Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 18, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-36722 | |
Entity Registrant Name | TRIUMPH BANCORP, INC. | |
Entity Incorporation, State or Country Code | TX | |
Entity Tax Identification Number | 20-0477066 | |
Entity Address, Address Line One | 12700 Park Central Drive, Suite 1700 | |
Entity Address, City or Town | Dallas | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75251 | |
City Area Code | 214 | |
Local Phone Number | 365-6900 | |
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 | 25,158,942 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001539638 | |
Current Fiscal Year End Date | --12-31 | |
Common Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common stock, par value $0.01 per share | |
Trading Symbol | TBK | |
Security Exchange Name | NASDAQ | |
Depositary Shares | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares Each Representing a 1/40th Interest in a Share of 7.125% Series C Fixed-Rate Non-Cumulative Perpetual Preferred Stock | |
Trading Symbol | TBKCP | |
Security Exchange Name | NASDAQ |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and due from banks | $ 67,622 | $ 122,929 |
Interest bearing deposits with other banks | 346,082 | 260,249 |
Total cash and cash equivalents | 413,704 | 383,178 |
Securities - equity investments | 5,085 | 5,504 |
Securities available for sale | 191,440 | 182,426 |
Securities - held to maturity, net of allowance for credit losses of $2,455 and $2,082, respectively, fair value of $5,727 and $5,447, respectively | 4,404 | 4,947 |
Loans held for sale | 607 | 7,330 |
Loans, net of allowance for credit losses of $41,553 and $42,213, respectively | 4,682,525 | 4,825,359 |
Assets held for sale | 260,085 | 0 |
Federal Home Loan Bank and other restricted stock, at cost | 12,196 | 10,146 |
Premises and equipment, net | 91,725 | 105,729 |
Other real estate owned, net | 383 | 524 |
Goodwill | 230,492 | 233,727 |
Intangible assets, net | 38,627 | 43,129 |
Bank-owned life insurance | 41,141 | 40,993 |
Deferred tax asset, net | 10,174 | 10,023 |
Indemnification asset | 4,582 | 4,786 |
Other assets | 89,264 | 98,449 |
Total assets | 6,076,434 | 5,956,250 |
Deposits | ||
Noninterest bearing | 1,859,376 | 1,925,370 |
Interest bearing | 2,472,410 | 2,721,309 |
Total deposits | 4,331,786 | 4,646,679 |
Deposits held for sale | 377,698 | 0 |
Customer repurchase agreements | 2,868 | 2,103 |
Federal Home Loan Bank advances | 230,000 | 180,000 |
Paycheck Protection Program Liquidity Facility | 0 | 27,144 |
Subordinated notes | 107,169 | 106,957 |
Junior subordinated debentures | 40,737 | 40,602 |
Other liabilities | 99,511 | 93,901 |
Total liabilities | 5,189,769 | 5,097,386 |
Commitments and contingencies - See Note 8 and Note 9 | ||
Stockholders' equity - See Note 12 | ||
Preferred stock | 45,000 | 45,000 |
Common stock, 25,161,690 and 25,158,879 shares outstanding, respectively | 283 | 283 |
Additional paid-in-capital | 516,551 | 510,939 |
Treasury stock, at cost | (106,105) | (104,743) |
Retained earnings | 422,879 | 399,351 |
Accumulated other comprehensive income (loss) | 8,057 | 8,034 |
Total stockholders’ equity | 886,665 | 858,864 |
Total liabilities and stockholders' equity | $ 6,076,434 | $ 5,956,250 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Allowance for credit losses | $ 2,455 | $ 2,082 |
Fair Value | 5,727 | 5,447 |
Allowance for credit losses | $ 41,553 | $ 42,213 |
Common stock, outstanding (in shares) | 25,161,690 | 25,158,879 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Interest and dividend income: | ||
Loans, including fees | $ 40,847 | $ 48,706 |
Factored receivables, including fees | 61,206 | 37,795 |
Securities | 1,178 | 1,650 |
FHLB and other restricted stock | 76 | 76 |
Cash deposits | 128 | 126 |
Total interest income | 103,435 | 88,353 |
Interest expense: | ||
Deposits | 1,561 | 3,372 |
Subordinated notes | 1,299 | 1,349 |
Junior subordinated debentures | 454 | 442 |
Other borrowings | 42 | 170 |
Total interest expense | 3,356 | 5,333 |
Net interest income | 100,079 | 83,020 |
Credit loss expense (benefit) | 501 | (7,845) |
Net interest income after credit loss expense (benefit) | 99,578 | 90,865 |
Noninterest income: | ||
Net OREO gains (losses) and valuation adjustments | (132) | (80) |
Insurance commissions | 1,672 | 1,486 |
Other | (96) | 6,877 |
Total noninterest income | 11,121 | 14,291 |
Noninterest expense: | ||
Salaries and employee benefits | 46,284 | 35,980 |
Occupancy, furniture and equipment | 6,436 | 5,779 |
FDIC insurance and other regulatory assessments | 411 | 977 |
Professional fees | 3,659 | 2,545 |
Amortization of intangible assets | 3,108 | 1,975 |
Advertising and promotion | 1,202 | 890 |
Communications and technology | 9,112 | 5,900 |
Other | 8,352 | 6,846 |
Total noninterest expense | 78,564 | 60,892 |
Net income before income tax expense | 32,135 | 44,264 |
Income tax expense | 7,806 | 10,341 |
Net income | 24,329 | 33,923 |
Dividends on preferred stock | (801) | (801) |
Net income available to common stockholders | $ 23,528 | $ 33,122 |
Earnings per common share | ||
Basic (in dollars per share) | $ 0.95 | $ 1.34 |
Diluted (in dollars per share) | $ 0.93 | $ 1.32 |
Service charges on deposits | ||
Noninterest income: | ||
Revenue | $ 1,963 | $ 1,787 |
Card income | ||
Noninterest income: | ||
Revenue | 2,011 | 1,972 |
Fee income | ||
Noninterest income: | ||
Revenue | $ 5,703 | $ 2,249 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 24,329 | $ 33,923 |
Unrealized gains (losses) on securities: | ||
Unrealized holding gains (losses) arising during the period | (2,901) | (315) |
Tax effect | 690 | 63 |
Unrealized holding gains (losses) arising during the period, net of taxes | (2,211) | (252) |
Reclassification of amount realized through sale or call of securities | 0 | 0 |
Tax effect | 0 | 0 |
Reclassification of amount realized through sale or call of securities, net of taxes | 0 | 0 |
Change in unrealized gains (losses) on securities, net of tax | (2,211) | (252) |
Unrealized gains (losses) on derivative financial instruments: | ||
Unrealized holding gains (losses) arising during the period | 3,152 | 3,663 |
Tax effect | (754) | (869) |
Unrealized holding gains (losses) arising during the period, net of taxes | 2,398 | 2,794 |
Reclassification of amount of (gains) losses recognized into income | (217) | 23 |
Tax effect | 53 | (5) |
Reclassification of amount of (gains) losses recognized into income, net of taxes | (164) | 18 |
Change in unrealized gains (losses) on derivative financial instruments | 2,234 | 2,812 |
Total other comprehensive income (loss) | 23 | 2,560 |
Comprehensive income | $ 24,352 | $ 36,483 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-in- Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Beginning balance at Dec. 31, 2020 | $ 726,781 | $ 45,000 | $ 280 | $ 489,151 | $ (103,052) | $ 289,583 | $ 5,819 |
Beginning balance (in shares) at Dec. 31, 2020 | 24,868,218 | 3,083,503 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of restricted stock awards (in shares) | 4,613 | ||||||
Issuance of restricted stock awards | 0 | $ 0 | 0 | ||||
Stock option exercises, net (in shares) | 10,205 | ||||||
Stock option exercises, net | $ 191 | 191 | |||||
Issuance of common stock pursuant to the employee stock purchase plan (in shares) | 0 | ||||||
Stock based compensation | $ 1,350 | 1,350 | |||||
Forfeiture of restricted stock awards (in shares) | (107) | (107) | |||||
Forfeiture of restricted stock awards | 0 | 7 | $ (7) | ||||
Dividends declared | (801) | (801) | |||||
Net income | 33,923 | 33,923 | |||||
Other comprehensive income (loss) | 2,560 | 2,560 | |||||
Ending balance at Mar. 31, 2021 | 764,004 | 45,000 | $ 280 | 490,699 | $ (103,059) | 322,705 | 8,379 |
Ending balance (in shares) at Mar. 31, 2021 | 24,882,929 | 3,083,610 | |||||
Beginning balance at Dec. 31, 2021 | 858,864 | 45,000 | $ 283 | 510,939 | $ (104,743) | 399,351 | 8,034 |
Beginning balance (in shares) at Dec. 31, 2021 | 25,158,879 | 3,102,801 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of restricted stock awards (in shares) | 5,502 | ||||||
Issuance of restricted stock awards | 0 | $ 0 | 0 | ||||
Stock option exercises, net (in shares) | 2,021 | ||||||
Stock option exercises, net | $ (74) | $ 0 | (74) | ||||
Issuance of common stock pursuant to the employee stock purchase plan (in shares) | 10,585 | 10,585 | |||||
Issuance of common stock pursuant to the employee stock purchase plan | $ 688 | 688 | |||||
Stock based compensation | $ 4,952 | 4,952 | |||||
Forfeiture of restricted stock awards (in shares) | (487) | (487) | |||||
Forfeiture of restricted stock awards | 0 | 46 | $ (46) | ||||
Purchase of treasury stock (in shares) | (14,810) | (14,810) | |||||
Purchase of treasury stock | (1,316) | $ (1,316) | |||||
Dividends declared | (801) | (801) | |||||
Net income | 24,329 | 24,329 | |||||
Other comprehensive income (loss) | 23 | 23 | |||||
Ending balance at Mar. 31, 2022 | $ 886,665 | $ 45,000 | $ 283 | $ 516,551 | $ (106,105) | $ 422,879 | $ 8,057 |
Ending balance (in shares) at Mar. 31, 2022 | 25,161,690 | 3,118,098 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 24,329 | $ 33,923 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation | 2,950 | 2,927 |
Net accretion on loans | (1,536) | (3,501) |
Amortization of subordinated notes issuance costs | 212 | 55 |
Amortization of junior subordinated debentures | 135 | 129 |
Net (accretion) amortization on securities | (242) | 350 |
Amortization of intangible assets | 3,108 | 1,975 |
Deferred taxes | (127) | 4,296 |
Credit Loss Expense (benefit) | 501 | (7,845) |
Stock based compensation | 4,952 | 1,350 |
Net (gains) losses on equity securities | 419 | 0 |
Net OREO (gains) losses and valuation adjustments | 132 | 80 |
Origination of loans held for sale | (4,300) | (15,143) |
Purchases of loans held for sale | 0 | (13,148) |
Proceeds from sale of loans originated or purchased for sale | 3,874 | 25,253 |
Net (gains) losses on sale of loans | (78) | (516) |
Net (gains) losses on transfer of loans to loans held for sale | 144 | (1,053) |
Net change in operating leases | (19) | 46 |
(Increase) decrease in other assets | 9,121 | (8,741) |
Increase (decrease) in other liabilities | 7,550 | 1,219 |
Net cash provided by (used in) operating activities | 51,125 | 21,656 |
Cash flows from investing activities: | ||
Purchases of securities available for sale | (29,131) | 0 |
Proceeds from maturities, calls, and pay downs of securities available for sale | 17,415 | 21,945 |
Proceeds from maturities, calls, and pay downs of securities held to maturity | 213 | 258 |
Purchases of loans held for investment | (38,113) | (27,933) |
Proceeds from sale of loans | 7,444 | 20,406 |
Net change in loans | (58,730) | (76,116) |
Purchases of premises and equipment, net | (2,579) | (4,913) |
Net proceeds from sale of OREO | 9 | 211 |
(Purchases) redemptions of FHLB and other restricted stock, net | (2,050) | (3,056) |
Net cash provided by (used in) investing activities | (105,522) | (69,198) |
Cash flows from financing activities: | ||
Net increase (decrease) in deposits | 62,805 | 73,065 |
Increase (decrease) in customer repurchase agreements | 765 | (431) |
Increase (decrease) in Federal Home Loan Bank advances | 50,000 | 75,000 |
Proceeds from Paycheck Protection Program Liquidity Facility borrowings | 0 | 146,333 |
Repayment of Paycheck Protection Program Liquidity Facility borrowings | (27,144) | (179,397) |
Preferred dividends | (801) | (801) |
Stock option exercises | (74) | 191 |
Proceeds from employee stock purchase plan common stock issuance | 688 | 0 |
Purchase of treasury stock | (1,316) | 0 |
Net cash provided by (used in) financing activities | 84,923 | 113,960 |
Net increase (decrease) in cash and cash equivalents | 30,526 | 66,418 |
Cash and cash equivalents at beginning of period | 383,178 | 314,393 |
Cash and cash equivalents at end of period | 413,704 | 380,811 |
Supplemental cash flow information: | ||
Interest paid | 3,405 | 6,364 |
Income taxes paid, net | 70 | (127) |
Cash paid for operating lease liabilities | 1,192 | 1,095 |
Supplemental noncash disclosures: | ||
Loans transferred to OREO | 0 | 280 |
Loans held for investment transferred to loans held for sale | 1,932 | 27,407 |
Assets transferred to assets held for sale | 260,085 | 0 |
Deposits transferred to deposits held for sale | 377,698 | 0 |
Lease liabilities arising from obtaining right-of-use assets | 0 | 9,816 |
Securities available for sale purchased, not settled | $ 0 | $ 3,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Triumph Bancorp, Inc. (collectively with its subsidiaries, “Triumph”, or the “Company” as applicable) is a financial holding company headquartered in Dallas, Texas offering a diversified line of payments, factoring and banking services. The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries Triumph CRA Holdings, LLC (“TCRA”), TBK Bank, SSB (“TBK Bank”), TBK Bank’s wholly owned subsidiary Advance Business Capital LLC, which currently operates under the d/b/a of Triumph Business Capital (“TBC”), and TBK Bank’s wholly owned subsidiary Triumph Insurance Group, Inc. (“TIG”). TriumphPay operates as a division of TBK Bank, SSB. Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with United States Generally Accepted Accounting Principles (“GAAP”) for interim financial information and in accordance with guidance provided by the Securities and Exchange Commission (“SEC”). Accordingly, the condensed financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal and recurring adjustments considered necessary for a fair presentation. Transactions between the subsidiaries have been eliminated. These condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. Operating Segments The Company’s reportable segments are comprised of strategic business units primarily based upon industry categories and, to a lesser extent, the core competencies relating to product origination, distribution methods, operations and servicing. Segment determination also considered organizational structure and is consistent with the presentation of financial information to the chief operating decision maker to evaluate segment performance, develop strategy, and allocate resources. The Company's chief operating decision maker is the Chief Executive Officer of Triumph Bancorp, Inc. Management has determined that the Company has four reportable segments consisting of Banking, Factoring, Payments, and Corporate. The Banking segment includes the operations of TBK Bank. The Banking segment derives its revenue principally from investments in interest-earning assets as well as noninterest income typical for the banking industry. The Factoring segment includes the operations of TBC with revenue derived from factoring services. The Payments segment includes the operations of the TBK Bank's TriumphPay division, which is the payments network for presentment, audit, and payment of over-the-road trucking invoices. The Payments segment derives its revenue from transaction fees and interest income on factored receivables related to invoice payments. These factored receivables consist of both invoices where we offer a carrier a QuickPay opportunity to receive payment at a discount in advance of the standard payment term for such invoice in exchange for the assignment of such invoice to us and from offering freight brokers the ability to settle their invoices with us on an extended term following our payment to their carriers as an additional liquidity option for such freight brokers. The Corporate segment includes holding company financing and investment activities and management and administrative expenses to support the overall operations of the Company. Prior to June 30, 2021, management determined that the Company had three reportable segments consisting of Banking, Factoring, and Corporate, and the Banking segment included the operations of TBK Bank and TriumphPay. On June 1, 2021, TriumphPay acquired HubTran, Inc., a cloud-based provider of automation software for the trucking industry’s back office (see Note 2 – Acquisitions and Divestitures for further disclosures regarding the acquisition of HubTran). The acquisition of HubTran allows TriumphPay to create a payments network for trucking; servicing brokers and factors. TriumphPay already offered tools and services to provide automation, mitigate fraud, and create back-office efficiency. Through the acquisition of HubTran, TriumphPay created additional value through building upon its presentment, audit, and payment capabilities for shippers, third party logistics companies (i.e., freight brokers) and their carriers, and factors. The acquisition of HubTran was an inflection point in the operations of TriumphPay as the TriumphPay strategy has shifted from a capital-intensive on-balance sheet product with a focus on interest income to a payments network for the trucking industry with a focus on fee revenue. In terms of total revenue, operating income (loss), and total assets, TriumphPay had historically been quantitatively immaterial; however, given the shift in strategy brought on by the acquisition of HubTran as well as management and chief operating decision maker focus on TriumphPay operations, management believes disclosing TriumphPay's operations through the Payments segment is qualitatively useful for readers of these financial statements. This change also brings the Company's reportable segments in line with its reporting units used for goodwill impairment evaluation. Prior to the acquisition of HubTran, the Payments reporting unit carried no goodwill. Prior period business segment disclosures have been revised as appropriate to reflect the current period change in reportable segments. Risks and Uncertainties COVID-19 has adversely impacted a broad range of industries in which the Company's customers operate and could still impair their ability to fulfill their financial obligations to the Company. The Company’s business is dependent upon the willingness and ability of its employees and customers to conduct banking and other financial transactions. While epidemiological and macroeconomic conditions have improved as of March 31, 2022, if there is a resurgence in the virus, the Company could experience further adverse effects on its business, financial condition, results of operations and cash flows. While it is not possible to know the full universe or extent that the impact of COVID-19, and any potential resulting measures to curtail its spread, will have on the Company's future operations, the Company is disclosing potentially material items of which it is aware. Allowance for credit losses Improving conditions around COVID-19 had an impact on our allowance for credit losses ("ACL") throughout the prior year as we experienced a decline in required reserves over that period. Pertaining to our March 31, 2022 financial condition and year to date results of operations, COVID-19 had little impact on required ACL levels. We have not yet experienced material charge-offs related to COVID-19. Our ACL calculation, and resulting provision for credit losses, are significantly impacted by changes in forecasted economic conditions. Should economic conditions worsen as a result of a resurgence in the virus and resulting measures to curtail its spread, we could experience increases in our required ACL and record additional credit loss expense. It is possible that our asset quality measures could worsen at future measurement periods if the effects of COVID-19 are prolonged. Capital and liquidity As of March 31, 2022, all of our capital ratios, and our subsidiary bank’s capital ratios, were in excess of all regulatory requirements. While we believe that we have sufficient capital to withstand an economic recession brought about by a resurgence in COVID-19 and/or resulting impacts of efforts used to curtail its spread, our reported and regulatory capital ratios could be adversely impacted by further credit loss expense. We rely on cash on hand as well as dividends from our subsidiary bank to service our debt. If our capital deteriorates such that our subsidiary bank is unable to pay dividends to us for an extended period of time, we may not be able to service our debt. We maintain access to multiple sources of liquidity. Wholesale funding markets have remained open to us, but rates for short term funding can be volatile. If an extended recession caused large numbers of our deposit customers to withdraw their funds, we might become more reliant on volatile or more expensive sources of funding. Credit While all industries experienced adverse impacts as a result of COVID-19 virus, we had no material exposure (on balance sheet loans and commitments to lend greater than 5% of the loan portfolio) to loan categories that management considered to be "at-risk" of significant impact as of March 31, 2022. We continue to work with customers directly affected by COVID-19. We are prepared to offer assistance in accordance with regulator guidelines. As a result of the current economic environment caused by the COVID-19 virus, we continue to engage in communication with borrowers to better understand their situation and the challenges faced, allowing us to respond proactively as needs and issues arise. Newly Issued, But Not Yet Effective Accounting Standards In March 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2022-02, "Financial Instruments – Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures" ("ASU 2022-02"). ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings ("TDRs") in ASC 310-40, "Receivables - Troubled Debt Restructurings by Creditors" for entities that have adopted the current expected credit loss ("CECL") model introduced by ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (ASU 2016-13"). ASU 2022-02 also requires that public business entities disclose current-period gross charge-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". ASU 2022-02 is effective for the Company for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. The Company is evaluating the effect that ASU 2022-02 will have on its consolidated financial statements and related disclosures. |
Acquisitions and Divestitures
Acquisitions and Divestitures | 3 Months Ended |
Mar. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions and Divestitures | ACQUISITIONS AND DIVESTITURES Factored Receivable Disposal Group During the quarter ended March 31, 2022, the Company made the decision to sell a portfolio of non-transportation factored receivables and their related customer reserves, (the "Factored Receivable Disposal Group"). As a result, the Factored Receivable Disposal Group was classified as assets and deposits held for sale on the unaudited March 31, 2022 Consolidated Balance Sheet. The fair value of the Factored Receivable Disposal Group exceeded the Company’s corresponding cost basis and thus, the Factored Receivable Disposal Group was classified as held for sale at cost with no impact to earnings except for the reversal of the allowance for credit loss associated with the factored receivables discussed below. A summary of the carrying amount of the assets and liabilities in the Factored Receivable Disposal Group transferred to held for sale is as follows: (Dollars in thousands) Factored receivables $ 80,819 Assets held for sale $ 80,819 Customer reserve noninterest bearing deposits $ 10,434 Deposits held for sale $ 10,434 The Company reversed $415,000 of allowance for credit losses on loans during the quarter ended March 31, 2022 when the factored receivables were transferred to assets held for sale. Factored receivables in the Factored Receivable Disposal Group with a recorded investment of $4,899,000 and $1,962,000 were past due 30-59 days and past due 60-90 days, respectively, and factored receivables with a recorded investment of $767,000 were past due 90 days or more and considered nonperforming assets at March 31, 2022. The Factored Receivable Disposal Group is included in the Factoring segment. Branch Disposal Group During the quarter ended March 31, 2022, the Company made the decision to sell 15 branches primarily located in rural eastern Colorado and western Kansas (the “Branch Disposal Group”). The gross assets and deposits of the Branch Disposal Group were classified as held for sale on the unaudited March 31, 2022 Consolidated Balance Sheet. The fair value of the Branch Disposal Group exceeded the Company’s corresponding cost basis and thus, the Branch Disposal Group was classified as held for sale at cost with no impact to earnings except for the reversal of the allowance for credit loss associated with the branch loans discussed below. A summary of the carrying amount of the assets and liabilities in the Branch Disposal Group transferred to held for sale is as follows: (Dollars in thousands) Loans Commercial real estate $ 31,752 Construction, land development, land 1,112 1-4 family residential 12,908 Farmland 56,320 Commercial 56,245 Consumer 832 Total loans 159,169 Goodwill 3,217 Intangible assets 1,394 Premises and equipment, net 13,633 Other assets 1,853 Assets held for sale $ 179,266 Deposits Noninterest bearing $ 102,950 Interest bearing 264,314 Total deposits held for sale $ 367,264 The Company reversed $971,000 of allowance for credit losses on loans during the quarter ended March 31, 2022 when the loans in the Branch Disposal Group were transferred to assets held for sale. Past due loan balances in the Branch Disposal Group were insignificant at March 31, 2022. The Branch Disposal Group is included in the Banking segment. HubTran Inc. On June 1, 2021, the Company, through TriumphPay, a division of the Company's wholly-owned subsidiary TBK Bank, SSB, acquired HubTran, Inc. ("HubTran"), a cloud-based provider of automation software for the trucking industry's back-office. A summary of the estimated fair values of assets acquired, liabilities assumed, consideration transferred, and the resulting goodwill is as follows: (Dollars in thousands) Initial Values Measurement Period Adjustments Adjusted Values Assets acquired: Cash $ 170 $ — $ 170 Intangible assets - capitalized software 16,932 — 16,932 Intangible assets - customer relationship 10,360 — 10,360 Other assets 1,546 24 1,570 29,008 24 29,032 Liabilities assumed: Deferred income taxes 4,703 (3,248) 1,455 Other liabilities 906 16 922 5,609 (3,232) 2,377 Fair value of net assets acquired $ 23,399 $ 3,256 $ 26,655 Consideration: Cash paid $ 97,096 $ — $ 97,096 Goodwill $ 73,697 $ (3,256) $ 70,441 The Company has recognized goodwill of $70,441,000, which included measurement period adjustments related to customary settlement adjustments and the finalization of the HubTran stub period tax return and its impact on the acquired deferred tax liability. Goodwill was calculated as the excess of the fair value of consideration exchanged as compared to the fair value of identifiable net assets acquired and was allocated to the Company’s Payments segment. The goodwill in this acquisition resulted from expected synergies and progress in the development of a fully integrated open loop payments network for the transportation industry. The goodwill will not be deducted for tax purposes. The initial accounting for the acquisition has not been completed because the fair values of the assets acquired and liabilities assumed have not yet been finalized. The intangible assets recognized include a capitalized software intangible asset with an acquisition date fair value of $16,932,000 which will be amortized on a straight-line basis over its four year estimated useful life and customer relationship intangible assets with an acquisition date fair value of $10,360,000 which will be amortized utilizing an accelerated method over their eleven year estimated useful lives. Revenue and earnings of HubTran since the acquisition date have not been disclosed as the acquired company was merged into the Company and separate financial information is not readily available. Expenses related to the acquisition, including professional fees and other transaction costs, totaling $2,992,000 were recorded in noninterest expense in the consolidated statements of income during the three months ended June 30, 2021. Transportation Financial Solutions On July 8, 2020, the Company, through its wholly-owned subsidiary Advance Business Capital LLC (“ABC”), acquired the transportation factoring assets (the “TFS Acquisition”) of Transport Financial Solutions (“TFS”), a wholly owned subsidiary of Covenant Logistics Group, Inc. ("CVLG"), in exchange for cash consideration of $108,375,000, 630,268 shares of the Company’s common stock valued at approximately $13,942,000, and contingent consideration of up to approximately $9,900,000 to be paid in cash following the twelve-month period ending July 31, 2021. Subsequent to the closing of the TFS Acquisition, the Company identified that approximately $62,200,000 of the assets acquired at closing were advances against future payments to be made to three large clients (and their affiliated entities) of TFS pursuant to long-term contractual arrangements between the obligor on such contracts and such clients (and their affiliated entities) for services that had not yet been performed. On September 23, 2020, the Company and ABC entered into an Account Management Agreement, Amendment to Purchase Agreement and Mutual Release (the “Agreement”) with CVLG and Covenant Transport Solutions, LLC, a wholly owned subsidiary of CVLG ( “CTS” and, together with CVLG, "Covenant"). Pursuant to the Agreement, the parties agreed to certain amendments to that certain Accounts Receivable Purchase Agreement (the “ARPA”), dated as of July 8, 2020, by and among ABC, as buyer, CTS, as seller, and the Company, as buyer indirect parent. Such amendments include: • Return of the portion of the purchase price paid under the ARPA consisting of 630,268 shares of Company common stock, which will be accomplished through the sale of such shares by Covenant pursuant to the terms of the Agreement and the surrender of the cash proceeds of such sale (net of brokerage or underwriting fees and commissions) to the Company; • Elimination of the earn-out consideration potentially payable to CTS under the ARPA; and • Modification of the indemnity provisions under the ARPA to eliminate the existing indemnifications for breaches of representations and warranties and to replace such with a newly established indemnification by Covenant in the event ABC incurs losses related to the $62,200,000 in over-formula advances made to specified clients identified in the Agreement (the “Over-Formula Advance Portfolio”). Under the terms of the new indemnification arrangement, Covenant will be responsible for and will indemnify ABC for 100% of the first $30,000,000 of any losses incurred by ABC related to the Over-Formula Advance Portfolio, and for 50% of the next $30,000,000 of any losses incurred by ABC, for total indemnification by Covenant of $45,000,000. Covenant’s indemnification obligations under the Agreement were secured by a pledge of equipment collateral by Covenant with an estimated net orderly liquidation value of $60,000,000 (the “Equipment Collateral”). The Company’s wholly-owned bank subsidiary, TBK Bank, SSB, has provided Covenant with a $45,000,000 line of credit, also secured by the Equipment Collateral, the proceeds of which may be drawn to satisfy Covenant’s indemnification obligations under the Agreement. Pursuant to the Agreement, Triumph and Covenant have agreed to certain terms related to the management of the Over-Formula Advance Portfolio, and the terms by which Covenant may provide assistance to maximize recovery on the Over-Formula Advance Portfolio. Pursuant to the Agreement, the Company and Covenant have provided mutual releases to each other related to any and all claims related to the transactions contemplated by the ARPA or the Over-Formula Advance Portfolio. The measurement period for this transaction remained open at the time the Agreement was executed, and the Company determined that there is a clear and direct link between the Agreement and the ARPA. Therefore, the terms of the Agreement were incorporated into the Company's purchase accounting which resulted in the elimination of the contingent consideration component of the ARPA, the recognition of cash due from Covenant as part of the consideration for the transaction, and an indemnification asset to reflect the modification of Covenant's indemnification obligations. A summary of the estimated fair values of assets acquired, liabilities assumed, consideration transferred, and the resulting goodwill is as follows: (Dollars in thousands) Initial Values Recorded at Acquisition Date Measurement Period Adjustments Adjusted Values Assets acquired: Factored receivables $ 107,524 $ — $ 107,524 Allowance for credit losses (37,415) — (37,415) Factored receivables, net of ACL 70,109 — 70,109 Intangible assets 3,500 — 3,500 Indemnification asset 30,959 — 30,959 Deferred income taxes 1,448 (59) 1,389 106,016 (59) 105,957 Liabilities assumed: Deposits 5,361 — 5,361 5,361 — 5,361 Fair value of net assets acquired $ 100,655 $ (59) $ 100,596 Consideration: Cash paid $ 108,375 $ — $ 108,375 Stock consideration 13,942 — 13,942 Cash due from seller subsequent to liquidation of stock consideration (17,196) — (17,196) Total consideration $ 105,121 $ — $ 105,121 Goodwill $ 4,466 $ 59 $ 4,525 The Company recognized goodwill of $4,525,000, which included measurement period adjustments related to the finalization of the tax basis of Covenant’s customer intangibles and its impact on the deferred tax liability associated with these intangibles. Goodwill was calculated as the excess of the fair value of consideration exchanged as compared to the fair value of identifiable net assets acquired and was allocated to the Company’s Factoring segment. The goodwill in this acquisition resulted from expected synergies and expansion in the factoring market. The goodwill will not be deducted for tax purposes. Consideration included cash due from Covenant subsequent to liquidation of the stock consideration with an acquisition date fair value of $17,196,000. The fair value of cash due from Covenant was based on the Company's stock price on the date of the Agreement, less an estimate of broker commissions and discounts. During the year ended December 31, 2020, the entirety of the acquired stock was sold by Covenant, Covenant delivered net proceeds of $28,064,000, and the Company recognized $10,868,000 of other noninterest income measured as the difference between the initial purchase accounting measurement and the amount of net proceeds delivered to the Company upon liquidation. Of the total $10,868,000 of noninterest income recognized, $2,007,000 was recognized during the three months ended September 30, 2020, and the remainder was recognized during the three months ended December 31, 2020. The intangible assets recognized include a customer relationship intangible asset with an acquisition date fair value of $3,500,000, which will be amortized utilizing an accelerated method over its eight The indemnification asset was measured separately from the related covered portfolio. It is not contractually embedded in the covered portfolio nor is it transferable with the covered portfolio should the Company choose to dispose of the portfolio or a portion of the portfolio. The indemnification asset was initially recorded in other assets in the Consolidated Balance Sheets at the time of the TFS Acquisition at a fair value of $30,959,000, measured as the present value of the estimated cash payments expected to be received from Covenant for probable losses on the covered Over-Formula Advance Portfolio. These cash flows were discounted at a rate to reflect the uncertainty of the timing and receipt of the payments from Covenant . The amount ultimately collected for this asset will be dependent upon the performance of the underlying covered portfolio, the passage of time, and Covenant's willingness and ability to make necessary payments. The terms of the Agreement are such that indemnification has no expiration date and the Company will continue to carry the indemnification asset until ultimate resolution of the covered portfolio. The indemnification asset is reviewed quarterly and changes to the asset are recorded as adjustments to other noninterest income, as appropriate, within the Consolidated Statements of Income. The value of the indemnification asset was $4,582,000 and $4,786,000 at March 31, 2022 and December 31, 2021, respectively. During the three months ended March 31, 2021, new adverse developments with the largest of the three Over-Formula Advance clients caused the Company to charge-off the entire Over-Formula Advance amount due from that client. This resulted in a net charge-off of $41,265,000; however, this net charge-off had no impact on credit loss expense for the three months ended March 31, 2021 as the entire amount had been reserved in a prior period. In accordance with the Agreement reached with Covenant, Covenant reimbursed the Company for $35,633,000 of this charge-off by drawing on its secured line of credit, which was reflected on the Company's March 31, 2021 Consolidated Balance Sheet as a current and performing equipment loan held for investment. Given separate developments with the other two Over-Formula Advance clients, the Company reserved an additional $2,844,000 reflected in credit loss expense for the three months ended March 31, 2021. The $2,844,000 increase in required ACL as well as accretion of most of the fair value discount on the indemnification asset held at December 31, 2020 resulted in a $4,654,000 gain on the indemnification asset which was recorded through non-interest income. Since March 31, 2021, Covenant has paid down its secured line of credit with TBK in its entirety and carries no outstanding balance at March 31, 2022. At March 31, 2022, Covenant had remaining availability of $9,361,000 on its TBK line of credit available to cover our gross indemnification balance of up to $4,823,000. During the three months ended March 31, 2022 , there were no material changes in the underlying credit quality of the remaining two Over-Formula Advance clients. As such, there were no charge-offs related to these balances. One of the remaining Over-Formula Advance clients made a $430,000 payment during the period, which resulted in a dollar-for-dollar reduction in the required ACL as well as a write-off of a portion of the corresponding indemnification asset. The impact of the payment to net income available to common stock holders for the three months ended March 31, 2022 was not significant. The contractually required payments and the fair value at acquisition of factored receivables purchased for which there was not, at acquisition, evidence of more than insignificant deterioration of credit quality since origination (non-PCD loans) totaled $45,228,000 and $44,962,000, respectively. Management determined that the $62,200,000 in Over-Formula Advances obtained through the TFS Acquisition had experienced more than insignificant credit deterioration since origination and thus, deemed those Over-Formula Advances to be purchased credit deteriorated ("PCD"). Other, less significant factored receivables were also considered to be PCD. The following table presents information at the acquisition date for factored receivables purchased for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination: (Dollars in thousands) Purchase price of loans at acquisition $25,147 Allowance for credit losses at acquisition 37,415 Non-credit discount/(premium) at acquisition 941 Par value of acquired loans at acquisition $63,503 Revenue and earnings of TFS since the acquisition date have not been disclosed as the acquired company was merged into the Company and separate financial information is not readily available. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | SECURITIES Equity Securities with Readily Determinable Fair Values The Company held equity securities with fair values of $5,085,000 and $5,504,000 at March 31, 2022 and December 31, 2021, respectively. The gross realized and unrealized losses recognized on equity securities with readily determinable fair values in noninterest income in the Company’s consolidated statements of income were as follows: Three Months Ended March 31, (Dollars in thousands) 2022 2021 Unrealized gains (losses) on equity securities held at the reporting date $ (419) $ — Realized gains (losses) on equity securities sold during the period — — $ (419) $ — Debt Securities Debt securities have been classified in the financial statements as available for sale or held to maturity. The following table summarizes the amortized cost, fair value, and allowance for credit losses of debt securities and the corresponding amounts of gross unrealized gains and losses of available for sale securities recognized in accumulated other comprehensive income (loss) and gross unrecognized gains and losses of held to maturity securities: (Dollars in thousands) Amortized Gross Gross Allowance Fair March 31, 2022 Available for sale securities: Mortgage-backed securities, residential $ 44,898 $ 481 $ (1,539) $ — $ 43,840 Asset-backed securities 6,659 — (10) — 6,649 State and municipal 15,224 116 (7) — 15,333 CLO securities 118,736 2,554 (217) — 121,073 Corporate bonds 1,993 26 (2) — 2,017 SBA pooled securities 2,469 84 (25) — 2,528 Total available for sale securities $ 189,979 $ 3,261 $ (1,800) $ — $ 191,440 (Dollars in thousands) Amortized Gross Gross Fair March 31, 2022 Held to maturity securities: CLO securities $ 6,859 $ 150 $ (1,282) $ 5,727 Allowance for credit losses (2,455) Total held to maturity securities, net of ACL $ 4,404 (Dollars in thousands) Amortized Gross Gross Allowance for Credit Losses Fair December 31, 2021 Available for sale securities: Mortgage-backed securities, residential $ 36,885 $ 720 $ (156) $ — $ 37,449 Asset-backed securities 6,763 2 (1) — 6,764 State and municipal 26,309 516 — — 26,825 CLO Securities 103,579 3,109 (54) — 106,634 Corporate bonds 1,992 64 — — 2,056 SBA pooled securities 2,536 162 — — 2,698 Total available for sale securities $ 178,064 $ 4,573 $ (211) $ — $ 182,426 (Dollars in thousands) Amortized Gross Gross Fair December 31, 2021 Held to maturity securities: CLO securities $ 7,029 $ — $ (1,582) $ 5,447 Allowance for credit losses (2,082) Total held to maturity securities, net of ACL $ 4,947 The amortized cost and estimated fair value of securities at March 31, 2022, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Available for Sale Securities Held to Maturity Securities (Dollars in thousands) Amortized Fair Amortized Fair Due in one year or less $ 2,488 $ 2,494 $ — $ — Due from one year to five years 2,358 2,370 — — Due from five years to ten years 62,704 64,394 6,859 5,727 Due after ten years 68,403 69,165 — — 135,953 138,423 6,859 5,727 Mortgage-backed securities, residential 44,898 43,840 — — Asset-backed securities 6,659 6,649 — — SBA pooled securities 2,469 2,528 — — $ 189,979 $ 191,440 $ 6,859 $ 5,727 There were no securities sold during the three months ended March 31, 2022 and 2021. Debt securities with a carrying amount of approximately $75,199,000 and $72,805,000 at March 31, 2022 and December 31, 2021, respectively, were pledged to secure public deposits, customer repurchase agreements, and for other purposes required or permitted by law. Accrued interest on available for sale securities totaled $725,000 and $802,000 at March 31, 2022 and December 31, 2021, respectively, and was included in other assets in the consolidated balance sheets. There was no accrued interest related to debt securities reversed against interest income for the three months ended March 31, 2022 and 2021. The following table summarizes available for sale debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous loss position: Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized March 31, 2022 Available for sale securities: Mortgage-backed securities, residential $ 25,715 $ (1,539) $ 5 $ — $ 25,720 $ (1,539) Asset-backed securities 1,652 (6) 4,996 (4) 6,648 (10) State and municipal 1,450 (7) — — 1,450 (7) CLO securities 25,033 (217) — — 25,033 (217) Corporate bonds 497 (2) — — 497 (2) SBA pooled securities 1,695 (25) — — 1,695 (25) $ 56,042 $ (1,796) $ 5,001 $ (4) $ 61,043 $ (1,800) Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2021 Available for sale securities: Mortgage-backed securities, residential $ 20,386 $ (155) $ 6 $ (1) $ 20,392 $ (156) Asset-backed securities 37 — 4,999 (1) 5,036 (1) State and municipal 30 — — — 30 — CLO Securities 22,707 (54) — — 22,707 (54) Corporate bonds — — — — — — SBA pooled securities — — — — — — $ 43,160 $ (209) $ 5,005 $ (2) $ 48,165 $ (211) Management evaluates available for sale debt securities in unrealized loss positions to determine whether the impairment is due to credit-related factors or noncredit-related factors. Consideration is given to (1) the extent to which the fair value is less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value. At March 31, 2022, the Company had 56 available for sale debt securities in an unrealized loss position without an allowance for credit losses. Management does not have the intent to sell any of these securities 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, as of March 31, 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) Three Months Ended March 31, Held to Maturity CLO Securities 2022 2021 Allowance for credit losses: Beginning balance $ 2,082 $ 2,026 Credit loss expense 373 (167) Allowance for credit losses ending balance $ 2,455 $ 1,859 The Company’s held to maturity securities are investments in the unrated subordinated notes of collateralized loan obligation funds. These securities are the junior-most in securitization capital structures, and are subject to suspension of distributions if the credit of the underlying loan portfolios deteriorates materially. The ACL on held to maturity securities is estimated at each measurement date on a collective basis by major security type. At March 31, 2022 and December 31, 2021, the Company’s held to maturity securities consisted of three investments in the subordinated notes of collateralized loan obligation (“CLO”) funds. Expected credit losses for these securities are estimated using a discounted cash flow methodology which considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Ultimately, the realized cash flows on CLO securities such as these will be driven by a variety of factors, including credit performance of the underlying loan portfolio, adjustments to the portfolio by the asset manager, and the timing of a potential call. At March 31, 2022, $5,432,000 of the Company’s held to maturity securities were classified as nonaccrual. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | LOANS AND ALLOWANCE FOR CREDIT LOSSES Loans Held for Sale The following table presents loans held for sale: (Dollars in thousands) March 31, 2022 December 31, 2021 1-4 family residential $ 597 $ 712 Commercial 10 6,618 Total loans held for sale $ 607 $ 7,330 Loans held for sale exclude loans transferred to assets held for sale as part of a disposal group. For further information regarding loans transferred to assets held for sale as part of a disposal group, see Note 2 — Acquisitions and Divestitures. Loans Held for Investment Loans The following table presents the amortized cost and unpaid principal balance of loans held for investment: March 31, 2022 December 31, 2021 (Dollars in thousands) Amortized Unpaid Difference Amortized Unpaid Difference Commercial real estate $ 625,763 $ 627,657 $ (1,894) $ 632,775 $ 634,319 $ (1,544) Construction, land development, land 119,560 119,628 (68) 123,464 123,643 (179) 1-4 family residential 117,534 117,873 (339) 123,115 123,443 (328) Farmland 17,910 18,102 (192) 77,394 77,905 (511) Commercial 1,375,044 1,383,979 (8,935) 1,430,429 1,440,542 (10,113) Factored receivables 1,764,590 1,769,774 (5,184) 1,699,537 1,703,936 (4,399) Consumer 9,276 9,284 (8) 10,885 10,883 2 Mortgage warehouse 694,401 694,401 — 769,973 769,973 — Total loans held for investment 4,724,078 $ 4,740,698 $ (16,620) 4,867,572 $ 4,884,644 $ (17,072) Allowance for credit losses (41,553) (42,213) $ 4,682,525 $ 4,825,359 The difference between the amortized cost and the unpaid principal is primarily (1) premiums and discounts associated with acquired loans totaling $11,143,000 and $11,723,000 at March 31, 2022 and December 31, 2021, respectively, and (2) net deferred origination and factoring fees totaling $5,477,000 and $5,349,000 at March 31, 2022 and December 31, 2021, respectively. Accrued interest on loans, which is excluded from the amortized cost of loans held for investment, totaled $12,056,000 and $14,513,000 at March 31, 2022 and December 31, 2021, respectively, and was included in other assets in the consolidated balance sheets. At March 31, 2022 and December 31, 2021, the Company had $231,506,000 and $254,970,000, respectively, of customer reserves associated with factored receivables. These amounts represent customer reserves held to settle any payment disputes or collection shortfalls, may be used to pay customers’ obligations to various third parties as directed by the customer, are periodically released to or withdrawn by customers, and are reported as deposits in the consolidated balance sheets. At March 31, 2022 and December 31, 2021 the balance of the Over-Formula Advance Portfolio included in factored receivables was $9,646,000 and $10,077,000, respectively. These balances were fully reserved as of those respective dates. At March 31, 2022 the Company carried a separate $19,361,000 receivable (the “Misdirected Payments”) payable by the United States Postal Service (“USPS”) arising from accounts factored to the largest Over-Formula Advance Portfolio carrier. This amount is separate from the acquired Over-Formula Advances. The amounts represented by this receivable were paid by the USPS directly to such customer in contravention of notices of assignment delivered to, and previously honored by, the USPS, which amount was then not remitted back to us by such customer as required. The USPS disputes their obligation to make such payment, citing purported deficiencies in the notices delivered to them. We have commenced litigation in the United States Court of Federal Claims against the USPS seeking a ruling that the USPS was obligated to make the payments represented by this receivable directly to us. Based on our legal analysis and discussions with our counsel advising us on this matter, we continue to believe it is probable that we will prevail in such action and that the USPS will have the capacity to make payment on such receivable. Consequently, we have not reserved for such balance as of March 31, 2022. Loans with carrying amounts of $1,578,984,000 and $1,733,917,000 at March 31, 2022 and December 31, 2021, respectively, were pledged to secure Federal Home Loan Bank borrowing capacity, Paycheck Protection Program Liquidity Facility borrowings and Federal Reserve Bank discount window borrowing capacity. Loans transferred from loans held for investment to loans held for sale at fair value concurrently with management’s change in intent and decision to sell the loans, proceeds from sales of loans transferred to held for sale, and net gains and losses on transfers and sales of loans were as follows: Three Months Ended March 31, (Dollars in thousands) 2022 2021 Loans transferred from held for investment to loans held for sale $ 1,932 $ 27,407 Proceeds from sales of loans transferred to loans held for sale 7,444 20,406 Net gains and (losses) on transfers and sales of loans held for sale (144) 1,053 Net gains and losses on transfers and sales of loans are recorded as other noninterest income in the consolidated statements of income. Loans transferred from loans held for investment to loans held for sale above exclude loans transferred to assets held for sale as part of a disposal group. For further information regarding loans transferred to assets held for sale as part of a disposal group, see Note 2 — Acquisitions and Divestitures. Allowance for Credit Losses The Company’s estimate of the ACL reflects losses expected over the remaining contractual life of the assets. The contractual term does not consider extensions, renewals or modifications unless the Company has identified an expected troubled debt restructuring. The activity in the allowance for credit losses (“ACL”) related to loans held for investment is as follows: (Dollars in thousands) Beginning Credit Loss Charge-offs Recoveries Ending Three months ended March 31, 2022 Commercial real estate $ 3,961 $ (340) $ (108) $ 14 $ 3,527 Construction, land development, land 827 73 — 1 901 1-4 family residential 468 (21) — 3 450 Farmland 562 (441) — — 121 Commercial 14,485 (607) (724) 61 13,215 Factored receivables 20,915 2,235 (708) 29 22,471 Consumer 226 41 (111) 19 175 Mortgage warehouse 769 (76) — — 693 $ 42,213 $ 864 $ (1,651) $ 127 $ 41,553 (Dollars in thousands) Beginning Credit Loss Charge-offs Recoveries Ending Three months ended March 31, 2021 Commercial real estate $ 10,182 $ (3,364) $ — $ 5 $ 6,823 Construction, land development, land 3,418 (1,737) (12) 1 1,670 1-4 family residential 1,225 (678) — 84 631 Farmland 832 (133) — — 699 Commercial 22,040 (5,071) (273) 462 17,158 Factored receivables 56,463 4,718 (41,503) 38 19,716 Consumer 542 (193) (79) 26 296 Mortgage warehouse 1,037 (6) — — 1,031 $ 95,739 $ (6,464) $ (41,867) $ 616 $ 48,024 The decrease in required ACL during the three months ended March 31, 2022 is a function of net charge-offs of $1.5 million and credit loss expense of $0.9 million. The Company uses the discounted cash flow (DCF) method to estimate ACL for the commercial real estate, construction, land development, land, 1-4 family residential, commercial (excluding liquid credit and PPP), and consumer loan pools. For all loan pools utilizing the DCF method, the Company utilizes and forecasts national unemployment as a loss driver. The Company also utilizes and forecasts either one-year percentage change in national retail sales (commercial real estate – non multifamily, commercial general, commercial agriculture, commercial asset-based lending, commercial equipment finance, consumer), one-year percentage change in the national home price index (1-4 family residential and construction, land development, land), or one-year percentage change in national gross domestic product (commercial real estate – multifamily) as a second loss driver depending on the nature of the underlying loan pool and how well that loss driver correlates to expected future losses. Consistent forecasts of the loss drivers are used across the loan segments. For all DCF models at March 31, 2022, the Company has determined that four quarters represents a reasonable and supportable forecast period and reverts back to a historical loss rate over eight quarters on a straight-line basis. The Company leverages economic projections from a reputable and independent third party to inform its loss driver forecasts over the four-quarter forecast period. Other internal and external indicators of economic forecasts are also considered by the Company when developing the forecast metrics. At March 31, 2022, as compared to December 31, 2021, the Company forecasted a decrease in national unemployment, an increase in one-year percentage change in national retail sales, a decrease in one-year percentage change in the national home price index, and a decrease in one-year percentage change in national gross domestic product.. At March 31, 2022, for national unemployment, the Company projected a low percentage in the first quarter followed by a gradual rise in the following three quarters. For percentage change in national retail sales, the Company projected sustained levels in the first two projected quarters followed by a decline over the last two projected quarters to a level below recent actual periods. For percentage changes in national home price index and national gross domestic product, the Company projected declines over the last three projected quarters to levels below recent actual periods. The Company uses a loss-rate method to estimate expected credit losses for the farmland, liquid credit, factored receivable, and mortgage warehouse loan pools. For each of these loan segments, the Company applies an expected loss ratio based on internal and peer historical losses adjusted as appropriate for qualitative factors. Qualitative loss factors are based on the Company's judgment of company, market, industry or business specific data, changes in underlying loan composition of specific portfolios, trends relating to credit quality, delinquency, non-performing and adversely rated loans, and reasonable and supportable forecasts of economic conditions. Loss factors used to calculate the required ACL on pools that use the loss-rate method reflect the forecasted economic conditions described above. For the three months ended March 31, 2022, changes in projected loss drivers and assumptions over the reasonable and supportable forecast period decreased the required ACL by $1,017,000. Changes in the volume and mix of the loan portfolio also decreased the required ACL at March 31, 2022. These decreases were offset by an increase in net new required specific reserves and net charge-off activity during the three months ended March 31, 2022. The decrease in required ACL during the three months ended March 31, 2021 is a function of net charge-offs of $41,251,000 and a benefit to credit loss expense of $6,464,000. Included in net charge-offs for the period was a charge-off of $41,265,000 due from the largest acquired Over-Formula Advance client which had been fully reserved in a prior period. As of March 31, 2022, the entire remaining acquired PCD Over-Formula Advance balance was fully reserved. See Note 2 – Acquisitions and Divestitures for further discussion of Over-Formula Advance activity. The following table presents the amortized cost basis of collateral dependent loans, which are individually evaluated to determine expected credit losses, and the related ACL allocated to these loans: (Dollars in thousands) Real Estate Accounts Equipment Other Total ACL March 31, 2022 Commercial real estate $ 2,161 $ — $ — $ 153 $ 2,314 $ 283 Construction, land development, land 175 — — — 175 — 1-4 family residential 1,510 — — 114 1,624 39 Farmland 1,218 — 121 116 1,455 — Commercial 227 — 4,481 2,655 7,363 1,472 Factored receivables — 53,072 — — 53,072 13,724 Consumer — — — 219 219 21 Mortgage warehouse — — — — — — Total $ 5,291 $ 53,072 $ 4,602 $ 3,257 $ 66,222 $ 15,539 At March 31, 2022 the balance of the Over-Formula Advance Portfolio included in factored receivables was $9,646,000 and was fully reserved. At March 31, 2022 the balance of Misdirected Payments included in factored receivables was $19,361,000 and carried no ACL allocation. (Dollars in thousands) Real Estate Accounts Equipment Other Total ACL December 31, 2021 Commercial real estate $ 2,143 $ — $ — $ 155 $ 2,298 $ 283 Construction, land development, land 987 — — — 987 — 1-4 family residential 1,583 — — 116 1,699 39 Farmland 1,803 — 126 116 2,045 — Commercial 254 — 5,598 3,017 8,869 1,733 Factored receivables — 42,863 — — 42,863 12,640 Consumer — — — 240 240 21 Mortgage warehouse — — — — — — Total $ 6,770 $ 42,863 $ 5,724 $ 3,644 $ 59,001 $ 14,716 At December 31, 2021 the balance of the Over-Formula Advance Portfolio included in factored receivables was $10,077,000 and carried an ACL allocation of $10,077,000. At December 31, 2021 the balance of Misdirected Payments included in factored receivables was $19,361,000 and carried no ACL allocation. Past Due and Nonaccrual Loans The following tables present an aging of contractually past due loans: (Dollars in thousands) Past Due Past Due Past Due 90 Total Current Total Past Due 90 March 31, 2022 Commercial real estate $ — $ — $ 16 $ 16 $ 625,747 $ 625,763 $ — Construction, land development, land 7 — 168 175 119,385 119,560 — 1-4 family residential 1,192 176 1,002 2,370 115,164 117,534 — Farmland — — 779 779 17,131 17,910 — Commercial 923 969 5,237 7,129 1,367,915 1,375,044 — Factored receivables 50,389 20,082 47,719 118,190 1,646,400 1,764,590 47,719 Consumer 176 21 109 306 8,970 9,276 — Mortgage warehouse — — — — 694,401 694,401 — Total $ 52,687 $ 21,248 $ 55,030 $ 128,965 $ 4,595,113 $ 4,724,078 $ 47,719 (Dollars in thousands) Past Due Past Due Past Due 90 Total Current Total Past Due 90 December 31, 2021 Commercial real estate $ 1,021 $ — $ 16 $ 1,037 $ 631,738 $ 632,775 $ — Construction, land development, land 30 — 145 175 123,289 123,464 — 1-4 family residential 730 332 1,114 2,176 120,939 123,115 134 Farmland 378 154 977 1,509 75,885 77,394 — Commercial 996 346 4,948 6,290 1,424,139 1,430,429 — Factored receivables 70,109 18,302 39,134 127,545 1,571,992 1,699,537 39,134 Consumer 255 48 99 402 10,483 10,885 — Mortgage warehouse — — — — 769,973 769,973 — Total $ 73,519 $ 19,182 $ 46,433 $ 139,134 $ 4,728,438 $ 4,867,572 $ 39,268 At March 31, 2022 and December 31, 2021, total past due Over-Formula Advances recorded in factored receivables was $9,646,000 and $10,077,000, respectively, all of which was considered past due 90 days or more. Aging of the Over-Formula Advances is based upon the service month on which the advances were made by TFS prior to acquisition. At March 31, 2022 and December 31, 2021, the Misdirected Payments totaled $19,361,000, all of which was considered past due 90 days or more. Given the nature of factored receivables, these assets are disclosed as past due 90 days or more still accruing; however, the Company is not recognizing income on the assets at March 31, 2022. Historically, any income recognized on factored receivables that are past due 90 days or more has not been material. The following table presents the amortized cost basis of loans on nonaccrual status and the amortized cost basis of loans on nonaccrual status for which there was no related allowance for credit losses: March 31, 2022 December 31, 2021 (Dollars in thousands) Nonaccrual Nonaccrual Nonaccrual Nonaccrual Commercial real estate $ 2,039 $ 1,423 $ 2,025 $ 1,375 Construction, land development, land 175 175 964 964 1-4 family residential 1,609 1,503 1,683 1,582 Farmland 1,455 1,455 2,044 2,044 Commercial 6,675 2,815 8,078 3,910 Factored receivables — — — — Consumer 219 139 240 159 Mortgage warehouse — — — — $ 12,172 $ 7,510 $ 15,034 $ 10,034 The following table presents accrued interest on nonaccrual loans reversed through interest income: Three Months Ended March 31, (Dollars in thousands) 2022 2021 Commercial real estate $ — $ — Construction, land development, land — — 1-4 family residential — 1 Farmland — 6 Commercial 4 3 Factored receivables — — Consumer — — Mortgage warehouse — — $ 4 $ 10 There was no interest earned on nonaccrual loans during the three months ended March 31, 2022 and 2021. The following table presents information regarding nonperforming loans: (Dollars in thousands) March 31, 2022 December 31, 2021 Nonaccrual loans (1) $ 12,172 $ 15,034 Factored receivables greater than 90 days past due 30,309 29,057 Other nonperforming factored receivables (2) 1,213 1,428 Troubled debt restructurings accruing interest 689 765 $ 44,383 $ 46,284 (1) Includes troubled debt restructurings of $3,245,000 and $3,912,000 at March 31, 2022 and December 31, 2021, respectively. (2) Other nonperforming factored receivables represent the portion of the Over-Formula Advance Portfolio that is not covered by Covenant's indemnification. This amount is also considered Classified from a risk rating perspective. Credit Quality Information The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, including: current collateral and financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk on a regular basis. Large groups of smaller balance homogeneous loans, such as consumer loans, are analyzed primarily based on payment status. The Company uses the following definitions for risk ratings: Pass – Pass rated loans have low to average risk and are not otherwise classified. Classified – Classified loans are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the repayment of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Certain classified loans have the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. Management considers the guidance in ASC 310-20 when determining whether a modification, extension, or renewal of loan constitutes a current period origination. Generally, current period renewals of credit are re-underwritten at the point of renewal and considered current period originations for purposes of the table below. As of March 31, 2022 and December 31, 2021, based on the most recent analysis performed, the risk category of loans is as follows: Revolving Revolving Total (Dollars in thousands) Year of Origination March 31, 2022 2022 2021 2020 2019 2018 Prior Commercial real estate Pass $ 87,684 $ 193,924 $ 216,244 $ 47,620 $ 20,786 $ 48,701 $ 4,253 $ — $ 619,212 Classified — 3,637 2,602 40 — 16 256 — 6,551 Total commercial real estate $ 87,684 $ 197,561 $ 218,846 $ 47,660 $ 20,786 $ 48,717 $ 4,509 $ — $ 625,763 Construction, land development, land Pass $ 7,412 $ 48,081 $ 33,997 $ 4,617 $ 23,327 $ 602 $ 9 $ — $ 118,045 Classified — 1,362 8 — — 145 — — 1,515 Total construction, land development, land $ 7,412 $ 49,443 $ 34,005 $ 4,617 $ 23,327 $ 747 $ 9 $ — $ 119,560 1-4 family residential Pass $ 11,019 $ 23,059 $ 13,562 $ 9,007 $ 5,162 $ 23,060 $ 30,667 $ 322 $ 115,858 Classified — 261 178 53 5 1,099 80 — 1,676 Total 1-4 family residential $ 11,019 $ 23,320 $ 13,740 $ 9,060 $ 5,167 $ 24,159 $ 30,747 $ 322 $ 117,534 Farmland Pass $ 177 $ 2,897 $ 2,809 $ 2,663 $ 2,317 $ 4,094 $ 1,016 $ 237 $ 16,210 Classified — 199 504 602 — 395 — — 1,700 Total farmland $ 177 $ 3,096 $ 3,313 $ 3,265 $ 2,317 $ 4,489 $ 1,016 $ 237 $ 17,910 Commercial Pass $ 109,751 $ 387,247 $ 293,748 $ 70,976 $ 14,458 $ 10,748 $ 465,709 $ 178 $ 1,352,815 Classified 1,329 13,759 5,573 420 548 201 399 — 22,229 Total commercial $ 111,080 $ 401,006 $ 299,321 $ 71,396 $ 15,006 $ 10,949 $ 466,108 $ 178 $ 1,375,044 Factored receivables Pass $ 1,732,472 $ — $ — $ — $ — $ — $ — $ — $ 1,732,472 Classified 11,543 — 20,575 — — — — — 32,118 Total factored receivables $ 1,744,015 $ — $ 20,575 $ — $ — $ — $ — $ — $ 1,764,590 Consumer Pass $ 1,374 $ 1,820 $ 1,354 $ 422 $ 447 $ 3,587 $ 53 $ — $ 9,057 Classified — 3 — — — 216 — — 219 Total consumer $ 1,374 $ 1,823 $ 1,354 $ 422 $ 447 $ 3,803 $ 53 $ — $ 9,276 Mortgage warehouse Pass $ 694,401 $ — $ — $ — $ — $ — $ — $ — $ 694,401 Classified — — — — — — — — — Total mortgage warehouse $ 694,401 $ — $ — $ — $ — $ — $ — $ — $ 694,401 Total loans Pass $ 2,644,290 $ 657,028 $ 561,714 $ 135,305 $ 66,497 $ 90,792 $ 501,707 $ 737 $ 4,658,070 Classified 12,872 19,221 29,440 1,115 553 2,072 735 — 66,008 Total loans $ 2,657,162 $ 676,249 $ 591,154 $ 136,420 $ 67,050 $ 92,864 $ 502,442 $ 737 $ 4,724,078 Revolving Revolving Total (Dollars in thousands) Year of Origination December 31, 2021 2021 2020 2019 2018 2017 Prior Commercial real estate Pass $ 211,088 $ 249,652 $ 50,223 $ 25,930 $ 47,447 $ 37,290 $ 4,595 $ — $ 626,225 Classified 2,879 3,358 41 — 16 — 256 — 6,550 Total commercial real estate $ 213,967 $ 253,010 $ 50,264 $ 25,930 $ 47,463 $ 37,290 $ 4,851 $ — $ 632,775 Construction, land development, land Pass $ 56,764 $ 33,756 $ 4,744 $ 23,696 $ 1,199 $ 994 $ 8 $ — $ 121,161 Classified 2,150 8 — — — 145 — — 2,303 Total construction, land development, land $ 58,914 $ 33,764 $ 4,744 $ 23,696 $ 1,199 $ 1,139 $ 8 $ — $ 123,464 1-4 family residential Pass $ 26,840 $ 15,195 $ 9,485 $ 6,526 $ 8,591 $ 22,151 $ 32,210 $ 318 $ 121,316 Classified 273 233 53 6 64 1,089 81 — 1,799 Total 1-4 family residential $ 27,113 $ 15,428 $ 9,538 $ 6,532 $ 8,655 $ 23,240 $ 32,291 $ 318 $ 123,115 Farmland Pass $ 14,387 $ 13,396 $ 7,892 $ 8,040 $ 10,040 $ 19,792 $ 1,317 $ 241 $ 75,105 Classified 199 612 593 333 128 298 126 — 2,289 Total farmland $ 14,586 $ 14,008 $ 8,485 $ 8,373 $ 10,168 $ 20,090 $ 1,443 $ 241 $ 77,394 Commercial Pass $ 466,254 $ 332,746 $ 77,010 $ 18,940 $ 15,032 $ 7,704 $ 490,159 $ 49 $ 1,407,894 Classified 9,317 6,858 5,088 558 56 456 202 — 22,535 Total commercial $ 475,571 $ 339,604 $ 82,098 $ 19,498 $ 15,088 $ 8,160 $ 490,361 $ 49 $ 1,430,429 Factored receivables Pass $ 1,667,922 $ — $ — $ — $ — $ — $ — $ — $ 1,667,922 Classified 10,826 20,789 — — — — — — 31,615 Total factored receivables $ 1,678,748 $ 20,789 $ — $ — $ — $ — $ — $ — $ 1,699,537 Consumer Pass $ 3,252 $ 1,794 $ 669 $ 553 $ 2,424 $ 1,882 $ 70 $ — $ 10,644 Classified 5 — — 12 119 105 — — 241 Total consumer $ 3,257 $ 1,794 $ 669 $ 565 $ 2,543 $ 1,987 $ 70 $ — $ 10,885 Mortgage warehouse Pass $ 769,973 $ — $ — $ — $ — $ — $ — $ — $ 769,973 Classified — — — — — — — — — Total mortgage warehouse $ 769,973 $ — $ — $ — $ — $ — $ — $ — $ 769,973 Total loans Pass $ 3,216,480 $ 646,539 $ 150,023 $ 83,685 $ 84,733 $ 89,813 $ 528,359 $ 608 $ 4,800,240 Classified 25,649 31,858 5,775 909 383 2,093 665 — 67,332 Total loans $ 3,242,129 $ 678,397 $ 155,798 $ 84,594 $ 85,116 $ 91,906 $ 529,024 $ 608 $ 4,867,572 Troubled Debt Restructurings and Loan Modifications The Company had troubled debt restructurings with an amortized cost of $3,934,000 and $4,677,000 as of March 31, 2022 and December 31, 2021, respectively. The Company had allocated $924,000 and $1,068,000 of allowance for those loans at March 31, 2022 and December 31, 2021, respectively, and had not committed to lend additional amounts. The Company did not have any loans modified as troubled debt restructurings during the three months ended March 31, 2022. The following table presents the pre- and post-modification recorded investment of loans modified as troubled debt restructurings during the three months ended March 31, 2021. The Company did not grant principal reductions on any restructured loans. (Dollars in thousands) Extended Payment Protective Advances Total Number of Three months ended March 31, 2021 Commercial real estate $ — $ — $ 741 $ 741 1 Commercial — $ — $ — $ 741 $ 741 1 During the three months ended March 31, 2022, the Company did not have any loans modified as troubled debt restructurings for which there were payment defaults within twelve months following the modification. During the three months ended March 31, 2021, the Company had two loans modified as troubled debt restructurings with a recorded investment of $5,841,000 for which there were payment defaults within twelve months following the modification. Default is determined at 90 or more days past due, upon charge-off, or upon foreclosure. The following table summarizes the balance of loans modified for borrowers impacted by the COVID-19 pandemic. Three Months Ended March 31, (Dollars in thousands) 2022 2021 Total modifications — 10,459 These modifications primarily consisted of payment deferrals to assist customers. As these modifications related to the COVID-19 pandemic and qualify under the provisions of either Section 4013 of the CARES act or Interagency Guidance, they are not considered troubled debt restructurings. The following table summarized the amortized cost of loans with payments currently in deferral and the accrued interest related to the loans with payments in deferral at March 31, 2022 and December 31, 2021: (Dollars in thousands) Total Balance of Percentage Accrued March 31, 2022 Commercial real estate $ 625,763 $ — — % $ — Construction, land development, land 119,560 1,340 1.1 % 5 1-4 family residential 117,534 — — % — Farmland 17,910 — — % — Commercial 1,375,044 — — % — Factored receivables 1,764,590 — — % — Consumer 9,276 — — % — Mortgage warehouse 694,401 — — % — Total $ 4,724,078 $ 1,340 — % $ 5 (Dollars in thousands) Total Balance of Percentage Accrued December 31, 2021 Commercial real estate $ 632,775 $ 30,212 4.8 % $ 116 Construction, land development, land 123,464 1,340 1.1 % 5 1-4 family residential 123,115 — — % — Farmland 77,394 338 0.4 % 3 Commercial 1,430,429 — — % — Factored receivables 1,699,537 — — % — Consumer 10,885 6 0.1 % — Mortgage warehouse 769,973 — — % — Total $ 4,867,572 $ 31,896 0.7 % $ 124 Residential Real Estate Loans In Process of Foreclosure At March 31, 2022 and December 31, 2021, the Company had $301,000 and $301,000, respectively, in 1-4 family residential real estate loans for which formal foreclosure proceedings were in process. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | GOODWILL AND INTANGIBLE ASSETS Goodwill and intangible assets consist of the following: (Dollars in thousands) March 31, 2022 December 31, 2021 Goodwill $ 230,492 $ 233,727 March 31, 2022 December 31, 2021 (Dollars in thousands) Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Core deposit intangibles $ 42,184 $ (32,724) $ 9,460 $ 43,578 $ (31,800) $ 11,778 Software intangible assets 16,932 (3,528) 13,404 16,932 (2,469) 14,463 Other intangible assets 29,560 (13,797) 15,763 29,560 (12,672) 16,888 $ 88,676 $ (50,049) $ 38,627 $ 90,070 $ (46,941) $ 43,129 The changes in goodwill and intangible assets during the three months ended March 31, 2022 and 2021 are as follows: Three Months Ended March 31, (Dollars in thousands) 2022 2021 Beginning balance $ 276,856 $ 189,922 Acquired goodwill - measurement period adjustment (18) 59 Goodwill transferred to assets held for sale (3,217) — Intangible assets transferred to assets held for sale (1,394) — Amortization of intangibles (3,108) (1,975) Ending balance $ 269,119 $ 188,006 |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTS The Company is exposed to certain risk arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s interest bearing deposits. The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Beginning in June 2020, such derivatives were used to hedge the variable cash flows associated with interest bearing deposits. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in the cash flows of the hedged item, the derivative is settled or terminated, or treatment of the derivative as a hedge is no longer appropriate or intended. During the three months ended March 31, 2022, the Company terminated its single derivative with a notional value totaling $200,000,000, resulting in a termination value of $9,316,000, which will be reclassified into earnings through interest expense in the consolidated statements of income on a straight-line basis through 2025. The following table presents the pre-tax impact of the terminated cash flow hedge on AOCI: Three Months Ended March 31, (Dollars in thousands) 2022 2021 Unrealized gains on terminated hedges included in AOCI, January 1, 2021 $ — $ — Unrealized gains on terminated hedges arising during the period 9,316 — Reclassification adjustments for amortization of unrealized (gains) into net income (233) — Unrealized gains on terminated hedges included in AOCI, March 31, 2022 $ 9,083 $ — The Company expects to reclassify into earnings approximately $2,795,000 in pre-tax gains related to the amortization of the discontinued cash flow hedge within the next twelve months. The Company did not have any derivative financial instruments at March 31, 2022. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Balance Sheet as of December 31, 2021: Derivative Assets As of December 31, 2021 (Dollars in thousands) Notional Balance Fair Value Derivatives designated as hedging instruments: Interest rate swaps $ 200,000 Other Assets $ 6,164 The table below presents the effect of cash flow hedge accounting on Accumulated Other Comprehensive Income, net of tax: Amount of Amount of Location of Amount of Amount of (Dollars in thousands) Three Months Ended March 31, 2022 Derivatives in cash flow hedging relationships: Interest rate swaps $ 2,234 $ 2,234 Interest Expense $ (164) $ (164) Three Months Ended March 31, 2021 Derivatives in cash flow hedging relationships: Interest rate swaps $ 2,812 $ 2,812 Interest Expense $ 18 $ 18 |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | VARIABLE INTEREST ENTITIES Collateralized Loan Obligation Funds – Closed The Company holds investments in the subordinated notes of the following closed Collateralized Loan Obligation (“CLO”) funds: (Dollars in thousands) Offering Offering Trinitas CLO IV, LTD (Trinitas IV) June 2, 2016 $ 406,650 Trinitas CLO V, LTD (Trinitas V) September 22, 2016 $ 409,000 Trinitas CLO VI, LTD (Trinitas VI) June 20, 2017 $ 717,100 The net carrying amounts of the Company’s investments in the subordinated notes of the CLO funds, which represent the Company’s maximum exposure to loss as a result of its involvement with the CLO funds, totaled $4,404,000 and $4,947,000 at March 31, 2022 and December 31, 2021, respectively, and are classified as held to maturity securities within the Company’s consolidated balance sheets. The Company performed a consolidation analysis to confirm whether the Company was required to consolidate the assets, liabilities, equity or operations of the closed CLO funds in its financial statements. The Company concluded that the closed CLO funds were variable interest entities and that the Company holds variable interests in the entities in the form of its investments in the subordinated notes of entities. However, the Company also concluded that the Company does not have the power to direct the activities that most significantly impact the entities’ economic performance. As a result, the Company was not the primary beneficiary and therefore was not required to consolidate the assets, liabilities, equity, or operations of the closed CLO funds in the Company’s financial statements. |
Legal Contingencies
Legal Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Contingencies | LEGAL CONTINGENCIESVarious legal claims have arisen from time to time in the normal course of business which, in the opinion of management, will have no material effect on the Company’s consolidated financial statements. |
Off-Balance Sheet Loan Commitme
Off-Balance Sheet Loan Commitments | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Off-Balance Sheet Loan Commitments | OFF-BALANCE SHEET LOAN COMMITMENTS From time to time, the Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit. Those instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheet. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet financial instruments. The contractual amounts of financial instruments with off-balance sheet risk were as follows: March 31, 2022 December 31, 2021 (Dollars in thousands) Fixed Rate Variable Rate Total Fixed Rate Variable Rate Total Unused lines of credit $ 21,159 $ 514,262 $ 535,421 $ 26,029 $ 523,483 $ 549,512 Standby letters of credit $ 4,498 $ 5,650 $ 10,148 $ 11,090 $ 5,409 $ 16,499 Commitments to purchase loans $ — $ 95,999 $ 95,999 $ — $ 108,423 $ 108,423 Mortgage warehouse commitments $ — $ 903,443 $ 903,443 $ — $ 823,060 $ 823,060 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being fully drawn upon, the total commitment amounts disclosed above do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if considered necessary by the Company, upon extension of credit, is based on management’s credit evaluation of the customer. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. In the event of nonperformance by the customer, the Company has rights to the underlying collateral, which can include commercial real estate, physical plant and property, inventory, receivables, cash and marketable securities. The credit risk to the Company in issuing letters of credit is essentially the same as that involved in extending loan facilities to its customers. Commitments to purchase loans represent loans purchased by the Company that have not yet settled. Mortgage warehouse commitments are unconditionally cancellable and represent the unused capacity on mortgage warehouse facilities the Company has approved. The Company reserves the right to refuse to buy any mortgage loans offered for sale by a customer, for any reason, at the Company’s sole and absolute discretion. The Company records an allowance for credit losses on off-balance sheet credit exposures through a charge to credit loss expense on the Company’s consolidated statements of income. At March 31, 2022 and December 31, 2021, the allowance for credit losses on off-balance sheet credit exposures totaled $3,347,000 and $4,082,000, respectively, and was included in other liabilities on the Company’s consolidated balance sheets. The following table presents credit loss expense for off balance sheet credit exposures: Three Months Ended March 31, (Dollars in thousands) 2022 2021 Credit loss expense (benefit) $ (736) $ (1,214) |
Fair Value Disclosures
Fair Value Disclosures | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value Disclosures Fair value is the exchange price that would 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. There are three levels of inputs that may be used to measure fair values: Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The methods of determining the fair value of assets and liabilities presented in this note are consistent with the methodologies disclosed in Note 17 of the Company’s 2021 Form 10-K. Assets and liabilities measured at fair value on a recurring basis are summarized in the table below. (Dollars in thousands) Fair Value Measurements Using Total March 31, 2022 Level 1 Level 2 Level 3 Assets measured at fair value on a recurring basis Securities available for sale Mortgage-backed securities, residential $ — $ 43,840 $ — $ 43,840 Asset-backed securities — 6,649 — 6,649 State and municipal — 15,333 — 15,333 CLO securities — 121,073 — 121,073 Corporate bonds — 2,017 — 2,017 SBA pooled securities — 2,528 — 2,528 $ — $ 191,440 $ — $ 191,440 Equity securities Mutual fund $ 5,085 $ — $ — $ 5,085 Loans held for sale $ — $ 607 $ — $ 607 Indemnification asset $ — $ — $ 4,582 $ 4,582 (Dollars in thousands) Fair Value Measurements Using Total December 31, 2021 Level 1 Level 2 Level 3 Assets measured at fair value on a recurring basis Securities available for sale Mortgage-backed securities, residential $ — $ 37,449 $ — $ 37,449 Asset-backed securities — 6,764 — 6,764 State and municipal — 26,825 — 26,825 CLO Securities — 106,634 — 106,634 Corporate bonds — 2,056 — 2,056 SBA pooled securities — 2,698 — 2,698 $ — $ 182,426 $ — $ 182,426 Equity securities Mutual fund $ 5,504 $ — $ — $ 5,504 Loans held for sale $ — $ 7,330 $ — $ 7,330 Derivative financial instruments (cash flow hedges) Interest rate swap $ — $ 6,164 $ — $ 6,164 Indemnification asset $ — $ — $ 4,786 $ 4,786 There were no transfers between levels during 2022 or 2021. The fair value of the indemnification asset is calculated as the present value of the estimated cash payments expected to be received from Covenant for probable losses on the covered Over-Formula Advance Portfolio. The cash flows are discounted at a rate to reflect the uncertainty of the timing and receipt of the payments from Covenant. The indemnification asset is reviewed quarterly and changes to the asset are recorded as adjustments to other noninterest income or expense, as appropriate, within the Consolidated Statements of Income. The indemnification asset fair value is considered a Level 3 classification. At March 31, 2022 and December 31, 2021, the estimated cash payments expected to be received from Covenant for probable losses on the covered Over-Formula Advance Portfolio were approximately $4,823,000 and $5,038,000, respectively, and a discount rate of 5.0% and 5.0%, respectively, was applied to calculate the present value of the indemnification asset. A reconciliation of the opening balance to the closing balance of the fair value of the indemnification asset is as follows: Three Months Ended March 31, (Dollars in thousands) 2022 2021 Beginning balance $ 4,786 $ 36,225 Indemnification asset recognized in business combination — — Change in fair value of indemnification asset recognized in earnings (204) 4,654 Indemnification reduction — (35,633) Ending balance $ 4,582 $ 5,246 Assets measured at fair value on a non-recurring basis are summarized in the table below. There were no liabilities measured at fair value on a non-recurring basis at March 31, 2022 and December 31, 2021. (Dollars in thousands) Fair Value Measurements Using Total March 31, 2022 Level 1 Level 2 Level 3 Collateral dependent loans Commercial real estate $ — $ — $ 333 $ 333 1-4 family residential — — 67 67 Commercial — — 2,387 2,387 Factored receivables — — 39,349 39,349 Consumer — — 59 59 Other real estate owned (1) 1-4 family residential — — 135 135 Farmland — — 116 116 $ — $ — $ 42,446 $ 42,446 (Dollars in thousands) Fair Value Measurements Using Total December 31, 2021 Level 1 Level 2 Level 3 Collateral dependent loans Commercial real estate $ — $ — $ 366 $ 366 1-4 family residential — — 61 61 Commercial — — 2,435 2,435 Factored receivables — — 30,224 30,224 Consumer — — 60 60 Other real estate owned (1) Commercial real estate — — 7 7 Construction, land development, land — — 63 63 $ — $ — $ 33,216 $ 33,216 (1) Represents the fair value of OREO that was adjusted during the year to date period and subsequent to its initial classification as OREO. Collateral Dependent Loans Specific Allocation of ACL : A loan is considered to be a collateral dependent loan when, based on current information and events, the Company expects repayment of the financial assets to be provided substantially through the operation or sale of the collateral and the Company has determined that the borrower is experiencing financial difficulty as of the measurement date. The ACL is measured by estimating the fair value of the loan based on the present value of expected cash flows, the market price of the loan, or the underlying fair value of the loan’s collateral. For real estate loans, fair value of the loan’s collateral is determined by third party appraisals, which are then adjusted for the estimated selling and closing costs related to liquidation of the collateral. For this asset class, the actual valuation methods (income, sales comparable, or cost) vary based on the status of the project or property. For example, land is generally based on the sales comparable method while construction is based on the income and/or sales comparable methods. The unobservable inputs may vary depending on the individual assets with no one of the three methods being the predominant approach. The Company reviews the third party appraisal for appropriateness and adjusts the value downward to consider selling and closing costs, which typically range from 5% to 8% of the appraised value. For non-real estate loans, fair value of the loan’s collateral may be determined using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business. OREO : OREO is primarily comprised of real estate acquired in partial or full satisfaction of loans. OREO is recorded at its estimated fair value less estimated selling and closing costs at the date of transfer, with any excess of the related loan balance over the fair value less expected selling costs charged to the ACL. Subsequent changes in fair value are reported as adjustments to the carrying amount and are recorded against earnings. The Company outsources the valuation of OREO with material balances to third party appraisers. For this asset class, the actual valuation methods (income, sales comparable, or cost) vary based on the status of the project or property. For example, land is generally based on the sales comparable method while construction is based on the income and/or sales comparable methods. The unobservable inputs may vary depending on the individual assets with no one of the three methods being the predominant approach. The Company reviews the third party appraisal for appropriateness and adjusts the value downward to consider selling and closing costs, which typically range from 5% to 8% of the appraised value. The estimated fair values of the Company’s financial instruments not measured at fair value on a recurring or non-recurring basis at March 31, 2022 and December 31, 2021 were as follows: (Dollars in thousands) Carrying Fair Value Measurements Using Total March 31, 2022 Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 413,704 $ 413,704 $ — $ — $ 413,704 Securities - held to maturity 4,404 — — 5,727 5,727 Loans not previously presented, gross 4,921,871 170,053 — 4,709,676 4,879,729 FHLB and other restricted stock 12,196 N/A N/A N/A N/A Accrued interest receivable 12,802 12,802 — — 12,802 Financial liabilities: Deposits 4,709,484 — 4,705,096 — 4,705,096 Customer repurchase agreements 2,868 — 2,868 — 2,868 Federal Home Loan Bank advances 230,000 — 230,000 — 230,000 Subordinated notes 107,169 — 110,264 — 110,264 Junior subordinated debentures 40,737 — 41,941 — 41,941 Accrued interest payable 1,545 1,545 — — 1,545 (Dollars in thousands) Carrying Fair Value Measurements Using Total December 31, 2021 Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 383,178 $ 383,178 $ — $ — $ 383,178 Securities - held to maturity 4,947 — — 5,447 5,447 Loans not previously presented, gross 4,834,426 142,962 — 4,685,058 4,828,020 FHLB and other restricted stock 10,146 N/A N/A N/A N/A Accrued interest receivable 15,319 15,319 — — 15,319 Financial liabilities: Deposits 4,646,679 — 4,646,552 — 4,646,552 Customer repurchase agreements 2,103 — 2,103 — 2,103 Federal Home Loan Bank advances 180,000 — 180,000 — 180,000 Paycheck Protection Program Liquidity Facility 27,144 — 27,144 — 27,144 Subordinated notes 106,957 — 110,045 — 110,045 Junior subordinated debentures 40,602 — 41,286 — 41,286 Accrued interest payable 1,951 1,951 — — 1,951 |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2022 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Regulatory Matters | REGULATORY MATTERS The Company (on a consolidated basis) and TBK Bank 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 or TBK Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and TBK Bank must meet specific capital guidelines that involve quantitative measures of their 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. Quantitative measures established by regulation to ensure capital adequacy require the Company and TBK Bank to maintain minimum amounts and ratios (set forth in the table below) of total, common equity Tier 1, and Tier 1 capital to risk weighted assets, and of Tier 1 capital to average assets. Management believes, as of March 31, 2022 and December 31, 2021, the Company and TBK Bank meet all capital adequacy requirements to which they are subject. As of March 31, 2022 and December 31, 2021, TBK Bank’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,” TBK Bank must maintain minimum total risk based, common equity Tier 1 risk based, Tier 1 risk based, and Tier 1 leverage ratios as set forth in the table below. There are no conditions or events since March 31, 2022 that management believes have changed TBK Bank’s category. The actual capital amounts and ratios for the Company and TBK Bank are presented in the following table. (Dollars in thousands) Actual Minimum for Capital To Be Well March 31, 2022 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk weighted assets) Triumph Bancorp, Inc. $ 801,378 14.5% $ 442,140 8.0% N/A N/A TBK Bank, SSB $ 732,784 13.4% $ 437,483 8.0% $ 546,854 10.0% Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 659,409 12.0% $ 329,705 6.0% N/A N/A TBK Bank, SSB $ 699,978 12.8% $ 328,115 6.0% $ 437,486 8.0% Common equity Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 573,672 10.4% $ 248,223 4.5% N/A N/A TBK Bank, SSB $ 699,978 12.8% $ 246,086 4.5% $ 355,458 6.5% Tier 1 capital (to average assets) Triumph Bancorp, Inc. $ 659,409 11.8% $ 223,528 4.0% N/A N/A TBK Bank, SSB $ 699,978 12.6% $ 222,215 4.0% $ 277,769 5.0% As of December 31, 2021 Total capital (to risk weighted assets) Triumph Bancorp, Inc. $ 769,475 14.1% $ 440,087 8.0% N/A N/A TBK Bank, SSB $ 698,286 12.9% $ 431,973 8.0% $ 539,966 10.0% Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 628,094 11.5% $ 329,196 6.0% N/A N/A TBK Bank, SSB $ 665,336 12.3% $ 323,223 6.0% $ 430,964 8.0% Common equity Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 542,492 9.9% $ 248,254 4.5% N/A N/A TBK Bank, SSB $ 665,336 12.3% $ 242,417 4.5% $ 350,158 6.5% Tier 1 capital (to average assets) Triumph Bancorp, Inc. $ 628,094 11.1% $ 215,400 4.0% N/A N/A TBK Bank, SSB $ 665,336 11.8% $ 215,482 4.0% $ 269,353 5.0% As permitted by the interim final rule issued on March 27, 2020 by the federal banking regulatory agencies, the Company has elected the option to delay the estimated impact on regulatory capital of ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, which was effective January 1, 2020. The initial impact of adoption of ASU 2016-13 as well as 25% of the quarterly increases in the allowance for credit losses subsequent to adoption of ASU 2016-13 (collectively the “transition adjustments”) will be delayed for two years. After two years, the cumulative amount of the transition adjustments will become fixed and will be phased out of the regulatory capital calculations evenly over a three year period, with 75% recognized in year three, 50% recognized in year four, and 25% recognized in year five. After five years, the temporary regulatory capital benefits will be fully reversed. Dividends paid by TBK Bank are limited to, without prior regulatory approval, current year earnings and earnings less dividends paid during the preceding two years. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | STOCKHOLDERS’ EQUITY The following summarizes the capital structure of Triumph Bancorp, Inc. Preferred Stock Series C (Dollars in thousands, except per share amounts) March 31, 2022 December 31, 2021 Shares authorized 51,750 51,750 Shares issued 45,000 45,000 Shares outstanding 45,000 45,000 Par value per share $ 0.01 $ 0.01 Liquidation preference per share $ 1,000 $ 1,000 Liquidation preference amount $ 45,000 $ 45,000 Dividend rate 7.125 % 7.125 % Dividend payment dates Quarterly Quarterly Common Stock March 31, 2022 December 31, 2021 Shares authorized 50,000,000 50,000,000 Shares issued 28,279,788 28,261,680 Treasury shares (3,118,098) (3,102,801) Shares outstanding 25,161,690 25,158,879 Par value per share $ 0.01 $ 0.01 Stock Repurchase Programs On February 7, 2022, the Company announced that its board of directors had authorized the Company to repurchase up to $50,000,000 of its outstanding common stock in open market transactions or through privately negotiated transactions at the Company’s discretion. The amount, timing and nature of any share repurchases will be based on a variety of factors, including the trading price of the Company’s common stock, applicable securities laws restrictions, regulatory limitations and market and economic factors. The repurchase program is authorized for a period of up to one year and does not require the Company to repurchase any specific number of shares. The repurchase program may be modified, suspended or discontinued at any time, at the Company’s discretion. During the three months ended March 31, 2022, the Company repurchased 14,810 shares into treasury stock under the Company’s stock repurchase program at an average price of $88.81, for a total of $1,316,000. No shares were repurchased during the three months ended March 31, 2021 under a stock repurchase program. |
Stock Based Compensation
Stock Based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Stock Based Compensation | STOCK BASED COMPENSATIONStock based compensation expense that has been charged against income was $4,952,000 and $1,350,000 for the three months ended March 31, 2022 and 2021, respectively. 2014 Omnibus Incentive Plan The Company’s 2014 Omnibus Incentive Plan (“Omnibus Incentive Plan”) provides for the grant of nonqualified and incentive stock options, stock appreciation rights, restricted stock awards, restricted stock units, and other awards that may be settled in, or based upon the value of, the Company’s common stock. The maximum number of shares of common stock available for issuance under the Omnibus Incentive Plan is 2,450,000 shares. Restricted Stock Awards A summary of changes in the Company’s nonvested Restricted Stock Awards (“RSAs”) under the Omnibus Incentive Plan for the three months ended March 31, 2022 were as follows: Nonvested RSAs Shares Weighted-Average Nonvested at January 1, 2022 363,404 67.56 Granted 5,502 87.63 Vested (5,502) 87.63 Forfeited (487) 49.69 Nonvested at March 31, 2022 362,917 67.59 RSAs granted to employees under the Omnibus Incentive Plan typically vest over three Restricted Stock Units A summary of changes in the Company’s nonvested Restricted Stock Units (“RSUs”) under the Omnibus Incentive Plan for the three months ended March 31, 2022 were as follows: Nonvested RSUs Shares Weighted-Average Nonvested at January 1, 2022 122,470 52.07 Granted — — Vested — — Forfeited — — Nonvested at March 31, 2022 122,470 52.07 RSUs granted to employees under the Omnibus Incentive Plan typically vest after four Market Based Performance Stock Units A summary of changes in the Company’s nonvested Market Based Performance Stock Units (“Market Based PSUs”) under the Omnibus Incentive Plan for the three months ended March 31, 2022 were as follows: Nonvested Market Based PSUs Shares Weighted-Average Nonvested at January 1, 2022 94,984 $ 43.68 Granted — — Vested — — Forfeited — — Nonvested at March 31, 2022 94,984 $ 43.68 Market Based PSUs granted to employees under the Omnibus Incentive Plan vest after three As of March 31, 2022, there was $1,429,000 of unrecognized compensation cost related to the nonvested Market Based PSUs. The cost is expected to be recognized over a remaining period of 1.64 years. Performance Based Performance Stock Units A summary of changes in the Company’s nonvested Performance Based Performance Stock Units (“Performance Based PSUs”) under the Omnibus Incentive Plan for the three months ended March 31, 2022 were as follows: Nonvested Performance Based PSUs Shares Weighted Average Nonvested at January 1, 2022 259,383 $ 39.32 Granted — — Vested — — Forfeited (748) 32.50 Nonvested at March 31, 2022 258,635 $ 39.34 Performance Based PSUs granted to employees under the Omnibus Incentive Plan vest after three years. The number of shares issued upon vesting will range from 0% to 200% of the shares granted based on the Company’s cumulative diluted earnings per share over the performance period. Compensation expense for the Performance Based PSUs will be estimated each period based on the fair value of the stock at the grant date and the most probable outcome of the performance condition, adjusted for the passage of time within the vesting period of the awards. During the three months ended March 31, 2022, the Company recognized $807,000 of stock based compensation expense related to Performance based PSUs. As of March 31, 2022, the maximum unrecognized compensation cost related to the nonvested Performance Based PSUs was $12,136,000, and the remaining performance period over which the cost could be recognized was 0.75 years. No compensation cost was recorded during the three months ended March 31, 2021. Stock Options A summary of the changes in the Company’s stock options under the Omnibus Incentive Plan for the three months ended March 31, 2022 were as follows: Stock Options Shares Weighted-Average Weighted-Average Aggregate Outstanding at January 1, 2022 166,755 $ 33.34 Granted — — Exercised (3,703) 25.80 Forfeited or expired — — Outstanding at March 31, 2022 163,052 $ 33.52 6.21 $ 9,865 Fully vested shares and shares expected to vest at March 31, 2022 163,052 $ 33.52 6.21 $ 9,865 Shares exercisable at March 31, 2022 100,291 $ 25.64 5.19 $ 6,858 Information related to the stock options for the three months ended March 31, 2022 and 2021 was as follows: Three Months Ended March 31, (Dollars in thousands, except per share amounts) 2022 2021 Aggregate intrinsic value of options exercised $ 277 $ 577 Cash received from option exercises — 191 Tax benefit realized from option exercises 58 121 Weighted average fair value per share of options granted $ — $ — Stock options awarded to employees under the Omnibus Incentive Plan are generally granted with an exercise price equal to the market price of the Company’s common stock at the date of grant, vest over four years, and have ten As of March 31, 2022, there was $297,000 of unrecognized compensation cost related to nonvested stock options granted under the Omnibus Incentive Plan. The cost is expected to be recognized over a remaining period of 2.84 years. Employee Stock Purchase Plan On April 1, 2019, the Company’s Board of Directors adopted the Triumph Bancorp, Inc. Employee Stock Purchase Plan (“ESPP”) and reserved 2,500,000 shares of common stock for issuance. The ESPP enables eligible employees to purchase the Company’s common stock at a price per share equal to 85% of the lower of the fair market value of the common stock at the beginning or end of each six month offering period. The first offering period commenced on February 1, 2021. During the three months ended March 31, 2022, 10,585 shares were issued under the plan. No shares were issued during the three months ended March 31, 2021. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The factors used in the earnings per share computation follow: Three Months Ended March 31, (Dollars in thousands) 2022 2021 Basic Net income to common stockholders $ 23,528 $ 33,122 Weighted average common shares outstanding 24,800,771 24,675,109 Basic earnings per common share $ 0.95 $ 1.34 Diluted Net income to common stockholders $ 23,528 $ 33,122 Weighted average common shares outstanding 24,800,771 24,675,109 Dilutive effects of: Assumed exercises of stock options 107,359 130,016 Restricted stock awards 237,305 169,514 Restricted stock units 86,099 66,714 Performance stock units - market based 139,563 128,167 Performance stock units - performance based — — Employee stock purchase program 771 1,418 Average shares and dilutive potential common shares 25,371,868 25,170,938 Diluted earnings per common share $ 0.93 $ 1.32 Shares that were not considered in computing diluted earnings per common share because they were antidilutive are as follows: Three Months Ended March 31, 2022 2021 Stock options 12,911 — Restricted stock awards 8,463 — Restricted stock units 15,000 — Performance stock units - market based — — Performance stock units - performance based 258,635 256,625 Employee stock purchase program — — |
Revenue From Contracts With Cus
Revenue From Contracts With Customers | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue From Contracts With Customers | REVENUE FROM CONTRACTS WITH CUSTOMERS The Company records revenue from contracts with customers in accordance with Accounting Standards Codification Topic 606, “Revenue from Contracts with Customers” (“Topic 606”). Under Topic 606, the Company must identify the contract with a customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize revenue when (or as) the Company satisfies a performance obligation. The Company generally fully satisfies its performance obligations on its contracts with customers as services are rendered and the transaction prices are typically fixed; charged either on a periodic basis or based on activity. The Company presents disaggregated revenue from contracts with customers in the consolidated statements of income. Additional information regarding the Company's fee income is as follows: • Fee income for the Banking and Factoring segments primarily consists of transaction-based fees, including wire transfer fees, ACH and check fees, early termination fees, and other fees, earned from the Company's banking and factoring customers. Transaction based fees are recognized at the time the transaction is executed as that is the point in time the Company satisfies its performance obligations. • Fee income for the Payments segment includes TriumphPay payment and audit fees. These fees totaled $3,229,000 and $82,000 for the three months ended March 31, 2022 and 2021, respectively. These fees are transaction based and are recognized at the time the transaction is executed as that is the point in time that the Company satisfies its performance obligations. |
Business Segment Information
Business Segment Information | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Business Segment Information | BUSINESS SEGMENT INFORMATION The following table presents the Company’s operating segments. The accounting policies of the reportable segments substantially the same as those described in the "Summary of Significant Accounting Policies" in Note 1 of the Company's 2021 Form 10-K. Transactions between segments consist primarily of borrowed funds. Intersegment interest expense is allocated to the Factoring and Payments segments based on Federal Home Loan Bank advance rates. Credit loss expense is allocated based on the segment’s allowance for credit losses determination. Noninterest income and expense directly attributable to a segment are assigned to it. The majority of salaries and benefits expense for the Company's executive leadership team is allocated to the Banking segment. Taxes are paid on a consolidated basis and are not allocated for segment purposes. The Factoring segment includes only factoring originated by TBC. (Dollars in thousands) Three months ended March 31, 2022 Banking Factoring Payments Corporate Consolidated Total interest income $ 42,183 $ 56,374 $ 4,832 $ 46 $ 103,435 Intersegment interest allocations 1,857 (1,775) (82) — — Total interest expense 1,603 — — 1,753 3,356 Net interest income (expense) 42,437 54,599 4,750 (1,707) 100,079 Credit loss expense (benefit) (2,870) 1,949 354 1,068 501 Net interest income after credit loss expense 45,307 52,650 4,396 (2,775) 99,578 Noninterest income 5,995 1,871 3,242 13 11,121 Noninterest expense 41,708 21,389 14,333 1,134 78,564 Operating income (loss) $ 9,594 $ 33,132 $ (6,695) $ (3,896) $ 32,135 (Dollars in thousands) Three months ended March 31, 2021 Banking Factoring Payments Corporate Consolidated Total interest income $ 50,556 $ 35,824 $ 1,969 $ 4 $ 88,353 Intersegment interest allocations 2,942 (2,775) (167) — — Total interest expense 3,542 — — 1,791 5,333 Net interest income (expense) 49,956 33,049 1,802 (1,787) 83,020 Credit loss expense (benefit) (12,453) 4,483 292 (167) (7,845) Net interest income after credit loss expense 62,409 28,566 1,510 (1,620) 90,865 Noninterest income 7,750 6,411 73 57 14,291 Noninterest expense 39,454 16,153 4,135 1,150 60,892 Operating income (loss) $ 30,705 $ 18,824 $ (2,552) $ (2,713) $ 44,264 Total assets and gross loans below include intersegment loans, which eliminate in consolidation. (Dollars in thousands) March 31, 2022 Banking Factoring Payments Corporate Eliminations Consolidated Total assets $ 5,684,223 $ 1,748,970 $ 276,010 $ 1,036,818 $ (2,669,587) $ 6,076,434 Gross loans $ 4,268,718 $ 1,585,711 $ 178,879 $ — $ (1,309,230) $ 4,724,078 (Dollars in thousands) December 31, 2021 Banking Factoring Payments Corporate Eliminations Consolidated Total assets $ 5,568,826 $ 1,679,495 $ 293,212 $ 1,009,998 $ (2,595,281) $ 5,956,250 Gross loans $ 4,444,136 $ 1,546,361 $ 153,176 $ 700 $ (1,276,801) $ 4,867,572 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations Triumph Bancorp, Inc. (collectively with its subsidiaries, “Triumph”, or the “Company” as applicable) is a financial holding company headquartered in Dallas, Texas offering a diversified line of payments, factoring and banking services. The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries Triumph CRA Holdings, LLC (“TCRA”), TBK Bank, SSB (“TBK Bank”), TBK Bank’s wholly owned subsidiary Advance Business Capital LLC, which currently operates under the d/b/a of Triumph Business Capital (“TBC”), and TBK Bank’s wholly owned subsidiary Triumph Insurance Group, Inc. (“TIG”). TriumphPay operates as a division of TBK Bank, SSB. |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with United States Generally Accepted Accounting Principles (“GAAP”) for interim financial information and in accordance with guidance provided by the Securities and Exchange Commission (“SEC”). Accordingly, the condensed financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal and recurring adjustments considered necessary for a fair presentation. Transactions between the subsidiaries have been eliminated. These condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. |
Operating Segments | Operating Segments The Company’s reportable segments are comprised of strategic business units primarily based upon industry categories and, to a lesser extent, the core competencies relating to product origination, distribution methods, operations and servicing. Segment determination also considered organizational structure and is consistent with the presentation of financial information to the chief operating decision maker to evaluate segment performance, develop strategy, and allocate resources. The Company's chief operating decision maker is the Chief Executive Officer of Triumph Bancorp, Inc. Management has determined that the Company has four reportable segments consisting of Banking, Factoring, Payments, and Corporate. The Banking segment includes the operations of TBK Bank. The Banking segment derives its revenue principally from investments in interest-earning assets as well as noninterest income typical for the banking industry. The Factoring segment includes the operations of TBC with revenue derived from factoring services. The Payments segment includes the operations of the TBK Bank's TriumphPay division, which is the payments network for presentment, audit, and payment of over-the-road trucking invoices. The Payments segment derives its revenue from transaction fees and interest income on factored receivables related to invoice payments. These factored receivables consist of both invoices where we offer a carrier a QuickPay opportunity to receive payment at a discount in advance of the standard payment term for such invoice in exchange for the assignment of such invoice to us and from offering freight brokers the ability to settle their invoices with us on an extended term following our payment to their carriers as an additional liquidity option for such freight brokers. The Corporate segment includes holding company financing and investment activities and management and administrative expenses to support the overall operations of the Company. |
Risks and Uncertainties | Risks and Uncertainties COVID-19 has adversely impacted a broad range of industries in which the Company's customers operate and could still impair their ability to fulfill their financial obligations to the Company. The Company’s business is dependent upon the willingness and ability of its employees and customers to conduct banking and other financial transactions. While epidemiological and macroeconomic conditions have improved as of March 31, 2022, if there is a resurgence in the virus, the Company could experience further adverse effects on its business, financial condition, results of operations and cash flows. While it is not possible to know the full universe or extent that the impact of COVID-19, and any potential resulting measures to curtail its spread, will have on the Company's future operations, the Company is disclosing potentially material items of which it is aware. Allowance for credit losses Improving conditions around COVID-19 had an impact on our allowance for credit losses ("ACL") throughout the prior year as we experienced a decline in required reserves over that period. Pertaining to our March 31, 2022 financial condition and year to date results of operations, COVID-19 had little impact on required ACL levels. We have not yet experienced material charge-offs related to COVID-19. Our ACL calculation, and resulting provision for credit losses, are significantly impacted by changes in forecasted economic conditions. Should economic conditions worsen as a result of a resurgence in the virus and resulting measures to curtail its spread, we could experience increases in our required ACL and record additional credit loss expense. It is possible that our asset quality measures could worsen at future measurement periods if the effects of COVID-19 are prolonged. Capital and liquidity As of March 31, 2022, all of our capital ratios, and our subsidiary bank’s capital ratios, were in excess of all regulatory requirements. While we believe that we have sufficient capital to withstand an economic recession brought about by a resurgence in COVID-19 and/or resulting impacts of efforts used to curtail its spread, our reported and regulatory capital ratios could be adversely impacted by further credit loss expense. We rely on cash on hand as well as dividends from our subsidiary bank to service our debt. If our capital deteriorates such that our subsidiary bank is unable to pay dividends to us for an extended period of time, we may not be able to service our debt. We maintain access to multiple sources of liquidity. Wholesale funding markets have remained open to us, but rates for short term funding can be volatile. If an extended recession caused large numbers of our deposit customers to withdraw their funds, we might become more reliant on volatile or more expensive sources of funding. Credit While all industries experienced adverse impacts as a result of COVID-19 virus, we had no material exposure (on balance sheet loans and commitments to lend greater than 5% of the loan portfolio) to loan categories that management considered to be "at-risk" of significant impact as of March 31, 2022. |
Newly Issued, But Not Yet Effective Accounting Standards | Newly Issued, But Not Yet Effective Accounting Standards In March 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2022-02, "Financial Instruments – Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures" ("ASU 2022-02"). ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings ("TDRs") in ASC 310-40, "Receivables - Troubled Debt Restructurings by Creditors" for entities that have adopted the current expected credit loss ("CECL") model introduced by ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (ASU 2016-13"). ASU 2022-02 also requires that public business entities disclose current-period gross charge-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". ASU 2022-02 is effective for the Company for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. The Company is evaluating the effect that ASU 2022-02 will have on its consolidated financial statements and related disclosures. |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Summary of Carrying Amount of Assets in Disposal Group and Gain on Sale | A summary of the carrying amount of the assets and liabilities in the Factored Receivable Disposal Group transferred to held for sale is as follows: (Dollars in thousands) Factored receivables $ 80,819 Assets held for sale $ 80,819 Customer reserve noninterest bearing deposits $ 10,434 Deposits held for sale $ 10,434 A summary of the carrying amount of the assets and liabilities in the Branch Disposal Group transferred to held for sale is as follows: (Dollars in thousands) Loans Commercial real estate $ 31,752 Construction, land development, land 1,112 1-4 family residential 12,908 Farmland 56,320 Commercial 56,245 Consumer 832 Total loans 159,169 Goodwill 3,217 Intangible assets 1,394 Premises and equipment, net 13,633 Other assets 1,853 Assets held for sale $ 179,266 Deposits Noninterest bearing $ 102,950 Interest bearing 264,314 Total deposits held for sale $ 367,264 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | A summary of the estimated fair values of assets acquired, liabilities assumed, consideration transferred, and the resulting goodwill is as follows: (Dollars in thousands) Initial Values Measurement Period Adjustments Adjusted Values Assets acquired: Cash $ 170 $ — $ 170 Intangible assets - capitalized software 16,932 — 16,932 Intangible assets - customer relationship 10,360 — 10,360 Other assets 1,546 24 1,570 29,008 24 29,032 Liabilities assumed: Deferred income taxes 4,703 (3,248) 1,455 Other liabilities 906 16 922 5,609 (3,232) 2,377 Fair value of net assets acquired $ 23,399 $ 3,256 $ 26,655 Consideration: Cash paid $ 97,096 $ — $ 97,096 Goodwill $ 73,697 $ (3,256) $ 70,441 A summary of the estimated fair values of assets acquired, liabilities assumed, consideration transferred, and the resulting goodwill is as follows: (Dollars in thousands) Initial Values Recorded at Acquisition Date Measurement Period Adjustments Adjusted Values Assets acquired: Factored receivables $ 107,524 $ — $ 107,524 Allowance for credit losses (37,415) — (37,415) Factored receivables, net of ACL 70,109 — 70,109 Intangible assets 3,500 — 3,500 Indemnification asset 30,959 — 30,959 Deferred income taxes 1,448 (59) 1,389 106,016 (59) 105,957 Liabilities assumed: Deposits 5,361 — 5,361 5,361 — 5,361 Fair value of net assets acquired $ 100,655 $ (59) $ 100,596 Consideration: Cash paid $ 108,375 $ — $ 108,375 Stock consideration 13,942 — 13,942 Cash due from seller subsequent to liquidation of stock consideration (17,196) — (17,196) Total consideration $ 105,121 $ — $ 105,121 Goodwill $ 4,466 $ 59 $ 4,525 |
Summary of Factored Receivables, Purchased with Credit Deterioration | The following table presents information at the acquisition date for factored receivables purchased for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination: (Dollars in thousands) Purchase price of loans at acquisition $25,147 Allowance for credit losses at acquisition 37,415 Non-credit discount/(premium) at acquisition 941 Par value of acquired loans at acquisition $63,503 |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Gross Realized and Unrealized Losses Recognized on Equity Securities | The gross realized and unrealized losses recognized on equity securities with readily determinable fair values in noninterest income in the Company’s consolidated statements of income were as follows: Three Months Ended March 31, (Dollars in thousands) 2022 2021 Unrealized gains (losses) on equity securities held at the reporting date $ (419) $ — Realized gains (losses) on equity securities sold during the period — — $ (419) $ — |
Schedule of Amortized Cost of Securities and Their Estimated Fair Values | The following table summarizes the amortized cost, fair value, and allowance for credit losses of debt securities and the corresponding amounts of gross unrealized gains and losses of available for sale securities recognized in accumulated other comprehensive income (loss) and gross unrecognized gains and losses of held to maturity securities: (Dollars in thousands) Amortized Gross Gross Allowance Fair March 31, 2022 Available for sale securities: Mortgage-backed securities, residential $ 44,898 $ 481 $ (1,539) $ — $ 43,840 Asset-backed securities 6,659 — (10) — 6,649 State and municipal 15,224 116 (7) — 15,333 CLO securities 118,736 2,554 (217) — 121,073 Corporate bonds 1,993 26 (2) — 2,017 SBA pooled securities 2,469 84 (25) — 2,528 Total available for sale securities $ 189,979 $ 3,261 $ (1,800) $ — $ 191,440 (Dollars in thousands) Amortized Gross Gross Fair March 31, 2022 Held to maturity securities: CLO securities $ 6,859 $ 150 $ (1,282) $ 5,727 Allowance for credit losses (2,455) Total held to maturity securities, net of ACL $ 4,404 (Dollars in thousands) Amortized Gross Gross Allowance for Credit Losses Fair December 31, 2021 Available for sale securities: Mortgage-backed securities, residential $ 36,885 $ 720 $ (156) $ — $ 37,449 Asset-backed securities 6,763 2 (1) — 6,764 State and municipal 26,309 516 — — 26,825 CLO Securities 103,579 3,109 (54) — 106,634 Corporate bonds 1,992 64 — — 2,056 SBA pooled securities 2,536 162 — — 2,698 Total available for sale securities $ 178,064 $ 4,573 $ (211) $ — $ 182,426 (Dollars in thousands) Amortized Gross Gross Fair December 31, 2021 Held to maturity securities: CLO securities $ 7,029 $ — $ (1,582) $ 5,447 Allowance for credit losses (2,082) Total held to maturity securities, net of ACL $ 4,947 |
Schedule of Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity | The amortized cost and estimated fair value of securities at March 31, 2022, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Available for Sale Securities Held to Maturity Securities (Dollars in thousands) Amortized Fair Amortized Fair Due in one year or less $ 2,488 $ 2,494 $ — $ — Due from one year to five years 2,358 2,370 — — Due from five years to ten years 62,704 64,394 6,859 5,727 Due after ten years 68,403 69,165 — — 135,953 138,423 6,859 5,727 Mortgage-backed securities, residential 44,898 43,840 — — Asset-backed securities 6,659 6,649 — — SBA pooled securities 2,469 2,528 — — $ 189,979 $ 191,440 $ 6,859 $ 5,727 |
Schedule of Available for Sale Debt Securities in an Unrealized Loss Position | The following table summarizes available for sale debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous loss position: Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized March 31, 2022 Available for sale securities: Mortgage-backed securities, residential $ 25,715 $ (1,539) $ 5 $ — $ 25,720 $ (1,539) Asset-backed securities 1,652 (6) 4,996 (4) 6,648 (10) State and municipal 1,450 (7) — — 1,450 (7) CLO securities 25,033 (217) — — 25,033 (217) Corporate bonds 497 (2) — — 497 (2) SBA pooled securities 1,695 (25) — — 1,695 (25) $ 56,042 $ (1,796) $ 5,001 $ (4) $ 61,043 $ (1,800) Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2021 Available for sale securities: Mortgage-backed securities, residential $ 20,386 $ (155) $ 6 $ (1) $ 20,392 $ (156) Asset-backed securities 37 — 4,999 (1) 5,036 (1) State and municipal 30 — — — 30 — CLO Securities 22,707 (54) — — 22,707 (54) Corporate bonds — — — — — — SBA pooled securities — — — — — — $ 43,160 $ (209) $ 5,005 $ (2) $ 48,165 $ (211) |
Summary of Activity in Allowance for Credit Losses for Held To Maturity Debt Securities | The following table presents the activity in the allowance for credit losses for held to maturity debt securities: (Dollars in thousands) Three Months Ended March 31, Held to Maturity CLO Securities 2022 2021 Allowance for credit losses: Beginning balance $ 2,082 $ 2,026 Credit loss expense 373 (167) Allowance for credit losses ending balance $ 2,455 $ 1,859 |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Schedule of Loans Held for Sale | The following table presents loans held for sale: (Dollars in thousands) March 31, 2022 December 31, 2021 1-4 family residential $ 597 $ 712 Commercial 10 6,618 Total loans held for sale $ 607 $ 7,330 |
Schedule of Amortized Cost and Unpaid Principal | The following table presents the amortized cost and unpaid principal balance of loans held for investment: March 31, 2022 December 31, 2021 (Dollars in thousands) Amortized Unpaid Difference Amortized Unpaid Difference Commercial real estate $ 625,763 $ 627,657 $ (1,894) $ 632,775 $ 634,319 $ (1,544) Construction, land development, land 119,560 119,628 (68) 123,464 123,643 (179) 1-4 family residential 117,534 117,873 (339) 123,115 123,443 (328) Farmland 17,910 18,102 (192) 77,394 77,905 (511) Commercial 1,375,044 1,383,979 (8,935) 1,430,429 1,440,542 (10,113) Factored receivables 1,764,590 1,769,774 (5,184) 1,699,537 1,703,936 (4,399) Consumer 9,276 9,284 (8) 10,885 10,883 2 Mortgage warehouse 694,401 694,401 — 769,973 769,973 — Total loans held for investment 4,724,078 $ 4,740,698 $ (16,620) 4,867,572 $ 4,884,644 $ (17,072) Allowance for credit losses (41,553) (42,213) $ 4,682,525 $ 4,825,359 |
Schedule of Loans Transferred from Held For Investment to Loans Held For Sale | Loans transferred from loans held for investment to loans held for sale at fair value concurrently with management’s change in intent and decision to sell the loans, proceeds from sales of loans transferred to held for sale, and net gains and losses on transfers and sales of loans were as follows: Three Months Ended March 31, (Dollars in thousands) 2022 2021 Loans transferred from held for investment to loans held for sale $ 1,932 $ 27,407 Proceeds from sales of loans transferred to loans held for sale 7,444 20,406 Net gains and (losses) on transfers and sales of loans held for sale (144) 1,053 |
Summary of Allowance for Loan and Lease Losses | The activity in the allowance for credit losses (“ACL”) related to loans held for investment is as follows: (Dollars in thousands) Beginning Credit Loss Charge-offs Recoveries Ending Three months ended March 31, 2022 Commercial real estate $ 3,961 $ (340) $ (108) $ 14 $ 3,527 Construction, land development, land 827 73 — 1 901 1-4 family residential 468 (21) — 3 450 Farmland 562 (441) — — 121 Commercial 14,485 (607) (724) 61 13,215 Factored receivables 20,915 2,235 (708) 29 22,471 Consumer 226 41 (111) 19 175 Mortgage warehouse 769 (76) — — 693 $ 42,213 $ 864 $ (1,651) $ 127 $ 41,553 (Dollars in thousands) Beginning Credit Loss Charge-offs Recoveries Ending Three months ended March 31, 2021 Commercial real estate $ 10,182 $ (3,364) $ — $ 5 $ 6,823 Construction, land development, land 3,418 (1,737) (12) 1 1,670 1-4 family residential 1,225 (678) — 84 631 Farmland 832 (133) — — 699 Commercial 22,040 (5,071) (273) 462 17,158 Factored receivables 56,463 4,718 (41,503) 38 19,716 Consumer 542 (193) (79) 26 296 Mortgage warehouse 1,037 (6) — — 1,031 $ 95,739 $ (6,464) $ (41,867) $ 616 $ 48,024 |
Individual And Collective Allowance For Credit Losses On Financing Receivables And Loan Balances | The following table presents the amortized cost basis of collateral dependent loans, which are individually evaluated to determine expected credit losses, and the related ACL allocated to these loans: (Dollars in thousands) Real Estate Accounts Equipment Other Total ACL March 31, 2022 Commercial real estate $ 2,161 $ — $ — $ 153 $ 2,314 $ 283 Construction, land development, land 175 — — — 175 — 1-4 family residential 1,510 — — 114 1,624 39 Farmland 1,218 — 121 116 1,455 — Commercial 227 — 4,481 2,655 7,363 1,472 Factored receivables — 53,072 — — 53,072 13,724 Consumer — — — 219 219 21 Mortgage warehouse — — — — — — Total $ 5,291 $ 53,072 $ 4,602 $ 3,257 $ 66,222 $ 15,539 (Dollars in thousands) Real Estate Accounts Equipment Other Total ACL December 31, 2021 Commercial real estate $ 2,143 $ — $ — $ 155 $ 2,298 $ 283 Construction, land development, land 987 — — — 987 — 1-4 family residential 1,583 — — 116 1,699 39 Farmland 1,803 — 126 116 2,045 — Commercial 254 — 5,598 3,017 8,869 1,733 Factored receivables — 42,863 — — 42,863 12,640 Consumer — — — 240 240 21 Mortgage warehouse — — — — — — Total $ 6,770 $ 42,863 $ 5,724 $ 3,644 $ 59,001 $ 14,716 |
Summary of Contractually Past Due and Nonaccrual Loans | The following tables present an aging of contractually past due loans: (Dollars in thousands) Past Due Past Due Past Due 90 Total Current Total Past Due 90 March 31, 2022 Commercial real estate $ — $ — $ 16 $ 16 $ 625,747 $ 625,763 $ — Construction, land development, land 7 — 168 175 119,385 119,560 — 1-4 family residential 1,192 176 1,002 2,370 115,164 117,534 — Farmland — — 779 779 17,131 17,910 — Commercial 923 969 5,237 7,129 1,367,915 1,375,044 — Factored receivables 50,389 20,082 47,719 118,190 1,646,400 1,764,590 47,719 Consumer 176 21 109 306 8,970 9,276 — Mortgage warehouse — — — — 694,401 694,401 — Total $ 52,687 $ 21,248 $ 55,030 $ 128,965 $ 4,595,113 $ 4,724,078 $ 47,719 (Dollars in thousands) Past Due Past Due Past Due 90 Total Current Total Past Due 90 December 31, 2021 Commercial real estate $ 1,021 $ — $ 16 $ 1,037 $ 631,738 $ 632,775 $ — Construction, land development, land 30 — 145 175 123,289 123,464 — 1-4 family residential 730 332 1,114 2,176 120,939 123,115 134 Farmland 378 154 977 1,509 75,885 77,394 — Commercial 996 346 4,948 6,290 1,424,139 1,430,429 — Factored receivables 70,109 18,302 39,134 127,545 1,571,992 1,699,537 39,134 Consumer 255 48 99 402 10,483 10,885 — Mortgage warehouse — — — — 769,973 769,973 — Total $ 73,519 $ 19,182 $ 46,433 $ 139,134 $ 4,728,438 $ 4,867,572 $ 39,268 |
Summary of Amortized Cost Basis of Loans on Nonaccrual Status | The following table presents the amortized cost basis of loans on nonaccrual status and the amortized cost basis of loans on nonaccrual status for which there was no related allowance for credit losses: March 31, 2022 December 31, 2021 (Dollars in thousands) Nonaccrual Nonaccrual Nonaccrual Nonaccrual Commercial real estate $ 2,039 $ 1,423 $ 2,025 $ 1,375 Construction, land development, land 175 175 964 964 1-4 family residential 1,609 1,503 1,683 1,582 Farmland 1,455 1,455 2,044 2,044 Commercial 6,675 2,815 8,078 3,910 Factored receivables — — — — Consumer 219 139 240 159 Mortgage warehouse — — — — $ 12,172 $ 7,510 $ 15,034 $ 10,034 |
Schedule of Accrued Interest on Non Accrual Loans Reversed Through Interest Income | The following table presents accrued interest on nonaccrual loans reversed through interest income: Three Months Ended March 31, (Dollars in thousands) 2022 2021 Commercial real estate $ — $ — Construction, land development, land — — 1-4 family residential — 1 Farmland — 6 Commercial 4 3 Factored receivables — — Consumer — — Mortgage warehouse — — $ 4 $ 10 |
Schedule of Nonperforming Loans | The following table presents information regarding nonperforming loans: (Dollars in thousands) March 31, 2022 December 31, 2021 Nonaccrual loans (1) $ 12,172 $ 15,034 Factored receivables greater than 90 days past due 30,309 29,057 Other nonperforming factored receivables (2) 1,213 1,428 Troubled debt restructurings accruing interest 689 765 $ 44,383 $ 46,284 (1) Includes troubled debt restructurings of $3,245,000 and $3,912,000 at March 31, 2022 and December 31, 2021, respectively. (2) Other nonperforming factored receivables represent the portion of the Over-Formula Advance Portfolio that is not covered by Covenant's indemnification. This amount is also considered Classified from a risk rating perspective. |
Summary of Risk Category of Loans | As of March 31, 2022 and December 31, 2021, based on the most recent analysis performed, the risk category of loans is as follows: Revolving Revolving Total (Dollars in thousands) Year of Origination March 31, 2022 2022 2021 2020 2019 2018 Prior Commercial real estate Pass $ 87,684 $ 193,924 $ 216,244 $ 47,620 $ 20,786 $ 48,701 $ 4,253 $ — $ 619,212 Classified — 3,637 2,602 40 — 16 256 — 6,551 Total commercial real estate $ 87,684 $ 197,561 $ 218,846 $ 47,660 $ 20,786 $ 48,717 $ 4,509 $ — $ 625,763 Construction, land development, land Pass $ 7,412 $ 48,081 $ 33,997 $ 4,617 $ 23,327 $ 602 $ 9 $ — $ 118,045 Classified — 1,362 8 — — 145 — — 1,515 Total construction, land development, land $ 7,412 $ 49,443 $ 34,005 $ 4,617 $ 23,327 $ 747 $ 9 $ — $ 119,560 1-4 family residential Pass $ 11,019 $ 23,059 $ 13,562 $ 9,007 $ 5,162 $ 23,060 $ 30,667 $ 322 $ 115,858 Classified — 261 178 53 5 1,099 80 — 1,676 Total 1-4 family residential $ 11,019 $ 23,320 $ 13,740 $ 9,060 $ 5,167 $ 24,159 $ 30,747 $ 322 $ 117,534 Farmland Pass $ 177 $ 2,897 $ 2,809 $ 2,663 $ 2,317 $ 4,094 $ 1,016 $ 237 $ 16,210 Classified — 199 504 602 — 395 — — 1,700 Total farmland $ 177 $ 3,096 $ 3,313 $ 3,265 $ 2,317 $ 4,489 $ 1,016 $ 237 $ 17,910 Commercial Pass $ 109,751 $ 387,247 $ 293,748 $ 70,976 $ 14,458 $ 10,748 $ 465,709 $ 178 $ 1,352,815 Classified 1,329 13,759 5,573 420 548 201 399 — 22,229 Total commercial $ 111,080 $ 401,006 $ 299,321 $ 71,396 $ 15,006 $ 10,949 $ 466,108 $ 178 $ 1,375,044 Factored receivables Pass $ 1,732,472 $ — $ — $ — $ — $ — $ — $ — $ 1,732,472 Classified 11,543 — 20,575 — — — — — 32,118 Total factored receivables $ 1,744,015 $ — $ 20,575 $ — $ — $ — $ — $ — $ 1,764,590 Consumer Pass $ 1,374 $ 1,820 $ 1,354 $ 422 $ 447 $ 3,587 $ 53 $ — $ 9,057 Classified — 3 — — — 216 — — 219 Total consumer $ 1,374 $ 1,823 $ 1,354 $ 422 $ 447 $ 3,803 $ 53 $ — $ 9,276 Mortgage warehouse Pass $ 694,401 $ — $ — $ — $ — $ — $ — $ — $ 694,401 Classified — — — — — — — — — Total mortgage warehouse $ 694,401 $ — $ — $ — $ — $ — $ — $ — $ 694,401 Total loans Pass $ 2,644,290 $ 657,028 $ 561,714 $ 135,305 $ 66,497 $ 90,792 $ 501,707 $ 737 $ 4,658,070 Classified 12,872 19,221 29,440 1,115 553 2,072 735 — 66,008 Total loans $ 2,657,162 $ 676,249 $ 591,154 $ 136,420 $ 67,050 $ 92,864 $ 502,442 $ 737 $ 4,724,078 Revolving Revolving Total (Dollars in thousands) Year of Origination December 31, 2021 2021 2020 2019 2018 2017 Prior Commercial real estate Pass $ 211,088 $ 249,652 $ 50,223 $ 25,930 $ 47,447 $ 37,290 $ 4,595 $ — $ 626,225 Classified 2,879 3,358 41 — 16 — 256 — 6,550 Total commercial real estate $ 213,967 $ 253,010 $ 50,264 $ 25,930 $ 47,463 $ 37,290 $ 4,851 $ — $ 632,775 Construction, land development, land Pass $ 56,764 $ 33,756 $ 4,744 $ 23,696 $ 1,199 $ 994 $ 8 $ — $ 121,161 Classified 2,150 8 — — — 145 — — 2,303 Total construction, land development, land $ 58,914 $ 33,764 $ 4,744 $ 23,696 $ 1,199 $ 1,139 $ 8 $ — $ 123,464 1-4 family residential Pass $ 26,840 $ 15,195 $ 9,485 $ 6,526 $ 8,591 $ 22,151 $ 32,210 $ 318 $ 121,316 Classified 273 233 53 6 64 1,089 81 — 1,799 Total 1-4 family residential $ 27,113 $ 15,428 $ 9,538 $ 6,532 $ 8,655 $ 23,240 $ 32,291 $ 318 $ 123,115 Farmland Pass $ 14,387 $ 13,396 $ 7,892 $ 8,040 $ 10,040 $ 19,792 $ 1,317 $ 241 $ 75,105 Classified 199 612 593 333 128 298 126 — 2,289 Total farmland $ 14,586 $ 14,008 $ 8,485 $ 8,373 $ 10,168 $ 20,090 $ 1,443 $ 241 $ 77,394 Commercial Pass $ 466,254 $ 332,746 $ 77,010 $ 18,940 $ 15,032 $ 7,704 $ 490,159 $ 49 $ 1,407,894 Classified 9,317 6,858 5,088 558 56 456 202 — 22,535 Total commercial $ 475,571 $ 339,604 $ 82,098 $ 19,498 $ 15,088 $ 8,160 $ 490,361 $ 49 $ 1,430,429 Factored receivables Pass $ 1,667,922 $ — $ — $ — $ — $ — $ — $ — $ 1,667,922 Classified 10,826 20,789 — — — — — — 31,615 Total factored receivables $ 1,678,748 $ 20,789 $ — $ — $ — $ — $ — $ — $ 1,699,537 Consumer Pass $ 3,252 $ 1,794 $ 669 $ 553 $ 2,424 $ 1,882 $ 70 $ — $ 10,644 Classified 5 — — 12 119 105 — — 241 Total consumer $ 3,257 $ 1,794 $ 669 $ 565 $ 2,543 $ 1,987 $ 70 $ — $ 10,885 Mortgage warehouse Pass $ 769,973 $ — $ — $ — $ — $ — $ — $ — $ 769,973 Classified — — — — — — — — — Total mortgage warehouse $ 769,973 $ — $ — $ — $ — $ — $ — $ — $ 769,973 Total loans Pass $ 3,216,480 $ 646,539 $ 150,023 $ 83,685 $ 84,733 $ 89,813 $ 528,359 $ 608 $ 4,800,240 Classified 25,649 31,858 5,775 909 383 2,093 665 — 67,332 Total loans $ 3,242,129 $ 678,397 $ 155,798 $ 84,594 $ 85,116 $ 91,906 $ 529,024 $ 608 $ 4,867,572 |
Schedule of Loans Modified as Troubled Debt Restructurings | The following table presents the pre- and post-modification recorded investment of loans modified as troubled debt restructurings during the three months ended March 31, 2021. The Company did not grant principal reductions on any restructured loans. (Dollars in thousands) Extended Payment Protective Advances Total Number of Three months ended March 31, 2021 Commercial real estate $ — $ — $ 741 $ 741 1 Commercial — $ — $ — $ 741 $ 741 1 |
Balance of Loans Modified Due to COVID-19 | The following table summarizes the balance of loans modified for borrowers impacted by the COVID-19 pandemic. Three Months Ended March 31, (Dollars in thousands) 2022 2021 Total modifications — 10,459 |
Summary of Amortized Cost of Loans Currently in Deferral | The following table summarized the amortized cost of loans with payments currently in deferral and the accrued interest related to the loans with payments in deferral at March 31, 2022 and December 31, 2021: (Dollars in thousands) Total Balance of Percentage Accrued March 31, 2022 Commercial real estate $ 625,763 $ — — % $ — Construction, land development, land 119,560 1,340 1.1 % 5 1-4 family residential 117,534 — — % — Farmland 17,910 — — % — Commercial 1,375,044 — — % — Factored receivables 1,764,590 — — % — Consumer 9,276 — — % — Mortgage warehouse 694,401 — — % — Total $ 4,724,078 $ 1,340 — % $ 5 (Dollars in thousands) Total Balance of Percentage Accrued December 31, 2021 Commercial real estate $ 632,775 $ 30,212 4.8 % $ 116 Construction, land development, land 123,464 1,340 1.1 % 5 1-4 family residential 123,115 — — % — Farmland 77,394 338 0.4 % 3 Commercial 1,430,429 — — % — Factored receivables 1,699,537 — — % — Consumer 10,885 6 0.1 % — Mortgage warehouse 769,973 — — % — Total $ 4,867,572 $ 31,896 0.7 % $ 124 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | Goodwill and intangible assets consist of the following: (Dollars in thousands) March 31, 2022 December 31, 2021 Goodwill $ 230,492 $ 233,727 March 31, 2022 December 31, 2021 (Dollars in thousands) Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Core deposit intangibles $ 42,184 $ (32,724) $ 9,460 $ 43,578 $ (31,800) $ 11,778 Software intangible assets 16,932 (3,528) 13,404 16,932 (2,469) 14,463 Other intangible assets 29,560 (13,797) 15,763 29,560 (12,672) 16,888 $ 88,676 $ (50,049) $ 38,627 $ 90,070 $ (46,941) $ 43,129 |
Schedule of Changes in Goodwill and Intangible Assets | The changes in goodwill and intangible assets during the three months ended March 31, 2022 and 2021 are as follows: Three Months Ended March 31, (Dollars in thousands) 2022 2021 Beginning balance $ 276,856 $ 189,922 Acquired goodwill - measurement period adjustment (18) 59 Goodwill transferred to assets held for sale (3,217) — Intangible assets transferred to assets held for sale (1,394) — Amortization of intangibles (3,108) (1,975) Ending balance $ 269,119 $ 188,006 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Pre-Tax Impact of Terminated Cash Flow Hedge on AOCI | The following table presents the pre-tax impact of the terminated cash flow hedge on AOCI: Three Months Ended March 31, (Dollars in thousands) 2022 2021 Unrealized gains on terminated hedges included in AOCI, January 1, 2021 $ — $ — Unrealized gains on terminated hedges arising during the period 9,316 — Reclassification adjustments for amortization of unrealized (gains) into net income (233) — Unrealized gains on terminated hedges included in AOCI, March 31, 2022 $ 9,083 $ — |
Schedule of Fair Value of Derivative Financial Instruments Classification on Balance Sheet | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Balance Sheet as of December 31, 2021: Derivative Assets As of December 31, 2021 (Dollars in thousands) Notional Balance Fair Value Derivatives designated as hedging instruments: Interest rate swaps $ 200,000 Other Assets $ 6,164 |
Schedule of Pre-Tax Impact of Terminated Cash Flow Hedge on AOCI | The table below presents the effect of cash flow hedge accounting on Accumulated Other Comprehensive Income, net of tax: Amount of Amount of Location of Amount of Amount of (Dollars in thousands) Three Months Ended March 31, 2022 Derivatives in cash flow hedging relationships: Interest rate swaps $ 2,234 $ 2,234 Interest Expense $ (164) $ (164) Three Months Ended March 31, 2021 Derivatives in cash flow hedging relationships: Interest rate swaps $ 2,812 $ 2,812 Interest Expense $ 18 $ 18 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities | The Company holds investments in the subordinated notes of the following closed Collateralized Loan Obligation (“CLO”) funds: (Dollars in thousands) Offering Offering Trinitas CLO IV, LTD (Trinitas IV) June 2, 2016 $ 406,650 Trinitas CLO V, LTD (Trinitas V) September 22, 2016 $ 409,000 Trinitas CLO VI, LTD (Trinitas VI) June 20, 2017 $ 717,100 |
Off-Balance Sheet Loan Commit_2
Off-Balance Sheet Loan Commitments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Financial Instruments with Off-Balance Sheet Risk | The contractual amounts of financial instruments with off-balance sheet risk were as follows: March 31, 2022 December 31, 2021 (Dollars in thousands) Fixed Rate Variable Rate Total Fixed Rate Variable Rate Total Unused lines of credit $ 21,159 $ 514,262 $ 535,421 $ 26,029 $ 523,483 $ 549,512 Standby letters of credit $ 4,498 $ 5,650 $ 10,148 $ 11,090 $ 5,409 $ 16,499 Commitments to purchase loans $ — $ 95,999 $ 95,999 $ — $ 108,423 $ 108,423 Mortgage warehouse commitments $ — $ 903,443 $ 903,443 $ — $ 823,060 $ 823,060 |
Securities Borrowed, Allowance for Credit Loss | The following table presents credit loss expense for off balance sheet credit exposures: Three Months Ended March 31, (Dollars in thousands) 2022 2021 Credit loss expense (benefit) $ (736) $ (1,214) |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Assets and liabilities measured at fair value on a recurring basis are summarized in the table below. (Dollars in thousands) Fair Value Measurements Using Total March 31, 2022 Level 1 Level 2 Level 3 Assets measured at fair value on a recurring basis Securities available for sale Mortgage-backed securities, residential $ — $ 43,840 $ — $ 43,840 Asset-backed securities — 6,649 — 6,649 State and municipal — 15,333 — 15,333 CLO securities — 121,073 — 121,073 Corporate bonds — 2,017 — 2,017 SBA pooled securities — 2,528 — 2,528 $ — $ 191,440 $ — $ 191,440 Equity securities Mutual fund $ 5,085 $ — $ — $ 5,085 Loans held for sale $ — $ 607 $ — $ 607 Indemnification asset $ — $ — $ 4,582 $ 4,582 (Dollars in thousands) Fair Value Measurements Using Total December 31, 2021 Level 1 Level 2 Level 3 Assets measured at fair value on a recurring basis Securities available for sale Mortgage-backed securities, residential $ — $ 37,449 $ — $ 37,449 Asset-backed securities — 6,764 — 6,764 State and municipal — 26,825 — 26,825 CLO Securities — 106,634 — 106,634 Corporate bonds — 2,056 — 2,056 SBA pooled securities — 2,698 — 2,698 $ — $ 182,426 $ — $ 182,426 Equity securities Mutual fund $ 5,504 $ — $ — $ 5,504 Loans held for sale $ — $ 7,330 $ — $ 7,330 Derivative financial instruments (cash flow hedges) Interest rate swap $ — $ 6,164 $ — $ 6,164 Indemnification asset $ — $ — $ 4,786 $ 4,786 |
Reconciliation of Opening Balance to Closing Balance of Fair Value of Contingent Consideration | A reconciliation of the opening balance to the closing balance of the fair value of the indemnification asset is as follows: Three Months Ended March 31, (Dollars in thousands) 2022 2021 Beginning balance $ 4,786 $ 36,225 Indemnification asset recognized in business combination — — Change in fair value of indemnification asset recognized in earnings (204) 4,654 Indemnification reduction — (35,633) Ending balance $ 4,582 $ 5,246 |
Fair Value of Assets Measured on Non-recurring Basis | Assets measured at fair value on a non-recurring basis are summarized in the table below. There were no liabilities measured at fair value on a non-recurring basis at March 31, 2022 and December 31, 2021. (Dollars in thousands) Fair Value Measurements Using Total March 31, 2022 Level 1 Level 2 Level 3 Collateral dependent loans Commercial real estate $ — $ — $ 333 $ 333 1-4 family residential — — 67 67 Commercial — — 2,387 2,387 Factored receivables — — 39,349 39,349 Consumer — — 59 59 Other real estate owned (1) 1-4 family residential — — 135 135 Farmland — — 116 116 $ — $ — $ 42,446 $ 42,446 (Dollars in thousands) Fair Value Measurements Using Total December 31, 2021 Level 1 Level 2 Level 3 Collateral dependent loans Commercial real estate $ — $ — $ 366 $ 366 1-4 family residential — — 61 61 Commercial — — 2,435 2,435 Factored receivables — — 30,224 30,224 Consumer — — 60 60 Other real estate owned (1) Commercial real estate — — 7 7 Construction, land development, land — — 63 63 $ — $ — $ 33,216 $ 33,216 (1) Represents the fair value of OREO that was adjusted during the year to date period and subsequent to its initial classification as OREO. |
Estimated Fair Value of Company's Financial Assets and Financial Liabilities | The estimated fair values of the Company’s financial instruments not measured at fair value on a recurring or non-recurring basis at March 31, 2022 and December 31, 2021 were as follows: (Dollars in thousands) Carrying Fair Value Measurements Using Total March 31, 2022 Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 413,704 $ 413,704 $ — $ — $ 413,704 Securities - held to maturity 4,404 — — 5,727 5,727 Loans not previously presented, gross 4,921,871 170,053 — 4,709,676 4,879,729 FHLB and other restricted stock 12,196 N/A N/A N/A N/A Accrued interest receivable 12,802 12,802 — — 12,802 Financial liabilities: Deposits 4,709,484 — 4,705,096 — 4,705,096 Customer repurchase agreements 2,868 — 2,868 — 2,868 Federal Home Loan Bank advances 230,000 — 230,000 — 230,000 Subordinated notes 107,169 — 110,264 — 110,264 Junior subordinated debentures 40,737 — 41,941 — 41,941 Accrued interest payable 1,545 1,545 — — 1,545 (Dollars in thousands) Carrying Fair Value Measurements Using Total December 31, 2021 Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 383,178 $ 383,178 $ — $ — $ 383,178 Securities - held to maturity 4,947 — — 5,447 5,447 Loans not previously presented, gross 4,834,426 142,962 — 4,685,058 4,828,020 FHLB and other restricted stock 10,146 N/A N/A N/A N/A Accrued interest receivable 15,319 15,319 — — 15,319 Financial liabilities: Deposits 4,646,679 — 4,646,552 — 4,646,552 Customer repurchase agreements 2,103 — 2,103 — 2,103 Federal Home Loan Bank advances 180,000 — 180,000 — 180,000 Paycheck Protection Program Liquidity Facility 27,144 — 27,144 — 27,144 Subordinated notes 106,957 — 110,045 — 110,045 Junior subordinated debentures 40,602 — 41,286 — 41,286 Accrued interest payable 1,951 1,951 — — 1,951 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The actual capital amounts and ratios for the Company and TBK Bank are presented in the following table. (Dollars in thousands) Actual Minimum for Capital To Be Well March 31, 2022 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk weighted assets) Triumph Bancorp, Inc. $ 801,378 14.5% $ 442,140 8.0% N/A N/A TBK Bank, SSB $ 732,784 13.4% $ 437,483 8.0% $ 546,854 10.0% Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 659,409 12.0% $ 329,705 6.0% N/A N/A TBK Bank, SSB $ 699,978 12.8% $ 328,115 6.0% $ 437,486 8.0% Common equity Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 573,672 10.4% $ 248,223 4.5% N/A N/A TBK Bank, SSB $ 699,978 12.8% $ 246,086 4.5% $ 355,458 6.5% Tier 1 capital (to average assets) Triumph Bancorp, Inc. $ 659,409 11.8% $ 223,528 4.0% N/A N/A TBK Bank, SSB $ 699,978 12.6% $ 222,215 4.0% $ 277,769 5.0% As of December 31, 2021 Total capital (to risk weighted assets) Triumph Bancorp, Inc. $ 769,475 14.1% $ 440,087 8.0% N/A N/A TBK Bank, SSB $ 698,286 12.9% $ 431,973 8.0% $ 539,966 10.0% Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 628,094 11.5% $ 329,196 6.0% N/A N/A TBK Bank, SSB $ 665,336 12.3% $ 323,223 6.0% $ 430,964 8.0% Common equity Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 542,492 9.9% $ 248,254 4.5% N/A N/A TBK Bank, SSB $ 665,336 12.3% $ 242,417 4.5% $ 350,158 6.5% Tier 1 capital (to average assets) Triumph Bancorp, Inc. $ 628,094 11.1% $ 215,400 4.0% N/A N/A TBK Bank, SSB $ 665,336 11.8% $ 215,482 4.0% $ 269,353 5.0% |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Summary of Capital Structure | The following summarizes the capital structure of Triumph Bancorp, Inc. Preferred Stock Series C (Dollars in thousands, except per share amounts) March 31, 2022 December 31, 2021 Shares authorized 51,750 51,750 Shares issued 45,000 45,000 Shares outstanding 45,000 45,000 Par value per share $ 0.01 $ 0.01 Liquidation preference per share $ 1,000 $ 1,000 Liquidation preference amount $ 45,000 $ 45,000 Dividend rate 7.125 % 7.125 % Dividend payment dates Quarterly Quarterly Common Stock March 31, 2022 December 31, 2021 Shares authorized 50,000,000 50,000,000 Shares issued 28,279,788 28,261,680 Treasury shares (3,118,098) (3,102,801) Shares outstanding 25,161,690 25,158,879 Par value per share $ 0.01 $ 0.01 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Changes in Company's Nonvested Restricted Stock Awards | A summary of changes in the Company’s nonvested Restricted Stock Awards (“RSAs”) under the Omnibus Incentive Plan for the three months ended March 31, 2022 were as follows: Nonvested RSAs Shares Weighted-Average Nonvested at January 1, 2022 363,404 67.56 Granted 5,502 87.63 Vested (5,502) 87.63 Forfeited (487) 49.69 Nonvested at March 31, 2022 362,917 67.59 |
Summary of Changes in Company's Nonvested Restricted Stock Units | A summary of changes in the Company’s nonvested Restricted Stock Units (“RSUs”) under the Omnibus Incentive Plan for the three months ended March 31, 2022 were as follows: Nonvested RSUs Shares Weighted-Average Nonvested at January 1, 2022 122,470 52.07 Granted — — Vested — — Forfeited — — Nonvested at March 31, 2022 122,470 52.07 |
Summary of Changes in Company's Nonvested Performance Stock Units | A summary of changes in the Company’s nonvested Market Based Performance Stock Units (“Market Based PSUs”) under the Omnibus Incentive Plan for the three months ended March 31, 2022 were as follows: Nonvested Market Based PSUs Shares Weighted-Average Nonvested at January 1, 2022 94,984 $ 43.68 Granted — — Vested — — Forfeited — — Nonvested at March 31, 2022 94,984 $ 43.68 A summary of changes in the Company’s nonvested Performance Based Performance Stock Units (“Performance Based PSUs”) under the Omnibus Incentive Plan for the three months ended March 31, 2022 were as follows: Nonvested Performance Based PSUs Shares Weighted Average Nonvested at January 1, 2022 259,383 $ 39.32 Granted — — Vested — — Forfeited (748) 32.50 Nonvested at March 31, 2022 258,635 $ 39.34 |
Summary of Changes in Company's Stock Options | A summary of the changes in the Company’s stock options under the Omnibus Incentive Plan for the three months ended March 31, 2022 were as follows: Stock Options Shares Weighted-Average Weighted-Average Aggregate Outstanding at January 1, 2022 166,755 $ 33.34 Granted — — Exercised (3,703) 25.80 Forfeited or expired — — Outstanding at March 31, 2022 163,052 $ 33.52 6.21 $ 9,865 Fully vested shares and shares expected to vest at March 31, 2022 163,052 $ 33.52 6.21 $ 9,865 Shares exercisable at March 31, 2022 100,291 $ 25.64 5.19 $ 6,858 |
Schedule of Information Related to Stock Options | Information related to the stock options for the three months ended March 31, 2022 and 2021 was as follows: Three Months Ended March 31, (Dollars in thousands, except per share amounts) 2022 2021 Aggregate intrinsic value of options exercised $ 277 $ 577 Cash received from option exercises — 191 Tax benefit realized from option exercises 58 121 Weighted average fair value per share of options granted $ — $ — |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Factors Used in Computation of Earnings Per Share | The factors used in the earnings per share computation follow: Three Months Ended March 31, (Dollars in thousands) 2022 2021 Basic Net income to common stockholders $ 23,528 $ 33,122 Weighted average common shares outstanding 24,800,771 24,675,109 Basic earnings per common share $ 0.95 $ 1.34 Diluted Net income to common stockholders $ 23,528 $ 33,122 Weighted average common shares outstanding 24,800,771 24,675,109 Dilutive effects of: Assumed exercises of stock options 107,359 130,016 Restricted stock awards 237,305 169,514 Restricted stock units 86,099 66,714 Performance stock units - market based 139,563 128,167 Performance stock units - performance based — — Employee stock purchase program 771 1,418 Average shares and dilutive potential common shares 25,371,868 25,170,938 Diluted earnings per common share $ 0.93 $ 1.32 |
Schedule of Shares not Considered in Computing Diluted Earnings per Common Share | Shares that were not considered in computing diluted earnings per common share because they were antidilutive are as follows: Three Months Ended March 31, 2022 2021 Stock options 12,911 — Restricted stock awards 8,463 — Restricted stock units 15,000 — Performance stock units - market based — — Performance stock units - performance based 258,635 256,625 Employee stock purchase program — — |
Business Segment Information (T
Business Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | The following table presents the Company’s operating segments. The accounting policies of the reportable segments substantially the same as those described in the "Summary of Significant Accounting Policies" in Note 1 of the Company's 2021 Form 10-K. Transactions between segments consist primarily of borrowed funds. Intersegment interest expense is allocated to the Factoring and Payments segments based on Federal Home Loan Bank advance rates. Credit loss expense is allocated based on the segment’s allowance for credit losses determination. Noninterest income and expense directly attributable to a segment are assigned to it. The majority of salaries and benefits expense for the Company's executive leadership team is allocated to the Banking segment. Taxes are paid on a consolidated basis and are not allocated for segment purposes. The Factoring segment includes only factoring originated by TBC. (Dollars in thousands) Three months ended March 31, 2022 Banking Factoring Payments Corporate Consolidated Total interest income $ 42,183 $ 56,374 $ 4,832 $ 46 $ 103,435 Intersegment interest allocations 1,857 (1,775) (82) — — Total interest expense 1,603 — — 1,753 3,356 Net interest income (expense) 42,437 54,599 4,750 (1,707) 100,079 Credit loss expense (benefit) (2,870) 1,949 354 1,068 501 Net interest income after credit loss expense 45,307 52,650 4,396 (2,775) 99,578 Noninterest income 5,995 1,871 3,242 13 11,121 Noninterest expense 41,708 21,389 14,333 1,134 78,564 Operating income (loss) $ 9,594 $ 33,132 $ (6,695) $ (3,896) $ 32,135 (Dollars in thousands) Three months ended March 31, 2021 Banking Factoring Payments Corporate Consolidated Total interest income $ 50,556 $ 35,824 $ 1,969 $ 4 $ 88,353 Intersegment interest allocations 2,942 (2,775) (167) — — Total interest expense 3,542 — — 1,791 5,333 Net interest income (expense) 49,956 33,049 1,802 (1,787) 83,020 Credit loss expense (benefit) (12,453) 4,483 292 (167) (7,845) Net interest income after credit loss expense 62,409 28,566 1,510 (1,620) 90,865 Noninterest income 7,750 6,411 73 57 14,291 Noninterest expense 39,454 16,153 4,135 1,150 60,892 Operating income (loss) $ 30,705 $ 18,824 $ (2,552) $ (2,713) $ 44,264 Total assets and gross loans below include intersegment loans, which eliminate in consolidation. (Dollars in thousands) March 31, 2022 Banking Factoring Payments Corporate Eliminations Consolidated Total assets $ 5,684,223 $ 1,748,970 $ 276,010 $ 1,036,818 $ (2,669,587) $ 6,076,434 Gross loans $ 4,268,718 $ 1,585,711 $ 178,879 $ — $ (1,309,230) $ 4,724,078 (Dollars in thousands) December 31, 2021 Banking Factoring Payments Corporate Eliminations Consolidated Total assets $ 5,568,826 $ 1,679,495 $ 293,212 $ 1,009,998 $ (2,595,281) $ 5,956,250 Gross loans $ 4,444,136 $ 1,546,361 $ 153,176 $ 700 $ (1,276,801) $ 4,867,572 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Narrative (Details) - segment | Jun. 29, 2021 | Mar. 31, 2022 |
Accounting Policies [Abstract] | ||
Number of reportable segments | 3 | 4 |
Acquisitions and Divestitures -
Acquisitions and Divestitures - Summary of Assets and Liabilities in Disposal Group, Factored Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Disposal Group, Including Discontinued Operation, Assets [Abstract] | ||
Assets held for sale | $ 260,085 | $ 0 |
Disposal Group, Including Discontinued Operation, Liabilities [Abstract] | ||
Deposits held for sale | 377,698 | $ 0 |
Factored Receivable Disposal Group | Disposal Group, Held-for-sale, Not Discontinued Operations | ||
Disposal Group, Including Discontinued Operation, Assets [Abstract] | ||
Assets held for sale | 80,819 | |
Disposal Group, Including Discontinued Operation, Liabilities [Abstract] | ||
Customer reserve noninterest bearing deposits | 10,434 | |
Deposits held for sale | 10,434 | |
Factored Receivable Disposal Group | Factored receivables | Disposal Group, Held-for-sale, Not Discontinued Operations | ||
Disposal Group, Including Discontinued Operation, Assets [Abstract] | ||
Factored receivables | $ 80,819 |
Acquisitions and Divestitures_2
Acquisitions and Divestitures - Additional Information (Details) $ in Thousands | Jun. 01, 2021USD ($) | Jul. 08, 2020USD ($)clientshares | Mar. 31, 2022USD ($)branch | Mar. 31, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2021USD ($) | Jun. 30, 2021USD ($) | Sep. 23, 2020USD ($)shares |
Business Acquisition [Line Items] | |||||||||
Goodwill | $ 230,492 | $ 233,727 | |||||||
Loans | 4,724,078 | 4,867,572 | |||||||
Indemnification asset | 4,582 | 4,786 | |||||||
Loans, net | 4,682,525 | 4,825,359 | |||||||
Gain on indemnification asset | $ 4,654 | ||||||||
Indemnification asset, expected cash payments to be received | 4,823 | 5,038 | |||||||
Factored receivables | |||||||||
Business Acquisition [Line Items] | |||||||||
Loans | 1,764,590 | 1,699,537 | |||||||
Past Due 30-59 Days | |||||||||
Business Acquisition [Line Items] | |||||||||
Loans | 52,687 | 73,519 | |||||||
Past Due 30-59 Days | Factored receivables | |||||||||
Business Acquisition [Line Items] | |||||||||
Loans | 50,389 | 70,109 | |||||||
Past Due 60-90 Days | |||||||||
Business Acquisition [Line Items] | |||||||||
Loans | 21,248 | 19,182 | |||||||
Past Due 60-90 Days | Factored receivables | |||||||||
Business Acquisition [Line Items] | |||||||||
Loans | 20,082 | 18,302 | |||||||
Past Due 90 Days or More | |||||||||
Business Acquisition [Line Items] | |||||||||
Loans | 55,030 | 46,433 | |||||||
Past Due 90 Days or More | Factored receivables | |||||||||
Business Acquisition [Line Items] | |||||||||
Loans | 47,719 | 39,134 | |||||||
Disposal Group, Held-for-sale, Not Discontinued Operations | Branch Disposal Group | |||||||||
Business Acquisition [Line Items] | |||||||||
Reversal of allowance for credit losses | 971 | ||||||||
Total loans | $ 159,169 | ||||||||
Number of branches sold | branch | 15 | ||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations | Factored Receivable Disposal Group | Factored receivables | |||||||||
Business Acquisition [Line Items] | |||||||||
Reversal of allowance for credit losses | $ 415 | ||||||||
Total loans | 80,819 | ||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations | Factored Receivable Disposal Group | Past Due 30-59 Days | Factored receivables | |||||||||
Business Acquisition [Line Items] | |||||||||
Total loans | 4,899 | ||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations | Factored Receivable Disposal Group | Past Due 60-90 Days | Factored receivables | |||||||||
Business Acquisition [Line Items] | |||||||||
Total loans | 1,962 | ||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations | Factored Receivable Disposal Group | Past Due 90 Days or More | Factored receivables | |||||||||
Business Acquisition [Line Items] | |||||||||
Total loans | 767 | ||||||||
Fair Value, Measurements, Recurring | |||||||||
Business Acquisition [Line Items] | |||||||||
Indemnification asset | 4,582 | 4,786 | |||||||
Level 3 | Fair Value, Measurements, Recurring | |||||||||
Business Acquisition [Line Items] | |||||||||
Indemnification asset | 4,582 | 4,786 | |||||||
Over-Formula Advances | Factored receivables | |||||||||
Business Acquisition [Line Items] | |||||||||
Loans | 9,646 | $ 10,077 | |||||||
HubTran, Inc. | |||||||||
Business Acquisition [Line Items] | |||||||||
Goodwill | $ 73,697 | 70,441 | |||||||
Business acquisition, transaction costs | $ 2,992 | ||||||||
Cash paid | 97,096 | ||||||||
HubTran, Inc. | Capitalized Software | |||||||||
Business Acquisition [Line Items] | |||||||||
Intangible assets | 16,932 | $ 16,932 | |||||||
Intangible asset, estimated useful life | 4 years | ||||||||
HubTran, Inc. | Customer Relationships | |||||||||
Business Acquisition [Line Items] | |||||||||
Intangible assets | $ 10,360 | $ 10,360 | |||||||
Intangible asset, estimated useful life | 11 years | ||||||||
Transport Financial Solutions | |||||||||
Business Acquisition [Line Items] | |||||||||
Goodwill | $ 4,466 | $ 4,525 | |||||||
Intangible asset, estimated useful life | 8 years | ||||||||
Cash paid | $ 108,375 | ||||||||
Number of common stock (in shares) | shares | 630,268 | ||||||||
Stock consideration | $ 13,942 | ||||||||
Number of large clients | client | 3 | ||||||||
Portion of purchase price returned (in shares) | shares | 630,268 | ||||||||
Cash due from seller subsequent to liquidation of stock consideration | $ 17,196 | ||||||||
Proceeds from sale of acquired stock | $ 28,064 | ||||||||
Noninterest income, other | $ 2,007 | $ 10,868 | |||||||
Intangible assets | 3,500 | 3,500 | |||||||
Indemnification asset | 30,959 | 30,959 | |||||||
Charge -off | 41,265 | ||||||||
Credit loss expense | 2,844 | ||||||||
Reduction in required ACL | 430 | ||||||||
Factored receivables acquired, contractual amount | 45,228 | ||||||||
Factored receivables acquired, fair value | 44,962 | ||||||||
Acquisition related costs | $ 827 | ||||||||
Transport Financial Solutions | CVLG | |||||||||
Business Acquisition [Line Items] | |||||||||
Loans, net | $ 35,633 | ||||||||
Transport Financial Solutions | Indemnification Agreement | |||||||||
Business Acquisition [Line Items] | |||||||||
Percent indemnified, first $30 million of losses | 100.00% | ||||||||
First increment of losses incurred | $ 30,000 | ||||||||
Percent indemnified, second $30 million of losses | 50.00% | ||||||||
Second increment of losses incurred | $ 30,000 | ||||||||
Total indemnification amount | 45,000 | ||||||||
Net orderly liquidation value | 60,000 | ||||||||
Transport Financial Solutions | Indemnification Agreement | CVLG | |||||||||
Business Acquisition [Line Items] | |||||||||
Unsecured federal funds line of credit | 45,000 | ||||||||
Unused borrowing capacity | $ 9,361 | ||||||||
Transport Financial Solutions | Over-Formula Advances | |||||||||
Business Acquisition [Line Items] | |||||||||
Loans | 62,200 | $ 62,200 | |||||||
Transport Financial Solutions | Maximum | |||||||||
Business Acquisition [Line Items] | |||||||||
Fair value of consideration paid included contingent consideration | $ 9,900 |
Acquisitions and Divestitures_3
Acquisitions and Divestitures - Summary of Assets and Liabilities in Disposal Group, Branch (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Disposal Group, Including Discontinued Operation, Assets [Abstract] | ||
Assets held for sale | $ 260,085 | $ 0 |
Disposal Group, Including Discontinued Operation, Liabilities [Abstract] | ||
Deposits held for sale | 377,698 | $ 0 |
Branch Disposal Group | Disposal Group, Held-for-sale, Not Discontinued Operations | ||
Disposal Group, Including Discontinued Operation, Assets [Abstract] | ||
Total loans | 159,169 | |
Goodwill | 3,217 | |
Intangible assets | 1,394 | |
Premises and equipment, net | 13,633 | |
Other assets | 1,853 | |
Assets held for sale | 179,266 | |
Disposal Group, Including Discontinued Operation, Liabilities [Abstract] | ||
Noninterest bearing | 102,950 | |
Interest bearing | 264,314 | |
Deposits held for sale | 367,264 | |
Branch Disposal Group | Commercial real estate | Disposal Group, Held-for-sale, Not Discontinued Operations | ||
Disposal Group, Including Discontinued Operation, Assets [Abstract] | ||
Total loans | 31,752 | |
Branch Disposal Group | Construction, land development, land | Disposal Group, Held-for-sale, Not Discontinued Operations | ||
Disposal Group, Including Discontinued Operation, Assets [Abstract] | ||
Total loans | 1,112 | |
Branch Disposal Group | 1-4 family residential | Disposal Group, Held-for-sale, Not Discontinued Operations | ||
Disposal Group, Including Discontinued Operation, Assets [Abstract] | ||
Total loans | 12,908 | |
Branch Disposal Group | Farmland | Disposal Group, Held-for-sale, Not Discontinued Operations | ||
Disposal Group, Including Discontinued Operation, Assets [Abstract] | ||
Total loans | 56,320 | |
Branch Disposal Group | Commercial | Disposal Group, Held-for-sale, Not Discontinued Operations | ||
Disposal Group, Including Discontinued Operation, Assets [Abstract] | ||
Total loans | 56,245 | |
Branch Disposal Group | Consumer | Disposal Group, Held-for-sale, Not Discontinued Operations | ||
Disposal Group, Including Discontinued Operation, Assets [Abstract] | ||
Total loans | $ 832 |
Acquisitions and Divestitures_4
Acquisitions and Divestitures - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed, HubTran, Inc. (Details) - USD ($) $ in Thousands | Jun. 01, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Dec. 31, 2021 |
Consideration: | |||||
Goodwill, measurement period adjustments | $ (18) | $ 59 | |||
Goodwill | 230,492 | $ 230,492 | $ 233,727 | ||
HubTran, Inc. | |||||
Assets acquired: | |||||
Cash | $ 170 | 170 | 170 | ||
Other assets acquired, measurement period adjustment | 24 | ||||
Other assets | 1,546 | 1,570 | 1,570 | ||
Assets acquired, measurement period adjustment | 24 | ||||
Asset acquired | 29,008 | 29,032 | 29,032 | ||
Liabilities assumed: | |||||
Deferred income taxes, measurement period adjustment | (3,248) | ||||
Deferred income taxes | 4,703 | 1,455 | 1,455 | ||
Other liabilities acquired, measurement period adjustment | 16 | ||||
Other liabilities | 906 | 922 | 922 | ||
Liabilities acquired, measurement period adjustment | (3,232) | ||||
Liabilities assumed | 5,609 | 2,377 | 2,377 | ||
Fair value of net assets acquire, measurement period adjustment | 3,256 | ||||
Fair value of net assets acquired | 23,399 | 26,655 | 26,655 | ||
Consideration: | |||||
Cash paid | 97,096 | ||||
Goodwill, measurement period adjustments | (3,256) | ||||
Goodwill | 73,697 | 70,441 | 70,441 | ||
HubTran, Inc. | Capitalized Software | |||||
Assets acquired: | |||||
Intangible assets | 16,932 | 16,932 | 16,932 | ||
HubTran, Inc. | Customer Relationships | |||||
Assets acquired: | |||||
Intangible assets | $ 10,360 | $ 10,360 | $ 10,360 |
Acquisitions and Divestitures_5
Acquisitions and Divestitures - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed, Transport Financial Solutions (Details) - USD ($) $ in Thousands | Jul. 08, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Dec. 31, 2021 |
Consideration: | |||||
Goodwill | $ 230,492 | $ 230,492 | $ 233,727 | ||
Goodwill, measurement period adjustments | (18) | $ 59 | |||
Transport Financial Solutions | |||||
Assets acquired: | |||||
Factored receivables | $ 107,524 | 107,524 | 107,524 | ||
Allowance for credit losses | (37,415) | (37,415) | (37,415) | ||
Factored receivables, net of ACL | 70,109 | 70,109 | 70,109 | ||
Intangible assets | 3,500 | 3,500 | 3,500 | ||
Indemnification asset | 30,959 | 30,959 | 30,959 | ||
Deferred income taxes | 1,448 | 1,389 | 1,389 | ||
Deferred income taxes, measurement period adjustment | (59) | ||||
Asset acquired | 106,016 | 105,957 | 105,957 | ||
Assets acquired, measurement period adjustment | (59) | ||||
Liabilities assumed: | |||||
Deposits | 5,361 | 5,361 | 5,361 | ||
Liabilities assumed | 5,361 | 5,361 | 5,361 | ||
Fair value of net assets acquired | 100,655 | 100,596 | 100,596 | ||
Fair value of net assets acquire, measurement period adjustment | (59) | ||||
Consideration: | |||||
Cash paid | 108,375 | ||||
Stock consideration | 13,942 | ||||
Cash due from seller subsequent to liquidation of stock consideration | (17,196) | ||||
Total consideration | 105,121 | ||||
Goodwill | $ 4,466 | $ 4,525 | 4,525 | ||
Goodwill, measurement period adjustments | $ 59 |
Acquisitions and Divestitures_6
Acquisitions and Divestitures - Factored Receivables Purchased with Credit Deterioration (Details) - Transport Financial Solutions - Factored receivables - Over-Formula Advances $ in Thousands | Jul. 08, 2020USD ($) |
Business Acquisition [Line Items] | |
Purchase price of loans at acquisition | $ 25,147 |
Allowance for credit losses at acquisition | 37,415 |
Non-credit discount/(premium) at acquisition | 941 |
Par value of acquired loans at acquisition | $ 63,503 |
Securities - Additional Informa
Securities - Additional Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022USD ($)investmentsecurity | Dec. 31, 2021USD ($)investment | |
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities, fair value | $ 5,085 | $ 5,504 |
Pledged debt securities, at carrying value | $ 75,199 | $ 72,805 |
Number of securities in an unrealized loss position | security | 56 | |
Number of investments | investment | 3 | 3 |
Held-to-maturity securities classified as nonaccrual | $ 5,432 | |
Other assets | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Accrued interest | 725 | $ 802 |
Mutual fund | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities, fair value | $ 5,085 | $ 5,504 |
Securities - Schedule of Gross
Securities - Schedule of Gross Realized and Unrealized Losses Recognized on Equity Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | ||
Unrealized gains (losses) on equity securities held at the reporting date | $ (419) | $ 0 |
Realized gains (losses) on equity securities sold during the period | 0 | 0 |
Gross realized and unrealized gains (losses) recognized on equity securities | $ (419) | $ 0 |
Securities - Schedule of Amorti
Securities - Schedule of Amortized Cost of Securities and Their Estimated Fair Values (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Available for sale securities: | ||||
Amortized Cost | $ 189,979 | $ 178,064 | ||
Gross Unrealized Gains | 3,261 | 4,573 | ||
Gross Unrealized Losses | (1,800) | (211) | ||
Allowance for Credit Losses | 0 | 0 | ||
Securities available for sale | 191,440 | 182,426 | ||
Held to maturity securities: | ||||
Fair Value | 5,727 | 5,447 | ||
Allowance for credit losses | (2,455) | (2,082) | $ (1,859) | $ (2,026) |
Mortgage-backed securities, residential | ||||
Available for sale securities: | ||||
Amortized Cost | 44,898 | 36,885 | ||
Gross Unrealized Gains | 481 | 720 | ||
Gross Unrealized Losses | (1,539) | (156) | ||
Allowance for Credit Losses | 0 | 0 | ||
Securities available for sale | 43,840 | 37,449 | ||
Asset-backed securities | ||||
Available for sale securities: | ||||
Amortized Cost | 6,659 | 6,763 | ||
Gross Unrealized Gains | 0 | 2 | ||
Gross Unrealized Losses | (10) | (1) | ||
Allowance for Credit Losses | 0 | 0 | ||
Securities available for sale | 6,649 | 6,764 | ||
State and municipal | ||||
Available for sale securities: | ||||
Amortized Cost | 15,224 | 26,309 | ||
Gross Unrealized Gains | 116 | 516 | ||
Gross Unrealized Losses | (7) | 0 | ||
Allowance for Credit Losses | 0 | 0 | ||
Securities available for sale | 15,333 | 26,825 | ||
CLO securities | ||||
Available for sale securities: | ||||
Amortized Cost | 118,736 | 103,579 | ||
Gross Unrealized Gains | 2,554 | 3,109 | ||
Gross Unrealized Losses | (217) | (54) | ||
Allowance for Credit Losses | 0 | 0 | ||
Securities available for sale | 121,073 | 106,634 | ||
Held to maturity securities: | ||||
Amortized Cost | 6,859 | 7,029 | ||
Gross Unrealized Gains | 150 | 0 | ||
Gross Unrecognized Losses | (1,282) | (1,582) | ||
Fair Value | 5,727 | 5,447 | ||
Allowance for credit losses | (2,455) | (2,082) | ||
Total held to maturity securities, net of ACL | 4,404 | 4,947 | ||
Corporate bonds | ||||
Available for sale securities: | ||||
Amortized Cost | 1,993 | 1,992 | ||
Gross Unrealized Gains | 26 | 64 | ||
Gross Unrealized Losses | (2) | 0 | ||
Allowance for Credit Losses | 0 | 0 | ||
Securities available for sale | 2,017 | 2,056 | ||
SBA pooled securities | ||||
Available for sale securities: | ||||
Amortized Cost | 2,469 | 2,536 | ||
Gross Unrealized Gains | 84 | 162 | ||
Gross Unrealized Losses | (25) | 0 | ||
Allowance for Credit Losses | 0 | 0 | ||
Securities available for sale | $ 2,528 | $ 2,698 |
Securities - Schedule of Amor_2
Securities - Schedule of Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Available for Sale Securities, Amortized Cost | ||
Due in one year or less, amortized cost | $ 2,488 | |
Due from one year to five years, amortized cost | 2,358 | |
Due from five years to ten years, amortized cost | 62,704 | |
Due after ten years, amortized cost | 68,403 | |
Available for sale securities, with single maturity date, amortized cost | 135,953 | |
Amortized Cost | 189,979 | $ 178,064 |
Available for Sale Securities, Fair Value | ||
Due in one year or less, fair value | 2,494 | |
Due from one year to five years, fair value | 2,370 | |
Due from five years to ten years, fair value | 64,394 | |
Due after ten years, fair value | 69,165 | |
Available for sale securities, with single maturity date, fair value | 138,423 | |
Securities available for sale | 191,440 | 182,426 |
Held to Maturity Securities, Amortized Cost | ||
Due in one year or less, amortized cost | 0 | |
Due from one year to five years, amortized cost | 0 | |
Due from five years to ten years, amortized cost | 6,859 | |
Due after ten years, amortized cost | 0 | |
Held to maturity securities, with single maturity date, amortized cost | 6,859 | |
Amortized cost, gross | 6,859 | |
Held to Maturity Securities, Fair Value | ||
Due in one year or less, fair value | 0 | |
Due from one year to five years, fair value | 0 | |
Due from five years to ten years, fair value | 5,727 | |
Due after ten years, fair value | 0 | |
Held to maturity securities, with single maturity date, fair value | 5,727 | |
Fair Value | 5,727 | 5,447 |
Mortgage-backed securities, residential | ||
Available for Sale Securities, Amortized Cost | ||
Available for sale securities, without single maturity date, amortized cost | 44,898 | |
Amortized Cost | 44,898 | 36,885 |
Available for Sale Securities, Fair Value | ||
Available for sale securities, without single maturity date, fair value | 43,840 | |
Securities available for sale | 43,840 | 37,449 |
Held to Maturity Securities, Amortized Cost | ||
Held to maturity securities, without single maturity date, amortized cost | 0 | |
Held to Maturity Securities, Fair Value | ||
Held to maturity securities, without single maturity date, fair value | 0 | |
Asset-backed securities | ||
Available for Sale Securities, Amortized Cost | ||
Available for sale securities, without single maturity date, amortized cost | 6,659 | |
Amortized Cost | 6,659 | 6,763 |
Available for Sale Securities, Fair Value | ||
Available for sale securities, without single maturity date, fair value | 6,649 | |
Securities available for sale | 6,649 | 6,764 |
Held to Maturity Securities, Amortized Cost | ||
Held to maturity securities, without single maturity date, amortized cost | 0 | |
Held to Maturity Securities, Fair Value | ||
Held to maturity securities, without single maturity date, fair value | 0 | |
SBA pooled securities | ||
Available for Sale Securities, Amortized Cost | ||
Available for sale securities, without single maturity date, amortized cost | 2,469 | |
Amortized Cost | 2,469 | 2,536 |
Available for Sale Securities, Fair Value | ||
Available for sale securities, without single maturity date, fair value | 2,528 | |
Securities available for sale | 2,528 | $ 2,698 |
Held to Maturity Securities, Amortized Cost | ||
Held to maturity securities, without single maturity date, amortized cost | 0 | |
Held to Maturity Securities, Fair Value | ||
Held to maturity securities, without single maturity date, fair value | $ 0 |
Securities - Schedule of Availa
Securities - Schedule of Available for Sale Debt Securities in an Unrealized Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | $ 56,042 | $ 43,160 |
Less than 12 months, unrealized losses | (1,796) | (209) |
12 months or more, fair value | 5,001 | 5,005 |
12 months or more, unrealized losses | (4) | (2) |
Total, fair value | 61,043 | 48,165 |
Total, unrealized losses | (1,800) | (211) |
Mortgage-backed securities, residential | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 25,715 | 20,386 |
Less than 12 months, unrealized losses | (1,539) | (155) |
12 months or more, fair value | 5 | 6 |
12 months or more, unrealized losses | 0 | (1) |
Total, fair value | 25,720 | 20,392 |
Total, unrealized losses | (1,539) | (156) |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 1,652 | 37 |
Less than 12 months, unrealized losses | (6) | 0 |
12 months or more, fair value | 4,996 | 4,999 |
12 months or more, unrealized losses | (4) | (1) |
Total, fair value | 6,648 | 5,036 |
Total, unrealized losses | (10) | (1) |
State and municipal | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 1,450 | 30 |
Less than 12 months, unrealized losses | (7) | 0 |
12 months or more, fair value | 0 | 0 |
12 months or more, unrealized losses | 0 | 0 |
Total, fair value | 1,450 | 30 |
Total, unrealized losses | (7) | 0 |
CLO securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 25,033 | 22,707 |
Less than 12 months, unrealized losses | (217) | (54) |
12 months or more, fair value | 0 | 0 |
12 months or more, unrealized losses | 0 | 0 |
Total, fair value | 25,033 | 22,707 |
Total, unrealized losses | (217) | (54) |
Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 497 | 0 |
Less than 12 months, unrealized losses | (2) | 0 |
12 months or more, fair value | 0 | 0 |
12 months or more, unrealized losses | 0 | 0 |
Total, fair value | 497 | 0 |
Total, unrealized losses | (2) | 0 |
SBA pooled securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 1,695 | 0 |
Less than 12 months, unrealized losses | (25) | 0 |
12 months or more, fair value | 0 | 0 |
12 months or more, unrealized losses | 0 | 0 |
Total, fair value | 1,695 | 0 |
Total, unrealized losses | $ (25) | $ 0 |
Securities - Summary of Activit
Securities - Summary of Activity in Allowance for Credit Losses for Held To Maturity Debt Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Allowance for credit losses: | ||
Beginning balance | $ 2,082 | $ 2,026 |
Credit loss expense | 373 | (167) |
Allowance for credit losses ending balance | $ 2,455 | $ 1,859 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Schedule of Loans Held for Sale (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held for sale | $ 607 | $ 7,330 |
1-4 family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held for sale | 597 | 712 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held for sale | $ 10 | $ 6,618 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses - Schedule of Amortized Cost and Unpaid Principal for Impaired Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost | $ 4,724,078 | $ 4,867,572 |
Unpaid Principal | 4,740,698 | 4,884,644 |
Difference | (16,620) | (17,072) |
Allowance for credit losses | (41,553) | (42,213) |
Loans, net | 4,682,525 | 4,825,359 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost | 625,763 | 632,775 |
Unpaid Principal | 627,657 | 634,319 |
Difference | (1,894) | (1,544) |
Construction, land development, land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost | 119,560 | 123,464 |
Unpaid Principal | 119,628 | 123,643 |
Difference | (68) | (179) |
1-4 family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost | 117,534 | 123,115 |
Unpaid Principal | 117,873 | 123,443 |
Difference | (339) | (328) |
Farmland | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost | 17,910 | 77,394 |
Unpaid Principal | 18,102 | 77,905 |
Difference | (192) | (511) |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost | 1,375,044 | 1,430,429 |
Unpaid Principal | 1,383,979 | 1,440,542 |
Difference | (8,935) | (10,113) |
Factored receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost | 1,764,590 | 1,699,537 |
Unpaid Principal | 1,769,774 | 1,703,936 |
Difference | (5,184) | (4,399) |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost | 9,276 | 10,885 |
Unpaid Principal | 9,284 | 10,883 |
Difference | (8) | 2 |
Mortgage warehouse | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost | 694,401 | 769,973 |
Unpaid Principal | 694,401 | 769,973 |
Difference | $ 0 | $ 0 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses - Additional Information (Details) | 3 Months Ended | |||||
Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($)loan | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Sep. 23, 2020USD ($) | Jul. 08, 2020USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Premiums and discounts on acquired loans | $ 11,143,000 | $ 11,723,000 | ||||
Net deferred origination and factoring fees | 5,477,000 | 5,349,000 | ||||
Accrued interest on loans | 12,056,000 | 14,513,000 | ||||
Allowance for credit losses | 41,553,000 | 42,213,000 | ||||
Loans | 4,724,078,000 | 4,867,572,000 | ||||
Pledged loans | 1,578,984,000 | 1,733,917,000 | ||||
Nonaccrual | 12,172,000 | 15,034,000 | ||||
Interest earned on nonaccrual loans | 0 | $ 0 | ||||
Recorded investments in troubled debt restructurings | 3,934,000 | 4,677,000 | ||||
Number of defaults on modified loans | loan | 2 | |||||
Recorded investments in troubled debt restructurings | $ 5,841,000 | |||||
Troubled Debt Restructuring | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit losses | 924,000 | 1,068,000 | ||||
Nonaccrual | 3,245,000 | 3,912,000 | ||||
Past Due 90 Days or More | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 55,030,000 | 46,433,000 | ||||
Over-Formula Advances | Transport Financial Solutions | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | $ 62,200,000 | $ 62,200,000 | ||||
Changes in Allowance for Credit Losses | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit losses change due to loss drivers | 1,017,000 | |||||
Loans Held for Investment | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit losses | 41,553,000 | 48,024,000 | 42,213,000 | $ 95,739,000 | ||
Net charge-offs | 1,500,000 | 41,251,000 | ||||
Credit loss expense | 864,000 | (6,464,000) | ||||
Factored receivables | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Customer reserves | 231,506,000 | 254,970,000 | ||||
Loans | 1,764,590,000 | 1,699,537,000 | ||||
Nonaccrual | 0 | 0 | ||||
Factored receivables | Past Due 90 Days or More | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 47,719,000 | 39,134,000 | ||||
Factored receivables | Over-Formula Advances | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 9,646,000 | 10,077,000 | ||||
Net charge-offs | 41,265,000 | |||||
Factored receivables | Over-Formula Advances | Past Due 90 Days or More | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Nonaccrual | 9,646,000 | 10,077,000 | ||||
Factored receivables | Misdirected Payments Receivable | United States Postal Service | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 19,361,000 | 19,361,000 | ||||
Factored receivables | Loans Held for Investment | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit losses | 22,471,000 | 19,716,000 | 20,915,000 | 56,463,000 | ||
Credit loss expense | 2,235,000 | 4,718,000 | ||||
1-4 family residential | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 117,534,000 | 123,115,000 | ||||
Nonaccrual | 1,609,000 | 1,683,000 | ||||
1-4 family residential | Past Due 90 Days or More | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 1,002,000 | 1,114,000 | ||||
1-4 family residential | Real Eatate Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Residential real estate loans in process of foreclosure | 301,000 | 301,000 | ||||
1-4 family residential | Loans Held for Investment | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit losses | 450,000 | 631,000 | $ 468,000 | $ 1,225,000 | ||
Credit loss expense | $ (21,000) | $ (678,000) |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses - Schedule of Loans Transferred from Held For Investment to Loans Held For Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Receivables [Abstract] | ||
Loans transferred from held for investment to loans held for sale | $ 1,932 | $ 27,407 |
Proceeds from sales of loans transferred to loans held for sale | 7,444 | 20,406 |
Net gains and (losses) on transfers and sales of loans held for sale | $ (144) | $ 1,053 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses - Summary of Allowance for Loan and Lease Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | $ 42,213 | |
Ending Balance | 41,553 | |
Loans Held for Investment | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 42,213 | $ 95,739 |
Credit Loss Expense | 864 | (6,464) |
Charge-offs | (1,651) | (41,867) |
Recoveries | 127 | 616 |
Ending Balance | 41,553 | 48,024 |
Commercial real estate | Loans Held for Investment | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 3,961 | 10,182 |
Credit Loss Expense | (340) | (3,364) |
Charge-offs | (108) | 0 |
Recoveries | 14 | 5 |
Ending Balance | 3,527 | 6,823 |
Construction, land development, land | Loans Held for Investment | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 827 | 3,418 |
Credit Loss Expense | 73 | (1,737) |
Charge-offs | 0 | (12) |
Recoveries | 1 | 1 |
Ending Balance | 901 | 1,670 |
1-4 family residential | Loans Held for Investment | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 468 | 1,225 |
Credit Loss Expense | (21) | (678) |
Charge-offs | 0 | 0 |
Recoveries | 3 | 84 |
Ending Balance | 450 | 631 |
Farmland | Loans Held for Investment | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 562 | 832 |
Credit Loss Expense | (441) | (133) |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Ending Balance | 121 | 699 |
Commercial | Loans Held for Investment | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 14,485 | 22,040 |
Credit Loss Expense | (607) | (5,071) |
Charge-offs | (724) | (273) |
Recoveries | 61 | 462 |
Ending Balance | 13,215 | 17,158 |
Factored receivables | Loans Held for Investment | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 20,915 | 56,463 |
Credit Loss Expense | 2,235 | 4,718 |
Charge-offs | (708) | (41,503) |
Recoveries | 29 | 38 |
Ending Balance | 22,471 | 19,716 |
Consumer | Loans Held for Investment | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 226 | 542 |
Credit Loss Expense | 41 | (193) |
Charge-offs | (111) | (79) |
Recoveries | 19 | 26 |
Ending Balance | 175 | 296 |
Mortgage warehouse | Loans Held for Investment | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 769 | 1,037 |
Credit Loss Expense | (76) | (6) |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Ending Balance | $ 693 | $ 1,031 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses - Summary of Amortized Cost Basis of Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
ACL Allocation | $ 41,553 | $ 42,213 |
Collateral dependent loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 66,222 | 59,001 |
ACL Allocation | 15,539 | 14,716 |
Collateral dependent loans | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 5,291 | 6,770 |
Collateral dependent loans | Accounts Receivable | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 53,072 | 42,863 |
Collateral dependent loans | Equipment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 4,602 | 5,724 |
Collateral dependent loans | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 3,257 | 3,644 |
Commercial real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 2,314 | 2,298 |
ACL Allocation | 283 | 283 |
Commercial real estate | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 2,161 | 2,143 |
Commercial real estate | Accounts Receivable | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 0 | 0 |
Commercial real estate | Equipment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 0 | 0 |
Commercial real estate | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 153 | 155 |
Construction, land development, land | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 175 | 987 |
ACL Allocation | 0 | 0 |
Construction, land development, land | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 175 | 987 |
Construction, land development, land | Accounts Receivable | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 0 | 0 |
Construction, land development, land | Equipment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 0 | 0 |
Construction, land development, land | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 0 | 0 |
1-4 family residential | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 1,624 | 1,699 |
ACL Allocation | 39 | 39 |
1-4 family residential | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 1,510 | 1,583 |
1-4 family residential | Accounts Receivable | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 0 | 0 |
1-4 family residential | Equipment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 0 | 0 |
1-4 family residential | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 114 | 116 |
Farmland | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 1,455 | 2,045 |
ACL Allocation | 0 | 0 |
Farmland | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 1,218 | 1,803 |
Farmland | Accounts Receivable | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 0 | 0 |
Farmland | Equipment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 121 | 126 |
Farmland | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 116 | 116 |
Commercial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 7,363 | 8,869 |
ACL Allocation | 1,472 | 1,733 |
Commercial | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 227 | 254 |
Commercial | Accounts Receivable | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 0 | 0 |
Commercial | Equipment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 4,481 | 5,598 |
Commercial | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 2,655 | 3,017 |
Factored receivables | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 53,072 | 42,863 |
ACL Allocation | 13,724 | 12,640 |
Factored receivables | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 0 | 0 |
Factored receivables | Accounts Receivable | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 53,072 | 42,863 |
Factored receivables | Equipment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 0 | 0 |
Factored receivables | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 0 | 0 |
Consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 219 | 240 |
ACL Allocation | 21 | 21 |
Consumer | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 0 | 0 |
Consumer | Accounts Receivable | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 0 | 0 |
Consumer | Equipment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 0 | 0 |
Consumer | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 219 | 240 |
Mortgage warehouse | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 0 | 0 |
ACL Allocation | 0 | 0 |
Mortgage warehouse | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 0 | 0 |
Mortgage warehouse | Accounts Receivable | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 0 | 0 |
Mortgage warehouse | Equipment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 0 | 0 |
Mortgage warehouse | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Amortized cost | $ 0 | $ 0 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses - Summary of Contractually Past Due and Nonaccrual Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due 90 days or more and accruing | $ 47,719 | $ 39,268 |
Loans | 4,724,078 | 4,867,572 |
Total Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 128,965 | 139,134 |
Past Due 30-59 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 52,687 | 73,519 |
Past Due 60-90 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 21,248 | 19,182 |
Past Due 90 Days or More | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 55,030 | 46,433 |
Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 4,595,113 | 4,728,438 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due 90 days or more and accruing | 0 | 0 |
Loans | 625,763 | 632,775 |
Commercial real estate | Total Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 16 | 1,037 |
Commercial real estate | Past Due 30-59 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 1,021 |
Commercial real estate | Past Due 60-90 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate | Past Due 90 Days or More | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 16 | 16 |
Commercial real estate | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 625,747 | 631,738 |
Construction, land development, land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due 90 days or more and accruing | 0 | 0 |
Loans | 119,560 | 123,464 |
Construction, land development, land | Total Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 175 | 175 |
Construction, land development, land | Past Due 30-59 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 7 | 30 |
Construction, land development, land | Past Due 60-90 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Construction, land development, land | Past Due 90 Days or More | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 168 | 145 |
Construction, land development, land | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 119,385 | 123,289 |
1-4 family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due 90 days or more and accruing | 0 | 134 |
Loans | 117,534 | 123,115 |
1-4 family residential | Total Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 2,370 | 2,176 |
1-4 family residential | Past Due 30-59 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,192 | 730 |
1-4 family residential | Past Due 60-90 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 176 | 332 |
1-4 family residential | Past Due 90 Days or More | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,002 | 1,114 |
1-4 family residential | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 115,164 | 120,939 |
Farmland | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due 90 days or more and accruing | 0 | 0 |
Loans | 17,910 | 77,394 |
Farmland | Total Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 779 | 1,509 |
Farmland | Past Due 30-59 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 378 |
Farmland | Past Due 60-90 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 154 |
Farmland | Past Due 90 Days or More | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 779 | 977 |
Farmland | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 17,131 | 75,885 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due 90 days or more and accruing | 0 | 0 |
Loans | 1,375,044 | 1,430,429 |
Commercial | Total Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 7,129 | 6,290 |
Commercial | Past Due 30-59 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 923 | 996 |
Commercial | Past Due 60-90 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 969 | 346 |
Commercial | Past Due 90 Days or More | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 5,237 | 4,948 |
Commercial | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,367,915 | 1,424,139 |
Factored receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due 90 days or more and accruing | 47,719 | 39,134 |
Loans | 1,764,590 | 1,699,537 |
Factored receivables | Total Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 118,190 | 127,545 |
Factored receivables | Past Due 30-59 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 50,389 | 70,109 |
Factored receivables | Past Due 60-90 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 20,082 | 18,302 |
Factored receivables | Past Due 90 Days or More | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 47,719 | 39,134 |
Factored receivables | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,646,400 | 1,571,992 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due 90 days or more and accruing | 0 | 0 |
Loans | 9,276 | 10,885 |
Consumer | Total Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 306 | 402 |
Consumer | Past Due 30-59 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 176 | 255 |
Consumer | Past Due 60-90 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 21 | 48 |
Consumer | Past Due 90 Days or More | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 109 | 99 |
Consumer | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 8,970 | 10,483 |
Mortgage warehouse | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due 90 days or more and accruing | 0 | 0 |
Loans | 694,401 | 769,973 |
Mortgage warehouse | Total Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Mortgage warehouse | Past Due 30-59 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Mortgage warehouse | Past Due 60-90 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Mortgage warehouse | Past Due 90 Days or More | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Mortgage warehouse | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 694,401 | $ 769,973 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses - Summary of Amortized Cost Basis of Loans on Nonaccrual Status (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | $ 12,172 | $ 15,034 |
Nonaccrual With No ACL | 7,510 | 10,034 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | 2,039 | 2,025 |
Nonaccrual With No ACL | 1,423 | 1,375 |
Construction, land development, land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | 175 | 964 |
Nonaccrual With No ACL | 175 | 964 |
1-4 family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | 1,609 | 1,683 |
Nonaccrual With No ACL | 1,503 | 1,582 |
Farmland | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | 1,455 | 2,044 |
Nonaccrual With No ACL | 1,455 | 2,044 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | 6,675 | 8,078 |
Nonaccrual With No ACL | 2,815 | 3,910 |
Factored receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | 0 | 0 |
Nonaccrual With No ACL | 0 | 0 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | 219 | 240 |
Nonaccrual With No ACL | 139 | 159 |
Mortgage warehouse | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | 0 | 0 |
Nonaccrual With No ACL | $ 0 | $ 0 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses - Summary of Accrued Interest on Non Accrual Loans Reversed Through Interest Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Accrued interest reversed through interest income | $ 4 | $ 10 |
Commercial real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Accrued interest reversed through interest income | 0 | 0 |
Construction, land development, land | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Accrued interest reversed through interest income | 0 | 0 |
1-4 family residential | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Accrued interest reversed through interest income | 0 | 1 |
Farmland | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Accrued interest reversed through interest income | 0 | 6 |
Commercial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Accrued interest reversed through interest income | 4 | 3 |
Factored receivables | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Accrued interest reversed through interest income | 0 | 0 |
Consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Accrued interest reversed through interest income | 0 | 0 |
Mortgage warehouse | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Accrued interest reversed through interest income | $ 0 | $ 0 |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses - Schedule of Nonperforming Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 12,172 | $ 15,034 |
Factored receivables greater than 90 days past due | 47,719 | 39,268 |
Troubled Debt Restructuring | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | 3,245 | 3,912 |
Factored receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | 0 | 0 |
Factored receivables greater than 90 days past due | 47,719 | 39,134 |
Nonperforming Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | 12,172 | 15,034 |
Other nonperforming factored receivables | 1,213 | 1,428 |
Troubled debt restructurings accruing interest | 689 | 765 |
Total loans | 44,383 | 46,284 |
Nonperforming Loans | Factored receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Factored receivables greater than 90 days past due | $ 30,309 | $ 29,057 |
Loans and Allowance for Cred_13
Loans and Allowance for Credit Losses - Summary of Analysis Performed Risk category Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, year one, originated, current fiscal year | $ 2,657,162 | $ 3,242,129 |
Financing receivable, year two, originated, fiscal year before current fiscal year | 676,249 | 678,397 |
Financing receivable, year three, originated, two years before current fiscal year | 591,154 | 155,798 |
Financing receivable, year four, originated, three years before current fiscal year | 136,420 | 84,594 |
Financing receivable, year five, originated, four years before current fiscal year | 67,050 | 85,116 |
Prior | 92,864 | 91,906 |
Revolving Loans | 502,442 | 529,024 |
Financing receivable, revolving loans converted to term loans | 737 | 608 |
Amortized Cost | 4,724,078 | 4,867,572 |
Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, year one, originated, current fiscal year | 2,644,290 | 3,216,480 |
Financing receivable, year two, originated, fiscal year before current fiscal year | 657,028 | 646,539 |
Financing receivable, year three, originated, two years before current fiscal year | 561,714 | 150,023 |
Financing receivable, year four, originated, three years before current fiscal year | 135,305 | 83,685 |
Financing receivable, year five, originated, four years before current fiscal year | 66,497 | 84,733 |
Prior | 90,792 | 89,813 |
Revolving Loans | 501,707 | 528,359 |
Financing receivable, revolving loans converted to term loans | 737 | 608 |
Amortized Cost | 4,658,070 | 4,800,240 |
Classified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, year one, originated, current fiscal year | 12,872 | 25,649 |
Financing receivable, year two, originated, fiscal year before current fiscal year | 19,221 | 31,858 |
Financing receivable, year three, originated, two years before current fiscal year | 29,440 | 5,775 |
Financing receivable, year four, originated, three years before current fiscal year | 1,115 | 909 |
Financing receivable, year five, originated, four years before current fiscal year | 553 | 383 |
Prior | 2,072 | 2,093 |
Revolving Loans | 735 | 665 |
Financing receivable, revolving loans converted to term loans | 0 | 0 |
Amortized Cost | 66,008 | 67,332 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, year one, originated, current fiscal year | 87,684 | 213,967 |
Financing receivable, year two, originated, fiscal year before current fiscal year | 197,561 | 253,010 |
Financing receivable, year three, originated, two years before current fiscal year | 218,846 | 50,264 |
Financing receivable, year four, originated, three years before current fiscal year | 47,660 | 25,930 |
Financing receivable, year five, originated, four years before current fiscal year | 20,786 | 47,463 |
Prior | 48,717 | 37,290 |
Revolving Loans | 4,509 | 4,851 |
Financing receivable, revolving loans converted to term loans | 0 | 0 |
Amortized Cost | 625,763 | 632,775 |
Commercial real estate | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, year one, originated, current fiscal year | 87,684 | 211,088 |
Financing receivable, year two, originated, fiscal year before current fiscal year | 193,924 | 249,652 |
Financing receivable, year three, originated, two years before current fiscal year | 216,244 | 50,223 |
Financing receivable, year four, originated, three years before current fiscal year | 47,620 | 25,930 |
Financing receivable, year five, originated, four years before current fiscal year | 20,786 | 47,447 |
Prior | 48,701 | 37,290 |
Revolving Loans | 4,253 | 4,595 |
Financing receivable, revolving loans converted to term loans | 0 | 0 |
Amortized Cost | 619,212 | 626,225 |
Commercial real estate | Classified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, year one, originated, current fiscal year | 0 | 2,879 |
Financing receivable, year two, originated, fiscal year before current fiscal year | 3,637 | 3,358 |
Financing receivable, year three, originated, two years before current fiscal year | 2,602 | 41 |
Financing receivable, year four, originated, three years before current fiscal year | 40 | 0 |
Financing receivable, year five, originated, four years before current fiscal year | 0 | 16 |
Prior | 16 | 0 |
Revolving Loans | 256 | 256 |
Financing receivable, revolving loans converted to term loans | 0 | 0 |
Amortized Cost | 6,551 | 6,550 |
Construction, land development, land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, year one, originated, current fiscal year | 7,412 | 58,914 |
Financing receivable, year two, originated, fiscal year before current fiscal year | 49,443 | 33,764 |
Financing receivable, year three, originated, two years before current fiscal year | 34,005 | 4,744 |
Financing receivable, year four, originated, three years before current fiscal year | 4,617 | 23,696 |
Financing receivable, year five, originated, four years before current fiscal year | 23,327 | 1,199 |
Prior | 747 | 1,139 |
Revolving Loans | 9 | 8 |
Financing receivable, revolving loans converted to term loans | 0 | 0 |
Amortized Cost | 119,560 | 123,464 |
Construction, land development, land | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, year one, originated, current fiscal year | 7,412 | 56,764 |
Financing receivable, year two, originated, fiscal year before current fiscal year | 48,081 | 33,756 |
Financing receivable, year three, originated, two years before current fiscal year | 33,997 | 4,744 |
Financing receivable, year four, originated, three years before current fiscal year | 4,617 | 23,696 |
Financing receivable, year five, originated, four years before current fiscal year | 23,327 | 1,199 |
Prior | 602 | 994 |
Revolving Loans | 9 | 8 |
Financing receivable, revolving loans converted to term loans | 0 | 0 |
Amortized Cost | 118,045 | 121,161 |
Construction, land development, land | Classified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, year one, originated, current fiscal year | 0 | 2,150 |
Financing receivable, year two, originated, fiscal year before current fiscal year | 1,362 | 8 |
Financing receivable, year three, originated, two years before current fiscal year | 8 | 0 |
Financing receivable, year four, originated, three years before current fiscal year | 0 | 0 |
Financing receivable, year five, originated, four years before current fiscal year | 0 | 0 |
Prior | 145 | 145 |
Revolving Loans | 0 | 0 |
Financing receivable, revolving loans converted to term loans | 0 | 0 |
Amortized Cost | 1,515 | 2,303 |
1-4 family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, year one, originated, current fiscal year | 11,019 | 27,113 |
Financing receivable, year two, originated, fiscal year before current fiscal year | 23,320 | 15,428 |
Financing receivable, year three, originated, two years before current fiscal year | 13,740 | 9,538 |
Financing receivable, year four, originated, three years before current fiscal year | 9,060 | 6,532 |
Financing receivable, year five, originated, four years before current fiscal year | 5,167 | 8,655 |
Prior | 24,159 | 23,240 |
Revolving Loans | 30,747 | 32,291 |
Financing receivable, revolving loans converted to term loans | 322 | 318 |
Amortized Cost | 117,534 | 123,115 |
1-4 family residential | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, year one, originated, current fiscal year | 11,019 | 26,840 |
Financing receivable, year two, originated, fiscal year before current fiscal year | 23,059 | 15,195 |
Financing receivable, year three, originated, two years before current fiscal year | 13,562 | 9,485 |
Financing receivable, year four, originated, three years before current fiscal year | 9,007 | 6,526 |
Financing receivable, year five, originated, four years before current fiscal year | 5,162 | 8,591 |
Prior | 23,060 | 22,151 |
Revolving Loans | 30,667 | 32,210 |
Financing receivable, revolving loans converted to term loans | 322 | 318 |
Amortized Cost | 115,858 | 121,316 |
1-4 family residential | Classified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, year one, originated, current fiscal year | 0 | 273 |
Financing receivable, year two, originated, fiscal year before current fiscal year | 261 | 233 |
Financing receivable, year three, originated, two years before current fiscal year | 178 | 53 |
Financing receivable, year four, originated, three years before current fiscal year | 53 | 6 |
Financing receivable, year five, originated, four years before current fiscal year | 5 | 64 |
Prior | 1,099 | 1,089 |
Revolving Loans | 80 | 81 |
Financing receivable, revolving loans converted to term loans | 0 | 0 |
Amortized Cost | 1,676 | 1,799 |
Farmland | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, year one, originated, current fiscal year | 177 | 14,586 |
Financing receivable, year two, originated, fiscal year before current fiscal year | 3,096 | 14,008 |
Financing receivable, year three, originated, two years before current fiscal year | 3,313 | 8,485 |
Financing receivable, year four, originated, three years before current fiscal year | 3,265 | 8,373 |
Financing receivable, year five, originated, four years before current fiscal year | 2,317 | 10,168 |
Prior | 4,489 | 20,090 |
Revolving Loans | 1,016 | 1,443 |
Financing receivable, revolving loans converted to term loans | 237 | 241 |
Amortized Cost | 17,910 | 77,394 |
Farmland | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, year one, originated, current fiscal year | 177 | 14,387 |
Financing receivable, year two, originated, fiscal year before current fiscal year | 2,897 | 13,396 |
Financing receivable, year three, originated, two years before current fiscal year | 2,809 | 7,892 |
Financing receivable, year four, originated, three years before current fiscal year | 2,663 | 8,040 |
Financing receivable, year five, originated, four years before current fiscal year | 2,317 | 10,040 |
Prior | 4,094 | 19,792 |
Revolving Loans | 1,016 | 1,317 |
Financing receivable, revolving loans converted to term loans | 237 | 241 |
Amortized Cost | 16,210 | 75,105 |
Farmland | Classified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, year one, originated, current fiscal year | 0 | 199 |
Financing receivable, year two, originated, fiscal year before current fiscal year | 199 | 612 |
Financing receivable, year three, originated, two years before current fiscal year | 504 | 593 |
Financing receivable, year four, originated, three years before current fiscal year | 602 | 333 |
Financing receivable, year five, originated, four years before current fiscal year | 0 | 128 |
Prior | 395 | 298 |
Revolving Loans | 0 | 126 |
Financing receivable, revolving loans converted to term loans | 0 | 0 |
Amortized Cost | 1,700 | 2,289 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, year one, originated, current fiscal year | 111,080 | 475,571 |
Financing receivable, year two, originated, fiscal year before current fiscal year | 401,006 | 339,604 |
Financing receivable, year three, originated, two years before current fiscal year | 299,321 | 82,098 |
Financing receivable, year four, originated, three years before current fiscal year | 71,396 | 19,498 |
Financing receivable, year five, originated, four years before current fiscal year | 15,006 | 15,088 |
Prior | 10,949 | 8,160 |
Revolving Loans | 466,108 | 490,361 |
Financing receivable, revolving loans converted to term loans | 178 | 49 |
Amortized Cost | 1,375,044 | 1,430,429 |
Commercial | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, year one, originated, current fiscal year | 109,751 | 466,254 |
Financing receivable, year two, originated, fiscal year before current fiscal year | 387,247 | 332,746 |
Financing receivable, year three, originated, two years before current fiscal year | 293,748 | 77,010 |
Financing receivable, year four, originated, three years before current fiscal year | 70,976 | 18,940 |
Financing receivable, year five, originated, four years before current fiscal year | 14,458 | 15,032 |
Prior | 10,748 | 7,704 |
Revolving Loans | 465,709 | 490,159 |
Financing receivable, revolving loans converted to term loans | 178 | 49 |
Amortized Cost | 1,352,815 | 1,407,894 |
Commercial | Classified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, year one, originated, current fiscal year | 1,329 | 9,317 |
Financing receivable, year two, originated, fiscal year before current fiscal year | 13,759 | 6,858 |
Financing receivable, year three, originated, two years before current fiscal year | 5,573 | 5,088 |
Financing receivable, year four, originated, three years before current fiscal year | 420 | 558 |
Financing receivable, year five, originated, four years before current fiscal year | 548 | 56 |
Prior | 201 | 456 |
Revolving Loans | 399 | 202 |
Financing receivable, revolving loans converted to term loans | 0 | 0 |
Amortized Cost | 22,229 | 22,535 |
Factored receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, year one, originated, current fiscal year | 1,744,015 | 1,678,748 |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 20,789 |
Financing receivable, year three, originated, two years before current fiscal year | 20,575 | 0 |
Financing receivable, year four, originated, three years before current fiscal year | 0 | 0 |
Financing receivable, year five, originated, four years before current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Financing receivable, revolving loans converted to term loans | 0 | 0 |
Amortized Cost | 1,764,590 | 1,699,537 |
Factored receivables | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, year one, originated, current fiscal year | 1,732,472 | 1,667,922 |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 0 |
Financing receivable, year three, originated, two years before current fiscal year | 0 | 0 |
Financing receivable, year four, originated, three years before current fiscal year | 0 | 0 |
Financing receivable, year five, originated, four years before current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Financing receivable, revolving loans converted to term loans | 0 | 0 |
Amortized Cost | 1,732,472 | 1,667,922 |
Factored receivables | Classified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, year one, originated, current fiscal year | 11,543 | 10,826 |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 20,789 |
Financing receivable, year three, originated, two years before current fiscal year | 20,575 | 0 |
Financing receivable, year four, originated, three years before current fiscal year | 0 | 0 |
Financing receivable, year five, originated, four years before current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Financing receivable, revolving loans converted to term loans | 0 | 0 |
Amortized Cost | 32,118 | 31,615 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, year one, originated, current fiscal year | 1,374 | 3,257 |
Financing receivable, year two, originated, fiscal year before current fiscal year | 1,823 | 1,794 |
Financing receivable, year three, originated, two years before current fiscal year | 1,354 | 669 |
Financing receivable, year four, originated, three years before current fiscal year | 422 | 565 |
Financing receivable, year five, originated, four years before current fiscal year | 447 | 2,543 |
Prior | 3,803 | 1,987 |
Revolving Loans | 53 | 70 |
Financing receivable, revolving loans converted to term loans | 0 | 0 |
Amortized Cost | 9,276 | 10,885 |
Consumer | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, year one, originated, current fiscal year | 1,374 | 3,252 |
Financing receivable, year two, originated, fiscal year before current fiscal year | 1,820 | 1,794 |
Financing receivable, year three, originated, two years before current fiscal year | 1,354 | 669 |
Financing receivable, year four, originated, three years before current fiscal year | 422 | 553 |
Financing receivable, year five, originated, four years before current fiscal year | 447 | 2,424 |
Prior | 3,587 | 1,882 |
Revolving Loans | 53 | 70 |
Financing receivable, revolving loans converted to term loans | 0 | 0 |
Amortized Cost | 9,057 | 10,644 |
Consumer | Classified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, year one, originated, current fiscal year | 0 | 5 |
Financing receivable, year two, originated, fiscal year before current fiscal year | 3 | 0 |
Financing receivable, year three, originated, two years before current fiscal year | 0 | 0 |
Financing receivable, year four, originated, three years before current fiscal year | 0 | 12 |
Financing receivable, year five, originated, four years before current fiscal year | 0 | 119 |
Prior | 216 | 105 |
Revolving Loans | 0 | 0 |
Financing receivable, revolving loans converted to term loans | 0 | 0 |
Amortized Cost | 219 | 241 |
Mortgage warehouse | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, year one, originated, current fiscal year | 694,401 | 769,973 |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 0 |
Financing receivable, year three, originated, two years before current fiscal year | 0 | 0 |
Financing receivable, year four, originated, three years before current fiscal year | 0 | 0 |
Financing receivable, year five, originated, four years before current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Financing receivable, revolving loans converted to term loans | 0 | 0 |
Amortized Cost | 694,401 | 769,973 |
Mortgage warehouse | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, year one, originated, current fiscal year | 694,401 | 769,973 |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 0 |
Financing receivable, year three, originated, two years before current fiscal year | 0 | 0 |
Financing receivable, year four, originated, three years before current fiscal year | 0 | 0 |
Financing receivable, year five, originated, four years before current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Financing receivable, revolving loans converted to term loans | 0 | 0 |
Amortized Cost | 694,401 | 769,973 |
Mortgage warehouse | Classified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, year one, originated, current fiscal year | 0 | 0 |
Financing receivable, year two, originated, fiscal year before current fiscal year | 0 | 0 |
Financing receivable, year three, originated, two years before current fiscal year | 0 | 0 |
Financing receivable, year four, originated, three years before current fiscal year | 0 | 0 |
Financing receivable, year five, originated, four years before current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Financing receivable, revolving loans converted to term loans | 0 | 0 |
Amortized Cost | $ 0 | $ 0 |
Loans and Allowance for Cred_14
Loans and Allowance for Credit Losses - Schedule of Loans Modified as Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($)loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total Modifications | $ 741 |
Number of Loans | loan | 1 |
Extended Amortization Period | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total Modifications | $ 0 |
Payment Deferrals | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total Modifications | 0 |
Protective Advances | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total Modifications | 741 |
Commercial real estate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total Modifications | $ 741 |
Number of Loans | loan | 1 |
Commercial real estate | Extended Amortization Period | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total Modifications | $ 0 |
Commercial real estate | Payment Deferrals | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total Modifications | 0 |
Commercial real estate | Protective Advances | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total Modifications | 741 |
Commercial | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total Modifications | $ 0 |
Number of Loans | loan | |
Commercial | Extended Amortization Period | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total Modifications | |
Commercial | Payment Deferrals | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total Modifications | |
Commercial | Protective Advances | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total Modifications |
Loans and Allowance for Cred_15
Loans and Allowance for Credit Losses - Loan Modifications (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Receivables [Abstract] | ||
Total modifications | $ 0 | $ 10,459 |
Loans and Allowance for Cred_16
Loans and Allowance for Credit Losses - Summary of Amortized Cost of Loans Currently in Deferral (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 4,724,078 | $ 4,867,572 |
Balance of Loans Currently in Deferral | $ 1,340 | $ 31,896 |
Percentage of Portfolio | 0.00% | 0.70% |
Accrued Interest Receivable | $ 5 | $ 124 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 625,763 | 632,775 |
Balance of Loans Currently in Deferral | $ 0 | $ 30,212 |
Percentage of Portfolio | 0.00% | 4.80% |
Accrued Interest Receivable | $ 0 | $ 116 |
Construction, land development, land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 119,560 | 123,464 |
Balance of Loans Currently in Deferral | $ 1,340 | $ 1,340 |
Percentage of Portfolio | 1.10% | 1.10% |
Accrued Interest Receivable | $ 5 | $ 5 |
1-4 family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 117,534 | 123,115 |
Balance of Loans Currently in Deferral | $ 0 | $ 0 |
Percentage of Portfolio | 0.00% | 0.00% |
Accrued Interest Receivable | $ 0 | $ 0 |
Farmland | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 17,910 | 77,394 |
Balance of Loans Currently in Deferral | $ 0 | $ 338 |
Percentage of Portfolio | 0.00% | 0.40% |
Accrued Interest Receivable | $ 0 | $ 3 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 1,375,044 | 1,430,429 |
Balance of Loans Currently in Deferral | $ 0 | $ 0 |
Percentage of Portfolio | 0.00% | 0.00% |
Accrued Interest Receivable | $ 0 | $ 0 |
Factored receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 1,764,590 | 1,699,537 |
Balance of Loans Currently in Deferral | $ 0 | $ 0 |
Percentage of Portfolio | 0.00% | 0.00% |
Accrued Interest Receivable | $ 0 | $ 0 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 9,276 | 10,885 |
Balance of Loans Currently in Deferral | $ 0 | $ 6 |
Percentage of Portfolio | 0.00% | 0.10% |
Accrued Interest Receivable | $ 0 | $ 0 |
Mortgage warehouse | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 694,401 | 769,973 |
Balance of Loans Currently in Deferral | $ 0 | $ 0 |
Percentage of Portfolio | 0.00% | 0.00% |
Accrued Interest Receivable | $ 0 | $ 0 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Schedule of Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Goodwill And Intangible Assets [Line Items] | ||
Goodwill | $ 230,492 | $ 233,727 |
Gross Carrying Amount | 88,676 | 90,070 |
Accumulated Amortization | (50,049) | (46,941) |
Net Carrying Amount | 38,627 | 43,129 |
Core deposit intangibles | ||
Goodwill And Intangible Assets [Line Items] | ||
Gross Carrying Amount | 42,184 | 43,578 |
Accumulated Amortization | (32,724) | (31,800) |
Net Carrying Amount | 9,460 | 11,778 |
Software intangible assets | ||
Goodwill And Intangible Assets [Line Items] | ||
Gross Carrying Amount | 16,932 | 16,932 |
Accumulated Amortization | (3,528) | (2,469) |
Net Carrying Amount | 13,404 | 14,463 |
Other intangible assets | ||
Goodwill And Intangible Assets [Line Items] | ||
Gross Carrying Amount | 29,560 | 29,560 |
Accumulated Amortization | (13,797) | (12,672) |
Net Carrying Amount | $ 15,763 | $ 16,888 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Changes in Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 276,856 | $ 189,922 |
Acquired goodwill - measurement period adjustment | (18) | 59 |
Goodwill transferred to assets held for sale | (3,217) | 0 |
Intangible assets transferred to assets held for sale | (1,394) | 0 |
Amortization of intangibles | (3,108) | (1,975) |
Ending balance | $ 269,119 | $ 188,006 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of pre-tax gains expected to be reclassified into earnings within the next twelve months | $ 2,795 | ||
Discontinued Cash Flow Hedge | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Termination value | 9,316 | $ 0 | |
Other assets | Interest rate swaps | Derivatives designated as hedging instruments | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional Amount | $ 200,000 | $ 200,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Pre-Tax Impact of Terminated Cash Flow Hedge on AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
AOCI Attributable to Parent, Before Tax [Roll Forward] | ||
Beginning balance | $ 858,864 | $ 726,781 |
Ending balance | 886,665 | 764,004 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | Discontinued Cash Flow Hedge | ||
AOCI Attributable to Parent, Before Tax [Roll Forward] | ||
Beginning balance | 0 | 0 |
Unrealized gains on terminated hedges arising during the period | 9,316 | 0 |
Reclassification adjustments for amortization of unrealized (gains) into net income | (233) | 0 |
Ending balance | $ 9,083 | $ 0 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Schedule of Fair Value of Derivative Financial Instruments Classification on Balance Sheet (Details) - Derivatives designated as hedging instruments - Interest rate swaps - Other assets - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 200,000 | $ 200,000 |
Fair Value Total | $ 6,164 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Schedule of Effect of Fair Value and Cash Flow Hedge on Accumulated Other Comprehensive Income, Net of Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Recognized in OCI on Derivative | $ 2,234 | $ 2,812 |
Amount of Gain or (Loss) Reclassified from AOCI into Income | 164 | (18) |
Interest rate swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Recognized in OCI on Derivative | 2,234 | 2,812 |
Interest rate swaps | Interest Expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Reclassified from AOCI into Income | $ (164) | $ 18 |
Variable Interest Entities - Su
Variable Interest Entities - Summary of Closed Collateralized Loan Obligation ("CLO") Funds (Details) - Collateralized Loan Obligation Funds - USD ($) $ in Thousands | Jun. 20, 2017 | Sep. 22, 2016 | Jun. 02, 2016 |
Trinitas IV | |||
Variable Interest Entity [Line Items] | |||
Offering Amount | $ 406,650 | ||
Trinitas V | |||
Variable Interest Entity [Line Items] | |||
Offering Amount | $ 409,000 | ||
Trinitas VI | |||
Variable Interest Entity [Line Items] | |||
Offering Amount | $ 717,100 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information - (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Variable Interest Entity [Line Items] | ||
Securities - held to maturity, net carrying amount | $ 4,404 | $ 4,947 |
Collateralized Loan Obligation Funds | ||
Variable Interest Entity [Line Items] | ||
Securities - held to maturity, net carrying amount | $ 4,404 | $ 4,947 |
Off-Balance Sheet Loan Commit_3
Off-Balance Sheet Loan Commitments - Summary of Financial Instruments with Off-Balance Sheet Risk - (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Unused lines of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | $ 21,159 | $ 26,029 |
Variable Rate | 514,262 | 523,483 |
Total | 535,421 | 549,512 |
Standby letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 4,498 | 11,090 |
Variable Rate | 5,650 | 5,409 |
Total | 10,148 | 16,499 |
Commitments to purchase loans | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 0 | 0 |
Variable Rate | 95,999 | 108,423 |
Total | 95,999 | 108,423 |
Mortgage warehouse commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 0 | 0 |
Variable Rate | 903,443 | 823,060 |
Total | $ 903,443 | $ 823,060 |
Off-Balance Sheet Loan Commit_4
Off-Balance Sheet Loan Commitments - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Other Noninterest Expense | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Credit loss expense (benefit) | $ (736) | $ (1,214) | |
Other Liabilities | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Allowance for credit losses on off-balance sheet credit exposure | $ 3,347 | $ 4,082 |
Fair Value Disclosures - Assets
Fair Value Disclosures - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Assets measured at fair value on a recurring basis | ||
Securities available for sale | $ 191,440 | $ 182,426 |
Securities - equity investments | 5,085 | 5,504 |
Indemnification asset | 4,582 | 4,786 |
Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 191,440 | 182,426 |
Loans held for sale | 607 | 7,330 |
Indemnification asset | 4,582 | 4,786 |
Fair Value, Measurements, Recurring | Interest rate swaps | ||
Assets measured at fair value on a recurring basis | ||
Interest rate swap | 6,164 | |
Mutual fund | ||
Assets measured at fair value on a recurring basis | ||
Securities - equity investments | 5,085 | 5,504 |
Mutual fund | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities - equity investments | 5,085 | 5,504 |
Mortgage-backed securities, residential | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 43,840 | 37,449 |
Mortgage-backed securities, residential | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 43,840 | 37,449 |
Asset-backed securities | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 6,649 | 6,764 |
Asset-backed securities | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 6,649 | 6,764 |
State and municipal | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 15,333 | 26,825 |
State and municipal | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 15,333 | 26,825 |
CLO securities | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 121,073 | 106,634 |
CLO securities | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 121,073 | 106,634 |
Corporate bonds | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 2,017 | 2,056 |
Corporate bonds | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 2,017 | 2,056 |
SBA pooled securities | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 2,528 | 2,698 |
SBA pooled securities | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 2,528 | 2,698 |
Level 1 | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 0 | 0 |
Loans held for sale | 0 | 0 |
Indemnification asset | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Interest rate swaps | ||
Assets measured at fair value on a recurring basis | ||
Interest rate swap | 0 | |
Level 1 | Mutual fund | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities - equity investments | 5,085 | 5,504 |
Level 1 | Mortgage-backed securities, residential | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 0 | 0 |
Level 1 | Asset-backed securities | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 0 | 0 |
Level 1 | State and municipal | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 0 | 0 |
Level 1 | CLO securities | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 0 | 0 |
Level 1 | Corporate bonds | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 0 | 0 |
Level 1 | SBA pooled securities | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 191,440 | 182,426 |
Loans held for sale | 607 | 7,330 |
Indemnification asset | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | Interest rate swaps | ||
Assets measured at fair value on a recurring basis | ||
Interest rate swap | 6,164 | |
Level 2 | Mutual fund | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities - equity investments | 0 | 0 |
Level 2 | Mortgage-backed securities, residential | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 43,840 | 37,449 |
Level 2 | Asset-backed securities | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 6,649 | 6,764 |
Level 2 | State and municipal | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 15,333 | 26,825 |
Level 2 | CLO securities | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 121,073 | 106,634 |
Level 2 | Corporate bonds | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 2,017 | 2,056 |
Level 2 | SBA pooled securities | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 2,528 | 2,698 |
Level 3 | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 0 | 0 |
Loans held for sale | 0 | 0 |
Indemnification asset | 4,582 | 4,786 |
Level 3 | Fair Value, Measurements, Recurring | Interest rate swaps | ||
Assets measured at fair value on a recurring basis | ||
Interest rate swap | 0 | |
Level 3 | Mutual fund | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities - equity investments | 0 | 0 |
Level 3 | Mortgage-backed securities, residential | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 0 | 0 |
Level 3 | Asset-backed securities | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 0 | 0 |
Level 3 | State and municipal | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 0 | 0 |
Level 3 | CLO securities | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 0 | 0 |
Level 3 | Corporate bonds | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | 0 | 0 |
Level 3 | SBA pooled securities | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities available for sale | $ 0 | $ 0 |
Fair Value Disclosures - Additi
Fair Value Disclosures - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Indemnification asset, expected cash payments to be received | $ 4,823 | $ 5,038 |
Discount rate | 5.00% | 5.00% |
Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Selling and closing costs for loans as a percentage of appraised value | 5.00% | |
Real estate selling and closing costs, percentage of appraised value | 5.00% | |
Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Selling and closing costs for loans as a percentage of appraised value | 8.00% | |
Real estate selling and closing costs, percentage of appraised value | 8.00% |
Fair Value Disclosures - Reconc
Fair Value Disclosures - Reconciliation of Opening Balance to Closing Balance of Fair Value of Contingent Consideration (Details) - Level 3 - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 4,786 | $ 36,225 |
Indemnification asset recognized in business combination | 0 | 0 |
Change in fair value of indemnification asset recognized in earnings | (204) | 4,654 |
Indemnification reduction | 0 | (35,633) |
Ending balance | $ 4,582 | $ 5,246 |
Fair Value Disclosures - Fair V
Fair Value Disclosures - Fair Value of Assets Measured on Non-recurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | $ 42,446 | $ 33,216 |
Collateral dependent loans | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 333 | 366 |
Collateral dependent loans | 1-4 family residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 67 | 61 |
Collateral dependent loans | Commercial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 2,387 | 2,435 |
Collateral dependent loans | Factored receivables | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 39,349 | 30,224 |
Collateral dependent loans | Consumer | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 59 | 60 |
Other real estate owned | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 7 | |
Other real estate owned | Construction, land development, land | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 63 | |
Other real estate owned | 1-4 family residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 135 | |
Other real estate owned | Farmland | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 116 | |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Level 1 | Collateral dependent loans | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Level 1 | Collateral dependent loans | 1-4 family residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Level 1 | Collateral dependent loans | Commercial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Level 1 | Collateral dependent loans | Factored receivables | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Level 1 | Collateral dependent loans | Consumer | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Level 1 | Other real estate owned | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | |
Level 1 | Other real estate owned | Construction, land development, land | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | |
Level 1 | Other real estate owned | 1-4 family residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | |
Level 1 | Other real estate owned | Farmland | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Level 2 | Collateral dependent loans | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Level 2 | Collateral dependent loans | 1-4 family residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Level 2 | Collateral dependent loans | Commercial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Level 2 | Collateral dependent loans | Factored receivables | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Level 2 | Collateral dependent loans | Consumer | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Level 2 | Other real estate owned | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | |
Level 2 | Other real estate owned | Construction, land development, land | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | |
Level 2 | Other real estate owned | 1-4 family residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | |
Level 2 | Other real estate owned | Farmland | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 42,446 | 33,216 |
Level 3 | Collateral dependent loans | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 333 | 366 |
Level 3 | Collateral dependent loans | 1-4 family residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 67 | 61 |
Level 3 | Collateral dependent loans | Commercial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 2,387 | 2,435 |
Level 3 | Collateral dependent loans | Factored receivables | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 39,349 | 30,224 |
Level 3 | Collateral dependent loans | Consumer | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 59 | 60 |
Level 3 | Other real estate owned | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 7 | |
Level 3 | Other real estate owned | Construction, land development, land | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | $ 63 | |
Level 3 | Other real estate owned | 1-4 family residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 135 | |
Level 3 | Other real estate owned | Farmland | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | $ 116 |
Fair Value Disclosures - Estima
Fair Value Disclosures - Estimated Fair Value of Company's Financial Assets and Financial Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financial assets: | ||
Cash and cash equivalents, carrying amount | $ 413,704 | $ 383,178 |
Securities - held to maturity, carrying amount | 4,404 | 4,947 |
Loans not previously presented carrying amount | 4,921,871 | 4,834,426 |
FHLB and other restricted stock, carrying amount | 12,196 | 10,146 |
Accrued interest receivable, carrying amount | 12,802 | 15,319 |
Cash and cash equivalents, fair value | 413,704 | 383,178 |
Securities - held to maturity, fair value | 5,727 | 5,447 |
Loans not previously presented, fair value | 4,879,729 | 4,828,020 |
Accrued interest receivable, fair value | 12,802 | 15,319 |
Financial liabilities: | ||
Deposits, including deposits held-for-sale, carrying amount | 4,709,484 | 4,646,679 |
Customer repurchase agreements, carrying amount | 2,868 | 2,103 |
Federal Home Loan Bank advances, carrying amount | 230,000 | 180,000 |
Paycheck Protection Program Liquidity Facility | 0 | 27,144 |
Subordinated notes, carrying amount | 107,169 | 106,957 |
Junior subordinated debentures | 40,737 | 40,602 |
Accrued interest payable, carrying amount | 1,545 | 1,951 |
Deposits, fair value | 4,705,096 | 4,646,552 |
Customer repurchase agreements, fair value | 2,868 | 2,103 |
Federal Home Loan Bank advances, fair value | 230,000 | 180,000 |
Paycheck Protection Program Liquidity Facility, fair value | 27,144 | |
Subordinated notes, fair value | 110,264 | 110,045 |
Junior subordinated debentures, fair value | 41,941 | 41,286 |
Accrued interest payable, fair value | 1,545 | 1,951 |
Level 1 | ||
Financial assets: | ||
Cash and cash equivalents, fair value | 413,704 | 383,178 |
Securities - held to maturity, fair value | 0 | 0 |
Loans not previously presented, fair value | 170,053 | 142,962 |
Accrued interest receivable, fair value | 12,802 | 15,319 |
Financial liabilities: | ||
Deposits, fair value | 0 | 0 |
Customer repurchase agreements, fair value | 0 | 0 |
Federal Home Loan Bank advances, fair value | 0 | 0 |
Paycheck Protection Program Liquidity Facility, fair value | 0 | |
Subordinated notes, fair value | 0 | 0 |
Junior subordinated debentures, fair value | 0 | 0 |
Accrued interest payable, fair value | 1,545 | 1,951 |
Level 2 | ||
Financial assets: | ||
Cash and cash equivalents, fair value | 0 | 0 |
Securities - held to maturity, fair value | 0 | 0 |
Loans not previously presented, fair value | 0 | 0 |
Accrued interest receivable, fair value | 0 | 0 |
Financial liabilities: | ||
Deposits, fair value | 4,705,096 | 4,646,552 |
Customer repurchase agreements, fair value | 2,868 | 2,103 |
Federal Home Loan Bank advances, fair value | 230,000 | 180,000 |
Paycheck Protection Program Liquidity Facility, fair value | 27,144 | |
Subordinated notes, fair value | 110,264 | 110,045 |
Junior subordinated debentures, fair value | 41,941 | 41,286 |
Accrued interest payable, fair value | 0 | 0 |
Level 3 | ||
Financial assets: | ||
Cash and cash equivalents, fair value | 0 | 0 |
Securities - held to maturity, fair value | 5,727 | 5,447 |
Loans not previously presented, fair value | 4,709,676 | 4,685,058 |
Accrued interest receivable, fair value | 0 | 0 |
Financial liabilities: | ||
Deposits, fair value | 0 | 0 |
Customer repurchase agreements, fair value | 0 | 0 |
Federal Home Loan Bank advances, fair value | 0 | 0 |
Paycheck Protection Program Liquidity Facility, fair value | 0 | |
Subordinated notes, fair value | 0 | 0 |
Junior subordinated debentures, fair value | 0 | 0 |
Accrued interest payable, fair value | $ 0 | $ 0 |
Regulatory Matters - Schedule o
Regulatory Matters - Schedule of Actual Capital Amounts and Ratios (Details) $ in Thousands | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) |
Triumph Bancorp, Inc. | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (to Risk Weighted Assets) Actual Amount | $ 801,378 | $ 769,475 |
Total Capital (to Risk Weighted Assets) Actual Ratio | 0.145 | 0.141 |
Total Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Amount | $ 442,140 | $ 440,087 |
Total Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Ratio | 0.080 | 0.080 |
Tier 1 Capital (to Risk Weighted Assets) Actual Amount | $ 659,409 | $ 628,094 |
Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 0.120 | 0.115 |
Tier 1 Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Amount | $ 329,705 | $ 329,196 |
Tier 1 Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Ratio | 0.060 | 0.060 |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Actual Amount | $ 573,672 | $ 542,492 |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 0.104 | 0.099 |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Amount | $ 248,223 | $ 248,254 |
Banking Regulation, Common Equity Tier One Risk-Based Capital Ratio, Capital Adequacy, Minimum | 0.045 | 0.045 |
Tier 1 Capital (to Average Assets) Actual Amount | $ 659,409 | $ 628,094 |
Tier 1 Capital (to Average Assets) Actual Ratio | 0.118 | 0.111 |
Tier 1 Capital (to Average Assets) Minimum for Capital Adequacy Purposes Amount | $ 223,528 | $ 215,400 |
Tier 1 Capital (to Average Assets) Minimum for Capital Adequacy Purposes Ratio | 0.040 | 0.040 |
TBK Bank, SSB | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (to Risk Weighted Assets) Actual Amount | $ 732,784 | $ 698,286 |
Total Capital (to Risk Weighted Assets) Actual Ratio | 0.134 | 0.129 |
Total Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Amount | $ 437,483 | $ 431,973 |
Total Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Ratio | 0.080 | 0.080 |
Total Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 546,854 | $ 539,966 |
Total Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 0.100 | 0.100 |
Tier 1 Capital (to Risk Weighted Assets) Actual Amount | $ 699,978 | $ 665,336 |
Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 0.128 | 0.123 |
Tier 1 Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Amount | $ 328,115 | $ 323,223 |
Tier 1 Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Ratio | 0.060 | 0.060 |
Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 437,486 | $ 430,964 |
Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 0.080 | 0.080 |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Actual Amount | $ 699,978 | $ 665,336 |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 0.128 | 0.123 |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Amount | $ 246,086 | $ 242,417 |
Banking Regulation, Common Equity Tier One Risk-Based Capital Ratio, Capital Adequacy, Minimum | 0.045 | 0.045 |
Common Equity Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 355,458 | $ 350,158 |
Banking Regulation, Common Equity Tier One Risk-Based Capital Ratio, Well Capitalized, Minimum | 0.065 | 0.065 |
Tier 1 Capital (to Average Assets) Actual Amount | $ 699,978 | $ 665,336 |
Tier 1 Capital (to Average Assets) Actual Ratio | 0.126 | 0.118 |
Tier 1 Capital (to Average Assets) Minimum for Capital Adequacy Purposes Amount | $ 222,215 | $ 215,482 |
Tier 1 Capital (to Average Assets) Minimum for Capital Adequacy Purposes Ratio | 0.040 | 0.040 |
Tier 1 Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 277,769 | $ 269,353 |
Tier 1 Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 0.050 | 0.050 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Capital Structure (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | ||
Shares authorized (in shares) | 50,000,000 | 50,000,000 |
Shares issued (in shares) | 28,279,788 | 28,261,680 |
Treasury shares (in shares) | (3,118,098) | (3,102,801) |
Shares outstanding (in shares) | 25,161,690 | 25,158,879 |
Par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred Stock Series C | ||
Class of Stock [Line Items] | ||
Shares authorized (in shares) | 51,750 | 51,750 |
Shares issued (in shares) | 45,000 | 45,000 |
Shares outstanding (in shares) | 45,000 | 45,000 |
Par value per share (in dollars per shares) | $ 0.01 | $ 0.01 |
Liquidation preference per share (in dollars per shares) | $ 1,000 | $ 1,000 |
Liquidation preference amount | $ 45,000,000 | $ 45,000,000 |
Dividend rate | 7.125% | 7.125% |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Feb. 07, 2022 | |
Class of Stock [Line Items] | |||
Shares repurchased value and held into treasury stock | $ 1,316 | ||
Share repurchase program | |||
Class of Stock [Line Items] | |||
Amount authorized under stock repurchase program | $ 50,000 | ||
Shares repurchased and held into treasury stock (in shares) | 14,810 | 0 | |
Treasury stock acquired, average cost per share | $ 88.81 | ||
Shares repurchased value and held into treasury stock | $ 1,316 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Details) - USD ($) | Apr. 01, 2019 | Mar. 31, 2022 | Mar. 31, 2021 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation | $ 4,952,000 | $ 1,350,000 | |
Shares issued under ESPP during period (in shares) | 10,585 | 0 | |
2014 Omnibus Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares approved for issuance (in shares) | 2,450,000 | ||
2014 Omnibus Incentive Plan | Restricted Stock Awards (RSAs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total unrecognized compensation cost | $ 10,989,000 | ||
Remaining period to recognize cost | 3 years | ||
2014 Omnibus Incentive Plan | Restricted Stock Awards (RSAs) | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation, award vesting period | 3 years | ||
2014 Omnibus Incentive Plan | Restricted Stock Awards (RSAs) | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation, award vesting period | 4 years | ||
2014 Omnibus Incentive Plan | Restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total unrecognized compensation cost | $ 3,706,000 | ||
Remaining period to recognize cost | 2 years 11 months 23 days | ||
2014 Omnibus Incentive Plan | Restricted stock units | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation, award vesting period | 4 years | ||
2014 Omnibus Incentive Plan | Restricted stock units | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation, award vesting period | 5 years | ||
2014 Omnibus Incentive Plan | Performance stock units - market based | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total unrecognized compensation cost | $ 1,429,000 | ||
Remaining period to recognize cost | 1 year 7 months 20 days | ||
2014 Omnibus Incentive Plan | Performance stock units - market based | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation, award vesting period | 3 years | ||
Stock based compensation, award vesting percentage | 0.00% | ||
2014 Omnibus Incentive Plan | Performance stock units - market based | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation, award vesting period | 5 years | ||
Stock based compensation, award vesting percentage | 175.00% | ||
2014 Omnibus Incentive Plan | Performance Based Performance Stock Units (Performance Based PSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation | $ 807,000 | $ 0 | |
Stock based compensation, award vesting period | 3 years | ||
Remaining period to recognize cost | 9 months | ||
2014 Omnibus Incentive Plan | Performance Based Performance Stock Units (Performance Based PSUs) | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation, award vesting percentage | 0.00% | ||
2014 Omnibus Incentive Plan | Performance Based Performance Stock Units (Performance Based PSUs) | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation, award vesting percentage | 200.00% | ||
Total unrecognized compensation cost | $ 12,136,000 | ||
2014 Omnibus Incentive Plan | Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation, award vesting period | 4 years | ||
Remaining period to recognize cost | 2 years 10 months 2 days | ||
Total unrecognized compensation cost | $ 297,000 | ||
Employees stock options contractual terms | 10 years | ||
2019 Employee Stock Purchase Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock reserved for issuance (in shares) | 2,500,000 | ||
Purchase price of common stock, percentage | 85.00% |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Changes in Company's Nonvested Restricted Stock Awards (Details) - Restricted Stock Awards (RSAs) | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Shares | |
Nonvested Shares, Beginning balance (in shares) | shares | 363,404 |
Nonvested Shares, Granted (in shares) | shares | 5,502 |
Nonvested Shares, Vested (in shares) | shares | (5,502) |
Nonvested Shares, Forfeited (in shares) | shares | (487) |
Nonvested Shares, Ending balance (in shares) | shares | 362,917 |
Weighted-Average Grant-Date Fair Value | |
Weighted-Average Grant-Date Fair Value, Nonvested, Beginning balance (in dollars per share) | $ / shares | $ 67.56 |
Weighted-Average Grant-Date Fair Value, Nonvested, Granted (in dollars per share) | $ / shares | 87.63 |
Weighted-Average Grant-Date Fair Value, Nonvested, Vested (in dollars per share) | $ / shares | 87.63 |
Weighted-Average Grant-Date Fair Value, Nonvested, Forfeited (in dollars per share) | $ / shares | 49.69 |
Weighted-Average Grant-Date Fair Value, Nonvested, Ending balance (in dollars per share) | $ / shares | $ 67.59 |
Stock Based Compensation - Su_2
Stock Based Compensation - Summary of Changes in Company's Nonvested Restricted Stock Units (Details) - Restricted stock units | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Shares | |
Nonvested Shares, Beginning balance (in shares) | shares | 122,470 |
Nonvested Shares, Granted (in shares) | shares | 0 |
Nonvested Shares, Vested (in shares) | shares | 0 |
Nonvested Shares, Forfeited (in shares) | shares | 0 |
Nonvested Shares, Ending balance (in shares) | shares | 122,470 |
Weighted-Average Grant-Date Fair Value | |
Weighted-Average Grant-Date Fair Value, Nonvested, Beginning balance (in dollars per share) | $ / shares | $ 52.07 |
Weighted-Average Grant-Date Fair Value, Nonvested, Granted (in dollars per share) | $ / shares | 0 |
Weighted-Average Grant-Date Fair Value, Nonvested, Vested (in dollars per share) | $ / shares | 0 |
Weighted-Average Grant-Date Fair Value, Nonvested, Forfeited (in dollars per share) | $ / shares | 0 |
Weighted-Average Grant-Date Fair Value, Nonvested, Ending balance (in dollars per share) | $ / shares | $ 52.07 |
Stock Based Compensation - Su_3
Stock Based Compensation - Summary of Changes in Company's Nonvested Market Based Performance Stock Units (Details) - Performance stock units - market based | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Shares | |
Nonvested Shares, Beginning balance (in shares) | shares | 94,984 |
Nonvested Shares, Granted (in shares) | shares | 0 |
Nonvested Shares, Vested (in shares) | shares | 0 |
Nonvested Shares, Forfeited (in shares) | shares | 0 |
Nonvested Shares, Ending balance (in shares) | shares | 94,984 |
Weighted-Average Grant-Date Fair Value | |
Weighted-Average Grant-Date Fair Value, Nonvested, Beginning balance (in dollars per share) | $ / shares | $ 43.68 |
Weighted-Average Grant-Date Fair Value, Nonvested, Granted (in dollars per share) | $ / shares | 0 |
Weighted-Average Grant-Date Fair Value, Nonvested, Vested (in dollars per share) | $ / shares | 0 |
Weighted-Average Grant-Date Fair Value, Nonvested, Forfeited (in dollars per share) | $ / shares | 0 |
Weighted-Average Grant-Date Fair Value, Nonvested, Ending balance (in dollars per share) | $ / shares | $ 43.68 |
Stock Based Compensation - Su_4
Stock Based Compensation - Summary of Changes in Company's Nonvested Performance Based Performance Stock Units (Details) - Performance Based Performance Stock Units (Performance Based PSUs) | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Shares | |
Nonvested Shares, Beginning balance (in shares) | shares | 259,383 |
Nonvested Shares, Granted (in shares) | shares | 0 |
Nonvested Shares, Vested (in shares) | shares | 0 |
Nonvested Shares, Forfeited (in shares) | shares | (748) |
Nonvested Shares, Ending balance (in shares) | shares | 258,635 |
Weighted-Average Grant-Date Fair Value | |
Weighted-Average Grant-Date Fair Value, Nonvested, Beginning balance (in dollars per share) | $ / shares | $ 39.32 |
Weighted-Average Grant-Date Fair Value, Nonvested, Granted (in dollars per share) | $ / shares | 0 |
Weighted-Average Grant-Date Fair Value, Nonvested, Vested (in dollars per share) | $ / shares | 0 |
Weighted-Average Grant-Date Fair Value, Nonvested, Forfeited (in dollars per share) | $ / shares | 32.50 |
Weighted-Average Grant-Date Fair Value, Nonvested, Ending balance (in dollars per share) | $ / shares | $ 39.34 |
Stock Based Compensation - Su_5
Stock Based Compensation - Summary of Changes in Company's Stock Options (Details) - Stock options $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($)$ / sharesshares | |
Shares | |
Stock Options, Beginning Balance (in shares) | shares | 166,755 |
Stock Options, Granted (in shares) | shares | 0 |
Stock Options, Exercised (in shares) | shares | (3,703) |
Stock Options, Forfeited or expired (in shares) | shares | 0 |
Stock Options, Ending Balance (in shares) | shares | 163,052 |
Stock Options, Fully vested shares and shares expected (in shares) | shares | 163,052 |
Stock Options, Shares exercisable (in shares) | shares | 100,291 |
Weighted-Average Exercise Price | |
Weighted-Average Exercise Price, Beginning Balance (in dollars per share) | $ / shares | $ 33.34 |
Weighted-Average Exercise Price, Granted (in dollars per share) | $ / shares | 0 |
Weighted-Average Exercise Price, Exercised (in dollars per share) | $ / shares | 25.80 |
Weighted-Average Exercise Price, Forfeited or expired (in dollars per share) | $ / shares | 0 |
Weighted-Average Exercise Price, Ending Balance (in dollars per share) | $ / shares | 33.52 |
Weighted-Average Exercise Price, Fully vested shares and shares expected to vest (in dollars per share) | $ / shares | 33.52 |
Weighted-Average Exercise Price, Shares exercisable (in dollars per share) | $ / shares | $ 25.64 |
Weighted-Average Remaining Contractual Term (In Years) | |
Weighted-Average Remaining Contractual Term, Outstanding | 6 years 2 months 15 days |
Weighted-Average Remaining Contractual Term, Fully vested shares and shares expected to vest | 6 years 2 months 15 days |
Weighted-Average Remaining Contractual Term, Shares exercisable | 5 years 2 months 8 days |
Aggregate Intrinsic Value (In Thousands) | |
Aggregate Intrinsic Value, Outstanding | $ | $ 9,865 |
Aggregate Intrinsic Value, Fully vested shares and shares expected to vest | $ | 9,865 |
Aggregate Intrinsic Value, Shares exercisable | $ | $ 6,858 |
Stock Based Compensation - Sche
Stock Based Compensation - Schedule of Information Related to Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Cash received from option exercises | $ (74) | $ 191 |
Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Aggregate intrinsic value of options exercised | 277 | 577 |
Cash received from option exercises | 0 | 191 |
Tax benefit realized from option exercises | $ 58 | $ 121 |
Weighted average fair value per share of options granted (in dollars per share) | $ 0 | $ 0 |
Earnings Per Share - Factors Us
Earnings Per Share - Factors Used in Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Basic | ||
Net income to common stockholders | $ 23,528 | $ 33,122 |
Weighted average common shares outstanding (in shares) | 24,800,771 | 24,675,109 |
Basic earnings per common share (in dollars per share) | $ 0.95 | $ 1.34 |
Diluted | ||
Net income to common stockholders | $ 23,528 | $ 33,122 |
Weighted average common shares outstanding (in shares) | 24,800,771 | 24,675,109 |
Dilutive effects of: | ||
Average shares and dilutive potential common shares (in shares) | 25,371,868 | 25,170,938 |
Diluted earnings per common share (in dollars per share) | $ 0.93 | $ 1.32 |
Stock options | ||
Dilutive effects of: | ||
Stock based compensation (in shares) | 107,359 | 130,016 |
Restricted stock awards | ||
Dilutive effects of: | ||
Stock based compensation (in shares) | 237,305 | 169,514 |
Restricted stock units | ||
Dilutive effects of: | ||
Stock based compensation (in shares) | 86,099 | 66,714 |
Performance stock units - market based | ||
Dilutive effects of: | ||
Stock based compensation (in shares) | 139,563 | 128,167 |
Performance stock units - performance based | ||
Dilutive effects of: | ||
Stock based compensation (in shares) | 0 | 0 |
Employee stock purchase program | ||
Dilutive effects of: | ||
Stock based compensation (in shares) | 771 | 1,418 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Shares not Considered in Computing Diluted Earnings per Common Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares (in shares) | 12,911 | 0 |
Restricted stock awards | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares (in shares) | 8,463 | 0 |
Restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares (in shares) | 15,000 | 0 |
Performance stock units - market based | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares (in shares) | 0 | 0 |
Performance stock units - performance based | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares (in shares) | 258,635 | 256,625 |
Employee stock purchase program | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares (in shares) | 0 | 0 |
Revenue From Contracts With C_2
Revenue From Contracts With Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Fee income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 5,703 | $ 2,249 |
Payments Segment | ||
Disaggregation of Revenue [Line Items] | ||
Transactional payment and audit fees | $ 3,229 | |
Payments | Fee income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 82 |
Business Segment Information -
Business Segment Information - Banking Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Total interest income | $ 103,435 | $ 88,353 | |
Intersegment interest allocations | 0 | 0 | |
Total interest expense | 3,356 | 5,333 | |
Net interest income | 100,079 | 83,020 | |
Credit loss expense (benefit) | 501 | (7,845) | |
Net interest income after credit loss expense (benefit) | 99,578 | 90,865 | |
Noninterest income | 11,121 | 14,291 | |
Noninterest expense | 78,564 | 60,892 | |
Operating income (loss) | 32,135 | 44,264 | |
Total assets | 6,076,434 | $ 5,956,250 | |
Gross loans | 4,724,078 | 4,867,572 | |
Operating Segments | Banking | |||
Segment Reporting Information [Line Items] | |||
Total interest income | 42,183 | 50,556 | |
Total interest expense | 1,603 | 3,542 | |
Net interest income | 42,437 | 49,956 | |
Credit loss expense (benefit) | (2,870) | (12,453) | |
Net interest income after credit loss expense (benefit) | 45,307 | 62,409 | |
Noninterest income | 5,995 | 7,750 | |
Noninterest expense | 41,708 | 39,454 | |
Operating income (loss) | 9,594 | 30,705 | |
Total assets | 5,684,223 | 5,568,826 | |
Gross loans | 4,268,718 | 4,444,136 | |
Operating Segments | Factoring | |||
Segment Reporting Information [Line Items] | |||
Total interest income | 56,374 | 35,824 | |
Total interest expense | 0 | 0 | |
Net interest income | 54,599 | 33,049 | |
Credit loss expense (benefit) | 1,949 | 4,483 | |
Net interest income after credit loss expense (benefit) | 52,650 | 28,566 | |
Noninterest income | 1,871 | 6,411 | |
Noninterest expense | 21,389 | 16,153 | |
Operating income (loss) | 33,132 | 18,824 | |
Total assets | 1,748,970 | 1,679,495 | |
Gross loans | 1,585,711 | 1,546,361 | |
Operating Segments | Payments | |||
Segment Reporting Information [Line Items] | |||
Total interest income | 4,832 | 1,969 | |
Total interest expense | 0 | 0 | |
Net interest income | 4,750 | 1,802 | |
Credit loss expense (benefit) | 354 | 292 | |
Net interest income after credit loss expense (benefit) | 4,396 | 1,510 | |
Noninterest income | 3,242 | 73 | |
Noninterest expense | 14,333 | 4,135 | |
Operating income (loss) | (6,695) | (2,552) | |
Total assets | 276,010 | 293,212 | |
Gross loans | 178,879 | 153,176 | |
Operating Segments | Corporate | |||
Segment Reporting Information [Line Items] | |||
Total interest income | 46 | 4 | |
Total interest expense | 1,753 | 1,791 | |
Net interest income | (1,707) | (1,787) | |
Credit loss expense (benefit) | 1,068 | (167) | |
Net interest income after credit loss expense (benefit) | (2,775) | (1,620) | |
Noninterest income | 13 | 57 | |
Noninterest expense | 1,134 | 1,150 | |
Operating income (loss) | (3,896) | (2,713) | |
Total assets | 1,036,818 | 1,009,998 | |
Gross loans | 0 | 700 | |
Eliminations | |||
Segment Reporting Information [Line Items] | |||
Total assets | (2,669,587) | (2,595,281) | |
Gross loans | (1,309,230) | $ (1,276,801) | |
Eliminations | Banking | |||
Segment Reporting Information [Line Items] | |||
Intersegment interest allocations | 1,857 | 2,942 | |
Eliminations | Factoring | |||
Segment Reporting Information [Line Items] | |||
Intersegment interest allocations | (1,775) | (2,775) | |
Eliminations | Payments | |||
Segment Reporting Information [Line Items] | |||
Intersegment interest allocations | (82) | (167) | |
Eliminations | Corporate | |||
Segment Reporting Information [Line Items] | |||
Intersegment interest allocations | $ 0 | $ 0 |