Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2024 | May 03, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
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 $0.01 | |
Trading Symbol | VBTX | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 54,525,408 | |
Entity Central Index Key | 0001501570 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
ASSETS | ||
Cash and due from banks | $ 41,884 | $ 58,914 |
Interest bearing deposits in other banks | 698,885 | 570,149 |
Total cash and cash equivalents | 740,769 | 629,063 |
Debt securities AFS, at fair value | 1,166,268 | 1,076,639 |
Debt securities HTM (fair value of $155,741 and $160,021, at March 31, 2024 and December 31, 2023, respectively) | 178,662 | 180,403 |
Equity securities | 21,676 | 21,521 |
Investment in unconsolidated subsidiaries | 1,018 | 1,018 |
FHLB Stock and FRB Stock | 54,094 | 53,699 |
Total investments | 1,421,718 | 1,333,280 |
LHFS | 64,762 | 79,072 |
LHI, MW | 449,531 | 377,796 |
LHI, excluding MW | 9,249,551 | 9,206,544 |
Less: ACL | (112,032) | (109,816) |
Total LHI, net | 9,587,050 | 9,474,524 |
BOLI | 85,359 | 84,833 |
Premises and equipment, net | 105,299 | 105,727 |
OREO | 18,445 | 0 |
Intangible assets, net of accumulated amortization | 38,679 | 41,753 |
Goodwill | 404,452 | 404,452 |
Other assets | 241,863 | 241,633 |
Total assets | 12,708,396 | 12,394,337 |
Deposits: | ||
Noninterest-bearing deposits | 2,349,211 | 2,218,036 |
Interest-bearing transaction and savings deposits | 4,220,114 | 4,348,385 |
Certificates and other time deposits | 3,486,805 | 3,191,737 |
Correspondent money market deposits | 597,690 | 580,037 |
Total deposits | 10,653,820 | 10,338,195 |
Accounts payable and other liabilities | 186,027 | 195,036 |
Advances from FHLB | 100,000 | 100,000 |
Subordinated debentures and subordinated notes | 230,034 | 229,783 |
Total liabilities | 11,169,881 | 10,863,014 |
Stockholders’ equity: | ||
Common stock, $0.01 par value: Authorized shares - 75,000,000 Issued shares - 61,134,055 and 60,976,462 at March 31, 2024 and December 31, 2023, respectively | 611 | 610 |
APIC | 1,319,144 | 1,317,516 |
Retained earnings | 457,499 | 444,242 |
AOCI | (71,157) | (63,463) |
Treasury stock, 6,638,094 and 6,638,094 shares, at cost, at March 31, 2024 and December 31, 2023, respectively | (167,582) | (167,582) |
Total stockholders’ equity | 1,538,515 | 1,531,323 |
Total liabilities and stockholders’ equity | $ 12,708,396 | $ 12,394,337 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Held-to-maturity debt securities, fair value | $ 155,741 | $ 160,021 |
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) | 61,134,055 | 60,976,462 |
Treasury stock (in shares) | 6,638,094 | 6,638,094 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
INTEREST AND DIVIDEND INCOME | ||
Interest and fees on loans | $ 161,942 | $ 151,707 |
Debt securities | 13,695 | 10,988 |
Deposits in financial institutions and Federal Funds sold | 8,050 | 5,534 |
Equity securities and other investments | 900 | 1,408 |
Total interest and dividend income | 184,587 | 169,637 |
INTEREST EXPENSE | ||
Transaction and savings deposits | 46,784 | 29,857 |
Certificates and other time deposits | 40,492 | 20,967 |
Advances from FHLB | 1,391 | 12,358 |
Subordinated debentures and subordinated notes | 3,114 | 3,066 |
Total interest expense | 91,781 | 66,248 |
NET INTEREST INCOME | 92,806 | 103,389 |
Provision for credit losses | 7,500 | 9,385 |
(Benefit) provision for credit losses on unfunded commitments | (1,541) | 1,497 |
Net interest income after provision (benefit) for credit losses | 86,847 | 92,507 |
NONINTEREST INCOME | ||
Service charges and fees on deposit accounts | 4,896 | 5,017 |
Loan fees | 2,510 | 2,064 |
Loss on sales of debt securities | (6,304) | (5,321) |
Government guaranteed loan income, net | 2,614 | 9,688 |
Equity method investment loss | 0 | (1,521) |
Customer swap income | 408 | 217 |
Other | 2,538 | 3,387 |
Total noninterest income | 6,662 | 13,531 |
NONINTEREST EXPENSE | ||
Salaries and employee benefits | 33,365 | 31,865 |
Occupancy and equipment | 4,677 | 4,973 |
Professional and regulatory fees | 6,053 | 4,389 |
Data processing and software expense | 4,856 | 4,720 |
Marketing | 1,546 | 1,779 |
Amortization of intangibles | 2,438 | 2,495 |
Telephone and communications | 261 | 478 |
Other | 8,920 | 5,916 |
Total noninterest expense | 62,116 | 56,615 |
Income before income tax expense | 31,393 | 49,423 |
Income tax expense | 7,237 | 11,012 |
NET INCOME | $ 24,156 | $ 38,411 |
Basic EPS (in dollars per share) | $ 0.44 | $ 0.71 |
Diluted EPS (in dollars per share) | $ 0.44 | $ 0.70 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
NET INCOME | $ 24,156 | $ 38,411 |
Net unrealized (losses) gains on debt securities AFS: | ||
Change in net unrealized (losses) gains on debt securities AFS during the period, net | (10,421) | 2,547 |
Amortization from transfer of debt securities from AFS to HTM | 2,925 | 3,622 |
Reclassification adjustment for net losses included in net income | 6,304 | 5,321 |
Net unrealized (losses) gains on debt securities AFS | (1,192) | 11,490 |
Net unrealized (losses) gains on derivative instruments designated as cash flow hedges | (8,495) | 7,078 |
Other comprehensive (loss) income, before tax | (9,687) | 18,568 |
Income tax (benefit) expense | (1,993) | 3,673 |
Other comprehensive (loss) income, net of tax | (7,694) | 14,895 |
COMPREHENSIVE INCOME | $ 16,462 | $ 53,306 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Treasury Stock | APIC | Retained Earnings | AOCI |
Beginning balance (in shares) at Dec. 31, 2022 | 54,029,955 | |||||
Beginning balance at Dec. 31, 2022 | $ 1,449,773 | $ 607 | $ (167,582) | $ 1,306,852 | $ 379,299 | $ (69,403) |
Beginning balance (in shares) at Dec. 31, 2022 | 6,638,094 | |||||
Increase (Decrease) in Stockholders' Equity | ||||||
RSU vested, net of shares withheld to cover taxes (in shares) | 161,081 | |||||
RSU vested, net of shares withheld to cover taxes | (1,926) | $ 2 | (1,928) | |||
Exercise of employee stock options, net of $121 and $9,729 shares withheld to cover taxes and exercise, respectively (in shares) | 37,997 | |||||
Exercise of employee stock options, net of $121 and $9,729 shares withheld to cover taxes and exercise, respectively | 534 | 534 | ||||
Stock based compensation | 2,887 | 2,887 | ||||
Net income | 38,411 | 38,411 | ||||
Dividends paid | (10,837) | (10,837) | ||||
Other comprehensive loss | 14,895 | 14,895 | ||||
Ending balance (in shares) at Mar. 31, 2023 | 54,229,033 | |||||
Ending balance at Mar. 31, 2023 | 1,493,737 | $ 609 | $ (167,582) | 1,308,345 | 406,873 | (54,508) |
Ending balance (in shares) at Mar. 31, 2023 | 6,638,094 | |||||
Beginning balance (in shares) at Dec. 31, 2023 | 54,338,368 | |||||
Beginning balance at Dec. 31, 2023 | $ 1,531,323 | $ 610 | $ (167,582) | 1,317,516 | 444,242 | (63,463) |
Beginning balance (in shares) at Dec. 31, 2023 | 6,638,094 | 6,638,094 | ||||
Increase (Decrease) in Stockholders' Equity | ||||||
RSU vested, net of shares withheld to cover taxes (in shares) | 157,593 | |||||
RSU vested, net of shares withheld to cover taxes | $ (1,260) | $ 1 | (1,261) | |||
Stock based compensation | 2,889 | 2,889 | ||||
Net income | 24,156 | 24,156 | ||||
Dividends paid | (10,899) | (10,899) | ||||
Other comprehensive loss | (7,694) | (7,694) | ||||
Ending balance (in shares) at Mar. 31, 2024 | 54,495,961 | |||||
Ending balance at Mar. 31, 2024 | $ 1,538,515 | $ 611 | $ (167,582) | $ 1,319,144 | $ 457,499 | $ (71,157) |
Ending balance (in shares) at Mar. 31, 2024 | 6,638,094 | 6,638,094 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Restricted Stock Units | ||
Shares withheld to cover tax withholdings (in shares) | 69,034 | 71,465 |
Employee Stock Options | ||
Shares withheld to cover tax withholdings (in shares) | 121 | |
Shares withheld to cover exercise price (in shares) | 9,729 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net income | $ 24,156 | $ 38,411 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of fixed assets and intangibles | 5,127 | 4,764 |
Net (accretion) amortization of time deposit premium, debt discount and debt issuance costs | (843) | 240 |
Provision for credit losses and unfunded commitments | 5,959 | 10,882 |
Accretion of loan discount | (422) | (1,014) |
Stock-based compensation expense | 2,889 | 2,887 |
Excess tax expense from stock compensation | 384 | 112 |
Net amortization of premiums on debt securities | 1,191 | 885 |
Unrealized loss (gain) on equity securities recognized in earnings | 105 | (126) |
Change in cash surrender value and mortality rates of BOLI | (526) | (466) |
Loss on sales of debt securities | 6,304 | 5,321 |
Change in fair value of government guaranteed loans using fair value option | 49 | (2,239) |
Gain on sales of mortgage LHFS | (10) | (6) |
Gain on sales of government guaranteed loans | (3,211) | (7,449) |
Servicing asset recoveries, net | (222) | (424) |
Originations of LHFS | (7,842) | (25,136) |
Proceeds from sales of LHFS | 24,148 | 5,520 |
Equity method investment loss | 0 | 1,521 |
Decrease (increase) in other assets | 4,845 | (3,119) |
(Decrease) increase in accounts payable and other liabilities | (17,812) | 3,975 |
Net cash provided by operating activities | 44,269 | 34,539 |
Cash flows from investing activities: | ||
Purchases of AFS debt securities | (229,936) | (149,982) |
Proceeds from sales of AFS debt securities | 113,794 | 109,793 |
Proceeds from maturities, calls and pay downs of AFS debt securities | 18,201 | 175,289 |
Maturity, calls and paydowns of HTM debt securities | 1,366 | 800 |
Purchases of other investments | (655) | (15,045) |
Net loans originated | (153,534) | (134,513) |
Proceeds from sale of government guaranteed loans | 14,409 | (52,868) |
Net (disposals) additions to premises and equipment | (768) | 18 |
Net cash used in investing activities | (237,123) | (66,508) |
Cash flows from financing activities: | ||
Net increase (decrease) in deposits | 316,719 | (88,484) |
Net increase in advances from FHLB | 0 | 505,000 |
Payments to tax authorities for stock-based compensation | (1,260) | (1,926) |
Proceeds from exercise of employee stock options | 0 | 534 |
Dividends paid | (10,899) | (10,837) |
Net cash provided by financing activities | 304,560 | 404,287 |
Net increase in cash and cash equivalents | 111,706 | 372,318 |
Cash and cash equivalents at beginning of period | 629,063 | 436,077 |
Cash and cash equivalents at end of period | $ 740,769 | $ 808,395 |
Operations and Summary of Signi
Operations and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Operations and Summary of Significant Accounting Policies | Operations and Summary of Significant Accounting Policies Organization and Nature of Business 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 19 branches located in the Dallas-Fort Worth metroplex and 11 branches in the Houston metropolitan area. As of this filing, one branch in the Dallas-Fort Worth metroplex was opened after first quarter end 2024. 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 TDB and the Board of Governors of 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 consolidated financial statements include the accounts of Veritex Holdings, Inc. and its subsidiaries, including the Bank. The accompanying unaudited consolidated financial statements have been prepared in accordance with 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 consolidated financial statements include all adjustments of a normal recurring nature necessary for a fair statement of the Company’s consolidated balance sheets at March 31, 2024 and December 31, 2023, consolidated statements of income, consolidated statements of comprehensive income (loss) and consolidated changes in stockholders’ equity for the three months ended March 31, 2024 and 2023 and consolidated statements of cash flows for the three months ended March 31, 2024 and 2023. 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 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 SEC. These unaudited 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, 2023 included in the Company’s Annual Report on Form 10-K, as filed with the SEC on February 28, 2024. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the 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. EPS EPS is 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 months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 Numerator: Net income $ 24,156 $ 38,411 Denominator: Weighted average shares outstanding for basic EPS 54,444 54,149 Dilutive effect of employee stock-based awards 398 457 Adjusted weighted average shares outstanding 54,842 54,606 EPS: Basic $ 0.44 $ 0.71 Diluted $ 0.44 $ 0.70 Antidilutive shares 1,127 834 For the three months ended March 31, 2024, there were 1,127 antidilutive shares excluded from the diluted EPS weighted average shares outstanding, 514 relating to RSUs and 613 relating to stock options. For the three months ended March 31, 2023, there were 834 antidilutive shares excluded from the diluted EPS weighted average shares outstanding, 440 related to RSUs and 214 related to stock options. Cost Method Accounting The Company follows ASC 325-20, Cost Method Investments, to account for its ownership interest in noncontrolled entities. Under ASC 325-20, equity securities that do not have readily determinable fair values (i.e., non-marketable equity securities) and are not required to be accounted for under the equity method are typically carried at cost (i.e., cost method investments). Investments of this nature are initially recorded at cost. Income is recorded for dividends received that are distributed from net accumulated earnings of the noncontrolled entity subsequent to the date of investment. Dividends received in excess of earnings subsequent to the date of investment are considered a return of investment and are recorded as reductions in the cost of the investment. Investments are written down only when there is clear evidence that a decline in value that is other than temporary has occurred. Recent Accounting Pronouncements ASU 2024-01, “ Compensation — Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards ” (“ASU 2024-01”) clarifies how an entity determines whether a profits interest or similar award is within the scope of Topic 718 or is not a share-based payment arrangement and therefore within the scope of other guidance. ASU 2024-01 provides an illustrative example with multiple fact patterns and also amends certain language in the “Scope” and “Scope Exceptions” sections of Topic 718 to improve its clarity and operability without changing the guidance. Entities can apply the amendments either retrospectively to all prior periods presented in the financial statements or prospectively to profits interest and similar awards granted or modified on or after the date of adoption. If prospective application is elected, an entity must disclose the nature of and reason for the change in accounting principle. ASU 2024-01 is effective January 1, 2025, including interim periods, and is not expected to have a significant impact on our financial statements. ASU 2024-02 “ Codification Improvements ” (“ASU 2024-02”) amends the Codification to remove references to various concepts statements and impacts a variety of topics in the Codification. The amendments apply to all reporting entities within the scope of the affected accounting guidance, but in most instances the references removed are extraneous and not required to understand or apply the guidance. Generally, the amendments in ASU 2024-02 are not intended to result in significant accounting changes for most entities. ASU 2024-02 is effective January 1, 2025 and is not expected to have a significant impact on our financial statements. |
Supplemental Statement of Cash
Supplemental Statement of Cash Flows | 3 Months Ended |
Mar. 31, 2024 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Statement of Cash Flows | Supplemental Statement of Cash Flows Other supplemental cash flow information is presented below: Three Months Ended March 31, 2024 2023 (in thousands) Supplemental Disclosures of Cash Flow Information: Cash paid for interest $ 98,354 $ 54,189 Cash paid for income taxes — — |
Securities
Securities | 3 Months Ended |
Mar. 31, 2024 | |
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 $9,792 and $9,897 at March 31, 2024 and December 31, 2023, respectively. The Company did not realize a loss on equity securities with a readily determinable fair value during the three months ended March 31, 2024 or 2023. The gross unrealized loss recognized on equity securities with readily determinable fair values recorded in other noninterest income in the Company’s consolidated statements of income were as follows: Three Months Ended March 31, 2024 2023 Unrealized (loss) gain recognized on equity securities with a readily determinable fair value $ (105) $ 126 Equity Securities Without a Readily Determinable Fair Value The Company held equity securities without a readily determinable fair value and measured at aggregate cost of $38,194 and $11,624 as of March 31, 2024 and December 31, 2023, respectively. Securities Purchased Under Agreements to Resell We held no securities purchased under agreements to resell and we recognized no interest income on securities purchased under agreements to resell during the three months ended March 31, 2024 or 2023. Securities purchased under agreements to resell typically mature 30 days from the settlement date, qualify as a secured borrowing and are measured at amortized cost. Debt Securities Debt securities have been classified in the consolidated balance sheets according to management’s intent. The amortized cost, related gross unrealized gains and losses, ACL and the fair value of AFS and HTM debt securities are as follows: March 31, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses ACL Fair Value AFS Corporate bonds $ 262,526 $ 1,198 $ 26,431 $ — $ 237,293 Municipal securities 14,272 — 3,357 — 10,915 MBS 199,632 3,361 14,686 — 188,307 CMO 574,622 3,520 47,263 — 530,879 Asset-backed securities 122,078 732 2,549 — 120,261 Collateralized loan obligations 78,672 14 73 — 78,613 $ 1,251,802 $ 8,825 $ 94,359 $ — $ 1,166,268 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses ACL Fair Value HTM MBS $ 33,154 $ — $ 6,719 $ — $ 26,435 CMO 33,586 — 4,927 — 28,659 Municipal securities 111,922 7 11,282 — 100,647 $ 178,662 $ 7 $ 22,928 $ — $ 155,741 December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses ACL Fair Value AFS Corporate bonds $ 244,652 $ 1,034 $ 29,566 $ — $ 216,120 Municipal securities 46,631 108 3,258 — 43,481 MBS 194,486 4,430 13,465 — 185,451 CMO 563,421 4,634 46,999 — 521,056 Asset-backed securities 47,738 1,045 2,130 — 46,653 Collateralized loan obligations 64,250 — 372 — 63,878 $ 1,161,178 $ 11,251 $ 95,790 $ — $ 1,076,639 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses ACL Fair Value HTM MBS $ 33,716 $ — $ 6,037 $ — $ 27,679 CMO 34,483 — 4,567 — 29,916 Municipal securities 112,204 86 9,864 — 102,426 $ 180,403 $ 86 $ 20,468 $ — $ 160,021 MBS are commercial MBS, secured by commercial properties, and residential MBS, generally secured by single-family residential properties. All MBS included in the table above were issued by U.S. government agencies or corporations. The Company elected to transfer 25 AFS debt securities with an aggregate fair value of $117,001 to a classification of HTM debt securities on January 1, 2022. In accordance with FASB ASC 320-10-35-10, the transfer from AFS to HTM was recorded at the fair value of the AFS debt securities at the time of transfer. The net unrealized holding gain retained in AOCI for securities transferred from AFS to HTM was $2,925 and $3,122 at March 31, 2024 and December 31, 2023, respectively. The following tables disclose the Company’s debt securities in an unrealized loss position, aggregated by investment category and length of time that individual debt securities have been in a continuous loss position: March 31, 2024 Less Than 12 Months 12 Months or More Totals Fair Unrealized Fair Unrealized Fair Unrealized AFS Corporate bonds $ 53,376 $ 5,297 $ 164,604 $ 21,134 $ 217,980 $ 26,431 Municipal securities 10,915 3,357 — — 10,915 3,357 MBS — — 87,805 14,686 87,805 14,686 CMO 61,680 1,066 339,830 46,197 401,510 47,263 Asset-backed securities 64,037 1,999 6,250 550 70,287 2,549 Collateralized loan obligations — — 33,177 73 33,177 73 $ 190,008 $ 11,719 $ 631,666 $ 82,640 $ 821,674 $ 94,359 HTM MBS $ — $ — $ 26,435 $ 6,719 $ 26,435 $ 6,719 CMO — — 28,659 4,927 28,659 4,927 Municipal securities 100,109 11,275 — — 100,109 11,275 $ 100,109 $ 11,275 $ 55,094 $ 11,646 $ 155,203 $ 22,921 December 31, 2023 Less Than 12 Months 12 Months or More Totals Fair Unrealized Loss Fair Unrealized Loss Fair Unrealized Loss AFS Corporate bonds $ 34,989 $ 5,970 $ 162,148 $ 23,596 $ 197,137 $ 29,566 Municipal securities 6,792 45 22,052 3,213 28,844 3,258 MBS — — 104,486 13,465 104,486 13,465 CMO — — 419,044 46,999 419,044 46,999 Asset-backed securities 9,011 1,559 8,847 571 17,858 2,130 Collateralized loan obligations — — 63,878 372 63,878 372 $ 50,792 $ 7,574 $ 780,455 $ 88,216 $ 831,247 $ 95,790 HTM MBS $ — $ — $ 27,679 $ 6,037 $ 27,679 $ 6,037 CMO — — 29,916 4,567 29,916 4,567 Municipal securities 7,845 270 79,713 9,594 87,558 9,864 $ 7,845 $ 270 $ 137,308 $ 20,198 $ 145,153 $ 20,468 Management evaluates AFS 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 AFS debt securities in an unrealized loss position totaled 133 and 142 at March 31, 2024 and December 31, 2023, 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 March 31, 2024, management believes that the unrealized losses detailed in the previous table 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 consolidated statements of income. The following table presents the activity in the ACL for AFS debt securities: Three Months ended March 31, 2024 2023 ACL: Beginning balance $ — $ — Credit loss expense — 885 ACL ending balance $ — $ 885 The amortized costs and estimated fair values of AFS and HTM debt securities, 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. MBS, CMOs, 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 MBS, CMOs, 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. March 31, 2024 AFS HTM Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 2,010 $ 1,977 $ 3,977 $ 3,963 Due from one year to five years 45,060 45,423 447 443 Due from five years to ten years 199,462 177,121 20,060 19,570 Due after ten years 30,266 23,687 87,438 76,671 276,798 248,208 111,922 100,647 MBS and CMO 774,254 719,186 66,740 55,094 Asset-backed securities 122,078 120,261 — — Collateralized loan obligations 78,672 78,613 — — $ 1,251,802 $ 1,166,268 $ 178,662 $ 155,741 December 31, 2023 AFS HTM Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 2,018 $ 1,906 $ — $ — Due from one year to five years 46,645 46,682 4,445 4,448 Due from five years to ten years 188,526 163,397 12,806 12,628 Due after ten years 54,094 47,616 94,953 85,350 291,283 259,601 112,204 102,426 MBS and CMO 757,907 706,507 68,199 57,595 Asset-backed securities 47,738 46,653 — — Collateralized loan obligations 64,250 63,878 — — $ 1,161,178 $ 1,076,639 $ 180,403 $ 160,021 Proceeds from sales of debt securities AFS and gross gains and losses for the three months ended March 31, 2024 and 2023 were as follows: Three Months Ended March 31, 2024 2023 Proceeds from sales $ 113,794 $ 109,793 Gross realized losses 6,304 5,321 As of March 31, 2024 and December 31, 2023, 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 March 31, 2024 and December 31, 2023. |
LHI and ACL
LHI and ACL | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
LHI and ACL | LHI and ACL LHI in the accompanying consolidated balance sheets are summarized as follows: March 31, 2024 December 31, 2023 LHI, carried at amortized cost: Real estate: Construction and land $ 1,568,257 $ 1,734,254 Farmland 30,979 31,114 1 - 4 family residential 969,401 937,119 Multi-family residential 751,607 605,817 OOCRE 788,376 794,088 NOOCRE 2,352,993 2,350,725 Commercial 2,785,987 2,752,063 MW 449,531 377,796 Consumer 8,882 10,149 $ 9,706,013 $ 9,593,125 Deferred loan fees, net (6,931) (8,785) ACL (112,032) (109,816) Total LHI, net $ 9,587,050 $ 9,474,524 Included in the total LHI, net, as of March 31, 2024 and December 31, 2023 was an accretable discount related to purchased performing and PCD loans acquired in the approximate amounts of $5,084 and $5,334, 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 March 31, 2024 and December 31, 2023 is a discount on retained loans from sale of originated SBA and USDA loans of $8,512 and $7,629, respectively. During the year ended December 31, 2022, the Company purchased $223,924 in pooled residential real estate loans at a net discount, with a remaining balance of $160,695 as of March 31, 2024. The remaining net purchase discount of $3,005 and $3,231 related to these 1-4 family residential loans purchased is included in the total LHI, net, as of March 31, 2024 and December 31, 2023, respectively. No additional pooled residential real estate loans have been repurchased since 2022. ACL The Company’s estimate of the ACL reflects losses expected over the remaining contractual life of the assets. The activity in the ACL related to LHI is as follows: Three Months Ended March 31, 2024 Construction and Land Farmland Residential Multifamily OOCRE NOOCRE Commercial MW Consumer Total Balance at beginning of the period $ 21,032 $ 101 $ 9,539 $ 4,882 $ 10,252 $ 27,729 $ 35,886 $ 260 $ 135 $ 109,816 Credit loss expense non-PCD loans (1,251) 6 1,978 1,457 47 11,653 (2,136) 144 42 11,940 Credit (benefit) loss expense PCD loans — — (2) — (377) (3,952) (109) — — (4,440) Charge-offs — — — — (120) (4,293) (946) — (71) (5,430) Recoveries — — 1 — — — 96 — 49 146 Ending Balance $ 19,781 $ 107 $ 11,516 $ 6,339 $ 9,802 $ 31,137 $ 32,791 $ 404 $ 155 $ 112,032 Three Months Ended March 31, 2023 Construction and Land Farmland Residential Multifamily OOCRE NOOCRE Commercial Consumer Total Balance at beginning of the period $ 13,120 $ 127 $ 9,533 $ 2,607 $ 8,707 $ 26,704 $ 30,142 $ 112 $ 91,052 Credit loss (benefit) expense non-PCD loans 4,240 41 12 877 238 (499) 2,995 363 8,267 Credit (benefit) loss expense PCD loans (46) — (5) — (16) 33 267 — 233 Charge-offs — — — — (116) — (1,051) (62) (1,229) Recoveries — — 1 — — — 364 6 371 Ending Balance $ 17,314 $ 168 $ 9,541 $ 3,484 $ 8,813 $ 26,238 $ 32,717 $ 419 $ 98,694 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. A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. 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: March 31, 2024 December 31, 2023 Real Property (1) ACL Allocation Real Property (1) ACL Allocation Construction and land $ 159 $ 7 $ — $ — 1 - 4 family residential 530 44 — — OOCRE 9,357 — 3,059 47 NOOCRE 9,344 — 21,169 — Commercial 18,379 2,906 20,711 3,339 Total $ 37,769 $ 2,957 $ 44,939 $ 3,386 (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 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 March 31, 2024 and December 31, 2023, were as follows: March 31, 2024 December 31, 2023 Nonaccrual Nonaccrual With No ACL Nonaccrual Nonaccrual With No ACL Construction and land $ 6,737 $ 6,619 $ 6,793 $ 6,793 1 - 4 family residential 3,263 3,058 1,965 1,965 OOCRE 15,126 15,126 9,719 9,493 NOOCRE 22,366 11,866 33,479 33,479 Commercial 37,627 10,086 40,868 10,610 Consumer 21 21 24 24 Total $ 85,140 $ 46,776 $ 92,848 $ 62,364 There were $9,419 and $13,715 of PCD loans that are not accounted for on a pooled basis included in nonaccrual loans at March 31, 2024 and December 31, 2023, respectively. During the three months ended March 31, 2024 and 2023, interest income not recognized on nonaccrual loans was $781 and 772, respectively. An age analysis of past due loans, aggregated by class of loans and including past due nonaccrual loans, as of March 31, 2024 and December 31, 2023, is as follows: March 31, 2024 30 to 59 Days 60 to 89 Days 90 Days or Greater Total Past Due Total Current Total Total 90 Days Past Due and Still Accruing Real estate: Construction and land $ 13,150 $ 59 $ 6,678 $ 19,887 $ 1,548,370 $ 1,568,257 $ — Farmland — — — — 30,979 30,979 — 1 - 4 family residential 2,352 459 2,159 4,970 964,431 969,401 — Multi-family residential — — — — 751,607 751,607 — OOCRE 1,826 — 15,346 17,172 771,204 788,376 220 NOOCRE 10,605 2,847 12,658 26,110 2,326,883 2,352,993 — Commercial 427 3,075 9,963 13,465 2,772,522 2,785,987 — MW — — — — 449,531 449,531 — Consumer 11 — — 11 8,871 8,882 — Total $ 28,371 $ 6,440 $ 46,804 $ 81,615 $ 9,624,398 $ 9,706,013 $ 220 December 31, 2023 30 to 59 Days 60 to 89 Days 90 Days or Greater Total Past Due Total Current Total Total 90 Days Past Due and Still Accruing (2) Real estate: Construction and land $ 29,379 $ — $ 6,793 $ 36,172 $ 1,698,082 $ 1,734,254 $ — Farmland — — — — 31,114 31,114 — 1 - 4 family residential 4,359 2,535 3,691 10,585 926,534 937,119 1,726 Multi-family residential 15,095 — — 15,095 590,722 605,817 — OOCRE 916 114 10,185 11,215 782,873 794,088 466 NOOCRE 3,182 642 20,547 24,371 2,326,354 2,350,725 783 Commercial 3,485 1,394 9,122 14,001 2,738,062 2,752,063 — MW — — — — 377,796 377,796 — Consumer 76 — — 76 10,073 10,149 — Total $ 56,492 $ 4,685 $ 50,338 $ 111,515 $ 9,481,610 $ 9,593,125 $ 2,975 Loans 90 days past due and still accruing interest are considered well-secured and in the process of collection as of the reporting date with plans in place for the borrowers to bring the notes fully current. The Company believes that it will collect all principal and interest due on each of the loans 90 days past due and still accruing. Modifications to Borrowers Experiencing Financial Difficulty The Company adopted ASU 2022-02, Financial Instruments - Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures, effective January 1, 2023. The amendments in ASU 2022-02 eliminated the recognition and measure of troubled debt restructurings and enhanced disclosures for loan modifications to borrowers experiencing financial difficulty. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification. Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the ACL (due to the measurement methodologies used to estimate the allowance), a change to the ACL is generally not recorded upon modification. The following table shows the amortized cost basis at the end of the reporting period of the loans modified to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of concession granted during the three months ended March 31, 2024: Loan Modifications Made to Borrowers Experiencing Financial Difficulty Interest Rate Reduction Financial Impact Amortized Cost Basis % of Loan Class NOOCRE $ 28,441 1.2 % Interest rate reduced longer than 3 months Term Extension Amortized Cost Basis % of Loan Class Financial Impact Construction and land $ 2,000 0.1 % Principal and interest payments deferred longer than three months Combination - Interest Rate Reduction and Term Extension Amortized Cost Basis % of Loan Class Financial Impact NOOCRE $ 45,762 1.9 % Principal payments deferred and interest rate reduced longer than three months Commercial 6,336 0.2 % Principal payments deferred and interest rate reduced longer than three months $ 52,098 No modifications to borrowers in financial difficulty had a payment default during the period and were modified in the 12 months before default to borrowers experiencing financial difficulty. The Company closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table depicts the performance of loans that have been modified in the last 12 months: Payment Status Current 30-59 Days Past Due 60-89 Days Past Due 90+ Days Past Due Construction and land $ — $ 2,000 $ — $ — NOOCRE 84,190 9,343 — — Commercial 27,764 — — 2,108 Total $ 111,954 $ 11,343 $ — $ 2,108 The Company has not committed to lend additional amounts to customers with outstanding loans classified as Troubled Loan Modifications as of March 31, 2024 or December 31, 2023. 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 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total As of March 31, 2024 Construction and land: Pass $ 32,907 $ 100,050 $ 788,951 $ 372,550 $ 34,954 $ 6,324 $ 205,423 $ — $ 1,541,159 Special mention — 12,112 2,000 4,968 — — 1,281 — 20,361 Substandard — — 6,706 — 31 — — — 6,737 Total construction and land $ 32,907 $ 112,162 $ 797,657 $ 377,518 $ 34,985 $ 6,324 $ 206,704 $ — $ 1,568,257 Construction and land gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Farmland: Pass $ 132 $ 2,517 $ 4,372 $ — $ 17,863 $ 4,927 $ 1,168 $ — $ 30,979 Total farmland $ 132 $ 2,517 $ 4,372 $ — $ 17,863 $ 4,927 $ 1,168 $ — $ 30,979 Farmland gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — 1 - 4 family residential: Pass $ 18,518 $ 77,907 $ 139,311 $ 209,626 $ 82,714 $ 288,540 $ 114,455 $ 17,236 $ 948,307 Special mention — 3,722 — — — 1,227 — — 4,949 Substandard — — 861 852 50 12,739 529 — 15,031 PCD — — — — — 1,114 — — 1,114 Total 1 - 4 family residential $ 18,518 $ 81,629 $ 140,172 $ 210,478 $ 82,764 $ 303,620 $ 114,984 $ 17,236 $ 969,401 1-4 family residential gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Multi-family residential: Pass $ — $ 11,788 $ 104,244 $ 338,897 $ 264,985 $ 21,038 $ 10,655 $ — $ 751,607 Total multi-family residential $ — $ 11,788 $ 104,244 $ 338,897 $ 264,985 $ 21,038 $ 10,655 $ — $ 751,607 Multi-family residential gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — OOCRE: Pass $ 14,365 $ 141,955 $ 176,643 $ 100,173 $ 89,496 $ 201,542 $ 4,623 $ — $ 728,797 Special mention — 5,446 468 4,030 1,405 15,926 210 — 27,485 Substandard — — 9,357 2,963 2,945 6,261 — — 21,526 PCD — — — — — 10,568 — — 10,568 Total OOCRE $ 14,365 $ 147,401 $ 186,468 $ 107,166 $ 93,846 $ 234,297 $ 4,833 $ — $ 788,376 OOCRE gross charge-offs $ — $ — $ — $ — $ — $ 120 $ — $ — $ 120 NOOCRE: Pass $ 17,713 $ 50,026 $ 667,589 $ 546,455 $ 239,974 $ 497,749 $ 33,047 $ 571 $ 2,053,124 Special mention — — 57,088 27,217 28,614 135,930 — — 248,849 Substandard — — 3,858 3,241 303 33,834 — — 41,236 PCD — — — — — 9,784 — — 9,784 Total NOOCRE $ 17,713 $ 50,026 $ 728,535 $ 576,913 $ 268,891 $ 677,297 $ 33,047 $ 571 $ 2,352,993 NOOCRE gross charge-offs $ — $ — $ — $ — $ — $ 4,293 $ — $ — $ 4,293 Commercial: Pass $ 80,714 $ 271,814 $ 336,946 $ 74,917 $ 39,435 $ 83,231 $ 1,772,806 $ 1,151 $ 2,661,014 Special mention — 2,544 13,057 12,221 75 6,008 14,184 25 48,114 Substandard — 695 16,431 9,990 1,009 15,593 32,721 — 76,439 PCD — — — — — 420 — — 420 Total commercial $ 80,714 $ 275,053 $ 366,434 $ 97,128 $ 40,519 $ 105,252 $ 1,819,711 $ 1,176 $ 2,785,987 Commercial gross charge-offs $ — $ — $ 43 $ — $ — $ 903 $ — $ — $ 946 MW: Pass $ 144 $ 1,592 $ — $ — $ — $ — $ 447,795 $ — $ 449,531 Total MW $ 144 $ 1,592 $ — $ — $ — $ — $ 447,795 $ — $ 449,531 MW gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Consumer: Pass $ 604 $ 3,141 $ 866 $ 251 $ 552 $ 1,678 $ 1,628 $ — $ 8,720 Special mention — — — — — 82 — — 82 Substandard — — 2 — — 67 — — 69 PCD — — — — — 11 — — 11 Total consumer $ 604 $ 3,141 $ 868 $ 251 $ 552 $ 1,838 $ 1,628 $ — $ 8,882 Consumer gross charge-offs $ — $ — $ — $ — $ — $ 71 $ — $ — $ 71 Total Pass $ 165,097 $ 660,790 $ 2,218,922 $ 1,642,869 $ 769,973 $ 1,105,029 $ 2,591,600 $ 18,958 $ 9,173,238 Total Special Mention — 23,824 72,613 48,436 30,094 159,173 15,675 25 349,840 Total Substandard — 695 37,215 17,046 4,338 68,494 33,250 — 161,038 Total PCD — — — — — 21,897 — — 21,897 Total $ 165,097 $ 685,309 $ 2,328,750 $ 1,708,351 $ 804,405 $ 1,354,593 $ 2,640,525 $ 18,983 $ 9,706,013 Current period gross charge-offs $ — $ — $ 43 $ — $ — $ 5,387 $ — $ — $ 5,430 1 Term loans amortized cost basis by origination year excludes $6,931 of deferred loan fees, net. Term Loans Amortized Cost Basis by Origination Year 1 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total As of December 31, Construction and land: Pass $ 116,333 $ 740,244 $ 538,946 $ 109,017 $ 3,089 $ 3,661 $ 181,940 $ — $ 1,693,230 Special mention 593 13,782 4,980 3,439 — 8,760 2,677 — 34,231 Substandard — 6,547 — 246 — — — — 6,793 Total construction and land $ 116,926 $ 760,573 $ 543,926 $ 112,702 $ 3,089 $ 12,421 $ 184,617 $ — $ 1,734,254 Construction and land gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Farmland: Pass $ 2,531 $ 4,398 $ — $ 17,999 $ 15 $ 4,944 $ 1,227 $ — $ 31,114 Total farmland $ 2,531 $ 4,398 $ — $ 17,999 $ 15 $ 4,944 $ 1,227 $ — $ 31,114 Farmland gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — 1 - 4 family residential: Pass $ 73,289 $ 140,824 $ 193,914 $ 79,767 $ 38,589 $ 270,193 $ 114,275 $ 17,255 $ 928,106 Special mention 3,732 531 — — — 238 — — 4,501 Substandard — 144 902 — 106 1,701 529 — 3,382 PCD — — — — — 1,130 — — 1,130 Total 1 - 4 family residential $ 77,021 $ 141,499 $ 194,816 $ 79,767 $ 38,695 $ 273,262 $ 114,804 $ 17,255 $ 937,119 1-4 Family gross charge-offs $ — $ — $ — $ — $ 21 $ — $ — $ — $ 21 Multi-family residential: Pass $ 9,441 $ 82,040 $ 257,714 $ 196,575 $ 8,054 $ 14,570 $ 10,627 $ — $ 579,021 Special mention — — — — — 11,701 — — 11,701 Substandard — — — — — 15,095 — — 15,095 Total multi-family residential $ 9,441 $ 82,040 $ 257,714 $ 196,575 $ 8,054 $ 41,366 $ 10,627 $ — $ 605,817 Multifamily gross charge-offs $ — $ — $ — $ — $ 192 $ — $ — $ — $ 192 OOCRE: Pass $ 129,463 $ 178,777 $ 113,207 $ 90,219 $ 39,876 $ 166,270 $ 4,618 $ — $ 722,430 Special mention 5,481 — 2,479 1,019 1,961 14,775 210 — 25,925 Substandard — 9,357 2,131 3,644 736 11,695 — — 27,563 PCD — — — — — 18,170 — — 18,170 Total OOCRE $ 134,944 $ 188,134 $ 117,817 $ 94,882 $ 42,573 $ 210,910 $ 4,828 $ — $ 794,088 OOCRE gross charge-offs $ — $ — $ — $ 369 $ 5 $ 481 $ — $ — $ 855 NOOCRE: Pass $ 33,525 $ 724,110 $ 500,354 $ 247,385 $ 148,046 $ 381,559 $ 30,524 $ 577 $ 2,066,080 Special mention — 5,950 25,985 26,175 68,616 55,805 — — 182,531 Substandard — 3,858 2,774 364 2,620 78,414 — — 88,030 PCD — — — — — 14,084 — — 14,084 Total NOOCRE $ 33,525 $ 733,918 $ 529,113 $ 273,924 $ 219,282 $ 529,862 $ 30,524 $ 577 $ 2,350,725 NOOCRE gross charge-offs $ — $ — $ — $ — $ — $ 13,649 $ — $ — $ 13,649 Commercial: Pass $ 314,939 $ 384,713 $ 86,757 $ 38,554 $ 43,535 $ 45,812 $ 1,725,663 $ 1,044 $ 2,641,017 Special mention 4,584 13,583 12,794 541 — 10,144 9,392 35 51,073 Substandard 640 16,974 3,978 545 3,767 15,843 15,244 74 57,065 PCD — — — — — 2,908 — — 2,908 Total commercial $ 320,163 $ 415,270 $ 103,529 $ 39,640 $ 47,302 $ 74,707 $ 1,750,299 $ 1,153 $ 2,752,063 Commercial gross charge-offs $ — $ 2,158 $ — $ 2,572 $ 1,083 $ 4,600 $ — $ — $ 10,413 MW: Pass $ 1,905 $ — $ — $ — $ — $ — $ 375,891 $ — $ 377,796 Total MW $ 1,905 $ — $ — $ — $ — $ — $ 375,891 $ — $ 377,796 MW gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Consumer: Pass $ 4,552 $ 1,045 $ 276 $ 604 $ 89 $ 1,678 $ 1,728 $ — $ 9,972 Special mention — — — — — 85 — — 85 Substandard — — 4 — 12 63 — — 79 PCD — — — — — 13 — — 13 Total consumer $ 4,552 $ 1,045 $ 280 $ 604 $ 101 $ 1,839 $ 1,728 $ — $ 10,149 Consumer gross charge-offs $ — $ 29 $ 2 $ — $ — $ 205 $ — $ — $ 236 Total Pass $ 685,978 $ 2,256,151 $ 1,691,168 $ 780,120 $ 281,293 $ 888,687 $ 2,446,493 $ 18,876 $ 9,048,766 Total Special Mention 14,390 33,846 46,238 31,174 70,577 101,508 12,279 35 310,047 Total Substandard 640 36,880 9,789 4,799 7,241 122,811 15,773 74 198,007 Total PCD — — — — — 36,305 — — 36,305 Total $ 701,008 $ 2,326,877 $ 1,747,195 $ 816,093 $ 359,111 $ 1,149,311 $ 2,474,545 $ 18,985 $ 9,593,125 Current year gross charge-offs $ — $ 2,187 $ 2 $ 2,941 $ 1,301 $ 18,935 $ — $ — $ 25,366 1 Term loans amortized cost basis by origination year excludes $8,785 of deferred loan fees, net. Servicing Assets The Company was servicing loans of approximately $586,583 and $571,611 as of March 31, 2024 and 2023, respectively. A summary of the changes in the related servicing assets are as follows: Three Months Ended March 31, 2024 2023 Balance at beginning of period $ 13,258 $ 14,880 Increase from loan sales 635 959 Servicing asset impairment, net recoveries 222 424 Amortization charged as a reduction to income (1,493) (1,015) Balance at end of period $ 12,622 $ 15,248 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 March 31, 2024 and 2023 there was a valuation allowance of $1,310 an d $2,027, respect ively. 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 The following table reflects principal sold and related gain for SBA and USDA LHI. The gain on sale of these loans is recorded in government guaranteed loan income, net in the Company’s consolidated statements of income. Three Months Ended March 31, 2024 2023 SBA LHI principal sold $ 13,233 $ 6,340 Gain on sale of SBA LHI 1,176 148 USDA LHI principal sold — 44,002 Gain on sale of USDA LHI — 6,984 LHFS The following table reflects LHFS. March 31, 2024 December 31, 2023 SBA/USDA construction and land $ 41,456 $ 41,492 1 - 4 family residential 772 788 SBA OOCRE 3,976 16,758 NOOCRE 10,500 10,500 SBA commercial 8,058 9,534 Total LHFS $ 64,762 $ 79,072 |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value The following table summarizes assets measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: March 31, 2024 Level 1 Level 2 Level 3 Total Financial Assets: AFS debt securities $ — $ 1,166,268 $ — $ 1,166,268 Equity securities with a readily determinable fair value 9,792 — — 9,792 LHFS (1) — 53,490 — 53,490 Interest rate swap designated as hedging instruments — 14,370 — 14,370 Correspondent interest rate swaps not designated as hedging instruments — 36,357 — 36,357 Customer interest rate swaps not designated as hedging instruments — 941 — 941 Correspondent interest rate caps and collars not designated as hedging instruments — 1,367 — 1,367 Financial Liabilities: Interest rate swap designated as hedging instruments $ — $ 50,431 $ — $ 50,431 Correspondent interest rate swaps not designated as hedging instruments — 1,068 — 1,068 Customer interest rate swaps not designated as hedging instruments — 35,755 — 35,755 Customer interest rate caps and collars not designated as hedging instruments — 1,367 — 1,367 1 Represents LHFS elected to be carried at fair value upon origination or acquisition. December 31, 2023 Level 1 Level 2 Level 3 Total Financial Assets: AFS debt securities $ — $ 1,076,639 $ — $ 1,076,639 Equity securities with a readily determinable fair value 9,897 — — 9,897 LHFS (1) — 67,784 — 67,784 Interest rate swap designated as hedging instruments — 18,814 — 18,814 Correspondent interest rate swaps not designated as hedging instruments — 28,007 — 28,007 Customer interest rate swaps not designated as hedging instruments — 2,118 — 2,118 Correspondent interest rate caps and collars not designated as hedging instruments — 1,344 — 1,344 Financial Liabilities: Interest rate swap designated as hedging instruments $ — $ 47,121 $ — $ 47,121 Correspondent interest rate swaps not designated as hedging instruments — 2,322 — 2,322 Customer interest rate swaps not designated as hedging instruments — 27,288 — 27,288 Customer interest rate caps and collars not designated as hedging instruments — 1,344 — 1,344 (1) Represents LHFS elected to be carried at fair value upon origination or acquisition. There were no transfers between Level 2 and Level 3 during the three months ended March 31, 2024 and December 31, 2023. The following table summarizes assets measured at fair value on a non-recurring basis as of March 31, 2024 and December 31, 2023, 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 March 31, 2024 Assets: Collateral dependent loans with an ACL $ — $ — $ 13,160 $ 13,160 Servicing assets with a valuation allowance — — 4,728 4,728 OREO — — 18,445 18,445 As of December 31, 2023 Assets: Collateral dependent loans with an ACL $ — $ — $ 14,274 $ 14,274 Servicing assets with a valuation allowance — — 6,682 6,682 At March 31, 2024, collateral dependent loans with an allowance had a recorded investment of $16,117, with $2,957 specific ACL allocated. At December 31, 2023, collateral dependent loans with an allowance had a carrying value of $17,660, with $3,386 of specific ACL allocated. At March 31, 2024, servicing assets of $6,038 had a valuation allowance totaling $1,310. At December 31, 2023, servicing assets of $8,214 had a valuation allowance totaling $1,532. OREO primarily consists of five properties recorded with a fair value of approximately $18,445 at March 31, 2024 . There were no OREO properties recorded as of December 31, 2023. There were no liabilities measured at fair value on a non-recurring basis as of March 31, 2024 or December 31, 2023. 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, 2023. 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 March 31, 2024 and December 31, 2023 were as follows: Fair Value Carrying Level 1 Level 2 Level 3 March 31, 2024 Financial assets: Cash and cash equivalents $ 740,769 $ — $ 740,769 $ — HTM debt securities 178,662 — 155,741 — LHFS (1) 11,272 — 11,272 — LHI (2) 9,573,890 — — 9,409,404 Accrued interest receivable 51,476 — 51,476 — BOLI 85,359 — 85,359 — Servicing asset 7,894 — 7,894 — Equity securities without a readily determinable fair value 38,194 N/A N/A N/A FHLB and FRB stock 54,094 N/A N/A N/A Financial liabilities: Noninterest-bearing deposits $ 2,349,211 $ — $ 2,349,211 $ — Interest-bearing deposits 8,304,609 — 8,147,449 — Advances from FHLB 100,000 — 100,056 — Accrued interest payable 33,200 — 33,200 — Subordinated debentures and subordinated notes 230,034 — 230,034 — December 31, 2023 Financial assets: Cash and cash equivalents $ 629,063 $ — $ 629,063 $ — HTM debt securities 180,403 — 160,021 — LHFS (1) 11,288 — 11,288 — LHI (2) 9,577,180 — — 9,322,744 Accrued interest receivable 53,313 — 53,313 — BOLI 84,833 — 84,833 — Servicing asset 6,576 — 6,576 — Equity securities without a readily determinable fair value 11,624 N/A N/A N/A FHLB and FRB stock 53,699 N/A N/A N/A Financial liabilities: Noninterest-bearing deposits $ 2,218,036 $ — $ 2,218,036 $ — Interest-bearing deposits 8,120,159 — 8,096,209 — Advances from FHLB 100,000 — 100,051 — Accrued interest payable 41,948 — 41,948 — Subordinated debentures and subordinated notes 229,783 — 229,783 — (1) LHFS primarily represent commercial loans moved to held for sale or mortgage LHFS that are carried at lower of cost or market. (2) LHI includes MW and is carried at amortized cost. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
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 consolidated balance sheets and in the net change in each of these financial statement line items in the accompanying 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 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 March 31, 2024 and December 31, 2023 are as shown in the table below. March 31, 2024 December 31, 2023 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 money market deposit account payments $ 250,000 $ 11,047 $ — $ 250,000 $ 12,208 $ — Interest rate swaps on fixed rate advances/brokered CDs 200,000 — 1,286 200,000 — 4,296 Interest rate swaps on customer loan interest payments 375,000 — 45,237 375,000 — 40,055 Interest rate collars on customer loan interest payments 450,000 1,151 3,908 450,000 2,304 2,770 Interest rate floor on customer loan interest payments 200,000 2,172 — 200,000 4,302 — Total derivatives designated as hedging instruments $ 1,475,000 $ 14,370 $ 50,431 $ 1,475,000 $ 18,814 $ 47,121 Derivatives not designated as hedging instruments: Financial institution counterparty: Interest rate swaps $ 907,171 $ 36,357 $ 1,068 $ 893,702 $ 28,007 $ 2,322 Interest rate caps and corridors 319,974 1,367 — 285,370 1,344 — Commercial customer counterparty: Interest rate swaps 907,171 941 35,755 893,702 2,118 27,288 Interest rate caps and corridors 319,974 — 1,367 285,370 — 1,344 Total derivatives not designated as hedging instruments $ 2,454,290 $ 38,665 $ 38,190 $ 2,358,144 $ 31,469 $ 30,954 Offsetting derivative assets/liabilities — (33,531) (33,531) — (29,463) (29,463) Total derivatives $ 3,929,290 $ 19,504 $ 55,090 $ 3,833,144 $ 20,820 $ 48,612 Pre-tax (loss) gain included in the consolidated statements of income and related to derivative instruments for the three months ended March 31, 2024 and 2023 were as follows. For the Three Months Ended For the Three Months Ended (Loss) gain recognized in other comprehensive income on derivative Gain (loss) reclassified from accumulated other comprehensive income into income Location of (loss) gain reclassified from accumulated other comprehensive income into income (Loss) gain recognized in other comprehensive income on derivative Gain (loss) 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 $ (1,094) $ 1,094 Interest Expense $ (1,082) $ 1,082 Interest Expense Interest rate swap on money market deposit account payments 1,849 3,439 Interest Expense (3,977) 2,568 Interest Expense Interest rate swaps, collars and floors on customer loan interest payments (9,250) (5,369) Interest Income 12,136 (3,807) Interest Income Total $ (8,495) $ (836) $ 7,077 $ (157) 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 $ 449 $ 212 Cash Flow Hedges We enter into cash flow hedge relationships to 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. To qualify for hedge accounting, a formal assessment is prepared to determine whether the hedging relationship, both at inception and on an ongoing basis, is expected to be highly effective in achieving offsetting cash flows attributable to the hedged risk during the term of the cash flow hedge. At inception a statistical regression analysis is prepared to determine hedge effectiveness. At each reporting period thereafter, a statistical regression or qualitative analysis is performed. If it is determined that hedge effectiveness has not been or will not continue to be highly effective, then hedge accounting ceases and any gain or loss in AOCI is recognized in earnings immediately. The cash flow hedges are recorded at fair value in other assets and other liabilities on the consolidated balance sheets with changes in fair value recorded in AOCI, net of tax. Amounts recorded to AOCI are reclassified into earnings in the same period in which the hedged asset or liability affects earnings and are presented in the same income statement line item as the earnings effect of the hedged asset or liability. 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 March 31, 2024 and December 31, 2023. March 31, 2024 Notional Amount Fixed Rate Floating Rate Maturity Fair Value Non-hedging derivative instruments: Customer interest rate derivative: Interest rate swaps - receive fixed/pay floating $ 907,171 2.4% - 7.4% LIBOR 1 month + 3.0% SOFR CME 1 month + 0.0% - 3.8% SOFR-NYFD 30 day avg + 2.5% - 3.0% Wtd. Avg. 3.9 years $ (34,815) Interest rate caps and corridors $ 319,974 3.50% - 7.50% SOFR CME 1 month + 0.0% - 3% SOFR + 0.0% Wtd. Avg. 0.5 years $ (1,367) Correspondent interest rate derivative: Interest rate swaps - pay fixed/receive floating $ 907,171 2.41% - 7.37% LIBOR 1 month + 3.0% SOFR CME 1 month + 0.0% - 3.8% SOFR-NYFD 30 day avg + 2.5% - 3.0% Wtd. Avg. 3.9 years $ 35,288 Interest rate caps and corridors $ 319,974 3.50% - 7.50% SOFR CME 1 month + 0.0% - 3.0% SOFR + 0.0% Wtd. Avg. 0.5 years $ 1,367 December 31, 2023 Notional Amount Fixed Rate Floating Rate Maturity Fair Value Non-hedging derivative instruments: Customer interest rate derivative: Interest rate swaps - receive fixed/pay floating $ 893,702 2.4% - 7.4% LIBOR 1 month + 3.0% SOFR CME 1 month + 0.0% - 3.8% SOFR-NYFD 30 day avg + 2.5% - 3.0% Wtd. Avg. 4.1 years $ (25,170) Interest rate caps and corridors $ 285,370 3.5% - 7.5% SOFR CME 1 month 0.0% + 3.0% SOFR + 0.0% Wtd. Avg. 0.8 years $ (1,344) Correspondent interest rate derivative: Interest rate swaps - pay fixed/receive floating $ 893,702 2.4% - 7.4% LIBOR 1 month + 3.0% SOFR CME 1 month + 0.0% - 3.8% SOFR-NYFD 30 day avg + 2.5% - 3.0% Wtd. Avg. 4.1 years $ 25,685 Interest rate caps and corridors $ 285,370 3.5% - 7.5% SOFR CME 1 month + 0.0% - 3% SOFR + 0.0% Wtd. Avg. 0.8 years $ 1,344 |
OBS Loan Commitments
OBS Loan Commitments | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
OBS Loan Commitments | OBS Loan Commitments The Company is party to financial instruments with OBS 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 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 March 31, 2024 and December 31, 2023: March 31, December 31, 2024 2023 Commitments to extend credit $ 2,834,310 $ 3,083,501 MW commitments 794,470 803,704 Standby and commercial letters of credit 113,405 111,590 Total $ 3,742,185 $ 3,998,795 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 ACL on unfunded commitments is recorded in accounts payable and other liabilities on the consolidated balance sheets: Three Months Ended March 31, 2024 2023 Beginning balance for ACL on unfunded commitments $ 8,045 $ 10,086 (Benefit) provision for credit losses on unfunded commitments (1,541) 1,497 Ending balance of ACL on unfunded commitments $ 6,504 $ 11,583 |
Stock-Based Awards
Stock-Based Awards | 3 Months Ended |
Mar. 31, 2024 | |
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 months ended March 31, 2024 and 2023. A summary of option activity under the 2010 Incentive Plan for the three months ended March 31, 2024 and 2023, 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, 2023 1,000 $ 10.43 1.07 years Exercised (1,000) 10.43 Outstanding and exercisable at March 31, 2023 — $ — — $ — A summary of the fair value of the Company’s stock options exercised under the 2010 Incentive Plan for the three months ended March 31, 2024 and 2023 is presented below: Fair Value of Options Exercised as of March 31, 2024 2023 Nonperformance-based stock options exercised $ — $ 16 2022 Equity Plan, Veritex (Green) 2014 Plan and Green 2010 Plan Grants of RSU During the three months ending March 31, 2024, the Company granted non-performance-based RSUs and PSUs under the 2022 Amended and Restated Omnibus Incentive Plan (the “2022 Equity 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 three months ending March 31, 2024 have an annual graded vesting over a three year period from the grant date. The PSUs granted in February 2024 are subject to a service, performance and market conditions. The performance and market condition determine the number of awards to vest. The service period is from February 1, 2024 to January 31, 2027, the performance conditions performance period is from January 1, 2024 to December 31, 2026 and the market condition performance period is from February 1, 2024 to January 31, 2027. 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 2022 Equity Plan and the Veritex (Green) 2014 Plan were as follows: Three Months Ended March 31, 2024 2023 2022 Equity Plan $ 2,459 $ 2,465 Veritex (Green) 2014 Plan 430 422 2022 Equity Plan A summary of the status of the Company’s stock options under the 2022 Equity Plan as of March 31, 2024 and 2023, and changes during the three months then ended, is as follows: 2022 Equity Plan Non-performance Based Stock Options Shares Weighted Weighted Aggregate Intrinsic Value Outstanding at January 1, 2023 657,494 $ 24.47 Forfeited (1,666) 17.38 Cancelled (3,804) 29.13 Exercised (3,951) 21.38 Outstanding at March 31, 2023 648,073 $ 24.48 5.24 years Options exercisable at March 31, 2023 610,073 $ 24.74 5.13 years Outstanding at January 1, 2024 602,573 $ 24.40 Outstanding at March 31, 2024 602,573 $ 24.40 4.59 years $ 215,379 Options exercisable at March 31, 2024 602,573 $ 24.40 4.59 years $ 215,379 There was no unrecognized compensation expense related to options awarded under the 2022 Equity Plan as of March 31, 2024 and December 31, 2023. As of March 31, 2023, there $122 of total unrecognized compensation expense related to options awarded under the 2022 Equity Plan. A summary of the status of the Company’s RSUs under the 2022 Equity Plan as of March 31, 2024 and 2023, and changes during the three months then ended, is as follows: 2022 Equity Plan Non-performance-Based RSUs Units Weighted Outstanding at January 1, 2023 955,104 $ 28.38 Granted 224,165 27.90 Vested into shares (162,952) 30.23 Forfeited (16,394) 31.77 Outstanding at March 31, 2023 999,923 $ 27.87 Outstanding at January 1, 2024 948,513 $ 27.52 Granted 190,018 21.94 Vested into shares (159,113) 29.87 Forfeited (4,700) 30.73 Outstanding at March 31, 2024 974,718 $ 26.03 A summary of the status of the Company’s PSUs under the 2022 Equity Plan as of March 31, 2024 and 2023, and changes during the three months then ended, is as follows: 2022 Equity Plan Performance-Based PSUs Units Weighted Outstanding at January 1, 2023 126,707 $ 31.19 Granted 53,310 27.55 Vested into shares (41,781) 26.42 Outstanding at March 31, 2023 129,768 $ 30.28 Outstanding at January 1, 2024 129,786 $ 30.28 Granted 113,144 18.84 Vested into shares (56,729) 25.94 Outstanding at March 31, 2024 186,201 $ 25.01 As of March 31, 2024, December 31, 2023 and March 31, 2023, there was $18,421 , $14,692 and $15,278 of total unrecognized compensation related to RSUs and PSUs awarded under the 2022 Equity Plan, respectively. The unrecognized compensation expense at March 31, 2024 is expected to be recognized over the remaining weighted average requisite service period of 2.60 years. A summary of the fair value of the Company’s stock options exercised, RSUs and PSUs vested under the 2022 Equity Plan during the three months ended March 31, 2024 and 2023 is presented below: Fair Value of Options Exercised or RSUs Vested in the Three Months Ended March 31, 2024 2023 Non-performance-based stock options exercised $ — $ 31 RSUs vested 3,057 3,044 PSUs vested 1,133 1,070 Veritex (Green) 2014 Plan A summary of the status of the Company’s stock options under the Veritex (Green) 2014 Plan as of March 31, 2024 and 2023, and changes during the three months then ended, is as follows: Veritex (Green) 2014 Plan Non-performance Based Stock Options Shares Weighted Weighted Aggregate Intrinsic Value Outstanding at January 1, 2023 155,212 $ 19.83 Cancelled (505) 21.38 Exercised (13,266) 21.38 Outstanding at March 31, 2023 141,441 $ 21.86 4.87 years Options exercisable at March 31, 2023 141,441 $ 21.86 4.87 years Outstanding at January 1, 2024 124,499 $ 22.00 Outstanding at March 31, 2024 124,499 $ 22.00 3.46 years $ 391,054 Options exercisable at March 31, 2024 124,499 $ 22.00 3.46 years $ 391,054 Weighted average fair value of options granted during the period $ — As of March 31, 2024, December 31, 2023 and March 31, 2023 there was no unrecognized compensation expense related to options awarded under the Veritex (Green) 2014 Plan. A summary of the status of the Company’s RSUs under the Veritex (Green) 2014 Plan as of March 31, 2024 and 2023 and changes during the three months then ended, is as follows: Veritex (Green) 2014 Plan Non-performance-Based RSUs Units Weighted Outstanding at January 1, 2023 86,233 $ 21.09 Vested into shares (19,282) 29.66 Forfeited (2,232) 29.13 Outstanding at March 31, 2023 64,719 $ 18.26 Outstanding at January 1, 2024 64,719 $ 18.26 Vested into shares (3,308) 32.20 Outstanding at March 31, 2024 61,411 $ 17.51 A summary of the status of the Company’s PSUs under the Veritex (Green) 2014 Plan as of March 31, 2024 and 2023 and changes during the three months then ended, is as follows: Veritex (Green) 2014 Plan Performance-Based PSUs Units Weighted Outstanding at January 1, 2023 19,173 $ 30.74 Vested into shares (8,531) 25.94 Outstanding at March 31, 2023 10,642 $ 31.93 Outstanding at January 1, 2024 10,642 $ 31.93 Granted 1,246 18.84 Vested into shares (7,477) 25.94 Outstanding at March 31, 2024 4,411 $ 40.38 As of March 31, 2024, December 31, 2023 and March 31, 2023, there w as $1,383, $1,781 , an d $3,260, 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 1.12 years. A summary of the fair value of the Company’s stock options exercised, RSUs and PSUs vested under the Veritex (Green) 2014 Plan during the three months ended March 31, 2024 and 2023 presented below: Fair Value of Options Exercised or RSUs Vested in the Three Months Ended March 31, 2024 2023 Non-performance-based stock options exercised $ — $ 18 RSUs vested 326 1,990 PSU vested 149 227 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 March 31, 2024 and 2023, and changes during the three months then ended, is as follows: Green 2010 Plan Non-performance Based Stock Options Shares Weighted Weighted Aggregate Intrinsic Value Outstanding at January 1, 2023 43,162 $ 13.11 Exercised (29,630) 13.22 Outstanding at March 31, 2023 13,532 $ 12.86 3.94 years Outstanding at January 1, 2024 10,784 $ 12.65 Outstanding at March 31, 2024 10,784 $ 12.65 3.82 years $ 85 A summary of the fair value of the Company’s stock options exercised under the Green 2010 Plan during the three months ended March 31, 2024 and 2023 presented below: Fair Value of Options Exercised as of March 31, 2024 2023 Nonperformance-based stock options exercised $ — $ 365 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense for the three months ended March 31, 2024 and 2023 was as follows: Three Months Ended March 31, 2024 2023 Income tax expense for the period $ 7,237 $ 11,012 Effective tax rate 23.1 % 22.3 % For the three months ended March 31, 2024, the Company had an effective tax rate of 23.1%. The Company had a net discrete tax expense of $384 thousand associated with the recognition of an excess tax expense realized on share-based payment awards during the three months ended March 31, 2024. Excluding this discrete tax item, the Company had an effective tax rate of 21.8% for the three months ended March 31, 2024. At December 31, 2023, we determined it was more likely than not that a portion of our deferred tax assets would not be realized in their entirety. Thus, the Company recorded a $4,249 valuation allowance in continuing operations relating to the impairment on our investment in Thrive as of March 31, 2024. The deferred tax asset is not realizable due to the capital loss that will not be recognized. The position was upheld as of March 31, 2024. There was no valuation allowance in the comparable period in 2023. For the three months ended March 31, 2023, the Company had an effective tax rate of 22.3%. The Company had a net discrete tax expense of $112 thousand associated with the recognition of an excess tax expense realized on share-based payment awards during the three months ended March 31, 2023. Excluding this discrete tax item, the Company had an effective tax rate of 22.1% for the three months ended March 31, 2023. |
Legal Contingencies
Legal Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
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 | 3 Months Ended |
Mar. 31, 2024 | |
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 PCA, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain OBS items as calculated under regulatory accounting practices. The Bank’s capital amounts and PCA classification are also subject to qualitative judgments by the regulators about components of capital, risk weightings of assets, and other factors. In addition, an institution may be downgraded to, or deemed to be in, a capital category that is lower than indicated by its capital ratios, if it is determined to be in an unsafe or unsound condition or if it receives an unsatisfactory examination rating with respect to certain matters. As a result of our no longer using the CBLR framework, we are subject to various 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 CET1 capital to RWA, and of Tier 1 capital to average assets. The capital rules implementing Basel III also include a “capital conservation buffer” of 2.5% on top of each of the minimum RBC ratios, and a banking organization with any RBC ratio that meets or exceeds the minimum requirement but does not meet the capital conservation buffer will face constraints on dividends, equity repurchases and discretionary bonus payments based on the amount of the shortfall. Additionally, to be categorized as “well capitalized,” a bank that does not operate under the CBLR framework is required to maintain minimum total risk-based CET1, Tier 1, and total capital ratios and Tier 1 leverage ratios as set forth in the table below. As of March 31, 2024 and December 31, 2023, the Company’s and the Bank’s capital ratios exceeded those levels necessary to be categorized as “well capitalized”. There are no conditions or events since March 31, 2024 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 CECL 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 our adoption of CECL on January 1, 2020, the Company 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 was delayed through the year 2021, with the effects 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 March 31, 2024 Total capital (to RWA) Company $ 1,520,656 13.33 % $ 912,622 8.0 % n/a n/a Bank 1,475,046 12.98 909,119 8.0 $ 1,136,399 10.0 Tier 1 capital (to RWA) Company 1,212,512 10.63 684,391 6.0 n/a n/a Bank 1,365,973 12.02 681,850 6.0 909,133 8.0 CET1 (to RWA) Company 1,182,567 10.37 513,168 4.5 n/a n/a Bank 1,365,973 12.02 511,388 4.5 738,671 6.5 Tier 1 capital (to average assets) Company 1,212,512 10.12 479,254 4.0 n/a n/a Bank 1,365,973 11.41 478,869 4.0 598,586 5.0 As of December 31, 2023 Total capital (to RWA) Company $ 1,500,703 13.18 % $ 910,897 8.0 % n/a n/a Bank 1,467,960 12.90 910,363 8.0 $ 1,137,953 10.0 % Tier 1 capital (to RWA) Company 1,202,252 10.56 683,098 6.0 n/a n/a Bank 1,368,384 12.03 682,486 6.0 909,981 8.0 CET1 (to RWA) Company 1,172,362 10.29 512,695 4.5 n/a n/a Bank 1,368,384 12.03 511,864 4.5 739,360 6.5 Tier 1 capital (to average assets) Company 1,202,252 10.03 479,462 4.0 n/a n/a Bank 1,368,384 11.43 478,875 4.0 598,593 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. Dividends of $27,500 were paid by the Bank to the Holdco during the three months ending March 31, 2024. There were no dividends paid by the Bank to the Holdco during the three months ended March 31, 2023. Dividends of $10,899, or $0.20 per issued and outstanding share of the the Company’s common stock and $10,837, or $0.20, per outstanding share of the Company’s common stock were paid by the Company during the three months ended March 31, 2024 and 2023 , respectively. The Bank is subject to limitations on dividend payouts if, among other things, it does not have a capital conservation buffer of 2.5% or more. The Bank had a capital conservation buffer of 4.98% as of March 31, 2024. |
Operations and Summary of Sig_2
Operations and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of Veritex Holdings, Inc. and its subsidiaries, including the Bank. The accompanying unaudited consolidated financial statements have been prepared in accordance with 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 consolidated financial statements include all adjustments of a normal recurring nature necessary for a fair statement of the Company’s consolidated balance sheets at March 31, 2024 and December 31, 2023, consolidated statements of income, consolidated statements of comprehensive income (loss) and consolidated changes in stockholders’ equity for the three months ended March 31, 2024 and 2023 and consolidated statements of cash flows for the three months ended March 31, 2024 and 2023. 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 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 SEC. These unaudited 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, 2023 included in the Company’s Annual Report on Form 10-K, as filed with the SEC on February 28, 2024. |
EPS | EPS |
Recent Accounting Pronouncements | Recent Accounting Pronouncements ASU 2024-01, “ Compensation — Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards ” (“ASU 2024-01”) clarifies how an entity determines whether a profits interest or similar award is within the scope of Topic 718 or is not a share-based payment arrangement and therefore within the scope of other guidance. ASU 2024-01 provides an illustrative example with multiple fact patterns and also amends certain language in the “Scope” and “Scope Exceptions” sections of Topic 718 to improve its clarity and operability without changing the guidance. Entities can apply the amendments either retrospectively to all prior periods presented in the financial statements or prospectively to profits interest and similar awards granted or modified on or after the date of adoption. If prospective application is elected, an entity must disclose the nature of and reason for the change in accounting principle. ASU 2024-01 is effective January 1, 2025, including interim periods, and is not expected to have a significant impact on our financial statements. ASU 2024-02 “ Codification Improvements ” (“ASU 2024-02”) amends the Codification to remove references to various concepts statements and impacts a variety of topics in the Codification. The amendments apply to all reporting entities within the scope of the affected accounting guidance, but in most instances the references removed are extraneous and not required to understand or apply the guidance. Generally, the amendments in ASU 2024-02 are not intended to result in significant accounting changes for most entities. ASU 2024-02 is effective January 1, 2025 and is not expected to have a significant impact on our financial statements. |
Operations and Summary of Sig_3
Operations and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 Numerator: Net income $ 24,156 $ 38,411 Denominator: Weighted average shares outstanding for basic EPS 54,444 54,149 Dilutive effect of employee stock-based awards 398 457 Adjusted weighted average shares outstanding 54,842 54,606 EPS: Basic $ 0.44 $ 0.71 Diluted $ 0.44 $ 0.70 Antidilutive shares 1,127 834 |
Supplemental Statement of Cas_2
Supplemental Statement of Cash Flows (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Other Supplemental Cash Flow Information | Other supplemental cash flow information is presented below: Three Months Ended March 31, 2024 2023 (in thousands) Supplemental Disclosures of Cash Flow Information: Cash paid for interest $ 98,354 $ 54,189 Cash paid for income taxes — — |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Gross Unrealized Loss Recognized on Equity Securities | The gross unrealized loss recognized on equity securities with readily determinable fair values recorded in other noninterest income in the Company’s consolidated statements of income were as follows: Three Months Ended March 31, 2024 2023 Unrealized (loss) gain recognized on equity securities with a readily determinable fair value $ (105) $ 126 |
Schedule of Carrying Amount and Approximate Fair Values of Available-for-Sale Securities | The amortized cost, related gross unrealized gains and losses, ACL and the fair value of AFS and HTM debt securities are as follows: March 31, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses ACL Fair Value AFS Corporate bonds $ 262,526 $ 1,198 $ 26,431 $ — $ 237,293 Municipal securities 14,272 — 3,357 — 10,915 MBS 199,632 3,361 14,686 — 188,307 CMO 574,622 3,520 47,263 — 530,879 Asset-backed securities 122,078 732 2,549 — 120,261 Collateralized loan obligations 78,672 14 73 — 78,613 $ 1,251,802 $ 8,825 $ 94,359 $ — $ 1,166,268 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses ACL Fair Value HTM MBS $ 33,154 $ — $ 6,719 $ — $ 26,435 CMO 33,586 — 4,927 — 28,659 Municipal securities 111,922 7 11,282 — 100,647 $ 178,662 $ 7 $ 22,928 $ — $ 155,741 December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses ACL Fair Value AFS Corporate bonds $ 244,652 $ 1,034 $ 29,566 $ — $ 216,120 Municipal securities 46,631 108 3,258 — 43,481 MBS 194,486 4,430 13,465 — 185,451 CMO 563,421 4,634 46,999 — 521,056 Asset-backed securities 47,738 1,045 2,130 — 46,653 Collateralized loan obligations 64,250 — 372 — 63,878 $ 1,161,178 $ 11,251 $ 95,790 $ — $ 1,076,639 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses ACL Fair Value HTM MBS $ 33,716 $ — $ 6,037 $ — $ 27,679 CMO 34,483 — 4,567 — 29,916 Municipal securities 112,204 86 9,864 — 102,426 $ 180,403 $ 86 $ 20,468 $ — $ 160,021 |
Schedule of Investment Securities That Have Been in a Continuous Unrealized Loss Position | The following tables disclose the Company’s debt securities in an unrealized loss position, aggregated by investment category and length of time that individual debt securities have been in a continuous loss position: March 31, 2024 Less Than 12 Months 12 Months or More Totals Fair Unrealized Fair Unrealized Fair Unrealized AFS Corporate bonds $ 53,376 $ 5,297 $ 164,604 $ 21,134 $ 217,980 $ 26,431 Municipal securities 10,915 3,357 — — 10,915 3,357 MBS — — 87,805 14,686 87,805 14,686 CMO 61,680 1,066 339,830 46,197 401,510 47,263 Asset-backed securities 64,037 1,999 6,250 550 70,287 2,549 Collateralized loan obligations — — 33,177 73 33,177 73 $ 190,008 $ 11,719 $ 631,666 $ 82,640 $ 821,674 $ 94,359 HTM MBS $ — $ — $ 26,435 $ 6,719 $ 26,435 $ 6,719 CMO — — 28,659 4,927 28,659 4,927 Municipal securities 100,109 11,275 — — 100,109 11,275 $ 100,109 $ 11,275 $ 55,094 $ 11,646 $ 155,203 $ 22,921 December 31, 2023 Less Than 12 Months 12 Months or More Totals Fair Unrealized Loss Fair Unrealized Loss Fair Unrealized Loss AFS Corporate bonds $ 34,989 $ 5,970 $ 162,148 $ 23,596 $ 197,137 $ 29,566 Municipal securities 6,792 45 22,052 3,213 28,844 3,258 MBS — — 104,486 13,465 104,486 13,465 CMO — — 419,044 46,999 419,044 46,999 Asset-backed securities 9,011 1,559 8,847 571 17,858 2,130 Collateralized loan obligations — — 63,878 372 63,878 372 $ 50,792 $ 7,574 $ 780,455 $ 88,216 $ 831,247 $ 95,790 HTM MBS $ — $ — $ 27,679 $ 6,037 $ 27,679 $ 6,037 CMO — — 29,916 4,567 29,916 4,567 Municipal securities 7,845 270 79,713 9,594 87,558 9,864 $ 7,845 $ 270 $ 137,308 $ 20,198 $ 145,153 $ 20,468 |
Schedule of Activity in Allowance for Credit Loss | The following table presents the activity in the ACL for AFS debt securities: Three Months ended March 31, 2024 2023 ACL: Beginning balance $ — $ — Credit loss expense — 885 ACL ending balance $ — $ 885 |
Schedule of Amortized Costs and Estimated Fair Values of Securities Available for Sale, By Contractual Maturity | The amortized costs and estimated fair values of AFS and HTM debt securities, 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. MBS, CMOs, 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 MBS, CMOs, 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. March 31, 2024 AFS HTM Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 2,010 $ 1,977 $ 3,977 $ 3,963 Due from one year to five years 45,060 45,423 447 443 Due from five years to ten years 199,462 177,121 20,060 19,570 Due after ten years 30,266 23,687 87,438 76,671 276,798 248,208 111,922 100,647 MBS and CMO 774,254 719,186 66,740 55,094 Asset-backed securities 122,078 120,261 — — Collateralized loan obligations 78,672 78,613 — — $ 1,251,802 $ 1,166,268 $ 178,662 $ 155,741 December 31, 2023 AFS HTM Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 2,018 $ 1,906 $ — $ — Due from one year to five years 46,645 46,682 4,445 4,448 Due from five years to ten years 188,526 163,397 12,806 12,628 Due after ten years 54,094 47,616 94,953 85,350 291,283 259,601 112,204 102,426 MBS and CMO 757,907 706,507 68,199 57,595 Asset-backed securities 47,738 46,653 — — Collateralized loan obligations 64,250 63,878 — — $ 1,161,178 $ 1,076,639 $ 180,403 $ 160,021 |
Schedule of Proceeds From Sales of Debt Securities AFS and Gross Gains and Losses | Proceeds from sales of debt securities AFS and gross gains and losses for the three months ended March 31, 2024 and 2023 were as follows: Three Months Ended March 31, 2024 2023 Proceeds from sales $ 113,794 $ 109,793 Gross realized losses 6,304 5,321 |
LHI and ACL (Tables)
LHI and ACL (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Summary of Loans in the Accompanying Consolidated Balance Sheets | LHI in the accompanying consolidated balance sheets are summarized as follows: March 31, 2024 December 31, 2023 LHI, carried at amortized cost: Real estate: Construction and land $ 1,568,257 $ 1,734,254 Farmland 30,979 31,114 1 - 4 family residential 969,401 937,119 Multi-family residential 751,607 605,817 OOCRE 788,376 794,088 NOOCRE 2,352,993 2,350,725 Commercial 2,785,987 2,752,063 MW 449,531 377,796 Consumer 8,882 10,149 $ 9,706,013 $ 9,593,125 Deferred loan fees, net (6,931) (8,785) ACL (112,032) (109,816) Total LHI, net $ 9,587,050 $ 9,474,524 |
Schedule of Activity in Allowance for Credit Loss | The activity in the ACL related to LHI is as follows: Three Months Ended March 31, 2024 Construction and Land Farmland Residential Multifamily OOCRE NOOCRE Commercial MW Consumer Total Balance at beginning of the period $ 21,032 $ 101 $ 9,539 $ 4,882 $ 10,252 $ 27,729 $ 35,886 $ 260 $ 135 $ 109,816 Credit loss expense non-PCD loans (1,251) 6 1,978 1,457 47 11,653 (2,136) 144 42 11,940 Credit (benefit) loss expense PCD loans — — (2) — (377) (3,952) (109) — — (4,440) Charge-offs — — — — (120) (4,293) (946) — (71) (5,430) Recoveries — — 1 — — — 96 — 49 146 Ending Balance $ 19,781 $ 107 $ 11,516 $ 6,339 $ 9,802 $ 31,137 $ 32,791 $ 404 $ 155 $ 112,032 Three Months Ended March 31, 2023 Construction and Land Farmland Residential Multifamily OOCRE NOOCRE Commercial Consumer Total Balance at beginning of the period $ 13,120 $ 127 $ 9,533 $ 2,607 $ 8,707 $ 26,704 $ 30,142 $ 112 $ 91,052 Credit loss (benefit) expense non-PCD loans 4,240 41 12 877 238 (499) 2,995 363 8,267 Credit (benefit) loss expense PCD loans (46) — (5) — (16) 33 267 — 233 Charge-offs — — — — (116) — (1,051) (62) (1,229) Recoveries — — 1 — — — 364 6 371 Ending Balance $ 17,314 $ 168 $ 9,541 $ 3,484 $ 8,813 $ 26,238 $ 32,717 $ 419 $ 98,694 |
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: March 31, 2024 December 31, 2023 Real Property (1) ACL Allocation Real Property (1) ACL Allocation Construction and land $ 159 $ 7 $ — $ — 1 - 4 family residential 530 44 — — OOCRE 9,357 — 3,059 47 NOOCRE 9,344 — 21,169 — Commercial 18,379 2,906 20,711 3,339 Total $ 37,769 $ 2,957 $ 44,939 $ 3,386 (1) |
Schedule of Non-Accrual Loans | Nonaccrual loans aggregated by class of loans, as of March 31, 2024 and December 31, 2023, were as follows: March 31, 2024 December 31, 2023 Nonaccrual Nonaccrual With No ACL Nonaccrual Nonaccrual With No ACL Construction and land $ 6,737 $ 6,619 $ 6,793 $ 6,793 1 - 4 family residential 3,263 3,058 1,965 1,965 OOCRE 15,126 15,126 9,719 9,493 NOOCRE 22,366 11,866 33,479 33,479 Commercial 37,627 10,086 40,868 10,610 Consumer 21 21 24 24 Total $ 85,140 $ 46,776 $ 92,848 $ 62,364 |
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 March 31, 2024 and December 31, 2023, is as follows: March 31, 2024 30 to 59 Days 60 to 89 Days 90 Days or Greater Total Past Due Total Current Total Total 90 Days Past Due and Still Accruing Real estate: Construction and land $ 13,150 $ 59 $ 6,678 $ 19,887 $ 1,548,370 $ 1,568,257 $ — Farmland — — — — 30,979 30,979 — 1 - 4 family residential 2,352 459 2,159 4,970 964,431 969,401 — Multi-family residential — — — — 751,607 751,607 — OOCRE 1,826 — 15,346 17,172 771,204 788,376 220 NOOCRE 10,605 2,847 12,658 26,110 2,326,883 2,352,993 — Commercial 427 3,075 9,963 13,465 2,772,522 2,785,987 — MW — — — — 449,531 449,531 — Consumer 11 — — 11 8,871 8,882 — Total $ 28,371 $ 6,440 $ 46,804 $ 81,615 $ 9,624,398 $ 9,706,013 $ 220 December 31, 2023 30 to 59 Days 60 to 89 Days 90 Days or Greater Total Past Due Total Current Total Total 90 Days Past Due and Still Accruing (2) Real estate: Construction and land $ 29,379 $ — $ 6,793 $ 36,172 $ 1,698,082 $ 1,734,254 $ — Farmland — — — — 31,114 31,114 — 1 - 4 family residential 4,359 2,535 3,691 10,585 926,534 937,119 1,726 Multi-family residential 15,095 — — 15,095 590,722 605,817 — OOCRE 916 114 10,185 11,215 782,873 794,088 466 NOOCRE 3,182 642 20,547 24,371 2,326,354 2,350,725 783 Commercial 3,485 1,394 9,122 14,001 2,738,062 2,752,063 — MW — — — — 377,796 377,796 — Consumer 76 — — 76 10,073 10,149 — Total $ 56,492 $ 4,685 $ 50,338 $ 111,515 $ 9,481,610 $ 9,593,125 $ 2,975 |
Schedule of Loans Modified as TDRs | The following table shows the amortized cost basis at the end of the reporting period of the loans modified to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of concession granted during the three months ended March 31, 2024: Loan Modifications Made to Borrowers Experiencing Financial Difficulty Interest Rate Reduction Financial Impact Amortized Cost Basis % of Loan Class NOOCRE $ 28,441 1.2 % Interest rate reduced longer than 3 months Term Extension Amortized Cost Basis % of Loan Class Financial Impact Construction and land $ 2,000 0.1 % Principal and interest payments deferred longer than three months Combination - Interest Rate Reduction and Term Extension Amortized Cost Basis % of Loan Class Financial Impact NOOCRE $ 45,762 1.9 % Principal payments deferred and interest rate reduced longer than three months Commercial 6,336 0.2 % Principal payments deferred and interest rate reduced longer than three months $ 52,098 Payment Status Current 30-59 Days Past Due 60-89 Days Past Due 90+ Days Past Due Construction and land $ — $ 2,000 $ — $ — NOOCRE 84,190 9,343 — — Commercial 27,764 — — 2,108 Total $ 111,954 $ 11,343 $ — $ 2,108 |
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 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total As of March 31, 2024 Construction and land: Pass $ 32,907 $ 100,050 $ 788,951 $ 372,550 $ 34,954 $ 6,324 $ 205,423 $ — $ 1,541,159 Special mention — 12,112 2,000 4,968 — — 1,281 — 20,361 Substandard — — 6,706 — 31 — — — 6,737 Total construction and land $ 32,907 $ 112,162 $ 797,657 $ 377,518 $ 34,985 $ 6,324 $ 206,704 $ — $ 1,568,257 Construction and land gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Farmland: Pass $ 132 $ 2,517 $ 4,372 $ — $ 17,863 $ 4,927 $ 1,168 $ — $ 30,979 Total farmland $ 132 $ 2,517 $ 4,372 $ — $ 17,863 $ 4,927 $ 1,168 $ — $ 30,979 Farmland gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — 1 - 4 family residential: Pass $ 18,518 $ 77,907 $ 139,311 $ 209,626 $ 82,714 $ 288,540 $ 114,455 $ 17,236 $ 948,307 Special mention — 3,722 — — — 1,227 — — 4,949 Substandard — — 861 852 50 12,739 529 — 15,031 PCD — — — — — 1,114 — — 1,114 Total 1 - 4 family residential $ 18,518 $ 81,629 $ 140,172 $ 210,478 $ 82,764 $ 303,620 $ 114,984 $ 17,236 $ 969,401 1-4 family residential gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Multi-family residential: Pass $ — $ 11,788 $ 104,244 $ 338,897 $ 264,985 $ 21,038 $ 10,655 $ — $ 751,607 Total multi-family residential $ — $ 11,788 $ 104,244 $ 338,897 $ 264,985 $ 21,038 $ 10,655 $ — $ 751,607 Multi-family residential gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — OOCRE: Pass $ 14,365 $ 141,955 $ 176,643 $ 100,173 $ 89,496 $ 201,542 $ 4,623 $ — $ 728,797 Special mention — 5,446 468 4,030 1,405 15,926 210 — 27,485 Substandard — — 9,357 2,963 2,945 6,261 — — 21,526 PCD — — — — — 10,568 — — 10,568 Total OOCRE $ 14,365 $ 147,401 $ 186,468 $ 107,166 $ 93,846 $ 234,297 $ 4,833 $ — $ 788,376 OOCRE gross charge-offs $ — $ — $ — $ — $ — $ 120 $ — $ — $ 120 NOOCRE: Pass $ 17,713 $ 50,026 $ 667,589 $ 546,455 $ 239,974 $ 497,749 $ 33,047 $ 571 $ 2,053,124 Special mention — — 57,088 27,217 28,614 135,930 — — 248,849 Substandard — — 3,858 3,241 303 33,834 — — 41,236 PCD — — — — — 9,784 — — 9,784 Total NOOCRE $ 17,713 $ 50,026 $ 728,535 $ 576,913 $ 268,891 $ 677,297 $ 33,047 $ 571 $ 2,352,993 NOOCRE gross charge-offs $ — $ — $ — $ — $ — $ 4,293 $ — $ — $ 4,293 Commercial: Pass $ 80,714 $ 271,814 $ 336,946 $ 74,917 $ 39,435 $ 83,231 $ 1,772,806 $ 1,151 $ 2,661,014 Special mention — 2,544 13,057 12,221 75 6,008 14,184 25 48,114 Substandard — 695 16,431 9,990 1,009 15,593 32,721 — 76,439 PCD — — — — — 420 — — 420 Total commercial $ 80,714 $ 275,053 $ 366,434 $ 97,128 $ 40,519 $ 105,252 $ 1,819,711 $ 1,176 $ 2,785,987 Commercial gross charge-offs $ — $ — $ 43 $ — $ — $ 903 $ — $ — $ 946 MW: Pass $ 144 $ 1,592 $ — $ — $ — $ — $ 447,795 $ — $ 449,531 Total MW $ 144 $ 1,592 $ — $ — $ — $ — $ 447,795 $ — $ 449,531 MW gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Consumer: Pass $ 604 $ 3,141 $ 866 $ 251 $ 552 $ 1,678 $ 1,628 $ — $ 8,720 Special mention — — — — — 82 — — 82 Substandard — — 2 — — 67 — — 69 PCD — — — — — 11 — — 11 Total consumer $ 604 $ 3,141 $ 868 $ 251 $ 552 $ 1,838 $ 1,628 $ — $ 8,882 Consumer gross charge-offs $ — $ — $ — $ — $ — $ 71 $ — $ — $ 71 Total Pass $ 165,097 $ 660,790 $ 2,218,922 $ 1,642,869 $ 769,973 $ 1,105,029 $ 2,591,600 $ 18,958 $ 9,173,238 Total Special Mention — 23,824 72,613 48,436 30,094 159,173 15,675 25 349,840 Total Substandard — 695 37,215 17,046 4,338 68,494 33,250 — 161,038 Total PCD — — — — — 21,897 — — 21,897 Total $ 165,097 $ 685,309 $ 2,328,750 $ 1,708,351 $ 804,405 $ 1,354,593 $ 2,640,525 $ 18,983 $ 9,706,013 Current period gross charge-offs $ — $ — $ 43 $ — $ — $ 5,387 $ — $ — $ 5,430 1 Term loans amortized cost basis by origination year excludes $6,931 of deferred loan fees, net. Term Loans Amortized Cost Basis by Origination Year 1 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total As of December 31, Construction and land: Pass $ 116,333 $ 740,244 $ 538,946 $ 109,017 $ 3,089 $ 3,661 $ 181,940 $ — $ 1,693,230 Special mention 593 13,782 4,980 3,439 — 8,760 2,677 — 34,231 Substandard — 6,547 — 246 — — — — 6,793 Total construction and land $ 116,926 $ 760,573 $ 543,926 $ 112,702 $ 3,089 $ 12,421 $ 184,617 $ — $ 1,734,254 Construction and land gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Farmland: Pass $ 2,531 $ 4,398 $ — $ 17,999 $ 15 $ 4,944 $ 1,227 $ — $ 31,114 Total farmland $ 2,531 $ 4,398 $ — $ 17,999 $ 15 $ 4,944 $ 1,227 $ — $ 31,114 Farmland gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — 1 - 4 family residential: Pass $ 73,289 $ 140,824 $ 193,914 $ 79,767 $ 38,589 $ 270,193 $ 114,275 $ 17,255 $ 928,106 Special mention 3,732 531 — — — 238 — — 4,501 Substandard — 144 902 — 106 1,701 529 — 3,382 PCD — — — — — 1,130 — — 1,130 Total 1 - 4 family residential $ 77,021 $ 141,499 $ 194,816 $ 79,767 $ 38,695 $ 273,262 $ 114,804 $ 17,255 $ 937,119 1-4 Family gross charge-offs $ — $ — $ — $ — $ 21 $ — $ — $ — $ 21 Multi-family residential: Pass $ 9,441 $ 82,040 $ 257,714 $ 196,575 $ 8,054 $ 14,570 $ 10,627 $ — $ 579,021 Special mention — — — — — 11,701 — — 11,701 Substandard — — — — — 15,095 — — 15,095 Total multi-family residential $ 9,441 $ 82,040 $ 257,714 $ 196,575 $ 8,054 $ 41,366 $ 10,627 $ — $ 605,817 Multifamily gross charge-offs $ — $ — $ — $ — $ 192 $ — $ — $ — $ 192 OOCRE: Pass $ 129,463 $ 178,777 $ 113,207 $ 90,219 $ 39,876 $ 166,270 $ 4,618 $ — $ 722,430 Special mention 5,481 — 2,479 1,019 1,961 14,775 210 — 25,925 Substandard — 9,357 2,131 3,644 736 11,695 — — 27,563 PCD — — — — — 18,170 — — 18,170 Total OOCRE $ 134,944 $ 188,134 $ 117,817 $ 94,882 $ 42,573 $ 210,910 $ 4,828 $ — $ 794,088 OOCRE gross charge-offs $ — $ — $ — $ 369 $ 5 $ 481 $ — $ — $ 855 NOOCRE: Pass $ 33,525 $ 724,110 $ 500,354 $ 247,385 $ 148,046 $ 381,559 $ 30,524 $ 577 $ 2,066,080 Special mention — 5,950 25,985 26,175 68,616 55,805 — — 182,531 Substandard — 3,858 2,774 364 2,620 78,414 — — 88,030 PCD — — — — — 14,084 — — 14,084 Total NOOCRE $ 33,525 $ 733,918 $ 529,113 $ 273,924 $ 219,282 $ 529,862 $ 30,524 $ 577 $ 2,350,725 NOOCRE gross charge-offs $ — $ — $ — $ — $ — $ 13,649 $ — $ — $ 13,649 Commercial: Pass $ 314,939 $ 384,713 $ 86,757 $ 38,554 $ 43,535 $ 45,812 $ 1,725,663 $ 1,044 $ 2,641,017 Special mention 4,584 13,583 12,794 541 — 10,144 9,392 35 51,073 Substandard 640 16,974 3,978 545 3,767 15,843 15,244 74 57,065 PCD — — — — — 2,908 — — 2,908 Total commercial $ 320,163 $ 415,270 $ 103,529 $ 39,640 $ 47,302 $ 74,707 $ 1,750,299 $ 1,153 $ 2,752,063 Commercial gross charge-offs $ — $ 2,158 $ — $ 2,572 $ 1,083 $ 4,600 $ — $ — $ 10,413 MW: Pass $ 1,905 $ — $ — $ — $ — $ — $ 375,891 $ — $ 377,796 Total MW $ 1,905 $ — $ — $ — $ — $ — $ 375,891 $ — $ 377,796 MW gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Consumer: Pass $ 4,552 $ 1,045 $ 276 $ 604 $ 89 $ 1,678 $ 1,728 $ — $ 9,972 Special mention — — — — — 85 — — 85 Substandard — — 4 — 12 63 — — 79 PCD — — — — — 13 — — 13 Total consumer $ 4,552 $ 1,045 $ 280 $ 604 $ 101 $ 1,839 $ 1,728 $ — $ 10,149 Consumer gross charge-offs $ — $ 29 $ 2 $ — $ — $ 205 $ — $ — $ 236 Total Pass $ 685,978 $ 2,256,151 $ 1,691,168 $ 780,120 $ 281,293 $ 888,687 $ 2,446,493 $ 18,876 $ 9,048,766 Total Special Mention 14,390 33,846 46,238 31,174 70,577 101,508 12,279 35 310,047 Total Substandard 640 36,880 9,789 4,799 7,241 122,811 15,773 74 198,007 Total PCD — — — — — 36,305 — — 36,305 Total $ 701,008 $ 2,326,877 $ 1,747,195 $ 816,093 $ 359,111 $ 1,149,311 $ 2,474,545 $ 18,985 $ 9,593,125 Current year gross charge-offs $ — $ 2,187 $ 2 $ 2,941 $ 1,301 $ 18,935 $ — $ — $ 25,366 1 Term loans amortized cost basis by origination year excludes $8,785 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 March 31, 2024 2023 Balance at beginning of period $ 13,258 $ 14,880 Increase from loan sales 635 959 Servicing asset impairment, net recoveries 222 424 Amortization charged as a reduction to income (1,493) (1,015) Balance at end of period $ 12,622 $ 15,248 |
Schedule of Loans Held-for-Sale, Principal Sold | The following table reflects principal sold and related gain for SBA and USDA LHI. The gain on sale of these loans is recorded in government guaranteed loan income, net in the Company’s consolidated statements of income. Three Months Ended March 31, 2024 2023 SBA LHI principal sold $ 13,233 $ 6,340 Gain on sale of SBA LHI 1,176 148 USDA LHI principal sold — 44,002 Gain on sale of USDA LHI — 6,984 |
Schedule of Loans Held-for-Sale | The following table reflects LHFS. March 31, 2024 December 31, 2023 SBA/USDA construction and land $ 41,456 $ 41,492 1 - 4 family residential 772 788 SBA OOCRE 3,976 16,758 NOOCRE 10,500 10,500 SBA commercial 8,058 9,534 Total LHFS $ 64,762 $ 79,072 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 and December 31, 2023, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: March 31, 2024 Level 1 Level 2 Level 3 Total Financial Assets: AFS debt securities $ — $ 1,166,268 $ — $ 1,166,268 Equity securities with a readily determinable fair value 9,792 — — 9,792 LHFS (1) — 53,490 — 53,490 Interest rate swap designated as hedging instruments — 14,370 — 14,370 Correspondent interest rate swaps not designated as hedging instruments — 36,357 — 36,357 Customer interest rate swaps not designated as hedging instruments — 941 — 941 Correspondent interest rate caps and collars not designated as hedging instruments — 1,367 — 1,367 Financial Liabilities: Interest rate swap designated as hedging instruments $ — $ 50,431 $ — $ 50,431 Correspondent interest rate swaps not designated as hedging instruments — 1,068 — 1,068 Customer interest rate swaps not designated as hedging instruments — 35,755 — 35,755 Customer interest rate caps and collars not designated as hedging instruments — 1,367 — 1,367 1 Represents LHFS elected to be carried at fair value upon origination or acquisition. December 31, 2023 Level 1 Level 2 Level 3 Total Financial Assets: AFS debt securities $ — $ 1,076,639 $ — $ 1,076,639 Equity securities with a readily determinable fair value 9,897 — — 9,897 LHFS (1) — 67,784 — 67,784 Interest rate swap designated as hedging instruments — 18,814 — 18,814 Correspondent interest rate swaps not designated as hedging instruments — 28,007 — 28,007 Customer interest rate swaps not designated as hedging instruments — 2,118 — 2,118 Correspondent interest rate caps and collars not designated as hedging instruments — 1,344 — 1,344 Financial Liabilities: Interest rate swap designated as hedging instruments $ — $ 47,121 $ — $ 47,121 Correspondent interest rate swaps not designated as hedging instruments — 2,322 — 2,322 Customer interest rate swaps not designated as hedging instruments — 27,288 — 27,288 Customer interest rate caps and collars not designated as hedging instruments — 1,344 — 1,344 (1) Represents LHFS 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 as of March 31, 2024 and December 31, 2023, 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 March 31, 2024 Assets: Collateral dependent loans with an ACL $ — $ — $ 13,160 $ 13,160 Servicing assets with a valuation allowance — — 4,728 4,728 OREO — — 18,445 18,445 As of December 31, 2023 Assets: Collateral dependent loans with an ACL $ — $ — $ 14,274 $ 14,274 Servicing assets with a valuation allowance — — 6,682 6,682 |
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 March 31, 2024 and December 31, 2023 were as follows: Fair Value Carrying Level 1 Level 2 Level 3 March 31, 2024 Financial assets: Cash and cash equivalents $ 740,769 $ — $ 740,769 $ — HTM debt securities 178,662 — 155,741 — LHFS (1) 11,272 — 11,272 — LHI (2) 9,573,890 — — 9,409,404 Accrued interest receivable 51,476 — 51,476 — BOLI 85,359 — 85,359 — Servicing asset 7,894 — 7,894 — Equity securities without a readily determinable fair value 38,194 N/A N/A N/A FHLB and FRB stock 54,094 N/A N/A N/A Financial liabilities: Noninterest-bearing deposits $ 2,349,211 $ — $ 2,349,211 $ — Interest-bearing deposits 8,304,609 — 8,147,449 — Advances from FHLB 100,000 — 100,056 — Accrued interest payable 33,200 — 33,200 — Subordinated debentures and subordinated notes 230,034 — 230,034 — December 31, 2023 Financial assets: Cash and cash equivalents $ 629,063 $ — $ 629,063 $ — HTM debt securities 180,403 — 160,021 — LHFS (1) 11,288 — 11,288 — LHI (2) 9,577,180 — — 9,322,744 Accrued interest receivable 53,313 — 53,313 — BOLI 84,833 — 84,833 — Servicing asset 6,576 — 6,576 — Equity securities without a readily determinable fair value 11,624 N/A N/A N/A FHLB and FRB stock 53,699 N/A N/A N/A Financial liabilities: Noninterest-bearing deposits $ 2,218,036 $ — $ 2,218,036 $ — Interest-bearing deposits 8,120,159 — 8,096,209 — Advances from FHLB 100,000 — 100,051 — Accrued interest payable 41,948 — 41,948 — Subordinated debentures and subordinated notes 229,783 — 229,783 — (1) LHFS primarily represent commercial loans moved to held for sale or mortgage LHFS that are carried at lower of cost or market. (2) LHI includes MW and is carried at amortized cost. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Balance Sheet | The notional amounts and estimated fair values as of March 31, 2024 and December 31, 2023 are as shown in the table below. March 31, 2024 December 31, 2023 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 money market deposit account payments $ 250,000 $ 11,047 $ — $ 250,000 $ 12,208 $ — Interest rate swaps on fixed rate advances/brokered CDs 200,000 — 1,286 200,000 — 4,296 Interest rate swaps on customer loan interest payments 375,000 — 45,237 375,000 — 40,055 Interest rate collars on customer loan interest payments 450,000 1,151 3,908 450,000 2,304 2,770 Interest rate floor on customer loan interest payments 200,000 2,172 — 200,000 4,302 — Total derivatives designated as hedging instruments $ 1,475,000 $ 14,370 $ 50,431 $ 1,475,000 $ 18,814 $ 47,121 Derivatives not designated as hedging instruments: Financial institution counterparty: Interest rate swaps $ 907,171 $ 36,357 $ 1,068 $ 893,702 $ 28,007 $ 2,322 Interest rate caps and corridors 319,974 1,367 — 285,370 1,344 — Commercial customer counterparty: Interest rate swaps 907,171 941 35,755 893,702 2,118 27,288 Interest rate caps and corridors 319,974 — 1,367 285,370 — 1,344 Total derivatives not designated as hedging instruments $ 2,454,290 $ 38,665 $ 38,190 $ 2,358,144 $ 31,469 $ 30,954 Offsetting derivative assets/liabilities — (33,531) (33,531) — (29,463) (29,463) Total derivatives $ 3,929,290 $ 19,504 $ 55,090 $ 3,833,144 $ 20,820 $ 48,612 |
Derivative Instruments, (Loss) Gain | Pre-tax (loss) gain included in the consolidated statements of income and related to derivative instruments for the three months ended March 31, 2024 and 2023 were as follows. For the Three Months Ended For the Three Months Ended (Loss) gain recognized in other comprehensive income on derivative Gain (loss) reclassified from accumulated other comprehensive income into income Location of (loss) gain reclassified from accumulated other comprehensive income into income (Loss) gain recognized in other comprehensive income on derivative Gain (loss) 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 $ (1,094) $ 1,094 Interest Expense $ (1,082) $ 1,082 Interest Expense Interest rate swap on money market deposit account payments 1,849 3,439 Interest Expense (3,977) 2,568 Interest Expense Interest rate swaps, collars and floors on customer loan interest payments (9,250) (5,369) Interest Income 12,136 (3,807) Interest Income Total $ (8,495) $ (836) $ 7,077 $ (157) 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 $ 449 $ 212 |
Schedule of Derivative Instruments Outstanding | The following is a summary of the interest rate swaps, caps and collars outstanding as of March 31, 2024 and December 31, 2023. March 31, 2024 Notional Amount Fixed Rate Floating Rate Maturity Fair Value Non-hedging derivative instruments: Customer interest rate derivative: Interest rate swaps - receive fixed/pay floating $ 907,171 2.4% - 7.4% LIBOR 1 month + 3.0% SOFR CME 1 month + 0.0% - 3.8% SOFR-NYFD 30 day avg + 2.5% - 3.0% Wtd. Avg. 3.9 years $ (34,815) Interest rate caps and corridors $ 319,974 3.50% - 7.50% SOFR CME 1 month + 0.0% - 3% SOFR + 0.0% Wtd. Avg. 0.5 years $ (1,367) Correspondent interest rate derivative: Interest rate swaps - pay fixed/receive floating $ 907,171 2.41% - 7.37% LIBOR 1 month + 3.0% SOFR CME 1 month + 0.0% - 3.8% SOFR-NYFD 30 day avg + 2.5% - 3.0% Wtd. Avg. 3.9 years $ 35,288 Interest rate caps and corridors $ 319,974 3.50% - 7.50% SOFR CME 1 month + 0.0% - 3.0% SOFR + 0.0% Wtd. Avg. 0.5 years $ 1,367 December 31, 2023 Notional Amount Fixed Rate Floating Rate Maturity Fair Value Non-hedging derivative instruments: Customer interest rate derivative: Interest rate swaps - receive fixed/pay floating $ 893,702 2.4% - 7.4% LIBOR 1 month + 3.0% SOFR CME 1 month + 0.0% - 3.8% SOFR-NYFD 30 day avg + 2.5% - 3.0% Wtd. Avg. 4.1 years $ (25,170) Interest rate caps and corridors $ 285,370 3.5% - 7.5% SOFR CME 1 month 0.0% + 3.0% SOFR + 0.0% Wtd. Avg. 0.8 years $ (1,344) Correspondent interest rate derivative: Interest rate swaps - pay fixed/receive floating $ 893,702 2.4% - 7.4% LIBOR 1 month + 3.0% SOFR CME 1 month + 0.0% - 3.8% SOFR-NYFD 30 day avg + 2.5% - 3.0% Wtd. Avg. 4.1 years $ 25,685 Interest rate caps and corridors $ 285,370 3.5% - 7.5% SOFR CME 1 month + 0.0% - 3% SOFR + 0.0% Wtd. Avg. 0.8 years $ 1,344 |
OBS Loan Commitments (Tables)
OBS Loan Commitments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 and December 31, 2023: March 31, December 31, 2024 2023 Commitments to extend credit $ 2,834,310 $ 3,083,501 MW commitments 794,470 803,704 Standby and commercial letters of credit 113,405 111,590 Total $ 3,742,185 $ 3,998,795 |
Schedule of Allowance for Unfunded Commitments | The table below presents the activity in the allowance for unfunded commitment credit losses related to those financial instruments discussed above. This ACL on unfunded commitments is recorded in accounts payable and other liabilities on the consolidated balance sheets: Three Months Ended March 31, 2024 2023 Beginning balance for ACL on unfunded commitments $ 8,045 $ 10,086 (Benefit) provision for credit losses on unfunded commitments (1,541) 1,497 Ending balance of ACL on unfunded commitments $ 6,504 $ 11,583 |
Stock-Based Awards (Tables)
Stock-Based Awards (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Option Activity | A summary of option activity under the 2010 Incentive Plan for the three months ended March 31, 2024 and 2023, 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, 2023 1,000 $ 10.43 1.07 years Exercised (1,000) 10.43 Outstanding and exercisable at March 31, 2023 — $ — — $ — A summary of the status of the Company’s stock options under the 2022 Equity Plan as of March 31, 2024 and 2023, and changes during the three months then ended, is as follows: 2022 Equity Plan Non-performance Based Stock Options Shares Weighted Weighted Aggregate Intrinsic Value Outstanding at January 1, 2023 657,494 $ 24.47 Forfeited (1,666) 17.38 Cancelled (3,804) 29.13 Exercised (3,951) 21.38 Outstanding at March 31, 2023 648,073 $ 24.48 5.24 years Options exercisable at March 31, 2023 610,073 $ 24.74 5.13 years Outstanding at January 1, 2024 602,573 $ 24.40 Outstanding at March 31, 2024 602,573 $ 24.40 4.59 years $ 215,379 Options exercisable at March 31, 2024 602,573 $ 24.40 4.59 years $ 215,379 A summary of the status of the Company’s stock options under the Veritex (Green) 2014 Plan as of March 31, 2024 and 2023, and changes during the three months then ended, is as follows: Veritex (Green) 2014 Plan Non-performance Based Stock Options Shares Weighted Weighted Aggregate Intrinsic Value Outstanding at January 1, 2023 155,212 $ 19.83 Cancelled (505) 21.38 Exercised (13,266) 21.38 Outstanding at March 31, 2023 141,441 $ 21.86 4.87 years Options exercisable at March 31, 2023 141,441 $ 21.86 4.87 years Outstanding at January 1, 2024 124,499 $ 22.00 Outstanding at March 31, 2024 124,499 $ 22.00 3.46 years $ 391,054 Options exercisable at March 31, 2024 124,499 $ 22.00 3.46 years $ 391,054 Weighted average fair value of options granted during the period $ — A summary of the status of the Company’s stock options under the Green 2010 Plan as of March 31, 2024 and 2023, and changes during the three months then ended, is as follows: Green 2010 Plan Non-performance Based Stock Options Shares Weighted Weighted Aggregate Intrinsic Value Outstanding at January 1, 2023 43,162 $ 13.11 Exercised (29,630) 13.22 Outstanding at March 31, 2023 13,532 $ 12.86 3.94 years Outstanding at January 1, 2024 10,784 $ 12.65 Outstanding at March 31, 2024 10,784 $ 12.65 3.82 years $ 85 |
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 three months ended March 31, 2024 and 2023 is presented below: Fair Value of Options Exercised as of March 31, 2024 2023 Nonperformance-based stock options exercised $ — $ 16 Fair Value of Options Exercised or RSUs Vested in the Three Months Ended March 31, 2024 2023 Non-performance-based stock options exercised $ — $ 31 RSUs vested 3,057 3,044 PSUs vested 1,133 1,070 Fair Value of Options Exercised or RSUs Vested in the Three Months Ended March 31, 2024 2023 Non-performance-based stock options exercised $ — $ 18 RSUs vested 326 1,990 PSU vested 149 227 A summary of the fair value of the Company’s stock options exercised under the Green 2010 Plan during the three months ended March 31, 2024 and 2023 presented below: Fair Value of Options Exercised as of March 31, 2024 2023 Nonperformance-based stock options exercised $ — $ 365 |
Schedule of Share-based Compensation Expense | Stock compensation expense for options, RSUs and PSUs granted under the 2022 Equity Plan and the Veritex (Green) 2014 Plan were as follows: Three Months Ended March 31, 2024 2023 2022 Equity Plan $ 2,459 $ 2,465 Veritex (Green) 2014 Plan 430 422 |
Summary of Status of the Company's Restricted Shares or Restricted Stock Units | A summary of the status of the Company’s RSUs under the 2022 Equity Plan as of March 31, 2024 and 2023, and changes during the three months then ended, is as follows: 2022 Equity Plan Non-performance-Based RSUs Units Weighted Outstanding at January 1, 2023 955,104 $ 28.38 Granted 224,165 27.90 Vested into shares (162,952) 30.23 Forfeited (16,394) 31.77 Outstanding at March 31, 2023 999,923 $ 27.87 Outstanding at January 1, 2024 948,513 $ 27.52 Granted 190,018 21.94 Vested into shares (159,113) 29.87 Forfeited (4,700) 30.73 Outstanding at March 31, 2024 974,718 $ 26.03 A summary of the status of the Company’s PSUs under the 2022 Equity Plan as of March 31, 2024 and 2023, and changes during the three months then ended, is as follows: 2022 Equity Plan Performance-Based PSUs Units Weighted Outstanding at January 1, 2023 126,707 $ 31.19 Granted 53,310 27.55 Vested into shares (41,781) 26.42 Outstanding at March 31, 2023 129,768 $ 30.28 Outstanding at January 1, 2024 129,786 $ 30.28 Granted 113,144 18.84 Vested into shares (56,729) 25.94 Outstanding at March 31, 2024 186,201 $ 25.01 A summary of the status of the Company’s RSUs under the Veritex (Green) 2014 Plan as of March 31, 2024 and 2023 and changes during the three months then ended, is as follows: Veritex (Green) 2014 Plan Non-performance-Based RSUs Units Weighted Outstanding at January 1, 2023 86,233 $ 21.09 Vested into shares (19,282) 29.66 Forfeited (2,232) 29.13 Outstanding at March 31, 2023 64,719 $ 18.26 Outstanding at January 1, 2024 64,719 $ 18.26 Vested into shares (3,308) 32.20 Outstanding at March 31, 2024 61,411 $ 17.51 A summary of the status of the Company’s PSUs under the Veritex (Green) 2014 Plan as of March 31, 2024 and 2023 and changes during the three months then ended, is as follows: Veritex (Green) 2014 Plan Performance-Based PSUs Units Weighted Outstanding at January 1, 2023 19,173 $ 30.74 Vested into shares (8,531) 25.94 Outstanding at March 31, 2023 10,642 $ 31.93 Outstanding at January 1, 2024 10,642 $ 31.93 Granted 1,246 18.84 Vested into shares (7,477) 25.94 Outstanding at March 31, 2024 4,411 $ 40.38 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Expense | Income tax expense for the three months ended March 31, 2024 and 2023 was as follows: Three Months Ended March 31, 2024 2023 Income tax expense for the period $ 7,237 $ 11,012 Effective tax rate 23.1 % 22.3 % |
Capital Requirements and Rest_2
Capital Requirements and Restrictions on Retained Earnings (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 Total capital (to RWA) Company $ 1,520,656 13.33 % $ 912,622 8.0 % n/a n/a Bank 1,475,046 12.98 909,119 8.0 $ 1,136,399 10.0 Tier 1 capital (to RWA) Company 1,212,512 10.63 684,391 6.0 n/a n/a Bank 1,365,973 12.02 681,850 6.0 909,133 8.0 CET1 (to RWA) Company 1,182,567 10.37 513,168 4.5 n/a n/a Bank 1,365,973 12.02 511,388 4.5 738,671 6.5 Tier 1 capital (to average assets) Company 1,212,512 10.12 479,254 4.0 n/a n/a Bank 1,365,973 11.41 478,869 4.0 598,586 5.0 As of December 31, 2023 Total capital (to RWA) Company $ 1,500,703 13.18 % $ 910,897 8.0 % n/a n/a Bank 1,467,960 12.90 910,363 8.0 $ 1,137,953 10.0 % Tier 1 capital (to RWA) Company 1,202,252 10.56 683,098 6.0 n/a n/a Bank 1,368,384 12.03 682,486 6.0 909,981 8.0 CET1 (to RWA) Company 1,172,362 10.29 512,695 4.5 n/a n/a Bank 1,368,384 12.03 511,864 4.5 739,360 6.5 Tier 1 capital (to average assets) Company 1,202,252 10.03 479,462 4.0 n/a n/a Bank 1,368,384 11.43 478,875 4.0 598,593 5.0 |
Operations and Summary of Sig_4
Operations and Summary of Significant Accounting Policies - Additional Information (Details) shares in Thousands | 3 Months Ended | ||
Mar. 31, 2024 branch shares | Mar. 31, 2023 shares | May 06, 2024 branch | |
Segment Reporting Information [Line Items] | |||
Excluded from diluted EPS weighted average shares (in shares) | shares | 1,127 | 834 | |
Restricted Stock Units | |||
Segment Reporting Information [Line Items] | |||
Excluded from diluted EPS weighted average shares (in shares) | shares | 514 | 440 | |
Employee Stock Options | |||
Segment Reporting Information [Line Items] | |||
Excluded from diluted EPS weighted average shares (in shares) | shares | 613 | 214 | |
Dallas-Fort Worth | |||
Segment Reporting Information [Line Items] | |||
Number of branches (in branches) | branch | 19 | ||
Dallas-Fort Worth | Subsequent Event | |||
Segment Reporting Information [Line Items] | |||
Number of new branches opened (in branches) | branch | 1 | ||
Houston | |||
Segment Reporting Information [Line Items] | |||
Number of branches (in branches) | branch | 11 |
Operations and Summary of Sig_5
Operations and Summary of Significant Accounting Policies - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Numerator: | ||
Net income | $ 24,156 | $ 38,411 |
Denominator: | ||
Weighted average shares outstanding for basic EPS (in shares) | 54,444 | 54,149 |
Dilutive effect of employee stock based awards (in shares) | 398 | 457 |
Adjusted weighted average shares outstanding (in shares) | 54,842 | 54,606 |
EPS: | ||
Basic (in dollars per share) | $ 0.44 | $ 0.71 |
Diluted (in dollars per share) | $ 0.44 | $ 0.70 |
Supplemental Statement of Cas_3
Supplemental Statement of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Supplemental Disclosures of Cash Flow Information: | ||
Cash paid for interest | $ 98,354 | $ 54,189 |
Cash paid for income taxes | $ 0 | $ 0 |
Securities - Narrative (Details
Securities - Narrative (Details) | 3 Months Ended | |||
Mar. 31, 2024 USD ($) investment | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) investment | Jan. 01, 2022 USD ($) Security | |
Investments, Debt and Equity Securities [Abstract] | ||||
Equity securities | $ 9,792,000 | $ 9,897,000 | ||
Realized gain (loss) on equity securities | 0 | $ 0 | ||
Equity securities without a readily determinable fair value | 38,194,000 | 11,624,000 | ||
Securities purchased under agreements to resell | 0 | |||
Interest income, securities purchased under agreements to resell | 0 | $ 0 | ||
Number of AFS positions elected for transfer | Security | 25 | |||
Aggregate fair value of AFS transferred | $ 117,001,000 | |||
Net unrealized holding gain | $ 2,925,000 | $ 3,122,000 | ||
Number of investment positions in an unrealized loss position | investment | 133 | 142 |
Securities - Securities (Detail
Securities - Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | ||
Unrealized (loss) gain recognized on equity securities with a readily determinable fair value | $ (105) | $ 126 |
Securities - Carrying Amount an
Securities - Carrying Amount and Fair Values (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | $ 1,251,802 | $ 1,161,178 | ||
Gross Unrealized Gains | 8,825 | 11,251 | ||
Gross Unrealized Losses | 94,359 | 95,790 | ||
ACL | 0 | 0 | $ 885 | $ 0 |
Fair Value | 1,166,268 | 1,076,639 | ||
HTM | ||||
Amortized Cost | 178,662 | 180,403 | ||
Gross Unrealized Gains | 7 | 86 | ||
Gross Unrealized Losses | 22,928 | 20,468 | ||
ACL | 0 | 0 | ||
Fair Value | 155,741 | 160,021 | ||
Corporate bonds | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 262,526 | 244,652 | ||
Gross Unrealized Gains | 1,198 | 1,034 | ||
Gross Unrealized Losses | 26,431 | 29,566 | ||
ACL | 0 | 0 | ||
Fair Value | 237,293 | 216,120 | ||
Municipal securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 14,272 | 46,631 | ||
Gross Unrealized Gains | 0 | 108 | ||
Gross Unrealized Losses | 3,357 | 3,258 | ||
ACL | 0 | 0 | ||
Fair Value | 10,915 | 43,481 | ||
HTM | ||||
Amortized Cost | 111,922 | 112,204 | ||
Gross Unrealized Gains | 7 | 86 | ||
Gross Unrealized Losses | 11,282 | 9,864 | ||
ACL | 0 | 0 | ||
Fair Value | 100,647 | 102,426 | ||
MBS | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 199,632 | 194,486 | ||
Gross Unrealized Gains | 3,361 | 4,430 | ||
Gross Unrealized Losses | 14,686 | 13,465 | ||
ACL | 0 | 0 | ||
Fair Value | 188,307 | 185,451 | ||
HTM | ||||
Amortized Cost | 33,154 | 33,716 | ||
Gross Unrealized Gains | 0 | 0 | ||
Gross Unrealized Losses | 6,719 | 6,037 | ||
ACL | 0 | 0 | ||
Fair Value | 26,435 | 27,679 | ||
CMO | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 574,622 | 563,421 | ||
Gross Unrealized Gains | 3,520 | 4,634 | ||
Gross Unrealized Losses | 47,263 | 46,999 | ||
ACL | 0 | 0 | ||
Fair Value | 530,879 | 521,056 | ||
HTM | ||||
Amortized Cost | 33,586 | 34,483 | ||
Gross Unrealized Gains | 0 | 0 | ||
Gross Unrealized Losses | 4,927 | 4,567 | ||
ACL | 0 | 0 | ||
Fair Value | 28,659 | 29,916 | ||
Asset-backed securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 122,078 | 47,738 | ||
Gross Unrealized Gains | 732 | 1,045 | ||
Gross Unrealized Losses | 2,549 | 2,130 | ||
ACL | 0 | 0 | ||
Fair Value | 120,261 | 46,653 | ||
Collateralized loan obligations | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 78,672 | 64,250 | ||
Gross Unrealized Gains | 14 | 0 | ||
Gross Unrealized Losses | 73 | 372 | ||
ACL | 0 | 0 | ||
Fair Value | $ 78,613 | $ 63,878 |
Securities - Unrealized Loss Po
Securities - Unrealized Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
AFS | ||
Less Than 12 Months | $ 190,008 | $ 50,792 |
12 Months or More | 631,666 | 780,455 |
Totals | 821,674 | 831,247 |
AFS Unrealized Loss | ||
Less Than 12 Months | 11,719 | 7,574 |
12 Months or More | 82,640 | 88,216 |
Totals | 94,359 | 95,790 |
HTM Fair Value | ||
Less Than 12 Months | 100,109 | 7,845 |
12 Months or More | 55,094 | 137,308 |
Totals | 155,203 | 145,153 |
HTM Unrealized Loss | ||
Less Than 12 Months | 11,275 | 270 |
12 Months or More | 11,646 | 20,198 |
Totals | 22,921 | 20,468 |
Corporate bonds | ||
AFS | ||
Less Than 12 Months | 53,376 | 34,989 |
12 Months or More | 164,604 | 162,148 |
Totals | 217,980 | 197,137 |
AFS Unrealized Loss | ||
Less Than 12 Months | 5,297 | 5,970 |
12 Months or More | 21,134 | 23,596 |
Totals | 26,431 | 29,566 |
Municipal securities | ||
AFS | ||
Less Than 12 Months | 10,915 | 6,792 |
12 Months or More | 0 | 22,052 |
Totals | 10,915 | 28,844 |
AFS Unrealized Loss | ||
Less Than 12 Months | 3,357 | 45 |
12 Months or More | 0 | 3,213 |
Totals | 3,357 | 3,258 |
HTM Fair Value | ||
Less Than 12 Months | 100,109 | 7,845 |
12 Months or More | 0 | 79,713 |
Totals | 100,109 | 87,558 |
HTM Unrealized Loss | ||
Less Than 12 Months | 11,275 | 270 |
12 Months or More | 0 | 9,594 |
Totals | 11,275 | 9,864 |
MBS | ||
AFS | ||
Less Than 12 Months | 0 | 0 |
12 Months or More | 87,805 | 104,486 |
Totals | 87,805 | 104,486 |
AFS Unrealized Loss | ||
Less Than 12 Months | 0 | 0 |
12 Months or More | 14,686 | 13,465 |
Totals | 14,686 | 13,465 |
HTM Fair Value | ||
Less Than 12 Months | 0 | 0 |
12 Months or More | 26,435 | 27,679 |
Totals | 26,435 | 27,679 |
HTM Unrealized Loss | ||
Less Than 12 Months | 0 | 0 |
12 Months or More | 6,719 | 6,037 |
Totals | 6,719 | 6,037 |
CMO | ||
AFS | ||
Less Than 12 Months | 61,680 | 0 |
12 Months or More | 339,830 | 419,044 |
Totals | 401,510 | 419,044 |
AFS Unrealized Loss | ||
Less Than 12 Months | 1,066 | 0 |
12 Months or More | 46,197 | 46,999 |
Totals | 47,263 | 46,999 |
HTM Fair Value | ||
Less Than 12 Months | 0 | 0 |
12 Months or More | 28,659 | 29,916 |
Totals | 28,659 | 29,916 |
HTM Unrealized Loss | ||
Less Than 12 Months | 0 | 0 |
12 Months or More | 4,927 | 4,567 |
Totals | 4,927 | 4,567 |
Asset-backed securities | ||
AFS | ||
Less Than 12 Months | 64,037 | 9,011 |
12 Months or More | 6,250 | 8,847 |
Totals | 70,287 | 17,858 |
AFS Unrealized Loss | ||
Less Than 12 Months | 1,999 | 1,559 |
12 Months or More | 550 | 571 |
Totals | 2,549 | 2,130 |
Collateralized loan obligations | ||
AFS | ||
Less Than 12 Months | 0 | 0 |
12 Months or More | 33,177 | 63,878 |
Totals | 33,177 | 63,878 |
AFS Unrealized Loss | ||
Less Than 12 Months | 0 | 0 |
12 Months or More | 73 | 372 |
Totals | $ 73 | $ 372 |
Securities - Allowance For Cred
Securities - Allowance For Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
ACL beginning balance | $ 0 | $ 0 |
Credit loss expense | 0 | |
Credit loss expense | 885 | |
ACL ending balance | $ 0 | $ 885 |
Securities - Maturities (Detail
Securities - Maturities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Available For Sale Amortized Cost | ||
Due in one year or less | $ 2,010 | $ 2,018 |
Due from one year to five years | 45,060 | 46,645 |
Due from five years to ten years | 199,462 | 188,526 |
Due after ten years | 30,266 | 54,094 |
Total investment securities available for sale, single maturity date | 276,798 | 291,283 |
Amortized Cost | 1,251,802 | 1,161,178 |
Available For Sale Fair value | ||
Due in one year or less | 1,977 | 1,906 |
Due from one year to five years | 45,423 | 46,682 |
Due from five years to ten years | 177,121 | 163,397 |
Due after ten years | 23,687 | 47,616 |
Total investment securities available for sale | 248,208 | 259,601 |
Fair value | 1,166,268 | 1,076,639 |
Held-to-Maturity Amortized Cost | ||
Due in one year or less | 3,977 | 0 |
Due from one year to five years | 447 | 4,445 |
Due from five years to ten years | 20,060 | 12,806 |
Due after ten years | 87,438 | 94,953 |
Total investment securities held to maturity, single maturity date | 111,922 | 112,204 |
Amortized Cost | 178,662 | 180,403 |
Held-to-Maturity Fair Value | ||
Due in one year or less | 3,963 | 0 |
Due from one year to five years | 443 | 4,448 |
Due from five years to ten years | 19,570 | 12,628 |
Due after ten years | 76,671 | 85,350 |
Total investment securities held to maturity | 100,647 | 102,426 |
Fair value | 155,741 | 160,021 |
MBS and CMO | ||
Available For Sale Amortized Cost | ||
Amortized cost | 774,254 | 757,907 |
Amortized Cost | 199,632 | 194,486 |
Available For Sale Fair value | ||
Fair value | 719,186 | 706,507 |
Fair value | 188,307 | 185,451 |
Held-to-Maturity Amortized Cost | ||
Amortized cost | 66,740 | 68,199 |
Amortized Cost | 33,154 | 33,716 |
Held-to-Maturity Fair Value | ||
Fair value | 55,094 | 57,595 |
Asset-backed securities | ||
Available For Sale Amortized Cost | ||
Amortized cost | 122,078 | 47,738 |
Amortized Cost | 122,078 | 47,738 |
Available For Sale Fair value | ||
Fair value | 120,261 | 46,653 |
Fair value | 120,261 | 46,653 |
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 | 78,672 | 64,250 |
Amortized Cost | 78,672 | 64,250 |
Available For Sale Fair value | ||
Fair value | 78,613 | 63,878 |
Fair value | 78,613 | 63,878 |
Held-to-Maturity Amortized Cost | ||
Amortized cost | 0 | 0 |
Held-to-Maturity Fair Value | ||
Fair value | $ 0 | $ 0 |
Securities - Proceeds From Sale
Securities - Proceeds From Sale of Debt Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds from sales | $ 113,794 | $ 109,793 |
Gross realized losses | $ 6,304 | $ 5,321 |
LHI and ACL - Balance Sheet Sum
LHI and ACL - Balance Sheet Summary (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | |
Loans and Allowance for Credit Losses | ||||
Loans | $ 9,706,013 | $ 9,593,125 | ||
Deferred loan fees, net | (6,931) | (8,785) | ||
Less: ACL | (112,032) | (109,816) | $ (91,052) | $ (98,694) |
Total LHI, net | 9,587,050 | 9,474,524 | ||
Contractual principal balance | 5,084 | 5,334 | ||
Discount on retained loans from sale | 8,512 | 7,629 | ||
Real Estate | Construction and land | ||||
Loans and Allowance for Credit Losses | ||||
Loans | 1,568,257 | 1,734,254 | ||
Less: ACL | (19,781) | (21,032) | (13,120) | (17,314) |
Real Estate | Farmland | ||||
Loans and Allowance for Credit Losses | ||||
Loans | 30,979 | 31,114 | ||
Less: ACL | (107) | (101) | (127) | (168) |
Real Estate | Residential Real Estate | ||||
Loans and Allowance for Credit Losses | ||||
Discount on retained loans from sale | 3,005 | 3,231 | ||
Purchase of real estate loans | 223,924 | |||
Receivable | 160,695 | |||
Real Estate | Residential Real Estate | 1 - 4 family residential | ||||
Loans and Allowance for Credit Losses | ||||
Loans | 969,401 | 937,119 | ||
Less: ACL | (11,516) | (9,539) | (9,533) | (9,541) |
Real Estate | Residential Real Estate | Multi-family residential | ||||
Loans and Allowance for Credit Losses | ||||
Loans | 751,607 | 605,817 | ||
Less: ACL | (6,339) | (4,882) | (2,607) | (3,484) |
Real Estate | Commercial Real Estate | OOCRE | ||||
Loans and Allowance for Credit Losses | ||||
Loans | 788,376 | 794,088 | ||
Less: ACL | (9,802) | (10,252) | (8,707) | (8,813) |
Real Estate | Commercial Real Estate | NOOCRE | ||||
Loans and Allowance for Credit Losses | ||||
Loans | 2,352,993 | 2,350,725 | ||
Less: ACL | (31,137) | (27,729) | (26,704) | (26,238) |
Commercial | ||||
Loans and Allowance for Credit Losses | ||||
Loans | 2,785,987 | 2,752,063 | ||
Less: ACL | (32,791) | (35,886) | (30,142) | (32,717) |
MW | ||||
Loans and Allowance for Credit Losses | ||||
Loans | 449,531 | 377,796 | ||
Consumer | ||||
Loans and Allowance for Credit Losses | ||||
Loans | 8,882 | 10,149 | ||
Less: ACL | $ (155) | $ (135) | $ (112) | $ (419) |
LHI and ACL - Allowance for Cre
LHI and ACL - Allowance for Credit Loss Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Analysis of allowance for loan losses | |||
Beginning balance | $ 109,816 | $ 91,052 | $ 91,052 |
Credit (benefit) loss expense | 7,500 | 9,385 | |
Charge-offs | (5,430) | (1,229) | (25,366) |
Recoveries | 146 | 371 | |
Ending balance | 112,032 | 98,694 | 109,816 |
Non-PCD Loans | |||
Analysis of allowance for loan losses | |||
Credit (benefit) loss expense | 11,940 | 8,267 | |
PCD Loans | |||
Analysis of allowance for loan losses | |||
Credit (benefit) loss expense | (4,440) | 233 | |
Real Estate | Construction and land | |||
Analysis of allowance for loan losses | |||
Beginning balance | 21,032 | 13,120 | 13,120 |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | |
Ending balance | 19,781 | 17,314 | 21,032 |
Real Estate | Construction and land | Non-PCD Loans | |||
Analysis of allowance for loan losses | |||
Credit (benefit) loss expense | (1,251) | 4,240 | |
Real Estate | Construction and land | PCD Loans | |||
Analysis of allowance for loan losses | |||
Credit (benefit) loss expense | 0 | (46) | |
Real Estate | Farmland | |||
Analysis of allowance for loan losses | |||
Beginning balance | 101 | 127 | 127 |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | |
Ending balance | 107 | 168 | 101 |
Real Estate | Farmland | Non-PCD Loans | |||
Analysis of allowance for loan losses | |||
Credit (benefit) loss expense | 6 | 41 | |
Real Estate | Farmland | PCD Loans | |||
Analysis of allowance for loan losses | |||
Credit (benefit) loss expense | 0 | 0 | |
Real Estate | Residential Real Estate | 1 - 4 family residential | |||
Analysis of allowance for loan losses | |||
Beginning balance | 9,539 | 9,533 | 9,533 |
Charge-offs | 0 | 0 | (21) |
Recoveries | 1 | 1 | |
Ending balance | 11,516 | 9,541 | 9,539 |
Real Estate | Residential Real Estate | 1 - 4 family residential | Non-PCD Loans | |||
Analysis of allowance for loan losses | |||
Credit (benefit) loss expense | 1,978 | 12 | |
Real Estate | Residential Real Estate | 1 - 4 family residential | PCD Loans | |||
Analysis of allowance for loan losses | |||
Credit (benefit) loss expense | (2) | (5) | |
Real Estate | Residential Real Estate | Multi-family residential | |||
Analysis of allowance for loan losses | |||
Beginning balance | 4,882 | 2,607 | 2,607 |
Charge-offs | 0 | 0 | (192) |
Recoveries | 0 | 0 | |
Ending balance | 6,339 | 3,484 | 4,882 |
Real Estate | Residential Real Estate | Multi-family residential | Non-PCD Loans | |||
Analysis of allowance for loan losses | |||
Credit (benefit) loss expense | 1,457 | 877 | |
Real Estate | Residential Real Estate | Multi-family residential | PCD Loans | |||
Analysis of allowance for loan losses | |||
Credit (benefit) loss expense | 0 | 0 | |
Real Estate | Commercial Real Estate | OOCRE | |||
Analysis of allowance for loan losses | |||
Beginning balance | 10,252 | 8,707 | 8,707 |
Charge-offs | (120) | (116) | (855) |
Recoveries | 0 | 0 | |
Ending balance | 9,802 | 8,813 | 10,252 |
Real Estate | Commercial Real Estate | OOCRE | Non-PCD Loans | |||
Analysis of allowance for loan losses | |||
Credit (benefit) loss expense | 47 | 238 | |
Real Estate | Commercial Real Estate | OOCRE | PCD Loans | |||
Analysis of allowance for loan losses | |||
Credit (benefit) loss expense | (377) | (16) | |
Real Estate | Commercial Real Estate | NOOCRE | |||
Analysis of allowance for loan losses | |||
Beginning balance | 27,729 | 26,704 | 26,704 |
Charge-offs | (4,293) | 0 | (13,649) |
Recoveries | 0 | 0 | |
Ending balance | 31,137 | 26,238 | 27,729 |
Real Estate | Commercial Real Estate | NOOCRE | Non-PCD Loans | |||
Analysis of allowance for loan losses | |||
Credit (benefit) loss expense | 11,653 | (499) | |
Real Estate | Commercial Real Estate | NOOCRE | PCD Loans | |||
Analysis of allowance for loan losses | |||
Credit (benefit) loss expense | (3,952) | 33 | |
Commercial | |||
Analysis of allowance for loan losses | |||
Beginning balance | 35,886 | 30,142 | 30,142 |
Charge-offs | (946) | (1,051) | (10,413) |
Recoveries | 96 | 364 | |
Ending balance | 32,791 | 32,717 | 35,886 |
Commercial | Non-PCD Loans | |||
Analysis of allowance for loan losses | |||
Credit (benefit) loss expense | (2,136) | 2,995 | |
Commercial | PCD Loans | |||
Analysis of allowance for loan losses | |||
Credit (benefit) loss expense | (109) | 267 | |
MW | |||
Analysis of allowance for loan losses | |||
Beginning balance | 260 | ||
Charge-offs | 0 | ||
Recoveries | 0 | ||
Ending balance | 404 | 260 | |
MW | Non-PCD Loans | |||
Analysis of allowance for loan losses | |||
Credit (benefit) loss expense | 144 | ||
MW | PCD Loans | |||
Analysis of allowance for loan losses | |||
Credit (benefit) loss expense | 0 | ||
Consumer | |||
Analysis of allowance for loan losses | |||
Beginning balance | 135 | 112 | 112 |
Charge-offs | (71) | (62) | (236) |
Recoveries | 49 | 6 | |
Ending balance | 155 | 419 | $ 135 |
Consumer | Non-PCD Loans | |||
Analysis of allowance for loan losses | |||
Credit (benefit) loss expense | 42 | 363 | |
Consumer | PCD Loans | |||
Analysis of allowance for loan losses | |||
Credit (benefit) loss expense | $ 0 | $ 0 |
LHI and ACL - Collateral Depend
LHI and ACL - Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Servicing Asset at Amortized Cost [Line Items] | ||||
Loans | $ 9,706,013 | $ 9,593,125 | ||
ACL Allocation | 112,032 | 109,816 | $ 98,694 | $ 91,052 |
Real Estate | Commercial Real Estate | OOCRE | ||||
Servicing Asset at Amortized Cost [Line Items] | ||||
Loans | 788,376 | 794,088 | ||
ACL Allocation | 9,802 | 10,252 | 8,813 | 8,707 |
Real Estate | Commercial Real Estate | NOOCRE | ||||
Servicing Asset at Amortized Cost [Line Items] | ||||
Loans | 2,352,993 | 2,350,725 | ||
ACL Allocation | 31,137 | 27,729 | 26,238 | 26,704 |
Real Estate | Residential Real Estate | 1 - 4 family residential | ||||
Servicing Asset at Amortized Cost [Line Items] | ||||
Loans | 969,401 | 937,119 | ||
ACL Allocation | 11,516 | 9,539 | 9,541 | 9,533 |
Commercial | ||||
Servicing Asset at Amortized Cost [Line Items] | ||||
Loans | 2,785,987 | 2,752,063 | ||
ACL Allocation | 32,791 | 35,886 | $ 32,717 | $ 30,142 |
Real Property | ||||
Servicing Asset at Amortized Cost [Line Items] | ||||
Loans | 37,769 | 44,939 | ||
Real Property | Real Estate | Commercial Real Estate | Construction and land | ||||
Servicing Asset at Amortized Cost [Line Items] | ||||
Loans | 159 | 0 | ||
Real Property | Real Estate | Commercial Real Estate | OOCRE | ||||
Servicing Asset at Amortized Cost [Line Items] | ||||
Loans | 9,357 | 3,059 | ||
Real Property | Real Estate | Commercial Real Estate | NOOCRE | ||||
Servicing Asset at Amortized Cost [Line Items] | ||||
Loans | 9,344 | 21,169 | ||
Real Property | Real Estate | Residential Real Estate | 1 - 4 family residential | ||||
Servicing Asset at Amortized Cost [Line Items] | ||||
Loans | 530 | 0 | ||
Real Property | Commercial | ||||
Servicing Asset at Amortized Cost [Line Items] | ||||
Loans | 18,379 | 20,711 | ||
ACL Allocation | ||||
Servicing Asset at Amortized Cost [Line Items] | ||||
ACL Allocation | 2,957 | 3,386 | ||
ACL Allocation | Real Estate | Commercial Real Estate | Construction and land | ||||
Servicing Asset at Amortized Cost [Line Items] | ||||
ACL Allocation | 7 | 0 | ||
ACL Allocation | Real Estate | Commercial Real Estate | OOCRE | ||||
Servicing Asset at Amortized Cost [Line Items] | ||||
ACL Allocation | 0 | 47 | ||
ACL Allocation | Real Estate | Commercial Real Estate | NOOCRE | ||||
Servicing Asset at Amortized Cost [Line Items] | ||||
ACL Allocation | 0 | 0 | ||
ACL Allocation | Real Estate | Residential Real Estate | 1 - 4 family residential | ||||
Servicing Asset at Amortized Cost [Line Items] | ||||
ACL Allocation | 44 | 0 | ||
ACL Allocation | Commercial | ||||
Servicing Asset at Amortized Cost [Line Items] | ||||
ACL Allocation | $ 2,906 | $ 3,339 |
LHI and ACL - Nonaccrual (Detai
LHI and ACL - Nonaccrual (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2023 | |
Loans and Allowance for Credit Losses | ||||
Nonaccrual | $ 85,140 | $ 92,848 | ||
Nonaccrual With No ACL | 46,776 | 62,364 | ||
Financing receivable, nonaccrual, interest income | 781 | $ 772 | ||
PCD Loans | ||||
Loans and Allowance for Credit Losses | ||||
Financing receivable, nonaccrual, interest income | 9,419 | $ 13,715 | ||
Commercial | ||||
Loans and Allowance for Credit Losses | ||||
Nonaccrual | 37,627 | 40,868 | ||
Nonaccrual With No ACL | 10,086 | 10,610 | ||
Consumer | ||||
Loans and Allowance for Credit Losses | ||||
Nonaccrual | 21 | 24 | ||
Nonaccrual With No ACL | 21 | 24 | ||
1 - 4 family residential | Residential Real Estate | Real Estate | ||||
Loans and Allowance for Credit Losses | ||||
Nonaccrual | 3,263 | 1,965 | ||
Nonaccrual With No ACL | 3,058 | 1,965 | ||
OOCRE | Commercial Real Estate | Real Estate | ||||
Loans and Allowance for Credit Losses | ||||
Nonaccrual | 15,126 | 9,719 | ||
Nonaccrual With No ACL | 15,126 | 9,493 | ||
NOOCRE | Commercial Real Estate | Real Estate | ||||
Loans and Allowance for Credit Losses | ||||
Nonaccrual | 22,366 | 33,479 | ||
Nonaccrual With No ACL | 11,866 | 33,479 | ||
Construction and land | Residential Real Estate | Real Estate | ||||
Loans and Allowance for Credit Losses | ||||
Nonaccrual | 6,737 | 6,793 | ||
Nonaccrual With No ACL | $ 6,619 | $ 6,793 |
LHI and ACL - Past Due (Details
LHI and ACL - Past Due (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Non-Accrual and Past Due Loans | ||
Loans | $ 9,706,013 | $ 9,593,125 |
Total 90 days past due and still accruing | 220 | 2,975 |
PCD | ||
Non-Accrual and Past Due Loans | ||
Loans | 21,897 | 36,305 |
Total Past Due | ||
Non-Accrual and Past Due Loans | ||
Loans | 81,615 | 111,515 |
30 to 59 Days | ||
Non-Accrual and Past Due Loans | ||
Loans | 28,371 | 56,492 |
60 to 89 Days | ||
Non-Accrual and Past Due Loans | ||
Loans | 6,440 | 4,685 |
90 Days or Greater | ||
Non-Accrual and Past Due Loans | ||
Loans | 46,804 | 50,338 |
Total Current | ||
Non-Accrual and Past Due Loans | ||
Loans | 9,624,398 | 9,481,610 |
Real Estate | Construction and land | ||
Non-Accrual and Past Due Loans | ||
Loans | 1,568,257 | 1,734,254 |
Total 90 days past due and still accruing | 0 | 0 |
Real Estate | Construction and land | Total Past Due | ||
Non-Accrual and Past Due Loans | ||
Loans | 19,887 | 36,172 |
Real Estate | Construction and land | 30 to 59 Days | ||
Non-Accrual and Past Due Loans | ||
Loans | 13,150 | 29,379 |
Real Estate | Construction and land | 60 to 89 Days | ||
Non-Accrual and Past Due Loans | ||
Loans | 59 | 0 |
Real Estate | Construction and land | 90 Days or Greater | ||
Non-Accrual and Past Due Loans | ||
Loans | 6,678 | 6,793 |
Real Estate | Construction and land | Total Current | ||
Non-Accrual and Past Due Loans | ||
Loans | 1,548,370 | 1,698,082 |
Real Estate | Farmland | ||
Non-Accrual and Past Due Loans | ||
Loans | 30,979 | 31,114 |
Total 90 days past due and still accruing | 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 | 30,979 | 31,114 |
Real Estate | Residential Real Estate | 1 - 4 family residential | ||
Non-Accrual and Past Due Loans | ||
Loans | 969,401 | 937,119 |
Total 90 days past due and still accruing | 0 | 1,726 |
Real Estate | Residential Real Estate | 1 - 4 family residential | PCD | ||
Non-Accrual and Past Due Loans | ||
Loans | 1,114 | 1,130 |
Real Estate | Residential Real Estate | 1 - 4 family residential | Total Past Due | ||
Non-Accrual and Past Due Loans | ||
Loans | 4,970 | 10,585 |
Real Estate | Residential Real Estate | 1 - 4 family residential | 30 to 59 Days | ||
Non-Accrual and Past Due Loans | ||
Loans | 2,352 | 4,359 |
Real Estate | Residential Real Estate | 1 - 4 family residential | 60 to 89 Days | ||
Non-Accrual and Past Due Loans | ||
Loans | 459 | 2,535 |
Real Estate | Residential Real Estate | 1 - 4 family residential | 90 Days or Greater | ||
Non-Accrual and Past Due Loans | ||
Loans | 2,159 | 3,691 |
Real Estate | Residential Real Estate | 1 - 4 family residential | Total Current | ||
Non-Accrual and Past Due Loans | ||
Loans | 964,431 | 926,534 |
Real Estate | Residential Real Estate | Multi-family residential | ||
Non-Accrual and Past Due Loans | ||
Loans | 751,607 | 605,817 |
Total 90 days past due and still accruing | 0 | 0 |
Real Estate | Residential Real Estate | Multi-family residential | Total Past Due | ||
Non-Accrual and Past Due Loans | ||
Loans | 0 | 15,095 |
Real Estate | Residential Real Estate | Multi-family residential | 30 to 59 Days | ||
Non-Accrual and Past Due Loans | ||
Loans | 0 | 15,095 |
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 | 751,607 | 590,722 |
Real Estate | Commercial Real Estate | OOCRE | ||
Non-Accrual and Past Due Loans | ||
Loans | 788,376 | 794,088 |
Total 90 days past due and still accruing | 220 | 466 |
Real Estate | Commercial Real Estate | OOCRE | PCD | ||
Non-Accrual and Past Due Loans | ||
Loans | 10,568 | 18,170 |
Real Estate | Commercial Real Estate | OOCRE | Total Past Due | ||
Non-Accrual and Past Due Loans | ||
Loans | 17,172 | 11,215 |
Real Estate | Commercial Real Estate | OOCRE | 30 to 59 Days | ||
Non-Accrual and Past Due Loans | ||
Loans | 1,826 | 916 |
Real Estate | Commercial Real Estate | OOCRE | 60 to 89 Days | ||
Non-Accrual and Past Due Loans | ||
Loans | 0 | 114 |
Real Estate | Commercial Real Estate | OOCRE | 90 Days or Greater | ||
Non-Accrual and Past Due Loans | ||
Loans | 15,346 | 10,185 |
Real Estate | Commercial Real Estate | OOCRE | Total Current | ||
Non-Accrual and Past Due Loans | ||
Loans | 771,204 | 782,873 |
Real Estate | Commercial Real Estate | NOOCRE | ||
Non-Accrual and Past Due Loans | ||
Loans | 2,352,993 | 2,350,725 |
Total 90 days past due and still accruing | 0 | 783 |
Real Estate | Commercial Real Estate | NOOCRE | PCD | ||
Non-Accrual and Past Due Loans | ||
Loans | 9,784 | 14,084 |
Real Estate | Commercial Real Estate | NOOCRE | Total Past Due | ||
Non-Accrual and Past Due Loans | ||
Loans | 26,110 | 24,371 |
Real Estate | Commercial Real Estate | NOOCRE | 30 to 59 Days | ||
Non-Accrual and Past Due Loans | ||
Loans | 10,605 | 3,182 |
Real Estate | Commercial Real Estate | NOOCRE | 60 to 89 Days | ||
Non-Accrual and Past Due Loans | ||
Loans | 2,847 | 642 |
Real Estate | Commercial Real Estate | NOOCRE | 90 Days or Greater | ||
Non-Accrual and Past Due Loans | ||
Loans | 12,658 | 20,547 |
Real Estate | Commercial Real Estate | NOOCRE | Total Current | ||
Non-Accrual and Past Due Loans | ||
Loans | 2,326,883 | 2,326,354 |
Commercial | ||
Non-Accrual and Past Due Loans | ||
Loans | 2,785,987 | 2,752,063 |
Total 90 days past due and still accruing | 0 | 0 |
Commercial | PCD | ||
Non-Accrual and Past Due Loans | ||
Loans | 420 | 2,908 |
Commercial | Total Past Due | ||
Non-Accrual and Past Due Loans | ||
Loans | 13,465 | 14,001 |
Commercial | 30 to 59 Days | ||
Non-Accrual and Past Due Loans | ||
Loans | 427 | 3,485 |
Commercial | 60 to 89 Days | ||
Non-Accrual and Past Due Loans | ||
Loans | 3,075 | 1,394 |
Commercial | 90 Days or Greater | ||
Non-Accrual and Past Due Loans | ||
Loans | 9,963 | 9,122 |
Commercial | Total Current | ||
Non-Accrual and Past Due Loans | ||
Loans | 2,772,522 | 2,738,062 |
MW | ||
Non-Accrual and Past Due Loans | ||
Loans | 449,531 | 377,796 |
Total 90 days past due and still accruing | 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 | 449,531 | 377,796 |
Consumer | ||
Non-Accrual and Past Due Loans | ||
Loans | 8,882 | 10,149 |
Total 90 days past due and still accruing | 0 | 0 |
Consumer | PCD | ||
Non-Accrual and Past Due Loans | ||
Loans | 11 | 13 |
Consumer | Total Past Due | ||
Non-Accrual and Past Due Loans | ||
Loans | 11 | 76 |
Consumer | 30 to 59 Days | ||
Non-Accrual and Past Due Loans | ||
Loans | 11 | 76 |
Consumer | 60 to 89 Days | ||
Non-Accrual and Past Due Loans | ||
Loans | 0 | 0 |
Consumer | 90 Days or Greater | ||
Non-Accrual and Past Due Loans | ||
Loans | 0 | 0 |
Consumer | Total Current | ||
Non-Accrual and Past Due Loans | ||
Loans | $ 8,871 | $ 10,073 |
LHI and ACL - Trouble Debt Rest
LHI and ACL - Trouble Debt Restructuring (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, troubled debt restructuring, postmodification | $ 111,954 |
Combination - Interest Rate Reduction and Term Extension | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, troubled debt restructuring, postmodification | 52,098 |
30 to 59 Days | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, troubled debt restructuring, postmodification | 11,343 |
60 to 89 Days | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, troubled debt restructuring, postmodification | 0 |
90 Days or Greater | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, troubled debt restructuring, postmodification | 2,108 |
Real Estate | Construction and land | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, troubled debt restructuring, postmodification | 0 |
Real Estate | Construction and land | Term Extension | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, troubled debt restructuring, postmodification | $ 2,000 |
Financing receivable, troubled debt restructuring, postmodification percentage (in percent) | 0.10% |
Real Estate | Construction and land | 30 to 59 Days | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, troubled debt restructuring, postmodification | $ 2,000 |
Real Estate | Construction and land | 60 to 89 Days | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, troubled debt restructuring, postmodification | 0 |
Real Estate | Construction and land | 90 Days or Greater | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, troubled debt restructuring, postmodification | 0 |
Commercial | Combination - Interest Rate Reduction and Term Extension | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, troubled debt restructuring, postmodification | $ 6,336 |
Financing receivable, troubled debt restructuring, postmodification percentage (in percent) | 0.20% |
Commercial | Commercial Real Estate | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, troubled debt restructuring, postmodification | $ 27,764 |
Commercial | Commercial Real Estate | 30 to 59 Days | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, troubled debt restructuring, postmodification | 0 |
Commercial | Commercial Real Estate | 60 to 89 Days | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, troubled debt restructuring, postmodification | 0 |
Commercial | Commercial Real Estate | 90 Days or Greater | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, troubled debt restructuring, postmodification | 2,108 |
NOOCRE | Real Estate | Commercial Real Estate | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, troubled debt restructuring, postmodification | 84,190 |
NOOCRE | Real Estate | Commercial Real Estate | Interest Rate Reduction | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, troubled debt restructuring, postmodification | $ 28,441 |
Financing receivable, troubled debt restructuring, postmodification percentage (in percent) | 1.20% |
NOOCRE | Real Estate | Commercial Real Estate | Combination - Interest Rate Reduction and Term Extension | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, troubled debt restructuring, postmodification | $ 45,762 |
Financing receivable, troubled debt restructuring, postmodification percentage (in percent) | 1.90% |
NOOCRE | Real Estate | Commercial Real Estate | 30 to 59 Days | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, troubled debt restructuring, postmodification | $ 9,343 |
NOOCRE | Real Estate | Commercial Real Estate | 60 to 89 Days | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, troubled debt restructuring, postmodification | 0 |
NOOCRE | Real Estate | Commercial Real Estate | 90 Days or Greater | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing receivable, troubled debt restructuring, postmodification | $ 0 |
LHI and ACL - Credit Quality In
LHI and ACL - Credit Quality Indicators (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Total consumer loans held for investment | |||
Year one | $ 165,097 | $ 701,008 | |
Year two | 685,309 | 2,326,877 | |
Year three | 2,328,750 | 1,747,195 | |
Year four | 1,708,351 | 816,093 | |
Year five | 804,405 | 359,111 | |
Prior | 1,354,593 | 1,149,311 | |
Revolving Loans Amortized Cost Basis | 2,640,525 | 2,474,545 | |
Revolving Loans Converted to Term | 18,983 | 18,985 | |
Total | 9,706,013 | 9,593,125 | |
Total gross charge-offs | |||
2023 | 0 | 0 | |
2022 | 0 | 2,187 | |
2021 | 43 | 2 | |
2020 | 0 | 2,941 | |
2019 | 0 | 1,301 | |
Prior | 5,387 | 18,935 | |
Revolving Loans Amortized Cost Basis, Write Off | 0 | 0 | |
Revolving Loans Converted to Term, Write Off | 0 | 0 | |
Total | 5,430 | $ 1,229 | 25,366 |
Deferred loan fees, net | (6,931) | (8,785) | |
Pass | |||
Total consumer loans held for investment | |||
Year one | 165,097 | 685,978 | |
Year two | 660,790 | 2,256,151 | |
Year three | 2,218,922 | 1,691,168 | |
Year four | 1,642,869 | 780,120 | |
Year five | 769,973 | 281,293 | |
Prior | 1,105,029 | 888,687 | |
Revolving Loans Amortized Cost Basis | 2,591,600 | 2,446,493 | |
Revolving Loans Converted to Term | 18,958 | 18,876 | |
Total | 9,173,238 | 9,048,766 | |
Special mention | |||
Total consumer loans held for investment | |||
Year one | 0 | 14,390 | |
Year two | 23,824 | 33,846 | |
Year three | 72,613 | 46,238 | |
Year four | 48,436 | 31,174 | |
Year five | 30,094 | 70,577 | |
Prior | 159,173 | 101,508 | |
Revolving Loans Amortized Cost Basis | 15,675 | 12,279 | |
Revolving Loans Converted to Term | 25 | 35 | |
Total | 349,840 | 310,047 | |
Substandard | |||
Total consumer loans held for investment | |||
Year one | 0 | 640 | |
Year two | 695 | 36,880 | |
Year three | 37,215 | 9,789 | |
Year four | 17,046 | 4,799 | |
Year five | 4,338 | 7,241 | |
Prior | 68,494 | 122,811 | |
Revolving Loans Amortized Cost Basis | 33,250 | 15,773 | |
Revolving Loans Converted to Term | 0 | 74 | |
Total | 161,038 | 198,007 | |
PCD | |||
Total consumer loans held for investment | |||
Year one | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 21,897 | 36,305 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Total | 21,897 | 36,305 | |
Commercial | |||
Total consumer loans held for investment | |||
Year one | 80,714 | 320,163 | |
Year two | 275,053 | 415,270 | |
Year three | 366,434 | 103,529 | |
Year four | 97,128 | 39,640 | |
Year five | 40,519 | 47,302 | |
Prior | 105,252 | 74,707 | |
Revolving Loans Amortized Cost Basis | 1,819,711 | 1,750,299 | |
Revolving Loans Converted to Term | 1,176 | 1,153 | |
Total | 2,785,987 | 2,752,063 | |
Total gross charge-offs | |||
2023 | 0 | 0 | |
2022 | 0 | 2,158 | |
2021 | 43 | 0 | |
2020 | 0 | 2,572 | |
2019 | 0 | 1,083 | |
Prior | 903 | 4,600 | |
Revolving Loans Amortized Cost Basis, Write Off | 0 | 0 | |
Revolving Loans Converted to Term, Write Off | 0 | 0 | |
Total | 946 | 1,051 | 10,413 |
Commercial | Pass | |||
Total consumer loans held for investment | |||
Year one | 80,714 | 314,939 | |
Year two | 271,814 | 384,713 | |
Year three | 336,946 | 86,757 | |
Year four | 74,917 | 38,554 | |
Year five | 39,435 | 43,535 | |
Prior | 83,231 | 45,812 | |
Revolving Loans Amortized Cost Basis | 1,772,806 | 1,725,663 | |
Revolving Loans Converted to Term | 1,151 | 1,044 | |
Total | 2,661,014 | 2,641,017 | |
Commercial | Special mention | |||
Total consumer loans held for investment | |||
Year one | 0 | 4,584 | |
Year two | 2,544 | 13,583 | |
Year three | 13,057 | 12,794 | |
Year four | 12,221 | 541 | |
Year five | 75 | 0 | |
Prior | 6,008 | 10,144 | |
Revolving Loans Amortized Cost Basis | 14,184 | 9,392 | |
Revolving Loans Converted to Term | 25 | 35 | |
Total | 48,114 | 51,073 | |
Commercial | Substandard | |||
Total consumer loans held for investment | |||
Year one | 0 | 640 | |
Year two | 695 | 16,974 | |
Year three | 16,431 | 3,978 | |
Year four | 9,990 | 545 | |
Year five | 1,009 | 3,767 | |
Prior | 15,593 | 15,843 | |
Revolving Loans Amortized Cost Basis | 32,721 | 15,244 | |
Revolving Loans Converted to Term | 0 | 74 | |
Total | 76,439 | 57,065 | |
Commercial | PCD | |||
Total consumer loans held for investment | |||
Year one | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 420 | 2,908 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Total | 420 | 2,908 | |
MW | |||
Total consumer loans held for investment | |||
Year one | 144 | 1,905 | |
Year two | 1,592 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans Amortized Cost Basis | 447,795 | 375,891 | |
Revolving Loans Converted to Term | 0 | 0 | |
Total | 449,531 | 377,796 | |
Total gross charge-offs | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans Amortized Cost Basis, Write Off | 0 | 0 | |
Revolving Loans Converted to Term, Write Off | 0 | 0 | |
Total | 0 | 0 | |
MW | Pass | |||
Total consumer loans held for investment | |||
Year one | 144 | 1,905 | |
Year two | 1,592 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans Amortized Cost Basis | 447,795 | 375,891 | |
Revolving Loans Converted to Term | 0 | 0 | |
Total | 449,531 | 377,796 | |
Consumer | |||
Total consumer loans held for investment | |||
Year one | 604 | 4,552 | |
Year two | 3,141 | 1,045 | |
Year three | 868 | 280 | |
Year four | 251 | 604 | |
Year five | 552 | 101 | |
Prior | 1,838 | 1,839 | |
Revolving Loans Amortized Cost Basis | 1,628 | 1,728 | |
Revolving Loans Converted to Term | 0 | 0 | |
Total | 8,882 | 10,149 | |
Total gross charge-offs | |||
2023 | 0 | 0 | |
2022 | 0 | 29 | |
2021 | 0 | 2 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
Prior | 71 | 205 | |
Revolving Loans Amortized Cost Basis, Write Off | 0 | 0 | |
Revolving Loans Converted to Term, Write Off | 0 | 0 | |
Total | 71 | 62 | 236 |
Consumer | Pass | |||
Total consumer loans held for investment | |||
Year one | 604 | 4,552 | |
Year two | 3,141 | 1,045 | |
Year three | 866 | 276 | |
Year four | 251 | 604 | |
Year five | 552 | 89 | |
Prior | 1,678 | 1,678 | |
Revolving Loans Amortized Cost Basis | 1,628 | 1,728 | |
Revolving Loans Converted to Term | 0 | 0 | |
Total | 8,720 | 9,972 | |
Consumer | Special mention | |||
Total consumer loans held for investment | |||
Year one | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 82 | 85 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Total | 82 | 85 | |
Consumer | Substandard | |||
Total consumer loans held for investment | |||
Year one | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 2 | 4 | |
Year four | 0 | 0 | |
Year five | 0 | 12 | |
Prior | 67 | 63 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Total | 69 | 79 | |
Consumer | PCD | |||
Total consumer loans held for investment | |||
Year one | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 11 | 13 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Total | 11 | 13 | |
Construction and land | Real Estate | |||
Total consumer loans held for investment | |||
Year one | 32,907 | 116,926 | |
Year two | 112,162 | 760,573 | |
Year three | 797,657 | 543,926 | |
Year four | 377,518 | 112,702 | |
Year five | 34,985 | 3,089 | |
Prior | 6,324 | 12,421 | |
Revolving Loans Amortized Cost Basis | 206,704 | 184,617 | |
Revolving Loans Converted to Term | 0 | 0 | |
Total | 1,568,257 | 1,734,254 | |
Total gross charge-offs | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans Amortized Cost Basis, Write Off | 0 | 0 | |
Revolving Loans Converted to Term, Write Off | 0 | 0 | |
Total | 0 | 0 | 0 |
Construction and land | Real Estate | Pass | |||
Total consumer loans held for investment | |||
Year one | 32,907 | 116,333 | |
Year two | 100,050 | 740,244 | |
Year three | 788,951 | 538,946 | |
Year four | 372,550 | 109,017 | |
Year five | 34,954 | 3,089 | |
Prior | 6,324 | 3,661 | |
Revolving Loans Amortized Cost Basis | 205,423 | 181,940 | |
Revolving Loans Converted to Term | 0 | 0 | |
Total | 1,541,159 | 1,693,230 | |
Construction and land | Real Estate | Special mention | |||
Total consumer loans held for investment | |||
Year one | 0 | 593 | |
Year two | 12,112 | 13,782 | |
Year three | 2,000 | 4,980 | |
Year four | 4,968 | 3,439 | |
Year five | 0 | 0 | |
Prior | 0 | 8,760 | |
Revolving Loans Amortized Cost Basis | 1,281 | 2,677 | |
Revolving Loans Converted to Term | 0 | 0 | |
Total | 20,361 | 34,231 | |
Construction and land | Real Estate | Substandard | |||
Total consumer loans held for investment | |||
Year one | 0 | 0 | |
Year two | 0 | 6,547 | |
Year three | 6,706 | 0 | |
Year four | 0 | 246 | |
Year five | 31 | 0 | |
Prior | 0 | 0 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Total | 6,737 | 6,793 | |
Farmland | Real Estate | |||
Total consumer loans held for investment | |||
Year one | 132 | 2,531 | |
Year two | 2,517 | 4,398 | |
Year three | 4,372 | 0 | |
Year four | 0 | 17,999 | |
Year five | 17,863 | 15 | |
Prior | 4,927 | 4,944 | |
Revolving Loans Amortized Cost Basis | 1,168 | 1,227 | |
Revolving Loans Converted to Term | 0 | 0 | |
Total | 30,979 | 31,114 | |
Total gross charge-offs | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans Amortized Cost Basis, Write Off | 0 | 0 | |
Revolving Loans Converted to Term, Write Off | 0 | 0 | |
Total | 0 | 0 | 0 |
Farmland | Real Estate | Pass | |||
Total consumer loans held for investment | |||
Year one | 132 | 2,531 | |
Year two | 2,517 | 4,398 | |
Year three | 4,372 | 0 | |
Year four | 0 | 17,999 | |
Year five | 17,863 | 15 | |
Prior | 4,927 | 4,944 | |
Revolving Loans Amortized Cost Basis | 1,168 | 1,227 | |
Revolving Loans Converted to Term | 0 | 0 | |
Total | 30,979 | 31,114 | |
Residential Real Estate | Single Family | Real Estate | |||
Total consumer loans held for investment | |||
Year one | 18,518 | 77,021 | |
Year two | 81,629 | 141,499 | |
Year three | 140,172 | 194,816 | |
Year four | 210,478 | 79,767 | |
Year five | 82,764 | 38,695 | |
Prior | 303,620 | 273,262 | |
Revolving Loans Amortized Cost Basis | 114,984 | 114,804 | |
Revolving Loans Converted to Term | 17,236 | 17,255 | |
Total | 969,401 | 937,119 | |
Total gross charge-offs | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 21 | |
Prior | 0 | 0 | |
Revolving Loans Amortized Cost Basis, Write Off | 0 | 0 | |
Revolving Loans Converted to Term, Write Off | 0 | 0 | |
Total | 0 | 0 | 21 |
Residential Real Estate | Single Family | Real Estate | Pass | |||
Total consumer loans held for investment | |||
Year one | 18,518 | 73,289 | |
Year two | 77,907 | 140,824 | |
Year three | 139,311 | 193,914 | |
Year four | 209,626 | 79,767 | |
Year five | 82,714 | 38,589 | |
Prior | 288,540 | 270,193 | |
Revolving Loans Amortized Cost Basis | 114,455 | 114,275 | |
Revolving Loans Converted to Term | 17,236 | 17,255 | |
Total | 948,307 | 928,106 | |
Residential Real Estate | Single Family | Real Estate | Special mention | |||
Total consumer loans held for investment | |||
Year one | 0 | 3,732 | |
Year two | 3,722 | 531 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 1,227 | 238 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Total | 4,949 | 4,501 | |
Residential Real Estate | Single Family | Real Estate | Substandard | |||
Total consumer loans held for investment | |||
Year one | 0 | 0 | |
Year two | 0 | 144 | |
Year three | 861 | 902 | |
Year four | 852 | 0 | |
Year five | 50 | 106 | |
Prior | 12,739 | 1,701 | |
Revolving Loans Amortized Cost Basis | 529 | 529 | |
Revolving Loans Converted to Term | 0 | 0 | |
Total | 15,031 | 3,382 | |
Residential Real Estate | Single Family | Real Estate | PCD | |||
Total consumer loans held for investment | |||
Year one | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 1,114 | 1,130 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Total | 1,114 | 1,130 | |
Residential Real Estate | Multi-family residential | Real Estate | |||
Total consumer loans held for investment | |||
Year one | 0 | 9,441 | |
Year two | 11,788 | 82,040 | |
Year three | 104,244 | 257,714 | |
Year four | 338,897 | 196,575 | |
Year five | 264,985 | 8,054 | |
Prior | 21,038 | 41,366 | |
Revolving Loans Amortized Cost Basis | 10,655 | 10,627 | |
Revolving Loans Converted to Term | 0 | 0 | |
Total | 751,607 | 605,817 | |
Total gross charge-offs | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 192 | |
Prior | 0 | 0 | |
Revolving Loans Amortized Cost Basis, Write Off | 0 | 0 | |
Revolving Loans Converted to Term, Write Off | 0 | 0 | |
Total | 0 | 0 | 192 |
Residential Real Estate | Multi-family residential | Real Estate | Pass | |||
Total consumer loans held for investment | |||
Year one | 0 | 9,441 | |
Year two | 11,788 | 82,040 | |
Year three | 104,244 | 257,714 | |
Year four | 338,897 | 196,575 | |
Year five | 264,985 | 8,054 | |
Prior | 21,038 | 14,570 | |
Revolving Loans Amortized Cost Basis | 10,655 | 10,627 | |
Revolving Loans Converted to Term | 0 | 0 | |
Total | 751,607 | 579,021 | |
Residential Real Estate | Multi-family residential | Real Estate | Special mention | |||
Total consumer loans held for investment | |||
Year one | 0 | ||
Year two | 0 | ||
Year three | 0 | ||
Year four | 0 | ||
Year five | 0 | ||
Prior | 11,701 | ||
Revolving Loans Amortized Cost Basis | 0 | ||
Revolving Loans Converted to Term | 0 | ||
Total | 11,701 | ||
Residential Real Estate | Multi-family residential | Real Estate | Substandard | |||
Total consumer loans held for investment | |||
Year one | 0 | ||
Year two | 0 | ||
Year three | 0 | ||
Year four | 0 | ||
Year five | 0 | ||
Prior | 15,095 | ||
Revolving Loans Amortized Cost Basis | 0 | ||
Revolving Loans Converted to Term | 0 | ||
Total | 15,095 | ||
Commercial Real Estate | OOCRE | Real Estate | |||
Total consumer loans held for investment | |||
Year one | 14,365 | 134,944 | |
Year two | 147,401 | 188,134 | |
Year three | 186,468 | 117,817 | |
Year four | 107,166 | 94,882 | |
Year five | 93,846 | 42,573 | |
Prior | 234,297 | 210,910 | |
Revolving Loans Amortized Cost Basis | 4,833 | 4,828 | |
Revolving Loans Converted to Term | 0 | 0 | |
Total | 788,376 | 794,088 | |
Total gross charge-offs | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 369 | |
2019 | 0 | 5 | |
Prior | 120 | 481 | |
Revolving Loans Amortized Cost Basis, Write Off | 0 | 0 | |
Revolving Loans Converted to Term, Write Off | 0 | 0 | |
Total | 120 | 116 | 855 |
Commercial Real Estate | OOCRE | Real Estate | Pass | |||
Total consumer loans held for investment | |||
Year one | 14,365 | 129,463 | |
Year two | 141,955 | 178,777 | |
Year three | 176,643 | 113,207 | |
Year four | 100,173 | 90,219 | |
Year five | 89,496 | 39,876 | |
Prior | 201,542 | 166,270 | |
Revolving Loans Amortized Cost Basis | 4,623 | 4,618 | |
Revolving Loans Converted to Term | 0 | 0 | |
Total | 728,797 | 722,430 | |
Commercial Real Estate | OOCRE | Real Estate | Special mention | |||
Total consumer loans held for investment | |||
Year one | 0 | 5,481 | |
Year two | 5,446 | 0 | |
Year three | 468 | 2,479 | |
Year four | 4,030 | 1,019 | |
Year five | 1,405 | 1,961 | |
Prior | 15,926 | 14,775 | |
Revolving Loans Amortized Cost Basis | 210 | 210 | |
Revolving Loans Converted to Term | 0 | 0 | |
Total | 27,485 | 25,925 | |
Commercial Real Estate | OOCRE | Real Estate | Substandard | |||
Total consumer loans held for investment | |||
Year one | 0 | 0 | |
Year two | 0 | 9,357 | |
Year three | 9,357 | 2,131 | |
Year four | 2,963 | 3,644 | |
Year five | 2,945 | 736 | |
Prior | 6,261 | 11,695 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Total | 21,526 | 27,563 | |
Commercial Real Estate | OOCRE | Real Estate | PCD | |||
Total consumer loans held for investment | |||
Year one | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 10,568 | 18,170 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Total | 10,568 | 18,170 | |
Commercial Real Estate | NOOCRE | Real Estate | |||
Total consumer loans held for investment | |||
Year one | 17,713 | 33,525 | |
Year two | 50,026 | 733,918 | |
Year three | 728,535 | 529,113 | |
Year four | 576,913 | 273,924 | |
Year five | 268,891 | 219,282 | |
Prior | 677,297 | 529,862 | |
Revolving Loans Amortized Cost Basis | 33,047 | 30,524 | |
Revolving Loans Converted to Term | 571 | 577 | |
Total | 2,352,993 | 2,350,725 | |
Total gross charge-offs | |||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
Prior | 4,293 | 13,649 | |
Revolving Loans Amortized Cost Basis, Write Off | 0 | 0 | |
Revolving Loans Converted to Term, Write Off | 0 | 0 | |
Total | 4,293 | $ 0 | 13,649 |
Commercial Real Estate | NOOCRE | Real Estate | Pass | |||
Total consumer loans held for investment | |||
Year one | 17,713 | 33,525 | |
Year two | 50,026 | 724,110 | |
Year three | 667,589 | 500,354 | |
Year four | 546,455 | 247,385 | |
Year five | 239,974 | 148,046 | |
Prior | 497,749 | 381,559 | |
Revolving Loans Amortized Cost Basis | 33,047 | 30,524 | |
Revolving Loans Converted to Term | 571 | 577 | |
Total | 2,053,124 | 2,066,080 | |
Commercial Real Estate | NOOCRE | Real Estate | Special mention | |||
Total consumer loans held for investment | |||
Year one | 0 | 0 | |
Year two | 0 | 5,950 | |
Year three | 57,088 | 25,985 | |
Year four | 27,217 | 26,175 | |
Year five | 28,614 | 68,616 | |
Prior | 135,930 | 55,805 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Total | 248,849 | 182,531 | |
Commercial Real Estate | NOOCRE | Real Estate | Substandard | |||
Total consumer loans held for investment | |||
Year one | 0 | 0 | |
Year two | 0 | 3,858 | |
Year three | 3,858 | 2,774 | |
Year four | 3,241 | 364 | |
Year five | 303 | 2,620 | |
Prior | 33,834 | 78,414 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Total | 41,236 | 88,030 | |
Commercial Real Estate | NOOCRE | Real Estate | PCD | |||
Total consumer loans held for investment | |||
Year one | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Year five | 0 | 0 | |
Prior | 9,784 | 14,084 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Revolving Loans Converted to Term | 0 | 0 | |
Total | $ 9,784 | $ 14,084 |
LHI and ACL - Servicing Assets
LHI and ACL - Servicing Assets (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Servicing Asset at Amortized Cost [Line Items] | |||
Servicing asset | $ 586,583,000 | $ 571,611,000 | |
Summary of changes in related servicing assets | |||
Balance at beginning of period | 13,258,000 | 14,880,000 | |
Increase from loan sales | 635,000 | 959,000 | |
Servicing asset impairment, net recoveries | 222,000 | 424,000 | |
Amortization charged as a reduction to income | (1,493,000) | (1,015,000) | |
Balance at end of period | 12,622,000 | 15,248,000 | |
Valuation allowance recorded | 1,310,000 | 2,027,000 | |
Interest receivable | $ 0 | $ 0 | |
Investment, Type [Extensible Enumeration] | Interest-Only-Strip [Member] | Interest-Only-Strip [Member] | |
Proceeds from sale of loans | $ 24,148,000 | 5,520,000 | |
Gain on sale of loans | 10,000 | 6,000 | |
SBA LHI | |||
Summary of changes in related servicing assets | |||
Proceeds from sale of loans | 13,233,000 | 6,340,000 | |
Gain on sale of loans | 1,176,000 | 148,000 | |
USDA LHI | |||
Summary of changes in related servicing assets | |||
Proceeds from sale of loans | 0 | 44,002,000 | |
Gain on sale of loans | $ 0 | $ 6,984,000 |
LHI and ACL - Loans Held for Sa
LHI and ACL - Loans Held for Sale (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Loans and Allowance for Credit Losses | ||
Total LHFS | $ 64,762 | $ 79,072 |
SBA/USDA construction and land | ||
Loans and Allowance for Credit Losses | ||
Total LHFS | 41,456 | 41,492 |
1 - 4 family residential | ||
Loans and Allowance for Credit Losses | ||
Total LHFS | 772 | 788 |
SBA OOCRE | ||
Loans and Allowance for Credit Losses | ||
Total LHFS | 3,976 | 16,758 |
NOOCRE | ||
Loans and Allowance for Credit Losses | ||
Total LHFS | 10,500 | 10,500 |
SBA commercial | ||
Loans and Allowance for Credit Losses | ||
Total LHFS | $ 8,058 | $ 9,534 |
Fair Value - Recurring Basis (D
Fair Value - Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets measured at fair value | ||
AFS debt securities | $ 1,166,268 | $ 1,076,639 |
Equity securities with a readily determinable fair value | 9,792 | 9,897 |
Derivative asset | 19,504 | 20,820 |
Derivative liability | 55,090 | 48,612 |
Designated as Hedging Instrument | ||
Assets measured at fair value | ||
Derivative asset | 14,370 | 18,814 |
Derivative liability | 50,431 | 47,121 |
Non-hedging Derivatives | ||
Assets measured at fair value | ||
Derivative asset | 38,665 | 31,469 |
Derivative liability | 38,190 | 30,954 |
Recurring | ||
Assets measured at fair value | ||
AFS debt securities | 1,166,268 | 1,076,639 |
Equity securities with a readily determinable fair value | 9,792 | 9,897 |
LHFS | 53,490 | 67,784 |
Recurring | Level 1 Inputs | ||
Assets measured at fair value | ||
AFS debt securities | 0 | 0 |
Equity securities with a readily determinable fair value | 9,792 | 9,897 |
LHFS | 0 | 0 |
Recurring | Level 2 Inputs | ||
Assets measured at fair value | ||
AFS debt securities | 1,166,268 | 1,076,639 |
Equity securities with a readily determinable fair value | 0 | 0 |
LHFS | 53,490 | 67,784 |
Recurring | Level 3 Inputs | ||
Assets measured at fair value | ||
AFS debt securities | 0 | 0 |
Equity securities with a readily determinable fair value | 0 | 0 |
LHFS | 0 | 0 |
Interest rate swaps | Recurring | Designated as Hedging Instrument | ||
Assets measured at fair value | ||
Derivative asset | 14,370 | 18,814 |
Derivative liability | 50,431 | 47,121 |
Interest rate swaps | Recurring | Level 1 Inputs | Designated as Hedging Instrument | ||
Assets measured at fair value | ||
Derivative asset | 0 | 0 |
Derivative liability | 0 | 0 |
Interest rate swaps | Recurring | Level 2 Inputs | Designated as Hedging Instrument | ||
Assets measured at fair value | ||
Derivative asset | 14,370 | 18,814 |
Derivative liability | 50,431 | 47,121 |
Interest rate swaps | Recurring | Level 3 Inputs | Designated as Hedging Instrument | ||
Assets measured at fair value | ||
Derivative asset | 0 | 0 |
Derivative liability | 0 | 0 |
Interest rate swaps | Financial Institution Counterparty | Non-hedging Derivatives | ||
Assets measured at fair value | ||
Derivative asset | 36,357 | 28,007 |
Derivative liability | 1,068 | 2,322 |
Interest rate swaps | Financial Institution Counterparty | Recurring | Non-hedging Derivatives | ||
Assets measured at fair value | ||
Derivative asset | 36,357 | 28,007 |
Derivative liability | 1,068 | 2,322 |
Interest rate swaps | Financial Institution Counterparty | Recurring | Level 1 Inputs | Non-hedging Derivatives | ||
Assets measured at fair value | ||
Derivative asset | 0 | 0 |
Derivative liability | 0 | 0 |
Interest rate swaps | Financial Institution Counterparty | Recurring | Level 2 Inputs | Non-hedging Derivatives | ||
Assets measured at fair value | ||
Derivative asset | 36,357 | 28,007 |
Derivative liability | 1,068 | 2,322 |
Interest rate swaps | Financial Institution Counterparty | Recurring | Level 3 Inputs | Non-hedging Derivatives | ||
Assets measured at fair value | ||
Derivative asset | 0 | 0 |
Derivative liability | 0 | 0 |
Interest rate swaps | Commercial Customer Counterparty | Non-hedging Derivatives | ||
Assets measured at fair value | ||
Derivative asset | 941 | 2,118 |
Derivative liability | 35,755 | 27,288 |
Interest rate swaps | Commercial Customer Counterparty | Recurring | Non-hedging Derivatives | ||
Assets measured at fair value | ||
Derivative asset | 941 | 2,118 |
Derivative liability | 35,755 | 27,288 |
Interest rate swaps | Commercial Customer Counterparty | Recurring | Level 1 Inputs | Non-hedging Derivatives | ||
Assets measured at fair value | ||
Derivative asset | 0 | 0 |
Derivative liability | 0 | 0 |
Interest rate swaps | Commercial Customer Counterparty | Recurring | Level 2 Inputs | Non-hedging Derivatives | ||
Assets measured at fair value | ||
Derivative asset | 941 | 2,118 |
Derivative liability | 35,755 | 27,288 |
Interest rate swaps | Commercial Customer Counterparty | Recurring | Level 3 Inputs | Non-hedging Derivatives | ||
Assets measured at fair value | ||
Derivative asset | 0 | 0 |
Derivative liability | 0 | 0 |
Interest rate caps and corridors | Financial Institution Counterparty | Recurring | Non-hedging Derivatives | ||
Assets measured at fair value | ||
Derivative asset | 1,367 | 1,344 |
Interest rate caps and corridors | Financial Institution Counterparty | Recurring | Level 1 Inputs | Non-hedging Derivatives | ||
Assets measured at fair value | ||
Derivative asset | 0 | 0 |
Interest rate caps and corridors | Financial Institution Counterparty | Recurring | Level 2 Inputs | Non-hedging Derivatives | ||
Assets measured at fair value | ||
Derivative asset | 1,367 | 1,344 |
Interest rate caps and corridors | Financial Institution Counterparty | Recurring | Level 3 Inputs | Non-hedging Derivatives | ||
Assets measured at fair value | ||
Derivative asset | 0 | 0 |
Interest rate caps and corridors | Commercial Customer Counterparty | Recurring | Non-hedging Derivatives | ||
Assets measured at fair value | ||
Derivative liability | 1,367 | 1,344 |
Interest rate caps and corridors | Commercial Customer Counterparty | Recurring | Level 1 Inputs | Non-hedging Derivatives | ||
Assets measured at fair value | ||
Derivative liability | 0 | 0 |
Interest rate caps and corridors | Commercial Customer Counterparty | Recurring | Level 2 Inputs | Non-hedging Derivatives | ||
Assets measured at fair value | ||
Derivative liability | 1,367 | 1,344 |
Interest rate caps and corridors | Commercial Customer Counterparty | Recurring | Level 3 Inputs | Non-hedging Derivatives | ||
Assets measured at fair value | ||
Derivative liability | $ 0 | $ 0 |
Fair Value - Non-recurring Basi
Fair Value - Non-recurring Basis (Details) | Mar. 31, 2024 USD ($) Property | Dec. 31, 2023 USD ($) Property | Mar. 31, 2023 USD ($) |
Assets measured at fair value | |||
Valuation allowance recorded | $ 1,310,000 | $ 2,027,000 | |
Number of properties | Property | 5 | 0 | |
Non-recurring | |||
Assets measured at fair value | |||
Collateral dependent loans with an ACL | $ 13,160,000 | $ 14,274,000 | |
Servicing assets with a valuation allowance | 4,728,000 | 6,682,000 | |
OREO | 18,445,000 | ||
Collateral dependent loans with an ACL, gross | 16,117,000 | 17,660,000 | |
Impaired loans, specific allowance | 2,957,000 | 3,386,000 | |
Servicing asset at fair value, gross | 6,038,000 | 8,214,000 | |
Valuation allowance for servicing asset | 1,532,000 | ||
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 assets with a valuation allowance | 0 | 0 | |
OREO | 0 | ||
Non-recurring | Level 2 Inputs | |||
Assets measured at fair value | |||
Collateral dependent loans with an ACL | 0 | 0 | |
Servicing assets with a valuation allowance | 0 | 0 | |
OREO | 0 | ||
Non-recurring | Level 3 Inputs | |||
Assets measured at fair value | |||
Collateral dependent loans with an ACL | 13,160,000 | 14,274,000 | |
Servicing assets with a valuation allowance | 4,728,000 | $ 6,682,000 | |
OREO | $ 18,445,000 |
Fair Value - Financial Instrume
Fair Value - Financial Instruments (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Financial assets: | ||
HTM debt securities | $ 155,741,000 | $ 160,021,000 |
Securities purchased under agreements to resell | 0 | |
Equity securities without a readily determinable fair value | 38,194,000 | 11,624,000 |
FHLB and FRB stock | 54,094,000 | 53,699,000 |
Financial liabilities: | ||
Subordinated debentures and subordinated notes | 230,034,000 | 229,783,000 |
Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | 740,769,000 | 629,063,000 |
HTM debt securities | 178,662,000 | 180,403,000 |
LHFS | 11,272,000 | 11,288,000 |
LHI | 9,577,180,000 | |
Accrued interest receivable | 51,476,000 | 53,313,000 |
BOLI | 85,359,000 | 84,833,000 |
Servicing asset | 7,894,000 | 6,576,000 |
Equity securities without a readily determinable fair value | 38,194,000 | 11,624,000 |
FHLB and FRB stock | 54,094,000 | 53,699,000 |
Financial liabilities: | ||
Noninterest-bearing deposits | 2,349,211,000 | 2,218,036,000 |
Interest-bearing deposits | 8,304,609,000 | 8,120,159,000 |
Advances from FHLB | 100,000,000 | 100,000,000 |
Accrued interest payable | 33,200,000 | 41,948,000 |
Subordinated debentures and subordinated notes | 230,034,000 | 229,783,000 |
Level 1 | Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
HTM debt securities | 0 | 0 |
LHFS | 0 | 0 |
LHI | 0 | |
Accrued interest receivable | 0 | 0 |
BOLI | 0 | 0 |
Servicing asset | 0 | 0 |
Financial liabilities: | ||
Noninterest-bearing deposits | 0 | 0 |
Interest-bearing deposits | 0 | 0 |
Advances from FHLB | 0 | 0 |
Accrued interest payable | 0 | 0 |
Subordinated debentures and subordinated notes | 0 | 0 |
Level 2 | Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 740,769,000 | 629,063,000 |
HTM debt securities | 155,741,000 | 160,021,000 |
LHFS | 11,272,000 | 11,288,000 |
LHI | 0 | |
Accrued interest receivable | 51,476,000 | 53,313,000 |
BOLI | 85,359,000 | 84,833,000 |
Servicing asset | 7,894,000 | 6,576,000 |
Financial liabilities: | ||
Noninterest-bearing deposits | 2,349,211,000 | 2,218,036,000 |
Interest-bearing deposits | 8,147,449,000 | 8,096,209,000 |
Advances from FHLB | 100,056,000 | 100,051,000 |
Accrued interest payable | 33,200,000 | 41,948,000 |
Subordinated debentures and subordinated notes | 230,034,000 | 229,783,000 |
Level 3 | Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
HTM debt securities | 0 | 0 |
LHFS | 0 | 0 |
LHI | 9,322,744,000 | |
Accrued interest receivable | 0 | 0 |
BOLI | 0 | 0 |
Servicing asset | 0 | 0 |
Financial liabilities: | ||
Noninterest-bearing deposits | 0 | 0 |
Interest-bearing deposits | 0 | 0 |
Advances from FHLB | 0 | 0 |
Accrued interest payable | 0 | 0 |
Subordinated debentures and subordinated notes | 0 | $ 0 |
Real Estate, Commercial and Consumer Portfolio Segments | Carrying Amount | ||
Financial assets: | ||
LHI | 9,573,890,000 | |
Real Estate, Commercial and Consumer Portfolio Segments | Level 1 | Fair Value | ||
Financial assets: | ||
LHI | 0 | |
Real Estate, Commercial and Consumer Portfolio Segments | Level 2 | Fair Value | ||
Financial assets: | ||
LHI | 0 | |
Real Estate, Commercial and Consumer Portfolio Segments | Level 3 | Fair Value | ||
Financial assets: | ||
LHI | $ 9,409,404,000 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Balance Sheet Information (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative [Line Items] | ||
Notional Amount | $ 3,929,290 | $ 3,833,144 |
Asset Derivative | ||
Gross derivatives | 19,504 | 20,820 |
Offsetting derivative assets | (33,531) | (29,463) |
Liability Derivative | ||
Gross derivatives | 55,090 | 48,612 |
Offsetting derivative liabilities | (33,531) | (29,463) |
Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount | 1,475,000 | 1,475,000 |
Asset Derivative | ||
Gross derivatives | 14,370 | 18,814 |
Liability Derivative | ||
Gross derivatives | 50,431 | 47,121 |
Designated as Hedging Instrument | Interest rate swap on money market deposit account payments | ||
Derivative [Line Items] | ||
Notional Amount | 250,000 | 250,000 |
Asset Derivative | ||
Gross derivatives | 11,047 | 12,208 |
Liability Derivative | ||
Gross derivatives | 0 | 0 |
Designated as Hedging Instrument | Interest rate swaps on fixed rate advances/brokered CDs | ||
Derivative [Line Items] | ||
Notional Amount | 200,000 | 200,000 |
Asset Derivative | ||
Gross derivatives | 0 | 0 |
Liability Derivative | ||
Gross derivatives | 1,286 | 4,296 |
Designated as Hedging Instrument | Interest rate swaps on customer loan interest payments | ||
Derivative [Line Items] | ||
Notional Amount | 375,000 | 375,000 |
Asset Derivative | ||
Gross derivatives | 0 | 0 |
Liability Derivative | ||
Gross derivatives | 45,237 | 40,055 |
Designated as Hedging Instrument | Interest rate collars on customer loan interest payments | ||
Derivative [Line Items] | ||
Notional Amount | 450,000 | 450,000 |
Asset Derivative | ||
Gross derivatives | 1,151 | 2,304 |
Liability Derivative | ||
Gross derivatives | 3,908 | 2,770 |
Designated as Hedging Instrument | Interest rate floor on customer loan interest payments | ||
Derivative [Line Items] | ||
Notional Amount | 200,000 | 200,000 |
Asset Derivative | ||
Gross derivatives | 2,172 | 4,302 |
Liability Derivative | ||
Gross derivatives | 0 | 0 |
Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount | 2,454,290 | 2,358,144 |
Asset Derivative | ||
Gross derivatives | 38,665 | 31,469 |
Liability Derivative | ||
Gross derivatives | 38,190 | 30,954 |
Financial Institution Counterparty | Not Designated as Hedging Instrument | Interest rate swaps | ||
Derivative [Line Items] | ||
Notional Amount | 907,171 | 893,702 |
Asset Derivative | ||
Gross derivatives | 36,357 | 28,007 |
Liability Derivative | ||
Gross derivatives | 1,068 | 2,322 |
Financial Institution Counterparty | Not Designated as Hedging Instrument | Interest rate caps and corridors | ||
Derivative [Line Items] | ||
Notional Amount | 319,974 | 285,370 |
Asset Derivative | ||
Gross derivatives | 1,367 | 1,344 |
Liability Derivative | ||
Gross derivatives | 0 | 0 |
Commercial Customer Counterparty | Not Designated as Hedging Instrument | Interest rate swaps | ||
Derivative [Line Items] | ||
Notional Amount | 907,171 | 893,702 |
Asset Derivative | ||
Gross derivatives | 941 | 2,118 |
Liability Derivative | ||
Gross derivatives | 35,755 | 27,288 |
Commercial Customer Counterparty | Not Designated as Hedging Instrument | Interest rate caps and corridors | ||
Derivative [Line Items] | ||
Notional Amount | 319,974 | 285,370 |
Asset Derivative | ||
Gross derivatives | 0 | 0 |
Liability Derivative | ||
Gross derivatives | $ 1,367 | $ 1,344 |
Derivative Financial Instrume_4
Derivative Financial Instruments - AOCI Reclassification (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Designated as Hedging Instrument | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
(Loss) gain recognized in other comprehensive income on derivative | $ (8,495) | $ 7,077 |
Gain (loss) reclassified from accumulated other comprehensive income into income | (836) | (157) |
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 | (1,094) | (1,082) |
Gain (loss) reclassified from accumulated other comprehensive income into income | 1,094 | 1,082 |
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 | 1,849 | (3,977) |
Gain (loss) reclassified from accumulated other comprehensive income into income | 3,439 | 2,568 |
Interest rate swaps, collars and floors 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 | (9,250) | 12,136 |
Gain (loss) reclassified from accumulated other comprehensive income into income | (5,369) | (3,807) |
Interest rate swaps, caps and collars | Non-hedging Derivatives | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Net gain recognized in other noninterest income | $ 449 | $ 212 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Summary of Interest Rate Swaps Outstanding (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Derivative [Line Items] | ||
Notional Amount | $ 3,929,290 | $ 3,833,144 |
Non-hedging Derivatives | ||
Derivative [Line Items] | ||
Notional Amount | 2,454,290 | 2,358,144 |
Non-hedging Derivatives | Commercial Customer Counterparty | Interest rate swaps | ||
Derivative [Line Items] | ||
Notional Amount | $ 907,171 | $ 893,702 |
Maturity (in years) | 3 years 10 months 24 days | 4 years 1 month 6 days |
Fair Value | $ (34,815) | $ (25,170) |
Non-hedging Derivatives | Commercial Customer Counterparty | Interest rate caps and corridors | ||
Derivative [Line Items] | ||
Notional Amount | $ 319,974 | $ 285,370 |
Maturity (in years) | 6 months | 9 months 18 days |
Fair Value | $ (1,367) | $ (1,344) |
Non-hedging Derivatives | Commercial Customer Counterparty | SOFR | Interest rate caps and corridors | ||
Derivative [Line Items] | ||
Floating Rate | 0% | 0% |
Non-hedging Derivatives | Commercial Customer Counterparty | Minimum | Interest rate swaps | ||
Derivative [Line Items] | ||
Fixed Rate | 2.40% | 2.40% |
Non-hedging Derivatives | Commercial Customer Counterparty | Minimum | Interest rate caps and corridors | ||
Derivative [Line Items] | ||
Fixed Rate | 3.50% | 3.50% |
Non-hedging Derivatives | Commercial Customer Counterparty | Minimum | LIBOR | Interest rate swaps | ||
Derivative [Line Items] | ||
Floating Rate | 3% | 3% |
Non-hedging Derivatives | Commercial Customer Counterparty | Minimum | LIBOR | Interest rate caps and corridors | ||
Derivative [Line Items] | ||
Floating Rate | 0% | |
Non-hedging Derivatives | Commercial Customer Counterparty | Minimum | Secured Overnight Financing Rate (SOFR) - CME | Interest rate swaps | ||
Derivative [Line Items] | ||
Floating Rate | 0% | 0% |
Non-hedging Derivatives | Commercial Customer Counterparty | Minimum | Secured Overnight Financing Rate (SOFR) - CME | Interest rate caps and corridors | ||
Derivative [Line Items] | ||
Floating Rate | 0% | |
Non-hedging Derivatives | Commercial Customer Counterparty | Minimum | Secured Overnight Financing Rate (SOFR) - NYFD | Interest rate swaps | ||
Derivative [Line Items] | ||
Floating Rate | 2.50% | 2.50% |
Non-hedging Derivatives | Commercial Customer Counterparty | Maximum | Interest rate swaps | ||
Derivative [Line Items] | ||
Fixed Rate | 7.40% | 7.40% |
Non-hedging Derivatives | Commercial Customer Counterparty | Maximum | Interest rate caps and corridors | ||
Derivative [Line Items] | ||
Fixed Rate | 7.50% | 7.50% |
Non-hedging Derivatives | Commercial Customer Counterparty | Maximum | Secured Overnight Financing Rate (SOFR) - CME | Interest rate swaps | ||
Derivative [Line Items] | ||
Floating Rate | 3.80% | 3.80% |
Non-hedging Derivatives | Commercial Customer Counterparty | Maximum | Secured Overnight Financing Rate (SOFR) - CME | Interest rate caps and corridors | ||
Derivative [Line Items] | ||
Floating Rate | 3% | 3% |
Non-hedging Derivatives | Commercial Customer Counterparty | Maximum | Secured Overnight Financing Rate (SOFR) - NYFD | Interest rate swaps | ||
Derivative [Line Items] | ||
Floating Rate | 3% | 3% |
Non-hedging Derivatives | Financial Institution Counterparty | Interest rate swaps | ||
Derivative [Line Items] | ||
Notional Amount | $ 907,171 | $ 893,702 |
Maturity (in years) | 3 years 10 months 24 days | 4 years 1 month 6 days |
Fair Value | $ 35,288 | $ 25,685 |
Non-hedging Derivatives | Financial Institution Counterparty | Interest rate caps and corridors | ||
Derivative [Line Items] | ||
Notional Amount | $ 319,974 | $ 285,370 |
Maturity (in years) | 6 months | 9 months 18 days |
Fair Value | $ 1,367 | $ 1,344 |
Non-hedging Derivatives | Financial Institution Counterparty | SOFR | Interest rate caps and corridors | ||
Derivative [Line Items] | ||
Floating Rate | 0% | 0% |
Non-hedging Derivatives | Financial Institution Counterparty | Minimum | Interest rate swaps | ||
Derivative [Line Items] | ||
Fixed Rate | 2.41% | 2.40% |
Non-hedging Derivatives | Financial Institution Counterparty | Minimum | Interest rate caps and corridors | ||
Derivative [Line Items] | ||
Fixed Rate | 3.50% | 3.50% |
Non-hedging Derivatives | Financial Institution Counterparty | Minimum | LIBOR | Interest rate swaps | ||
Derivative [Line Items] | ||
Floating Rate | 3% | 3% |
Non-hedging Derivatives | Financial Institution Counterparty | Minimum | LIBOR | Interest rate caps and corridors | ||
Derivative [Line Items] | ||
Floating Rate | 0% | |
Non-hedging Derivatives | Financial Institution Counterparty | Minimum | Secured Overnight Financing Rate (SOFR) - CME | Interest rate swaps | ||
Derivative [Line Items] | ||
Floating Rate | 0% | 0% |
Non-hedging Derivatives | Financial Institution Counterparty | Minimum | Secured Overnight Financing Rate (SOFR) - CME | Interest rate caps and corridors | ||
Derivative [Line Items] | ||
Floating Rate | 0% | |
Non-hedging Derivatives | Financial Institution Counterparty | Minimum | Secured Overnight Financing Rate (SOFR) - NYFD | Interest rate swaps | ||
Derivative [Line Items] | ||
Floating Rate | 2.50% | 2.50% |
Non-hedging Derivatives | Financial Institution Counterparty | Maximum | Interest rate swaps | ||
Derivative [Line Items] | ||
Fixed Rate | 7.37% | 7.40% |
Non-hedging Derivatives | Financial Institution Counterparty | Maximum | Interest rate caps and corridors | ||
Derivative [Line Items] | ||
Fixed Rate | 7.50% | 7.50% |
Non-hedging Derivatives | Financial Institution Counterparty | Maximum | Secured Overnight Financing Rate (SOFR) - CME | Interest rate swaps | ||
Derivative [Line Items] | ||
Floating Rate | 3.80% | 3.80% |
Non-hedging Derivatives | Financial Institution Counterparty | Maximum | Secured Overnight Financing Rate (SOFR) - CME | Interest rate caps and corridors | ||
Derivative [Line Items] | ||
Floating Rate | 3% | |
Non-hedging Derivatives | Financial Institution Counterparty | Maximum | Secured Overnight Financing Rate (SOFR) - NYFD | Interest rate swaps | ||
Derivative [Line Items] | ||
Floating Rate | 3% | 3% |
OBS Loan Commitments - Financia
OBS Loan Commitments - Financial Instruments Approximate Value (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financial instruments with off-balance sheet risk | ||
Total commitments | $ 3,742,185 | $ 3,998,795 |
Commitments to extend credit | ||
Financial instruments with off-balance sheet risk | ||
Total commitments | 2,834,310 | 3,083,501 |
MW commitments | ||
Financial instruments with off-balance sheet risk | ||
Total commitments | 794,470 | 803,704 |
Standby and commercial letters of credit | ||
Financial instruments with off-balance sheet risk | ||
Total commitments | $ 113,405 | $ 111,590 |
OBS Loan Commitments - Allowanc
OBS Loan Commitments - Allowance for Unfunded Commitments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Allowance For Unfunded Commitments [Roll Forward] | ||
Beginning balance for ACL on unfunded commitments | $ 8,045 | $ 10,086 |
(Benefit) provision for credit losses on unfunded commitments | (1,541) | 1,497 |
Ending balance of ACL on unfunded commitments | $ 6,504 | $ 11,583 |
Stock-Based Awards - 2010 Plan
Stock-Based Awards - 2010 Plan Options (Details) - 2010 Incentive Plan - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation expense | $ 0 | $ 0 | |
Non-Performance Based Stock Options | |||
Shares Underlying Options | |||
Outstanding at beginning of period (in shares) | 1,000 | ||
Exercised (in shares) | (1,000) | ||
Outstanding at the end of period (in shares) | 0 | 1,000 | |
Options exercisable at end of period (in shares) | 0 | ||
Weighted Exercise Price | |||
Outstanding at beginning of period (in dollars per share) | $ 10.43 | ||
Exercised (in dollars per share) | 10.43 | ||
Outstanding at the end of period (in dollars per share) | 0 | $ 10.43 | |
Options exercisable at end of period (in dollars per share) | $ 0 | ||
Weighted Average Contractual Term | |||
Outstanding (in years) | 1 year 25 days | ||
Exercisable | $ 0 | ||
Non-performance-based stock options exercised | $ 0 | $ 16,000 |
Stock-Based Awards - 2022 Grant
Stock-Based Awards - 2022 Grant Terms and Stock Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting rights, cliff vesting period (in years) | 3 years | |
2022 Equity Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock based compensation expense | $ 2,459 | $ 2,465 |
Veritex (Green) 2014 Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock based compensation expense | $ 430 | $ 422 |
Stock-Based Awards - 2022 Equit
Stock-Based Awards - 2022 Equity Plan - Options (Details) - 2022 Equity Plan - Non-Performance Based Stock Options - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Shares Underlying Options | ||
Outstanding at beginning of period (in shares) | 602,573 | 657,494 |
Forfeited (in shares) | (1,666) | |
Cancelled (in shares) | (3,804) | |
Exercised (in shares) | (3,951) | |
Outstanding at the end of period (in shares) | 602,573 | 648,073 |
Options exercisable at end of period (in shares) | 602,573 | 610,073 |
Weighted Exercise Price | ||
Outstanding at beginning of period (in dollars per share) | $ 24.40 | $ 24.47 |
Forfeited (in dollars per share) | 17.38 | |
Cancelled (in dollars per share) | 29.13 | |
Exercised (in dollars per share) | 21.38 | |
Outstanding at the end of period (in dollars per share) | 24.40 | 24.48 |
Options exercisable at end of period (in dollars per share) | $ 24.40 | $ 24.74 |
Weighted Average Contractual Term | ||
Outstanding (in years) | 4 years 7 months 2 days | 5 years 2 months 26 days |
Exercisable (in years) | 4 years 7 months 2 days | 5 years 1 month 17 days |
Aggregate Intrinsic Value | ||
Outstanding | $ 215,379 | |
Exercisable | $ 215,379 | |
Unrecognized compensation expense | $ 122 |
Stock-Based Awards - 2022 Equ_2
Stock-Based Awards - 2022 Equity Plan - RSUs and PSUs (Details) - 2022 Equity Plan - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
RSUs | |||
Units | |||
Outstanding at the beginning of the period (in shares) | 948,513 | 955,104 | |
Granted (in shares) | 190,018 | 224,165 | |
Vested into shares (in shares) | (159,113) | (162,952) | |
Forfeited (in shares) | (4,700) | (16,394) | |
Outstanding at the end of the period (in shares) | 974,718 | 999,923 | |
Weighted Average Grant Date Fair Value | |||
Outstanding at the beginning of the period (in dollars per share) | $ 27.52 | $ 28.38 | |
Granted (in dollars per share) | 21.94 | 27.90 | |
Vested into shares (in dollars per share) | 29.87 | 30.23 | |
Forfeited (in dollars per share) | 30.73 | 31.77 | |
Outstanding at the end of the period (in dollars per share) | $ 26.03 | $ 27.87 | |
Additional disclosures | |||
Equity instrument other than option, units vested | $ 3,057 | $ 3,044 | |
PSUs | |||
Units | |||
Outstanding at the beginning of the period (in shares) | 129,786 | 126,707 | |
Granted (in shares) | 113,144 | 53,310 | |
Vested into shares (in shares) | (56,729) | (41,781) | |
Outstanding at the end of the period (in shares) | 186,201 | 129,768 | |
Weighted Average Grant Date Fair Value | |||
Outstanding at the beginning of the period (in dollars per share) | $ 30.28 | $ 31.19 | |
Granted (in dollars per share) | 18.84 | 27.55 | |
Vested into shares (in dollars per share) | 25.94 | 26.42 | |
Outstanding at the end of the period (in dollars per share) | $ 25.01 | $ 30.28 | |
Additional disclosures | |||
Equity instrument other than option, units vested | $ 1,133 | $ 1,070 | |
Restricted Stock Units and Performance Stock Based Units | |||
Additional disclosures | |||
Unrecognized compensation expense | $ 1,383 | 3,260 | $ 1,781 |
Requisite service period to recognize compensation cost (in years) | 1 year 1 month 13 days | ||
Non-Performance Based Stock Options | |||
Additional disclosures | |||
Unrecognized compensation expense | 122 | ||
Non-performance-based stock options exercised | $ 0 | $ 31 |
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 | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Shares Underlying Options | |||
Outstanding at beginning of period (in shares) | 124,499,000 | 155,212,000 | |
Cancelled (in shares) | (505,000) | ||
Exercised (in shares) | (13,266,000) | ||
Outstanding at the end of period (in shares) | 124,499,000 | 141,441,000 | |
Options exercisable at end of period (in shares) | 124,499,000 | 141,441,000 | |
Weighted Exercise Price | |||
Outstanding at beginning of period (in dollars per share) | $ 22 | $ 19.83 | |
Cancelled (in dollars per share) | 21.38 | ||
Exercised (in dollars per share) | 21.38 | ||
Outstanding at the end of period (in dollars per share) | 22 | 21.86 | |
Options exercisable at end of period (in dollars per share) | $ 22 | $ 21.86 | |
Weighted Average Contractual Term | |||
Outstanding (in years) | 3 years 5 months 15 days | 4 years 10 months 13 days | |
Exercisable (in years) | 3 years 5 months 15 days | 4 years 10 months 13 days | |
Aggregate Intrinsic Value | |||
Outstanding | $ 391,054 | ||
Exercisable | $ 391,054 | ||
Weighted average fair value of options granted during the period (in dollars per share) | $ 0 | ||
Unrecognized compensation expense | $ 0 | $ 0 | $ 0 |
Stock-Based Awards - Veritex (G
Stock-Based Awards - Veritex (Green) 2014 Plan - RSUs and PSUs (Details) - Veritex (Green) 2014 Plan - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
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) | 64,719 | 86,233 | |
Vested into shares (in shares) | (3,308) | (19,282) | |
Forfeited (in shares) | (2,232) | ||
Outstanding at the end of the period (in shares) | 61,411 | 64,719 | |
Weighted Average Grant Date Fair Value | |||
Outstanding at the beginning of the period (in dollars per share) | $ 18.26 | $ 21.09 | |
Vested into shares (in dollars per share) | 32.20 | 29.66 | |
Forfeited (in dollars per share) | 29.13 | ||
Outstanding at the end of the period (in dollars per share) | $ 17.51 | $ 18.26 | |
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) | 10,642 | 19,173 | |
Granted (in shares) | 1,246 | ||
Vested into shares (in shares) | (7,477) | (8,531) | |
Outstanding at the end of the period (in shares) | 4,411 | 10,642 | |
Weighted Average Grant Date Fair Value | |||
Outstanding at the beginning of the period (in dollars per share) | $ 31.93 | $ 30.74 | |
Granted (in dollars per share) | 18.84 | ||
Vested into shares (in dollars per share) | 25.94 | 25.94 | |
Outstanding at the end of the period (in dollars per share) | $ 40.38 | $ 31.93 | |
Restricted Stock Units and Performance Stock Based Units | |||
Weighted Average Grant Date Fair Value | |||
Unrecognized compensation expense | $ 18,421 | $ 15,278 | $ 14,692 |
Requisite service period to recognize compensation cost (in years) | 2 years 7 months 6 days |
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 | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Non-Performance Based Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Non-performance-based stock options exercised | $ 0 | $ 18 |
RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity instrument other than option, units vested | 326 | 1,990 |
PSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity instrument other than option, units vested | $ 149 | $ 227 |
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 | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Shares Underlying Options | ||
Outstanding at beginning of period (in shares) | 10,784 | 43,162 |
Exercised (in shares) | (29,630) | |
Outstanding at the end of period (in shares) | 10,784 | 13,532 |
Weighted Exercise Price | ||
Outstanding at beginning of period (in dollars per share) | $ 12.65 | $ 13.11 |
Exercised (in dollars per share) | 13.22 | |
Outstanding at the end of period (in dollars per share) | $ 12.65 | $ 12.86 |
Weighted Average Contractual Term | ||
Outstanding (in years) | 3 years 9 months 25 days | 3 years 11 months 8 days |
Aggregate Intrinsic Value | ||
Outstanding | $ 85 | |
Non-performance-based stock options exercised | $ 0 | $ 365 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |||
Income tax expense for the period | $ 7,237,000 | $ 11,012,000 | |
Effective tax rate | 23.10% | 22.30% | |
Net discrete tax expense (benefit), true-up adjustment | $ 384,000 | $ 112,000 | |
Effective tax rate excluding discrete tax item | 21.80% | 22.10% | |
Valuation allowance | $ 0 | $ 4,249,000 |
Capital Requirements and Rest_3
Capital Requirements and Restrictions on Retained Earnings (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 USD ($) $ / shares | Mar. 31, 2023 USD ($) $ / shares | Dec. 31, 2023 USD ($) | |
Total capital (to RWA) | |||
Actual amount | $ 1,520,656 | $ 1,500,703 | |
Actual ratio (as a percent) | 0.1333 | 0.1318 | |
For capital adequacy purposes amount | $ 912,622 | $ 910,897 | |
For capital adequacy purposes ratio (as a percent) | 0.080 | 0.080 | |
Tier 1 capital (to RWA) | |||
Actual amount | $ 1,212,512 | $ 1,202,252 | |
Actual ratio (as a percent) | 0.1063 | 0.1056 | |
For capital adequacy purposes amount | $ 684,391 | $ 683,098 | |
For capital adequacy purposes ratio (as a percent) | 0.060 | 0.060 | |
CET1 (to RWA) | |||
Actual amount | $ 1,182,567 | $ 1,172,362 | |
Actual ratio (as a percent) | 10.37% | 10.29% | |
For capital adequacy purposes amount | $ 513,168 | $ 512,695 | |
For capital adequacy purposes amount (as a percent) | 4.50% | 4.50% | |
Tier 1 capital (to average assets) | |||
Actual amount | $ 1,212,512 | $ 1,202,252 | |
Actual ratio (as a percent) | 0.1012 | 0.1003 | |
For capital adequacy purposes amount | $ 479,254 | $ 479,462 | |
For capital adequacy purposes ratio (as a percent) | 0.040 | 0.040 | |
Dividends paid | $ 10,899 | $ 10,837 | |
Bank's capital conservation buffer (in percent) | 0.0498 | ||
Bank | |||
Total capital (to RWA) | |||
Actual amount | $ 1,475,046 | $ 1,467,960 | |
Actual ratio (as a percent) | 0.1298 | 0.1290 | |
For capital adequacy purposes amount | $ 909,119 | $ 910,363 | |
For capital adequacy purposes ratio (as a percent) | 0.080 | 0.080 | |
To be well capitalized under prompt corrective action provisions amount | $ 1,136,399 | $ 1,137,953 | |
To be well capitalized under prompt corrective action provisions ratio (as a percent) | 0.100 | 0.100 | |
Tier 1 capital (to RWA) | |||
Actual amount | $ 1,365,973 | $ 1,368,384 | |
Actual ratio (as a percent) | 0.1202 | 0.1203 | |
For capital adequacy purposes amount | $ 681,850 | $ 682,486 | |
For capital adequacy purposes ratio (as a percent) | 0.060 | 0.060 | |
To be well capitalized under prompt corrective action provisions amount | $ 909,133 | $ 909,981 | |
To be well capitalized under prompt corrective action provisions ratio (as a percent) | 0.080 | 0.080 | |
CET1 (to RWA) | |||
Actual amount | $ 1,365,973 | $ 1,368,384 | |
Actual ratio (as a percent) | 12.02% | 12.03% | |
For capital adequacy purposes amount | $ 511,388 | $ 511,864 | |
For capital adequacy purposes amount (as a percent) | 4.50% | 4.50% | |
To be well capitalized under prompt corrective action provisions amount | $ 738,671 | $ 739,360 | |
To be well capitalized under prompt corrective action provisions ratio (as a percent) | 6.50% | 6.50% | |
Tier 1 capital (to average assets) | |||
Actual amount | $ 1,365,973 | $ 1,368,384 | |
Actual ratio (as a percent) | 0.1141 | 0.1143 | |
For capital adequacy purposes amount | $ 478,869 | $ 478,875 | |
For capital adequacy purposes ratio (as a percent) | 0.040 | 0.040 | |
To be well capitalized under prompt corrective action provisions amount | $ 598,586 | $ 598,593 | |
To be well capitalized under prompt corrective action provisions ratio (as a percent) | 0.050 | 0.050 | |
Dividends paid to Holdco | $ 27,500 | ||
Veritex Holdings, Inc. | |||
Tier 1 capital (to average assets) | |||
Dividends paid | $ 10,899 | $ 10,837 | |
Dividends paid (in dollars per share) | $ / shares | $ 0.20 | $ 0.20 |