Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 04, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Byline Bancorp, Inc. | ||
Entity Central Index Key | 0001702750 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity File Number | 001-38139 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 36-3012593 | ||
Entity Address, Address Line One | 180 North LaSalle Street | ||
Entity Address, Address Line Two | Suite 300 | ||
Entity Address, City or Town | Chicago | ||
Entity Address, State or Province | IL | ||
Entity Address, Postal Zip Code | 60601 | ||
City Area Code | 773 | ||
Local Phone Number | 244-7000 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
ICFR Auditor Attestation Flag | false | ||
Entity Public Float | $ 585,122,412 | ||
Entity Common Stock, Shares Outstanding | 37,829,737 | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Documents Incorporated by Reference | Portions of the Registrant’s Definitive Proxy Statement relating to its 2022 Annual Meeting of Stockholders, scheduled to be held on June 7, 2022, are incorporated by reference into Part III of this Report. | ||
Title of each class | Common Stock | ||
Trading Symbol | BY | ||
Name of each exchange on which registered | NYSE | ||
Auditor Firm ID | 659 | ||
Auditor Name | Moss Adams LLP | ||
Auditor Location | Portland, Oregon, United States of America |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from banks | $ 35,247 | $ 41,432 |
Interest bearing deposits with other banks | 122,684 | 41,988 |
Cash and cash equivalents | 157,931 | 83,420 |
Equity and other securities, at fair value | 10,578 | 8,764 |
Securities available-for-sale, at fair value | 1,454,542 | 1,447,230 |
Securities held-to-maturity, at amortized cost ($3,992 and $4,573 fair value at December 31, 2021 and 2020, respectively) | 3,885 | 4,395 |
Restricted stock, at cost | 22,002 | 10,507 |
Loans held for sale | 64,460 | 7,924 |
Loans and leases: | ||
Loans and leases | 4,537,128 | 4,340,535 |
Allowance for loan and lease losses | (55,012) | (66,347) |
Net loans and leases | 4,482,116 | 4,274,188 |
Servicing assets, at fair value | 23,744 | 22,042 |
Accrued interest receivable | 18,875 | 20,678 |
Premises and equipment, net | 62,548 | 86,728 |
Operating lease right-of-use asset | 11,646 | 0 |
Assets held for sale | 9,153 | 13,023 |
Other real estate owned, net | 2,112 | 6,350 |
Goodwill | 148,353 | 148,353 |
Other intangible assets, net | 17,205 | 24,278 |
Bank-owned life insurance | 80,039 | 10,009 |
Deferred tax assets, net | 50,329 | 40,181 |
Due from counterparty | 12,348 | 140,996 |
Other assets | 64,306 | 41,586 |
Total assets | 6,696,172 | 6,390,652 |
LIABILITIES | ||
Non-interest-bearing demand deposits | 2,158,420 | 1,762,676 |
Interest-bearing deposits: | ||
NOW, savings accounts, and money market accounts | 2,316,916 | 2,201,833 |
Time deposits | 679,711 | 787,522 |
Total deposits | 5,155,047 | 4,752,031 |
Paycheck Protection Program Liquidity Facility | 0 | 371,907 |
Federal Home Loan Bank advances | 490,000 | 234,000 |
Subordinated notes, net | 73,517 | 73,342 |
Securities sold under agreements to repurchase | 29,723 | 41,994 |
Junior subordinated debentures issued to capital trusts, net | 36,906 | 36,451 |
Accrued interest payable | 262 | 1,478 |
Operating lease liability | 15,629 | 0 |
Accrued expenses and other liabilities | 58,706 | 73,985 |
Total liabilities | 5,859,790 | 5,585,188 |
COMMITMENTS AND CONTINGENT LIABILITIES (Note 17) | ||
STOCKHOLDERS' EQUITY (Note 25) | ||
Preferred stock, $0.01 par value per share, 50,000 shares authorized; 10,438 shares issued and outstanding at December 31, 2021 and December 31, 2020 | 10,438 | 10,438 |
Common stock, voting $0.01 par value at December 31, 2021 and 2020; 150,000,000 shares authorized at December 31, 2021 and 2020; 39,203,747 shares issued at December 31, 2021 and 38,736,540 issued at December 31, 2020 | 387 | 384 |
Additional paid-in capital | 593,753 | 587,165 |
Retained earnings | 271,676 | 191,098 |
Treasury stock at cost, 118486 shares at December 31, 2020 | (31,570) | |
Accumulated other comprehensive income (loss), net of tax | 8,302 | (18,047) |
Total stockholders’ equity | 836,382 | 805,464 |
Total liabilities and stockholders’ equity | $ 6,696,172 | $ 6,390,652 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Securities held-to-maturity, fair value | $ 3,992 | $ 4,573 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 50,000 | 50,000 |
Preferred stock, shares issued | 10,438 | 10,438 |
Preferred stock, shares outstanding | 10,438 | 10,438 |
Common stock, voting par value | $ 0.01 | $ 0.01 |
Common stock, voting shares authorized | 150,000,000 | 150,000,000 |
Common stock, voting shares issued | 39,203,747 | 38,736,540 |
Treasury stock | 1,489,844 | 118,486 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
INTEREST AND DIVIDEND INCOME | |||
Interest and fees on loans and leases | $ 222,993 | $ 208,788 | $ 235,501 |
Interest on taxable securities | 19,694 | 25,887 | 25,233 |
Interest on tax-exempt securities | 3,907 | 2,981 | 1,786 |
Other interest and dividend income | 2,332 | 1,574 | 2,294 |
Total interest and dividend income | 248,926 | 239,230 | 264,814 |
INTEREST EXPENSE | |||
Deposits | 4,502 | 16,624 | 36,325 |
Other borrowings | 1,663 | 3,318 | 9,255 |
Subordinated notes and debentures | 6,374 | 4,310 | 2,949 |
Total interest expense | 12,539 | 24,252 | 48,529 |
Net interest income | 236,387 | 214,978 | 216,285 |
Provision for loan and lease losses | 1,457 | 55,949 | 20,708 |
Net interest income after provision for loan and lease losses | 234,930 | 159,029 | 195,577 |
NON-INTEREST INCOME | |||
Fees and Service Charges on Deposits | 7,254 | 6,471 | 6,458 |
Loan Servicing Revenue Non Interest Income | 12,693 | 11,319 | 10,695 |
Loan Servicing Asset Revaluation | (6,658) | (4,951) | (6,639) |
ATM and interchange fees | 4,476 | 4,165 | 3,785 |
Net gains on sales of securities available-for-sale | 1,435 | 5,301 | 1,151 |
Change in fair value of equity securities, net | (62) | 729 | 1,416 |
Net gains on sales of loans | 46,274 | 33,349 | 31,845 |
Wealth management and trust income | 3,069 | 2,680 | 2,578 |
Other non-interest income | 5,772 | 2,997 | 4,259 |
Total non-interest income | 74,253 | 62,060 | 55,548 |
NON-INTEREST EXPENSE | |||
Salaries and employee benefits | 101,222 | 89,756 | 95,309 |
Occupancy expense, net | 16,553 | 19,402 | 16,668 |
Equipment expense | 4,059 | 3,555 | 3,103 |
Impairment loss on assets held for sale | 12,332 | 4,769 | 569 |
Loan and lease related expenses | 5,957 | 5,955 | 8,015 |
Legal, audit, and other professional fees | 10,198 | 8,138 | 11,453 |
Data processing | 11,780 | 10,900 | 13,733 |
Net loss recognized on other real estate owned and other related expenses | 1,078 | 1,819 | 665 |
Regulatory assessments | 1,717 | 2,221 | 697 |
Other intangible assets amortization expense | 7,073 | 7,624 | 7,737 |
Advertising and promotions | 1,800 | 1,287 | 3,398 |
Telecommunications | 1,155 | 1,728 | 1,963 |
Other non-interest expense | 10,047 | 12,268 | 10,520 |
Total non-interest expense | 184,971 | 169,422 | 173,830 |
INCOME BEFORE PROVISION FOR INCOME TAXES | 124,212 | 51,667 | 77,295 |
PROVISION FOR INCOME TAXES | 31,427 | 14,200 | 20,293 |
NET INCOME | 92,785 | 37,467 | 57,002 |
Dividends on preferred shares | 783 | 783 | 783 |
INCOME AVAILABLE TO COMMON STOCKHOLDERS | $ 92,002 | $ 36,684 | $ 56,219 |
EARNINGS PER COMMON SHARE | |||
Basic | $ 2.45 | $ 0.96 | $ 1.51 |
Diluted | $ 2.40 | $ 0.96 | $ 1.48 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Other Comprehensive Income [Abstract] | |||
Net income | $ 92,785 | $ 37,467 | $ 57,002 |
Securities available-for-sale | |||
Unrealized holding gains (losses) arising during the period | (39,290) | 31,198 | 22,633 |
Reclassification adjustments for net gains included in net income | (1,435) | (5,301) | (1,151) |
Tax effect | 11,254 | (7,211) | (6,115) |
Net of tax | (29,471) | 18,686 | 15,367 |
Cash flow hedges | |||
Unrealized holding gains (losses) arising during the period | 4,140 | 0 | (5,483) |
Reclassification adjustments for net (gains) losses included in net income | 148 | 85 | (1,626) |
Tax effect | (1,166) | (24) | 1,980 |
Net of tax | 3,122 | 61 | (5,129) |
Total other comprehensive income (loss) | (26,349) | 18,747 | 10,238 |
Comprehensive income | $ 66,436 | $ 56,214 | $ 67,240 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Retained EarningsCumulative-Effect Adjustment (ASU 2016-01) | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss)Cumulative-Effect Adjustment (ASU 2016-01) |
Beginning balance at Dec. 31, 2018 | $ 650,672 | $ 10,438 | $ 361 | $ 546,849 | $ 102,522 | $ (9,498) | |||
Beginning balance, shares at Dec. 31, 2018 | 10,438 | 36,343,239 | |||||||
Net income | 57,002 | 57,002 | |||||||
Other comprehensive income (loss), net of tax | 10,238 | 10,238 | |||||||
Issuance of common stock upon exercise of stock options | 3,146 | $ 2 | 3,144 | ||||||
Issuance of common stock upon exercise of stock options, shares | 241,211 | ||||||||
Issuance of common stock and stock options due to business combination, net of issuance costs | 28,735 | $ 15 | 28,720 | ||||||
Issuance of common stock and stock options due to business combination, net of issuance costs, shares | 1,464,558 | ||||||||
Restricted stock activity | $ 1 | (1) | |||||||
Restricted stock activity, shares | 180,664 | ||||||||
Issuance of common stock in connection with employee stock purchase plan | 580 | 580 | |||||||
Issuance of common stock in connection with employee stock purchase plan, shares | 26,828 | ||||||||
Cash dividends declared on preferred stock | (783) | (783) | |||||||
Cash dividends declared on common stock | (1,148) | (1,148) | |||||||
Share-based compensation expense | 1,673 | 1,673 | |||||||
Ending balance at Dec. 31, 2019 | 750,115 | $ 10,438 | $ 379 | 580,965 | 159,033 | $ 1,440 | (700) | $ (1,440) | |
Ending balance, shares at Dec. 31, 2019 | 10,438 | 38,256,500 | |||||||
Net income | 37,467 | 37,467 | |||||||
Other comprehensive income (loss), net of tax | 18,747 | 18,747 | |||||||
Issuance of common stock upon exercise of stock options | 3,089 | $ 3 | 3,086 | ||||||
Issuance of common stock upon exercise of stock options, shares | 275,111 | ||||||||
Restricted stock activity | 1 | (1) | |||||||
Restricted stock activity, shares | 168,150 | ||||||||
Issuance of common stock in connection with employee stock purchase plan | 537 | $ 1 | 536 | ||||||
Issuance of common stock in connection with employee stock purchase plan, shares | 36,779 | ||||||||
Cash dividends declared on preferred stock | (783) | (783) | |||||||
Cash dividends declared on common stock | (4,619) | (4,619) | |||||||
Repurchases of common stock | (1,668) | $ (1,668) | |||||||
Repurchase of common stock, shares | 118,486 | ||||||||
Share-based compensation expense | 2,579 | 2,579 | |||||||
Ending balance at Dec. 31, 2020 | $ 805,464 | $ 10,438 | $ 384 | 587,165 | 191,098 | (1,668) | 18,047 | ||
Ending balance, shares at Dec. 31, 2020 | 10,438 | 38,618,054 | |||||||
Accounting Standards Update [Extensible List] | ASU 2016-01 | ||||||||
Net income | $ 92,785 | 92,785 | |||||||
Other comprehensive income (loss), net of tax | (26,349) | (26,349) | |||||||
Issuance of common stock upon exercise of stock options | 1,456 | $ 1 | 1,355 | 100 | |||||
Issuance of common stock upon exercise of stock options, shares | 115,897 | ||||||||
Restricted stock activity | (1,135) | $ 1 | (1) | (1,135) | |||||
Restricted stock activity, shares | 258,458 | ||||||||
Issuance of common stock in connection with employee stock purchase plan | 1,217 | $ 1 | 1,216 | ||||||
Issuance of common stock in connection with employee stock purchase plan, shares | 53,202 | ||||||||
Cash dividends declared on preferred stock | (783) | (783) | |||||||
Cash dividends declared on common stock | (11,424) | (11,424) | |||||||
Repurchases of common stock | $ (28,867) | (28,867) | |||||||
Repurchase of common stock, shares | 1,331,708 | 1,331,708 | |||||||
Share-based compensation expense | $ 4,018 | 4,018 | |||||||
Ending balance at Dec. 31, 2021 | $ 836,382 | $ 10,438 | $ 387 | $ 593,753 | $ 271,676 | $ (31,570) | $ (8,302) | ||
Ending balance, shares at Dec. 31, 2021 | 10,438 | 37,713,903 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 92,785 | $ 37,467 | $ 57,002 |
Adjustments to reconcile net income to net cash from operating activities: | |||
Provision for loan and lease losses | 1,457 | 55,949 | 20,708 |
Impairment Loss on Premises and Equipment | 2,227 | 0 | 0 |
Impairment Loss on Right-Of-Use Asset | 1,872 | 0 | 0 |
Impairment loss on assets held for sale | 12,332 | 4,769 | 569 |
Depreciation and amortization of premises and equipment | 5,991 | 6,483 | 6,389 |
Net amortization of securities | (8,315) | 8,311 | 2,468 |
Net change in fair value of equity securities, net | 62 | (729) | (1,416) |
Net gains on sales of securities available-for-sale | (1,435) | (5,301) | (1,151) |
Net losses (gains) on sales and valuation adjustments of premises and equipment | (313) | 2,952 | (56) |
Net gains on sales of loans | (46,274) | (33,349) | (31,845) |
Originations of U.S. government guaranteed loans | (452,803) | (369,130) | (330,585) |
Proceeds from U.S. government guaranteed loans sold | 493,823 | 380,976 | 340,287 |
Accretion of premiums and discounts on acquired loans, net | (6,451) | (13,058) | (23,190) |
Net change in servicing assets | (1,702) | (2,571) | 222 |
Net losses on sales and valuation adjustments of other real estate owned | 524 | 1,383 | 83 |
Net amortization of other acquisition accounting adjustments | 6,999 | 7,548 | 7,562 |
Amortization of subordinated debt issuance cost | 175 | 84 | 0 |
Accretion of junior subordinated debentures discount | 455 | 505 | 566 |
Loss on redemption of junior subordinated debentures | 0 | 112 | 0 |
Share-based compensation expense | 4,018 | 2,579 | 1,673 |
Deferred tax benefit | (60) | (9,101) | (882) |
Increase in cash surrender value of bank owned life insurance | (1,481) | (259) | (304) |
Net gain on death benefit of bank owned life insurance | 0 | 0 | (69) |
Changes in assets and liabilities: | |||
Accrued interest receivable and other assets | (30,442) | 3,908 | (13,389) |
Accrued interest payable and other liabilities | (15,648) | 29,495 | (5,328) |
Net cash provided by operating activities | 74,426 | 109,023 | 29,314 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Purchases of securities available-for-sale | (645,461) | (977,827) | (549,871) |
Proceeds from maturities and calls of securities available-for-sale | 46,837 | 193,046 | 123,617 |
Proceeds from paydowns of securities available-for-sale | 338,943 | 330,133 | 104,139 |
Proceeds from sales and calls of securities available-for-sale | 295,597 | 122,435 | 92,103 |
Proceeds from maturities and calls of securities held-to-maturity | 500 | 0 | 0 |
Redemptions (purchases) of Federal Home Loan Bank stock, net | (11,495) | 11,620 | (2,511) |
Proceeds from other loans sold | 3,964 | 0 | 709 |
Net change in loans and leases | (207,769) | (565,695) | (23,154) |
Purchases of premises and equipment | (2,236) | (3,915) | (4,267) |
Proceeds from sales of premises and equipment | 296 | 32 | 4 |
Proceeds from sales of assets held for sale | 9,040 | 1,434 | 1,373 |
Proceeds from sales of other real estate owned | 4,285 | 2,313 | 2,990 |
Investment in bank owned life insurance | 68,549 | 0 | 0 |
Proceeds from bank owned life insurance death benefit | 0 | 69 | 0 |
Net cash received in acquisition of business | 0 | 0 | 4,306 |
Net cash used in investing activities | (236,048) | (886,355) | (250,562) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Net increase in deposits | 403,090 | 604,530 | 107,665 |
Proceeds from short-term borrowings and line of credit | 13,337,000 | 9,468,800 | 8,515,680 |
Repayments of short-term borrowings and line of credit | (13,081,000) | (9,724,800) | (8,461,635) |
Proceeds from Paycheck Protection Program Liquidity Facility | 196,679 | 449,889 | 0 |
Repayments of Paycheck Protection Program Liquidity Facility | (568,586) | (77,982) | 0 |
Proceeds from subordinated notes | 0 | 73,258 | 0 |
Repayment of junior subordinated debentures | 0 | (1,500) | 0 |
Net increase (decrease) in securities sold under agreements to repurchase | (12,271) | (7,644) | 15,472 |
Dividends paid on preferred stock | (783) | (783) | (783) |
Dividends paid on common stock | (11,269) | (5,711) | 0 |
Proceeds from issuance of common stock | 2,140 | 3,626 | 3,726 |
Repurchase of common stock | (28,867) | (1,668) | 0 |
Net cash provided by financing activities | 236,133 | 780,015 | 180,125 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | 74,511 | 2,683 | (41,123) |
CASH AND CASH EQUIVALENTS, beginning of period | 83,420 | 80,737 | 121,860 |
CASH AND CASH EQUIVALENTS, end of period | 157,931 | 83,420 | 80,737 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||
Cash paid during the period for interest | 13,051 | 25,853 | 48,008 |
Cash payments during the period for taxes | 34,824 | 14,441 | 19,380 |
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||
Transfer of held-to-maturity securities to available-for-sale securities | 0 | 94,837 | |
Reclassification to other equity securities | 0 | 6,609 | |
Common dividend declared, not paid | $ 155 | 55 | 1,148 |
Total assets acquired from acquisition | 0 | 321,199 | |
Total liabilities assumed from acquisition | $ 0 | $ 305,892 |
Business and Summary of Signifi
Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Business Description And Accounting Policies [Abstract] | |
Business and Summary of Significant Accounting Policies | Note 1—Business and Summary of Significant Accounting Policies Nature of business —Byline Bancorp, Inc. (the “Company,” “we,” “us,” “our”) is a bank holding company whose principal activity is the ownership and management of its subsidiary bank, Byline Bank (the “Bank”). The Bank originates commercial, mortgage and consumer loans and leases, U.S. government guaranteed loans, and receives deposits from customers located primarily in the Chicago, Illinois metropolitan area. The Bank operates 43 Chicago metropolitan area and one Brookfield, Wisconsin, banking offices. The Bank operates under an Illinois state bank charter, provides a full range of banking services, and has full trust powers. The Bank also provides wealth management services. As an Illinois state‑chartered financial institution that is not a member of the Federal Reserve System (the "FRB"), the Bank is subject to regulation by the Illinois Department of Financial and Professional Regulation and the Federal Deposit Insurance Corporation ("FDIC"). The Company is regulated by the FRB. The Bank is a participant in the Small Business Administration (“SBA”) and the United States Department of Agriculture (“USDA”) (collectively referred to as “U.S. government guaranteed loans”) lending programs and originates U.S. government guaranteed loans. The Bank engages in short‑term direct financing lease contracts through BFG Corporation, doing business as Byline Financial Group (“BFG”), a wholly‑owned subsidiary of the Bank. BFG is located in Bannockburn, Illinois with sales offices in Illinois, and sales representatives in Illinois, Florida, Michigan, New Jersey and New York. Subsequent events —No subsequent events were identified that would have required a change to the consolidated financial statements or disclosure in the notes to the consolidated financial statements. Basis of financial statement presentation and consolidation —The consolidated financial statements include the accounts of the Company and its subsidiaries. Significant intercompany items and transactions have been eliminated in consolidation. The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (“GAAP”) and rules and regulations of the Securities and Exchange Commission (“SEC”). In accordance with applicable accounting standards, the Company does not consolidate statutory trusts established for the sole purposes of issuing trust preferred securities and related trust common securities. See Note 15, Junior Subordinated Debentures, for additional discussion. Dollars within footnote tables disclosed within the consolidated financial statements are presented in thousands, except share and per share data. Operating results include the years ended December 31, 2021, 2020 and 2019 . Use of estimates —In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the Consolidated Statements of Financial Condition and certain revenues and expenses for the periods included in the Consolidated Statements of Operations and the accompanying notes. Actual results could differ from those estimates. Estimates that are particularly susceptible to significant changes in the near term relate to the determination of expected cash flows of acquired impaired loans, the allowance for loan and lease losses, valuation of servicing assets, fair value measurements for assets and liabilities, goodwill, other intangible assets, the valuation or recognition of deferred tax assets and liabilities, and the valuation of assets and liabilities acquired in business combinations. Business combinations —The Company accounts for business combinations under the acquisition method of accounting in accordance with Accounting Standards Codification ("ASC") Topic 805, Business Combinations (“ASC 805”). The Company recognizes the fair value of the assets acquired and liabilities assumed as of the date of acquisition, with any excess of the fair value of consideration provided over the fair value of the identifiable net tangible and intangible assets acquired recorded as goodwill. Transaction costs are immediately expensed as applicable. The results of operations of the acquired business are included in the Consolidated Statements of Operations from the effective date of the acquisition, which is the date control is obtained. The acquiring company retains the right to make appropriate adjustments to the assets and liabilities of the acquired entity for information obtained during the measurement period about facts and circumstances that existed as of the acquisition date. The measurement period ends as of the earlier of (a) one year from the acquisition date or (b) the date when the acquirer receives the information necessary to complete the business combination accounting. Note 1—Business and Summary of Significant Accounting Policies (continued) Cash and cash equivalents —Cash and cash equivalents have original maturities of three months or less. The Company holds cash and cash equivalents on deposit with other banks and financial institutions in amounts that periodically exceed the federal deposit insurance limit. The Company evaluates the credit quality of these banks and financial institutions to mitigate its credit risk and has not experienced any losses in such accounts. Interest-bearing deposits in other financial institutions mature within one year and are carried at cost. Cash on hand or on deposit with the Federal Reserve Bank of Chicago was required to meet regulatory reserve and clearing requirements. The Company did no t have a reserve requirement as of December 31, 2021 or 2020 . Equity and other securities —Equity and other securities have no stated maturities and may be sold in response to the same environmental factors as securities available for sale. Equity and other securities are recorded at fair value with changes in fair value included in earnings. Securities —Securities that are held principally for resale in the near term are classified as trading and recorded at fair value with changes in fair value included in earnings. The Company did not invest in securities classified as trading during 2021, 2020 and 2019. Securities are classified as available‑for‑sale if the instrument may be sold in response to such factors including changes in market interest rates and related changes in prepayment risk, needs for liquidity, changes in the availability of and the yield on alternative instruments, and changes in funding sources and terms. Gains or losses on the sales of available‑for‑sale securities are recorded on the trade date and determined using the specific‑identification method. Unrealized holding gains or losses, net of tax, on available‑for‑sale securities are carried as accumulated other comprehensive income (loss) within stockholders’ equity until realized. Securities are classified as held‑to‑maturity and carried at amortized cost when management has the positive intent and ability to hold them to maturity. Fair values of securities are generally based on quoted market prices for the same or similar instruments. See Note 18—Fair Value Measurement for additional discussion on the determination of fair values. Interest income includes the amortization of purchase premiums and discounts, which are recognized using the effective interest method over the terms of the securities. Management evaluates securities for other‑than‑temporary impairment (“OTTI”) on a quarterly basis, and more frequently when economic or market conditions warrant such evaluation. The evaluation is based upon factors such as the creditworthiness of the issuers or guarantors, the underlying collateral, if applicable, and the continuing performance of the securities. Management also evaluates other facts and circumstances that may be indicative of an OTTI condition. This includes, but is not limited to, an evaluation of the type of security, length of time and extent to which the fair value has been less than cost, and near‑term prospects of the issuer. The Company’s assessment of OTTI considers whether it intends to sell a security or if it is more likely than not that it would be required to sell the security before recovery of the amortized cost basis of the investment, which may be at maturity. For debt securities, if the Company intends to sell the security or it is more likely than not that it will be required to sell the security before recovering its cost basis, the entire impairment loss is recognized in earnings as an OTTI. If the Company does not intend to sell the security and it is more likely than not that it will not be required to sell the security, and the Company does not expect to recover the entire amortized cost basis of the security, only the portion of the impairment loss representing credit losses would be recognized in earnings. The credit loss on a security is measured as the difference between the amortized cost basis and the present value of the cash flows expected to be collected. Projected cash flows are discounted by the original or current effective interest rate depending on the nature of the security being measured for potential OTTI. The remaining impairment related to all other factors, the difference between the present value of the cash flows expected to be collected and fair value, is recognized as a charge to other comprehensive income (loss). Restricted stock —The Company owns stock of the Federal Home Loan Bank of Chicago (“FHLB”). No ready market exists for this stock, and it has no quoted market value. As a member of the FHLB system, the Bank is required to maintain an investment in FHLB stock. The stock is redeemable at par by the FHLB and is, therefore, carried at cost. In addition, the Company owns stock of Bankers Bank, which is redeemable at par and carried at cost. Restricted stock is generally viewed as a long‑term investment. Accordingly, when evaluating for impairment, its value is determined based on the ultimate recoverability of the par value rather than by recognizing temporary declines in value. The Company did not recognize impairment of its restricted stock as a result of its impairment analyses for the years ended December 31, 2021, 2020 and 2019 . Note 1—Business and Summary of Significant Accounting Policies (continued) Loans held for sale —Loans that management has the intent and ability to sell are designated as held for sale. U.S. government guaranteed loans and mortgage loans originated are carried at either amortized cost or estimated fair value. The Company determines whether to account for loans at fair value or amortized cost at origination. The loans accounted for at fair value remain at fair value after the determination. The loans accounted for at amortized cost are carried at the lower of cost or fair value, valued on a loan by loan basis. Net unrealized losses, if any, are recorded as a valuation allowance and charged to earnings. Gains or losses on sales of U.S. government guaranteed loans are recognized based on the difference between the net sales proceeds and the carrying value of the sold portion of the loan, less the fair value of the servicing asset recognized, and are reflected as operating activities in the Consolidated Statements of Cash Flows. The difference between the initial carrying balance of the retained portion of the loan and the relative fair value of the sold portion is recorded as a discount to the retained portion of the loan, establishing a new carrying balance. The recorded discount is accreted to earnings on a level yield basis. U.S. government guaranteed loans are generally sold with servicing retained. Loans sold that have not yet settled as of year-end are classified as due-from counterparty on the Consolidated Statements of Financial Condition. Originated loans —Originated loans are stated at the amount of unpaid principal outstanding, net of purchase premiums and discounts, and any deferred fees or costs. Net deferred fees, costs, discounts and premiums are recognized as yield adjustments over the contractual life of the loan. Interest on loans is calculated daily based on the principal amount outstanding. Additionally, once an acquired non-impaired loan reaches its contractual maturity date, it is re-underwritten, and if renewed, it is classified as an originated loan. Originated loans are classified as impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal and interest when due, in accordance with the terms of the original loan agreement. The carrying value of impaired loans is based on the present value of expected future cash flows (discounted at each loan’s effective interest rate) or, for collateral dependent loans, at the fair value of the collateral less estimated selling costs. If the measurement of each impaired loan’s value is less than the recorded investment in the loan, impairment is recognized and the carrying value of the loan is adjusted in the allowance for loan and lease losses as a specific component provided or through a charge‑off of the impaired portion of the loan. Accrual of interest on impaired loans is discontinued when the loan is 90 days past due or when, in management’s opinion, the borrower may be unable to make payments as they become due. When the accrual of interest is discontinued, all unpaid accrued interest is reversed through interest income. Payments received during the time a loan is on non‑accrual status are applied to principal. Interest income is not recognized until the loan is returned to accrual status or after the principal balance is paid in full. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured as evidenced by agreed upon performance for a period of not less than six months. Troubled debt restructuring —A troubled debt restructuring (“TDR”) is a formal restructuring of a loan in which the Company, for economic or legal reasons related to the borrower’s financial difficulties, grants a concession to the borrower. The concessions may be granted in various forms, including providing a below‑market interest rate, reduction in the loan balance or accrued interest, extension of the maturity date, or a combination of these. Troubled debt restructurings are considered to be impaired loans and are subject to the Company’s impaired loan accounting policy. Acquired impaired loans are not subject to TDR accounting. The Company does not accrue interest on a TDR unless it believes collection of all principal and interest under the modified terms is reasonably assured. For a TDR to begin accruing interest, the borrower must demonstrate some level of past performance and the future capacity to perform under the modified terms. Generally, six months of consecutive payment performance under the restructured terms is required before a TDR is returned to accrual status. In March of 2020, the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") was enacted by the U.S. government in response to the economic disruption caused by the COVID-19 pandemic. The CARES Act provided that a qualified loan modification is exempt by law from classification as a TDR, from the period beginning March 1, 2020 until the earlier of December 31, 2020 or the date that is 60 days after the date on which the national emergency concerning the COVID-19 pandemic declared by the President of the United States terminates. The Consolidation Appropriations Act further extended the suspension period until the earlier of January 1, 2022 or the date that is 60 days after the date on which the national emergency concerning the COVID-19 pandemic declared by the President of the United States terminates. The Company has modifications under these Acts. The underlying loans and leases are subject to the same underwriting, risk-rating and accrual standards as the rest of the loan portfolio. Note 1—Business and Summary of Significant Accounting Policies (continued) Direct finance leases —The Company engages in leasing for small‑ticket equipment, software, machinery and ancillary supplies and services to customers under leases that qualify as direct financing leases for financial reporting. Certain leases qualify as operating leases for income tax purposes. Under the direct financing method of accounting, the minimum lease payments to be received under the lease contract, together with the estimated unguaranteed residual values of the related equipment, are recorded as lease receivables when the lease is signed and funded and the lease property is delivered to the customer. The excess of the minimum lease payments and residual values over the amount financed is recorded as unearned lease income. Unearned lease income is recognized over the term of the lease based on the effective yield interest method. Residual value is the estimated fair market value of the equipment on lease at lease termination. In estimating the equipment’s fair value at lease termination, the Company relies on historical experience by equipment type and manufacturer and, where available, valuations by independent appraisers, adjusted for known trends. The Company’s residual values are estimates for reasonableness; however, the amounts the Company will ultimately realize could differ from the estimated amounts. If the review of the residual value results in other‑than‑temporary impairment, the impairment is recognized in current period earnings. An upward adjustment of the estimated residual value is not recorded. The policies for delinquency and non‑accrual for direct finance leases are materially consistent with those described for all classes of loan receivables. The Company defers and amortizes certain initial direct costs over the contractual term of the lease as an adjustment to the yield. The unamortized direct costs are recorded as a reduction of unearned lease income. Acquired impaired loans —Loans initially acquired with evidence of credit quality deterioration are accounted for under ASC Topic 310‑30, Accounting for Purchased Loans with Deteriorated Credit Quality (“ASC 310‑30”). These loans are recorded either on a pool or a loan‑by‑loan basis at their estimated fair value where applicable. The Company may aggregate loans into pools based on similar credit risks and predominant risk characteristics such as delinquency status and loan type. Management estimated the fair values of acquired impaired loans at the acquisition date based on estimated future cash flows. The excess of cash flows expected to be collected over a loan’s carrying value is considered to be the accretable yield and is recognized as interest income over the estimated life of the loan or pool using the effective yield method. The acquisition date estimates of accretable yield may subsequently change due to changes in management’s estimates of timing and amounts of expected cash flows. The excess of the contractual amounts due over the cash flows expected to be collected is considered to be the non‑accretable difference. The non‑accretable difference represents the Company’s estimate of the credit losses expected to occur and is considered in determining the fair value of the loans. Reclassifications between accretable yield and non‑accretable difference represent changes in expected cash flows over the remaining estimated life of the loan or pool. Subsequent increases in expected cash flows over those expected at inception are adjusted through an increase to the accretable yield on a prospective basis. Any subsequent decreases in expected cash flows attributable to credit deterioration are recognized by recording an additional provision for loan losses. Once a pool of loans is assembled, the integrity of the pool is maintained. A loan can only be removed from a pool if either of the following conditions is met: (1) the Company sells, forecloses, or otherwise receives assets in satisfaction of the loan, or (2) the loan is written off. A refinancing or restructuring of a loan does not result in a removal of a loan from a pool. Loan sales are accounted for under ASC Topic 860, Transfers and Servicing (“ASC 860”), when control over the assets have been relinquished. See transfers of financial assets accounting policy. Acquired non‑impaired loans and leases —Acquired non‑impaired loans and leases are accounted for under ASC Subtopic 310‑20, Receivables Nonrefundable Fees and Other Costs (“ASC 310‑20”). These loans and leases were individually recorded at fair value at the time of acquisition. Any previously recognized allowance for loan and lease losses and unearned fees or discounts are not carried over and recognized at the date of acquisition. The component of fair value representing an adjustment to an asset’s outstanding principal balance is accreted or amortized over the life of the related asset as a yield adjustment. The balance of the asset is then evaluated periodically pursuant to the Company’s allowance for loan and lease loss accounting policy and any adjustment required for credit risk is recorded within the allowance for loan and lease losses. Upon reaching the maturity date, all acquired non-impaired loan premium or discount is fully amortized or accreted. If the loan is re-underwritten and renewed, it is internally reclassified as an originated loan. The loan is then evaluated periodically pursuant to the Company’s allowance for loan and lease loss accounting without any consideration of the acquisition premium or discount. Note 1—Business and Summary of Significant Accounting Policies (continued) Allowance for loan and lease losses —The allowance for loan and lease losses is maintained at a level management believes is appropriate to provide for probable loan and lease losses as of the dates of the Consolidated Statements of Financial Condition. The allowance for loan and lease losses is increased by a provision for loans and lease losses and decreased by charge‑offs, net of recoveries. Loan and lease losses are charged against the allowance for loan and lease losses when management believes the uncollectibility of a loan or lease balance is confirmed. Subsequent recoveries, if any, are credited to the allowance for loan and lease losses. The allowance for loan and lease losses is based on management’s evaluation of the loan and lease portfolio giving consideration to the nature and volume of the portfolio, the value of the underlying collateral, overall portfolio quality, review of specific problem loans or leases, and prevailing economic conditions that may affect the borrower’s ability to pay. While management uses the best information available to make its evaluation, future adjustments to the allowance for loan and lease losses may be necessary if there are significant changes in economic condition. The allowance for loan and lease losses consists of general and specific components. Allocations of the allowance for loan and lease losses not attributable to acquired impaired loans may be made for specific loans and leases, but the entire allowance is available for any loan and lease that, in management’s judgement, should be charged off. The general component covers loans and leases that are collectively evaluated for impairment. Larger groups of smaller balance homogeneous loans, such as consumer and residential real estate loans and leases, are collectively evaluated for impairment, and accordingly, they are not included in the separately identified impairment disclosures. The general component is based on a trailing 12‑quarter weighted average loss rate for each loan category based on the Company’s historical losses and its peer group, adjusted for qualitative and other economic factors. These factors include (1) changes in lending policies and procedures, including changes in underwriting standards and collections, charge‑off and recovery practices; (2) changes in international, national, regional and local conditions; (3) changes in the nature and volume of the portfolio and terms of the loans and leases; (4) changes in experience, depth and ability of lending management and other relevant staff; (5) changes in the volume and severity of past due loans and leases; (6) changes in the quality of the Company’s loan review system; (7) changes in the value of the underlying collateral for collateral dependent loans and leases; (8) existence and effect of any concentrations of credit and changes in the levels of such concentrations; and (9) the effect of other external factors (i.e., competition, legal and regulatory requirements) on the level of estimated credit losses. Based on management’s judgement of other factors that fall outside of the predefined qualitative or historical loss rates, the allowance for loan and lease losses may include an unallocated component not included in these predefined factors. The specific component relates to loans that are risk‑rated substandard or worse, and based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Factors considered by management in determining the impairment include payment status, collateral value, strength of guarantor, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired and are reviewed on a case‑by‑case basis. TDRs are individually evaluated for impairment and are measured at the present value of estimated future cash flows using the loan’s effective rate at origination. If a TDR is considered to be a collateral dependent loan, the loan is reported at the fair value of the collateral, less estimated costs to sell. The allowance for loan losses also includes amounts representing decreases in expected cash flows attributable to credit deterioration of acquired impaired loans. The evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available. The factors supporting the allowance for loan and lease losses do not diminish the fact that the entire allowance for loan and lease losses not attributable to acquired impaired loans is available to absorb losses in the loan and lease portfolios and related commitment portfolio, respectively. The allowance for loan and lease losses is subject to review by regulatory agencies during examinations and may require us to recognize adjustments to the allowance for loan and lease losses. Servicing assets —Servicing assets are recognized separately when they are acquired through sales of loans. When loans are sold with servicing rights retained, servicing assets are recorded at fair value in accordance with ASC 860. Fair value is based on market prices for comparable servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. Note 1—Business and Summary of Significant Accounting Policies (continued) Sales of U.S. government guaranteed loans are executed on a servicing retained basis. The standard SBA loan sale agreement is structured to provide the Company with a servicing spread paid from a portion of the interest cash flow of the loan. SBA regulations require the Company to retain a portion of the cash flow from the interest payments received for a sold loan. The USDA loan sale agreements are not standardized with respect to servicing. Servicing fee income, which is reported on the Consolidated Statements of Operations as loan servicing revenue, is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal. Late fees and ancillary fees related to loan servicing are not material. The Company has elected the fair value measurement method and measures servicing rights at fair value at each reporting date and reports changes in fair value of servicing assets in earnings in the period in which the changes occur, and are recorded as loan servicing asset revaluation on the Consolidated Statements of Operations. The fair value of servicing rights is highly sensitive to changes in underlying assumptions. Changes in the prepayment speed and discount rate assumptions have the most significant impact on the fair value of servicing rights. Servicing fee income, which is reported on the Consolidated Statements of Operations as loan servicing revenue, is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal. Late fees and ancillary fees related to loan servicing are not material. Concentrations of credit risk —Most of the Company’s business activity is concentrated with customers located within its principal market areas, with the exception of government guaranteed loans and leasing activities. The Company originates commercial real estate, construction, land development and other land, commercial and industrial, residential real estate, installment and other loans, and leases. Generally, loans are secured by accounts receivable, inventory, deposit accounts, personal property or real estate. Rights to collateral vary and are legally documented to the extent practicable. The Company has a concentration in commercial real estate loans and the ability of borrowers to honor these and other contracts is dependent upon the real estate and general economic conditions within their geographic market. Transfers of financial assets —Transfers of financial assets are accounted for as sales when control over the assets has been relinquished. The Company has assessed that partial sales of financial assets meet the definition of participating interest. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company and the transferee obtains the right (free of conditions that constrain it from taking advantage of that right beyond a trivial benefit) to pledge or exchange the transferred assets. Gains or losses are recognized in the period of sale upon derecognition of the asset. Premises and equipment —Premises and equipment acquired through a business combination are initially stated at the acquisition date fair value less accumulated depreciation. All other premises and equipment are stated at cost less accumulated depreciation. Depreciation on premises and equipment is recognized on a straight‑line basis over their estimated useful lives ranging from three to 39 years . Land is also carried at its fair value following a business combination and is not subject to depreciation. Leasehold improvements are amortized over the shorter of the life of the related asset or expected term of the underlying lease. Gains and losses on the dispositions of premises and equipment are included in non‑interest income. Expenditures for new premises, equipment and major betterments are capitalized. Normal costs of maintenance and repairs are expensed as incurred. Long‑lived depreciable assets are evaluated periodically for impairment when events or changes in circumstances indicate the carrying amounts may be not recoverable. Impairment exists when the undiscounted expected future cash flows of a long‑lived asset are less than its carrying value. In that event, the Company recognizes a loss for the difference between the carrying amount and the estimated fair value of the asset based on a quoted market price, if applicable, or a discounted cash flow analysis. Impairment losses are recorded in non‑interest expense. Assets held for sale —Assets held for sale consist of former branch locations and real estate previously purchased for expansion. Assets are considered held for sale when management has approved to sell the assets following a branch closure or other events. The properties are being actively marketed and transferred to assets held for sale based at the lower of its carrying value or its fair value, less estimated costs to sell. Assets held for sale are evaluated periodically for impairment, with any impairment losses recorded in non-interest expense. Note 1—Business and Summary of Significant Accounting Policies (continued) Other real estate owned —Other real estate owned (“OREO”) includes real estate assets that have been acquired through, or in lieu of, lo |
Accounting Pronouncements Recen
Accounting Pronouncements Recently Issued | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Pronouncements Recently Issued | Note 2—Accounting Pronouncements Recently Issued The following reflect recent accounting pronouncements that are pending adoption by the Company. As the Company qualifies as an emerging growth company and has elected the extended transition period for complying with new or revised accounting pronouncements, it is not subject to new or revised accounting standards applicable to public companies during the extended transition period. The accounting pronouncements pending adoption below reflect effective dates for the Company as an emerging growth company with the extended transition period. Adopted Accounting Pronouncements Leases (Topic 842) —On January 1, 2021, the Company adopted ASU No. 2016-02, Leases and subsequent amendments thereto, which requires the Company to recognize most leases on the balance sheet. We adopted the standard under a modified retrospective approach as of the date of adoption and elected to apply several of the available practical expedients, including: Carry over of historical lease determination and lease classification conclusions Carry over of historical initial direct cost balances for existing leases Option not to recognize right-of-use assets and lease liabilities that arise from short-term leases (i.e. lease terms of twelve months or less) Use of hindsight in determining the lease term and right-of-use assets Accounting for lease and non-lease components in contracts in which the Company is a lessee as a single lease component Adoption of the leasing standard resulted in the recognition of operating right-of-use assets of $ 10.5 million and operating lease liabilities of $ 11.7 million as of January 1, 2021. These amounts were determined based on the present value of remaining minimum lease payments, discounted using the Company’s incremental borrowing rate as of the date of adoption. This guidance also applies to the Company’s investment in direct financing leases, which are included in loans, but did not have a material impact. There was no material impact to the timing of expense or income recognition in the Company’s Consolidated Statements of Operations. Prior periods were not restated and continue to be presented under legacy GAAP. Refer to Note 10 —Leases for further details. Issued Accounting Pronouncements Pending Adoption Financial Instruments—Credit Losses (Topic 326) —In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016‑13, Measurement of Credit Losses on Financial Instruments . Current GAAP requires an “incurred loss” methodology for recognizing credit losses that delays recognition until it is probable a loss has been incurred. The main objective of this ASU is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The amendments in this ASU replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The amendments in this ASU require a financial asset (or group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. The measurement of expected credit losses will be based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. Upon adoption, a banking organization must record a one-time adjustment to its credit loss allowances as of the beginning of the fiscal year of adoption equal to the difference, if any, between the amount of credit loss allowances under the prior methodology and the amount required under the new standard. The amendments in this ASU broaden the information that an entity must consider in developing its expected credit loss estimate for assets measured either collectively or individually. The use of forecasted information incorporates more timely information in the estimate of expected credit loss, which will be more useful to users of the financial statements. In November 2019, FASB issued ASU No. 2019-10, Effective Dates , which delays the effective date of the ASU for entities not classified as Public Business Entities. The Company will adopt the standard on December 31, 2022. The new guidance may result in an increase in the allowance for loan losses which will reflect the requirement to include expected losses on purchased credit-impaired loans. The extent of the increase will depend on the composition of the loan portfolio, as well as the economic conditions and forecasts as of the adoption date. Note 2— Accounting Pronouncements Recently Issued (continued) Income Taxes (Topic 740) —In December 2019, FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes . The amendments in the ASU simplify the accounting for income taxes by removing the following: the exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items; the exception to the requirement to or not to recognize a deferred tax liability for a foreign entity when it becomes an equity method investment or it becomes a subsidiary, respectively; and the exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The amendments in the ASU changes current authoritative guidance by requiring the recognition of franchise tax that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax; requiring an evaluation when a step up in the tax basis of goodwill should be considered part the of business combination; specifying that it is not required to allocate the consolidated amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements; and requiring that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The amendments are effective for annual periods beginning after December 15, 2021, and interim periods within annual periods beginning after December 15, 2022. Early adoption is permitted. Assuming the Company remains an emerging growth company, the new authoritative guidance will be effective for reporting periods after January 1, 2022. The Company does not anticipate the provisions of ASU No. 2019-12 will have a material impact on the Company’s Consolidated Financial Statements. Reference Rate Reform (Topic 848) —In March 2020, FASB issued ASU No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting . The amendments in the ASU provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments in the ASU provide optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued. The ASU is intended to help stakeholders during the global market-wide reference rate transition period. The amendments in the ASU will be in effect for all entities as of March 12, 2020 through December 31, 2022. Banking regulators have provided guidance which prohibits new financial contracts from referencing LIBOR as the relevant index after December 31, 2021. The guidance goes on to indicate that beginning after June 2023, LIBOR can no longer be used for existing financial contracts. In December 2021, management approved the use of Term Secured Overnight Financing Rate ("SOFR") as an alternative reference rate to LIBOR. Other alternative reference rates may be considered in the future. At December 31, 2021, $ 1.2 billion of loans, derivatives with a notional amount of $ 440.0 million, and securities available for sale with a fair value of $ 58.8 million, include fallback provisions that define the trigger events (an occurrence that precipitates the conversion from LIBOR to a new reference rate), and allow for the selection of a benchmark replacement and a spread adjustment between LIBOR and that benchmark replacement. Junior subordinated debentures carrying value of $ 36.9 million were also tied to LIBOR. |
Acquisition of a Business
Acquisition of a Business | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Acquisition of a Business | Note 3—Acquisition of a Business On April 30, 2019 , the Company acquired all of the outstanding common stock of Oak Park River Forest Bankshares, Inc. (“Oak Park River Forest”) and its subsidiary pursuant to an Agreement and Plan of Merger, dated as of October 17, 2018 (the “OPRF Merger Agreement”). Oak Park River Forest operated one wholly owned subsidiary, Community Bank of Oak Park River Forest. Oak Park River Forest was merged with and into Byline. As a result of the merger, Oak Park River Forest’s subsidiary bank, Community Bank of Oak Park River Forest, was merged with and into Byline Bank, with Byline Bank as the surviving bank. The acquisition improves the Company’s footprint in the Chicagoland market, diversifies its commercial banking business, and strengthens the core deposit base. At the effective time of the merger (the “OPRF Effective Time”), each share of Oak Park River Forest’s common stock was converted into the right to receive: (1) 7.9321 shares of Byline’s common stock, and (2) an amount in cash equal to $6.2 million divided by the number of outstanding shares of Oak Park River Forest common stock as of the closing date, with cash paid in lieu of any fractional shares. The per share cash consideration was based on the total $ 6.2 million divided by the outstanding shares of Oak Park River Forest common stock, or $ 33.375 per outstanding share. Based on the closing price of the Company’s common stock of $ 20.02 , as reported by the New York Stock Exchange, and 1,464,558 shares of common stock issued with respect to the outstanding shares of Oak Park River Forest common stock, the stock consideration was valued at $ 29.3 million. Options to acquire 35,870 shares of Oak Park River Forest common stock that were outstanding at the OPRF Effective Time were cancelled, at the option holders’ election, in exchange for a cash payment in accordance with the OPRF Merger agreement of $ 4.2 million, to be paid after the closing date. The value of the total merger consideration at closing was $ 35.5 million before issuance costs of $ 585,000 . The transaction resulted in goodwill of $ 20.2 million, which is nondeductible for tax purposes, as this acquisition was a nontaxable transaction. Goodwill represents the premium paid over the fair value of the net tangible and intangible assets acquired and reflects related synergies expected from the combined operations. The Company incurred Oak Park River Forest merger-related expenses, including acquisition advisory expenses, of $ 2.3 million for the year ended December 31, 2019. Core system conversion expenses related to the Oak Park River Forest acquisition were $ 2.0 million for year ended December 31, 2019 and $ 335,000 for the year ended December 31, 2018. These expenses are reflected in non-interest expense on the Consolidated Statements of Operations. Note 3—Acquisition of a Business (continued) The acquisitions of Oak Park River Forest was accounted for using the acquisition method of accounting in accordance with ASC Topic 805. Assets acquired, liabilities assumed and consideration exchanged were recorded at their respective acquisition date fair values. Determining the fair value of assets and liabilities involves significant judgment regarding methods and assumptions used to calculate estimated fair values. The fair value adjustments associated with the Oak Park River Forest transaction were finalized during the first quarter of 2020. The following table presents a summary of the estimated fair values of assets acquired and liabilities assumed as of the acquisition date: April 30, 2019 Assets Cash and cash equivalents $ 10,469 Securities available-for-sale 30,343 Restricted stock 414 Loans 257,423 Premises and equipment 3,488 Other real estate owned 2,201 Other intangible assets 6,220 Bank-owned life insurance 3,485 Deferred tax assets, net 5,925 Other assets 1,231 Total assets acquired 321,199 Liabilities Deposits 290,171 Line of credit 5,655 Federal Home Loan Bank advances 5,300 Accrued expenses and other liabilities 4,766 Total liabilities assumed 305,892 Net assets acquired $ 15,307 Consideration paid Common stock (2019 - 1,464,558 shares issued at $ 20.02 per share) 29,320 Cash paid 6,163 Total consideration paid 35,483 Goodwill $ 20,176 The following table presents the acquired non-impaired loans as of the acquisition date: April 30, 2019 Fair value $ 204,496 Gross contractual amounts receivable 254,755 Estimate of contractual cash flows not expected to be (1) 12,987 Estimate of contractual cash flows expected to be collected 241,768 (1) Includes interest payments not expected to be collected due to loan prepayments as well as principal and interest payments not expected to be collected due to customer default. The discount on the acquired non-impaired loans is being accreted into income over the life of the loans on an effective yield basis. Note 3—Acquisition of a Business (continued) The fair value estimates for the acquisition of Oak Park River Forest were adjusted during the fourth quarter of 2019. Compared to previously reported balances, the fair value estimates of loans and other assets decreased by $ 3.7 million and $ 25,000 , respectively, which increased the deferred tax asset by $ 1.0 million and goodwill by $ 2.7 million as of December 31, 2019. The following table provides the pro forma information for the results of operations for the year ended December 31, 2019, as if the acquisitions had occurred on January 1, 2019. The pro forma results combine the historical results of Oak Park River Forest into the Company’s Consolidated Statements of Operations, including the impact of certain acquisition accounting adjustments, which includes loan discount accretion, intangible assets amortization, deposit premium accretion and borrowing net discount amortization. The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results that would have been obtained had the acquisitions actually occurred on January 1, 2018. No assumptions have been applied to the pro forma results of operations regarding possible revenue enhancements, provision for credit losses, expense efficiencies or asset dispositions. The acquisition-related expenses that have been recognized are included in net income in the following table. Year ended December 31, 2019 Total revenues (net interest income and non-interest income) $ 272,081 Net income 57,797 Earnings per share—basic 1.47 Earnings per share—diluted 1.45 The operating results of the Company include the operating results produced by the acquired assets and assumed liabilities of Oak Park River Forest for the period beginning May 1, 2019 through December 31, 2021 . Revenues and earnings of Oak Park River Forest since its acquisition date have not been disclosed as it is not practicable. Oak Park River Forest was merged into the Company and separate financial information is not readily available. |
Securities
Securities | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Note 4—Securities The following tables summarize the amortized cost and fair values of securities available-for-sale, securities held-to-maturity and equity and other securities at December 31, 2021 and 2020 and the corresponding amounts of gross unrealized gains and losses: 2021 Amortized Gross Gross Fair Available-for-sale U.S. Treasury Notes $ 18,447 $ 37 $ ( 8 ) $ 18,476 U.S. Government agencies 141,096 661 ( 2,367 ) 139,390 Obligations of states, municipalities, and political 86,454 3,238 ( 56 ) 89,636 Residential mortgage-backed securities Agency 756,549 2,122 ( 15,015 ) 743,656 Non-agency 146,499 4 ( 1,267 ) 145,236 Commercial mortgage-backed securities Agency 214,417 2,795 ( 3,661 ) 213,551 Corporate securities 65,814 1,586 ( 54 ) 67,346 Asset-backed securities 37,206 49 ( 4 ) 37,251 Total $ 1,466,482 $ 10,492 $ ( 22,432 ) $ 1,454,542 2021 Amortized Gross Gross Fair Held-to-maturity Obligations of states, municipalities, and political $ 3,885 $ 107 $ — $ 3,992 Total $ 3,885 $ 107 $ — $ 3,992 Note 4—Securities (continued) 2020 Amortized Gross Gross Fair Available-for-sale U.S. Treasury Notes $ 23,468 $ 344 $ — $ 23,812 U.S. Government agencies 113,088 600 ( 137 ) 113,551 Obligations of states, municipalities, and political 135,513 6,991 ( 85 ) 142,419 Residential mortgage-backed securities Agency 764,951 13,645 ( 205 ) 778,391 Non-agency 32,654 332 ( 5 ) 32,981 Commercial mortgage-backed securities Agency 244,496 6,046 ( 390 ) 250,152 Corporate securities 59,020 1,850 ( 102 ) 60,768 Asset-backed securities 45,255 26 ( 125 ) 45,156 Total $ 1,418,445 $ 29,834 $ ( 1,049 ) $ 1,447,230 2020 Amortized Gross Gross Fair Held-to-maturity Obligations of states, municipalities, and political $ 4,395 $ 178 $ — $ 4,573 Total $ 4,395 $ 178 $ — $ 4,573 The Company did not classify securities as trading during 2021 and 2020. The Company adopted the provisions of ASU No. 2016-01 as of January 1, 2019. The adoption of this ASU resulted in the reclassification of available-for-sale equity securities, at fair value to a separate line item on the Company’s Consolidated Statements of Financial Condition, and the reclassification of $ 1.4 million from other comprehensive income to retained earnings, representing the net unrealized gain, net of tax, on available-for-sale for sale equity securities at the date of adoption. At December 31, 2018, the Company held $ 6.6 million of equity investment securities which were reported as available-for-sale securities, at fair value, and are now reported as equity and other securities, at fair value. Additionally, the Company adopted the provisions of ASU No. 2017-12 on January 1, 2019, and elected to reclassify $ 94.8 million of securities held-to-maturity to securities available-for-sale, which did not impact the Consolidated Statements of Operations. Note 4—Securities (continued) Gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2021 and 2020 are summarized as follows: Less than 12 Months 12 Months or Longer Total 2021 # of Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale U.S. Treasury Notes 1 $ 9,946 $ ( 8 ) $ — $ — $ 9,946 $ ( 8 ) U.S. Government agencies 10 64,585 ( 1,590 ) 19,223 ( 777 ) 83,808 $ ( 2,367 ) Obligations of states, municipalities and 3 9,507 ( 56 ) — — 9,507 ( 56 ) Residential mortgage-backed securities Agency 51 612,280 ( 13,894 ) 25,412 ( 1,121 ) 637,692 ( 15,015 ) Non-agency 14 96,372 ( 1,257 ) 761 ( 10 ) 97,133 ( 1,267 ) Commercial mortgage-backed securities Agency 19 64,473 ( 1,994 ) 37,063 ( 1,667 ) 101,536 ( 3,661 ) Corporate securities 3 7,502 ( 54 ) — — 7,502 ( 54 ) Asset-backed securities 3 15,978 ( 4 ) — — 15,978 ( 4 ) Total 104 $ 880,643 $ ( 18,857 ) $ 82,459 $ ( 3,575 ) $ 963,102 $ ( 22,432 ) Less than 12 Months 12 Months or Longer Total 2020 # of Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale U.S. Government agencies 5 $ 30,639 $ ( 137 ) $ — $ — 30,639 ( 137 ) Obligations of states, municipalities 2 210 ( 85 ) — — 210 ( 85 ) Residential mortgage-backed securities Agency 8 45,253 ( 198 ) 472 ( 7 ) 45,725 ( 205 ) Non-agency 2 3,963 ( 5 ) — — 3,963 ( 5 ) Commercial mortgage-backed securities Agency 8 55,554 ( 390 ) — — 55,554 ( 390 ) Corporate securities 6 10,916 ( 102 ) — — 10,916 ( 102 ) Asset-backed securities 6 24,436 ( 99 ) 4,952 ( 26 ) 29,388 ( 125 ) Total 37 $ 170,971 $ ( 1,016 ) $ 5,424 $ ( 33 ) $ 176,395 $ ( 1,049 ) Note 4—Securities (continued) Certain securities have fair values less than amortized cost and, therefore, contain unrealized losses. The Company evaluated the securities which had an unrealized loss for other than temporary impairment and determined all declines in value to be temporary. There were 104 securities available-for-sale with unrealized losses at December 31, 2021 , compared to 37 at December 31, 2020 . There were no securities held-to-maturity with unrealized losses at December 31, 2021, or December 31, 2020. The Company anticipates full recovery of amortized cost with respect to these securities by maturity, or sooner, in the event of a more favorable market interest rate environment. The Company does not intend to sell these securities and it is not more likely than not that the Company will be required to sell them before recovery of their amortized cost basis, which may be at maturity. The proceeds from all sales and calls of securities were available-for-sale, and the associated gains and losses for the years ended December 31, 2021, 2020, and 2019 are listed below: 2021 2020 2019 Proceeds $ 203,791 $ 208,978 $ 92,103 Gross gains 2,830 5,383 1,274 Gross losses 1,395 82 123 Securities posted as collateral at December 31, 2021 and 2020 had carrying amounts of $ 332.3 million and $ 731.8 million, respectively, of which carrying amounts of $ 332.3 million and $ 323.9 million, were pledged at December 31, 2021 and 2020, respectively. At December 31, 2021 and 2020 , of those pledged, the carrying amounts of securities pledged as collateral for public fund deposits were $ 277.1 million and $ 245.1 million, respectively, and for customer repurchase agreements of $38.8 million and $64.1 million, respectively. At December 31, 2021 , and 2020 there were no securities pledged for advances from the Federal Home Loan Bank. Other securities were pledged for derivative positions, letters of credit and for purposes required or permitted by law. At December 31, 2021 and 2020 , there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10 % of stockholders’ equity. At December 31, 2021, the amortized cost and fair value of debt securities are shown by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Fair Available-for-sale Due in one year or less $ 19,225 $ 19,354 Due from one to five years 56,817 57,843 Due from five to ten years 207,232 208,360 Due after ten years 65,743 66,542 Mortgage and asset-backed securities 1,117,465 1,102,443 Total $ 1,466,482 $ 1,454,542 Held-to-maturity Due from one to five years $ 1,175 $ 1,199 Due from five to ten years 2,710 2,793 Total $ 3,885 $ 3,992 |
Loans and Lease Receivables
Loans and Lease Receivables | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Loans and Lease Receivables | Note 5—Loans and Lease Receivables Outstanding loan and lease receivables as of December 31, 2021 and 2020 were categorized as follows: 2021 2020 Commercial real estate $ 1,663,256 $ 1,416,731 Residential real estate 480,236 569,387 Construction, land development, and other land 327,143 231,602 Commercial and industrial 1,580,235 1,372,452 Paycheck Protection Program ("PPP") 127,184 527,044 Installment and other 1,322 1,942 Lease financing receivables 354,135 223,295 Total loans and leases 4,533,511 4,342,453 Net unamortized deferred fees and costs ( 674 ) ( 5,764 ) Initial direct costs 4,291 3,846 Allowance for loan and lease losses ( 55,012 ) ( 66,347 ) Net loans and leases $ 4,482,116 $ 4,274,188 2021 2020 Lease financing receivables Net minimum lease payments $ 352,948 $ 234,472 Unguaranteed residual values 27,953 8,690 Unearned income ( 26,766 ) ( 19,867 ) Total lease financing receivables 354,135 223,295 Initial direct costs 4,291 3,846 Lease financial receivables before allowance for $ 358,426 $ 227,141 Total loans and leases consist of originated loans and leases, acquired impaired loans, and acquired non-impaired loans and leases. At December 31, 2021 and 2020 , total loans and leases included the guaranteed amount of U.S. government guaranteed loans of $ 231.2 million and $ 635.0 million, respectively. At December 31, 2021 and 2020 , the discount on the unguaranteed portion of the U.S. government guaranteed loans was $ 28.3 million and $ 28.3 million, respectively, which are included in total loans and leases. At December 31, 2021 and 2020 , installment and other loans included overdraft deposits of $ 445,000 and $ 496,000 , respectively, which were reclassified as loans. At December 31, 2021 and 2020 , loans and loans held for sale pledged as security for borrowings were $ 1.9 billion and $ 2.3 billion, respectively. The minimum annual lease payments for lease financing receivables as of December 31, 2021 are summarized as follows: Minimum Lease 2022 $ 116,924 2023 95,396 2024 70,075 2025 47,717 2026 20,528 Thereafter 2,308 Total $ 352,948 Note 5—Loans and Lease Receivables (continued) Originated loans and leases represent originations excluding loans initially acquired in a business combination. However, once an acquired non-impaired loan reaches its maturity date, and is re-underwritten and renewed, it is internally classified as an originated loan. Acquired impaired loans are loans acquired from a business combination with evidence of credit quality deterioration and are accounted for under ASC Topic 310-30. Acquired non-impaired loans and leases represent loans and leases acquired from a business combination without more than insignificant evidence of credit quality deterioration and are accounted for under ASC Topic 310-20. Acquired leases and revolving loans having evidence of credit quality deterioration do not qualify to be accounted for as acquired impaired loans and are accounted for under ASC Topic 310-20. The following tables summarize the balances for each respective loan and lease category as of December 31, 2021 and 2020: 2021 Originated Acquired Acquired Total Commercial real estate $ 1,379,000 $ 72,160 $ 214,588 $ 1,665,748 Residential real estate 379,796 49,401 51,317 480,514 Construction, land development, and other land 323,886 1,312 201 325,399 Commercial and industrial 1,534,745 4,014 43,202 1,581,961 Paycheck Protection Program 123,712 - - 123,712 Installment and other 940 164 264 1,368 Lease financing receivables 352,247 — 6,179 358,426 Total loans and leases $ 4,094,326 $ 127,051 $ 315,751 $ 4,537,128 2020 Originated Acquired Acquired Total Commercial real estate $ 1,017,587 $ 108,484 $ 295,599 $ 1,421,670 Residential real estate 414,220 78,840 79,211 572,271 Construction, land development, and other land 226,408 4,113 212 230,733 Commercial and industrial 1,276,527 10,178 82,195 1,368,900 Paycheck Protection Program 517,815 — — 517,815 Installment and other 1,267 202 536 2,005 Lease financing receivables 214,636 — 12,505 227,141 Total loans and leases $ 3,668,460 $ 201,817 $ 470,258 $ 4,340,535 Acquired impaired loans —As part of the Oak Park River Forest acquisition, the Bank acquired impaired loans in the amount of $ 52.9 million. Refer to Note 3—Acquisition of a Business for additional information regarding these transactions. There were no acquired impaired loans purchased during 2021 or 2020 . The following table presents a reconciliation of the undiscounted contractual cash flows, non‑accretable difference, accretable yield, and fair value of acquired impaired loans as of April 30, 2019 (Oak Park River Forest): April 30, 2019 Oak Park River Forest Undiscounted contractual cash flows $ 74,092 Undiscounted cash flows not expected to be collected (non-accretable difference) ( 11,401 ) Undiscounted cash flows expected to be collected 62,691 Accretable yield at acquisition ( 9,764 ) Estimated fair value of impaired loans acquired at acquisition $ 52,927 Note 5—Loans and Lease Receivables (continued) The unpaid principal balance and carrying amount of all acquired impaired loans are summarized below. The balances do not include an allowance for loan and lease losses of $ 3.2 million and $ 6.5 million, at December 31, 2021 and 2020, respectively. 2021 2020 Unpaid Carrying Unpaid Carrying Commercial real estate $ 113,257 $ 72,160 $ 154,233 $ 108,484 Residential real estate 95,056 49,401 126,086 78,840 Construction, land development, and other land 8,571 1,312 12,677 4,113 Commercial and industrial 10,201 4,014 15,925 10,178 Installment and other 858 164 917 202 Total acquired impaired loans $ 227,943 $ 127,051 $ 309,838 $ 201,817 The following table summarizes the changes in accretable yield for acquired impaired loans for the years ended December 31, 2021, 2020 and 2019: 2021 2020 2019 Beginning balance $ 27,696 $ 40,009 $ 37,115 Additions — — 9,764 Accretion to interest income ( 13,487 ) ( 19,184 ) ( 24,535 ) Reclassification from nonaccretable difference 4,386 6,871 17,665 Ending balance $ 18,595 $ 27,696 $ 40,009 Acquired non‑impaired loans and leases — The Company acquired non-impaired loans as part of the Oak Park River Forest acquisition in the amount of $ 204.5 million. Refer to Note 3—Acquisition of a Business for additional information regarding these transactions. The unpaid principal balance and carrying value for acquired non‑impaired loans and leases at December 31, 2021 and 2020 were as follows: 2021 2020 Unpaid Carrying Unpaid Carrying Commercial real estate $ 219,277 $ 214,588 $ 302,091 $ 295,599 Residential real estate 51,839 51,317 80,104 79,211 Construction, land development, and other land 265 201 278 212 Commercial and industrial 44,827 43,202 84,608 82,195 Installment and other 273 264 553 536 Lease financing receivables 6,199 6,179 13,978 12,505 Total acquired non-impaired loans and leases $ 322,680 $ 315,751 $ 481,612 $ 470,258 |
Allowance for Loan and Lease Lo
Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Allowance for Loan and Leases and Reserve for Unfunded Commitments | Note 6—Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments Loans and leases considered for inclusion in the allowance for loan and lease losses include acquired non-impaired loans and leases, those acquired impaired loans with credit deterioration after acquisition, and originated loans and leases. Although all acquired loans and leases are included in the following table, only those with credit deterioration subsequent to acquisition date are actually included in the allowance for loan and lease losses. The following tables summarize the balance and activity within the allowance for loan and lease losses, the components of the allowance for loan and lease losses in terms of loans and leases individually and collectively evaluated for impairment, and corresponding loan and lease balances by type for the years ended December 31, 2021, 2020 and 2019 are as follows: 2021 Commercial Residential Construction, Commercial Paycheck Protection Program Installment Lease Total Allowance for loan and lease losses Beginning balance $ 19,584 $ 2,400 $ 1,352 $ 41,183 $ — $ 15 $ 1,813 $ 66,347 Provision/(recapture) 1,263 ( 663 ) ( 504 ) ( 219 ) — ( 6 ) 1,586 1,457 Charge-offs ( 4,698 ) ( 124 ) ( 326 ) ( 9,015 ) — — ( 1,501 ) ( 15,664 ) Recoveries 769 15 — 1,180 — — 908 2,872 Ending balance $ 16,918 $ 1,628 $ 522 $ 33,129 $ — $ 9 $ 2,806 $ 55,012 Ending balance: Individually evaluated for impairment $ 6,538 $ — $ — $ 14,500 $ — $ — $ — $ 21,038 Collectively evaluated for impairment 8,570 622 519 18,265 — 7 2,806 30,789 Loans acquired with 1,810 1,006 3 364 — 2 — 3,185 Total allowance for loan and lease losses $ 16,918 $ 1,628 $ 522 $ 33,129 $ — $ 9 $ 2,806 $ 55,012 2021 Commercial Residential Construction, Commercial Paycheck Protection Program Installment Lease Total Loans and leases ending balance: Individually evaluated for $ 35,051 $ 1,802 $ — $ 36,070 $ — $ — $ — $ 72,923 Collectively evaluated for 1,558,537 429,311 324,087 1,541,877 123,712 1,204 358,426 4,337,154 Loans acquired with deteriorated 72,160 49,401 1,312 4,014 — 164 — 127,051 Total loans and leases $ 1,665,748 $ 480,514 $ 325,399 $ 1,581,961 $ 123,712 $ 1,368 $ 358,426 $ 4,537,128 Note 6—Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments (continued) 2020 Commercial Residential Construction, Commercial Paycheck Protection Program Installment Lease Total Allowance for loan and lease losses Beginning balance $ 7,965 $ 1,990 $ 610 $ 19,377 $ — $ 50 $ 1,944 $ 31,936 Provision/(recapture) 17,759 548 1,390 35,498 — ( 35 ) 789 55,949 Charge-offs ( 6,407 ) ( 274 ) ( 701 ) ( 14,182 ) — — ( 1,783 ) ( 23,347 ) Recoveries 267 136 53 490 — — 863 1,809 Ending balance $ 19,584 $ 2,400 $ 1,352 $ 41,183 $ — $ 15 $ 1,813 $ 66,347 Ending balance: Individually evaluated for impairment $ 5,034 $ 78 $ — $ 18,848 $ — $ — $ — $ 23,960 Collectively evaluated for impairment 10,676 1,836 987 20,598 — 15 1,813 35,925 Loans acquired with deteriorated credit quality 3,874 486 365 1,737 — — — 6,462 Total allowance for loan and lease losses $ 19,584 $ 2,400 $ 1,352 $ 41,183 $ — $ 15 $ 1,813 $ 66,347 2020 Commercial Residential Construction, Commercial Paycheck Protection Program Installment Lease Total Loans and leases ending balance: Individually evaluated for $ 46,169 $ 1,830 $ — $ 47,356 $ — $ — $ — $ 95,355 Collectively evaluated for 1,267,017 491,601 226,620 1,311,366 517,815 1,803 227,141 4,043,363 Loans acquired with deteriorated 108,484 78,840 4,113 10,178 - 202 — 201,817 Total loans and leases $ 1,421,670 $ 572,271 $ 230,733 $ 1,368,900 $ 517,815 $ 2,005 $ 227,141 $ 4,340,535 2019 Commercial Residential Construction, Commercial Installment Lease Total Allowance for loan and lease losses Beginning balance $ 7,540 $ 1,751 $ 466 $ 12,932 $ 49 $ 2,463 $ 25,201 Provision/(recapture) 4,805 67 144 14,460 15 1,217 20,708 Charge-offs ( 4,950 ) ( 113 ) — ( 8,171 ) ( 16 ) ( 2,609 ) ( 15,859 ) Recoveries 570 285 — 156 2 873 1,886 Ending balance $ 7,965 $ 1,990 $ 610 $ 19,377 $ 50 $ 1,944 $ 31,936 Ending balance: Individually evaluated for impairment $ 2,614 $ 124 $ — $ 7,952 $ — $ — $ 10,690 Collectively evaluated for impairment 4,414 1,191 584 10,287 50 1,944 18,470 Loans acquired with deteriorated credit 937 675 26 1,138 — — 2,776 Total allowance for loan and lease losses $ 7,965 $ 1,990 $ 610 $ 19,377 $ 50 $ 1,944 $ 31,936 2019 Commercial Residential Construction, Commercial Installment Lease Total Loans and leases ending balance: Individually evaluated for $ 26,396 $ 2,398 $ 2,644 $ 37,303 $ — $ — $ 68,741 Collectively evaluated for 1,114,232 609,201 270,640 1,277,353 6,316 180,510 3,458,252 Loans acquired with deteriorated 135,914 100,223 5,373 16,909 249 — 258,668 Total loans and leases $ 1,276,542 $ 711,822 $ 278,657 $ 1,331,565 $ 6,565 $ 180,510 $ 3,785,661 Note 6—Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments (continued) The Company decreased the allowance for loan and lease losses by $ 11.3 million for the year ended December 31, 2021. The Company increased the allowance for loan and lease losses by $ 34.4 million, and $ 6.7 million for the years ended December 31, 2020 and 2019 , respectively. For acquired impaired loans, the Company decreased the allowance for loan and lease losses by $ 3.3 million for the year ended December 31, 2021, and increased the allowance for loan and lease losses by $ 3.7 million, $ 41,000 for the year ended December 31, 2020, and 2019, respectively. For loans individually evaluated for impairment, the Company decreased the allowance for loan and lease losses by $ 2.9 million year ended December 31, 2021 , and increased the allowance for loan and lease losses by $ 13.3 million, and $ 4.0 million for the years ended December 31, 2020, and 2019 , respectively. For loans collectively evaluated for impairment, the Company decreased the allowance for loan and lease losses by $ 5.1 million year ended December 31, 2021 , and increased the allowance for loan and lease losses by $ 17.5 million, and $ 2.7 million for the years ended December 31, 2020 and 2019, respectively. The following tables summarize the recorded investment, unpaid principal balance, related allowance, average recorded investment, and interest income recognized for loans and leases considered impaired as of December 31, 2021, 2020, and 2019, which excludes acquired impaired loans: 2021 Recorded Unpaid Related Average Interest With no related allowance recorded Commercial real estate $ 17,233 $ 19,252 $ — $ 26,041 $ 1,262 Residential real estate 1,802 1,919 — 2,647 123 Commercial and industrial 16,624 19,148 — 16,808 923 With an allowance recorded Commercial real estate 17,818 20,117 6,538 26,575 1,563 Residential real estate — — — 164 2 Commercial and industrial 19,446 21,198 14,500 27,251 2,114 Total impaired loans $ 72,923 $ 81,634 $ 21,038 $ 99,486 $ 5,987 Note 6—Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments (continued) 2020 Recorded Unpaid Related Average Interest With no related allowance recorded Commercial real estate $ 32,473 $ 34,792 $ — $ 23,938 $ 1,835 Residential real estate 1,558 1,644 — 1,627 59 Construction, land development, and other land — — — 2,238 220 Commercial and industrial 17,944 19,917 — 16,359 989 With an allowance recorded Commercial real estate 13,696 14,919 5,034 13,022 1,023 Residential real estate 272 274 78 413 21 Commercial and industrial 29,412 32,018 18,848 21,354 2,217 Total impaired loans $ 95,355 $ 103,564 $ 23,960 $ 78,951 $ 6,364 2019 Recorded Unpaid Related Average Interest With no related allowance recorded Commercial real estate $ 16,556 $ 19,808 $ — $ 11,218 $ 1,257 Residential real estate 2,165 2,253 — 2,285 192 Construction, land development, and other land 2,644 3,000 — 220 191 Commercial and industrial 19,211 20,398 — 14,137 1,487 With an allowance recorded Commercial real estate 9,840 10,691 2,614 8,863 711 Residential real estate 233 233 124 195 7 Commercial and industrial 18,092 19,285 7,952 14,989 1,010 Total impaired loans $ 68,741 $ 75,668 $ 10,690 $ 51,907 $ 4,855 For purposes of these tables, the unpaid principal balance represents the outstanding contractual balance. Impaired loans include loans that are individually evaluated for impairment as well as troubled debt restructurings for all loan categories. The sum of non‑accrual loans and loans past due 90 days still on accrual will differ from the total impaired loan amount. The Bank’s credit risk rating methodology assigns risk ratings from 1 to 10, where a higher rating represents higher risk. The risk rating categories are described by the following groupings: Pass —Ratings 1‑4 define the risk levels of borrowers and guarantors that offer a minimal to an acceptable level of risk. Watch —A watch asset (rating of 5) has credit exposure that presents higher than average risk and warrants greater than routine attention by Bank personnel due to conditions affecting the borrower, the borrower’s industry or the economic environment. Special Mention —A special mention asset (rating of 6) has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the Company’s credit position at some future date. Substandard Accrual —A substandard accrual asset (rating of 7) has well‑defined weakness or weaknesses in cash flow and collateral coverage resulting in a distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. This classification may be used in limited cases, where despite credit severity, the borrower is current on payments and there is an agreed plan for credit remediation. Substandard Non‑Accrual —A substandard asset (rating of 8) has well‑defined weakness or weaknesses in cash flow and collateral coverage resulting in the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Note 6—Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments (continued) Doubtful —A doubtful asset (rating of 9) has all the weaknesses inherent in one classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. Loss —A loss asset (rating of 10) is considered uncollectible and of such little value that its continuance as a realizable asset is not warranted. The following tables summarize the risk rating categories of the loans and leases considered for inclusion in the allowance for loan and lease losses calculation, excluding acquired impaired loans, as of December 31, 2021 and 2020: 2021 Commercial Residential Construction, Commercial Paycheck Protection Program Installment Lease Total Pass $ 1,397,228 $ 406,948 $ 286,434 $ 1,341,826 $ 123,712 $ 1,123 $ 354,380 $ 3,911,651 Watch 123,248 19,062 31,768 177,638 — 81 1,992 353,789 Special Mention 37,340 3,118 5,885 21,586 — — 1,609 69,538 Substandard 35,772 1,985 — 36,897 — — 348 75,002 Doubtful — — — — — — 97 97 Loss — — — — — — — — Total $ 1,593,588 $ 431,113 $ 324,087 $ 1,577,947 $ 123,712 $ 1,204 $ 358,426 $ 4,410,077 2020 Commercial Residential Construction, Commercial Paycheck Protection Program Installment Lease Total Pass $ 1,064,623 $ 463,103 $ 180,458 $ 1,027,399 $ 517,815 $ 1,706 $ 222,818 $ 3,477,922 Watch 134,381 22,086 46,162 225,930 — 96 47 428,702 Special Mention 60,022 3,795 — 56,784 — — 2,721 123,322 Substandard 54,160 4,447 — 48,609 — 1 955 108,172 Doubtful — — — — — — 600 600 Loss — — — — — — — — Total $ 1,313,186 $ 493,431 $ 226,620 $ 1,358,722 $ 517,815 $ 1,803 $ 227,141 $ 4,138,718 The following tables summarize contractual delinquency information for acquired non-impaired and originated loans and leases by category as of December 31, 2021 and 2020: 2021 30-59 Days 60-89 Greater than Non- Total Current Total Commercial real estate $ 5,185 $ 2,361 $ — $ 12,751 $ 20,297 $ 1,573,291 $ 1,593,588 Residential real estate 14,282 852 — 1,450 16,584 414,529 431,113 Construction, land development, and 5,885 — — — 5,885 318,202 324,087 Commercial and industrial 2,479 1,097 — 8,600 12,176 1,565,771 1,577,947 Paycheck Protection Program — — — — — 123,712 123,712 Installment and other 3 35 — — 38 1,166 1,204 Lease financing receivables 1,661 251 — 329 2,241 356,185 358,426 Total $ 29,495 $ 4,596 $ — $ 23,130 $ 57,221 $ 4,352,856 $ 4,410,077 Note 6—Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments (continued) 2020 30-59 60-89 Greater than Non- Total Current Total Commercial real estate $ 1,544 $ 4,194 $ — $ 15,969 $ 21,707 $ 1,291,479 $ 1,313,186 Residential real estate 1,686 — — 1,929 3,615 489,816 493,431 Construction, land development, and — — — — — 226,620 226,620 Commercial and industrial 4,521 1,290 — 21,936 27,747 1,330,975 1,358,722 Paycheck Protection Program — — — — — 517,815 517,815 Installment and other 6 — — 1 7 1,796 1,803 Lease financing receivables 996 376 — 1,268 2,640 224,501 227,141 Total $ 8,753 $ 5,860 $ - $ 41,103 $ 55,716 $ 4,083,002 $ 4,138,718 Trouble debt restructurings are granted due to borrower financial difficulty and provide for a modification of loan repayment terms. TDRs are treated in the same manner as impaired loans for purposes of calculating the allowance for loan and lease losses. The tables below present TDRs by loan category as of December 31, 2021, 2020, and 2019. Refer to Note 1—Summary of Significant Accounting Policies for the accounting policy for TDRs. 2021 Number Pre-Modification Post-Modification Charge-offs Specific Accruing: Commercial real estate 5 $ 1,703 $ 1,703 $ — $ 215 Commercial and industrial 1 56 56 — 131 Residential real estate 2 168 168 — — Total accruing 8 1,927 1,927 — 346 Non-accruing: Commercial real estate 4 1,034 918 116 111 Commercial and industrial 3 1,745 588 1,157 — Total non-accruing 7 2,779 1,506 1,273 111 Total troubled debt restructurings 15 $ 4,706 $ 3,433 $ 1,273 $ 457 2020 Number Pre-Modification Post-Modification Charge-offs Specific Accruing: Commercial real estate 8 $ 2,187 $ 2,187 $ — $ 104 Commercial and industrial 1 78 78 — 78 Residential real estate 3 230 230 — — Total accruing 12 2,495 2,495 — 182 Non-accruing: Commercial real estate 4 1,609 1,362 247 102 Commercial and industrial 14 4,420 4,288 132 3,157 Total non-accruing 18 6,029 5,650 379 3,259 Total troubled debt restructurings 30 $ 8,524 $ 8,145 $ 379 $ 3,441 Note 6—Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments (continued) 2019 Number Pre-Modification Post-Modification Charge-offs Specific Accruing: Commercial real estate 5 $ 1,451 $ 1,451 $ — $ 223 Commercial and industrial 2 129 129 — 118 Residential real estate 2 191 191 — — Total accruing 9 1,771 1,771 — 341 Non-accruing: Commercial real estate 6 2,777 2,600 177 513 Commercial and industrial 11 8,048 6,096 1,952 1,312 Residential real estate 1 104 104 — — Total non-accruing 18 10,929 8,800 2,129 1,825 Total troubled debt restructurings 27 $ 12,700 $ 10,571 $ 2,129 $ 2,166 There was no commitment outstanding on troubled debt restructurings at December 31, 2021 and 2020, and a $ 500,000 commitment outstanding on troubled debt restructurings at December 31, 2019. Loans modified as troubled debt restructurings that occurred during the years ended December 31, 2021, 2020, and 2019: For the Year Ended December 31, 2021 2020 2019 Accruing: Beginning balance $ 2,495 $ 1,771 $ 1,813 Additions 281 818 113 Net payments ( 636 ) ( 1,598 ) ( 940 ) Net transfers (to) from non-accrual ( 213 ) 1,504 785 Ending balance 1,927 2,495 1,771 Non-accruing: Beginning balance 5,650 8,800 7,314 Additions 673 5,771 5,254 Net payments ( 3,671 ) ( 2,087 ) ( 2,310 ) Charge-offs ( 1,359 ) ( 5,330 ) ( 673 ) Net transfers (to) from accrual 213 ( 1,504 ) ( 785 ) Ending balance 1,506 5,650 8,800 Total troubled debt restructurings $ 3,433 $ 8,145 $ 10,571 There were no troubled debt restructurings that subsequently defaulted within twelve months of the restructure date during the year ended December 31, 2021. Troubled debt restructurings that subsequently defaulted within twelve months of the restructure date during the years ended December 31, 2020, and 2019 had a recorded investment of $ 36,000 , and $ 348,000 , respectively. The following table presents the change in balance for reserve for unfunded commitments as of December 31, 2021, 2020 and 2019: For the Year Ended December 31, 2021 2020 2019 Beginning balance $ 1,887 $ 1,159 $ 1,239 Provision/(recapture) for/of unfunded commitments ( 484 ) 728 ( 80 ) Ending balance $ 1,403 $ 1,887 $ 1,159 |
Servicing Assets
Servicing Assets | 12 Months Ended |
Dec. 31, 2021 | |
Transfers and Servicing [Abstract] | |
Servicing Assets | Note 7—Servicing Assets Activity for servicing assets and the related changes in fair value for the years ended December 31, 2021, 2020 and 2019 is as follows: 2021 2020 2019 Beginning balance $ 22,042 $ 19,471 $ 19,693 Additions, net 8,360 7,522 6,417 Changes in fair value ( 6,658 ) ( 4,951 ) ( 6,639 ) Ending balance $ 23,744 $ 22,042 $ 19,471 Loans serviced for others are not included in the Consolidated Statements of Financial Condition. The unpaid principal balances of these loans serviced for others were as follows as December 31, 2021 and 2020: 2021 2020 Loan portfolios serviced for: SBA guaranteed loans $ 1,510,375 $ 1,395,713 USDA guaranteed loans 183,026 135,543 Total $ 1,693,401 $ 1,531,256 Loan servicing revenue totaled $ 12.7 million, $ 11.3 million, and $ 10.7 million for the years ended December 31, 2021, 2020, and 2019, respectively. Loan servicing asset revaluation, which represents the changes in fair value of servicing assets, totaled downward valuations of $ 6.7 million, $ 5.0 million, and $ 6.6 million for the years ended December 31, 2021, 2020, and 2019, respectively. The fair value of servicing rights is highly sensitive to changes in underlying assumptions. Changes in prepayment speed assumptions have the most significant impact on the fair value of servicing rights. Generally, as interest rates rise on variable rate loans, loan prepayments increase due to an increase in refinance activity, which may result in a decrease in the fair value of servicing assets. Measurement of fair value is limited to the condition existing and the assumptions used as of a particular point in time, and those assumptions may change over time. Refer to Note 18—Fair Value Measurement for further details. |
Other Real Estate Owned
Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2021 | |
Real Estate [Abstract] | |
Other Real Estate Owned | Note 8—Other Real Estate Owned The following table presents the change in other real estate owned (“OREO”) for the years ended December 31, 2021, 2020 and 2019: 2021 2020 2019 Beginning balance $ 6,350 $ 9,896 $ 5,041 Acquisition of OREO through business combination — — 2,201 Net additions to OREO 571 150 5,910 Proceeds from sales of OREO ( 4,285 ) ( 2,313 ) ( 3,173 ) Gains (losses) on sales of OREO 390 ( 39 ) 428 Valuation adjustments ( 914 ) ( 1,344 ) ( 511 ) Ending balance $ 2,112 $ 6,350 $ 9,896 At December 31, 2021 and 2020 the balance of real estate owned included no foreclosed residential real estate properties recorded as a result of obtaining physical possession of the property. At December 31, 2021 and 2020 , the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process is $ 2.5 million and $ 3.3 million, respectively. There were no internally financed sales of OREO for the year ended December 31, 2021 or 2020, respectively. |
Premises and Equipment and Asse
Premises and Equipment and Assets Held for Sale | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment and Assets Held for Sale | Note 9—Premises and Equipment and Assets Held for Sale Classifications of premises and equipment as of December 31, 2021 and 2020 and were as follows: 2021 2020 Premises $ 43,785 $ 55,704 Furniture, fixtures and equipment 15,369 17,806 Leasehold improvements 5,843 4,984 Total cost 64,997 78,494 Less accumulated depreciation and amortization and impairment ( 33,141 ) ( 33,967 ) Net book value of premises, furniture, fixtures, equipment, and leasehold improvements 31,856 44,527 Construction in progress 355 682 Land 30,337 41,519 Premises and equipment, net $ 62,548 $ 86,728 Depreciation and amortization expense related to premises and equipment for the years ended December 31, 2021, 2020 and 2019 was $ 6.0 million, $ 6.5 million and $ 6.4 million, respectively. Refer to Note 10—Leases for additional discussion related to operating lease commitments. During 2019, two branches were closed and transferred to assets held for sale and two former branch locations were sold. In 2020, 15 branches were closed and consolidated and one piece of vacant land and two additional branches were transferred to assets held for sale and one former branch location was sold. During 2021, two branches were removed from retail operations but remain open as lending offices. Additionally, one piece of vacant land, one piece of vacant land/vacant single-family residence and eight branches were transferred to assets held for sale. One piece of vacant land/vacant single-family residence and 10 former branch locations were sold. During the year ended December 31, 2021, impairment losses of $ 2.2 million were recognized on premises and are reflected in other non-interest expense. Branches owned by the Company and actively marketed for sale are transferred to assets held for sale based on the lower of carrying value or fair value, less estimated costs to sell. Assets are considered held for sale when management has approved the sale of the assets following a branch closure or other events. The following table presents the change in assets held for sale for the years ended December 31, 2021, 2020, and 2019: 2021 2020 2019 Beginning balance $ 13,023 $ 15,362 $ 14,489 Transfers in 16,870 3,863 2,733 Proceeds from sales ( 9,040 ) ( 1,434 ) ( 1,373 ) Net gains on sales 632 1 82 Impairment loss ( 12,332 ) ( 4,769 ) ( 569 ) Ending balance $ 9,153 $ 13,023 $ 15,362 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | Note 10—Leases The Company enters into leases in the normal course of business primarily for its banking facilities and branches. The Company’s operating leases have varying maturity dates through year end 2042 , some of which include renewal or termination options to extend the lease. In addition, the Company leases or subleases real estate to third parties. The Company includes lease extension and termination options in the lease term if, after considering relevant economic factors, it is reasonably certain the Company will exercise the option. In addition, the Company has elected to account for any non-lease components in its real estate leases as part of the associated lease component. The Company has also elected not to recognize leases with original lease terms of 12 months or less (short-term leases) on the Company’s balance sheet. Leases are classified at the lease commencement date. Lease expense for operating leases and short-term leases is recognized on a straight-line basis over the lease term. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. Note 10—Leases (continued) The Company uses its incremental borrowing rate at leases commencement to calculate the present value of lease payments when the rate implicit in a lease is not known. The Company's incremental borrowing rate is based on the FHLB regular advance rate, adjusted for the lease term and other factors. At December 31, 2021, the weighted average discount borrowing rate was 0.99 % and the weighted average remaining life of operating leases was 6.0 years. During the year ended December 31, 2021, impairment losses of $ 1.9 million were recognized on Operating lease right-of-use asset and are reflected in other non-interest expense. The following table presents components of total lease costs included as a component of occupancy expense on the Consolidated Statement of Operations for the years ended December 31, 2021: December 31, 2021 Operating lease cost 3,461 Short-term lease cost 160 Variable lease cost 1,819 Less: Sublease income ( 653 ) Total lease cost, net $ 4,787 The future minimum lease payments for finance leases and operating leases, subsequent to December 31, 2021, as recorded on the balance sheet, are summarized as follows: Operating Lease 2022 $ 4,259 2023 3,028 2024 2,824 2025 2,141 2026 1,719 Thereafter 2,365 Total $ 16,336 Imputed interest $ ( 707 ) Present value of future minimum lease payments $ 15,629 The Company’s rental expenses for the year ended December 31, 2021, 2020 and 2019 were $ 5.4 million $ 7.9 million, and $ 5.8 million, respectively. For the year ended December 31, 2021, 2020 and 2019, the Company received $ 653,000 and $ 727,000 , and $ 752,000 , respectively, in sublease income. The total amount of minimum rentals to be received in the future on these subleases is approximately $ 1.3 million, and the leases have contractual lives extending through 2026. In addition to the above required lease payments, the Company has contractual obligations related primarily to information technology contracts and other maintenance contracts. |
Goodwill, Core Deposit Intangib
Goodwill, Core Deposit Intangible and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill, Core Deposit Intangible and Other Intangible Assets | Note 11—Goodwill, Core Deposit Intangible and Other Intangible Assets The Company’s annual goodwill test was performed as of November 30, 2021. The Company determined that no impairment existed as of that date. Refer to Note 1—Business and Summary of Significant Accounting Policies for discussion of goodwill. The following table summarizes the changes in the Company’s goodwill and core deposit intangible assets for the years ended December 31, 2021, 2020 and 2019: 2021 2020 2019 Goodwill Core Deposit Customer Goodwill Core Deposit Customer Goodwill Core Deposit Customer Beginning balance $ 148,353 $ 21,809 $ 2,469 $ 148,353 $ 29,111 $ 2,791 $ 128,177 $ 30,360 $ 3,059 Additions — — — — — — 20,176 6,220 — Amortization or accretion — ( 6,805 ) ( 268 ) — ( 7,302 ) ( 322 ) — ( 7,469 ) ( 268 ) Ending balance $ 148,353 $ 15,004 $ 2,201 $ 148,353 $ 21,809 $ 2,469 $ 148,353 $ 29,111 $ 2,791 Accumulated amortization N/A $ 40,462 $ 1,015 N/A $ 33,657 $ 747 N/A $ 26,355 $ 425 Weighted average remaining N/A 4.8 Years 8.3 Years N/A 5.6 Years 9.3 Years N/A 6.5 Years 10.4 Years During 2019, the Company added additional goodwill and core deposit intangible assets in conjunction with the Oak Park River Forest acquisition. Please refer to Note 3—Acquisition of a Business for further details. The following table presents the estimated amortization expense for core deposit intangible and other intangible assets recognized at December 31, 2021: Estimated 2022 $ 6,386 2023 4,336 2024 2,286 2025 1,721 2026 1,157 Thereafter 1,319 Total $ 17,205 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 12—Income Taxes The following were the components of provision for income taxes for the years ended December 31, 2021, 2020, and 2019: 2021 2020 2019 Current tax expense: Federal $ 21,605 $ 21,286 $ 18,976 State and local 9,882 2,015 2,199 Total current tax expense 31,487 23,301 21,175 Deferred tax expense (benefit): Federal 2,966 ( 10,713 ) ( 3,676 ) State and local ( 3,026 ) 1,612 2,794 Total deferred tax benefit ( 60 ) ( 9,101 ) ( 882 ) Provision for income taxes $ 31,427 $ 14,200 $ 20,293 The following is a reconciliation between the statutory U.S. federal income tax rate of 21% for 2021, 2020 and 2019, and the effective tax rate: 2021 2020 2019 Calculated tax expense at statutory rate 21.0 % 21.0 % 21.0 % Increase (decrease) in income taxes resulting from: State taxes, net of federal income tax 5.4 7.3 5.6 Tax exempt income ( 0.9 ) ( 1.3 ) ( 0.5 ) Share-based compensation ( 0.2 ) 0.3 ( 0.1 ) Non-deductible expenses — 0.2 0.3 Total income tax expense 25.3 % 27.5 % 26.3 % Net deferred tax assets increased to $ 50.3 million at December 31, 2021 compared to $ 40.2 million at December 31, 2020. Note 12—Income Taxes (continued) The following were the significant components of the deferred tax assets and liabilities as of December 31, 2021 and 2020: 2021 2020 Deferred tax assets: Net operating losses and tax credits $ 22,338 $ 21,510 Interest on non-accrual loans 2,651 2,250 Allowance for loan and lease losses and loan basis 17,570 25,714 Servicing assets 2,970 4,001 Deposits — 20 Premises and equipment 1,837 — Other real estate owned 329 433 Net unrealized holding losses on cash flow hedges — 117 Net unrealized holding loss on securities available-for-sale 3,239 — Accrued expenses 4,816 3,877 Other 4,502 1,937 Total deferred tax assets 60,252 59,859 Deferred tax liabilities: Premises and equipment — ( 375 ) Core deposit intangibles ( 4,668 ) ( 6,760 ) Trust preferred securities ( 2,196 ) ( 2,380 ) Net unrealized holding gain on securities available-for-sale — ( 8,015 ) Net unrealized holding gain on cash flow hedges ( 1,049 ) — Other ( 2,010 ) ( 2,148 ) Total deferred tax liabilities ( 9,923 ) ( 19,678 ) Net deferred tax assets $ 50,329 $ 40,181 2021 2020 NOL carryforwards available to offset future taxable income: Federal gross NOL carryforwards - begin to expire in 2030 $ 9,072 $ 9,828 Federal gross NOL carryforwards - with no expiration 2,216 2,997 Illinois gross NLD carryforwards - begin to expire in 2031 266,061 250,723 Pursuant to Sections 382 and 383 of the Internal Revenue Code, annual use of net operating loss (“NOL”) and credit carryforwards may be limited in the event a cumulative change in ownership of more than 50 percent occurs within a three‑year period. The Company has determined that such an ownership change occurred as of June 28, 2013 as a result of our recapitalization. This ownership change resulted in estimated annual limitations on the utilization of tax attributes, including net operating loss carryforwards. Approximately $ 756,000 of the restricted Federal net operating losses will become available each year related to Federal net operating losses generated prior to the 2013 recapitalization. In connection with the Company’s acquisition of Oak Park River Forest, the Company acquired $ 4.3 million of additional Federal net operating losses that are subject to an annual Section 382 limitation of approximately $ 781,000 . These Federal net operating losses acquired in connection with the Oak Park River Forest acquisition have no expiration. On March 27, 2020, the CARES Act was enacted in response to the COVID-19 pandemic. The CARES Act, among other things, permits NOL carryovers and carrybacks to offset 100 % of taxable income for taxable years beginning before 2021. In addition, the CARES Act allows NOLs incurred in 2018, 2019, and 2020 to be carried back to each of the five preceding taxable years to generate a refund of previously paid income taxes. The Company has evaluated the impact of the CARES Act and determined that none of the changes would result in a material income tax benefit to the Company. During the second quarter 2021, Illinois Senate Bill 2017 was passed which created a temporary limitation on Net Loss Deduction ("NLD") usage. For tax years 2021, 2022, and 2023, C Corporations are limited to applying a maximum of $ 100,000 of NLD to taxable income. NLDs that are limited during these years have an extended expiration date for the years in which they are limited. The extended expiration of the Company’s NLD carryforwards are from December 31, 2031 to December 31, 2038 . The Company and the Bank file consolidated income tax returns. The Company and the Bank are no longer subject to United States federal income tax examinations for years before 2018 and state income tax examinations for years before 2017. |
Other Borrowings
Other Borrowings | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Other Borrowings | Note 13—Other Borrowings The following is a summary of the Company’s other borrowings as of December 31, 2021 and 2020: 2021 2020 Paycheck Protection Program Liquidity Facility $ — $ 371,907 Federal Home Loan Bank advances 490,000 234,000 Securities sold under agreements to repurchase 29,723 41,994 Line of credit — — Total $ 519,723 $ 647,901 On April 21, 2020, the Bank entered into a Letter Agreement with the Federal Reserve Bank of Chicago that allows the Bank to access the Paycheck Protection Program Liquidity Facility (“PPPLF”). Under the terms of the PPPLF, the Bank pledges loans originated under the PPP to the Federal Reserve Bank of Chicago as collateral for available advances under the PPPLF. Advances under the PPPLF will be an amount equal to the aggregate principal amount of PPP loans pledged by Byline Bank, carry an interest rate of 35 basis points and mature on the maturity date of the PPP loans pledged as collateral for the advance. As of December 31, 2021, the PPPLF had been repaid and carried no balance. Byline Bank has the capacity to borrow funds from the discount window of the FRB. As of December 31, 2021, and December 31, 2020, there were no outstanding advances under the FRB discount window line. The Company pledges loans and leases as collateral for the FRB discount window borrowing. Refer to Note 5 – Loan and Lease Receivables for additional discussion. At December 31, 2021, fixed-rate advances totaled $ 230.0 million, with interest rates ranging from 0.00 % to 0.22 % and maturities ranging from February 2022 to May 2022 . Total variable rate advances were $ 260.0 million at December 31, 2021, with an interest rate of 0.33 % that may reset daily, and mature in February 2022. The Company’s advances from the FHLB are collateralized by residential real estate loans, commercial real estate loans, and securities. The Company’s required investment in FHLB stock is $ 4.50 for every $100 in advances. Refer to Note 4—Securities for additional discussion. subject to the availability of proper collateral. The Bank’s maximum borrowing capacity is limited to 35 % of total assets. Securities sold under agreements to repurchase represent a demand deposit product offered to customers that sweep balances in excess of the FDIC insurance limit into overnight repurchase agreements. The Company pledges securities as collateral for the repurchase agreements. Refer to Note 4—Securities for additional discussion. On October 13, 2016, the Company entered into a $ 30.0 million revolving credit agreement with a correspondent bank. Through subsequent amendments, the revolving credit agreement was reduced to $ 15.0 million and the maturity of the credit facility was extended to October 7, 2022 . The amended revolving line of credit bears interest at either LIBOR plus 195 basis points or the Prime Rate minus 75 basis points, not to be less than 2.00%, based on the Company’s election, which is required to be communicated at least three business days prior to the commencement of an interest period. If the Company fails to provide timely notification, the interest rate will be Prime Rate minus 75 basis points. At December 31, 2021 and December 31, 2020, the line of credit had no outstanding balance. The Company hedges interest rates on borrowed funds using interest rate swaps through which the Company receives variable amounts and pays fixed amounts. Refer to Note 22—Derivative Instruments and Hedging Activities for additional discussion. The following table presents short-term credit lines available for use as of December 31, 2021 and 2020: 2021 2020 Federal Home Loan Bank line $ 1,883,349 $ 2,016,212 Federal Reserve Bank of Chicago discount window line 602,962 874,677 Available federal funds lines 115,000 115,000 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2021 | |
Deposits [Abstract] | |
Deposits | Note 14—Deposits The following is a summary of the Company’s deposits as of December 31, 2021 and 2020: 2021 2020 Non-interest-bearing demand deposits $ 2,158,420 $ 1,762,676 Interest-bearing checking accounts 572,426 494,424 Money market demand accounts 1,106,272 1,142,709 Other savings 638,218 564,700 Time deposits (below $250,000) 532,589 600,810 Time deposits ($250,000 and above) 147,122 186,712 Total deposits $ 5,155,047 $ 4,752,031 There were no brokered deposits included in Time deposits of $ 250,000 or more at December 31, 2021 and $ 35.0 million at December 31, 2020, respectively. At December 31, 2021, the scheduled maturities of time deposits were as follows: Scheduled Maturities 2022 $ 605,648 2023 46,142 2024 13,209 2025 4,912 2026 and thereafter 9,800 Total $ 679,711 |
Subordinated Notes and Junior S
Subordinated Notes and Junior Subordinated Debentures | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Subordinated Notes and Junior Subordinated Debentures | Note 15—Subordinated Notes and Junior Subordinated Debentures During 2020, the Company issued $ 75.0 million in aggregate principal amount of its fixed-to-floating subordinated notes that mature on July 1, 2030 . The subordinated notes bear a fixed interest rate of 6.00 % until July 1, 2025 and a floating interest rate equal to a benchmark rate, which is expected to be three-month Secured Overnight Financing Rate plus 588 basis points thereafter until maturity. The transaction resulted in debt issuance costs of approximately $ 1.7 million that are being amortized over 10 years . As of December 31, 2021 and 2020, the liability outstanding relating to the subordinated notes, net of unamortized debt issuance costs, was $ 73.5 million and $ 73.3 million, respectively. The Company may, at its option, redeem the notes, in whole or in part, on a semi-annual basis beginning on July 1, 2025, subject to obtaining the prior approval of the FRB to the extent such approval is then required. The subordinated notes qualify as Tier 2 capital for regulatory purposes. At December 31, 2021 and 2020, the Company’s junior subordinated debentures by issuance were as follows: Name of Trust Aggregate Aggregate Stated Contractual Rate at December 31, 2021 Interest Rate Spread Metropolitan Statutory Trust 1 $ 35,000 $ 35,000 March 17, 2034 3.01 % Three-month LIBOR + 2.79% First Evanston Bancorp Trust I 10,000 10,000 March 15, 2035 1.98 % Three-month LIBOR + 1.78% Total liability, at par 45,000 45,000 Discount ( 8,094 ) ( 8,549 ) Total liability, at carrying value $ 36,906 $ 36,451 In 2004, the Company’s predecessor, Metropolitan Bank Group, Inc., issued $ 35.0 million floating rate junior subordinated debentures to Metropolitan Statutory Trust 1, which was formed for the issuance of trust preferred securities. The debentures bear interest at three-month LIBOR plus 2.79 % ( 3.01 % and 3.02 % at December 31, 2021 and 2020 , respectively). Interest is payable quarterly. The Company has the right to redeem the debentures, in whole or in part, on any interest payment date on or after March 2009. Accrued interest payable was $ 45,000 as of December 31, 2021 and 2020. As part of our acquisition of First Evanston Bancorp, Inc. ("First Evanston") in 2018, the Company assumed the obligations to First Evanston Bancorp Trust I of $ 10.0 million in principal amount, which was formed for the issuance of trust preferred securities. Refer to Note 3—Acquisition of a Business for additional information. Beginning on March 15, 2010, the interest rate reset to the three-month LIBOR plus 1.78 % ( 1.98 % and 2.00 % at December 31, 2021 and 2020 , respectively), which is in effect until the debentures mature in 2035. Interest is paid on a quarterly basis. The Company has the right to redeem the debentures, in whole or in part, on any interest payment date on or after March 2010. The Company has the option to defer interest payments on the debentures from time to time for a period not to exceed five consecutive years. Accrued interest payable was $ 9,000 as of December 31, 2021 and 2020. The Trusts are not consolidated with the Company. Accordingly, the Company reports the subordinated debentures held by the Trusts as liabilities. The Company owns all of the common securities of each trust. The junior subordinated debentures qualify, and are treated as, Tier 1 regulatory capital of the Company subject to regulatory limitations. The trust preferred securities issued by each trust rank equally with the common securities in right of payment, except that if an event of default under the indenture governing the notes has occurred and is continuing, the preferred securities will rank senior to the common securities in right of payment. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Note 16— Employee Benefit Plans The Company’s defined contribution 401(k) savings plan (the “Plan”) covers substantially all employees that have completed certain service requirements. The Board of Directors determines the amount of any discretionary profit sharing contribution made to the Plan. There were no profit sharing contributions to the Plan for the years ended December 31, 2021, 2020, and 2019. The net assets of the Plan are not included in the Consolidated Statements of Financial Condition. The 401(k) employer match contribution is equal to 100 % of the first 3 % and 50 % for the next 2 % contributed to the Plan by employees. Total expense for the employer contributions made to the Plan were $ 2.6 million during the year ended December 31, 2021 and, $ 2.5 million during the years ended December 31, 2020, and 2019. On June 14, 2017, the Company’s Board of Directors adopted the Byline Bancorp, Inc. Employee Stock Purchase Plan (the “ESPP”) within the meaning of Section 423 of the Internal Revenue Code, as amended. The ESPP allows employees to purchase shares of the Company’s common stock at a discount to the market price of the stock through automatic payroll deductions. A total of 200,000 shares of common stock were reserved for sale under the ESPP, subject to adjustment in accordance with the terms of the ESPP. The Company has issued 125,691 shares in connection with the ESPP, leaving 74,309 available at December 31, 2021 . The Company recognized $ 401,000 , $ 81,000 , and $ 190,000 of compensation expense for the years ended December 31, 2021 , 2020 and 2019, respectively. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Note 17— Commitments and Contingent Liabilities Legal contingencies —In the ordinary course of business, the Company and Bank have various outstanding commitments and contingent liabilities that are not recognized in the accompanying consolidated financial statements. In addition, the Company may be a defendant in certain claims and legal actions arising in the ordinary course of business. In the opinion of management, after consultation with legal counsel, the ultimate disposition of these matters is currently not expected to have a material adverse effect on the Company’s Consolidated Financial Statements. Commitments to extend credit —The Company is party to financial instruments with off‑balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the Consolidated Statements of Financial Condition. The contractual or notional amounts of those instruments reflect the extent of involvement the Company has in particular classes of financial instruments. Operating lease commitments —Refer to Note 10—Leases for additional information on operating lease commitments. Note 17— Commitments and Contingent Liabilities (continued) The Company’s exposure to credit loss in the event of non‑performance by the other party to the financial instrument for commitments to extend credit and letters of credit is represented by the contractual or notional amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for funded instruments. The Company does not anticipate any material losses as a result of the commitments and letters of credit. The following table summarizes the contract or notional amount of outstanding loan and lease commitments at December 31, 2021 and 2020: 2021 2020 Fixed Rate Variable Rate Total Fixed Rate Variable Rate Total Commitments to extend credit $ 176,014 $ 1,578,405 $ 1,754,419 $ 106,183 $ 1,261,872 $ 1,368,055 Letters of credit 599 58,543 59,142 652 58,120 58,772 Total $ 176,613 $ 1,636,948 $ 1,813,561 $ 106,835 $ 1,319,992 $ 1,426,827 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the counterparty. Collateral is primarily obtained in the form of commercial and residential real estate (including income producing commercial properties). Letters of credit are conditional commitments issued by the Company to guarantee to a third-party the performance of a customer. Those guarantees are primarily issued to support public and private borrowing arrangements, bond financing and similar transactions. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. Commitments to make loans are generally made for periods of 90 days or less. The fixed rate loan commitments have interest rates ranging from 1.25 % to 18.00 % and maturities up to 2050 . Variable rate loan commitments have interest rates ranging from 1.25 % to 8.25 % and maturities up to 2048 . |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Note 18— Fair Value Measurement Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. In addition, the Company has the ability to obtain fair values for markets that are not accessible. These types of inputs create the following fair value hierarchy: Level 1 —Quoted prices in active markets for identical assets or liabilities. Level 2 —Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3 —Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available. The Company’s own data used to develop unobservable inputs may be adjusted for market considerations when reasonably available. The categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to assets and liabilities. Note 18— Fair Value Measurement (continued) The Company used the following methods and significant assumptions to estimate fair value for certain assets measured and carried at fair value on a recurring basis: Securities available-for-sale —The Company obtains fair value measurements from an independent pricing service. Management reviews the procedures used by the third party, including significant inputs used in the fair value calculations. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. When market quotes are not readily accessible or available, alternative approaches are utilized, such as matrix or model pricing. The Company’s methodology for pricing non-rated bonds focuses on three distinct inputs: equivalent rating, yield and other pricing terms. To determine the rating for a given non-rated municipal bond, the Company references a publicly issued bond by the same issuer if available as well as other additional key metrics to support the credit worthiness. Typically, pricing for these types of bonds would require a higher yield than a similar rated bond from the same issuer. A reduction in price is applied to the rating obtained from the comparable bond, as the Company believes if liquidated, a non-rated bond would be valued less than a similar bond with a verifiable rating. The reduction applied by the Company is one notch lower (i.e. a “AA” rating for a comparable bond would be reduced to “AA-” for the Company’s valuation). In 2021 and 2020, all of the ratings derived by the Company were “BBB” or better with and without comparable bond proxies. The fair value measurement of municipal bonds is sensitive to the rating input, as a higher rating typically results in an increased valuation. The remaining pricing inputs used in the bond valuation are observable. Based on the rating determined, the Company obtains a corresponding current market yield curve available to market participants. Other terms including coupon, maturity date, redemption price, number of coupon payments per year, and accrual method are obtained from the individual bond term sheets. Equity and other securities —The Company utilizes the same fair value measurement methodology for equity and other securities as detailed in the securities available-sale portfolio above. Servicing assets —Fair value is based on a loan-by-loan basis taking into consideration the original term to maturity, the current age of the loan and the remaining term to maturity. The valuation methodology utilized for the servicing assets begins with generating estimated future cash flows for each servicing asset, based on their unique characteristics and market-based assumptions for prepayment speeds and costs to service. The present value of the future cash flows are then calculated utilizing market-based discount rate assumptions. Derivative instruments —Interest rate derivatives are valued by a third party, using models that primarily use market observable inputs, such as yield curves, and are validated by comparison with valuations provided by the respective counterparties. Derivative financial instruments are included in other assets and other liabilities in the Consolidated Statements of Financial Condition. Note 18— Fair Value Measurement (continued) The following tables summarize the Company’s financial assets and liabilities that were measured at fair value on a recurring basis at December 31, 2021 and 2020: Fair Value Measurements Using 2021 Fair Value Level 1 Level 2 Level 3 Financial assets Securities available-for-sale U.S. Treasury Notes $ 18,476 $ 18,476 $ — $ — U.S. Government agencies 139,390 — 139,390 — Obligations of states, municipalities, and political 89,636 — 89,636 Mortgage-backed securities; residential Agency 743,656 — 743,656 — Non-Agency 145,236 — 145,236 — Mortgage-backed securities; commercial Agency 213,551 — 213,551 — Corporate securities 67,346 — 67,346 — Asset-backed securities 37,251 — 37,251 — Equity and other securities, at fair value Mutual funds 4,880 4,880 — — Equity securities 5,698 — 5,012 686 Servicing assets 23,744 — — 23,744 Derivative assets 13,375 — 13,375 — Financial liabilities Derivative liabilities 9,665 — 9,665 — Fair Value Measurements Using 2020 Fair Value Level 1 Level 2 Level 3 Financial assets Securities available-for-sale U.S. Treasury Notes $ 23,812 $ 23,812 $ — $ — U.S. Government agencies 113,551 — 113,551 — Obligations of states, municipalities, and political 142,419 — 142,419 — Mortgage-backed securities; residential Agency 778,391 — 778,391 — Non-Agency 32,981 — 32,981 — Mortgage-backed securities; commercial Agency 250,152 — 250,152 — Non-Agency — — - — Corporate securities 60,768 60,768 — Asset-backed securities 45,156 — 45,156 — Equity and other securities, at fair value Mutual funds 2,983 2,983 Equity securities 5,781 — 5,096 685 Servicing assets 22,042 — — 22,042 Derivative assets 17,149 — 17,149 — Financial liabilities Derivative liabilities 18,133 — 18,133 — Note 18— Fair Value Measurement (continued) The Company has originated, and acquired through a business combination, servicing assets classified as Level 3 of the fair value hierarchy. The Company acquired single‑issuer trust preferred securities which are categorized as Level 3 of the fair value hierarchy. These securities are classified as equity securities consistent with accounting guidance. The Company did no t have any transfers to or from Level 1 and Level 2 of the fair value hierarchy during the years ended December 31, 2021 and 2020. The following table presents additional information about financial assets measured at fair value on recurring basis for which the Company used significant unobservable inputs (Level 3): Years Ended December 31, 2021 2020 2021 2020 Investment Securities Servicing Assets Balance, beginning of period $ 685 $ 700 $ 22,042 $ 19,471 Additions, net — — 8,360 7,523 Maturities — — — — Change in fair value 1 ( 15 ) ( 6,658 ) ( 4,952 ) Balance, end of period $ 686 $ 685 $ 23,744 $ 22,042 The following table presents additional information about the unobservable inputs used in the fair value measurements on recurring basis that were categorized within Level 3 of the fair value hierarchy as of December 31, 2021: Financial Instruments Valuation Technique Unobservable Inputs Range of Weighted Impact to Single issuer trust preferred Discounted cash flow Discount rate 3.2 %— 6.4 % 4.6 % Decrease Servicing assets Discounted cash flow Prepayment speeds 0.5 %— 31.8 % 13.7 % Decrease Discount rate ( 1.5 )%— 51.2 % 10.0 % Decrease Expected weighted 0.1 — 9.4 years 3.9 years Increase The Company used the following methods and significant assumptions to estimate fair value for certain assets measured and carried at fair value on a no n-recurring basis: Impaired loans (excluding acquired impaired loans) —Impaired loans, other than those existing on the date of a business acquisition, are primarily carried at the fair value of the underlying collateral, less estimated costs to sell, if the loan is collateral dependent. Valuations of impaired loans that are collateral dependent are supported by third party appraisals in accordance with the Bank’s credit policy. Other valuation methods include analysis of discounted cash flows, which measures the present value of expected future cash flows discounted at the loan’s effective interest rate. Impaired loans that are not collateral dependent are not material. Assets held for sale —Assets held for sale consist of former branch locations and real estate previously purchased for expansion. Assets are considered held for sale when management has approved to sell the assets following a branch closure or other events. The properties are being actively marketed and transferred to assets held for sale based on the lower of carrying value or its fair value, less estimated costs to sell. Other real estate owned —Certain assets held within other real estate owned represent real estate or other collateral that has been adjusted to its estimated fair value, less cost to sell, as a result of transferring from the loan portfolio at the time of foreclosure or repossession and based on management’s periodic impairment evaluation. From time to time, non-recurring fair value adjustments to other real estate owned are recorded to reflect partial write-downs based on an observable market price or current appraised value of property. Note 18— Fair Value Measurement (continued) Adjustments to fair value based on such non-recurring transactions generally result from the application of lower-of-cost-or-market accounting or write-downs of individual assets due to impairment. The following tables summarize the Company’s assets that were measured at fair value on a non-recurring basis, excluding acquired impaired loans, as of December 31, 2021 and 2020: Fair Value Measurements Using 2021 Fair Value Level 1 Level 2 Level 3 Non-recurring Impaired loans (excluding acquired impaired loans) Commercial real estate $ 28,513 $ — $ — $ 28,513 Residential real estate 1,802 — — 1,802 Commercial and industrial 21,570 — — 21,570 Assets held for sale 9,153 — — 9,153 Other real estate owned 2,112 — — 2,112 Fair Value Measurements Using 2020 Fair Value Level 1 Level 2 Level 3 Non-recurring Impaired loans (excluding acquired impaired loans) Commercial real estate $ 41,135 $ — $ — $ 41,135 Residential real estate 1,752 — — 1,752 Commercial and industrial 28,508 — — 28,508 Assets held for sale 13,023 — — 13,023 Other real estate owned 6,350 — — 6,350 The following methods and assumptions were used by the Company in estimating fair values of other assets and liabilities for disclosure purposes: Cash and cash equivalents —For these short-term instruments, the carrying amount is a reasonable estimate of fair value. Securities held-to-maturity —The Company obtains fair value measurements from an independent pricing service. Management reviews the procedures used by the third party, including significant inputs used in the fair value calculations. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. When market quotes are not readily accessible or available, alternative approaches are utilized, such as matrix or model pricing. Restricted stock —The fair value has been determined to approximate cost. Loans held for sale —The fair value of loans held for sale are based on quoted market prices, where available, and determined by discounted estimated cash flows using interest rates approximating the Company’s current origination rates for similar loans adjusted to reflect the inherent credit risk. Loan and lease receivables, net —For certain variable rate loans that reprice frequently and with no significant changes in credit risk, fair value is estimated at carrying value. The fair value of other types of loans is estimated using an exit price notion for 2021 and 2020 values. It is estimated by discounting future cash flows, using current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. Deposits —The fair value of demand deposits, savings accounts, and certain money market deposits is the amount payable on demand at the reporting date. The fair value of fixed-maturity certificates of deposit is estimated by discounting future cash flows, using rates currently offered for deposits of similar remaining maturities. Note 18— Fair Value Measurement (continued) Paycheck Protection Program Liquidity Facility —The carrying amount approximates fair value. Federal Home Loan Bank advances —The fair value of FHLB advances is estimated by discounting the agreements based on maturities using rates currently offered for FHLB advances of similar remaining maturities adjusted for prepayment penalties that would be incurred if the borrowings were paid off on the measurement date. Securities sold under agreements to repurchase —The carrying amount approximates fair value due to maturities of less than ninety days. Subordinated notes —The fair value is based on available market prices. Junior subordinated debentures —The fair value of junior subordinated debentures, in the form of trust preferred securities, is determined using rates currently available to the Company for debt with similar terms and remaining maturities. Accrued interest receivable and payable —The carrying amount approximates fair value. Commitments to extend credit and letters of credit —The fair values of these off-balance sheet commitments to extend credit and commercial and letters of credit are not considered practicable to estimate because of the lack of quoted market prices and the inability to estimate fair value without incurring excessive costs. The estimated fair values of financial instruments not carried at fair value and levels within the fair value hierarchy are as follows: Fair Value 2021 2020 Hierarchy Carrying Estimated Carrying Estimated Financial assets Cash and due from banks 1 $ 35,247 $ 35,247 $ 41,432 $ 41,432 Interest bearing deposits with other banks 2 122,684 122,684 41,988 41,988 Securities held-to-maturity 2 3,885 3,992 4,395 4,573 Other restricted stock 2 22,002 22,002 10,507 10,507 Loans held for sale 3 64,460 69,081 7,924 8,848 Loans and lease receivables, net (less impaired loans 72,923 and $ 95,355 , as of December 31, 3 4,430,231 4,428,509 4,202,793 4,205,906 Accrued interest receivable 3 18,875 18,875 20,678 20,678 Financial liabilities Non-interest-bearing deposits 2 2,158,420 2,158,420 1,762,676 1,762,676 Interest-bearing deposits 2 2,996,627 2,997,026 2,989,355 2,990,735 Accrued interest payable 2 262 262 1,478 1,478 Paycheck Protection Program Liquidity Facility 2 — — 371,907 371,907 Federal Home Loan Bank advances 2 490,000 490,000 234,000 234,000 Securities sold under repurchase agreement 2 29,723 29,723 41,994 41,994 Subordinated notes 2 73,517 81,744 73,342 76,627 Junior subordinated debentures 3 36,906 40,901 36,451 40,543 |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | Note 19— Share-Based Compensation In June 2017, the Company's Board of Directors adopted, and the Company's stockholder approved, the 2017 Omnibus Incentive Compensation Plan (the “Omnibus Plan”). The Omnibus Plan provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent rights and other equity-based, equity-related or cash-based awards. A total of 1,550,000 shares of our common stock have been reserved for issuance under the Omnibus Plan. As of December 31, 2021 , there were 689,485 shares available for future grants under the Omnibus Plan. The Company primarily grants time-based restricted share awards that vest over a one to four year period, subject to continued employment. The Company also grants performance-based restricted share awards. The number of shares which may be earned under the award is dependent upon the Company’s return on average assets, weighted equally, over a three-year period, measured against a peer group consisting of publicly-traded bank holding companies. Results will be measured cumulatively at the end of the three years. Any earned shares will vest on the third anniversary of the grant date. During 2021, the Company granted 318,886 shares of restricted common stock, par value $ 0.01 per share. Of this total, 124,502 restricted shares will vest ratably over four years on each anniversary of the grant date, 43,555 restricted shares will vest ratably over three years on each anniversary of the grant date, 9,141 restricted shares will cliff vest on the third anniversary of the grant date, and 109,475 restricted shares will vest ratably over three years on the last business day of 2021, 2022 and 2023, all subject to continued employment. A total of 130 shares have vested. In addition, 32,083 performance-based restricted shares were granted. The number of shares which may be earned under the award is dependent upon the Company’s return on average assets, weighted equally, over a three-year period ending December 31, 2023, measured against a peer group consisting of publicly-traded bank holding companies. Results will be measured cumulatively at the end of the three years and any earned shares will vest on the third anniversary of the grant date. The following table discloses the changes in restricted shares for the year ended December 31, 2021: Omnibus Plan Number of Shares Weighted Average Grant Date Fair Value Beginning balance, January 1, 2021 383,539 $ 18.75 Granted 318,886 19.57 Vested ( 148,577 ) 19.35 Forfeited ( 11,328 ) 20.40 Ending balance outstanding at December 31, 2021 542,520 19.04 A total of 148,577 , 113,264 and 48,491 restricted shares vested during the years ended December 31, 2021, 2020, and 2019 respectively. The fair value of restricted shares that vested during the years ended December 31, 2021 , 2020 and 2019 were $ 3.4 million, $ 1.4 million and $ 900,000 , respectively. The Company recognizes share-based compensation based on the estimated fair value of the restricted stock at the grant date. Share-based compensation expense is included in non-interest expense in the Consolidated Statements of Operations. The following table summarizes restricted stock compensation expense for the years ended: Years Ended December 31, 2021 2020 2019 Total share-based compensation - restricted stock $ 4,018 $ 2,603 $ 1,965 Income tax benefit 1,108 725 547 Unrecognized compensation expense - restricted stock 6,991 4,998 4,616 Weighted-average amortization period remaining 2.2 years 2.2 years 2.6 years The fair value of the unvested restricted stock awards at December 31, 2021 was $ 14.8 million. During February 2022, the Company granted 286,679 shares of restricted common stock, par value $ 0.01 per share. Of this total, 165,177 restricted shares will vest ratably over four years on each anniversary of the grant date, 68,425 restricted shares will vest ratably over three years on each anniversary of the grant date and 10,589 restricted shares will cliff vest on the third anniversary of the grant date, all subject to continued employment. Note 19— Share-Based Compensation (continued) In addition, 42,488 performance-based restricted shares were included in the February 2022 grant. The number of shares which may be earned under the award is dependent upon the Company’s return on average assets, weighted equally, over a three-year period ending December 31, 2024, measured against a peer group consisting of publicly-traded bank holding companies. Results will be measured cumulatively at the end of the three years. Any earned shares will vest on the third anniversary of the grant date. In October 2014, the Company adopted the Byline Bancorp, Inc. Equity Incentive Plan (“BYB Plan”). The maximum number of shares available for grants under this plan was 2,476,122 shares. The Company granted 1,846,968 options to purchase shares under this plan. In June 2017, the Board of Directors terminated the BYB Plan and no future grants can be made under this plan. Options to purchase a total of 1,337,048 shares remain outstanding under the BYB Plan as of December 31, 2021. The types of stock options granted under the BYB Plan were Time Options and Performance Options. The exercise price of each option is equal to the fair value of the stock as of the date of grant. These option awards had vesting periods ranging from one to five years and have 10-year contractual terms. Stock volatility was computed as the average of the volatilities of peer group companies. All outstanding stock options were fully vested and exercisable at December 31, 2021. The fair values of the stock options were determined using the Black-Scholes-Merton model for Time Options and a Monte Carlo simulation model for Performance Options. The following table discloses the activity in shares subject to options and the weighted average exercise prices, in actual dollars, for the year ended December 31, 2021: BYB Plan Number of Shares Weighted Average Exercise Price Intrinsic Value Weighted Average Remaining Contractual Term (in Years) Beginning balance, January 1, 2021 1,390,579 $ 11.36 $ 5,724 4.4 Expired — Exercised ( 53,531 ) $ 14.02 $ 436 Forfeited — Ending balance outstanding at December 31, 2021 1,337,048 $ 11.26 $ 21,519 3.5 Exercisable at December 31, 2021 1,337,048 $ 11.26 $ 21,519 3.5 A total of 53,531 , 19,496 , and 127,997 stock options were exercised during the years ended December 31, 2021, 2020 and 2019, respectively. Proceeds from the exercise of stock options were $ 751,000 , $ 253,000 and $ 1.9 million with a related tax benefit of $ 121,000 , $ 39,000 and $ 145,000 , for the years ended December 31, 2021, 2020 and 2019, respectively. No stock options vested during the year ended December 31, 2021. The Company recognizes share-based compensation based on the estimated fair value of the option at the grant date. Forfeitures are estimated based upon industry standards. Share-based compensation expense is included in non-interest expense in the Consolidated Statements of Operations. The following table summarizes stock option compensation expense for the years ended December 31, 2021, 2020 and 2019: Years Ended December 31, 2021 2020 2019 Total share-based compensation (benefit) - stock options $ — $ 7 $ ( 106 ) Income tax benefit (expense) — 2 ( 29 ) Unrecognized compensation expense - stock options — — 7 Weighted-average amortization period remaining 0.0 years 0.0 years 0.3 years Pursuant to the terms of the Agreement and Plan of Merger with First Evanston and its subsidiaries, dated as of November 27, 2017 (the "Merger Agreement"), each outstanding First Evanston option held by a participant in the First Evanston Bancorp, Inc. Stock Incentive Plan (the “FEB Plan”) ceased to represent a right to acquire shares of First Evanston common stock and was assumed and converted automatically into a fully vested and exercisable adjusted option to purchase shares of Byline common stock (each an “Adjusted Option”). In accordance with the Merger Agreement, the number of shares of Byline common stock to which each such Adjusted Option relates is equal to the product (rounded down to the nearest whole share of Byline common stock) of: (a) the number of shares of First Evanston common stock subject to the First Evanston option immediately prior to May 31, 2018, multiplied by (b) Note 19— Share-Based Compensation (continued) 4.725 . Each Adjusted Option has an exercise price per share of Byline common stock equal to the quotient (rounded up to the nearest whole cent) of (x) the per share exercise price of such First Evanston option immediately prior to May 31, 2018, divided by (y) 4.725 . The description of the conversion process is based on, and qualified by, the Merger Agreement. The following table discloses the activity in shares subject to options under the FEB Plan and the weighted average exercise prices, in actual dollars, for the year ended December 31, 2021: FEB Plan Number of Shares Weighted Average Exercise Price Intrinsic Value Weighted Average Remaining Contractual Term (in Years) Beginning balance, January 1, 2021 233,630 $ 11.52 $ 918 3.3 Exercised ( 62,366 ) $ 11.31 $ 564 Forfeited — Expired ( 567 ) $ 10.59 Ending balance outstanding at December 31, 2021 170,697 $ 11.60 $ 2,688 3.4 Exercisable at December 31, 2021 170,697 $ 11.60 $ 2,688 3.4 A total of 62,366 , 255,615 , and 113,214 stock options were exercised during the years ended December 31, 2021, 2020 and 2019, respectively. Proceeds from the exercise of stock options were $ 705,000 , $ 2.8 million and $ 1.3 million with a related tax benefit of $ 153,000 , $ 219,000 and $ 253,000 , for the years ended December 31, 2021, 2020 and 2019, respectively. On April 30, 2019, the Company completed the acquisition of Oak Park River Forest. On May 15, 2019, the Company made a cash payment of $ 4.2 million for 35,870 outstanding Oak Park River Forest options to participants who elected to receive a cash payment in lieu of converting the options to the Omnibus plan. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 20— Related Party Transactions Loans to related parties —Loans that may be made to the Bank’s executive officers, as defined in 12 CFR 215 (Regulation O), directors, principal stockholders and their affiliates are on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with unrelated persons and do not involve more than normal risk of collectability. As of December 31, 2021 and 2020, there were no material loans made to the related parties described above. Deposits from related parties —Deposits from related parties were not material as of December 31, 2021 and 2020. Other —As of December 31, 2021 and 2020 , there were no receivables outstanding from related parties. |
Regulatory Capital Requirements
Regulatory Capital Requirements | 12 Months Ended |
Dec. 31, 2021 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Regulatory Capital Requirements | Note 21—Regulatory Capital Requirements The Company and the Bank are subject to various regulatory capital requirements administered by their respective banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off‑balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios of Common Equity Tier 1 capital (“CET1”), Tier 1 capital and total capital to risk‑weighted assets and of Tier 1 capital to average consolidated assets, as defined in the regulations. Note 21—Regulatory Capital Requirements (continued) As of December 31, 2021, the most recent notification from the FDIC categorized the Bank as well‑capitalized under the framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the Bank’s category. The required regulatory capital ratios are set forth in the following tables along with the minimum capital amounts required for the Company and the Bank and the minimum capital amount required for the Bank to be considered to be well capitalized. The Company’s and the Bank’s actual capital amounts and ratios as of December 31, 2021 and 2020 are also presented. Actual Minimum Capital Required to be 2021 Amount Ratio Amount Ratio Amount Ratio Total capital to risk weighted assets: Company $ 830,262 14.70 % $ 451,903 8.00 % N/A N/A Bank 753,480 13.38 % 450,470 8.00 % 563,087 10.00 % Tier 1 capital to risk weighted assets: Company $ 698,846 12.37 % $ 338,927 6.00 % N/A N/A Bank 697,064 12.38 % 337,852 6.00 % 450,470 8.00 % Common Equity Tier 1 (CET1) to risk weighted Company $ 643,408 11.39 % $ 254,195 4.50 % N/A N/A Bank 697,064 12.38 % 253,389 4.50 % 366,007 6.50 % Tier 1 capital to average assets: Company $ 698,846 10.89 % $ 256,657 4.00 % N/A N/A Bank 697,064 10.87 % 256,478 4.00 % 320,597 5.00 % Actual Minimum Capital Required to be 2020 Amount Ratio Amount Ratio Amount Ratio Total capital to risk weighted assets: Company $ 774,522 16.18 % $ 383,069 8.00 % N/A N/A Bank 675,977 14.16 % 381,775 8.00 % 477,219 10.00 % Tier 1 capital to risk weighted assets: Company $ 639,564 13.36 % $ 287,302 6.00 % N/A N/A Bank 616,219 12.91 % 286,331 6.00 % 381,775 8.00 % Common Equity Tier 1 (CET1) to risk weighted Company $ 584,126 12.20 % $ 215,476 4.50 % N/A N/A Bank 616,219 12.91 % 214,748 4.50 % 310,192 6.50 % Tier 1 capital to average assets: Company $ 639,564 11.12 % $ 230,056 4.00 % N/A N/A Bank 616,219 10.72 % 229,870 4.00 % 287,337 5.00 % The Company and Byline Bank must maintain a capital conservation buffer consisting of CET1 capital greater than 2.5 % of risk-weighted assets above the required minimum risk-based capital levels in order to avoid limitations on paying dividends, repurchasing shares, and paying discretionary bonuses. The conservation buffers for the Company and Byline Bank exceed the minimum capital requirement at 6.70 % and 5.38 %, respectively, as of December 31, 2021. Provisions of state and federal banking regulations may limit, by statute, the amount of dividends that may be paid to the Company by Byline Bank without prior approval of Byline Bank’s regulatory agencies. The Company is economically dependent on the cash dividends received from Byline Bank. These dividends represent the Company’s primary cash flow from operating activities used to service its obligations. For the years ended December 31, 2021 and 2020 , the Company received $ 24.0 million and $ 7.5 million, respectively, in cash dividends from Byline Bank, primarily used to pay interest on the subordinated notes, subordinated debentures issued in connection with trust preferred securities, dividends on the Company’s common and preferred stock, and other corporate expenses. |
Derivative Instruments and Hedg
Derivative Instruments and Hedge Activities | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedge Activities | Note 22—Derivative Instruments and Hedge Activities As required by ASC 815, the Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. The Company records derivative assets and derivative liabilities on the Consolidated Statements of Financial Condition within accrued interest receivable and other assets and accrued interest payable and other liabilities, respectively. The following tables present the fair value of the Company’s derivative financial instruments and classification on the Consolidated Statements of Financial Condition as of December 31, 2021 and 2020: 2021 2020 Fair Value Fair Value Notional Other Other Notional Other Other Derivatives designated as hedging instruments Interest rate swaps designated as cash flow hedges $ 400,000 $ 4,140 $ — $ — $ — $ — Derivatives not designated as hedging instruments Other interest rate derivatives 439,876 9,235 ( 9,660 ) 383,410 17,149 ( 18,116 ) Other credit derivatives 7,571 — ( 5 ) 8,437 — ( 17 ) Total derivatives $ 847,447 $ 13,375 $ ( 9,665 ) $ 391,847 $ 17,149 $ ( 18,133 ) Interest rate swaps designated as cash flow hedges — Cash flow hedges of interest payments associated with certain other borrowings had notional amounts totaling $ 400.0 million as of December 31, 2021. There were no cash flow hedges outstanding at December 31, 2020. The Company assesses the effectiveness of each hedging relationship by comparing the changes in fair value of the derivatives hedging instrument with the fair value of the designated hedged transactions. As of December 31, 2021, the cash flow hedges aggregating $ 400.0 million in notional amounts are comprised of five forward starting pay fixed interest rate swaps, of which one for $ 100.0 million is effective in March 2022; one for $ 50.0 million is effective in September 2022; two totaling $ 200.0 million are effective in March 2023; and one for $ 50.0 million is effective May 2023. Included in other comprehensive income is the remaining balance related to previously terminated interest rate swaps designated as cash flow hedges of $ 199,000 as of December 31, 2021 and $ 304,000 as of December 31, 2020. These are amortized over the original life of the cash flow hedge. Interest recorded on these swap transactions was $ 148,000 and $ 85,000 during the years ended December 31, 2021 and 2020, respectively. At December 31, 2021 , the Company estimates $ 729,000 of the unrealized loss to be reclassified as an increase to interest expense during the next twelve months. The following table reflects the cash flow hedges as of December 31, 2021: Notional amounts $ 400,000 Derivative assets fair value 4,140 Derivative liabilities fair value — Weighted average maturity 4.9 years The weighted average pay rates of the forward swaps are 0.98 % and weighted average receive rates will be determined at the time the forward swaps become effective. The following table reflects the net gains (losses) recorded in accumulated other comprehensive income (loss) and the Consolidated Statements of Operations relating to the cash flow derivative instruments for the years ended December 31, 2021 and 2019: 2021 2020 Amount of Amount of Amount of Amount of Amount of Amount of Interest rate swaps $ 4,140 $ ( 148 ) $ — $ — $ ( 85 ) $ — Note 22—Derivative Instruments and Hedge Activities (continued) Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements and/or the Company has not elected to apply hedge accounting. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. Other interest rate derivatives —The total combined notional amount was $439.9 million as of December 31, 2021 , with maturities ranging from January 2022 to November 2031 . The fair values of the interest rate derivative agreements are reflected in other assets and other liabilities with corresponding gains or losses reflected in non-interest income. During the years ended December 31, 2021, 2020 , and 2019, there were $ 912,000 , $ 839,000 , and $ 1.2 million of transaction fees, respectively, included in other non-interest income, related to these derivative instruments. These instruments are inherently subject to market risk and credit risk. Market risk is associated with changes in interest rates and credit risk relates to the Company’s risk of loss when the counterparty to a derivative contract fails to perform according to the terms of the agreement. Market and credit risks are managed and monitored as part of the Company’s overall asset-liability management process. The credit risk related to derivatives entered into with certain qualified borrowers is managed through the Company’s loan underwriting process. The Company’s loan underwriting process also approves the Bank’s swap counterparty used to mirror the borrowers’ swap. The Company has a bilateral agreement with each swap counterparty that provides that fluctuations in derivative values are to be fully collateralized with either cash or securities. The following table reflects other interest rate derivatives as of December 31, 2021: Notional amounts $ 439,876 Derivative assets fair value 9,235 Derivative liabilities fair value 9,660 Weighted average pay rates 4.17 % Weighted average receive rates 3.26 % Weighted average maturity 5.5 years Other credit derivatives —The Company has entered into risk participation agreements with counterparty banks to assume a portion of the credit risk related to borrower transactions. The credit risk related to these other credit derivatives is managed through the Company’s loan underwriting process. The total notional amount was $ 7.6 million and $ 8.4 million as of December 31, 2021 and 2020, respectively. The fair value of the other credit derivatives are reflected in other liabilities with corresponding gains or losses reflected in non-interest income. The Company has agreements with its derivative counterparties that contain a cross-default provision under which if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. The Company also has agreements with certain derivative counterparties that contain a provision where if the Company fails to maintain its status as a well or adequately capitalized institution, then the counterparty could terminate the derivative positions and the Company would be required to settle its obligations resulted in a net asset position. The following table reflects amounts included in non-interest income in the Consolidated Statements of Operations relating to derivative instruments that are not designated in a hedging relationship for the years ended December 31, 2021, 2020, and 2019: 2021 2020 2019 Other interest rate derivatives $ 541 $ ( 420 ) $ ( 351 ) Other credit derivatives 12 ( 5 ) 67 Total $ 553 $ ( 425 ) $ ( 284 ) Note 22—Derivative Instruments and Hedge Activities (continued) The Company records interest rate derivatives subject to master netting agreements at their gross value and does not offset derivative asset and liabilities on the Consolidated Statements of Financial Condition. The table below summarizes the Company’s interest rate derivatives and offsetting positions as of December 31, 2021 and 2020: 2021 2020 Derivative Derivative Derivative Derivative Gross amounts recognized $ 13,375 $ ( 9,665 ) $ 17,149 $ 18,133 Less: Amounts offset in the Consolidated Statements of Financial — — — — Net amount presented in the Consolidated Statements of Financial $ 13,375 $ ( 9,665 ) $ 17,149 $ 18,133 Gross amounts not offset in the Consolidated Statements of Offsetting derivative positions ( 3,253 ) 3,253 — — Collateral posted ( 10,122 ) 6,412 ( 17,149 ) ( 18,133 ) Net credit exposure $ — $ — $ — $ — As of December 31, 2021, the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $ 9.7 million. The Company has posted $ 6.8 collateral related to these agreements as of December 31, 2021. If the Company had breached any of these provisions at December 31, 2021, it could have been required to settle its obligations under the agreements at their termination value less offsetting positions of $ 3.3 million. For purposes of this disclosure, the amount of posted collateral by the counterparties is limited to the amount offsetting the derivative asset and derivative liability. |
Parent Company Only Condensed F
Parent Company Only Condensed Financial Statements | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Company Only Condensed Financial Statements | Note 23—Parent Company Only Condensed Financial Statements The following represents the condensed financial statements of Byline Bancorp, Inc., the Parent Company: Statements of Financial Condition Parent Company Only As of December 31, 2021 2020 ASSETS Cash $ 57,614 $ 82,799 Investment in banking subsidiary 877,900 825,351 Equity securities, at fair value 1,986 — Other assets 10,039 7,561 Total assets $ 947,539 $ 915,711 LIABILITIES AND STOCKHOLDERS’ EQUITY Line of credit $ — $ — Subordinated notes, net 73,517 73,342 Junior subordinated debentures issued to capital trusts, net 36,906 36,451 Accrued expenses and other liabilities 734 454 Stockholders' equity 836,382 805,464 Total liabilities and stockholders' equity $ 947,539 $ 915,711 Note 23—Parent Company Only Condensed Financial Statements (continued) Statements of Operations Parent Company Only Years ended December 31, 2021 2020 2019 INCOME Dividends from subsidiary $ 24,000 $ 7,500 $ 13,500 Change in fair value of equity securities, net 110 — — Other noninterest income — ( 112 ) — Total income 24,110 7,388 13,500 EXPENSES Interest expense 6,412 4,341 2,984 Other noninterest expense 1,814 1,453 1,768 Total expenses 8,226 5,794 4,752 Income before provision for income taxes and equity in undistributed income 15,884 1,594 8,748 Benefit for income taxes ( 2,022 ) ( 1,645 ) ( 1,323 ) Income before equity in undistributed income of subsidiary 17,906 3,239 10,071 Equity in undistributed income of subsidiary 74,879 34,228 46,931 Net income $ 92,785 $ 37,467 $ 57,002 Statements of Cash Flows Parent Company Only Years ended December 31, 2021 2020 2019 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 92,785 $ 37,467 $ 57,002 Adjustments to reconcile net income to net cash from operating activities: Equity in undistributed income of subsidiary ( 74,879 ) ( 34,228 ) ( 46,931 ) Share-based compensation expense 4,018 2,579 1,673 Change in fair value of equity securities, net ( 110 ) — — Amortization of subordinated debt issuance cost 175 84 — Loss on redemption of junior subordinated debentures — 112 — Accretion of junior subordinated debentures discount 455 505 566 Changes in other assets and other liabilities ( 6,974 ) ( 4,312 ) ( 7,916 ) Net cash provided by operating activities 15,470 2,207 4,394 CASH FLOWS FROM INVESTING ACTIVITIES Purchases of securities available-for-sale ( 1,876 ) — — Net cash paid in acquisition of business — — ( 6,554 ) Net cash used in investing activities ( 1,876 ) — ( 6,554 ) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from revolving line of credit — 15,000 5,680 Repayments of revolving line of credit — ( 15,000 ) ( 11,335 ) Repayments of junior subordinated debentures — ( 1,500 ) — Dividends paid on preferred stock ( 783 ) ( 783 ) ( 783 ) Dividends paid on common stock ( 11,269 ) ( 5,711 ) — Proceeds from subordinated notes — 73,258 — Proceeds from issuance of common stock, net 2,140 3,626 3,726 Repurchase of common stock (28,867 ) ( 1,668 ) — Net cash provided by (used in) financing activities ( 38,779 ) 67,222 ( 2,712 ) NET CHANGE IN CASH AND CASH EQUIVALENTS ( 25,185 ) 69,429 ( 4,872 ) CASH AND CASH EQUIVALENTS, beginning of period 82,799 13,370 18,242 CASH AND CASH EQUIVALENTS, end of period $ 57,614 $ 82,799 $ 13,370 |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Note 24—Earnings per Share A reconciliation of the numerators and denominators for earnings per common share computations is presented below. Incremental shares represent outstanding stock options for which the exercise price is less than the average market price of the Company’s common stock during the periods presented. Options to purchase 1,507,745 , 1,624,209 , and 1,921,244 shares of common stock were outstanding as of December 31, 2021, 2020 , and 2019, respectively. There were 542,520 , 383,539 , and 328,653 restricted stock awards outstanding at December 31, 2021, 2020 and 2019, respectively. At December 31, 2021 and December 31, 2019 there were no stock options outstanding excluded from the calculation of diluted earnings per common share for anti-dilutive purposes. At December 31, 2020, there were 50,000 stock options outstanding which were excluded from the calculation of diluted earnings per common share as their effect would have been anti-dilutive. There were no non-vested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents as of December 31, 2021, 2020 or 2019. Years ended December 31, 2021 2020 2019 Net income $ 92,785 $ 37,467 $ 57,002 Less: Dividends on preferred shares 783 783 783 Net income available to common stockholders $ 92,002 $ 36,684 $ 56,219 Weighted-average common stock outstanding: Weighted-average common stock outstanding (basic) 37,609,723 38,031,250 37,290,486 Incremental shares 759,344 281,358 695,977 Weighted-average common stock outstanding (dilutive) 38,369,067 38,312,608 37,986,463 Basic earnings per common share $ 2.45 $ 0.96 $ 1.51 Diluted earnings per common share $ 2.40 $ 0.96 $ 1.48 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Stockholders' Equity | Note 25—Stockholders’ Equity A summary of the Company’s preferred and common stock at December 31, 2021 and 2020 is as follows: 2021 2020 Series B 7.5 % fixed to floating non-cumulative Par value per share $ 0.01 $ 0.01 Liquidation preference per share 1,000 1,000 Shares authorized 50,000 50,000 Shares issued 10,438 10,438 Shares outstanding 10,438 10,438 Common stock, voting Par value $ 0.01 $ 0.01 Shares authorized 150,000,000 150,000,000 Shares issued 39,203,747 38,736,540 Shares outstanding 37,713,903 38,618,054 Treasury shares 1,489,844 118,486 During 2016, the Company authorized and issued Series B 7.50 % fixed-to-floating non-voting, noncumulative perpetual preferred stock with a liquidation preference of $1,000 per share, plus the amount of unpaid dividends, if any, which is redeemable at the Company’s option on or after March 31, 2022. Holders of Series B Preferred Stock do not have any rights to convert such stock into shares of any other class of capital stock of the Company. To the extent declared by the Company’s Board of Directors, holders of Series B Preferred Stock are entitled to receive a fixed dividend of 7.50 % per annum from the original issue date through December 30, 2021 , after which any dividends declared accrue at a floating rate of three-month LIBOR plus 5.41 % per annum. The Series B Preferred Stock is included in Tier 1 capital for regulatory capital purposes and is redeemable at the option of the Company at a redemption price equal to the liquidation preference of $1,000 per share, plus any declared and unpaid dividends (i) in whole or part on any dividend payment date on or after March 31, 2022, and (ii) in whole but not in part prior to March 31, 2022, within 90 days following a regulatory event, as defined in the Certificate of Designations of the Series B Preferred Stock. The Company may be required to receive approval of the FRB prior to any redemption of the Series B Preferred Stock. For the years ended December 31, 2021 , and 2020 the Company declared and paid dividends on the Series B Preferred Stock of $ 783,000 . Note 25—Stockholders’ Equity (continued) Total cash dividends declared and paid on the Company’s common stock during the year ended December 31, 2021 were $ 11.4 million, or $ 0.30 per share, an increase of 150.0 % per share from $ 4.6 million, or $ 0.12 per share, for the year ended December 31, 2020. In December 2019, the Company’s Board of Directors declared the first cash dividend on the common stock, and for the year ended December 31, 2019, cash dividends declared and paid totaled $ 1.1 million, or $ 0.03 per share. On February 15, 2022, the Company gave notice of its intention to redeem all of its outstanding shares of the Series B Preferred Stock (the “Preferred Stock Redemption”). The Preferred Stock Redemption is in accordance with the terms of the Certificate of Designations of the Series B Preferred Stock dated as of June 16, 2017 (the “Certificate of Designation”). There are 10,438 shares of Series B Preferred Stock currently outstanding. The redemption date for the Series B Preferred Stock is March 31, 2022 (the “Redemption Date”). Under the Certificate of Designations, the per share redemption price will be the liquidation preference of $ 1,000 per share plus an amount equal to any declared and unpaid dividends thereon for any prior dividend period (the “Redemption Price”). Holders of the Series B Preferred Stock will have no further rights as stockholders of the Company and in lieu thereof will have only the right to receive the Redemption Price, without interest, after the Redemption Date. On December 10, 2020, the Company announced that its Board of Directors approved a stock repurchase program authorizing the purchase of up to an aggregate of 1,250,000 shares of the Company’s outstanding common stock, and on July 27, 2021, the Company's Board of Directors authorized an expansion of its current stock repurchase program. Under the extended program, the Company is authorized to repurchase an additional 1,250,000 shares of the Company's outstanding common stock. The shares may, at the discretion of management, be repurchased from time to time in open market purchases as market conditions warrant or in privately negotiated transactions. The Company is not obligated to purchase any shares under the program, and the program may be discontinued at any time. The actual timing, number and share price of shares purchased under the repurchase program will be determined by the Company at its discretion and will depend on a number of factors, including the market price of the Company’s stock, general market and economic conditions and applicable legal requirements. The shares authorized to be repurchased represent approximately 2.8 % of the Company’s outstanding common stock at December 31, 2021. The program will be in effect until December 31, 2022 unless terminated earlier. The Company purchased 1,331,708 shares at a cost of $ 28.9 million under this program during the year ended December 31, 2021. Repurchased shares are recorded as treasury shares on the trade date using the treasury stock method, and the cash paid is recorded as treasury stock. Treasury stock acquired is recorded at cost and is carried as a reduction of stockholders’ equity in the Consolidated Statement of Financial Condition. On November 1, 2019, the Company announced that its Board of Directors approved a stock repurchase program authorizing the purchase of up to an aggregate of 1,250,000 shares of the Company’s outstanding common stock. Under this stock repurchase program that terminated on December 31, 2020, the Company purchased 118,486 shares of the 1,250,000 total shares authorized for repurchase under that program at a cost of $ 1.7 million during the year ended December 31, 2020. On January 25, 2022, the Company’s Board of Directors declared a cash dividend of $ 0.09 per share payable on February 22, 2022 , to stockholders of record of the Company’s common stock as of February 8, 2022 . |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Consolidated Statements of Changes in Accumulated Other Comprehensive Income (Loss) | Note 26—Consolidated Statements of Changes in Accumulated Other Comprehensive Income (Loss) The following table summarized the change in accumulated other comprehensive income (loss) for the years ended December 31, 2021, 2020, and 2019: (dollars in thousands) Unrealized Gains (Losses) on Cash Flow Hedges Unrealized Gains (Losses) on Available-for-Sale Securities Total Accumulated Other Balance, January 1, 2019 $ 4,763 $ ( 14,261 ) $ ( 9,498 ) Cumulative-effect adjustment (ASU 2016-01) — ( 1,440 ) ( 1,440 ) Other comprehensive income (loss), net of tax ( 5,129 ) 15,367 10,238 Balance, December 31, 2019 ( 366 ) ( 334 ) ( 700 ) Other comprehensive income, net of tax 61 18,686 18,747 Balance, December 31, 2020 ( 305 ) 18,352 18,047 Other comprehensive income (loss), net of tax 3,122 ( 29,471 ) ( 26,349 ) Balance, December 31, 2021 $ 2,817 $ ( 11,119 ) $ ( 8,302 ) |
Business and Summary of Signi_2
Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Business Description And Accounting Policies [Abstract] | |
Nature of business | Nature of business —Byline Bancorp, Inc. (the “Company,” “we,” “us,” “our”) is a bank holding company whose principal activity is the ownership and management of its subsidiary bank, Byline Bank (the “Bank”). The Bank originates commercial, mortgage and consumer loans and leases, U.S. government guaranteed loans, and receives deposits from customers located primarily in the Chicago, Illinois metropolitan area. The Bank operates 43 Chicago metropolitan area and one Brookfield, Wisconsin, banking offices. The Bank operates under an Illinois state bank charter, provides a full range of banking services, and has full trust powers. The Bank also provides wealth management services. As an Illinois state‑chartered financial institution that is not a member of the Federal Reserve System (the "FRB"), the Bank is subject to regulation by the Illinois Department of Financial and Professional Regulation and the Federal Deposit Insurance Corporation ("FDIC"). The Company is regulated by the FRB. The Bank is a participant in the Small Business Administration (“SBA”) and the United States Department of Agriculture (“USDA”) (collectively referred to as “U.S. government guaranteed loans”) lending programs and originates U.S. government guaranteed loans. The Bank engages in short‑term direct financing lease contracts through BFG Corporation, doing business as Byline Financial Group (“BFG”), a wholly‑owned subsidiary of the Bank. BFG is located in Bannockburn, Illinois with sales offices in Illinois, and sales representatives in Illinois, Florida, Michigan, New Jersey and New York. Subsequent events —No subsequent events were identified that would have required a change to the consolidated financial statements or disclosure in the notes to the consolidated financial statements. |
Basis of financial statement presentation and consolidation | Basis of financial statement presentation and consolidation —The consolidated financial statements include the accounts of the Company and its subsidiaries. Significant intercompany items and transactions have been eliminated in consolidation. The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (“GAAP”) and rules and regulations of the Securities and Exchange Commission (“SEC”). In accordance with applicable accounting standards, the Company does not consolidate statutory trusts established for the sole purposes of issuing trust preferred securities and related trust common securities. See Note 15, Junior Subordinated Debentures, for additional discussion. Dollars within footnote tables disclosed within the consolidated financial statements are presented in thousands, except share and per share data. Operating results include the years ended December 31, 2021, 2020 and 2019 . |
Use of estimates | Use of estimates —In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the Consolidated Statements of Financial Condition and certain revenues and expenses for the periods included in the Consolidated Statements of Operations and the accompanying notes. Actual results could differ from those estimates. Estimates that are particularly susceptible to significant changes in the near term relate to the determination of expected cash flows of acquired impaired loans, the allowance for loan and lease losses, valuation of servicing assets, fair value measurements for assets and liabilities, goodwill, other intangible assets, the valuation or recognition of deferred tax assets and liabilities, and the valuation of assets and liabilities acquired in business combinations. |
Business combinations | Business combinations —The Company accounts for business combinations under the acquisition method of accounting in accordance with Accounting Standards Codification ("ASC") Topic 805, Business Combinations (“ASC 805”). The Company recognizes the fair value of the assets acquired and liabilities assumed as of the date of acquisition, with any excess of the fair value of consideration provided over the fair value of the identifiable net tangible and intangible assets acquired recorded as goodwill. Transaction costs are immediately expensed as applicable. The results of operations of the acquired business are included in the Consolidated Statements of Operations from the effective date of the acquisition, which is the date control is obtained. The acquiring company retains the right to make appropriate adjustments to the assets and liabilities of the acquired entity for information obtained during the measurement period about facts and circumstances that existed as of the acquisition date. The measurement period ends as of the earlier of (a) one year from the acquisition date or (b) the date when the acquirer receives the information necessary to complete the business combination accounting. |
Cash and cash equivalents | Note 1—Business and Summary of Significant Accounting Policies (continued) Cash and cash equivalents —Cash and cash equivalents have original maturities of three months or less. The Company holds cash and cash equivalents on deposit with other banks and financial institutions in amounts that periodically exceed the federal deposit insurance limit. The Company evaluates the credit quality of these banks and financial institutions to mitigate its credit risk and has not experienced any losses in such accounts. Interest-bearing deposits in other financial institutions mature within one year and are carried at cost. Cash on hand or on deposit with the Federal Reserve Bank of Chicago was required to meet regulatory reserve and clearing requirements. The Company did no t have a reserve requirement as of December 31, 2021 or 2020 . |
Equity and other securities | Equity and other securities —Equity and other securities have no stated maturities and may be sold in response to the same environmental factors as securities available for sale. Equity and other securities are recorded at fair value with changes in fair value included in earnings. |
Securities | Securities —Securities that are held principally for resale in the near term are classified as trading and recorded at fair value with changes in fair value included in earnings. The Company did not invest in securities classified as trading during 2021, 2020 and 2019. Securities are classified as available‑for‑sale if the instrument may be sold in response to such factors including changes in market interest rates and related changes in prepayment risk, needs for liquidity, changes in the availability of and the yield on alternative instruments, and changes in funding sources and terms. Gains or losses on the sales of available‑for‑sale securities are recorded on the trade date and determined using the specific‑identification method. Unrealized holding gains or losses, net of tax, on available‑for‑sale securities are carried as accumulated other comprehensive income (loss) within stockholders’ equity until realized. Securities are classified as held‑to‑maturity and carried at amortized cost when management has the positive intent and ability to hold them to maturity. Fair values of securities are generally based on quoted market prices for the same or similar instruments. See Note 18—Fair Value Measurement for additional discussion on the determination of fair values. Interest income includes the amortization of purchase premiums and discounts, which are recognized using the effective interest method over the terms of the securities. Management evaluates securities for other‑than‑temporary impairment (“OTTI”) on a quarterly basis, and more frequently when economic or market conditions warrant such evaluation. The evaluation is based upon factors such as the creditworthiness of the issuers or guarantors, the underlying collateral, if applicable, and the continuing performance of the securities. Management also evaluates other facts and circumstances that may be indicative of an OTTI condition. This includes, but is not limited to, an evaluation of the type of security, length of time and extent to which the fair value has been less than cost, and near‑term prospects of the issuer. The Company’s assessment of OTTI considers whether it intends to sell a security or if it is more likely than not that it would be required to sell the security before recovery of the amortized cost basis of the investment, which may be at maturity. For debt securities, if the Company intends to sell the security or it is more likely than not that it will be required to sell the security before recovering its cost basis, the entire impairment loss is recognized in earnings as an OTTI. If the Company does not intend to sell the security and it is more likely than not that it will not be required to sell the security, and the Company does not expect to recover the entire amortized cost basis of the security, only the portion of the impairment loss representing credit losses would be recognized in earnings. The credit loss on a security is measured as the difference between the amortized cost basis and the present value of the cash flows expected to be collected. Projected cash flows are discounted by the original or current effective interest rate depending on the nature of the security being measured for potential OTTI. The remaining impairment related to all other factors, the difference between the present value of the cash flows expected to be collected and fair value, is recognized as a charge to other comprehensive income (loss). |
Restricted stock | Restricted stock —The Company owns stock of the Federal Home Loan Bank of Chicago (“FHLB”). No ready market exists for this stock, and it has no quoted market value. As a member of the FHLB system, the Bank is required to maintain an investment in FHLB stock. The stock is redeemable at par by the FHLB and is, therefore, carried at cost. In addition, the Company owns stock of Bankers Bank, which is redeemable at par and carried at cost. Restricted stock is generally viewed as a long‑term investment. Accordingly, when evaluating for impairment, its value is determined based on the ultimate recoverability of the par value rather than by recognizing temporary declines in value. The Company did not recognize impairment of its restricted stock as a result of its impairment analyses for the years ended December 31, 2021, 2020 and 2019 . |
Loans held for sale | Note 1—Business and Summary of Significant Accounting Policies (continued) Loans held for sale —Loans that management has the intent and ability to sell are designated as held for sale. U.S. government guaranteed loans and mortgage loans originated are carried at either amortized cost or estimated fair value. The Company determines whether to account for loans at fair value or amortized cost at origination. The loans accounted for at fair value remain at fair value after the determination. The loans accounted for at amortized cost are carried at the lower of cost or fair value, valued on a loan by loan basis. Net unrealized losses, if any, are recorded as a valuation allowance and charged to earnings. Gains or losses on sales of U.S. government guaranteed loans are recognized based on the difference between the net sales proceeds and the carrying value of the sold portion of the loan, less the fair value of the servicing asset recognized, and are reflected as operating activities in the Consolidated Statements of Cash Flows. The difference between the initial carrying balance of the retained portion of the loan and the relative fair value of the sold portion is recorded as a discount to the retained portion of the loan, establishing a new carrying balance. The recorded discount is accreted to earnings on a level yield basis. U.S. government guaranteed loans are generally sold with servicing retained. Loans sold that have not yet settled as of year-end are classified as due-from counterparty on the Consolidated Statements of Financial Condition. |
Originated loans | Originated loans —Originated loans are stated at the amount of unpaid principal outstanding, net of purchase premiums and discounts, and any deferred fees or costs. Net deferred fees, costs, discounts and premiums are recognized as yield adjustments over the contractual life of the loan. Interest on loans is calculated daily based on the principal amount outstanding. Additionally, once an acquired non-impaired loan reaches its contractual maturity date, it is re-underwritten, and if renewed, it is classified as an originated loan. Originated loans are classified as impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal and interest when due, in accordance with the terms of the original loan agreement. The carrying value of impaired loans is based on the present value of expected future cash flows (discounted at each loan’s effective interest rate) or, for collateral dependent loans, at the fair value of the collateral less estimated selling costs. If the measurement of each impaired loan’s value is less than the recorded investment in the loan, impairment is recognized and the carrying value of the loan is adjusted in the allowance for loan and lease losses as a specific component provided or through a charge‑off of the impaired portion of the loan. Accrual of interest on impaired loans is discontinued when the loan is 90 days past due or when, in management’s opinion, the borrower may be unable to make payments as they become due. When the accrual of interest is discontinued, all unpaid accrued interest is reversed through interest income. Payments received during the time a loan is on non‑accrual status are applied to principal. Interest income is not recognized until the loan is returned to accrual status or after the principal balance is paid in full. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured as evidenced by agreed upon performance for a period of not less than six months. |
Troubled debt restructuring | Troubled debt restructuring —A troubled debt restructuring (“TDR”) is a formal restructuring of a loan in which the Company, for economic or legal reasons related to the borrower’s financial difficulties, grants a concession to the borrower. The concessions may be granted in various forms, including providing a below‑market interest rate, reduction in the loan balance or accrued interest, extension of the maturity date, or a combination of these. Troubled debt restructurings are considered to be impaired loans and are subject to the Company’s impaired loan accounting policy. Acquired impaired loans are not subject to TDR accounting. The Company does not accrue interest on a TDR unless it believes collection of all principal and interest under the modified terms is reasonably assured. For a TDR to begin accruing interest, the borrower must demonstrate some level of past performance and the future capacity to perform under the modified terms. Generally, six months of consecutive payment performance under the restructured terms is required before a TDR is returned to accrual status. In March of 2020, the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") was enacted by the U.S. government in response to the economic disruption caused by the COVID-19 pandemic. The CARES Act provided that a qualified loan modification is exempt by law from classification as a TDR, from the period beginning March 1, 2020 until the earlier of December 31, 2020 or the date that is 60 days after the date on which the national emergency concerning the COVID-19 pandemic declared by the President of the United States terminates. The Consolidation Appropriations Act further extended the suspension period until the earlier of January 1, 2022 or the date that is 60 days after the date on which the national emergency concerning the COVID-19 pandemic declared by the President of the United States terminates. The Company has modifications under these Acts. The underlying loans and leases are subject to the same underwriting, risk-rating and accrual standards as the rest of the loan portfolio. |
Direct finance leases | Note 1—Business and Summary of Significant Accounting Policies (continued) Direct finance leases —The Company engages in leasing for small‑ticket equipment, software, machinery and ancillary supplies and services to customers under leases that qualify as direct financing leases for financial reporting. Certain leases qualify as operating leases for income tax purposes. Under the direct financing method of accounting, the minimum lease payments to be received under the lease contract, together with the estimated unguaranteed residual values of the related equipment, are recorded as lease receivables when the lease is signed and funded and the lease property is delivered to the customer. The excess of the minimum lease payments and residual values over the amount financed is recorded as unearned lease income. Unearned lease income is recognized over the term of the lease based on the effective yield interest method. Residual value is the estimated fair market value of the equipment on lease at lease termination. In estimating the equipment’s fair value at lease termination, the Company relies on historical experience by equipment type and manufacturer and, where available, valuations by independent appraisers, adjusted for known trends. The Company’s residual values are estimates for reasonableness; however, the amounts the Company will ultimately realize could differ from the estimated amounts. If the review of the residual value results in other‑than‑temporary impairment, the impairment is recognized in current period earnings. An upward adjustment of the estimated residual value is not recorded. The policies for delinquency and non‑accrual for direct finance leases are materially consistent with those described for all classes of loan receivables. The Company defers and amortizes certain initial direct costs over the contractual term of the lease as an adjustment to the yield. The unamortized direct costs are recorded as a reduction of unearned lease income. |
Acquired impaired loans | Acquired impaired loans —Loans initially acquired with evidence of credit quality deterioration are accounted for under ASC Topic 310‑30, Accounting for Purchased Loans with Deteriorated Credit Quality (“ASC 310‑30”). These loans are recorded either on a pool or a loan‑by‑loan basis at their estimated fair value where applicable. The Company may aggregate loans into pools based on similar credit risks and predominant risk characteristics such as delinquency status and loan type. Management estimated the fair values of acquired impaired loans at the acquisition date based on estimated future cash flows. The excess of cash flows expected to be collected over a loan’s carrying value is considered to be the accretable yield and is recognized as interest income over the estimated life of the loan or pool using the effective yield method. The acquisition date estimates of accretable yield may subsequently change due to changes in management’s estimates of timing and amounts of expected cash flows. The excess of the contractual amounts due over the cash flows expected to be collected is considered to be the non‑accretable difference. The non‑accretable difference represents the Company’s estimate of the credit losses expected to occur and is considered in determining the fair value of the loans. Reclassifications between accretable yield and non‑accretable difference represent changes in expected cash flows over the remaining estimated life of the loan or pool. Subsequent increases in expected cash flows over those expected at inception are adjusted through an increase to the accretable yield on a prospective basis. Any subsequent decreases in expected cash flows attributable to credit deterioration are recognized by recording an additional provision for loan losses. Once a pool of loans is assembled, the integrity of the pool is maintained. A loan can only be removed from a pool if either of the following conditions is met: (1) the Company sells, forecloses, or otherwise receives assets in satisfaction of the loan, or (2) the loan is written off. A refinancing or restructuring of a loan does not result in a removal of a loan from a pool. Loan sales are accounted for under ASC Topic 860, Transfers and Servicing (“ASC 860”), when control over the assets have been relinquished. See transfers of financial assets accounting policy. |
Acquired non-impaired loans and leases | Acquired non‑impaired loans and leases —Acquired non‑impaired loans and leases are accounted for under ASC Subtopic 310‑20, Receivables Nonrefundable Fees and Other Costs (“ASC 310‑20”). These loans and leases were individually recorded at fair value at the time of acquisition. Any previously recognized allowance for loan and lease losses and unearned fees or discounts are not carried over and recognized at the date of acquisition. The component of fair value representing an adjustment to an asset’s outstanding principal balance is accreted or amortized over the life of the related asset as a yield adjustment. The balance of the asset is then evaluated periodically pursuant to the Company’s allowance for loan and lease loss accounting policy and any adjustment required for credit risk is recorded within the allowance for loan and lease losses. Upon reaching the maturity date, all acquired non-impaired loan premium or discount is fully amortized or accreted. If the loan is re-underwritten and renewed, it is internally reclassified as an originated loan. The loan is then evaluated periodically pursuant to the Company’s allowance for loan and lease loss accounting without any consideration of the acquisition premium or discount. |
Allowance for loan and lease losses | Note 1—Business and Summary of Significant Accounting Policies (continued) Allowance for loan and lease losses —The allowance for loan and lease losses is maintained at a level management believes is appropriate to provide for probable loan and lease losses as of the dates of the Consolidated Statements of Financial Condition. The allowance for loan and lease losses is increased by a provision for loans and lease losses and decreased by charge‑offs, net of recoveries. Loan and lease losses are charged against the allowance for loan and lease losses when management believes the uncollectibility of a loan or lease balance is confirmed. Subsequent recoveries, if any, are credited to the allowance for loan and lease losses. The allowance for loan and lease losses is based on management’s evaluation of the loan and lease portfolio giving consideration to the nature and volume of the portfolio, the value of the underlying collateral, overall portfolio quality, review of specific problem loans or leases, and prevailing economic conditions that may affect the borrower’s ability to pay. While management uses the best information available to make its evaluation, future adjustments to the allowance for loan and lease losses may be necessary if there are significant changes in economic condition. The allowance for loan and lease losses consists of general and specific components. Allocations of the allowance for loan and lease losses not attributable to acquired impaired loans may be made for specific loans and leases, but the entire allowance is available for any loan and lease that, in management’s judgement, should be charged off. The general component covers loans and leases that are collectively evaluated for impairment. Larger groups of smaller balance homogeneous loans, such as consumer and residential real estate loans and leases, are collectively evaluated for impairment, and accordingly, they are not included in the separately identified impairment disclosures. The general component is based on a trailing 12‑quarter weighted average loss rate for each loan category based on the Company’s historical losses and its peer group, adjusted for qualitative and other economic factors. These factors include (1) changes in lending policies and procedures, including changes in underwriting standards and collections, charge‑off and recovery practices; (2) changes in international, national, regional and local conditions; (3) changes in the nature and volume of the portfolio and terms of the loans and leases; (4) changes in experience, depth and ability of lending management and other relevant staff; (5) changes in the volume and severity of past due loans and leases; (6) changes in the quality of the Company’s loan review system; (7) changes in the value of the underlying collateral for collateral dependent loans and leases; (8) existence and effect of any concentrations of credit and changes in the levels of such concentrations; and (9) the effect of other external factors (i.e., competition, legal and regulatory requirements) on the level of estimated credit losses. Based on management’s judgement of other factors that fall outside of the predefined qualitative or historical loss rates, the allowance for loan and lease losses may include an unallocated component not included in these predefined factors. The specific component relates to loans that are risk‑rated substandard or worse, and based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Factors considered by management in determining the impairment include payment status, collateral value, strength of guarantor, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired and are reviewed on a case‑by‑case basis. TDRs are individually evaluated for impairment and are measured at the present value of estimated future cash flows using the loan’s effective rate at origination. If a TDR is considered to be a collateral dependent loan, the loan is reported at the fair value of the collateral, less estimated costs to sell. The allowance for loan losses also includes amounts representing decreases in expected cash flows attributable to credit deterioration of acquired impaired loans. The evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available. The factors supporting the allowance for loan and lease losses do not diminish the fact that the entire allowance for loan and lease losses not attributable to acquired impaired loans is available to absorb losses in the loan and lease portfolios and related commitment portfolio, respectively. The allowance for loan and lease losses is subject to review by regulatory agencies during examinations and may require us to recognize adjustments to the allowance for loan and lease losses. |
Servicing assets | Servicing assets —Servicing assets are recognized separately when they are acquired through sales of loans. When loans are sold with servicing rights retained, servicing assets are recorded at fair value in accordance with ASC 860. Fair value is based on market prices for comparable servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. Note 1—Business and Summary of Significant Accounting Policies (continued) Sales of U.S. government guaranteed loans are executed on a servicing retained basis. The standard SBA loan sale agreement is structured to provide the Company with a servicing spread paid from a portion of the interest cash flow of the loan. SBA regulations require the Company to retain a portion of the cash flow from the interest payments received for a sold loan. The USDA loan sale agreements are not standardized with respect to servicing. Servicing fee income, which is reported on the Consolidated Statements of Operations as loan servicing revenue, is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal. Late fees and ancillary fees related to loan servicing are not material. The Company has elected the fair value measurement method and measures servicing rights at fair value at each reporting date and reports changes in fair value of servicing assets in earnings in the period in which the changes occur, and are recorded as loan servicing asset revaluation on the Consolidated Statements of Operations. The fair value of servicing rights is highly sensitive to changes in underlying assumptions. Changes in the prepayment speed and discount rate assumptions have the most significant impact on the fair value of servicing rights. Servicing fee income, which is reported on the Consolidated Statements of Operations as loan servicing revenue, is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal. Late fees and ancillary fees related to loan servicing are not material. |
Concentrations of credit risk | Concentrations of credit risk —Most of the Company’s business activity is concentrated with customers located within its principal market areas, with the exception of government guaranteed loans and leasing activities. The Company originates commercial real estate, construction, land development and other land, commercial and industrial, residential real estate, installment and other loans, and leases. Generally, loans are secured by accounts receivable, inventory, deposit accounts, personal property or real estate. Rights to collateral vary and are legally documented to the extent practicable. The Company has a concentration in commercial real estate loans and the ability of borrowers to honor these and other contracts is dependent upon the real estate and general economic conditions within their geographic market. |
Transfers of financial assets | Transfers of financial assets —Transfers of financial assets are accounted for as sales when control over the assets has been relinquished. The Company has assessed that partial sales of financial assets meet the definition of participating interest. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company and the transferee obtains the right (free of conditions that constrain it from taking advantage of that right beyond a trivial benefit) to pledge or exchange the transferred assets. Gains or losses are recognized in the period of sale upon derecognition of the asset. |
Premises and equipment | Premises and equipment —Premises and equipment acquired through a business combination are initially stated at the acquisition date fair value less accumulated depreciation. All other premises and equipment are stated at cost less accumulated depreciation. Depreciation on premises and equipment is recognized on a straight‑line basis over their estimated useful lives ranging from three to 39 years . Land is also carried at its fair value following a business combination and is not subject to depreciation. Leasehold improvements are amortized over the shorter of the life of the related asset or expected term of the underlying lease. Gains and losses on the dispositions of premises and equipment are included in non‑interest income. Expenditures for new premises, equipment and major betterments are capitalized. Normal costs of maintenance and repairs are expensed as incurred. Long‑lived depreciable assets are evaluated periodically for impairment when events or changes in circumstances indicate the carrying amounts may be not recoverable. Impairment exists when the undiscounted expected future cash flows of a long‑lived asset are less than its carrying value. In that event, the Company recognizes a loss for the difference between the carrying amount and the estimated fair value of the asset based on a quoted market price, if applicable, or a discounted cash flow analysis. Impairment losses are recorded in non‑interest expense. |
Assets held for sale | Assets held for sale —Assets held for sale consist of former branch locations and real estate previously purchased for expansion. Assets are considered held for sale when management has approved to sell the assets following a branch closure or other events. The properties are being actively marketed and transferred to assets held for sale based at the lower of its carrying value or its fair value, less estimated costs to sell. Assets held for sale are evaluated periodically for impairment, with any impairment losses recorded in non-interest expense. |
Other real estate owned | Note 1—Business and Summary of Significant Accounting Policies (continued) Other real estate owned —Other real estate owned (“OREO”) includes real estate assets that have been acquired through, or in lieu of, loan foreclosure or repossession and are to be sold. OREO assets are initially recorded at fair value, less estimated costs to sell, of the collateral of the loan, on the date of foreclosure or repossession, establishing a new cost basis. Adjustments that reduce loan balances to fair value at the time of foreclosure or repossession are recognized as charge‑offs in the allowance for loan and lease losses. After foreclosure or repossession, management periodically obtains new valuations, and real estate or other assets may be adjusted to a lower carrying amount, determined by the fair value of the asset, less estimated costs to sell. Any subsequent write‑downs are recorded as a decrease in the asset and charged against other real estate owned valuation adjustments. Operating expenses of such properties, net of related income, and gains and losses on their disposition are included in non‑interest expense. Any losses on the sales of other real estate owned properties are recognized immediately. OREO is recorded net of participating interests sold. |
Goodwill | Goodwill —The excess of the cost of our recapitalization and acquisitions over the fair value of the net assets acquired, including core deposit intangible, consists of goodwill. Goodwill is not amortized but is periodically evaluated for impairment under the provisions of ASC Topic 350, Intangibles—Goodwill and Other (“ASC 350”). Impairment testing is performed using either a qualitative or quantitative approach at the reporting unit level. All of the Company’s goodwill is allocated to the Bank, which is the Company’s only applicable reporting unit for the purposes of testing goodwill for impairment. The Company has selected November 30 as the date it performs the annual goodwill impairment test. Additionally, the Company performs a goodwill impairment evaluation on an interim basis when events or circumstances indicate impairment potentially exists. The Company performs impairment testing using a qualitative approach to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include, among others, a material change in the estimated value of the Company based on current market multiples common for community banks of similar size and operations; a significant change in our stock price or market capitalization; a significant adverse change in legal factors or in the business climate; adverse action or assessment by a regulator; and unanticipated competition. If the assessment of qualitative factors indicates that it is not more likely than not that impairment exists, an impairment loss is recognized if the carrying amount of the reporting unit goodwill exceeds its fair value. Based on an annual analysis completed as of November 30, 2021, 2020 and 2019 , the Company did no t recognize impairment losses during the years ended December 31, 2021, 2020, and 2019 . |
Other intangible assets | Other intangible assets —Other intangible assets primarily consist of core deposit intangible assets. Other intangible assets with definite useful lives are amortized to their estimated residual values over their respective estimated useful lives, and are also reviewed periodically for impairment. Amortization of other intangible assets is included in other non‑interest expense. Core deposit intangibles were recognized apart from goodwill based on market valuations. Core deposit intangibles are amortized over an approximate ten year period. In valuing core deposit intangibles, the Company considered variables such as deposit servicing costs, attrition rates and market discount rates. If the estimated fair value is less than the carrying value, the core deposit intangible would be reduced to such value and the impairment recognized as non‑interest expense. |
Customer relationship intangibles | Customer relationship intangibles —Customer relationship intangibles relate to the value of existing trust and wealth management relationships and are amortized over 12 years. In valuing the relationship intangibles, the Company considered variables such as attrition, investment appreciation, and discount rates. |
Bank-owned life insurance | Bank‑owned life insurance —The Company holds life insurance policies that provide protection against the adverse financial effects that could result from the death of current and former employees, and provide tax deferred income. Although the lives of individual current or former management‑level employees are insured, the Company is the owner and is split beneficiary on certain policies. The Company is exposed to credit risk to the extent an insurance company is unable to fulfill its financial obligations under a policy. Split‑dollar life insurance is recorded as an asset at cash surrender value. Increases in the cash value of these policies, as well as insurance proceeds received, are recorded in other non‑interest income and are not subject to income tax. |
Income taxes | Income taxes —The Company uses the asset and liability method to account for income taxes. The objective of the asset and liability method is to establish deferred tax assets and liabilities for the temporary differences between the financial reporting basis and the income tax basis of the Company’s assets and liabilities at enacted tax rates expected to be in effect when such amounts are realized or settled. The Company’s annual tax rate is based on its income, statutory tax rates and available tax planning opportunities. Deferred tax assets and liabilities are adjusted through the tax provision for the effects of changes in tax laws and rates on the date of enactment. Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in determining tax expense and in evaluating tax positions, including evaluating uncertainties. Deferred income tax assets represent amounts available to reduce income taxes payable on taxable income in future years. Such assets arise because of temporary differences between the financial reporting and tax bases of assets and liabilities, as well as from net operating loss carryforwards. The Company reviews its deferred tax positions periodically and adjusts the balances as new information becomes available. The Company evaluates the recoverability of these future tax deductions by assessing the adequacy of future expected taxable income from all sources, including reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies. The Company uses short and long‑range business forecasts to provide additional information for its evaluation of the recoverability of deferred tax assets. As of December 31, 2021 and 2020 , the Company had no material uncertain tax positions. The Company elects to treat interest and penalties recognized for the underpayment of income taxes as income tax expense. However, interest and penalties imposed by taxing authorities on issues specifically addressed in ASC Topic 740 will be taken out of the tax reserves up to the amount allocated to interest and penalties. The amount of interest and penalties exceeding the amount allocated in the tax reserves will be treated as income tax expense. A deferred tax valuation allowance is established to reduce the net carrying amount of deferred tax assets if it is determined to be more likely than not that all or some of the deferred tax asset will not be realized. At December 31, 2021 and 2020, the Company did not record a deferred tax valuation allowance. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. |
Derivative financial instruments and hedging activities | Derivative financial instruments and hedging activities —The Company enters into derivative transactions principally to protect against the risk of adverse price or interest rate movements on the future cash flows of certain assets. ASC Topic 815, Derivatives and Hedging (“ASC 815”), establishes accounting and reporting standards requiring that every derivative instrument be recorded in the Consolidated Statements of Financial Condition as either an asset or liability measured at its fair value. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and on the type of hedging relationship. On the date the derivative contract is entered into, the Company designates the derivative as a fair value hedge, a cash flow hedge, or a non‑designated derivative. Fair value hedges are accounted for by recording the changes in the fair value of the derivative instrument and the changes in the fair value related to the risk being hedged of the hedged asset or liability on the Consolidated Statements of Financial Condition with corresponding offsets recorded in the Consolidated Statements of Operations. The adjustment to the hedged asset or liability is included in the basis of the hedged item, while the fair value of the derivative is recorded as an asset or liability. Cash flow hedges are accounted for by recording the changes in the fair value of the derivative instrument in other comprehensive income (loss) and are recognized in the Consolidated Statements of Operations when the hedged item affects earnings. Derivative instruments that are not designated as hedges according to accounting guidance are reported in the Consolidated Statements of Financial Condition at fair value and the changes in fair value are recognized as non‑interest income during the period of the change. The Company formally documents the relationship between a derivative instrument and a hedged asset or liability, as well as its risk management objective and strategy for undertaking various hedge transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivatives that are used in the hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. |
Comprehensive income | Comprehensive income —Recognized revenue, expenses, gains and losses are included in net income. Certain changes in assets and liabilities, such as unrealized gains and losses on available‑for‑sale securities and adjustments related to cash flow hedges, are reported on a cumulative basis, net of tax effects, as a separate component of equity on the Consolidated Statements of Financial Condition. Changes in such items, along with net income, are components of comprehensive income. |
Advertising expense | Advertising expense —Advertising costs are expensed as incurred. |
Off-balance sheet instruments | Off‑balance sheet instruments —In the ordinary course of business, the Company has entered into off‑balance sheet arrangements consisting of commitments to extend credit, commercial letters of credit, and standby letters of credit. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded in the consolidated financial statements when they are funded or when the related fees are incurred or received. |
Reserve for unfunded commitments | Reserve for unfunded commitments —A reserve for unfunded commitments is maintained at a level that, in the opinion of management, is sufficient to absorb probable losses associated with the Company’s commitment to lend funds under existing agreements, such as letters or lines of credit. Management determines the appropriate reserve for unfunded commitments based upon reviews of individual credit facilities, current economic conditions, the risk characteristics of the various categories of commitments, and other relevant factors. The reserve for unfunded commitments is based on estimates, and ultimate losses may vary from the current estimates. These estimates are evaluated on a quarterly basis and, as adjustments become necessary, they are recognized in earnings in the provision for unfunded commitments in the periods in which they become known. |
Segment reporting | Segment reporting —The Company has one reportable segment. The Company’s chief operating decision maker evaluates the operations of the Company using consolidated information for purposes of allocating resources and assessing performance. Therefore, segment disclosures are not required. |
Loss contingencies | Loss contingencies —Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there are any such matters that will have a material effect on the Consolidated Financial Statements for the years ended December 31, 2021, 2020, and 2019 . |
Share-based compensation | Share‑based compensation —The Company accounts for share‑based compensation in accordance with ASC Topic 718, Compensation—Stock Compensation (“ASC 718”), which requires compensation cost relating to share‑based compensation transactions be recognized in the Consolidated Statements of Operations, based generally upon the grant‑date fair value of the share‑based compensation granted by the Company. Share‑based awards may have service, market or performance conditions. Refer to Note 19—Share-Based Compensation for additional information. |
Earnings per share | Earnings per share — Earnings per common share (“EPS”) is computed under the two-class method. Pursuant to the two-class method, non-vested stock-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents are participating securities and are included in the computation of EPS. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. Application of the two-class method resulted in the equivalent earnings per share to the treasury method. Basic earnings per common share is computed by dividing net earnings allocated to common stockholders by the weighted-average number of common shares outstanding during the applicable period, excluding outstanding participating securities. Diluted earnings per common share is computed using the weighted-average number of shares determined for the basic earnings per common share computation plus the dilutive effect of stock compensation and warrants for common stock using the treasury stock method. |
Dividend restrictions | Dividend Restrictions – Banking regulations require maintaining certain capital levels and may limit the dividends paid by the bank to the holding company or by the holding company to stockholders. |
Fair value of assets and liabilities | Fair value of assets and liabilities —Fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, including respective accrued interest balances, in an orderly transaction between market participants at the measurement date. The Company determines fair value based upon quoted prices when available or through the use of alternative approaches, such as matrix or model pricing, when market quotes are not readily accessible or available. The valuation techniques used are based on observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. Changes in assumptions or in market conditions could significantly affect these estimates. |
Reclassifications | Reclassifications —Some items in prior years consolidated financial statements were reclassified to conform to the current presentation. Reclassifications had no effect on prior years’ net income or stockholders’ equity. |
Accounting Pronouncements Recently Adopted or Issued | The following reflect recent accounting pronouncements that are pending adoption by the Company. As the Company qualifies as an emerging growth company and has elected the extended transition period for complying with new or revised accounting pronouncements, it is not subject to new or revised accounting standards applicable to public companies during the extended transition period. The accounting pronouncements pending adoption below reflect effective dates for the Company as an emerging growth company with the extended transition period. Adopted Accounting Pronouncements Leases (Topic 842) —On January 1, 2021, the Company adopted ASU No. 2016-02, Leases and subsequent amendments thereto, which requires the Company to recognize most leases on the balance sheet. We adopted the standard under a modified retrospective approach as of the date of adoption and elected to apply several of the available practical expedients, including: Carry over of historical lease determination and lease classification conclusions Carry over of historical initial direct cost balances for existing leases Option not to recognize right-of-use assets and lease liabilities that arise from short-term leases (i.e. lease terms of twelve months or less) Use of hindsight in determining the lease term and right-of-use assets Accounting for lease and non-lease components in contracts in which the Company is a lessee as a single lease component Adoption of the leasing standard resulted in the recognition of operating right-of-use assets of $ 10.5 million and operating lease liabilities of $ 11.7 million as of January 1, 2021. These amounts were determined based on the present value of remaining minimum lease payments, discounted using the Company’s incremental borrowing rate as of the date of adoption. This guidance also applies to the Company’s investment in direct financing leases, which are included in loans, but did not have a material impact. There was no material impact to the timing of expense or income recognition in the Company’s Consolidated Statements of Operations. Prior periods were not restated and continue to be presented under legacy GAAP. Refer to Note 10 —Leases for further details. Issued Accounting Pronouncements Pending Adoption Financial Instruments—Credit Losses (Topic 326) —In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016‑13, Measurement of Credit Losses on Financial Instruments . Current GAAP requires an “incurred loss” methodology for recognizing credit losses that delays recognition until it is probable a loss has been incurred. The main objective of this ASU is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The amendments in this ASU replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The amendments in this ASU require a financial asset (or group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. The measurement of expected credit losses will be based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. Upon adoption, a banking organization must record a one-time adjustment to its credit loss allowances as of the beginning of the fiscal year of adoption equal to the difference, if any, between the amount of credit loss allowances under the prior methodology and the amount required under the new standard. The amendments in this ASU broaden the information that an entity must consider in developing its expected credit loss estimate for assets measured either collectively or individually. The use of forecasted information incorporates more timely information in the estimate of expected credit loss, which will be more useful to users of the financial statements. In November 2019, FASB issued ASU No. 2019-10, Effective Dates , which delays the effective date of the ASU for entities not classified as Public Business Entities. The Company will adopt the standard on December 31, 2022. The new guidance may result in an increase in the allowance for loan losses which will reflect the requirement to include expected losses on purchased credit-impaired loans. The extent of the increase will depend on the composition of the loan portfolio, as well as the economic conditions and forecasts as of the adoption date. Note 2— Accounting Pronouncements Recently Issued (continued) Income Taxes (Topic 740) —In December 2019, FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes . The amendments in the ASU simplify the accounting for income taxes by removing the following: the exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items; the exception to the requirement to or not to recognize a deferred tax liability for a foreign entity when it becomes an equity method investment or it becomes a subsidiary, respectively; and the exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The amendments in the ASU changes current authoritative guidance by requiring the recognition of franchise tax that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax; requiring an evaluation when a step up in the tax basis of goodwill should be considered part the of business combination; specifying that it is not required to allocate the consolidated amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements; and requiring that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The amendments are effective for annual periods beginning after December 15, 2021, and interim periods within annual periods beginning after December 15, 2022. Early adoption is permitted. Assuming the Company remains an emerging growth company, the new authoritative guidance will be effective for reporting periods after January 1, 2022. The Company does not anticipate the provisions of ASU No. 2019-12 will have a material impact on the Company’s Consolidated Financial Statements. Reference Rate Reform (Topic 848) —In March 2020, FASB issued ASU No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting . The amendments in the ASU provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments in the ASU provide optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued. The ASU is intended to help stakeholders during the global market-wide reference rate transition period. The amendments in the ASU will be in effect for all entities as of March 12, 2020 through December 31, 2022. Banking regulators have provided guidance which prohibits new financial contracts from referencing LIBOR as the relevant index after December 31, 2021. The guidance goes on to indicate that beginning after June 2023, LIBOR can no longer be used for existing financial contracts. In December 2021, management approved the use of Term Secured Overnight Financing Rate ("SOFR") as an alternative reference rate to LIBOR. Other alternative reference rates may be considered in the future. At December 31, 2021, $ 1.2 billion of loans, derivatives with a notional amount of $ 440.0 million, and securities available for sale with a fair value of $ 58.8 million, include fallback provisions that define the trigger events (an occurrence that precipitates the conversion from LIBOR to a new reference rate), and allow for the selection of a benchmark replacement and a spread adjustment between LIBOR and that benchmark replacement. Junior subordinated debentures carrying value of $ 36.9 million were also tied to LIBOR. |
Acquisition of a Business (Tabl
Acquisition of a Business (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Summary of Estimates Fair Values of Assets and Liabilities Assumed as of Acquisition Date | The following table presents a summary of the estimated fair values of assets acquired and liabilities assumed as of the acquisition date: April 30, 2019 Assets Cash and cash equivalents $ 10,469 Securities available-for-sale 30,343 Restricted stock 414 Loans 257,423 Premises and equipment 3,488 Other real estate owned 2,201 Other intangible assets 6,220 Bank-owned life insurance 3,485 Deferred tax assets, net 5,925 Other assets 1,231 Total assets acquired 321,199 Liabilities Deposits 290,171 Line of credit 5,655 Federal Home Loan Bank advances 5,300 Accrued expenses and other liabilities 4,766 Total liabilities assumed 305,892 Net assets acquired $ 15,307 Consideration paid Common stock (2019 - 1,464,558 shares issued at $ 20.02 per share) 29,320 Cash paid 6,163 Total consideration paid 35,483 Goodwill $ 20,176 |
Summary of Acquired Non-Impaired Loans as of Acquisition Date | The following table presents the acquired non-impaired loans as of the acquisition date: April 30, 2019 Fair value $ 204,496 Gross contractual amounts receivable 254,755 Estimate of contractual cash flows not expected to be (1) 12,987 Estimate of contractual cash flows expected to be collected 241,768 (1) Includes interest payments not expected to be collected due to loan prepayments as well as principal and interest payments not expected to be collected due to customer default. |
Summary of Pro Forma Information for Results of Operations | The following table provides the pro forma information for the results of operations for the year ended December 31, 2019, as if the acquisitions had occurred on January 1, 2019. The pro forma results combine the historical results of Oak Park River Forest into the Company’s Consolidated Statements of Operations, including the impact of certain acquisition accounting adjustments, which includes loan discount accretion, intangible assets amortization, deposit premium accretion and borrowing net discount amortization. The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results that would have been obtained had the acquisitions actually occurred on January 1, 2018. No assumptions have been applied to the pro forma results of operations regarding possible revenue enhancements, provision for credit losses, expense efficiencies or asset dispositions. The acquisition-related expenses that have been recognized are included in net income in the following table. Year ended December 31, 2019 Total revenues (net interest income and non-interest income) $ 272,081 Net income 57,797 Earnings per share—basic 1.47 Earnings per share—diluted 1.45 |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Amortized Cost and Fair Values of Securities Available-for-sale,Held to Maturity and Other Securities | The following tables summarize the amortized cost and fair values of securities available-for-sale, securities held-to-maturity and equity and other securities at December 31, 2021 and 2020 and the corresponding amounts of gross unrealized gains and losses: 2021 Amortized Gross Gross Fair Available-for-sale U.S. Treasury Notes $ 18,447 $ 37 $ ( 8 ) $ 18,476 U.S. Government agencies 141,096 661 ( 2,367 ) 139,390 Obligations of states, municipalities, and political 86,454 3,238 ( 56 ) 89,636 Residential mortgage-backed securities Agency 756,549 2,122 ( 15,015 ) 743,656 Non-agency 146,499 4 ( 1,267 ) 145,236 Commercial mortgage-backed securities Agency 214,417 2,795 ( 3,661 ) 213,551 Corporate securities 65,814 1,586 ( 54 ) 67,346 Asset-backed securities 37,206 49 ( 4 ) 37,251 Total $ 1,466,482 $ 10,492 $ ( 22,432 ) $ 1,454,542 2021 Amortized Gross Gross Fair Held-to-maturity Obligations of states, municipalities, and political $ 3,885 $ 107 $ — $ 3,992 Total $ 3,885 $ 107 $ — $ 3,992 Note 4—Securities (continued) 2020 Amortized Gross Gross Fair Available-for-sale U.S. Treasury Notes $ 23,468 $ 344 $ — $ 23,812 U.S. Government agencies 113,088 600 ( 137 ) 113,551 Obligations of states, municipalities, and political 135,513 6,991 ( 85 ) 142,419 Residential mortgage-backed securities Agency 764,951 13,645 ( 205 ) 778,391 Non-agency 32,654 332 ( 5 ) 32,981 Commercial mortgage-backed securities Agency 244,496 6,046 ( 390 ) 250,152 Corporate securities 59,020 1,850 ( 102 ) 60,768 Asset-backed securities 45,255 26 ( 125 ) 45,156 Total $ 1,418,445 $ 29,834 $ ( 1,049 ) $ 1,447,230 2020 Amortized Gross Gross Fair Held-to-maturity Obligations of states, municipalities, and political $ 4,395 $ 178 $ — $ 4,573 Total $ 4,395 $ 178 $ — $ 4,573 |
Summary of Gross Unrealized Losses and Fair Values, Aggregated by Investment Category and Length of Individual Securities Continuous Unrealized Loss Position Available-for-sale and Held to Maturity | Gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2021 and 2020 are summarized as follows: Less than 12 Months 12 Months or Longer Total 2021 # of Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale U.S. Treasury Notes 1 $ 9,946 $ ( 8 ) $ — $ — $ 9,946 $ ( 8 ) U.S. Government agencies 10 64,585 ( 1,590 ) 19,223 ( 777 ) 83,808 $ ( 2,367 ) Obligations of states, municipalities and 3 9,507 ( 56 ) — — 9,507 ( 56 ) Residential mortgage-backed securities Agency 51 612,280 ( 13,894 ) 25,412 ( 1,121 ) 637,692 ( 15,015 ) Non-agency 14 96,372 ( 1,257 ) 761 ( 10 ) 97,133 ( 1,267 ) Commercial mortgage-backed securities Agency 19 64,473 ( 1,994 ) 37,063 ( 1,667 ) 101,536 ( 3,661 ) Corporate securities 3 7,502 ( 54 ) — — 7,502 ( 54 ) Asset-backed securities 3 15,978 ( 4 ) — — 15,978 ( 4 ) Total 104 $ 880,643 $ ( 18,857 ) $ 82,459 $ ( 3,575 ) $ 963,102 $ ( 22,432 ) Less than 12 Months 12 Months or Longer Total 2020 # of Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale U.S. Government agencies 5 $ 30,639 $ ( 137 ) $ — $ — 30,639 ( 137 ) Obligations of states, municipalities 2 210 ( 85 ) — — 210 ( 85 ) Residential mortgage-backed securities Agency 8 45,253 ( 198 ) 472 ( 7 ) 45,725 ( 205 ) Non-agency 2 3,963 ( 5 ) — — 3,963 ( 5 ) Commercial mortgage-backed securities Agency 8 55,554 ( 390 ) — — 55,554 ( 390 ) Corporate securities 6 10,916 ( 102 ) — — 10,916 ( 102 ) Asset-backed securities 6 24,436 ( 99 ) 4,952 ( 26 ) 29,388 ( 125 ) Total 37 $ 170,971 $ ( 1,016 ) $ 5,424 $ ( 33 ) $ 176,395 $ ( 1,049 ) |
Summary of Proceeds From Sales and Calls of Securities Available-for-sale and Associated Gains and Losses | The proceeds from all sales and calls of securities were available-for-sale, and the associated gains and losses for the years ended December 31, 2021, 2020, and 2019 are listed below: 2021 2020 2019 Proceeds $ 203,791 $ 208,978 $ 92,103 Gross gains 2,830 5,383 1,274 Gross losses 1,395 82 123 |
Schedule of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | At December 31, 2021, the amortized cost and fair value of debt securities are shown by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Fair Available-for-sale Due in one year or less $ 19,225 $ 19,354 Due from one to five years 56,817 57,843 Due from five to ten years 207,232 208,360 Due after ten years 65,743 66,542 Mortgage and asset-backed securities 1,117,465 1,102,443 Total $ 1,466,482 $ 1,454,542 Held-to-maturity Due from one to five years $ 1,175 $ 1,199 Due from five to ten years 2,710 2,793 Total $ 3,885 $ 3,992 |
Loans and Lease Receivables (Ta
Loans and Lease Receivables (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Schedule of Outstanding Loan and Lease Receivables | Outstanding loan and lease receivables as of December 31, 2021 and 2020 were categorized as follows: 2021 2020 Commercial real estate $ 1,663,256 $ 1,416,731 Residential real estate 480,236 569,387 Construction, land development, and other land 327,143 231,602 Commercial and industrial 1,580,235 1,372,452 Paycheck Protection Program ("PPP") 127,184 527,044 Installment and other 1,322 1,942 Lease financing receivables 354,135 223,295 Total loans and leases 4,533,511 4,342,453 Net unamortized deferred fees and costs ( 674 ) ( 5,764 ) Initial direct costs 4,291 3,846 Allowance for loan and lease losses ( 55,012 ) ( 66,347 ) Net loans and leases $ 4,482,116 $ 4,274,188 2021 2020 Lease financing receivables Net minimum lease payments $ 352,948 $ 234,472 Unguaranteed residual values 27,953 8,690 Unearned income ( 26,766 ) ( 19,867 ) Total lease financing receivables 354,135 223,295 Initial direct costs 4,291 3,846 Lease financial receivables before allowance for $ 358,426 $ 227,141 |
Summary of Minimum Annual Lease Payments for Lease Financing Receivables | The minimum annual lease payments for lease financing receivables as of December 31, 2021 are summarized as follows: Minimum Lease 2022 $ 116,924 2023 95,396 2024 70,075 2025 47,717 2026 20,528 Thereafter 2,308 Total $ 352,948 |
Summary of Balances for Each Respective Loan and Lease Category | The following tables summarize the balances for each respective loan and lease category as of December 31, 2021 and 2020: 2021 Originated Acquired Acquired Total Commercial real estate $ 1,379,000 $ 72,160 $ 214,588 $ 1,665,748 Residential real estate 379,796 49,401 51,317 480,514 Construction, land development, and other land 323,886 1,312 201 325,399 Commercial and industrial 1,534,745 4,014 43,202 1,581,961 Paycheck Protection Program 123,712 - - 123,712 Installment and other 940 164 264 1,368 Lease financing receivables 352,247 — 6,179 358,426 Total loans and leases $ 4,094,326 $ 127,051 $ 315,751 $ 4,537,128 2020 Originated Acquired Acquired Total Commercial real estate $ 1,017,587 $ 108,484 $ 295,599 $ 1,421,670 Residential real estate 414,220 78,840 79,211 572,271 Construction, land development, and other land 226,408 4,113 212 230,733 Commercial and industrial 1,276,527 10,178 82,195 1,368,900 Paycheck Protection Program 517,815 — — 517,815 Installment and other 1,267 202 536 2,005 Lease financing receivables 214,636 — 12,505 227,141 Total loans and leases $ 3,668,460 $ 201,817 $ 470,258 $ 4,340,535 |
Schedule of Estimated Fair Value of Impaired Loans Acquired at Acquisition | The following table presents a reconciliation of the undiscounted contractual cash flows, non‑accretable difference, accretable yield, and fair value of acquired impaired loans as of April 30, 2019 (Oak Park River Forest): April 30, 2019 Oak Park River Forest Undiscounted contractual cash flows $ 74,092 Undiscounted cash flows not expected to be collected (non-accretable difference) ( 11,401 ) Undiscounted cash flows expected to be collected 62,691 Accretable yield at acquisition ( 9,764 ) Estimated fair value of impaired loans acquired at acquisition $ 52,927 |
Summary of Outstanding Balance and Carrying Amount of All Acquired Impaired Loans | The unpaid principal balance and carrying amount of all acquired impaired loans are summarized below. The balances do not include an allowance for loan and lease losses of $ 3.2 million and $ 6.5 million, at December 31, 2021 and 2020, respectively. 2021 2020 Unpaid Carrying Unpaid Carrying Commercial real estate $ 113,257 $ 72,160 $ 154,233 $ 108,484 Residential real estate 95,056 49,401 126,086 78,840 Construction, land development, and other land 8,571 1,312 12,677 4,113 Commercial and industrial 10,201 4,014 15,925 10,178 Installment and other 858 164 917 202 Total acquired impaired loans $ 227,943 $ 127,051 $ 309,838 $ 201,817 |
Summary of Changes in Accretable Yield for Acquired Impaired Loans | The following table summarizes the changes in accretable yield for acquired impaired loans for the years ended December 31, 2021, 2020 and 2019: 2021 2020 2019 Beginning balance $ 27,696 $ 40,009 $ 37,115 Additions — — 9,764 Accretion to interest income ( 13,487 ) ( 19,184 ) ( 24,535 ) Reclassification from nonaccretable difference 4,386 6,871 17,665 Ending balance $ 18,595 $ 27,696 $ 40,009 |
Schedule of Unpaid Principal Balance and Carrying Value for Acquired Non-Impaired Loans and Leases | The unpaid principal balance and carrying value for acquired non‑impaired loans and leases at December 31, 2021 and 2020 were as follows: 2021 2020 Unpaid Carrying Unpaid Carrying Commercial real estate $ 219,277 $ 214,588 $ 302,091 $ 295,599 Residential real estate 51,839 51,317 80,104 79,211 Construction, land development, and other land 265 201 278 212 Commercial and industrial 44,827 43,202 84,608 82,195 Installment and other 273 264 553 536 Lease financing receivables 6,199 6,179 13,978 12,505 Total acquired non-impaired loans and leases $ 322,680 $ 315,751 $ 481,612 $ 470,258 |
Allowance for Loan and Lease _2
Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments | The following tables summarize the balance and activity within the allowance for loan and lease losses, the components of the allowance for loan and lease losses in terms of loans and leases individually and collectively evaluated for impairment, and corresponding loan and lease balances by type for the years ended December 31, 2021, 2020 and 2019 are as follows: 2021 Commercial Residential Construction, Commercial Paycheck Protection Program Installment Lease Total Allowance for loan and lease losses Beginning balance $ 19,584 $ 2,400 $ 1,352 $ 41,183 $ — $ 15 $ 1,813 $ 66,347 Provision/(recapture) 1,263 ( 663 ) ( 504 ) ( 219 ) — ( 6 ) 1,586 1,457 Charge-offs ( 4,698 ) ( 124 ) ( 326 ) ( 9,015 ) — — ( 1,501 ) ( 15,664 ) Recoveries 769 15 — 1,180 — — 908 2,872 Ending balance $ 16,918 $ 1,628 $ 522 $ 33,129 $ — $ 9 $ 2,806 $ 55,012 Ending balance: Individually evaluated for impairment $ 6,538 $ — $ — $ 14,500 $ — $ — $ — $ 21,038 Collectively evaluated for impairment 8,570 622 519 18,265 — 7 2,806 30,789 Loans acquired with 1,810 1,006 3 364 — 2 — 3,185 Total allowance for loan and lease losses $ 16,918 $ 1,628 $ 522 $ 33,129 $ — $ 9 $ 2,806 $ 55,012 2021 Commercial Residential Construction, Commercial Paycheck Protection Program Installment Lease Total Loans and leases ending balance: Individually evaluated for $ 35,051 $ 1,802 $ — $ 36,070 $ — $ — $ — $ 72,923 Collectively evaluated for 1,558,537 429,311 324,087 1,541,877 123,712 1,204 358,426 4,337,154 Loans acquired with deteriorated 72,160 49,401 1,312 4,014 — 164 — 127,051 Total loans and leases $ 1,665,748 $ 480,514 $ 325,399 $ 1,581,961 $ 123,712 $ 1,368 $ 358,426 $ 4,537,128 Note 6—Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments (continued) 2020 Commercial Residential Construction, Commercial Paycheck Protection Program Installment Lease Total Allowance for loan and lease losses Beginning balance $ 7,965 $ 1,990 $ 610 $ 19,377 $ — $ 50 $ 1,944 $ 31,936 Provision/(recapture) 17,759 548 1,390 35,498 — ( 35 ) 789 55,949 Charge-offs ( 6,407 ) ( 274 ) ( 701 ) ( 14,182 ) — — ( 1,783 ) ( 23,347 ) Recoveries 267 136 53 490 — — 863 1,809 Ending balance $ 19,584 $ 2,400 $ 1,352 $ 41,183 $ — $ 15 $ 1,813 $ 66,347 Ending balance: Individually evaluated for impairment $ 5,034 $ 78 $ — $ 18,848 $ — $ — $ — $ 23,960 Collectively evaluated for impairment 10,676 1,836 987 20,598 — 15 1,813 35,925 Loans acquired with deteriorated credit quality 3,874 486 365 1,737 — — — 6,462 Total allowance for loan and lease losses $ 19,584 $ 2,400 $ 1,352 $ 41,183 $ — $ 15 $ 1,813 $ 66,347 2020 Commercial Residential Construction, Commercial Paycheck Protection Program Installment Lease Total Loans and leases ending balance: Individually evaluated for $ 46,169 $ 1,830 $ — $ 47,356 $ — $ — $ — $ 95,355 Collectively evaluated for 1,267,017 491,601 226,620 1,311,366 517,815 1,803 227,141 4,043,363 Loans acquired with deteriorated 108,484 78,840 4,113 10,178 - 202 — 201,817 Total loans and leases $ 1,421,670 $ 572,271 $ 230,733 $ 1,368,900 $ 517,815 $ 2,005 $ 227,141 $ 4,340,535 2019 Commercial Residential Construction, Commercial Installment Lease Total Allowance for loan and lease losses Beginning balance $ 7,540 $ 1,751 $ 466 $ 12,932 $ 49 $ 2,463 $ 25,201 Provision/(recapture) 4,805 67 144 14,460 15 1,217 20,708 Charge-offs ( 4,950 ) ( 113 ) — ( 8,171 ) ( 16 ) ( 2,609 ) ( 15,859 ) Recoveries 570 285 — 156 2 873 1,886 Ending balance $ 7,965 $ 1,990 $ 610 $ 19,377 $ 50 $ 1,944 $ 31,936 Ending balance: Individually evaluated for impairment $ 2,614 $ 124 $ — $ 7,952 $ — $ — $ 10,690 Collectively evaluated for impairment 4,414 1,191 584 10,287 50 1,944 18,470 Loans acquired with deteriorated credit 937 675 26 1,138 — — 2,776 Total allowance for loan and lease losses $ 7,965 $ 1,990 $ 610 $ 19,377 $ 50 $ 1,944 $ 31,936 2019 Commercial Residential Construction, Commercial Installment Lease Total Loans and leases ending balance: Individually evaluated for $ 26,396 $ 2,398 $ 2,644 $ 37,303 $ — $ — $ 68,741 Collectively evaluated for 1,114,232 609,201 270,640 1,277,353 6,316 180,510 3,458,252 Loans acquired with deteriorated 135,914 100,223 5,373 16,909 249 — 258,668 Total loans and leases $ 1,276,542 $ 711,822 $ 278,657 $ 1,331,565 $ 6,565 $ 180,510 $ 3,785,661 Note 6—Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments (continued) |
Summary of Recorded Investment, Unpaid Principal Balance, Related Allowance, Average Recorded Investment, and Interest Income Recognized for Loans and Leases Considered Impaired | The following tables summarize the recorded investment, unpaid principal balance, related allowance, average recorded investment, and interest income recognized for loans and leases considered impaired as of December 31, 2021, 2020, and 2019, which excludes acquired impaired loans: 2021 Recorded Unpaid Related Average Interest With no related allowance recorded Commercial real estate $ 17,233 $ 19,252 $ — $ 26,041 $ 1,262 Residential real estate 1,802 1,919 — 2,647 123 Commercial and industrial 16,624 19,148 — 16,808 923 With an allowance recorded Commercial real estate 17,818 20,117 6,538 26,575 1,563 Residential real estate — — — 164 2 Commercial and industrial 19,446 21,198 14,500 27,251 2,114 Total impaired loans $ 72,923 $ 81,634 $ 21,038 $ 99,486 $ 5,987 Note 6—Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments (continued) 2020 Recorded Unpaid Related Average Interest With no related allowance recorded Commercial real estate $ 32,473 $ 34,792 $ — $ 23,938 $ 1,835 Residential real estate 1,558 1,644 — 1,627 59 Construction, land development, and other land — — — 2,238 220 Commercial and industrial 17,944 19,917 — 16,359 989 With an allowance recorded Commercial real estate 13,696 14,919 5,034 13,022 1,023 Residential real estate 272 274 78 413 21 Commercial and industrial 29,412 32,018 18,848 21,354 2,217 Total impaired loans $ 95,355 $ 103,564 $ 23,960 $ 78,951 $ 6,364 2019 Recorded Unpaid Related Average Interest With no related allowance recorded Commercial real estate $ 16,556 $ 19,808 $ — $ 11,218 $ 1,257 Residential real estate 2,165 2,253 — 2,285 192 Construction, land development, and other land 2,644 3,000 — 220 191 Commercial and industrial 19,211 20,398 — 14,137 1,487 With an allowance recorded Commercial real estate 9,840 10,691 2,614 8,863 711 Residential real estate 233 233 124 195 7 Commercial and industrial 18,092 19,285 7,952 14,989 1,010 Total impaired loans $ 68,741 $ 75,668 $ 10,690 $ 51,907 $ 4,855 |
Summary of Risk Rating Categories of Loans and Leases Considered for Inclusion in Allowance for Loan and Lease Losses Calculation | The following tables summarize the risk rating categories of the loans and leases considered for inclusion in the allowance for loan and lease losses calculation, excluding acquired impaired loans, as of December 31, 2021 and 2020: 2021 Commercial Residential Construction, Commercial Paycheck Protection Program Installment Lease Total Pass $ 1,397,228 $ 406,948 $ 286,434 $ 1,341,826 $ 123,712 $ 1,123 $ 354,380 $ 3,911,651 Watch 123,248 19,062 31,768 177,638 — 81 1,992 353,789 Special Mention 37,340 3,118 5,885 21,586 — — 1,609 69,538 Substandard 35,772 1,985 — 36,897 — — 348 75,002 Doubtful — — — — — — 97 97 Loss — — — — — — — — Total $ 1,593,588 $ 431,113 $ 324,087 $ 1,577,947 $ 123,712 $ 1,204 $ 358,426 $ 4,410,077 2020 Commercial Residential Construction, Commercial Paycheck Protection Program Installment Lease Total Pass $ 1,064,623 $ 463,103 $ 180,458 $ 1,027,399 $ 517,815 $ 1,706 $ 222,818 $ 3,477,922 Watch 134,381 22,086 46,162 225,930 — 96 47 428,702 Special Mention 60,022 3,795 — 56,784 — — 2,721 123,322 Substandard 54,160 4,447 — 48,609 — 1 955 108,172 Doubtful — — — — — — 600 600 Loss — — — — — — — — Total $ 1,313,186 $ 493,431 $ 226,620 $ 1,358,722 $ 517,815 $ 1,803 $ 227,141 $ 4,138,718 |
Summary of Contractual Delinquency Information | The following tables summarize contractual delinquency information for acquired non-impaired and originated loans and leases by category as of December 31, 2021 and 2020: 2021 30-59 Days 60-89 Greater than Non- Total Current Total Commercial real estate $ 5,185 $ 2,361 $ — $ 12,751 $ 20,297 $ 1,573,291 $ 1,593,588 Residential real estate 14,282 852 — 1,450 16,584 414,529 431,113 Construction, land development, and 5,885 — — — 5,885 318,202 324,087 Commercial and industrial 2,479 1,097 — 8,600 12,176 1,565,771 1,577,947 Paycheck Protection Program — — — — — 123,712 123,712 Installment and other 3 35 — — 38 1,166 1,204 Lease financing receivables 1,661 251 — 329 2,241 356,185 358,426 Total $ 29,495 $ 4,596 $ — $ 23,130 $ 57,221 $ 4,352,856 $ 4,410,077 Note 6—Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments (continued) 2020 30-59 60-89 Greater than Non- Total Current Total Commercial real estate $ 1,544 $ 4,194 $ — $ 15,969 $ 21,707 $ 1,291,479 $ 1,313,186 Residential real estate 1,686 — — 1,929 3,615 489,816 493,431 Construction, land development, and — — — — — 226,620 226,620 Commercial and industrial 4,521 1,290 — 21,936 27,747 1,330,975 1,358,722 Paycheck Protection Program — — — — — 517,815 517,815 Installment and other 6 — — 1 7 1,796 1,803 Lease financing receivables 996 376 — 1,268 2,640 224,501 227,141 Total $ 8,753 $ 5,860 $ - $ 41,103 $ 55,716 $ 4,083,002 $ 4,138,718 |
Summary of TDR's by Loan Category | The tables below present TDRs by loan category as of December 31, 2021, 2020, and 2019. Refer to Note 1—Summary of Significant Accounting Policies for the accounting policy for TDRs. 2021 Number Pre-Modification Post-Modification Charge-offs Specific Accruing: Commercial real estate 5 $ 1,703 $ 1,703 $ — $ 215 Commercial and industrial 1 56 56 — 131 Residential real estate 2 168 168 — — Total accruing 8 1,927 1,927 — 346 Non-accruing: Commercial real estate 4 1,034 918 116 111 Commercial and industrial 3 1,745 588 1,157 — Total non-accruing 7 2,779 1,506 1,273 111 Total troubled debt restructurings 15 $ 4,706 $ 3,433 $ 1,273 $ 457 2020 Number Pre-Modification Post-Modification Charge-offs Specific Accruing: Commercial real estate 8 $ 2,187 $ 2,187 $ — $ 104 Commercial and industrial 1 78 78 — 78 Residential real estate 3 230 230 — — Total accruing 12 2,495 2,495 — 182 Non-accruing: Commercial real estate 4 1,609 1,362 247 102 Commercial and industrial 14 4,420 4,288 132 3,157 Total non-accruing 18 6,029 5,650 379 3,259 Total troubled debt restructurings 30 $ 8,524 $ 8,145 $ 379 $ 3,441 Note 6—Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments (continued) 2019 Number Pre-Modification Post-Modification Charge-offs Specific Accruing: Commercial real estate 5 $ 1,451 $ 1,451 $ — $ 223 Commercial and industrial 2 129 129 — 118 Residential real estate 2 191 191 — — Total accruing 9 1,771 1,771 — 341 Non-accruing: Commercial real estate 6 2,777 2,600 177 513 Commercial and industrial 11 8,048 6,096 1,952 1,312 Residential real estate 1 104 104 — — Total non-accruing 18 10,929 8,800 2,129 1,825 Total troubled debt restructurings 27 $ 12,700 $ 10,571 $ 2,129 $ 2,166 |
Summary of Loans Modified as Troubled Debt Restructurings | Loans modified as troubled debt restructurings that occurred during the years ended December 31, 2021, 2020, and 2019: For the Year Ended December 31, 2021 2020 2019 Accruing: Beginning balance $ 2,495 $ 1,771 $ 1,813 Additions 281 818 113 Net payments ( 636 ) ( 1,598 ) ( 940 ) Net transfers (to) from non-accrual ( 213 ) 1,504 785 Ending balance 1,927 2,495 1,771 Non-accruing: Beginning balance 5,650 8,800 7,314 Additions 673 5,771 5,254 Net payments ( 3,671 ) ( 2,087 ) ( 2,310 ) Charge-offs ( 1,359 ) ( 5,330 ) ( 673 ) Net transfers (to) from accrual 213 ( 1,504 ) ( 785 ) Ending balance 1,506 5,650 8,800 Total troubled debt restructurings $ 3,433 $ 8,145 $ 10,571 There were no troubled debt restructurings that subsequently defaulted within twelve months of the restructure date during the year ended December 31, 2021. |
Summary of Change in Balance for Reserve for Unfunded Commitments | The following table presents the change in balance for reserve for unfunded commitments as of December 31, 2021, 2020 and 2019: For the Year Ended December 31, 2021 2020 2019 Beginning balance $ 1,887 $ 1,159 $ 1,239 Provision/(recapture) for/of unfunded commitments ( 484 ) 728 ( 80 ) Ending balance $ 1,403 $ 1,887 $ 1,159 |
Servicing Assets (Tables)
Servicing Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Transfers and Servicing [Abstract] | |
Activity for Servicing Assets and Related Changes in Fair Value | Activity for servicing assets and the related changes in fair value for the years ended December 31, 2021, 2020 and 2019 is as follows: 2021 2020 2019 Beginning balance $ 22,042 $ 19,471 $ 19,693 Additions, net 8,360 7,522 6,417 Changes in fair value ( 6,658 ) ( 4,951 ) ( 6,639 ) Ending balance $ 23,744 $ 22,042 $ 19,471 |
Unpaid Principal Balances of Loans Serviced for Others | The unpaid principal balances of these loans serviced for others were as follows as December 31, 2021 and 2020: 2021 2020 Loan portfolios serviced for: SBA guaranteed loans $ 1,510,375 $ 1,395,713 USDA guaranteed loans 183,026 135,543 Total $ 1,693,401 $ 1,531,256 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Real Estate [Abstract] | |
Change in Other Real Estate Owned | The following table presents the change in other real estate owned (“OREO”) for the years ended December 31, 2021, 2020 and 2019: 2021 2020 2019 Beginning balance $ 6,350 $ 9,896 $ 5,041 Acquisition of OREO through business combination — — 2,201 Net additions to OREO 571 150 5,910 Proceeds from sales of OREO ( 4,285 ) ( 2,313 ) ( 3,173 ) Gains (losses) on sales of OREO 390 ( 39 ) 428 Valuation adjustments ( 914 ) ( 1,344 ) ( 511 ) Ending balance $ 2,112 $ 6,350 $ 9,896 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Summary of Lease Costs and Company's Operating Leases | The following table presents components of total lease costs included as a component of occupancy expense on the Consolidated Statement of Operations for the years ended December 31, 2021: December 31, 2021 Operating lease cost 3,461 Short-term lease cost 160 Variable lease cost 1,819 Less: Sublease income ( 653 ) Total lease cost, net $ 4,787 |
Schedule of Future Minimum Lease Payments for Operating Leases | The future minimum lease payments for finance leases and operating leases, subsequent to December 31, 2021, as recorded on the balance sheet, are summarized as follows: Operating Lease 2022 $ 4,259 2023 3,028 2024 2,824 2025 2,141 2026 1,719 Thereafter 2,365 Total $ 16,336 Imputed interest $ ( 707 ) Present value of future minimum lease payments $ 15,629 |
Premises and Equipment and As_2
Premises and Equipment and Assets Held for Sale (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule for Classification of Premises and Equipment | Classifications of premises and equipment as of December 31, 2021 and 2020 and were as follows: 2021 2020 Premises $ 43,785 $ 55,704 Furniture, fixtures and equipment 15,369 17,806 Leasehold improvements 5,843 4,984 Total cost 64,997 78,494 Less accumulated depreciation and amortization and impairment ( 33,141 ) ( 33,967 ) Net book value of premises, furniture, fixtures, equipment, and leasehold improvements 31,856 44,527 Construction in progress 355 682 Land 30,337 41,519 Premises and equipment, net $ 62,548 $ 86,728 |
Change in Assets Held for Sale | The following table presents the change in assets held for sale for the years ended December 31, 2021, 2020, and 2019: 2021 2020 2019 Beginning balance $ 13,023 $ 15,362 $ 14,489 Transfers in 16,870 3,863 2,733 Proceeds from sales ( 9,040 ) ( 1,434 ) ( 1,373 ) Net gains on sales 632 1 82 Impairment loss ( 12,332 ) ( 4,769 ) ( 569 ) Ending balance $ 9,153 $ 13,023 $ 15,362 |
Goodwill, Core Deposit Intang_2
Goodwill, Core Deposit Intangible and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Goodwill and Core Deposit Intangible Assets | The following table summarizes the changes in the Company’s goodwill and core deposit intangible assets for the years ended December 31, 2021, 2020 and 2019: 2021 2020 2019 Goodwill Core Deposit Customer Goodwill Core Deposit Customer Goodwill Core Deposit Customer Beginning balance $ 148,353 $ 21,809 $ 2,469 $ 148,353 $ 29,111 $ 2,791 $ 128,177 $ 30,360 $ 3,059 Additions — — — — — — 20,176 6,220 — Amortization or accretion — ( 6,805 ) ( 268 ) — ( 7,302 ) ( 322 ) — ( 7,469 ) ( 268 ) Ending balance $ 148,353 $ 15,004 $ 2,201 $ 148,353 $ 21,809 $ 2,469 $ 148,353 $ 29,111 $ 2,791 Accumulated amortization N/A $ 40,462 $ 1,015 N/A $ 33,657 $ 747 N/A $ 26,355 $ 425 Weighted average remaining N/A 4.8 Years 8.3 Years N/A 5.6 Years 9.3 Years N/A 6.5 Years 10.4 Years |
Estimated Amortization Expense for Core Deposit Intangible and Customer Relationship Intangible Recognized | The following table presents the estimated amortization expense for core deposit intangible and other intangible assets recognized at December 31, 2021: Estimated 2022 $ 6,386 2023 4,336 2024 2,286 2025 1,721 2026 1,157 Thereafter 1,319 Total $ 17,205 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of components of provision for income taxes | The following were the components of provision for income taxes for the years ended December 31, 2021, 2020, and 2019: 2021 2020 2019 Current tax expense: Federal $ 21,605 $ 21,286 $ 18,976 State and local 9,882 2,015 2,199 Total current tax expense 31,487 23,301 21,175 Deferred tax expense (benefit): Federal 2,966 ( 10,713 ) ( 3,676 ) State and local ( 3,026 ) 1,612 2,794 Total deferred tax benefit ( 60 ) ( 9,101 ) ( 882 ) Provision for income taxes $ 31,427 $ 14,200 $ 20,293 |
Schedule of reconciliation between statutory U.S. federal income tax rate and effective tax rate | The following is a reconciliation between the statutory U.S. federal income tax rate of 21% for 2021, 2020 and 2019, and the effective tax rate: 2021 2020 2019 Calculated tax expense at statutory rate 21.0 % 21.0 % 21.0 % Increase (decrease) in income taxes resulting from: State taxes, net of federal income tax 5.4 7.3 5.6 Tax exempt income ( 0.9 ) ( 1.3 ) ( 0.5 ) Share-based compensation ( 0.2 ) 0.3 ( 0.1 ) Non-deductible expenses — 0.2 0.3 Total income tax expense 25.3 % 27.5 % 26.3 % |
Schedule of components of deferred tax assets and liabilities | The following were the significant components of the deferred tax assets and liabilities as of December 31, 2021 and 2020: 2021 2020 Deferred tax assets: Net operating losses and tax credits $ 22,338 $ 21,510 Interest on non-accrual loans 2,651 2,250 Allowance for loan and lease losses and loan basis 17,570 25,714 Servicing assets 2,970 4,001 Deposits — 20 Premises and equipment 1,837 — Other real estate owned 329 433 Net unrealized holding losses on cash flow hedges — 117 Net unrealized holding loss on securities available-for-sale 3,239 — Accrued expenses 4,816 3,877 Other 4,502 1,937 Total deferred tax assets 60,252 59,859 Deferred tax liabilities: Premises and equipment — ( 375 ) Core deposit intangibles ( 4,668 ) ( 6,760 ) Trust preferred securities ( 2,196 ) ( 2,380 ) Net unrealized holding gain on securities available-for-sale — ( 8,015 ) Net unrealized holding gain on cash flow hedges ( 1,049 ) — Other ( 2,010 ) ( 2,148 ) Total deferred tax liabilities ( 9,923 ) ( 19,678 ) Net deferred tax assets $ 50,329 $ 40,181 |
Operating Loss and Credit Carryforwards | 2021 2020 NOL carryforwards available to offset future taxable income: Federal gross NOL carryforwards - begin to expire in 2030 $ 9,072 $ 9,828 Federal gross NOL carryforwards - with no expiration 2,216 2,997 Illinois gross NLD carryforwards - begin to expire in 2031 266,061 250,723 |
Other Borrowings (Tables)
Other Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Other Borrowings | The following is a summary of the Company’s other borrowings as of December 31, 2021 and 2020: 2021 2020 Paycheck Protection Program Liquidity Facility $ — $ 371,907 Federal Home Loan Bank advances 490,000 234,000 Securities sold under agreements to repurchase 29,723 41,994 Line of credit — — Total $ 519,723 $ 647,901 |
Summary of Short-term Credit Lines Available for Use | The following table presents short-term credit lines available for use as of December 31, 2021 and 2020: 2021 2020 Federal Home Loan Bank line $ 1,883,349 $ 2,016,212 Federal Reserve Bank of Chicago discount window line 602,962 874,677 Available federal funds lines 115,000 115,000 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deposits [Abstract] | |
Schedule of Deposits | The following is a summary of the Company’s deposits as of December 31, 2021 and 2020: 2021 2020 Non-interest-bearing demand deposits $ 2,158,420 $ 1,762,676 Interest-bearing checking accounts 572,426 494,424 Money market demand accounts 1,106,272 1,142,709 Other savings 638,218 564,700 Time deposits (below $250,000) 532,589 600,810 Time deposits ($250,000 and above) 147,122 186,712 Total deposits $ 5,155,047 $ 4,752,031 |
Schedule of Maturities of Time Deposits | At December 31, 2021, the scheduled maturities of time deposits were as follows: Scheduled Maturities 2022 $ 605,648 2023 46,142 2024 13,209 2025 4,912 2026 and thereafter 9,800 Total $ 679,711 |
Subordinated Notes and Junior_2
Subordinated Notes and Junior Subordinated Debentures (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Junior Subordinated Debentures by Issuance | At December 31, 2021 and 2020, the Company’s junior subordinated debentures by issuance were as follows: Name of Trust Aggregate Aggregate Stated Contractual Rate at December 31, 2021 Interest Rate Spread Metropolitan Statutory Trust 1 $ 35,000 $ 35,000 March 17, 2034 3.01 % Three-month LIBOR + 2.79% First Evanston Bancorp Trust I 10,000 10,000 March 15, 2035 1.98 % Three-month LIBOR + 1.78% Total liability, at par 45,000 45,000 Discount ( 8,094 ) ( 8,549 ) Total liability, at carrying value $ 36,906 $ 36,451 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Contract or Notional Amount of Outstanding Loan and Lease Commitments | The following table summarizes the contract or notional amount of outstanding loan and lease commitments at December 31, 2021 and 2020: 2021 2020 Fixed Rate Variable Rate Total Fixed Rate Variable Rate Total Commitments to extend credit $ 176,014 $ 1,578,405 $ 1,754,419 $ 106,183 $ 1,261,872 $ 1,368,055 Letters of credit 599 58,543 59,142 652 58,120 58,772 Total $ 176,613 $ 1,636,948 $ 1,813,561 $ 106,835 $ 1,319,992 $ 1,426,827 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables summarize the Company’s financial assets and liabilities that were measured at fair value on a recurring basis at December 31, 2021 and 2020: Fair Value Measurements Using 2021 Fair Value Level 1 Level 2 Level 3 Financial assets Securities available-for-sale U.S. Treasury Notes $ 18,476 $ 18,476 $ — $ — U.S. Government agencies 139,390 — 139,390 — Obligations of states, municipalities, and political 89,636 — 89,636 Mortgage-backed securities; residential Agency 743,656 — 743,656 — Non-Agency 145,236 — 145,236 — Mortgage-backed securities; commercial Agency 213,551 — 213,551 — Corporate securities 67,346 — 67,346 — Asset-backed securities 37,251 — 37,251 — Equity and other securities, at fair value Mutual funds 4,880 4,880 — — Equity securities 5,698 — 5,012 686 Servicing assets 23,744 — — 23,744 Derivative assets 13,375 — 13,375 — Financial liabilities Derivative liabilities 9,665 — 9,665 — Fair Value Measurements Using 2020 Fair Value Level 1 Level 2 Level 3 Financial assets Securities available-for-sale U.S. Treasury Notes $ 23,812 $ 23,812 $ — $ — U.S. Government agencies 113,551 — 113,551 — Obligations of states, municipalities, and political 142,419 — 142,419 — Mortgage-backed securities; residential Agency 778,391 — 778,391 — Non-Agency 32,981 — 32,981 — Mortgage-backed securities; commercial Agency 250,152 — 250,152 — Non-Agency — — - — Corporate securities 60,768 60,768 — Asset-backed securities 45,156 — 45,156 — Equity and other securities, at fair value Mutual funds 2,983 2,983 Equity securities 5,781 — 5,096 685 Servicing assets 22,042 — — 22,042 Derivative assets 17,149 — 17,149 — Financial liabilities Derivative liabilities 18,133 — 18,133 — |
Summary of Financial Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs | The following table presents additional information about financial assets measured at fair value on recurring basis for which the Company used significant unobservable inputs (Level 3): Years Ended December 31, 2021 2020 2021 2020 Investment Securities Servicing Assets Balance, beginning of period $ 685 $ 700 $ 22,042 $ 19,471 Additions, net — — 8,360 7,523 Maturities — — — — Change in fair value 1 ( 15 ) ( 6,658 ) ( 4,952 ) Balance, end of period $ 686 $ 685 $ 23,744 $ 22,042 |
Summary of Unobservable Inputs Used in the Fair Value Measurements on Recurring Basis | The following table presents additional information about the unobservable inputs used in the fair value measurements on recurring basis that were categorized within Level 3 of the fair value hierarchy as of December 31, 2021: Financial Instruments Valuation Technique Unobservable Inputs Range of Weighted Impact to Single issuer trust preferred Discounted cash flow Discount rate 3.2 %— 6.4 % 4.6 % Decrease Servicing assets Discounted cash flow Prepayment speeds 0.5 %— 31.8 % 13.7 % Decrease Discount rate ( 1.5 )%— 51.2 % 10.0 % Decrease Expected weighted 0.1 — 9.4 years 3.9 years Increase |
Summary of Assets Measured at Fair Value on Non-Recurring Basis, Excluding Acquired Impaired Loans | The following tables summarize the Company’s assets that were measured at fair value on a non-recurring basis, excluding acquired impaired loans, as of December 31, 2021 and 2020: Fair Value Measurements Using 2021 Fair Value Level 1 Level 2 Level 3 Non-recurring Impaired loans (excluding acquired impaired loans) Commercial real estate $ 28,513 $ — $ — $ 28,513 Residential real estate 1,802 — — 1,802 Commercial and industrial 21,570 — — 21,570 Assets held for sale 9,153 — — 9,153 Other real estate owned 2,112 — — 2,112 Fair Value Measurements Using 2020 Fair Value Level 1 Level 2 Level 3 Non-recurring Impaired loans (excluding acquired impaired loans) Commercial real estate $ 41,135 $ — $ — $ 41,135 Residential real estate 1,752 — — 1,752 Commercial and industrial 28,508 — — 28,508 Assets held for sale 13,023 — — 13,023 Other real estate owned 6,350 — — 6,350 |
Summary of Estimated Fair Values of Financial Instruments | The estimated fair values of financial instruments not carried at fair value and levels within the fair value hierarchy are as follows: Fair Value 2021 2020 Hierarchy Carrying Estimated Carrying Estimated Financial assets Cash and due from banks 1 $ 35,247 $ 35,247 $ 41,432 $ 41,432 Interest bearing deposits with other banks 2 122,684 122,684 41,988 41,988 Securities held-to-maturity 2 3,885 3,992 4,395 4,573 Other restricted stock 2 22,002 22,002 10,507 10,507 Loans held for sale 3 64,460 69,081 7,924 8,848 Loans and lease receivables, net (less impaired loans 72,923 and $ 95,355 , as of December 31, 3 4,430,231 4,428,509 4,202,793 4,205,906 Accrued interest receivable 3 18,875 18,875 20,678 20,678 Financial liabilities Non-interest-bearing deposits 2 2,158,420 2,158,420 1,762,676 1,762,676 Interest-bearing deposits 2 2,996,627 2,997,026 2,989,355 2,990,735 Accrued interest payable 2 262 262 1,478 1,478 Paycheck Protection Program Liquidity Facility 2 — — 371,907 371,907 Federal Home Loan Bank advances 2 490,000 490,000 234,000 234,000 Securities sold under repurchase agreement 2 29,723 29,723 41,994 41,994 Subordinated notes 2 73,517 81,744 73,342 76,627 Junior subordinated debentures 3 36,906 40,901 36,451 40,543 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Stock Compensation Expense | The following table summarizes stock option compensation expense for the years ended December 31, 2021, 2020 and 2019: Years Ended December 31, 2021 2020 2019 Total share-based compensation (benefit) - stock options $ — $ 7 $ ( 106 ) Income tax benefit (expense) — 2 ( 29 ) Unrecognized compensation expense - stock options — — 7 Weighted-average amortization period remaining 0.0 years 0.0 years 0.3 years |
Restricted Shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Stock Compensation Expense | The following table summarizes restricted stock compensation expense for the years ended: Years Ended December 31, 2021 2020 2019 Total share-based compensation - restricted stock $ 4,018 $ 2,603 $ 1,965 Income tax benefit 1,108 725 547 Unrecognized compensation expense - restricted stock 6,991 4,998 4,616 Weighted-average amortization period remaining 2.2 years 2.2 years 2.6 years |
Omnibus Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Changes in Restricted Shares | The following table discloses the changes in restricted shares for the year ended December 31, 2021: Omnibus Plan Number of Shares Weighted Average Grant Date Fair Value Beginning balance, January 1, 2021 383,539 $ 18.75 Granted 318,886 19.57 Vested ( 148,577 ) 19.35 Forfeited ( 11,328 ) 20.40 Ending balance outstanding at December 31, 2021 542,520 19.04 |
BYB Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Activity in shares Subjected to Options and Weighted Average Exercise Prices | The following table discloses the activity in shares subject to options and the weighted average exercise prices, in actual dollars, for the year ended December 31, 2021: BYB Plan Number of Shares Weighted Average Exercise Price Intrinsic Value Weighted Average Remaining Contractual Term (in Years) Beginning balance, January 1, 2021 1,390,579 $ 11.36 $ 5,724 4.4 Expired — Exercised ( 53,531 ) $ 14.02 $ 436 Forfeited — Ending balance outstanding at December 31, 2021 1,337,048 $ 11.26 $ 21,519 3.5 Exercisable at December 31, 2021 1,337,048 $ 11.26 $ 21,519 3.5 |
FEB Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Activity in shares Subjected to Options and Weighted Average Exercise Prices | The following table discloses the activity in shares subject to options under the FEB Plan and the weighted average exercise prices, in actual dollars, for the year ended December 31, 2021: FEB Plan Number of Shares Weighted Average Exercise Price Intrinsic Value Weighted Average Remaining Contractual Term (in Years) Beginning balance, January 1, 2021 233,630 $ 11.52 $ 918 3.3 Exercised ( 62,366 ) $ 11.31 $ 564 Forfeited — Expired ( 567 ) $ 10.59 Ending balance outstanding at December 31, 2021 170,697 $ 11.60 $ 2,688 3.4 Exercisable at December 31, 2021 170,697 $ 11.60 $ 2,688 3.4 |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Summary of Bank's Actual Capital Amounts and Ratios | The Company’s and the Bank’s actual capital amounts and ratios as of December 31, 2021 and 2020 are also presented. Actual Minimum Capital Required to be 2021 Amount Ratio Amount Ratio Amount Ratio Total capital to risk weighted assets: Company $ 830,262 14.70 % $ 451,903 8.00 % N/A N/A Bank 753,480 13.38 % 450,470 8.00 % 563,087 10.00 % Tier 1 capital to risk weighted assets: Company $ 698,846 12.37 % $ 338,927 6.00 % N/A N/A Bank 697,064 12.38 % 337,852 6.00 % 450,470 8.00 % Common Equity Tier 1 (CET1) to risk weighted Company $ 643,408 11.39 % $ 254,195 4.50 % N/A N/A Bank 697,064 12.38 % 253,389 4.50 % 366,007 6.50 % Tier 1 capital to average assets: Company $ 698,846 10.89 % $ 256,657 4.00 % N/A N/A Bank 697,064 10.87 % 256,478 4.00 % 320,597 5.00 % Actual Minimum Capital Required to be 2020 Amount Ratio Amount Ratio Amount Ratio Total capital to risk weighted assets: Company $ 774,522 16.18 % $ 383,069 8.00 % N/A N/A Bank 675,977 14.16 % 381,775 8.00 % 477,219 10.00 % Tier 1 capital to risk weighted assets: Company $ 639,564 13.36 % $ 287,302 6.00 % N/A N/A Bank 616,219 12.91 % 286,331 6.00 % 381,775 8.00 % Common Equity Tier 1 (CET1) to risk weighted Company $ 584,126 12.20 % $ 215,476 4.50 % N/A N/A Bank 616,219 12.91 % 214,748 4.50 % 310,192 6.50 % Tier 1 capital to average assets: Company $ 639,564 11.12 % $ 230,056 4.00 % N/A N/A Bank 616,219 10.72 % 229,870 4.00 % 287,337 5.00 % |
Derivative Instruments and He_2
Derivative Instruments and Hedge Activities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Derivative Financial Instruments and Classification on Consolidated Statements of Financial Condition | The following tables present the fair value of the Company’s derivative financial instruments and classification on the Consolidated Statements of Financial Condition as of December 31, 2021 and 2020: 2021 2020 Fair Value Fair Value Notional Other Other Notional Other Other Derivatives designated as hedging instruments Interest rate swaps designated as cash flow hedges $ 400,000 $ 4,140 $ — $ — $ — $ — Derivatives not designated as hedging instruments Other interest rate derivatives 439,876 9,235 ( 9,660 ) 383,410 17,149 ( 18,116 ) Other credit derivatives 7,571 — ( 5 ) 8,437 — ( 17 ) Total derivatives $ 847,447 $ 13,375 $ ( 9,665 ) $ 391,847 $ 17,149 $ ( 18,133 ) |
Summary of Cash Flow Hedges | The following table reflects the cash flow hedges as of December 31, 2021: Notional amounts $ 400,000 Derivative assets fair value 4,140 Derivative liabilities fair value — Weighted average maturity 4.9 years |
Summary of Net Gains (Losses) Recorded in Accumulated Other Comprehensive Income (Loss) and Consolidated Statements of Operations Relating to Cash Flow Derivative Instruments | The following table reflects the net gains (losses) recorded in accumulated other comprehensive income (loss) and the Consolidated Statements of Operations relating to the cash flow derivative instruments for the years ended December 31, 2021 and 2019: 2021 2020 Amount of Amount of Amount of Amount of Amount of Amount of Interest rate swaps $ 4,140 $ ( 148 ) $ — $ — $ ( 85 ) $ — |
Summary of Other Interest Rate Derivatives | The following table reflects other interest rate derivatives as of December 31, 2021: Notional amounts $ 439,876 Derivative assets fair value 9,235 Derivative liabilities fair value 9,660 Weighted average pay rates 4.17 % Weighted average receive rates 3.26 % Weighted average maturity 5.5 years |
Summary of Amounts Included in Non-Interest Income in Consolidated Statements of Operations Relating to Derivative Instruments not Designated in Hedging Relationship | The following table reflects amounts included in non-interest income in the Consolidated Statements of Operations relating to derivative instruments that are not designated in a hedging relationship for the years ended December 31, 2021, 2020, and 2019: 2021 2020 2019 Other interest rate derivatives $ 541 $ ( 420 ) $ ( 351 ) Other credit derivatives 12 ( 5 ) 67 Total $ 553 $ ( 425 ) $ ( 284 ) |
Summary of Company's Interest Rate Derivative and Offsetting Positions | The table below summarizes the Company’s interest rate derivatives and offsetting positions as of December 31, 2021 and 2020: 2021 2020 Derivative Derivative Derivative Derivative Gross amounts recognized $ 13,375 $ ( 9,665 ) $ 17,149 $ 18,133 Less: Amounts offset in the Consolidated Statements of Financial — — — — Net amount presented in the Consolidated Statements of Financial $ 13,375 $ ( 9,665 ) $ 17,149 $ 18,133 Gross amounts not offset in the Consolidated Statements of Offsetting derivative positions ( 3,253 ) 3,253 — — Collateral posted ( 10,122 ) 6,412 ( 17,149 ) ( 18,133 ) Net credit exposure $ — $ — $ — $ — |
Parent Company Only Condensed_2
Parent Company Only Condensed Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule of Statements of Condensed Financial Statements | The following represents the condensed financial statements of Byline Bancorp, Inc., the Parent Company: Statements of Financial Condition Parent Company Only As of December 31, 2021 2020 ASSETS Cash $ 57,614 $ 82,799 Investment in banking subsidiary 877,900 825,351 Equity securities, at fair value 1,986 — Other assets 10,039 7,561 Total assets $ 947,539 $ 915,711 LIABILITIES AND STOCKHOLDERS’ EQUITY Line of credit $ — $ — Subordinated notes, net 73,517 73,342 Junior subordinated debentures issued to capital trusts, net 36,906 36,451 Accrued expenses and other liabilities 734 454 Stockholders' equity 836,382 805,464 Total liabilities and stockholders' equity $ 947,539 $ 915,711 Note 23—Parent Company Only Condensed Financial Statements (continued) Statements of Operations Parent Company Only Years ended December 31, 2021 2020 2019 INCOME Dividends from subsidiary $ 24,000 $ 7,500 $ 13,500 Change in fair value of equity securities, net 110 — — Other noninterest income — ( 112 ) — Total income 24,110 7,388 13,500 EXPENSES Interest expense 6,412 4,341 2,984 Other noninterest expense 1,814 1,453 1,768 Total expenses 8,226 5,794 4,752 Income before provision for income taxes and equity in undistributed income 15,884 1,594 8,748 Benefit for income taxes ( 2,022 ) ( 1,645 ) ( 1,323 ) Income before equity in undistributed income of subsidiary 17,906 3,239 10,071 Equity in undistributed income of subsidiary 74,879 34,228 46,931 Net income $ 92,785 $ 37,467 $ 57,002 Statements of Cash Flows Parent Company Only Years ended December 31, 2021 2020 2019 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 92,785 $ 37,467 $ 57,002 Adjustments to reconcile net income to net cash from operating activities: Equity in undistributed income of subsidiary ( 74,879 ) ( 34,228 ) ( 46,931 ) Share-based compensation expense 4,018 2,579 1,673 Change in fair value of equity securities, net ( 110 ) — — Amortization of subordinated debt issuance cost 175 84 — Loss on redemption of junior subordinated debentures — 112 — Accretion of junior subordinated debentures discount 455 505 566 Changes in other assets and other liabilities ( 6,974 ) ( 4,312 ) ( 7,916 ) Net cash provided by operating activities 15,470 2,207 4,394 CASH FLOWS FROM INVESTING ACTIVITIES Purchases of securities available-for-sale ( 1,876 ) — — Net cash paid in acquisition of business — — ( 6,554 ) Net cash used in investing activities ( 1,876 ) — ( 6,554 ) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from revolving line of credit — 15,000 5,680 Repayments of revolving line of credit — ( 15,000 ) ( 11,335 ) Repayments of junior subordinated debentures — ( 1,500 ) — Dividends paid on preferred stock ( 783 ) ( 783 ) ( 783 ) Dividends paid on common stock ( 11,269 ) ( 5,711 ) — Proceeds from subordinated notes — 73,258 — Proceeds from issuance of common stock, net 2,140 3,626 3,726 Repurchase of common stock (28,867 ) ( 1,668 ) — Net cash provided by (used in) financing activities ( 38,779 ) 67,222 ( 2,712 ) NET CHANGE IN CASH AND CASH EQUIVALENTS ( 25,185 ) 69,429 ( 4,872 ) CASH AND CASH EQUIVALENTS, beginning of period 82,799 13,370 18,242 CASH AND CASH EQUIVALENTS, end of period $ 57,614 $ 82,799 $ 13,370 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Basic and Diluted Earnings per Share | Years ended December 31, 2021 2020 2019 Net income $ 92,785 $ 37,467 $ 57,002 Less: Dividends on preferred shares 783 783 783 Net income available to common stockholders $ 92,002 $ 36,684 $ 56,219 Weighted-average common stock outstanding: Weighted-average common stock outstanding (basic) 37,609,723 38,031,250 37,290,486 Incremental shares 759,344 281,358 695,977 Weighted-average common stock outstanding (dilutive) 38,369,067 38,312,608 37,986,463 Basic earnings per common share $ 2.45 $ 0.96 $ 1.51 Diluted earnings per common share $ 2.40 $ 0.96 $ 1.48 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Summary of Preferred and Common Stock | A summary of the Company’s preferred and common stock at December 31, 2021 and 2020 is as follows: 2021 2020 Series B 7.5 % fixed to floating non-cumulative Par value per share $ 0.01 $ 0.01 Liquidation preference per share 1,000 1,000 Shares authorized 50,000 50,000 Shares issued 10,438 10,438 Shares outstanding 10,438 10,438 Common stock, voting Par value $ 0.01 $ 0.01 Shares authorized 150,000,000 150,000,000 Shares issued 39,203,747 38,736,540 Shares outstanding 37,713,903 38,618,054 Treasury shares 1,489,844 118,486 |
Consolidated Statements of Ch_3
Consolidated Statements of Changes in Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Consolidated Statements of Changes in Accumulated Other Comprehensive Income (Loss) | The following table summarized the change in accumulated other comprehensive income (loss) for the years ended December 31, 2021, 2020, and 2019: (dollars in thousands) Unrealized Gains (Losses) on Cash Flow Hedges Unrealized Gains (Losses) on Available-for-Sale Securities Total Accumulated Other Balance, January 1, 2019 $ 4,763 $ ( 14,261 ) $ ( 9,498 ) Cumulative-effect adjustment (ASU 2016-01) — ( 1,440 ) ( 1,440 ) Other comprehensive income (loss), net of tax ( 5,129 ) 15,367 10,238 Balance, December 31, 2019 ( 366 ) ( 334 ) ( 700 ) Other comprehensive income, net of tax 61 18,686 18,747 Balance, December 31, 2020 ( 305 ) 18,352 18,047 Other comprehensive income (loss), net of tax 3,122 ( 29,471 ) ( 26,349 ) Balance, December 31, 2021 $ 2,817 $ ( 11,119 ) $ ( 8,302 ) |
Business and Summary of Signi_3
Business and Summary of Significant Accounting Policies - Nature of business (Details) | 12 Months Ended |
Dec. 31, 2021Item | |
Chicago metropolitan area | |
Nature of business | |
Number of bank branches | 43 |
Wisconsin | |
Nature of business | |
Number of bank branches | 1 |
Business and Summary of Signi_4
Business and Summary of Significant Accounting Policies - Cash and cash equivalents (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Business Description And Accounting Policies [Abstract] | ||
Reserve requirement | $ 0 | $ 0 |
Business and Summary of Signi_5
Business and Summary of Significant Accounting Policies - Premises and equipment (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Minimum | |
Premises and equipment | |
Estimated useful lives (in years) | 3 years |
Maximum | |
Premises and equipment | |
Estimated useful lives (in years) | 39 years |
Business and Summary of Signi_6
Business and Summary of Significant Accounting Policies - Goodwill (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Business Description And Accounting Policies [Abstract] | |||
Goodwill, impairment loss | $ 0 | $ 0 | $ 0 |
Business and Summary of Signi_7
Business and Summary of Significant Accounting Policies - Other intangible assets (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Maximum | |
Finite Lived Intangible Assets [Line Items] | |
Intangibles amortization period (in years) | 10 years |
Business and Summary of Signi_8
Business and Summary of Significant Accounting Policies - Customer Relationship Intangibles (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Customer Relationships | |
Finite Lived Intangible Assets [Line Items] | |
Intangibles amortization period (in years) | 12 years |
Business and Summary of Signi_9
Business and Summary of Significant Accounting Policies - Income taxes (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Business Description And Accounting Policies [Abstract] | ||
Uncertain tax positions | $ 0 | $ 0 |
Business and Summary of Sign_10
Business and Summary of Significant Accounting Policies - Segment reporting (Details) | 12 Months Ended |
Dec. 31, 2021Segment | |
Business Description And Accounting Policies [Abstract] | |
Number of reportable segment | 1 |
Accounting Pronouncements Rec_2
Accounting Pronouncements Recently Issued - Additional Information (Details) - USD ($) | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 |
New Accounting Pronouncements Line Items | |||
Operating lease right-of-use asset | $ 11,646,000 | $ 0 | |
Present value of future minimum lease payments | 15,629,000 | ||
Derivative notional amount | 847,447,000 | 391,847,000 | |
Securities available-for-sale, at fair value | 1,454,542,000 | 1,447,230,000 | |
Junior subordinated debenture carrying value | 36,906,000 | $ 36,451,000 | |
London Interbank Offered Rate (LIBOR) [Member] | |||
New Accounting Pronouncements Line Items | |||
Loans | 1,200,000,000 | ||
Derivative notional amount | 440,000,000 | ||
Securities available-for-sale, at fair value | 58,800,000 | ||
Junior subordinated debenture carrying value | $ 36,900,000 | ||
Accounting Standards Update 201602 | |||
New Accounting Pronouncements Line Items | |||
Operating lease right-of-use asset | $ 10,500,000 | ||
Present value of future minimum lease payments | $ 11,700,000 |
Acquisition of a Business - Add
Acquisition of a Business - Additional Information (Details) - USD ($) | May 15, 2019 | Apr. 30, 2019 | Dec. 31, 2021 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 148,353,000 | $ 148,353,000 | $ 128,177,000 | $ 148,353,000 | ||
Oak Park River Forest Bankshares, Inc. | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition date of agreement | Apr. 30, 2019 | |||||
Right to receive common stock upon conversion | 7.9321 | |||||
Consideration paid in cash | $ 4,200,000 | $ 6,163,000 | ||||
Common stock outstanding value per share | $ 33.375 | |||||
Common stock issued price per share | $ 20.02 | |||||
Issuance of common shares | 1,464,558 | |||||
Value of common stock consideration | $ 29,300,000 | |||||
Options to acquire common stock shares | 35,870 | |||||
Option to acquire common stock value | $ 4,200,000 | |||||
Total merger consideration | 35,483,000 | |||||
Stock issuance costs | 585,000 | |||||
Goodwill | $ 20,176,000 | |||||
Fair value estimate of loans | 3,700,000 | |||||
Fair value estimate of other assets | 25,000 | |||||
Increase in deferred tax asset | 1,000,000 | |||||
Increase in goodwill | 2,700,000 | |||||
Oak Park River Forest Bankshares, Inc. | Non-interest Expense | ||||||
Business Acquisition [Line Items] | ||||||
Acquisition advisory expenses | 2,300,000 | |||||
Core system conversion expenses | $ 2,000,000 | $ 335,000 |
Acquisition of a Business - Sum
Acquisition of a Business - Summary of Estimated Fair Values of Assets and Liabilities Assumed as of Acquisition Date (Details) - USD ($) $ in Thousands | May 15, 2019 | Apr. 30, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Consideration paid | ||||||
Goodwill | $ 148,353 | $ 148,353 | $ 148,353 | $ 128,177 | ||
Oak Park River Forest Bankshares, Inc. | ||||||
Assets | ||||||
Cash and cash equivalents | $ 10,469 | |||||
Securities available-for-sale | 30,343 | |||||
Restricted stock | 414 | |||||
Loans | 257,423 | |||||
Premises and equipment | 3,488 | |||||
Other real estate owned | 2,201 | |||||
Other intangible assets | 6,220 | |||||
Bank-owned life insurance | 3,485 | |||||
Deferred tax assets, net | 5,925 | |||||
Other assets | 1,231 | |||||
Total assets acquired | 321,199 | |||||
Liabilities | ||||||
Deposits | 290,171 | |||||
Line of credit | 5,655 | |||||
Federal Home Loan Bank advances | 5,300 | |||||
Accrued expenses and other liabilities | 4,766 | |||||
Total liabilities assumed | 305,892 | |||||
Net assets acquired | 15,307 | |||||
Consideration paid | ||||||
Common stock (2019 - 1,464,558 shares issued at $20.02 per share, 2018 - 6,682,850 shares issued at $21.62 per share) | 29,320 | |||||
Consideration paid in cash | $ 4,200 | 6,163 | ||||
Total consideration paid | 35,483 | |||||
Goodwill | $ 20,176 |
Acquisition of a Business - S_2
Acquisition of a Business - Summary of Estimated Fair Values of Assets and Liabilities Assumed as of Acquisition Date (Parenthetical) (Details) - Oak Park River Forest Bankshares, Inc. | Apr. 30, 2019$ / sharesshares |
Business Acquisition [Line Items] | |
Stock issued (in shares) | shares | 1,464,558 |
Stock issued (in dollars per share) | $ / shares | $ 20.02 |
Acquisition of a Business - S_3
Acquisition of a Business - Summary of Acquired Non-Impaired Loans as of Acquisition Date (Details) - Oak Park River Forest Bankshares, Inc. $ in Thousands | Apr. 30, 2019USD ($) | |
Business Acquisition [Line Items] | ||
Fair value | $ 204,496 | |
Gross contractual amounts receivable | 254,755 | |
Estimate of contractual cash flows not expected to be collected | 12,987 | [1] |
Estimate of contractual cash flows expected to be collected | $ 241,768 | |
[1] | Includes interest payments not expected to be collected due to loan prepayments as well as principal and interest payments not expected to be collected due to customer default. |
Acquisition of a Business - S_4
Acquisition of a Business - Summary of Pro Forma Information for Results of Operations (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($)$ / shares | |
Business Combinations [Abstract] | |
Total revenues (net interest income and non-interest income) | $ | $ 272,081 |
Net income | $ | $ 57,797 |
Earnings per share—basic | $ / shares | $ 1.47 |
Earnings per share—diluted | $ / shares | $ 1.45 |
Securities - Summary of Amortiz
Securities - Summary of Amortized Cost and Fair Values of Securities Available-for-sale (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | $ 1,466,482 | $ 1,418,445 |
Available-for-sale Securities, Gross Unrealized Gains | 10,492 | 29,834 |
Available-for-sale Securities, Gross Unrealized Losses | (22,432) | (1,049) |
Available-for-sale Securities, Fair Value | 1,454,542 | 1,447,230 |
U.S. Treasury Notes | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 18,447 | 23,468 |
Available-for-sale Securities, Gross Unrealized Gains | 37 | 344 |
Available-for-sale Securities, Gross Unrealized Losses | (8) | 0 |
Available-for-sale Securities, Fair Value | 18,476 | 23,812 |
U.S. Government Agencies | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 141,096 | 113,088 |
Available-for-sale Securities, Gross Unrealized Gains | 661 | 600 |
Available-for-sale Securities, Gross Unrealized Losses | (2,367) | (137) |
Available-for-sale Securities, Fair Value | 139,390 | 113,551 |
Obligations of States, Municipalities, and Political Subdivisions | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 86,454 | 135,513 |
Available-for-sale Securities, Gross Unrealized Gains | 3,238 | 6,991 |
Available-for-sale Securities, Gross Unrealized Losses | (56) | (85) |
Available-for-sale Securities, Fair Value | 89,636 | 142,419 |
Agency, Residential Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 756,549 | 764,951 |
Available-for-sale Securities, Gross Unrealized Gains | 2,122 | 13,645 |
Available-for-sale Securities, Gross Unrealized Losses | (15,015) | (205) |
Available-for-sale Securities, Fair Value | 743,656 | 778,391 |
Non-Agency, Residential Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 146,499 | 32,654 |
Available-for-sale Securities, Gross Unrealized Gains | 4 | 332 |
Available-for-sale Securities, Gross Unrealized Losses | (1,267) | (5) |
Available-for-sale Securities, Fair Value | 145,236 | 32,981 |
Agency, Commercial Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 214,417 | 244,496 |
Available-for-sale Securities, Gross Unrealized Gains | 2,795 | 6,046 |
Available-for-sale Securities, Gross Unrealized Losses | (3,661) | (390) |
Available-for-sale Securities, Fair Value | 213,551 | 250,152 |
Corporate Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 65,814 | 59,020 |
Available-for-sale Securities, Gross Unrealized Gains | 1,586 | 1,850 |
Available-for-sale Securities, Gross Unrealized Losses | (54) | (102) |
Available-for-sale Securities, Fair Value | 67,346 | 60,768 |
Asset-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 37,206 | 45,255 |
Available-for-sale Securities, Gross Unrealized Gains | 49 | 26 |
Available-for-sale Securities, Gross Unrealized Losses | (4) | (125) |
Available-for-sale Securities, Fair Value | $ 37,251 | $ 45,156 |
Securities - Summary of Amort_2
Securities - Summary of Amortized Cost and Fair Values of Securities Held-to-maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost | $ 3,885 | $ 4,395 |
Held-to-maturity Securities, Gross Unrealized Gains | 107 | 178 |
Held-to-maturity Securities, Gross Unrealized Losses | 0 | 0 |
Held-to-maturity Securities, Fair Value | 3,992 | 4,573 |
Obligations of States, Municipalities, and Political Subdivisions | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost | 3,885 | 4,395 |
Held-to-maturity Securities, Gross Unrealized Gains | 107 | 178 |
Held-to-maturity Securities, Gross Unrealized Losses | 0 | |
Held-to-maturity Securities, Fair Value | $ 3,992 | $ 4,573 |
Securities - Additional Informa
Securities - Additional Information (Details) $ in Thousands | Dec. 31, 2021USD ($)Security | Dec. 31, 2020USD ($)Security | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) |
Schedule Of Investments [Line Items] | ||||
Reclassification from other comprehensive income to retained earnings | $ 271,676 | $ 191,098 | ||
Equity and other securities, at fair value | 10,578 | $ 8,764 | ||
Investment securities with unrealized losses | Security | 37 | |||
Investment securities posted as collateral | 332,300 | $ 731,800 | ||
Carrying amount of securities pledged as collateral | $ 332,300 | $ 323,900 | ||
Minimum | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of shareholders equity for which securities holdings exceeds for no issuer other than U.S. Government and agencies | 10.00% | 10.00% | ||
Federal Home Loan Bank Advances | ||||
Schedule Of Investments [Line Items] | ||||
Carrying amount of securities pledged as collateral | $ 0 | $ 0 | ||
Public Fund Deposits | ||||
Schedule Of Investments [Line Items] | ||||
Carrying amount of securities pledged as collateral | $ 277,100 | $ 245,100 | ||
Available-for-sale Securities | ||||
Schedule Of Investments [Line Items] | ||||
Investment securities with unrealized losses | Security | 104 | |||
Held-to-maturity Securities | ||||
Schedule Of Investments [Line Items] | ||||
Investment securities with unrealized losses | Security | 0 | 0 | ||
ASU 2016-01 | ||||
Schedule Of Investments [Line Items] | ||||
Reclassification from other comprehensive income to retained earnings | $ 1,400 | |||
Equity and other securities, at fair value | $ 6,600 | |||
ASU 2017-12 | ||||
Schedule Of Investments [Line Items] | ||||
Reclassification of securities held-to-maturity to securities available-for-sale | $ 94,800 |
Securities - Summary of Gross U
Securities - Summary of Gross Unrealized Losses and Fair Values, Aggregated by Investment Category and Length of Individual Securities Continuous Unrealized Loss Position Available-for-sale (Details) $ in Thousands | Dec. 31, 2021USD ($)Security | Dec. 31, 2020USD ($)Security |
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 104 | 37 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 880,643 | $ 170,971 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (18,857) | (1,016) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 82,459 | 5,424 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (3,575) | (33) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 963,102 | 176,395 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (22,432) | $ (1,049) |
U.S. Government Agencies | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 10 | 5 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 64,585 | $ 30,639 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (1,590) | (137) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 19,223 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (777) | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 83,808 | 30,639 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (2,367) | $ (137) |
USTreasuryNotesSecurities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 1 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 9,946 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (8) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 9,946 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (8) | |
Obligations of States, Municipalities, and Political Subdivisions | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 3 | 2 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 9,507 | $ 210 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (56) | (85) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 9,507 | 210 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (56) | $ (85) |
Agency, Residential Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 51 | 8 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 612,280 | $ 45,253 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (13,894) | (198) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 25,412 | 472 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (1,121) | (7) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 637,692 | 45,725 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (15,015) | $ (205) |
Non-Agency, Residential Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 14 | 2 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 96,372 | $ 3,963 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (1,257) | (5) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 761 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (10) | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 97,133 | 3,963 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (1,267) | $ (5) |
Agency, Commercial Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 19 | 8 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 64,473 | $ 55,554 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (1,994) | (390) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 37,063 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (1,667) | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 101,536 | 55,554 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (3,661) | $ (390) |
Asset-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 3 | 6 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 15,978 | $ 24,436 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (4) | (99) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 0 | 4,952 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 0 | (26) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 15,978 | 29,388 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (4) | $ (125) |
Corporate Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 3 | 6 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 7,502 | $ 10,916 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (54) | (102) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 7,502 | 10,916 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (54) | $ (102) |
Securities - Summary of Proceed
Securities - Summary of Proceeds From Sales and Calls of Securities Available-for-sale and Associated Gains and Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Securities, Available-for-sale, Realized Gain (Loss) [Abstract] | |||
Proceeds | $ 203,791 | $ 208,978 | $ 92,103 |
Gross gains | 2,830 | 5,383 | 1,274 |
Gross losses | $ 1,395 | $ 82 | $ 123 |
Securities - Schedule of Amorti
Securities - Schedule of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Available-for-sale Securities Debt Maturities, Amortized Cost [Abstract] | ||
Available-for-sale Securities, Due in one year or less, Amortized Cost | $ 19,225 | |
Available-for-sale Securities, Due from one to five years, Amortized Cost | 56,817 | |
Available-for-sale Securities, Due from five to ten years, Amortized Cost | 207,232 | |
Available-for-sale Securities, Due after ten years, Amortized Cost | 65,743 | |
Available-for-sale Securities, Amortized Cost | 1,466,482 | $ 1,418,445 |
Held-to-maturity Securities Debt Maturities, Amortized Cost [Abstract] | ||
Held-to-maturity Securities, Due in one year or less, Amortized Cost | 1,175 | |
Held-to-maturity Securities, Due from one to five years, Amortized Cost | 2,710 | |
Held-to-maturity Securities, Amortized Cost | 3,885 | 4,395 |
Available-for-sale Securities Debt Maturities, Fair Value [Abstract] | ||
Available-for-sale Securities, Due in one year or less, Fair Value | 19,354 | |
Available-for-sale Securities, Due from one to five years, Fair Value | 57,843 | |
Available-for-sale Securities, Due from five to ten years, Fair Value | 208,360 | |
Available-for-sale Securities, Due after ten years, Fair Value | 66,542 | |
Available-for-sale Securities, Fair Value, Total | 1,454,542 | 1,447,230 |
Held-to-maturity Securities Debt Maturities, Fair Value [Abstract] | ||
Held-to-maturity Securities, Due in one year or less, Fair Value | 1,199 | |
Held-to-maturity Securities, Due from one to five years, Fair Value | 2,793 | |
Held-to-maturity securities, Fair Value, Total | 3,992 | $ 4,573 |
Mortgage and Asset-Backed Securities | ||
Available-for-sale Securities Debt Maturities, Amortized Cost [Abstract] | ||
Available-for-sale Securities, Not due at single maturity, Amortized Cost | 1,117,465 | |
Available-for-sale Securities Debt Maturities, Fair Value [Abstract] | ||
Available-for-sale Securities, Not due at single maturity, Fair Value | $ 1,102,443 |
Loans and Lease Receivables - S
Loans and Lease Receivables - Schedule of Outstanding Loan and Lease Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | $ 4,533,511 | $ 4,342,453 | ||
Net unamortized deferred fees and costs | (674) | 5,764 | ||
Initial direct costs | 4,291 | 3,846 | ||
Allowance for loan and lease losses | (55,012) | (66,347) | $ (31,936) | $ (25,201) |
Net loans and leases | 4,482,116 | 4,274,188 | ||
Lease financing receivables | ||||
Net minimum lease payments | 352,948 | 234,472 | ||
Unguaranteed residual values | 27,953 | 8,690 | ||
Unearned income | (26,766) | (19,867) | ||
Total lease financing receivables | 354,135 | 223,295 | ||
Initial direct costs | 4,291 | 3,846 | ||
Lease financial receivables before allowance for lease losses | 358,426 | 227,141 | ||
Commercial Real Estate | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 1,663,256 | 1,416,731 | ||
Allowance for loan and lease losses | (16,918) | (19,584) | (7,965) | (7,540) |
Residential Real Estate | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 480,236 | 569,387 | ||
Allowance for loan and lease losses | (1,628) | (2,400) | (1,990) | (1,751) |
Construction, Land Development, and Other Land | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 327,143 | 231,602 | ||
Allowance for loan and lease losses | (522) | (1,352) | (610) | (466) |
Commercial and Industrial | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 1,580,235 | 1,372,452 | ||
Allowance for loan and lease losses | (33,129) | (41,183) | (19,377) | (12,932) |
Paycheck Protection Program ("PPP") | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 127,184 | |||
Allowance for loan and lease losses | 0 | 0 | 0 | |
Installment and Other | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 1,322 | 1,942 | ||
Allowance for loan and lease losses | (9) | (15) | (50) | (49) |
Lease Financing Receivables | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 354,135 | 223,295 | ||
Allowance for loan and lease losses | $ (2,806) | $ (1,813) | $ (1,944) | $ (2,463) |
Loans and Lease Receivables - A
Loans and Lease Receivables - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 30, 2019 | Dec. 31, 2018 |
Accounts Notes And Loans Receivable [Line Items] | |||||
Total loans and leases | $ 4,533,511 | $ 4,342,453 | |||
Loans held for sale pledged as security for borrowings | 1,900,000 | 2,300,000 | |||
Allowance for loan and lease losses | 55,012 | 66,347 | $ 31,936 | $ 25,201 | |
Acquired Impaired Loans | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Loans acquired | 0 | 0 | |||
Allowance for loan and lease losses | 3,200 | 6,500 | |||
Acquired Impaired Loans | First Evanston Bancorp, Inc. | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Loans acquired | $ 52,927 | ||||
Acquired Impaired Loans | Oak Park River Forest Bankshares, Inc. | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Loans acquired | $ 52,900 | ||||
Acquired Non-Impaired Loans and Leases | Oak Park River Forest Bankshares, Inc. | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Loans acquired | 204,500 | ||||
Installment and Other | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Total loans and leases | 1,322 | 1,942 | |||
Overdraft deposits reclassified as loans | 445,000 | 496,000 | |||
Allowance for loan and lease losses | 9 | 15 | $ 50 | $ 49 | |
U.S. Government Guaranteed Loans | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Total loans and leases | 231,200 | 635,000 | |||
Discount on the unguaranteed portion of government guaranteed loans | $ 28,300 | $ 28,300 |
Loans and Lease Receivables -_2
Loans and Lease Receivables - Summary of Minimum Annual Lease Payments for Lease Financing Receivables (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Receivables [Abstract] | |
2022 | $ 116,924 |
2023 | 95,396 |
2024 | 70,075 |
2025 | 47,717 |
2026 | 20,528 |
Thereafter | 2,308 |
Total | $ 352,948 |
Loans and Lease Receivables -_3
Loans and Lease Receivables - Summary of Balances for Each Respective Loan and Lease Category (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | $ 4,537,128 | $ 4,340,535 | $ 3,785,661 |
Originated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 4,094,326 | 3,668,460 | |
Acquired Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 127,051 | 201,817 | |
Acquired Non-Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 315,751 | 470,258 | |
Commercial Real Estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 1,665,748 | 1,421,670 | 1,276,542 |
Commercial Real Estate | Originated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 1,379,000 | 1,017,587 | |
Commercial Real Estate | Acquired Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 72,160 | 108,484 | |
Commercial Real Estate | Acquired Non-Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 214,588 | 295,599 | |
Residential Real Estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 480,514 | 572,271 | 711,822 |
Residential Real Estate | Originated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 379,796 | 414,220 | |
Residential Real Estate | Acquired Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 49,401 | 78,840 | |
Residential Real Estate | Acquired Non-Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 51,317 | 79,211 | |
Construction, Land Development, and Other Land | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 325,399 | 230,733 | 278,657 |
Construction, Land Development, and Other Land | Originated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 323,886 | 226,408 | |
Construction, Land Development, and Other Land | Acquired Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 1,312 | 4,113 | |
Construction, Land Development, and Other Land | Acquired Non-Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 201 | 212 | |
Commercial and Industrial | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 1,581,961 | 1,368,900 | 1,331,565 |
Commercial and Industrial | Originated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 1,534,745 | 1,276,527 | |
Commercial and Industrial | Acquired Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 4,014 | 10,178 | |
Commercial and Industrial | Acquired Non-Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 43,202 | 82,195 | |
Paycheck Protection Program ("PPP") | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 123,712 | 517,815 | |
Paycheck Protection Program ("PPP") | Originated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 123,712 | 517,815 | |
Installment and Other | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 1,368 | 2,005 | 6,565 |
Installment and Other | Originated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 940 | 1,267 | |
Installment and Other | Acquired Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 164 | 202 | |
Installment and Other | Acquired Non-Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 264 | 536 | |
Lease Financing Receivables | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 358,426 | 227,141 | $ 180,510 |
Lease Financing Receivables | Originated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 352,247 | 214,636 | |
Lease Financing Receivables | Acquired Non-Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | $ 6,179 | $ 12,505 |
Loans and Lease Receivables - E
Loans and Lease Receivables - Estimated Fair Value of Impaired Loans Acquired at Acquisition (Details) - Acquired Impaired Loans - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Apr. 30, 2019 |
Accounts Notes And Loans Receivable [Line Items] | |||
Estimated fair value of impaired loans acquired at acquisition | $ 0 | $ 0 | |
Oak Park River Forest Bankshares, Inc. | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Estimated fair value of impaired loans acquired at acquisition | $ 52,900 | ||
First Evanston Bancorp, Inc. | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Undiscounted contractual cash flows | 74,092 | ||
Undiscounted cash flows not expected to be collected (non-accretable difference) | 11,401 | ||
Undiscounted cash flows expected to be collected | 62,691 | ||
Accretable yield at acquisition | (9,764) | ||
Estimated fair value of impaired loans acquired at acquisition | $ 52,927 |
Loans and Lease Receivables -_4
Loans and Lease Receivables - Summary of Outstanding Balance and Carrying Amount of All Acquired Impaired Loans (Details) - Acquired Impaired Loans - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts Notes And Loans Receivable [Line Items] | ||
Unpaid Principal Balance | $ 227,943 | $ 309,838 |
Carrying Value | 127,051 | 201,817 |
Commercial Real Estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Unpaid Principal Balance | 113,257 | 154,233 |
Carrying Value | 72,160 | 108,484 |
Residential Real Estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Unpaid Principal Balance | 95,056 | 126,086 |
Carrying Value | 49,401 | 78,840 |
Construction, Land Development, and Other Land | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Unpaid Principal Balance | 8,571 | 12,677 |
Carrying Value | 1,312 | 4,113 |
Commercial and Industrial | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Unpaid Principal Balance | 10,201 | 15,925 |
Carrying Value | 4,014 | 10,178 |
Installment and Other | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Unpaid Principal Balance | 858 | 917 |
Carrying Value | $ 164 | $ 202 |
Loans and Lease Receivables -_5
Loans and Lease Receivables - Summary of Changes in Accretable Yield for Acquired Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Receivables [Abstract] | |||
Beginning balance | $ 27,696 | $ 40,009 | $ 37,115 |
Additions | 9,764 | ||
Accretion to interest income | (13,487) | (19,184) | (24,535) |
Reclassification from nonaccretable difference | 4,386 | 6,871 | 17,665 |
Ending balance | $ 18,595 | $ 27,696 | $ 40,009 |
Loans and Lease Receivables -_6
Loans and Lease Receivables - Schedule of Unpaid Principal Balance and Carrying Value for Acquired Non-impaired Loans and Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts Notes And Loans Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | $ 4,537,128 | $ 4,340,535 | $ 3,785,661 |
Acquired Non-impaired Loans and Leases | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | 322,680 | 481,612 | |
Loans and Leases Receivable, Gross | 315,751 | 470,258 | |
Commercial Real Estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 1,665,748 | 1,421,670 | 1,276,542 |
Commercial Real Estate | Acquired Non-impaired Loans and Leases | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | 219,277 | 302,091 | |
Loans and Leases Receivable, Gross | 214,588 | 295,599 | |
Residential Real Estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 480,514 | 572,271 | 711,822 |
Residential Real Estate | Acquired Non-impaired Loans and Leases | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | 51,839 | 80,104 | |
Loans and Leases Receivable, Gross | 51,317 | 79,211 | |
Construction, Land Development, and Other Land | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 325,399 | 230,733 | 278,657 |
Construction, Land Development, and Other Land | Acquired Non-impaired Loans and Leases | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | 265 | 278 | |
Loans and Leases Receivable, Gross | 201 | 212 | |
Commercial and Industrial | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 1,581,961 | 1,368,900 | 1,331,565 |
Commercial and Industrial | Acquired Non-impaired Loans and Leases | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | 44,827 | 84,608 | |
Loans and Leases Receivable, Gross | 43,202 | 82,195 | |
Installment and Other | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 1,368 | 2,005 | 6,565 |
Installment and Other | Acquired Non-impaired Loans and Leases | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | 273 | 553 | |
Loans and Leases Receivable, Gross | 264 | 536 | |
Lease Financing Receivables | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 358,426 | 227,141 | $ 180,510 |
Lease Financing Receivables | Acquired Non-impaired Loans and Leases | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | 6,199 | 13,978 | |
Loans and Leases Receivable, Gross | $ 6,179 | $ 12,505 |
Allowance for Loan and Lease _3
Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments - Summary of Allowance for Loan and Lease Losses and Corresponding Loan and Lease Balances (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Allowance for loan and lease losses | |||
Beginning balance | $ 66,347 | $ 31,936 | $ 25,201 |
Provision (recapture) | 1,457 | 55,949 | 20,708 |
Charge-offs | 15,664 | 23,347 | 15,859 |
Recoveries | 2,872 | 1,809 | 1,886 |
Ending balance | 55,012 | 66,347 | 31,936 |
Ending balance: | |||
Individually evaluated for impairment | 21,038 | 23,960 | 10,690 |
Collectively evaluated for impairment | 30,789 | 35,925 | 18,470 |
Allowance for loan and lease losses | 55,012 | 66,347 | 31,936 |
Loans and leases ending balance: | |||
Individually evaluated for impairment | 72,923 | 95,355 | 68,741 |
Collectively evaluated for impairment | 4,337,154 | 4,043,363 | 3,458,252 |
Total loans and leases | 4,537,128 | 4,340,535 | 3,785,661 |
Loans Acquired with Deteriorated Credit Quality | |||
Ending balance: | |||
Loans acquired with deteriorated credit quality | 3,185 | 6,462 | 2,776 |
Loans and leases ending balance: | |||
Loans acquired with deteriorated credit quality | 127,051 | 201,817 | 258,668 |
Commercial Real Estate | |||
Allowance for loan and lease losses | |||
Beginning balance | 19,584 | 7,965 | 7,540 |
Provision (recapture) | 1,263 | 17,759 | 4,805 |
Charge-offs | 4,698 | 6,407 | 4,950 |
Recoveries | 769 | 267 | 570 |
Ending balance | 16,918 | 19,584 | 7,965 |
Ending balance: | |||
Individually evaluated for impairment | 6,538 | 5,034 | 2,614 |
Collectively evaluated for impairment | 8,570 | 10,676 | 4,414 |
Allowance for loan and lease losses | 16,918 | 19,584 | 7,965 |
Loans and leases ending balance: | |||
Individually evaluated for impairment | 35,051 | 46,169 | 26,396 |
Collectively evaluated for impairment | 1,558,537 | 1,267,017 | 1,114,232 |
Total loans and leases | 1,665,748 | 1,421,670 | 1,276,542 |
Commercial Real Estate | Loans Acquired with Deteriorated Credit Quality | |||
Ending balance: | |||
Loans acquired with deteriorated credit quality | 1,810 | 3,874 | 937 |
Loans and leases ending balance: | |||
Loans acquired with deteriorated credit quality | 72,160 | 108,484 | 135,914 |
Residential Real Estate | |||
Allowance for loan and lease losses | |||
Beginning balance | 2,400 | 1,990 | 1,751 |
Provision (recapture) | (663) | 548 | 67 |
Charge-offs | 124 | 274 | 113 |
Recoveries | 15 | 136 | 285 |
Ending balance | 1,628 | 2,400 | 1,990 |
Ending balance: | |||
Individually evaluated for impairment | 0 | 78 | 124 |
Collectively evaluated for impairment | 622 | 1,836 | 1,191 |
Allowance for loan and lease losses | 1,628 | 2,400 | 1,990 |
Loans and leases ending balance: | |||
Individually evaluated for impairment | 1,802 | 1,830 | 2,398 |
Collectively evaluated for impairment | 429,311 | 491,601 | 609,201 |
Total loans and leases | 480,514 | 572,271 | 711,822 |
Residential Real Estate | Loans Acquired with Deteriorated Credit Quality | |||
Ending balance: | |||
Loans acquired with deteriorated credit quality | 1,006 | 486 | 675 |
Loans and leases ending balance: | |||
Loans acquired with deteriorated credit quality | 49,401 | 78,840 | 100,223 |
Construction, Land Development, and Other Land | |||
Allowance for loan and lease losses | |||
Beginning balance | 1,352 | 610 | 466 |
Provision (recapture) | (504) | 1,390 | 144 |
Charge-offs | 326 | 701 | 0 |
Recoveries | 0 | 53 | 0 |
Ending balance | 522 | 1,352 | 610 |
Ending balance: | |||
Individually evaluated for impairment | 0 | 0 | 0 |
Collectively evaluated for impairment | 519 | 987 | 584 |
Allowance for loan and lease losses | 522 | 1,352 | 610 |
Loans and leases ending balance: | |||
Individually evaluated for impairment | 0 | 0 | 2,644 |
Collectively evaluated for impairment | 324,087 | 226,620 | 270,640 |
Total loans and leases | 325,399 | 230,733 | 278,657 |
Construction, Land Development, and Other Land | Loans Acquired with Deteriorated Credit Quality | |||
Ending balance: | |||
Loans acquired with deteriorated credit quality | 3 | 365 | 26 |
Loans and leases ending balance: | |||
Loans acquired with deteriorated credit quality | 1,312 | 4,113 | 5,373 |
Commercial and Industrial | |||
Allowance for loan and lease losses | |||
Beginning balance | 41,183 | 19,377 | 12,932 |
Provision (recapture) | (219) | 35,498 | 14,460 |
Charge-offs | 9,015 | 14,182 | 8,171 |
Recoveries | 1,180 | 490 | 156 |
Ending balance | 33,129 | 41,183 | 19,377 |
Ending balance: | |||
Individually evaluated for impairment | 14,500 | 18,848 | 7,952 |
Collectively evaluated for impairment | 18,265 | 20,598 | 10,287 |
Allowance for loan and lease losses | 33,129 | 41,183 | 19,377 |
Loans and leases ending balance: | |||
Individually evaluated for impairment | 36,070 | 47,356 | 37,303 |
Collectively evaluated for impairment | 1,541,877 | 1,311,366 | 1,277,353 |
Total loans and leases | 1,581,961 | 1,368,900 | 1,331,565 |
Commercial and Industrial | Loans Acquired with Deteriorated Credit Quality | |||
Ending balance: | |||
Loans acquired with deteriorated credit quality | 364 | 1,737 | 1,138 |
Loans and leases ending balance: | |||
Loans acquired with deteriorated credit quality | 4,014 | 10,178 | 16,909 |
Paycheck Protection Program ("PPP") | |||
Allowance for loan and lease losses | |||
Beginning balance | 0 | 0 | |
Provision (recapture) | 0 | 0 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Ending balance | 0 | 0 | 0 |
Ending balance: | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 0 | 0 | |
Loans acquired with deteriorated credit quality | 0 | ||
Allowance for loan and lease losses | 0 | 0 | 0 |
Loans and leases ending balance: | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 123,712 | 517,815 | |
Total loans and leases | 123,712 | 517,815 | |
Paycheck Protection Program ("PPP") | Loans Acquired with Deteriorated Credit Quality | |||
Ending balance: | |||
Loans acquired with deteriorated credit quality | 0 | ||
Loans and leases ending balance: | |||
Loans acquired with deteriorated credit quality | 0 | 0 | |
Installment and Other | |||
Allowance for loan and lease losses | |||
Beginning balance | 15 | 50 | 49 |
Provision (recapture) | (6) | (35) | 15 |
Charge-offs | 0 | 0 | 16 |
Recoveries | 0 | 0 | 2 |
Ending balance | 9 | 15 | 50 |
Ending balance: | |||
Individually evaluated for impairment | 0 | 0 | 0 |
Collectively evaluated for impairment | 7 | 15 | 50 |
Allowance for loan and lease losses | 9 | 15 | 50 |
Loans and leases ending balance: | |||
Individually evaluated for impairment | 0 | 0 | 0 |
Collectively evaluated for impairment | 1,204 | 1,803 | 6,316 |
Total loans and leases | 1,368 | 2,005 | 6,565 |
Installment and Other | Loans Acquired with Deteriorated Credit Quality | |||
Ending balance: | |||
Loans acquired with deteriorated credit quality | 2 | 0 | 0 |
Loans and leases ending balance: | |||
Loans acquired with deteriorated credit quality | 164 | 202 | 249 |
Lease Financing Receivables | |||
Allowance for loan and lease losses | |||
Beginning balance | 1,813 | 1,944 | 2,463 |
Provision (recapture) | 1,586 | 789 | 1,217 |
Charge-offs | 1,501 | 1,783 | 2,609 |
Recoveries | 908 | 863 | 873 |
Ending balance | 2,806 | 1,813 | 1,944 |
Ending balance: | |||
Individually evaluated for impairment | 0 | 0 | 0 |
Collectively evaluated for impairment | 2,806 | 1,813 | 1,944 |
Allowance for loan and lease losses | 2,806 | 1,813 | 1,944 |
Loans and leases ending balance: | |||
Individually evaluated for impairment | 0 | 0 | 0 |
Collectively evaluated for impairment | 358,426 | 227,141 | 180,510 |
Total loans and leases | 358,426 | 227,141 | 180,510 |
Lease Financing Receivables | Loans Acquired with Deteriorated Credit Quality | |||
Ending balance: | |||
Loans acquired with deteriorated credit quality | 0 | 0 | 0 |
Loans and leases ending balance: | |||
Loans acquired with deteriorated credit quality | $ 0 | $ 0 | $ 0 |
Allowance for Loan and Lease _4
Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments - Additional Information (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Loans And Leases Receivable Disclosure [Line Items] | ||||
Increase (decrease) in allowance for loan and lease losses | $ (11,300,000) | $ 34,400,000 | $ 6,700,000 | |
Commitments outstanding on troubled debt restructurings | 0 | 0 | 500,000 | |
Recorded investment in troubled debt restructurings that subsequently defaulted within twelve months | 0 | 36,000 | 348,000 | |
Reserve for unfunded commitments | 1,403,000 | 1,887,000 | 1,159,000 | $ 1,239,000 |
Acquired Impaired Loans | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
Increase (decrease) in allowance for loan and lease losses | (3,300,000) | 3,700,000 | 41,000 | |
Individually Evaluated For Impairment | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
Increase (decrease) in allowance for loan and lease losses | (2,900,000) | 13,300,000 | 4,000,000 | |
Collectively Evaluated For Impairment | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
Increase (decrease) in allowance for loan and lease losses | $ 5,100,000 | $ 17,500,000 | $ 2,700,000 |
Allowance for Loan and Lease _5
Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments - Summary of Recorded Investment, Unpaid Principal Balance, and Related Allowance for Loans and Leases Considered Impaired (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Commercial Real Estate | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | $ 16,556 | ||
Unpaid Principal Balance, With no related allowance recorded | 19,808 | ||
Average Recorded Investment, With no related allowance recorded | 11,218 | ||
Interest Income Recognized, With no related allowance recorded | 1,257 | ||
Loans Excluding Acquired Impaired Loans | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment | $ 72,923 | $ 95,355 | 68,741 |
Unpaid Principal Balance | 81,634 | 103,564 | 75,668 |
Related Allowance | 21,038 | 23,960 | 10,690 |
Average Recorded Investment | 99,486 | 78,951 | 51,907 |
Interest Income Recognized | 5,987 | 6,364 | 4,855 |
Loans Excluding Acquired Impaired Loans | Commercial Real Estate | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | 17,233 | 32,473 | |
Recorded Investment, With an allowance recorded | 17,818 | 13,696 | 9,840 |
Unpaid Principal Balance, With no related allowance recorded | 19,252 | 34,792 | |
Unpaid Principal Balance, With an allowance recorded | 20,117 | 14,919 | 10,691 |
Related Allowance | 6,538 | 5,034 | 2,614 |
Average Recorded Investment, With no related allowance recorded | 26,041 | 23,938 | |
Average Recorded Investment, With an allowance recorded | 26,575 | 13,022 | 8,863 |
Interest Income Recognized, With no related allowance recorded | 1,262 | 1,835 | |
Interest Income Recognized, With an allowance recorded | 1,563 | 1,023 | 711 |
Loans Excluding Acquired Impaired Loans | Residential Real Estate | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | 1,802 | 1,558 | 2,165 |
Recorded Investment, With an allowance recorded | 0 | 272 | 233 |
Unpaid Principal Balance, With no related allowance recorded | 1,919 | 1,644 | 2,253 |
Unpaid Principal Balance, With an allowance recorded | 0 | 274 | 233 |
Related Allowance | 0 | 78 | 124 |
Average Recorded Investment, With no related allowance recorded | 2,647 | 1,627 | 2,285 |
Average Recorded Investment, With an allowance recorded | 164 | 413 | 195 |
Interest Income Recognized, With no related allowance recorded | 123 | 59 | 192 |
Interest Income Recognized, With an allowance recorded | 2 | 21 | 7 |
Loans Excluding Acquired Impaired Loans | Construction, Land Development, and Other Land | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | 2,644 | ||
Unpaid Principal Balance, With no related allowance recorded | 3,000 | ||
Average Recorded Investment, With no related allowance recorded | 2,238 | 220 | |
Interest Income Recognized, With no related allowance recorded | 220 | 191 | |
Loans Excluding Acquired Impaired Loans | Commercial and Industrial | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, With no related allowance recorded | 16,624 | 17,944 | 19,211 |
Recorded Investment, With an allowance recorded | 19,446 | 29,412 | 18,092 |
Unpaid Principal Balance, With no related allowance recorded | 19,148 | 19,917 | 20,398 |
Unpaid Principal Balance, With an allowance recorded | 21,198 | 32,018 | 19,285 |
Related Allowance | 14,500 | 18,848 | 7,952 |
Average Recorded Investment, With no related allowance recorded | 16,808 | 16,359 | 14,137 |
Average Recorded Investment, With an allowance recorded | 27,251 | 21,354 | 14,989 |
Interest Income Recognized, With no related allowance recorded | 923 | 989 | 1,487 |
Interest Income Recognized, With an allowance recorded | $ 2,114 | $ 2,217 | $ 1,010 |
Allowance for Loan and Lease _6
Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments - Summary of Risk Rating Categories of Loans and Leases Considered for Inclusion in Allowance for Loan and Lease Losses Calculation (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | $ 4,537,128 | $ 4,340,535 | $ 3,785,661 |
Commercial Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 1,665,748 | 1,421,670 | 1,276,542 |
Residential Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 480,514 | 572,271 | 711,822 |
Construction, Land Development, and Other Land | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 325,399 | 230,733 | 278,657 |
Commercial and Industrial | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 1,581,961 | 1,368,900 | 1,331,565 |
Paycheck Protection Program ("PPP") | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 123,712 | 517,815 | |
Installment and Other | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 1,368 | 2,005 | 6,565 |
Lease Financing Receivables | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 358,426 | 227,141 | $ 180,510 |
Loans Excluding Acquired Impaired Loans | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 4,410,077 | 4,138,718 | |
Loans Excluding Acquired Impaired Loans | Commercial Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 1,593,588 | 1,313,186 | |
Loans Excluding Acquired Impaired Loans | Residential Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 431,113 | 493,431 | |
Loans Excluding Acquired Impaired Loans | Construction, Land Development, and Other Land | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 324,087 | 226,620 | |
Loans Excluding Acquired Impaired Loans | Commercial and Industrial | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 1,577,947 | 1,358,722 | |
Loans Excluding Acquired Impaired Loans | Paycheck Protection Program ("PPP") | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 123,712 | 517,815 | |
Loans Excluding Acquired Impaired Loans | Installment and Other | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 1,204 | 1,803 | |
Loans Excluding Acquired Impaired Loans | Lease Financing Receivables | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 358,426 | 227,141 | |
Loans Excluding Acquired Impaired Loans | Pass | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 3,911,651 | 3,477,922 | |
Loans Excluding Acquired Impaired Loans | Pass | Commercial Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 1,397,228 | 1,064,623 | |
Loans Excluding Acquired Impaired Loans | Pass | Residential Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 406,948 | 463,103 | |
Loans Excluding Acquired Impaired Loans | Pass | Construction, Land Development, and Other Land | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 286,434 | 180,458 | |
Loans Excluding Acquired Impaired Loans | Pass | Commercial and Industrial | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 1,341,826 | 1,027,399 | |
Loans Excluding Acquired Impaired Loans | Pass | Paycheck Protection Program ("PPP") | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 123,712 | 517,815 | |
Loans Excluding Acquired Impaired Loans | Pass | Installment and Other | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 1,123 | 1,706 | |
Loans Excluding Acquired Impaired Loans | Pass | Lease Financing Receivables | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 354,380 | 222,818 | |
Loans Excluding Acquired Impaired Loans | Watch | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 353,789 | 428,702 | |
Loans Excluding Acquired Impaired Loans | Watch | Commercial Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 123,248 | 134,381 | |
Loans Excluding Acquired Impaired Loans | Watch | Residential Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 19,062 | 22,086 | |
Loans Excluding Acquired Impaired Loans | Watch | Construction, Land Development, and Other Land | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 31,768 | 46,162 | |
Loans Excluding Acquired Impaired Loans | Watch | Commercial and Industrial | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 177,638 | 225,930 | |
Loans Excluding Acquired Impaired Loans | Watch | Paycheck Protection Program ("PPP") | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 0 | ||
Loans Excluding Acquired Impaired Loans | Watch | Installment and Other | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 81 | 96 | |
Loans Excluding Acquired Impaired Loans | Watch | Lease Financing Receivables | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 1,992 | 47 | |
Loans Excluding Acquired Impaired Loans | Special Mention | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 69,538 | 123,322 | |
Loans Excluding Acquired Impaired Loans | Special Mention | Commercial Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 37,340 | 60,022 | |
Loans Excluding Acquired Impaired Loans | Special Mention | Residential Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 3,118 | 3,795 | |
Loans Excluding Acquired Impaired Loans | Special Mention | Construction, Land Development, and Other Land | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 5,885 | 0 | |
Loans Excluding Acquired Impaired Loans | Special Mention | Commercial and Industrial | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 21,586 | 56,784 | |
Loans Excluding Acquired Impaired Loans | Special Mention | Paycheck Protection Program ("PPP") | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 0 | ||
Loans Excluding Acquired Impaired Loans | Special Mention | Lease Financing Receivables | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 1,609 | 2,721 | |
Loans Excluding Acquired Impaired Loans | Substandard | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 75,002 | 108,172 | |
Loans Excluding Acquired Impaired Loans | Substandard | Commercial Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 35,772 | 54,160 | |
Loans Excluding Acquired Impaired Loans | Substandard | Residential Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 1,985 | 4,447 | |
Loans Excluding Acquired Impaired Loans | Substandard | Commercial and Industrial | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 36,897 | 48,609 | |
Loans Excluding Acquired Impaired Loans | Substandard | Paycheck Protection Program ("PPP") | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 0 | ||
Loans Excluding Acquired Impaired Loans | Substandard | Installment and Other | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 0 | 1 | |
Loans Excluding Acquired Impaired Loans | Substandard | Lease Financing Receivables | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 348 | 955 | |
Loans Excluding Acquired Impaired Loans | Doubtful | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 97 | 600 | |
Loans Excluding Acquired Impaired Loans | Doubtful | Commercial Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 0 | ||
Loans Excluding Acquired Impaired Loans | Doubtful | Residential Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 0 | ||
Loans Excluding Acquired Impaired Loans | Doubtful | Construction, Land Development, and Other Land | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 0 | ||
Loans Excluding Acquired Impaired Loans | Doubtful | Commercial and Industrial | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 0 | ||
Loans Excluding Acquired Impaired Loans | Doubtful | Paycheck Protection Program ("PPP") | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 0 | ||
Loans Excluding Acquired Impaired Loans | Doubtful | Installment and Other | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 0 | 0 | |
Loans Excluding Acquired Impaired Loans | Doubtful | Lease Financing Receivables | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 97 | 600 | |
Loans Excluding Acquired Impaired Loans | Loss | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 0 | ||
Loans Excluding Acquired Impaired Loans | Loss | Commercial Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | $ 0 | 0 | |
Loans Excluding Acquired Impaired Loans | Loss | Residential Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 0 | ||
Loans Excluding Acquired Impaired Loans | Loss | Construction, Land Development, and Other Land | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 0 | ||
Loans Excluding Acquired Impaired Loans | Loss | Commercial and Industrial | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 0 | ||
Loans Excluding Acquired Impaired Loans | Loss | Paycheck Protection Program ("PPP") | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 0 | ||
Loans Excluding Acquired Impaired Loans | Loss | Installment and Other | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 0 | ||
Loans Excluding Acquired Impaired Loans | Loss | Lease Financing Receivables | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | $ 0 |
Allowance for Loan and Lease _7
Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments - Summary of Contractual Delinquency Information (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
FinancingReceivableRecordedInvestment due | |||
Loans and Leases Receivable, Gross | $ 4,537,128 | $ 4,340,535 | $ 3,785,661 |
Commercial Real Estate | |||
FinancingReceivableRecordedInvestment due | |||
Loans and Leases Receivable, Gross | 1,665,748 | 1,421,670 | 1,276,542 |
Residential Real Estate | |||
FinancingReceivableRecordedInvestment due | |||
Loans and Leases Receivable, Gross | 480,514 | 572,271 | 711,822 |
Construction, Land Development, and Other Land | |||
FinancingReceivableRecordedInvestment due | |||
Loans and Leases Receivable, Gross | 325,399 | 230,733 | 278,657 |
Commercial and Industrial | |||
FinancingReceivableRecordedInvestment due | |||
Loans and Leases Receivable, Gross | 1,581,961 | 1,368,900 | 1,331,565 |
Paycheck Protection Program ("PPP") | |||
FinancingReceivableRecordedInvestment due | |||
Loans and Leases Receivable, Gross | 123,712 | 517,815 | |
Installment and Other | |||
FinancingReceivableRecordedInvestment due | |||
Loans and Leases Receivable, Gross | 1,368 | 2,005 | 6,565 |
Lease Financing Receivables | |||
FinancingReceivableRecordedInvestment due | |||
Loans and Leases Receivable, Gross | 358,426 | 227,141 | $ 180,510 |
Acquired Non-Impaired and Originated Loans | |||
FinancingReceivableRecordedInvestment due | |||
Financing Receivable, Nonaccrual | 23,130 | 41,103 | |
Loans and Leases Receivable, Gross | 4,410,077 | 4,138,718 | |
Acquired Non-Impaired and Originated Loans | Commercial Real Estate | |||
FinancingReceivableRecordedInvestment due | |||
Financing Receivable, Nonaccrual | 12,751 | 15,969 | |
Loans and Leases Receivable, Gross | 1,593,588 | 1,313,186 | |
Acquired Non-Impaired and Originated Loans | Residential Real Estate | |||
FinancingReceivableRecordedInvestment due | |||
Financing Receivable, Nonaccrual | 1,450 | 1,929 | |
Loans and Leases Receivable, Gross | 431,113 | 493,431 | |
Acquired Non-Impaired and Originated Loans | Construction, Land Development, and Other Land | |||
FinancingReceivableRecordedInvestment due | |||
Financing Receivable, Nonaccrual | 0 | 0 | |
Loans and Leases Receivable, Gross | 324,087 | 226,620 | |
Acquired Non-Impaired and Originated Loans | Commercial and Industrial | |||
FinancingReceivableRecordedInvestment due | |||
Financing Receivable, Nonaccrual | 8,600 | 21,936 | |
Loans and Leases Receivable, Gross | 1,577,947 | 1,358,722 | |
Acquired Non-Impaired and Originated Loans | Paycheck Protection Program ("PPP") | |||
FinancingReceivableRecordedInvestment due | |||
Financing Receivable, Nonaccrual | 0 | 0 | |
Loans and Leases Receivable, Gross | 123,712 | 517,815 | |
Acquired Non-Impaired and Originated Loans | Installment and Other | |||
FinancingReceivableRecordedInvestment due | |||
Financing Receivable, Nonaccrual | 0 | 1 | |
Loans and Leases Receivable, Gross | 1,204 | 1,803 | |
Acquired Non-Impaired and Originated Loans | Lease Financing Receivables | |||
FinancingReceivableRecordedInvestment due | |||
Financing Receivable, Nonaccrual | 329 | 1,268 | |
Loans and Leases Receivable, Gross | 358,426 | 227,141 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Acquired Non-Impaired and Originated Loans | |||
FinancingReceivableRecordedInvestment due | |||
Financing Receivable, before Allowance for Credit Loss | 29,495 | 8,753 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Acquired Non-Impaired and Originated Loans | Commercial Real Estate | |||
FinancingReceivableRecordedInvestment due | |||
Financing Receivable, before Allowance for Credit Loss | 5,185 | 1,544 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Acquired Non-Impaired and Originated Loans | Residential Real Estate | |||
FinancingReceivableRecordedInvestment due | |||
Financing Receivable, before Allowance for Credit Loss | 14,282 | 1,686 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Acquired Non-Impaired and Originated Loans | Construction, Land Development, and Other Land | |||
FinancingReceivableRecordedInvestment due | |||
Financing Receivable, before Allowance for Credit Loss | 5,885 | 0 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Acquired Non-Impaired and Originated Loans | Commercial and Industrial | |||
FinancingReceivableRecordedInvestment due | |||
Financing Receivable, before Allowance for Credit Loss | 2,479 | 4,521 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Acquired Non-Impaired and Originated Loans | Paycheck Protection Program ("PPP") | |||
FinancingReceivableRecordedInvestment due | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Acquired Non-Impaired and Originated Loans | Installment and Other | |||
FinancingReceivableRecordedInvestment due | |||
Financing Receivable, before Allowance for Credit Loss | 3 | 6 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Acquired Non-Impaired and Originated Loans | Lease Financing Receivables | |||
FinancingReceivableRecordedInvestment due | |||
Financing Receivable, before Allowance for Credit Loss | 1,661 | 996 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Acquired Non-Impaired and Originated Loans | |||
FinancingReceivableRecordedInvestment due | |||
Financing Receivable, before Allowance for Credit Loss | 4,596 | 5,860 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Acquired Non-Impaired and Originated Loans | Commercial Real Estate | |||
FinancingReceivableRecordedInvestment due | |||
Financing Receivable, before Allowance for Credit Loss | 2,361 | 4,194 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Acquired Non-Impaired and Originated Loans | Residential Real Estate | |||
FinancingReceivableRecordedInvestment due | |||
Financing Receivable, before Allowance for Credit Loss | 852 | 0 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Acquired Non-Impaired and Originated Loans | Construction, Land Development, and Other Land | |||
FinancingReceivableRecordedInvestment due | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Acquired Non-Impaired and Originated Loans | Commercial and Industrial | |||
FinancingReceivableRecordedInvestment due | |||
Financing Receivable, before Allowance for Credit Loss | 1,097 | 1,290 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Acquired Non-Impaired and Originated Loans | Paycheck Protection Program ("PPP") | |||
FinancingReceivableRecordedInvestment due | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Acquired Non-Impaired and Originated Loans | Installment and Other | |||
FinancingReceivableRecordedInvestment due | |||
Financing Receivable, before Allowance for Credit Loss | 35 | 0 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Acquired Non-Impaired and Originated Loans | Lease Financing Receivables | |||
FinancingReceivableRecordedInvestment due | |||
Financing Receivable, before Allowance for Credit Loss | 251 | 376 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Acquired Non-Impaired and Originated Loans | |||
FinancingReceivableRecordedInvestment due | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Acquired Non-Impaired and Originated Loans | Commercial Real Estate | |||
FinancingReceivableRecordedInvestment due | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Acquired Non-Impaired and Originated Loans | Residential Real Estate | |||
FinancingReceivableRecordedInvestment due | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Acquired Non-Impaired and Originated Loans | Construction, Land Development, and Other Land | |||
FinancingReceivableRecordedInvestment due | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Acquired Non-Impaired and Originated Loans | Commercial and Industrial | |||
FinancingReceivableRecordedInvestment due | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Acquired Non-Impaired and Originated Loans | Paycheck Protection Program ("PPP") | |||
FinancingReceivableRecordedInvestment due | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Acquired Non-Impaired and Originated Loans | Installment and Other | |||
FinancingReceivableRecordedInvestment due | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Acquired Non-Impaired and Originated Loans | Lease Financing Receivables | |||
FinancingReceivableRecordedInvestment due | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |
Financial Asset, Past Due [Member] | Acquired Non-Impaired and Originated Loans | |||
FinancingReceivableRecordedInvestment due | |||
Financing Receivable, before Allowance for Credit Loss | 57,221 | 55,716 | |
Financial Asset, Past Due [Member] | Acquired Non-Impaired and Originated Loans | Commercial Real Estate | |||
FinancingReceivableRecordedInvestment due | |||
Financing Receivable, before Allowance for Credit Loss | 20,297 | 21,707 | |
Financial Asset, Past Due [Member] | Acquired Non-Impaired and Originated Loans | Residential Real Estate | |||
FinancingReceivableRecordedInvestment due | |||
Financing Receivable, before Allowance for Credit Loss | 16,584 | 3,615 | |
Financial Asset, Past Due [Member] | Acquired Non-Impaired and Originated Loans | Construction, Land Development, and Other Land | |||
FinancingReceivableRecordedInvestment due | |||
Financing Receivable, before Allowance for Credit Loss | 5,885 | 0 | |
Financial Asset, Past Due [Member] | Acquired Non-Impaired and Originated Loans | Commercial and Industrial | |||
FinancingReceivableRecordedInvestment due | |||
Financing Receivable, before Allowance for Credit Loss | 12,176 | 27,747 | |
Financial Asset, Past Due [Member] | Acquired Non-Impaired and Originated Loans | Paycheck Protection Program ("PPP") | |||
FinancingReceivableRecordedInvestment due | |||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |
Financial Asset, Past Due [Member] | Acquired Non-Impaired and Originated Loans | Installment and Other | |||
FinancingReceivableRecordedInvestment due | |||
Financing Receivable, before Allowance for Credit Loss | 38 | 7 | |
Financial Asset, Past Due [Member] | Acquired Non-Impaired and Originated Loans | Lease Financing Receivables | |||
FinancingReceivableRecordedInvestment due | |||
Financing Receivable, before Allowance for Credit Loss | 2,241 | 2,640 | |
Financial Asset, Not Past Due [Member] | Acquired Non-Impaired and Originated Loans | |||
FinancingReceivableRecordedInvestment due | |||
Financing Receivable, before Allowance for Credit Loss | 4,352,856 | 4,083,002 | |
Financial Asset, Not Past Due [Member] | Acquired Non-Impaired and Originated Loans | Commercial Real Estate | |||
FinancingReceivableRecordedInvestment due | |||
Financing Receivable, before Allowance for Credit Loss | 1,573,291 | 1,291,479 | |
Financial Asset, Not Past Due [Member] | Acquired Non-Impaired and Originated Loans | Residential Real Estate | |||
FinancingReceivableRecordedInvestment due | |||
Financing Receivable, before Allowance for Credit Loss | 414,529 | 489,816 | |
Financial Asset, Not Past Due [Member] | Acquired Non-Impaired and Originated Loans | Construction, Land Development, and Other Land | |||
FinancingReceivableRecordedInvestment due | |||
Financing Receivable, before Allowance for Credit Loss | 318,202 | 226,620 | |
Financial Asset, Not Past Due [Member] | Acquired Non-Impaired and Originated Loans | Commercial and Industrial | |||
FinancingReceivableRecordedInvestment due | |||
Financing Receivable, before Allowance for Credit Loss | 1,565,771 | 1,330,975 | |
Financial Asset, Not Past Due [Member] | Acquired Non-Impaired and Originated Loans | Paycheck Protection Program ("PPP") | |||
FinancingReceivableRecordedInvestment due | |||
Financing Receivable, before Allowance for Credit Loss | 123,712 | 517,815 | |
Financial Asset, Not Past Due [Member] | Acquired Non-Impaired and Originated Loans | Installment and Other | |||
FinancingReceivableRecordedInvestment due | |||
Financing Receivable, before Allowance for Credit Loss | 1,166 | 1,796 | |
Financial Asset, Not Past Due [Member] | Acquired Non-Impaired and Originated Loans | Lease Financing Receivables | |||
FinancingReceivableRecordedInvestment due | |||
Financing Receivable, before Allowance for Credit Loss | $ 356,185 | $ 224,501 |
Allowance for Loan and Lease _8
Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments - Summary of TDR's by Loan Category (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)Loan | Dec. 31, 2020USD ($)Loan | Dec. 31, 2019USD ($)Loan | |
Financing Receivable Modifications [Line Items] | |||
Number of Loans | Loan | 15 | 30 | 27 |
Pre-Modification Outstanding Recorded Investment | $ 4,706 | $ 8,524 | $ 12,700 |
Post-Modification Outstanding Recorded Investment | 3,433 | 8,145 | 10,571 |
Charge-offs | 1,273 | 379 | 2,129 |
Specific Reserves | $ 457 | $ 3,441 | $ 2,166 |
Accruing | |||
Financing Receivable Modifications [Line Items] | |||
Number of Loans | Loan | 8 | 12 | 9 |
Pre-Modification Outstanding Recorded Investment | $ 1,927 | $ 2,495 | $ 1,771 |
Post-Modification Outstanding Recorded Investment | 1,927 | 2,495 | 1,771 |
Specific Reserves | $ 346 | $ 182 | $ 341 |
Non-accruing | |||
Financing Receivable Modifications [Line Items] | |||
Number of Loans | Loan | 7 | 18 | 18 |
Pre-Modification Outstanding Recorded Investment | $ 2,779 | $ 6,029 | $ 10,929 |
Post-Modification Outstanding Recorded Investment | 1,506 | 5,650 | 8,800 |
Charge-offs | 1,273 | 379 | 2,129 |
Specific Reserves | $ 111 | $ 3,259 | $ 1,825 |
Commercial Real Estate | Accruing | |||
Financing Receivable Modifications [Line Items] | |||
Number of Loans | Loan | 5 | 8 | 5 |
Pre-Modification Outstanding Recorded Investment | $ 1,703 | $ 2,187 | $ 1,451 |
Post-Modification Outstanding Recorded Investment | 1,703 | 2,187 | 1,451 |
Specific Reserves | $ 215 | $ 104 | $ 223 |
Commercial Real Estate | Non-accruing | |||
Financing Receivable Modifications [Line Items] | |||
Number of Loans | Loan | 4 | 4 | 6 |
Pre-Modification Outstanding Recorded Investment | $ 1,034 | $ 1,609 | $ 2,777 |
Post-Modification Outstanding Recorded Investment | 918 | 1,362 | 2,600 |
Charge-offs | 116 | 247 | 177 |
Specific Reserves | $ 111 | $ 102 | $ 513 |
Commercial and Industrial | Accruing | |||
Financing Receivable Modifications [Line Items] | |||
Number of Loans | Loan | 1 | 1 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 56 | $ 78 | $ 129 |
Post-Modification Outstanding Recorded Investment | 56 | 78 | 129 |
Specific Reserves | $ 131 | $ 78 | $ 118 |
Commercial and Industrial | Non-accruing | |||
Financing Receivable Modifications [Line Items] | |||
Number of Loans | Loan | 3 | 14 | 11 |
Pre-Modification Outstanding Recorded Investment | $ 1,745 | $ 4,420 | $ 8,048 |
Post-Modification Outstanding Recorded Investment | 588 | 4,288 | 6,096 |
Charge-offs | 1,157 | 132 | 1,952 |
Specific Reserves | $ 0 | $ 3,157 | $ 1,312 |
Residential Real Estate | Accruing | |||
Financing Receivable Modifications [Line Items] | |||
Number of Loans | Loan | 2 | 3 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 168 | $ 230 | $ 191 |
Post-Modification Outstanding Recorded Investment | 168 | 230 | 191 |
Specific Reserves | $ 0 | $ 0 | |
Residential Real Estate | Non-accruing | |||
Financing Receivable Modifications [Line Items] | |||
Pre-Modification Outstanding Recorded Investment | 104 | ||
Post-Modification Outstanding Recorded Investment | $ 104 |
Allowance for Loan and Lease _9
Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments - Summary of Loans Modified as Troubled Debt Restructurings (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Receivables [Abstract] | |||
Beginning balance | $ 2,495 | $ 1,771 | $ 1,813 |
Additions | 281 | 818 | 113 |
Net payments | (636) | (1,598) | (940) |
Net transfers (to) from non-accrual | 213 | 1,504 | 785 |
Ending balance | 1,927 | 2,495 | 1,771 |
Beginning balance | 5,650 | 8,800 | 7,314 |
Additions | 673 | 5,771 | 5,254 |
Net payments | (3,671) | (2,087) | (2,310) |
Charge-offs | (1,359) | (5,330) | (673) |
Net transfers (to) from accrual | (213) | (1,504) | (785) |
Ending balance | 1,506 | 5,650 | 8,800 |
Total troubled debt restructurings | $ 3,433 | $ 8,145 | $ 10,571 |
Allowance for Loan and Lease_10
Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments - Summary of Change in Balance for Reserve for Unfunded Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Receivables [Abstract] | |||
Beginning balance | $ 1,887 | $ 1,159 | $ 1,239 |
Provision/(recapture) for/of unfunded commitments | (484) | 728 | (80) |
Ending balance | $ 1,403 | $ 1,887 | $ 1,159 |
Servicing Assets - Activity for
Servicing Assets - Activity for Servicing Assets and Related Changes in Fair Value (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Transfers and Servicing [Abstract] | |||
Beginning balance | $ 22,042 | $ 19,471 | $ 19,693 |
Additions, net | 8,360 | 7,522 | 6,417 |
Changes in fair value | (6,658) | (4,951) | (6,639) |
Ending balance | $ 23,744 | $ 22,042 | $ 19,471 |
Servicing Assets - Unpaid Princ
Servicing Assets - Unpaid Principal Balances of Loans Serviced for Others (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Loan portfolios serviced for: | ||
Unpaid principal balances of loans serviced | $ 1,693,401 | $ 1,531,256 |
SBA guaranteed loans | ||
Loan portfolios serviced for: | ||
Unpaid principal balances of loans serviced | 1,510,375 | 1,395,713 |
USDA guaranteed loans | ||
Loan portfolios serviced for: | ||
Unpaid principal balances of loans serviced | $ 183,026 | $ 135,543 |
Servicing Assets - Additional I
Servicing Assets - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts Notes And Loans Receivable [Line Items] | |||
Changes in fair value of servicing assets | $ (6,658) | $ (4,951) | $ (6,639) |
Loan Servicing Revenue [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Fair value of servicing assets | $ 12,700 | $ 11,300 | $ 10,700 |
Other Real Estate Owned - Chang
Other Real Estate Owned - Change in Other Real Estate Owned (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Real Estate [Abstract] | |||
Other real estate owned, beginning balance | $ 6,350 | $ 9,896 | $ 5,041 |
Acquisition of OREO through business combination | 0 | 0 | 2,201 |
Net additions to OREO | 571 | 150 | 5,910 |
Proceeds from sales of OREO | (4,285) | (2,313) | (3,173) |
Gains on sales of OREO | 390 | (39) | 428 |
Valuation adjustments | (914) | (1,344) | (511) |
Other real estate owned, ending balance | $ 2,112 | $ 6,350 | $ 9,896 |
Other Real Estate Owned - Addit
Other Real Estate Owned - Additional Information (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Real Estate [Line Items] | ||||
Foreclosed real estate properties recorded as result of obtaining physical possession of property | $ 2,112,000 | $ 6,350,000 | $ 9,896,000 | $ 5,041,000 |
Residential consumer mortgage loans in process of foreclosure | 2,500,000 | 3,300,000 | ||
Proceeds from sale of internally financed sales of OREO | 0 | 0 | ||
Residential Real Estate | ||||
Real Estate [Line Items] | ||||
Foreclosed real estate properties recorded as result of obtaining physical possession of property | $ 0 | $ 0 |
Leases - Summary of Lease Costs
Leases - Summary of Lease Costs and Company's Operating Leases (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating Lease, Cost | $ 3,461,000 | ||
Variable Lease, Cost | 1,819,000 | ||
Sublease income | 653,000 | $ 727,000 | $ 752,000 |
Short - Term Lease Cost | 160,000 | ||
Lease, Cost, Total | $ 4,787,000 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments for Operating Leases (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Leases [Abstract] | |
2022 | $ 4,259 |
2023 | 3,028 |
2024 | 2,824 |
2025 | 2,141 |
2026 | 1,719 |
Thereafter | 2,365 |
Total | 16,336 |
Imputed interest | 707 |
Present value of future minimum lease payments | $ 15,629 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Lessor, Operating Lease Maturity Year | 2042 | ||
Weighted average remaining life of operating leases | 6 years | ||
Weighted-average discount rate of operating leases | 0.99% | ||
Impairment Losses | $ 1,900 | ||
Rental expenses | 5,400,000 | $ 7,900,000 | $ 5,800,000 |
Sublease income | 653,000 | $ 727,000 | $ 752,000 |
Minimum rental to be received in future on subleases | $ 1,300,000 |
Premises and Equipment and As_3
Premises and Equipment and Assets Held For Sale - Schedule for Classification of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Premises and equipment | ||
Premises | $ 43,785 | $ 55,704 |
Furniture, fixtures and equipment | 15,369 | 17,806 |
Leasehold improvements | 5,843 | 4,984 |
Total cost | 64,997 | 78,494 |
Less accumulated depreciation and amortization and impairment | (33,141) | (33,967) |
Premises and equipment, net | 62,548 | 86,728 |
Net book value of premises, furniture, fixtures, equipment, and leasehold improvements | ||
Premises and equipment | ||
Premises and equipment, net | 31,856 | 44,527 |
Construction in progress | ||
Premises and equipment | ||
Premises and equipment, net | 355 | 682 |
Land | ||
Premises and equipment | ||
Premises and equipment, net | $ 30,337 | $ 41,519 |
Premises and Equipment and As_4
Premises and Equipment and Assets Held For Sale - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)Item | Dec. 31, 2020USD ($)Item | Dec. 31, 2019USD ($)Item | |
Property, Plant and Equipment [Abstract] | |||
Depreciation and amortization of premises and equipment | $ | $ 5,991 | $ 6,483 | $ 6,389 |
Number of branches closure | 2 | 15 | 2 |
Number of other Facilities | 8 | 2 | |
Number of former branch sold | 10 | 1 | 2 |
Number of piece of vacant land | 1 | 1 | |
Impairment loses | $ | $ 2,200 |
Premises and Equipment and As_5
Premises and Equipment and Assets Held For Sale - Change in Assets Held for Sale (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |||
Beginning balance | $ 13,023 | $ 15,362 | $ 14,489 |
Transfers in | 16,870 | 3,863 | 2,733 |
Proceeds from sales | (9,040) | (1,434) | (1,373) |
Net gains on sales | 632 | 1 | 82 |
Impairment loss | (12,332) | (4,769) | (569) |
Ending balance | $ 9,153 | $ 13,023 | $ 15,362 |
Goodwill, Core Deposit Intang_3
Goodwill, Core Deposit Intangible and Other Intangible Assets - Summary of Changes in Goodwill and Core Deposit Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Goodwill And Intangible Assets [Line Items] | |||
Beginning balance | $ 148,353 | $ 148,353 | $ 128,177 |
Additions | 20,176 | ||
Ending balance | 148,353 | 148,353 | 148,353 |
Amortization or accretion | (7,073) | (7,624) | (7,737) |
Core Deposits | |||
Schedule Of Goodwill And Intangible Assets [Line Items] | |||
Beginning balance | 21,809 | 29,111 | 30,360 |
Additions | 6,220 | ||
Amortization or accretion | (6,805) | 7,302 | (7,469) |
Ending balance | 15,004 | 21,809 | 29,111 |
Accumulated amortization or accretion | $ 40,462 | $ 33,657 | $ 26,355 |
Weighted average remaining amortization or accretion period | 4 years 9 months 18 days | 5 years 7 months 6 days | 6 years 6 months |
Customer Relationships | |||
Schedule Of Goodwill And Intangible Assets [Line Items] | |||
Beginning balance | $ 2,469 | $ 2,791 | $ 3,059 |
Additions | 0 | 0 | |
Amortization or accretion | (268) | (322) | (268) |
Ending balance | 2,201 | 2,469 | 2,791 |
Accumulated amortization or accretion | $ 1,015 | $ 747 | $ 425 |
Weighted average remaining amortization or accretion period | 8 years 3 months 18 days | 9 years 3 months 18 days | 10 years 4 months 24 days |
Goodwill, Core Deposit Intang_4
Goodwill, Core Deposit Intangible and Other Intangible Assets - Estimated Amortization Expense for Core Deposit Intangible and Other Intangible Assets Recognized (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2022 | $ 6,386 | |
2023 | 4,336 | |
2024 | 2,286 | |
2025 | 1,721 | |
2026 | 1,157 | |
Thereafter | 1,319 | |
Total | $ 17,205 | $ 24,278 |
Income Taxes - Provision for in
Income Taxes - Provision for income taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current tax expense: | |||
Federal | $ 21,605 | $ 21,286 | $ 18,976 |
State and local | 9,882 | 2,015 | 2,199 |
Total current tax expense | 31,487 | 23,301 | 21,175 |
Deferred tax expense (benefit): | |||
Federal | 2,966 | (10,713) | (3,676) |
State and local | (3,026) | 1,612 | 2,794 |
Total deferred tax benefit | (60) | (9,101) | (882) |
Provision for income taxes | $ 31,427 | $ 14,200 | $ 20,293 |
Income Taxes - Reconciliation b
Income Taxes - Reconciliation between statutory and effective tax rate (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation between statutory U.S. federal income tax rate and effective tax rate | |||
Calculated tax expense at statutory rate | 21.00% | 21.00% | 21.00% |
Increase (decrease) in income taxes resulting from: | |||
State taxes, net of federal income tax | 5.40% | 7.30% | 5.60% |
Tax exempt income | (0.90%) | (1.30%) | (0.50%) |
Share-based compensation | (0.20%) | 0.30% | (0.10%) |
Non-deductible expenses | 0.00% | 0.20% | 0.30% |
Total income tax expense | 25.30% | 27.50% | 26.30% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2020 | Mar. 27, 2020 | |
Income Tax [Line Items] | ||||
Deferred tax assets, net | $ 50,300,000 | $ 40,200,000 | ||
Operating loss carryforwards, limitations on use | Pursuant to Sections 382 and 383 of the Internal Revenue Code, annual use of net operating loss (“NOL”) and credit carryforwards may be limited in the event a cumulative change in ownership of more than 50 percent occurs within a three‑year period. | |||
Cumulative change in ownership Percentage | 50.00% | |||
Period for cumulative change in ownership | 3 years | |||
Estimated net operating losses available each year | $ 756,000 | |||
Cares act percentage of net operating loss carryforward taxable income | $ 100,000 | |||
Oak Park River Forest Bankshares, Inc. | ||||
Income Tax [Line Items] | ||||
Estimated net operating losses available each year | 781,000 | |||
Net operating loss carryforwards | $ 4,300,000 | |||
State and Local Jurisdiction | ||||
Income Tax [Line Items] | ||||
Operating Loss Carryforwards Expiration Term | Dec. 31, 2038 | |||
Forecast | State and Local Jurisdiction | ||||
Income Tax [Line Items] | ||||
Net operating loss carryforwards | $ 100,000 |
Income Taxes - Deferred tax ass
Income Taxes - Deferred tax assets and liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Net operating losses and tax credits | $ 22,338 | $ 21,510 |
Interest on non-accrual loans | 2,651 | 2,250 |
Allowance for loan and lease losses and loan basis | 17,570 | 25,714 |
Servicing assets | 2,970 | 4,001 |
Deposits | 0 | 20 |
Premises and equipment | 1,837 | 0 |
Other real estate owned | 329 | 433 |
Net unrealized holding losses on cash flow hedges | 0 | 117 |
Net unrealized holding loss on securities available-for-sale | 3,239 | 0 |
Accrued expenses | 4,816 | 3,877 |
Other | 4,502 | 1,937 |
Total deferred tax assets | 60,252 | 59,859 |
Deferred tax liabilities: | ||
Premises and equipment | 0 | (375) |
Core deposit intangibles | (4,668) | (6,760) |
Trust preferred securities | (2,196) | (2,380) |
Net unrealized holding gain on securities available-for-sale | 0 | (8,015) |
Net unrealized holding gain on cash flow hedges | (1,049) | 0 |
Other | (2,010) | (2,148) |
Total deferred tax liabilities | (9,923) | (19,678) |
Net deferred tax assets | $ 50,329 | $ 40,181 |
Income Taxes - Operating loss a
Income Taxes - Operating loss and credit carryforwards (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Federal | ||
Operating loss carryforwards | ||
Net operating loss carryforwards | $ 2,216 | $ 2,997 |
Federal | 2030 | ||
Operating loss carryforwards | ||
Net operating loss carryforwards | 9,072 | 9,828 |
Illinois | 2031 | ||
Operating loss carryforwards | ||
Net operating loss carryforwards | $ 266,061 | $ 250,723 |
Income Taxes - Operating loss_2
Income Taxes - Operating loss and credit carryforwards (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Federal | |
Operating loss carryforwards | |
Operating loss carryforwards expiration year | 2030 |
Illinois | |
Operating loss carryforwards | |
Operating loss carryforwards expiration year | 2031 |
Other Borrowings - Summary of O
Other Borrowings - Summary of Other Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Paycheck Protection Program Liquidity Facility | $ 0 | $ 371,907 |
Federal Home Loan Bank advances | 490,000 | 234,000 |
Securities sold under agreements to repurchase | 29,723 | 41,994 |
Line of credit | 0 | 0 |
Total | $ 519,723 | $ 647,901 |
Other Borrowings - Additional I
Other Borrowings - Additional Information (Details) $ in Thousands | Apr. 21, 2020 | Oct. 10, 2019USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Oct. 13, 2016USD ($) |
Line Of Credit Facility [Line Items] | |||||
Paycheck Protection Program Liquidity Facility | $ 0 | $ 371,907 | |||
Federal Reserve Bank discount window borrowing | 0 | 0 | |||
Federal Home Loan Bank advances | 490,000 | $ 234,000 | |||
Federal Home Loan Bank Variable Rate Advances | 260,000 | ||||
Federal Home Loan Bank fixed rate advances | $ 230,000 | ||||
Federal Home Loan Bank, Advances, Interest Rate | 0.33% | ||||
Federal home loan bank, required investment conversion ratio | 4.50 | ||||
Federal home loan bank advances maximum borrowing capacity as percentage of total assets | 35.00% | ||||
Line of credit facility, amount | $ 0 | $ 0 | |||
Minimum | |||||
Line Of Credit Facility [Line Items] | |||||
Federal home loan bank advances, Fixed interest rate | 0.00% | ||||
Federal home loan bank fixed rate advances, maturity date | 2022-02 | ||||
Maximum | |||||
Line Of Credit Facility [Line Items] | |||||
Federal home loan bank advances, Fixed interest rate | 0.22% | ||||
Federal home loan bank fixed rate advances, maturity date | 2022-05 | ||||
Federal Reserve Bank of Chicago Discount Window Line | Letter Agreement | |||||
Line Of Credit Facility [Line Items] | |||||
Interest rate spread | 0.35% | ||||
Correspondent Bank | Credit agreement | Ridgestone | |||||
Line Of Credit Facility [Line Items] | |||||
Line of credit facility, amount | $ 30,000 | ||||
Correspondent Bank | Amended Credit Agreement | Ridgestone | LIBOR Rate | |||||
Line Of Credit Facility [Line Items] | |||||
Interest rate spread | 1.95% | ||||
Correspondent Bank | Amended Credit Agreement | Ridgestone | Prime Rate | |||||
Line Of Credit Facility [Line Items] | |||||
Interest rate spread | 0.75% | ||||
Correspondent Bank | Fourth Amendment Revolving Credit Agreement | Ridgestone | |||||
Line Of Credit Facility [Line Items] | |||||
Line of credit facility, amount | $ 15,000 | $ 0 | $ 0 | ||
Line of credit facility, extended maturity date | Oct. 7, 2022 | ||||
Line of credit facility, interest rate terms | The amended revolving line of credit bears interest at either LIBOR plus 195 basis points or the Prime Rate minus 75 basis points, not to be less than 2.00%, based on the Company’s election, which is required to be communicated at least three business days prior to the commencement of an interest period. If the Company fails to provide timely notification, the interest rate will be Prime Rate minus 75 basis points. At December 31, 2021 and December 31, 2020, the line of credit had no outstanding balance. |
Other Borrowings - Summary of S
Other Borrowings - Summary of Short-term Credit Lines Available for Use (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Federal Home Loan Bank Line | ||
Debt Instrument [Line Items] | ||
Short-term credit lines available for use | $ 1,883,349 | $ 2,016,212 |
Federal Reserve Bank of Chicago Discount Window Line | ||
Debt Instrument [Line Items] | ||
Short-term credit lines available for use | 602,962 | 874,677 |
Available Federal Funds Line | ||
Debt Instrument [Line Items] | ||
Short-term credit lines available for use | $ 115,000 | $ 115,000 |
Deposits - Schedule of Deposits
Deposits - Schedule of Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deposits [Abstract] | ||
Non-interest-bearing demand deposits | $ 2,158,420 | $ 1,762,676 |
Interest-bearing checking accounts | 572,426 | 494,424 |
Money market demand accounts | 1,106,272 | 1,142,709 |
Other savings | 638,218 | 564,700 |
Time deposits (below $250,000) | 532,589 | 600,810 |
Time deposits ($250,000 and above) | 147,122 | 186,712 |
Total deposits | $ 5,155,047 | $ 4,752,031 |
Deposits - Additional Informati
Deposits - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deposits [Abstract] | ||
Time deposits | $ 250,000 | $ 35,000 |
Brokered deposits | $ 0 | $ 0 |
Deposits - Scheduled Maturities
Deposits - Scheduled Maturities of Time Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Time Deposit [Abstract] | ||
2022 | $ 605,648 | |
2023 | 46,142 | |
2024 | 13,209 | |
2025 | 4,912 | |
2026 and thereafter | 9,800 | |
Total | $ 679,711 | $ 787,522 |
Subordinated Notes and Junior_3
Subordinated Notes and Junior Subordinated Debentures - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Principal amount | $ 45,000 | $ 45,000 |
Accrued interest payable | $ 262 | 1,478 |
Fixed-To-Floating Subordinate Notes Mature on July 1, 2030 | Subordinated Notes | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 75,000 | |
Debt instrument, interest rate | 6.00% | |
Debt instrument, maturity date | Jul. 1, 2030 | |
Debt instrument, redemption, description | As of December 31, 2021 and 2020, the liability outstanding relating to the subordinated notes, net of unamortized debt issuance costs, was $73.5 million and $73.3 million, respectively. The Company may, at its option, redeem the notes, in whole or in part, on a semi-annual basis beginning on July 1, 2025, subject to obtaining the prior approval of the FRB to the extent such approval is then required. | As of December 31, 2021 and 2020, the liability outstanding relating to the subordinated notes, net of unamortized debt issuance costs, was $73.5 million and $73.3 million, respectively. The Company may, at its option, redeem the notes, in whole or in part, on a semi-annual basis beginning on July 1, 2025, subject to obtaining the prior approval of the FRB to the extent such approval is then required. |
Debt issuance costs | $ 1,700 | |
Debt issuance costs, amortization period | 10 years | |
Unamortized debt issuance costs | $ 73,500 | $ 73,300 |
Fixed-To-Floating Subordinate Notes Mature on July 1, 2030 | Subordinated Notes | Three-Month Secured Overnight Financing Rate Plus 588 Basis Points | ||
Debt Instrument [Line Items] | ||
Debt instrument, description of variable rate basis | The subordinated notes bear a fixed interest rate of 6.00% until July 1, 2025 and a floating interest rate equal to a benchmark rate, which is expected to be three-month Secured Overnight Financing Rate plus 588 basis points thereafter until maturity. | |
Metropolitan Statutory Trust 1 | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 35,000 | $ 35,000 |
Metropolitan Statutory Trust 1 | Junior Subordinated Debentures | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Mar. 17, 2034 | |
Contractual rate | 3.01% | 3.02% |
Accrued interest payable | $ 45,000 | $ 45,000 |
Metropolitan Statutory Trust 1 | Junior Subordinated Debentures | Three-month LIBOR | ||
Debt Instrument [Line Items] | ||
Debt instrument, description of variable rate basis | Three-month LIBOR + 2.79% | |
Interest rate spread | 2.79% | |
First Evanston Bancorp Trust I | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 10,000 | $ 10,000 |
First Evanston Bancorp Trust I | Junior Subordinated Debentures | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Mar. 15, 2035 | |
Contractual rate | 1.98% | 2.00% |
Accrued interest payable | $ 9,000 | $ 9,000 |
First Evanston Bancorp Trust I | Junior Subordinated Debentures | Three-month LIBOR | ||
Debt Instrument [Line Items] | ||
Debt instrument, description of variable rate basis | Three-month LIBOR + 1.78% | |
Interest rate spread | 1.78% |
Subordinated Notes and Junior_4
Subordinated Notes and Junior Subordinated Debentures - Junior Subordinated Debentures by Issuance (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | ||
Total liability, at par | $ 45,000 | $ 45,000 |
Total liability, at carrying value | 36,906 | 36,451 |
Metropolitan Statutory Trust 1 | ||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | ||
Total liability, at par | 35,000 | 35,000 |
First Evanston Bancorp Trust I | ||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | ||
Total liability, at par | 10,000 | 10,000 |
Junior Subordinated Debentures | ||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | ||
Discount | $ (8,094) | $ (8,549) |
Junior Subordinated Debentures | Metropolitan Statutory Trust 1 | ||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | ||
Stated Maturity | Mar. 17, 2034 | |
Contractual Rate | 3.01% | 3.02% |
Junior Subordinated Debentures | Metropolitan Statutory Trust 1 | Three-month LIBOR | ||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | ||
Interest Rate Spread, Description | Three-month LIBOR + 2.79% | |
Interest Rate Spread | 2.79% | |
Junior Subordinated Debentures | First Evanston Bancorp Trust I | ||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | ||
Stated Maturity | Mar. 15, 2035 | |
Contractual Rate | 1.98% | 2.00% |
Junior Subordinated Debentures | First Evanston Bancorp Trust I | Three-month LIBOR | ||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | ||
Interest Rate Spread, Description | Three-month LIBOR + 1.78% | |
Interest Rate Spread | 1.78% |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Details) - USD ($) | Jan. 01, 2017 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | Jun. 14, 2017 |
Employee Benefit Plans | ||||||
Profit sharing contributions | $ 0 | $ 0 | $ 0 | |||
Employer contribution to Plan | $ 2,600,000 | $ 2,500,000 | $ 2,500,000 | |||
Common Stock | ||||||
Employee Benefit Plans | ||||||
Stock issued under employee stock purchase plans | 53,202 | 36,779 | 26,828 | 125,691 | ||
Employee Stock Purchase Plan | ||||||
Employee Benefit Plans | ||||||
Common stock reserved for sale | 74,309 | 74,309 | 200,000 | |||
Compensation expense | $ 401,000,000 | $ 81,000,000 | $ 190,000,000 | |||
3% contributed by employees | ||||||
Employee Benefit Plans | ||||||
Employer matching contribution | 100.00% | |||||
Contribution by employees | 3.00% | |||||
2% contributed by employees | ||||||
Employee Benefit Plans | ||||||
Employer matching contribution | 50.00% | |||||
Contribution by employees | 2.00% |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities - Summary of Contract or Notional Amount of Outstanding Loan and Lease Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Commitments And Contingencies Liabilities [Line Items] | ||
Fixed Rate | $ 176,613 | $ 106,835 |
Variable Rate | 1,636,948 | 1,319,992 |
Total | 1,813,561 | 1,426,827 |
Commitments to Extend Credit | ||
Commitments And Contingencies Liabilities [Line Items] | ||
Fixed Rate | 176,014 | 106,183 |
Variable Rate | 1,578,405 | 1,261,872 |
Total | 1,754,419 | 1,368,055 |
Letters of Credit | ||
Commitments And Contingencies Liabilities [Line Items] | ||
Fixed Rate | 599 | 652 |
Variable Rate | 58,543 | 58,120 |
Total | $ 59,142 | $ 58,772 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Commitments And Contingencies Liabilities [Line Items] | |||
Rental expenses | $ 5,400,000 | $ 7,900,000 | $ 5,800,000 |
Sublease income | 653,000 | $ 727,000 | $ 752,000 |
Minimum rental to be received in future on subleases | $ 1,300,000 | ||
Fixed rate loan commitments maturity year | 2050 | ||
Variable rate loan commitments maturity year | 2048 | ||
Maximum | |||
Commitments And Contingencies Liabilities [Line Items] | |||
Commitments to make loans period | 90 days | ||
Loan commitments fixed interest rate | 18.00% | ||
Loan commitments variable interest rate | 8.25% | ||
Minimum | |||
Commitments And Contingencies Liabilities [Line Items] | |||
Loan commitments fixed interest rate | 1.25% | ||
Loan commitments variable interest rate | 1.25% |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | $ 1,454,542 | $ 1,447,230 | ||
Equity and other securities, at fair value | 10,578 | 8,764 | ||
Servicing assets, at fair value | 23,744 | 22,042 | $ 19,471 | $ 19,693 |
Derivative assets | 13,375 | 17,149 | ||
Derivative liabilities | 9,665 | 18,133 | ||
U.S. Treasury Notes | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 18,476 | 23,812 | ||
U.S. Government Agencies | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 139,390 | 113,551 | ||
Obligations of States, Municipalities, and Political Subdivisions | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 89,636 | 142,419 | ||
Corporate Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 67,346 | 60,768 | ||
Asset-Backed Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 37,251 | 45,156 | ||
Fair Value, Measurements, Recurring | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Servicing assets, at fair value | 23,744 | 22,042 | ||
Derivative assets | 13,375 | 17,149 | ||
Derivative liabilities | 9,665 | 18,133 | ||
Fair Value, Measurements, Recurring | U.S. Treasury Notes | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 18,476 | 23,812 | ||
Fair Value, Measurements, Recurring | U.S. Government Agencies | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 139,390 | 113,551 | ||
Fair Value, Measurements, Recurring | Obligations of States, Municipalities, and Political Subdivisions | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 89,636 | 142,419 | ||
Fair Value, Measurements, Recurring | Mortgage-Backed Securities; Residential | Agency | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 743,656 | 778,391 | ||
Fair Value, Measurements, Recurring | Mortgage-Backed Securities; Residential | Non-Agency | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 145,236 | 32,981 | ||
Fair Value, Measurements, Recurring | Mortgage-Backed Securities; Commercial | Agency | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 213,551 | 250,152 | ||
Fair Value, Measurements, Recurring | Mortgage-Backed Securities; Commercial | Non-Agency | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 0 | |||
Fair Value, Measurements, Recurring | Corporate Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 67,346 | 60,768 | ||
Fair Value, Measurements, Recurring | Asset-Backed Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 37,251 | 45,156 | ||
Fair Value, Measurements, Recurring | Mutual Funds | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Equity and other securities, at fair value | 4,880 | 2,983 | ||
Fair Value, Measurements, Recurring | Equity Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Equity and other securities, at fair value | 5,698 | 5,781 | ||
Fair Value, Measurements, Recurring | Level 1 | U.S. Treasury Notes | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 18,476 | 23,812 | ||
Fair Value, Measurements, Recurring | Level 1 | Mutual Funds | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Equity and other securities, at fair value | 4,880 | 2,983 | ||
Fair Value, Measurements, Recurring | Level 2 | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Derivative assets | 13,375 | 17,149 | ||
Derivative liabilities | 9,665 | 18,133 | ||
Fair Value, Measurements, Recurring | Level 2 | U.S. Government Agencies | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 139,390 | 113,551 | ||
Fair Value, Measurements, Recurring | Level 2 | Obligations of States, Municipalities, and Political Subdivisions | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 89,636 | 142,419 | ||
Fair Value, Measurements, Recurring | Level 2 | Mortgage-Backed Securities; Residential | Agency | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 743,656 | 778,391 | ||
Fair Value, Measurements, Recurring | Level 2 | Mortgage-Backed Securities; Residential | Non-Agency | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 145,236 | 32,981 | ||
Fair Value, Measurements, Recurring | Level 2 | Mortgage-Backed Securities; Commercial | Agency | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 213,551 | 250,152 | ||
Fair Value, Measurements, Recurring | Level 2 | Mortgage-Backed Securities; Commercial | Non-Agency | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 0 | |||
Fair Value, Measurements, Recurring | Level 2 | Corporate Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 67,346 | 60,768 | ||
Fair Value, Measurements, Recurring | Level 2 | Asset-Backed Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 37,251 | 45,156 | ||
Fair Value, Measurements, Recurring | Level 2 | Equity Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Equity and other securities, at fair value | 5,012 | 5,096 | ||
Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Servicing assets, at fair value | 23,744 | 22,042 | ||
Fair Value, Measurements, Recurring | Level 3 | Equity Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Equity and other securities, at fair value | $ 686 | $ 685 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |||
Fair value, assets, level 1 to level 2 transfers, amount | $ 0 | $ 0 | |
Fair value, assets, level 2 to level 1 transfers, amount | 0 | 0 | |
Fair value, liabilities, level 1 to level 2 transfers, amount | 0 | 0 | |
Fair value, liabilities, level 2 to level 1 transfers, amount | 0 | 0 | |
Fair value, equity, level 1 to level 2 transfers, amount | 0 | 0 | |
Fair value, equity, level 2 to level 1 transfers, amount | 0 | $ 0 | |
Fair Value Equity To Or From Level Three Transfers Amount | $ 0 | ||
Fair Value Liabilities To Or From Level 1 and Level 2 | $ 0 | $ 0 |
Fair Value Measurement - Summ_2
Fair Value Measurement - Summary of Financial Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Investment Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Balance, beginning of period | $ 685 | $ 700 |
Additions, net | 0 | 0 |
Maturities | 0 | 0 |
Change in fair value | 1 | 15 |
Balance, end of period | 686 | 685 |
Servicing Assets | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Balance, beginning of period | 22,042 | 19,471 |
Additions, net | 8,360 | 7,523 |
Maturities | 0 | 0 |
Change in fair value | (6,658) | (4,952) |
Balance, end of period | $ 23,744 | $ 22,042 |
Fair Value Measurement - Summ_3
Fair Value Measurement - Summary of Unobservable Inputs Used in the Fair Value Measurements on Recurring Basis (Details) - Fair Value, Measurements, Recurring - Level 3 | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt Instrument, Valuation Technique [Extensible List] | Single Issuer Trust Preferred | |
Servicing Asset, Valuation Technique [Extensible List] | Servicing Assets | |
Single Issuer Trust Preferred | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Impact to Valuation from an Increased or Higher Input Value | Decrease | |
Single Issuer Trust Preferred | Minimum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Unobservable Inputs | 0.032 | 0.032 |
Single Issuer Trust Preferred | Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Unobservable Inputs | 0.064 | 0.064 |
Single Issuer Trust Preferred | Weighted Average | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Unobservable Inputs | 0.046 | |
Servicing Assets | Prepayment Speeds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Impact to Valuation from an Increased or Higher Input Value | Decrease | |
Servicing Assets | Prepayment Speeds | Minimum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Unobservable Inputs | 0.005 | |
Servicing Assets | Prepayment Speeds | Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Unobservable Inputs | 0.318 | |
Servicing Assets | Prepayment Speeds | Weighted Average | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Unobservable Inputs | 0.137 | |
Servicing Assets | Discount Rate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Impact to Valuation from an Increased or Higher Input Value | Decrease | |
Servicing Assets | Discount Rate | Minimum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Unobservable Inputs | 0.015 | |
Servicing Assets | Discount Rate | Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Unobservable Inputs | 0.512 | |
Servicing Assets | Discount Rate | Weighted Average | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Unobservable Inputs | 0.100 | |
Servicing Assets | Expected Weighted Average Loan life | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Impact to Valuation from an Increased or Higher Input Value | Increase | |
Servicing Assets | Expected Weighted Average Loan life | Minimum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Expected weighted average loan life | 1 month 6 days | 4 months 24 days |
Servicing Assets | Expected Weighted Average Loan life | Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Expected weighted average loan life | 9 years 4 months 24 days | 8 years 9 months 18 days |
Servicing Assets | Expected Weighted Average Loan life | Weighted Average | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Expected weighted average loan life | 3 years 10 months 24 days |
Fair Value Measurement - Summ_4
Fair Value Measurement - Summary of Assets Measured at Fair Value on Non-Recurring Basis, Excluding Acquired Impaired Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | $ 72,923 | $ 95,355 |
Commercial Real Estate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 28,513 | 41,135 |
Residential Real Estate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 1,802 | 1,752 |
Commercial and Industrial | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 21,570 | 28,508 |
Other Real Estate Owned | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 2,112 | 6,350 |
Level 3 | Commercial Real Estate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 28,513 | 41,135 |
Level 3 | Residential Real Estate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 1,802 | 1,752 |
Level 3 | Commercial and Industrial | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 21,570 | 28,508 |
Level 3 | Other Real Estate Owned | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 2,112 | 6,350 |
Assets Held For Sale | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 9,153 | 13,023 |
Assets Held For Sale | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | $ 9,153 | $ 13,023 |
Fair Value Measurement - Summ_5
Fair Value Measurement - Summary of Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financial assets | ||
Cash and due from banks | $ 35,247 | $ 41,432 |
Interest bearing deposits with other banks | 122,684 | 41,988 |
Securities held-to-maturity, fair value | 3,992 | 4,573 |
Restricted stock, at cost | 22,002 | 10,507 |
Loans held for sale | 64,460 | 7,924 |
Loans and lease receivables, net (less impaired loans at fair value) | 4,482,116 | 4,274,188 |
Accrued interest receivable | 18,875 | 20,678 |
Financial liabilities | ||
Paycheck Protection Program Liquidity Facility | 0 | 371,907 |
Federal Home Loan Bank advances | 490,000 | 234,000 |
Securities sold under agreements to repurchase | 29,723 | 41,994 |
Subordinated notes, net | 73,517 | 73,342 |
Junior subordinated debentures issued to capital trusts, net | 36,906 | 36,451 |
Level 1 | Carrying Amount | ||
Financial assets | ||
Cash and due from banks | 35,247 | 41,432 |
Level 1 | Estimate of Fair Value Measurement | ||
Financial assets | ||
Cash and due from banks | 35,247 | 41,432 |
Level 2 | Carrying Amount | ||
Financial assets | ||
Interest bearing deposits with other banks | 122,684 | 41,988 |
Securities held-to-maturity, fair value | 3,885 | 4,395 |
Restricted stock, at cost | 22,002 | 10,507 |
Financial liabilities | ||
Non-interest-bearing deposits | 2,158,420 | 1,762,676 |
Interest-bearing deposits | 2,996,627 | 2,989,355 |
Accrued interest payable | 262 | 1,478 |
Paycheck Protection Program Liquidity Facility | 371,907 | |
Federal Home Loan Bank advances | 490,000 | 234,000 |
Securities sold under agreements to repurchase | 29,723 | 41,994 |
Subordinated notes, net | 73,517 | 73,342 |
Level 2 | Estimate of Fair Value Measurement | ||
Financial assets | ||
Interest bearing deposits with other banks | 122,684 | 41,988 |
Securities held-to-maturity, fair value | 3,992 | 4,573 |
Restricted stock, at cost | 22,002 | 10,507 |
Financial liabilities | ||
Non-interest-bearing deposits | 2,158,420 | 1,762,676 |
Interest-bearing deposits | 2,997,026 | 2,990,735 |
Accrued interest payable | 262 | 1,478 |
Paycheck Protection Program Liquidity Facility | 371,907 | |
Federal Home Loan Bank advances | 490,000 | 234,000 |
Securities sold under agreements to repurchase | 29,723 | 41,994 |
Subordinated notes, net | 81,744 | 76,627 |
Level 3 | Carrying Amount | ||
Financial assets | ||
Loans held for sale | 64,460 | 7,924 |
Loans and lease receivables, net (less impaired loans at fair value) | 4,430,231 | 4,202,793 |
Accrued interest receivable | 18,875 | 20,678 |
Financial liabilities | ||
Junior subordinated debentures issued to capital trusts, net | 36,906 | 36,451 |
Level 3 | Estimate of Fair Value Measurement | ||
Financial assets | ||
Loans held for sale | 69,081 | 8,848 |
Loans and lease receivables, net (less impaired loans at fair value) | 4,428,509 | 4,205,906 |
Accrued interest receivable | 18,875 | 20,678 |
Financial liabilities | ||
Junior subordinated debentures issued to capital trusts, net | $ 40,901 | $ 40,543 |
Fair Value Measurement - Summ_6
Fair Value Measurement - Summary of Estimated Fair Values of Financial Instruments (Parenthetical) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Impaired loans at fair value | $ 72,923 | $ 95,355 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Details) - USD ($) | May 15, 2019 | Apr. 30, 2019 | Feb. 28, 2022 | Oct. 31, 2014 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2017 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Common stock, voting par value | $ 0.01 | $ 0.01 | ||||||
Oak Park River Forest Bankshares, Inc. | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Consideration paid in cash | $ 4,200,000 | $ 6,163,000 | ||||||
Business combination conversion of outstanding options | 35,870 | |||||||
Common Stock | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Number of options exercised | 115,897 | 275,111 | 241,211 | |||||
Restricted Shares | Common Stock | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Shares of restricted voting common stock granted | 318,886 | |||||||
Common stock, voting par value | $ 0.01 | |||||||
Shares vested | 130 | |||||||
Restricted Shares | Common Stock | Subsequent Event | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Shares of restricted voting common stock granted | 286,679 | |||||||
Common stock, voting par value | $ 0.01 | |||||||
Restricted Shares | Common Stock | Each Anniversary of Grant Date Over Four Years | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Shares vest on grant date | 124,502 | |||||||
Award vesting period | 4 years | |||||||
Restricted Shares | Common Stock | Each Anniversary of Grant Date Over Four Years | Subsequent Event | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Shares vest on grant date | 165,177 | |||||||
Award vesting period | 4 years | |||||||
Restricted Shares | Common Stock | Each Anniversary of Grant Date Vest Over Three Years | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Shares vest on grant date | 43,555 | |||||||
Award vesting period | 3 years | |||||||
Restricted Shares | Common Stock | Each Anniversary of Grant Date Vest Over Three Years | Subsequent Event | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Shares vest on grant date | 68,425 | |||||||
Award vesting period | 3 years | |||||||
Restricted Shares | Common Stock | Last Business Day of Grant Vest Over Three Years | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Shares vest on grant date | 109,475 | |||||||
Award vesting period | 3 years | |||||||
Restricted Shares | Common Stock | Third Anniversary of Grant Date | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Shares vest on grant date | 9,141 | |||||||
Restricted Shares | Common Stock | Third Anniversary of Grant Date | Subsequent Event | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Shares vest on grant date | 10,589 | |||||||
Performance-based Restricted Shares | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Shares of restricted voting common stock granted | 32,083 | |||||||
Period for number of shares earned under return on average assets | 3 years | |||||||
Performance-based Restricted Shares | Subsequent Event | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Shares of restricted voting common stock granted | 42,488 | |||||||
Period for number of shares earned under return on average assets | 3 years | |||||||
Omnibus Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Number of common stock reserved for issuance | 1,550,000 | |||||||
Number of common shares available for future grants | 689,485 | |||||||
Omnibus Plan | Restricted Shares | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Shares of restricted voting common stock granted | 318,886 | |||||||
Restricted shares vested | 148,577 | 113,264 | 48,491 | |||||
Fair value of restricted shares, vested | $ 3,400,000 | $ 1,400,000 | $ 900,000,000 | |||||
Fair value of unvested restricted stock awards | $ 14,800,000 | |||||||
Number of shares outstanding | 542,520 | 383,539 | ||||||
Omnibus Plan | Time Options Grants | Maximum | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Award vesting period | 4 years | |||||||
Omnibus Plan | Time Options Grants | Minimum | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Award vesting period | 1 year | |||||||
BYB Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Number of common shares available for future grants | 0 | |||||||
Number of options granted | 1,846,968 | |||||||
Number of shares outstanding | 1,337,048 | 1,390,579 | ||||||
Number of options exercised | 53,531 | 19,496 | 127,997 | |||||
Proceeds from the exercise of stock options | $ 751,000,000 | $ 253,000,000 | $ 1,900,000 | |||||
Tax benefit from exercise of stock options | $ 121,000,000 | $ 39,000,000 | $ 145,000,000 | |||||
Options vested | 0 | |||||||
BYB Plan | Maximum | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Number of common shares available for future grants | 2,476,122 | |||||||
BYB Plan | Time Options Grants | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Award contractual term | 10 years | |||||||
BYB Plan | Time Options Grants | Maximum | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Award vesting period | 5 years | |||||||
BYB Plan | Time Options Grants | Minimum | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Award vesting period | 1 year | |||||||
BYB Plan | Performance Options Grants | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Award contractual term | 10 years | |||||||
BYB Plan | Performance Options Grants | Maximum | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Award vesting period | 5 years | |||||||
BYB Plan | Performance Options Grants | Minimum | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Award vesting period | 1 year | 1 year | ||||||
FEB Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Number of shares outstanding | 170,697 | 233,630 | ||||||
Number of options exercised | 62,366 | 255,615 | 113,214 | |||||
Proceeds from the exercise of stock options | $ 705,000,000 | $ 2,800,000 | $ 1,300,000 | |||||
Tax benefit from exercise of stock options | $ 153,000,000 | $ 219,000 | $ 253,000,000 | |||||
Conversion calculation percentage | 4.725% |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Changes in Restricted Shares (Details) - Omnibus Plan - Restricted Shares - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares, beginning balance | 383,539 | ||
Number of shares, granted | 318,886 | ||
Number of shares, vested | (148,577) | (113,264) | (48,491) |
Number of shares, forfeited | (11,328) | ||
Number of shares, ending balance | 542,520 | 383,539 | |
Weighted average grant date fair value, beginning balance | $ 18.75 | ||
Weighted average grant date fair value, granted | 19.57 | ||
Weighted average grant date fair value, vested | 19.35 | ||
Weighted average grant date fair value, forfeited | 20.40 | ||
Weighted average grant date fair value, ending balance | $ 19.04 | $ 18.75 |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of Stock Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Total share-based compensation (benefit) - stock options | $ 7 | $ (106) | |
Income tax benefit (expense) | $ 2 | (29) | |
Unrecognized compensation expense | $ 7 | ||
Weighted-average amortization period remaining | 0 years | 0 years | 3 months 18 days |
Restricted Shares | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Total share-based compensation | $ 4,018 | $ 2,603 | |
Income tax benefit | 1,108 | 725 | $ 547 |
Unrecognized compensation expense | $ 6,991 | $ 4,998 | $ 4,616 |
Weighted-average amortization period remaining | 2 years 2 months 12 days | 2 years 2 months 12 days | 2 years 7 months 6 days |
Share-Based Compensation - Su_3
Share-Based Compensation - Summary Activity in shares Subjected to Options and Weighted Average Exercise Prices (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
BYB Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of Shares, Beginning balance | 1,390,579 | ||
Number of Shares, Granted | 1,846,968 | ||
Number of Shares, Exercised | (53,531) | (19,496) | (127,997) |
Number of Shares, Ending balance | 1,337,048 | 1,390,579 | |
Number of Shares, Exercisable | 1,337,048 | ||
Weighted Average Exercise Price, Beginning balance | $ 11.36 | ||
Weighted Average Exercise Price, Exercised | 14.02 | ||
Weighted Average Exercise Price, Ending balance | 11.26 | $ 11.36 | |
Weighted Average Exercise Price, Exercisable | $ 11.26 | ||
Intrinsic Value, Outstanding | $ 21,519 | $ 5,724 | |
Intrinsic Value, Exercised | 436 | ||
Intrinsic Value, Exercisable | $ 21,519 | ||
Weighted Average Remaining Contractual Term (in Years) | 3 years 6 months | 4 years 4 months 24 days | |
Weighted Average Remaining Contractual Term (in Years), Exercisable | 3 years 6 months | ||
FEB Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of Shares, Beginning balance | 233,630 | ||
Number of Shares, Expired | (567) | ||
Number of Shares, Exercised | (62,366) | (255,615) | (113,214) |
Number of Shares, Ending balance | 170,697 | 233,630 | |
Number of Shares, Exercisable | 170,697 | ||
Weighted Average Exercise Price, Beginning balance | $ 11.52 | ||
Weighted Average Exercise Price, Expired | 10.59 | ||
Weighted Average Exercise Price, Exercised | 11.31 | ||
Weighted Average Exercise Price, Ending balance | 11.60 | $ 11.52 | |
Weighted Average Exercise Price, Exercisable | $ 11.60 | ||
Intrinsic Value, Outstanding | $ 2,688 | $ 918 | |
Intrinsic Value, Exercised | 564 | ||
Intrinsic Value, Exercisable | $ 2,688 | ||
Weighted Average Remaining Contractual Term (in Years) | 3 years 4 months 24 days | 3 years 3 months 18 days | |
Weighted Average Remaining Contractual Term (in Years), Exercisable | 3 years 4 months 24 days |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Related Party Transactions [Abstract] | ||
Receivables outstanding from related parties | $ 0 | $ 0 |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements (Details) $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Total capital to risk weighted assets: | ||
Total capital to risk weighted assets, Actual Amount | $ 830,262 | $ 774,522 |
Total capital to risk weighted assets, Actual Ratio ( as a percentage) | 0.1470 | 0.1618 |
Total capital to risk weighted assets, Minimum Amount Required for Adequately Capitalized Amount | $ 451,903 | $ 383,069 |
Total capital to risk weighted assets, Minimum Amount Required for Adequately Capitalized Ratio ( as a percentage) | 0.0800 | 0.0800 |
Tier 1 capital to risk weighted assets: | ||
Tier 1 capital to risk weighted assets, Actual Amount | $ 698,846 | $ 639,564 |
Tier 1 capital to risk weighted assets, Actual Ratio ( as a percentage) | 0.1237 | 13.36 |
Tier 1 capital to risk weighted assets, Minimum Amount Required for Adequately Capitalized Amount | $ 338,927 | $ 287,302 |
Tier 1 capital to risk weighted assets, Minimum Amount Required for Adequately Capitalized Ratio ( as a percentage) | 6 | 6 |
Common Equity Tier 1 (CET1) to risk weighted assets: | ||
Common Equity Tier 1 (CET1) to risk weighted, Actual Amount | $ 643,408 | $ 584,126 |
Common Equity Tier 1 (CET1) to risk weighted, Actual Ratio ( as a percentage) | 11.39% | 12.20% |
Common Equity Tier 1 (CET1) to risk weighted, Minimum Amount Required for Adequately Capitalized Amount | $ 254,195 | $ 215,476 |
Common Equity Tier 1 (CET1) to risk weighted, Minimum Amount Required for Adequately Capitalized Ratio ( as a percentage) | 4.50% | 4.50% |
Tier 1 capital to average assets: | ||
Tier 1 capital to average, Actual Amount | $ 698,846 | $ 639,564 |
Tier 1 capital to average, Actual Ratio ( as a percentage) | 0.1089 | 11.12 |
Tier 1 capital to average, Minimum Amount Required for Adequately Capitalized Amount | $ 256,657 | $ 230,056 |
Tier 1 capital to average, Minimum Amount Required for Adequately Capitalized Ratio ( as a percentage) | 4 | 4 |
Bank | ||
Total capital to risk weighted assets: | ||
Total capital to risk weighted assets, Actual Amount | $ 753,480 | $ 675,977 |
Total capital to risk weighted assets, Actual Ratio ( as a percentage) | 0.1338 | 14.16 |
Total capital to risk weighted assets, Minimum Amount Required for Adequately Capitalized Amount | $ 450,470 | $ 381,775 |
Total capital to risk weighted assets, Minimum Amount Required for Adequately Capitalized Ratio ( as a percentage) | 0.0800 | 8 |
Total capital to risk weighted assets, Minimum Amount To Be Well Capitalized Amount | $ 563,087 | $ 477,219 |
Total capital to risk weighted assets, Minimum Amount To Be Well Capitalized Ratio (as a percentage) | 10 | 10 |
Tier 1 capital to risk weighted assets: | ||
Tier 1 capital to risk weighted assets, Actual Amount | $ 697,064 | $ 616,219 |
Tier 1 capital to risk weighted assets, Actual Ratio ( as a percentage) | 0.1238 | 12.91 |
Tier 1 capital to risk weighted assets, Minimum Amount Required for Adequately Capitalized Amount | $ 337,852 | $ 286,331 |
Tier 1 capital to risk weighted assets, Minimum Amount Required for Adequately Capitalized Ratio ( as a percentage) | 6 | 6 |
Tier 1 capital to risk weighted assets, Minimum Amount To Be Well Capitalized Amount | $ 450,470 | $ 381,775 |
Tier 1 capital to risk weighted assets, Minimum Amount To Be Well Capitalized Ratio (asa percentage) | 8 | 8 |
Common Equity Tier 1 (CET1) to risk weighted assets: | ||
Common Equity Tier 1 (CET1) to risk weighted, Actual Amount | $ 697,064 | $ 616,219 |
Common Equity Tier 1 (CET1) to risk weighted, Actual Ratio ( as a percentage) | 12.38% | 12.91% |
Common Equity Tier 1 (CET1) to risk weighted, Minimum Amount Required for Adequately Capitalized Amount | $ 253,389 | $ 214,748 |
Common Equity Tier 1 (CET1) to risk weighted, Minimum Amount Required for Adequately Capitalized Ratio ( as a percentage) | 4.50% | 4.50% |
Common Equity Tier 1 (CET1) to risk weighted, Minimum Amount To Be Well Capitalized Amount | $ 366,007 | $ 310,192 |
Common Equity Tier 1 (CET1) to risk weighted, Minimum Amount To Be Well Capitalized Ratio (as a percentage) | 6.50% | 6.50% |
Tier 1 capital to average assets: | ||
Tier 1 capital to average, Actual Amount | $ 697,064 | $ 616,219 |
Tier 1 capital to average, Actual Ratio ( as a percentage) | 0.1087 | 10.72 |
Tier 1 capital to average, Minimum Amount Required for Adequately Capitalized Amount | $ 256,478 | $ 229,870 |
Tier 1 capital to average, Minimum Amount Required for Adequately Capitalized Ratio ( as a percentage) | 4 | 4 |
Tier 1 capital to average, Minimum Amount To Be Well Capitalized Amount | $ 320,597 | $ 287,337 |
Tier 1 capital to average, Minimum Amount To Be Well Capitalized Ratio ( as a percentage) | 5 | 5 |
Regulatory Capital Requiremen_4
Regulatory Capital Requirements - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Bank | Trust Preferred Securities Interest and Preferred Dividends | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Proceeds from Dividends Received | $ 24 | $ 7.5 |
Federal Deposit Corporation And Federal Reserve Board | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Capital conservation buffer above the minimum capital requirements | 6.70% | |
Federal Deposit Corporation And Federal Reserve Board | Bank | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Capital conservation buffer above the minimum capital requirements | 5.38% | |
Federal Deposit Corporation And Federal Reserve Board | Rules Phased in beginning January 2016 | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Additional capital conservation buffer requirement subsequent years ratio | 2.50% |
Derivative Instruments and He_3
Derivative Instruments and Hedge Activities - Summary of Derivative Financial Instruments and Classification on Consolidated Statements of Financial Condition (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Derivatives Fair Value [Line Items] | ||
Notional Amount | $ 847,447,000 | $ 391,847,000 |
Other Assets | 13,375,000 | 17,149,000 |
Other Liabilities | (9,665,000) | (18,133,000) |
Cash Flow Hedges | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | 400,000,000 | |
Other Assets | 4,140,000 | |
Other Liabilities | 0 | |
Other Interest Rate Derivatives | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | 439,876,000 | |
Other Assets | 9,235,000 | |
Other Liabilities | (9,660,000) | |
Designated as Hedging Instrument | Interest Rate Swap | Cash Flow Hedges | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | 400,000,000 | 0 |
Other Assets | 4,140,000 | 0 |
Other Liabilities | 0 | 0 |
Derivatives Not Designated As Hedging Instruments | Other Credit Derivatives | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | 7,571,000 | 8,437,000 |
Other Assets | 0 | 0 |
Other Liabilities | (5,000) | (17,000) |
Derivatives Not Designated As Hedging Instruments | Other Interest Rate Derivatives | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | 439,876,000 | 383,410,000 |
Other Assets | 9,235,000 | 17,149,000 |
Other Liabilities | $ (9,660,000) | $ (18,116,000) |
Derivative Instruments and He_4
Derivative Instruments and Hedge Activities - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | |||
Derivative notional amount | $ 847,447,000 | $ 391,847,000 | |
Interest recorded | 1,663,000 | 3,318,000 | $ 9,255,000 |
Unrealized gain (loss) to be reclassified as an decrease to interest expense during the next twelve months | 729,000 | ||
Fair value of derivatives net liability position | 9,700,000 | ||
Collateral amount posted | 6,800,000 | ||
Offsetting derivative positions | (3,253,000) | 0 | |
Interest Rate Swap | |||
Derivative [Line Items] | |||
Interest recorded | 148,000 | 85,000 | |
Other Interest Rate Derivatives | |||
Derivative [Line Items] | |||
Derivative notional amount | $ 439,876,000 | ||
Weighted average pay rates | 4.17% | ||
Derivative maturity date, start year | 2022-01 | ||
Derivative maturity date, end year | 2031-11 | ||
Derivative instruments transaction fees | $ 912,000 | 839,000 | $ 1,200,000 |
Other Credit Derivatives | |||
Derivative [Line Items] | |||
Derivative notional amount | 7,600,000 | 8,400,000 | |
Cash Flow Hedges | |||
Derivative [Line Items] | |||
Derivative notional amount | $ 400,000,000 | ||
Weighted average pay rates | 0.98% | ||
Designated as Hedging Instrument | Cash Flow Hedges | Interest Rate Swap | |||
Derivative [Line Items] | |||
Derivative notional amount | $ 400,000,000 | 0 | |
Remaining balance in accumulated other comprehensive income | 199,000 | $ 304,000 | |
Designated as Hedging Instrument | Cash Flow Hedges | Fixed Interest Rate Swaps Effective in March 2022 | |||
Derivative [Line Items] | |||
Derivative notional amount | 100,000,000 | ||
Designated as Hedging Instrument | Cash Flow Hedges | Fixed Interest Rate Swaps Effective in September 2022 | |||
Derivative [Line Items] | |||
Derivative notional amount | 50,000,000 | ||
Designated as Hedging Instrument | Cash Flow Hedges | Fixed Interest Rate Swaps Effective in March 2023 | |||
Derivative [Line Items] | |||
Derivative notional amount | 200,000,000 | ||
Designated as Hedging Instrument | Cash Flow Hedges | Fixed Interest Rate Swaps Effective in May 2023 | |||
Derivative [Line Items] | |||
Derivative notional amount | $ 50,000,000 |
Derivative Instruments and He_5
Derivative Instruments and Hedge Activities - Summary of Cash Flow Hedges (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | $ 847,447,000 | $ 391,847,000 |
Derivative assets fair value | 13,375,000 | 17,149,000 |
Derivative liabilities fair value | 9,665,000 | $ 18,133,000 |
Cash Flow Hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 400,000,000 | |
Derivative assets fair value | 4,140,000 | |
Derivative liabilities fair value | $ 0 | |
Weighted average maturity | 4 years 10 months 24 days |
Derivative Instruments and He_6
Derivative Instruments and Hedge Activities - Summary of Net Gains (Losses) Recorded in Accumulated Other Comprehensive Income (Loss) and Consolidated Statements of Operations Relating to Cash Flow Derivative Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | |||
Amount of Gain Recognized in OCI | $ 4,140 | $ 0 | $ (5,483) |
Interest Rate Swap | |||
Derivative [Line Items] | |||
Amount of Gain Recognized in OCI | 4,140 | 0 | |
Amount of Loss Reclassified from OCI to Income as an Increase to Interest Expense | (148) | (85) | |
Amount of Gain (Loss) Recognized in Other Non-Interest Income | $ 0 | $ 0 |
Derivative Instruments and He_7
Derivative Instruments and Hedge Activities - Summary of Other Interest Rate Derivatives (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | ||
Notional Amount | $ 847,447,000 | $ 391,847,000 |
Derivative assets fair value | 13,375,000 | 17,149,000 |
Derivative liabilities fair value | 9,665,000 | $ 18,133,000 |
Other Interest Rate Derivatives | ||
Derivative [Line Items] | ||
Notional Amount | 439,876,000 | |
Derivative assets fair value | 9,235,000 | |
Derivative liabilities fair value | $ 9,660,000 | |
Weighted average pay rates | 4.17% | |
Weighted average receive rates | 3.26% | |
Weighted average maturity | 5 years 6 months |
Derivative Instruments and He_8
Derivative Instruments and Hedge Activities - Summary of Amounts Included in Non-Interest Income in Consolidated Statements of Operations Relating to Derivative Instruments not Designated in Hedging Relationship (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | |||
Amounts relating to derivative instruments, not designated in hedging relationship | $ 553 | $ (425) | $ (284) |
Other Credit Derivatives | |||
Derivative [Line Items] | |||
Amounts relating to derivative instruments, not designated in hedging relationship | 12 | (5) | 67 |
Other Interest Rate Derivatives | |||
Derivative [Line Items] | |||
Amounts relating to derivative instruments, not designated in hedging relationship | $ 541 | $ (420) | $ (351) |
Derivative Instruments and He_9
Derivative Instruments and Hedge Activities - Summary of Company's Interest Rate Derivative and Offsetting Positions (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative assets fair value | $ 13,375 | $ 17,149 |
Less: Amounts offset in the Consolidated Statements of Financial Condition | 0 | 0 |
Net amount presented in the Consolidated Statements of Financial Condition | 13,375 | 17,149 |
Gross amounts not offset in the Consolidated Statements of Financial Condition | ||
Offsetting derivative positions | (3,253) | 0 |
Collateral posted | (10,122) | (17,149) |
Net credit exposure | 0 | 0 |
Derivative liabilities fair value | (9,665) | (18,133) |
Less: Amounts offset in the Consolidated Statements of Financial Condition | 0 | 0 |
Net amount presented in the Consolidated Statements of Financial Condition | (9,665) | (18,133) |
Gross amounts not offset in the Consolidated Statements of Financial Condition | ||
Offsetting derivative positions | 3,253 | 0 |
Collateral posted | (6,412) | (18,133) |
Net credit exposure | $ 0 | $ 0 |
Parent Company Only Condensed_3
Parent Company Only Condensed Financial Statements - Statements of Financial Condition (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||||
Other assets | $ 64,306 | $ 41,586 | ||
Total assets | 6,696,172 | 6,390,652 | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||
Line of credit | 0 | 0 | ||
Subordinated notes, net | 73,517 | 73,342 | ||
Junior subordinated debentures issued to capital trusts, net | 36,906 | 36,451 | ||
Accrued expenses and other liabilities | 58,706 | 73,985 | ||
Stockholders' equity | 836,382 | 805,464 | $ 750,115 | $ 650,672 |
Total liabilities and stockholders’ equity | 6,696,172 | 6,390,652 | ||
Company | ||||
ASSETS | ||||
Cash | 57,614 | 82,799 | ||
Investment in banking subsidiary | 877,900 | 825,351 | ||
Equity securities, at fair value | 1,986 | 0 | ||
Other assets | 10,039 | 7,561 | ||
Total assets | 947,539 | 915,711 | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||
Line of credit | 0 | 0 | ||
Subordinated notes, net | 73,517 | 73,342 | ||
Junior subordinated debentures issued to capital trusts, net | 36,906 | 36,451 | ||
Accrued expenses and other liabilities | 734 | 454 | ||
Stockholders' equity | 836,382 | 805,464 | ||
Total liabilities and stockholders’ equity | $ 947,539 | $ 915,711 |
Parent Company Only Condensed_4
Parent Company Only Condensed Financial Statements - Statements of Financial Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
INCOME | |||
Other noninterest income | $ 5,772 | $ 2,997 | $ 4,259 |
EXPENSES | |||
Interest expense | 12,539 | 24,252 | 48,529 |
Other non-interest expense | 10,047 | 12,268 | 10,520 |
Benefit for income taxes | 31,427 | 14,200 | 20,293 |
NET INCOME | 92,785 | 37,467 | 57,002 |
Company | |||
INCOME | |||
Dividends from subsidiary | 24,000 | 7,500 | 13,500 |
Change in fair value of equity securities, net | 110 | 0 | 0 |
Other noninterest income | 0 | (112) | 0 |
Total income | 24,110 | 7,388 | 13,500 |
EXPENSES | |||
Interest expense | 6,412 | 4,341 | 2,984 |
Other non-interest expense | 1,814 | 1,453 | 1,768 |
Total expenses | 8,226 | 5,794 | 4,752 |
Income before provision for income taxes and equity in undistributed income of subsidiary | 15,884 | 1,594 | (8,748) |
Benefit for income taxes | (2,022) | (1,645) | (1,323) |
Income before equity in undistributed income of subsidiary | 17,906 | 3,239 | (10,071) |
Equity in undistributed income of subsidiary | 74,879 | 34,228 | 46,931 |
NET INCOME | $ 92,785 | $ 37,467 | $ 57,002 |
Parent Company Only Condensed_5
Parent Company Only Condensed Financial Statements - Statements of Financial Cash Flow (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net income | $ 92,785 | $ 37,467 | $ 57,002 | |
Adjustments to reconcile net income to net cash from operating activities: | ||||
Share-based compensation expense | 4,018 | 2,579 | 1,673 | |
Amortization of subordinated debt issuance cost | 175 | 84 | 0 | |
Loss on redemption of junior subordinated debentures | 0 | 112 | 0 | |
Accretion of junior subordinated debentures discount | 455 | 505 | 566 | |
Net cash provided by operating activities | 74,426 | 109,023 | 29,314 | |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Purchases of securities available-for-sale | (645,461) | (977,827) | (549,871) | |
Net cash used in investing activities | (236,048) | (886,355) | (250,562) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from revolving line of credit | 5,680 | |||
Repayments of revolving line of credit | 0 | |||
Repayment of junior subordinated debentures | 0 | (1,500) | 0 | |
Dividends paid on preferred stock | (783) | (783) | (783) | |
Dividends paid on common stock | (11,269) | (5,711) | 0 | |
Proceeds from subordinated notes | 0 | 73,258 | 0 | |
Proceeds from issuance of common stock, net | 2,140 | 3,626 | 3,726 | |
Repurchase of common stock | (28,867) | (1,668) | 0 | |
Net cash provided by financing activities | 236,133 | 780,015 | 180,125 | |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | 74,511 | 2,683 | (41,123) | |
CASH AND CASH EQUIVALENTS, beginning of period | 83,420 | 80,737 | 121,860 | |
CASH AND CASH EQUIVALENTS, end of period | 157,931 | 83,420 | 80,737 | $ 121,860 |
Company | ||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net income | 92,785 | 37,467 | 57,002 | |
Adjustments to reconcile net income to net cash from operating activities: | ||||
Equity in undistributed income of subsidiary | (74,879) | (34,228) | (46,931) | |
Share-based compensation expense | 4,018 | 2,579 | 1,673 | |
Change in fair value of equity securities, net | 110 | 0 | 0 | |
Amortization of subordinated debt issuance cost | 175 | 84 | 0 | |
Loss on redemption of junior subordinated debentures | 112 | |||
Accretion of junior subordinated debentures discount | 455 | 505 | 566 | |
Changes in other assets and other liabilities | 6,974 | (4,312) | (7,916) | |
Net cash provided by operating activities | 15,470 | 2,207 | (4,394) | |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Purchases of securities available-for-sale | (1,876) | 0 | 0 | |
Net cash paid in acquisition of business | 0 | 0 | (6,554) | |
Net cash used in investing activities | (1,876) | 0 | (6,554) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from revolving line of credit | 0 | 15,000 | ||
Repayments of revolving line of credit | (15,000) | 11,335 | ||
Repayment of junior subordinated debentures | 0 | (1,500) | 0 | |
Dividends paid on preferred stock | (783) | (783) | ||
Dividends paid on common stock | 11,269 | (5,711) | 0 | |
Proceeds from subordinated notes | 0 | 73,258 | 0 | |
Proceeds from issuance of common stock, net | 2,140 | 3,626 | 3,726 | |
Repurchase of common stock | (1,668) | 0 | ||
Net cash provided by financing activities | (38,779) | 67,222 | 2,712 | |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (25,185) | 69,429 | (4,872) | |
CASH AND CASH EQUIVALENTS, beginning of period | 82,799 | 13,370 | 18,242 | |
CASH AND CASH EQUIVALENTS, end of period | $ 57,614 | $ 82,799 | $ 13,370 | $ 18,242 |
Earnings per Share - Additional
Earnings per Share - Additional Information (Details) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share Basic [Line Items] | |||
Shares outstanding | 37,609,723 | 38,031,250 | 37,290,486 |
Non-vested share-based payment awards | 0 | 0 | 0 |
Common Stock | |||
Earnings Per Share Basic [Line Items] | |||
Shares outstanding | 1,507,745 | 1,624,209 | 1,921,244 |
Restricted Stock Award | |||
Earnings Per Share Basic [Line Items] | |||
Shares outstanding | 542,520 | 383,539 | 328,653 |
Stock Options | |||
Earnings Per Share Basic [Line Items] | |||
Shares outstanding | 0 | 50,000 | 0 |
Earnings per Share - Schedule o
Earnings per Share - Schedule of Calculation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Net income | $ 92,785 | $ 37,467 | $ 57,002 |
Dividends on preferred shares | 783 | 783 | 783 |
Net income available to common stockholders | $ 92,002 | $ 36,684 | $ 56,219 |
Weighted-average common stock outstanding: | |||
Weighted-average common stock outstanding (basic) | 37,609,723 | 38,031,250 | 37,290,486 |
Incremental shares | 759,344 | 281,358 | 695,977 |
Weighted-average common stock outstanding (dilutive) | 38,369,067 | 38,312,608 | 37,986,463 |
Basic earnings per common share | $ 2.45 | $ 0.96 | $ 1.51 |
Diluted earnings per common share | $ 2.40 | $ 0.96 | $ 1.48 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Preferred and Common Stock (Details) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Class Of Stock [Line Items] | ||
Par value per share | $ 0.01 | $ 0.01 |
Shares authorized | 50,000 | 50,000 |
Shares issued | 10,438 | 10,438 |
Shares outstanding | 10,438 | 10,438 |
Common stock, voting par value | $ 0.01 | $ 0.01 |
Common stock, voting shares authorized | 150,000,000 | 150,000,000 |
Common stock, voting shares issued | 39,203,747 | 38,736,540 |
Shares outstanding | 37,713,903 | 38,618,054 |
Treasury shares | 1,489,844 | 118,486 |
Series B 7.5% Fixed to Floating Non-Cumulative Perpetual Preferred Stock | ||
Class Of Stock [Line Items] | ||
Par value per share | $ 0.01 | $ 0.01 |
Liquidation preference per share | $ 1 | $ 1 |
Shares authorized | 50,000 | 50,000 |
Shares issued | 10,438 | 10,438 |
Shares outstanding | 10,438 | 10,438 |
Stockholders' Equity - Summar_2
Stockholders' Equity - Summary of Preferred and Common Stock (Parenthetical) (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Series B 7.5% Fixed to Floating Non-Cumulative Perpetual Preferred Stock | ||
Class Of Stock [Line Items] | ||
Preferred stock, dividend rate, percentage | 7.50% | 7.50% |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) | Feb. 15, 2022 | Jan. 25, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2016 | Jul. 27, 2021 | Dec. 10, 2020 | Nov. 01, 2019 |
Class Of Stock [Line Items] | |||||||||
Dividends declared and paid | $ 783,000 | $ 783,000 | $ 783,000 | ||||||
Aggregate number of shares authorized to repurchase | 1,250,000 | 1,250,000 | 1,250,000 | ||||||
Approximate percentage of shares authorized to be repurchased | 2.80% | ||||||||
cash dividends declared and paid on common stock | $ 11,424,000 | $ 4,619,000 | $ 1,148,000 | ||||||
Cash dividend declared | $ 0.30 | $ 0.12 | $ 0.03 | ||||||
Common Stock, Dividend Rate, Percentage | 150.00% | ||||||||
Preferred stock, shares outstanding | 10,438 | 10,438 | |||||||
Stock repurchase program number of shares authorized to be repurchased | 118,486 | 1,250,000 | |||||||
Issuance of common stock, net of issuance cost, shares | 28,900,000 | ||||||||
Common stock, par value | $ 0.01 | $ 0.01 | |||||||
Number of shares purchased | 1,331,708 | ||||||||
Common stock, voting shares issued | 39,203,747 | 38,736,540 | |||||||
Repurchase of stock, value | $ 28,867,000 | $ 1,668,000 | |||||||
Common Stock | |||||||||
Class Of Stock [Line Items] | |||||||||
Dividends declared and paid | $ 11,400,000 | $ 4,600,000 | $ 1,100,000 | ||||||
Number of shares purchased | 1,331,708 | 118,486 | |||||||
Subsequent Event | |||||||||
Class Of Stock [Line Items] | |||||||||
Preferred stock redemption price per share | $ 1 | ||||||||
Preferred stock, shares outstanding | 10,438 | ||||||||
Preferred Stock, Redemption Date | Mar. 31, 2022 | ||||||||
Dividend payable date | Feb. 22, 2022 | ||||||||
Dividends record date | Feb. 8, 2022 | ||||||||
Dividends payable | $ 90 | ||||||||
Series B Preferred Stock | |||||||||
Class Of Stock [Line Items] | |||||||||
Preferred stock, dividend rate, percentage | 7.50% | ||||||||
Preferred stock fixed dividend close date | Dec. 30, 2021 | ||||||||
Dividends declared and paid | $ 783,000 | $ 783,000 | |||||||
Series B Preferred Stock | Three-month LIBOR | |||||||||
Class Of Stock [Line Items] | |||||||||
Preferred stock, dividend rate, percentage | 5.41% |
Consolidated Statements of Ch_4
Consolidated Statements of Changes in Accumulated Other Comprehensive Income (Loss) - Schedule of Consolidated Statements of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | $ 805,464 | $ 750,115 | $ 650,672 |
Other comprehensive income (loss), net of tax | (26,349) | 18,747 | 10,238 |
Ending balance | 836,382 | 805,464 | 750,115 |
Cumulative-Effect Adjustment (ASU 2016-01) | ASU 2016-01 | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | (1,440) | ||
Ending balance | (1,440) | ||
Unrealized Gains (Losses) on Cash Flow Hedges | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | (305) | (366) | 4,763 |
Other comprehensive income (loss), net of tax | 3,122 | 61 | (5,129) |
Ending balance | 2,817 | (305) | (366) |
Unrealized Gains (Losses) on Available-for-Sale Securities | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | 18,352 | (334) | (14,261) |
Other comprehensive income (loss), net of tax | (29,471) | 18,686 | 15,367 |
Ending balance | (11,119) | 18,352 | (334) |
Unrealized Gains (Losses) on Available-for-Sale Securities | Cumulative-Effect Adjustment (ASU 2016-01) | ASU 2016-01 | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | (1,440) | ||
Ending balance | (1,440) | ||
Accumulated Other Comprehensive Income (Loss) | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | 18,047 | (700) | (9,498) |
Other comprehensive income (loss), net of tax | (26,349) | 18,747 | 10,238 |
Ending balance | $ (8,302) | 18,047 | (700) |
Accumulated Other Comprehensive Income (Loss) | Cumulative-Effect Adjustment (ASU 2016-01) | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | $ (1,440) | ||
Ending balance | $ (1,440) |