Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 27, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-38487 | |
Entity Registrant Name | Origin Bancorp, Inc. | |
Entity Incorporation, State or Country Code | LA | |
Entity Tax Identification Number | 72-1192928 | |
Entity Address, Address Line One | 500 South Service Road East | |
Entity Address, City or Town | Ruston | |
Entity Address, State or Province | LA | |
Entity Address, Postal Zip Code | 71270 | |
City Area Code | 318 | |
Local Phone Number | 255-2222 | |
Title of 12(b) Security | Common Stock, par value $5.00 per share | |
Trading Symbol | OBNK | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 30,674,202 | |
Amendment Flag | false | |
Current Fiscal Year Focus | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Entity CIK | 0001516912 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and due from banks | $ 118,505 | $ 133,334 |
Interest-bearing deposits in banks | 181,965 | 572,284 |
Total cash and cash equivalents | 300,470 | 705,618 |
Securities: | ||
Available for sale | 1,672,170 | 1,504,728 |
Held to maturity, net allowance for credit losses of $892 and $167 at September 30, 2022, and December 31, 2021, respectively (fair value of $11,770 and $25,117 at September 30, 2022, and December 31, 2021, respectively) | 11,285 | 22,767 |
Securities carried at fair value through income | 6,347 | 7,497 |
Total securities | 1,689,802 | 1,534,992 |
Non-marketable equity securities held in other financial institutions | 53,899 | 45,192 |
Loans held for sale ($33,494 and $37,032 at fair value at September 30, 2022, and December 31, 2021, respectively) | 59,714 | 80,387 |
Loans, net of allowance for credit losses of $83,359 and $64,586 at September 30, 2022, and December 31, 2021, respectively | 6,799,322 | 5,166,745 |
Premises and equipment, net | 99,291 | 80,691 |
Mortgage servicing rights | 21,654 | 16,220 |
Cash surrender value of bank-owned life insurance | 38,885 | 38,352 |
Goodwill | 136,793 | 34,368 |
Other intangible assets, net | 52,384 | 16,962 |
Accrued interest receivable and other assets | 210,425 | 141,758 |
Total assets | 9,462,639 | 7,861,285 |
Liabilities and Stockholders' Equity | ||
Noninterest-bearing deposits | 2,667,489 | 2,163,507 |
Interest-bearing deposits | 4,361,423 | 3,864,058 |
Time deposits | 748,415 | 543,128 |
Total deposits | 7,777,327 | 6,570,693 |
Federal Home Loan Bank ("FHLB") advances, repurchase obligations and other borrowings | 450,456 | 309,801 |
Subordinated indebtedness, net | 201,687 | 157,417 |
Accrued expenses and other liabilities | 126,145 | 93,163 |
Total liabilities | 8,555,615 | 7,131,074 |
Commitments and contingencies - See Note 15 - Commitments and Contingencies | 0 | 0 |
Stockholders' equity: | ||
Common stock ($5.00 par value; 50,000,000 shares authorized; 30,661,734 and 23,746,502 shares issued at September 30, 2022, and December 31, 2021, respectively) | 153,309 | 118,733 |
Additional paid‑in capital | 518,376 | 242,114 |
Retained earnings | 410,572 | 363,635 |
Accumulated other comprehensive (loss) income | (175,233) | 5,729 |
Total stockholders' equity | 907,024 | 730,211 |
Total liabilities and stockholders' equity | $ 9,462,639 | $ 7,861,285 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Held to maturity, net allowance for credit losses | $ 892 | $ 167 |
Fair value | 11,770 | 25,117 |
Loans held for sale | 33,494 | 37,032 |
Allowance for credit losses | $ 83,359 | $ 64,586 |
Common stock, par value (in dollars per share) | $ 5 | $ 5 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 30,661,734 | 23,746,502 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Interest and dividend income | ||||
Interest and fees on loans | $ 79,803 | $ 53,182 | $ 186,972 | $ 165,521 |
Investment securities-taxable | 7,801 | 3,449 | 20,030 | 9,864 |
Investment securities-nontaxable | 2,151 | 1,582 | 5,044 | 4,844 |
Interest and dividend income on assets held in other financial institutions | 1,482 | 538 | 3,262 | 1,297 |
Total interest and dividend income | 91,237 | 58,751 | 215,308 | 181,526 |
Interest expense | ||||
Interest-bearing deposits | 7,734 | 3,255 | 13,689 | 10,461 |
FHLB advances and other borrowings | 2,717 | 1,118 | 5,203 | 3,493 |
Subordinated indebtedness | 2,263 | 1,837 | 5,887 | 5,500 |
Total interest expense | 12,714 | 6,210 | 24,779 | 19,454 |
Net interest income | 78,523 | 52,541 | 190,529 | 162,072 |
Provision for credit losses | 16,942 | (3,921) | 20,067 | (8,118) |
Net interest income after provision for credit losses | 61,581 | 56,462 | 170,462 | 170,190 |
Noninterest income | ||||
Mortgage banking (loss) revenue | (929) | 2,728 | 5,521 | 10,070 |
Other fee income | 1,162 | 783 | 2,398 | 2,177 |
Gain on sales of securities, net | 1,664 | 0 | 1,664 | 1,673 |
Gain (loss) on sales and disposals of other assets, net | 70 | (8) | (209) | (88) |
Limited partnership investment income | 112 | 3,078 | 31 | 5,651 |
Swap fee income | 25 | 727 | 165 | 1,099 |
Other income | 1,219 | 1,191 | 3,454 | 3,583 |
Total noninterest income | 13,723 | 15,923 | 43,845 | 45,492 |
Noninterest expense | ||||
Salaries and employee benefits | 31,834 | 23,629 | 85,632 | 68,308 |
Occupancy and equipment, net | 5,399 | 4,353 | 14,340 | 13,041 |
Data processing | 2,689 | 2,329 | 7,588 | 6,815 |
Office and operations | 2,121 | 1,598 | 5,843 | 4,550 |
Loan-related expenses | 1,599 | 1,949 | 4,421 | 5,808 |
Professional services | 1,188 | 912 | 2,668 | 2,721 |
Electronic banking | 1,087 | 997 | 2,900 | 2,947 |
Advertising and marketing | 1,196 | 863 | 2,926 | 2,291 |
Franchise tax expense | 957 | 598 | 2,565 | 1,846 |
Regulatory assessments | 877 | 664 | 2,305 | 2,378 |
Intangible asset amortization | 1,872 | 194 | 2,934 | 650 |
Communications | 279 | 359 | 812 | 1,288 |
Merger-related expense | 3,614 | 0 | 4,992 | 0 |
Other expenses | 1,529 | 720 | 3,239 | 3,790 |
Total noninterest expense | 56,241 | 39,165 | 143,165 | 116,433 |
Income before income tax expense | 19,063 | 33,220 | 71,142 | 99,249 |
Income tax expense | 2,820 | 6,242 | 12,905 | 19,025 |
Net income | $ 16,243 | $ 26,978 | $ 58,237 | $ 80,224 |
Basic earnings per common share (in dollars per share) | $ 0.57 | $ 1.15 | $ 2.31 | $ 3.43 |
Diluted earnings per common share (in dollars per share) | $ 0.57 | $ 1.14 | $ 2.30 | $ 3.40 |
Service charges and fees | ||||
Noninterest income | ||||
Revenue from contracts with customers | $ 4,734 | $ 3,973 | $ 13,006 | $ 11,055 |
Insurance commission and fee income | ||||
Noninterest income | ||||
Revenue from contracts with customers | $ 5,666 | $ 3,451 | $ 17,815 | $ 10,272 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 16,243 | $ 26,978 | $ 58,237 | $ 80,224 |
Securities available for sale and transferred securities: | ||||
Net unrealized holding (loss) gain arising during the period | (73,757) | (8,990) | (228,605) | (16,211) |
Net losses realized as a yield adjustment in interest on investment securities | (3) | (3) | (9) | (8) |
Reclassification adjustment for net gain included in net income | (1,664) | 0 | (1,664) | (1,673) |
Change in the net unrealized (loss) gain on investment securities, before tax | (75,424) | (8,993) | (230,278) | (17,892) |
Income tax (benefit) expense related to net unrealized (loss) gain arising during the period | (15,839) | (1,888) | (48,359) | (3,757) |
Change in the net unrealized (loss) gain on investment securities, net of tax | (59,585) | (7,105) | (181,919) | (14,135) |
Cash flow hedges: | ||||
Net unrealized gain (loss) arising during the period | 438 | 26 | 1,167 | 301 |
Reclassification adjustment for (loss) included in net income | 19 | (53) | (45) | (152) |
Change in the net unrealized gain (loss) on cash flow hedges, before tax | 419 | 79 | 1,212 | 453 |
Income tax expense (benefit) related to net unrealized gain (loss) on cash flow hedges | 88 | 16 | 255 | 95 |
Change in net unrealized position on cash flow hedges, net of tax | 331 | 63 | 957 | 358 |
Other comprehensive loss, net of tax | (59,254) | (7,042) | (180,962) | (13,777) |
Comprehensive (loss) income | $ (43,011) | $ 19,936 | $ (122,725) | $ 66,447 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Beginning balance (in shares) at Dec. 31, 2020 | 23,506,312 | ||||
Beginning balance at Dec. 31, 2020 | $ 647,150 | $ 117,532 | $ 237,341 | $ 266,628 | $ 25,649 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 25,513 | 25,513 | |||
Other comprehensive loss, net of tax | (13,464) | (13,464) | |||
Recognition of stock compensation, net (in shares) | 20,140 | ||||
Recognition of stock compensation, net | 761 | $ 100 | 661 | ||
Dividends declared - common stock | (2,349) | (2,349) | |||
Repurchase of common stock (in shares) | (37,568) | ||||
Repurchase of common stock | (1,256) | $ (188) | (1,068) | ||
Ending balance (in shares) at Mar. 31, 2021 | 23,488,884 | ||||
Ending balance at Mar. 31, 2021 | 656,355 | $ 117,444 | 236,934 | 289,792 | 12,185 |
Beginning balance (in shares) at Dec. 31, 2020 | 23,506,312 | ||||
Beginning balance at Dec. 31, 2020 | 647,150 | $ 117,532 | 237,341 | 266,628 | 25,649 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 80,224 | ||||
Other comprehensive loss, net of tax | (13,777) | ||||
Ending balance (in shares) at Sep. 30, 2021 | 23,496,058 | ||||
Ending balance at Sep. 30, 2021 | 705,667 | $ 117,480 | 237,928 | 338,387 | 11,872 |
Beginning balance (in shares) at Mar. 31, 2021 | 23,488,884 | ||||
Beginning balance at Mar. 31, 2021 | 656,355 | $ 117,444 | 236,934 | 289,792 | 12,185 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 27,733 | 27,733 | |||
Other comprehensive loss, net of tax | 6,729 | 6,729 | |||
Recognition of stock compensation, net (in shares) | 13,331 | ||||
Recognition of stock compensation, net | 471 | $ 67 | 404 | ||
Dividends declared - common stock | (3,053) | (3,053) | |||
Ending balance (in shares) at Jun. 30, 2021 | 23,502,215 | ||||
Ending balance at Jun. 30, 2021 | 688,235 | $ 117,511 | 237,338 | 314,472 | 18,914 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 26,978 | 26,978 | |||
Other comprehensive loss, net of tax | (7,042) | (7,042) | |||
Recognition of stock compensation, net (in shares) | (6,157) | ||||
Recognition of stock compensation, net | 559 | $ (31) | 590 | ||
Dividends declared - common stock | (3,063) | (3,063) | |||
Ending balance (in shares) at Sep. 30, 2021 | 23,496,058 | ||||
Ending balance at Sep. 30, 2021 | 705,667 | $ 117,480 | 237,928 | 338,387 | 11,872 |
Beginning balance (in shares) at Dec. 31, 2021 | 23,746,502 | ||||
Beginning balance at Dec. 31, 2021 | 730,211 | $ 118,733 | 242,114 | 363,635 | 5,729 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 20,683 | 20,683 | |||
Other comprehensive loss, net of tax | (71,619) | (71,619) | |||
Recognition of stock compensation, net (in shares) | 2,246 | ||||
Recognition of stock compensation, net | 686 | $ 11 | 675 | ||
Dividends declared - common stock | (3,096) | (3,096) | |||
Ending balance (in shares) at Mar. 31, 2022 | 23,748,748 | ||||
Ending balance at Mar. 31, 2022 | 676,865 | $ 118,744 | 242,789 | 381,222 | (65,890) |
Beginning balance (in shares) at Dec. 31, 2021 | 23,746,502 | ||||
Beginning balance at Dec. 31, 2021 | 730,211 | $ 118,733 | 242,114 | 363,635 | 5,729 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 58,237 | ||||
Other comprehensive loss, net of tax | (180,962) | ||||
Stock issuance - BTH Merger | 292,657 | ||||
Ending balance (in shares) at Sep. 30, 2022 | 30,661,734 | ||||
Ending balance at Sep. 30, 2022 | 907,024 | $ 153,309 | 518,376 | 410,572 | (175,233) |
Beginning balance (in shares) at Mar. 31, 2022 | 23,748,748 | ||||
Beginning balance at Mar. 31, 2022 | 676,865 | $ 118,744 | 242,789 | 381,222 | (65,890) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 21,311 | 21,311 | |||
Other comprehensive loss, net of tax | (50,089) | (50,089) | |||
Recognition of stock compensation, net (in shares) | 58,929 | ||||
Recognition of stock compensation, net | 1,873 | $ 294 | 1,579 | ||
Dividends declared - common stock | (3,587) | (3,587) | |||
Ending balance (in shares) at Jun. 30, 2022 | 23,807,677 | ||||
Ending balance at Jun. 30, 2022 | 646,373 | $ 119,038 | 244,368 | 398,946 | (115,979) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 16,243 | 16,243 | |||
Other comprehensive loss, net of tax | (59,254) | (59,254) | |||
Recognition of stock compensation, net (in shares) | 59,147 | ||||
Recognition of stock compensation, net | 1,935 | $ 296 | 1,639 | ||
Options assumed - BTH Merger | 13,687 | 13,687 | |||
Stock issuance - BTH Merger (in shares) | 6,794,910 | ||||
Stock issuance - BTH Merger | $ 33,975 | 258,682 | |||
Dividends declared - common stock | (4,617) | (4,617) | |||
Ending balance (in shares) at Sep. 30, 2022 | 30,661,734 | ||||
Ending balance at Sep. 30, 2022 | $ 907,024 | $ 153,309 | $ 518,376 | $ 410,572 | $ (175,233) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Common stock dividends declared (in dollars per share) | $ 0.15 | $ 0.15 | $ 0.13 | $ 0.13 | $ 0.13 | $ 0.10 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 58,237 | $ 80,224 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 20,067 | (8,118) |
Depreciation and amortization | 7,809 | 5,123 |
Net amortization on securities | 7,079 | 5,376 |
Accretion of net premium/discount on purchased loans | (1,187) | 0 |
Amortization of investments in tax credit funds | 951 | 1,345 |
Gain on sale of securities, net | (1,664) | (1,673) |
Deferred income tax expense | 11,356 | 4,760 |
Stock-based compensation expense | 2,548 | 1,644 |
Originations of mortgage loans held for sale | (224,093) | (386,298) |
Proceeds from mortgage loans held for sale | 222,638 | 448,747 |
Gain on mortgage loans held for sale, including origination of mortgage servicing rights | (6,403) | (14,296) |
Mortgage servicing rights valuation adjustment | (2,409) | 1,942 |
Net loss on disposals of premises and equipment | 3 | 7 |
Increase in the cash surrender value of life insurance | (533) | (609) |
Gain on equity securities without a readily determinable fair value | 0 | (19) |
Net losses on sales and write-downs of other real estate owned | 206 | 81 |
Other operating activities, net | (794) | 6,437 |
Net cash provided by operating activities | 93,811 | 144,673 |
Cash flows from investing activities: | ||
Cash acquired in business combination | 69,953 | 0 |
Purchases of securities available for sale | (557,151) | (599,586) |
Maturities and pay downs of securities available for sale | 118,189 | 105,163 |
Proceeds from sales and calls of securities available for sale | 484,421 | 43,053 |
Purchase of securities held to maturity | (7,000) | 0 |
Maturities, pay downs and calls of securities held to maturity | 17,750 | 424 |
Pay downs of securities carried at fair value | 275 | 265 |
Net (purchases) sales of non-marketable equity securities held in other financial institutions | (2,664) | 17,600 |
Originations of mortgage warehouse loans | (7,638,507) | (12,825,009) |
Proceeds from pay-offs of mortgage warehouse loans | 7,846,760 | 13,195,671 |
Net (increase) decrease in loans, excluding mortgage warehouse and loans held for sale | (609,608) | |
Net (increase) decrease in loans, excluding mortgage warehouse and loans held for sale | 164,203 | |
Return of capital and other distributions from limited partnership investments | 6,657 | 0 |
Capital calls on limited partnership investments | (97) | (225) |
Purchase of low-income housing tax credit investments | 0 | (383) |
Purchases of premises and equipment | (5,636) | (3,475) |
Proceeds from sales of premises and equipment | 0 | 18 |
Proceeds from sales of other real estate owned | 0 | 1,396 |
Net cash (used in) provided by investing activities | (276,658) | 99,115 |
Cash flows from financing activities: | ||
Net (decrease) increase in deposits | (359,825) | 407,453 |
Repayments on long-term FHLB advances | (193) | (13,654) |
Proceeds from short-term FHLB advances | 5,960,000 | 5,726,000 |
Repayments on short-term FHLB advances | (5,810,000) | (6,376,000) |
Net (decrease) in securities sold under agreements to repurchase | (2,151) | (3,272) |
Dividends paid | (11,263) | (8,454) |
Cash received from exercise of stock options | 1,131 | 146 |
Common stock repurchased | 0 | (1,256) |
Net cash used in financing activities | (222,301) | (269,037) |
Net decrease in cash and cash equivalents | (405,148) | (25,249) |
Cash and cash equivalents at beginning of period | 705,618 | 377,214 |
Cash and cash equivalents at end of period | 300,470 | 351,965 |
Interest paid | 21,123 | 20,016 |
Income taxes paid | 1,204 | 21,214 |
Significant non-cash transactions: | ||
Unsettled liability for investment purchases recorded at trade date | 0 | 53,600 |
Real estate acquired in settlement of loans | 665 | 3,889 |
Decrease in GNMA repurchase obligations | (17,134) | (8,530) |
Recognition of operating right-of-use assets | 14,009 | 4,325 |
Recognition of operating lease liabilities | 14,213 | 4,825 |
Total assets acquired in BTH merger | 1,840,340 | 0 |
Total liabilities assumed in BTH merger | 1,635,196 | 0 |
Common stock issued in BTH merger as consideration | $ 292,657 | $ 0 |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 1 - Significant Accounting Policies Nature of Operations . Origin Bancorp, Inc. ("Company") is a financial holding company headquartered in Ruston, Louisiana. At September 30, 2022, the Company had two wholly-owned bank subsidiaries, Origin Bank ("Origin"), and BTH Bank, N.A. ("BTH Bank"), collectively ("Banks") that provide a broad range of financial services to businesses, municipalities, high net worth individuals and retail clients. At September 30, 2022, the Company operated at 59 banking centers located in East Texas, Dallas/Fort Worth and Houston, Texas, North Louisiana and Mississippi. The Company principally operates in one business segment, community banking. Basis of Presentation . The consolidated financial statements in this quarterly report on Form 10-Q include the accounts of the Company and all other entities in which Origin Bancorp, Inc. has a controlling financial interest, including the Banks and Davison Insurance Agency, LLC, doing business as Lincoln Agency, LLC (the "Lincoln Agency"), Lincoln Agency Transportation Insurance, Pulley-White Insurance Agency (the "Pulley-White"), Reeves, Coon and Funderburg, Simoneaux & Wallace Agency and Thomas & Farr Agency. All significant intercompany balances and transactions have been eliminated in consolidation. The Company's accounting and financial reporting policies conform, in all material respects, to generally accepted accounting principles in the United States ("U.S. GAAP") and to general practices within the financial services industry. The Company has evaluated subsequent events for potential recognition and/or disclosure through the date these consolidated financial statements were issued. The consolidated financial statements in this quarterly report on Form 10-Q have not been audited by an independent registered public accounting firm, excluding the figures as of December 31, 2021, but in the opinion of management, reflect all adjustments (which are of a normal recurring nature) necessary for a fair presentation of the Company's financial position and results of operations for the periods presented. These consolidated financial statements of the Company have been prepared in accordance with U.S. GAAP and with the rules and regulations of the Securities and Exchange Commission (the "SEC") for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2021, included in the Company's annual report on Form 10-K ("2021 Form 10-K") filed with the SEC. Operating results for the interim periods disclosed herein are not necessarily indicative of results that may be expected for a full year. Certain prior period amounts have been reclassified to conform to the current year financial statement presentations. These reclassifications did not impact previously reported net income or comprehensive income (loss). Use of Estimates . The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions based on available information that affect the amounts reported in the financial statements and disclosures provided, including the accompanying notes, and actual results could differ. Material estimates, that are particularly susceptible to change, include the allowance for credit losses for loans, off-balance sheet commitments and available for sale securities; fair value measurements of assets and liabilities; and income taxes. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the Company's consolidated financial statements in the period they are deemed necessary. While management uses its best judgment, actual results could differ from those estimates. Acquisition Accounting and Acquired Loans. The Company accounts for its mergers/acquisitions under Financial Accounting Standards Board ("FASB") Accounting Standards Codification (ASC) Topic 805, Business Combinations, which requires the use of the acquisition method of accounting. All identifiable assets acquired, including loans, are recorded at fair value. In accordance with ASC 326, the Company records a discount or premium and also an allowance for credit losses on acquired loans. All purchased loans are recorded at fair value in accordance with the fair value methodology prescribed in FASB ASC Topic 820, Fair Value Measurements. The fair value estimates associated with the loans include estimates related to expected prepayments and the amount and timing of undiscounted expected principal, interest and other cash flows. Purchased loans that have experienced more than insignificant credit deterioration since origination are purchased credit deteriorated (“PCD”) loans. The Company evaluates acquired loans for deterioration in credit quality based on any of, but not limited to, the following: (1) non-accrual status; (2) troubled debt restructured designation; (3) risk ratings of special mention, substandard or doubtful; (4) watchlist credits; and (5) delinquency status, including loans that are current on merger/acquisition date, but had been previously delinquent two times 60 days. An allowance for credit losses is determined using the same methodology as other individually evaluated loans. The Non-PCD model utilizes data from the Banks in order to determine the probability of default and loss given default to be used in the calculation. The initial allowance for credit losses, determined on a collective basis, is allocated to individual loans. The sum of the loan’s purchase price and allowance for credit losses becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a non-credit discount or premium, which is amortized or accreted into interest income over the life of the loan. Subsequent changes to the allowance for credit losses are recorded through the provision for credit losses. Effect of Recently Adopted Accounting Standards Accounting Standards Update ( " ASU " ) No. 2021-06, Presentation of Financial Statements (Topic 205), Financial Services —Depository and Lending (Topic 942), and Financial Services — Investment Companies (Topic 946) —Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10786, Amendments to Financial Disclosures about Acquired and Disposed Businesses, and No. 33-10835, Update of Statistical Disclosures for Bank and Savings and Loan Registrants amends the ASC in order to agree the Codification to the new SEC releases 33-10786 and 33-10835 (the "Releases"). The Releases clearly define whether an acquired or disposed business subsidiary is significant; update, expand and eliminate certain disclosures; eliminate overlap with certain SEC and U.S. GAAP rules; and add a new subpart of Regulation S-K. The ASU is effective upon issuance; however, the SEC release on which the ASU is based is effective for registrants with the first fiscal year ending after December 15, 2021, while Guide 3 will be rescinded effective January 1, 2023. Implementation of this ASU did not materially impact the Company's financial statement disclosures. Effect of Newly Issued But Not Yet Effective Accounting Standards ASU No. 2021-08, Business Combinations (Topic 805) — Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The amendments in this Update affect accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to recognition of an acquired contract liability and payment terms and their effect on subsequent revenue recognized by the acquirer. The ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Implementation of this ASU is not expected to materially impact the Company's financial statements or disclosures. ASU No. 2022-01, Derivatives and Hedging (Topic 815) — Fair Value Hedging - Portfolio Layer Method. The amendments in this Update clarify the accounting for and promote consistency in the reporting of hedge basis adjustments applicable to both a single hedged layer and multiple hedged layers. Additionally, this Update allows entities to elect to apply the portfolio layer method of hedge accounting in accordance with Topic 815. The ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Implementation of this ASU is not expected to materially impact the Company's financial statements or disclosures. ASU No. 2022-02, Financial Instruments - Credit Losses (Topic 326) — Troubled Debt Restructurings and Vintage Disclosures. The amendments in this Update eliminate the accounting guidance for TDRs by creditors in Subtopic 310-40, Receivables—Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Specifically, rather than applying the recognition and measurement guidance for TDRs, an entity must apply the loan refinancing and restructuring guidance in paragraphs 310-20-35-9 through 35-11 to determine whether a modification results in a new loan or a continuation of an existing loan. For public business entities, the amendments in this Update require that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost. The ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Implementation of this ASU is not expected to materially impact the Company's financial statements or disclosures. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 2 - Earnings Per Share Basic and diluted earnings per common share are calculated using the treasury method. Under the treasury method, basic earnings per share is calculated as net income divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share includes the dilutive effect of additional potential common shares issuable under the Company's stock and incentive compensation plans. Information regarding the Company's basic and diluted earnings per common share is presented in the following table: (Dollars in thousands, except per share amounts) Three Months Ended September 30, Nine Months Ended September 30, Numerator: 2022 2021 2022 2021 Net income $ 16,243 $ 26,978 $ 58,237 $ 80,224 Denominator: Weighted average common shares outstanding 28,298,984 23,429,705 25,263,681 23,413,794 Dilutive effect of stock-based awards 182,635 183,305 103,126 192,803 Weighted average diluted common shares outstanding 28,481,619 23,613,010 25,366,807 23,606,597 Basic earnings per common share (1) $ 0.57 $ 1.15 $ 2.31 $ 3.43 Diluted earnings per common share (1) 0.57 1.14 2.30 3.40 ________________________ (1) Due to the combined impact of the issuance of common stock shares due to the BTH merger on the quarterly average common shares outstanding calculation compared to the impact of the issuance of common stock shares due to the BTH merger on the year-to-date average common outstanding calculation, and the effect of rounding, the sum of the quarterly earnings per common share may not equal the year-to-date earnings per common share amount. |
Business Combination
Business Combination | 9 Months Ended |
Sep. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combination | Note 3 - Business Combination On August 1, 2022, the Company completed its previously announced merger with BT Holdings, Inc. (“BTH”), a Texas corporation and the registered bank holding company of BTH Bank, acquiring 100% of the voting equity interests. The Company issued 6,794,910 shares of its common stock, and all outstanding BTH common stock options were converted into options to purchase an aggregate of 611,676 shares of Origin common stock. Based on the closing price of the Company's common stock on July 29, 2022, of $43.07 per share, the aggregate consideration to be paid to holders of BTH common stock in connection with the merger is valued at approximately $307.8 million. Goodwill of $102.6 million was recorded as a result of the transaction. The merger added new markets for expansion and brings complementary businesses together to drive synergies and growth, which are the factors that gave rise to the goodwill recorded. The goodwill will not be deductible for tax purposes. Including the effects of the known purchase accounting adjustments, as of the merger date, Origin had approximately $9.84 billion in assets, $6.77 billion in loans and $7.99 billion in deposits on a consolidated basis. Origin Bank and BTH Bank, N.A. operated as separate banking subsidiaries of the Company until the merger of the banks, which Origin completed on October 7, 2022, concurrently with the data processing conversion. BTH formerly operated its banking business from 13 locations, primarily in east Texas, each of which now operates as a banking location of Origin Bank. The purchase price allocation and certain fair value measurements remain preliminary due to the timing of the merger. The Company will continue to review the estimated fair values of loans, deposits and intangible assets, and to evaluate the assumed tax positions and contingencies. The Company has determined that the merger of the net assets of BTH constitutes a business combination as defined by the ASC Topic 805. Accordingly, the assets acquired and liabilities assumed are presented at their fair values as required. Fair values were determined based on the requirements of ASC Topic 820. In many cases, the determination of these fair values required management to make estimates about discount rates, future expected cash flows, market conditions and other future events that are highly subjective in nature and subject to change. The following schedule is a preliminary breakdown of the assets acquired and liabilities assumed as of the merger date: BT Holdings, Inc. (Dollars in thousands) As Recorded by Origin Assets Acquired: Cash and cash equivalents $ 69,953 Investment securities 456,808 Loans acquired 1,239,625 Allowance for credit losses on loans (5,527) Loans receivable, net 1,234,098 Premises and equipment 17,825 Non-marketable equity securities held in other financial institutions 5,873 Core deposit intangible 38,356 Other assets 17,427 Total assets acquired $ 1,840,340 Liabilities Assumed: Noninterest-bearing deposits $ 398,089 Interest-bearing deposits 865,864 Time deposits 302,506 Total deposits 1,566,459 Securities sold under agreements to repurchase 10,133 Subordinated indebtedness, net 44,074 Accrued expenses and other liabilities 14,530 Total liabilities assumed 1,635,196 Net assets acquired 205,144 Purchase price 307,784 Goodwill $ 102,640 The Company’s operating results include the operating results of the acquired assets and assumed liabilities of BTH subsequent to the merger date. Acquisition Accounting. The following is a description of the methods used to determine the fair values of significant assets and liabilities acquired as part of a merger or acquisition. The Company elected to use the pushdown accounting method to record the merger. Loans acquired – Fair values for PCD loans were based on a discounted cash flow methodology that considered factors including the type of loan and related collateral, classification status, fixed or variable interest rate, term of loan and whether or not the loan was amortizing, and current discount rates except when a fair value of collateral approach was applied. The discount rates used for PCD loans were based on current market rates and include adjustments for liquidity concerns. The discount rate does not include a factor for credit losses, as that has been included in the estimated cash flows. Non-PCD loans were grouped together according to similar characteristics and were treated in the aggregate when applying valuation techniques. See Note 5 - Loans in these condensed notes to consolidated financial statements for more information related to loans acquired. Loan Acquisition Accounting – The Company accounts for its acquisitions/mergers under ASC Topic 805, Business Combinations, which requires the use of the acquisition method of accounting. All identifiable assets acquired, including loans, are recorded at fair value. The fair value for acquired loans at the time of acquisition or merger is based on a variety of factors, including discounted expected cash flows, adjusted for estimated prepayments and credit losses. In accordance with ASC 326, the fair value adjustment is recorded as premium or discount to the unpaid principal balance of each acquired loan. Loans that have been identified as having experienced a more-than-insignificant deterioration in credit quality since origination are PCD loans. The net premium or discount on PCD loans is adjusted by the Company’s allowance for credit losses recorded at the time of merger/acquisition. The remaining net premium or discount is accreted or amortized into interest income over the remaining life of the loan using the effective interest rate method. The net premium or discount on loans that are not classified as PCD (“non-PCD”), that includes credit and non-credit components, is accreted or amortized into interest income over the remaining life of the loan using a constant yield method. The Company then records the necessary allowance for credit losses on the non-PCD loans through provision for credit losses expense. Purchased loans that reflect a more-than-insignificant deterioration of credit from origination are considered PCD. For PCD loans, the initial estimate of expected credit losses is recognized in the allowance for credit loss on the date of the merger using the same methodology as other loans held for investment as discussed in Note 5 - Loans in these condensed notes to consolidated financial statements. The following table provides a summary of loans purchased with credit deterioration at the merger transaction date with BTH: August 1, 2022 (Dollars in thousands) Commercial Real Estate Construction/ Land/ Land Development Residential Real Estate Commercial and Industrial Mortgage Warehouse Lines of Credit Consumer Total Unpaid principal balance $ 10,731 $ 1,315 $ 2,880 $ 37,117 $ — $ 169 $ 52,212 PCD allowance for credit loss at merger 1 — — 5,525 — 1 5,527 Non-credit related (premium)/discount (277) (92) 3 (77) — 1 (442) Fair value of PCD loans $ 11,007 $ 1,407 $ 2,877 $ 31,669 $ — $ 167 $ 47,127 The following table presents unaudited pro-forma information as if the merger with BTH had occurred on January 1, 2021. This pro-forma information gives effect to certain adjustments, including purchase accounting fair value adjustments, amortization of core deposit intangible and related income tax effects and is based on our historical results for the periods presented. Transaction-related costs related to the merger are not reflected in the pro-forma amounts. The pro-forma information does not necessarily reflect the results of operations that would have occurred had the Company acquired BTH at the beginning of fiscal year 2021. Cost savings are also not reflected in the unaudited pro-forma amounts. Actual Pro-Forma for Nine Months Ended September 30, 2022 2021 (Dollars in thousands except share and per share data) Net interest income $ 190,529 $ 243,932 $ 206,585 Noninterest income 43,845 49,425 48,406 Net income 58,237 76,286 87,064 Pro-forma earnings per share: Basic — 2.50 2.88 Diluted — 2.48 2.85 Weighted average shares outstanding: 25,263,681 32,092,071 30,242,184 Basic $ 2.31 $ — $ — Diluted 2.30 — — |
Securities
Securities | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Note 4 - Securities The following table is a summary of the amortized cost and estimated fair value, including the allowance for credit losses and gross unrealized gains and losses, of available for sale, held to maturity and securities carried at fair value through income for the dates indicated: (Dollars in thousands) September 30, 2022 Amortized Gross Gross Fair Allowance for Credit Losses Net Carrying Amount Available for sale: State and municipal securities $ 450,305 $ 426 $ (68,752) $ 381,979 $ — $ 381,979 Corporate bonds 88,566 — (6,131) 82,435 — 82,435 U.S. government and agency securities 267,682 4 (17,605) 250,081 — 250,081 Commercial mortgage-backed securities 120,461 — (15,045) 105,416 — 105,416 Residential mortgage-backed securities 671,212 — (86,590) 584,622 — 584,622 Commercial collateralized mortgage obligations 44,614 — (5,810) 38,804 — 38,804 Residential collateralized mortgage obligations 175,446 — (22,643) 152,803 — 152,803 Asset-backed securities 76,924 15 (909) 76,030 — 76,030 Total $ 1,895,210 $ 445 $ (223,485) $ 1,672,170 $ — $ 1,672,170 Held to maturity: State and municipal securities $ 12,177 $ 84 $ (491) $ 11,770 $ (892) $ 11,285 Securities carried at fair value through income: State and municipal securities (1) $ 7,100 $ — $ — $ 6,347 $ — $ 6,347 December 31, 2021 Available for sale: State and municipal securities $ 394,046 $ 14,095 $ (2,323) $ 405,818 $ — $ 405,818 Corporate bonds 80,498 2,509 (273) 82,734 — 82,734 U.S. government and agency securities 98,892 2 (1,236) 97,658 — 97,658 Commercial mortgage-backed securities 65,691 — (1,448) 64,243 — 64,243 Residential mortgage-backed securities 559,655 3,751 (5,605) 557,801 — 557,801 Commercial collateralized mortgage obligations 20,000 2 (330) 19,672 — 19,672 Residential collateralized mortgage obligations 196,691 460 (3,411) 193,740 — 193,740 Asset-backed securities 81,985 1,077 — 83,062 — 83,062 Total $ 1,497,458 $ 21,896 $ (14,626) $ 1,504,728 $ — $ 1,504,728 Held to maturity: State and municipal securities $ 22,934 $ 2,183 $ — $ 25,117 $ (167) $ 22,767 Securities carried at fair value through income: State and municipal securities (1) $ 7,375 $ — $ — $ 7,497 $ — $ 7,497 ________________________ (1) Securities carried at fair value through income have no unrealized gains or losses at the balance sheet date as all changes in value have been recognized in the consolidated statements of income. See Note 6 - Fair Value of Financial Instruments for more information. On August 1, 2022, the Company completed the merger with BT Holdings, Inc. As of the merger date, BTH had approximately $456.8 million in investments. The Company sold approximately $447.5 million of investments acquired from BTH during the three months ended September 30, 2022, and classified the remaining as available-for-sale at the merger date. Securities with unrealized losses at September 30, 2022, and December 31, 2021, aggregated by investment category and those individual securities that have been in a continuous unrealized loss position for less than 12 months, and for 12 months or more, were as follows. Less than 12 Months 12 Months or More Total (Dollars in thousands) September 30, 2022 Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Available for sale: State and municipal securities $ 299,592 $ (50,932) $ 55,978 $ (17,820) $ 355,570 $ (68,752) Corporate bonds 65,696 (4,766) 10,635 (1,365) 76,331 (6,131) U.S. government and agency securities 160,760 (9,021) 88,911 (8,584) 249,671 (17,605) Commercial mortgage-backed securities 62,396 (6,376) 43,020 (8,669) 105,416 (15,045) Residential mortgage-backed securities 289,454 (32,957) 295,168 (53,633) 584,622 (86,590) Commercial collateralized mortgage obligations 29,824 (4,355) 8,980 (1,455) 38,804 (5,810) Residential collateralized mortgage obligations 53,345 (3,941) 99,458 (18,702) 152,803 (22,643) Asset-backed securities 70,227 (909) — — 70,227 (909) Total $ 1,031,294 $ (113,257) $ 602,150 $ (110,228) $ 1,633,444 $ (223,485) Held to maturity: State and municipal securities $ 6,509 $ (491) $ — $ — $ 6,509 $ (491) December 31, 2021 Available for sale: State and municipal securities $ 82,627 $ (1,651) $ 16,617 $ (672) $ 99,244 $ (2,323) Corporate bonds 13,299 (201) 2,928 (72) 16,227 (273) U.S. government and agency securities 97,010 (1,234) 440 (2) 97,450 (1,236) Commercial mortgage-backed securities 57,703 (1,167) 6,540 (281) 64,243 (1,448) Residential mortgage-backed securities 409,382 (5,577) 1,693 (28) 411,075 (5,605) Commercial collateralized mortgage obligations 14,568 (330) — — 14,568 (330) Residential collateralized mortgage obligations 127,080 (2,623) 31,301 (788) 158,381 (3,411) Total $ 801,669 $ (12,783) $ 59,519 $ (1,843) $ 861,188 $ (14,626) Held to maturity: State and municipal securities $ — $ — $ — $ — $ — $ — At September 30, 2022, the Company had 714 individual securities that were in an unrealized loss position. Management evaluates available for sale debt securities in unrealized loss positions to determine whether the impairment is due to credit-related factors or noncredit-related factors. Consideration is given to (1) the extent to which the fair value is less than the 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. Management does not have the intent to sell any of the securities in an unrealized loss position and believes that it is more likely than not that the Company will not have to sell any such securities before a recovery of cost. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. Accordingly, at September 30, 2022, 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 allowance for credit losses for held-to-maturity debt securities. (Dollars in thousands) Municipal Securities Allowance for credit losses: 2022 Balance at January 1, 2022 $ 167 Provision expense for credit loss for held to maturity securities 725 Balance at September 30, 2022 $ 892 Balance at January 1, 2021 $ 66 Provision expense for credit loss for held to maturity securities (6) Balance at September 30, 2021 $ 60 Accrued interest of $8.2 million and $6.0 million was not included in the calculation of the allowance at September 30, 2022 or 2021, respectively. There were no past due held-to-maturity securities or held-to-maturity securities in nonaccrual status at September 30, 2022, or December 31, 2021. Proceeds from sales and calls, and related gross gains and losses of securities available for sale, are shown below. Nine Months Ended September 30, (Dollars in thousands) 2022 2021 Proceeds from sales/calls $ 484,421 $ 43,053 Gross realized gains 3,766 1,705 Gross realized losses (2,102) (32) The following table presents the amortized cost and fair value of securities available for sale and held to maturity at September 30, 2022, grouped by contractual maturity. Mortgage-backed securities, collateralized mortgage obligations and asset-backed securities, which do not have contractual payments due at a single maturity date, are shown separately. Actual maturities for mortgage-backed securities, collateralized mortgage obligations and asset-backed securities will differ from contractual maturities as a result of prepayments made on the underlying loans. (Dollars in thousands) Held to Maturity Available for Sale September 30, 2022 Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ — $ — $ 35,124 $ 34,381 Due after one year through five years — — 263,735 250,617 Due after five years through ten years 5,177 5,261 225,615 201,497 Due after ten years 7,000 6,509 282,079 228,000 Commercial mortgage-backed securities — — 120,461 105,416 Residential mortgage-backed securities — — 671,212 584,622 Commercial collateralized mortgage obligations — — 44,614 38,804 Residential collateralized mortgage obligations — — 175,446 152,803 Asset-backed securities — — 76,924 76,030 Total $ 12,177 $ 11,770 $ 1,895,210 $ 1,672,170 The following table presents carrying amounts of securities pledged as collateral for deposits and repurchase agreements for the period ends presented. (Dollars in thousands) September 30, 2022 December 31, 2021 Carrying value of securities pledged to secure public deposits $ 522,410 $ 331,651 Carrying value of securities pledged to repurchase agreements 7,155 10,312 |
Loans
Loans | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Loans | Note 5 - Loans Loans consist of the following: (Dollars in thousands) September 30, 2022 December 31, 2021 Loans held for sale $ 59,714 $ 80,387 LHFI: Loans secured by real estate: Commercial real estate $ 2,174,347 $ 1,693,512 Construction/land/land development 853,311 530,083 Residential real estate 1,399,182 909,739 Total real estate 4,426,840 3,133,334 Commercial and industrial 1,967,037 1,454,235 Mortgage warehouse lines of credit 460,573 627,078 Consumer 28,231 16,684 Total LHFI (1) 6,882,681 5,231,331 Less: Allowance for loan credit losses 83,359 64,586 LHFI, net $ 6,799,322 $ 5,166,745 ____________________________ (1) Includes purchase accounting adjustment and net deferred loan fees of $15.06 million at September 30, 2022, and net deferred loan fees of $9.6 million at December 31, 2021. There were no merger date loan fair value adjustments at December 31, 2021. On August 1, 2022, the Company completed the merger with BTH. As of the merger date, BTH had approximately $1.24 billion in loans and the Company recorded a Day 1 fair value purchase accounting net discount of $5.0 million. As of September 30, 2022, the remaining purchase accounting net loan discount was $3.9 million. Credit quality indicators. As part of the Company's commitment to managing the credit quality of its loan portfolio, management annually and periodically updates and evaluates certain credit quality indicators, which include but are not limited to (i) weighted-average risk rating of the loan portfolio, (ii) net charge-offs, (iii) level of non-performing loans, (iv) level of classified loans (defined as substandard, doubtful and loss), and (v) the general economic conditions in the cities and states in which the Company operates. The Company maintains an internal risk rating system where ratings are assigned to individual loans based on assessed risk. Loan risk ratings are the primary indicator of credit quality for the loan portfolio and are continually evaluated to ensure they are appropriate based on currently available information. The following is a summary description of the Company's internal risk ratings: • Pass (1-6) Loans within this risk rating are further categorized as follows: Minimal risk (1) Well-collateralized by cash equivalent instruments held by the Banks. Moderate risk (2) Borrowers with excellent asset quality and liquidity. Borrowers' capitalization and liquidity exceed industry norms. Borrowers in this category have significant levels of liquid assets and have a low level of leverage. Better than average risk (3) Borrowers with strong financial strength and excellent liquidity that consistently demonstrate strong operating performance. Borrowers in this category generally have a sizable net worth that can be converted into liquid assets within 12 months. Average risk (4) Borrowers with sound credit quality and financial performance, including liquidity. Borrowers are supported by sufficient cash flow coverage generated through operations across the full business cycle. Marginally acceptable risk (5) Loans generally meet minimum requirements for an acceptable loan in accordance with lending policy, but possess one or more attributes that cause the overall risk profile to be higher than the majority of newly approved loans. Watch (6) A passing loan with one or more factors that identify a potential weakness in the overall ability of the borrower to repay the loan. These weaknesses are generally mitigated by other factors that reduce the risk of delinquency or loss. • Special Mention (7) This grade is intended to be temporary and includes borrowers whose credit quality has deteriorated and is at risk of further decline. • Substandard (8) This grade includes "Substandard" loans under regulatory guidelines. Substandard loans exhibit a well-defined weakness that jeopardizes debt repayment in accordance with contractual agreements, even though the loan may be performing. These obligations are characterized by the distinct possibility that a loss may be incurred if these weaknesses are not corrected and repayment may be dependent upon collateral liquidation or secondary source of repayment. • Doubtful (9) This grade includes "Doubtful" loans under regulatory guidelines. Such loans are placed on nonaccrual status and repayment may be dependent upon collateral with no readily determinable valuation or valuations that are highly subjective in nature. Repayment for these loans is considered improbable based on currently existing facts and circumstances. • Loss (0) This grade includes "Loss" loans under regulatory guidelines. Loss loans are charged-off or written down when repayment is not expected. In connection with the review of the loan portfolio, the Company considers risk elements attributable to particular loan types or categories in assessing the quality of individual loans. The list of loans to be reviewed for possible individual evaluation consists of nonaccrual commercial loans over $100,000 with direct exposure, unsecured loans over 90 days past due, commercial loans classified substandard or worse over $100,000 with direct exposure, TDRs, consumer loans greater than $100,000 with a FICO score under 625, loans greater than $100,000 in which the borrower has filed bankruptcy, and all loans 180 days or more past due. Loans under $50,000 will be evaluated collectively in designated pools unless a loss exposure has been identified. Some additional risk elements considered by loan type include: • for commercial real estate loans, the debt service coverage ratio, operating results of the owner in the case of owner-occupied properties, the loan to value ratio, the age and condition of the collateral and the volatility of income, property value and future operating results typical of properties of that type; • for construction, land and land development loans, the perceived feasibility of the project, including the ability to sell developed lots or improvements constructed for resale or the ability to lease property constructed for lease, the quality and nature of contracts for presale or prelease, if any, experience and ability of the developer and loan to value ratio; • for residential mortgage loans, the borrower's ability to repay the loan, including a consideration of the debt to income ratio and employment and income stability, the loan-to-value ratio, and the age, condition and marketability of the collateral; and • for commercial and industrial loans, the debt service coverage ratio (income from the business in excess of operating expenses compared to loan repayment requirements), the operating results of the commercial, industrial or professional enterprise, the borrower's business, professional and financial ability and expertise, the specific risks and volatility of income and operating results typical for businesses in that category and the value, nature and marketability of collateral. Purchased loans that have experienced more than insignificant credit deterioration since origination are PCD loans. An allowance for credit losses is determined using the same methodology as other individually evaluated loans. The Company held approximately $51.4 million in PCD loans, at September 30, 2022, as a result of the merger with BTH on August 1, 2022, and none at December 31, 2021. Please see Note 1 - Significant Accounting Policies in these Condensed Notes to Consolidated Financial Statements for a description of our accounting policies related to purchased financial assets with credit deterioration. The following table reflects recorded investments in loans by credit quality indicator and origination year at September 30, 2022, excluding loans held for sale and loans accounted for at fair value. Loans acquired are shown in the table by origination year, not merger date. The Company had an immaterial amount of revolving loans converted to term loans at September 30, 2022. Term Loans Amortized Cost Basis by Origination Year (Dollars in thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total Commercial real estate: Pass $ 688,153 $ 536,014 $ 290,376 $ 228,144 $ 172,845 $ 144,173 $ 75,202 $ 2,134,907 Special mention — — 1,057 — 8,876 1,389 1,771 13,093 Classified 400 5,671 523 4,546 2,341 12,117 749 26,347 Total commercial real estate loans $ 688,553 $ 541,685 $ 291,956 $ 232,690 $ 184,062 $ 157,679 $ 77,722 $ 2,174,347 Current period gross charge-offs $ — $ — $ — $ — $ — $ 166 $ — $ 166 Current period gross recoveries — 14 — — 2 3 — 19 Current period net charge-offs (recoveries) $ — $ (14) $ — $ — $ (2) $ 163 $ — $ 147 Construction/land/land development: Pass $ 324,178 $ 324,913 $ 62,866 $ 50,432 $ 28,112 $ 5,662 $ 52,049 $ 848,212 Special mention — — — — — — 2,339 2,339 Classified 185 132 276 150 164 1,711 142 2,760 Total construction/land/land development loans $ 324,363 $ 325,045 $ 63,142 $ 50,582 $ 28,276 $ 7,373 $ 54,530 $ 853,311 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period gross recoveries — — — — 200 — — 200 Current period net charge-offs (recoveries) $ — $ — $ — $ — $ (200) $ — $ — $ (200) Residential real estate: Pass $ 439,992 $ 316,925 $ 272,635 $ 98,805 $ 50,841 $ 130,937 $ 75,921 $ 1,386,056 Special mention — 2,000 395 — — — — 2,395 Classified 555 937 96 1,414 1,046 6,239 444 10,731 Total residential real estate loans $ 440,547 $ 319,862 $ 273,126 $ 100,219 $ 51,887 $ 137,176 $ 76,365 $ 1,399,182 Current period gross charge-offs $ — $ — $ — $ — $ — $ 75 $ — $ 75 Current period gross recoveries — — — 76 — 22 — 98 Current period net charge-offs (recoveries) $ — $ — $ — $ (76) $ — $ 53 $ — $ (23) Term Loans Amortized Cost Basis by Origination Year (Dollars in thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total Commercial and industrial: Pass $ 342,274 $ 348,652 $ 88,435 $ 83,511 $ 44,822 $ 33,412 $ 979,834 $ 1,920,940 Special mention 8,273 1,208 — — 192 — 7,003 16,676 Classified 3,310 9,860 118 1,306 1,277 2,750 10,800 29,421 Total commercial and industrial loans $ 353,857 $ 359,720 $ 88,553 $ 84,817 $ 46,291 $ 36,162 $ 997,637 $ 1,967,037 Current period gross charge-offs $ — $ 726 $ — $ 865 $ 337 $ 493 $ 3,522 $ 5,943 Current period gross recoveries 1 39 1 133 16 400 915 1,505 Current period net charge-offs (recoveries) $ (1) $ 687 $ (1) $ 732 $ 321 $ 93 $ 2,607 $ 4,438 Mortgage Warehouse Lines of Credit: Pass $ — $ — $ — $ — $ — $ — $ 460,188 $ 460,188 Classified — — — — — — 385 385 Total mortgage warehouse lines of credit $ — $ — $ — $ — $ — $ — $ 460,573 $ 460,573 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period gross recoveries — — — — — — — — Current period net charge-offs (recoveries) $ — $ — $ — $ — $ — $ — $ — $ — Consumer: Pass $ 10,254 $ 5,211 $ 1,430 $ 918 $ 171 $ 61 $ 10,112 $ 28,157 Classified — 20 — 8 — — 46 74 Total consumer loans $ 10,254 $ 5,231 $ 1,430 $ 926 $ 171 $ 61 $ 10,158 $ 28,231 Current period gross charge-offs $ — $ 27 $ 6 $ — $ 1 $ 1 $ 3 $ 38 Current period gross recoveries — — 7 — 2 5 1 15 Current period net charge-offs (recoveries) $ — $ 27 $ (1) $ — $ (1) $ (4) $ 2 $ 23 The following table reflects recorded investments in loans by credit quality indicator and origination year at December 31, 2021, excluding loans held for sale and loans accounted for at fair value. The Company had an immaterial amount of revolving loans converted to term loans at December 31, 2021. Term Loans Amortized Cost Basis by Origination Year (Dollars in thousands) 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Total Commercial real estate: Pass $ 556,218 $ 369,128 $ 278,045 $ 236,543 $ 111,308 $ 86,498 $ 22,904 $ 1,660,644 Special mention — — — 8,392 15,828 — — 24,220 Classified 2,045 625 772 2,456 299 2,288 163 8,648 Total commercial real estate loans $ 558,263 $ 369,753 $ 278,817 $ 247,391 $ 127,435 $ 88,786 $ 23,067 $ 1,693,512 Current period gross charge-offs $ — $ — $ — $ 120 $ 24 $ 26 $ — $ 170 Current period gross recoveries — — — 48 3 14 — 65 Current period net charge-offs (recoveries) $ — $ — $ — $ 72 $ 21 $ 12 $ — $ 105 Term Loans Amortized Cost Basis by Origination Year (Dollars in thousands) 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Total Construction/land/land development: Pass $ 256,212 $ 102,459 $ 85,442 $ 32,128 $ 5,422 $ 553 $ 30,729 $ 512,945 Special mention — — 8,126 — 1,003 — — 9,129 Classified 443 297 272 1,677 158 — 5,162 8,009 Total construction/land/land development loans $ 256,655 $ 102,756 $ 93,840 $ 33,805 $ 6,583 $ 553 $ 35,891 $ 530,083 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period gross recoveries — — — — — — — — Current period net charge-offs (recoveries) $ — $ — $ — $ — $ — $ — $ — $ — Residential real estate: Pass $ 313,898 $ 252,115 $ 109,564 $ 52,515 $ 45,042 $ 59,690 $ 60,342 $ 893,166 Special mention — 174 — 421 477 — — 1,072 Classified 1,398 191 2,393 2,848 1,819 6,606 246 15,501 Total residential real estate loans $ 315,296 $ 252,480 $ 111,957 $ 55,784 $ 47,338 $ 66,296 $ 60,588 $ 909,739 Current period gross charge-offs $ — $ 7 $ 61 $ — $ — $ 10 $ — $ 78 Current period gross recoveries — 21 19 — 25 52 — 117 Current period net charge-offs (recoveries) $ — $ (14) $ 42 $ — $ (25) $ (42) $ — $ (39) Commercial and industrial: Pass $ 448,377 $ 164,910 $ 93,488 $ 64,791 $ 14,742 $ 24,014 $ 599,144 $ 1,409,466 Special mention 259 2,170 — 1,519 — — 3,752 7,700 Classified 14,378 167 2,978 3,849 3,849 3,008 8,840 37,069 Total commercial and industrial loans $ 463,014 $ 167,247 $ 96,466 $ 70,159 $ 18,591 $ 27,022 $ 611,736 $ 1,454,235 Current period gross charge-offs $ 9 $ 1,172 $ 54 $ 5 $ 1,467 $ 6,354 $ 2,862 $ 11,923 Current period gross recoveries — 18 51 3 102 204 339 717 Current period net charge-offs (recoveries) $ 9 $ 1,154 $ 3 $ 2 $ 1,365 $ 6,150 $ 2,523 $ 11,206 Mortgage Warehouse Lines of Credit: Pass $ — $ — $ — $ — $ — $ — $ 627,078 $ 627,078 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period gross recoveries — — — — — — — — Current period net charge-offs (recoveries) $ — $ — $ — $ — $ — $ — $ — $ — Consumer: Pass $ 6,976 $ 2,169 $ 1,467 $ 443 $ 55 $ 67 $ 5,407 $ 16,584 Classified 26 21 1 — — 1 51 100 Total consumer loans $ 7,002 $ 2,190 $ 1,468 $ 443 $ 55 $ 68 $ 5,458 $ 16,684 Current period gross charge-offs $ — $ 5 $ 29 $ 2 $ — $ 9 $ 18 $ 63 Current period gross recoveries — — 20 7 1 17 4 49 Current period net charge-offs (recoveries) $ — $ 5 $ 9 $ (5) $ (1) $ (8) $ 14 $ 14 The following tables present the Company's loan portfolio aging analysis at the dates indicated: September 30, 2022 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Loans Past Due 90 Days or More Total Past Due Current Loans Total Loans Receivable Accruing Loans 90 or More Days Past Due Loans secured by real estate: Commercial real estate $ 115 $ 158 $ — $ 273 $ 2,174,074 $ 2,174,347 $ — Construction/land/land development 37 — 89 126 853,185 853,311 — Residential real estate 1,794 1,840 416 4,050 1,395,132 1,399,182 — Total real estate 1,946 1,998 505 4,449 4,422,391 4,426,840 — Commercial and industrial 2,364 79 3,863 6,306 1,960,731 1,967,037 — Mortgage warehouse lines of credit — — — — 460,573 460,573 — Consumer 91 18 2 111 28,120 28,231 — Total LHFI $ 4,401 $ 2,095 $ 4,370 $ 10,866 $ 6,871,815 $ 6,882,681 $ — December 31, 2021 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Loans Past Due 90 Days or More Total Past Due Current Loans Total Loans Receivable Accruing Loans 90 or More Days Past Due Loans secured by real estate: Commercial real estate $ 22 $ — $ 197 $ 219 $ 1,693,293 $ 1,693,512 $ — Construction/land/land development — 129 52 181 529,902 530,083 — Residential real estate 2,245 352 10,331 12,928 896,811 909,739 — Total real estate 2,267 481 10,580 13,328 3,120,006 3,133,334 — Commercial and industrial 77 1,172 10,927 12,176 1,442,059 1,454,235 — Mortgage warehouse lines of credit — — — — 627,078 627,078 — Consumer 90 — 21 111 16,573 16,684 — Total LHFI $ 2,434 $ 1,653 $ 21,528 $ 25,615 $ 5,205,716 $ 5,231,331 $ — U.S. GAAP requires that a discount or premium, and also an allowance for credit losses be recorded on acquired loans. The Company completed the merger with BTH on August 1, 2022. As a result, the Company recorded $5.0 million in net loan discounts and a $5.5 million increase in the allowance for credit losses related to PCD loans. In addition, the Company recorded a Day 1 $14.9 million provision for loan credit losses on non-PCD loans required by the Current Expected Credit Losses ("CECL") guidance. The following tables detail activity in the allowance for loan credit losses by portfolio segment. Accrued interest of $21.9 million and $16.3 million was not included in the book value for the purposes of calculating the allowance at September 30, 2022, and September 30, 2021, respectively. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. Three Months Ended September 30, 2022 Commercial Real Estate Construction/ Land/ Land Development Residential Real Estate Commercial and Industrial Mortgage Warehouse Lines of Credit Consumer Total (Dollars in thousands) Beginning balance $ 16,112 $ 4,707 $ 5,851 $ 35,477 $ 459 $ 517 $ 63,123 Allowance for loan credit losses - BTH merger 1 — — 5,525 — 1 5,527 Charge-offs — — — 1,618 — 10 1,628 Recoveries 17 200 6 325 — 2 550 Provision (1)(2) 1,901 2,159 1,898 9,349 97 383 15,787 Ending balance $ 18,031 $ 7,066 $ 7,755 $ 49,058 $ 556 $ 893 $ 83,359 Average balance $ 2,046,411 $ 760,682 $ 1,249,746 $ 1,816,912 $ 491,584 $ 24,137 $ 6,389,472 Net charge-offs to loan average balance (3) — % (0.10) % — % 0.28 % — % 0.13 % 0.07 % __________________________ (1) The $16.9 million provision for credit losses on the consolidated statements of income includes a $15.8 million provision for loan credit losses, a $1.2 million provision for off-balance sheet commitments and no provision for held to maturity securities credit losses for the three months ended September 30, 2022. (2) Excluded from the allowance is $10.8 million in PCD loans that were acquired in the merger with BTH that were added to the allowance and immediately written off. (3) Annualized. Three Months Ended September 30, 2021 Commercial Real Estate Construction/ Land/ Land Development Residential Real Estate Commercial and Industrial Mortgage Warehouse Lines of Credit Consumer Total (Dollars in thousands) Beginning balance $ 16,282 $ 5,602 $ 9,059 $ 45,049 $ 560 $ 552 $ 77,104 Charge-offs — — — 3,030 — 5 3,035 Recoveries 4 — 64 58 — 18 144 Provision (1) (367) (593) (3,004) (216) (90) 4 (4,266) Ending balance $ 15,919 $ 5,009 $ 6,119 $ 41,861 $ 470 $ 569 $ 69,947 Average balance $ 1,505,731 $ 527,881 $ 936,375 $ 1,492,375 $ 660,715 $ 16,222 $ 5,139,299 Net Charge-offs to Loan Average Balance (2) — % — % (0.03) % 0.79 % — % (0.32) % 0.22 % ____________________________ (1) The $3.9 million provision for credit losses net benefit on the consolidated statements of income includes a $4.3 million net loan loss provision benefit, a $356,000 benefit for off-balance sheet commitments and a $11,000 provision benefit for held to maturity securities credit losses for the three months ended September 30, 2021. (2) Annualized. Nine Months Ended September 30, 2022 Commercial Real Estate Construction/ Land/ Land Development Residential Real Estate Commercial and Industrial Mortgage Warehouse Lines of Credit Consumer Total (Dollars in thousands) Beginning Balance $ 13,425 $ 4,011 $ 6,116 $ 40,146 $ 340 $ 548 $ 64,586 Allowance for loan credit losses - BTH merger 1 — — 5,525 — 1 5,527 Charge-offs 166 — 75 5,943 — 38 6,222 Recoveries 19 200 98 1,505 — 15 1,837 Provision (1) 4,752 2,855 1,616 7,825 216 367 17,631 Ending Balance $ 18,031 $ 7,066 $ 7,755 $ 49,058 $ 556 $ 893 $ 83,359 Average Balance $ 1,865,658 $ 638,683 $ 1,042,397 $ 1,548,419 $ 453,658 $ 18,887 $ 5,567,702 Net Charge-offs to Loan Average Balance (2) 0.01 % (0.04) % — % 0.38 % — % 0.16 % 0.11 % _________________________ (1) The $20.1 million provision for credit losses on the consolidated statements of income includes a $17.6 million provision for loan losses, a $1.7 million provision for off-balance sheet commitments and a $725,000 provision for held to maturity securities credit losses for the nine months ended September 30, 2022. (2) Excluded from the allowance is $10.8 million in PCD loans that were acquired in the merger with BTH that were added to the allowance and immediately written off. (3) Annualized. Nine Months Ended September 30, 2021 Commercial Real Estate Construction/ Land/ Land Development Residential Real Estate Commercial and Industrial Mortgage Warehouse Lines of Credit Consumer Total (Dollars in thousands) Beginning Balance $ 15,430 $ 8,191 $ 9,418 $ 51,857 $ 856 $ 918 $ 86,670 Charge-offs 130 — 58 8,830 — 54 9,072 Recoveries 10 — 81 352 — 36 479 Provision (1) 609 (3,182) (3,322) (1,518) (386) (331) (8,130) Ending Balance $ 15,919 $ 5,009 $ 6,119 $ 41,861 $ 470 $ 569 $ 69,947 Average Balance $ 1,464,758 $ 528,768 $ 918,148 $ 1,690,551 $ 812,816 $ 16,829 $ 5,431,870 Net Charge-offs to Loan Average Balance (2) 0.01 % — % — % 0.67 % — % 0.14 % 0.21 % _________________________ (1) The $8.1 million provision for credit losses net benefit on the consolidated statements of income includes a $8.1 million provision for loan losses net benefit, a $19,000 benefit for off-balance sheet commitments and a $6,000 provision for held to maturity securities credit losses for the nine months ended September 30, 2021. (2) Annualized The increase in provision expense during the nine months ended September 30, 2022, is primarily due to the merger with BTH, completed on August 1, 2022, which required a Day 1 CECL loan provision of $14.9 million. The allowance for loan credit losses increased $13.4 million compared to September 30, 2021, primarily driven by a $16.6 million increase related to qualitative factor changes across the Company's risk pools for the nine months ended September 30, 2022, of which $11.8 million was due to the loans we acquired as a result of the BTH merger. The following table presents the amortized cost basis of collateral dependent loans, which are individually evaluated to determine expected credit losses, and the related Allowance for Credit Losses ("ACL") allocated to these loans. September 30, 2022 (Dollars in thousands) Commercial Real Estate Construction/ Land/ Land Development Residential Real Estate Commercial and Industrial Mortgage Warehouse Lines of Credit Consumer Total Real Estate $ 214 $ 206 $ 6,681 $ — $ — $ — $ 7,101 Accounts Receivable — — — 2,574 385 2,959 Equipment — — — 2,245 — — 2,245 Total $ 214 $ 206 $ 6,681 $ 4,819 $ 385 $ — $ 12,305 ACL Allocation $ — $ — $ — $ 2,442 $ — $ — $ 2,442 December 31, 2021 (Dollars in thousands) Commercial Real Estate Construction/ Land/ Land Development Residential Real Estate Commercial and Industrial Mortgage Warehouse Lines of Credit Consumer Total Real Estate $ 166 $ — $ 8,150 $ — $ — $ — $ 8,316 Accounts Receivable — — — 7,783 — 7,783 Equipment — — — 601 — — 601 Total $ 166 $ — $ 8,150 $ 8,384 $ — $ — $ 16,700 ACL Allocation $ — $ — $ 19 $ 6,563 $ — $ — $ 6,582 Collateral-dependent loans consist primarily of residential real estate and commercial and industrial loans. These loans are individually evaluated when foreclosure is probable or when the repayment of the loan is expected to be provided substantially through the operation or sale of the underlying collateral. In the case of commercial and industrial loans secured by equipment, the fair value of the collateral is estimated by third-party valuation experts. Loan balances are charged down to the underlying collateral value when they are deemed uncollectible. Note that the Company did not elect to use the collateral maintenance agreement practical expedient available under CECL. Nonaccrual LHFI were as follows: Nonaccrual With No Nonaccrual (Dollars in thousands) Loans secured by real estate: September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Commercial real estate $ 381 $ 453 $ 431 $ 512 Construction/land/land development 109 52 366 338 Residential real estate 7,102 7,684 7,641 11,647 Total real estate 7,592 8,189 8,438 12,497 Commercial and industrial 1,772 58 5,134 12,306 Mortgage warehouse lines of credit 385 — 385 — Consumer — — 74 100 Total nonaccrual loans $ 9,749 $ 8,247 $ 14,031 $ 24,903 All interest accrued but not received for loans placed on nonaccrual status is reversed against interest income. Subsequent receipts on nonaccrual loans are recorded as a reduction of principal, and interest income is recorded only after principal recovery is reasonably assured. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. At September 30, 2022 and December 31, 2021, the Company had no funding commitments for which the terms were modified in TDRs. For the nine months ended September 30, 2022 and 2021, gross interest income, that would have been recorded had the nonaccruing loans been current in accordance with their original terms, was $799,000 and $1.4 million, respectively. No interest income was recorded on these loans while they were considered nonaccrual during the nine months ended September 30, 2022 and 2021. The Company elects the fair value option for recording residential mortgage loans held for sale in accordance with U.S. GAAP. The Company had $2.7 million of nonaccrual mortgage loans held for sale that were recorded using the fair value option election at September 30, 2022, compared to $1.8 million at December 31, 2021. Loans classified as TDRs, excluding the impact of forbearances granted due to COVID-19, were as follows: (Dollars in thousands) September 30, 2022 December 31, 2021 TDRs Nonaccrual TDRs $ 4,975 $ 4,064 Performing TDRs 3,318 2,763 Total $ 8,293 $ 6,827 The tables below summarize loans classified as TDRs by loan and concession type during the dates indicated. Three Months Ended September 30, 2022 (Dollars in thousands) Number of Loans Restructured Pre-Modification Recorded Balance Term Concessions Interest Rate Concessions Combination of Term and Rate Concessions Total Modifications Residential real estate 1 $ 35 $ 35 $ — $ — $ 35 Total 1 $ 35 $ 35 $ — $ — $ 35 Three Months Ended September 30, 2021 (Dollars in thousands) Number of Loans Restructured Pre-Modification Recorded Balance Term Concessions Interest Rate Concessions Combination of Term and Rate Concessions Total Modifications Residential real estate 1 $ 31 $ 27 $ — $ — $ 27 Commercial and industrial 1 100 100 — — 100 Total 2 $ 131 $ 127 $ — $ — $ 127 Nine Months Ended September 30, 2022 (Dollars in thousands) Number of Loans Restructured Pre-Modification Recorded Balance Term Concessions Interest Rate Concessions Combination of Term and Rate Concessions Total Modifications Loans secured by real estate: Commercial real estate (1) 1 $ 214 $ — $ — $ 214 $ 214 Construction/land/land development 2 850 695 — 97 792 Residential real estate 2 3,732 35 3,629 — 3,664 Total real estate 5 4,796 730 3,629 311 4,670 Commercial and industrial (1) 1 5,494 — — 358 358 Total 6 $ 10,290 $ 730 $ 3,629 $ 669 $ 5,028 ________________________ (1) The Company acquired two TDR loans in connection with the BTH merger. Nine Months Ended September 30, 2021 (Dollars in thousands) Number of Loans Restructured Pre-Modification Recorded Balance Term Concessions Interest Rate Concessions Combination of Term and Rate Concessions Total Modifications Residential real estate 1 $ 31 $ 27 $ — $ — $ 27 Commercial and industrial 1 100 100 — — 100 Total 2 $ 131 $ 127 $ — $ — $ 127 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 6 - Fair Value of Financial Instruments Fair value is the exchange price that is expected to be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Certain assets and liabilities are recorded in the Company's consolidated financial statements at fair value. Some are recorded on a recurring basis and some on a non-recurring basis. The Company utilizes fair value measurement to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The determination of fair values of financial instruments often requires the use of estimates. In cases where quoted market values in an active market are not available, the Company utilizes valuation techniques that are consistent with the market approach, the income approach and/or the cost approach to estimate the fair values of its financial instruments. Such valuation techniques are consistently applied. A hierarchy for fair value has been established, which categorizes the valuation techniques into three levels used to measure fair value. The three levels are as follows: Level 1 - Fair value is based on unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 - Fair value is based on significant other observable inputs that are generally determined based on a single price for each financial instrument provided to the Company by an unrelated third-party pricing service and is based on one or more of the following: • Quoted prices for similar, but not identical, assets or liabilities in active markets; • Quoted prices for identical or similar assets or liabilities in markets that are not active; • Inputs other than quoted prices that are observable, such as interest rate and yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates; and • Other inputs derived from or corroborated by observable market inputs. Level 3 - Prices or valuation techniques that require inputs that are both significant and unobservable in the market. These instruments are valued using the best information available, some of which is internally developed, and reflects the Company's own assumptions about the risk premiums that market participants would generally require and the assumptions they would use. These estimates can be inherently uncertain. There were no transfers between fair value reporting levels for any period presented. Fair Values of Assets and Liabilities Recorded on a Recurring Basis The following tables summarize financial assets and financial liabilities recorded at fair value on a recurring basis at September 30, 2022, and December 31, 2021, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value. There were no changes in the valuation techniques during 2022 or 2021. September 30, 2022 (Dollars in thousands) Level 1 Level 2 Level 3 Total State and municipal securities $ — $ 324,777 $ 57,202 $ 381,979 Corporate bonds — 76,435 6,000 82,435 U.S. treasury securities 112,706 — — 112,706 U.S. government agency securities — 137,375 — 137,375 Commercial mortgage-backed securities — 105,416 — 105,416 Residential mortgage-backed securities — 584,622 — 584,622 Commercial collateralized mortgage obligations — 38,804 — 38,804 Residential collateralized mortgage obligations — 152,803 — 152,803 Asset-backed securities — 76,030 — 76,030 Securities available for sale 112,706 1,496,262 63,202 1,672,170 Securities carried at fair value through income — — 6,347 6,347 Loans held for sale — 33,494 — 33,494 Mortgage servicing rights — — 21,654 21,654 Other assets - derivatives — 26,883 — 26,883 Total recurring fair value measurements - assets $ 112,706 $ 1,556,639 $ 91,203 $ 1,760,548 Other liabilities - derivatives $ — $ (25,215) $ — $ (25,215) Total recurring fair value measurements - liabilities $ — $ (25,215) $ — $ (25,215) December 31, 2021 (Dollars in thousands) Level 1 Level 2 Level 3 Total State and municipal securities $ — $ 364,357 $ 41,461 $ 405,818 Corporate bonds — 82,734 — 82,734 U.S. treasury securities 92,245 — — 92,245 U.S. government agency securities — 5,413 — 5,413 Commercial mortgage-backed securities — 64,243 — 64,243 Residential mortgage-backed securities — 557,801 — 557,801 Commercial collateralized mortgage obligations — 19,672 — 19,672 Residential collateralized mortgage obligations — 193,740 — 193,740 Asset-backed securities — 83,062 — 83,062 Securities available for sale 92,245 1,371,022 41,461 1,504,728 Securities carried at fair value through income — — 7,497 7,497 Loans held for sale — 37,032 — 37,032 Mortgage servicing rights — — 16,220 16,220 Other assets - derivatives — 11,459 — 11,459 Total recurring fair value measurements - assets $ 92,245 $ 1,419,513 $ 65,178 $ 1,576,936 Other liabilities - derivatives $ — $ (11,494) $ — $ (11,494) Total recurring fair value measurements - liabilities $ — $ (11,494) $ — $ (11,494) The changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the nine months ended September 30, 2022 and 2021, are summarized as follows: (Dollars in thousands) MSRs Securities Available for Sale Securities at Fair Value Through Income Balance at January 1, 2022 $ 16,220 $ 41,461 $ 7,497 Gain (loss) recognized in earnings: Mortgage banking revenue (1) 2,409 — — Other noninterest income — — (875) Loss recognized in AOCI — (5,048) — Purchases, issuances, sales and settlements: Originations 1,926 — — Purchases — 25,112 — Acquired in BTH merger 1,099 5,000 — Settlements — (3,323) (275) Balance at September 30, 2022 $ 21,654 $ 63,202 $ 6,347 (Dollars in thousands) Loans at Fair Value MSRs Securities Available for Sale Securities at Fair Value Through Income Balance at January 1, 2021 $ 17,011 $ 13,660 $ 44,065 $ 11,554 Gain (loss) recognized in earnings: Mortgage banking revenue (1) — (1,942) — — Other noninterest income (251) — — (413) Loss recognized in AOCI — — (746) — Purchases, issuances, sales and settlements: Originations — 4,282 — — Purchases — — 1,000 — Settlements (16,760) — (2,220) (265) Balance at September 30, 2021 $ — $ 16,000 $ 42,099 $ 10,876 ___________________________ (1) Total mortgage banking revenue includes changes in fair value due to market changes and run-off. The Company obtains fair value measurements for loans at fair value, securities available for sale and securities at fair value through income from an independent pricing service; therefore, quantitative unobservable inputs are unknown. The following methodologies were used to measure the fair value of financial assets and liabilities valued on a recurring basis: Securities Available for Sale Securities classified as available for sale are reported at fair value utilizing Level 1, Level 2 or Level 3 inputs. For Level 1 securities, the Company obtains the fair value measurements for those identical assets from an independent pricing service. For Level 2 securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, market consensus prepayment speeds, credit information and the security's terms and conditions, among other things. In order to ensure the fair values are consistent with ASC 820, Fair Value Measurements and Disclosures , the Company periodically checks the fair value by comparing them to other pricing sources, such as Bloomberg LP. The third-party pricing service is subject to an annual review of internal controls in accordance with the Statement on Standards for Attestation Engagements No. 16, which was made available to the Company. In certain cases where Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy. Mortgage Servicing Rights ("MSRs") The carrying amounts of the MSRs equal fair value, which are determined using a discounted cash flow valuation model. The significant assumptions used to value MSRs were as follows: September 30, 2022 December 31, 2021 Range Weighted Average (1) Range Weighted Average (1) Prepayment speeds 5.47% - 10.32% 5.66 % 9.10% - 36.51% 15.63 % Discount rates 9.59 - 12.59 10.36 8.89 - 10.39 9.32 __________________________ (1) The weighted average was calculated with reference to the principal balance of the underlying mortgages. In recent years, there have been significant market-driven fluctuations in the assumptions listed above. Loans with higher average coupon rates have a greater likelihood of prepayment during comparatively low interest rate environments, while loans with lower average coupon rates have a lower likelihood of prepayment. The increase in rates since the year ended December 31, 2021, has caused a decrease in our weighted average prepayment speed and an increase in our discount rate assumptions used in the MSR valuation. These fluctuations can be rapid and may continue to be significant. Therefore, estimating these assumptions within ranges that market participants would use in determining the fair value of MSRs requires significant management judgment. Based upon broker estimate, the Company recorded a $2.0 million impairment on the held for sale GNMA MSR portfolio during the quarter ended September 30, 2022. Derivatives Fair values for interest rate swap agreements are based upon the amounts that would be required to settle the contracts. Fair values for derivative loan commitments and forward loan sale commitments are based on the fair values of the underlying mortgage loans and the probability of such commitments being exercised. Significant management judgment and estimation is required in determining these fair value measurements. Fair Values of Assets Recorded on a Recurring Basis for which the Fair Value Option has been Elected Certain assets are measured at fair value on a recurring basis due to the Company's election to adopt fair value accounting treatment for those assets. This election allows for a more effective offset of the changes in fair values of the assets and the derivative instruments used to economically hedge them without the burden of complying with the requirements for hedge accounting under ASC Topic 815, Derivatives and Hedging. For assets for which the fair value has been elected, the earned current contractual interest payment is recognized in interest income, loan origination costs and fees on fair value option loans are recognized in earnings as incurred and not deferred. At September 30, 2022, and December 31, 2021, there were no gains or losses recorded attributable to changes in instrument-specific credit risk. The following tables summarize the difference between the fair value and the unpaid principal balance for financial instruments for which the fair value option has been elected: September 30, 2022 (Dollars in thousands) Aggregate Fair Value Aggregate Unpaid Principal Balance Difference Loans held for sale (1) $ 33,494 $ 33,276 $ 218 Securities carried at fair value through income 6,347 7,100 (753) Total $ 39,841 $ 40,376 $ (535) ____________________________ (1) $2.7 million of loans held for sale were designated as nonaccrual or 90 days or more past due at September 30, 2022. Of this balance, $2.2 million was guaranteed by U.S. Government agencies. December 31, 2021 (Dollars in thousands) Aggregate Fair Value Aggregate Unpaid Principal Balance Difference Loans held for sale (1) $ 37,032 $ 36,072 $ 960 Securities carried at fair value through income 7,497 7,375 122 Total $ 44,529 $ 43,447 $ 1,082 ____________________________ (1) $1.8 million of loans held for sale were designated as nonaccrual or 90 days or more past due at December 31, 2021. Of this balance, $1.2 million was guaranteed by U.S. Government agencies. Changes in the fair value of assets for which the Company elected the fair value option are classified in the consolidated statement of income line items reflected in the following table: (Dollars in thousands) Three Months Ended September 30, Nine Months Ended September 30, Changes in fair value included in noninterest income: 2022 2021 2022 2021 Mortgage banking revenue (loans held for sale) $ (309) $ (791) $ (741) $ (5,094) Other income: Loans at fair value held for investment — (126) — (251) Securities carried at fair value through income (282) (97) (875) (413) Total impact on other income (282) (223) (875) (664) Total fair value option impact on noninterest income (1) $ (591) $ (1,014) $ (1,616) $ (5,758) ____________________________ (1) The fair value option impact on noninterest income is offset by the derivative gain/loss recognized in noninterest income. Please see Note 8 - Mortgage Banking for more detail. The following methodologies were used to measure the fair value of financial assets valued on a recurring basis for which the fair value option was elected: Securities at Fair Value through Income Securities carried at fair value through income are valued using a discounted cash flow with a credit spread applied to each instrument based on the creditworthiness of each issuer. Credit spreads ranged from 83 to 227 basis points at both September 30, 2022, and December 31, 2021. The Company believes the fair value approximates an exit price. Loans Held for Sale Fair values for loans held for sale are established using anticipated sale prices for loans allocated to a sale commitment, and those unallocated to a commitment are valued based on the interest rate and term for similar loans allocated. The Company believes the fair value approximates an exit price. Fair Value of Assets Recorded on a Nonrecurring Basis Equity Securities without Readily Determinable Fair Values Equity securities without readily determinable fair values totaled $53.9 million and $45.2 million at September 30, 2022, and December 31, 2021, respectively, and are shown on the face of the consolidated balance sheets. The majority of the Company's equity investments qualify for the practical expedient allowed for equity securities without a readily determinable fair value, such that the Company has elected to carry these securities at cost adjusted for any observable transactions during the period, less any impairment. To date, no impairment has been recorded on the Company's investments in equity securities that do not have readily determinable fair values. Government National Mortgage Association Repurchase Asset The Company recorded $26.2 million and $43.4 million, respectively, at September 30, 2022, and December 31, 2021, for Government National Mortgage Association ("GNMA") repurchase assets included in loans held for sale on the consolidated balance sheets. The assets are valued at the lower of cost or market and, where market is lower than cost, valued using anticipated sale prices for loans allocated to a sale commitment, and those unallocated to a commitment are valued based on the interest rate and term for similar loans allocated. The Company believes the fair value approximates an exit price. Please see Note 8 - Mortgage Banking for more information on the GNMA repurchase asset. Individually Evaluated Loans with Credit Losses Loans for which it is probable that the Company will not collect all principal and interest due according to contractual terms are measured to determine if any credit loss exists. Allowable methods for determining the amount of credit loss include estimating the fair value using the fair value of the collateral for collateral-dependent loans and a discounted cash flow methodology for other evaluated loans that are not collateral dependent. If the loan is identified as collateral-dependent, the fair value method of measuring the amount of credit loss is utilized. Evaluating the fair value of the collateral for collateral-dependent loans requires obtaining a current independent appraisal of the collateral and applying a discount factor to the value. If the loan is not collateral-dependent, the discounted cash flow method is utilized, which involves assumptions and judgments as to credit risk, prepayment risk, liquidity risk, default rates, loss severity, payment speeds, collateral values and discount rate. Loans that have experienced a credit loss with specific allocated losses are within Level 3 of the fair value hierarchy when the credit loss is determined using the fair value method. The fair value of loans that have experienced a credit loss with specific allocated losses was approximately $25.9 million and $4.8 million at September 30, 2022, and December 31, 2021, respectively. Non-Financial Assets Foreclosed assets held for sale are the only non-financial assets valued on a non-recurring basis that are initially recorded by the Company at fair value, less estimated costs to sell. At foreclosure, if the fair value, less estimated costs to sell, of the real estate acquired is less than the Company's recorded investment in the related loan, a write-down is recognized through a charge to the allowance for loan credit losses. Additionally, valuations are periodically performed by management, and any subsequent reduction in value is recognized by a charge to income. The carrying value and fair value of foreclosed assets held for sale was estimated using Level 3 inputs based on observable market data and was $1.8 million at September 30, 2022, and December 31, 2021. At September 30, 2022, the Company had $10,000 in principal amount of residential mortgage loans in the process of foreclosure. Fair Values of Financial Instruments Not Recorded at Fair Value Loans The estimated fair value approximates carrying value for variable-rate loans that reprice frequently and with no significant change in credit risk. The fair value of fixed rate loans and variable-rate loans, which reprice on an infrequent basis, is estimated by discounting future cash flows using exit level pricing, which combines the current interest rates at which similar loans with similar terms would be made to borrowers of similar credit quality and an estimated additional rate to reflect a liquidity premium. An overall valuation adjustment is made for specific credit risks as well as general portfolio credit risk. Deposits The estimated fair value approximates carrying value for demand deposits. The fair value of fixed rate deposit liabilities with defined maturities is estimated by discounting future cash flows using the interest rates currently available for funding from the FHLB. The estimated fair value of deposits does not take into account the value of our long-term relationships with depositors, commonly known as core deposit intangibles, which are separate intangible assets, and not considered financial instruments. Nonetheless, the Company would likely realize a core deposit premium if the deposit portfolio were sold in the principal market for such deposits. Borrowed Funds The estimated fair value approximates carrying value for short-term borrowings. The fair value of long-term fixed rate and fixed-to-floating-rate borrowings is estimated using quoted market prices, if available, or by discounting future cash flows using current interest rates for similar financial instruments. The estimated fair value approximates carrying value for variable-rate junior subordinated debentures that reprice quarterly. The carrying value and estimated fair values of financial instruments not recorded at fair value are as follows: (Dollars in thousands) September 30, 2022 December 31, 2021 Financial assets: Level 1 inputs: Carrying Estimated Carrying Estimated Cash and cash equivalents $ 300,470 $ 300,470 $ 705,618 $ 705,618 Level 2 inputs: Non-marketable equity securities held in other financial institutions 53,899 53,899 45,192 45,192 Accrued interest and loan fees receivable 31,818 31,818 23,402 23,402 Level 3 inputs: Securities held to maturity 11,285 11,770 22,767 25,117 LHFI, net 6,799,322 6,827,527 5,166,745 5,133,257 Financial liabilities: Level 2 inputs: Deposits 7,777,327 7,756,469 6,570,693 6,572,215 FHLB advances and other borrowings 450,456 377,809 309,801 305,374 Subordinated indebtedness 201,687 191,898 157,417 156,629 Accrued interest payable 6,380 6,380 2,696 2,696 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 7 - Goodwill and Other Intangible Assets During the three months ended September 30, 2022, the Company recorded goodwill totaling $102.6 million and other intangible assets totaling $38.4 million in connection with the merger with BTH. During 2021, the Company recorded goodwill totaling $7.6 million and other intangible assets totaling $14.1 million in connection with the acquisitions of the Lincoln Agency and Pulley-White. The components of the Company's goodwill and other intangible assets are as follows: (Dollars in thousands) September 30, 2022 Beginning Balance Mergers For the Nine Months Ended September 30, 2022 Accumulated Amortization Net at September 30, 2022 Goodwill (1) $ 34,153 $ 102,640 $ — $ 136,793 Other intangible assets: Core deposit intangibles $ 1,260 $ 38,356 $ (2,626) $ 36,990 Relationship based intangibles 19,650 — (5,570) 14,080 Tradename 818 — (68) 750 Non-compete 903 — (339) 564 Total $ 22,631 $ 38,356 $ (8,603) $ 52,384 ___________________________ (1) An immaterial downward adjustment of $215,000 to the preliminary goodwill estimate was recorded in conjunction with the accounting of the acquisitions of the Lincoln Agency and Pulley-White subsequent to December 31, 2021. (Dollars in thousands) December 31, 2021 Beginning Balance Acquisitions for the Year Ended December 31, 2021 Accumulated Amortization Net At December 31, 2021 Goodwill $ 26,741 $ 7,627 $ — $ 34,368 Other intangible assets: Core deposit intangibles $ 1,260 $ — $ (1,248) $ 12 Relationship based intangibles 7,304 12,346 (4,421) 15,229 Tradename 186 818 (186) 818 Non-compete — 903 — 903 Total $ 8,750 $ 14,067 $ (5,855) $ 16,962 Amortization expense on other intangible assets totaled $2,934,000 and $650,000 for the nine months ended September 30, 2022 and 2021, respectively, and was included as a component of other noninterest expense in the consolidated statements of income. Estimated future amortization expense for intangible assets remaining at September 30, 2022 was as follows: (Dollars in thousands) Years Ended December 31, Remaining 4Q 2022 amortization $ 2,555 2023 9,500 2024 7,676 2025 6,383 2026 5,335 Thereafter 20,935 Total $ 52,384 Estimated future amortization expense for intangible assets remaining at December 31, 2021 was as follows: (Dollars in thousands) Years Ended December 31, 2022 $ 2,072 2023 1,971 2024 1,610 2025 1,467 2026 1,327 Thereafter 8,515 Total $ 16,962 |
Mortgage Banking
Mortgage Banking | 9 Months Ended |
Sep. 30, 2022 | |
Mortgage Banking [Abstract] | |
Mortgage Banking | Note 8 - Mortgage Banking The following table presents the Company's revenue from mortgage banking operations: (Dollars in thousands) Three Months Ended September 30, Nine Months Ended September 30, Mortgage banking revenue 2022 2021 2022 2021 Origination $ 207 $ 349 $ 641 $ 1,101 Gain (loss) on sale of loans held for sale 636 1,984 4,477 10,014 Originations of MSRs 462 1,089 1,926 4,282 Servicing 1,446 1,501 4,306 4,537 Total gross mortgage revenue 2,751 4,923 11,350 19,934 MSR valuation adjustments, net (1) (2,034) (1,170) 2,409 (1,942) Mortgage HFS and pipeline fair value adjustment (410) (1,046) (971) (6,201) MSR hedge impact (1,236) 21 (7,267) (1,721) Mortgage banking revenue (loss) $ (929) $ 2,728 $ 5,521 $ 10,070 ______________________________ (1) Based upon broker estimate, the Company recorded a $2.0 million impairment on the held for sale GNMA MSR portfolio during the quarter ended September 30, 2022. Management uses mortgage-backed securities to mitigate the impact of changes in fair value of MSRs. See Note 11 - Derivative Financial Instruments for further information. Mortgage Servicing Rights Activity in MSRs was as follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2022 2021 2022 2021 Balance at beginning of period $ 22,127 $ 16,081 $ 16,220 $ 13,660 Servicing acquired in BTH merger 1,099 — 1,099 — Addition of servicing rights 462 1,089 1,926 4,282 Valuation adjustment, net of amortization (1) (2,034) (1,170) 2,409 (1,942) Balance at end of period $ 21,654 $ 16,000 $ 21,654 $ 16,000 ______________________________ (1) Based upon broker estimate, the Company recorded a $2.0 million impairment on the held for sale GNMA MSR portfolio during the quarter ended September 30, 2022. The Company receives annual servicing fee income approximating 0.28% of the outstanding balance of the underlying loans. In connection with the Company's activities as a servicer of mortgage loans, the investors and the securitization trusts have no recourse to the Company's assets for failure of debtors to pay when due. The Company is potentially subject to losses in its loan servicing portfolio due to loan foreclosures. The Company has obligations to either repurchase the outstanding principal balance of a loan or make the purchaser whole for the economic benefits of a loan if it is determined that the loan sold violated representations or warranties made by the Company and/or the borrower at the time of the sale, which the Company refers to as mortgage loan servicing putback expenses. Such representations and warranties typically include those made regarding loans that had missing or insufficient file documentation and/or loans obtained through fraud by borrowers or other third parties. Putback claims may be made until the loan is paid in full. When a putback claim is received, the Company evaluates the claim and takes appropriate actions based on the nature of the claim. The Company is required by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation to provide a response to putback claims within 60 of the date of receipt. At September 30, 2022, and December 31, 2021, the reserve for mortgage loan servicing putback expenses totaled $260,000 and $379,000, respectively. There is inherent uncertainty in reasonably estimating the requirement for reserves against future mortgage loan servicing putback expenses. Future putback expenses depend on many subjective factors, including the review procedures of the purchasers and the potential refinance activity on loans sold with servicing released and the subsequent consequences under the representations and warranties. |
Deposits
Deposits | 9 Months Ended |
Sep. 30, 2022 | |
Deposits [Abstract] | |
Deposits | Note 9 - Deposits Deposit balances are summarized as follows: (Dollars in thousands) September 30, 2022 December 31, 2021 Noninterest-bearing demand $ 2,667,489 $ 2,163,507 Money market 2,433,086 2,204,109 Interest bearing demand 1,617,239 1,412,089 Time deposits 748,415 543,128 Savings 311,098 247,860 Total $ 7,777,327 $ 6,570,693 Municipal deposits totaled $667.9 million and $814.8 million at the nine months ended September 30, 2022, and year ended December 31, 2021, respectively. Included in time deposits at September 30, 2022, and December 31, 2021, are $287.3 million and $222.7 million, respectively, of time deposits in denominations of $250,000 or more. |
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Borrowings | Note 10 - Borrowings Borrowed funds are summarized as follows: (Dollars in thousands) September 30, 2022 December 31, 2021 Repurchase agreements with depositors $ 17,430 $ 9,447 Short-term FHLB advances 150,000 — GNMA repurchase liability 26,220 43,355 Long-term FHLB advances 256,806 256,999 Total FHLB advances and other borrowings $ 450,456 $ 309,801 Subordinated indebtedness, net $ 201,687 $ 157,417 In conjunction with the BTH merger, the Company assumed certain repurchase agreements with former BTH depositors that included the sale and repurchase of BTH investment securities of at least equal to the daily balance of the BTH depositor's account, subject to maximum limitations. These agreements totaled $9.1 million at September 30, 2022. The Company's repurchase agreements with depositors include the sale and repurchase of investment securities and mature on a daily basis or were securitized with a letter of credit from the Federal Home Loan Bank. The total repurchase agreements with depositors carried a daily average interest rate of 0.14% for the nine months ended September 30, 2022, and 0.08% for the year ended December 31, 2021. As detailed in the table below and included in subordinated indebtedness, net in the table above, on August 1, 2022, the Company assumed $37.6 million of subordinated promissory notes ("Notes") from BTH. Debt Security Issue Year Interest Rate Outstanding Amount (Dollars in thousands) Floating rate subordinated promissory notes due June 2025 2015 Prime +175 bps Min: 3.875% Max: 6.375% $ 5,500 Floating rate subordinated promissory notes due December 2023 2016 Prime +125 bps Min: 3.875% Max: 6.375% 3,000 Floating rate subordinated promissory notes due December 2026 2016 Prime +175 bps Min: 3.875% Max: 6.375% 6,750 Floating rate subordinated promissory notes due December 2024 2017 Prime +125 bps Min: 3.875% Max: 6.375% 11,100 Floating rate subordinated promissory notes due December 2027 2017 Prime +175 bps Min: 3.875% Max: 6.375% 5,200 Floating rate subordinated promissory notes due December 2025 2018 Prime +50 bps Min: 3.875% Max: 6.125% 3,200 Floating rate subordinated promissory notes due December 2028 2018 Prime +75 bps Min: 3.875% Max: 6.125% 1,900 Fixed to floating rate subordinated promissory notes due June 2031 2021 Through 6/30/26: 4.00% After 6/30/26: Prime +75 bps Min: 3.875% Max: 6.125% 1,000 Fair value adjustment at merger (52) Total assumed subordinated notes 37,598 Legacy subordinated indebtedness 147,843 Total subordinated indebtedness $ 185,441 The Notes are intended to qualify for Tier 2 capital treatment and are substantively identical in terms and conditions, including priority, except for the maturity dates and interest rates payable on the Company's legacy subordinated notes. Interest is payable on the Notes quarterly, and the principal amount of each Note is payable at maturity. After the five-year anniversary of issuance, the Company can redeem the Notes in part or in full at the Company’s discretion and, if applicable, subject to receipt of any required regulatory approvals. In addition, the Notes can be redeemed at any time without penalty, upon not less than ten days’ notice, in the event that (i) the Notes no longer qualify as Tier 2 capital as a result of any amendment or change in interpretation or application of laws or regulation that becomes effective after the date of issuance of the Notes, or (ii) a tax event, or (iii) investment company act event, as defined in the Notes. The Notes are unsecured and rank senior to the Company’s common stock, any preferred stock that may be issued, and the BTH TruPS (defined above). On August 1, 2022, the Company assumed BTH's obligations with respect to $7.2 million in aggregate principal amount of junior subordinated debentures issued to a statutory trust of BTH ("BTH TruPS"). The BTH TruPS and the Company's two other wholly-owned, unconsolidated subsidiary grantor trusts were established for the purpose of issuing trust preferred securities. The trust preferred securities accrue and pay distributions periodically at specified annual rates as provided in each trust agreement. The trusts used the net proceeds from each of the offerings to purchase a like amount of junior subordinated debentures (the "debentures") of the Company. The debentures are the sole assets of the trusts. The Company's obligations under the debentures and related documents, taken together, constitute a full and unconditional guarantee by the Company of the obligations of the trusts. The trust preferred securities are mandatorily redeemable upon maturity of the debentures and can be currently redeemed by the Company in whole or in part at a redemption price equal to 100% of the outstanding principal amount of the debentures, plus any accrued but unpaid interest to the redemption date. The trust preferred securities qualify as Tier 1 capital of the Company for regulatory purposes, subject to certain limitations. The following table is a summary of the terms of the current junior subordinated debentures at September 30, 2022: (Dollars in thousands) Issuance Trust Issuance Date Maturity Date Amount Outstanding Rate Type Current Rate Maximum Rate CTB Statutory Trust I 07/2001 07/2031 $ 6,702 Variable (1) 6.08 % 12.50 % First Louisiana Statutory Trust I 09/2006 12/2036 4,124 Variable (2) 5.09 16.00 BT Holdings Trust I 05/2007 09/2037 7,217 Variable (3) 3.27 N/A Par amount 18,043 Unamortized original issue discount (1,065) Unamortized purchase accounting discount (732) Total junior subordinated debt at September 30, 2022 $ 16,246 ____________________________ (1) The trust preferred securities reprice quarterly based on the three-month LIBOR plus 3.30%, with the last reprice date on July 28, 2022. (2) The trust preferred securities reprice quarterly based on the three-month LIBOR plus 1.80%, with the last reprice date on September 13, 2022. (3) The trust preferred securities reprice quarterly based on the three-month LIBOR plus 1.64% with the last reprice date on July 21, 2022. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Note 11 - Derivative Financial Instruments Risk Management Objective of Using Derivatives The Company enters into derivative financial instruments to manage risks related to differences in the amount, timing, and duration of the Company's known or expected cash receipts and its known or expected cash payments, as well as to manage changes in fair values of some assets which are marked at fair value through the consolidated statement of income on a recurring basis. Cash Flow Hedges of Interest Rate Risk The Company is a party to an interest rate swap agreement under which the Company receives interest at a variable rate and pays at a fixed rate. The derivative instrument represented by this swap agreement is designated as a cash flow hedge of the Company's forecasted variable cash flows under a variable-rate term borrowing agreement. During the term of the swap agreement, the effective portion of changes in the fair value of the derivative instrument are recorded in accumulated other comprehensive income (loss) and subsequently reclassified into earnings in the periods that the hedged forecasted variable-rate interest payments affected earnings. There was no ineffective portion of the change in fair value of the derivative recognized directly in earnings. The entire swap fair value will be reclassified into earnings before the expiration date of the swap agreement. Derivatives Not Designated as Hedges Customer interest rate derivative program The Company offers certain derivatives products, primarily interest rate swaps, directly to qualified commercial banking customers to facilitate their risk management strategies. In some instances, the Company acts only as an intermediary, simultaneously entering into offsetting agreements with unrelated financial institutions, thereby mitigating its net risk exposure resulting from such transactions without significantly impacting its results of operations. Because the interest rate derivatives associated with this program do not meet hedge accounting requirements, changes in the fair value of both the customer derivatives and any offsetting derivatives are recognized directly in earnings as a component of noninterest income. From time to time, the Company shares in credit risk on interest rate swap arrangements, by entering into risk participation agreements with syndication partners. These are accounted for at fair value and disclosed as risk participation derivatives. Mortgage banking derivatives The Company enters into certain derivative agreements as part of its mortgage banking and related risk management activities. These agreements include interest rate lock commitments on prospective residential mortgage loans and forward commitments to sell these loans to investors on a mandatory delivery basis. The Company also economically hedges the value of MSRs by entering into a series of commitments to purchase mortgage-backed securities in the future. Fair Values of Derivative Instruments on the Balance Sheet The following tables disclose the fair value of derivative instruments in the Company's balance sheets at September 30, 2022, and December 31, 2021, as well as the effect of these derivative instruments on the Company's consolidated statements of income for the nine months ended September 30, 2022 and 2021. Derivative instruments and their related gains and losses are reported in other operating activities, net in the statement of cash flows. Notional Amounts (1) Fair Values (Dollars in thousands) Derivatives designated as cash flow hedging instruments: September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Interest rate swaps included in other assets $ 10,500 $ 21,000 $ 1,108 $ (103) Derivatives not designated as hedging instruments: Interest rate swaps included in other assets $ 303,773 $ 315,188 $ 24,962 $ 10,417 Interest rate swaps included in other liabilities 291,986 327,510 (24,656) (10,762) Risk participation derivatives included in accrued expenses and other liabilities on the consolidated balance sheets 63,374 63,374 — (2) Forward commitments to purchase mortgage-backed securities included in other liabilities 10,000 80,000 (559) (627) Forward commitments to sell residential mortgage loans included in other assets 22,800 52,000 576 1 Interest rate-lock commitments on residential mortgage loans included in other assets 24,289 36,694 237 1,041 $ 716,222 $ 874,766 $ 560 $ 68 ____________________________ (1) Notional or contractual amounts, which represent the extent of involvement in the derivatives market, are used to determine the contractual cash flows required in accordance with the terms of the agreement. These amounts are typically not exchanged, significantly exceed amounts subject to credit or market risk and are not reflected in the consolidated balance sheets. The weighted-average rates paid and received for interest rate swaps at September 30, 2022, were as follows: Weighted-Average Interest Rate Interest rate swaps: Paid Received Cash flow hedges 4.48 % 4.71 % Non-hedging interest rate swaps - financial institution counterparties 4.26 4.72 Non-hedging interest rate swaps - customer counterparties 4.72 4.26 Gains and losses recognized on derivative instruments not designated as hedging instruments are as follows: (Dollars in thousands) Three Months Ended September 30, Nine Months Ended September 30, Derivatives not designated as hedging instruments: 2022 2021 2022 2021 Amount of loss recognized in mortgage banking revenue (1) $ (1,317) $ (984) $ (3,537) $ (2,471) Amount of gain recognized in other non-interest income 210 75 652 409 ____________________________ (1) Gains and losses on these instruments are largely offset by market fluctuations in mortgage servicing rights. See Note 8 - Mortgage Banking for more information on components of mortgage banking revenue. Some interest rate swaps included in other assets were subject to a master netting arrangement with the counterparty in all periods presented and could be offset against some amounts included in interest rate swaps included in other liabilities. The Company has chosen not to net these exposures in the consolidated balance sheets, and any impact of netting these amounts would not be significant. |
Stock and Incentive Compensatio
Stock and Incentive Compensation Plans | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock and Incentive Compensation Plans | Note 12 - Stock and Incentive Compensation Plans The Company has granted, and currently has outstanding, stock and incentive compensation awards subject to the provisions of the Company's 2012 Stock Incentive Plan (the "2012 Plan"). The 2012 Plan is designed to provide flexibility to the Company regarding its ability to motivate, attract and retain the services of key officers, employees and directors. The 2012 Plan allows the Company to make grants of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock awards ("RSA"), restricted stock units ("RSU"), dividend equivalent rights, performance stock units ("PSU") or any combination thereof. At September 30, 2022, the maximum number of shares of the Company's common stock available for issuance under the 2012 Plan was 458,242 shares. Additionally, in April 2021, an employee stock purchase plan ("ESPP") was approved by the Company's stockholders and qualified as an ESPP under IRS guidelines. The ESPP provides for the purchase of up to an aggregate one million shares of the Company's common stock by employees pursuant to the terms of the ESPP, and the total number of shares available for issuance at September 30, 2022, was 973,911. Under the ESPP, employees of the Company, who elect to participate, have the right to purchase a limited number of shares of the Company's common stock at a 15% discount from the lower of the market value of the common stock at the beginning or the end of each one year offering period, beginning on June 1st. The ESPP benefit is treated as compensation to the employee, and the compensation expense will be recognized over the service period based on the fair value of the rights on the grant date, adjusted for forfeitures and certain modifications. Under the ESPP, employees purchased 26,089 shares during the nine months ended September 30, 2022, and no shares of common stock were issued pursuant to the ESPP during the nine months ended September 30, 2021. In February 2022, the Compensation Committee ("Committee") approved and the Company granted PSUs to select officers and employees under the 2012 Plan. Each PSU represents a right for the participant to receive shares of Company common stock or cash equal to the fair market value of such stock, as determined by the Committee. The number of PSUs to which the participant may be entitled will vary from 0% to 150% of the target number of PSUs, based on the Company’s achievement of specified performance criteria during the performance period compared to performance benchmarks adopted by the Committee and, further, the participant's continuous service with the Company through the third anniversary of the date of the grant. The performance period is the three-year period commencing on January 1, 2022, and ending on December 31, 2024, ("Performance Period"). Share-based compensation cost charged to income for the three and nine months ended September 30, 2022 and 2021, is presented below. There was no stock option expense for any of the periods shown. Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2022 2021 2022 2021 RSA & RSU $ 753 $ 477 $ 2,030 $ 1,535 PSU 134 — 283 — ESPP 83 82 235 109 Total stock compensation expense $ 970 $ 559 $ 2,548 $ 1,644 Related tax benefits recognized in net income $ 204 $ 117 $ 535 $ 345 Restricted Stock and Performance Stock Grants The Company's RSAs and RSUs are time-vested awards and are granted to the Company's Board of Directors, executives and senior management team. The service period in which time-vested awards are earned ranges from one The Company's PSU awards are three-year cliff-vested awards, with each unit divided into two categories ("ROAA Unit Group" and "ROAE Unit Group"), composed of an equivalent number of initial PSUs which do not reflect potential increases or decreases resulting from the final performance results determined at the end of the three-year period. The ROAA Unit Group is based upon the Company's Performance Period Return on Average Assets performance, and the ROAE Unit Group is based upon the Company's Performance Period Return on Average Equity performance. The PSUs are initially valued utilizing the fair value of the Company's stock at the grant date, assuming 100% of the target number of units are achieved. Subsequent valuation of the PSUs is determined using the ratio of the actual Company's Performance Period ROAA or ROAE to the Company's targeted Performance Period ROAA or ROAE, applied to the PSUs awarded times the Company's period end stock price. Forfeitures are recognized as they occur. The following table summarizes the Company's award activity: Nine Months Ended September 30, 2022 2021 Shares Weighted Average Grant-Date Fair Value Shares Weighted Average Grant-Date Fair Value Nonvested RSA shares, January 1, 48,048 $ 35.27 103,359 $ 31.51 Granted RSA 12,840 37.39 13,460 42.26 Vested RSA (22,682) 35.73 (55,827) 29.90 Forfeited RSA — — (946) 24.69 Nonvested RSA shares, September 30, 38,206 35.71 60,046 35.52 Nonvested RSU, January 1, 73,977 $ 40.64 — $ — Granted RSU 87,795 43.09 70,573 40.40 Vested RSU (23,260) 40.40 Forfeited RSU (1,841) 43.48 — — Nonvested RSU, September 30, 136,671 42.21 70,573 40.40 Nonvested PSU, January 1 — $ — — $ — Granted PSU 27,632 40.85 — — Nonvested PSU, September 30, 27,632 40.85 — — At September 30, 2022, there was $778,000, $5.2 million and $1.1 million of total unrecognized compensation cost related to nonvested RSA shares, RSU shares and PSU shares under the 2012 Plan, respectively. Those costs are expected to be recognized over a weighted-average period of 0.9, 2.7 and 2.4 years for RSA, RSU and PSU shares, respectively. Stock Option Grants The Company has previously issued common stock options to select officers and employees primarily through individual agreements. The exercise price of each option varies by agreement and is based on the fair value of the stock at the date of the grant. No outstanding stock option has a term that exceeds twenty years, and all of the outstanding options are fully vested. The Company recognized compensation cost for stock option grants over the required service period based upon the grant date fair value, which is established using a Black-Scholes valuation model. The Black-Scholes valuation model uses assumptions of risk-free interest rate, expected term of stock options, expected stock price volatility and expected dividends. Forfeitures are recognized as they occur. In conjunction with the BTH merger, the Company assumed the BTH 2012 Equity Incentive Plan and converted all outstanding options to purchase BTH common stock into options to purchase an aggregate of 611,676 shares of the Company's common stock. Under the terms of applicable change in control provisions within the BTH 2012 Equity Incentive Plan and BTH Notice Of Stock Option Award, all BTH stock options fully vested immediately prior to the closing of the merger that occurred on August 1, 2022. BTH converted options have no expiration dates past August 16, 2031, and no further grants will be made under the BTH 2012 Equity Incentive Plan. The table below summarizes the status of the Company's stock options and changes during the nine months ended September 30, 2022 and 2021. (Dollars in thousands, except per share amounts) Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Nine Months Ended September 30, 2022 Outstanding at January 1, 2022 39,200 $ 10.73 2.28 $ 1,262 BTH options converted to OBNK options 611,676 28.62 — — Exercised (60,687) 19.67 — — Expired (331) 37.01 — — Outstanding and exercisable at September 30, 2022 589,858 28.35 4.96 5,971 Nine Months Ended September 30, 2021 Outstanding at January 1, 2021 224,000 $ 10.86 4.92 $ 3,789 Exercised (14,800) 9.89 — — Outstanding and exercisable at September 30, 2021 209,200 10.93 4.55 6,574 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 13 - Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) ("AOCI") includes the after-tax change in unrealized gains and losses on AFS securities and cash flow hedging activities. (Dollars in thousands) Unrealized Gain (Loss) on AFS Securities Unrealized (Loss) Gain on Cash Flow Hedges Accumulated Other Comprehensive (Loss) Income Balance at January 1, 2022 $ 5,809 $ (80) $ 5,729 Net change (181,919) 957 (180,962) Balance at September 30, 2022 $ (176,110) $ 877 $ (175,233) Balance at January 1, 2021 $ 26,206 $ (557) $ 25,649 Net change (14,135) 358 (13,777) Balance at September 30, 2021 $ 12,071 $ (199) $ 11,872 |
Capital and Regulatory Matters
Capital and Regulatory Matters | 9 Months Ended |
Sep. 30, 2022 | |
Banking Regulation [Abstract] | |
Capital and Regulatory Matters | Note 14 - Capital and Regulatory Matters The Company (on a consolidated basis) and the Banks are subject to various regulatory capital requirements administered by federal and state banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company's consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Banks must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. As of September 30, 2022, and December 31, 2021, BTH Bank was a qualifying community banking organization as defined by the federal banking agencies and elected to measure capital adequacy under the community bank leverage ratio ("CBLR") framework. The CBLR removes the requirement for qualifying banking organizations to calculate and report risk-based capital and only requires a Tier 1 to average assets (leverage) ratio. Qualifying banking organizations that elect to use the community bank leverage ratio framework and that maintain a leverage ratio of greater than required minimums will be considered to have satisfied the generally applicable risk based and leverage capital requirements in the agencies’ capital rules (generally applicable rule) and, if applicable, will be considered to have met the well capitalized ratio requirements for purposes of section 38 of the Federal Deposit Insurance Act. Under the interim final rules, the community bank leverage ratio minimum requirement is 9% for calendar year 2022 and beyond. The interim rule allows for a two-quarter grace period to correct a ratio that falls below the required amount, provided that BTH Bank maintains a leverage ratio of no less than 8%. At September 30, 2022, and December 31, 2021, BTH Bank met the CBLR minimum Tier 1 to average assets ratio. Effective October 7, 2022, BTH Bank was merged into Origin Bank and will cease to exist as a stand-alone entity. The Company is subject to the Basel III regulatory capital framework ("Basel III Capital Rules"), which includes a 2.5% capital conservation buffer. The capital conservation buffer is designed to absorb losses during periods of economic stress and requires increased capital levels for the purpose of capital distributions and other payments. Failure to meet the full amount of the buffer will result in restrictions on the Company's ability to make capital distributions, which include dividend payments, stock repurchases and to pay discretionary bonuses to executive officers. Quantitative measures established by regulation to ensure capital adequacy require the Company and Origin to maintain minimum amounts and ratios (set forth in the table below) of total, common equity Tier 1 capital, Tier 1 capital, Tier 1 capital, and total capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 capital (as defined) to average total consolidated assets (as defined). Management believes, at September 30, 2022, and December 31, 2021, that the Company and the Origin met all capital adequacy requirements to which they are subject, including the capital buffer requirement. At September 30, 2022, and December 31, 2021, Origin's capital ratios exceeded those levels necessary to be categorized as "well capitalized" under the regulatory framework for prompt corrective action. To be categorized as "well capitalized," Origin must maintain minimum total risk-based, common equity Tier 1 capital, Tier 1 risk-based and Tier 1 leverage ratios as set forth in the table below. A final rule adopted by the federal banking agencies in February 2019 provides banking organizations with the option to phase in, over a three-year period, the adverse day-one regulatory capital effects of the adoption of CECL. In addition, on March 27, 2020, the federal banking agencies issued an interim final rule that gives banking organizations that were required to implement CECL before the end of 2020 the option to delay for two years CECL’s adverse effects on regulatory capital. Origin elected to adopt CECL in the first quarter of 2020 and exercised the option to delay the estimated impact of the adoption of CECL on the Company's regulatory capital for two years (from January 2020 through December 31, 2021). The two-year delay is followed by a three-year transition period of CECL's initial impact on our regulatory capital (from January 1, 2022, through December 31, 2024). The amount representing the CECL impact to the Company's regulatory capital that will be ratably transitioning back into regulatory capital over the transition period is $5.7 million and $7.6 million at September 30, 2022, and December 31, 2021, respectively. The actual capital amounts and ratios of the Company and Origin at September 30, 2022, and December 31, 2021, are presented in the following table: (Dollars in thousands) September 30, 2022 Actual Minimum Capital Required - Basel III To be Well Capitalized Under Prompt Corrective Action Provisions Common Equity Tier 1 Capital to Risk-Weighted Assets Amount Ratio Amount Ratio Amount Ratio Origin Bancorp, Inc. $ 863,460 10.51 % $ 574,901 7.00 % N/A N/A Origin Bank 741,750 10.89 476,813 7.00 $ 442,754 6.50 % Tier 1 Capital to Risk-Weighted Assets Origin Bancorp, Inc. 878,946 10.70 698,098 8.50 N/A N/A Origin Bank 741,750 10.89 578,987 8.50 544,929 8.00 Total Capital to Risk-Weighted Assets Origin Bancorp, Inc. 1,148,290 13.98 862,351 10.50 N/A N/A Origin Bank 872,900 12.81 715,492 10.50 681,421 10.00 Leverage Ratio Origin Bancorp, Inc. 878,946 9.63 365,034 4.00 N/A N/A Origin Bank 741,750 9.15 324,276 4.00 405,346 5.00 December 31, 2021 Common Equity Tier 1 Capital to Risk-Weighted Assets Origin Bancorp, Inc. 681,039 11.20 425,475 7.00 N/A N/A Origin Bank 724,440 11.97 423,819 7.00 393,546 6.50 Tier 1 Capital to Risk-Weighted Assets Origin Bancorp, Inc. 690,448 11.36 516,648 8.50 N/A N/A Origin Bank 724,440 11.97 514,637 8.50 484,365 8.00 Total Capital to Risk-Weighted Assets Origin Bancorp, Inc. 897,503 14.77 638,212 10.50 N/A N/A Origin Bank 852,825 14.09 635,727 10.50 605,454 10.00 Leverage Ratio Origin Bancorp, Inc. 690,448 9.20 300,195 4.00 N/A N/A Origin Bank 724,440 9.66 299,932 4.00 374,915 5.00 In the ordinary course of business, the Company depends on dividends from the Banks to provide funds for the payment of dividends to stockholders and to provide for other cash requirements. Banking regulations may limit the amount of dividends that may be paid. Approval by regulatory authorities is required if the effect of dividends declared would cause the regulatory capital of the Banks to fall below specified minimum levels. Approval is also required if dividends declared and paid exceed the Bank's year-to-date net income combined with the retained net income for the preceding year, which was $137.4 million at September 30, 2022. Stock Repurchases In July 2019, the Company's board of directors authorized a stock repurchase program pursuant to which the Company was authorized purchase up to $40 million of its outstanding common stock. The stock repurchase program was approved for a period of three years and expired in June 2022, having repurchased a total of $28.0 million of outstanding common stock. In July 2022, the Board of Directors of the Company authorized a stock repurchase program pursuant to which the Company may, from time to time, purchase up to $50 million of its outstanding common stock. The shares may be repurchased in the open market or in privately negotiated transactions from time to time, depending upon market conditions and other factors, and in accordance with applicable regulations of the Securities and Exchange Commission. The stock repurchase program is intended to expire in three years but may be terminated or amended by the Board of Directors at any time. The stock repurchase program does not obligate the Company to purchase any shares at any time. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 15 - Commitments and Contingencies Credit-Related Commitments In the ordinary course of business, the Company enters into financial instruments, such as commitments to extend credit and letters of credit, to meet the financing needs of its customers. Such instruments are not reflected in the accompanying consolidated financial statements until they are funded, although they expose the Company to varying degrees of credit risk and interest rate risk in much the same way as funded loans. Commitments to extend credit include revolving commercial credit lines, non-revolving loan commitments issued mainly to finance the merger and development or construction of real property or equipment, and credit card and personal credit lines. The availability of funds under commercial credit lines and loan commitments generally depends on whether the borrower continues to meet credit standards established in the underlying contract and has not violated other contractual conditions. Loan commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee by the borrower. Credit card and personal credit lines are generally subject to cancellation if the borrower's credit quality deteriorates. A number of commercial and personal credit lines are used only partially or, in some cases, not at all before they expire, and the total commitment amounts do not necessarily represent future cash requirements of the Company. A substantial majority of the letters of credit are standby agreements that obligate the Company to fulfill a customer's financial commitments to a third party if the customer is unable to perform. The Company issues standby letters of credit primarily to provide credit enhancement to its customers' other commercial or public financing arrangements and to help them demonstrate financial capacity to vendors of essential goods and services. The contract amounts of these instruments reflect the Company's exposure to credit risk. The Company undertakes the same credit evaluation in making loan commitments and assuming conditional obligations as it does for on-balance sheet instruments and may require collateral or other credit support. The table below presents the Company's commitments to extend credit by commitment expiration date for the dates indicated: (Dollars in thousands) September 30, 2022 Less than One-Three Three-Five Greater than Total Commitments to extend credit (1) $ 1,157,026 $ 956,547 $ 599,769 $ 117,913 $ 2,831,255 Standby letters of credit 51,455 6,679 — — 58,134 Total off-balance sheet commitments $ 1,208,481 $ 963,226 $ 599,769 $ 117,913 $ 2,889,389 December 31, 2021 Commitments to extend credit (1) $ 643,089 $ 620,741 $ 300,863 $ 56,525 $ 1,621,218 Standby letters of credit 42,516 6,633 — — 49,149 Total off-balance sheet commitments $ 685,605 $ 627,374 $ 300,863 $ 56,525 $ 1,670,367 ____________________________ (1) Includes $567.9 million and $513.0 million of unconditionally cancellable commitments at September 30, 2022 and December 31, 2021, respectively. At September 30, 2022, the Company held 29 unfunded letters of credit from the FHLB totaling $262.3 million, with expiration dates ranging from October 18, 2022, to September 22, 2027. At December 31, 2021, the Company held 43 unfunded letters of credit from the FHLB totaling $599.3 million, with expiration dates ranging from January 20, 2022, to March 22, 2023. The Company has a total contingent liability of $3.1 million as of September 30, 2022, for retention bonuses and guaranteed minimum incentives. The contingent liability consists of retention bonuses totaling $1.0 million for former BTH employees, with $523,000, or 50%, due at December 31, 2023, and the remaining $523,000, or 50%, due at December 31, 2024. Additionally, the Company will pay $2.0 million, in total, in guaranteed minimum incentives to certain employees with approximately 42% due on or about December 31, 2023, and 29% each due on or about December 31, 2024 and 2025, respectively. In all cases, continued employment through the payout date is required in order to receive the compensation. In conjunction with the December 31, 2021, acquisitions of the Lincoln Agency, LLC. and Pulley-White Insurance Agency, Inc., the Company has a total fair value contingent liability of $1.4 million as of December 31, 2021. The amount is payable if Davison Insurance Agency, LLC, the acquirer and surviving wholly-owned subsidiary of the Company, meets certain revenue growth objectives over three years. The fair value and probability of payout of this liability is reassessed annually at the fiscal year end of the Company. Management establishes an asset-specific allowance for certain lending-related commitments and computes a formula-based allowance for performing consumer and commercial lending-related commitments. These are computed using a methodology similar to that used for the commercial loan portfolio, modified for expected maturities and probabilities of drawdown. The reserve for lending-related commitments was $5.2 million and $2.3 million at September 30, 2022, and December 31, 2021, respectively, and is included in accrued expenses and other liabilities in the accompanying consolidated balance sheets. Loss Contingencies From time to time, the Company is also party to various legal actions arising in the ordinary course of business. At this time, management does not expect that loss contingencies, if any, arising from any such proceedings, either individually or in the aggregate, would have a material adverse effect on the consolidated financial position or liquidity of the Company. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation . The consolidated financial statements in this quarterly report on Form 10-Q include the accounts of the Company and all other entities in which Origin Bancorp, Inc. has a controlling financial interest, including the Banks and Davison Insurance Agency, LLC, doing business as Lincoln Agency, LLC (the "Lincoln Agency"), Lincoln Agency Transportation Insurance, Pulley-White Insurance Agency (the "Pulley-White"), Reeves, Coon and Funderburg, Simoneaux & Wallace Agency and Thomas & Farr Agency. All significant intercompany balances and transactions have been eliminated in consolidation. The Company's accounting and financial reporting policies conform, in all material respects, to generally accepted accounting principles in the United States ("U.S. GAAP") and to general practices within the financial services industry. The Company has evaluated subsequent events for potential recognition and/or disclosure through the date these consolidated financial statements were issued. The consolidated financial statements in this quarterly report on Form 10-Q have not been audited by an independent registered public accounting firm, excluding the figures as of December 31, 2021, but in the opinion of management, reflect all adjustments (which are of a normal recurring nature) necessary for a fair presentation of the Company's financial position and results of operations for the periods presented. These consolidated financial statements of the Company have been prepared in accordance with U.S. GAAP and with the rules and regulations of the Securities and Exchange Commission (the "SEC") for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2021, included in the Company's annual report on Form 10-K ("2021 Form 10-K") filed with the SEC. Operating results for the interim periods disclosed herein are not necessarily indicative of results that may be expected for a full year. Certain prior period amounts have been reclassified to conform to the current year financial statement presentations. These reclassifications did not impact previously reported net income or comprehensive income (loss). |
Use of Estimates | Use of Estimates . The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions based on available information that affect the amounts reported in the financial statements and disclosures provided, including the accompanying notes, and actual results could differ. Material estimates, that are particularly susceptible to change, include the allowance for credit losses for loans, off-balance sheet commitments and available for sale securities; fair value measurements of assets and liabilities; and income taxes. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the Company's consolidated financial statements in the period they are deemed necessary. While management uses its best judgment, actual results could differ from those estimates. |
Acquisition Accounting and Acquired Loans | Acquisition Accounting and Acquired Loans. The Company accounts for its mergers/acquisitions under Financial Accounting Standards Board ("FASB") Accounting Standards Codification (ASC) Topic 805, Business Combinations, which requires the use of the acquisition method of accounting. All identifiable assets acquired, including loans, are recorded at fair value. In accordance with ASC 326, the Company records a discount or premium and also an allowance for credit losses on acquired loans. All purchased loans are recorded at fair value in accordance with the fair value methodology prescribed in FASB ASC Topic 820, Fair Value Measurements. The fair value estimates associated with the loans include estimates related to expected prepayments and the amount and timing of undiscounted expected principal, interest and other cash flows. Purchased loans that have experienced more than insignificant credit deterioration since origination are purchased credit deteriorated (“PCD”) loans. The Company evaluates acquired loans for deterioration in credit quality based on any of, but not limited to, the following: (1) non-accrual status; (2) troubled debt restructured designation; (3) risk ratings of special mention, substandard or doubtful; (4) watchlist credits; and (5) delinquency status, including loans that are current on merger/acquisition date, but had been previously delinquent two times 60 days. An allowance for credit losses is determined using the same methodology as other individually evaluated loans. |
Effect of Recently Adopted Accounting Standards and Effect of Newly Issued But Not Yet Effective Accounting Standards | Effect of Recently Adopted Accounting Standards Accounting Standards Update ( " ASU " ) No. 2021-06, Presentation of Financial Statements (Topic 205), Financial Services —Depository and Lending (Topic 942), and Financial Services — Investment Companies (Topic 946) —Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10786, Amendments to Financial Disclosures about Acquired and Disposed Businesses, and No. 33-10835, Update of Statistical Disclosures for Bank and Savings and Loan Registrants amends the ASC in order to agree the Codification to the new SEC releases 33-10786 and 33-10835 (the "Releases"). The Releases clearly define whether an acquired or disposed business subsidiary is significant; update, expand and eliminate certain disclosures; eliminate overlap with certain SEC and U.S. GAAP rules; and add a new subpart of Regulation S-K. The ASU is effective upon issuance; however, the SEC release on which the ASU is based is effective for registrants with the first fiscal year ending after December 15, 2021, while Guide 3 will be rescinded effective January 1, 2023. Implementation of this ASU did not materially impact the Company's financial statement disclosures. Effect of Newly Issued But Not Yet Effective Accounting Standards ASU No. 2021-08, Business Combinations (Topic 805) — Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The amendments in this Update affect accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to recognition of an acquired contract liability and payment terms and their effect on subsequent revenue recognized by the acquirer. The ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Implementation of this ASU is not expected to materially impact the Company's financial statements or disclosures. ASU No. 2022-01, Derivatives and Hedging (Topic 815) — Fair Value Hedging - Portfolio Layer Method. The amendments in this Update clarify the accounting for and promote consistency in the reporting of hedge basis adjustments applicable to both a single hedged layer and multiple hedged layers. Additionally, this Update allows entities to elect to apply the portfolio layer method of hedge accounting in accordance with Topic 815. The ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Implementation of this ASU is not expected to materially impact the Company's financial statements or disclosures. ASU No. 2022-02, Financial Instruments - Credit Losses (Topic 326) — Troubled Debt Restructurings and Vintage Disclosures. The amendments in this Update eliminate the accounting guidance for TDRs by creditors in Subtopic 310-40, Receivables—Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Specifically, rather than applying the recognition and measurement guidance for TDRs, an entity must apply the loan refinancing and restructuring guidance in paragraphs 310-20-35-9 through 35-11 to determine whether a modification results in a new loan or a continuation of an existing loan. For public business entities, the amendments in this Update require that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost. The ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Implementation of this ASU is not expected to materially impact the Company's financial statements or disclosures. |
Loans , Nonaccrual Status | All interest accrued but not received for loans placed on nonaccrual status is reversed against interest income. Subsequent receipts on nonaccrual loans are recorded as a reduction of principal, and interest income is recorded only after principal recovery is reasonably assured. |
Loans Held For Sale | The Company elects the fair value option for recording residential mortgage loans held for sale in accordance with U.S. GAAP. |
Fair Value of Financial Instruments | Fair value is the exchange price that is expected to be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Certain assets and liabilities are recorded in the Company's consolidated financial statements at fair value. Some are recorded on a recurring basis and some on a non-recurring basis. The Company utilizes fair value measurement to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The determination of fair values of financial instruments often requires the use of estimates. In cases where quoted market values in an active market are not available, the Company utilizes valuation techniques that are consistent with the market approach, the income approach and/or the cost approach to estimate the fair values of its financial instruments. Such valuation techniques are consistently applied. A hierarchy for fair value has been established, which categorizes the valuation techniques into three levels used to measure fair value. The three levels are as follows: Level 1 - Fair value is based on unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 - Fair value is based on significant other observable inputs that are generally determined based on a single price for each financial instrument provided to the Company by an unrelated third-party pricing service and is based on one or more of the following: • Quoted prices for similar, but not identical, assets or liabilities in active markets; • Quoted prices for identical or similar assets or liabilities in markets that are not active; • Inputs other than quoted prices that are observable, such as interest rate and yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates; and • Other inputs derived from or corroborated by observable market inputs. Level 3 - Prices or valuation techniques that require inputs that are both significant and unobservable in the market. These instruments are valued using the best information available, some of which is internally developed, and reflects the Company's own assumptions about the risk premiums that market participants would generally require and the assumptions they would use. These estimates can be inherently uncertain. Securities Available for Sale Securities classified as available for sale are reported at fair value utilizing Level 1, Level 2 or Level 3 inputs. For Level 1 securities, the Company obtains the fair value measurements for those identical assets from an independent pricing service. For Level 2 securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, market consensus prepayment speeds, credit information and the security's terms and conditions, among other things. In order to ensure the fair values are consistent with ASC 820, Fair Value Measurements and Disclosures , the Company periodically checks the fair value by comparing them to other pricing sources, such as Bloomberg LP. The third-party pricing service is subject to an annual review of internal controls in accordance with the Statement on Standards for Attestation Engagements No. 16, which was made available to the Company. In certain cases where Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy. Derivatives Fair values for interest rate swap agreements are based upon the amounts that would be required to settle the contracts. Fair values for derivative loan commitments and forward loan sale commitments are based on the fair values of the underlying mortgage loans and the probability of such commitments being exercised. Significant management judgment and estimation is required in determining these fair value measurements. Fair Values of Assets Recorded on a Recurring Basis for which the Fair Value Option has been Elected Certain assets are measured at fair value on a recurring basis due to the Company's election to adopt fair value accounting treatment for those assets. This election allows for a more effective offset of the changes in fair values of the assets and the derivative instruments used to economically hedge them without the burden of complying with the requirements for hedge accounting under ASC Topic 815, Derivatives and Hedging. The following methodologies were used to measure the fair value of financial assets valued on a recurring basis for which the fair value option was elected: Securities at Fair Value through Income Securities carried at fair value through income are valued using a discounted cash flow with a credit spread applied to each instrument based on the creditworthiness of each issuer. Credit spreads ranged from 83 to 227 basis points at both September 30, 2022, and December 31, 2021. The Company believes the fair value approximates an exit price. Loans Held for Sale Fair values for loans held for sale are established using anticipated sale prices for loans allocated to a sale commitment, and those unallocated to a commitment are valued based on the interest rate and term for similar loans allocated. The Company believes the fair value approximates an exit price. Fair Value of Assets Recorded on a Nonrecurring Basis Equity Securities without Readily Determinable Fair Values Equity securities without readily determinable fair values totaled $53.9 million and $45.2 million at September 30, 2022, and December 31, 2021, respectively, and are shown on the face of the consolidated balance sheets. The majority of the Company's equity investments qualify for the practical expedient allowed for equity securities without a readily determinable fair value, such that the Company has elected to carry these securities at cost adjusted for any observable transactions during the period, less any impairment. To date, no impairment has been recorded on the Company's investments in equity securities that do not have readily determinable fair values. Government National Mortgage Association Repurchase Asset The Company recorded $26.2 million and $43.4 million, respectively, at September 30, 2022, and December 31, 2021, for Government National Mortgage Association ("GNMA") repurchase assets included in loans held for sale on the consolidated balance sheets. The assets are valued at the lower of cost or market and, where market is lower than cost, valued using anticipated sale prices for loans allocated to a sale commitment, and those unallocated to a commitment are valued based on the interest rate and term for similar loans allocated. The Company believes the fair value approximates an exit price. Please see Note 8 - Mortgage Banking for more information on the GNMA repurchase asset. Individually Evaluated Loans with Credit Losses Loans for which it is probable that the Company will not collect all principal and interest due according to contractual terms are measured to determine if any credit loss exists. Allowable methods for determining the amount of credit loss include estimating the fair value using the fair value of the collateral for collateral-dependent loans and a discounted cash flow methodology for other evaluated loans that are not collateral dependent. If the loan is identified as collateral-dependent, the fair value method of measuring the amount of credit loss is utilized. Evaluating the fair value of the collateral for collateral-dependent loans requires obtaining a current independent appraisal of the collateral and applying a discount factor to the value. If the loan is not collateral-dependent, the discounted cash flow method is utilized, which involves assumptions and judgments as to credit risk, prepayment risk, liquidity risk, default rates, loss severity, payment speeds, collateral values and discount rate. Loans that have experienced a credit loss with specific allocated losses are within Level 3 of the fair value hierarchy when the credit loss is determined using the fair value method. The fair value of loans that have experienced a credit loss with specific allocated losses was approximately $25.9 million and $4.8 million at September 30, 2022, and December 31, 2021, respectively. Non-Financial Assets |
Derivative Instruments and Hedging Activities | Risk Management Objective of Using Derivatives The Company enters into derivative financial instruments to manage risks related to differences in the amount, timing, and duration of the Company's known or expected cash receipts and its known or expected cash payments, as well as to manage changes in fair values of some assets which are marked at fair value through the consolidated statement of income on a recurring basis. Cash Flow Hedges of Interest Rate Risk The Company is a party to an interest rate swap agreement under which the Company receives interest at a variable rate and pays at a fixed rate. The derivative instrument represented by this swap agreement is designated as a cash flow hedge of the Company's forecasted variable cash flows under a variable-rate term borrowing agreement. During the term of the swap agreement, the effective portion of changes in the fair value of the derivative instrument are recorded in accumulated other comprehensive income (loss) and subsequently reclassified into earnings in the periods that the hedged forecasted variable-rate interest payments affected earnings. There was no ineffective portion of the change in fair value of the derivative recognized directly in earnings. The entire swap fair value will be reclassified into earnings before the expiration date of the swap agreement. Derivatives Not Designated as Hedges Customer interest rate derivative program The Company offers certain derivatives products, primarily interest rate swaps, directly to qualified commercial banking customers to facilitate their risk management strategies. In some instances, the Company acts only as an intermediary, simultaneously entering into offsetting agreements with unrelated financial institutions, thereby mitigating its net risk exposure resulting from such transactions without significantly impacting its results of operations. Because the interest rate derivatives associated with this program do not meet hedge accounting requirements, changes in the fair value of both the customer derivatives and any offsetting derivatives are recognized directly in earnings as a component of noninterest income. From time to time, the Company shares in credit risk on interest rate swap arrangements, by entering into risk participation agreements with syndication partners. These are accounted for at fair value and disclosed as risk participation derivatives. Mortgage banking derivatives The Company enters into certain derivative agreements as part of its mortgage banking and related risk management activities. These agreements include interest rate lock commitments on prospective residential mortgage loans and forward commitments to sell these loans to investors on a mandatory delivery basis. The Company also economically hedges the value of MSRs by entering into a series of commitments to purchase mortgage-backed securities in the future. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Information regarding the Company's basic and diluted earnings per common share is presented in the following table: (Dollars in thousands, except per share amounts) Three Months Ended September 30, Nine Months Ended September 30, Numerator: 2022 2021 2022 2021 Net income $ 16,243 $ 26,978 $ 58,237 $ 80,224 Denominator: Weighted average common shares outstanding 28,298,984 23,429,705 25,263,681 23,413,794 Dilutive effect of stock-based awards 182,635 183,305 103,126 192,803 Weighted average diluted common shares outstanding 28,481,619 23,613,010 25,366,807 23,606,597 Basic earnings per common share (1) $ 0.57 $ 1.15 $ 2.31 $ 3.43 Diluted earnings per common share (1) 0.57 1.14 2.30 3.40 ________________________ (1) Due to the combined impact of the issuance of common stock shares due to the BTH merger on the quarterly average common shares outstanding calculation compared to the impact of the issuance of common stock shares due to the BTH merger on the year-to-date average common outstanding calculation, and the effect of rounding, the sum of the quarterly earnings per common share may not equal the year-to-date earnings per common share amount. |
Business Combination (Tables)
Business Combination (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Fair Values of Assets Acquired and Liabilities Assumed | The following schedule is a preliminary breakdown of the assets acquired and liabilities assumed as of the merger date: BT Holdings, Inc. (Dollars in thousands) As Recorded by Origin Assets Acquired: Cash and cash equivalents $ 69,953 Investment securities 456,808 Loans acquired 1,239,625 Allowance for credit losses on loans (5,527) Loans receivable, net 1,234,098 Premises and equipment 17,825 Non-marketable equity securities held in other financial institutions 5,873 Core deposit intangible 38,356 Other assets 17,427 Total assets acquired $ 1,840,340 Liabilities Assumed: Noninterest-bearing deposits $ 398,089 Interest-bearing deposits 865,864 Time deposits 302,506 Total deposits 1,566,459 Securities sold under agreements to repurchase 10,133 Subordinated indebtedness, net 44,074 Accrued expenses and other liabilities 14,530 Total liabilities assumed 1,635,196 Net assets acquired 205,144 Purchase price 307,784 Goodwill $ 102,640 |
Financing Receivable, Purchased With Credit Deterioration | The following table provides a summary of loans purchased with credit deterioration at the merger transaction date with BTH: August 1, 2022 (Dollars in thousands) Commercial Real Estate Construction/ Land/ Land Development Residential Real Estate Commercial and Industrial Mortgage Warehouse Lines of Credit Consumer Total Unpaid principal balance $ 10,731 $ 1,315 $ 2,880 $ 37,117 $ — $ 169 $ 52,212 PCD allowance for credit loss at merger 1 — — 5,525 — 1 5,527 Non-credit related (premium)/discount (277) (92) 3 (77) — 1 (442) Fair value of PCD loans $ 11,007 $ 1,407 $ 2,877 $ 31,669 $ — $ 167 $ 47,127 |
Unaudited Pro-Forma Information Merger with BTH | The following table presents unaudited pro-forma information as if the merger with BTH had occurred on January 1, 2021. This pro-forma information gives effect to certain adjustments, including purchase accounting fair value adjustments, amortization of core deposit intangible and related income tax effects and is based on our historical results for the periods presented. Transaction-related costs related to the merger are not reflected in the pro-forma amounts. The pro-forma information does not necessarily reflect the results of operations that would have occurred had the Company acquired BTH at the beginning of fiscal year 2021. Cost savings are also not reflected in the unaudited pro-forma amounts. Actual Pro-Forma for Nine Months Ended September 30, 2022 2021 (Dollars in thousands except share and per share data) Net interest income $ 190,529 $ 243,932 $ 206,585 Noninterest income 43,845 49,425 48,406 Net income 58,237 76,286 87,064 Pro-forma earnings per share: Basic — 2.50 2.88 Diluted — 2.48 2.85 Weighted average shares outstanding: 25,263,681 32,092,071 30,242,184 Basic $ 2.31 $ — $ — Diluted 2.30 — — |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Amortized Cost and Estimated Fair Value of Securities | The following table is a summary of the amortized cost and estimated fair value, including the allowance for credit losses and gross unrealized gains and losses, of available for sale, held to maturity and securities carried at fair value through income for the dates indicated: (Dollars in thousands) September 30, 2022 Amortized Gross Gross Fair Allowance for Credit Losses Net Carrying Amount Available for sale: State and municipal securities $ 450,305 $ 426 $ (68,752) $ 381,979 $ — $ 381,979 Corporate bonds 88,566 — (6,131) 82,435 — 82,435 U.S. government and agency securities 267,682 4 (17,605) 250,081 — 250,081 Commercial mortgage-backed securities 120,461 — (15,045) 105,416 — 105,416 Residential mortgage-backed securities 671,212 — (86,590) 584,622 — 584,622 Commercial collateralized mortgage obligations 44,614 — (5,810) 38,804 — 38,804 Residential collateralized mortgage obligations 175,446 — (22,643) 152,803 — 152,803 Asset-backed securities 76,924 15 (909) 76,030 — 76,030 Total $ 1,895,210 $ 445 $ (223,485) $ 1,672,170 $ — $ 1,672,170 Held to maturity: State and municipal securities $ 12,177 $ 84 $ (491) $ 11,770 $ (892) $ 11,285 Securities carried at fair value through income: State and municipal securities (1) $ 7,100 $ — $ — $ 6,347 $ — $ 6,347 December 31, 2021 Available for sale: State and municipal securities $ 394,046 $ 14,095 $ (2,323) $ 405,818 $ — $ 405,818 Corporate bonds 80,498 2,509 (273) 82,734 — 82,734 U.S. government and agency securities 98,892 2 (1,236) 97,658 — 97,658 Commercial mortgage-backed securities 65,691 — (1,448) 64,243 — 64,243 Residential mortgage-backed securities 559,655 3,751 (5,605) 557,801 — 557,801 Commercial collateralized mortgage obligations 20,000 2 (330) 19,672 — 19,672 Residential collateralized mortgage obligations 196,691 460 (3,411) 193,740 — 193,740 Asset-backed securities 81,985 1,077 — 83,062 — 83,062 Total $ 1,497,458 $ 21,896 $ (14,626) $ 1,504,728 $ — $ 1,504,728 Held to maturity: State and municipal securities $ 22,934 $ 2,183 $ — $ 25,117 $ (167) $ 22,767 Securities carried at fair value through income: State and municipal securities (1) $ 7,375 $ — $ — $ 7,497 $ — $ 7,497 ________________________ (1) Securities carried at fair value through income have no unrealized gains or losses at the balance sheet date as all changes in value have been recognized in the consolidated statements of income. See Note 6 - Fair Value of Financial Instruments for more information. |
Schedule of Securities with Unrealized Losses | Securities with unrealized losses at September 30, 2022, and December 31, 2021, aggregated by investment category and those individual securities that have been in a continuous unrealized loss position for less than 12 months, and for 12 months or more, were as follows. Less than 12 Months 12 Months or More Total (Dollars in thousands) September 30, 2022 Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Available for sale: State and municipal securities $ 299,592 $ (50,932) $ 55,978 $ (17,820) $ 355,570 $ (68,752) Corporate bonds 65,696 (4,766) 10,635 (1,365) 76,331 (6,131) U.S. government and agency securities 160,760 (9,021) 88,911 (8,584) 249,671 (17,605) Commercial mortgage-backed securities 62,396 (6,376) 43,020 (8,669) 105,416 (15,045) Residential mortgage-backed securities 289,454 (32,957) 295,168 (53,633) 584,622 (86,590) Commercial collateralized mortgage obligations 29,824 (4,355) 8,980 (1,455) 38,804 (5,810) Residential collateralized mortgage obligations 53,345 (3,941) 99,458 (18,702) 152,803 (22,643) Asset-backed securities 70,227 (909) — — 70,227 (909) Total $ 1,031,294 $ (113,257) $ 602,150 $ (110,228) $ 1,633,444 $ (223,485) Held to maturity: State and municipal securities $ 6,509 $ (491) $ — $ — $ 6,509 $ (491) December 31, 2021 Available for sale: State and municipal securities $ 82,627 $ (1,651) $ 16,617 $ (672) $ 99,244 $ (2,323) Corporate bonds 13,299 (201) 2,928 (72) 16,227 (273) U.S. government and agency securities 97,010 (1,234) 440 (2) 97,450 (1,236) Commercial mortgage-backed securities 57,703 (1,167) 6,540 (281) 64,243 (1,448) Residential mortgage-backed securities 409,382 (5,577) 1,693 (28) 411,075 (5,605) Commercial collateralized mortgage obligations 14,568 (330) — — 14,568 (330) Residential collateralized mortgage obligations 127,080 (2,623) 31,301 (788) 158,381 (3,411) Total $ 801,669 $ (12,783) $ 59,519 $ (1,843) $ 861,188 $ (14,626) Held to maturity: State and municipal securities $ — $ — $ — $ — $ — $ — |
Schedule of Allowance for Credit Losses for Held-to-Maturity Securities | The following table presents the activity in the allowance for credit losses for held-to-maturity debt securities. (Dollars in thousands) Municipal Securities Allowance for credit losses: 2022 Balance at January 1, 2022 $ 167 Provision expense for credit loss for held to maturity securities 725 Balance at September 30, 2022 $ 892 Balance at January 1, 2021 $ 66 Provision expense for credit loss for held to maturity securities (6) Balance at September 30, 2021 $ 60 |
Proceeds from Sales of Securities Available for Sale and Gross Gains | Proceeds from sales and calls, and related gross gains and losses of securities available for sale, are shown below. Nine Months Ended September 30, (Dollars in thousands) 2022 2021 Proceeds from sales/calls $ 484,421 $ 43,053 Gross realized gains 3,766 1,705 Gross realized losses (2,102) (32) |
Securities Classified by Contractual Maturity | The following table presents the amortized cost and fair value of securities available for sale and held to maturity at September 30, 2022, grouped by contractual maturity. Mortgage-backed securities, collateralized mortgage obligations and asset-backed securities, which do not have contractual payments due at a single maturity date, are shown separately. Actual maturities for mortgage-backed securities, collateralized mortgage obligations and asset-backed securities will differ from contractual maturities as a result of prepayments made on the underlying loans. (Dollars in thousands) Held to Maturity Available for Sale September 30, 2022 Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ — $ — $ 35,124 $ 34,381 Due after one year through five years — — 263,735 250,617 Due after five years through ten years 5,177 5,261 225,615 201,497 Due after ten years 7,000 6,509 282,079 228,000 Commercial mortgage-backed securities — — 120,461 105,416 Residential mortgage-backed securities — — 671,212 584,622 Commercial collateralized mortgage obligations — — 44,614 38,804 Residential collateralized mortgage obligations — — 175,446 152,803 Asset-backed securities — — 76,924 76,030 Total $ 12,177 $ 11,770 $ 1,895,210 $ 1,672,170 |
Securities Pledged as Collateral | The following table presents carrying amounts of securities pledged as collateral for deposits and repurchase agreements for the period ends presented. (Dollars in thousands) September 30, 2022 December 31, 2021 Carrying value of securities pledged to secure public deposits $ 522,410 $ 331,651 Carrying value of securities pledged to repurchase agreements 7,155 10,312 |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Schedule of Loans | Loans consist of the following: (Dollars in thousands) September 30, 2022 December 31, 2021 Loans held for sale $ 59,714 $ 80,387 LHFI: Loans secured by real estate: Commercial real estate $ 2,174,347 $ 1,693,512 Construction/land/land development 853,311 530,083 Residential real estate 1,399,182 909,739 Total real estate 4,426,840 3,133,334 Commercial and industrial 1,967,037 1,454,235 Mortgage warehouse lines of credit 460,573 627,078 Consumer 28,231 16,684 Total LHFI (1) 6,882,681 5,231,331 Less: Allowance for loan credit losses 83,359 64,586 LHFI, net $ 6,799,322 $ 5,166,745 ____________________________ (1) Includes purchase accounting adjustment and net deferred loan fees of $15.06 million at September 30, 2022, and net deferred loan fees of $9.6 million at December 31, 2021. There were no merger date loan fair value adjustments at December 31, 2021. |
Recorded Investment in Loans by Credit Quality Indicator | The following table reflects recorded investments in loans by credit quality indicator and origination year at September 30, 2022, excluding loans held for sale and loans accounted for at fair value. Loans acquired are shown in the table by origination year, not merger date. The Company had an immaterial amount of revolving loans converted to term loans at September 30, 2022. Term Loans Amortized Cost Basis by Origination Year (Dollars in thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total Commercial real estate: Pass $ 688,153 $ 536,014 $ 290,376 $ 228,144 $ 172,845 $ 144,173 $ 75,202 $ 2,134,907 Special mention — — 1,057 — 8,876 1,389 1,771 13,093 Classified 400 5,671 523 4,546 2,341 12,117 749 26,347 Total commercial real estate loans $ 688,553 $ 541,685 $ 291,956 $ 232,690 $ 184,062 $ 157,679 $ 77,722 $ 2,174,347 Current period gross charge-offs $ — $ — $ — $ — $ — $ 166 $ — $ 166 Current period gross recoveries — 14 — — 2 3 — 19 Current period net charge-offs (recoveries) $ — $ (14) $ — $ — $ (2) $ 163 $ — $ 147 Construction/land/land development: Pass $ 324,178 $ 324,913 $ 62,866 $ 50,432 $ 28,112 $ 5,662 $ 52,049 $ 848,212 Special mention — — — — — — 2,339 2,339 Classified 185 132 276 150 164 1,711 142 2,760 Total construction/land/land development loans $ 324,363 $ 325,045 $ 63,142 $ 50,582 $ 28,276 $ 7,373 $ 54,530 $ 853,311 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period gross recoveries — — — — 200 — — 200 Current period net charge-offs (recoveries) $ — $ — $ — $ — $ (200) $ — $ — $ (200) Residential real estate: Pass $ 439,992 $ 316,925 $ 272,635 $ 98,805 $ 50,841 $ 130,937 $ 75,921 $ 1,386,056 Special mention — 2,000 395 — — — — 2,395 Classified 555 937 96 1,414 1,046 6,239 444 10,731 Total residential real estate loans $ 440,547 $ 319,862 $ 273,126 $ 100,219 $ 51,887 $ 137,176 $ 76,365 $ 1,399,182 Current period gross charge-offs $ — $ — $ — $ — $ — $ 75 $ — $ 75 Current period gross recoveries — — — 76 — 22 — 98 Current period net charge-offs (recoveries) $ — $ — $ — $ (76) $ — $ 53 $ — $ (23) Term Loans Amortized Cost Basis by Origination Year (Dollars in thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total Commercial and industrial: Pass $ 342,274 $ 348,652 $ 88,435 $ 83,511 $ 44,822 $ 33,412 $ 979,834 $ 1,920,940 Special mention 8,273 1,208 — — 192 — 7,003 16,676 Classified 3,310 9,860 118 1,306 1,277 2,750 10,800 29,421 Total commercial and industrial loans $ 353,857 $ 359,720 $ 88,553 $ 84,817 $ 46,291 $ 36,162 $ 997,637 $ 1,967,037 Current period gross charge-offs $ — $ 726 $ — $ 865 $ 337 $ 493 $ 3,522 $ 5,943 Current period gross recoveries 1 39 1 133 16 400 915 1,505 Current period net charge-offs (recoveries) $ (1) $ 687 $ (1) $ 732 $ 321 $ 93 $ 2,607 $ 4,438 Mortgage Warehouse Lines of Credit: Pass $ — $ — $ — $ — $ — $ — $ 460,188 $ 460,188 Classified — — — — — — 385 385 Total mortgage warehouse lines of credit $ — $ — $ — $ — $ — $ — $ 460,573 $ 460,573 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period gross recoveries — — — — — — — — Current period net charge-offs (recoveries) $ — $ — $ — $ — $ — $ — $ — $ — Consumer: Pass $ 10,254 $ 5,211 $ 1,430 $ 918 $ 171 $ 61 $ 10,112 $ 28,157 Classified — 20 — 8 — — 46 74 Total consumer loans $ 10,254 $ 5,231 $ 1,430 $ 926 $ 171 $ 61 $ 10,158 $ 28,231 Current period gross charge-offs $ — $ 27 $ 6 $ — $ 1 $ 1 $ 3 $ 38 Current period gross recoveries — — 7 — 2 5 1 15 Current period net charge-offs (recoveries) $ — $ 27 $ (1) $ — $ (1) $ (4) $ 2 $ 23 The following table reflects recorded investments in loans by credit quality indicator and origination year at December 31, 2021, excluding loans held for sale and loans accounted for at fair value. The Company had an immaterial amount of revolving loans converted to term loans at December 31, 2021. Term Loans Amortized Cost Basis by Origination Year (Dollars in thousands) 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Total Commercial real estate: Pass $ 556,218 $ 369,128 $ 278,045 $ 236,543 $ 111,308 $ 86,498 $ 22,904 $ 1,660,644 Special mention — — — 8,392 15,828 — — 24,220 Classified 2,045 625 772 2,456 299 2,288 163 8,648 Total commercial real estate loans $ 558,263 $ 369,753 $ 278,817 $ 247,391 $ 127,435 $ 88,786 $ 23,067 $ 1,693,512 Current period gross charge-offs $ — $ — $ — $ 120 $ 24 $ 26 $ — $ 170 Current period gross recoveries — — — 48 3 14 — 65 Current period net charge-offs (recoveries) $ — $ — $ — $ 72 $ 21 $ 12 $ — $ 105 Term Loans Amortized Cost Basis by Origination Year (Dollars in thousands) 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Total Construction/land/land development: Pass $ 256,212 $ 102,459 $ 85,442 $ 32,128 $ 5,422 $ 553 $ 30,729 $ 512,945 Special mention — — 8,126 — 1,003 — — 9,129 Classified 443 297 272 1,677 158 — 5,162 8,009 Total construction/land/land development loans $ 256,655 $ 102,756 $ 93,840 $ 33,805 $ 6,583 $ 553 $ 35,891 $ 530,083 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period gross recoveries — — — — — — — — Current period net charge-offs (recoveries) $ — $ — $ — $ — $ — $ — $ — $ — Residential real estate: Pass $ 313,898 $ 252,115 $ 109,564 $ 52,515 $ 45,042 $ 59,690 $ 60,342 $ 893,166 Special mention — 174 — 421 477 — — 1,072 Classified 1,398 191 2,393 2,848 1,819 6,606 246 15,501 Total residential real estate loans $ 315,296 $ 252,480 $ 111,957 $ 55,784 $ 47,338 $ 66,296 $ 60,588 $ 909,739 Current period gross charge-offs $ — $ 7 $ 61 $ — $ — $ 10 $ — $ 78 Current period gross recoveries — 21 19 — 25 52 — 117 Current period net charge-offs (recoveries) $ — $ (14) $ 42 $ — $ (25) $ (42) $ — $ (39) Commercial and industrial: Pass $ 448,377 $ 164,910 $ 93,488 $ 64,791 $ 14,742 $ 24,014 $ 599,144 $ 1,409,466 Special mention 259 2,170 — 1,519 — — 3,752 7,700 Classified 14,378 167 2,978 3,849 3,849 3,008 8,840 37,069 Total commercial and industrial loans $ 463,014 $ 167,247 $ 96,466 $ 70,159 $ 18,591 $ 27,022 $ 611,736 $ 1,454,235 Current period gross charge-offs $ 9 $ 1,172 $ 54 $ 5 $ 1,467 $ 6,354 $ 2,862 $ 11,923 Current period gross recoveries — 18 51 3 102 204 339 717 Current period net charge-offs (recoveries) $ 9 $ 1,154 $ 3 $ 2 $ 1,365 $ 6,150 $ 2,523 $ 11,206 Mortgage Warehouse Lines of Credit: Pass $ — $ — $ — $ — $ — $ — $ 627,078 $ 627,078 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Current period gross recoveries — — — — — — — — Current period net charge-offs (recoveries) $ — $ — $ — $ — $ — $ — $ — $ — Consumer: Pass $ 6,976 $ 2,169 $ 1,467 $ 443 $ 55 $ 67 $ 5,407 $ 16,584 Classified 26 21 1 — — 1 51 100 Total consumer loans $ 7,002 $ 2,190 $ 1,468 $ 443 $ 55 $ 68 $ 5,458 $ 16,684 Current period gross charge-offs $ — $ 5 $ 29 $ 2 $ — $ 9 $ 18 $ 63 Current period gross recoveries — — 20 7 1 17 4 49 Current period net charge-offs (recoveries) $ — $ 5 $ 9 $ (5) $ (1) $ (8) $ 14 $ 14 |
Loan Portfolio Aging Analysis | The following tables present the Company's loan portfolio aging analysis at the dates indicated: September 30, 2022 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Loans Past Due 90 Days or More Total Past Due Current Loans Total Loans Receivable Accruing Loans 90 or More Days Past Due Loans secured by real estate: Commercial real estate $ 115 $ 158 $ — $ 273 $ 2,174,074 $ 2,174,347 $ — Construction/land/land development 37 — 89 126 853,185 853,311 — Residential real estate 1,794 1,840 416 4,050 1,395,132 1,399,182 — Total real estate 1,946 1,998 505 4,449 4,422,391 4,426,840 — Commercial and industrial 2,364 79 3,863 6,306 1,960,731 1,967,037 — Mortgage warehouse lines of credit — — — — 460,573 460,573 — Consumer 91 18 2 111 28,120 28,231 — Total LHFI $ 4,401 $ 2,095 $ 4,370 $ 10,866 $ 6,871,815 $ 6,882,681 $ — December 31, 2021 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Loans Past Due 90 Days or More Total Past Due Current Loans Total Loans Receivable Accruing Loans 90 or More Days Past Due Loans secured by real estate: Commercial real estate $ 22 $ — $ 197 $ 219 $ 1,693,293 $ 1,693,512 $ — Construction/land/land development — 129 52 181 529,902 530,083 — Residential real estate 2,245 352 10,331 12,928 896,811 909,739 — Total real estate 2,267 481 10,580 13,328 3,120,006 3,133,334 — Commercial and industrial 77 1,172 10,927 12,176 1,442,059 1,454,235 — Mortgage warehouse lines of credit — — — — 627,078 627,078 — Consumer 90 — 21 111 16,573 16,684 — Total LHFI $ 2,434 $ 1,653 $ 21,528 $ 25,615 $ 5,205,716 $ 5,231,331 $ — |
Allowance for Loan Losses by Portfolio Segment | The following tables detail activity in the allowance for loan credit losses by portfolio segment. Accrued interest of $21.9 million and $16.3 million was not included in the book value for the purposes of calculating the allowance at September 30, 2022, and September 30, 2021, respectively. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. Three Months Ended September 30, 2022 Commercial Real Estate Construction/ Land/ Land Development Residential Real Estate Commercial and Industrial Mortgage Warehouse Lines of Credit Consumer Total (Dollars in thousands) Beginning balance $ 16,112 $ 4,707 $ 5,851 $ 35,477 $ 459 $ 517 $ 63,123 Allowance for loan credit losses - BTH merger 1 — — 5,525 — 1 5,527 Charge-offs — — — 1,618 — 10 1,628 Recoveries 17 200 6 325 — 2 550 Provision (1)(2) 1,901 2,159 1,898 9,349 97 383 15,787 Ending balance $ 18,031 $ 7,066 $ 7,755 $ 49,058 $ 556 $ 893 $ 83,359 Average balance $ 2,046,411 $ 760,682 $ 1,249,746 $ 1,816,912 $ 491,584 $ 24,137 $ 6,389,472 Net charge-offs to loan average balance (3) — % (0.10) % — % 0.28 % — % 0.13 % 0.07 % __________________________ (1) The $16.9 million provision for credit losses on the consolidated statements of income includes a $15.8 million provision for loan credit losses, a $1.2 million provision for off-balance sheet commitments and no provision for held to maturity securities credit losses for the three months ended September 30, 2022. (2) Excluded from the allowance is $10.8 million in PCD loans that were acquired in the merger with BTH that were added to the allowance and immediately written off. (3) Annualized. Three Months Ended September 30, 2021 Commercial Real Estate Construction/ Land/ Land Development Residential Real Estate Commercial and Industrial Mortgage Warehouse Lines of Credit Consumer Total (Dollars in thousands) Beginning balance $ 16,282 $ 5,602 $ 9,059 $ 45,049 $ 560 $ 552 $ 77,104 Charge-offs — — — 3,030 — 5 3,035 Recoveries 4 — 64 58 — 18 144 Provision (1) (367) (593) (3,004) (216) (90) 4 (4,266) Ending balance $ 15,919 $ 5,009 $ 6,119 $ 41,861 $ 470 $ 569 $ 69,947 Average balance $ 1,505,731 $ 527,881 $ 936,375 $ 1,492,375 $ 660,715 $ 16,222 $ 5,139,299 Net Charge-offs to Loan Average Balance (2) — % — % (0.03) % 0.79 % — % (0.32) % 0.22 % ____________________________ (1) The $3.9 million provision for credit losses net benefit on the consolidated statements of income includes a $4.3 million net loan loss provision benefit, a $356,000 benefit for off-balance sheet commitments and a $11,000 provision benefit for held to maturity securities credit losses for the three months ended September 30, 2021. (2) Annualized. Nine Months Ended September 30, 2022 Commercial Real Estate Construction/ Land/ Land Development Residential Real Estate Commercial and Industrial Mortgage Warehouse Lines of Credit Consumer Total (Dollars in thousands) Beginning Balance $ 13,425 $ 4,011 $ 6,116 $ 40,146 $ 340 $ 548 $ 64,586 Allowance for loan credit losses - BTH merger 1 — — 5,525 — 1 5,527 Charge-offs 166 — 75 5,943 — 38 6,222 Recoveries 19 200 98 1,505 — 15 1,837 Provision (1) 4,752 2,855 1,616 7,825 216 367 17,631 Ending Balance $ 18,031 $ 7,066 $ 7,755 $ 49,058 $ 556 $ 893 $ 83,359 Average Balance $ 1,865,658 $ 638,683 $ 1,042,397 $ 1,548,419 $ 453,658 $ 18,887 $ 5,567,702 Net Charge-offs to Loan Average Balance (2) 0.01 % (0.04) % — % 0.38 % — % 0.16 % 0.11 % _________________________ (1) The $20.1 million provision for credit losses on the consolidated statements of income includes a $17.6 million provision for loan losses, a $1.7 million provision for off-balance sheet commitments and a $725,000 provision for held to maturity securities credit losses for the nine months ended September 30, 2022. (2) Excluded from the allowance is $10.8 million in PCD loans that were acquired in the merger with BTH that were added to the allowance and immediately written off. (3) Annualized. Nine Months Ended September 30, 2021 Commercial Real Estate Construction/ Land/ Land Development Residential Real Estate Commercial and Industrial Mortgage Warehouse Lines of Credit Consumer Total (Dollars in thousands) Beginning Balance $ 15,430 $ 8,191 $ 9,418 $ 51,857 $ 856 $ 918 $ 86,670 Charge-offs 130 — 58 8,830 — 54 9,072 Recoveries 10 — 81 352 — 36 479 Provision (1) 609 (3,182) (3,322) (1,518) (386) (331) (8,130) Ending Balance $ 15,919 $ 5,009 $ 6,119 $ 41,861 $ 470 $ 569 $ 69,947 Average Balance $ 1,464,758 $ 528,768 $ 918,148 $ 1,690,551 $ 812,816 $ 16,829 $ 5,431,870 Net Charge-offs to Loan Average Balance (2) 0.01 % — % — % 0.67 % — % 0.14 % 0.21 % _________________________ (1) The $8.1 million provision for credit losses net benefit on the consolidated statements of income includes a $8.1 million provision for loan losses net benefit, a $19,000 benefit for off-balance sheet commitments and a $6,000 provision for held to maturity securities credit losses for the nine months ended September 30, 2021. (2) Annualized |
Financing Receivable Individually Evaluated to Determine Expected Credit Losses and ACL Allocation | The following table presents the amortized cost basis of collateral dependent loans, which are individually evaluated to determine expected credit losses, and the related Allowance for Credit Losses ("ACL") allocated to these loans. September 30, 2022 (Dollars in thousands) Commercial Real Estate Construction/ Land/ Land Development Residential Real Estate Commercial and Industrial Mortgage Warehouse Lines of Credit Consumer Total Real Estate $ 214 $ 206 $ 6,681 $ — $ — $ — $ 7,101 Accounts Receivable — — — 2,574 385 2,959 Equipment — — — 2,245 — — 2,245 Total $ 214 $ 206 $ 6,681 $ 4,819 $ 385 $ — $ 12,305 ACL Allocation $ — $ — $ — $ 2,442 $ — $ — $ 2,442 December 31, 2021 (Dollars in thousands) Commercial Real Estate Construction/ Land/ Land Development Residential Real Estate Commercial and Industrial Mortgage Warehouse Lines of Credit Consumer Total Real Estate $ 166 $ — $ 8,150 $ — $ — $ — $ 8,316 Accounts Receivable — — — 7,783 — 7,783 Equipment — — — 601 — — 601 Total $ 166 $ — $ 8,150 $ 8,384 $ — $ — $ 16,700 ACL Allocation $ — $ — $ 19 $ 6,563 $ — $ — $ 6,582 |
Non-performing (Nonaccrual) Loans Held for Investment | Nonaccrual LHFI were as follows: Nonaccrual With No Nonaccrual (Dollars in thousands) Loans secured by real estate: September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Commercial real estate $ 381 $ 453 $ 431 $ 512 Construction/land/land development 109 52 366 338 Residential real estate 7,102 7,684 7,641 11,647 Total real estate 7,592 8,189 8,438 12,497 Commercial and industrial 1,772 58 5,134 12,306 Mortgage warehouse lines of credit 385 — 385 — Consumer — — 74 100 Total nonaccrual loans $ 9,749 $ 8,247 $ 14,031 $ 24,903 |
Loans Classified as Troubled Debt Restructurings (TDRs) | Loans classified as TDRs, excluding the impact of forbearances granted due to COVID-19, were as follows: (Dollars in thousands) September 30, 2022 December 31, 2021 TDRs Nonaccrual TDRs $ 4,975 $ 4,064 Performing TDRs 3,318 2,763 Total $ 8,293 $ 6,827 The tables below summarize loans classified as TDRs by loan and concession type during the dates indicated. Three Months Ended September 30, 2022 (Dollars in thousands) Number of Loans Restructured Pre-Modification Recorded Balance Term Concessions Interest Rate Concessions Combination of Term and Rate Concessions Total Modifications Residential real estate 1 $ 35 $ 35 $ — $ — $ 35 Total 1 $ 35 $ 35 $ — $ — $ 35 Three Months Ended September 30, 2021 (Dollars in thousands) Number of Loans Restructured Pre-Modification Recorded Balance Term Concessions Interest Rate Concessions Combination of Term and Rate Concessions Total Modifications Residential real estate 1 $ 31 $ 27 $ — $ — $ 27 Commercial and industrial 1 100 100 — — 100 Total 2 $ 131 $ 127 $ — $ — $ 127 Nine Months Ended September 30, 2022 (Dollars in thousands) Number of Loans Restructured Pre-Modification Recorded Balance Term Concessions Interest Rate Concessions Combination of Term and Rate Concessions Total Modifications Loans secured by real estate: Commercial real estate (1) 1 $ 214 $ — $ — $ 214 $ 214 Construction/land/land development 2 850 695 — 97 792 Residential real estate 2 3,732 35 3,629 — 3,664 Total real estate 5 4,796 730 3,629 311 4,670 Commercial and industrial (1) 1 5,494 — — 358 358 Total 6 $ 10,290 $ 730 $ 3,629 $ 669 $ 5,028 ________________________ (1) The Company acquired two TDR loans in connection with the BTH merger. Nine Months Ended September 30, 2021 (Dollars in thousands) Number of Loans Restructured Pre-Modification Recorded Balance Term Concessions Interest Rate Concessions Combination of Term and Rate Concessions Total Modifications Residential real estate 1 $ 31 $ 27 $ — $ — $ 27 Commercial and industrial 1 100 100 — — 100 Total 2 $ 131 $ 127 $ — $ — $ 127 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets and Liabilities Recorded on a Recurring Basis | The following tables summarize financial assets and financial liabilities recorded at fair value on a recurring basis at September 30, 2022, and December 31, 2021, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value. There were no changes in the valuation techniques during 2022 or 2021. September 30, 2022 (Dollars in thousands) Level 1 Level 2 Level 3 Total State and municipal securities $ — $ 324,777 $ 57,202 $ 381,979 Corporate bonds — 76,435 6,000 82,435 U.S. treasury securities 112,706 — — 112,706 U.S. government agency securities — 137,375 — 137,375 Commercial mortgage-backed securities — 105,416 — 105,416 Residential mortgage-backed securities — 584,622 — 584,622 Commercial collateralized mortgage obligations — 38,804 — 38,804 Residential collateralized mortgage obligations — 152,803 — 152,803 Asset-backed securities — 76,030 — 76,030 Securities available for sale 112,706 1,496,262 63,202 1,672,170 Securities carried at fair value through income — — 6,347 6,347 Loans held for sale — 33,494 — 33,494 Mortgage servicing rights — — 21,654 21,654 Other assets - derivatives — 26,883 — 26,883 Total recurring fair value measurements - assets $ 112,706 $ 1,556,639 $ 91,203 $ 1,760,548 Other liabilities - derivatives $ — $ (25,215) $ — $ (25,215) Total recurring fair value measurements - liabilities $ — $ (25,215) $ — $ (25,215) December 31, 2021 (Dollars in thousands) Level 1 Level 2 Level 3 Total State and municipal securities $ — $ 364,357 $ 41,461 $ 405,818 Corporate bonds — 82,734 — 82,734 U.S. treasury securities 92,245 — — 92,245 U.S. government agency securities — 5,413 — 5,413 Commercial mortgage-backed securities — 64,243 — 64,243 Residential mortgage-backed securities — 557,801 — 557,801 Commercial collateralized mortgage obligations — 19,672 — 19,672 Residential collateralized mortgage obligations — 193,740 — 193,740 Asset-backed securities — 83,062 — 83,062 Securities available for sale 92,245 1,371,022 41,461 1,504,728 Securities carried at fair value through income — — 7,497 7,497 Loans held for sale — 37,032 — 37,032 Mortgage servicing rights — — 16,220 16,220 Other assets - derivatives — 11,459 — 11,459 Total recurring fair value measurements - assets $ 92,245 $ 1,419,513 $ 65,178 $ 1,576,936 Other liabilities - derivatives $ — $ (11,494) $ — $ (11,494) Total recurring fair value measurements - liabilities $ — $ (11,494) $ — $ (11,494) |
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis | The changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the nine months ended September 30, 2022 and 2021, are summarized as follows: (Dollars in thousands) MSRs Securities Available for Sale Securities at Fair Value Through Income Balance at January 1, 2022 $ 16,220 $ 41,461 $ 7,497 Gain (loss) recognized in earnings: Mortgage banking revenue (1) 2,409 — — Other noninterest income — — (875) Loss recognized in AOCI — (5,048) — Purchases, issuances, sales and settlements: Originations 1,926 — — Purchases — 25,112 — Acquired in BTH merger 1,099 5,000 — Settlements — (3,323) (275) Balance at September 30, 2022 $ 21,654 $ 63,202 $ 6,347 (Dollars in thousands) Loans at Fair Value MSRs Securities Available for Sale Securities at Fair Value Through Income Balance at January 1, 2021 $ 17,011 $ 13,660 $ 44,065 $ 11,554 Gain (loss) recognized in earnings: Mortgage banking revenue (1) — (1,942) — — Other noninterest income (251) — — (413) Loss recognized in AOCI — — (746) — Purchases, issuances, sales and settlements: Originations — 4,282 — — Purchases — — 1,000 — Settlements (16,760) — (2,220) (265) Balance at September 30, 2021 $ — $ 16,000 $ 42,099 $ 10,876 ___________________________ (1) Total mortgage banking revenue includes changes in fair value due to market changes and run-off. |
Significant Assumptions Used to Value Mortgage Servicing Rights | The significant assumptions used to value MSRs were as follows: September 30, 2022 December 31, 2021 Range Weighted Average (1) Range Weighted Average (1) Prepayment speeds 5.47% - 10.32% 5.66 % 9.10% - 36.51% 15.63 % Discount rates 9.59 - 12.59 10.36 8.89 - 10.39 9.32 __________________________ (1) The weighted average was calculated with reference to the principal balance of the underlying mortgages. |
Difference Between Fair Value and the Unpaid Principal Balance for Financial Instruments for which the Fair Value Option has been Elected and Classification in Income Statement | The following tables summarize the difference between the fair value and the unpaid principal balance for financial instruments for which the fair value option has been elected: September 30, 2022 (Dollars in thousands) Aggregate Fair Value Aggregate Unpaid Principal Balance Difference Loans held for sale (1) $ 33,494 $ 33,276 $ 218 Securities carried at fair value through income 6,347 7,100 (753) Total $ 39,841 $ 40,376 $ (535) ____________________________ (1) $2.7 million of loans held for sale were designated as nonaccrual or 90 days or more past due at September 30, 2022. Of this balance, $2.2 million was guaranteed by U.S. Government agencies. December 31, 2021 (Dollars in thousands) Aggregate Fair Value Aggregate Unpaid Principal Balance Difference Loans held for sale (1) $ 37,032 $ 36,072 $ 960 Securities carried at fair value through income 7,497 7,375 122 Total $ 44,529 $ 43,447 $ 1,082 ____________________________ (1) $1.8 million of loans held for sale were designated as nonaccrual or 90 days or more past due at December 31, 2021. Of this balance, $1.2 million was guaranteed by U.S. Government agencies. Changes in the fair value of assets for which the Company elected the fair value option are classified in the consolidated statement of income line items reflected in the following table: (Dollars in thousands) Three Months Ended September 30, Nine Months Ended September 30, Changes in fair value included in noninterest income: 2022 2021 2022 2021 Mortgage banking revenue (loans held for sale) $ (309) $ (791) $ (741) $ (5,094) Other income: Loans at fair value held for investment — (126) — (251) Securities carried at fair value through income (282) (97) (875) (413) Total impact on other income (282) (223) (875) (664) Total fair value option impact on noninterest income (1) $ (591) $ (1,014) $ (1,616) $ (5,758) ____________________________ (1) The fair value option impact on noninterest income is offset by the derivative gain/loss recognized in noninterest income. Please see Note 8 - Mortgage Banking for more detail. |
Carrying Value and Estimated Fair Value of Financial Instruments Not Measured at Fair Value | The carrying value and estimated fair values of financial instruments not recorded at fair value are as follows: (Dollars in thousands) September 30, 2022 December 31, 2021 Financial assets: Level 1 inputs: Carrying Estimated Carrying Estimated Cash and cash equivalents $ 300,470 $ 300,470 $ 705,618 $ 705,618 Level 2 inputs: Non-marketable equity securities held in other financial institutions 53,899 53,899 45,192 45,192 Accrued interest and loan fees receivable 31,818 31,818 23,402 23,402 Level 3 inputs: Securities held to maturity 11,285 11,770 22,767 25,117 LHFI, net 6,799,322 6,827,527 5,166,745 5,133,257 Financial liabilities: Level 2 inputs: Deposits 7,777,327 7,756,469 6,570,693 6,572,215 FHLB advances and other borrowings 450,456 377,809 309,801 305,374 Subordinated indebtedness 201,687 191,898 157,417 156,629 Accrued interest payable 6,380 6,380 2,696 2,696 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Components of Goodwill and Other Intangible Assets | The components of the Company's goodwill and other intangible assets are as follows: (Dollars in thousands) September 30, 2022 Beginning Balance Mergers For the Nine Months Ended September 30, 2022 Accumulated Amortization Net at September 30, 2022 Goodwill (1) $ 34,153 $ 102,640 $ — $ 136,793 Other intangible assets: Core deposit intangibles $ 1,260 $ 38,356 $ (2,626) $ 36,990 Relationship based intangibles 19,650 — (5,570) 14,080 Tradename 818 — (68) 750 Non-compete 903 — (339) 564 Total $ 22,631 $ 38,356 $ (8,603) $ 52,384 ___________________________ (1) An immaterial downward adjustment of $215,000 to the preliminary goodwill estimate was recorded in conjunction with the accounting of the acquisitions of the Lincoln Agency and Pulley-White subsequent to December 31, 2021. (Dollars in thousands) December 31, 2021 Beginning Balance Acquisitions for the Year Ended December 31, 2021 Accumulated Amortization Net At December 31, 2021 Goodwill $ 26,741 $ 7,627 $ — $ 34,368 Other intangible assets: Core deposit intangibles $ 1,260 $ — $ (1,248) $ 12 Relationship based intangibles 7,304 12,346 (4,421) 15,229 Tradename 186 818 (186) 818 Non-compete — 903 — 903 Total $ 8,750 $ 14,067 $ (5,855) $ 16,962 |
Estimated Future Amortization Expense for Intangible Assets | Estimated future amortization expense for intangible assets remaining at September 30, 2022 was as follows: (Dollars in thousands) Years Ended December 31, Remaining 4Q 2022 amortization $ 2,555 2023 9,500 2024 7,676 2025 6,383 2026 5,335 Thereafter 20,935 Total $ 52,384 Estimated future amortization expense for intangible assets remaining at December 31, 2021 was as follows: (Dollars in thousands) Years Ended December 31, 2022 $ 2,072 2023 1,971 2024 1,610 2025 1,467 2026 1,327 Thereafter 8,515 Total $ 16,962 |
Mortgage Banking (Tables)
Mortgage Banking (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Mortgage Banking [Abstract] | |
Mortgage Banking Operations | The following table presents the Company's revenue from mortgage banking operations: (Dollars in thousands) Three Months Ended September 30, Nine Months Ended September 30, Mortgage banking revenue 2022 2021 2022 2021 Origination $ 207 $ 349 $ 641 $ 1,101 Gain (loss) on sale of loans held for sale 636 1,984 4,477 10,014 Originations of MSRs 462 1,089 1,926 4,282 Servicing 1,446 1,501 4,306 4,537 Total gross mortgage revenue 2,751 4,923 11,350 19,934 MSR valuation adjustments, net (1) (2,034) (1,170) 2,409 (1,942) Mortgage HFS and pipeline fair value adjustment (410) (1,046) (971) (6,201) MSR hedge impact (1,236) 21 (7,267) (1,721) Mortgage banking revenue (loss) $ (929) $ 2,728 $ 5,521 $ 10,070 ______________________________ (1) Based upon broker estimate, the Company recorded a $2.0 million impairment on the held for sale GNMA MSR portfolio during the quarter ended September 30, 2022. |
Schedule of Activity in Mortgages Servicing Rights (MSRs) | Activity in MSRs was as follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2022 2021 2022 2021 Balance at beginning of period $ 22,127 $ 16,081 $ 16,220 $ 13,660 Servicing acquired in BTH merger 1,099 — 1,099 — Addition of servicing rights 462 1,089 1,926 4,282 Valuation adjustment, net of amortization (1) (2,034) (1,170) 2,409 (1,942) Balance at end of period $ 21,654 $ 16,000 $ 21,654 $ 16,000 ______________________________ (1) Based upon broker estimate, the Company recorded a $2.0 million impairment on the held for sale GNMA MSR portfolio during the quarter ended September 30, 2022. |
Deposits (Tables)
Deposits (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Deposits [Abstract] | |
Summary of Deposit Balances | Deposit balances are summarized as follows: (Dollars in thousands) September 30, 2022 December 31, 2021 Noninterest-bearing demand $ 2,667,489 $ 2,163,507 Money market 2,433,086 2,204,109 Interest bearing demand 1,617,239 1,412,089 Time deposits 748,415 543,128 Savings 311,098 247,860 Total $ 7,777,327 $ 6,570,693 |
Borrowings (Tables)
Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Borrowed Funds | Borrowed funds are summarized as follows: (Dollars in thousands) September 30, 2022 December 31, 2021 Repurchase agreements with depositors $ 17,430 $ 9,447 Short-term FHLB advances 150,000 — GNMA repurchase liability 26,220 43,355 Long-term FHLB advances 256,806 256,999 Total FHLB advances and other borrowings $ 450,456 $ 309,801 Subordinated indebtedness, net $ 201,687 $ 157,417 |
Summary of Terms of Current Debentures | As detailed in the table below and included in subordinated indebtedness, net in the table above, on August 1, 2022, the Company assumed $37.6 million of subordinated promissory notes ("Notes") from BTH. Debt Security Issue Year Interest Rate Outstanding Amount (Dollars in thousands) Floating rate subordinated promissory notes due June 2025 2015 Prime +175 bps Min: 3.875% Max: 6.375% $ 5,500 Floating rate subordinated promissory notes due December 2023 2016 Prime +125 bps Min: 3.875% Max: 6.375% 3,000 Floating rate subordinated promissory notes due December 2026 2016 Prime +175 bps Min: 3.875% Max: 6.375% 6,750 Floating rate subordinated promissory notes due December 2024 2017 Prime +125 bps Min: 3.875% Max: 6.375% 11,100 Floating rate subordinated promissory notes due December 2027 2017 Prime +175 bps Min: 3.875% Max: 6.375% 5,200 Floating rate subordinated promissory notes due December 2025 2018 Prime +50 bps Min: 3.875% Max: 6.125% 3,200 Floating rate subordinated promissory notes due December 2028 2018 Prime +75 bps Min: 3.875% Max: 6.125% 1,900 Fixed to floating rate subordinated promissory notes due June 2031 2021 Through 6/30/26: 4.00% After 6/30/26: Prime +75 bps Min: 3.875% Max: 6.125% 1,000 Fair value adjustment at merger (52) Total assumed subordinated notes 37,598 Legacy subordinated indebtedness 147,843 Total subordinated indebtedness $ 185,441 The following table is a summary of the terms of the current junior subordinated debentures at September 30, 2022: (Dollars in thousands) Issuance Trust Issuance Date Maturity Date Amount Outstanding Rate Type Current Rate Maximum Rate CTB Statutory Trust I 07/2001 07/2031 $ 6,702 Variable (1) 6.08 % 12.50 % First Louisiana Statutory Trust I 09/2006 12/2036 4,124 Variable (2) 5.09 16.00 BT Holdings Trust I 05/2007 09/2037 7,217 Variable (3) 3.27 N/A Par amount 18,043 Unamortized original issue discount (1,065) Unamortized purchase accounting discount (732) Total junior subordinated debt at September 30, 2022 $ 16,246 ____________________________ (1) The trust preferred securities reprice quarterly based on the three-month LIBOR plus 3.30%, with the last reprice date on July 28, 2022. (2) The trust preferred securities reprice quarterly based on the three-month LIBOR plus 1.80%, with the last reprice date on September 13, 2022. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Values of Derivative Instruments on the Balance Sheet | The following tables disclose the fair value of derivative instruments in the Company's balance sheets at September 30, 2022, and December 31, 2021, as well as the effect of these derivative instruments on the Company's consolidated statements of income for the nine months ended September 30, 2022 and 2021. Derivative instruments and their related gains and losses are reported in other operating activities, net in the statement of cash flows. Notional Amounts (1) Fair Values (Dollars in thousands) Derivatives designated as cash flow hedging instruments: September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Interest rate swaps included in other assets $ 10,500 $ 21,000 $ 1,108 $ (103) Derivatives not designated as hedging instruments: Interest rate swaps included in other assets $ 303,773 $ 315,188 $ 24,962 $ 10,417 Interest rate swaps included in other liabilities 291,986 327,510 (24,656) (10,762) Risk participation derivatives included in accrued expenses and other liabilities on the consolidated balance sheets 63,374 63,374 — (2) Forward commitments to purchase mortgage-backed securities included in other liabilities 10,000 80,000 (559) (627) Forward commitments to sell residential mortgage loans included in other assets 22,800 52,000 576 1 Interest rate-lock commitments on residential mortgage loans included in other assets 24,289 36,694 237 1,041 $ 716,222 $ 874,766 $ 560 $ 68 ____________________________ (1) Notional or contractual amounts, which represent the extent of involvement in the derivatives market, are used to determine the contractual cash flows required in accordance with the terms of the agreement. These amounts are typically not exchanged, significantly exceed amounts subject to credit or market risk and are not reflected in the consolidated balance sheets. |
Weighted-average Rates Paid and Received for Interest Rate Swaps | The weighted-average rates paid and received for interest rate swaps at September 30, 2022, were as follows: Weighted-Average Interest Rate Interest rate swaps: Paid Received Cash flow hedges 4.48 % 4.71 % Non-hedging interest rate swaps - financial institution counterparties 4.26 4.72 Non-hedging interest rate swaps - customer counterparties 4.72 4.26 |
Gains and Losses Recognized on Derivative Instruments Not Designated as Hedging Instruments | Gains and losses recognized on derivative instruments not designated as hedging instruments are as follows: (Dollars in thousands) Three Months Ended September 30, Nine Months Ended September 30, Derivatives not designated as hedging instruments: 2022 2021 2022 2021 Amount of loss recognized in mortgage banking revenue (1) $ (1,317) $ (984) $ (3,537) $ (2,471) Amount of gain recognized in other non-interest income 210 75 652 409 ____________________________ (1) Gains and losses on these instruments are largely offset by market fluctuations in mortgage servicing rights. See Note 8 - Mortgage Banking for more information on components of mortgage banking revenue. |
Stock and Incentive Compensat_2
Stock and Incentive Compensation Plans (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Share-Based Compensation Cost Charged to Income | Share-based compensation cost charged to income for the three and nine months ended September 30, 2022 and 2021, is presented below. There was no stock option expense for any of the periods shown. Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2022 2021 2022 2021 RSA & RSU $ 753 $ 477 $ 2,030 $ 1,535 PSU 134 — 283 — ESPP 83 82 235 109 Total stock compensation expense $ 970 $ 559 $ 2,548 $ 1,644 Related tax benefits recognized in net income $ 204 $ 117 $ 535 $ 345 |
Schedule of Time-Vested Award Activity | The following table summarizes the Company's award activity: Nine Months Ended September 30, 2022 2021 Shares Weighted Average Grant-Date Fair Value Shares Weighted Average Grant-Date Fair Value Nonvested RSA shares, January 1, 48,048 $ 35.27 103,359 $ 31.51 Granted RSA 12,840 37.39 13,460 42.26 Vested RSA (22,682) 35.73 (55,827) 29.90 Forfeited RSA — — (946) 24.69 Nonvested RSA shares, September 30, 38,206 35.71 60,046 35.52 Nonvested RSU, January 1, 73,977 $ 40.64 — $ — Granted RSU 87,795 43.09 70,573 40.40 Vested RSU (23,260) 40.40 Forfeited RSU (1,841) 43.48 — — Nonvested RSU, September 30, 136,671 42.21 70,573 40.40 Nonvested PSU, January 1 — $ — — $ — Granted PSU 27,632 40.85 — — Nonvested PSU, September 30, 27,632 40.85 — — |
Schedule of Stock Option Activity | The table below summarizes the status of the Company's stock options and changes during the nine months ended September 30, 2022 and 2021. (Dollars in thousands, except per share amounts) Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Nine Months Ended September 30, 2022 Outstanding at January 1, 2022 39,200 $ 10.73 2.28 $ 1,262 BTH options converted to OBNK options 611,676 28.62 — — Exercised (60,687) 19.67 — — Expired (331) 37.01 — — Outstanding and exercisable at September 30, 2022 589,858 28.35 4.96 5,971 Nine Months Ended September 30, 2021 Outstanding at January 1, 2021 224,000 $ 10.86 4.92 $ 3,789 Exercised (14,800) 9.89 — — Outstanding and exercisable at September 30, 2021 209,200 10.93 4.55 6,574 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated other comprehensive income (loss) ("AOCI") includes the after-tax change in unrealized gains and losses on AFS securities and cash flow hedging activities. (Dollars in thousands) Unrealized Gain (Loss) on AFS Securities Unrealized (Loss) Gain on Cash Flow Hedges Accumulated Other Comprehensive (Loss) Income Balance at January 1, 2022 $ 5,809 $ (80) $ 5,729 Net change (181,919) 957 (180,962) Balance at September 30, 2022 $ (176,110) $ 877 $ (175,233) Balance at January 1, 2021 $ 26,206 $ (557) $ 25,649 Net change (14,135) 358 (13,777) Balance at September 30, 2021 $ 12,071 $ (199) $ 11,872 |
Capital and Regulatory Matters
Capital and Regulatory Matters (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Banking Regulation [Abstract] | |
Actual Capital Amounts and Ratios | The actual capital amounts and ratios of the Company and Origin at September 30, 2022, and December 31, 2021, are presented in the following table: (Dollars in thousands) September 30, 2022 Actual Minimum Capital Required - Basel III To be Well Capitalized Under Prompt Corrective Action Provisions Common Equity Tier 1 Capital to Risk-Weighted Assets Amount Ratio Amount Ratio Amount Ratio Origin Bancorp, Inc. $ 863,460 10.51 % $ 574,901 7.00 % N/A N/A Origin Bank 741,750 10.89 476,813 7.00 $ 442,754 6.50 % Tier 1 Capital to Risk-Weighted Assets Origin Bancorp, Inc. 878,946 10.70 698,098 8.50 N/A N/A Origin Bank 741,750 10.89 578,987 8.50 544,929 8.00 Total Capital to Risk-Weighted Assets Origin Bancorp, Inc. 1,148,290 13.98 862,351 10.50 N/A N/A Origin Bank 872,900 12.81 715,492 10.50 681,421 10.00 Leverage Ratio Origin Bancorp, Inc. 878,946 9.63 365,034 4.00 N/A N/A Origin Bank 741,750 9.15 324,276 4.00 405,346 5.00 December 31, 2021 Common Equity Tier 1 Capital to Risk-Weighted Assets Origin Bancorp, Inc. 681,039 11.20 425,475 7.00 N/A N/A Origin Bank 724,440 11.97 423,819 7.00 393,546 6.50 Tier 1 Capital to Risk-Weighted Assets Origin Bancorp, Inc. 690,448 11.36 516,648 8.50 N/A N/A Origin Bank 724,440 11.97 514,637 8.50 484,365 8.00 Total Capital to Risk-Weighted Assets Origin Bancorp, Inc. 897,503 14.77 638,212 10.50 N/A N/A Origin Bank 852,825 14.09 635,727 10.50 605,454 10.00 Leverage Ratio Origin Bancorp, Inc. 690,448 9.20 300,195 4.00 N/A N/A Origin Bank 724,440 9.66 299,932 4.00 374,915 5.00 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Off-Balance Sheet Financial Instruments | The table below presents the Company's commitments to extend credit by commitment expiration date for the dates indicated: (Dollars in thousands) September 30, 2022 Less than One-Three Three-Five Greater than Total Commitments to extend credit (1) $ 1,157,026 $ 956,547 $ 599,769 $ 117,913 $ 2,831,255 Standby letters of credit 51,455 6,679 — — 58,134 Total off-balance sheet commitments $ 1,208,481 $ 963,226 $ 599,769 $ 117,913 $ 2,889,389 December 31, 2021 Commitments to extend credit (1) $ 643,089 $ 620,741 $ 300,863 $ 56,525 $ 1,621,218 Standby letters of credit 42,516 6,633 — — 49,149 Total off-balance sheet commitments $ 685,605 $ 627,374 $ 300,863 $ 56,525 $ 1,670,367 ____________________________ (1) Includes $567.9 million and $513.0 million of unconditionally cancellable commitments at September 30, 2022 and December 31, 2021, respectively. |
Significant Accounting Polici_3
Significant Accounting Policies (Details) | 9 Months Ended |
Sep. 30, 2022 bank_subsidiary segment banking_center | |
Accounting Policies [Abstract] | |
Number of wholly-owned bank subsidiaries | bank_subsidiary | 2 |
Number of banking centers | banking_center | 59 |
Number of segments | segment | 1 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Numerator: | ||||||||
Net income | $ 16,243 | $ 21,311 | $ 20,683 | $ 26,978 | $ 27,733 | $ 25,513 | $ 58,237 | $ 80,224 |
Denominator: | ||||||||
Weighted average common shares outstanding (in shares) | 28,298,984 | 23,429,705 | 25,263,681 | 23,413,794 | ||||
Dilutive effect of stock-based awards (in shares) | 182,635 | 183,305 | 103,126 | 192,803 | ||||
Weighted average diluted common shares outstanding (in shares) | 28,481,619 | 23,613,010 | 25,366,807 | 23,606,597 | ||||
Basic earnings per common share (in dollars per share) | $ 0.57 | $ 1.15 | $ 2.31 | $ 3.43 | ||||
Diluted earnings per common share (in dollars per share) | $ 0.57 | $ 1.14 | $ 2.30 | $ 3.40 |
Business Combination - Narrativ
Business Combination - Narrative (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Aug. 01, 2022 USD ($) shares | Jul. 29, 2022 USD ($) $ / shares | Sep. 30, 2022 USD ($) banking_center | Sep. 30, 2022 USD ($) banking_center | Dec. 31, 2021 USD ($) | Jul. 31, 2022 location | |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 102,640,000 | $ 136,793,000 | $ 136,793,000 | $ 34,368,000 | ||
Mergers | 102,640,000 | 7,627,000 | ||||
Assets | 9,840,000,000 | 9,462,639,000 | 9,462,639,000 | 7,861,285,000 | ||
Loans | 6,770,000,000 | 6,799,322,000 | 6,799,322,000 | 5,166,745,000 | ||
Deposits | $ 7,990,000,000 | $ 7,777,327,000 | $ 7,777,327,000 | $ 6,570,693,000 | ||
Number of banking centers | banking_center | 59 | 59 | ||||
Common Stock | ||||||
Business Acquisition [Line Items] | ||||||
Share price (in dollars per share) | $ / shares | $ 43.07 | |||||
BTH | ||||||
Business Acquisition [Line Items] | ||||||
Percentage of interests acquired | 100% | |||||
Consideration transaction value | $ 307,800,000 | |||||
Goodwill | $ 102,600,000 | |||||
Goodwill, tax deductible amount | $ 0 | |||||
Mergers | $ 102,600,000 | |||||
Number of banking centers | location | 13 | |||||
BTH | Common Stock | ||||||
Business Acquisition [Line Items] | ||||||
Number of shares issued (in shares) | shares | 6,794,910 | |||||
Stock converted (in shares) | shares | 611,676 |
Business Combination - Fair Val
Business Combination - Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Aug. 01, 2022 | Dec. 31, 2021 |
Liabilities Assumed: | |||
Goodwill | $ 136,793 | $ 102,640 | $ 34,368 |
BTH | |||
Assets Acquired: | |||
Cash and cash equivalents | 69,953 | ||
Investment securities | 456,808 | ||
Loans acquired | 1,239,625 | ||
Allowance for credit losses on loans | (5,527) | ||
Loans receivable, net | 1,234,098 | ||
Premises and equipment | 17,825 | ||
Non-marketable equity securities held in other financial institutions | 5,873 | ||
Core deposit intangible | 38,356 | ||
Other assets | 17,427 | ||
Total assets acquired | 1,840,340 | ||
Liabilities Assumed: | |||
Noninterest-bearing deposits | 398,089 | ||
Interest-bearing deposits | 865,864 | ||
Time deposits | 302,506 | ||
Total deposits | 1,566,459 | ||
Securities sold under agreements to repurchase | 10,133 | ||
Subordinated indebtedness, net | 44,074 | ||
Accrued expenses and other liabilities | 14,530 | ||
Total liabilities assumed | 1,635,196 | ||
Net assets acquired | 205,144 | ||
Purchase price | 307,784 | ||
Goodwill | $ 102,600 |
Business Combination - Purchase
Business Combination - Purchased Credit Deteriorated ("PCD") Loans (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Aug. 01, 2022 | Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | |||||
PCD allowance for credit loss at merger | $ 5,527,000 | $ 5,527,000 | |||
Fair value of PCD loans | 51,400,000 | $ 0 | |||
BTH | |||||
Business Acquisition [Line Items] | |||||
Unpaid principal balance | $ 52,212,000 | ||||
PCD allowance for credit loss at merger | 5,527,000 | ||||
Non-credit related (premium)/discount | (442,000) | $ 3,900,000 | |||
Fair value of PCD loans | 47,127,000 | ||||
Real estate | Construction/land/land development | |||||
Business Acquisition [Line Items] | |||||
PCD allowance for credit loss at merger | 0 | 0 | |||
Real estate | BTH | Commercial Real Estate | |||||
Business Acquisition [Line Items] | |||||
Unpaid principal balance | 10,731,000 | ||||
PCD allowance for credit loss at merger | 1,000 | ||||
Non-credit related (premium)/discount | (277,000) | ||||
Fair value of PCD loans | 11,007,000 | ||||
Real estate | BTH | Construction/land/land development | |||||
Business Acquisition [Line Items] | |||||
Unpaid principal balance | 1,315,000 | ||||
PCD allowance for credit loss at merger | 0 | ||||
Non-credit related (premium)/discount | (92,000) | ||||
Fair value of PCD loans | 1,407,000 | ||||
Real estate | BTH | Residential Real Estate | |||||
Business Acquisition [Line Items] | |||||
Unpaid principal balance | 2,880,000 | ||||
PCD allowance for credit loss at merger | 0 | ||||
Non-credit related (premium)/discount | 3,000 | ||||
Fair value of PCD loans | 2,877,000 | ||||
Commercial and Industrial | |||||
Business Acquisition [Line Items] | |||||
PCD allowance for credit loss at merger | 5,525,000 | 5,525,000 | |||
Commercial and Industrial | BTH | Commercial and Industrial | |||||
Business Acquisition [Line Items] | |||||
Unpaid principal balance | 37,117,000 | ||||
PCD allowance for credit loss at merger | 5,525,000 | ||||
Non-credit related (premium)/discount | (77,000) | ||||
Fair value of PCD loans | 31,669,000 | ||||
Mortgage warehouse lines of credit | |||||
Business Acquisition [Line Items] | |||||
PCD allowance for credit loss at merger | 0 | 0 | |||
Mortgage warehouse lines of credit | BTH | Mortgage warehouse lines of credit | |||||
Business Acquisition [Line Items] | |||||
Unpaid principal balance | 0 | ||||
PCD allowance for credit loss at merger | 0 | ||||
Non-credit related (premium)/discount | 0 | ||||
Fair value of PCD loans | 0 | ||||
Consumer | |||||
Business Acquisition [Line Items] | |||||
PCD allowance for credit loss at merger | $ 1,000 | $ 1,000 | |||
Consumer | BTH | Consumer | |||||
Business Acquisition [Line Items] | |||||
Unpaid principal balance | 169,000 | ||||
PCD allowance for credit loss at merger | 1,000 | ||||
Non-credit related (premium)/discount | 1,000 | ||||
Fair value of PCD loans | $ 167,000 |
Business Combination - Pro Form
Business Combination - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Business Acquisition [Line Items] | ||||||||
Net interest income | $ 78,523 | $ 52,541 | $ 190,529 | $ 162,072 | ||||
Noninterest income | 13,723 | 15,923 | 43,845 | 45,492 | ||||
Net income | $ 16,243 | $ 21,311 | $ 20,683 | $ 26,978 | $ 27,733 | $ 25,513 | $ 58,237 | $ 80,224 |
Weighted average common shares outstanding (in shares) | 28,298,984 | 23,429,705 | 25,263,681 | 23,413,794 | ||||
Basic earnings per common share (in dollars per share) | $ 0.57 | $ 1.15 | $ 2.31 | $ 3.43 | ||||
Diluted earnings per common share (in dollars per share) | $ 0.57 | $ 1.14 | $ 2.30 | $ 3.40 | ||||
BTH | ||||||||
Business Acquisition, Pro Forma Information [Abstract] | ||||||||
Net interest income | $ 243,932 | $ 206,585 | ||||||
Noninterest income | 49,425 | 48,406 | ||||||
Net income | $ 76,286 | $ 87,064 | ||||||
Pro-forma earnings per share, basic (in dollars per share) | $ 2.50 | $ 2.88 | ||||||
Pro-forma earnings per share, diluted (in dollars per share) | $ 2.48 | $ 2.85 | ||||||
Weighted average shares outstanding (in shares) | 32,092,071 | 30,242,184 |
Securities - Amortized Cost and
Securities - Amortized Cost and Estimated Fair Value of Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Available for sale: | ||||
Available for sale, amortized cost | $ 1,895,210 | $ 1,497,458 | ||
Available for sale, gross unrealized gains | 445 | 21,896 | ||
Available for sale, gross unrealized losses | (223,485) | (14,626) | ||
Available for sale, fair value | 1,672,170 | 1,504,728 | ||
Available for sale, allowance for credit losses | 0 | 0 | ||
Available-for-sale, net carrying amount | 1,672,170 | 1,504,728 | ||
Held to maturity: | ||||
Held to maturity, fair value | 11,770 | 25,117 | ||
Held to maturity, allowance for credit losses | (892) | (167) | $ (60) | $ (66) |
Held to maturity, net carrying amount | 11,285 | 22,767 | ||
Securities carried at fair value through income: | ||||
Securities carried at fair value through income, fair value | 6,347 | 7,497 | ||
State and municipal securities | ||||
Available for sale: | ||||
Available for sale, amortized cost | 450,305 | 394,046 | ||
Available for sale, gross unrealized gains | 426 | 14,095 | ||
Available for sale, gross unrealized losses | (68,752) | (2,323) | ||
Available for sale, fair value | 381,979 | 405,818 | ||
Available for sale, allowance for credit losses | 0 | 0 | ||
Available-for-sale, net carrying amount | 381,979 | 405,818 | ||
Held to maturity: | ||||
Held to maturity, amortized cost | 12,177 | 22,934 | ||
Held to maturity, gross unrealized gains | 84 | 2,183 | ||
Held to maturity, gross unrealized losses | (491) | 0 | ||
Held to maturity, fair value | 11,770 | 25,117 | ||
Held to maturity, allowance for credit losses | (892) | (167) | ||
Held to maturity, net carrying amount | 11,285 | 22,767 | ||
Securities carried at fair value through income: | ||||
Securities carried at fair value through income, amortized cost | 7,100 | 7,375 | ||
Securities carried at fair value through income, fair value | 6,347 | 7,497 | ||
Securities carried at fair value through income, net carrying amount | 6,347 | 7,497 | ||
Corporate bonds | ||||
Available for sale: | ||||
Available for sale, amortized cost | 88,566 | 80,498 | ||
Available for sale, gross unrealized gains | 0 | 2,509 | ||
Available for sale, gross unrealized losses | (6,131) | (273) | ||
Available for sale, fair value | 82,435 | 82,734 | ||
Available for sale, allowance for credit losses | 0 | 0 | ||
Available-for-sale, net carrying amount | 82,435 | 82,734 | ||
U.S. government and agency securities | ||||
Available for sale: | ||||
Available for sale, amortized cost | 267,682 | 98,892 | ||
Available for sale, gross unrealized gains | 4 | 2 | ||
Available for sale, gross unrealized losses | (17,605) | (1,236) | ||
Available for sale, fair value | 250,081 | 97,658 | ||
Available for sale, allowance for credit losses | 0 | 0 | ||
Available-for-sale, net carrying amount | 250,081 | 97,658 | ||
Commercial mortgage-backed securities | ||||
Available for sale: | ||||
Available for sale, amortized cost | 120,461 | 65,691 | ||
Available for sale, gross unrealized gains | 0 | 0 | ||
Available for sale, gross unrealized losses | (15,045) | (1,448) | ||
Available for sale, fair value | 105,416 | 64,243 | ||
Available for sale, allowance for credit losses | 0 | 0 | ||
Available-for-sale, net carrying amount | 105,416 | 64,243 | ||
Residential mortgage-backed securities | ||||
Available for sale: | ||||
Available for sale, amortized cost | 671,212 | 559,655 | ||
Available for sale, gross unrealized gains | 0 | 3,751 | ||
Available for sale, gross unrealized losses | (86,590) | (5,605) | ||
Available for sale, fair value | 584,622 | 557,801 | ||
Available for sale, allowance for credit losses | 0 | 0 | ||
Available-for-sale, net carrying amount | 584,622 | 557,801 | ||
Commercial collateralized mortgage obligations | ||||
Available for sale: | ||||
Available for sale, amortized cost | 44,614 | 20,000 | ||
Available for sale, gross unrealized gains | 0 | 2 | ||
Available for sale, gross unrealized losses | (5,810) | (330) | ||
Available for sale, fair value | 38,804 | 19,672 | ||
Available for sale, allowance for credit losses | 0 | 0 | ||
Available-for-sale, net carrying amount | 38,804 | 19,672 | ||
Residential collateralized mortgage obligations | ||||
Available for sale: | ||||
Available for sale, amortized cost | 175,446 | 196,691 | ||
Available for sale, gross unrealized gains | 0 | 460 | ||
Available for sale, gross unrealized losses | (22,643) | (3,411) | ||
Available for sale, fair value | 152,803 | 193,740 | ||
Available for sale, allowance for credit losses | 0 | 0 | ||
Available-for-sale, net carrying amount | 152,803 | 193,740 | ||
Asset-backed securities | ||||
Available for sale: | ||||
Available for sale, amortized cost | 76,924 | 81,985 | ||
Available for sale, gross unrealized gains | 15 | 1,077 | ||
Available for sale, gross unrealized losses | (909) | 0 | ||
Available for sale, fair value | 76,030 | 83,062 | ||
Available for sale, allowance for credit losses | 0 | 0 | ||
Available-for-sale, net carrying amount | $ 76,030 | $ 83,062 |
Securities - Narrative (Details
Securities - Narrative (Details) | 3 Months Ended | |||
Sep. 30, 2022 USD ($) security | Aug. 01, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2021 USD ($) | |
Schedule of Held-to-maturity Securities [Line Items] | ||||
Number of securities in an unrealized loss position | security | 714 | |||
Held-to-maturity securities, accrued interest | $ 8,200,000 | $ 6,000,000 | ||
Held to maturity, amortized cost | 12,177,000 | |||
Held-to-maturity securities, nonaccrual status | 0 | $ 0 | ||
BTH | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Investment securities | $ 456,808,000 | |||
Proceeds from sale of investments acquired | 447,500,000 | |||
Total Past Due | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Held to maturity, amortized cost | $ 0 | $ 0 |
Securities - Unrealized Losses
Securities - Unrealized Losses (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value | ||
Less than 12 Months | $ 1,031,294 | $ 801,669 |
12 Months or More | 602,150 | 59,519 |
Total | 1,633,444 | 861,188 |
Unrealized Loss | ||
Less than 12 Months | (113,257) | (12,783) |
12 Months or More | (110,228) | (1,843) |
Total | (223,485) | (14,626) |
State and municipal securities | ||
Fair Value | ||
Less than 12 Months | 299,592 | 82,627 |
12 Months or More | 55,978 | 16,617 |
Total | 355,570 | 99,244 |
Unrealized Loss | ||
Less than 12 Months | (50,932) | (1,651) |
12 Months or More | (17,820) | (672) |
Total | (68,752) | (2,323) |
Fair Value | ||
Less than 12 Months | 6,509 | 0 |
12 Months or More | 0 | 0 |
Total | 6,509 | 0 |
Unrealized Loss | ||
Less than 12 Months | (491) | 0 |
12 Months or More | 0 | 0 |
Total | (491) | 0 |
Corporate bonds | ||
Fair Value | ||
Less than 12 Months | 65,696 | 13,299 |
12 Months or More | 10,635 | 2,928 |
Total | 76,331 | 16,227 |
Unrealized Loss | ||
Less than 12 Months | (4,766) | (201) |
12 Months or More | (1,365) | (72) |
Total | (6,131) | (273) |
U.S. government and agency securities | ||
Fair Value | ||
Less than 12 Months | 160,760 | 97,010 |
12 Months or More | 88,911 | 440 |
Total | 249,671 | 97,450 |
Unrealized Loss | ||
Less than 12 Months | (9,021) | (1,234) |
12 Months or More | (8,584) | (2) |
Total | (17,605) | (1,236) |
Commercial mortgage-backed securities | ||
Fair Value | ||
Less than 12 Months | 62,396 | 57,703 |
12 Months or More | 43,020 | 6,540 |
Total | 105,416 | 64,243 |
Unrealized Loss | ||
Less than 12 Months | (6,376) | (1,167) |
12 Months or More | (8,669) | (281) |
Total | (15,045) | (1,448) |
Residential mortgage-backed securities | ||
Fair Value | ||
Less than 12 Months | 289,454 | 409,382 |
12 Months or More | 295,168 | 1,693 |
Total | 584,622 | 411,075 |
Unrealized Loss | ||
Less than 12 Months | (32,957) | (5,577) |
12 Months or More | (53,633) | (28) |
Total | (86,590) | (5,605) |
Commercial collateralized mortgage obligations | ||
Fair Value | ||
Less than 12 Months | 29,824 | 14,568 |
12 Months or More | 8,980 | 0 |
Total | 38,804 | 14,568 |
Unrealized Loss | ||
Less than 12 Months | (4,355) | (330) |
12 Months or More | (1,455) | 0 |
Total | (5,810) | (330) |
Residential collateralized mortgage obligations | ||
Fair Value | ||
Less than 12 Months | 53,345 | 127,080 |
12 Months or More | 99,458 | 31,301 |
Total | 152,803 | 158,381 |
Unrealized Loss | ||
Less than 12 Months | (3,941) | (2,623) |
12 Months or More | (18,702) | (788) |
Total | (22,643) | $ (3,411) |
Asset-backed securities | ||
Fair Value | ||
Less than 12 Months | 70,227 | |
12 Months or More | 0 | |
Total | 70,227 | |
Unrealized Loss | ||
Less than 12 Months | (909) | |
12 Months or More | 0 | |
Total | $ (909) |
Securities - Allowance for Cred
Securities - Allowance for Credit Losses for Held-to-Maturity Securities (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Allowance for credit losses: | ||||
Beginning Balance | $ 167,000 | $ 66,000 | ||
Provision expense for credit loss for held to maturity securities | $ 0 | $ (11,000) | (725,000) | (6,000) |
Ending Balance | $ 892,000 | $ 60,000 | $ 892,000 | $ 60,000 |
Securities - Proceeds from Sale
Securities - Proceeds from Sales of Securities Available for Sale and Gross Gains (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds from sales/calls | $ 484,421 | $ 43,053 |
Gross realized gains | 3,766 | 1,705 |
Gross realized losses | $ (2,102) | $ (32) |
Securities - Contractual Maturi
Securities - Contractual Maturities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Amortized Cost | ||
Due in one year or less | $ 0 | |
Due after one year through five years | 0 | |
Due after five years through ten years | 5,177 | |
Due after ten years | 7,000 | |
Held to maturity, amortized cost | 12,177 | |
Fair Value | ||
Due in one year or less | 0 | |
Due after one year through five years | 0 | |
Due after five years through ten years | 5,261 | |
Due after ten years | 6,509 | |
Held to maturity, fair value | 11,770 | $ 25,117 |
Amortized Cost | ||
Due in one year or less | 35,124 | |
Due after one year through five years | 263,735 | |
Due after five years through ten years | 225,615 | |
Due after ten years | 282,079 | |
Available for sale, amortized cost | 1,895,210 | 1,497,458 |
Fair Value | ||
Due in one year or less | 34,381 | |
Due after one year through five years | 250,617 | |
Due after five years through ten years | 201,497 | |
Due after ten years | 228,000 | |
Available for sale, fair value | 1,672,170 | 1,504,728 |
Commercial mortgage-backed securities | ||
Amortized Cost | ||
Without single maturity date | 0 | |
Fair Value | ||
Without single maturity date | 0 | |
Amortized Cost | ||
Without single maturity date | 120,461 | |
Available for sale, amortized cost | 120,461 | 65,691 |
Fair Value | ||
Without single maturity date | 105,416 | |
Available for sale, fair value | 105,416 | 64,243 |
Residential mortgage-backed securities | ||
Amortized Cost | ||
Without single maturity date | 0 | |
Fair Value | ||
Without single maturity date | 0 | |
Amortized Cost | ||
Without single maturity date | 671,212 | |
Available for sale, amortized cost | 671,212 | 559,655 |
Fair Value | ||
Without single maturity date | 584,622 | |
Available for sale, fair value | 584,622 | 557,801 |
Commercial collateralized mortgage obligations | ||
Amortized Cost | ||
Without single maturity date | 0 | |
Fair Value | ||
Without single maturity date | 0 | |
Amortized Cost | ||
Without single maturity date | 44,614 | |
Available for sale, amortized cost | 44,614 | 20,000 |
Fair Value | ||
Without single maturity date | 38,804 | |
Available for sale, fair value | 38,804 | 19,672 |
Residential collateralized mortgage obligations | ||
Amortized Cost | ||
Without single maturity date | 0 | |
Fair Value | ||
Without single maturity date | 0 | |
Amortized Cost | ||
Without single maturity date | 175,446 | |
Available for sale, amortized cost | 175,446 | 196,691 |
Fair Value | ||
Without single maturity date | 152,803 | |
Available for sale, fair value | 152,803 | 193,740 |
Asset-backed securities | ||
Amortized Cost | ||
Without single maturity date | 0 | |
Fair Value | ||
Without single maturity date | 0 | |
Amortized Cost | ||
Without single maturity date | 76,924 | |
Available for sale, amortized cost | 76,924 | 81,985 |
Fair Value | ||
Without single maturity date | 76,030 | |
Available for sale, fair value | $ 76,030 | $ 83,062 |
Securities - Securities Pledged
Securities - Securities Pledged as Collateral (Details) - Asset Pledged as Collateral - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Deposits | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt securities | $ 522,410 | $ 331,651 |
Securities Sold under Agreements to Repurchase | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt securities | $ 7,155 | $ 10,312 |
Loans - Schedule of Loans (Deta
Loans - Schedule of Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Aug. 01, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans held for sale | $ 59,714 | $ 80,387 | |||||
Total Loans Receivable | 6,882,681 | 5,231,331 | |||||
Less: Allowance for loan credit losses | 83,359 | $ 63,123 | 64,586 | $ 69,947 | $ 77,104 | $ 86,670 | |
LHFI, net | 6,799,322 | $ 6,770,000 | 5,166,745 | ||||
Net deferred loan fees | 15,060 | 9,600 | |||||
Real estate | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Total Loans Receivable | 4,426,840 | 3,133,334 | |||||
Real estate | Commercial real estate | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Total Loans Receivable | 2,174,347 | 1,693,512 | |||||
Less: Allowance for loan credit losses | 18,031 | 16,112 | 13,425 | 15,919 | 16,282 | 15,430 | |
Real estate | Construction/land/land development | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Total Loans Receivable | 853,311 | 530,083 | |||||
Less: Allowance for loan credit losses | 7,066 | 4,707 | 4,011 | 5,009 | 5,602 | 8,191 | |
Real estate | Residential real estate | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Total Loans Receivable | 1,399,182 | 909,739 | |||||
Less: Allowance for loan credit losses | 7,755 | 5,851 | 6,116 | 6,119 | 9,059 | 9,418 | |
Commercial and Industrial | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Total Loans Receivable | 1,967,037 | 1,454,235 | |||||
Less: Allowance for loan credit losses | 49,058 | 35,477 | 40,146 | 41,861 | 45,049 | 51,857 | |
Mortgage warehouse lines of credit | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Total Loans Receivable | 460,573 | 627,078 | |||||
Less: Allowance for loan credit losses | 556 | 459 | 340 | 470 | 560 | 856 | |
Consumer | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Total Loans Receivable | 28,231 | 16,684 | |||||
Less: Allowance for loan credit losses | $ 893 | $ 517 | $ 548 | $ 569 | $ 552 | $ 918 |
Loans - Narrative (Details)
Loans - Narrative (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Aug. 01, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) loan | Sep. 30, 2021 USD ($) loan | Sep. 30, 2022 USD ($) loan | Sep. 30, 2021 USD ($) loan | Dec. 31, 2021 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
PCD loans | $ 51,400,000 | $ 0 | ||||||
Allowance for loan credit losses - BTH merger | $ 5,527,000 | 5,527,000 | ||||||
Provision | 15,787,000 | $ (4,266,000) | 17,631,000 | $ (8,130,000) | ||||
Accrued interest | $ 16,300,000 | $ 21,900,000 | 21,900,000 | $ 16,300,000 | 21,900,000 | $ 16,300,000 | ||
Increase (Decrease) in total collective reserves | $ 13,400,000 | |||||||
Increase of individually evaluated portion of the reserve | 16,600,000 | 16,600,000 | 16,600,000 | |||||
Funding commitments | 0 | 0 | 0 | 0 | ||||
Nonaccrual mortgage loans held for sale recorded at fair value | 2,700,000 | $ 2,700,000 | $ 2,700,000 | 1,800,000 | ||||
Number of loans that defaulted | loan | 0 | 0 | 0 | 0 | ||||
Net deferred loan fees | 15,060,000 | $ 15,060,000 | $ 15,060,000 | $ 9,600,000 | ||||
Nonperforming Financial Instruments | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Gross interest income that would have been recorded | 799,000 | $ 1,400,000 | ||||||
Interest income | 0 | 0 | ||||||
Real estate | Commercial real estate | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Allowance for loan credit losses - BTH merger | 1,000 | 1,000 | ||||||
Provision | 1,901,000 | $ (367,000) | 4,752,000 | 609,000 | ||||
Commercial Portfolio Segment | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Allowance for loan credit losses - BTH merger | 5,525,000 | 5,525,000 | ||||||
Provision | 9,349,000 | $ (216,000) | 7,825,000 | $ (1,518,000) | ||||
BTH | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans acquired | $ 1,239,625,000 | |||||||
Purchase accounting discount | 5,000,000 | |||||||
Net loan discounts | (442,000) | 3,900,000 | ||||||
PCD loans | 47,127,000 | |||||||
Net loan discount | 5,000,000 | |||||||
Allowance for loan credit losses - BTH merger | 5,527,000 | |||||||
Provision | $ 14,900,000 | |||||||
Increase of individually evaluated portion of the reserve | $ 11,800,000 | $ 11,800,000 | $ 11,800,000 |
Loans - Loans by Credit Quality
Loans - Loans by Credit Quality Indicator (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Real estate | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | $ 688,553 | $ 558,263 |
Year two | 541,685 | 369,753 |
Year three | 291,956 | 278,817 |
Year four | 232,690 | 247,391 |
Year five | 184,062 | 127,435 |
Prior | 157,679 | 88,786 |
Revolving Loans Amortized Cost Basis | 77,722 | 23,067 |
Total | 2,174,347 | 1,693,512 |
2022, Current period gross charge-offs | 0 | |
2021, Current period gross charge-offs | 0 | 0 |
2020, Current period gross charge-offs | 0 | 0 |
2019, Current period gross charge-offs | 0 | 0 |
2018, Current period gross charge-offs | 0 | 120 |
2017, Current period gross charge-offs | 24 | |
Prior, Current period gross charge-offs | 166 | 26 |
Revolving Loans Amortized Cost Basis, Current period gross charge-offs | 0 | 0 |
Charge-offs | 166 | 170 |
2022, Current period gross recoveries | 0 | |
2021, Current period gross recoveries | 14 | 0 |
2020, Current period gross recoveries | 0 | 0 |
2019, Current period gross recoveries | 0 | 0 |
2018, Current period gross recoveries | 2 | 48 |
2017, Current period gross recoveries | 3 | |
Prior, Current period gross recoveries | 3 | 14 |
Revolving Loans Amortized Cost Basis, Current period gross recoveries | 0 | 0 |
Total, Current period gross recoveries | 19 | 65 |
2022, Current period net charge-offs (recoveries) | 0 | |
2021, Current period net charge-offs (recoveries) | (14) | 0 |
2020, Current period net charge-offs (recoveries) | 0 | 0 |
2019, Current period net charge-offs (recoveries) | 0 | 0 |
2018, Current period net charge-offs (recoveries) | (2) | 72 |
2017 Current period net charge-offs (recoveries) | 21 | |
Prior, Current period net charge-offs (recoveries) | 163 | 12 |
Revolving Loans Amortized Cost Basis, Current period net charge-offs (recoveries) | 0 | 0 |
Total, Current period net charge-offs (recoveries) | 147 | 105 |
Real estate | Commercial real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 688,153 | 556,218 |
Year two | 536,014 | 369,128 |
Year three | 290,376 | 278,045 |
Year four | 228,144 | 236,543 |
Year five | 172,845 | 111,308 |
Prior | 144,173 | 86,498 |
Revolving Loans Amortized Cost Basis | 75,202 | 22,904 |
Total | 2,134,907 | 1,660,644 |
Real estate | Commercial real estate | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 1,057 | 0 |
Year four | 0 | 8,392 |
Year five | 8,876 | 15,828 |
Prior | 1,389 | 0 |
Revolving Loans Amortized Cost Basis | 1,771 | 0 |
Total | 13,093 | 24,220 |
Real estate | Commercial real estate | Classified | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 400 | 2,045 |
Year two | 5,671 | 625 |
Year three | 523 | 772 |
Year four | 4,546 | 2,456 |
Year five | 2,341 | 299 |
Prior | 12,117 | 2,288 |
Revolving Loans Amortized Cost Basis | 749 | 163 |
Total | 26,347 | 8,648 |
Real estate | Construction/land/land development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 324,363 | 256,655 |
Year two | 325,045 | 102,756 |
Year three | 63,142 | 93,840 |
Year four | 50,582 | 33,805 |
Year five | 28,276 | 6,583 |
Prior | 7,373 | 553 |
Revolving Loans Amortized Cost Basis | 54,530 | 35,891 |
Total | 853,311 | 530,083 |
2022, Current period gross charge-offs | 0 | |
2021, Current period gross charge-offs | 0 | 0 |
2020, Current period gross charge-offs | 0 | 0 |
2019, Current period gross charge-offs | 0 | 0 |
2018, Current period gross charge-offs | 0 | 0 |
2017, Current period gross charge-offs | 0 | |
Prior, Current period gross charge-offs | 0 | 0 |
Revolving Loans Amortized Cost Basis, Current period gross charge-offs | 0 | 0 |
Charge-offs | 0 | 0 |
2022, Current period gross recoveries | 0 | |
2021, Current period gross recoveries | 0 | 0 |
2020, Current period gross recoveries | 0 | 0 |
2019, Current period gross recoveries | 0 | 0 |
2018, Current period gross recoveries | 200 | 0 |
2017, Current period gross recoveries | 0 | |
Prior, Current period gross recoveries | 0 | 0 |
Revolving Loans Amortized Cost Basis, Current period gross recoveries | 0 | 0 |
Total, Current period gross recoveries | 200 | 0 |
2022, Current period net charge-offs (recoveries) | 0 | |
2021, Current period net charge-offs (recoveries) | 0 | 0 |
2020, Current period net charge-offs (recoveries) | 0 | 0 |
2019, Current period net charge-offs (recoveries) | 0 | 0 |
2018, Current period net charge-offs (recoveries) | (200) | 0 |
2017 Current period net charge-offs (recoveries) | 0 | |
Prior, Current period net charge-offs (recoveries) | 0 | 0 |
Revolving Loans Amortized Cost Basis, Current period net charge-offs (recoveries) | 0 | 0 |
Total, Current period net charge-offs (recoveries) | (200) | 0 |
Real estate | Construction/land/land development | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 324,178 | 256,212 |
Year two | 324,913 | 102,459 |
Year three | 62,866 | 85,442 |
Year four | 50,432 | 32,128 |
Year five | 28,112 | 5,422 |
Prior | 5,662 | 553 |
Revolving Loans Amortized Cost Basis | 52,049 | 30,729 |
Total | 848,212 | 512,945 |
Real estate | Construction/land/land development | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 8,126 |
Year four | 0 | 0 |
Year five | 0 | 1,003 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 2,339 | 0 |
Total | 2,339 | 9,129 |
Real estate | Construction/land/land development | Classified | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 185 | 443 |
Year two | 132 | 297 |
Year three | 276 | 272 |
Year four | 150 | 1,677 |
Year five | 164 | 158 |
Prior | 1,711 | 0 |
Revolving Loans Amortized Cost Basis | 142 | 5,162 |
Total | 2,760 | 8,009 |
Real estate | Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 440,547 | 315,296 |
Year two | 319,862 | 252,480 |
Year three | 273,126 | 111,957 |
Year four | 100,219 | 55,784 |
Year five | 51,887 | 47,338 |
Prior | 137,176 | 66,296 |
Revolving Loans Amortized Cost Basis | 76,365 | 60,588 |
Total | 1,399,182 | 909,739 |
2022, Current period gross charge-offs | 0 | |
2021, Current period gross charge-offs | 0 | 0 |
2020, Current period gross charge-offs | 0 | 7 |
2019, Current period gross charge-offs | 0 | 61 |
2018, Current period gross charge-offs | 0 | 0 |
2017, Current period gross charge-offs | 0 | |
Prior, Current period gross charge-offs | 75 | 10 |
Revolving Loans Amortized Cost Basis, Current period gross charge-offs | 0 | 0 |
Charge-offs | 75 | 78 |
2022, Current period gross recoveries | 0 | |
2021, Current period gross recoveries | 0 | 0 |
2020, Current period gross recoveries | 0 | 21 |
2019, Current period gross recoveries | 76 | 19 |
2018, Current period gross recoveries | 0 | 0 |
2017, Current period gross recoveries | 25 | |
Prior, Current period gross recoveries | 22 | 52 |
Revolving Loans Amortized Cost Basis, Current period gross recoveries | 0 | 0 |
Total, Current period gross recoveries | 98 | 117 |
2022, Current period net charge-offs (recoveries) | 0 | |
2021, Current period net charge-offs (recoveries) | 0 | 0 |
2020, Current period net charge-offs (recoveries) | 0 | (14) |
2019, Current period net charge-offs (recoveries) | (76) | 42 |
2018, Current period net charge-offs (recoveries) | 0 | 0 |
2017 Current period net charge-offs (recoveries) | (25) | |
Prior, Current period net charge-offs (recoveries) | 53 | (42) |
Revolving Loans Amortized Cost Basis, Current period net charge-offs (recoveries) | 0 | 0 |
Total, Current period net charge-offs (recoveries) | (23) | (39) |
Real estate | Residential real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 439,992 | 313,898 |
Year two | 316,925 | 252,115 |
Year three | 272,635 | 109,564 |
Year four | 98,805 | 52,515 |
Year five | 50,841 | 45,042 |
Prior | 130,937 | 59,690 |
Revolving Loans Amortized Cost Basis | 75,921 | 60,342 |
Total | 1,386,056 | 893,166 |
Real estate | Residential real estate | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 0 |
Year two | 2,000 | 174 |
Year three | 395 | 0 |
Year four | 0 | 421 |
Year five | 0 | 477 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 2,395 | 1,072 |
Real estate | Residential real estate | Classified | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 555 | 1,398 |
Year two | 937 | 191 |
Year three | 96 | 2,393 |
Year four | 1,414 | 2,848 |
Year five | 1,046 | 1,819 |
Prior | 6,239 | 6,606 |
Revolving Loans Amortized Cost Basis | 444 | 246 |
Total | 10,731 | 15,501 |
Commercial and Industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 353,857 | 463,014 |
Year two | 359,720 | 167,247 |
Year three | 88,553 | 96,466 |
Year four | 84,817 | 70,159 |
Year five | 46,291 | 18,591 |
Prior | 36,162 | 27,022 |
Revolving Loans Amortized Cost Basis | 997,637 | 611,736 |
Total | 1,967,037 | 1,454,235 |
2022, Current period gross charge-offs | 0 | |
2021, Current period gross charge-offs | 726 | 9 |
2020, Current period gross charge-offs | 0 | 1,172 |
2019, Current period gross charge-offs | 865 | 54 |
2018, Current period gross charge-offs | 337 | 5 |
2017, Current period gross charge-offs | 1,467 | |
Prior, Current period gross charge-offs | 493 | 6,354 |
Revolving Loans Amortized Cost Basis, Current period gross charge-offs | 3,522 | 2,862 |
Charge-offs | 5,943 | 11,923 |
2022, Current period gross recoveries | 1 | |
2021, Current period gross recoveries | 39 | 0 |
2020, Current period gross recoveries | 1 | 18 |
2019, Current period gross recoveries | 133 | 51 |
2018, Current period gross recoveries | 16 | 3 |
2017, Current period gross recoveries | 102 | |
Prior, Current period gross recoveries | 400 | 204 |
Revolving Loans Amortized Cost Basis, Current period gross recoveries | 915 | 339 |
Total, Current period gross recoveries | 1,505 | 717 |
2022, Current period net charge-offs (recoveries) | (1) | |
2021, Current period net charge-offs (recoveries) | 687 | 9 |
2020, Current period net charge-offs (recoveries) | (1) | 1,154 |
2019, Current period net charge-offs (recoveries) | 732 | 3 |
2018, Current period net charge-offs (recoveries) | 321 | 2 |
2017 Current period net charge-offs (recoveries) | 1,365 | |
Prior, Current period net charge-offs (recoveries) | 93 | 6,150 |
Revolving Loans Amortized Cost Basis, Current period net charge-offs (recoveries) | 2,607 | 2,523 |
Total, Current period net charge-offs (recoveries) | 4,438 | 11,206 |
Commercial and Industrial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 342,274 | 448,377 |
Year two | 348,652 | 164,910 |
Year three | 88,435 | 93,488 |
Year four | 83,511 | 64,791 |
Year five | 44,822 | 14,742 |
Prior | 33,412 | 24,014 |
Revolving Loans Amortized Cost Basis | 979,834 | 599,144 |
Total | 1,920,940 | 1,409,466 |
Commercial and Industrial | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 8,273 | 259 |
Year two | 1,208 | 2,170 |
Year three | 0 | 0 |
Year four | 0 | 1,519 |
Year five | 192 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 7,003 | 3,752 |
Total | 16,676 | 7,700 |
Commercial and Industrial | Classified | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 3,310 | 14,378 |
Year two | 9,860 | 167 |
Year three | 118 | 2,978 |
Year four | 1,306 | 3,849 |
Year five | 1,277 | 3,849 |
Prior | 2,750 | 3,008 |
Revolving Loans Amortized Cost Basis | 10,800 | 8,840 |
Total | 29,421 | 37,069 |
Mortgage warehouse lines of credit | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | |
Year two | 0 | |
Year three | 0 | |
Year four | 0 | |
Year five | 0 | |
Prior | 0 | |
Revolving Loans Amortized Cost Basis | 460,573 | |
Total | 460,573 | |
2022, Current period gross charge-offs | 0 | |
2021, Current period gross charge-offs | 0 | 0 |
2020, Current period gross charge-offs | 0 | 0 |
2019, Current period gross charge-offs | 0 | 0 |
2018, Current period gross charge-offs | 0 | 0 |
2017, Current period gross charge-offs | 0 | |
Prior, Current period gross charge-offs | 0 | 0 |
Revolving Loans Amortized Cost Basis, Current period gross charge-offs | 0 | 0 |
Charge-offs | 0 | 0 |
2022, Current period gross recoveries | 0 | |
2021, Current period gross recoveries | 0 | 0 |
2020, Current period gross recoveries | 0 | 0 |
2019, Current period gross recoveries | 0 | 0 |
2018, Current period gross recoveries | 0 | 0 |
2017, Current period gross recoveries | 0 | |
Prior, Current period gross recoveries | 0 | 0 |
Revolving Loans Amortized Cost Basis, Current period gross recoveries | 0 | 0 |
Total, Current period gross recoveries | 0 | 0 |
2022, Current period net charge-offs (recoveries) | 0 | |
2021, Current period net charge-offs (recoveries) | 0 | 0 |
2020, Current period net charge-offs (recoveries) | 0 | 0 |
2019, Current period net charge-offs (recoveries) | 0 | 0 |
2018, Current period net charge-offs (recoveries) | 0 | 0 |
2017 Current period net charge-offs (recoveries) | 0 | |
Prior, Current period net charge-offs (recoveries) | 0 | 0 |
Revolving Loans Amortized Cost Basis, Current period net charge-offs (recoveries) | 0 | 0 |
Total, Current period net charge-offs (recoveries) | 0 | 0 |
Mortgage warehouse lines of credit | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 460,188 | 627,078 |
Total | 460,188 | 627,078 |
Mortgage warehouse lines of credit | Classified | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | |
Year two | 0 | |
Year three | 0 | |
Year four | 0 | |
Year five | 0 | |
Prior | 0 | |
Revolving Loans Amortized Cost Basis | 385 | |
Total | 385 | |
Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 10,254 | 7,002 |
Year two | 5,231 | 2,190 |
Year three | 1,430 | 1,468 |
Year four | 926 | 443 |
Year five | 171 | 55 |
Prior | 61 | 68 |
Revolving Loans Amortized Cost Basis | 10,158 | 5,458 |
Total | 28,231 | 16,684 |
2022, Current period gross charge-offs | 0 | |
2021, Current period gross charge-offs | 27 | 0 |
2020, Current period gross charge-offs | 6 | 5 |
2019, Current period gross charge-offs | 0 | 29 |
2018, Current period gross charge-offs | 1 | 2 |
2017, Current period gross charge-offs | 0 | |
Prior, Current period gross charge-offs | 1 | 9 |
Revolving Loans Amortized Cost Basis, Current period gross charge-offs | 3 | 18 |
Charge-offs | 38 | 63 |
2022, Current period gross recoveries | 0 | |
2021, Current period gross recoveries | 0 | 0 |
2020, Current period gross recoveries | 7 | 0 |
2019, Current period gross recoveries | 0 | 20 |
2018, Current period gross recoveries | 2 | 7 |
2017, Current period gross recoveries | 1 | |
Prior, Current period gross recoveries | 5 | 17 |
Revolving Loans Amortized Cost Basis, Current period gross recoveries | 1 | 4 |
Total, Current period gross recoveries | 15 | 49 |
2022, Current period net charge-offs (recoveries) | 0 | |
2021, Current period net charge-offs (recoveries) | 27 | 0 |
2020, Current period net charge-offs (recoveries) | (1) | 5 |
2019, Current period net charge-offs (recoveries) | 0 | 9 |
2018, Current period net charge-offs (recoveries) | (1) | (5) |
2017 Current period net charge-offs (recoveries) | (1) | |
Prior, Current period net charge-offs (recoveries) | (4) | (8) |
Revolving Loans Amortized Cost Basis, Current period net charge-offs (recoveries) | 2 | 14 |
Total, Current period net charge-offs (recoveries) | 23 | 14 |
Consumer | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 10,254 | 6,976 |
Year two | 5,211 | 2,169 |
Year three | 1,430 | 1,467 |
Year four | 918 | 443 |
Year five | 171 | 55 |
Prior | 61 | 67 |
Revolving Loans Amortized Cost Basis | 10,112 | 5,407 |
Total | 28,157 | 16,584 |
Consumer | Classified | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 26 |
Year two | 20 | 21 |
Year three | 0 | 1 |
Year four | 8 | 0 |
Year five | 0 | 0 |
Prior | 0 | 1 |
Revolving Loans Amortized Cost Basis | 46 | 51 |
Total | $ 74 | $ 100 |
Loans - Loan Portfolio Aging An
Loans - Loan Portfolio Aging Analysis (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | $ 6,882,681 | $ 5,231,331 |
Accruing Loans 90 or More Days Past Due | 0 | 0 |
Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 10,866 | 25,615 |
30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 4,401 | 2,434 |
60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 2,095 | 1,653 |
Loans Past Due 90 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 4,370 | 21,528 |
Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 6,871,815 | 5,205,716 |
Real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 4,426,840 | 3,133,334 |
Accruing Loans 90 or More Days Past Due | 0 | 0 |
Real estate | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 4,449 | 13,328 |
Real estate | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,946 | 2,267 |
Real estate | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,998 | 481 |
Real estate | Loans Past Due 90 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 505 | 10,580 |
Real estate | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 4,422,391 | 3,120,006 |
Real estate | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 2,174,347 | 1,693,512 |
Accruing Loans 90 or More Days Past Due | 0 | 0 |
Real estate | Commercial real estate | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 273 | 219 |
Real estate | Commercial real estate | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 115 | 22 |
Real estate | Commercial real estate | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 158 | 0 |
Real estate | Commercial real estate | Loans Past Due 90 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 197 |
Real estate | Commercial real estate | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 2,174,074 | 1,693,293 |
Real estate | Construction/land/land development | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 853,311 | 530,083 |
Accruing Loans 90 or More Days Past Due | 0 | 0 |
Real estate | Construction/land/land development | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 126 | 181 |
Real estate | Construction/land/land development | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 37 | 0 |
Real estate | Construction/land/land development | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 129 |
Real estate | Construction/land/land development | Loans Past Due 90 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 89 | 52 |
Real estate | Construction/land/land development | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 853,185 | 529,902 |
Real estate | Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,399,182 | 909,739 |
Accruing Loans 90 or More Days Past Due | 0 | 0 |
Real estate | Residential real estate | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 4,050 | 12,928 |
Real estate | Residential real estate | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,794 | 2,245 |
Real estate | Residential real estate | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,840 | 352 |
Real estate | Residential real estate | Loans Past Due 90 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 416 | 10,331 |
Real estate | Residential real estate | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,395,132 | 896,811 |
Commercial and Industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,967,037 | 1,454,235 |
Accruing Loans 90 or More Days Past Due | 0 | 0 |
Commercial and Industrial | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 6,306 | 12,176 |
Commercial and Industrial | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 2,364 | 77 |
Commercial and Industrial | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 79 | 1,172 |
Commercial and Industrial | Loans Past Due 90 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 3,863 | 10,927 |
Commercial and Industrial | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,960,731 | 1,442,059 |
Mortgage warehouse lines of credit | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 460,573 | 627,078 |
Accruing Loans 90 or More Days Past Due | 0 | 0 |
Mortgage warehouse lines of credit | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Mortgage warehouse lines of credit | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Mortgage warehouse lines of credit | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Mortgage warehouse lines of credit | Loans Past Due 90 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Mortgage warehouse lines of credit | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 460,573 | 627,078 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 28,231 | 16,684 |
Accruing Loans 90 or More Days Past Due | 0 | 0 |
Consumer | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 111 | 111 |
Consumer | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 91 | 90 |
Consumer | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 18 | 0 |
Consumer | Loans Past Due 90 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 2 | 21 |
Consumer | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | $ 28,120 | $ 16,573 |
Loans - Allowance for Loan Loss
Loans - Allowance for Loan Losses by Portfolio Segment (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Aug. 01, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning Balance | $ 63,123,000 | $ 77,104,000 | $ 64,586,000 | $ 86,670,000 | |
Allowance for loan credit losses - BTH merger | 5,527,000 | 5,527,000 | |||
Charge-offs | 1,628,000 | 3,035,000 | 6,222,000 | 9,072,000 | |
Recoveries | 550,000 | 144,000 | 1,837,000 | 479,000 | |
Provision | 15,787,000 | (4,266,000) | 17,631,000 | (8,130,000) | |
Ending Balance | 83,359,000 | 69,947,000 | 83,359,000 | 69,947,000 | |
Average Balance | $ 6,389,472,000 | $ 5,139,299,000 | $ 5,567,702,000 | $ 5,431,870,000 | |
Net charge-offs to loan average balance | 0.07% | 0.22% | 0.11% | 0.21% | |
Provision (benefit) for credit losses | $ 16,900,000 | $ (3,900,000) | $ 20,100,000 | $ (8,100,000) | |
Provision (release) for off-balance sheet commitments | 1,200,000 | (356,000) | 1,700,000 | (19,000) | |
Credit loss expense (benefit) | 0 | 11,000 | 725,000 | 6,000 | |
PCD loans acquired | 10,800,000 | 10,800,000 | |||
BTH | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance for loan credit losses - BTH merger | $ 5,527,000 | ||||
Provision | 14,900,000 | ||||
Real estate | Commercial real estate | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning Balance | 16,112,000 | 16,282,000 | 13,425,000 | 15,430,000 | |
Allowance for loan credit losses - BTH merger | 1,000 | 1,000 | |||
Charge-offs | 0 | 0 | 166,000 | 130,000 | |
Recoveries | 17,000 | 4,000 | 19,000 | 10,000 | |
Provision | 1,901,000 | (367,000) | 4,752,000 | 609,000 | |
Ending Balance | 18,031,000 | 15,919,000 | 18,031,000 | 15,919,000 | |
Average Balance | $ 2,046,411,000 | $ 1,505,731,000 | $ 1,865,658,000 | $ 1,464,758,000 | |
Net charge-offs to loan average balance | 0% | 0% | 0.01% | 0.01% | |
Real estate | Construction/land/land development | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning Balance | $ 4,707,000 | $ 5,602,000 | $ 4,011,000 | $ 8,191,000 | |
Allowance for loan credit losses - BTH merger | 0 | 0 | |||
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 200,000 | 0 | 200,000 | 0 | |
Provision | 2,159,000 | (593,000) | 2,855,000 | (3,182,000) | |
Ending Balance | 7,066,000 | 5,009,000 | 7,066,000 | 5,009,000 | |
Average Balance | $ 760,682,000 | $ 527,881,000 | $ 638,683,000 | $ 528,768,000 | |
Net charge-offs to loan average balance | (0.10%) | 0% | (0.04%) | 0% | |
Real estate | Construction/land/land development | BTH | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance for loan credit losses - BTH merger | $ 0 | ||||
Real estate | Residential real estate | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning Balance | $ 5,851,000 | $ 9,059,000 | $ 6,116,000 | $ 9,418,000 | |
Allowance for loan credit losses - BTH merger | 0 | 0 | |||
Charge-offs | 0 | 0 | 75,000 | 58,000 | |
Recoveries | 6,000 | 64,000 | 98,000 | 81,000 | |
Provision | 1,898,000 | (3,004,000) | 1,616,000 | (3,322,000) | |
Ending Balance | 7,755,000 | 6,119,000 | 7,755,000 | 6,119,000 | |
Average Balance | $ 1,249,746,000 | $ 936,375,000 | $ 1,042,397,000 | $ 918,148,000 | |
Net charge-offs to loan average balance | 0% | (0.03%) | 0% | 0% | |
Commercial and Industrial | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning Balance | $ 35,477,000 | $ 45,049,000 | $ 40,146,000 | $ 51,857,000 | |
Allowance for loan credit losses - BTH merger | 5,525,000 | 5,525,000 | |||
Charge-offs | 1,618,000 | 3,030,000 | 5,943,000 | 8,830,000 | |
Recoveries | 325,000 | 58,000 | 1,505,000 | 352,000 | |
Provision | 9,349,000 | (216,000) | 7,825,000 | (1,518,000) | |
Ending Balance | 49,058,000 | 41,861,000 | 49,058,000 | 41,861,000 | |
Average Balance | $ 1,816,912,000 | $ 1,492,375,000 | $ 1,548,419,000 | $ 1,690,551,000 | |
Net charge-offs to loan average balance | 0.28% | 0.79% | 0.38% | 0.67% | |
Mortgage warehouse lines of credit | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning Balance | $ 459,000 | $ 560,000 | $ 340,000 | $ 856,000 | |
Allowance for loan credit losses - BTH merger | 0 | 0 | |||
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision | 97,000 | (90,000) | 216,000 | (386,000) | |
Ending Balance | 556,000 | 470,000 | 556,000 | 470,000 | |
Average Balance | $ 491,584,000 | $ 660,715,000 | $ 453,658,000 | $ 812,816,000 | |
Net charge-offs to loan average balance | 0% | 0% | 0% | 0% | |
Consumer | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning Balance | $ 517,000 | $ 552,000 | $ 548,000 | $ 918,000 | |
Allowance for loan credit losses - BTH merger | 1,000 | 1,000 | |||
Charge-offs | 10,000 | 5,000 | 38,000 | 54,000 | |
Recoveries | 2,000 | 18,000 | 15,000 | 36,000 | |
Provision | 383,000 | 4,000 | 367,000 | (331,000) | |
Ending Balance | 893,000 | 569,000 | 893,000 | 569,000 | |
Average Balance | $ 24,137,000 | $ 16,222,000 | $ 18,887,000 | $ 16,829,000 | |
Net charge-offs to loan average balance | 0.13% | (0.32%) | 0.16% | 0.14% |
Loans - Amortized Cost Basis of
Loans - Amortized Cost Basis of Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | $ 12,305 | $ 16,700 |
ACL Allocation | 2,442 | 6,582 |
Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | 7,101 | 8,316 |
Accounts Receivable | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | 2,959 | 7,783 |
Equipment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | 2,245 | 601 |
Commercial Real Estate | Real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | 214 | 166 |
ACL Allocation | 0 | 0 |
Commercial Real Estate | Real Estate | Real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | 214 | 166 |
Commercial Real Estate | Accounts Receivable | Real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | 0 | 0 |
Commercial Real Estate | Equipment | Real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | 0 | 0 |
Construction/land/land development | Real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | 206 | 0 |
ACL Allocation | 0 | 0 |
Construction/land/land development | Real Estate | Real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | 206 | 0 |
Construction/land/land development | Accounts Receivable | Real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | 0 | 0 |
Construction/land/land development | Equipment | Real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | 0 | 0 |
Residential Real Estate | Real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | 6,681 | 8,150 |
ACL Allocation | 0 | 19 |
Residential Real Estate | Real Estate | Real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | 6,681 | 8,150 |
Residential Real Estate | Accounts Receivable | Real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | 0 | 0 |
Residential Real Estate | Equipment | Real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | 0 | 0 |
Commercial and Industrial | Commercial and Industrial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | 4,819 | 8,384 |
ACL Allocation | 2,442 | 6,563 |
Commercial and Industrial | Real Estate | Commercial and Industrial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | 0 | 0 |
Commercial and Industrial | Accounts Receivable | Commercial and Industrial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | 2,574 | 7,783 |
Commercial and Industrial | Equipment | Commercial and Industrial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | 2,245 | 601 |
Mortgage warehouse lines of credit | Mortgage warehouse lines of credit | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | 385 | 0 |
ACL Allocation | 0 | 0 |
Mortgage warehouse lines of credit | Real Estate | Mortgage warehouse lines of credit | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | 0 | 0 |
Mortgage warehouse lines of credit | Accounts Receivable | Mortgage warehouse lines of credit | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | 385 | 0 |
Mortgage warehouse lines of credit | Equipment | Mortgage warehouse lines of credit | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | 0 | 0 |
Consumer | Consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | 0 | 0 |
ACL Allocation | 0 | 0 |
Consumer | Real Estate | Consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | 0 | 0 |
Consumer | Accounts Receivable | Consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | ||
Consumer | Equipment | Consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | $ 0 | $ 0 |
Loans - Non Performing (Nonaccr
Loans - Non Performing (Nonaccrual) Loans Held For Investment (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Nonaccrual With No Allowance for Credit Loss | $ 9,749 | $ 8,247 |
Nonaccrual | 14,031 | 24,903 |
Real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Nonaccrual With No Allowance for Credit Loss | 7,592 | 8,189 |
Nonaccrual | 8,438 | 12,497 |
Real estate | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Nonaccrual With No Allowance for Credit Loss | 381 | 453 |
Nonaccrual | 431 | 512 |
Real estate | Construction/land/land development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Nonaccrual With No Allowance for Credit Loss | 109 | 52 |
Nonaccrual | 366 | 338 |
Real estate | Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Nonaccrual With No Allowance for Credit Loss | 7,102 | 7,684 |
Nonaccrual | 7,641 | 11,647 |
Commercial and Industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Nonaccrual With No Allowance for Credit Loss | 1,772 | 58 |
Nonaccrual | 5,134 | 12,306 |
Mortgage warehouse lines of credit | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Nonaccrual With No Allowance for Credit Loss | 385 | 0 |
Nonaccrual | 385 | 0 |
Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Nonaccrual With No Allowance for Credit Loss | 0 | 0 |
Nonaccrual | $ 74 | $ 100 |
Loans - Troubled Debt Restructu
Loans - Troubled Debt Restructurings (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans classified as troubled debt restructurings | $ 8,293 | $ 6,827 |
Nonaccrual TDRs | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans classified as troubled debt restructurings | 4,975 | 4,064 |
Performing TDRs | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans classified as troubled debt restructurings | $ 3,318 | $ 2,763 |
Loans - Pre-Modification Balanc
Loans - Pre-Modification Balances of TDR (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 USD ($) loan | Sep. 30, 2021 USD ($) loan | Sep. 30, 2022 USD ($) loan | Sep. 30, 2021 USD ($) loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans that defaulted | loan | 0 | 0 | 0 | 0 |
BTH | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of TDR loans acquired | loan | 2 | |||
Nonperforming Financial Instruments | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans Restructured | loan | 1 | 2 | 6 | 2 |
Pre-Modification Recorded Balance | $ 35 | $ 131 | $ 10,290 | $ 131 |
Term Concessions | $ 35 | $ 127 | $ 5,028 | $ 127 |
Nonperforming Financial Instruments | Real estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans Restructured | loan | 5 | |||
Pre-Modification Recorded Balance | $ 4,796 | |||
Term Concessions | $ 4,670 | |||
Nonperforming Financial Instruments | Real estate | Commercial real estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans Restructured | loan | 1 | |||
Pre-Modification Recorded Balance | $ 214 | |||
Term Concessions | $ 214 | |||
Nonperforming Financial Instruments | Real estate | Construction/land/land development | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans Restructured | loan | 2 | |||
Pre-Modification Recorded Balance | $ 850 | |||
Term Concessions | $ 792 | |||
Nonperforming Financial Instruments | Real estate | Residential real estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans Restructured | loan | 1 | 1 | 2 | 1 |
Pre-Modification Recorded Balance | $ 35 | $ 31 | $ 3,732 | $ 31 |
Term Concessions | 35 | $ 27 | $ 3,664 | $ 27 |
Nonperforming Financial Instruments | Commercial and Industrial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans Restructured | loan | 1 | 1 | 1 | |
Pre-Modification Recorded Balance | $ 100 | $ 5,494 | $ 100 | |
Term Concessions | 100 | 358 | 100 | |
Nonperforming Financial Instruments | Term Concessions | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Term Concessions | 35 | 127 | 730 | 127 |
Nonperforming Financial Instruments | Term Concessions | Real estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Term Concessions | 730 | |||
Nonperforming Financial Instruments | Term Concessions | Real estate | Commercial real estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Term Concessions | 0 | |||
Nonperforming Financial Instruments | Term Concessions | Real estate | Construction/land/land development | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Term Concessions | 695 | |||
Nonperforming Financial Instruments | Term Concessions | Real estate | Residential real estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Term Concessions | 35 | 27 | 35 | 27 |
Nonperforming Financial Instruments | Term Concessions | Commercial and Industrial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Term Concessions | 100 | 0 | 100 | |
Nonperforming Financial Instruments | Interest Rate Concessions | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Term Concessions | 0 | 0 | 3,629 | 0 |
Nonperforming Financial Instruments | Interest Rate Concessions | Real estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Term Concessions | 3,629 | |||
Nonperforming Financial Instruments | Interest Rate Concessions | Real estate | Commercial real estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Term Concessions | 0 | |||
Nonperforming Financial Instruments | Interest Rate Concessions | Real estate | Construction/land/land development | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Term Concessions | 0 | |||
Nonperforming Financial Instruments | Interest Rate Concessions | Real estate | Residential real estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Term Concessions | 0 | 0 | 3,629 | 0 |
Nonperforming Financial Instruments | Interest Rate Concessions | Commercial and Industrial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Term Concessions | 0 | 0 | 0 | |
Nonperforming Financial Instruments | Combination of Term and Rate Concessions | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Term Concessions | 0 | 0 | 669 | 0 |
Nonperforming Financial Instruments | Combination of Term and Rate Concessions | Real estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Term Concessions | 311 | |||
Nonperforming Financial Instruments | Combination of Term and Rate Concessions | Real estate | Commercial real estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Term Concessions | 214 | |||
Nonperforming Financial Instruments | Combination of Term and Rate Concessions | Real estate | Construction/land/land development | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Term Concessions | 97 | |||
Nonperforming Financial Instruments | Combination of Term and Rate Concessions | Real estate | Residential real estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Term Concessions | $ 0 | 0 | 0 | 0 |
Nonperforming Financial Instruments | Combination of Term and Rate Concessions | Commercial and Industrial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Term Concessions | $ 0 | $ 358 | $ 0 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Fair Value of Assets and Liabilities Recorded on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | $ 1,672,170 | $ 1,504,728 | ||||
Securities carried at fair value through income | 6,347 | 7,497 | ||||
Loans held for sale | 33,494 | 37,032 | ||||
Mortgage servicing rights | 21,654 | $ 22,127 | 16,220 | $ 16,000 | $ 16,081 | $ 13,660 |
State and municipal securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 381,979 | 405,818 | ||||
Securities carried at fair value through income | 6,347 | 7,497 | ||||
Corporate bonds | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 82,435 | 82,734 | ||||
Commercial mortgage-backed securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 105,416 | 64,243 | ||||
Residential mortgage-backed securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 584,622 | 557,801 | ||||
Commercial collateralized mortgage obligations | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 38,804 | 19,672 | ||||
Residential collateralized mortgage obligations | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 152,803 | 193,740 | ||||
Asset-backed securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 76,030 | 83,062 | ||||
Fair Value, Measurements, Recurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 1,672,170 | 1,504,728 | ||||
Securities carried at fair value through income | 6,347 | 7,497 | ||||
Loans held for sale | 33,494 | 37,032 | ||||
Mortgage servicing rights | 21,654 | 16,220 | ||||
Other assets - derivatives | 26,883 | 11,459 | ||||
Total recurring fair value measurements - assets | 1,760,548 | 1,576,936 | ||||
Other liabilities - derivatives | (25,215) | (11,494) | ||||
Total recurring fair value measurements - liabilities | (25,215) | (11,494) | ||||
Fair Value, Measurements, Recurring | Level 1 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 112,706 | 92,245 | ||||
Securities carried at fair value through income | 0 | 0 | ||||
Loans held for sale | 0 | 0 | ||||
Mortgage servicing rights | 0 | 0 | ||||
Other assets - derivatives | 0 | 0 | ||||
Total recurring fair value measurements - assets | 112,706 | 92,245 | ||||
Other liabilities - derivatives | 0 | 0 | ||||
Total recurring fair value measurements - liabilities | 0 | 0 | ||||
Fair Value, Measurements, Recurring | Level 2 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 1,496,262 | 1,371,022 | ||||
Securities carried at fair value through income | 0 | 0 | ||||
Loans held for sale | 33,494 | 37,032 | ||||
Mortgage servicing rights | 0 | 0 | ||||
Other assets - derivatives | 26,883 | 11,459 | ||||
Total recurring fair value measurements - assets | 1,556,639 | 1,419,513 | ||||
Other liabilities - derivatives | (25,215) | (11,494) | ||||
Total recurring fair value measurements - liabilities | (25,215) | (11,494) | ||||
Fair Value, Measurements, Recurring | Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 63,202 | 41,461 | ||||
Securities carried at fair value through income | 6,347 | 7,497 | ||||
Loans held for sale | 0 | 0 | ||||
Mortgage servicing rights | 21,654 | 16,220 | ||||
Other assets - derivatives | 0 | 0 | ||||
Total recurring fair value measurements - assets | 91,203 | 65,178 | ||||
Other liabilities - derivatives | 0 | 0 | ||||
Total recurring fair value measurements - liabilities | 0 | 0 | ||||
Fair Value, Measurements, Recurring | State and municipal securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 381,979 | 405,818 | ||||
Fair Value, Measurements, Recurring | State and municipal securities | Level 1 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 0 | 0 | ||||
Fair Value, Measurements, Recurring | State and municipal securities | Level 2 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 324,777 | 364,357 | ||||
Fair Value, Measurements, Recurring | State and municipal securities | Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 57,202 | 41,461 | ||||
Fair Value, Measurements, Recurring | Corporate bonds | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 82,435 | 82,734 | ||||
Fair Value, Measurements, Recurring | Corporate bonds | Level 1 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 0 | 0 | ||||
Fair Value, Measurements, Recurring | Corporate bonds | Level 2 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 76,435 | 82,734 | ||||
Fair Value, Measurements, Recurring | Corporate bonds | Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 6,000 | 0 | ||||
Fair Value, Measurements, Recurring | U.S. treasury securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 112,706 | 92,245 | ||||
Fair Value, Measurements, Recurring | U.S. treasury securities | Level 1 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 112,706 | 92,245 | ||||
Fair Value, Measurements, Recurring | U.S. treasury securities | Level 2 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 0 | 0 | ||||
Fair Value, Measurements, Recurring | U.S. treasury securities | Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 0 | 0 | ||||
Fair Value, Measurements, Recurring | U.S. government agency securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 137,375 | 5,413 | ||||
Fair Value, Measurements, Recurring | U.S. government agency securities | Level 1 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 0 | 0 | ||||
Fair Value, Measurements, Recurring | U.S. government agency securities | Level 2 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 137,375 | 5,413 | ||||
Fair Value, Measurements, Recurring | U.S. government agency securities | Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 0 | 0 | ||||
Fair Value, Measurements, Recurring | Commercial mortgage-backed securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 105,416 | 64,243 | ||||
Fair Value, Measurements, Recurring | Commercial mortgage-backed securities | Level 1 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 0 | 0 | ||||
Fair Value, Measurements, Recurring | Commercial mortgage-backed securities | Level 2 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 105,416 | 64,243 | ||||
Fair Value, Measurements, Recurring | Commercial mortgage-backed securities | Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 0 | 0 | ||||
Fair Value, Measurements, Recurring | Residential mortgage-backed securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 584,622 | 557,801 | ||||
Fair Value, Measurements, Recurring | Residential mortgage-backed securities | Level 1 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 0 | 0 | ||||
Fair Value, Measurements, Recurring | Residential mortgage-backed securities | Level 2 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 584,622 | 557,801 | ||||
Fair Value, Measurements, Recurring | Residential mortgage-backed securities | Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 0 | 0 | ||||
Fair Value, Measurements, Recurring | Commercial collateralized mortgage obligations | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 38,804 | 19,672 | ||||
Fair Value, Measurements, Recurring | Commercial collateralized mortgage obligations | Level 1 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 0 | 0 | ||||
Fair Value, Measurements, Recurring | Commercial collateralized mortgage obligations | Level 2 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 38,804 | 19,672 | ||||
Fair Value, Measurements, Recurring | Commercial collateralized mortgage obligations | Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 0 | 0 | ||||
Fair Value, Measurements, Recurring | Residential collateralized mortgage obligations | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 152,803 | 193,740 | ||||
Fair Value, Measurements, Recurring | Residential collateralized mortgage obligations | Level 1 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 0 | 0 | ||||
Fair Value, Measurements, Recurring | Residential collateralized mortgage obligations | Level 2 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 152,803 | 193,740 | ||||
Fair Value, Measurements, Recurring | Residential collateralized mortgage obligations | Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 0 | 0 | ||||
Fair Value, Measurements, Recurring | Asset-backed securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 76,030 | 83,062 | ||||
Fair Value, Measurements, Recurring | Asset-backed securities | Level 1 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 0 | 0 | ||||
Fair Value, Measurements, Recurring | Asset-backed securities | Level 2 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 76,030 | 83,062 | ||||
Fair Value, Measurements, Recurring | Asset-backed securities | Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | $ 0 | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Loans at Fair Value | ||
Changes in Level 3 assets and liabilities measured at fair value on a recurring basis | ||
Balance at beginning of period | $ 17,011 | |
Loss recognized in AOCI | 0 | |
Purchases, issuances, sales and settlements: | ||
Originations | 0 | |
Purchases | 0 | |
Settlements | (16,760) | |
Balance at end of period | 0 | |
Loans at Fair Value | Mortgage banking revenue | ||
Changes in Level 3 assets and liabilities measured at fair value on a recurring basis | ||
Gain (loss) recognized in earnings | 0 | |
Loans at Fair Value | Other noninterest income | ||
Changes in Level 3 assets and liabilities measured at fair value on a recurring basis | ||
Gain (loss) recognized in earnings | (251) | |
MSRs | ||
Changes in Level 3 assets and liabilities measured at fair value on a recurring basis | ||
Balance at beginning of period | $ 16,220 | 13,660 |
Loss recognized in AOCI | 0 | 0 |
Purchases, issuances, sales and settlements: | ||
Originations | 1,926 | 4,282 |
Purchases | 0 | 0 |
Settlements | 0 | 0 |
Balance at end of period | 21,654 | 16,000 |
MSRs | BTH | ||
Purchases, issuances, sales and settlements: | ||
Acquired in BTH merger | 1,099 | |
MSRs | Mortgage banking revenue | ||
Changes in Level 3 assets and liabilities measured at fair value on a recurring basis | ||
Gain (loss) recognized in earnings | 2,409 | (1,942) |
MSRs | Other noninterest income | ||
Changes in Level 3 assets and liabilities measured at fair value on a recurring basis | ||
Gain (loss) recognized in earnings | 0 | 0 |
Securities Available for Sale | ||
Changes in Level 3 assets and liabilities measured at fair value on a recurring basis | ||
Balance at beginning of period | 41,461 | 44,065 |
Loss recognized in AOCI | (5,048) | (746) |
Purchases, issuances, sales and settlements: | ||
Originations | 0 | 0 |
Purchases | 25,112 | 1,000 |
Acquired in BTH merger | 5,000 | |
Settlements | (3,323) | (2,220) |
Balance at end of period | 63,202 | 42,099 |
Securities Available for Sale | Mortgage banking revenue | ||
Changes in Level 3 assets and liabilities measured at fair value on a recurring basis | ||
Gain (loss) recognized in earnings | 0 | 0 |
Securities Available for Sale | Other noninterest income | ||
Changes in Level 3 assets and liabilities measured at fair value on a recurring basis | ||
Gain (loss) recognized in earnings | 0 | 0 |
Securities at Fair Value Through Income | ||
Changes in Level 3 assets and liabilities measured at fair value on a recurring basis | ||
Balance at beginning of period | 7,497 | 11,554 |
Loss recognized in AOCI | 0 | 0 |
Purchases, issuances, sales and settlements: | ||
Originations | 0 | 0 |
Purchases | 0 | 0 |
Acquired in BTH merger | 0 | |
Settlements | (275) | (265) |
Balance at end of period | 6,347 | 10,876 |
Securities at Fair Value Through Income | Mortgage banking revenue | ||
Changes in Level 3 assets and liabilities measured at fair value on a recurring basis | ||
Gain (loss) recognized in earnings | 0 | 0 |
Securities at Fair Value Through Income | Other noninterest income | ||
Changes in Level 3 assets and liabilities measured at fair value on a recurring basis | ||
Gain (loss) recognized in earnings | $ (875) | $ (413) |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Assumptions Used to Value Mortgage Servicing Rights (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Minimum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Prepayment speeds | 5.47% | 9.10% |
Discount rates | 9.59% | 8.89% |
Maximum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Prepayment speeds | 10.32% | 36.51% |
Discount rates | 12.59% | 10.39% |
Weighted Average | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Prepayment speeds | 5.66% | 15.63% |
Discount rates | 10.36% | 9.32% |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Difference Between Fair Value and Unpaid Principal Balance (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Aggregate Fair Value | $ 39,841 | $ 44,529 |
Aggregate Unpaid Principal Balance | 40,376 | 43,447 |
Difference | (535) | 1,082 |
Nonaccrual mortgage loans held for sale recorded at fair value | 2,700 | 1,800 |
Loans held for sale | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Aggregate Fair Value | 33,494 | 37,032 |
Aggregate Unpaid Principal Balance | 33,276 | 36,072 |
Difference | 218 | 960 |
Securities carried at fair value through income | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Aggregate Fair Value | 6,347 | 7,497 |
Aggregate Unpaid Principal Balance | 7,100 | 7,375 |
Difference | (753) | 122 |
U.S. government agency securities | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans, 90 days or more past due | $ 2,200 | $ 1,200 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Changes in Fair Value of Assets Classified in the Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Mortgage banking revenue (loans held for sale) | ||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | ||||
Total fair value option impact on noninterest income | $ (309) | $ (791) | $ (741) | $ (5,094) |
Other income | ||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | ||||
Total fair value option impact on noninterest income | (282) | (223) | (875) | (664) |
Other income | Loans at fair value held for investment | ||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | ||||
Total fair value option impact on noninterest income | 0 | (126) | 0 | (251) |
Other income | Securities carried at fair value through income | ||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | ||||
Total fair value option impact on noninterest income | (282) | (97) | (875) | (413) |
Noninterest income | ||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | ||||
Total fair value option impact on noninterest income | $ (591) | $ (1,014) | $ (1,616) | $ (5,758) |
Fair Value of Financial Instr_8
Fair Value of Financial Instruments - Narrative (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-marketable equity securities held in other financial institutions | $ 53,899,000 | $ 45,192,000 |
Impairment recorded on investments in equity securities that do not have readily determinable fair values | 0 | |
Liability to repurchase past due GNMA loans | 26,200,000 | 43,400,000 |
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of impaired loans | 25,900,000 | 4,800,000 |
Foreclosed assets | 1,800,000 | $ 1,800,000 |
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | Residential real estate | Real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential mortgage loans in the process of foreclosure | $ 10,000 | |
Minimum | Measurement Input, Credit Spread | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Credit spread, securities at fair value through income | 0.83% | |
Maximum | Measurement Input, Credit Spread | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Credit spread, securities at fair value through income | 2.27% | 2.27% |
Fair Value of Financial Instr_9
Fair Value of Financial Instruments - Carrying Value and Estimated Fair Values of Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities held to maturity | $ 11,770 | $ 25,117 |
Carrying Value | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 300,470 | 705,618 |
Carrying Value | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Non-marketable equity securities held in other financial institutions | 53,899 | 45,192 |
Accrued interest and loan fees receivable | 31,818 | 23,402 |
Deposits | 7,777,327 | 6,570,693 |
FHLB advances and other borrowings | 450,456 | 309,801 |
Subordinated indebtedness | 201,687 | 157,417 |
Accrued interest payable | 6,380 | 2,696 |
Carrying Value | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities held to maturity | 11,285 | 22,767 |
LHFI, net | 6,799,322 | 5,166,745 |
Estimated Fair Value | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 300,470 | 705,618 |
Estimated Fair Value | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Non-marketable equity securities held in other financial institutions | 53,899 | 45,192 |
Accrued interest and loan fees receivable | 31,818 | 23,402 |
Deposits | 7,756,469 | 6,572,215 |
FHLB advances and other borrowings | 377,809 | 305,374 |
Subordinated indebtedness | 191,898 | 156,629 |
Accrued interest payable | 6,380 | 2,696 |
Estimated Fair Value | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities held to maturity | 11,770 | 25,117 |
LHFI, net | $ 6,827,527 | $ 5,133,257 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | |||||
Goodwill acquired | $ 102,640 | $ 7,627 | |||
Intangible assets acquired | 38,356 | 14,067 | |||
Intangible asset amortization | $ 1,872 | $ 194 | 2,934 | $ 650 | |
BT Holdings, Inc | |||||
Business Acquisition [Line Items] | |||||
Goodwill acquired | 102,600 | ||||
Intangible assets acquired | $ 38,400 | ||||
Lincoln Agency and Pulley - White Insurance Agency | |||||
Business Acquisition [Line Items] | |||||
Goodwill acquired | 7,600 | ||||
Intangible assets acquired | $ 14,100 | ||||
Adjustment to goodwill | $ (215) |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Components of Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | Aug. 01, 2022 | |
Goodwill | |||
Beginning Balance | $ 34,153 | $ 26,741 | |
Mergers | 102,640 | 7,627 | |
Goodwill | 136,793 | 34,368 | $ 102,640 |
Finite-Lived Intangible Assets, Net [Abstract] | |||
Beginning Balance | 22,631 | 8,750 | |
Mergers | 38,356 | 14,067 | |
Accumulated Amortization | (8,603) | (5,855) | |
Total | 52,384 | 16,962 | |
Core deposit intangibles | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Beginning Balance | 1,260 | 1,260 | |
Mergers | 38,356 | 0 | |
Accumulated Amortization | (2,626) | (1,248) | |
Total | 36,990 | 12 | |
Relationship based intangibles | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Beginning Balance | 19,650 | 7,304 | |
Mergers | 12,346 | ||
Accumulated Amortization | (5,570) | (4,421) | |
Total | 14,080 | 15,229 | |
Tradename | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Beginning Balance | 818 | 186 | |
Mergers | 818 | ||
Accumulated Amortization | (68) | (186) | |
Total | 750 | 818 | |
Non-compete | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Beginning Balance | 903 | 0 | |
Mergers | 903 | ||
Accumulated Amortization | (339) | 0 | |
Total | $ 564 | $ 903 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Estimated Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of fiscal year | $ 2,555 | |
Year one | 9,500 | $ 2,072 |
Year two | 7,676 | 1,971 |
Year three | 6,383 | 1,610 |
Year four | 5,335 | 1,467 |
Year five | 1,327 | |
After year four | 20,935 | |
After year five | 8,515 | |
Total | $ 52,384 | $ 16,962 |
Mortgage Banking - Mortgage Ban
Mortgage Banking - Mortgage Banking Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Mortgage Banking [Abstract] | ||||
Origination | $ 207 | $ 349 | $ 641 | $ 1,101 |
Gain (loss) on sale of loans held for sale | 636 | 1,984 | 4,477 | 10,014 |
Originations of MSRs | 462 | 1,089 | 1,926 | 4,282 |
Servicing | 1,446 | 1,501 | 4,306 | 4,537 |
Total gross mortgage revenue | 2,751 | 4,923 | 11,350 | 19,934 |
MSR valuation adjustments, net | (2,034) | (1,170) | 2,409 | (1,942) |
Mortgage HFS and pipeline fair value adjustment | (410) | (1,046) | (971) | (6,201) |
MSR hedge impact | (1,236) | 21 | (7,267) | (1,721) |
Mortgage banking revenue (loss) | (929) | $ 2,728 | 5,521 | 10,070 |
Mortgage servicing right impairment | $ 2,000 | $ (2,409) | $ 1,942 |
Mortgage Banking - Activity in
Mortgage Banking - Activity in Mortgage Servicing Rights (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Servicing Asset at Fair Value, Amount [Roll Forward] | ||||
Balance at beginning of period | $ 22,127 | $ 16,081 | $ 16,220 | $ 13,660 |
Servicing acquired in BTH Merger/Addition of servicing rights | 462 | 1,089 | 1,926 | 4,282 |
Valuation adjustment, net of amortization | (2,034) | (1,170) | 2,409 | (1,942) |
Balance at end of period | 21,654 | 16,000 | 21,654 | 16,000 |
Mortgage servicing right impairment | 2,000 | (2,409) | 1,942 | |
BTH | ||||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||||
Servicing acquired in BTH Merger/Addition of servicing rights | $ 1,099 | $ 0 | $ 1,099 | $ 0 |
Mortgage Banking - Narrative (D
Mortgage Banking - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Mortgage Banking [Abstract] | ||
Annual servicing fee income rate | 0.28% | |
Reserve for mortgage loan servicing putback expenses | $ 260 | $ 379 |
Liability to repurchase past due GNMA loans | $ 26,200 | $ 43,400 |
Deposits - Summary of Deposit B
Deposits - Summary of Deposit Balances (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Aug. 01, 2022 | Dec. 31, 2021 |
Deposits [Abstract] | |||
Noninterest-bearing demand | $ 2,667,489 | $ 2,163,507 | |
Money market | 2,433,086 | 2,204,109 | |
Interest bearing demand | 1,617,239 | 1,412,089 | |
Time deposits | 748,415 | 543,128 | |
Savings | 311,098 | 247,860 | |
Total deposits | $ 7,777,327 | $ 7,990,000 | $ 6,570,693 |
Deposits - Narrative (Details)
Deposits - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Deposits [Abstract] | ||
Municipal deposits | $ 667.9 | $ 814.8 |
Time deposits | $ 287.3 | $ 222.7 |
Borrowings - Summary of Borrowe
Borrowings - Summary of Borrowed Funds (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Aug. 01, 2022 | Dec. 31, 2021 |
Debt Instrument, Redemption [Line Items] | |||
Total FHLB advances and other borrowings | $ 450,456 | $ 309,801 | |
FHLB advances | |||
Debt Instrument, Redemption [Line Items] | |||
Total FHLB advances and other borrowings | 256,806 | 256,999 | |
GNMA repurchase liability | |||
Debt Instrument, Redemption [Line Items] | |||
Total FHLB advances and other borrowings | 26,220 | 43,355 | |
Subordinated indebtedness, net | |||
Debt Instrument, Redemption [Line Items] | |||
Subordinated indebtedness, net | 201,687 | $ 185,441 | 157,417 |
Repurchase agreements with depositors | |||
Debt Instrument, Redemption [Line Items] | |||
Total FHLB advances and other borrowings | 17,430 | 9,447 | |
FHLB advances | |||
Debt Instrument, Redemption [Line Items] | |||
Total FHLB advances and other borrowings | $ 150,000 | $ 0 |
Borrowings - Narrative (Details
Borrowings - Narrative (Details) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Aug. 01, 2022 USD ($) trust | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Debt Instrument, Redemption [Line Items] | |||
Federal Home Loan Bank ("FHLB") advances, repurchase obligations and other borrowings | $ 450,456 | $ 309,801 | |
Number of wholly-owned, unconsolidated subsidiary grantor trusts | trust | 2 | ||
Subordinated indebtedness, net | |||
Debt Instrument, Redemption [Line Items] | |||
Debt | $ 185,441 | 201,687 | 157,417 |
Debt instrument, redemption period, term threshold | 5 years | ||
Debt instrument, redemption notice period | 10 days | ||
Subordinated indebtedness, net | |||
Debt Instrument, Redemption [Line Items] | |||
Debt | $ 16,246 | ||
Repurchase agreements with depositors | |||
Debt Instrument, Redemption [Line Items] | |||
Federal Home Loan Bank ("FHLB") advances, repurchase obligations and other borrowings | $ 17,430 | $ 9,447 | |
Daily average interest rate | 0.14% | 0.08% | |
BTH | |||
Debt Instrument, Redemption [Line Items] | |||
Federal Home Loan Bank ("FHLB") advances, repurchase obligations and other borrowings | $ 9,100 | ||
BTH | Subordinated indebtedness, net | |||
Debt Instrument, Redemption [Line Items] | |||
Debt | 37,598 | ||
BTH | Subordinated indebtedness, net | |||
Debt Instrument, Redemption [Line Items] | |||
Debt | $ 7,200 | ||
Debt instrument, redemption price, percentage | 100% |
Borrowings - Schedule of Subord
Borrowings - Schedule of Subordinated Debt (Details) - Subordinated indebtedness, net - USD ($) $ in Thousands | Aug. 01, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | |||
Subordinated indebtedness, net | $ 185,441 | $ 201,687 | $ 157,417 |
BTH | |||
Debt Instrument [Line Items] | |||
Subordinated indebtedness, net | 37,598 | ||
Fair value adjustment at merger | (52) | ||
Floating rate subordinated promissory notes due June 2025 | BTH | |||
Debt Instrument [Line Items] | |||
Subordinated indebtedness, net | $ 5,500 | ||
Floating rate subordinated promissory notes due June 2025 | BTH | Prime Rate | |||
Debt Instrument [Line Items] | |||
Interest Rate | 1.75% | ||
Floating rate subordinated promissory notes due June 2025 | BTH | Prime Rate | Minimum | |||
Debt Instrument [Line Items] | |||
Interest Rate | 3.875% | ||
Floating rate subordinated promissory notes due June 2025 | BTH | Prime Rate | Maximum | |||
Debt Instrument [Line Items] | |||
Interest Rate | 6.375% | ||
Floating rate subordinated promissory notes due December 2023 | BTH | |||
Debt Instrument [Line Items] | |||
Subordinated indebtedness, net | $ 3,000 | ||
Floating rate subordinated promissory notes due December 2023 | BTH | Prime Rate | |||
Debt Instrument [Line Items] | |||
Interest Rate | 1.25% | ||
Floating rate subordinated promissory notes due December 2023 | BTH | Prime Rate | Minimum | |||
Debt Instrument [Line Items] | |||
Interest Rate | 3.875% | ||
Floating rate subordinated promissory notes due December 2023 | BTH | Prime Rate | Maximum | |||
Debt Instrument [Line Items] | |||
Interest Rate | 6.375% | ||
Floating rate subordinated promissory notes due December 2026 | BTH | |||
Debt Instrument [Line Items] | |||
Subordinated indebtedness, net | $ 6,750 | ||
Floating rate subordinated promissory notes due December 2026 | BTH | Prime Rate | |||
Debt Instrument [Line Items] | |||
Interest Rate | 1.75% | ||
Floating rate subordinated promissory notes due December 2026 | BTH | Prime Rate | Minimum | |||
Debt Instrument [Line Items] | |||
Interest Rate | 3.875% | ||
Floating rate subordinated promissory notes due December 2026 | BTH | Prime Rate | Maximum | |||
Debt Instrument [Line Items] | |||
Interest Rate | 6.375% | ||
Floating rate subordinated promissory notes due December 2024 | BTH | |||
Debt Instrument [Line Items] | |||
Subordinated indebtedness, net | $ 11,100 | ||
Floating rate subordinated promissory notes due December 2024 | BTH | Prime Rate | |||
Debt Instrument [Line Items] | |||
Interest Rate | 1.25% | ||
Floating rate subordinated promissory notes due December 2024 | BTH | Prime Rate | Minimum | |||
Debt Instrument [Line Items] | |||
Interest Rate | 3.875% | ||
Floating rate subordinated promissory notes due December 2024 | BTH | Prime Rate | Maximum | |||
Debt Instrument [Line Items] | |||
Interest Rate | 6.375% | ||
Floating rate subordinated promissory notes due December 2027 | BTH | |||
Debt Instrument [Line Items] | |||
Subordinated indebtedness, net | $ 5,200 | ||
Floating rate subordinated promissory notes due December 2027 | BTH | Prime Rate | |||
Debt Instrument [Line Items] | |||
Interest Rate | 1.75% | ||
Floating rate subordinated promissory notes due December 2027 | BTH | Prime Rate | Minimum | |||
Debt Instrument [Line Items] | |||
Interest Rate | 3.875% | ||
Floating rate subordinated promissory notes due December 2027 | BTH | Prime Rate | Maximum | |||
Debt Instrument [Line Items] | |||
Interest Rate | 6.375% | ||
Floating rate subordinated promissory notes due December 2025 | BTH | |||
Debt Instrument [Line Items] | |||
Subordinated indebtedness, net | $ 3,200 | ||
Floating rate subordinated promissory notes due December 2025 | BTH | Prime Rate | |||
Debt Instrument [Line Items] | |||
Interest Rate | 0.50% | ||
Floating rate subordinated promissory notes due December 2025 | BTH | Prime Rate | Minimum | |||
Debt Instrument [Line Items] | |||
Interest Rate | 3.875% | ||
Floating rate subordinated promissory notes due December 2025 | BTH | Prime Rate | Maximum | |||
Debt Instrument [Line Items] | |||
Interest Rate | 6.125% | ||
Floating rate subordinated promissory notes due December 2028 | BTH | |||
Debt Instrument [Line Items] | |||
Subordinated indebtedness, net | $ 1,900 | ||
Floating rate subordinated promissory notes due December 2028 | BTH | Prime Rate | |||
Debt Instrument [Line Items] | |||
Interest Rate | 0.75% | ||
Floating rate subordinated promissory notes due December 2028 | BTH | Prime Rate | Minimum | |||
Debt Instrument [Line Items] | |||
Interest Rate | 3.875% | ||
Floating rate subordinated promissory notes due December 2028 | BTH | Prime Rate | Maximum | |||
Debt Instrument [Line Items] | |||
Interest Rate | 6.125% | ||
Fixed to floating rate subordinated promissory notes due June 2031 | BTH | |||
Debt Instrument [Line Items] | |||
Interest Rate | 4% | ||
Subordinated indebtedness, net | $ 1,000 | ||
Fixed to floating rate subordinated promissory notes due June 2031 | BTH | Prime Rate | |||
Debt Instrument [Line Items] | |||
Interest Rate | 0.75% | ||
Fixed to floating rate subordinated promissory notes due June 2031 | BTH | Prime Rate | Minimum | |||
Debt Instrument [Line Items] | |||
Interest Rate | 3.875% | ||
Fixed to floating rate subordinated promissory notes due June 2031 | BTH | Prime Rate | Maximum | |||
Debt Instrument [Line Items] | |||
Interest Rate | 6.125% | ||
Legacy subordinated indebtedness | BTH | |||
Debt Instrument [Line Items] | |||
Subordinated indebtedness, net | $ 147,843 |
Borrowings - Summary of Terms o
Borrowings - Summary of Terms of Current Debentures (Details) - Subordinated indebtedness, net - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Aug. 01, 2022 | |
Debt Instrument [Line Items] | ||
Outstanding Amount | $ 18,043 | |
Unamortized original issue discount | (1,065) | |
Unamortized purchase accounting discount | (732) | |
Total | $ 16,246 | |
BTH | ||
Debt Instrument [Line Items] | ||
Total | $ 7,200 | |
CTB Statutory Trust I | ||
Debt Instrument [Line Items] | ||
Outstanding Amount | $ 6,702 | |
Current Rate | 6.08% | |
CTB Statutory Trust I | LIBOR | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.30% | |
CTB Statutory Trust I | Maximum | ||
Debt Instrument [Line Items] | ||
Maximum Rate | 12.50% | |
First Louisiana Statutory Trust I | ||
Debt Instrument [Line Items] | ||
Outstanding Amount | $ 4,124 | |
Current Rate | 5.09% | |
First Louisiana Statutory Trust I | LIBOR | ||
Debt Instrument [Line Items] | ||
Interest Rate | 1.80% | |
First Louisiana Statutory Trust I | Maximum | ||
Debt Instrument [Line Items] | ||
Maximum Rate | 16% | |
BT Holdings Trust I | ||
Debt Instrument [Line Items] | ||
Outstanding Amount | $ 7,217 | |
Current Rate | 3.27% | |
BT Holdings Trust I | LIBOR | ||
Debt Instrument [Line Items] | ||
Interest Rate | 1.64% |
Derivative Financial Instrume_3
Derivative Financial Instruments - Fair Value of Derivative Instruments on the Balance Sheet (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Notional amounts | $ 716,222 | $ 874,766 |
Fair Values | 560 | 68 |
Interest Rate Swaps | Derivatives Not Designated as Hedging Instruments | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Notional amounts | 303,773 | 315,188 |
Fair Values | 24,962 | 10,417 |
Interest Rate Swaps | Derivatives Not Designated as Hedging Instruments | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Notional amounts | 291,986 | 327,510 |
Fair Values | (24,656) | (10,762) |
Risk Participation Derivative | Derivatives Not Designated as Hedging Instruments | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Notional amounts | 63,374 | 63,374 |
Fair Values | 0 | (2) |
Forward Commitments to Purchase | Derivatives Not Designated as Hedging Instruments | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Notional amounts | 10,000 | 80,000 |
Fair Values | (559) | (627) |
Forward Commitments to Sell | Derivatives Not Designated as Hedging Instruments | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Notional amounts | 22,800 | 52,000 |
Fair Values | 576 | 1 |
Interest Rate-Lock Commitments | Derivatives Not Designated as Hedging Instruments | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Notional amounts | 24,289 | 36,694 |
Fair Values | 237 | 1,041 |
Cash Flow Hedging | Interest Rate Swaps | Derivatives Designated as Cash Flow Hedging Instruments | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Notional amounts | 10,500 | 21,000 |
Fair Values | $ 1,108 | $ (103) |
Derivative Financial Instrume_4
Derivative Financial Instruments - Weighted-average Rates Paid and Received (Details) - Interest Rate Swaps | Sep. 30, 2022 |
Cash flow hedges | Paid | |
Derivative [Line Items] | |
Weighted-Average Interest Rate | 4.48% |
Cash flow hedges | Received | |
Derivative [Line Items] | |
Weighted-Average Interest Rate | 4.71% |
Non-Hedging | Financial Institution | Paid | |
Derivative [Line Items] | |
Weighted-Average Interest Rate | 4.26% |
Non-Hedging | Financial Institution | Received | |
Derivative [Line Items] | |
Weighted-Average Interest Rate | 4.72% |
Non-Hedging | Customer | Paid | |
Derivative [Line Items] | |
Weighted-Average Interest Rate | 4.72% |
Non-Hedging | Customer | Received | |
Derivative [Line Items] | |
Weighted-Average Interest Rate | 4.26% |
Derivative Financial Instrume_5
Derivative Financial Instruments - Gains and Losses Recognized on Derivative Instruments Not Designated as Hedging Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Mortgage banking revenue | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain (loss) recognized on derivatives not designated as hedging instruments | $ (1,317) | $ (984) | $ (3,537) | $ (2,471) |
Amount of gain recognized in other non-interest income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain (loss) recognized on derivatives not designated as hedging instruments | $ 210 | $ 75 | $ 652 | $ 409 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Cash collateral on deposit | $ 7.6 | $ 16.5 |
Stock and Incentive Compensat_3
Stock and Incentive Compensation Plans - Narrative (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Aug. 01, 2022 shares | Feb. 28, 2022 | Apr. 30, 2021 shares | Sep. 30, 2022 USD ($) shares | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) category shares | Sep. 30, 2021 USD ($) shares | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||
Common stock issued (in shares) | shares | 26,089 | 0 | |||||
Stock compensation expense | $ 970,000 | $ 559,000 | $ 2,548,000 | $ 1,644,000 | |||
Common Stock | BTH | |||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||
Stock converted (in shares) | shares | 611,676 | ||||||
Employee Stock | |||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||
Maximum number of common stock available for issuance (in shares) | shares | 1,000,000 | 973,911 | 973,911 | ||||
Stock repurchase program, discount percentage | 15% | ||||||
Offering period | 1 year | ||||||
Stock compensation expense | $ 83,000 | 82,000 | $ 235,000 | 109,000 | |||
PSU | |||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||
Target percentage | 100% | ||||||
Performance period | 3 years | ||||||
Stock compensation expense | 134,000 | 0 | $ 283,000 | 0 | |||
Expiration period | 3 years | ||||||
Number of categories | category | 2 | ||||||
Unrecognized compensation cost | 1,100,000 | $ 1,100,000 | |||||
Unrecognized compensation cost weighted average period for recognition | 2 years 4 months 24 days | ||||||
PSU | Minimum | |||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||
Target percentage | 0% | ||||||
PSU | Maximum | |||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||
Target percentage | 150% | ||||||
Stock Options | |||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||
Stock compensation expense | 0 | $ 0 | $ 0 | $ 0 | |||
Expiration period | 20 years | ||||||
RSA | |||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||
Unrecognized compensation cost | 778,000 | $ 778,000 | |||||
Unrecognized compensation cost weighted average period for recognition | 10 months 24 days | ||||||
RSA | Minimum | |||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||
Service period in which time-vested awards are earned | 1 year | ||||||
RSA | Maximum | |||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||
Service period in which time-vested awards are earned | 5 years | ||||||
RSU | |||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||
Unrecognized compensation cost | $ 5,200,000 | $ 5,200,000 | |||||
Unrecognized compensation cost weighted average period for recognition | 2 years 8 months 12 days | ||||||
RSU | Minimum | |||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||
Service period in which time-vested awards are earned | 1 year | ||||||
RSU | Maximum | |||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||
Service period in which time-vested awards are earned | 5 years | ||||||
2012 Plan | |||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||
Maximum number of common stock available for issuance (in shares) | shares | 458,242 | 458,242 |
Stock and Incentive Compensat_4
Stock and Incentive Compensation Plans - Share-based Compensation Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock compensation expense | $ 970 | $ 559 | $ 2,548 | $ 1,644 |
Related tax benefits recognized in net income | 204 | 117 | 535 | 345 |
RSA & RSU | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock compensation expense | 753 | 477 | 2,030 | 1,535 |
PSU | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock compensation expense | 134 | 0 | 283 | 0 |
ESPP | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock compensation expense | $ 83 | $ 82 | $ 235 | $ 109 |
Stock and Incentive Compensat_5
Stock and Incentive Compensation Plans - Time-vested Award Activity (Details) - $ / shares | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
RSA | ||
Shares | ||
Nonvested shares, beginning balance (in shares) | 48,048 | 103,359 |
Granted (in shares) | 12,840 | 13,460 |
Vested (in shares) | (22,682) | (55,827) |
Forfeited (in shares) | 0 | (946) |
Nonvested shares, ending balance (in shares) | 38,206 | 60,046 |
Weighted Average Grant-Date Fair Value | ||
Nonvested shares, beginning balance (in dollars per share) | $ 35.27 | $ 31.51 |
Granted (in dollars per share) | 37.39 | 42.26 |
Vested (in dollars per share) | 35.73 | 29.90 |
Forfeited (in dollars per share) | 0 | 24.69 |
Nonvested shares, ending balance (in dollars per share) | $ 35.71 | $ 35.52 |
RSU | ||
Shares | ||
Nonvested shares, beginning balance (in shares) | 73,977 | 0 |
Granted (in shares) | 87,795 | 70,573 |
Vested (in shares) | (23,260) | |
Forfeited (in shares) | (1,841) | 0 |
Nonvested shares, ending balance (in shares) | 136,671 | 70,573 |
Weighted Average Grant-Date Fair Value | ||
Nonvested shares, beginning balance (in dollars per share) | $ 40.64 | $ 0 |
Granted (in dollars per share) | 43.09 | 40.40 |
Vested (in dollars per share) | 40.40 | |
Forfeited (in dollars per share) | 43.48 | 0 |
Nonvested shares, ending balance (in dollars per share) | $ 42.21 | $ 40.40 |
PSU | ||
Shares | ||
Nonvested shares, beginning balance (in shares) | 0 | 0 |
Granted (in shares) | 27,632 | 0 |
Nonvested shares, ending balance (in shares) | 27,632 | 0 |
Weighted Average Grant-Date Fair Value | ||
Nonvested shares, beginning balance (in dollars per share) | $ 0 | $ 0 |
Granted (in dollars per share) | 40.85 | 0 |
Nonvested shares, ending balance (in dollars per share) | $ 40.85 | $ 0 |
Stock and Incentive Compensat_6
Stock and Incentive Compensation Plans - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Number of Shares | ||||
Outstanding at beginning of period (in shares) | 39,200 | 224,000 | 224,000 | |
BTH options converted to OBNK options (in shares) | 611,676 | |||
Exercised (in shares) | (60,687) | (14,800) | ||
Expired (in shares) | (331) | |||
Outstanding at end of period (in shares) | 589,858 | 209,200 | 39,200 | 224,000 |
Exercisable (in shares) | 589,858 | 209,200 | ||
Weighted Average Exercise Price | ||||
Outstanding at beginning of period (in dollars per share) | $ 10.73 | $ 10.86 | $ 10.86 | |
BTH options converted to OBNK options (in dollars per share) | 28.62 | |||
Exercised (in dollars per share) | 19.67 | 9.89 | ||
Expired (in dollars per share) | 37.01 | |||
Outstanding at end of period (in dollars per share) | 28.35 | 10.93 | $ 10.73 | $ 10.86 |
Exercisable (in dollars per share) | $ 28.35 | $ 10.93 | ||
Weighted average remaining contractual term (in years) | 4 years 11 months 15 days | 4 years 6 months 18 days | 2 years 3 months 10 days | 4 years 11 months 1 day |
Weighted average remaining contractual term, exercisable (in years) | 4 years 11 months 15 days | 4 years 6 months 18 days | ||
Aggregate Intrinsic Value | $ 5,971 | $ 6,574 | $ 1,262 | $ 3,789 |
Aggregate intrinsic value, exercisable | $ 5,971 | $ 6,574 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Beginning balance | $ 646,373 | $ 676,865 | $ 730,211 | $ 688,235 | $ 656,355 | $ 647,150 | $ 730,211 | $ 647,150 |
Net change | (59,254) | (50,089) | (71,619) | (7,042) | 6,729 | (13,464) | (180,962) | (13,777) |
Ending balance | 907,024 | 646,373 | 676,865 | 705,667 | 688,235 | 656,355 | 907,024 | 705,667 |
Unrealized Gain (Loss) on AFS Securities | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Beginning balance | 5,809 | 26,206 | 5,809 | 26,206 | ||||
Net change | (14,135) | |||||||
Ending balance | (176,110) | 12,071 | (176,110) | 12,071 | ||||
Unrealized (Loss) Gain on Cash Flow Hedges | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Beginning balance | (80) | (557) | (80) | (557) | ||||
Net change | 358 | |||||||
Ending balance | 877 | (199) | 877 | (199) | ||||
Accumulated Other Comprehensive (Loss) Income | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Beginning balance | (115,979) | (65,890) | 5,729 | 18,914 | 12,185 | 25,649 | 5,729 | 25,649 |
Net change | (59,254) | (50,089) | (71,619) | (7,042) | 6,729 | (13,464) | ||
Ending balance | $ (175,233) | $ (115,979) | $ (65,890) | $ 11,872 | $ 18,914 | $ 12,185 | $ (175,233) | $ 11,872 |
Capital and Regulatory Matter_2
Capital and Regulatory Matters - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 36 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2019 | Mar. 31, 2021 | Sep. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2022 | |
Resale Agreement Counterparty [Line Items] | ||||||
Transition regulatory capital amount | $ 5,700,000 | $ 7,600,000 | ||||
Purchase price | $ 50,000,000 | $ 40,000,000 | ||||
Stock buyback program, period | 3 years | 3 years | ||||
Repurchase of common stock, value | $ 1,256,000 | $ 28,000,000 | ||||
Origin Bank | Origin Bank | ||||||
Resale Agreement Counterparty [Line Items] | ||||||
Aggregate dividends without prior regulatory approval | $ 137,400,000 |
Capital and Regulatory Matter_3
Capital and Regulatory Matters - Actual Capital Amounts and Ratios (Details) $ in Thousands | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Origin Bancorp, Inc. | ||
Common Equity Tier 1 Capital to Risk-Weighted Assets | ||
Actual, amount | $ 863,460 | $ 681,039 |
Actual, ratio | 0.1051 | 0.1120 |
Minimum capital required, amount | $ 574,901 | $ 425,475 |
Minimum capital required, ratio | 7% | 7% |
Tier 1 Capital to Risk-Weighted Assets | ||
Actual, amount | $ 878,946 | $ 690,448 |
Actual, ratio | 0.1070 | 0.1136 |
Minimum capital required, amount | $ 698,098 | $ 516,648 |
Minimum capital required, ratio | 0.0850 | 0.0850 |
Total Capital to Risk-Weighted Assets | ||
Actual, amount | $ 1,148,290 | $ 897,503 |
Actual, ratio | 0.1398 | 0.1477 |
Minimum capital required, amount | $ 862,351 | $ 638,212 |
Minimum capital required, ratio | 0.1050 | 0.1050 |
Leverage Ratio | ||
Actual, amount | $ 878,946 | $ 690,448 |
Actual, ratio | 0.0963 | 0.0920 |
Minimum capital required, amount | $ 365,034 | $ 300,195 |
Minimum capital required, ratio | 0.0400 | 0.0400 |
Origin Bank | Origin Bank | ||
Common Equity Tier 1 Capital to Risk-Weighted Assets | ||
Actual, amount | $ 741,750 | $ 724,440 |
Actual, ratio | 0.1089 | 0.1197 |
Minimum capital required, amount | $ 476,813 | $ 423,819 |
Minimum capital required, ratio | 7% | 7% |
Well capitalized, amount | $ 442,754 | $ 393,546 |
Well capitalized, ratio | 6.50% | 6.50% |
Tier 1 Capital to Risk-Weighted Assets | ||
Actual, amount | $ 741,750 | $ 724,440 |
Actual, ratio | 0.1089 | 0.1197 |
Minimum capital required, amount | $ 578,987 | $ 514,637 |
Minimum capital required, ratio | 0.0850 | 0.0850 |
Well capitalized, amount | $ 544,929 | $ 484,365 |
Well capitalized, ratio | 0.0800 | 0.0800 |
Total Capital to Risk-Weighted Assets | ||
Actual, amount | $ 872,900 | $ 852,825 |
Actual, ratio | 0.1281 | 0.1409 |
Minimum capital required, amount | $ 715,492 | $ 635,727 |
Minimum capital required, ratio | 0.1050 | 0.1050 |
Well capitalized, amount | $ 681,421 | $ 605,454 |
Well capitalized, ratio | 0.1000 | 0.1000 |
Leverage Ratio | ||
Actual, amount | $ 741,750 | $ 724,440 |
Actual, ratio | 0.0915 | 0.0966 |
Minimum capital required, amount | $ 324,276 | $ 299,932 |
Minimum capital required, ratio | 0.0400 | 0.0400 |
Well capitalized, amount | $ 405,346 | $ 374,915 |
Well capitalized, ratio | 0.0500 | 0.0500 |
Commitments and Contingencies -
Commitments and Contingencies - Off-Balance Sheet Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Less than One Year | $ 1,208,481 | $ 685,605 |
One-Three Years | 963,226 | 627,374 |
Three-Five Years | 599,769 | 300,863 |
Greater than Five Years | 117,913 | 56,525 |
Off-balance sheet financial instrument | 2,889,389 | 1,670,367 |
Commitments to extend credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Less than One Year | 1,157,026 | 643,089 |
One-Three Years | 956,547 | 620,741 |
Three-Five Years | 599,769 | 300,863 |
Greater than Five Years | 117,913 | 56,525 |
Off-balance sheet financial instrument | 2,831,255 | 1,621,218 |
Standby letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Less than One Year | 51,455 | 42,516 |
One-Three Years | 6,679 | 6,633 |
Three-Five Years | 0 | 0 |
Greater than Five Years | 0 | 0 |
Off-balance sheet financial instrument | 58,134 | 49,149 |
Unconditional cancellable commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet financial instrument | $ 567,900 | $ 513,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Narrative (Details) $ in Thousands | Dec. 31, 2021 USD ($) letter_of_credit | Sep. 30, 2022 USD ($) letter_of_credit |
Lending-related Commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Reserve for lending related commitments | $ 2,300 | $ 5,200 |
BTH | Retention Bonuses And Guaranteed Minimum Incentives | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contingent liability | 3,100 | |
BTH | Retention Bonuses | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contingent liability | 1,000 | |
Contingent consideration, due in next fiscal year | $ 523 | |
Contingent consideration, due in next fiscal year, percentage | 50% | |
Contingent consideration, due in year two | $ 523 | |
Contingent consideration, due in year two, percentage | 50% | |
BTH | Guaranteed Minimum Incentives | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contingent liability | $ 2,000 | |
Contingent consideration, due in next fiscal year, percentage | 42% | |
Contingent consideration, due in year two, percentage | 29% | |
Lincoln Agency, LLC. and Pulley-White Insurance Agency, Inc. | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contingent liability | $ 1,400 | |
Revenue growth objectives, term | 3 years | |
Letter of credit | FHLB | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Number of instruments | letter_of_credit | 43 | 29 |
Maximum borrowing capacity | $ 599,300 | $ 262,300 |