighted Aggregate Intrinsic Value Outstanding at January 1, 2020 849,768 $ 23.61 8.24 years Granted 170,025 27.31 Forfeited (22,456) 28.00 Exercised (33,439) 19.19 Outstanding at June 30, 2020 963,898 $ 24.32 8.08 years Options exercisable at June 30, 2020 487,983 $ 24.21 7.31 years Outstanding at January 1, 2021 975,801 $ 24.26 7.45 years $ 2,422 Granted 500 36.54 Forfeited (13,996) 25.93 Exercised (133,252) 22.95 Outstanding at June 30, 2021 829,053 $ 24.46 7.31 years $ 9,083 Options exercisable at June 30, 2021 515,903 $ 24.57 6.82 years $ 5,593 Weighted average fair value of options granted during the period $ 36.54 As of June 30, 2021, December 31, 2020 and June 30, 2020, there was $1,635, $2,470 and $3,206 of total unrecognized compensation expense related to options awarded under the 2019 Amended Plan, respectively. The unrecognized compensation expense at June 30, 2021 is expected to be recognized over the remaining weighted average requisite service period of 1.13 years. A summary of the status of the Company’s RSUs under the 2019 Amended Plan as of June 30, 2021 and 2020, and changes during the six months then ended, is as follows: 2019 Amended Plan Non-performance-Based RSUs Units Weighted Outstanding at January 1, 2020 175,688 $ 21.65 Granted 328,900 26.55 Vested into shares (66,874) 24.75 Forfeited (470) 29.13 Outstanding at June 30, 2020 437,244 $ 24.83 Outstanding at January 1, 2021 441,132 $ 20.39 Granted 232,649 26.40 Vested into shares (64,710) 24.27 Forfeited (8,981) 26.29 Outstanding at June 30, 2021 600,090 $ 22.21 A summary of the status of the Company’s PSUs under the 2019 Amended Plan as of June 30, 2021 and 2020, and changes during the six months then ended, is as follows: 2019 Amended Plan PSUs Units Weighted Outstanding at January 1, 2020 63,727 $ 22.76 Granted 39,398 29.13 Vested into shares (1,841) 26.65 Outstanding at June 30, 2020 101,284 $ 25.22 Outstanding at January 1, 2021 100,195 $ 23.20 Granted 56,276 25.94 Outstanding at June 30, 2021 156,471 $ 24.17 As of June 30, 2021, December 31, 2020 and June 30, 2020 there was $12,280, $8,222 and $10,038 of total unrecognized compensation related to RSUs and PSUs awarded under the 2019 Amended Plan, respectively. The unrecognized compensation expense at June 30, 2021 is expected to be recognized over the remaining weighted average requisite service period of 2.26 years. A summary of the fair value of the Company’s stock options exercised, RSUs and PSUs vested under the 2019 Amended Plan during the six months ended June 30, 2021 and 2020 is presented below: Fair Value of Options Exercised, RSUs or PSUs Vested in the Six Months Ended June 30, 2021 2020 Non-performance-based stock options exercised 4,286 943 RSUs vested 1,986 100 PSUs vested — 18 Veritex (Green) 2014 Plan A summary of the status of the Company’s stock options under the Veritex (Green) 2014 Plan as of June 30, 2021 and 2020, and changes during the six months then ended, is as follows: Non-performance Based Stock Options Shares Weighted Weighted Aggregate Intrinsic Value Outstanding at January 1, 2020 386,969 $ 19.30 7.86 years Granted 31,075 29.13 Forfeited (27,070) 21.38 Exercised (34,476) 19.54 Outstanding at June 30, 2020 356,498 $ 19.95 7.53 years Options exercisable at June 30, 2020 214,342 $ 17.87 6.65 years Outstanding at January 1, 2021 352,000 $ 19.99 6.97 years $ 2,124 Forfeited (4,251) 21.38 Exercised (59,522) 19.50 Outstanding at June 30, 2021 288,227 $ 20.07 6.49 years $ 4,447 Options exercisable at June 30, 2021 217,031 $ 18.89 6.05 years $ 3,585 As of June 30, 2021, December 31, 2020 and June 30, 2020, there was $349, $626, and $910 of total unrecognized compensation expense related to options awarded under the Veritex (Green) 2014 Plan, respectively. The unrecognized compensation expense at June 30, 2021 is expected to be recognized over the remaining weighted average requisite service period of 0.66 years. A summary of the status of the Company’s RSUs under the Veritex (Green) 2014 Plan as of June 30, 2021 and 2020 and changes during the six months then ended, is as follows: RSUs Units Weighted Outstanding at January 1, 2020 116,250 $ 21.38 Granted 93,918 28.47 Vested into shares (38,744) 29.13 Forfeited (4,402) 29.13 Outstanding at June 30, 2020 167,022 $ 25.33 Outstanding at January 1, 2021 156,187 $ 22.64 Granted 5,692 26.12 Vested into shares (33,335) 21.38 Forfeited (3,119) 24.99 Outstanding at June 30, 2021 125,425 $ 21.22 A summary of the status of the Company’s PSUs under the Veritex (Green) 2014 Plan as of June 30, 2021 and 2020 and changes during the six months then ended, is as follows: PSUs Units Weighted Outstanding at January 1, 2020 25,320 $ 21.38 Granted 8,531 29.13 Outstanding at June 30, 2020 33,851 $ 23.33 Outstanding at January 1, 2021 30,728 $ 21.43 Granted 6,231 25.94 Forfeited (1,060) 19.69 Outstanding at June 30, 2021 35,899 $ 22.26 As of June 30, 2021, December 31, 2020 and June 30, 2020, there was $2,005, $2,484, and $3,249, respectively, of total unrecognized compensation related to outstanding RSUs and PSUs awarded under the Veritex (Green) 2014 Plan to be recognized over a remaining weighted average requisite service period of 1.67 years. A summary of the fair value of the Company’s stock options exercised and RSUs vested under the Veritex (Green) 2014 Plan during the six months ended June 30, 2021 and 2020 presented below: Fair Value of Options Exercised or RSUs Vested in the Six Months Ended June 30, 2021 2020 Non-performance-based stock options exercised $ 1,757 $ 1,001 RSUs vested 855 142 Green 2010 Plan In addition to the Veritex (Green) 2014 Plan discussed earlier in this Note, the Company assumed the Green Bancorp Inc. 2010 Stock Option Plan (“Green 2010 Plan”). A summary of the status of the Company’s stock options under the Green 2010 Plan as of June 30, 2021 and 2020, and changes during the six months then ended, is as follows: Green 2010 Plan Non-performance Based Stock Options Shares Weighted Weighted Aggregate Intrinsic Value Outstanding at January 1, 2020 571,735 $ 10.64 1.74 years Exercised (440,652) 10.35 Outstanding at June 30, 2020 131,083 $ 11.60 5.41 years Outstanding at January 1, 2021 131,083 $ 11.60 4.90 years $ 1,843 Exercised (62,742) 10.51 Outstanding at June 30, 2021 68,341 $ 12.60 2.67 years $ 1,559 A summary of the fair value of the Company’s stock options exercised under the Green 2010 Plan during the six months ended June 30, 2021 and 2020 presented below: Fair Value of Options Exercised as of June 30, 2021 2020 Nonperformance-based stock options exercised 1,838 12,231 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense for the three and six months ended June 30, 2021 and 2020 was as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Income tax expense for the period $ 7,837 $ 3,987 $ 16,830 $ 3,303 Effective tax rate 21.0 % 14.2 % 21.6 % 10.5 % For the three months ended June 30, 2021, the Company had an effective tax rate of 21.0%. The Company had a net discrete tax benefit of $115 related to an excess tax benefit realized on share-based payment awards during the three months ended June 30, 2021. Excluding this discrete tax item, the Company had an effective tax rate of 21.3% for the three months ended June 30, 2021. For the six months ended June 30, 2021, the Company had an effective tax rate of 21.6%. The Company had a net discrete tax expense of $157. This discrete tax expense related to a true-up of a deferred tax liability of $426 offset by $269 of an excess tax benefit realized on share-based payment awards during six months ended June 30, 2021. Excluding these discrete tax items, the Company had an effective tax rate of 21.4% for the six months ended June 30, 2021. For the three and six months ended June 30, 2020, the Company had an effective tax rate of 14.2% and 10.5%, respectively. The decrease in the effective tax rate during the three months ended was primarily due to a net discrete tax benefit of $1,799 as a result of the Company amending a prior year Green Bancorp, Inc. (“Green”) tax return to carry back a net operating loss ("NOL") incurred by Green on January 1, 2019. The Company was allowed to carry back this NOL as result of a provision in the CARES Act that permits NOLs generated in tax years 2018, 2019 or 2020 to be carried back five years. In addition to this, during the six months ended June 30, 2020, the Company recognized a net discrete tax benefit of $1,423 primarily associated with the recognition of excess tax benefit realized on share-based payment awards. Excluding these discrete tax items, the Company had an effective tax rate of 20.7% and 20.9% for the three and six months ended June 30, 2020. |
Legal Contingencies
Legal Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Contingencies | Legal Contingencies Litigation The Company may from time to time be involved in legal actions arising from normal business activities. In the opinion of management, there are no claims for which it is reasonably possible that an adverse outcome would have a material effect on the Company's financial position, liquidity or results of operations. The Company is not aware of any material unasserted claims. |
Capital Requirements and Restri
Capital Requirements and Restrictions on Retained Earnings | 6 Months Ended |
Jun. 30, 2021 | |
Regulatory Capital Requirements under Banking Regulations [Abstract] | |
Capital Requirements and Restrictions on Retained Earnings | Capital Requirements and Restrictions on Retained Earnings Under applicable U.S. banking laws, there are legal restrictions limiting the amount of dividends the Company can declare. Approval of the regulatory authorities is required if, among other things, the effect of the dividends declared would cause regulatory capital of the Company to fall below specified minimum levels. The Company on a consolidated basis and the Bank are subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements triggers certain mandatory actions and may lead to additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action (“PCA”), the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and, if the Bank were not eligible for or did not opt into the Community Bank Leverage Ratio (“CBLR”) framework, certain off-balance sheet items as calculated under regulatory accounting practices. If the Company were not eligible for or did not opt into the CBLR framework, its capital amounts and classification would also be subject to qualitative judgments by the regulators about components of capital, risk weightings of assets, and other factors. Under the Economic Growth, Regulatory Relief and Consumer Protection Act of 2018 and implementing regulations of the federal banking agencies, certain banking organizations with less than $10 billion in total consolidated assets may elect to satisfy a single Community Bank Leverage Ratio (“CBLR”) of Tier 1 capital to average total consolidated assets in lieu of the generally applicable capital requirements of the capital rules implementing Basel III. Accordingly, if we and the Bank continue to meet all requirements under this framework, we and the Bank will not be required to report or calculate risk-based capital, and the Bank will be considered to have met the well-capitalized ratio requirements under PCA regulations. The federal banking agencies have finalized the CBLR minimum at 9% and we and the Bank exceed this standard. The CARES Act temporarily reduced the CBLR to 8% until the earlier of December 31, 2020 or the expiration of the national emergency declaration, and rules issued by the federal banking agencies provide a graduated transition back to the 9% threshold by January 1, 2022. The Bank was eligible and elected to use the CBLR framework as of December 31, 2020 however the Bank was no longer eligible to use the CBLR framework as of June 30, 2021. If we were not eligible for or did not opt into the CBLR framework, we would be subject to other quantitative measures established by regulation to ensure capital adequacy. These generally applicable capital requirements require a banking organization that does not operate under the CBLR framework to maintain minimum amounts and ratios (set forth in the table below) of total capital, Tier 1 capital, and common equity Tier 1 capital to risk-weighted assets, and of Tier 1 capital to average assets. Additionally, to be categorized as “well capitalized,” a banking organization that does not operate under the CBLR framework is required to maintain minimum total risk-based common equity Tier 1, Tier 1, and total capital ratios and Tier 1 leverage ratios as set forth in the table below. As of June 30, 2021 and December 31, 2020, the Company’s and the Bank’s capital ratios exceeded those levels necessary to be categorized as “well capitalized” if the Company and the Bank were not operating under the CBLR framework. There are no conditions or events since June 30, 2021 that management believes have changed the Company’s category. In the first quarter of 2020, U.S. federal regulatory authorities issued an interim final rule that provides banking organizations that adopt the current expected credit losses (“CECL”) methodology during the 2020 calendar year with the option to delay for two years the estimated impact of CECL on regulatory capital relative to regulatory capital determined under the prior incurred loss methodology, followed by a three-year transition period to phase out the aggregate amount of the capital benefit provided during the initial two-year delay (i.e., a five-year transition in total). In connection with the Company’s adoption of CECL on January 1, 2020, the Company has elected to utilize the five-year CECL transition. As a result, the effects of CECL on the Company’s and the Bank’s regulatory capital will be delayed through the year 2021, after which the effects will be phased-in over a three-year period from January 1, 2022 through December 31, 2024. A comparison of the Company’s and Bank’s actual capital amounts and ratios to required capital amounts and ratios is presented in the following table: Actual For Capital To Be Well Amount Ratio Amount Ratio Amount Ratio As of June 30, 2021 Total capital (to risk-weighted assets) Company $ 1,146,015 12.86 % $ 712,918 8.0 % n/a n/a Bank 1,030,594 11.57 % 712,597 8.0 % $ 890,747 10.0 % Tier 1 capital (to risk-weighted assets) Company 833,956 9.36 % 534,587 6.0 % n/a n/a Bank 950,947 10.68 % 534,240 6.0 % 712,320 8.0 % Common equity tier 1 (to risk-weighted assets) Company 804,619 9.03 % 400,973 4.5 % n/a n/a Bank 950,947 10.68 % 400,680 4.5 % 578,760 6.5 % Tier 1 capital (to average assets) Company 833,956 9.38 % 355,632 4.0 % n/a n/a Bank 950,947 10.70 % 355,494 4.0 % 444,368 5.0 % As of December 31, 2020 Total capital (to risk-weighted assets) Company $ 1,099,031 13.57 % $ 647,918 8.0 % n/a n/a Bank 968,481 11.96 % 647,813 8.0 % $ 809,767 10.0 % Tier 1 capital (to risk-weighted assets) Company 782,487 9.66 % 486,017 6.0 % n/a n/a Bank 884,471 10.92 % 485,973 6.0 % 647,964 8.0 % Common equity tier 1 (to risk-weighted assets) Company 753,261 9.30 % 364,481 4.5 % n/a n/a Bank 884,471 10.92 % 364,480 4.5 % 526,471 6.5 % Tier 1 capital (to average assets) Company 782,487 9.43 % 331,914 4.0 % n/a n/a Bank 884,471 10.66 % 331,884 4.0 % 414,855 5.0 % Dividend Restrictions — Dividends paid by the Bank are subject to certain restrictions imposed by regulatory agencies. Capital requirements further limit the amount of dividends that may be paid by the Bank. No dividends were paid by the Bank to the Holdco during the three months ended June 30, 2021. Dividends of $8,440 were paid by the Bank to the Holdco during the six months ended June 30, 2021. Dividends of $20,000 and $45,000 were paid by the Bank to the Holdco during the three and six months ended June 30, 2020 , respectively. Dividends of $8,413, or $0.17 per outstanding share, and $16,771, or $0.34 per outstanding share, on the applicable record date, were paid by the Company during the three and six months ended June 30, 2021, respectively. Dividends of $8,563, or $0.17 per outstanding share, and $17,291, or $0.34 per outstanding share, on the applicable record date, were paid by the Company during the three and six months ended June 30, 2020, respectively |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On July 16, 2021, the Bank completed an investment to acquire a 49% interest in Thrive Mortgage, LLC (“Thrive”) for $53,900 in cash. As part of the investment, the Company obtained the right to designate one member to Thrive’s board of directors. Thrive, headquartered in Georgetown, Texas, is a family-owned business and an industry leader in transforming the home financing process into a customer centered digital experience and is the first company in Texas to close a fully electronic note with a remote notary. Thrive’s markets include, among others, Texas, Ohio, Colorado, Kentucky, North Carolina, Kansas, Virginia, Florida, Maryland and Indiana. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Veritex Holdings, Inc. and its subsidiaries, including Veritex Community Bank. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”), but do not include all of the information and footnotes required for complete financial statements. Intercompany transactions and balances are eliminated in consolidation. In management’s opinion, these unaudited condensed consolidated financial statements include all adjustments of a normal recurring nature necessary for a fair statement of the Company’s condensed consolidated balance sheets at June 30, 2021 and December 31, 2020, condensed consolidated statements of income and comprehensive income for the three and six months ended June 30, 2021 and 2020, condensed consolidated statements of changes in stockholders’ equity for the three and six months ended June 30, 2021 and 2020 and condensed consolidated statements of cash flows for the six months ended June 30, 2021 and 2020. Accounting measurements at interim dates inherently involve greater reliance on estimates than at year end and the results for the interim periods shown herein are not necessarily indicative of results to be expected for the full year due in part to global economic and financial market conditions, interest rates, access to sources of liquidity, market competition and interruptions of business processes. These unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information and the instructions to Quarterly Reports on Form 10-Q adopted by the Securities and Exchange Commission (“SEC”). These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the year ended December 31, 2020 included in the Company’s Annual Report on Form 10-K, as filed with the SEC on February 26, 2021. |
Segment Reporting | Segment Reporting The Company has one reportable segment. All of the Company’s activities are interrelated, and each activity is dependent and assessed based on how each activity of the Company supports the others. For example, lending is dependent upon the ability of the Company to fund itself with deposits and borrowings while managing interest rate and credit risk. Accordingly, all significant operating decisions are based upon an analysis of the Bank as one segment or unit. The Company’s chief operating decision-maker, the Chief Executive Officer, uses the consolidated results to make operating and strategic decisions. |
Reclassifications | Reclassifications Certain items in the Company’s prior year financial statements were reclassified to conform to the current presentation including the reclassification on the condensed consolidated statements of income from rental income to other income of $547 and $1,098 during the three and six months ended June 30, 2020, respectively. |
Earnings Per Share ("EPS") | Earnings Per Share (“EPS”)EPS are based upon the weighted average shares outstanding. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements ASU 2019-12, "Income Taxes (Topic 740)" ("ASU 2019-12") simplifies the accounting for income taxes by removing certain exceptions and improves the consistent application of GAAP by clarifying and amending other existing guidance. ASU 2019-12 was effective for us on January 1, 2021 and did not have a significant impact on our consolidated financial statements and related disclosures. ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting" ("ASU 2020-04") amendments provide optional guidance for a limited time to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company is currently evaluating the amended guidance and the impact on its consolidated financial statements and related disclosures. ASU 2020-08, “Codification Improvements to Subtopic 310-20, Receivables - Nonrefundable Fees and Other Costs” ("ASU 2020-08") clarifies the accounting for the amortization of purchase premiums for callable debt securities with multiple call dates. ASU 2020-08 was effective for us on January 1, 2021 and did not have a significant impact on our consolidated financial statements and related disclosures. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Reconciliation Between Weighted Average Shares Used for Calculating Basic and Diluted EPS | The table below sets forth the reconciliation between weighted average shares used for calculating basic and diluted EPS for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Earnings (numerator) Net income $ 29,456 $ 24,028 $ 61,243 $ 28,162 Shares (denominator) Weighted average shares outstanding for basic EPS 49,476 49,597 49,435 50,161 Dilutive effect of employee stock-based awards 855 130 752 222 Adjusted weighted average shares outstanding 50,331 49,727 50,187 50,383 EPS: Basic $ 0.60 $ 0.48 $ 1.24 $ 0.56 Diluted $ 0.59 $ 0.48 $ 1.22 $ 0.56 |
Supplemental Statement of Cas_2
Supplemental Statement of Cash Flows (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Other Supplemental Cash Flow Information | Other supplemental cash flow information is presented below: Six Months Ended June 30, 2021 2020 (in thousands) Supplemental Disclosures of Cash Flow Information: Cash paid for interest $ 20,022 $ 35,116 Cash paid for income taxes 15 2,330 Supplemental Disclosures of Non-Cash Flow Information: Net foreclosure of other real estate owned and repossessed assets 334 4,100 Transfer of other real estate owned to other assets for losses incurred upon sale and expected to be collected from the SBA — 327 |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Gross Unrealized Gain Recognized on Equity Securities | The gross unrealized gain (loss) recognized on equity securities with readily determinable fair values recorded in other noninterest income in the Company’s condensed consolidated statements of income were as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Unrealized gain (loss) recognized on equity securities with a readily determinable fair value $ 63 $ 462 $ (136) $ 213 |
Schedule of Carrying Amount and Approximate Fair Values of Available-for-Sale Securities | The amortized cost, related gross unrealized gains and losses, allowance for credit losses (“ACL”) and the fair value of available for sale and held to maturity securities are as follows: June 30, 2021 Amortized Gross Gross ACL Fair Value Available for sale Corporate bonds $ 195,342 $ 10,032 $ 4 $ — $ 205,370 Municipal securities 117,277 8,704 177 — 125,804 Mortgage-backed securities 233,997 11,990 1,097 — 244,890 Collateralized mortgage obligations 375,506 15,057 572 — 389,991 Asset-backed securities 59,091 2,292 349 — 61,034 Collateralized loan obligations 50,149 1 — — 50,150 $ 1,031,362 $ 48,076 $ 2,199 $ — $ 1,077,239 June 30, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses ACL Fair Value Held to maturity Mortgage-backed securities $ 21,073 $ 727 $ 105 $ — $ 21,695 Collateralized mortgage obligations 1,423 73 — — 1,496 Municipal securities 26,142 2,176 20 — 28,298 $ 48,638 $ 2,976 $ 125 $ — $ 51,489 The Company did not transfer any debt securities from available for sale to held to maturity at fair value during the three and six months ended June 30, 2021. December 31, 2020 Amortized Gross Gross ACL Fair Value Available for sale Corporate bonds $ 173,050 $ 6,417 $ 1,297 $ — $ 178,170 Municipal securities 115,533 10,129 6 — 125,656 Mortgage-backed securities 240,320 16,047 42 — 256,325 Collateralized mortgage obligations 388,080 20,895 66 — 408,909 Asset-backed securities 52,335 2,934 — — 55,269 $ 969,318 $ 56,422 $ 1,411 $ — $ 1,024,329 December 31, 2020 Amortized Gross Gross ACL Fair Value Held to maturity Mortgage-backed securities $ 6,982 $ 849 $ — $ — $ 7,831 Collateralized mortgage obligations 1,620 103 — — 1,723 Municipal securities 22,270 2,459 — — 24,729 $ 30,872 $ 3,411 $ — $ — $ 34,283 |
Schedule of Investment Securities That Have Been in a Continuous Unrealized Loss Position | The following tables disclose the Company’s available for sale debt securities in an unrealized loss position for which an ACL has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous loss position: June 30, 2021 Less Than 12 Months 12 Months or More Totals Fair Unrealized Fair Unrealized Fair Unrealized Available for sale Corporate bonds $ 3,246 $ 4 $ — $ — $ 3,246 $ 4 Municipal securities 12,753 151 2,314 26 15,067 177 Mortgage-backed securities 62,811 1,097 — — 62,811 1,097 Collateralized mortgage obligations 64,909 572 — — 64,909 572 Asset-backed securities 11,626 349 — — 11,626 349 $ 155,345 $ 2,173 $ 2,314 $ 26 $ 157,659 $ 2,199 Held to maturity Mortgage-backed securities $ 15,028 $ 105 $ — $ — $ 15,028 $ 105 Municipal securities 2,031 20 — — 2,031 20 $ 17,059 $ 125 $ — $ — $ 17,059 $ 125 December 31, 2020 Less Than 12 Months 12 Months or More Totals Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss Available for sale Municipal securities $ 2,667 $ 6 $ — $ — $ 2,667 $ 6 Corporate bonds 31,953 1,297 — — 31,953 1,297 Mortgage-backed securities 34,402 108 — — 34,402 108 $ 69,022 $ 1,411 $ — $ — $ 69,022 $ 1,411 |
Schedule of Amortized Costs and Estimated Fair Values of Securities Available for Sale, By Contractual Maturity | Therefore, these securities are not included in the maturity categories below. June 30, 2021 Available for Sale Held to Maturity Amortized Fair Amortized Fair Due from one year to five years $ 5,186 $ 5,308 $ — $ — Due from five years to ten years 175,614 184,705 3,871 4,180 Due after ten years 131,819 141,161 22,271 24,118 312,619 331,174 26,142 28,298 Mortgage-backed securities and collateralized mortgage obligations 609,503 634,881 22,496 23,191 Asset-backed securities 59,091 61,034 — — Collateralized loan obligations 50,149 50,150 — — $ 1,031,362 $ 1,077,239 $ 48,638 $ 51,489 December 31, 2020 Available for Sale Held to Maturity Amortized Fair Amortized Fair Due from one year to five years $ 4,935 $ 5,139 $ — $ — Due from five years to ten years 154,576 158,510 3,334 3,591 Due after ten years 129,072 140,177 18,936 21,138 288,583 303,826 22,270 24,729 Mortgage-backed securities and collateralized mortgage obligations 628,400 665,234 8,602 9,554 Asset-backed securities 52,335 55,269 — — $ 969,318 $ 1,024,329 $ 30,872 $ 34,283 |
Schedule of Proceeds From Sales of Debt Securities Available for Sale and Gross Gains and Losses | Proceeds from sales of debt securities available for sale and gross gains and losses for the six months ended June 30, 2021 and 2020 were as follows: Six Months Ended June 30, 2021 2020 Proceeds for sales $ — $ 90,897 Gross realized gains — 2,879 Gross realized losses — — |
Loans Held for Investment and_2
Loans Held for Investment and ACL (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Summary of Loans in the Accompanying Consolidated Balance Sheets | Loans held for investment in the accompanying condensed consolidated balance sheets are summarized as follows: June 30, 2021 December 31, 2020 Loans held for investment, carried at amortized cost: Real estate: Construction and land $ 871,765 $ 693,030 Farmland 13,661 13,844 1 - 4 family residential 513,635 524,344 Multi-family residential 367,445 424,962 Owner occupied commercial (“OOCRE”) 744,899 717,472 Non-owner occupied commercial (“NOOCRE”) 1,986,538 1,904,132 Commercial 1,771,100 1,559,546 MW 559,939 577,594 Consumer 10,530 13,000 6,839,512 6,427,924 Deferred loan fees, net (7,486) (2,468) ACL (99,543) (105,084) Loans held for investment carried at amortized cost, net 6,732,483 6,320,372 Loans held for investment, carried at fair value: PPP loans 291,401 358,042 Total loans held for investment, net $ 7,023,884 $ 6,678,414 |
Schedule of Government Guaranteed Loans and Fee Income | The following table summarizes the PPP fee income which is included in government guaranteed loan income, net on the accompanying condensed consolidated statements of income and the net gain (loss) due to the change in the fair value of PPP loans which is included in government guaranteed loan income, net, on the accompanying condensed consolidated statements of income and in change in fair value of government guaranteed loans using fair value option on the accompanying condensed consolidated statements of cash flows. June 30, 2021 June 30, 2020 Three Months Ended Six Months Ended Three Months Ended Six Months Ended PPP fee income $ 1,004 $ 7,628 $ 12,516 $ 12,516 Net gain (loss) due to the change in fair value 622 335 (2,005) (2,005) |
Schedule of Activity in Allowance for Credit Loss | The activity in the ACL related to loans held for investment is as follows: Three Months Ended June 30, 2021 Construction and Land Farmland Residential Multifamily OOCRE NOOCRE Commercial Consumer Total Balance at beginning of period $ 6,805 $ 47 $ 6,968 $ 4,814 $ 9,122 $ 39,503 $ 37,381 $ 296 $ 104,936 Credit loss expense non-PCD loans 462 (1) 130 (627) 2,408 (595) 2,750 (76) 4,451 Credit loss expense PCD loans 13 — (173) — (17) (1,666) (2,610) 2 (4,451) Charge-offs — — (288) — (689) — (5,620) (20) (6,617) Recoveries — — 23 — 500 — 659 42 1,224 Ending Balance $ 7,280 $ 46 $ 6,660 $ 4,187 $ 11,324 $ 37,242 $ 32,560 $ 244 $ 99,543 Three Months Ended June 30, 2020 Construction and Land Farmland Residential Multifamily OOCRE NOOCRE Commercial Consumer Total Balance at beginning of period $ 6,838 $ 58 $ 8,318 $ 4,899 $ 16,461 $ 25,681 $ 38,110 $ 618 $ 100,983 Credit loss expense non-PCD loans 2,818 5 2,609 1,529 1,597 7,424 1,202 (11) 17,173 Credit loss expense PCD loans (635) — (150) — (4,172) 2,962 998 (4) (1,001) Charge-offs — — — — — — (1,740) (57) (1,797) Recoveries — — — — — — 7 — 7 Ending Balance $ 9,021 $ 63 $ 10,777 $ 6,428 $ 13,886 $ 36,067 $ 38,577 $ 546 $ 115,365 Six Months Ended June 30, 2021 Construction and Land Farmland Residential Multifamily OOCRE NOOCRE Commercial Consumer Total Balance at beginning of year $ 7,768 $ 56 $ 8,148 $ 6,231 $ 9,719 $ 35,237 $ 37,554 $ 371 $ 105,084 Credit loss expense non-PCD loans (487) (10) (1,014) (2,044) 793 3,479 1,647 (130) 2,234 Credit loss expense PCD loans (1) (197) — 1,001 (1,474) (1,560) (3) (2,234) Charge-offs — — (303) — (689) — (5,966) (38) (6,996) Recoveries — — 26 — 500 — 885 44 1,455 Ending Balance $ 7,280 0 $ 46 $ 6,660 $ 4,187 $ 11,324 $ 37,242 $ 32,560 $ 244 $ 99,543 Six Months Ended June 30, 2020 Construction and Land Farmland Residential Multifamily OOCRE NOOCRE Commercial Consumer Total Balance at beginning of year $ 3,822 $ 61 $ 1,378 $ 1,965 $ 1,978 $ 8,139 $ 12,369 $ 122 $ 29,834 Impact of adopting ASC 326 non-PCD loans (707) 4 3,716 628 3,406 5,138 7,025 217 19,427 Impact of adoption ASC 326 PCD loans 645 — 908 — 7,682 2,037 8,335 103 19,710 Credit loss expense non-PCD loans 5,783 (2) 5,097 3,835 2,515 17,379 11,428 (26) 46,009 Credit loss expense PCD loans (522) — (323) — (1,695) 3,374 1,124 (19) 1,939 Charge-offs — — — — — — (1,740) (125) (1,865) Recoveries — — 1 — — — 36 274 311 Ending Balance $ 9,021 $ 63 $ 10,777 $ 6,428 $ 13,886 $ 36,067 $ 38,577 $ 546 $ 115,365 |
Schedule of Amortized Cost Basis of Collateral Dependent Loans | The following table presents the amortized cost basis of collateral dependent loans, which are individually evaluated to determine expected credit losses, and the related ACL allocated to these loans as of June 30, 2021 and December 31, 2020, were as follows: June 30, 2021 December 31, 2020 Real Property (1) ACL Allocation Real Property (1) ACL Allocation Real estate: 1 - 4 family residential $ 199 $ — $ 199 $ 11 OOCRE 1,413 430 — — NOOCRE 19,321 6,147 16,080 — Commercial 4,053 1,508 8,666 4,668 Consumer 1,063 — 143 50 Total $ 26,049 $ 8,085 $ 25,088 $ 4,729 |
Schedule of Non-Accrual Loans | Nonaccrual loans aggregated by class of loans, as of June 30, 2021 and December 31, 2020, were as follows: June 30, 2021 December 31, 2020 Nonaccrual Nonaccrual With No ACL Nonaccrual Nonaccrual With No ACL Real estate: 1 - 4 family residential $ 1,201 $ 1,201 $ 3,308 $ 3,199 OOCRE 16,960 16,385 6,266 5,645 NOOCRE 35,181 15,739 40,830 19,213 Commercial 22,424 1,743 29,318 1,015 Consumer 1,228 1,216 1,374 1,220 Total $ 76,994 $ 36,284 $ 81,096 $ 30,292 |
Schedule of Age Analysis of Past Due Loans, Aggregated by Class of Loans | An age analysis of past due loans, aggregated by class of loans and including past due nonaccrual loans, as of June 30, 2021 and December 31, 2020, is as follows: June 30, 2021 30 to 59 Days 60 to 89 Days 90 Days or Greater Total Past Due Total Current PCD Total Total 90 Days Past Due and Still Accruing (1) Real estate: Construction and land $ — $ — $ — $ — $ 869,324 $ 2,441 $ 871,765 $ — Farmland — — — — 13,661 — 13,661 — 1 - 4 family residential 1,837 — 1,145 2,982 509,444 1,209 513,635 43 Multi-family residential — — — — 367,445 — 367,445 — OOCRE 143 4,612 11,740 16,495 699,518 28,886 744,899 — NOOCRE 855 12,501 3,359 16,715 1,941,201 28,622 1,986,538 — Commercial 1,985 404 11,560 13,949 1,741,947 15,204 1,771,100 356 MW — — — — 559,939 — 559,939 — Consumer 148 2 1,159 1,309 9,035 186 10,530 63 Total $ 4,968 $ 17,519 $ 28,963 $ 51,450 $ 6,711,514 $ 76,548 $ 6,839,512 $ 462 (1) Loans 90 days past due and still accruing excludes $17,099 of pooled PCD loans as of June 30, 2021 that transitioned upon adoption of ASC 326. December 31, 2020 30 to 59 Days 60 to 89 Days 90 Days or Greater Total Past Due Total Current PCD Total Total 90 Days Past Due and Still Accruing (1) Real estate: Construction and land $ — $ — $ — $ — $ 690,345 $ 2,685 $ 693,030 $ — Farmland — — — — 13,844 — 13,844 — 1 - 4 family residential 2,338 122 4,802 7,262 508,341 8,741 524,344 1,670 Multi-family residential — — — — 424,962 — 424,962 — OOCRE 2,278 2,143 2,814 7,235 672,246 37,991 717,472 1,280 NOOCRE 7,675 2,911 17,586 28,172 1,832,784 43,176 1,904,132 — Commercial 1,983 1,431 20,360 23,774 1,516,312 19,460 1,559,546 1,230 MW — — — — 577,594 — 577,594 — Consumer 75 77 1,338 1,490 11,308 202 13,000 24 Total $ 14,349 $ 6,684 $ 46,900 $ 67,933 $ 6,247,736 $ 112,255 $ 6,427,924 $ 4,204 (1) Loans 90 days past due and still accruing excludes $32,627 of PCD loans accounted for on a pooled basis as of December 31, 2020. |
Schedule of Loans Modified as TDRs | The following table presents the pre- and post-modification amortized cost of loans modified as TDRs during the six months ended June 30, 2021 and 2020. There were no loans modified as TDRS during the three months ended June 30, 2021 and 2020. Adjusted Payment Structure Payment Deferrals Total Modifications Number of Loans Six months ended June 30, 2021 Commercial $ 207 $ — $ 207 1 Six months ended June 30, 2020 Commercial $ 1,440 $ 1,337 $ 2,777 3 |
Summary of Internal Ratings of Loans, Including Purchased Credit Impaired Loans | Based on the most recent analysis performed, the risk category of loans by class of loans based on year or origination is as follows: Term Loans Amortized Cost Basis by Origination Year 1 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total As of June 30, 2021 Construction and land: Pass $ 114,709 $ 309,478 $ 267,673 $ 116,639 $ 16,742 $ 29,490 $ 12,591 $ 496 $ 867,818 Special mention — — — 321 — — — — 321 Substandard — — — 1,185 — — — — 1,185 PCD — — — — — 2,441 — — 2,441 Total construction and land $ 114,709 $ 309,478 $ 267,673 $ 118,145 $ 16,742 $ 31,931 $ 12,591 $ 496 $ 871,765 Farmland: Pass $ 1,549 $ 534 $ 469 $ 3,367 $ 3,023 $ 3,554 $ 1,165 $ — $ 13,661 Total farmland $ 1,549 $ 534 $ 469 $ 3,367 $ 3,023 $ 3,554 $ 1,165 $ — $ 13,661 1 - 4 family residential: Pass $ 90,644 $ 112,315 $ 61,905 $ 77,038 $ 32,372 $ 115,821 $ 16,295 $ 3,338 $ 509,728 Special mention — — — 152 — 421 — — 573 Substandard — — — — 118 1,117 890 — 2,125 PCD — — — — — 1,209 — — 1,209 Total 1 - 4 family residential $ 90,644 $ 112,315 $ 61,905 $ 77,190 $ 32,490 $ 118,568 $ 17,185 $ 3,338 $ 513,635 Multi-family residential: Pass $ 51,096 $ 66,234 $ 94,568 $ 81,127 $ 13,762 $ 39,419 $ 52 $ — $ 346,258 Special mention — — — 21,187 — — — — 21,187 Total multi-family residential $ 51,096 $ 66,234 $ 94,568 $ 102,314 $ 13,762 $ 39,419 $ 52 $ — $ 367,445 OOCRE: Pass $ 64,427 $ 149,710 $ 69,980 $ 59,757 $ 69,529 $ 212,896 $ 2,246 $ — $ 628,545 Special mention — — 1,077 20,251 333 8,218 — — 29,879 Substandard — 414 — 25,656 881 30,638 — — 57,589 PCD — — 1,431 — 7,299 20,156 — — 28,886 Total OOCRE $ 64,427 $ 150,124 $ 72,488 $ 105,664 $ 78,042 $ 271,908 $ 2,246 $ — $ 744,899 NOOCRE: Pass $ 192,285 $ 337,090 $ 265,817 $ 441,505 $ 97,425 $ 416,101 $ 15,848 $ 1,593 $ 1,767,664 Special mention — 238 2,747 15,678 22,176 45,872 493 — 87,204 Substandard — 1,495 11,044 26,127 4,487 47,394 12,501 — 103,048 PCD — — — 18,855 — 9,767 — — 28,622 Total NOOCRE $ 192,285 $ 338,823 $ 279,608 $ 502,165 $ 124,088 $ 519,134 $ 28,842 $ 1,593 $ 1,986,538 Commercial: Pass $ 297,688 $ 244,094 $ 161,556 $ 78,968 $ 21,978 $ 55,754 $ 800,605 $ 12,640 $ 1,673,283 Special mention 760 4,367 1,395 8,137 9,217 2,390 3,814 3,448 33,528 Substandard — 866 4,315 14,683 6,288 4,244 14,665 4,024 49,085 PCD — — — 365 2,121 12,718 — — 15,204 Total commercial $ 298,448 $ 249,327 $ 167,266 $ 102,153 $ 39,604 $ 75,106 $ 819,084 $ 20,112 $ 1,771,100 MW: Pass $ — $ — $ — $ — $ — $ — $ 558,400 $ — $ 558,400 Special mention — — — — — — 1,539 — 1,539 Total MW $ — $ — $ — $ — $ — $ — $ 559,939 $ — $ 559,939 Consumer: Pass $ 325 $ 1,818 $ 842 $ 622 $ 3,290 $ 1,142 $ 1,053 $ — $ 9,092 Special mention — — — — — 16 — — 16 Substandard — — 3 3 107 59 1,064 — 1,236 PCD — — — — 26 160 — — 186 Total consumer $ 325 $ 1,818 $ 845 $ 625 $ 3,423 $ 1,377 $ 2,117 $ — $ 10,530 Total Pass $ 812,723 $ 1,221,273 $ 922,810 $ 859,023 $ 258,121 $ 874,177 $ 1,408,255 $ 18,067 $ 6,374,449 Total Special Mention 760 4,605 5,219 65,726 31,726 56,917 5,846 3,448 174,247 Total Substandard — 2,775 15,362 67,654 11,881 83,452 29,120 4,024 214,268 Total PCD — — 1,431 19,220 9,446 46,451 — — 76,548 Total $ 813,483 $ 1,228,653 $ 944,822 $ 1,011,623 $ 311,174 $ 1,060,997 $ 1,443,221 $ 25,539 $ 6,839,512 1 Term loans amortized cost basis by origination year excludes $7,486 of deferred loan fees, net . Term Loans Amortized Cost Basis by Origination Year 1 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total As of December 31, 2020 Construction and land: Pass $ 155,358 $ 282,497 $ 179,372 $ 11,791 $ 9,938 $ 27,147 $ 21,066 $ — $ 687,169 Special mention — — 2,666 — — — — — 2,666 Substandard — — 510 — — — — — 510 PCD — — — — — 2,685 — — 2,685 Total construction and land $ 155,358 $ 282,497 $ 182,548 $ 11,791 $ 9,938 $ 29,832 $ 21,066 $ — $ 693,030 Farmland: Pass $ 867 $ 972 $ 3,367 $ 3,688 $ — $ 3,656 $ 1,294 $ — $ 13,844 Total farmland $ 867 $ 972 $ 3,367 $ 3,688 $ — $ 3,656 $ 1,294 $ — $ 13,844 1 - 4 family residential: Pass $ 120,580 $ 79,617 $ 91,890 $ 49,338 $ 31,936 $ 115,797 $ 19,065 $ 2,968 $ 511,191 Special mention — 1,077 154 760 — 687 — — 2,678 Substandard — — 142 668 — — 924 — 1,734 PCD — — — — — 8,741 — — 8,741 Total 1 - 4 family residential $ 120,580 $ 80,694 $ 92,186 $ 50,766 $ 31,936 $ 125,225 $ 19,989 $ 2,968 $ 524,344 Multi-family residential: Pass $ 107,332 $ 106,559 $ 139,721 $ 18,722 $ 32,672 $ 7,218 $ 58 $ — $ 412,282 Special mention — — 12,680 — — — — — 12,680 Total multi-family residential $ 107,332 $ 106,559 $ 152,401 $ 18,722 $ 32,672 $ 7,218 $ 58 $ — $ 424,962 OOCRE: Pass $ 113,741 $ 65,262 $ 75,940 $ 79,253 $ 79,202 $ 176,668 $ 5,532 $ — $ 595,598 Special mention — 948 22,725 3,701 12,860 4,326 — — 44,560 Substandard 370 — 10,579 3,830 11,315 6,822 201 6,206 39,323 PCD — — — — 7,951 30,040 — — 37,991 Total OOCRE $ 114,111 $ 66,210 $ 109,244 $ 86,784 $ 111,328 $ 217,856 $ 5,733 $ 6,206 $ 717,472 NOOCRE: Pass $ 361,246 $ 255,976 $ 445,079 $ 90,738 $ 174,893 $ 309,572 $ 13,413 $ — $ 1,650,917 Special mention 101 31,714 37,572 19,262 25,997 37,951 493 — 153,090 Substandard 1,226 0 9,850 0 4,562 4,108 — 23,098 14,105 — 56,949 PCD — — 18,744 — 6,652 17,780 — — 43,176 Total NOOCRE $ 362,573 $ 297,540 $ 505,957 $ 114,108 $ 207,542 $ 388,401 $ 28,011 $ — $ 1,904,132 Commercial: Pass $ 251,004 $ 158,158 $ 112,961 $ 50,734 $ 19,821 $ 41,856 $ 758,832 $ 13,400 $ 1,406,766 Special mention 1,306 2,539 8,224 10,033 1,201 2,165 26,922 3,670 56,060 Substandard 722 4,487 23,245 3,772 7,216 2,083 30,460 5,275 77,260 PCD — — — 3,382 4,196 11,882 — — 19,460 Total commercial $ 253,032 $ 165,184 $ 144,430 $ 67,921 $ 32,434 $ 57,986 $ 816,214 $ 22,345 $ 1,559,546 MW: Pass $ — $ — $ — $ — $ — $ — $ 577,594 $ — $ 577,594 Total MW $ — $ — $ — $ — $ — $ — $ 577,594 $ — $ 577,594 Consumer: Pass $ 2,489 $ 1,216 $ 1,038 $ 3,899 $ 887 $ 353 $ 1,475 $ — $ 11,357 Special mention — — — — 25 227 — — 252 Substandard — — — 60 — 66 1,063 — 1,189 PCD — — — 36 — 166 — — 202 Total consumer $ 2,489 $ 1,216 $ 1,038 $ 3,995 $ 912 $ 812 $ 2,538 $ — $ 13,000 Total Pass $ 1,112,617 $ 950,257 $ 1,049,368 $ 308,163 $ 349,349 $ 682,267 $ 1,398,329 $ 16,368 $ 5,866,718 Total Special Mention 1,407 36,278 84,021 33,756 40,083 45,356 27,415 3,670 271,986 Total Substandard 2,318 14,337 39,038 12,438 18,531 32,069 46,753 11,481 176,965 Total PCD — — 18,744 3,418 18,799 71,294 — — 112,255 Total $ 1,116,342 $ 1,000,872 $ 1,191,171 $ 357,775 $ 426,762 $ 830,986 $ 1,472,497 $ 31,519 $ 6,427,924 1 Term loans amortized cost basis by origination year excludes $2,468 of deferred loan fees, net. |
Schedule of Summary of Changes in Servicing Assets | A summary of the changes in the related servicing assets are as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Balance at beginning of period $ 3,402 $ 2,990 $ 3,363 $ 3,113 Increase from loan sales 384 22 384 131 Net recoveries 84 — 212 — Amortization charged as a reduction to income (145) (72) (234) (304) Balance at end of period $ 3,725 $ 2,940 $ 3,725 $ 2,940 |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured at Fair Value on a Recurring Basis | The following table summarizes assets measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: June 30, 2021 Level 1 Level 2 Level 3 Total Financial Assets: Available for sale debt securities $ — $ 1,077,239 $ — $ 1,077,239 Equity securities with a readily determinable fair value 11,227 — — 11,227 PPP loans — 291,401 — 291,401 Loans held for sale (1) — 6,605 — 6,605 Interest rate swap designated as hedging instruments — 7,926 — 7,926 Correspondent interest rate swaps not designated as hedging instruments — 334 — 334 Customer interest rate swaps not designated as hedging instruments — 6,050 — 6,050 Correspondent interest rate caps and collars not designated as hedging instruments — 1 — 1 Financial Liabilities: Correspondent interest rate swaps not designated as hedging instruments $ — $ 6,406 $ — $ 6,406 Customer interest rate swaps not designated as hedging instruments — 297 — 297 Customer interest rate caps and collars not designated as hedging instruments — 1 — 1 (1) Represents loans held for sale elected to be carried at fair value upon origination or acquisition. December 31, 2020 Level 1 Level 2 Level 3 Total Financial Assets: Available for sale debt securities $ — $ 1,024,329 $ — $ 1,024,329 Equity securities with a readily determinable fair value 11,363 — — 11,363 PPP loans — 358,042 — 358,042 Loans held for sale (1) — 6,681 — 6,681 Interest rate swap designated as hedging instruments — 17,543 — 17,543 Customer interest rate swaps not designated as hedging instruments — 10,937 — 10,937 Correspondent interest rate caps and collars not designated as hedging instruments — 1 — 1 Financial Liabilities: Interest rate swap designated as hedging instruments $ — $ 2,255 $ — $ 2,255 Correspondent interest rate swaps not designated as hedging instruments — 11,666 — 11,666 Customer interest rate caps and collars not designated as hedging instruments — 1 — 1 (1) Represents loans held for sale elected to be carried at fair value upon origination or acquisition. |
Schedule of Assets Measured at Fair Value on a Non-Recurring Basis | The following table summarizes assets measured at fair value on a non-recurring basis at June 30, 2021 and December 31, 2020, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: Fair Value Level 1 Level 2 Level 3 Total As of June 30, 2021 Assets: Collateral dependent loans with an ACL $ — $ — $ 15,618 $ 15,618 Servicing assets with a valuation allowance — — 2,560 2,560 Other real estate owned — — 2,467 2,467 As of December 31, 2020 Assets: Collateral dependent loans with an ACL $ — $ — $ 2,386 $ 2,386 Servicing assets with a valuation allowance — — 2,975 2,975 |
Schedule of Estimated Fair Values and Carrying Values of All Financial Instruments | The estimated fair values and carrying values of all financial instruments not measured at fair value on a recurring basis under current authoritative guidance as of June 30, 2021 and December 31, 2020 were as follows: Fair Value Carrying Level 1 Level 2 Level 3 June 30, 2021 Financial assets: Cash and cash equivalents $ 390,027 $ — $ 390,027 $ — Held to maturity debt securities 48,638 — 51,489 — Loans held for sale (1) 5,460 — 5,460 — Loans held for investment (2) 6,708,780 — — 6,751,060 Accrued interest receivable 23,494 — 23,494 — Bank-owned life insurance 83,304 — 83,304 — Servicing asset 1,165 — 1,165 — Equity securities without a readily determinable fair value 3,755 N/A N/A N/A FHLB and FRB stock 71,558 N/A N/A N/A Financial liabilities: Deposits $ 6,978,902 $ — $ 6,887,072 $ — Advances from FHLB 777,640 — 791,331 — Accrued interest payable 1,832 — 1,832 — Subordinated debentures and subordinated notes 262,766 — 262,766 — Securities sold under agreement to repurchase 1,811 — 1,789 — December 31, 2020 Financial assets: Cash and cash equivalents $ 230,825 $ — $ 230,825 $ — Held to maturity debt securities 30,872 — 34,283 — Loans held for sale (1) 14,733 — 14,733 — Loans held for investment (2) 6,317,986 — — 6,335,402 Accrued interest receivable 23,798 — 23,798 — Bank-owned life insurance 82,855 — 82,855 — Servicing asset 388 — 486 — Equity securities without a readily determinable fair value 3,575 N/A N/A N/A FHLB and FRB stock 71,236 N/A N/A N/A Financial liabilities: Deposits $ 6,512,846 $ — $ 6,608,849 $ — Advances from FHLB 777,718 — 782,321 — Accrued interest payable 2,665 — 2,665 — Subordinated debentures and subordinated notes 262,778 — 262,778 — Securities sold under agreement to repurchase 2,225 — 2,199 — (1) Loans held for sale represent mortgage loans held for sale that are carried at lower of cost or market. (2) Loans held for investment includes MW and is carried at amortized cost. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Balance Sheet | The notional amounts and estimated fair values as of June 30, 2021 and December 31, 2020 are as shown in the table below. June 30, 2021 December 31, 2020 Estimated Fair Value Estimated Fair Value Notional Asset Derivative Liability Derivative Notional Asset Derivative Liability Derivative Derivatives designated as hedging instruments (cash flow hedges): Interest rate swap on borrowing advances $ — $ — $ — $ 500,000 $ 17,543 $ — Interest rate swap on money market deposit account payments 250,000 1,508 — 250,000 — 2,255 Interest rate swap on customer loan interest payments 125,000 987 — — — — Interest rate swap on customer loan interest payments 125,000 1,347 — — — — Interest rate swap on customer loan interest payments 125,000 4,084 — — — — Total derivatives designated as hedging instruments $ 625,000 $ 7,926 $ — $ 750,000 $ 17,543 $ 2,255 Derivatives not designated as hedging instruments: Financial institution counterparty: Interest rate swaps $ 240,912 $ 334 $ 6,406 $ 303,918 $ — $ 11,666 Interest rate caps and collars 41,916 1 — 41,916 1 — Commercial customer counterparty: Interest rate swaps 240,912 6,050 297 303,918 10,937 — Interest rate caps and collars 41,916 — 1 41,916 — 1 Total derivatives not designated as hedging instruments $ 565,656 $ 6,385 $ 6,704 $ 691,668 $ 10,938 $ 11,667 Offsetting derivative assets/liabilities (5,727) (5,727) 1 1 Total derivatives $ 1,190,656 $ 8,584 $ 977 $ 1,441,668 $ 28,482 $ 13,923 |
Derivative Instruments, Gain (Loss) | Pre-tax gain (loss) included in the condensed consolidated statements of income and related to derivative instruments for the three and six months ended June 30, 2021 and 2020 were as follows. For the Three Months Ended For the Three Months Ended (Loss) gain recognized in other comprehensive income on derivative (Loss) gain reclassified from accumulated other comprehensive income into income Location of (loss) gain reclassified from accumulated other comprehensive income into income (Loss) recognized in other comprehensive income on derivative (Loss) gain reclassified from accumulated other comprehensive income into income Location of (loss) gain reclassified from accumulated other comprehensive income into income Derivatives designated as hedging instruments (cash flow hedges): Interest rate swap on borrowing advances $ — $ — Interest Expense $ (2,089) $ — Interest Expense Interest rate swap on money market deposit account payments (132) (207) Interest Expense (2,033) (215) Interest Income Commercial loan interest rate floor — 325 Interest Income (546) 546 Interest Income Interest rate swaps on customer loan interest payments 8,533 (8) Interest Income — — Total $ 8,401 $ 110 $ (4,668) $ 331 Net gain recognized in other noninterest income Net gain recognized in other noninterest income Derivatives not designated as hedging instruments: Interest rate swaps, caps and collars $ 92 $ 75 For the Six Months Ended For the Six Months Ended Gain recognized in other comprehensive income on derivative (Loss) gain reclassified from accumulated other comprehensive income into income Location of (loss) gain reclassified from accumulated other comprehensive income into income Gain (loss) recognized in other comprehensive income on derivative (Loss) gain reclassified from accumulated other comprehensive income into income Location of (loss) gain reclassified from accumulated other comprehensive income into income Derivatives designated as hedging instruments (cash flow hedges): Interest rate swap on borrowing advances $ 26,357 $ — Interest Expense $ 2,525 $ — Interest Expense Interest rate swap on money market deposit account payments 3,763 (406) Interest Expense (3,936) (215) Interest Expense Commercial loan interest rate floor — 866 Interest Income 475 831 Interest Income Interest rate swaps on customer loan interest payments 5,552 216 Interest Income — — Total $ 35,672 $ 676 $ (936) $ 616 Derivatives not designated as hedging instruments: Net gain recognized in other noninterest income Net gain recognized in other noninterest income Interest rate swaps, caps and collars $ 190 $ 576 |
Schedule of Derivative Instruments Outstanding | The following is a summary of the interest rate swaps, caps and collars outstanding as of June 30, 2021 and December 31, 2020. June 30, 2021 Notional Amount Fixed Rate Floating Rate Maturity Fair Value Non-hedging derivative instruments: Customer interest rate derivative: Interest rate swaps - receive fixed/pay floating $ 240,912 3.140% - 8.470% LIBOR 1 month + 0% - 5.00% Wtd. Avg. 5.0 years $ (6,072) Interest rate caps and collars $ 41,916 2.500% / 3.000% LIBOR 1 month + —%- Wtd. Avg. 1.1 years $ 1 Correspondent interest rate derivative: Interest rate swaps - pay fixed/receive floating $ 240,912 3.140% - 8.470% LIBOR 1 month + —% - 5.00% Wtd. Avg. 5.0 years $ 5,753 Interest rate caps and collars $ 41,916 3.000% / 5.000% LIBOR 1 month + 0% Wtd. Avg. 1.1 years $ (1) December 31, 2020 Notional Amount Fixed Rate Floating Rate Maturity Fair Value Non-hedging derivative instruments: Customer interest rate derivative: Interest rate swaps - receive fixed/pay floating $ 303,918 3.140% - 8.470% LIBOR 1 month + —% - 5.00% PRIME H15 - 0.250% Wtd. Avg. 4.1 years $ (11,666) Interest rate caps and collars $ 41,916 2.500% / 3.000% LIBOR 1 month + —% Wtd. Avg. 1.6 years $ 1 Correspondent interest rate derivative: Interest rate swaps - pay fixed/receive floating $ 303,918 3.140% - 8.470% LIBOR 1 month + —% - 5.00% PRIME H15 - 25 Wtd. Avg. 4.1 years $ 10,937 Interest rate caps and collars $ 41,916 3.000% / 5.000% LIBOR 1 month + —% - 2.5% Wtd. Avg. 1.6 years $ (1) |
Off-Balance Sheet Loan Commit_2
Off-Balance Sheet Loan Commitments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of the Approximate Amounts of Financial Instruments with Off-Balance Sheet Risk | The following table sets forth the approximate amounts of these financial instruments as of June 30, 2021 and December 31, 2020: June 30, December 31, 2021 2020 Commitments to extend credit $ 3,599,961 $ 2,743,571 MW commitments 575,657 354,603 Standby and commercial letters of credit 53,877 44,427 Total $ 4,229,495 $ 3,142,601 |
Schedule of Allowance for Unfunded Commitments | This allowance is recorded in accounts payable and other liabilities on the condensed consolidated balance sheets: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Beginning balance for ACL on unfunded commitments $ 10,177 $ 5,599 $ 10,747 $ 878 Impact of CECL adoption — — — 840 Provision for credit losses on unfunded commitments 577 2,799 7 6,680 Ending balance of ACL on unfunded commitments $ 10,754 $ 8,398 $ 10,754 $ 8,398 |
Stock-Based Awards (Tables)
Stock-Based Awards (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Option Activity | A summary of option activity under the 2010 Incentive Plan for the six months ended June 30, 2021 and 2020, and changes during the periods then ended, is presented below: 2010 Incentive Plan Non-Performance Based Stock Options Shares Weighted Weighted Aggregate Intrinsic Value Outstanding at January 1, 2020 257,500 $ 10.28 1.37 years Exercised (207,500) 10.14 Outstanding and exercisable at June 30, 2020 50,000 $ 10.84 1.98 years Outstanding at January 1, 2021 20,000 $ 10.09 1.06 years $ 374 Exercised (18,550) 10.00 Outstanding and exercisable at June 30, 2021 1,450 $ 10.39 1.48 years $ 136 A summary of the status of the Company’s stock options under the 2019 Amended Plan as of June 30, 2021 and 2020, and changes during the six months then ended, is as follows: 2019 Amended Plan Non-performance Based Stock Options Shares Weighted Weighted Aggregate Intrinsic Value Outstanding at January 1, 2020 849,768 $ 23.61 8.24 years Granted 170,025 27.31 Forfeited (22,456) 28.00 Exercised (33,439) 19.19 Outstanding at June 30, 2020 963,898 $ 24.32 8.08 years Options exercisable at June 30, 2020 487,983 $ 24.21 7.31 years Outstanding at January 1, 2021 975,801 $ 24.26 7.45 years $ 2,422 Granted 500 36.54 Forfeited (13,996) 25.93 Exercised (133,252) 22.95 Outstanding at June 30, 2021 829,053 $ 24.46 7.31 years $ 9,083 Options exercisable at June 30, 2021 515,903 $ 24.57 6.82 years $ 5,593 Weighted average fair value of options granted during the period $ 36.54 A summary of the status of the Company’s stock options under the Veritex (Green) 2014 Plan as of June 30, 2021 and 2020, and changes during the six months then ended, is as follows: Non-performance Based Stock Options Shares Weighted Weighted Aggregate Intrinsic Value Outstanding at January 1, 2020 386,969 $ 19.30 7.86 years Granted 31,075 29.13 Forfeited (27,070) 21.38 Exercised (34,476) 19.54 Outstanding at June 30, 2020 356,498 $ 19.95 7.53 years Options exercisable at June 30, 2020 214,342 $ 17.87 6.65 years Outstanding at January 1, 2021 352,000 $ 19.99 6.97 years $ 2,124 Forfeited (4,251) 21.38 Exercised (59,522) 19.50 Outstanding at June 30, 2021 288,227 $ 20.07 6.49 years $ 4,447 Options exercisable at June 30, 2021 217,031 $ 18.89 6.05 years $ 3,585 A summary of the status of the Company’s stock options under the Green 2010 Plan as of June 30, 2021 and 2020, and changes during the six months then ended, is as follows: Green 2010 Plan Non-performance Based Stock Options Shares Weighted Weighted Aggregate Intrinsic Value Outstanding at January 1, 2020 571,735 $ 10.64 1.74 years Exercised (440,652) 10.35 Outstanding at June 30, 2020 131,083 $ 11.60 5.41 years Outstanding at January 1, 2021 131,083 $ 11.60 4.90 years $ 1,843 Exercised (62,742) 10.51 Outstanding at June 30, 2021 68,341 $ 12.60 2.67 years $ 1,559 |
Schedule of Fair Value of Stock Options Exercised or Restricted Stock Units Vested | A summary of the fair value of the Company’s stock options exercised under the 2010 Incentive Plan for the six months ended June 30, 2021 and 2020 is presented below: Fair Value of Options Exercised as of June 30, 2021 2020 Nonperformance-based stock options exercised 552 5,851 Fair Value of Options Exercised, RSUs or PSUs Vested in the Six Months Ended June 30, 2021 2020 Non-performance-based stock options exercised 4,286 943 RSUs vested 1,986 100 PSUs vested — 18 Fair Value of Options Exercised or RSUs Vested in the Six Months Ended June 30, 2021 2020 Non-performance-based stock options exercised $ 1,757 $ 1,001 RSUs vested 855 142 A summary of the fair value of the Company’s stock options exercised under the Green 2010 Plan during the six months ended June 30, 2021 and 2020 presented below: Fair Value of Options Exercised as of June 30, 2021 2020 Nonperformance-based stock options exercised 1,838 12,231 |
Schedule of Share-based Compensation Expense | Stock compensation expense for options, RSUs and PSUs granted under the 2019 Amended Plan and the Veritex (Green) 2014 Plan were as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 2019 Amended Plan $ 2,202 $ 1,392 $ 4,183 $ 2,880 Veritex (Green) 2014 Plan 490 453 987 923 |
Summary of Status of the Company's Restricted Stock Units and Performance-based Stock Units | A summary of the status of the Company’s RSUs under the 2019 Amended Plan as of June 30, 2021 and 2020, and changes during the six months then ended, is as follows: 2019 Amended Plan Non-performance-Based RSUs Units Weighted Outstanding at January 1, 2020 175,688 $ 21.65 Granted 328,900 26.55 Vested into shares (66,874) 24.75 Forfeited (470) 29.13 Outstanding at June 30, 2020 437,244 $ 24.83 Outstanding at January 1, 2021 441,132 $ 20.39 Granted 232,649 26.40 Vested into shares (64,710) 24.27 Forfeited (8,981) 26.29 Outstanding at June 30, 2021 600,090 $ 22.21 A summary of the status of the Company’s PSUs under the 2019 Amended Plan as of June 30, 2021 and 2020, and changes during the six months then ended, is as follows: 2019 Amended Plan PSUs Units Weighted Outstanding at January 1, 2020 63,727 $ 22.76 Granted 39,398 29.13 Vested into shares (1,841) 26.65 Outstanding at June 30, 2020 101,284 $ 25.22 Outstanding at January 1, 2021 100,195 $ 23.20 Granted 56,276 25.94 Outstanding at June 30, 2021 156,471 $ 24.17 A summary of the status of the Company’s RSUs under the Veritex (Green) 2014 Plan as of June 30, 2021 and 2020 and changes during the six months then ended, is as follows: RSUs Units Weighted Outstanding at January 1, 2020 116,250 $ 21.38 Granted 93,918 28.47 Vested into shares (38,744) 29.13 Forfeited (4,402) 29.13 Outstanding at June 30, 2020 167,022 $ 25.33 Outstanding at January 1, 2021 156,187 $ 22.64 Granted 5,692 26.12 Vested into shares (33,335) 21.38 Forfeited (3,119) 24.99 Outstanding at June 30, 2021 125,425 $ 21.22 A summary of the status of the Company’s PSUs under the Veritex (Green) 2014 Plan as of June 30, 2021 and 2020 and changes during the six months then ended, is as follows: PSUs Units Weighted Outstanding at January 1, 2020 25,320 $ 21.38 Granted 8,531 29.13 Outstanding at June 30, 2020 33,851 $ 23.33 Outstanding at January 1, 2021 30,728 $ 21.43 Granted 6,231 25.94 Forfeited (1,060) 19.69 Outstanding at June 30, 2021 35,899 $ 22.26 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Expense | Income tax expense for the three and six months ended June 30, 2021 and 2020 was as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Income tax expense for the period $ 7,837 $ 3,987 $ 16,830 $ 3,303 Effective tax rate 21.0 % 14.2 % 21.6 % 10.5 % |
Capital Requirements and Rest_2
Capital Requirements and Restrictions on Retained Earnings (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Regulatory Capital Requirements under Banking Regulations [Abstract] | |
Schedule of Comparison of the Company's and Bank's Actual Capital Amounts and Ratios to Required Capital Amounts and Ratios | A comparison of the Company’s and Bank’s actual capital amounts and ratios to required capital amounts and ratios is presented in the following table: Actual For Capital To Be Well Amount Ratio Amount Ratio Amount Ratio As of June 30, 2021 Total capital (to risk-weighted assets) Company $ 1,146,015 12.86 % $ 712,918 8.0 % n/a n/a Bank 1,030,594 11.57 % 712,597 8.0 % $ 890,747 10.0 % Tier 1 capital (to risk-weighted assets) Company 833,956 9.36 % 534,587 6.0 % n/a n/a Bank 950,947 10.68 % 534,240 6.0 % 712,320 8.0 % Common equity tier 1 (to risk-weighted assets) Company 804,619 9.03 % 400,973 4.5 % n/a n/a Bank 950,947 10.68 % 400,680 4.5 % 578,760 6.5 % Tier 1 capital (to average assets) Company 833,956 9.38 % 355,632 4.0 % n/a n/a Bank 950,947 10.70 % 355,494 4.0 % 444,368 5.0 % As of December 31, 2020 Total capital (to risk-weighted assets) Company $ 1,099,031 13.57 % $ 647,918 8.0 % n/a n/a Bank 968,481 11.96 % 647,813 8.0 % $ 809,767 10.0 % Tier 1 capital (to risk-weighted assets) Company 782,487 9.66 % 486,017 6.0 % n/a n/a Bank 884,471 10.92 % 485,973 6.0 % 647,964 8.0 % Common equity tier 1 (to risk-weighted assets) Company 753,261 9.30 % 364,481 4.5 % n/a n/a Bank 884,471 10.92 % 364,480 4.5 % 526,471 6.5 % Tier 1 capital (to average assets) Company 782,487 9.43 % 331,914 4.0 % n/a n/a Bank 884,471 10.66 % 331,884 4.0 % 414,855 5.0 % |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021USD ($)shares | Jun. 30, 2020USD ($)shares | Jun. 30, 2021USD ($)segmentbranchofficeshares | Jun. 30, 2020USD ($)shares | |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | segment | 1 | |||
Other noninterest income | $ | $ 2,953 | $ 2,897 | $ 5,100 | $ 5,076 |
Excluded from diluted EPS weighted average shares (in shares) | shares | 52 | 1,651 | 538 | 1,353 |
Revision of Prior Period, Reclassification, Adjustment | ||||
Segment Reporting Information [Line Items] | ||||
Rental income | $ | $ 547 | $ 1,098 | ||
Other noninterest income | $ | $ 547 | $ 1,098 | ||
Restricted Stock Units | ||||
Segment Reporting Information [Line Items] | ||||
Excluded from diluted EPS weighted average shares (in shares) | shares | 477 | 226 | ||
Employee Stock Options | ||||
Segment Reporting Information [Line Items] | ||||
Excluded from diluted EPS weighted average shares (in shares) | shares | 1,174 | 1,127 | ||
Dallas-Fort Worth | ||||
Segment Reporting Information [Line Items] | ||||
Number of branches | branch | 21 | |||
Number of mortgage offices | office | 1 | |||
Houston | ||||
Segment Reporting Information [Line Items] | ||||
Number of branches | branch | 11 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings (numerator) | ||||
Net income | $ 29,456 | $ 24,028 | $ 61,243 | $ 28,162 |
Shares (denominator) | ||||
Weighted average shares outstanding for basic EPS (in shares) | 49,476 | 49,597 | 49,435 | 50,161 |
Dilutive effect of employee stock based awards (in shares) | 855 | 130 | 752 | 222 |
Adjusted weighted average shares outstanding (in shares) | 50,331 | 49,727 | 50,187 | 50,383 |
EPS: | ||||
Basic (in dollars per share) | $ 0.60 | $ 0.48 | $ 1.24 | $ 0.56 |
Diluted (in dollars per share) | $ 0.59 | $ 0.48 | $ 1.22 | $ 0.56 |
Supplemental Statement of Cas_3
Supplemental Statement of Cash Flows (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Supplemental Disclosures of Cash Flow Information: | ||
Cash paid for interest | $ 20,022 | $ 35,116 |
Cash paid for income taxes | 15 | 2,330 |
Supplemental Disclosures of Non-Cash Flow Information: | ||
Net foreclosure of other real estate owned and repossessed assets | 334 | 4,100 |
Transfer of other real estate owned to other assets for losses incurred upon sale and expected to be collected from the SBA | $ 0 | $ 327 |
Share Transactions - (Details)
Share Transactions - (Details) - Common Stock - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 12, 2019 | Sep. 03, 2019 | Jan. 28, 2019 | |
Equity, Class of Treasury Stock [Line Items] | |||||||
Stock buyback program, authorized amount | $ 175,000,000 | $ 50,000,000 | |||||
Stock repurchase program, additional amount authorized | $ 75,000,000 | $ 50,000,000 | |||||
Stock buyback (in shares) | 0 | 0 | 147,622 | 2,002,211 | |||
Average price (in dollars per share) | $ 26.83 | $ 24.78 |
Securities - Securities (Detail
Securities - Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |||||
Equity securities | $ 11,227 | $ 11,227 | $ 11,363 | ||
Unrealized gain (loss) recognized on equity securities with a readily determinable fair value | 63 | $ 462 | (136) | $ 213 | |
Equity securities without a readily determinable fair value | $ 3,755 | $ 3,755 | $ 3,575 |
Securities - Carrying Amount an
Securities - Carrying Amount and Fair Values (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Available for sale | ||
Amortized Cost | $ 1,031,362 | $ 969,318 |
Gross Unrealized Gains | 48,076 | 56,422 |
Gross Unrealized Losses | 2,199 | 1,411 |
ACL | 0 | 0 |
Fair Value | 1,077,239 | 1,024,329 |
Held to maturity | ||
Amortized Cost | 48,638 | 30,872 |
Gross Unrealized Gains | 2,976 | 3,411 |
Gross Unrealized Losses | 125 | 0 |
ACL | 0 | 0 |
Fair Value | 51,489 | 34,283 |
Corporate bonds | ||
Available for sale | ||
Amortized Cost | 195,342 | 173,050 |
Gross Unrealized Gains | 10,032 | 6,417 |
Gross Unrealized Losses | 4 | 1,297 |
ACL | 0 | 0 |
Fair Value | 205,370 | 178,170 |
Municipal securities | ||
Available for sale | ||
Amortized Cost | 117,277 | 115,533 |
Gross Unrealized Gains | 8,704 | 10,129 |
Gross Unrealized Losses | 177 | 6 |
ACL | 0 | 0 |
Fair Value | 125,804 | 125,656 |
Held to maturity | ||
Amortized Cost | 26,142 | 22,270 |
Gross Unrealized Gains | 2,176 | 2,459 |
Gross Unrealized Losses | 20 | 0 |
ACL | 0 | 0 |
Fair Value | 28,298 | 24,729 |
Mortgage-backed securities | ||
Available for sale | ||
Amortized Cost | 233,997 | 240,320 |
Gross Unrealized Gains | 11,990 | 16,047 |
Gross Unrealized Losses | 1,097 | 42 |
ACL | 0 | 0 |
Fair Value | 244,890 | 256,325 |
Held to maturity | ||
Amortized Cost | 21,073 | 6,982 |
Gross Unrealized Gains | 727 | 849 |
Gross Unrealized Losses | 105 | 0 |
ACL | 0 | 0 |
Fair Value | 21,695 | 7,831 |
Collateralized mortgage obligations | ||
Available for sale | ||
Amortized Cost | 375,506 | 388,080 |
Gross Unrealized Gains | 15,057 | 20,895 |
Gross Unrealized Losses | 572 | 66 |
ACL | 0 | 0 |
Fair Value | 389,991 | 408,909 |
Held to maturity | ||
Amortized Cost | 1,423 | 1,620 |
Gross Unrealized Gains | 73 | 103 |
Gross Unrealized Losses | 0 | 0 |
ACL | 0 | 0 |
Fair Value | 1,496 | 1,723 |
Asset-backed securities | ||
Available for sale | ||
Amortized Cost | 59,091 | 52,335 |
Gross Unrealized Gains | 2,292 | 2,934 |
Gross Unrealized Losses | 349 | 0 |
ACL | 0 | 0 |
Fair Value | 61,034 | $ 55,269 |
Collateralized loan obligations | ||
Available for sale | ||
Amortized Cost | 50,149 | |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | 0 | |
ACL | 0 | |
Fair Value | $ 50,150 |
Securities - Unrealized Loss Po
Securities - Unrealized Loss Position (Details) $ in Thousands | Jun. 30, 2021USD ($)investment | Dec. 31, 2020USD ($)investment |
Available-for-sale Fair Value | ||
Less Than 12 Months | $ 155,345 | $ 69,022 |
12 Months or More | 2,314 | 0 |
Totals | 157,659 | 69,022 |
Available-for-sale Unrealized Loss | ||
Less Than 12 Months | 2,173 | 1,411 |
12 Months or More | 26 | 0 |
Totals | $ 2,199 | $ 1,411 |
Number of investment positions in an unrealized loss position | investment | 22 | 11 |
Held-to-maturity Fair Value | ||
Less Than 12 Months | $ 17,059 | |
12 Months or More | 0 | |
Totals | 17,059 | |
Held-to-maturity Unrealized Loss | ||
Less Than 12 Months | 125 | |
12 Months or More | 0 | |
Totals | 125 | |
Corporate bonds | ||
Available-for-sale Fair Value | ||
Less Than 12 Months | 3,246 | $ 31,953 |
12 Months or More | 0 | 0 |
Totals | 3,246 | 31,953 |
Available-for-sale Unrealized Loss | ||
Less Than 12 Months | 4 | 1,297 |
12 Months or More | 0 | 0 |
Totals | 4 | 1,297 |
Municipal securities | ||
Available-for-sale Fair Value | ||
Less Than 12 Months | 12,753 | 2,667 |
12 Months or More | 2,314 | 0 |
Totals | 15,067 | 2,667 |
Available-for-sale Unrealized Loss | ||
Less Than 12 Months | 151 | 6 |
12 Months or More | 26 | 0 |
Totals | 177 | 6 |
Held-to-maturity Fair Value | ||
Less Than 12 Months | 2,031 | |
12 Months or More | 0 | |
Totals | 2,031 | |
Held-to-maturity Unrealized Loss | ||
Less Than 12 Months | 20 | |
12 Months or More | 0 | |
Totals | 20 | |
Mortgage-backed securities | ||
Available-for-sale Fair Value | ||
Less Than 12 Months | 62,811 | 34,402 |
12 Months or More | 0 | 0 |
Totals | 62,811 | 34,402 |
Available-for-sale Unrealized Loss | ||
Less Than 12 Months | 1,097 | 108 |
12 Months or More | 0 | 0 |
Totals | 1,097 | $ 108 |
Held-to-maturity Fair Value | ||
Less Than 12 Months | 15,028 | |
12 Months or More | 0 | |
Totals | 15,028 | |
Held-to-maturity Unrealized Loss | ||
Less Than 12 Months | 105 | |
12 Months or More | 0 | |
Totals | 105 | |
Collateralized mortgage obligations | ||
Available-for-sale Fair Value | ||
Less Than 12 Months | 64,909 | |
12 Months or More | 0 | |
Totals | 64,909 | |
Available-for-sale Unrealized Loss | ||
Less Than 12 Months | 572 | |
12 Months or More | 0 | |
Totals | 572 | |
Asset-backed securities | ||
Available-for-sale Fair Value | ||
Less Than 12 Months | 11,626 | |
12 Months or More | 0 | |
Totals | 11,626 | |
Available-for-sale Unrealized Loss | ||
Less Than 12 Months | 349 | |
12 Months or More | 0 | |
Totals | $ 349 |
Securities - Maturities (Detail
Securities - Maturities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Available For Sale Amortized Cost | ||
Due from one year to five years | $ 5,186 | $ 4,935 |
Due from five years to ten years | 175,614 | 154,576 |
Due after ten years | 131,819 | 129,072 |
Total investment securities available for sale, single maturity date | 312,619 | 288,583 |
Amortized Cost | 1,031,362 | 969,318 |
Available For Sale Fair value | ||
Due from one year to five years | 5,308 | 5,139 |
Due from five years to ten years | 184,705 | 158,510 |
Due after ten years | 141,161 | 140,177 |
Total investment securities available for sale | 331,174 | 303,826 |
Fair Value | 1,077,239 | 1,024,329 |
Held-to-Maturity Amortized Cost | ||
Due from one year to five years | 0 | 0 |
Due from five years to ten years | 3,871 | 3,334 |
Due after ten years | 22,271 | 18,936 |
Total investment securities held to maturity, single maturity date | 26,142 | 22,270 |
Amortized Cost | 48,638 | 30,872 |
Held-to-Maturity Fair Value | ||
Due from one year to five years | 0 | 0 |
Due from five years to ten years | 4,180 | 3,591 |
Due after ten years | 24,118 | 21,138 |
Total investment securities held to maturity | 28,298 | 24,729 |
Fair Value | 51,489 | 34,283 |
Mortgage-backed securities and collateralized mortgage obligations | ||
Available For Sale Amortized Cost | ||
Amortized cost | 609,503 | 628,400 |
Amortized Cost | 233,997 | 240,320 |
Available For Sale Fair value | ||
Fair value | 634,881 | 665,234 |
Fair Value | 244,890 | 256,325 |
Held-to-Maturity Amortized Cost | ||
Amortized cost | 22,496 | 8,602 |
Amortized Cost | 21,073 | 6,982 |
Held-to-Maturity Fair Value | ||
Fair value | 23,191 | 9,554 |
Asset-backed securities | ||
Available For Sale Amortized Cost | ||
Amortized cost | 59,091 | 52,335 |
Amortized Cost | 59,091 | 52,335 |
Available For Sale Fair value | ||
Fair value | 61,034 | 55,269 |
Fair Value | 61,034 | 55,269 |
Held-to-Maturity Amortized Cost | ||
Amortized cost | 0 | 0 |
Held-to-Maturity Fair Value | ||
Fair value | 0 | $ 0 |
Collateralized loan obligations | ||
Available For Sale Amortized Cost | ||
Amortized cost | 50,149 | |
Amortized Cost | 50,149 | |
Available For Sale Fair value | ||
Fair value | 50,150 | |
Fair Value | 50,150 | |
Held-to-Maturity Amortized Cost | ||
Amortized cost | 0 | |
Held-to-Maturity Fair Value | ||
Fair value | $ 0 |
Securities - Proceeds From Sale
Securities - Proceeds From Sale of Debt Securities (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds for sales | $ 0 | $ 90,897,000 |
Gross realized gains | 0 | 2,879,000 |
Gross realized losses | $ 0 | $ 0 |
Loans Held for Investment and_3
Loans Held for Investment and ACL - Balance Sheet Summary (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Loans and Allowance for Credit Losses | ||||||
Loans | $ 6,839,512 | $ 6,427,924 | ||||
Deferred loan fees, net | (7,486) | (2,468) | ||||
ACL | (99,543) | $ (104,936) | (105,084) | $ (115,365) | $ (100,983) | $ (29,834) |
Loans held for investment carried at amortized cost, net | 6,732,483 | 6,320,372 | ||||
Loans held for investment, Paycheck Protection Program (“PPP”) loans, carried at fair value | 291,401 | 358,042 | ||||
Total loans held for investment, net | 7,023,884 | 6,678,414 | ||||
PCI loans acquired | 12,192 | 15,526 | ||||
Discount on retained loans from sale | 3,291 | 3,215 | ||||
Commercial | ||||||
Loans and Allowance for Credit Losses | ||||||
Loans | 1,771,100 | 1,559,546 | ||||
ACL | (32,560) | (37,381) | (37,554) | (38,577) | (38,110) | (12,369) |
MW | ||||||
Loans and Allowance for Credit Losses | ||||||
Loans | 559,939 | 577,594 | ||||
Consumer | ||||||
Loans and Allowance for Credit Losses | ||||||
Loans | 10,530 | 13,000 | ||||
ACL | (244) | (296) | (371) | (546) | (618) | (122) |
Construction and land | Real Estate | ||||||
Loans and Allowance for Credit Losses | ||||||
Loans | 871,765 | 693,030 | ||||
ACL | (7,280) | (6,805) | (7,768) | (9,021) | (6,838) | (3,822) |
Farmland | Real Estate | ||||||
Loans and Allowance for Credit Losses | ||||||
Loans | 13,661 | 13,844 | ||||
ACL | (46) | (47) | (56) | (63) | (58) | (61) |
Residential Real Estate | 1 - 4 family residential | Real Estate | ||||||
Loans and Allowance for Credit Losses | ||||||
Loans | 513,635 | 524,344 | ||||
ACL | (6,660) | (6,968) | (8,148) | (10,777) | (8,318) | (1,378) |
Residential Real Estate | Multi-family residential | Real Estate | ||||||
Loans and Allowance for Credit Losses | ||||||
Loans | 367,445 | 424,962 | ||||
ACL | (4,187) | (4,814) | (6,231) | (6,428) | (4,899) | (1,965) |
Commercial Real Estate | Owner occupied commercial (“OOCRE”) | Real Estate | ||||||
Loans and Allowance for Credit Losses | ||||||
Loans | 744,899 | 717,472 | ||||
ACL | (11,324) | (9,122) | (9,719) | (13,886) | (16,461) | (1,978) |
Commercial Real Estate | Non-owner occupied commercial (“NOOCRE”) | Real Estate | ||||||
Loans and Allowance for Credit Losses | ||||||
Loans | 1,986,538 | 1,904,132 | ||||
ACL | $ (37,242) | $ (39,503) | $ (35,237) | $ (36,067) | $ (25,681) | $ (8,139) |
Loans Held for Investment and_4
Loans Held for Investment and ACL - Schedule of Government Guaranteed Loans and Fee Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Receivables [Abstract] | ||||
Government guaranteed loan income, fee income - CARES Act | $ 1,004 | $ 12,516 | $ 7,628 | $ 12,516 |
Government guaranteed loan income, valuation allowance - CARES Act | $ 622 | $ (2,005) | $ 335 | $ (2,005) |
Loans Held for Investment and_5
Loans Held for Investment and ACL - Allowance for Credit Loss Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Analysis of allowance for loan losses | ||||
Balance at beginning of year | $ 104,936 | $ 100,983 | $ 105,084 | $ 29,834 |
Provision for credit losses | 0 | 16,172 | 0 | 47,948 |
Charge-offs | (6,617) | (1,797) | (6,996) | (1,865) |
Recoveries | 1,224 | 7 | 1,455 | 311 |
Ending Balance | 99,543 | 115,365 | 99,543 | 115,365 |
Non-PCD Loans | ||||
Analysis of allowance for loan losses | ||||
Provision for credit losses | 4,451 | 17,173 | 2,234 | 46,009 |
PCD Loans | ||||
Analysis of allowance for loan losses | ||||
Provision for credit losses | (4,451) | (1,001) | (2,234) | 1,939 |
Cumulative Effect, Period Of Adoption, Adjustment | ||||
Analysis of allowance for loan losses | ||||
Balance at beginning of year | 19,427 | |||
Impact of adoption ASC 326 PCD loans | 19,710 | |||
Real Estate | Construction and land | ||||
Analysis of allowance for loan losses | ||||
Balance at beginning of year | 6,805 | 6,838 | 7,768 | 3,822 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Ending Balance | 7,280 | 9,021 | 7,280 | 9,021 |
Real Estate | Construction and land | Non-PCD Loans | ||||
Analysis of allowance for loan losses | ||||
Provision for credit losses | 462 | 2,818 | (487) | 5,783 |
Real Estate | Construction and land | PCD Loans | ||||
Analysis of allowance for loan losses | ||||
Provision for credit losses | 13 | (635) | (1) | (522) |
Real Estate | Construction and land | Cumulative Effect, Period Of Adoption, Adjustment | ||||
Analysis of allowance for loan losses | ||||
Balance at beginning of year | (707) | |||
Impact of adoption ASC 326 PCD loans | 645 | |||
Real Estate | Farmland | ||||
Analysis of allowance for loan losses | ||||
Balance at beginning of year | 47 | 58 | 56 | 61 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Ending Balance | 46 | 63 | 46 | 63 |
Real Estate | Farmland | Non-PCD Loans | ||||
Analysis of allowance for loan losses | ||||
Provision for credit losses | (1) | 5 | (10) | (2) |
Real Estate | Farmland | PCD Loans | ||||
Analysis of allowance for loan losses | ||||
Provision for credit losses | 0 | 0 | 0 | |
Real Estate | Farmland | Cumulative Effect, Period Of Adoption, Adjustment | ||||
Analysis of allowance for loan losses | ||||
Balance at beginning of year | 4 | |||
Impact of adoption ASC 326 PCD loans | 0 | |||
Real Estate | Residential Real Estate | 1 - 4 family residential | ||||
Analysis of allowance for loan losses | ||||
Balance at beginning of year | 6,968 | 8,318 | 8,148 | 1,378 |
Charge-offs | (288) | 0 | (303) | 0 |
Recoveries | 23 | 0 | 26 | 1 |
Ending Balance | 6,660 | 10,777 | 6,660 | 10,777 |
Real Estate | Residential Real Estate | 1 - 4 family residential | Non-PCD Loans | ||||
Analysis of allowance for loan losses | ||||
Provision for credit losses | 130 | 2,609 | (1,014) | 5,097 |
Real Estate | Residential Real Estate | 1 - 4 family residential | PCD Loans | ||||
Analysis of allowance for loan losses | ||||
Provision for credit losses | (173) | (150) | (197) | (323) |
Real Estate | Residential Real Estate | 1 - 4 family residential | Cumulative Effect, Period Of Adoption, Adjustment | ||||
Analysis of allowance for loan losses | ||||
Balance at beginning of year | 3,716 | |||
Impact of adoption ASC 326 PCD loans | 908 | |||
Real Estate | Residential Real Estate | Multi-family residential | ||||
Analysis of allowance for loan losses | ||||
Balance at beginning of year | 4,814 | 4,899 | 6,231 | 1,965 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Ending Balance | 4,187 | 6,428 | 4,187 | 6,428 |
Real Estate | Residential Real Estate | Multi-family residential | Non-PCD Loans | ||||
Analysis of allowance for loan losses | ||||
Provision for credit losses | (627) | 1,529 | (2,044) | 3,835 |
Real Estate | Residential Real Estate | Multi-family residential | PCD Loans | ||||
Analysis of allowance for loan losses | ||||
Provision for credit losses | 0 | 0 | 0 | 0 |
Real Estate | Residential Real Estate | Multi-family residential | Cumulative Effect, Period Of Adoption, Adjustment | ||||
Analysis of allowance for loan losses | ||||
Balance at beginning of year | 628 | |||
Impact of adoption ASC 326 PCD loans | 0 | |||
Real Estate | Commercial Real Estate | Owner occupied commercial (“OOCRE”) | ||||
Analysis of allowance for loan losses | ||||
Balance at beginning of year | 9,122 | 16,461 | 9,719 | 1,978 |
Charge-offs | (689) | 0 | (689) | 0 |
Recoveries | 500 | 0 | 500 | 0 |
Ending Balance | 11,324 | 13,886 | 11,324 | 13,886 |
Real Estate | Commercial Real Estate | Owner occupied commercial (“OOCRE”) | Non-PCD Loans | ||||
Analysis of allowance for loan losses | ||||
Provision for credit losses | 2,408 | 1,597 | 793 | 2,515 |
Real Estate | Commercial Real Estate | Owner occupied commercial (“OOCRE”) | PCD Loans | ||||
Analysis of allowance for loan losses | ||||
Provision for credit losses | (17) | (4,172) | 1,001 | (1,695) |
Real Estate | Commercial Real Estate | Owner occupied commercial (“OOCRE”) | Cumulative Effect, Period Of Adoption, Adjustment | ||||
Analysis of allowance for loan losses | ||||
Balance at beginning of year | 3,406 | |||
Impact of adoption ASC 326 PCD loans | 7,682 | |||
Real Estate | Commercial Real Estate | Non-owner occupied commercial (“NOOCRE”) | ||||
Analysis of allowance for loan losses | ||||
Balance at beginning of year | 39,503 | 25,681 | 35,237 | 8,139 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Ending Balance | 37,242 | 36,067 | 37,242 | 36,067 |
Real Estate | Commercial Real Estate | Non-owner occupied commercial (“NOOCRE”) | Non-PCD Loans | ||||
Analysis of allowance for loan losses | ||||
Provision for credit losses | (595) | 7,424 | 3,479 | 17,379 |
Real Estate | Commercial Real Estate | Non-owner occupied commercial (“NOOCRE”) | PCD Loans | ||||
Analysis of allowance for loan losses | ||||
Provision for credit losses | (1,666) | 2,962 | (1,474) | 3,374 |
Real Estate | Commercial Real Estate | Non-owner occupied commercial (“NOOCRE”) | Cumulative Effect, Period Of Adoption, Adjustment | ||||
Analysis of allowance for loan losses | ||||
Balance at beginning of year | 5,138 | |||
Impact of adoption ASC 326 PCD loans | 2,037 | |||
Commercial | ||||
Analysis of allowance for loan losses | ||||
Balance at beginning of year | 37,381 | 38,110 | 37,554 | 12,369 |
Charge-offs | (5,620) | (1,740) | (5,966) | (1,740) |
Recoveries | 659 | 7 | 885 | 36 |
Ending Balance | 32,560 | 38,577 | 32,560 | 38,577 |
Commercial | Non-PCD Loans | ||||
Analysis of allowance for loan losses | ||||
Provision for credit losses | 2,750 | 1,202 | 1,647 | 11,428 |
Commercial | PCD Loans | ||||
Analysis of allowance for loan losses | ||||
Provision for credit losses | (2,610) | 998 | (1,560) | 1,124 |
Commercial | Cumulative Effect, Period Of Adoption, Adjustment | ||||
Analysis of allowance for loan losses | ||||
Balance at beginning of year | 7,025 | |||
Impact of adoption ASC 326 PCD loans | 8,335 | |||
Consumer | ||||
Analysis of allowance for loan losses | ||||
Balance at beginning of year | 296 | 618 | 371 | 122 |
Charge-offs | (20) | (57) | (38) | (125) |
Recoveries | 42 | 0 | 44 | 274 |
Ending Balance | 244 | 546 | 244 | 546 |
Consumer | Non-PCD Loans | ||||
Analysis of allowance for loan losses | ||||
Provision for credit losses | (76) | (11) | (130) | (26) |
Consumer | PCD Loans | ||||
Analysis of allowance for loan losses | ||||
Provision for credit losses | $ 2 | $ (4) | $ (3) | (19) |
Consumer | Cumulative Effect, Period Of Adoption, Adjustment | ||||
Analysis of allowance for loan losses | ||||
Balance at beginning of year | 217 | |||
Impact of adoption ASC 326 PCD loans | $ 103 |
Loans Held for Investment and_6
Loans Held for Investment and ACL - Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Servicing Asset at Amortized Cost [Line Items] | ||||||
Loans | $ 6,839,512 | $ 6,427,924 | ||||
ACL | 99,543 | $ 104,936 | 105,084 | $ 115,365 | $ 100,983 | $ 29,834 |
Real Estate | Residential Real Estate | 1 - 4 family residential | ||||||
Servicing Asset at Amortized Cost [Line Items] | ||||||
Loans | 513,635 | 524,344 | ||||
ACL | 6,660 | 6,968 | 8,148 | 10,777 | 8,318 | 1,378 |
Real Estate | Commercial Real Estate | Owner occupied commercial (“OOCRE”) | ||||||
Servicing Asset at Amortized Cost [Line Items] | ||||||
Loans | 744,899 | 717,472 | ||||
ACL | 11,324 | 9,122 | 9,719 | 13,886 | 16,461 | 1,978 |
Real Estate | Commercial Real Estate | Non-owner occupied commercial (“NOOCRE”) | ||||||
Servicing Asset at Amortized Cost [Line Items] | ||||||
Loans | 1,986,538 | 1,904,132 | ||||
ACL | 37,242 | 39,503 | 35,237 | 36,067 | 25,681 | 8,139 |
Commercial | ||||||
Servicing Asset at Amortized Cost [Line Items] | ||||||
Loans | 1,771,100 | 1,559,546 | ||||
ACL | 32,560 | 37,381 | 37,554 | 38,577 | 38,110 | 12,369 |
Consumer | ||||||
Servicing Asset at Amortized Cost [Line Items] | ||||||
Loans | 10,530 | 13,000 | ||||
ACL | 244 | $ 296 | 371 | $ 546 | $ 618 | $ 122 |
Real Property | ||||||
Servicing Asset at Amortized Cost [Line Items] | ||||||
Loans | 26,049 | 25,088 | ||||
Real Property | Real Estate | Residential Real Estate | 1 - 4 family residential | ||||||
Servicing Asset at Amortized Cost [Line Items] | ||||||
Loans | 199 | 199 | ||||
Real Property | Real Estate | Commercial Real Estate | Owner occupied commercial (“OOCRE”) | ||||||
Servicing Asset at Amortized Cost [Line Items] | ||||||
Loans | 1,413 | 0 | ||||
Real Property | Real Estate | Commercial Real Estate | Non-owner occupied commercial (“NOOCRE”) | ||||||
Servicing Asset at Amortized Cost [Line Items] | ||||||
Loans | 19,321 | 16,080 | ||||
Real Property | Commercial | ||||||
Servicing Asset at Amortized Cost [Line Items] | ||||||
Loans | 4,053 | 8,666 | ||||
Real Property | Consumer | ||||||
Servicing Asset at Amortized Cost [Line Items] | ||||||
Loans | 1,063 | 143 | ||||
Collateralized | ||||||
Servicing Asset at Amortized Cost [Line Items] | ||||||
ACL | 8,085 | 4,729 | ||||
Collateralized | Real Estate | Residential Real Estate | 1 - 4 family residential | ||||||
Servicing Asset at Amortized Cost [Line Items] | ||||||
ACL | 0 | 11 | ||||
Collateralized | Real Estate | Commercial Real Estate | Owner occupied commercial (“OOCRE”) | ||||||
Servicing Asset at Amortized Cost [Line Items] | ||||||
ACL | 430 | 0 | ||||
Collateralized | Real Estate | Commercial Real Estate | Non-owner occupied commercial (“NOOCRE”) | ||||||
Servicing Asset at Amortized Cost [Line Items] | ||||||
ACL | 6,147 | 0 | ||||
Collateralized | Commercial | ||||||
Servicing Asset at Amortized Cost [Line Items] | ||||||
ACL | 1,508 | 4,668 | ||||
Collateralized | Consumer | ||||||
Servicing Asset at Amortized Cost [Line Items] | ||||||
ACL | $ 0 | $ 50 |
Loans Held for Investment and_7
Loans Held for Investment and ACL - Nonaccrual (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Loans and Allowance for Credit Losses | |||||
Nonaccrual | $ 76,994 | $ 76,994 | $ 81,096 | ||
Nonaccrual With No ACL | 36,284 | 36,284 | 30,292 | ||
Financing receivable, nonaccrual, interest income | 255 | $ 363 | 1,375 | $ 536 | |
Commercial | |||||
Loans and Allowance for Credit Losses | |||||
Nonaccrual | 22,424 | 22,424 | 29,318 | ||
Nonaccrual With No ACL | 1,743 | 1,743 | 1,015 | ||
Consumer | |||||
Loans and Allowance for Credit Losses | |||||
Nonaccrual | 1,228 | 1,228 | 1,374 | ||
Nonaccrual With No ACL | 1,216 | 1,216 | 1,220 | ||
Residential Real Estate | 1 - 4 family residential | Real Estate | |||||
Loans and Allowance for Credit Losses | |||||
Nonaccrual | 1,201 | 1,201 | 3,308 | ||
Nonaccrual With No ACL | 1,201 | 1,201 | 3,199 | ||
Commercial Real Estate | Owner occupied commercial (“OOCRE”) | Real Estate | |||||
Loans and Allowance for Credit Losses | |||||
Nonaccrual | 16,960 | 16,960 | 6,266 | ||
Nonaccrual With No ACL | 16,385 | 16,385 | 5,645 | ||
Commercial Real Estate | Non-owner occupied commercial (“NOOCRE”) | Real Estate | |||||
Loans and Allowance for Credit Losses | |||||
Nonaccrual | 35,181 | 35,181 | 40,830 | ||
Nonaccrual With No ACL | $ 15,739 | 15,739 | 19,213 | ||
PCD Loans | |||||
Loans and Allowance for Credit Losses | |||||
Financing receivable, nonaccrual, interest income | $ 12,515 | $ 1,508 |
Loans Held for Investment and_8
Loans Held for Investment and ACL - Past Due (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Non-Accrual and Past Due Loans | ||
Loans | $ 6,839,512 | $ 6,427,924 |
Total 90 days past due and still accruing | 462 | 4,204 |
PCD | ||
Non-Accrual and Past Due Loans | ||
Loans | 76,548 | 112,255 |
PCD | PCD Loans | ||
Non-Accrual and Past Due Loans | ||
Loans | 76,548 | 112,255 |
Total Past Due | ||
Non-Accrual and Past Due Loans | ||
Loans | 51,450 | 67,933 |
30 to 59 Days | ||
Non-Accrual and Past Due Loans | ||
Loans | 4,968 | 14,349 |
60 to 89 Days | ||
Non-Accrual and Past Due Loans | ||
Loans | 17,519 | 6,684 |
90 Days or Greater | ||
Non-Accrual and Past Due Loans | ||
Loans | 28,963 | 46,900 |
90 Days or Greater | PCD Loans | ||
Non-Accrual and Past Due Loans | ||
Total 90 days past due and still accruing | 17,099 | 32,627 |
Total Current | ||
Non-Accrual and Past Due Loans | ||
Loans | 6,711,514 | 6,247,736 |
Real Estate | Construction and land | ||
Non-Accrual and Past Due Loans | ||
Loans | 871,765 | 693,030 |
Total 90 days past due and still accruing | 0 | 0 |
Real Estate | Construction and land | PCD | ||
Non-Accrual and Past Due Loans | ||
Loans | 2,441 | 2,685 |
Real Estate | Construction and land | PCD | PCD Loans | ||
Non-Accrual and Past Due Loans | ||
Loans | 2,441 | 2,685 |
Real Estate | Construction and land | Total Past Due | ||
Non-Accrual and Past Due Loans | ||
Loans | 0 | 0 |
Real Estate | Construction and land | 30 to 59 Days | ||
Non-Accrual and Past Due Loans | ||
Loans | 0 | 0 |
Real Estate | Construction and land | 60 to 89 Days | ||
Non-Accrual and Past Due Loans | ||
Loans | 0 | 0 |
Real Estate | Construction and land | 90 Days or Greater | ||
Non-Accrual and Past Due Loans | ||
Loans | 0 | 0 |
Real Estate | Construction and land | Total Current | ||
Non-Accrual and Past Due Loans | ||
Loans | 869,324 | 690,345 |
Real Estate | Farmland | ||
Non-Accrual and Past Due Loans | ||
Loans | 13,661 | 13,844 |
Total 90 days past due and still accruing | 0 | 0 |
Real Estate | Farmland | PCD | PCD Loans | ||
Non-Accrual and Past Due Loans | ||
Loans | 0 | 0 |
Real Estate | Farmland | Total Past Due | ||
Non-Accrual and Past Due Loans | ||
Loans | 0 | 0 |
Real Estate | Farmland | 30 to 59 Days | ||
Non-Accrual and Past Due Loans | ||
Loans | 0 | 0 |
Real Estate | Farmland | 60 to 89 Days | ||
Non-Accrual and Past Due Loans | ||
Loans | 0 | 0 |
Real Estate | Farmland | 90 Days or Greater | ||
Non-Accrual and Past Due Loans | ||
Loans | 0 | 0 |
Real Estate | Farmland | Total Current | ||
Non-Accrual and Past Due Loans | ||
Loans | 13,661 | 13,844 |
Real Estate | Residential Real Estate | 1 - 4 family residential | ||
Non-Accrual and Past Due Loans | ||
Loans | 513,635 | 524,344 |
Total 90 days past due and still accruing | 43 | 1,670 |
Real Estate | Residential Real Estate | 1 - 4 family residential | PCD | ||
Non-Accrual and Past Due Loans | ||
Loans | 1,209 | 8,741 |
Real Estate | Residential Real Estate | 1 - 4 family residential | PCD | PCD Loans | ||
Non-Accrual and Past Due Loans | ||
Loans | 1,209 | 8,741 |
Real Estate | Residential Real Estate | 1 - 4 family residential | Total Past Due | ||
Non-Accrual and Past Due Loans | ||
Loans | 2,982 | 7,262 |
Real Estate | Residential Real Estate | 1 - 4 family residential | 30 to 59 Days | ||
Non-Accrual and Past Due Loans | ||
Loans | 1,837 | 2,338 |
Real Estate | Residential Real Estate | 1 - 4 family residential | 60 to 89 Days | ||
Non-Accrual and Past Due Loans | ||
Loans | 0 | 122 |
Real Estate | Residential Real Estate | 1 - 4 family residential | 90 Days or Greater | ||
Non-Accrual and Past Due Loans | ||
Loans | 1,145 | 4,802 |
Real Estate | Residential Real Estate | 1 - 4 family residential | Total Current | ||
Non-Accrual and Past Due Loans | ||
Loans | 509,444 | 508,341 |
Real Estate | Residential Real Estate | Multi-family residential | ||
Non-Accrual and Past Due Loans | ||
Loans | 367,445 | 424,962 |
Total 90 days past due and still accruing | 0 | 0 |
Real Estate | Residential Real Estate | Multi-family residential | PCD | PCD Loans | ||
Non-Accrual and Past Due Loans | ||
Loans | 0 | 0 |
Real Estate | Residential Real Estate | Multi-family residential | Total Past Due | ||
Non-Accrual and Past Due Loans | ||
Loans | 0 | 0 |
Real Estate | Residential Real Estate | Multi-family residential | 30 to 59 Days | ||
Non-Accrual and Past Due Loans | ||
Loans | 0 | 0 |
Real Estate | Residential Real Estate | Multi-family residential | 60 to 89 Days | ||
Non-Accrual and Past Due Loans | ||
Loans | 0 | 0 |
Real Estate | Residential Real Estate | Multi-family residential | 90 Days or Greater | ||
Non-Accrual and Past Due Loans | ||
Loans | 0 | 0 |
Real Estate | Residential Real Estate | Multi-family residential | Total Current | ||
Non-Accrual and Past Due Loans | ||
Loans | 367,445 | 424,962 |
Real Estate | Commercial Real Estate | Owner occupied commercial (“OOCRE”) | ||
Non-Accrual and Past Due Loans | ||
Loans | 744,899 | 717,472 |
Total 90 days past due and still accruing | 0 | 1,280 |
Real Estate | Commercial Real Estate | Owner occupied commercial (“OOCRE”) | PCD | ||
Non-Accrual and Past Due Loans | ||
Loans | 28,886 | 37,991 |
Real Estate | Commercial Real Estate | Owner occupied commercial (“OOCRE”) | PCD | PCD Loans | ||
Non-Accrual and Past Due Loans | ||
Loans | 28,886 | 37,991 |
Real Estate | Commercial Real Estate | Owner occupied commercial (“OOCRE”) | Total Past Due | ||
Non-Accrual and Past Due Loans | ||
Loans | 16,495 | 7,235 |
Real Estate | Commercial Real Estate | Owner occupied commercial (“OOCRE”) | 30 to 59 Days | ||
Non-Accrual and Past Due Loans | ||
Loans | 143 | 2,278 |
Real Estate | Commercial Real Estate | Owner occupied commercial (“OOCRE”) | 60 to 89 Days | ||
Non-Accrual and Past Due Loans | ||
Loans | 4,612 | 2,143 |
Real Estate | Commercial Real Estate | Owner occupied commercial (“OOCRE”) | 90 Days or Greater | ||
Non-Accrual and Past Due Loans | ||
Loans | 11,740 | 2,814 |
Real Estate | Commercial Real Estate | Owner occupied commercial (“OOCRE”) | Total Current | ||
Non-Accrual and Past Due Loans | ||
Loans | 699,518 | 672,246 |
Real Estate | Commercial Real Estate | Non-owner occupied commercial (“NOOCRE”) | ||
Non-Accrual and Past Due Loans | ||
Loans | 1,986,538 | 1,904,132 |
Total 90 days past due and still accruing | 0 | 0 |
Real Estate | Commercial Real Estate | Non-owner occupied commercial (“NOOCRE”) | PCD | ||
Non-Accrual and Past Due Loans | ||
Loans | 28,622 | 43,176 |
Real Estate | Commercial Real Estate | Non-owner occupied commercial (“NOOCRE”) | PCD | PCD Loans | ||
Non-Accrual and Past Due Loans | ||
Loans | 28,622 | 43,176 |
Real Estate | Commercial Real Estate | Non-owner occupied commercial (“NOOCRE”) | Total Past Due | ||
Non-Accrual and Past Due Loans | ||
Loans | 16,715 | 28,172 |
Real Estate | Commercial Real Estate | Non-owner occupied commercial (“NOOCRE”) | 30 to 59 Days | ||
Non-Accrual and Past Due Loans | ||
Loans | 855 | 7,675 |
Real Estate | Commercial Real Estate | Non-owner occupied commercial (“NOOCRE”) | 60 to 89 Days | ||
Non-Accrual and Past Due Loans | ||
Loans | 12,501 | 2,911 |
Real Estate | Commercial Real Estate | Non-owner occupied commercial (“NOOCRE”) | 90 Days or Greater | ||
Non-Accrual and Past Due Loans | ||
Loans | 3,359 | 17,586 |
Real Estate | Commercial Real Estate | Non-owner occupied commercial (“NOOCRE”) | Total Current | ||
Non-Accrual and Past Due Loans | ||
Loans | 1,941,201 | 1,832,784 |
Commercial | ||
Non-Accrual and Past Due Loans | ||
Loans | 1,771,100 | 1,559,546 |
Total 90 days past due and still accruing | 356 | 1,230 |
Commercial | PCD | ||
Non-Accrual and Past Due Loans | ||
Loans | 15,204 | 19,460 |
Commercial | PCD | PCD Loans | ||
Non-Accrual and Past Due Loans | ||
Loans | 15,204 | 19,460 |
Commercial | Total Past Due | ||
Non-Accrual and Past Due Loans | ||
Loans | 13,949 | 23,774 |
Commercial | 30 to 59 Days | ||
Non-Accrual and Past Due Loans | ||
Loans | 1,985 | 1,983 |
Commercial | 60 to 89 Days | ||
Non-Accrual and Past Due Loans | ||
Loans | 404 | 1,431 |
Commercial | 90 Days or Greater | ||
Non-Accrual and Past Due Loans | ||
Loans | 11,560 | 20,360 |
Commercial | Total Current | ||
Non-Accrual and Past Due Loans | ||
Loans | 1,741,947 | 1,516,312 |
MW | ||
Non-Accrual and Past Due Loans | ||
Loans | 559,939 | 577,594 |
Total 90 days past due and still accruing | 0 | 0 |
MW | PCD | PCD Loans | ||
Non-Accrual and Past Due Loans | ||
Loans | 0 | 0 |
MW | Total Past Due | ||
Non-Accrual and Past Due Loans | ||
Loans | 0 | 0 |
MW | 30 to 59 Days | ||
Non-Accrual and Past Due Loans | ||
Loans | 0 | 0 |
MW | 60 to 89 Days | ||
Non-Accrual and Past Due Loans | ||
Loans | 0 | 0 |
MW | 90 Days or Greater | ||
Non-Accrual and Past Due Loans | ||
Loans | 0 | 0 |
MW | Total Current | ||
Non-Accrual and Past Due Loans | ||
Loans | 559,939 | 577,594 |
Consumer | ||
Non-Accrual and Past Due Loans | ||
Loans | 10,530 | 13,000 |
Total 90 days past due and still accruing | 63 | 24 |
Consumer | PCD | ||
Non-Accrual and Past Due Loans | ||
Loans | 186 | 202 |
Consumer | PCD | PCD Loans | ||
Non-Accrual and Past Due Loans | ||
Loans | 186 | 202 |
Consumer | Total Past Due | ||
Non-Accrual and Past Due Loans | ||
Loans | 1,309 | 1,490 |
Consumer | 30 to 59 Days | ||
Non-Accrual and Past Due Loans | ||
Loans | 148 | 75 |
Consumer | 60 to 89 Days | ||
Non-Accrual and Past Due Loans | ||
Loans | 2 | 77 |
Consumer | 90 Days or Greater | ||
Non-Accrual and Past Due Loans | ||
Loans | 1,159 | 1,338 |
Consumer | Total Current | ||
Non-Accrual and Past Due Loans | ||
Loans | $ 9,035 | $ 11,308 |
Loans Held for Investment and_9
Loans Held for Investment and ACL - Troubled Debt Restructuring (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021USD ($)loan | Jun. 30, 2020loan | Jun. 30, 2021USD ($)loan | Jun. 30, 2020USD ($)loan | Dec. 31, 2020USD ($)loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Recorded investment for financing receivable, modifications | $ 28,643 | $ 28,643 | $ 29,157 | ||
Number of Loans | loan | 0 | 0 | |||
Loans modified as TDR | loan | 0 | 0 | 0 | 0 | |
Interest income that would have been recorded had terms not been modified | $ 57 | $ 179 | |||
Number of contracts in compliance with modified terms | loan | 12 | 12 | 754 | ||
Loan balance of contracts in compliance with modified terms | $ 4,758 | $ 4,758 | $ 1,126,975 | ||
Number of loans outstanding with remaining deferment, CARES Act | loan | 2 | ||||
Loans outstanding with remaining deferment, CARES Act | $ 6,920 | $ 6,920 | |||
Commercial | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Adjusted Payment Structure | 207 | $ 1,440 | |||
Payment Deferrals | 0 | 1,337 | |||
Total Modifications | $ 207 | $ 2,777 | |||
Number of Loans | loan | 1 | 3 |
Loans Held for Investment an_10
Loans Held for Investment and ACL - Credit Quality Indicators (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Credit Quality Indicators | ||
Year One | $ 813,483 | $ 1,116,342 |
Year Two | 1,228,653 | 1,000,872 |
Year Three | 944,822 | 1,191,171 |
Year Four | 1,011,623 | 357,775 |
Year Five | 311,174 | 426,762 |
Prior | 1,060,997 | 830,986 |
Revolving Loans Amortized Cost Basis | 1,443,221 | 1,472,497 |
Revolving Loans Converted to Term | 25,539 | 31,519 |
Total | 6,839,512 | 6,427,924 |
Deferred loan fees, net | (7,486) | (2,468) |
Pass | ||
Credit Quality Indicators | ||
Year One | 812,723 | 1,112,617 |
Year Two | 1,221,273 | 950,257 |
Year Three | 922,810 | 1,049,368 |
Year Four | 859,023 | 308,163 |
Year Five | 258,121 | 349,349 |
Prior | 874,177 | 682,267 |
Revolving Loans Amortized Cost Basis | 1,408,255 | 1,398,329 |
Revolving Loans Converted to Term | 18,067 | 16,368 |
Total | 6,374,449 | 5,866,718 |
Special mention | ||
Credit Quality Indicators | ||
Year One | 760 | 1,407 |
Year Two | 4,605 | 36,278 |
Year Three | 5,219 | 84,021 |
Year Four | 65,726 | 33,756 |
Year Five | 31,726 | 40,083 |
Prior | 56,917 | 45,356 |
Revolving Loans Amortized Cost Basis | 5,846 | 27,415 |
Revolving Loans Converted to Term | 3,448 | 3,670 |
Total | 174,247 | 271,986 |
Substandard | ||
Credit Quality Indicators | ||
Year One | 0 | 2,318 |
Year Two | 2,775 | 14,337 |
Year Three | 15,362 | 39,038 |
Year Four | 67,654 | 12,438 |
Year Five | 11,881 | 18,531 |
Prior | 83,452 | 32,069 |
Revolving Loans Amortized Cost Basis | 29,120 | 46,753 |
Revolving Loans Converted to Term | 4,024 | 11,481 |
Total | 214,268 | 176,965 |
PCD | ||
Credit Quality Indicators | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 1,431 | 18,744 |
Year Four | 19,220 | 3,418 |
Year Five | 9,446 | 18,799 |
Prior | 46,451 | 71,294 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 76,548 | 112,255 |
Commercial | ||
Credit Quality Indicators | ||
Year One | 298,448 | 253,032 |
Year Two | 249,327 | 165,184 |
Year Three | 167,266 | 144,430 |
Year Four | 102,153 | 67,921 |
Year Five | 39,604 | 32,434 |
Prior | 75,106 | 57,986 |
Revolving Loans Amortized Cost Basis | 819,084 | 816,214 |
Revolving Loans Converted to Term | 20,112 | 22,345 |
Total | 1,771,100 | 1,559,546 |
Commercial | Pass | ||
Credit Quality Indicators | ||
Year One | 297,688 | 251,004 |
Year Two | 244,094 | 158,158 |
Year Three | 161,556 | 112,961 |
Year Four | 78,968 | 50,734 |
Year Five | 21,978 | 19,821 |
Prior | 55,754 | 41,856 |
Revolving Loans Amortized Cost Basis | 800,605 | 758,832 |
Revolving Loans Converted to Term | 12,640 | 13,400 |
Total | 1,673,283 | 1,406,766 |
Commercial | Special mention | ||
Credit Quality Indicators | ||
Year One | 760 | 1,306 |
Year Two | 4,367 | 2,539 |
Year Three | 1,395 | 8,224 |
Year Four | 8,137 | 10,033 |
Year Five | 9,217 | 1,201 |
Prior | 2,390 | 2,165 |
Revolving Loans Amortized Cost Basis | 3,814 | 26,922 |
Revolving Loans Converted to Term | 3,448 | 3,670 |
Total | 33,528 | 56,060 |
Commercial | Substandard | ||
Credit Quality Indicators | ||
Year One | 0 | 722 |
Year Two | 866 | 4,487 |
Year Three | 4,315 | 23,245 |
Year Four | 14,683 | 3,772 |
Year Five | 6,288 | 7,216 |
Prior | 4,244 | 2,083 |
Revolving Loans Amortized Cost Basis | 14,665 | 30,460 |
Revolving Loans Converted to Term | 4,024 | 5,275 |
Total | 49,085 | 77,260 |
Commercial | PCD | ||
Credit Quality Indicators | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 365 | 3,382 |
Year Five | 2,121 | 4,196 |
Prior | 12,718 | 11,882 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 15,204 | 19,460 |
MW | ||
Credit Quality Indicators | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 559,939 | 577,594 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 559,939 | 577,594 |
MW | Pass | ||
Credit Quality Indicators | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 558,400 | 577,594 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 558,400 | 577,594 |
MW | Special mention | ||
Credit Quality Indicators | ||
Year One | 0 | |
Year Two | 0 | |
Year Three | 0 | |
Year Four | 0 | |
Year Five | 0 | |
Prior | 0 | |
Revolving Loans Amortized Cost Basis | 1,539 | |
Revolving Loans Converted to Term | 0 | |
Total | 1,539 | |
Consumer | ||
Credit Quality Indicators | ||
Year One | 325 | 2,489 |
Year Two | 1,818 | 1,216 |
Year Three | 845 | 1,038 |
Year Four | 625 | 3,995 |
Year Five | 3,423 | 912 |
Prior | 1,377 | 812 |
Revolving Loans Amortized Cost Basis | 2,117 | 2,538 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 10,530 | 13,000 |
Consumer | Pass | ||
Credit Quality Indicators | ||
Year One | 325 | 2,489 |
Year Two | 1,818 | 1,216 |
Year Three | 842 | 1,038 |
Year Four | 622 | 3,899 |
Year Five | 3,290 | 887 |
Prior | 1,142 | 353 |
Revolving Loans Amortized Cost Basis | 1,053 | 1,475 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 9,092 | 11,357 |
Consumer | Special mention | ||
Credit Quality Indicators | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 0 | 25 |
Prior | 16 | 227 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 16 | 252 |
Consumer | Substandard | ||
Credit Quality Indicators | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 3 | 0 |
Year Four | 3 | 60 |
Year Five | 107 | 0 |
Prior | 59 | 66 |
Revolving Loans Amortized Cost Basis | 1,064 | 1,063 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 1,236 | 1,189 |
Consumer | PCD | ||
Credit Quality Indicators | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 36 |
Year Five | 26 | 0 |
Prior | 160 | 166 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 186 | 202 |
Construction and land | Real Estate | ||
Credit Quality Indicators | ||
Year One | 114,709 | 155,358 |
Year Two | 309,478 | 282,497 |
Year Three | 267,673 | 182,548 |
Year Four | 118,145 | 11,791 |
Year Five | 16,742 | 9,938 |
Prior | 31,931 | 29,832 |
Revolving Loans Amortized Cost Basis | 12,591 | 21,066 |
Revolving Loans Converted to Term | 496 | 0 |
Total | 871,765 | 693,030 |
Construction and land | Real Estate | Pass | ||
Credit Quality Indicators | ||
Year One | 114,709 | 155,358 |
Year Two | 309,478 | 282,497 |
Year Three | 267,673 | 179,372 |
Year Four | 116,639 | 11,791 |
Year Five | 16,742 | 9,938 |
Prior | 29,490 | 27,147 |
Revolving Loans Amortized Cost Basis | 12,591 | 21,066 |
Revolving Loans Converted to Term | 496 | 0 |
Total | 867,818 | 687,169 |
Construction and land | Real Estate | Special mention | ||
Credit Quality Indicators | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 2,666 |
Year Four | 321 | 0 |
Year Five | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 321 | 2,666 |
Construction and land | Real Estate | Substandard | ||
Credit Quality Indicators | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 510 |
Year Four | 1,185 | 0 |
Year Five | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 1,185 | 510 |
Construction and land | Real Estate | PCD | ||
Credit Quality Indicators | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 0 | 0 |
Prior | 2,441 | 2,685 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 2,441 | 2,685 |
Farmland | Real Estate | ||
Credit Quality Indicators | ||
Year One | 1,549 | 867 |
Year Two | 534 | 972 |
Year Three | 469 | 3,367 |
Year Four | 3,367 | 3,688 |
Year Five | 3,023 | 0 |
Prior | 3,554 | 3,656 |
Revolving Loans Amortized Cost Basis | 1,165 | 1,294 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 13,661 | 13,844 |
Farmland | Real Estate | Pass | ||
Credit Quality Indicators | ||
Year One | 1,549 | 867 |
Year Two | 534 | 972 |
Year Three | 469 | 3,367 |
Year Four | 3,367 | 3,688 |
Year Five | 3,023 | 0 |
Prior | 3,554 | 3,656 |
Revolving Loans Amortized Cost Basis | 1,165 | 1,294 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 13,661 | 13,844 |
Residential Real Estate | Single Family | Real Estate | ||
Credit Quality Indicators | ||
Year One | 90,644 | 120,580 |
Year Two | 112,315 | 80,694 |
Year Three | 61,905 | 92,186 |
Year Four | 77,190 | 50,766 |
Year Five | 32,490 | 31,936 |
Prior | 118,568 | 125,225 |
Revolving Loans Amortized Cost Basis | 17,185 | 19,989 |
Revolving Loans Converted to Term | 3,338 | 2,968 |
Total | 513,635 | 524,344 |
Residential Real Estate | Single Family | Real Estate | Pass | ||
Credit Quality Indicators | ||
Year One | 90,644 | 120,580 |
Year Two | 112,315 | 79,617 |
Year Three | 61,905 | 91,890 |
Year Four | 77,038 | 49,338 |
Year Five | 32,372 | 31,936 |
Prior | 115,821 | 115,797 |
Revolving Loans Amortized Cost Basis | 16,295 | 19,065 |
Revolving Loans Converted to Term | 3,338 | 2,968 |
Total | 509,728 | 511,191 |
Residential Real Estate | Single Family | Real Estate | Special mention | ||
Credit Quality Indicators | ||
Year One | 0 | 0 |
Year Two | 0 | 1,077 |
Year Three | 0 | 154 |
Year Four | 152 | 760 |
Year Five | 0 | 0 |
Prior | 421 | 687 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 573 | 2,678 |
Residential Real Estate | Single Family | Real Estate | Substandard | ||
Credit Quality Indicators | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 142 |
Year Four | 0 | 668 |
Year Five | 118 | 0 |
Prior | 1,117 | 0 |
Revolving Loans Amortized Cost Basis | 890 | 924 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 2,125 | 1,734 |
Residential Real Estate | Single Family | Real Estate | PCD | ||
Credit Quality Indicators | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 0 | 0 |
Prior | 1,209 | 8,741 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 1,209 | 8,741 |
Residential Real Estate | Multi-family residential | Real Estate | ||
Credit Quality Indicators | ||
Year One | 51,096 | 107,332 |
Year Two | 66,234 | 106,559 |
Year Three | 94,568 | 152,401 |
Year Four | 102,314 | 18,722 |
Year Five | 13,762 | 32,672 |
Prior | 39,419 | 7,218 |
Revolving Loans Amortized Cost Basis | 52 | 58 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 367,445 | 424,962 |
Residential Real Estate | Multi-family residential | Real Estate | Pass | ||
Credit Quality Indicators | ||
Year One | 51,096 | 107,332 |
Year Two | 66,234 | 106,559 |
Year Three | 94,568 | 139,721 |
Year Four | 81,127 | 18,722 |
Year Five | 13,762 | 32,672 |
Prior | 39,419 | 7,218 |
Revolving Loans Amortized Cost Basis | 52 | 58 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 346,258 | 412,282 |
Residential Real Estate | Multi-family residential | Real Estate | Special mention | ||
Credit Quality Indicators | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 12,680 |
Year Four | 21,187 | 0 |
Year Five | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 21,187 | 12,680 |
Commercial Real Estate | Owner occupied commercial (“OOCRE”) | Real Estate | ||
Credit Quality Indicators | ||
Year One | 64,427 | 114,111 |
Year Two | 150,124 | 66,210 |
Year Three | 72,488 | 109,244 |
Year Four | 105,664 | 86,784 |
Year Five | 78,042 | 111,328 |
Prior | 271,908 | 217,856 |
Revolving Loans Amortized Cost Basis | 2,246 | 5,733 |
Revolving Loans Converted to Term | 0 | 6,206 |
Total | 744,899 | 717,472 |
Commercial Real Estate | Owner occupied commercial (“OOCRE”) | Real Estate | Pass | ||
Credit Quality Indicators | ||
Year One | 64,427 | 113,741 |
Year Two | 149,710 | 65,262 |
Year Three | 69,980 | 75,940 |
Year Four | 59,757 | 79,253 |
Year Five | 69,529 | 79,202 |
Prior | 212,896 | 176,668 |
Revolving Loans Amortized Cost Basis | 2,246 | 5,532 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 628,545 | 595,598 |
Commercial Real Estate | Owner occupied commercial (“OOCRE”) | Real Estate | Special mention | ||
Credit Quality Indicators | ||
Year One | 0 | 0 |
Year Two | 0 | 948 |
Year Three | 1,077 | 22,725 |
Year Four | 20,251 | 3,701 |
Year Five | 333 | 12,860 |
Prior | 8,218 | 4,326 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 29,879 | 44,560 |
Commercial Real Estate | Owner occupied commercial (“OOCRE”) | Real Estate | Substandard | ||
Credit Quality Indicators | ||
Year One | 0 | 370 |
Year Two | 414 | 0 |
Year Three | 0 | 10,579 |
Year Four | 25,656 | 3,830 |
Year Five | 881 | 11,315 |
Prior | 30,638 | 6,822 |
Revolving Loans Amortized Cost Basis | 0 | 201 |
Revolving Loans Converted to Term | 0 | 6,206 |
Total | 57,589 | 39,323 |
Commercial Real Estate | Owner occupied commercial (“OOCRE”) | Real Estate | PCD | ||
Credit Quality Indicators | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 1,431 | 0 |
Year Four | 0 | 0 |
Year Five | 7,299 | 7,951 |
Prior | 20,156 | 30,040 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 28,886 | 37,991 |
Commercial Real Estate | Non-owner occupied commercial (“NOOCRE”) | Real Estate | ||
Credit Quality Indicators | ||
Year One | 192,285 | 362,573 |
Year Two | 338,823 | 297,540 |
Year Three | 279,608 | 505,957 |
Year Four | 502,165 | 114,108 |
Year Five | 124,088 | 207,542 |
Prior | 519,134 | 388,401 |
Revolving Loans Amortized Cost Basis | 28,842 | 28,011 |
Revolving Loans Converted to Term | 1,593 | 0 |
Total | 1,986,538 | 1,904,132 |
Commercial Real Estate | Non-owner occupied commercial (“NOOCRE”) | Real Estate | Pass | ||
Credit Quality Indicators | ||
Year One | 192,285 | 361,246 |
Year Two | 337,090 | 255,976 |
Year Three | 265,817 | 445,079 |
Year Four | 441,505 | 90,738 |
Year Five | 97,425 | 174,893 |
Prior | 416,101 | 309,572 |
Revolving Loans Amortized Cost Basis | 15,848 | 13,413 |
Revolving Loans Converted to Term | 1,593 | 0 |
Total | 1,767,664 | 1,650,917 |
Commercial Real Estate | Non-owner occupied commercial (“NOOCRE”) | Real Estate | Special mention | ||
Credit Quality Indicators | ||
Year One | 0 | 101 |
Year Two | 238 | 31,714 |
Year Three | 2,747 | 37,572 |
Year Four | 15,678 | 19,262 |
Year Five | 22,176 | 25,997 |
Prior | 45,872 | 37,951 |
Revolving Loans Amortized Cost Basis | 493 | 493 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 87,204 | 153,090 |
Commercial Real Estate | Non-owner occupied commercial (“NOOCRE”) | Real Estate | Substandard | ||
Credit Quality Indicators | ||
Year One | 0 | 1,226 |
Year Two | 1,495 | 9,850 |
Year Three | 11,044 | 4,562 |
Year Four | 26,127 | 4,108 |
Year Five | 4,487 | 0 |
Prior | 47,394 | 23,098 |
Revolving Loans Amortized Cost Basis | 12,501 | 14,105 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 103,048 | 56,949 |
Commercial Real Estate | Non-owner occupied commercial (“NOOCRE”) | Real Estate | PCD | ||
Credit Quality Indicators | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 18,744 |
Year Four | 18,855 | 0 |
Year Five | 0 | 6,652 |
Prior | 9,767 | 17,780 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 28,622 | 43,176 |
PCD Loans | PCD | ||
Credit Quality Indicators | ||
Total | 76,548 | 112,255 |
PCD Loans | Commercial | PCD | ||
Credit Quality Indicators | ||
Total | 15,204 | 19,460 |
PCD Loans | MW | PCD | ||
Credit Quality Indicators | ||
Total | 0 | 0 |
PCD Loans | Consumer | PCD | ||
Credit Quality Indicators | ||
Total | 186 | 202 |
PCD Loans | Construction and land | Real Estate | PCD | ||
Credit Quality Indicators | ||
Total | 2,441 | 2,685 |
PCD Loans | Farmland | Real Estate | PCD | ||
Credit Quality Indicators | ||
Total | 0 | 0 |
PCD Loans | Residential Real Estate | Single Family | Real Estate | PCD | ||
Credit Quality Indicators | ||
Total | 1,209 | 8,741 |
PCD Loans | Residential Real Estate | Multi-family residential | Real Estate | PCD | ||
Credit Quality Indicators | ||
Total | 0 | 0 |
PCD Loans | Commercial Real Estate | Owner occupied commercial (“OOCRE”) | Real Estate | PCD | ||
Credit Quality Indicators | ||
Total | 28,886 | 37,991 |
PCD Loans | Commercial Real Estate | Non-owner occupied commercial (“NOOCRE”) | Real Estate | PCD | ||
Credit Quality Indicators | ||
Total | $ 28,622 | $ 43,176 |
Loans Held for Investment an_11
Loans Held for Investment and ACL - Servicing Assets (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Servicing Asset at Amortized Cost [Line Items] | |||||
Servicing asset | $ 304,290,000 | $ 215,638,000 | $ 304,290,000 | $ 215,638,000 | |
Summary of changes in related servicing assets | |||||
Balance at beginning of period | 3,402,000 | 2,990,000 | 3,363,000 | 3,113,000 | |
Increase from loan sales | 384,000 | 22,000 | 384,000 | 131,000 | |
Net recoveries | 84,000 | 0 | 212,000 | 0 | |
Amortization charged as a reduction to income | (145,000) | (72,000) | (234,000) | (304,000) | |
Balance at end of period | 3,725,000 | 2,940,000 | 3,725,000 | 2,940,000 | |
Valuation allowance recorded | 344,000 | 536,000 | 344,000 | 536,000 | |
Proceeds from sales of loans held for sale | 59,875,000 | 39,586,000 | |||
Gain on sale of loans | 892,000 | $ 449,000 | |||
Small Business Administration Loans | |||||
Summary of changes in related servicing assets | |||||
Proceeds from sales of loans held for sale | 15,176,000 | 7,780,000 | |||
Gain on sale of loans | 1,953,000 | $ 604,000 | |||
Interest-only strip | |||||
Summary of changes in related servicing assets | |||||
Interest receivable | $ 0 | $ 0 | $ 0 |
Fair Value - Recurring Basis (D
Fair Value - Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Assets measured at fair value | ||
Available for sale debt securities | $ 1,077,239 | $ 1,024,329 |
Equity securities with a readily determinable fair value | 11,227 | 11,363 |
PPP loans | 291,401 | 358,042 |
Derivative asset | 8,584 | 28,482 |
Derivative liability | 977 | 13,923 |
Recurring | ||
Assets measured at fair value | ||
Available for sale debt securities | 1,077,239 | 1,024,329 |
Equity securities with a readily determinable fair value | 11,227 | 11,363 |
PPP loans | 291,401 | 358,042 |
Loans held for sale | 6,605 | 6,681 |
Recurring | Level 1 Inputs | ||
Assets measured at fair value | ||
Available for sale debt securities | 0 | 0 |
Equity securities with a readily determinable fair value | 11,227 | 11,363 |
PPP loans | 0 | 0 |
Loans held for sale | 0 | 0 |
Recurring | Level 2 Inputs | ||
Assets measured at fair value | ||
Available for sale debt securities | 1,077,239 | 1,024,329 |
Equity securities with a readily determinable fair value | 0 | 0 |
PPP loans | 291,401 | 358,042 |
Loans held for sale | 6,605 | 6,681 |
Recurring | Level 3 Inputs | ||
Assets measured at fair value | ||
Available for sale debt securities | 0 | 0 |
Equity securities with a readily determinable fair value | 0 | 0 |
PPP loans | 0 | 0 |
Loans held for sale | 0 | 0 |
Interest rate swaps | Recurring | ||
Assets measured at fair value | ||
Derivative asset | 7,926 | |
Interest rate swaps | Recurring | Level 1 Inputs | ||
Assets measured at fair value | ||
Derivative asset | 0 | |
Interest rate swaps | Recurring | Level 2 Inputs | ||
Assets measured at fair value | ||
Derivative asset | 7,926 | |
Interest rate swaps | Recurring | Level 3 Inputs | ||
Assets measured at fair value | ||
Derivative asset | 0 | |
Interest rate swaps | Financial institution counterparty | Recurring | ||
Assets measured at fair value | ||
Derivative asset | 334 | 17,543 |
Derivative liability | 6,406 | 2,255 |
Interest rate swaps | Financial institution counterparty | Recurring | Level 1 Inputs | ||
Assets measured at fair value | ||
Derivative asset | 0 | 0 |
Derivative liability | 0 | 0 |
Interest rate swaps | Financial institution counterparty | Recurring | Level 2 Inputs | ||
Assets measured at fair value | ||
Derivative asset | 334 | 17,543 |
Derivative liability | 6,406 | 2,255 |
Interest rate swaps | Financial institution counterparty | Recurring | Level 3 Inputs | ||
Assets measured at fair value | ||
Derivative asset | 0 | 0 |
Derivative liability | 0 | 0 |
Interest rate swaps | Commercial customer counterparty | Recurring | ||
Assets measured at fair value | ||
Derivative asset | 6,050 | 10,937 |
Derivative liability | 297 | 11,666 |
Interest rate swaps | Commercial customer counterparty | Recurring | Level 1 Inputs | ||
Assets measured at fair value | ||
Derivative asset | 0 | 0 |
Derivative liability | 0 | 0 |
Interest rate swaps | Commercial customer counterparty | Recurring | Level 2 Inputs | ||
Assets measured at fair value | ||
Derivative asset | 6,050 | 10,937 |
Derivative liability | 297 | 11,666 |
Interest rate swaps | Commercial customer counterparty | Recurring | Level 3 Inputs | ||
Assets measured at fair value | ||
Derivative asset | 0 | 0 |
Derivative liability | 0 | 0 |
Interest rate caps and collars | Financial institution counterparty | Recurring | ||
Assets measured at fair value | ||
Derivative asset | 1 | 1 |
Interest rate caps and collars | Financial institution counterparty | Recurring | Level 1 Inputs | ||
Assets measured at fair value | ||
Derivative asset | 0 | 0 |
Interest rate caps and collars | Financial institution counterparty | Recurring | Level 2 Inputs | ||
Assets measured at fair value | ||
Derivative asset | 1 | 1 |
Interest rate caps and collars | Financial institution counterparty | Recurring | Level 3 Inputs | ||
Assets measured at fair value | ||
Derivative asset | 0 | 0 |
Interest rate caps and collars | Commercial customer counterparty | Recurring | ||
Assets measured at fair value | ||
Derivative liability | 1 | 1 |
Interest rate caps and collars | Commercial customer counterparty | Recurring | Level 1 Inputs | ||
Assets measured at fair value | ||
Derivative liability | 0 | 0 |
Interest rate caps and collars | Commercial customer counterparty | Recurring | Level 2 Inputs | ||
Assets measured at fair value | ||
Derivative liability | 1 | 1 |
Interest rate caps and collars | Commercial customer counterparty | Recurring | Level 3 Inputs | ||
Assets measured at fair value | ||
Derivative liability | $ 0 | $ 0 |
Fair Value - Non-recurring Basi
Fair Value - Non-recurring Basis (Details) | 6 Months Ended | ||
Jun. 30, 2021USD ($)property | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Assets measured at fair value | |||
Other real estate owned | $ 2,467,000 | $ 2,337,000 | |
Impaired loans, specific allowance | $ 8,085,000 | 4,729,000 | |
Other real estate owned, number of properties | property | 3 | ||
Write-down of other real estate owned | $ 174,000 | $ 0 | |
Non-recurring | |||
Assets measured at fair value | |||
Collateral dependent loans with an ACL | 15,618,000 | 2,386,000 | |
Servicing asset | 2,560,000 | 2,975,000 | |
Other real estate owned | 2,467,000 | ||
Servicing asset at fair value, gross | 2,904,000 | 3,531,000 | |
Valuation allowance for servicing asset | 344,000 | 556,000 | |
Liabilities measured at fair value | 0 | 0 | |
Non-recurring | Level 1 Inputs | |||
Assets measured at fair value | |||
Collateral dependent loans with an ACL | 0 | 0 | |
Servicing asset | 0 | 0 | |
Other real estate owned | 0 | ||
Non-recurring | Level 2 Inputs | |||
Assets measured at fair value | |||
Collateral dependent loans with an ACL | 0 | 0 | |
Servicing asset | 0 | 0 | |
Other real estate owned | 0 | ||
Non-recurring | Level 3 Inputs | |||
Assets measured at fair value | |||
Collateral dependent loans with an ACL | 15,618,000 | 2,386,000 | |
Servicing asset | 2,560,000 | 2,975,000 | |
Other real estate owned | 2,467,000 | ||
Collateral dependent loans with an ACL, gross | $ 23,703,000 | $ 7,115,000 |
Fair Value - Financial Instrume
Fair Value - Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financial assets: | ||
Held to maturity debt securities | $ 51,489 | $ 34,283 |
Equity securities without a readily determinable fair value | 3,755 | 3,575 |
Financial liabilities: | ||
Subordinated debentures and subordinated notes | 262,766 | 262,778 |
Securities sold under agreements to repurchase | 1,811 | 2,225 |
Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | 390,027 | 230,825 |
Held to maturity debt securities | 48,638 | 30,872 |
Loans held for sale | 5,460 | 14,733 |
Loans held for investment | 6,317,986 | |
Accrued interest receivable | 23,494 | 23,798 |
Bank-owned life insurance | 83,304 | 82,855 |
Servicing asset | 1,165 | 388 |
Equity securities without a readily determinable fair value | 3,755 | 3,575 |
FHLB and FRB stock | 71,558 | 71,236 |
Financial liabilities: | ||
Deposits | 6,978,902 | 6,512,846 |
Advances from FHLB | 777,640 | 777,718 |
Accrued interest payable | 1,832 | 2,665 |
Subordinated debentures and subordinated notes | 262,766 | 262,778 |
Securities sold under agreements to repurchase | 1,811 | 2,225 |
Level 1 Inputs | Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Held to maturity debt securities | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans held for investment | 0 | |
Accrued interest receivable | 0 | 0 |
Bank-owned life insurance | 0 | 0 |
Servicing asset | 0 | 0 |
Financial liabilities: | ||
Deposits | 0 | 0 |
Advances from FHLB | 0 | 0 |
Accrued interest payable | 0 | 0 |
Subordinated debentures and subordinated notes | 0 | 0 |
Securities sold under agreements to repurchase | 0 | 0 |
Level 2 Inputs | Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 390,027 | 230,825 |
Held to maturity debt securities | 51,489 | 34,283 |
Loans held for sale | 5,460 | 14,733 |
Loans held for investment | 0 | |
Accrued interest receivable | 23,494 | 23,798 |
Bank-owned life insurance | 83,304 | 82,855 |
Servicing asset | 1,165 | 486 |
Financial liabilities: | ||
Deposits | 6,887,072 | 6,608,849 |
Advances from FHLB | 791,331 | 782,321 |
Accrued interest payable | 1,832 | 2,665 |
Subordinated debentures and subordinated notes | 262,766 | 262,778 |
Securities sold under agreements to repurchase | 1,789 | 2,199 |
Level 3 Inputs | Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Held to maturity debt securities | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans held for investment | 6,335,402 | |
Accrued interest receivable | 0 | 0 |
Bank-owned life insurance | 0 | 0 |
Servicing asset | 0 | 0 |
Financial liabilities: | ||
Deposits | 0 | 0 |
Advances from FHLB | 0 | 0 |
Accrued interest payable | 0 | 0 |
Subordinated debentures and subordinated notes | 0 | 0 |
Securities sold under agreements to repurchase | 0 | $ 0 |
Real Estate, Commercial and Consumer Portfolio Segments | Carrying Amount | ||
Financial assets: | ||
Loans held for investment | 6,708,780 | |
Real Estate, Commercial and Consumer Portfolio Segments | Level 1 Inputs | Fair Value | ||
Financial assets: | ||
Loans held for investment | 0 | |
Real Estate, Commercial and Consumer Portfolio Segments | Level 2 Inputs | Fair Value | ||
Financial assets: | ||
Loans held for investment | 0 | |
Real Estate, Commercial and Consumer Portfolio Segments | Level 3 Inputs | Fair Value | ||
Financial assets: | ||
Loans held for investment | $ 6,751,060 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Balance Sheet Information (Details) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Derivative [Line Items] | ||||
Notional Amount | $ 1,190,656,000 | $ 1,441,668,000 | ||
Asset Derivative | ||||
Gross derivatives | 8,584,000 | 28,482,000 | ||
Offsetting derivative assets | (5,727,000) | 1,000 | ||
Liability Derivative | ||||
Gross derivatives | 977,000 | 13,923,000 | ||
Offsetting derivative liabilities | (5,727,000) | 1,000 | ||
Interest rate swap on money market deposit account payments | ||||
Derivative [Line Items] | ||||
Notional Amount | $ 250,000 | |||
Interest rate swaps | ||||
Derivative [Line Items] | ||||
Notional Amount | $ 125,000 | $ 500,000 | ||
Designated as hedging instrument | ||||
Derivative [Line Items] | ||||
Notional Amount | 625,000,000 | 750,000,000 | ||
Asset Derivative | ||||
Gross derivatives | 7,926,000 | 17,543,000 | ||
Liability Derivative | ||||
Gross derivatives | 0 | 2,255,000 | ||
Designated as hedging instrument | Interest rate swap on borrowing advances | ||||
Derivative [Line Items] | ||||
Notional Amount | 0 | 500,000,000 | ||
Asset Derivative | ||||
Gross derivatives | 0 | 17,543,000 | ||
Liability Derivative | ||||
Gross derivatives | 0 | 0 | ||
Designated as hedging instrument | Interest rate swap on money market deposit account payments | ||||
Derivative [Line Items] | ||||
Notional Amount | 250,000,000 | 250,000,000 | ||
Asset Derivative | ||||
Gross derivatives | 1,508,000 | 0 | ||
Liability Derivative | ||||
Gross derivatives | 0 | 2,255,000 | ||
Designated as hedging instrument | Interest rate swap on customer loan interest payments | ||||
Derivative [Line Items] | ||||
Notional Amount | 125,000,000 | 0 | ||
Asset Derivative | ||||
Gross derivatives | 987,000 | 0 | ||
Liability Derivative | ||||
Gross derivatives | 0 | 0 | ||
Designated as hedging instrument | Interest rate swap on customer loan interest payments | ||||
Derivative [Line Items] | ||||
Notional Amount | 125,000,000 | 0 | ||
Asset Derivative | ||||
Gross derivatives | 1,347,000 | 0 | ||
Liability Derivative | ||||
Gross derivatives | 0 | 0 | ||
Designated as hedging instrument | Interest rate swap on customer loan interest payments | ||||
Derivative [Line Items] | ||||
Notional Amount | 125,000,000 | 0 | ||
Asset Derivative | ||||
Gross derivatives | 4,084,000 | 0 | ||
Liability Derivative | ||||
Gross derivatives | 0 | 0 | ||
Non-hedging derivatives | ||||
Derivative [Line Items] | ||||
Notional Amount | 565,656,000 | 691,668,000 | ||
Asset Derivative | ||||
Gross derivatives | 6,385,000 | 10,938,000 | ||
Liability Derivative | ||||
Gross derivatives | 6,704,000 | 11,667,000 | ||
Financial institution counterparty | Non-hedging derivatives | Interest rate swaps | ||||
Derivative [Line Items] | ||||
Notional Amount | 240,912,000 | 303,918,000 | ||
Asset Derivative | ||||
Gross derivatives | 334,000 | 0 | ||
Liability Derivative | ||||
Gross derivatives | 6,406,000 | 11,666,000 | ||
Financial institution counterparty | Non-hedging derivatives | Interest rate caps and collars | ||||
Derivative [Line Items] | ||||
Notional Amount | 41,916,000 | 41,916,000 | ||
Asset Derivative | ||||
Gross derivatives | 1,000 | 1,000 | ||
Liability Derivative | ||||
Gross derivatives | 0 | 0 | ||
Commercial customer counterparty: | Non-hedging derivatives | Interest rate swaps | ||||
Derivative [Line Items] | ||||
Notional Amount | 240,912,000 | 303,918,000 | ||
Asset Derivative | ||||
Gross derivatives | 6,050,000 | 10,937,000 | ||
Liability Derivative | ||||
Gross derivatives | 297,000 | 0 | ||
Commercial customer counterparty: | Non-hedging derivatives | Interest rate caps and collars | ||||
Derivative [Line Items] | ||||
Notional Amount | 41,916,000 | 41,916,000 | ||
Asset Derivative | ||||
Gross derivatives | 0 | 0 | ||
Liability Derivative | ||||
Gross derivatives | $ 1,000 | $ 1,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments - AOCI Reclassification (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Designated as hedging instrument | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
(Loss) gain recognized in other comprehensive income on derivative | $ 8,401 | $ (4,668) | $ 35,672 | $ (936) |
(Loss) gain reclassified from accumulated other comprehensive income into income | 110 | 331 | 676 | 616 |
Interest rate swap on borrowing advances | Designated as hedging instrument | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
(Loss) gain recognized in other comprehensive income on derivative | 26,357 | |||
Interest rate swap on borrowing advances | Interest Expense | Designated as hedging instrument | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
(Loss) gain recognized in other comprehensive income on derivative | 0 | (2,089) | 2,525 | |
(Loss) gain reclassified from accumulated other comprehensive income into income | 0 | 0 | 0 | 0 |
Interest rate swap on money market deposit account payments | Interest Expense | Designated as hedging instrument | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
(Loss) gain recognized in other comprehensive income on derivative | (132) | (2,033) | 3,763 | (3,936) |
(Loss) gain reclassified from accumulated other comprehensive income into income | (207) | (215) | (406) | (215) |
Commercial loan interest rate floor | Interest Income | Designated as hedging instrument | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
(Loss) gain recognized in other comprehensive income on derivative | 0 | (546) | 0 | 475 |
(Loss) gain reclassified from accumulated other comprehensive income into income | 325 | 546 | 866 | 831 |
Interest rate swap on customer loan interest payments | Interest Income | Designated as hedging instrument | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
(Loss) gain recognized in other comprehensive income on derivative | 8,533 | 0 | 5,552 | 0 |
(Loss) gain reclassified from accumulated other comprehensive income into income | (8) | 0 | 216 | 0 |
Interest rate caps and collars | Non-hedging derivatives | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Net gain recognized in other noninterest income | $ 92 | $ 75 | $ 190 | $ 576 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Narrative (Details) - USD ($) | Feb. 24, 2021 | May 31, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||
Notional amount | $ 1,190,656,000 | $ 1,441,668,000 | |||||
Pre-tax gain from termination of derivative | $ (43,900,000) | $ 0 | |||||
Interest rate swaps | |||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||
Notional amount | $ 125,000 | $ 500,000 | |||||
Pre-tax gain from termination of derivative | $ 43,900,000 | ||||||
Accretion period (in years) | 10 years | ||||||
Interest rate swap on money market deposit account payments | |||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||
Notional amount | $ 250,000 | ||||||
Commercial loan interest rate floor | |||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||
Notional amount | $ 275,000 | ||||||
Term of contract (in years) | 2 years | ||||||
Floor interest rate | 2.43% |
Derivative Financial Instrume_6
Derivative Financial Instruments - Summary of Interest Rate Swaps Outstanding (Details) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative [Line Items] | ||||
Notional Amount | $ 1,190,656,000 | $ 1,441,668,000 | ||
Interest rate swaps | ||||
Derivative [Line Items] | ||||
Notional Amount | $ 125,000 | $ 500,000 | ||
Non-hedging derivatives | ||||
Derivative [Line Items] | ||||
Notional Amount | 565,656,000 | 691,668,000 | ||
Non-hedging derivatives | Financial institution counterparty | Interest rate swaps | ||||
Derivative [Line Items] | ||||
Notional Amount | $ 240,912,000 | $ 303,918,000 | ||
Maturity | 5 years | 4 years 1 month 6 days | ||
Fair Value | $ (6,072,000) | $ (11,666,000) | ||
Non-hedging derivatives | Financial institution counterparty | Interest rate caps and collars | ||||
Derivative [Line Items] | ||||
Notional Amount | $ 41,916,000 | $ 41,916,000 | ||
Maturity | 1 year 1 month 6 days | 1 year 7 months 6 days | ||
Fair Value | $ 1,000 | $ 1,000 | ||
Non-hedging derivatives | Commercial customer counterparty | Interest rate swaps | ||||
Derivative [Line Items] | ||||
Notional Amount | $ 240,912,000 | $ 303,918,000 | ||
Maturity | 5 years | 4 years 1 month 6 days | ||
Fair Value | $ 5,753,000 | $ 10,937,000 | ||
Non-hedging derivatives | Commercial customer counterparty | Interest rate caps and collars | ||||
Derivative [Line Items] | ||||
Notional Amount | $ 41,916,000 | $ 41,916,000 | ||
Maturity | 1 year 1 month 6 days | 1 year 7 months 6 days | ||
Fair Value | $ (1,000) | $ (1,000) | ||
LIBOR | Non-hedging derivatives | Financial institution counterparty | Interest rate caps and collars | ||||
Derivative [Line Items] | ||||
Floating Rate | 0.00% | 0.00% | ||
Prime Rate | Non-hedging derivatives | Financial institution counterparty | Interest rate swaps | ||||
Derivative [Line Items] | ||||
Floating Rate | 0.25% | |||
Minimum | Non-hedging derivatives | Financial institution counterparty | Interest rate swaps | ||||
Derivative [Line Items] | ||||
Fixed Rate | 3.14% | 3.14% | ||
Minimum | Non-hedging derivatives | Financial institution counterparty | Interest rate caps and collars | ||||
Derivative [Line Items] | ||||
Fixed Rate | 2.50% | 2.50% | ||
Minimum | Non-hedging derivatives | Commercial customer counterparty | Interest rate swaps | ||||
Derivative [Line Items] | ||||
Fixed Rate | 3.14% | 3.14% | ||
Minimum | Non-hedging derivatives | Commercial customer counterparty | Interest rate caps and collars | ||||
Derivative [Line Items] | ||||
Fixed Rate | 3.00% | 3.00% | ||
Minimum | LIBOR | Non-hedging derivatives | Financial institution counterparty | Interest rate swaps | ||||
Derivative [Line Items] | ||||
Floating Rate | 0.00% | 0.00% | ||
Minimum | LIBOR | Non-hedging derivatives | Commercial customer counterparty | Interest rate swaps | ||||
Derivative [Line Items] | ||||
Floating Rate | 0.00% | 0.00% | ||
Minimum | LIBOR | Non-hedging derivatives | Commercial customer counterparty | Interest rate caps and collars | ||||
Derivative [Line Items] | ||||
Floating Rate | 0.00% | 0.00% | ||
Maximum | Non-hedging derivatives | Financial institution counterparty | Interest rate swaps | ||||
Derivative [Line Items] | ||||
Fixed Rate | 8.47% | 8.47% | ||
Maximum | Non-hedging derivatives | Financial institution counterparty | Interest rate caps and collars | ||||
Derivative [Line Items] | ||||
Fixed Rate | 3.00% | 3.00% | ||
Maximum | Non-hedging derivatives | Commercial customer counterparty | Interest rate swaps | ||||
Derivative [Line Items] | ||||
Fixed Rate | 8.47% | 8.47% | ||
Maximum | Non-hedging derivatives | Commercial customer counterparty | Interest rate caps and collars | ||||
Derivative [Line Items] | ||||
Fixed Rate | 5.00% | 5.00% | ||
Maximum | LIBOR | Non-hedging derivatives | Financial institution counterparty | Interest rate swaps | ||||
Derivative [Line Items] | ||||
Floating Rate | 5.00% | 5.00% | ||
Maximum | LIBOR | Non-hedging derivatives | Commercial customer counterparty | Interest rate swaps | ||||
Derivative [Line Items] | ||||
Floating Rate | 5.00% | 5.00% | ||
Maximum | LIBOR | Non-hedging derivatives | Commercial customer counterparty | Interest rate caps and collars | ||||
Derivative [Line Items] | ||||
Floating Rate | 2.50% |
Off-Balance Sheet Loan Commit_3
Off-Balance Sheet Loan Commitments - Financial Instruments Approximate Value (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financial instruments with off-balance sheet risk | ||
Total commitments | $ 4,229,495 | $ 3,142,601 |
Commitments to extend credit | ||
Financial instruments with off-balance sheet risk | ||
Total commitments | 3,599,961 | 2,743,571 |
MW commitments | ||
Financial instruments with off-balance sheet risk | ||
Total commitments | 575,657 | 354,603 |
Standby and commercial letters of credit | ||
Financial instruments with off-balance sheet risk | ||
Total commitments | $ 53,877 | $ 44,427 |
Off-Balance Sheet Loan Commit_4
Off-Balance Sheet Loan Commitments - Allowance for Unfunded Commitments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Allowance For Unfunded Commitments [Roll Forward] | ||||
Beginning balance for ACL on unfunded commitments | $ 10,177 | $ 5,599 | $ 10,747 | $ 878 |
Impact of CECL adoption | 0 | 0 | 0 | 840 |
Provision for credit losses on unfunded commitments | 577 | 2,799 | 7 | 6,680 |
Ending balance of ACL on unfunded commitments | $ 10,754 | $ 8,398 | $ 10,754 | $ 8,398 |
Stock-Based Awards - 2010 Plan
Stock-Based Awards - 2010 Plan - Options (Details) - 2010 Stock Option and Equity Incentive Plan - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock based compensation expense | $ 0 | $ 0 | $ 0 | $ 0 | ||
Non Performance Based Stock Options | ||||||
Shares Underlying Options | ||||||
Outstanding at beginning of period (in shares) | 20,000 | 257,500 | 257,500 | |||
Exercised (in shares) | (18,550) | (207,500) | ||||
Outstanding at the end of period (in shares) | 1,450 | 50,000 | 1,450 | 50,000 | 20,000 | 257,500 |
Options exercisable at end of period (in shares) | 1,450 | 50,000 | 1,450 | 50,000 | ||
Weighted Exercise Price | ||||||
Outstanding at beginning of period (in dollars per share) | $ 10.09 | $ 10.28 | $ 10.28 | |||
Exercised (in dollars per share) | 10 | 10.14 | ||||
Outstanding at the end of period (in dollars per share) | $ 10.39 | $ 10.84 | 10.39 | 10.84 | $ 10.09 | $ 10.28 |
Options exercisable at end of period (in dollars per share) | $ 10.39 | $ 10.84 | $ 10.39 | $ 10.84 | ||
Weighted Average Contractual Term | ||||||
Outstanding (years) | 1 year 5 months 23 days | 1 year 11 months 23 days | 1 year 21 days | 1 year 4 months 13 days | ||
Exercisable | 1 year 5 months 23 days | 1 year 11 months 23 days | ||||
Aggregate Intrinsic Value | ||||||
Outstanding beginning balance | $ 374,000 | |||||
Outstanding ending balance | $ 136,000 | 136,000 | $ 374,000 | |||
Exercisable | 136,000 | 136,000 | ||||
Unrecognized compensation expense | $ 0 | $ 0 | 0 | $ 0 | $ 0 | |
Non-performance-based stock options exercised | $ 552,000 | $ 5,851,000 |
Stock-Based Awards - 2021 Grant
Stock-Based Awards - 2021 Grant Terms and Stock Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting rights, cliff vesting period (in years) | 3 years | |||
2019 Amended Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation expense | $ 2,202 | $ 1,392 | $ 4,183 | $ 2,880 |
Veritex (Green) 2014 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation expense | $ 490 | $ 453 | $ 987 | $ 923 |
Stock-Based Awards - 2019 Amend
Stock-Based Awards - 2019 Amended Plan - Options (Details) - 2019 Amended Plan - Non Performance Based Stock Options - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Shares Underlying Options | ||||
Outstanding at beginning of period (in shares) | 975,801 | 849,768 | 849,768 | |
Granted (in shares) | 500 | 170,025 | ||
Forfeited (in shares) | (13,996) | (22,456) | ||
Exercised (in shares) | (133,252) | (33,439) | ||
Outstanding at the end of period (in shares) | 829,053 | 963,898 | 975,801 | 849,768 |
Options exercisable at end of period (in shares) | 515,903 | 487,983 | ||
Weighted Exercise Price | ||||
Outstanding at beginning of period (in dollars per share) | $ 24.26 | $ 23.61 | $ 23.61 | |
Granted (in dollars per share) | 36.54 | 27.31 | ||
Forfeited (in dollars per share) | 25.93 | 28 | ||
Exercised (in dollars per share) | 22.95 | 19.19 | ||
Outstanding at the end of period (in dollars per share) | 24.46 | 24.32 | $ 24.26 | $ 23.61 |
Options exercisable at end of period (in dollars per share) | 24.57 | $ 24.21 | ||
Weighted average fair value of options granted during the period (in dollars per share) | $ 36.54 | |||
Weighted Average Contractual Term | ||||
Outstanding (years) | 7 years 3 months 21 days | 8 years 29 days | 7 years 5 months 12 days | 8 years 2 months 26 days |
Exercisable | 6 years 9 months 25 days | 7 years 3 months 21 days | ||
Aggregate Intrinsic Value | ||||
Outstanding (in dollars) | $ 9,083 | $ 2,422 | ||
Exercisable | 5,593 | |||
Unrecognized compensation expense | $ 1,635 | $ 3,206 | $ 2,470 | |
Requisite service period to recognize compensation cost (in years) | 1 year 1 month 17 days |
Stock-Based Awards - 2019 Ame_2
Stock-Based Awards - 2019 Amended Plan - Restricted Stock Units (Details) - 2019 Amended Plan - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
RSUs | |||
Units | |||
Outstanding at the beginning of the period (in shares) | 441,132 | 175,688 | |
Granted (in shares) | 232,649 | 328,900 | |
Vested into shares (in shares) | (64,710) | (66,874) | |
Forfeited (in shares) | (8,981) | (470) | |
Outstanding at the end of the period (in shares) | 600,090 | 437,244 | |
Weighted Average Grant Date Fair Value | |||
Outstanding at the beginning of the period (in dollars per share) | $ 20.39 | $ 21.65 | |
Granted (in dollars per share) | 26.40 | 26.55 | |
Vested into shares (in dollars per share) | 24.27 | 24.75 | |
Forfeited (in dollars per share) | 26.29 | 29.13 | |
Outstanding at the end of the period (in dollars per share) | $ 22.21 | $ 24.83 | |
Additional disclosures | |||
Equity instrument other than option, units vested | $ 1,986 | $ 100 | |
PSUs | |||
Units | |||
Outstanding at the beginning of the period (in shares) | 100,195 | 63,727 | |
Granted (in shares) | 56,276 | 39,398 | |
Vested into shares (in shares) | (1,841) | ||
Outstanding at the end of the period (in shares) | 156,471 | 101,284 | |
Weighted Average Grant Date Fair Value | |||
Outstanding at the beginning of the period (in dollars per share) | $ 23.20 | $ 22.76 | |
Granted (in dollars per share) | 25.94 | 29.13 | |
Vested into shares (in dollars per share) | 26.65 | ||
Outstanding at the end of the period (in dollars per share) | $ 24.17 | $ 25.22 | |
Additional disclosures | |||
Equity instrument other than option, units vested | $ 0 | $ 18 | |
Restricted Stock Units and Performance Stock Based Units | |||
Additional disclosures | |||
Unrecognized compensation expense | $ 12,280 | 10,038 | $ 8,222 |
Requisite service period to recognize compensation cost (in years) | 2 years 3 months 3 days | ||
Non Performance Based Stock Options | |||
Additional disclosures | |||
Unrecognized compensation expense | $ 1,635 | 3,206 | $ 2,470 |
Requisite service period to recognize compensation cost (in years) | 1 year 1 month 17 days | ||
Non-performance-based stock options exercised | $ 4,286 | $ 943 |
Stock-Based Awards - Veritex Gr
Stock-Based Awards - Veritex Green 2014 Plan - Options (Details) - Veritex (Green) 2014 Plan - Non Performance Based Stock Options - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Shares Underlying Options | ||||
Outstanding at beginning of period (in shares) | 352,000,000 | 386,969 | 386,969 | |
Granted (in shares) | 31,075 | |||
Forfeited (in shares) | (4,251,000) | (27,070) | ||
Exercised (in shares) | (59,522,000) | (34,476) | ||
Outstanding at the end of period (in shares) | 288,227,000 | 356,498 | 352,000,000 | 386,969 |
Options exercisable at end of period (in shares) | 217,031,000 | 214,342 | ||
Weighted Exercise Price | ||||
Outstanding at beginning of period (in dollars per share) | $ 19.99 | $ 19.30 | $ 19.30 | |
Granted (in dollars per share) | 29.13 | |||
Forfeited (in dollars per share) | 21.38 | 21.38 | ||
Exercised (in dollars per share) | 19.50 | 19.54 | ||
Outstanding at the end of period (in dollars per share) | 20.07 | 19.95 | $ 19.99 | $ 19.30 |
Options exercisable at end of period (in dollars per share) | $ 18.89 | $ 17.87 | ||
Weighted Average Contractual Term | ||||
Outstanding (years) | 6 years 5 months 26 days | 7 years 6 months 10 days | 6 years 11 months 19 days | 7 years 10 months 9 days |
Exercisable | 6 years 18 days | 6 years 7 months 24 days | ||
Aggregate Intrinsic Value | ||||
Outstanding (in dollars) | $ 4,447 | $ 2,124 | ||
Exercisable | 3,585 | |||
Unrecognized compensation expense | $ 349 | $ 910 | $ 626 | |
Requisite service period to recognize compensation cost (in years) | 7 months 28 days |
Stock-Based Awards - Veritex (G
Stock-Based Awards - Veritex (Green) 2014 Plan - Restricted Stock Units (Details) - Veritex (Green) 2014 Plan - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |||
Outstanding at the beginning of the period (in shares) | 156,187 | 116,250 | |
Granted (in shares) | 5,692 | 93,918 | |
Vested into shares (in shares) | (33,335) | (38,744) | |
Forfeited (in shares) | (3,119) | (4,402) | |
Outstanding at the end of the period (in shares) | 125,425 | 167,022 | |
Weighted Average Grant Date Fair Value | |||
Outstanding at the beginning of the period (in dollars per share) | $ 22.64 | $ 21.38 | |
Granted (in dollars per share) | 26.12 | 28.47 | |
Vested into shares (in dollars per share) | 21.38 | 29.13 | |
Forfeited (in dollars per share) | 24.99 | 29.13 | |
Outstanding at the end of the period (in dollars per share) | $ 21.22 | $ 25.33 | |
PSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |||
Outstanding at the beginning of the period (in shares) | 30,728 | 25,320 | |
Granted (in shares) | 6,231 | 8,531 | |
Forfeited (in shares) | (1,060) | ||
Outstanding at the end of the period (in shares) | 35,899 | 33,851 | |
Weighted Average Grant Date Fair Value | |||
Outstanding at the beginning of the period (in dollars per share) | $ 21.43 | $ 21.38 | |
Granted (in dollars per share) | 25.94 | 29.13 | |
Forfeited (in dollars per share) | 19.69 | ||
Outstanding at the end of the period (in dollars per share) | $ 22.26 | $ 23.33 | |
Restricted Stock Units and Performance Stock Based Units | |||
Weighted Average Grant Date Fair Value | |||
Unrecognized compensation expense | $ 2,005 | $ 3,249 | $ 2,484 |
Requisite service period to recognize compensation cost (in years) | 1 year 8 months 1 day |
Stock-Based Awards - Veritex _2
Stock-Based Awards - Veritex (Green) 2014 Plan - Fair Value Options Exercised and Restricted Stock Units Vested (Details) - Veritex (Green) 2014 Plan - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Non Performance Based Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Non-performance-based stock options exercised | $ 1,757 | $ 1,001 |
RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity instrument other than option, units vested | $ 855 | $ 142 |
Stock-Based Awards - Green Banc
Stock-Based Awards - Green Bancorp Inc. 2010 Option Plan (Details) - Non Performance Based Stock Options - Green Bancorp Inc. 2010 Stock Option Plan - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Shares Underlying Options | ||||
Outstanding at beginning of period (in shares) | 131,083 | 571,735 | 571,735 | |
Exercised (in shares) | (62,742) | (440,652) | ||
Outstanding at the end of period (in shares) | 68,341 | 131,083 | 131,083 | 571,735 |
Weighted Exercise Price | ||||
Outstanding at beginning of period (in dollars per share) | $ 11.60 | $ 10.64 | $ 10.64 | |
Exercised (in dollars per share) | 10.51 | 10.35 | ||
Outstanding at the end of period (in dollars per share) | $ 12.60 | $ 11.60 | $ 11.60 | $ 10.64 |
Weighted Average Contractual Term | ||||
Outstanding (years) | 2 years 8 months 1 day | 5 years 4 months 28 days | 4 years 10 months 24 days | 1 year 8 months 26 days |
Aggregate Intrinsic Value | ||||
Outstanding (in dollars) | $ 1,559 | $ 1,843 | ||
Non-performance-based stock options exercised | $ 1,838 | $ 12,231 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense for the period | $ 7,837 | $ 3,987 | $ 16,830 | $ 3,303 |
Effective tax rate | 21.00% | 14.20% | 21.60% | 10.50% |
Net discrete tax expense (benefit), share-based payment award | $ (115) | $ (269) | $ (1,423) | |
Net discrete tax expense | 157 | |||
Net discrete tax expense, true-up adjustment | $ 426 | |||
Effective tax rate excluding discrete tax item | 21.30% | 20.70% | 21.40% | 20.90% |
Net discrete tax benefit, prior year tax return amendment | $ 1,799 |
Capital Requirements and Rest_3
Capital Requirements and Restrictions on Retained Earnings (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021USD ($)$ / shares | Jun. 30, 2020USD ($)$ / shares | Jun. 30, 2021USD ($)$ / shares | Jun. 30, 2020USD ($)$ / shares | Dec. 31, 2020USD ($) | |
Total capital (to risk-weighted assets) | |||||
Actual Amount | $ 1,146,015 | $ 1,146,015 | $ 1,099,031 | ||
Actual Ratio (as a percent) | 0.1286 | 0.1286 | 0.1357 | ||
For Capital Adequacy Purposes Amount | $ 712,918 | $ 712,918 | $ 647,918 | ||
For Capital Adequacy Purposes Ratio (as a percent) | 0.080 | 0.080 | 0.080 | ||
Tier 1 capital (to risk-weighted assets) | |||||
Actual Amount | $ 833,956 | $ 833,956 | $ 782,487 | ||
Actual Ratio (as a percent) | 0.0936 | 0.0936 | 0.0966 | ||
For Capital Adequacy Purposes Amount | $ 534,587 | $ 534,587 | $ 486,017 | ||
For Capital Adequacy Purposes Ratio (as a percent) | 0.060 | 0.060 | 0.060 | ||
Common equity tier 1 (to risk-weighted assets) | |||||
Actual Amount | $ 804,619 | $ 804,619 | $ 753,261 | ||
Actual Ratio (as a percent) | 9.03% | 9.03% | 9.30% | ||
For Capital Adequacy Purposes Amount | $ 400,973 | $ 400,973 | $ 364,481 | ||
For Capital Adequacy Purposes Amount (as a percent) | 4.50% | 4.50% | 4.50% | ||
Tier 1 capital (to average assets) | |||||
Actual Amount | $ 833,956 | $ 833,956 | $ 782,487 | ||
Actual Ratio (as a percent) | 0.0938 | 0.0938 | 0.0943 | ||
For Capital Adequacy Purposes Amount | $ 355,632 | $ 355,632 | $ 331,914 | ||
For Capital Adequacy Purposes Ratio (as a percent) | 0.040 | 0.040 | 0.040 | ||
Dividends paid | $ 8,413 | $ 8,563 | $ 16,771 | $ 17,291 | |
Bank | |||||
Total capital (to risk-weighted assets) | |||||
Actual Amount | $ 1,030,594 | $ 1,030,594 | $ 968,481 | ||
Actual Ratio (as a percent) | 0.1157 | 0.1157 | 0.1196 | ||
For Capital Adequacy Purposes Amount | $ 712,597 | $ 712,597 | $ 647,813 | ||
For Capital Adequacy Purposes Ratio (as a percent) | 0.080 | 0.080 | 0.080 | ||
To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 890,747 | $ 890,747 | $ 809,767 | ||
To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio (as a percent) | 0.100 | 0.100 | 0.100 | ||
Tier 1 capital (to risk-weighted assets) | |||||
Actual Amount | $ 950,947 | $ 950,947 | $ 884,471 | ||
Actual Ratio (as a percent) | 0.1068 | 0.1068 | 0.1092 | ||
For Capital Adequacy Purposes Amount | $ 534,240 | $ 534,240 | $ 485,973 | ||
For Capital Adequacy Purposes Ratio (as a percent) | 0.060 | 0.060 | 0.060 | ||
To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 712,320 | $ 712,320 | $ 647,964 | ||
To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio (as a percent) | 0.080 | 0.080 | 0.080 | ||
Common equity tier 1 (to risk-weighted assets) | |||||
Actual Amount | $ 950,947 | $ 950,947 | $ 884,471 | ||
Actual Ratio (as a percent) | 10.68% | 10.68% | 10.92% | ||
For Capital Adequacy Purposes Amount | $ 400,680 | $ 400,680 | $ 364,480 | ||
For Capital Adequacy Purposes Amount (as a percent) | 4.50% | 4.50% | 4.50% | ||
To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 578,760 | $ 578,760 | $ 526,471 | ||
To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio (as a percent) | 6.50% | 6.50% | 6.50% | ||
Tier 1 capital (to average assets) | |||||
Actual Amount | $ 950,947 | $ 950,947 | $ 884,471 | ||
Actual Ratio (as a percent) | 0.1070 | 0.1070 | 0.1066 | ||
For Capital Adequacy Purposes Amount | $ 355,494 | $ 355,494 | $ 331,884 | ||
For Capital Adequacy Purposes Ratio (as a percent) | 0.040 | 0.040 | 0.040 | ||
To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 444,368 | $ 444,368 | $ 414,855 | ||
To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio (as a percent) | 0.050 | 0.050 | 0.050 | ||
Dividends paid to Holdco | $ 0 | 20,000 | $ 8,440 | $ 45,000 | |
Dividends paid | $ 8,563 | ||||
Dividends paid (in dollars per share) | $ / shares | $ 0.17 | $ 0.34 | |||
Veritex Holdings, Inc. | |||||
Tier 1 capital (to average assets) | |||||
Dividends paid | $ 8,413 | $ 16,771 | |||
Dividends paid (in dollars per share) | $ / shares | $ 0.17 | $ 0.34 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event - Thrive Mortgage, LLC $ in Millions | Jul. 16, 2021USD ($) |
Subsequent Event [Line Items] | |
Business acquisition, percent of interest acquired | 49.00% |
Cash consideration transferred in acquisition | $ 53.9 |
Uncategorized Items - vbtx-2021
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-13 [Member] |