Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 25, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-38447 | |
Entity Registrant Name | BUSINESS FIRST BANCSHARES, INC. | |
Entity Incorporation, State or Country Code | LA | |
Entity Tax Identification Number | 20-5340628 | |
Entity Address, Address Line One | 500 Laurel Street, Suite 101 | |
Entity Address, City or Town | Baton Rouge | |
Entity Address, State or Province | LA | |
Entity Address, Postal Zip Code | 70801 | |
City Area Code | 225 | |
Local Phone Number | 248-7600 | |
Title of 12(b) Security | Common Stock, par value $1.00 per share | |
Trading Symbol | BFST | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 25,502,175 | |
Entity Central Index Key | 0001624322 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
ASSETS | ||
Cash and Due from Banks | $ 208,051 | $ 226,110 |
Federal Funds Sold | 113,587 | 151,134 |
Securities Available for Sale, at Fair Values (Amortized Cost of $960,990 at June 30, 2024 and $963,978 at December 31, 2023) | 875,048 | 879,571 |
Mortgage Loans Held for Sale | 680 | 835 |
Loans and Lease Receivable, Net of Allowance for Loan Losses of $41,412 at June 30, 2024 and $40,414 at December 31, 2023 | 5,121,440 | 4,952,371 |
Premises and Equipment, Net | 68,545 | 69,480 |
Accrued Interest Receivable | 30,617 | 29,916 |
Other Equity Securities | 38,805 | 33,942 |
Other Real Estate Owned | 1,983 | 1,685 |
Cash Value of Life Insurance | 100,684 | 96,478 |
Deferred Taxes | 25,888 | 27,323 |
Goodwill | 91,527 | 88,391 |
Core Deposit and Customer Intangible | 10,849 | 11,895 |
Other Assets | 16,185 | 15,419 |
Total Assets | 6,703,889 | 6,584,550 |
Deposits: | ||
Noninterest Bearing | 1,310,204 | 1,299,090 |
Interest Bearing | 4,253,466 | 3,949,700 |
Total Deposits | 5,563,670 | 5,248,790 |
Securities Sold Under Agreements to Repurchase | 18,445 | 18,885 |
Bank Term Funding Program | 0 | 300,000 |
Federal Home Loan Bank Borrowings | 305,208 | 211,198 |
Subordinated Debt | 99,875 | 99,990 |
Subordinated Debt - Trust Preferred Securities | 5,000 | 5,000 |
Accrued Interest Payable | 4,517 | 14,841 |
Other Liabilities | 42,644 | 41,587 |
Total Liabilities | 6,039,359 | 5,940,291 |
Commitments and Contingencies (See Note 11) | ||
SHAREHOLDERS' EQUITY | ||
Preferred Stock, No Par Value; 5,000,000 Shares Authorized; 72,010 Shares ($1,000 Liquidation Preference) Issued at both June 30, 2024 and December 31, 2023, respectively | 71,930 | 71,930 |
Common Stock, $1 Par Value; 50,000,000 Shares Authorized; 25,502,175 and 25,351,809 Shares Issued and Outstanding at June 30, 2024 and December 31, 2023, respectively | 25,502 | 25,352 |
Additional Paid-in Capital | 397,851 | 397,447 |
Retained Earnings | 237,031 | 216,115 |
Accumulated Other Comprehensive Loss | (67,784) | (66,585) |
Total Shareholders' Equity | 664,530 | 644,259 |
Total Liabilities and Shareholders' Equity | $ 6,703,889 | $ 6,584,550 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Amortized Cost | $ 960,990 | $ 963,978 |
Financing receivable, allowance for credit loss, excluding accrued interest | $ 41,412 | $ 40,414 |
Preferred stock, no par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 72,010 | 72,010 |
Preferred stock, liquidation preference, value | $ 1,000 | $ 1,000 |
Common stock, par or stated value per share (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares, issued (in shares) | 25,502,175 | 25,351,809 |
Common stock, shares, outstanding (in shares) | 25,502,175 | 25,351,809 |
UNAUDITED CONSOLIDATED STATEMEN
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Interest Income: | ||||
Interest and Fees on Loans | $ 90,604 | $ 79,223 | $ 176,551 | $ 152,991 |
Interest and Dividends on Non-taxable Securities | 1,076 | 1,101 | 2,150 | 2,166 |
Interest and Dividends on Taxable Securities | 4,857 | 3,996 | 9,382 | 7,713 |
Interest on Federal Funds Sold and Due From Banks | 3,333 | 1,528 | 7,798 | 2,470 |
Total Interest Income | 99,870 | 85,848 | 195,881 | 165,340 |
Interest Expense: | ||||
Interest on Deposits | 40,900 | 23,680 | 78,929 | 42,608 |
Interest on Borrowings | 4,961 | 8,842 | 11,412 | 16,657 |
Total Interest Expense | 45,861 | 32,522 | 90,341 | 59,265 |
Net Interest Income | 54,009 | 53,326 | 105,540 | 106,075 |
Provision for Credit Losses | 1,310 | 538 | 2,496 | 3,760 |
Net Interest Income after Provision for Credit Losses | 52,699 | 52,788 | 103,044 | 102,315 |
Other Income: | ||||
Service Charges on Deposit Accounts | 2,537 | 2,413 | 4,976 | 4,694 |
Loss on Sales of Securities | 0 | (61) | (1) | (62) |
Gain on Sales of Loans | 2,460 | 494 | 2,599 | 1,105 |
Other Income | 7,179 | 9,112 | 13,988 | 14,609 |
Total Other Income | 12,176 | 11,958 | 21,562 | 20,346 |
Other Expenses: | ||||
Salaries and Employee Benefits | 25,523 | 22,339 | 50,939 | 45,515 |
Occupancy and Equipment Expense | 5,717 | 5,112 | 11,074 | 10,113 |
Other Expenses | 11,870 | 12,251 | 23,619 | 22,753 |
Total Other Expenses | 43,110 | 39,702 | 85,632 | 78,381 |
Income Before Income Taxes | 21,765 | 25,044 | 38,974 | 44,280 |
Provision for Income Taxes | 4,559 | 5,305 | 8,198 | 9,516 |
Net Income | 17,206 | 19,739 | 30,776 | 34,764 |
Preferred Stock Dividends | 1,350 | 1,350 | 2,700 | 2,700 |
Net Income Available to Common Shareholders | $ 15,856 | $ 18,389 | $ 28,076 | $ 32,064 |
Earnings Per Common Share: | ||||
Basic (in dollars per share) | $ 0.63 | $ 0.73 | $ 1.11 | $ 1.28 |
Diluted (in dollars per share) | $ 0.62 | $ 0.73 | $ 1.10 | $ 1.27 |
UNAUDITED CONSOLIDATED STATEM_2
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Consolidated Net Income | $ 17,206 | $ 19,739 | $ 30,776 | $ 34,764 |
Other Comprehensive Income (Loss): | ||||
Unrealized Gain (Loss) on Investment Securities | 4,881 | (15,612) | (1,536) | (7,611) |
Unrealized Gain (Loss) on Share of Other Equity Investments | 0 | (1,309) | 14 | (1,443) |
Reclassification Adjustment for Losses on Sale of AFS Investment Securities Included in Net Income | 0 | 61 | 1 | 62 |
Income Tax Effect | (1,031) | 3,562 | 322 | 1,900 |
Other Comprehensive Income (Loss) | 3,850 | (13,298) | (1,199) | (7,092) |
Consolidated Comprehensive Income | $ 21,056 | $ 6,441 | $ 29,577 | $ 27,672 |
UNAUDITED CONSOLIDATED STATEM_3
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Retained Earnings Cumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Income (Loss) |
Beginning balances at Dec. 31, 2022 | $ 580,481 | $ (827) | $ 71,930 | $ 25,110 | $ 393,690 | $ 163,955 | $ (827) | $ (74,204) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income | 34,764 | 34,764 | ||||||
Other Comprehensive Income (Loss) | (7,092) | (7,092) | ||||||
Cash Dividends Declared on Preferred Stock | (2,700) | (2,700) | ||||||
Cash Dividends Declared on Common Stock | (6,077) | (6,077) | ||||||
Stock Based Compensation Cost | 2,419 | 234 | 2,185 | |||||
Ending balances at Jun. 30, 2023 | 600,968 | 71,930 | 25,344 | 395,875 | 189,115 | (81,296) | ||
Beginning balances at Mar. 31, 2023 | 597,690 | 71,930 | 25,320 | 394,677 | 173,761 | (67,998) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income | 19,739 | 19,739 | ||||||
Other Comprehensive Income (Loss) | (13,298) | (13,298) | ||||||
Cash Dividends Declared on Preferred Stock | (1,350) | (1,350) | ||||||
Cash Dividends Declared on Common Stock | (3,035) | (3,035) | ||||||
Stock Based Compensation Cost | 1,222 | 24 | 1,198 | |||||
Ending balances at Jun. 30, 2023 | 600,968 | 71,930 | 25,344 | 395,875 | 189,115 | (81,296) | ||
Beginning balances at Dec. 31, 2023 | 644,259 | 71,930 | 25,352 | 397,447 | 216,115 | (66,585) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income | 30,776 | 30,776 | ||||||
Other Comprehensive Income (Loss) | (1,199) | (1,199) | ||||||
Cash Dividends Declared on Preferred Stock | (2,700) | (2,700) | ||||||
Cash Dividends Declared on Common Stock | (7,160) | (7,160) | ||||||
Stock Issuance | (31) | |||||||
Stock Based Compensation Cost | 585 | 150 | 435 | |||||
Ending balances at Jun. 30, 2024 | 664,530 | 71,930 | 25,502 | 397,851 | 237,031 | (67,784) | ||
Beginning balances at Mar. 31, 2024 | 649,034 | 71,930 | 25,485 | 398,511 | 224,742 | (71,634) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income | 17,206 | 17,206 | ||||||
Other Comprehensive Income (Loss) | 3,850 | 3,850 | ||||||
Cash Dividends Declared on Preferred Stock | (1,350) | (1,350) | ||||||
Cash Dividends Declared on Common Stock | (3,567) | (3,567) | ||||||
Stock Issuance | (31) | |||||||
Stock Based Compensation Cost | (612) | 17 | (629) | |||||
Ending balances at Jun. 30, 2024 | $ 664,530 | $ 71,930 | $ 25,502 | $ 397,851 | $ 237,031 | $ (67,784) |
UNAUDITED CONSOLIDATED STATEM_4
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||||
Preferred stock, dividends per share, declared (in dollars per share) | $ 18.75 | $ 18.75 | $ 37.50 | $ 37.50 |
Common stock, dividends, per share, declared (in dollars per share) | $ 0.14 | $ 0.12 | $ 0.28 | $ 0.24 |
UNAUDITED CONSOLIDATED STATEM_5
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Cash Flows From Operating Activities: | |||||
Consolidated Net Income | $ 17,206 | $ 19,739 | $ 30,776 | $ 34,764 | |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | |||||
Provision for Credit Losses | 1,310 | 538 | 2,496 | 3,760 | |
Depreciation and Amortization | 2,372 | 2,381 | |||
Net Accretion of Purchase Accounting Adjustments | (1,549) | (4,208) | |||
Stock Based Compensation Cost | 585 | 2,419 | |||
Net Amortization of Securities | 1,188 | 2,200 | |||
Loss on Sales of Securities | 1 | 62 | |||
Gain on Sale of Loans | (2,201) | (288) | |||
Income on Other Equity Securities | (1,125) | (3,552) | |||
Gain on Sale of Other Real Estate Owned, Net of Writedowns | (65) | (223) | |||
Increase in Cash Value of Life Insurance | (1,206) | (1,071) | |||
Deferred Income Tax Expense | 1,757 | 1,762 | |||
Changes in Assets and Liabilities: | |||||
Increase in Accrued Interest Receivable | (701) | (1,195) | |||
Increase in Other Assets | (561) | (552) | |||
Increase (Decrease) in Accrued Interest Payable | (10,324) | 5,574 | |||
Increase in Other Liabilities | 1,224 | 6,908 | |||
Net Cash Provided by Operating Activities | 22,667 | 48,741 | |||
Cash Flows From Investing Activities: | |||||
Purchases of Securities Available for Sale | (43,902) | (36,215) | |||
Proceeds from Maturities / Sales of Securities Available for Sale | 13,519 | 10,445 | |||
Proceeds from Paydowns of Securities Available for Sale | 32,182 | 28,936 | |||
Net Cash Paid in Acquisition | (3,279) | 0 | |||
Purchases of Other Equity Securities | (4,166) | (12,873) | |||
Redemption of Other Equity Securities | 442 | 17,625 | |||
Purchase of Life Insurance | (3,000) | (2,273) | |||
Net Increase in Loans | (167,600) | (286,502) | |||
Net Purchases of Premises and Equipment | (1,444) | (2,241) | |||
Loss on Disposal of Premises and Equipment | 7 | 0 | |||
Proceeds from Sales of Other Real Estate | 409 | 1,126 | |||
Net (Increase) Decrease in Federal Funds Sold | 37,547 | (158,244) | |||
Net Cash Used in Investing Activities | (139,285) | (440,216) | |||
Cash Flows From Financing Activities: | |||||
Net Increase in Deposits | 314,880 | 194,098 | |||
Net Increase (Decrease) in Securities Sold Under Agreements to Repurchase | (440) | 3,022 | |||
Net Decrease in Federal Funds Purchased | 0 | (14,057) | |||
Net Advances (Repayments) on Federal Home Loan Bank Borrowings | 94,010 | (47,938) | |||
Net Proceeds (Repayments) on Bank Term Funding Program | (300,000) | 300,000 | |||
Repayment of Subordinated Debt | 0 | (5,700) | |||
Gain on Extinguishment of Debt | 0 | (941) | |||
Costs from Issuance of Common Stock | (31) | 0 | |||
Payment of Dividends on Preferred Stock | (2,700) | (2,700) | |||
Payment of Dividends on Common Stock | (7,160) | (6,077) | |||
Net Cash Provided by Financing Activities | 98,559 | 419,707 | |||
Net Increase (Decrease) in Cash and Cash Equivalents | (18,059) | 28,232 | |||
Cash and Cash Equivalents at Beginning of Period | 226,110 | 152,740 | $ 152,740 | ||
Cash and Cash Equivalents at End of Period | 208,051 | 180,972 | 208,051 | 180,972 | $ 226,110 |
Supplemental Disclosures for Cash Flow Information: | |||||
Interest on Deposits | 79,390 | 41,079 | |||
Interest on Borrowings | 21,275 | 12,612 | |||
Income Tax Payments | 5,391 | 4,291 | |||
Supplemental Schedule for Noncash Investing and Financing Activities: | |||||
Change in the Unrealized Loss on Securities Available for Sale | (1,535) | (7,549) | |||
Change in the Unrealized Gain (Loss) on Equity Securities | $ 0 | $ (1,309) | 14 | (1,443) | |
Change in Deferred Tax Effect on the Unrealized Loss on Securities Available for Sale | 322 | 1,900 | |||
Transfer of Loans to Other Real Estate | $ 642 | $ 1,118 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation – The unaudited consolidated financial statements include the accounts of Business First Bancshares, Inc. (the “Company”) and its two direct, wholly-owned subsidiaries, b1BANK (the “Bank”), and Coastal Commerce Statutory Trust I; and the Bank’s wholly-owned subsidiaries, Business First Insurance, LLC, Smith Shellnut Wilson, LLC, Waterstone LSP, LLC ("Waterstone"), and b1 Securities, LLC. The Bank operates out of full-service banking centers and loan production offices in markets across Louisiana, the Dallas/Fort Worth metroplex and Houston, Texas. As a state bank, it is subject to regulation by the Office of Financial Institutions (“OFI”), State of Louisiana, and the Federal Deposit Insurance Corporation (“FDIC”) and undergoes periodic examinations by these agencies. The Company is also regulated by the Federal Reserve and is subject to periodic examinations. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the financial results for the periods presented, and all such adjustments are of a normal recurring nature. All material intercompany transactions are eliminated. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the entire year. These interim consolidated financial statements have been prepared according to the rules and regulations of the Securities and Exchange Commission and, therefore, certain information and footnote disclosures normally presented in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) have been omitted or abbreviated. These interim financial statements should be read in conjunction with the audited consolidated financial statements and footnote disclosures for the Company’s previously filed Form 10-K for the year ended December 31, 2023. Preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. These estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future. Critical accounting estimates that are particularly susceptible to significant change for the Company include the determination of the acquired loans and allowance for credit losses and purchase accounting adjustments (other than loans). Other estimates include goodwill, fair value of financial instruments, investment securities and the assessment of income taxes. Management does not anticipate any material changes to estimates in the near term. Factors that may cause sensitivity to the aforementioned estimates include but are not limited to: external market factors such as market interest rates and employment rates, changes to operating policies and procedures, economic conditions in the Company’s markets, and changes in applicable banking regulations. Actual results may ultimately differ from estimates. Accounting Standards Adopted in Current Period None Accounting Standards Not Yet Adopted ASU No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." ASU 2023-07 requires public business entities, including those with one reportable segment, to disclose additional disaggregated information about a reportable segment’s income and expenses in both interim and annual periods. The standard requires disclosure of the title and position of the chief operating decision maker and an explanation of how the reported measure(s) of segment profit or loss are utilized in assessing segment performance allocating resources. The update permits disclosure of additional measures of a segment’s profit and losses, if multiple measures are utilized by the chief operating decision maker to allocate resources and evaluate profitability. Such measures, to the extent they are relevant but not in accordance with GAAP, shall be accompanied by appropriate disclosures and reconciliations to the appropriate reported GAAP amounts. ASU 2023-07 is effective for the Company starting January 1, 2025, though early adoption is permitted. Retrospective application is required upon adoption. The Company is still evaluating the impact of the ASU on the consolidated financial statements and disclosures. ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." ASU 2023-09 requires public business entities to disclose additional information in specified categories with respect to the rate reconciliation for federal, state and foreign income taxes. In addition, the updates also require more details about reconciling items in the rate reconciliation in some categories if items meet a quantitative threshold. ASU 2023-09 also requires all entities to disclose income taxes paid, net of refunds, disaggregated by federal, state and foreign taxes for annual periods and to disaggregate the information by jurisdiction based on a quantitative threshold. ASU 2023-09 is effective for the Company starting January 1, 2025, though early adoption is permitted. ASU 2023-09 is not expected to have a significant impact on our financial statements. |
Reclassifications
Reclassifications | 6 Months Ended |
Jun. 30, 2024 | |
Reclassification of Cash Flow Hedge Gain (Loss) [Abstract] | |
Reclassifications | Reclassifications – Certain reclassifications may have been made to conform to reporting in 2024. These reclassifications have no material effect on previously reported shareholders’ equity or net income. |
Mergers and Acquisitions
Mergers and Acquisitions | 6 Months Ended |
Jun. 30, 2024 | |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |
Mergers and Acquisitions | Mergers and Acquisitions – Waterstone, LSP, LLP On January 31, 2024, the Company consummated the acquisition, through b1BANK, of Waterstone LSP, LLC (“Waterstone”), headquartered in Katy, Texas. Upon consummation of the acquisition, the Company paid $3.3 million in cash to the former owners of Waterstone. As part of the acquisition, the Company recorded $3.1 million in goodwill. The Company has recorded approximately $1.1 million and $236,000 of acquisition-related costs within merger and conversion-related expenses and salaries and benefits for the six months ended June 30, 2024, and year ended December 31, 2023, respectively. |
Earnings per Common Share
Earnings per Common Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | Earnings per Common Share – Basic earnings per share (“EPS”) represents income available to common shareholders divided by the weighted average number of common shares outstanding; no dilution for any potentially convertible shares is included in the calculation. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. The potential common shares that may be issued by the Company relate to outstanding stock options and unvested restricted stock awards (“RSAs”), excluding any that were antidilutive. In addition, nonvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are considered participating securities and are included in the computation of EPS pursuant to the two-class method. For the Three Months Ended For the Six Months Ended 2024 2023 2024 2023 (Dollars in thousands, except per share data) Numerator: Net Income $ 17,206 $ 19,739 $ 30,776 $ 34,764 Less: Preferred Stock Dividends 1,350 1,350 2,700 2,700 Net Income Available to Common Shares $ 15,856 $ 18,389 $ 28,076 $ 32,064 Denominator: Weighted Average Common Shares Outstanding 25,265,495 25,101,683 25,196,079 25,041,124 Dilutive Effect of Stock Options and RSAs 130,119 231,689 216,063 237,021 Weighted Average Dilutive Common Shares 25,395,614 25,333,372 25,412,142 25,278,145 Basic Earnings Per Common Share From Net Income Available to Common Shares $ 0.63 $ 0.73 $ 1.11 $ 1.28 Diluted Earnings Per Common Share From Net Income Available to Common Shares $ 0.62 $ 0.73 $ 1.10 $ 1.27 |
Securities
Securities | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities – The amortized cost and fair values of securities available for sale as of June 30, 2024, and December 31, 2023 are summarized as follows: June 30, 2024 (Dollars in thousands) Amortized Gross Gross Fair U.S. Treasury Securities $ 17,661 $ - $ 1,354 $ 16,307 U.S. Government Agencies 10,212 - 806 9,406 Corporate Securities 49,646 32 5,029 44,649 Mortgage-Backed Securities 567,000 929 48,906 519,023 Municipal Securities 316,471 127 30,935 285,663 Total Securities Available for Sale $ 960,990 $ 1,088 $ 87,030 $ 875,048 December 31, 2023 (Dollars in thousands) Amortized Gross Gross Fair U.S. Treasury Securities $ 17,690 $ - $ 1,451 $ 16,239 U.S. Government Agencies 10,258 - 848 9,410 Corporate Securities 49,609 - 5,770 43,839 Mortgage-Backed Securities 555,148 976 49,814 506,310 Municipal Securities 331,273 298 27,798 303,773 Total Securities Available for Sale $ 963,978 $ 1,274 $ 85,681 $ 879,571 The following tables present a summary of securities with gross unrealized losses and fair values at June 30, 2024 and December 31, 2023, aggregated by investment category and length of time in a continued unrealized loss position. Due to the nature of these investments and current prevailing market prices, these unrealized losses are considered non-credit related. June 30, 2024 Less Than 12 Months 12 Months or Greater Total (Dollars in thousands) Fair Gross Fair Gross Fair Gross U.S. Treasury Securities $ - $ - $ 16,307 $ 1,354 $ 16,307 $ 1,354 U.S. Government Agencies - - 9,406 806 9,406 806 Corporate Securities 6,878 122 36,539 4,907 43,417 5,029 Mortgage-Backed Securities 71,861 574 375,297 48,332 447,158 48,906 Municipal Securities 9,435 130 260,833 30,805 270,268 30,935 Total Securities Available for Sale $ 88,174 $ 826 $ 698,382 $ 86,204 $ 786,556 $ 87,030 December 31, 2023 Less Than 12 Months 12 Months or Greater Total (Dollars in thousands) Fair Gross Fair Gross Fair Gross U.S. Treasury Securities $ - $ - $ 16,239 $ 1,451 $ 16,239 $ 1,451 U.S. Government Agencies - - 9,410 848 9,410 848 Corporate Securities 7,529 362 36,106 5,408 43,635 5,770 Mortgage-Backed Securities 21,436 895 375,891 48,919 397,327 49,814 Municipal Securities 8,013 63 270,467 27,735 278,480 27,798 Total Securities Available for Sale $ 36,978 $ 1,320 $ 708,113 $ 84,361 $ 745,091 $ 85,681 As of June 30, 2024, and December 31, 2023, respectively, no allowance for credit losses was recognized on available for sale securities in an unrealized loss position as management does not believe any of the securities are impaired due to credit quality. This determination is based on the Company’s analysis of the underlying risk characteristics including credit ratings, historical loss experience, and other qualitative factors. Further, the securities continue to make principal and interest payments under their contractual terms and management does not have the intent to sell any of the 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 amortized cost basis. Therefore, the Company has determined the unrealized losses are due to changes in market interest rates compared to rates when the securities were acquired. The amortized cost and fair values of securities available for sale as of June 30, 2024, by contractual maturity are shown below. Actual maturities may differ from contractual maturities in mortgage-backed securities because the mortgages underlying the securities may be called or repaid without any penalties. Amortized Fair (Dollars in thousands) Less Than One Year $ 26,564 $ 26,177 One to Five Years 181,991 169,315 Over Five to Ten Years 371,519 335,500 Over Ten Years 380,916 344,056 Total Securities Available for Sale $ 960,990 $ 875,048 Securities available for sale with a fair value of $322.5 million and $629.7 million, were pledged as collateral on public deposits and for other purposes as required or permitted by law as of June 30, 2024, and December 31, 2023, respectively. At June 30, 2024 and December 31, 2023, accrued interest receivable on securities was $4.8 million and $4.7 million, respectively, and included within accrued interest receivable on the consolidated balance sheets. |
Loans and the Allowance for Loa
Loans and the Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Loans and the Allowance for Loan Losses | Loans and the Allowance for Loan Losses – Loans receivable at June 30, 2024 and December 31, 2023 are summarized as follows: June 30, December 31, (Dollars in thousands) Real Estate Loans: Commercial $ 2,198,119 $ 2,217,928 Construction 637,466 669,798 Residential 743,876 682,394 Total Real Estate Loans 3,579,461 3,570,120 Commercial 1,520,392 1,358,838 Consumer and Other 62,999 63,827 Total Loans Held for Investment 5,162,852 4,992,785 Less: Allowance for Loan Losses (41,412) (40,414) Net Loans $ 5,121,440 $ 4,952,371 The performing 1-4 family residential, multi-family residential, commercial real estate, and commercial loans, are pledged, under a blanket lien, as collateral securing advances from the FHLB at June 30, 2024 and December 31, 2023. Commercial and agricultural loans are pledged against the Federal Reserve Banks’ (“FRB”) discount window as of June 30, 2024, and December 31, 2023. Net deferred loan origination fees were $13.2 million and $12.6 million at June 30, 2024 and December 31, 2023, respectively, and are netted in their respective loan categories above. In addition to loans issued in the normal course of business, the Company considers overdrafts on customer deposit accounts to be loans and reclassifies overdrafts as loans in its consolidated balance sheets. At both June 30, 2024 and December 31, 2023, overdrafts of $2.2 million have been reclassified to loans. The Bank is the lead lender on participations sold, without recourse, to other financial institutions which amounts are not included in the consolidated balance sheets. The unpaid principal balances of mortgages and other loans serviced for others were approximately $741.1 million and $723.5 million at June 30, 2024 and December 31, 2023, respectively. The Company had servicing rights of $1.1 million recorded at both June 30, 2024, and December 31, 2023, and is recorded within other assets. The Bank grants loans and extensions of credit to individuals and a variety of businesses and corporations located in its general market areas throughout Louisiana and Texas. Management segregates the loan portfolio into portfolio segments which is defined as the level at which the Bank develops and documents a systematic method for determining its allowance for credit losses. The portfolio segments are segregated based on loan types and the underlying risk factors present in each loan type. Such risk factors are periodically reviewed by management and revised as deemed appropriate. Portfolio Segments and Risk Factors The loan portfolio is disaggregated into portfolio segments and then further disaggregated into classes for certain disclosures. GAAP defines a portfolio segment as the level at which an entity develops and documents a systematic method for determining its allowance for credit losses. A class is generally a disaggregation of a portfolio segment. The Company's loan portfolio segments are Real Estate, Commercial, and Consumer and Other. The classes and risk characteristics of each segment are discussed in more detail below. The segmentation and disaggregation of the portfolio is part of the ongoing credit monitoring process. Real Estate Portfolio Segment Real Estate: Commercial loans are extensions of credit secured by owner-occupied and non-owner-occupied collateral. Repayment is generally dependent on the successful operations of the property. General economic conditions may impact the performance of these types of loans, including fluctuations in the value of real estate, vacancy rates, and unemployment trends. Real estate commercial loans also include farmland loans that can be, or are, used for agricultural purposes. These loans are usually repaid through refinancing, cash flow from the borrower’s ongoing operations, development of the property, or sale of the property. Real Estate: Construction loans include loans to small-to-midsized businesses to construct owner-occupied properties, loans to developers of commercial real estate investment properties and residential developments and, to a lesser extent, loans to individual clients for construction of single-family homes in the Company’s market areas. Risks associated with these loans include fluctuations in the value of real estate, project completion risk and changes in market trends. The Company is also exposed to risk based on the ability of the construction loan borrower to finance the loan or sell the property upon completion of the project, which may be affected by changes in secondary market terms and criteria for permanent financing since the time that the Company funded the loan. Real Estate: Residential loans include first and second lien 1-4 family mortgage loans, as well as home equity lines of credit, in each case primarily on owner-occupied primary residences. The Company is exposed to risk based on fluctuations in the value of the real estate collateral securing the loan, as well as changes in the borrower’s financial condition, which could be affected by numerous factors, including divorce, job loss, illness, or other personal hardship. Real estate residential loans also include multi-family residential loans originated to provide permanent financing for multi-family residential income producing properties. Repayment of these loans primarily relies on successful rental and management of the property. Commercial Portfolio Segment Commercial loans include general commercial and industrial, or C&I, loans, including commercial lines of credit, working capital loans, term loans, equipment financing, asset acquisition, expansion, and development loans, borrowing base loans, letters of credit and other loan products, primarily in the Company’s target markets that are underwritten based on the borrower’s ability to service the debt from income. Commercial loan risk is derived from the expectation that such loans generally are serviced principally from the operations of the business, and those operations may not be successful. Any interruption or discontinuance of operating cash flows from the business, which may be influenced by events not under the control of the borrower such as economic events and changes in governmental regulations, could materially affect the ability of the borrower to repay the loan. Consumer and Other Portfolio Segment Consumer and other loans include a variety of loans to individuals for personal, family and household purposes, including secured and unsecured installment and term loans. The risk is based on changes in the borrower’s financial condition, which could be affected by numerous factors, including divorce, job loss, illness or other personal hardship, and fluctuations in the value of the real estate or personal property securing the consumer loan, if any. The following table sets forth, as of June 30, 2024, and December 31, 2023, the balance of the allowance for credit losses by loan portfolio segment. The allowance for credit losses allocated to each portfolio segment is not necessarily indicative of future losses in any particular portfolio segment and does not restrict the use of the allowance to absorb losses in other portfolio segments. Allowance for Credit Losses and Recorded Investment in Loans Receivable June 30, 2024 (Dollars in thousands) Real Estate: Real Estate: Real Estate: Commercial Consumer Total Allowance for Loan Losses: Beginning Balance $ 17,676 $ 6,596 $ 5,485 $ 10,424 $ 233 $ 40,414 Charge-offs 9 (60) (283) (682) (943) (1,959) Recoveries 10 - 5 58 159 232 Provision (Recovery) (145) (563) 898 1,522 1,013 2,725 Ending Balance $ 17,550 $ 5,973 $ 6,105 $ 11,322 $ 462 $ 41,412 Reserve for Unfunded Loan Commitments: Beginning Balance $ 206 $ 1,546 $ 177 $ 1,372 $ 23 $ 3,324 Provision (Recovery) 109 (537) (12) 208 3 (229) Ending Balance $ 315 $ 1,009 $ 165 $ 1,580 $ 26 $ 3,095 Total Allowance for Credit Losses $ 17,865 $ 6,982 $ 6,270 $ 12,902 $ 488 $ 44,507 December 31, 2023 (Dollars in thousands) Real Estate: Real Estate: Real Estate: Commercial Consumer Total Allowance for Loan Losses: Beginning Balance $ 14,702 $ 5,768 $ 5,354 $ 11,721 $ 633 $ 38,178 Adoption of ASU 2016-13 4,823 933 (365) (2,483) (248) 2,660 Beginning Balance After Adoption 19,525 6,701 4,989 9,238 385 40,838 Charge-offs (2,049) (36) (42) (2,813) (1,489) (6,429) Recoveries 26 1 18 672 327 1,044 Provision (Recovery) 174 (70) 520 3,327 1,010 4,961 Ending Balance $ 17,676 $ 6,596 $ 5,485 $ 10,424 $ 233 $ 40,414 Reserve for Unfunded Loan Commitments: Beginning Balance $ 220 $ 137 $ 13 $ 229 $ 6 $ 605 Adoption of ASU 2016-13 116 2,113 190 657 121 3,197 Beginning Balance After Adoption 336 2,250 203 886 127 3,802 Provision (Recovery) (130) (704) (26) 486 (104) (478) Ending Balance $ 206 $ 1,546 $ 177 $ 1,372 $ 23 $ 3,324 Total Allowance for Credit Losses $ 17,882 $ 8,142 $ 5,662 $ 11,796 $ 256 $ 43,738 Included within the above allowance, in the tables above, are loans which management has individually evaluated to determine an allowance for credit losses. The following table summarizes, by segment, the loan balance and specific allowance allocation for those loans which have been individually evaluated. June 30, 2024 December 31, 2023 Loan Balance Specific Allocations Loan Balance Specific Allocations (Dollars in thousands) Real Estate Loans: Commercial $ 4,021 $ - $ 883 $ - Construction 5,229 726 2,334 513 Residential 758 - 1,533 - Total Real Estate Loans 10,008 726 4,750 513 Commercial - - - - Consumer and Other - - - - Total $ 10,008 $ 726 $ 4,750 $ 513 Credit Quality Indicators We utilize a risk grading matrix to assign a risk grade to each of our commercial loans. Loans are graded on a scale of 10 to 80. Individual loan officers review updated financial information for all pass grade loans to reassess the risk grade, generally on at least an annual basis. When a loan has a risk grade of 60, it is still considered a pass grade loan; however, it is considered to be on management’s “watch list,” and subject to additional and more frequent monitoring by both the loan officer and senior credit and risk personnel. When a loan has a risk grade of 70 or higher, a special assets officer monitors the loan on an on-going basis. The following tables set forth the credit quality indicators, disaggregated by loan segment, as of June 30, 2024, and December 31, 2023: June 30, 2024 Criticized Pass Special Mention Substandard Doubtful Loss Total Current Period Charge- (Dollars in thousands) Real Estate: Commercial Originated in 2024 $ 103,152 $ - $ 1,293 $ - $ - $ 104,445 $ - Originated in 2023 194,596 13,360 80 - - 208,036 - Originated in 2022 753,819 15,567 - - - 769,386 - Originated in 2021 397,278 6,010 481 - - 403,769 - Originated in 2020 128,527 1,952 448 - - 130,927 3 Originated Prior to 2020 490,556 5,958 6,293 1,059 - 503,866 (12) Revolving 76,802 244 644 - - 77,690 - Revolving Loans Converted to Term - - - - - - - Total Real Estate: Commercial $ 2,144,730 $ 43,091 $ 9,239 $ 1,059 $ - $ 2,198,119 $ (9) Real Estate: Construction Originated in 2024 $ 85,735 $ - $ - $ - $ - $ 85,735 $ - Originated in 2023 134,574 234 450 - - 135,258 18 Originated in 2022 214,952 3,348 745 - - 219,045 9 Originated in 2021 67,439 - 3,463 - - 70,902 33 Originated in 2020 27,444 - 16 - - 27,460 - Originated Prior to 2020 31,635 109 2,425 - - 34,169 - Revolving 64,500 397 - - - 64,897 - Revolving Loans Converted to Term - - - - - - - Total Real Estate: Construction $ 626,279 $ 4,088 $ 7,099 $ - $ - $ 637,466 $ 60 Real Estate: Residential Originated in 2024 $ 43,996 $ - $ - $ - $ - $ 43,996 $ - Originated in 2023 74,728 - 77 - - 74,805 - Originated in 2022 210,306 339 822 11 - 211,478 6 Originated in 2021 98,033 - 225 - - 98,258 1 Originated in 2020 64,232 385 474 47 - 65,138 2 Originated Prior to 2020 136,652 1,986 7,035 302 - 145,975 69 Revolving 103,250 - 662 - - 103,912 205 Revolving Loans Converted to Term 314 - - - - 314 - Total Real Estate: Residential $ 731,511 $ 2,710 $ 9,295 $ 360 $ - $ 743,876 $ 283 Commercial Originated in 2024 $ 188,760 $ 1,668 $ 8,301 $ - $ - $ 198,729 $ - Originated in 2023 265,629 2,137 93 - - 267,859 3 Originated in 2022 228,549 505 9,515 84 - 238,653 449 Originated in 2021 119,527 1,886 1,678 16 - 123,107 241 Originated in 2020 43,942 80 591 - - 44,613 43 Originated Prior to 2020 76,424 1,948 548 450 - 79,370 (54) Revolving 560,508 5,243 2,282 28 - 568,061 - Revolving Loans Converted to Term - - - - - - - Total Commercial $ 1,483,339 $ 13,467 $ 23,008 $ 578 $ - $ 1,520,392 $ 682 Consumer and Other Originated in 2024 $ 6,102 $ - $ 24 $ - $ - $ 6,126 $ - Originated in 2023 7,866 - 39 - - 7,905 34 Originated in 2022 5,707 - 12 - - 5,719 27 Originated in 2021 2,556 - 46 - - 2,602 4 Originated in 2020 1,302 - 74 - - 1,376 31 Originated Prior to 2020 20,501 - 104 - - 20,605 - Revolving 18,235 - 429 - - 18,664 847 Revolving Loans Converted to Term 2 - - - - 2 - Total Consumer and Other $ 62,271 $ - $ 728 $ - $ - $ 62,999 $ 943 Total Loans $ 5,048,130 $ 63,356 $ 49,369 $ 1,997 $ - $ 5,162,852 $ 1,959 December 31, 2023 Criticized Pass Special Mention Substandard Doubtful Loss Total Current Period Charge- (Dollars in thousands) Real Estate: Commercial Originated in 2023 $ 228,902 $ - $ 84 $ - $ - $ 228,986 $ - Originated in 2022 751,649 1,909 - - - 753,558 - Originated in 2021 427,269 6,103 492 - - 433,864 357 Originated in 2020 151,848 3,551 8 - - 155,407 - Originated in 2019 149,946 5,556 372 932 - 156,806 1,447 Originated Prior to 2019 379,503 1,313 7,970 335 - 389,121 245 Revolving 99,723 226 237 - - 100,186 - Revolving Loans Converted to Term - - - - - - - Total Real Estate: Commercial $ 2,188,840 $ 18,658 $ 9,163 $ 1,267 $ - $ 2,217,928 $ 2,049 Real Estate: Construction Originated in 2023 $ 131,617 $ - $ - $ - $ - $ 131,617 $ - Originated in 2023 322,032 647 62 - - 322,741 - Originated in 2021 85,438 2,601 1,229 - - 89,268 - Originated in 2020 22,515 31 16 - - 22,562 - Originated in 2019 19,402 - 1,675 - - 21,077 1 Originated Prior to 2019 20,180 413 588 345 - 21,526 35 Revolving 60,612 395 - - - 61,007 - Revolving Loans Converted to Term - - - - - - - Total Real Estate: Construction $ 661,796 $ 4,087 $ 3,570 $ 345 $ - $ 669,798 $ 36 Real Estate: Residential Originated in 2023 $ 76,662 $ - $ - $ - $ - $ 76,662 $ - Originated in 2022 170,229 433 410 14 - 171,086 - Originated in 2021 98,329 - 708 - - 99,037 11 Originated in 2020 68,281 386 520 57 - 69,244 1 Originated in 2019 54,902 1,112 1,061 119 - 57,194 22 Originated Prior to 2019 97,716 1,230 6,000 299 - 105,245 7 Revolving 103,252 - 654 - - 103,906 1 Revolving Loans Converted to Term 20 - - - - 20 - Total Real Estate: Residential $ 669,391 $ 3,161 $ 9,353 $ 489 $ - $ 682,394 $ 42 Commercial Originated in 2023 $ 303,160 $ 1,439 $ 709 $ - $ - $ 305,308 $ - Originated in 2022 267,678 698 1,196 - - 269,572 247 Originated in 2021 136,291 5,483 928 16 - 142,718 25 Originated in 2020 48,990 448 921 42 - 50,401 49 Originated in 2019 21,137 584 640 231 - 22,592 1,632 Originated Prior to 2019 61,166 3,843 341 251 - 65,601 658 Revolving 499,642 2,128 573 28 - 502,371 202 Revolving Loans Converted to Term 275 - - - - 275 - Total Commercial $ 1,338,339 $ 14,623 $ 5,308 $ 568 $ - $ 1,358,838 $ 2,813 Consumer and Other Originated in 2023 $ 11,245 $ - $ - $ - $ - $ 11,245 $ 8 Originated in 2022 7,219 - 27 - - 7,246 78 Originated in 2021 3,372 - 55 - - 3,427 29 Originated in 2020 1,850 - 88 - - 1,938 11 Originated in 2019 2,359 - 40 - - 2,399 18 Originated Prior to 2019 18,280 - 92 - - 18,372 61 Revolving 18,814 100 160 - - 19,074 1,284 Revolving Loans Converted to Term 126 - - - - 126 - Total Consumer and Other $ 63,265 $ 100 $ 462 $ - $ - $ 63,827 $ 1,489 Total Loans $ 4,921,631 $ 40,629 $ 27,856 $ 2,669 $ - $ 4,992,785 $ 6,429 The above classifications follow regulatory guidelines and can generally be described as follows: • Pass loans are of satisfactory quality. • Special mention loans have an existing weakness that could cause future impairment, including the deterioration of financial ratios, past due status, questionable management capabilities and possible reduction in the collateral values. • Substandard loans have an existing specific and well-defined weakness that may include poor liquidity and deterioration of financial ratios. The loan may be past due and related deposit accounts experiencing overdrafts. Immediate corrective action is necessary. • Doubtful loans have specific weaknesses that are severe enough to make collection or liquidation in full highly questionable and improbable. As of June 30, 2024, and December 31, 2023, loan balances outstanding more than 90 days past due and still accruing interest amounted to $1.4 million and $127,000, respectively. As of June 30, 2024, and December 31, 2023, loan balances outstanding on nonaccrual status amounted to $21.0 million and $16.9 million, respectively. The Bank considers all loans more than 90 days past due as nonperforming loans. The following tables provide an analysis of the aging of loans and leases as of June 30, 2024, and December 31, 2023. All loans greater than 90 days past due are generally placed on nonaccrual status. Aged Analysis of Past Due Loans Receivable June 30, 2024 (Dollars in thousands) 30-59 Days 60-89 Days Greater Total Current Total Loans Recorded Real Estate Loans: Commercial $ 1,495 $ 3,592 $ 2,399 $ 7,486 $ 2,190,633 $ 2,198,119 $ 150 Construction 4,618 150 5,411 10,179 627,287 637,466 - Residential 915 1,258 4,059 6,232 737,644 743,876 192 Total Real Estate Loans 7,028 5,000 11,869 23,897 3,555,564 3,579,461 342 Commercial 2,142 10 5,317 7,469 1,512,923 1,520,392 985 Consumer and Other 103 30 582 715 62,284 62,999 28 Total $ 9,273 $ 5,040 $ 17,768 $ 32,081 $ 5,130,771 $ 5,162,852 $ 1,355 December 31, 2023 (Dollars in thousands) 30-59 Days 60-89 Days Greater Total Current Total Loans Recorded Real Estate Loans: Commercial $ 240 $ 536 $ 2,954 $ 3,730 $ 2,214,198 $ 2,217,928 $ 44 Construction 279 1,320 3,198 4,797 665,001 669,798 - Residential 1,792 1,207 4,058 7,057 675,337 682,394 20 Total Real Estate Loans 2,311 3,063 10,210 15,584 3,554,536 3,570,120 64 Commercial 1,101 71 1,622 2,794 1,356,044 1,358,838 52 Consumer and Other 280 252 188 720 63,107 63,827 11 Total $ 3,692 $ 3,386 $ 12,020 $ 19,098 $ 4,973,687 $ 4,992,785 $ 127 The following table presents non-accrual loans by segment as of June 30, 2024, and December 31, 2023, respectively. June 30, December 31, (Dollars in thousands) Real Estate Loans: Commercial $ 2,865 $ 3,280 Construction 6,234 3,543 Residential 6,830 7,352 Total Real Estate Loans 15,929 14,175 Commercial 4,475 2,395 Consumer and Other 604 373 Total $ 21,008 $ 16,943 The Bank seeks to assist customers that are experiencing financial difficulty by renegotiating loans within lending regulations and guidelines. The Bank makes loan modifications, primarily utilizing internal renegotiation programs via direct customer contact, that manage customers’ debt exposures held only by the Bank. Additionally, the Bank makes loan modifications with customers who have elected to work with external renegotiation agencies and these modifications provide solutions to customers’ entire unsecured debt structures. During the periods ended June 30, 2024, and December 31, 2023, the concessions granted to certain borrowers included extending the payment due dates and offering below market contractual interest rates, and were not significant to the consolidated financial statement Accrued interest receivable of $4.2 million was outstanding at both June 30, 2024, and December 31, 2023, for all loan deferrals, primarily attributable to the COVID-19 pandemic and, to a much lesser extent, hurricanes which occurred in 2020 and 2021. These loans are no longer within their deferral periods. The accrued interest on the loans is due at their maturity. At June 30, 2024 and December 31, 2023, accrued interest receivable on loans was $25.9 million and $25.2 million, respectively, and included within accrued interest receivable on the consolidated balance sheets. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long Term Debt – On March 1, 2022, the Company assumed, in connection with the TCBI acquisition, three tranches of subordinated debt with an aggregate principal balance outstanding of $26.4 million. One tranche in the amount of $10.0 million bears an adjustable interest rate, based on a benchmark rate plus 350 basis points, until maturity on April 11, 2028. This tranche is currently redeemable at the Company’s option. Another tranche in the amount of $7.5 million bears an adjustable interest rate, based on a benchmark rate plus 350 basis points, until maturity on December 13, 2028. This tranche is currently redeemable at the Company's option. The third tranche in the amount of $8.9 million had an adjustable interest rate plus 595 basis points, based on a benchmark rate, until maturity on March 24, 2027. The $8.9 million tranche was called on May 1, 2023, by the Company and has been fully extinguished. The Company recognized a $1.5 million gain on the extinguishment of this debt during 2023. These notes carried an aggregate $948,000 and $1.1 million fair value adjustment as of June 30, 2024, and December 31, 2023, respectively. |
Bank Term Funding Program ("BTF
Bank Term Funding Program ("BTFP") | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Bank Term Funding Program ("BTFP") | Bank Term Funding Program ( “ BTFP ” ) – On March 12, 2023, the Federal Reserve Board developed the BTFP, which offered loans to banks with a term of up to one year. The loans were secured by pledging the banks’ U.S. treasuries, agency securities, agency mortgage-backed securities, and any other qualifying assets. These pledged securities were valued at par for collateral purposes. The Bank participated in the BTFP and had outstanding debt of $300.0 million at December 31, 2023. These loans bore a fixed rate of 4.38% and matured on March 22, 2024, at which time the Bank repaid them in full. |
Federal Home Loan Bank ("FHLB")
Federal Home Loan Bank ("FHLB") Borrowings | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Federal Home Loan Bank ("FHLB") Borrowings | Federal Home Loan Bank ( “ FHLB ” ) Borrowings – The Company had outstanding advances from the FHLB of $305.2 million and $211.2 million as of June 30, 2024, and December 31, 2023, respectively, consisting of: One fixed rate loan with an original principal balance of $60.0 million. The loan was made in 2021 and the balance at June 30, 2024 and December 31, 2023 was $29.3 million and $35.3 million, respectively, with interest at 0.89%. Principal and interest payments are due monthly and the loan matures in November 2026. One fixed rate loan of $875,000 at both June 30, 2024, and December 31, 2023, that was acquired during the TCBI acquisition, with interest at 4.88% paid monthly. Principal is due at maturity in April 2025. One fixed rate loan of $25.0 million at both June 30, 2024, and December 31, 2023, with interest at 4.89% paid monthly. Principal is due at maturity in July 2025. One fixed rate loan of $25.0 million at both June 30, 2024, and December 31, 2023, with interest at 4.65% paid monthly. Principal is due at maturity in January 2026. One fixed rate loan of $25.0 million at both June 30, 2024, and December 31, 2023, with interest at 4.56% paid monthly. Principal is due at maturity in July 2026. One fixed rate loan of $25.0 million at both June 30, 2024, and December 31, 2023, with interest at 4.13% paid monthly. Principal is due at maturity in October 2028. This advance has put options beginning in October 2024. One fixed rate loan of $25.0 million at both June 30, 2024, and December 31, 2023, with interest at 3.92% paid monthly. Principal is due at maturity in October 2030. This advance has put options beginning in October 2024. One fixed rate loan of $25.0 million at both June 30, 2024, and December 31, 2023, with interest at 3.72%paid monthly. Principal is due at maturity in October 2033. This advance has put options beginning in October 2024. One fixed rate loan of $25.0 million at both June 30, 2024, and December 31, 2023, with interest at 3.57% paid monthly. Principal is due at maturity in October 2033. This advance has put options beginning in October 2024. One fixed rate loan of $25.0 million at June 30, 2024, with interest at 4.84% paid monthly. Principal is due at maturity in December 2026. One fixed rate loan of $25.0 million at June 30, 2024, with interest at 4.78% paid monthly. Principal is due at maturity in September 2027. One fixed rate loan of $25.0 million at June 30, 2024, with interest at 4.73% paid monthly. Principal is due at maturity in March 2028. One fixed rate loan of $25.0 million at June 30, 2024, with interest at 4.69% paid monthly. Principal is due at maturity in September 2028. The Company had an additional $1.2 billion remaining on the FHLB line availability at June 30, 2024. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Leases | Leases – The Bank leases certain branch offices through non-cancelable operating leases with terms that range from one Future minimum lease payments under these leases are as follows: (Dollars in thousands) July 1, 2024 through December 31, 2024 $ 2,379 January 1, 2025 through December 31, 2025 3,869 January 1, 2026 through December 31, 2026 3,624 January 1, 2027 through December 31, 2027 3,388 January 1, 2028 through December 31, 2028 3,068 January 1, 2029 and Thereafter 5,523 Total Future Minimum Lease Payments 21,851 Less Imputed Interest (2,194) Present Value of Lease Liabilities $ 19,657 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies – In the normal course of business, the Bank is a party to financial instruments with off-balance sheet risk to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby and commercial letters of credit which are not included in the accompanying financial statements. These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheet. The Bank’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 and commercial letters of credit is represented by the contractual amount of those instruments. The Bank’s policy for obtaining collateral, and the nature of such collateral, is essentially the same as that involved in making commitments to extend credit. The Bank uses the same credit policies in making such commitments and conditional obligations as it does for instruments that are included in the balance sheet. In the normal course of business, the Bank has made commitments to extend credit of approximately $1.2 billion at both June 30, 2024, and December 31, 2023, and standby and commercial letters of credit of approximately $50.8 million and $45.2 million at June 30, 2024 and December 31, 2023, respectively. As discussed in Note 6, we have a reserve for unfunded loan commitments of $3.1 million and $3.3 million at June 30, 2024 and December 31, 2023, respectively. In the normal course of business, the Bank is involved in various legal proceedings. In the opinion of management and counsel, the disposition or ultimate resolution of such proceedings would not have a material adverse effect on the Bank’s financial statements. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments – Fair Value Disclosures The Company groups its financial assets and liabilities measured at fair value in three levels. Fair value should be based on the assumptions market participants would use when pricing the asset or liability and establishes a fair value hierarchy that prioritizes the inputs used to develop those assumptions and measure fair value. The hierarchy requires companies to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: • Level 1 – Includes the most reliable sources and includes quoted prices in active markets for identical assets or liabilities. • Level 2 – Includes observable inputs. Observable inputs include inputs other than quoted prices that are observable for the asset or liability (for example, interest rates and yield curves at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates) as well as inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs). • Level 3 – Includes unobservable inputs and should be used only when observable inputs are unavailable. Recurring Basis Fair values of investment securities available for sale were primarily measured using information from a third-party pricing service. This pricing service provides information by utilizing evaluated pricing models supported with market data information. Standard inputs include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers, and reference data from market research publications. The fair values of mortgage loans held for sale are based on commitments on hand from investors within the secondary market for loans with similar characteristics. The following tables present the balance of assets and liabilities measured on a recurring basis as of June 30, 2024, and December 31, 2023. The Company did not record any liabilities at fair value for which measurement of the fair value was made on a recurring basis. Fair Value Level 1 Level 2 Level 3 (Dollars in thousands) June 30, 2024 Available for Sale: U.S. Treasury Securities $ 16,307 $ - $ 16,307 $ - U.S. Government Agency Securities 9,406 - 9,406 - Corporate Securities 44,649 - 36,731 7,918 Mortgage-Backed Securities 519,023 - 519,023 - Municipal Securities 285,663 - 259,820 25,843 Loans Held for Sale 680 - 680 - Total $ 875,728 $ - $ 841,967 $ 33,761 December 31, 2023 Available for Sale: U.S. Treasury Securities $ 16,239 $ - $ 16,239 $ - U.S. Government Agency Securities 9,410 - 9,410 - Corporate Securities 43,839 - 35,871 7,968 Mortgage-Backed Securities 506,310 - 506,310 - Municipal Securities 303,773 - 282,926 20,847 Loans Held for Sale 835 - 835 - Total $ 880,406 $ - $ 851,591 $ 28,815 The Company reviews fair value hierarchy classifications on a quarterly basis. Changes in the Company's ability to observe inputs to the valuation may cause reclassification of certain assets or liabilities within the fair value hierarchy. The table below provides a reconciliation for assets measured at fair value on a recurring basis using significant unobservable inputs, or Level 3 inputs, as of June 30, 2024, and December 31, 2023. Corporate Municipal Bonds Securities (Dollars in thousands) Balance at December 31, 2022 $ 19,000 $ 34,768 Realized Gains (Losses) Included in Net Income - - Unrealized Losses Included in Other Comprehensive Loss (1,532) (2,228) Purchases - - Sales - - Maturities, Prepayments, and Calls - (1,798) Transfers Into Level 3 - - Transfers Out of Level 3 (9,500) (9,895) Balance at December 31, 2023 7,968 20,847 Realized Gains (Losses) Included in Net Income - - Unrealized Losses Included in Other Comprehensive Loss (50) (2,445) Purchases - 9,938 Sales - - Maturities, Prepayments, and Calls - (2,497) Transfers Into Level 3 - - Transfers Out of Level 3 - - Balance at June 30, 2024 $ 7,918 $ 25,843 The following table provides quantitative information about significant unobservable inputs used in fair value measurements of Level 3 assets measured at fair value on a recurring basis at June 30, 2024. Estimated Valuation Unobservable Range of Fair Value Technique Inputs Discounts (Dollars in thousands) June 30, 2024 Corporate Securities $ 7,918 Present Value of Expected Future Cash Flow Model Liquidity Premium 2 % Municipal Securities 25,843 Present Value of Expected Future Cash Flow Model Liquidity Premium 1 % Nonrecurring Basis The Company has segregated all financial assets and liabilities that are measured at fair value on a nonrecurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date in the table below. The Company did not record any liabilities at fair value for which measurement of the fair value was made on a nonrecurring basis. The fair value of the individually evaluated loans is measured at the fair value of the collateral for collateral-dependent loans. Individually evaluated loans are Level 3 assets measured using appraisals from external parties of the collateral less any prior liens and adjusted for estimated selling costs. Adjustments may be made by management based on a customized internally developed discounting matrix. Repossessed assets are initially recorded at fair value less estimated cost to sell, which is generally 10%. The fair value of repossessed assets is based on property appraisals and an analysis of similar properties available. As such, the Bank records repossessed assets as Level 3. Fair Value Level 1 Level 2 Level 3 (Dollars in thousands) June 30, 2024 Assets: Individually Evaluated Loans $ 10,340 $ - $ - $ 10,340 Other Nonperforming Assets 1,983 - - 1,983 Total $ 12,323 $ - $ - $ 12,323 December 31, 2023 Assets: Individually Evaluated Loans $ 4,750 $ - $ - $ 4,750 Other Nonperforming Assets 1,685 - - 1,685 Total $ 6,435 $ - $ - $ 6,435 Fair Value Financial Instruments The fair value of a financial instruments is the current amount that would be exchanged between willing parties, other than in a forced liquidation. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. In accordance with GAAP, certain financial instruments and all non-financial instruments are excluded from these disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: Cash and Short-Term Investments – For those short-term instruments, the carrying amount is a reasonable estimate of fair value. Securities – Fair value of securities is based on quoted market prices. If a quoted market price is not available, fair value is estimated using quoted market prices for similar securities. Loans – The fair value for loans is estimated using discounted cash flow analyses, with interest rates currently being offered for similar loans to borrowers with similar credit rates. Loans with similar classifications are aggregated for purposes of the calculations. The allowance for loan losses, which was used to measure the credit risk, is subtracted from loans. Cash Value of Bank-Owned Life Insurance (“BOLI”) – The carrying amount approximates its fair value. Other Equity Securities – The carrying amount approximates its fair value. Deposits – The fair value of demand deposits and certain money market deposits is the amount payable at the reporting date. The fair value of fixed-maturity certificates of deposit is estimated using discounted cash flow analyses, with interest rates currently offered for deposits of similar remaining maturities. Borrowings – The fair value of FHLB advances and other long-term borrowings is estimated using the rates currently offered for advances of similar maturities. The carrying amount of short-term borrowings maturing within ninety days approximates the fair value. Commitments to Extend Credit and Standby and Commercial Letters of Credit – The fair values of commitments to extend credit and standby and commercial letters of credit do not differ significantly from the commitment amount and are therefore omitted from this disclosure. The estimated approximate fair values of the Bank’s financial instruments as of June 30, 2024, and December 31, 2023 are as follows: Carrying Total Level 1 Level 2 Level 3 (Dollars in thousands) June 30, 2024 Financial Assets: Cash and Short-Term Investments $ 321,638 $ 321,638 $ 321,638 $ - $ - Securities 875,048 875,048 - 841,287 33,761 Loans Held for Sale 680 680 - 680 - Loans - Net 5,121,440 5,024,266 - - 5,024,266 Cash Value of BOLI 100,684 100,684 - 100,684 - Other Equity Securities 38,805 38,805 - - 38,805 Total $ 6,458,295 $ 6,361,121 $ 321,638 $ 942,651 $ 5,096,832 Financial Liabilities: Deposits $ 5,563,670 $ 5,555,660 $ - $ - $ 5,555,660 Borrowings 428,528 406,469 - 406,469 - Total $ 5,992,198 $ 5,962,129 $ - $ 406,469 $ 5,555,660 Carrying Total Level 1 Level 2 Level 3 (Dollars in thousands) December 31, 2023 Financial Assets: Cash and Short-Term Investments $ 377,244 $ 377,244 $ 377,244 $ - $ - Securities 879,571 879,571 - 850,756 28,815 Loans Held for Sale 835 835 - 835 - Loans - Net 4,952,371 4,849,503 - - 4,849,503 Cash Value of BOLI 96,478 96,478 - 96,478 - Other Equity Securities 33,942 33,942 - - 33,942 Total $ 6,340,441 $ 6,237,573 $ 377,244 $ 948,069 $ 4,912,260 Financial Liabilities: Deposits $ 5,248,790 $ 5,243,326 $ - $ - $ 5,243,326 Borrowings 635,073 613,464 - 613,464 - Total $ 5,883,863 $ 5,856,790 $ - $ 613,464 $ 5,243,326 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Consolidated Net Income | $ 17,206 | $ 19,739 | $ 30,776 | $ 34,764 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting | In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the financial results for the periods presented, and all such adjustments are of a normal recurring nature. All material intercompany transactions are eliminated. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the entire year. These interim consolidated financial statements have been prepared according to the rules and regulations of the Securities and Exchange Commission and, therefore, certain information and footnote disclosures normally presented in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) have been omitted or abbreviated. These interim financial statements should be read in conjunction with the audited consolidated financial statements and footnote disclosures for the Company’s previously filed Form 10-K for the year ended December 31, 2023. |
Use of Estimates | Preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. These estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future. Critical accounting estimates that are particularly susceptible to significant change for the Company include the determination of the acquired loans and allowance for credit losses and purchase accounting adjustments (other than loans). Other estimates include goodwill, fair value of financial instruments, investment securities and the assessment of income taxes. Management does not anticipate any material changes to estimates in the near term. Factors that may cause sensitivity to the aforementioned estimates include but are not limited to: external market factors such as market interest rates and employment rates, changes to operating policies and procedures, economic conditions in the Company’s markets, and changes in applicable banking regulations. Actual results may ultimately differ from estimates. |
Accounting Standards Adopted in Current Period and Accounting Standards Not Yet Adopted | Accounting Standards Adopted in Current Period None Accounting Standards Not Yet Adopted ASU No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." ASU 2023-07 requires public business entities, including those with one reportable segment, to disclose additional disaggregated information about a reportable segment’s income and expenses in both interim and annual periods. The standard requires disclosure of the title and position of the chief operating decision maker and an explanation of how the reported measure(s) of segment profit or loss are utilized in assessing segment performance allocating resources. The update permits disclosure of additional measures of a segment’s profit and losses, if multiple measures are utilized by the chief operating decision maker to allocate resources and evaluate profitability. Such measures, to the extent they are relevant but not in accordance with GAAP, shall be accompanied by appropriate disclosures and reconciliations to the appropriate reported GAAP amounts. ASU 2023-07 is effective for the Company starting January 1, 2025, though early adoption is permitted. Retrospective application is required upon adoption. The Company is still evaluating the impact of the ASU on the consolidated financial statements and disclosures. ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." ASU 2023-09 requires public business entities to disclose additional information in specified categories with respect to the rate reconciliation for federal, state and foreign income taxes. In addition, the updates also require more details about reconciling items in the rate reconciliation in some categories if items meet a quantitative threshold. ASU 2023-09 also requires all entities to disclose income taxes paid, net of refunds, disaggregated by federal, state and foreign taxes for annual periods and to disaggregate the information by jurisdiction based on a quantitative threshold. ASU 2023-09 is effective for the Company starting January 1, 2025, though early adoption is permitted. ASU 2023-09 is not expected to have a significant impact on our financial statements. |
Reclassifications | Certain reclassifications may have been made to conform to reporting in 2024. These reclassifications have no material effect on previously reported shareholders’ equity or net income. |
Fair Value Measurement | Fair Value Disclosures The Company groups its financial assets and liabilities measured at fair value in three levels. Fair value should be based on the assumptions market participants would use when pricing the asset or liability and establishes a fair value hierarchy that prioritizes the inputs used to develop those assumptions and measure fair value. The hierarchy requires companies to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: • Level 1 – Includes the most reliable sources and includes quoted prices in active markets for identical assets or liabilities. • Level 2 – Includes observable inputs. Observable inputs include inputs other than quoted prices that are observable for the asset or liability (for example, interest rates and yield curves at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates) as well as inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs). • Level 3 – Includes unobservable inputs and should be used only when observable inputs are unavailable. Recurring Basis Fair values of investment securities available for sale were primarily measured using information from a third-party pricing service. This pricing service provides information by utilizing evaluated pricing models supported with market data information. Standard inputs include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers, and reference data from market research publications. The fair values of mortgage loans held for sale are based on commitments on hand from investors within the secondary market for loans with similar characteristics. Nonrecurring Basis The Company has segregated all financial assets and liabilities that are measured at fair value on a nonrecurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date in the table below. The Company did not record any liabilities at fair value for which measurement of the fair value was made on a nonrecurring basis. The fair value of the individually evaluated loans is measured at the fair value of the collateral for collateral-dependent loans. Individually evaluated loans are Level 3 assets measured using appraisals from external parties of the collateral less any prior liens and adjusted for estimated selling costs. Adjustments may be made by management based on a customized internally developed discounting matrix. Repossessed assets are initially recorded at fair value less estimated cost to sell, which is generally 10%. The fair value of repossessed assets is based on property appraisals and an analysis of similar properties available. As such, the Bank records repossessed assets as Level 3. Fair Value Financial Instruments The fair value of a financial instruments is the current amount that would be exchanged between willing parties, other than in a forced liquidation. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. In accordance with GAAP, certain financial instruments and all non-financial instruments are excluded from these disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: Cash and Short-Term Investments – For those short-term instruments, the carrying amount is a reasonable estimate of fair value. Securities – Fair value of securities is based on quoted market prices. If a quoted market price is not available, fair value is estimated using quoted market prices for similar securities. Loans – The fair value for loans is estimated using discounted cash flow analyses, with interest rates currently being offered for similar loans to borrowers with similar credit rates. Loans with similar classifications are aggregated for purposes of the calculations. The allowance for loan losses, which was used to measure the credit risk, is subtracted from loans. Cash Value of Bank-Owned Life Insurance (“BOLI”) – The carrying amount approximates its fair value. Other Equity Securities – The carrying amount approximates its fair value. Deposits – The fair value of demand deposits and certain money market deposits is the amount payable at the reporting date. The fair value of fixed-maturity certificates of deposit is estimated using discounted cash flow analyses, with interest rates currently offered for deposits of similar remaining maturities. Borrowings – The fair value of FHLB advances and other long-term borrowings is estimated using the rates currently offered for advances of similar maturities. The carrying amount of short-term borrowings maturing within ninety days approximates the fair value. Commitments to Extend Credit and Standby and Commercial Letters of Credit – The fair values of commitments to extend credit and standby and commercial letters of credit do not differ significantly from the commitment amount and are therefore omitted from this disclosure. |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | For the Three Months Ended For the Six Months Ended 2024 2023 2024 2023 (Dollars in thousands, except per share data) Numerator: Net Income $ 17,206 $ 19,739 $ 30,776 $ 34,764 Less: Preferred Stock Dividends 1,350 1,350 2,700 2,700 Net Income Available to Common Shares $ 15,856 $ 18,389 $ 28,076 $ 32,064 Denominator: Weighted Average Common Shares Outstanding 25,265,495 25,101,683 25,196,079 25,041,124 Dilutive Effect of Stock Options and RSAs 130,119 231,689 216,063 237,021 Weighted Average Dilutive Common Shares 25,395,614 25,333,372 25,412,142 25,278,145 Basic Earnings Per Common Share From Net Income Available to Common Shares $ 0.63 $ 0.73 $ 1.11 $ 1.28 Diluted Earnings Per Common Share From Net Income Available to Common Shares $ 0.62 $ 0.73 $ 1.10 $ 1.27 |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-Sale Securities Reconciliation | The amortized cost and fair values of securities available for sale as of June 30, 2024, and December 31, 2023 are summarized as follows: June 30, 2024 (Dollars in thousands) Amortized Gross Gross Fair U.S. Treasury Securities $ 17,661 $ - $ 1,354 $ 16,307 U.S. Government Agencies 10,212 - 806 9,406 Corporate Securities 49,646 32 5,029 44,649 Mortgage-Backed Securities 567,000 929 48,906 519,023 Municipal Securities 316,471 127 30,935 285,663 Total Securities Available for Sale $ 960,990 $ 1,088 $ 87,030 $ 875,048 December 31, 2023 (Dollars in thousands) Amortized Gross Gross Fair U.S. Treasury Securities $ 17,690 $ - $ 1,451 $ 16,239 U.S. Government Agencies 10,258 - 848 9,410 Corporate Securities 49,609 - 5,770 43,839 Mortgage-Backed Securities 555,148 976 49,814 506,310 Municipal Securities 331,273 298 27,798 303,773 Total Securities Available for Sale $ 963,978 $ 1,274 $ 85,681 $ 879,571 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value | The following tables present a summary of securities with gross unrealized losses and fair values at June 30, 2024 and December 31, 2023, aggregated by investment category and length of time in a continued unrealized loss position. Due to the nature of these investments and current prevailing market prices, these unrealized losses are considered non-credit related. June 30, 2024 Less Than 12 Months 12 Months or Greater Total (Dollars in thousands) Fair Gross Fair Gross Fair Gross U.S. Treasury Securities $ - $ - $ 16,307 $ 1,354 $ 16,307 $ 1,354 U.S. Government Agencies - - 9,406 806 9,406 806 Corporate Securities 6,878 122 36,539 4,907 43,417 5,029 Mortgage-Backed Securities 71,861 574 375,297 48,332 447,158 48,906 Municipal Securities 9,435 130 260,833 30,805 270,268 30,935 Total Securities Available for Sale $ 88,174 $ 826 $ 698,382 $ 86,204 $ 786,556 $ 87,030 December 31, 2023 Less Than 12 Months 12 Months or Greater Total (Dollars in thousands) Fair Gross Fair Gross Fair Gross U.S. Treasury Securities $ - $ - $ 16,239 $ 1,451 $ 16,239 $ 1,451 U.S. Government Agencies - - 9,410 848 9,410 848 Corporate Securities 7,529 362 36,106 5,408 43,635 5,770 Mortgage-Backed Securities 21,436 895 375,891 48,919 397,327 49,814 Municipal Securities 8,013 63 270,467 27,735 278,480 27,798 Total Securities Available for Sale $ 36,978 $ 1,320 $ 708,113 $ 84,361 $ 745,091 $ 85,681 |
Investments Classified by Contractual Maturity Date | The amortized cost and fair values of securities available for sale as of June 30, 2024, by contractual maturity are shown below. Actual maturities may differ from contractual maturities in mortgage-backed securities because the mortgages underlying the securities may be called or repaid without any penalties. Amortized Fair (Dollars in thousands) Less Than One Year $ 26,564 $ 26,177 One to Five Years 181,991 169,315 Over Five to Ten Years 371,519 335,500 Over Ten Years 380,916 344,056 Total Securities Available for Sale $ 960,990 $ 875,048 |
Loans and the Allowance for L_2
Loans and the Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Loans receivable at June 30, 2024 and December 31, 2023 are summarized as follows: June 30, December 31, (Dollars in thousands) Real Estate Loans: Commercial $ 2,198,119 $ 2,217,928 Construction 637,466 669,798 Residential 743,876 682,394 Total Real Estate Loans 3,579,461 3,570,120 Commercial 1,520,392 1,358,838 Consumer and Other 62,999 63,827 Total Loans Held for Investment 5,162,852 4,992,785 Less: Allowance for Loan Losses (41,412) (40,414) Net Loans $ 5,121,440 $ 4,952,371 |
Financing Receivable, Allowance for Credit Loss | June 30, 2024 (Dollars in thousands) Real Estate: Real Estate: Real Estate: Commercial Consumer Total Allowance for Loan Losses: Beginning Balance $ 17,676 $ 6,596 $ 5,485 $ 10,424 $ 233 $ 40,414 Charge-offs 9 (60) (283) (682) (943) (1,959) Recoveries 10 - 5 58 159 232 Provision (Recovery) (145) (563) 898 1,522 1,013 2,725 Ending Balance $ 17,550 $ 5,973 $ 6,105 $ 11,322 $ 462 $ 41,412 Reserve for Unfunded Loan Commitments: Beginning Balance $ 206 $ 1,546 $ 177 $ 1,372 $ 23 $ 3,324 Provision (Recovery) 109 (537) (12) 208 3 (229) Ending Balance $ 315 $ 1,009 $ 165 $ 1,580 $ 26 $ 3,095 Total Allowance for Credit Losses $ 17,865 $ 6,982 $ 6,270 $ 12,902 $ 488 $ 44,507 December 31, 2023 (Dollars in thousands) Real Estate: Real Estate: Real Estate: Commercial Consumer Total Allowance for Loan Losses: Beginning Balance $ 14,702 $ 5,768 $ 5,354 $ 11,721 $ 633 $ 38,178 Adoption of ASU 2016-13 4,823 933 (365) (2,483) (248) 2,660 Beginning Balance After Adoption 19,525 6,701 4,989 9,238 385 40,838 Charge-offs (2,049) (36) (42) (2,813) (1,489) (6,429) Recoveries 26 1 18 672 327 1,044 Provision (Recovery) 174 (70) 520 3,327 1,010 4,961 Ending Balance $ 17,676 $ 6,596 $ 5,485 $ 10,424 $ 233 $ 40,414 Reserve for Unfunded Loan Commitments: Beginning Balance $ 220 $ 137 $ 13 $ 229 $ 6 $ 605 Adoption of ASU 2016-13 116 2,113 190 657 121 3,197 Beginning Balance After Adoption 336 2,250 203 886 127 3,802 Provision (Recovery) (130) (704) (26) 486 (104) (478) Ending Balance $ 206 $ 1,546 $ 177 $ 1,372 $ 23 $ 3,324 Total Allowance for Credit Losses $ 17,882 $ 8,142 $ 5,662 $ 11,796 $ 256 $ 43,738 |
Schedule of Financing Receivable and Allowances Individually Evaluated | June 30, 2024 December 31, 2023 Loan Balance Specific Allocations Loan Balance Specific Allocations (Dollars in thousands) Real Estate Loans: Commercial $ 4,021 $ - $ 883 $ - Construction 5,229 726 2,334 513 Residential 758 - 1,533 - Total Real Estate Loans 10,008 726 4,750 513 Commercial - - - - Consumer and Other - - - - Total $ 10,008 $ 726 $ 4,750 $ 513 |
Financing Receivable Credit Quality Indicators | The following tables set forth the credit quality indicators, disaggregated by loan segment, as of June 30, 2024, and December 31, 2023: June 30, 2024 Criticized Pass Special Mention Substandard Doubtful Loss Total Current Period Charge- (Dollars in thousands) Real Estate: Commercial Originated in 2024 $ 103,152 $ - $ 1,293 $ - $ - $ 104,445 $ - Originated in 2023 194,596 13,360 80 - - 208,036 - Originated in 2022 753,819 15,567 - - - 769,386 - Originated in 2021 397,278 6,010 481 - - 403,769 - Originated in 2020 128,527 1,952 448 - - 130,927 3 Originated Prior to 2020 490,556 5,958 6,293 1,059 - 503,866 (12) Revolving 76,802 244 644 - - 77,690 - Revolving Loans Converted to Term - - - - - - - Total Real Estate: Commercial $ 2,144,730 $ 43,091 $ 9,239 $ 1,059 $ - $ 2,198,119 $ (9) Real Estate: Construction Originated in 2024 $ 85,735 $ - $ - $ - $ - $ 85,735 $ - Originated in 2023 134,574 234 450 - - 135,258 18 Originated in 2022 214,952 3,348 745 - - 219,045 9 Originated in 2021 67,439 - 3,463 - - 70,902 33 Originated in 2020 27,444 - 16 - - 27,460 - Originated Prior to 2020 31,635 109 2,425 - - 34,169 - Revolving 64,500 397 - - - 64,897 - Revolving Loans Converted to Term - - - - - - - Total Real Estate: Construction $ 626,279 $ 4,088 $ 7,099 $ - $ - $ 637,466 $ 60 Real Estate: Residential Originated in 2024 $ 43,996 $ - $ - $ - $ - $ 43,996 $ - Originated in 2023 74,728 - 77 - - 74,805 - Originated in 2022 210,306 339 822 11 - 211,478 6 Originated in 2021 98,033 - 225 - - 98,258 1 Originated in 2020 64,232 385 474 47 - 65,138 2 Originated Prior to 2020 136,652 1,986 7,035 302 - 145,975 69 Revolving 103,250 - 662 - - 103,912 205 Revolving Loans Converted to Term 314 - - - - 314 - Total Real Estate: Residential $ 731,511 $ 2,710 $ 9,295 $ 360 $ - $ 743,876 $ 283 Commercial Originated in 2024 $ 188,760 $ 1,668 $ 8,301 $ - $ - $ 198,729 $ - Originated in 2023 265,629 2,137 93 - - 267,859 3 Originated in 2022 228,549 505 9,515 84 - 238,653 449 Originated in 2021 119,527 1,886 1,678 16 - 123,107 241 Originated in 2020 43,942 80 591 - - 44,613 43 Originated Prior to 2020 76,424 1,948 548 450 - 79,370 (54) Revolving 560,508 5,243 2,282 28 - 568,061 - Revolving Loans Converted to Term - - - - - - - Total Commercial $ 1,483,339 $ 13,467 $ 23,008 $ 578 $ - $ 1,520,392 $ 682 Consumer and Other Originated in 2024 $ 6,102 $ - $ 24 $ - $ - $ 6,126 $ - Originated in 2023 7,866 - 39 - - 7,905 34 Originated in 2022 5,707 - 12 - - 5,719 27 Originated in 2021 2,556 - 46 - - 2,602 4 Originated in 2020 1,302 - 74 - - 1,376 31 Originated Prior to 2020 20,501 - 104 - - 20,605 - Revolving 18,235 - 429 - - 18,664 847 Revolving Loans Converted to Term 2 - - - - 2 - Total Consumer and Other $ 62,271 $ - $ 728 $ - $ - $ 62,999 $ 943 Total Loans $ 5,048,130 $ 63,356 $ 49,369 $ 1,997 $ - $ 5,162,852 $ 1,959 December 31, 2023 Criticized Pass Special Mention Substandard Doubtful Loss Total Current Period Charge- (Dollars in thousands) Real Estate: Commercial Originated in 2023 $ 228,902 $ - $ 84 $ - $ - $ 228,986 $ - Originated in 2022 751,649 1,909 - - - 753,558 - Originated in 2021 427,269 6,103 492 - - 433,864 357 Originated in 2020 151,848 3,551 8 - - 155,407 - Originated in 2019 149,946 5,556 372 932 - 156,806 1,447 Originated Prior to 2019 379,503 1,313 7,970 335 - 389,121 245 Revolving 99,723 226 237 - - 100,186 - Revolving Loans Converted to Term - - - - - - - Total Real Estate: Commercial $ 2,188,840 $ 18,658 $ 9,163 $ 1,267 $ - $ 2,217,928 $ 2,049 Real Estate: Construction Originated in 2023 $ 131,617 $ - $ - $ - $ - $ 131,617 $ - Originated in 2023 322,032 647 62 - - 322,741 - Originated in 2021 85,438 2,601 1,229 - - 89,268 - Originated in 2020 22,515 31 16 - - 22,562 - Originated in 2019 19,402 - 1,675 - - 21,077 1 Originated Prior to 2019 20,180 413 588 345 - 21,526 35 Revolving 60,612 395 - - - 61,007 - Revolving Loans Converted to Term - - - - - - - Total Real Estate: Construction $ 661,796 $ 4,087 $ 3,570 $ 345 $ - $ 669,798 $ 36 Real Estate: Residential Originated in 2023 $ 76,662 $ - $ - $ - $ - $ 76,662 $ - Originated in 2022 170,229 433 410 14 - 171,086 - Originated in 2021 98,329 - 708 - - 99,037 11 Originated in 2020 68,281 386 520 57 - 69,244 1 Originated in 2019 54,902 1,112 1,061 119 - 57,194 22 Originated Prior to 2019 97,716 1,230 6,000 299 - 105,245 7 Revolving 103,252 - 654 - - 103,906 1 Revolving Loans Converted to Term 20 - - - - 20 - Total Real Estate: Residential $ 669,391 $ 3,161 $ 9,353 $ 489 $ - $ 682,394 $ 42 Commercial Originated in 2023 $ 303,160 $ 1,439 $ 709 $ - $ - $ 305,308 $ - Originated in 2022 267,678 698 1,196 - - 269,572 247 Originated in 2021 136,291 5,483 928 16 - 142,718 25 Originated in 2020 48,990 448 921 42 - 50,401 49 Originated in 2019 21,137 584 640 231 - 22,592 1,632 Originated Prior to 2019 61,166 3,843 341 251 - 65,601 658 Revolving 499,642 2,128 573 28 - 502,371 202 Revolving Loans Converted to Term 275 - - - - 275 - Total Commercial $ 1,338,339 $ 14,623 $ 5,308 $ 568 $ - $ 1,358,838 $ 2,813 Consumer and Other Originated in 2023 $ 11,245 $ - $ - $ - $ - $ 11,245 $ 8 Originated in 2022 7,219 - 27 - - 7,246 78 Originated in 2021 3,372 - 55 - - 3,427 29 Originated in 2020 1,850 - 88 - - 1,938 11 Originated in 2019 2,359 - 40 - - 2,399 18 Originated Prior to 2019 18,280 - 92 - - 18,372 61 Revolving 18,814 100 160 - - 19,074 1,284 Revolving Loans Converted to Term 126 - - - - 126 - Total Consumer and Other $ 63,265 $ 100 $ 462 $ - $ - $ 63,827 $ 1,489 Total Loans $ 4,921,631 $ 40,629 $ 27,856 $ 2,669 $ - $ 4,992,785 $ 6,429 |
Financing Receivable, Past Due | The following tables provide an analysis of the aging of loans and leases as of June 30, 2024, and December 31, 2023. All loans greater than 90 days past due are generally placed on nonaccrual status. Aged Analysis of Past Due Loans Receivable June 30, 2024 (Dollars in thousands) 30-59 Days 60-89 Days Greater Total Current Total Loans Recorded Real Estate Loans: Commercial $ 1,495 $ 3,592 $ 2,399 $ 7,486 $ 2,190,633 $ 2,198,119 $ 150 Construction 4,618 150 5,411 10,179 627,287 637,466 - Residential 915 1,258 4,059 6,232 737,644 743,876 192 Total Real Estate Loans 7,028 5,000 11,869 23,897 3,555,564 3,579,461 342 Commercial 2,142 10 5,317 7,469 1,512,923 1,520,392 985 Consumer and Other 103 30 582 715 62,284 62,999 28 Total $ 9,273 $ 5,040 $ 17,768 $ 32,081 $ 5,130,771 $ 5,162,852 $ 1,355 December 31, 2023 (Dollars in thousands) 30-59 Days 60-89 Days Greater Total Current Total Loans Recorded Real Estate Loans: Commercial $ 240 $ 536 $ 2,954 $ 3,730 $ 2,214,198 $ 2,217,928 $ 44 Construction 279 1,320 3,198 4,797 665,001 669,798 - Residential 1,792 1,207 4,058 7,057 675,337 682,394 20 Total Real Estate Loans 2,311 3,063 10,210 15,584 3,554,536 3,570,120 64 Commercial 1,101 71 1,622 2,794 1,356,044 1,358,838 52 Consumer and Other 280 252 188 720 63,107 63,827 11 Total $ 3,692 $ 3,386 $ 12,020 $ 19,098 $ 4,973,687 $ 4,992,785 $ 127 |
Financing Receivable, Nonaccrual | The following table presents non-accrual loans by segment as of June 30, 2024, and December 31, 2023, respectively. June 30, December 31, (Dollars in thousands) Real Estate Loans: Commercial $ 2,865 $ 3,280 Construction 6,234 3,543 Residential 6,830 7,352 Total Real Estate Loans 15,929 14,175 Commercial 4,475 2,395 Consumer and Other 604 373 Total $ 21,008 $ 16,943 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Lessee, Operating Lease, Liability, to be Paid, Maturity | Future minimum lease payments under these leases are as follows: (Dollars in thousands) July 1, 2024 through December 31, 2024 $ 2,379 January 1, 2025 through December 31, 2025 3,869 January 1, 2026 through December 31, 2026 3,624 January 1, 2027 through December 31, 2027 3,388 January 1, 2028 through December 31, 2028 3,068 January 1, 2029 and Thereafter 5,523 Total Future Minimum Lease Payments 21,851 Less Imputed Interest (2,194) Present Value of Lease Liabilities $ 19,657 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables present the balance of assets and liabilities measured on a recurring basis as of June 30, 2024, and December 31, 2023. The Company did not record any liabilities at fair value for which measurement of the fair value was made on a recurring basis. Fair Value Level 1 Level 2 Level 3 (Dollars in thousands) June 30, 2024 Available for Sale: U.S. Treasury Securities $ 16,307 $ - $ 16,307 $ - U.S. Government Agency Securities 9,406 - 9,406 - Corporate Securities 44,649 - 36,731 7,918 Mortgage-Backed Securities 519,023 - 519,023 - Municipal Securities 285,663 - 259,820 25,843 Loans Held for Sale 680 - 680 - Total $ 875,728 $ - $ 841,967 $ 33,761 December 31, 2023 Available for Sale: U.S. Treasury Securities $ 16,239 $ - $ 16,239 $ - U.S. Government Agency Securities 9,410 - 9,410 - Corporate Securities 43,839 - 35,871 7,968 Mortgage-Backed Securities 506,310 - 506,310 - Municipal Securities 303,773 - 282,926 20,847 Loans Held for Sale 835 - 835 - Total $ 880,406 $ - $ 851,591 $ 28,815 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The table below provides a reconciliation for assets measured at fair value on a recurring basis using significant unobservable inputs, or Level 3 inputs, as of June 30, 2024, and December 31, 2023. Corporate Municipal Bonds Securities (Dollars in thousands) Balance at December 31, 2022 $ 19,000 $ 34,768 Realized Gains (Losses) Included in Net Income - - Unrealized Losses Included in Other Comprehensive Loss (1,532) (2,228) Purchases - - Sales - - Maturities, Prepayments, and Calls - (1,798) Transfers Into Level 3 - - Transfers Out of Level 3 (9,500) (9,895) Balance at December 31, 2023 7,968 20,847 Realized Gains (Losses) Included in Net Income - - Unrealized Losses Included in Other Comprehensive Loss (50) (2,445) Purchases - 9,938 Sales - - Maturities, Prepayments, and Calls - (2,497) Transfers Into Level 3 - - Transfers Out of Level 3 - - Balance at June 30, 2024 $ 7,918 $ 25,843 |
Fair Value Measurement Inputs and Valuation Techniques | The following table provides quantitative information about significant unobservable inputs used in fair value measurements of Level 3 assets measured at fair value on a recurring basis at June 30, 2024. Estimated Valuation Unobservable Range of Fair Value Technique Inputs Discounts (Dollars in thousands) June 30, 2024 Corporate Securities $ 7,918 Present Value of Expected Future Cash Flow Model Liquidity Premium 2 % Municipal Securities 25,843 Present Value of Expected Future Cash Flow Model Liquidity Premium 1 % |
Fair Value Measurements, Nonrecurring | Fair Value Level 1 Level 2 Level 3 (Dollars in thousands) June 30, 2024 Assets: Individually Evaluated Loans $ 10,340 $ - $ - $ 10,340 Other Nonperforming Assets 1,983 - - 1,983 Total $ 12,323 $ - $ - $ 12,323 December 31, 2023 Assets: Individually Evaluated Loans $ 4,750 $ - $ - $ 4,750 Other Nonperforming Assets 1,685 - - 1,685 Total $ 6,435 $ - $ - $ 6,435 |
Fair Value, by Balance Sheet Grouping | The estimated approximate fair values of the Bank’s financial instruments as of June 30, 2024, and December 31, 2023 are as follows: Carrying Total Level 1 Level 2 Level 3 (Dollars in thousands) June 30, 2024 Financial Assets: Cash and Short-Term Investments $ 321,638 $ 321,638 $ 321,638 $ - $ - Securities 875,048 875,048 - 841,287 33,761 Loans Held for Sale 680 680 - 680 - Loans - Net 5,121,440 5,024,266 - - 5,024,266 Cash Value of BOLI 100,684 100,684 - 100,684 - Other Equity Securities 38,805 38,805 - - 38,805 Total $ 6,458,295 $ 6,361,121 $ 321,638 $ 942,651 $ 5,096,832 Financial Liabilities: Deposits $ 5,563,670 $ 5,555,660 $ - $ - $ 5,555,660 Borrowings 428,528 406,469 - 406,469 - Total $ 5,992,198 $ 5,962,129 $ - $ 406,469 $ 5,555,660 Carrying Total Level 1 Level 2 Level 3 (Dollars in thousands) December 31, 2023 Financial Assets: Cash and Short-Term Investments $ 377,244 $ 377,244 $ 377,244 $ - $ - Securities 879,571 879,571 - 850,756 28,815 Loans Held for Sale 835 835 - 835 - Loans - Net 4,952,371 4,849,503 - - 4,849,503 Cash Value of BOLI 96,478 96,478 - 96,478 - Other Equity Securities 33,942 33,942 - - 33,942 Total $ 6,340,441 $ 6,237,573 $ 377,244 $ 948,069 $ 4,912,260 Financial Liabilities: Deposits $ 5,248,790 $ 5,243,326 $ - $ - $ 5,243,326 Borrowings 635,073 613,464 - 613,464 - Total $ 5,883,863 $ 5,856,790 $ - $ 613,464 $ 5,243,326 |
Basis of Presentation (Details)
Basis of Presentation (Details) | Jun. 30, 2024 subsidiary |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of subsidiaries | 2 |
Mergers and Acquisitions (Detai
Mergers and Acquisitions (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jan. 31, 2024 | Jun. 30, 2024 | Dec. 31, 2023 | |
Business Acquisition [Line Items] | |||
Goodwill | $ 91,527,000 | $ 88,391,000 | |
Business combination, acquisition related costs | $ 1,100,000 | $ 236,000 | |
Waterstone | |||
Business Acquisition [Line Items] | |||
Payments to acquire businesses, gross | $ 3,300,000 | ||
Goodwill | $ 3,100,000 |
Earnings per Common Share - Bas
Earnings per Common Share - Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Numerator: | ||||
Net Income | $ 17,206 | $ 19,739 | $ 30,776 | $ 34,764 |
Less: Preferred Stock Dividends | 1,350 | 1,350 | 2,700 | 2,700 |
Net Income Available to Common Shareholders | $ 15,856 | $ 18,389 | $ 28,076 | $ 32,064 |
Denominator: | ||||
Weighted Average Common Shares Outstanding (in shares) | 25,265,495 | 25,101,683 | 25,196,079 | 25,041,124 |
Dilutive Effect of Stock Options and RSAs (in shares) | 130,119 | 231,689 | 216,063 | 237,021 |
Weighted Average Dilutive Common Shares (in shares) | 25,395,614 | 25,333,372 | 25,412,142 | 25,278,145 |
Basic Earnings Per Common Share From Net Income Available to Common Shares (in dollars per share) | $ 0.63 | $ 0.73 | $ 1.11 | $ 1.28 |
Diluted Earnings Per Common Share From Net Income Available to Common Shares (in dollars per share) | $ 0.62 | $ 0.73 | $ 1.10 | $ 1.27 |
Securities - Securities Availab
Securities - Securities Available-for-sale (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | $ 960,990 | $ 963,978 |
Gross Unrealized Gains | 1,088 | 1,274 |
Gross Unrealized Losses | 87,030 | 85,681 |
Fair Value | 875,048 | 879,571 |
U.S. Treasury Securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 17,661 | 17,690 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 1,354 | 1,451 |
Fair Value | 16,307 | 16,239 |
U.S. Government Agencies | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 10,212 | 10,258 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 806 | 848 |
Fair Value | 9,406 | 9,410 |
Corporate Securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 49,646 | 49,609 |
Gross Unrealized Gains | 32 | 0 |
Gross Unrealized Losses | 5,029 | 5,770 |
Fair Value | 44,649 | 43,839 |
Mortgage-Backed Securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 567,000 | 555,148 |
Gross Unrealized Gains | 929 | 976 |
Gross Unrealized Losses | 48,906 | 49,814 |
Fair Value | 519,023 | 506,310 |
Municipal Securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 316,471 | 331,273 |
Gross Unrealized Gains | 127 | 298 |
Gross Unrealized Losses | 30,935 | 27,798 |
Fair Value | $ 285,663 | $ 303,773 |
Securities - Securities in a Co
Securities - Securities in a Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-Sale [Line Items] | ||
Fair Value, Less Than 12 Months | $ 88,174 | $ 36,978 |
Gross Unrealized Losses, Less Than 12 Months | 826 | 1,320 |
Fair Value, 12 Months or Greater | 698,382 | 708,113 |
Gross Unrealized Losses, 12 Months or Greater | 86,204 | 84,361 |
Fair Value | 786,556 | 745,091 |
Gross Unrealized Losses | 87,030 | 85,681 |
U.S. Treasury Securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Fair Value, Less Than 12 Months | 0 | 0 |
Gross Unrealized Losses, Less Than 12 Months | 0 | 0 |
Fair Value, 12 Months or Greater | 16,307 | 16,239 |
Gross Unrealized Losses, 12 Months or Greater | 1,354 | 1,451 |
Fair Value | 16,307 | 16,239 |
Gross Unrealized Losses | 1,354 | 1,451 |
U.S. Government Agencies | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Fair Value, Less Than 12 Months | 0 | 0 |
Gross Unrealized Losses, Less Than 12 Months | 0 | 0 |
Fair Value, 12 Months or Greater | 9,406 | 9,410 |
Gross Unrealized Losses, 12 Months or Greater | 806 | 848 |
Fair Value | 9,406 | 9,410 |
Gross Unrealized Losses | 806 | 848 |
Corporate Securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Fair Value, Less Than 12 Months | 6,878 | 7,529 |
Gross Unrealized Losses, Less Than 12 Months | 122 | 362 |
Fair Value, 12 Months or Greater | 36,539 | 36,106 |
Gross Unrealized Losses, 12 Months or Greater | 4,907 | 5,408 |
Fair Value | 43,417 | 43,635 |
Gross Unrealized Losses | 5,029 | 5,770 |
Mortgage-Backed Securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Fair Value, Less Than 12 Months | 71,861 | 21,436 |
Gross Unrealized Losses, Less Than 12 Months | 574 | 895 |
Fair Value, 12 Months or Greater | 375,297 | 375,891 |
Gross Unrealized Losses, 12 Months or Greater | 48,332 | 48,919 |
Fair Value | 447,158 | 397,327 |
Gross Unrealized Losses | 48,906 | 49,814 |
Municipal Securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Fair Value, Less Than 12 Months | 9,435 | 8,013 |
Gross Unrealized Losses, Less Than 12 Months | 130 | 63 |
Fair Value, 12 Months or Greater | 260,833 | 270,467 |
Gross Unrealized Losses, 12 Months or Greater | 30,805 | 27,735 |
Fair Value | 270,268 | 278,480 |
Gross Unrealized Losses | $ 30,935 | $ 27,798 |
Securities - Securities Avail_2
Securities - Securities Available-for-sale by Contractual Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Amortized Cost | ||
Less Than One Year | $ 26,564 | |
One to Five Years | 181,991 | |
Over Five to Ten Years | 371,519 | |
Over Ten Years | 380,916 | |
Total Securities Available for Sale | 960,990 | |
Fair Value | ||
Less Than One Year | 26,177 | |
One to Five Years | 169,315 | |
Over Five to Ten Years | 335,500 | |
Over Ten Years | 344,056 | |
Total Securities Available for Sale | $ 875,048 | $ 879,571 |
Securities - Narrative (Details
Securities - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Schedule of Investments [Line Items] | ||
Debt securities, available-for-sale, accrued interest, after allowance for credit loss | $ 4.8 | $ 4.7 |
Asset Pledged as Collateral | Public Deposit and Repurchase Agreements | ||
Schedule of Investments [Line Items] | ||
Securities held as collateral, at fair value | $ 322.5 | $ 629.7 |
Loans and the Allowance for L_3
Loans and the Allowance for Loan Losses - Loans Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | $ 5,162,852 | $ 4,992,785 | |
Allowance for Loan Losses | (41,412) | (40,414) | $ (38,178) |
Net Loans | 5,121,440 | 4,952,371 | |
Real Estate Loans: | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 3,579,461 | 3,570,120 | |
Real Estate Loans: | Commercial | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 2,198,119 | 2,217,928 | |
Allowance for Loan Losses | (17,550) | (17,676) | (14,702) |
Real Estate Loans: | Construction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 637,466 | 669,798 | |
Allowance for Loan Losses | (5,973) | (6,596) | (5,768) |
Real Estate Loans: | Residential | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 743,876 | 682,394 | |
Allowance for Loan Losses | (6,105) | (5,485) | (5,354) |
Commercial | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 1,520,392 | 1,358,838 | |
Allowance for Loan Losses | (11,322) | (10,424) | (11,721) |
Consumer and Other | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 62,999 | 63,827 | |
Allowance for Loan Losses | $ (462) | $ (233) | $ (633) |
Loans and the Allowance for L_4
Loans and the Allowance for Loan Losses - Narrative (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Receivables [Abstract] | ||
Financing receivable, unamortized loan cost (fee) | $ 13,200 | $ 12,600 |
Loans and leases receivable reclassified from overdraft | 2,200 | 2,200 |
Loan, securitized or asset-backed financing arrangement, principal outstanding | 741,100 | 723,500 |
Servicing asset | 1,100 | 1,100 |
Recorded Investment Over 90 Days Past Due and Still Accruing | 1,355 | 127 |
Financing receivable, excluding accrued interest, nonaccrual | 21,008 | 16,943 |
Financing receivable accrued interest receivable, loans deferrals | 4,200 | 4,200 |
Financing receivable, accrued interest, after allowance for credit loss | $ 25,900 | $ 25,200 |
Loans and the Allowance for L_5
Loans and the Allowance for Loan Losses - Allowance for Credit Losses and Recorded Investment in Loans Receivable (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Allowance for Loan Losses: | ||
Beginning Balance, allowance for loan losses | $ 40,414 | $ 38,178 |
Charge-offs | (1,959) | (6,429) |
Recoveries | 232 | 1,044 |
Provision (Recovery) | 2,725 | 4,961 |
Ending Balance, allowance for loan losses | 41,412 | 40,414 |
Reserve for Unfunded Loan Commitments: | ||
Beginning Balance, unfunded loan commitments | 3,324 | 605 |
Provision (Recovery) | (229) | (478) |
Ending Balance, unfunded loan commitments | 3,095 | 3,324 |
Total Allowance for Credit Losses | 44,507 | 43,738 |
Adoption of ASU 2016-13 | Cumulative Effect, Period of Adoption, Adjustment | ||
Allowance for Loan Losses: | ||
Beginning Balance, allowance for loan losses | 2,660 | |
Reserve for Unfunded Loan Commitments: | ||
Beginning Balance, unfunded loan commitments | 3,197 | |
Adoption of ASU 2016-13 | Cumulative Effect, Period of Adoption, Adjusted Balance | ||
Allowance for Loan Losses: | ||
Beginning Balance, allowance for loan losses | 40,838 | |
Reserve for Unfunded Loan Commitments: | ||
Beginning Balance, unfunded loan commitments | 3,802 | |
Real Estate Loans: | Commercial | ||
Allowance for Loan Losses: | ||
Beginning Balance, allowance for loan losses | 17,676 | 14,702 |
Charge-offs | 9 | (2,049) |
Recoveries | 10 | 26 |
Provision (Recovery) | (145) | 174 |
Ending Balance, allowance for loan losses | 17,550 | 17,676 |
Reserve for Unfunded Loan Commitments: | ||
Beginning Balance, unfunded loan commitments | 206 | 220 |
Provision (Recovery) | 109 | (130) |
Ending Balance, unfunded loan commitments | 315 | 206 |
Total Allowance for Credit Losses | 17,865 | 17,882 |
Real Estate Loans: | Commercial | Adoption of ASU 2016-13 | Cumulative Effect, Period of Adoption, Adjustment | ||
Allowance for Loan Losses: | ||
Beginning Balance, allowance for loan losses | 4,823 | |
Reserve for Unfunded Loan Commitments: | ||
Beginning Balance, unfunded loan commitments | 116 | |
Real Estate Loans: | Commercial | Adoption of ASU 2016-13 | Cumulative Effect, Period of Adoption, Adjusted Balance | ||
Allowance for Loan Losses: | ||
Beginning Balance, allowance for loan losses | 19,525 | |
Reserve for Unfunded Loan Commitments: | ||
Beginning Balance, unfunded loan commitments | 336 | |
Real Estate Loans: | Construction | ||
Allowance for Loan Losses: | ||
Beginning Balance, allowance for loan losses | 6,596 | 5,768 |
Charge-offs | (60) | (36) |
Recoveries | 0 | 1 |
Provision (Recovery) | (563) | (70) |
Ending Balance, allowance for loan losses | 5,973 | 6,596 |
Reserve for Unfunded Loan Commitments: | ||
Beginning Balance, unfunded loan commitments | 1,546 | 137 |
Provision (Recovery) | (537) | (704) |
Ending Balance, unfunded loan commitments | 1,009 | 1,546 |
Total Allowance for Credit Losses | 6,982 | 8,142 |
Real Estate Loans: | Construction | Adoption of ASU 2016-13 | Cumulative Effect, Period of Adoption, Adjustment | ||
Allowance for Loan Losses: | ||
Beginning Balance, allowance for loan losses | 933 | |
Reserve for Unfunded Loan Commitments: | ||
Beginning Balance, unfunded loan commitments | 2,113 | |
Real Estate Loans: | Construction | Adoption of ASU 2016-13 | Cumulative Effect, Period of Adoption, Adjusted Balance | ||
Allowance for Loan Losses: | ||
Beginning Balance, allowance for loan losses | 6,701 | |
Reserve for Unfunded Loan Commitments: | ||
Beginning Balance, unfunded loan commitments | 2,250 | |
Real Estate Loans: | Residential | ||
Allowance for Loan Losses: | ||
Beginning Balance, allowance for loan losses | 5,485 | 5,354 |
Charge-offs | (283) | (42) |
Recoveries | 5 | 18 |
Provision (Recovery) | 898 | 520 |
Ending Balance, allowance for loan losses | 6,105 | 5,485 |
Reserve for Unfunded Loan Commitments: | ||
Beginning Balance, unfunded loan commitments | 177 | 13 |
Provision (Recovery) | (12) | (26) |
Ending Balance, unfunded loan commitments | 165 | 177 |
Total Allowance for Credit Losses | 6,270 | 5,662 |
Real Estate Loans: | Residential | Adoption of ASU 2016-13 | Cumulative Effect, Period of Adoption, Adjustment | ||
Allowance for Loan Losses: | ||
Beginning Balance, allowance for loan losses | (365) | |
Reserve for Unfunded Loan Commitments: | ||
Beginning Balance, unfunded loan commitments | 190 | |
Real Estate Loans: | Residential | Adoption of ASU 2016-13 | Cumulative Effect, Period of Adoption, Adjusted Balance | ||
Allowance for Loan Losses: | ||
Beginning Balance, allowance for loan losses | 4,989 | |
Reserve for Unfunded Loan Commitments: | ||
Beginning Balance, unfunded loan commitments | 203 | |
Commercial | ||
Allowance for Loan Losses: | ||
Beginning Balance, allowance for loan losses | 10,424 | 11,721 |
Charge-offs | (682) | (2,813) |
Recoveries | 58 | 672 |
Provision (Recovery) | 1,522 | 3,327 |
Ending Balance, allowance for loan losses | 11,322 | 10,424 |
Reserve for Unfunded Loan Commitments: | ||
Beginning Balance, unfunded loan commitments | 1,372 | 229 |
Provision (Recovery) | 208 | 486 |
Ending Balance, unfunded loan commitments | 1,580 | 1,372 |
Total Allowance for Credit Losses | 12,902 | 11,796 |
Commercial | Adoption of ASU 2016-13 | Cumulative Effect, Period of Adoption, Adjustment | ||
Allowance for Loan Losses: | ||
Beginning Balance, allowance for loan losses | (2,483) | |
Reserve for Unfunded Loan Commitments: | ||
Beginning Balance, unfunded loan commitments | 657 | |
Commercial | Adoption of ASU 2016-13 | Cumulative Effect, Period of Adoption, Adjusted Balance | ||
Allowance for Loan Losses: | ||
Beginning Balance, allowance for loan losses | 9,238 | |
Reserve for Unfunded Loan Commitments: | ||
Beginning Balance, unfunded loan commitments | 886 | |
Consumer and Other | ||
Allowance for Loan Losses: | ||
Beginning Balance, allowance for loan losses | 233 | 633 |
Charge-offs | (943) | (1,489) |
Recoveries | 159 | 327 |
Provision (Recovery) | 1,013 | 1,010 |
Ending Balance, allowance for loan losses | 462 | 233 |
Reserve for Unfunded Loan Commitments: | ||
Beginning Balance, unfunded loan commitments | 23 | 6 |
Provision (Recovery) | 3 | (104) |
Ending Balance, unfunded loan commitments | 26 | 23 |
Total Allowance for Credit Losses | $ 488 | 256 |
Consumer and Other | Adoption of ASU 2016-13 | Cumulative Effect, Period of Adoption, Adjustment | ||
Allowance for Loan Losses: | ||
Beginning Balance, allowance for loan losses | (248) | |
Reserve for Unfunded Loan Commitments: | ||
Beginning Balance, unfunded loan commitments | 121 | |
Consumer and Other | Adoption of ASU 2016-13 | Cumulative Effect, Period of Adoption, Adjusted Balance | ||
Allowance for Loan Losses: | ||
Beginning Balance, allowance for loan losses | 385 | |
Reserve for Unfunded Loan Commitments: | ||
Beginning Balance, unfunded loan commitments | $ 127 |
Loans and the Allowance for L_6
Loans and the Allowance for Loan Losses - Individually Evaluated Loans and Allowance (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loan Balance | $ 10,008 | $ 4,750 |
Specific Allocations | 726 | 513 |
Real Estate Loans: | Commercial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loan Balance | 4,021 | 883 |
Specific Allocations | 0 | 0 |
Real Estate Loans: | Construction | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loan Balance | 5,229 | 2,334 |
Specific Allocations | 726 | 513 |
Residential | Residential | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loan Balance | 758 | 1,533 |
Specific Allocations | 0 | 0 |
Total Real Estate Loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loan Balance | 10,008 | 4,750 |
Specific Allocations | 726 | 513 |
Commercial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loan Balance | 0 | 0 |
Specific Allocations | 0 | 0 |
Consumer and Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loan Balance | 0 | 0 |
Specific Allocations | $ 0 | $ 0 |
Loans and the Allowance for L_7
Loans and the Allowance for Loan Losses - Credit Quality Indicators (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, excluding accrued interest, before allowance for credit loss | $ 5,162,852 | $ 4,992,785 |
Financing receivable, excluding accrued interest, allowance for credit loss, writeoff (recovery) | 1,959 | 6,429 |
Real Estate: Commercial | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year | 104,445 | 228,986 |
Financing receivable, excluding accrued interest, year one, originated, current fiscal year, writeoff | 0 | 0 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year | 208,036 | 753,558 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year, writeoff | 0 | 0 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year | 769,386 | 433,864 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year, writeoff | 0 | 357 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year | 403,769 | 155,407 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year, writeoff | 0 | 0 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year | 130,927 | 156,806 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year, writeoff | 3 | 1,447 |
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year | 503,866 | 389,121 |
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year, writeoff | (12) | 245 |
Financing receivable, excluding accrued interest, revolving | 77,690 | 100,186 |
Financing receivable, excluding accrued interest, revolving, writeoff | 0 | 0 |
Financing receivable, excluding accrued interest, revolving, converted to term loan | 0 | 0 |
Financing receivable, excluding accrued interest, revolving, converted to term loan, writeoff | 0 | 0 |
Financing receivable, excluding accrued interest, before allowance for credit loss | 2,198,119 | 2,217,928 |
Financing receivable, excluding accrued interest, allowance for credit loss, writeoff (recovery) | (9) | 2,049 |
Real Estate: Commercial | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year | 85,735 | 131,617 |
Financing receivable, excluding accrued interest, year one, originated, current fiscal year, writeoff | 0 | 0 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year | 135,258 | 322,741 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year, writeoff | 18 | 0 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year | 219,045 | 89,268 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year, writeoff | 9 | 0 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year | 70,902 | 22,562 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year, writeoff | 33 | 0 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year | 27,460 | 21,077 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year, writeoff | 0 | 1 |
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year | 34,169 | 21,526 |
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year, writeoff | 0 | 35 |
Financing receivable, excluding accrued interest, revolving | 64,897 | 61,007 |
Financing receivable, excluding accrued interest, revolving, writeoff | 0 | 0 |
Financing receivable, excluding accrued interest, revolving, converted to term loan | 0 | 0 |
Financing receivable, excluding accrued interest, revolving, converted to term loan, writeoff | 0 | 0 |
Financing receivable, excluding accrued interest, before allowance for credit loss | 637,466 | 669,798 |
Financing receivable, excluding accrued interest, allowance for credit loss, writeoff (recovery) | 60 | 36 |
Real Estate: Commercial | Residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year | 43,996 | 76,662 |
Financing receivable, excluding accrued interest, year one, originated, current fiscal year, writeoff | 0 | 0 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year | 74,805 | 171,086 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year, writeoff | 0 | 0 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year | 211,478 | 99,037 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year, writeoff | 6 | 11 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year | 98,258 | 69,244 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year, writeoff | 1 | 1 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year | 65,138 | 57,194 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year, writeoff | 2 | 22 |
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year | 145,975 | 105,245 |
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year, writeoff | 69 | 7 |
Financing receivable, excluding accrued interest, revolving | 103,912 | 103,906 |
Financing receivable, excluding accrued interest, revolving, writeoff | 205 | 1 |
Financing receivable, excluding accrued interest, revolving, converted to term loan | 314 | 20 |
Financing receivable, excluding accrued interest, revolving, converted to term loan, writeoff | 0 | 0 |
Financing receivable, excluding accrued interest, before allowance for credit loss | 743,876 | 682,394 |
Financing receivable, excluding accrued interest, allowance for credit loss, writeoff (recovery) | 283 | 42 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year | 198,729 | 305,308 |
Financing receivable, excluding accrued interest, year one, originated, current fiscal year, writeoff | 0 | 0 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year | 267,859 | 269,572 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year, writeoff | 3 | 247 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year | 238,653 | 142,718 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year, writeoff | 449 | 25 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year | 123,107 | 50,401 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year, writeoff | 241 | 49 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year | 44,613 | 22,592 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year, writeoff | 43 | 1,632 |
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year | 79,370 | 65,601 |
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year, writeoff | (54) | 658 |
Financing receivable, excluding accrued interest, revolving | 568,061 | 502,371 |
Financing receivable, excluding accrued interest, revolving, writeoff | 0 | 202 |
Financing receivable, excluding accrued interest, revolving, converted to term loan | 0 | 275 |
Financing receivable, excluding accrued interest, revolving, converted to term loan, writeoff | 0 | 0 |
Financing receivable, excluding accrued interest, before allowance for credit loss | 1,520,392 | 1,358,838 |
Financing receivable, excluding accrued interest, allowance for credit loss, writeoff (recovery) | 682 | 2,813 |
Consumer and Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year | 6,126 | 11,245 |
Financing receivable, excluding accrued interest, year one, originated, current fiscal year, writeoff | 0 | 8 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year | 7,905 | 7,246 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year, writeoff | 34 | 78 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year | 5,719 | 3,427 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year, writeoff | 27 | 29 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year | 2,602 | 1,938 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year, writeoff | 4 | 11 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year | 1,376 | 2,399 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year, writeoff | 31 | 18 |
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year | 20,605 | 18,372 |
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year, writeoff | 0 | 61 |
Financing receivable, excluding accrued interest, revolving | 18,664 | 19,074 |
Financing receivable, excluding accrued interest, revolving, writeoff | 847 | 1,284 |
Financing receivable, excluding accrued interest, revolving, converted to term loan | 2 | 126 |
Financing receivable, excluding accrued interest, revolving, converted to term loan, writeoff | 0 | 0 |
Financing receivable, excluding accrued interest, before allowance for credit loss | 62,999 | 63,827 |
Financing receivable, excluding accrued interest, allowance for credit loss, writeoff (recovery) | 943 | 1,489 |
Pass (Risk Grade 10-45) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, excluding accrued interest, before allowance for credit loss | 5,048,130 | 4,921,631 |
Pass (Risk Grade 10-45) | Real Estate: Commercial | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year | 103,152 | 228,902 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year | 194,596 | 751,649 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year | 753,819 | 427,269 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year | 397,278 | 151,848 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year | 128,527 | 149,946 |
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year | 490,556 | 379,503 |
Financing receivable, excluding accrued interest, revolving | 76,802 | 99,723 |
Financing receivable, excluding accrued interest, revolving, converted to term loan | 0 | 0 |
Financing receivable, excluding accrued interest, before allowance for credit loss | 2,144,730 | 2,188,840 |
Pass (Risk Grade 10-45) | Real Estate: Commercial | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year | 85,735 | 131,617 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year | 134,574 | 322,032 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year | 214,952 | 85,438 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year | 67,439 | 22,515 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year | 27,444 | 19,402 |
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year | 31,635 | 20,180 |
Financing receivable, excluding accrued interest, revolving | 64,500 | 60,612 |
Financing receivable, excluding accrued interest, revolving, converted to term loan | 0 | 0 |
Financing receivable, excluding accrued interest, before allowance for credit loss | 626,279 | 661,796 |
Pass (Risk Grade 10-45) | Real Estate: Commercial | Residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year | 43,996 | 76,662 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year | 74,728 | 170,229 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year | 210,306 | 98,329 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year | 98,033 | 68,281 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year | 64,232 | 54,902 |
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year | 136,652 | 97,716 |
Financing receivable, excluding accrued interest, revolving | 103,250 | 103,252 |
Financing receivable, excluding accrued interest, revolving, converted to term loan | 314 | 20 |
Financing receivable, excluding accrued interest, before allowance for credit loss | 731,511 | 669,391 |
Pass (Risk Grade 10-45) | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year | 188,760 | 303,160 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year | 265,629 | 267,678 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year | 228,549 | 136,291 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year | 119,527 | 48,990 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year | 43,942 | 21,137 |
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year | 76,424 | 61,166 |
Financing receivable, excluding accrued interest, revolving | 560,508 | 499,642 |
Financing receivable, excluding accrued interest, revolving, converted to term loan | 0 | 275 |
Financing receivable, excluding accrued interest, before allowance for credit loss | 1,483,339 | 1,338,339 |
Pass (Risk Grade 10-45) | Consumer and Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year | 6,102 | 11,245 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year | 7,866 | 7,219 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year | 5,707 | 3,372 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year | 2,556 | 1,850 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year | 1,302 | 2,359 |
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year | 20,501 | 18,280 |
Financing receivable, excluding accrued interest, revolving | 18,235 | 18,814 |
Financing receivable, excluding accrued interest, revolving, converted to term loan | 2 | 126 |
Financing receivable, excluding accrued interest, before allowance for credit loss | 62,271 | 63,265 |
Special Mention (Risk Grade 50) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, excluding accrued interest, before allowance for credit loss | 63,356 | 40,629 |
Special Mention (Risk Grade 50) | Real Estate: Commercial | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year | 13,360 | 1,909 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year | 15,567 | 6,103 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year | 6,010 | 3,551 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year | 1,952 | 5,556 |
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year | 5,958 | 1,313 |
Financing receivable, excluding accrued interest, revolving | 244 | 226 |
Financing receivable, excluding accrued interest, revolving, converted to term loan | 0 | 0 |
Financing receivable, excluding accrued interest, before allowance for credit loss | 43,091 | 18,658 |
Special Mention (Risk Grade 50) | Real Estate: Commercial | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year | 234 | 647 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year | 3,348 | 2,601 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year | 0 | 31 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year | 109 | 413 |
Financing receivable, excluding accrued interest, revolving | 397 | 395 |
Financing receivable, excluding accrued interest, revolving, converted to term loan | 0 | 0 |
Financing receivable, excluding accrued interest, before allowance for credit loss | 4,088 | 4,087 |
Special Mention (Risk Grade 50) | Real Estate: Commercial | Residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year | 0 | 433 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year | 339 | 0 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year | 0 | 386 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year | 385 | 1,112 |
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year | 1,986 | 1,230 |
Financing receivable, excluding accrued interest, revolving | 0 | 0 |
Financing receivable, excluding accrued interest, revolving, converted to term loan | 0 | 0 |
Financing receivable, excluding accrued interest, before allowance for credit loss | 2,710 | 3,161 |
Special Mention (Risk Grade 50) | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year | 1,668 | 1,439 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year | 2,137 | 698 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year | 505 | 5,483 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year | 1,886 | 448 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year | 80 | 584 |
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year | 1,948 | 3,843 |
Financing receivable, excluding accrued interest, revolving | 5,243 | 2,128 |
Financing receivable, excluding accrued interest, revolving, converted to term loan | 0 | 0 |
Financing receivable, excluding accrued interest, before allowance for credit loss | 13,467 | 14,623 |
Special Mention (Risk Grade 50) | Consumer and Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, revolving | 0 | 100 |
Financing receivable, excluding accrued interest, revolving, converted to term loan | 0 | 0 |
Financing receivable, excluding accrued interest, before allowance for credit loss | 0 | 100 |
Substandard (Risk Grade 60) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, excluding accrued interest, before allowance for credit loss | 49,369 | 27,856 |
Substandard (Risk Grade 60) | Real Estate: Commercial | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year | 1,293 | 84 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year | 80 | 0 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year | 0 | 492 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year | 481 | 8 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year | 448 | 372 |
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year | 6,293 | 7,970 |
Financing receivable, excluding accrued interest, revolving | 644 | 237 |
Financing receivable, excluding accrued interest, revolving, converted to term loan | 0 | 0 |
Financing receivable, excluding accrued interest, before allowance for credit loss | 9,239 | 9,163 |
Substandard (Risk Grade 60) | Real Estate: Commercial | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year | 450 | 62 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year | 745 | 1,229 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year | 3,463 | 16 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year | 16 | 1,675 |
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year | 2,425 | 588 |
Financing receivable, excluding accrued interest, revolving | 0 | 0 |
Financing receivable, excluding accrued interest, revolving, converted to term loan | 0 | 0 |
Financing receivable, excluding accrued interest, before allowance for credit loss | 7,099 | 3,570 |
Substandard (Risk Grade 60) | Real Estate: Commercial | Residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year | 77 | 410 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year | 822 | 708 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year | 225 | 520 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year | 474 | 1,061 |
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year | 7,035 | 6,000 |
Financing receivable, excluding accrued interest, revolving | 662 | 654 |
Financing receivable, excluding accrued interest, revolving, converted to term loan | 0 | 0 |
Financing receivable, excluding accrued interest, before allowance for credit loss | 9,295 | 9,353 |
Substandard (Risk Grade 60) | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year | 8,301 | 709 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year | 93 | 1,196 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year | 9,515 | 928 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year | 1,678 | 921 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year | 591 | 640 |
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year | 548 | 341 |
Financing receivable, excluding accrued interest, revolving | 2,282 | 573 |
Financing receivable, excluding accrued interest, revolving, converted to term loan | 0 | 0 |
Financing receivable, excluding accrued interest, before allowance for credit loss | 23,008 | 5,308 |
Substandard (Risk Grade 60) | Consumer and Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year | 24 | 0 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year | 39 | 27 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year | 12 | 55 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year | 46 | 88 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year | 74 | 40 |
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year | 104 | 92 |
Financing receivable, excluding accrued interest, revolving | 429 | 160 |
Financing receivable, excluding accrued interest, revolving, converted to term loan | 0 | 0 |
Financing receivable, excluding accrued interest, before allowance for credit loss | 728 | 462 |
Doubtful (Risk Grade 70) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, excluding accrued interest, before allowance for credit loss | 1,997 | 2,669 |
Doubtful (Risk Grade 70) | Real Estate: Commercial | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year | 0 | 932 |
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year | 1,059 | 335 |
Financing receivable, excluding accrued interest, revolving | 0 | 0 |
Financing receivable, excluding accrued interest, revolving, converted to term loan | 0 | 0 |
Financing receivable, excluding accrued interest, before allowance for credit loss | 1,059 | 1,267 |
Doubtful (Risk Grade 70) | Real Estate: Commercial | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year | 0 | 345 |
Financing receivable, excluding accrued interest, revolving | 0 | 0 |
Financing receivable, excluding accrued interest, revolving, converted to term loan | 0 | 0 |
Financing receivable, excluding accrued interest, before allowance for credit loss | 0 | 345 |
Doubtful (Risk Grade 70) | Real Estate: Commercial | Residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year | 0 | 14 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year | 11 | 0 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year | 0 | 57 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year | 47 | 119 |
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year | 302 | 299 |
Financing receivable, excluding accrued interest, revolving | 0 | 0 |
Financing receivable, excluding accrued interest, revolving, converted to term loan | 0 | 0 |
Financing receivable, excluding accrued interest, before allowance for credit loss | 360 | 489 |
Doubtful (Risk Grade 70) | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year | 84 | 16 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year | 16 | 42 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year | 0 | 231 |
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year | 450 | 251 |
Financing receivable, excluding accrued interest, revolving | 28 | 28 |
Financing receivable, excluding accrued interest, revolving, converted to term loan | 0 | 0 |
Financing receivable, excluding accrued interest, before allowance for credit loss | 578 | 568 |
Doubtful (Risk Grade 70) | Consumer and Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, revolving | 0 | 0 |
Financing receivable, excluding accrued interest, revolving, converted to term loan | 0 | 0 |
Financing receivable, excluding accrued interest, before allowance for credit loss | 0 | 0 |
Loss (Risk Grade 80) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, excluding accrued interest, before allowance for credit loss | 0 | 0 |
Loss (Risk Grade 80) | Real Estate: Commercial | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, revolving | 0 | 0 |
Financing receivable, excluding accrued interest, revolving, converted to term loan | 0 | 0 |
Financing receivable, excluding accrued interest, before allowance for credit loss | 0 | 0 |
Loss (Risk Grade 80) | Real Estate: Commercial | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, revolving | 0 | 0 |
Financing receivable, excluding accrued interest, revolving, converted to term loan | 0 | 0 |
Financing receivable, excluding accrued interest, before allowance for credit loss | 0 | 0 |
Loss (Risk Grade 80) | Real Estate: Commercial | Residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, revolving | 0 | 0 |
Financing receivable, excluding accrued interest, revolving, converted to term loan | 0 | 0 |
Financing receivable, excluding accrued interest, before allowance for credit loss | 0 | 0 |
Loss (Risk Grade 80) | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, revolving | 0 | 0 |
Financing receivable, excluding accrued interest, revolving, converted to term loan | 0 | 0 |
Financing receivable, excluding accrued interest, before allowance for credit loss | 0 | 0 |
Loss (Risk Grade 80) | Consumer and Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, excluding accrued interest, year one, originated, current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, year two, originated, fiscal year before current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, year three, originated, two years before current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, year four, originated, three years before current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, year five, originated, four years before current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, originated, more than five years before current fiscal year | 0 | 0 |
Financing receivable, excluding accrued interest, revolving | 0 | 0 |
Financing receivable, excluding accrued interest, revolving, converted to term loan | 0 | 0 |
Financing receivable, excluding accrued interest, before allowance for credit loss | $ 0 | $ 0 |
Loans and the Allowance for L_8
Loans and the Allowance for Loan Losses - Past Due Loans Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, excluding accrued interest, before allowance for credit loss | $ 5,162,852 | $ 4,992,785 |
Recorded Investment Over 90 Days Past Due and Still Accruing | 1,355 | 127 |
30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, excluding accrued interest, before allowance for credit loss | 9,273 | 3,692 |
60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, excluding accrued interest, before allowance for credit loss | 5,040 | 3,386 |
Greater Than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, excluding accrued interest, before allowance for credit loss | 17,768 | 12,020 |
Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, excluding accrued interest, before allowance for credit loss | 32,081 | 19,098 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, excluding accrued interest, before allowance for credit loss | 5,130,771 | 4,973,687 |
Real Estate Loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, excluding accrued interest, before allowance for credit loss | 3,579,461 | 3,570,120 |
Recorded Investment Over 90 Days Past Due and Still Accruing | 342 | 64 |
Real Estate Loans: | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, excluding accrued interest, before allowance for credit loss | 7,028 | 2,311 |
Real Estate Loans: | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, excluding accrued interest, before allowance for credit loss | 5,000 | 3,063 |
Real Estate Loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, excluding accrued interest, before allowance for credit loss | 11,869 | 10,210 |
Real Estate Loans: | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, excluding accrued interest, before allowance for credit loss | 23,897 | 15,584 |
Real Estate Loans: | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, excluding accrued interest, before allowance for credit loss | 3,555,564 | 3,554,536 |
Real Estate Loans: | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, excluding accrued interest, before allowance for credit loss | 2,198,119 | 2,217,928 |
Recorded Investment Over 90 Days Past Due and Still Accruing | 150 | 44 |
Real Estate Loans: | Commercial | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, excluding accrued interest, before allowance for credit loss | 1,495 | 240 |
Real Estate Loans: | Commercial | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, excluding accrued interest, before allowance for credit loss | 3,592 | 536 |
Real Estate Loans: | Commercial | Greater Than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, excluding accrued interest, before allowance for credit loss | 2,399 | 2,954 |
Real Estate Loans: | Commercial | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, excluding accrued interest, before allowance for credit loss | 7,486 | 3,730 |
Real Estate Loans: | Commercial | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, excluding accrued interest, before allowance for credit loss | 2,190,633 | 2,214,198 |
Real Estate Loans: | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, excluding accrued interest, before allowance for credit loss | 637,466 | 669,798 |
Recorded Investment Over 90 Days Past Due and Still Accruing | 0 | 0 |
Real Estate Loans: | Construction | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, excluding accrued interest, before allowance for credit loss | 4,618 | 279 |
Real Estate Loans: | Construction | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, excluding accrued interest, before allowance for credit loss | 150 | 1,320 |
Real Estate Loans: | Construction | Greater Than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, excluding accrued interest, before allowance for credit loss | 5,411 | 3,198 |
Real Estate Loans: | Construction | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, excluding accrued interest, before allowance for credit loss | 10,179 | 4,797 |
Real Estate Loans: | Construction | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, excluding accrued interest, before allowance for credit loss | 627,287 | 665,001 |
Real Estate Loans: | Residential | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, excluding accrued interest, before allowance for credit loss | 743,876 | 682,394 |
Recorded Investment Over 90 Days Past Due and Still Accruing | 192 | 20 |
Real Estate Loans: | Residential | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, excluding accrued interest, before allowance for credit loss | 915 | 1,792 |
Real Estate Loans: | Residential | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, excluding accrued interest, before allowance for credit loss | 1,258 | 1,207 |
Real Estate Loans: | Residential | Greater Than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, excluding accrued interest, before allowance for credit loss | 4,059 | 4,058 |
Real Estate Loans: | Residential | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, excluding accrued interest, before allowance for credit loss | 6,232 | 7,057 |
Real Estate Loans: | Residential | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, excluding accrued interest, before allowance for credit loss | 737,644 | 675,337 |
Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, excluding accrued interest, before allowance for credit loss | 1,520,392 | 1,358,838 |
Recorded Investment Over 90 Days Past Due and Still Accruing | 985 | 52 |
Commercial | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, excluding accrued interest, before allowance for credit loss | 2,142 | 1,101 |
Commercial | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, excluding accrued interest, before allowance for credit loss | 10 | 71 |
Commercial | Greater Than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, excluding accrued interest, before allowance for credit loss | 5,317 | 1,622 |
Commercial | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, excluding accrued interest, before allowance for credit loss | 7,469 | 2,794 |
Commercial | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, excluding accrued interest, before allowance for credit loss | 1,512,923 | 1,356,044 |
Consumer and Other | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, excluding accrued interest, before allowance for credit loss | 62,999 | 63,827 |
Recorded Investment Over 90 Days Past Due and Still Accruing | 28 | 11 |
Consumer and Other | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, excluding accrued interest, before allowance for credit loss | 103 | 280 |
Consumer and Other | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, excluding accrued interest, before allowance for credit loss | 30 | 252 |
Consumer and Other | Greater Than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, excluding accrued interest, before allowance for credit loss | 582 | 188 |
Consumer and Other | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, excluding accrued interest, before allowance for credit loss | 715 | 720 |
Consumer and Other | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, excluding accrued interest, before allowance for credit loss | $ 62,284 | $ 63,107 |
Loans and the Allowance for L_9
Loans and the Allowance for Loan Losses - Loan Receivables on Nonaccrual Status (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Financing Receivable, Nonaccrual [Line Items] | ||
Financing receivable, excluding accrued interest, nonaccrual | $ 21,008 | $ 16,943 |
Real Estate Loans: | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing receivable, excluding accrued interest, nonaccrual | 15,929 | 14,175 |
Real Estate Loans: | Commercial | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing receivable, excluding accrued interest, nonaccrual | 2,865 | 3,280 |
Real Estate Loans: | Construction | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing receivable, excluding accrued interest, nonaccrual | 6,234 | 3,543 |
Real Estate Loans: | Residential | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing receivable, excluding accrued interest, nonaccrual | 6,830 | 7,352 |
Commercial | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing receivable, excluding accrued interest, nonaccrual | 4,475 | 2,395 |
Consumer and Other | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing receivable, excluding accrued interest, nonaccrual | $ 604 | $ 373 |
Long-Term Debt (Details)
Long-Term Debt (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Mar. 01, 2022 USD ($) tranche | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Debt Instrument [Line Items] | ||||
Debt instrument, number of tranches | tranche | 3 | |||
Gain (loss) on extinguishment of debt, financing activities | $ 0 | $ 941 | ||
Debt Issued in Connection with the TCBI Acquisition | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 26,400 | |||
Debt Issued in Connection with the TCBI Acquisition, Tranche One | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 10,000 | |||
Debt instrument, basis spread on variable rate | 3.50% | |||
Debt Issued in Connection with the TCBI Acquisition, Tranche Two | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 7,500 | |||
Debt instrument, basis spread on variable rate | 3.50% | |||
Debt Issued in Connection with the TCBI Acquisition, Tranche Three | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 8,900 | |||
Debt instrument, basis spread on variable rate | 5.95% | |||
Gain (loss) on extinguishment of debt, financing activities | $ 1,500 | |||
Liabilities, fair value adjustment | $ 948 | $ 1,100 |
Bank Term Funding Program ("B_2
Bank Term Funding Program ("BTFP") (Details) - Bank Term Funding Program - USD ($) $ in Millions | Mar. 12, 2023 | Dec. 31, 2023 |
Short-Term Debt [Line Items] | ||
Short-term debt | $ 300 | |
Debt instrument, interest rate, stated percentage | 4.38% | |
Maximum | ||
Short-Term Debt [Line Items] | ||
Debt instrument, term (year) | 1 year |
Federal Home Loan Bank ("FHLB_2
Federal Home Loan Bank ("FHLB") Borrowings (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Advances from federal home loan banks, net of unaccreted market value adjustment | $ 305,200,000 | $ 211,200,000 |
Federal Home Loan Bank Borrowings | 305,208,000 | 211,198,000 |
Federal home loan bank, advances, general debt obligations, amount of available, unused funds | 1,200,000,000 | |
November 2026 | ||
Debt Instrument [Line Items] | ||
Federal home loan bank, advances, principal amount | 60,000,000 | |
Federal Home Loan Bank Borrowings | $ 29,300,000 | $ 35,300,000 |
Federal home loan bank, advances, branch of fhlb bank, interest rate | 0.89% | 0.89% |
April 2025 | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank Borrowings | $ 875,000 | $ 875,000 |
Federal home loan bank, advances, branch of fhlb bank, interest rate | 4.88% | 4.88% |
July 2025 | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank Borrowings | $ 25,000,000 | $ 25,000,000 |
Federal home loan bank, advances, branch of fhlb bank, interest rate | 4.89% | 4.89% |
January 2026 | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank Borrowings | $ 25,000,000 | $ 25,000,000 |
Federal home loan bank, advances, branch of fhlb bank, interest rate | 4.65% | 4.65% |
July 2026 | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank Borrowings | $ 25,000,000 | $ 25,000,000 |
Federal home loan bank, advances, branch of fhlb bank, interest rate | 4.56% | 4.56% |
October 2024 | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank Borrowings | $ 25,000,000 | $ 25,000,000 |
Federal home loan bank, advances, branch of fhlb bank, interest rate | 4.13% | 4.13% |
October 2030 | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank Borrowings | $ 25,000,000 | $ 25,000,000 |
Federal home loan bank, advances, branch of fhlb bank, interest rate | 3.92% | 3.92% |
First October 2033 | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank Borrowings | $ 25,000,000 | $ 25,000,000 |
Federal home loan bank, advances, branch of fhlb bank, interest rate | 3.72% | 3.72% |
Second October 2033 | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank Borrowings | $ 25,000,000 | $ 25,000,000 |
Federal home loan bank, advances, branch of fhlb bank, interest rate | 3.57% | 3.57% |
December 2026 | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank Borrowings | $ 25,000,000 | |
Federal home loan bank, advances, branch of fhlb bank, interest rate | 4.84% | |
September 2027 | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank Borrowings | $ 25,000,000 | |
Federal home loan bank, advances, branch of fhlb bank, interest rate | 4.78% | |
March 2028 | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank Borrowings | $ 25,000,000 | |
Federal home loan bank, advances, branch of fhlb bank, interest rate | 4.73% | |
September 2028 | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank Borrowings | $ 25,000,000 | |
Federal home loan bank, advances, branch of fhlb bank, interest rate | 4.69% |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Lessee, Lease, Description [Line Items] | ||
Operating lease, expense | $ 3 | $ 2.8 |
Operating lease, weighted average remaining lease term (year) | 6 years 1 month 6 days | |
Operating lease, weighted average discount rate, percent | 3.37% | |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, operating lease, term of contract (year) | 1 year | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, operating lease, term of contract (year) | 10 years |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments (Details) $ in Thousands | Jun. 30, 2024 USD ($) |
Leases [Abstract] | |
July 1, 2024 through December 31, 2024 | $ 2,379 |
January 1, 2025 through December 31, 2025 | 3,869 |
January 1, 2026 through December 31, 2026 | 3,624 |
January 1, 2027 through December 31, 2027 | 3,388 |
January 1, 2028 through December 31, 2028 | 3,068 |
January 1, 2029 and Thereafter | 5,523 |
Total Future Minimum Lease Payments | 21,851 |
Less Imputed Interest | (2,194) |
Present Value of Lease Liabilities | $ 19,657 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Other Commitments [Line Items] | |||
Off-balance-sheet, credit loss, liability | $ 3,095 | $ 3,324 | $ 605 |
Commitments to Extend Credit | |||
Other Commitments [Line Items] | |||
Contractual obligation | 1,200,000 | 1,200,000 | |
Standby Letters of Credit | |||
Other Commitments [Line Items] | |||
Contractual obligation | $ 50,800 | $ 45,200 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Narrative (Details) | Jun. 30, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities, fair value disclosure | $ 0 | $ 0 |
Fair Value, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities, fair value disclosure | $ 0 | $ 0 |
Fair Value, Nonrecurring | Measurement Input, Cost to Sell | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned, measurement input | 0.10 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Assets and Liabilities Measured On a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities | $ 875,048 | $ 879,571 |
U.S. Treasury Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities | 16,307 | 16,239 |
U.S. Government Agencies | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities | 9,406 | 9,410 |
Corporate Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities | 44,649 | 43,839 |
Mortgage-Backed Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities | 519,023 | 506,310 |
Municipal Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities | 285,663 | 303,773 |
Municipal Securities | Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities | 25,843 | |
Fair Value, Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Held for Sale | 680 | 835 |
Total | 875,728 | 880,406 |
Fair Value, Recurring | Level 1 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Held for Sale | 0 | 0 |
Total | 0 | 0 |
Fair Value, Recurring | Level 2 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Held for Sale | 680 | 835 |
Total | 841,967 | 851,591 |
Fair Value, Recurring | Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Loans Held for Sale | 0 | 0 |
Total | 33,761 | 28,815 |
Fair Value, Recurring | U.S. Treasury Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities | 16,307 | 16,239 |
Fair Value, Recurring | U.S. Treasury Securities | Level 1 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities | 0 | 0 |
Fair Value, Recurring | U.S. Treasury Securities | Level 2 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities | 16,307 | 16,239 |
Fair Value, Recurring | U.S. Treasury Securities | Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities | 0 | 0 |
Fair Value, Recurring | U.S. Government Agencies | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities | 9,406 | 9,410 |
Fair Value, Recurring | U.S. Government Agencies | Level 1 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities | 0 | 0 |
Fair Value, Recurring | U.S. Government Agencies | Level 2 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities | 9,406 | 9,410 |
Fair Value, Recurring | U.S. Government Agencies | Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities | 0 | 0 |
Fair Value, Recurring | Corporate Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities | 44,649 | 43,839 |
Fair Value, Recurring | Corporate Securities | Level 1 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities | 0 | 0 |
Fair Value, Recurring | Corporate Securities | Level 2 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities | 36,731 | 35,871 |
Fair Value, Recurring | Corporate Securities | Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities | 7,918 | 7,968 |
Fair Value, Recurring | Mortgage-Backed Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities | 519,023 | 506,310 |
Fair Value, Recurring | Mortgage-Backed Securities | Level 1 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities | 0 | 0 |
Fair Value, Recurring | Mortgage-Backed Securities | Level 2 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities | 519,023 | 506,310 |
Fair Value, Recurring | Mortgage-Backed Securities | Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities | 0 | 0 |
Fair Value, Recurring | Municipal Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities | 285,663 | 303,773 |
Fair Value, Recurring | Municipal Securities | Level 1 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities | 0 | 0 |
Fair Value, Recurring | Municipal Securities | Level 2 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities | 259,820 | 282,926 |
Fair Value, Recurring | Municipal Securities | Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Securities | $ 25,843 | $ 20,847 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Reconciliation Of Assets Measured at Fair Value On A Recurring Basis (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Corporate Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 7,968 | $ 19,000 |
Realized Gains (Losses) Included in Net Income | 0 | 0 |
Unrealized Losses Included in Other Comprehensive Loss | (50) | (1,532) |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Maturities, Prepayments, and Calls | 0 | 0 |
Transfers Into Level 3 | 0 | 0 |
Transfers Out of Level 3 | 0 | (9,500) |
Ending balance | 7,918 | 7,968 |
Municipal Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 20,847 | 34,768 |
Realized Gains (Losses) Included in Net Income | 0 | 0 |
Unrealized Losses Included in Other Comprehensive Loss | (2,445) | (2,228) |
Purchases | 9,938 | 0 |
Sales | 0 | 0 |
Maturities, Prepayments, and Calls | (2,497) | (1,798) |
Transfers Into Level 3 | 0 | 0 |
Transfers Out of Level 3 | 0 | (9,895) |
Ending balance | $ 25,843 | $ 20,847 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Schedule of Fair Value Measurement Inputs (Details) $ in Thousands | Jun. 30, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | $ 875,048 | $ 879,571 |
Corporate Securities | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | $ 7,918 | |
Corporate Securities | Level 3 | Measurement Input, Liquidity Premium | Valuation Technique, Discounted Cash Flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range of Discounts | 0.02 | |
Municipal Securities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | $ 285,663 | $ 303,773 |
Municipal Securities | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | $ 25,843 | |
Municipal Securities | Level 3 | Measurement Input, Liquidity Premium | Valuation Technique, Discounted Cash Flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range of Discounts | 0.01 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Assets Measured on a Nonrecurring Basis (Details) - Fair Value, Nonrecurring - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | $ 12,323 | $ 6,435 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 12,323 | 6,435 |
Individually Evaluated Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 10,340 | 4,750 |
Individually Evaluated Loans | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 0 | 0 |
Individually Evaluated Loans | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 0 | 0 |
Individually Evaluated Loans | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 10,340 | 4,750 |
Other Nonperforming Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 1,983 | 1,685 |
Other Nonperforming Assets | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 0 | 0 |
Other Nonperforming Assets | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 0 | 0 |
Other Nonperforming Assets | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | $ 1,983 | $ 1,685 |
Fair Value of Financial Instr_8
Fair Value of Financial Instruments - Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Financial Assets: | ||
Securities | $ 875,048 | $ 879,571 |
Other Equity Securities | 38,805 | 33,942 |
Carrying Amount | ||
Financial Assets: | ||
Cash and Short-Term Investments | 321,638 | 377,244 |
Securities | 875,048 | 879,571 |
Loans Held for Sale | 680 | 835 |
Loans - Net | 5,121,440 | 4,952,371 |
Cash Value of BOLI | 100,684 | 96,478 |
Other Equity Securities | 38,805 | 33,942 |
Total | 6,458,295 | 6,340,441 |
Financial Liabilities: | ||
Deposits | 5,563,670 | 5,248,790 |
Borrowings | 428,528 | 635,073 |
Total | 5,992,198 | 5,883,863 |
Total Fair Value | ||
Financial Assets: | ||
Cash and Short-Term Investments | 321,638 | 377,244 |
Securities | 875,048 | 879,571 |
Loans Held for Sale | 680 | 835 |
Loans - Net | 5,024,266 | 4,849,503 |
Cash Value of BOLI | 100,684 | 96,478 |
Other Equity Securities | 38,805 | 33,942 |
Total | 6,361,121 | 6,237,573 |
Financial Liabilities: | ||
Deposits | 5,555,660 | 5,243,326 |
Borrowings | 406,469 | 613,464 |
Total | 5,962,129 | 5,856,790 |
Total Fair Value | Level 1 | ||
Financial Assets: | ||
Cash and Short-Term Investments | 321,638 | 377,244 |
Securities | 0 | 0 |
Loans Held for Sale | 0 | 0 |
Loans - Net | 0 | 0 |
Cash Value of BOLI | 0 | 0 |
Other Equity Securities | 0 | 0 |
Total | 321,638 | 377,244 |
Financial Liabilities: | ||
Deposits | 0 | 0 |
Borrowings | 0 | 0 |
Total | 0 | 0 |
Total Fair Value | Level 2 | ||
Financial Assets: | ||
Cash and Short-Term Investments | 0 | 0 |
Securities | 841,287 | 850,756 |
Loans Held for Sale | 680 | 835 |
Loans - Net | 0 | 0 |
Cash Value of BOLI | 100,684 | 96,478 |
Other Equity Securities | 0 | 0 |
Total | 942,651 | 948,069 |
Financial Liabilities: | ||
Deposits | 0 | 0 |
Borrowings | 406,469 | 613,464 |
Total | 406,469 | 613,464 |
Total Fair Value | Level 3 | ||
Financial Assets: | ||
Cash and Short-Term Investments | 0 | 0 |
Securities | 33,761 | 28,815 |
Loans Held for Sale | 0 | 0 |
Loans - Net | 5,024,266 | 4,849,503 |
Cash Value of BOLI | 0 | 0 |
Other Equity Securities | 38,805 | 33,942 |
Total | 5,096,832 | 4,912,260 |
Financial Liabilities: | ||
Deposits | 5,555,660 | 5,243,326 |
Borrowings | 0 | 0 |
Total | $ 5,555,660 | $ 5,243,326 |
Uncategorized Items - bfst-2024
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-13 [Member] |