Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 03, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | BY | |
Entity Registrant Name | Byline Bancorp, Inc. | |
Entity Central Index Key | 0001702750 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Interactive Data Current | Yes | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-38139 | |
Entity Tax Identification Number | 36-3012593 | |
Entity Incorporation, State or Country Code | DE | |
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 Common Stock, Shares Outstanding | 37,709,253 | |
Title of each class | Common Stock | |
Name of each exchange on which registered | NYSE |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and due from banks | $ 52,725 | $ 62,274 |
Interest bearing deposits with other banks | 231,486 | 117,079 |
Cash and cash equivalents | 284,211 | 179,353 |
Equity and other securities, at fair value | 8,339 | 7,989 |
Securities available-for-sale, at fair value | 1,164,387 | 1,174,431 |
Securities held-to-maturity, at amortized cost (fair value at March 31, 2023 -$2, 681, December 31,2022 -$2,672) | 2,704 | 2,705 |
Restricted stock, at cost | 38,777 | 28,202 |
Loans held for sale | 28,379 | 47,823 |
Loans and leases: | ||
Loans And Leases | 5,515,332 | 5,421,258 |
Allowance for credit losses - loans and leases | (90,465) | (81,924) |
Net loans and leases | 5,424,867 | 5,339,334 |
Servicing assets, at fair value | 20,944 | 19,172 |
Premises and equipment, net | 56,098 | 56,798 |
Other real estate owned, net | 3,712 | 4,717 |
Goodwill and other intangible assets, net | 157,432 | 158,887 |
Bank-owned life insurance | 82,693 | 82,093 |
Deferred tax assets, net | 64,918 | 68,213 |
Accrued interest receivable and other assets | 192,885 | 193,224 |
Total assets | 7,530,346 | 7,362,941 |
LIABILITIES | ||
Non-interest-bearing demand deposits | 1,952,045 | 2,138,645 |
Interest-bearing deposits | 3,860,607 | 3,556,476 |
Total deposits | 5,812,652 | 5,695,121 |
Other borrowings | 662,810 | 640,399 |
Subordinated notes, net | 73,735 | 73,691 |
Junior subordinated debentures issued to capital trusts, net | 37,442 | 37,338 |
Accrued interest payable and other liabilities | 148,057 | 150,576 |
Total liabilities | 6,734,696 | 6,597,125 |
STOCKHOLDERS’ EQUITY | ||
Preferred stock | 0 | 0 |
Common stock | 390 | 389 |
Additional paid-in capital | 598,103 | 598,297 |
Retained earnings | 356,365 | 335,794 |
Treasury stock, at cost | (51,066) | (51,114) |
Accumulated other comprehensive loss, net of tax | (108,142) | (117,550) |
Total stockholders’ equity | 795,650 | 765,816 |
Total liabilities and stockholders’ equity | $ 7,530,346 | $ 7,362,941 |
Preferred shares par value | $ 0.01 | $ 0.01 |
Preferred stock, Shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, Shares issued | 0 | 0 |
Preferred stock, Shares outstanding | 0 | 0 |
Treasury preferred shares | 0 | 0 |
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 | 39,728,037 | 39,518,702 |
Common stock, voting shares outstanding | 37,713,427 | 37,492,775 |
Common stock, voting treasury shares | 2,014,610 | 2,025,927 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Securities held-to-maturity | $ 2,681 | $ 2,672 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
INTEREST AND DIVIDEND INCOME | ||
Interest and fees on loans and leases | $ 92,343 | $ 55,426 |
Interest on securities | 6,600 | 6,155 |
Other interest and dividend income | 1,059 | 237 |
Total interest and dividend income | 100,002 | 61,818 |
INTEREST EXPENSE | ||
Deposits | 16,298 | 1,087 |
Other borrowings | 5,888 | 395 |
Subordinated notes and debentures | 2,098 | 1,600 |
Total interest expense | 24,284 | 3,082 |
Net interest income | 75,718 | 58,736 |
Provision for credit losses | 9,825 | 4,995 |
Net interest income after provision for credit losses | 65,893 | 53,741 |
NON-INTEREST INCOME | ||
Fees and service charges on deposits | 2,120 | 1,884 |
Loan servicing revenue | 3,380 | 3,380 |
Loan servicing asset revaluation | 656 | (1,231) |
ATM and interchange fees | 1,063 | 1,049 |
Change in fair value of equity securities, net | 350 | (151) |
Net gains on sales of loans | 5,148 | 10,827 |
Wealth management and trust income | 924 | 1,048 |
Other non-interest income | 1,504 | 2,620 |
Total non-interest income | 15,145 | 19,426 |
NON-INTEREST EXPENSE | ||
Salaries and employee benefits | 30,394 | 28,959 |
Occupancy and equipment expense, net | 4,444 | 5,128 |
Impairment loss on assets held for sale | 20 | 0 |
Loan and lease related expenses | 963 | (891) |
Legal, audit and other professional fees | 3,114 | 2,600 |
Data processing | 3,783 | 3,186 |
Net (gain) loss recognized on other real estate owned and other related expenses | (103) | 54 |
Other intangible assets amortization expense | 1,455 | 1,596 |
Other non-interest expense | 4,730 | 3,923 |
Total non-interest expense | 48,800 | 44,555 |
Income before provision for income taxes | 32,238 | 28,612 |
Provision for income taxes | 8,293 | 6,301 |
Net income | 23,945 | 22,311 |
Dividends on preferred shares | 0 | 196 |
Income available to common stockholders | $ 23,945 | $ 22,115 |
EARNINGS PER COMMON SHARE | ||
Basic | $ 0.65 | $ 0.60 |
Diluted | $ 0.64 | $ 0.58 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Other Comprehensive Income [Abstract] | ||
Net income | $ 23,945 | $ 22,311 |
Securities available-for-sale | ||
Unrealized holding gains (losses) arising during the period | 14,599 | (83,843) |
Tax effect | (3,900) | 22,747 |
Net of tax | 10,699 | (61,096) |
Cash flow hedges | ||
Unrealized holding gains arising during the period | 194 | 17,643 |
Reclassification adjustments for net (gains) losses included in net income | (1,956) | 210 |
Tax effect | 471 | (4,843) |
Net of tax | (1,291) | 13,010 |
Total other comprehensive income (loss) | 9,408 | (48,086) |
Comprehensive income (loss) | $ 33,353 | $ (25,775) |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands | Total | Cumulative-Effect Adjustment (ASU 2016-13) | Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Retained Earnings Cumulative-Effect Adjustment (ASU 2016-13) | Treasury Stock | Accumulated Other Comprehensive Income (Loss) |
Beginning balance at Dec. 31, 2021 | $ 836,382 | $ 10,438 | $ 387 | $ 593,753 | $ 271,676 | $ (31,570) | $ (8,302) | ||
Beginning balance, shares at Dec. 31, 2021 | 10,438 | 37,713,903 | |||||||
Net income | 22,311 | 22,311 | |||||||
Other comprehensive income loss, net of tax | (48,086) | (48,086) | |||||||
Issuance of common stock upon exercise of stock options, net | (881) | (9) | (872) | ||||||
Issuance of common stock upon exercise of stock options, net shares | 117,254 | ||||||||
Restricted stock activity, net | (700) | $ 1 | (1) | (700) | |||||
Restricted stock activity, shares | 263,283 | ||||||||
Return of common stock in connection with employee stock purchase plan | (1) | (1) | |||||||
Return of common stock in connection with employee stock purchase plan, Shares | (39) | ||||||||
Redemption of preferred stock, Shares | (10,438) | ||||||||
Redemption of preferred stock | (10,438) | $ (10,438) | |||||||
Cash dividends declared on preferred stock | (196) | (196) | |||||||
Cash dividends declared on common stock | (3,394) | (3,394) | |||||||
Repurchase of common stock | $ (7,590) | (7,590) | |||||||
Repurchase of common stock, shares | (282,819) | (282,819) | |||||||
Share-based compensation expense | $ 1,264 | 1,264 | |||||||
Ending balance at Mar. 31, 2022 | 788,671 | $ 0 | $ 388 | 595,006 | 290,397 | (40,732) | (56,388) | ||
Ending balance, shares at Mar. 31, 2022 | 0 | 37,811,582 | |||||||
Beginning balance at Dec. 31, 2021 | 836,382 | $ 10,438 | $ 387 | 593,753 | 271,676 | (31,570) | (8,302) | ||
Beginning balance, shares at Dec. 31, 2021 | 10,438 | 37,713,903 | |||||||
Ending balance at Dec. 31, 2022 | 765,816 | $ 0 | $ 389 | 598,297 | 335,794 | (51,114) | (117,550) | ||
Ending balance, shares at Dec. 31, 2022 | 0 | 37,492,775 | |||||||
Beginning balance at Mar. 31, 2022 | 788,671 | $ 0 | $ 388 | 595,006 | 290,397 | (40,732) | (56,388) | ||
Beginning balance, shares at Mar. 31, 2022 | 0 | 37,811,582 | |||||||
Net income | 22,704 | 22,704 | |||||||
Other comprehensive income loss, net of tax | (34,874) | (34,874) | |||||||
Issuance of common stock upon exercise of stock options, net | (1,529) | (590) | (939) | ||||||
Issuance of common stock upon exercise of stock options, net shares | 86,001 | ||||||||
Restricted stock activity, net | (549) | (31) | (518) | ||||||
Restricted stock activity, shares | (19,046) | ||||||||
Issuance of common stock in connection with employee stock purchase plan | 537 | 537 | |||||||
Issuance of common stock in connection with employee stock purchase plan, shares | 22,565 | ||||||||
Cash dividends declared on common stock | (3,402) | (3,402) | |||||||
Repurchase of common stock | (5,529) | (5,529) | |||||||
Repurchase of common stock, shares | (232,000) | ||||||||
Share-based compensation expense | 1,553 | 1,553 | |||||||
Ending balance at Jun. 30, 2022 | 765,161 | $ 0 | $ 388 | 595,938 | 307,278 | (47,181) | (91,262) | ||
Ending balance, shares at Jun. 30, 2022 | 0 | 37,669,102 | |||||||
Net income | 20,283 | 20,283 | |||||||
Other comprehensive income loss, net of tax | (33,636) | (33,636) | |||||||
Restricted stock activity, net | (286) | $ 1 | (88) | (199) | |||||
Restricted stock activity, shares | (28,951) | ||||||||
Cash dividends declared on common stock | (3,374) | (3,374) | |||||||
Repurchase of common stock | (4,155) | (4,155) | |||||||
Repurchase of common stock, shares | (174,249) | ||||||||
Share-based compensation expense | 1,199 | 1,199 | |||||||
Ending balance at Sep. 30, 2022 | 747,565 | $ (10,097) | $ 0 | $ 389 | 597,049 | 326,560 | $ (10,097) | (51,535) | (124,898) |
Ending balance, shares at Sep. 30, 2022 | 0 | 37,465,902 | |||||||
Net income | 22,656 | 22,656 | |||||||
Other comprehensive income loss, net of tax | 7,348 | 7,348 | |||||||
Issuance of common stock upon exercise of stock options, net | (178) | 7 | (185) | ||||||
Issuance of common stock upon exercise of stock options, net shares | 21,385 | ||||||||
Restricted stock activity, net | (60) | (77) | 17 | ||||||
Restricted stock activity, shares | (20,159) | ||||||||
Issuance of common stock in connection with employee stock purchase plan | 589 | 589 | |||||||
Issuance of common stock in connection with employee stock purchase plan, shares | 25,647 | ||||||||
Cash dividends declared on common stock | (3,373) | (3,373) | |||||||
Share-based compensation expense | 1,318 | 1,318 | |||||||
Ending balance at Dec. 31, 2022 | 765,816 | $ 0 | $ 389 | 598,297 | 335,794 | (51,114) | (117,550) | ||
Ending balance, shares at Dec. 31, 2022 | 0 | 37,492,775 | |||||||
Net income | 23,945 | 23,945 | |||||||
Other comprehensive income loss, net of tax | 9,408 | 9,408 | |||||||
Restricted stock activity, net | (1,655) | $ 1 | (1,704) | 48 | |||||
Restricted stock activity, shares | 220,652 | ||||||||
Cash dividends declared on common stock | $ (3,374) | (3,374) | |||||||
Repurchase of common stock, shares | 0 | ||||||||
Share-based compensation expense | $ 1,510 | 1,510 | |||||||
Ending balance at Mar. 31, 2023 | $ 795,650 | $ 390 | $ 598,103 | $ 356,365 | $ (51,066) | $ (108,142) | |||
Ending balance, shares at Mar. 31, 2023 | 37,713,427 |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares | 3 Months Ended | ||||
Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | |||||
Dividends per share | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.09 |
CONDENSED CONSOLIDATED STATEM_7
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net income | $ 23,945 | $ 22,656 | $ 22,704 | $ 22,311 |
Adjustments to reconcile net income to net cash from operating activities: | ||||
Provision for credit losses | 9,825 | 4,995 | ||
Impairment loss on assets held for sale | 20 | 0 | ||
Depreciation and amortization of premises and equipment | 981 | 1,164 | ||
Net amortization of securities | 856 | 1,254 | ||
Net change in fair value of equity securities, net | (350) | 151 | ||
Net gains on sales and valuation adjustments of premises and equipment | 0 | (2) | ||
Net gains on sales of loans | (5,148) | (10,827) | ||
Originations of U.S. government guaranteed loans | (53,602) | (78,643) | ||
Proceeds from U.S. government guaranteed loans sold | 46,824 | 97,176 | ||
Accretion of premiums and discounts on acquired loans, net | (729) | (1,476) | ||
Net change in servicing assets | (1,772) | (753) | ||
Net gains (losses) on sales and valuation adjustments of other real estate owned | 296 | (25) | ||
Net amortization of other acquisition accounting adjustments | 1,455 | 1,596 | ||
Amortization of subordinated debt issuance cost | 44 | 43 | ||
Accretion of junior subordinated debentures discount | 104 | 105 | ||
Share-based compensation expense | 1,510 | 1,264 | ||
Deferred tax provision, net of valuation | (134) | 897 | ||
Increase in cash surrender value of bank owned life insurance | (588) | (565) | ||
Changes in assets and liabilities: | ||||
Accrued interest receivable and other assets | 10,214 | 19,106 | ||
Accrued interest payable and other liabilities | 15,384 | 34,997 | ||
Net cash provided by operating activities | 49,135 | 92,768 | ||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Purchases of securities available-for-sale | (1,280) | (52,288) | ||
Proceeds from maturities and calls of securities available-for-sale | 3,784 | 9,223 | ||
Proceeds from paydowns of securities available-for-sale | 21,262 | 44,358 | ||
Redemption (purchases) of Federal Home Loan Bank stock, net | (10,575) | 8,025 | ||
Net change in loans and leases | (94,571) | (251,446) | ||
Purchases of premises and equipment | (281) | (926) | ||
Proceeds from sales of premises and equipment | 0 | 26 | ||
Proceeds from sales of other real estate owned | 764 | 225 | ||
Net cash used in investing activities | (80,897) | (242,803) | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Net increase in deposits | 117,531 | 375,055 | ||
Proceeds from short-term borrowings | 6,100,100 | 4,159,000 | ||
Repayments of short-term borrowings | (6,100,100) | (4,369,000) | ||
Net increase in securities sold under agreements to repurchase | 22,411 | 1,727 | ||
Dividends paid on preferred stock | 0 | (196) | ||
Dividends paid on common stock | (3,322) | (3,345) | ||
Proceeds from issuance of common stock | 0 | 470 | ||
Redemption of preferred stock | 0 | (10,438) | ||
Repurchases of common stock | 0 | (7,590) | ||
Net cash provided by financing activities | 136,620 | 145,683 | ||
NET CHANGE IN CASH AND CASH EQUIVALENTS | 104,858 | (4,352) | ||
CASH AND CASH EQUIVALENTS, beginning of period | 179,353 | $ 153,579 | 157,931 | |
CASH AND CASH EQUIVALENTS, end of period | 284,211 | $ 179,353 | 153,579 | |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||||
Cash paid during the period for interest | 19,483 | 1,584 | ||
Cash paid during the period for taxes | 309 | 269 | ||
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||||
Transfer of loans to other real estate owned | 55 | 309 | ||
Common dividend declared, not paid | $ 52 | $ 49 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 1—Basis of Present ation These unaudited interim condensed consolidated financial statements include the accounts of Byline Bancorp, Inc., a Delaware corporation (the “Company,” “Byline,” “we,” “us,” “our”), a bank holding company whose principal activity is the ownership and management of its Illinois state chartered subsidiary bank, Byline Bank (the “Bank”), based in Chicago, Illinois. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission (“SEC”). In preparing these financial statements, the Company has evaluated events and transactions subsequent to March 31, 2023 for potential recognition or disclosure. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position and results of operations for the periods presented have been included. Certain information in footnote disclosures normally included in financial statements prepared in accordance with GAAP has been condensed or omitted pursuant to the rules and regulations of the SEC and the accounting standards for interim financial statements. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Consolidated Financial Statements for the years ended December 31, 2022, 2021, and 2020. 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, segments disclosures are currently not required. In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 855, “Subsequent Events,” the Company’s management has evaluated subsequent events for potential recognition or disclosure through the date of the issuance of these condensed consolidated financial statements. No subsequent events were identified that would have required a change to the condensed consolidated financial statements or disclosure in the notes to the condensed consolidated financial statements. Certain prior period amounts have been reclassified to conform to current period presentation. These reclassifications did not result in any changes to previously reported net income or stockholders’ equity. |
Accounting Pronouncements Recen
Accounting Pronouncements Recently Adopted or Issued | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Pronouncements Recently Adopted or Issued | Note 2—Accounting Pronouncements Recently Adopted or Issued The following reflect recent accounting pronouncements that have been adopted or are pending adoption by the Company. Adopted Accounting Pronouncements Financial Instruments—Credit Losses (Topic 326) —In June 2016, FASB issued Accounting Standards Update ("ASU") No. 2016‑13, Financial Instruments - Credit Losses (Topic 326) on the recognition of credit losses, otherwise known as the current expected credit loss model or "CECL", which replaces the incurred loss impairment methodology with a methodology that reflects current expected credit losses. We elected to delay the adoption of the standard in accordance with ASU No. 2019-10, Effective Dates, which delayed the effective date of the ASU for entities not classified as Public Business Entities. The Company’s EGC status expired December 31, 2022, requiring CECL adoption be reflected in our December 31, 2022 financial statements and Form 10-K. Results for reporting periods beginning after September 30, 2022 were presented under the new standard, while prior quarters were reported under, and continue to be reported under, the incurred loss method. For additional information on the new standard, see Note 1—Business and Summary of Significant Accounting Policies in our Annual Report on Form 10-K for the year ended December 31, 2022. The following table presents select financial data for the first three quarters of 2022 as reported under the incurred loss method and as recast under CECL: For the three month period ended March 31, 2022 June 30, 2022 September 30, 2022 As Reported Adjustment Recast As Reported Adjustment Recast As Reported Adjustment Recast Interest and dividend $ 61,818 $ ( 405 ) $ 61,413 $ 66,546 $ 133 $ 66,679 $ 79,903 $ ( 240 ) $ 79,663 Interest expense 3,082 — 3,082 4,919 — 4,919 11,028 — 11,028 Net interest income 58,736 ( 405 ) 58,331 61,627 133 61,760 68,875 ( 240 ) 68,635 Provision/(recapture) for 4,995 1,564 6,559 5,908 ( 1,622 ) 4,286 4,176 3,032 7,208 Net interest income after 53,741 ( 1,969 ) 51,772 55,719 1,755 57,474 64,699 ( 3,272 ) 61,427 Non-interest income 19,426 117 19,543 14,161 112 14,273 11,992 51 12,043 Non-interest expense 44,555 ( 599 ) 43,956 43,773 ( 188 ) 43,585 46,178 ( 137 ) 46,041 Income before provision 28,612 ( 1,253 ) 27,359 26,107 2,055 28,162 30,513 ( 3,084 ) 27,429 Provision for income taxes 6,301 ( 340 ) 5,961 5,824 558 6,382 7,857 ( 837 ) 7,020 Net income 22,311 ( 913 ) 21,398 20,283 1,497 21,780 22,656 ( 2,247 ) 20,409 Dividends on preferred 196 — 196 — — — — — — Income available to common $ 22,115 $ ( 913 ) $ 21,202 $ 20,283 $ 1,497 $ 21,780 $ 22,656 $ ( 2,247 ) $ 20,409 Basic earnings per $ 0.60 $ ( 0.03 ) $ 0.57 $ 0.55 $ 0.04 $ 0.59 $ 0.61 $ ( 0.06 ) $ 0.55 Diluted earnings per $ 0.58 $ ( 0.02 ) $ 0.56 $ 0.54 $ 0.04 $ 0.58 $ 0.61 $ ( 0.06 ) $ 0.55 ASU 2022-02 - Financial Instruments – Credit Losses – Troubled Debt Restructurings and Vintage Disclosures (Topic 326) – The Company adopted this update effective March 31, 2023. This update eliminates the recognition and measurement guidance for troubled debt restructurings (“TDRs”) by creditors in ASC 310-40. The update also enhances disclosure requirements for certain loan restructurings by creditors when a borrower is experiencing financial difficulty. Specifically, rather than applying the recognition and measurement guidance for TDRs, an entity will apply the loan refinancing and restructuring guidance to determine whether a modification or other form of restructuring results in a new loan or a continuation of an existing loan. Additionally, the amendments in this ASU require a public business entity to disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases in the existing vintage disclosures. Refer to Note 4—Loan and Lease Receivables and Allowance for Credit Losses for additional details regarding these disclosures. Issued Accounting Pronouncements Pending Adoption 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, 2024. Banking regulators have provided guidance that 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 March 31, 2023 , $ 572.1 million of loans , derivatives with a notional amount of $ 422.9 million, and securities available for sale with a fair value of $ 36.7 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 with a carrying value of $ 37.4 million were also tied to LIBOR. Fair Value Measurement (Topic 820) - In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The guidance in the ASU clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account on the equity security and, therefore, is not considered in measuring fair value. The ASU also requires additional disclosures about the restriction. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. The Company is evaluating the accounting and disclosure requirements of this update and does not expect them to have a material effect on the consolidated financial statements. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Note 3—Securities The following tables summarize the amortized cost and fair values of securities available-for-sale and securities held-to-maturity as of the dates shown and the corresponding amounts of gross unrealized gains and losses: March 31, 2023 Amortized Gross Gross Fair Available-for-sale U.S. Treasury Notes $ 42,473 $ 88 $ ( 1,366 ) $ 41,195 U.S. Government agencies 149,595 91 ( 18,820 ) 130,866 Obligations of states, municipalities, and 68,165 69 ( 4,656 ) 63,578 Residential mortgage-backed securities Agency 690,793 — ( 101,483 ) 589,310 Non-agency 128,738 — ( 23,599 ) 105,139 Commercial mortgage-backed securities Agency 189,871 — ( 32,574 ) 157,297 Corporate securities 42,784 — ( 5,294 ) 37,490 Asset-backed securities 41,281 — ( 1,769 ) 39,512 Total $ 1,353,700 $ 248 $ ( 189,561 ) $ 1,164,387 March 31, 2023 Amortized Gross Gross Fair Held-to-maturity Obligations of states, municipalities, and $ 2,704 $ — $ ( 23 ) $ 2,681 Total $ 2,704 $ — $ ( 23 ) $ 2,681 December 31, 2022 Amortized Gross Gross Fair Available-for-sale U.S. Treasury Notes $ 42,430 $ 2 $ ( 1,709 ) $ 40,723 U.S. Government agencies 150,524 116 ( 20,276 ) 130,364 Obligations of states, municipalities, and 68,019 9 ( 6,152 ) 61,876 Residential mortgage-backed securities Agency 707,157 — ( 111,361 ) 595,796 Non-agency 130,654 — ( 24,405 ) 106,249 Commercial mortgage-backed securities Agency 191,172 — ( 34,142 ) 157,030 Corporate securities 45,302 — ( 3,866 ) 41,436 Asset-backed securities 43,085 — ( 2,128 ) 40,957 Total $ 1,378,343 $ 127 $ ( 204,039 ) $ 1,174,431 December 31, 2022 Amortized Gross Gross Fair Held-to-maturity Obligations of states, municipalities, and political $ 2,705 $ — $ ( 33 ) $ 2,672 Total $ 2,705 $ — $ ( 33 ) $ 2,672 The Company did no t classify securities as trading during the three months ended March 31, 2023 or during 2022. 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 March 31, 2023 and December 31, 2022, are summarized as follows: Less than 12 Months 12 Months or Longer Total March 31, 2023 Number of Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale U.S. Treasury Notes 6 $ 9,594 $ ( 279 ) $ 21,832 $ ( 1,087 ) $ 31,426 $ ( 1,366 ) U.S. Government agencies 17 7,778 ( 171 ) 108,822 ( 18,649 ) 116,600 ( 18,820 ) Obligations of states, 48 16,319 ( 424 ) 37,218 ( 4,232 ) 53,537 ( 4,656 ) Residential mortgage-backed Agency 99 26,323 ( 1,070 ) 562,987 ( 100,413 ) 589,310 ( 101,483 ) Non-agency 19 — — 105,139 ( 23,599 ) 105,139 ( 23,599 ) Commercial mortgage-backed Agency 48 7,437 ( 1,532 ) 149,860 ( 31,042 ) 157,297 ( 32,574 ) Corporate securities 23 12,426 ( 571 ) 25,064 ( 4,723 ) 37,490 ( 5,294 ) Asset-backed securities 8 10,327 ( 176 ) 29,186 ( 1,593 ) 39,513 ( 1,769 ) Total 268 $ 90,204 $ ( 4,223 ) $ 1,040,108 $ ( 185,338 ) $ 1,130,312 $ ( 189,561 ) Held-to-maturity Obligations of states, 3 $ 2,136 $ ( 23 ) $ — $ — $ 2,136 $ ( 23 ) Total 3 $ 2,136 $ ( 23 ) $ — $ — $ 2,136 $ ( 23 ) Less than 12 Months 12 Months or Longer Total December 31, 2022 # of Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale U.S. Treasury Notes 6 $ 21,720 $ ( 1,078 ) $ 9,339 $ ( 631 ) $ 31,059 $ ( 1,709 ) U.S. Government agencies 17 44,508 ( 4,782 ) 70,609 ( 15,494 ) 115,117 ( 20,276 ) Obligations of states, 58 50,216 ( 3,858 ) 7,185 ( 2,294 ) 57,401 ( 6,152 ) Residential mortgage-backed securities Agency 101 117,598 ( 11,045 ) 478,198 ( 100,316 ) 595,796 ( 111,361 ) Non-agency 19 35,486 ( 7,569 ) 70,763 ( 16,836 ) 106,249 ( 24,405 ) Commercial mortgage-backed securities Agency 47 76,193 ( 11,840 ) 74,315 ( 22,302 ) 150,508 ( 34,142 ) Corporate securities 24 37,130 ( 3,128 ) 4,306 ( 738 ) 41,436 ( 3,866 ) Asset-backed securities 8 25,455 ( 503 ) 15,502 ( 1,625 ) 40,957 ( 2,128 ) Total 280 $ 408,306 $ ( 43,803 ) $ 730,217 $ ( 160,236 ) $ 1,138,523 $ ( 204,039 ) Held-to-maturity Obligations of states, municipalities and 4 $ 2,672 $ ( 33 ) $ — $ — $ 2,672 $ ( 33 ) Total 4 $ 2,672 $ ( 33 ) $ — $ — $ 2,672 $ ( 33 ) Certain securities have fair values less than amortized cost and, therefore, contain unrealized losses. The Company evaluated the securities which had unrealized losses for potential credit losses and determined there were none. There were 268 securities available-for-sale with unrealized losses at March 31, 2023 . There were three securities held-to-maturity with unrealized losses at March 31, 2023. There was no allowance for credit losses for held-to-maturity debt securities at March 31, 2023 or December 31, 2022. The Company anticipates full recovery of amortized cost with respect to these securities by maturity. 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. There were no sales of securities during the three months ended March 31, 2023 or 2022. Securities pledged as collateral had carrying amounts of $ 349.5 million and $ 270.6 million at March 31, 2023 and December 31, 2022. At March 31, 2023 and December 31, 2022 , of those pledged, the carrying amounts of securities pledged as collateral for public fund deposits were $ 278.2 million and $ 223.5 million, respectively, and for customer repurchase agreements of $ 46.2 million and $ 23.8 million, respectively. There were $ 221.7 million in securities posted for the Bank Term Funding Program ("BTFP") at March 31, 2023. At March 31, 2023 and December 31, 2022 , there were no securities pledged for advances from the Federal Home Loan Bank. Other securities were pledged for letters of credit and for purposes required or permitted by law. At March 31, 2023 and December 31, 2022 , 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 March 31, 2023, 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. Securities not due at a single maturity date are shown separately. Amortized Fair Available-for-sale Due in one year or less $ 2,556 $ 2,527 Due from one to five years 115,122 108,432 Due from five to ten years 181,107 160,861 Due after ten years 45,513 40,821 Mortgage-backed securities 1,009,402 851,746 Total $ 1,353,700 $ 1,164,387 Held-to-maturity Due in one year or less $ 1,546 $ 1,537 Due from one to five years 1,158 1,144 Total $ 2,704 $ 2,681 |
Loan and Lease Receivables and
Loan and Lease Receivables and Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Loan and Lease Receivables and Allowance for Credit Losses | Note 4—Loan and Lease Receivables and Allowance for Credit Losses Outstanding loan and lease receivables as of the dates shown were categorized as follows: March 31, December 31, 2023 2022 Commercial real estate $ 1,925,731 $ 1,905,909 Residential real estate 498,745 489,411 Construction, land development, and other land 448,459 440,016 Commercial and industrial 2,081,251 2,055,213 Installment and other 1,768 1,709 Lease financing receivables 548,407 518,654 Total loans and leases 5,504,361 5,410,912 Net unamortized deferred fees and costs 5,501 5,014 Initial direct costs 5,470 5,332 Allowance for credit losses - loans and leases ( 90,465 ) ( 81,924 ) Net loans and leases $ 5,424,867 $ 5,339,334 March 31, December 31, 2023 2022 Lease financing receivables Net minimum lease payments $ 539,508 $ 509,980 Unguaranteed residual values 60,935 54,118 Unearned income ( 52,036 ) ( 45,444 ) Total lease financing receivables 548,407 518,654 Initial direct costs 5,470 5,332 Lease financial receivables before allowance for $ 553,877 $ 523,986 Total loans and leases consist of originated loans and leases, purchased credit deteriorated ("PCD") and acquired non-credit-deteriorated loans and leases. At March 31, 2023 and December 31, 2022, total loans and leases included the guaranteed amount of U.S. government guaranteed loans of $ 122.7 million a nd $ 123.2 million, respectively. At March 31, 2023 and December 31, 2022 , the discount on the unguaranteed portion of U.S. government guaranteed loans was $ 26.4 million and $ 26.7 million, respectively, which were included in total loans and leases. At March 31, 2023 and December 31, 2022 , installment and other loans included overdraft deposits of $ 711,000 and $ 467,000 , respectively, which were reclassified as loans. At March 31, 2023 and December 31, 2022 , loans and leases and loans held for sale pledged as security for borrowings were $ 2.1 billion and $ 2.2 billion, respectively. The minimum annual lease payments for lease financing receivables as of March 31, 2023 are summarized as follows: Minimum Lease 2023 $ 129,511 2024 158,889 2025 122,555 2026 81,555 2027 39,544 Thereafter 7,454 Total $ 539,508 Originated loans and leases represent originations excluding loans initially acquired in a business combination. However, once an acquired non-credit-deteriorated loan reaches its maturity date, and is re-underwritten and renewed, it is internally classified as an originated loan. PCD loans are those acquired from a business combination with evidence of credit quality deterioration and are accounted for under ASC Topic 326. Acquired non-credit-deteriorated 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. The following tables summarize the balances for each respective loan and lease category as of March 31, 2023 and December 31, 2022: March 31, 2023 Originated Purchased Credit Deteriorated Acquired Total Commercial real estate $ 1,749,808 $ 39,000 $ 140,576 $ 1,929,384 Residential real estate 441,291 30,070 27,975 499,336 Construction, land development, and other land 446,763 345 — 447,108 Commercial and industrial 2,061,267 1,745 20,793 2,083,805 Installment and other 1,603 134 85 1,822 Lease financing receivables 552,174 — 1,703 553,877 Total loans and leases $ 5,252,906 $ 71,294 $ 191,132 $ 5,515,332 December 31, 2022 Originated Purchased Credit Deteriorated Acquired Total Commercial real estate $ 1,712,152 $ 45,143 $ 152,193 $ 1,909,488 Residential real estate 426,226 32,228 31,508 489,962 Construction, land development, and other land 438,617 372 — 438,989 Commercial and industrial 2,030,616 2,192 24,266 2,057,074 Installment and other 1,410 140 209 1,759 Lease financing receivables 521,689 — 2,297 523,986 Total loans and leases $ 5,130,710 $ 80,075 $ 210,473 $ 5,421,258 PCD loans —The unpaid principal balance and carrying amount of all PCD loans are summarized below. The balances do not include an allowance for credit losses - loans and leases of $ 1.0 million and $ 1.9 million at March 31, 2023 and December 31, 2022, respectively. March 31, 2023 December 31, 2022 Unpaid Carrying Unpaid Carrying Commercial real estate $ 78,717 $ 39,000 $ 85,089 $ 45,143 Residential real estate 74,072 30,070 76,270 32,228 Construction, land development, and other land 7,017 345 7,042 372 Commercial and industrial 3,449 1,745 3,902 2,192 Installment and other 798 134 807 140 Total purchased credit deteriorated loans $ 164,053 $ 71,294 $ 173,110 $ 80,075 Acquired non-credit-deteriorated loans and leases — The unpaid principal balance and carrying value for acquired non-credit deteriorated loans and leases at March 31, 2023 and December 31, 2022 were as follows: March 31, 2023 December 31, 2022 Unpaid Carrying Unpaid Carrying Commercial real estate $ 143,733 $ 140,576 $ 155,652 $ 152,193 Residential real estate 28,325 27,975 31,863 31,508 Construction, land development, and other land 63 — 63 — Commercial and industrial 21,516 20,793 25,022 24,266 Installment and other 91 85 216 209 Lease financing receivables 1,706 1,703 2,302 2,297 Total acquired non-credit-deteriorated $ 195,434 $ 191,132 $ 215,118 $ 210,473 The Company hedges interest rates on certain loans using interest rate swaps through which the Company pays variable amounts and receives fixed amounts. Refer to Note 15—Derivative Instruments and Hedging Activities for additional discussion. Allowance for Credit Losses Loans and leases considered for inclusion in the allowance for credit losses include acquired non-credit-deteriorated loans and leases, purchased credit deteriorated loans, and originated loans and leases. The Bank’s credit risk rating methodology assigns risk ratings from 1 to 10, where a higher rating represents higher risk. Risk ratings for all loans of $ 1.0 million or more are reviewed annually. The risk rating categories are described by the following groupings: Pass —1‑4, risk levels of borrowers and guarantors that offer a minimal to an acceptable level of risk. Watch —5, credit exposure that presents higher than average risk and warrants greater than routine attention. Special Mention —6, potential weaknesses that if left uncorrected may result in deterioration of the repayment prospects. Substandard Accrual —7, weaknesses in cash flow and collateral coverage resulting in a distinct possibility of losses if not corrected. Used in limited cases, where the borrower is current on payments and an agreed plan for credit remediation. Substandard Non‑Accrual —8, well‑defined weakness or weaknesses in cash flow and collateral coverage resulting in the distinct possibility of losses if not corrected. Doubtful —9, weaknesses inherent in 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 —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 credit losses - loans and leases calculation, as of March 31, 2023 and December 31, 2022: Term loans amortized cost by origination year Revolving Total March 31, 2023 2023 2022 2021 2020 2019 Prior Loans Loans (1) Commercial Real Estate Pass $ 51,778 $ 472,957 $ 503,266 $ 198,583 $ 107,555 $ 400,942 $ 22,196 $ 1,757,277 Watch 366 7,414 16,008 20,674 8,803 67,898 — 121,163 Special Mention — — — — 2,267 4,268 — 6,535 Substandard — — 1,731 1,212 14,926 31,576 — 49,445 Total $ 52,144 $ 480,371 $ 521,005 $ 220,469 $ 133,551 $ 504,684 $ 22,196 $ 1,934,420 Gross charge-offs for quarter ended March 31, 2023 $ — $ — $ 60 $ 90 $ 353 $ 463 $ — $ 966 Residential Real Estate Pass $ 18,097 $ 67,825 $ 58,693 $ 41,474 $ 31,970 $ 214,222 $ 50,365 $ 482,646 Watch — — — 921 40 11,617 1,684 14,262 Special Mention — — — 318 26 615 — 959 Substandard — — — 434 374 2,600 689 4,097 Total $ 18,097 $ 67,825 $ 58,693 $ 43,147 $ 32,410 $ 229,054 $ 52,738 $ 501,964 Gross charge-offs for quarter ended March 31, 2023 $ — $ — $ — $ — $ — $ 9 $ — $ 9 Construction, Land Development, Pass $ 9,354 $ 63,757 $ 224,564 $ 68,081 $ 26,544 $ 38,548 $ 797 $ 431,645 Watch 633 — — — 3,168 12 — 3,813 Special Mention — — — 1,907 — 4,199 — 6,106 Substandard — — — — 1,530 4,014 — 5,544 Total $ 9,987 $ 63,757 $ 224,564 $ 69,988 $ 31,242 $ 46,773 $ 797 $ 447,108 Gross charge-offs for quarter ended March 31, 2023 $ — $ — $ — $ — $ — $ — $ — $ — Commercial & Industrial Pass $ 119,123 $ 510,576 $ 287,392 $ 128,837 $ 59,131 $ 196,850 $ 501,917 $ 1,803,826 Watch 446 19,132 24,296 14,418 33,691 28,951 56,371 177,305 Special Mention 19,000 — 8,875 — 386 3,322 22,533 54,116 Substandard — 2,583 6,770 7,717 12,721 10,363 9,175 49,329 Total $ 138,569 $ 532,291 $ 327,333 $ 150,972 $ 105,929 $ 239,486 $ 589,996 $ 2,084,576 Gross charge-offs for quarter ended March 31, 2023 $ — $ 448 $ 194 $ 461 $ 461 $ 226 $ — $ 1,790 Installment and Other Pass $ 224 $ 238 $ 136 $ 52 $ 66 $ 459 $ 541 $ 1,716 Watch — 32 — — — 74 — 106 Special Mention — — — — — — — — Substandard — — — — — — — — Total $ 224 $ 270 $ 136 $ 52 $ 66 $ 533 $ 541 $ 1,822 Gross charge-offs for quarter ended March 31, 2023 $ — $ — $ — $ — $ — $ — $ — $ — Lease Financing Receivables Pass $ 81,864 $ 272,350 $ 133,303 $ 46,546 $ 11,776 $ 5,342 $ — $ 551,181 Watch — 89 1,481 25 — — — 1,595 Special Mention — — — 261 165 187 — 613 Substandard — 79 281 90 26 12 — 488 Total $ 81,864 $ 272,518 $ 135,065 $ 46,922 $ 11,967 $ 5,541 $ — $ 553,877 Gross charge-offs for quarter ended March 31, 2023 $ — $ 32 $ 186 $ 47 $ 37 $ 2 $ — $ 304 Total Loans and Leases Pass $ 280,440 $ 1,387,703 $ 1,207,354 $ 483,573 $ 237,042 $ 856,363 $ 575,816 $ 5,028,291 Watch 1,445 26,667 41,785 36,038 45,702 108,552 58,055 318,244 Special Mention 19,000 — 8,875 2,486 2,844 12,591 22,533 68,329 Substandard — 2,662 8,782 9,453 29,577 48,565 9,864 108,903 Total $ 300,885 $ 1,417,032 $ 1,266,796 $ 531,550 $ 315,165 $ 1,026,071 $ 666,268 $ 5,523,767 Gross charge-offs for quarter ended March 31, 2023 $ — $ 480 $ 440 $ 598 $ 851 $ 700 $ — $ 3,069 (1) - Includes $ 8.4 million of substandard loans classified as held for sale. Term loans amortized cost by origination year Revolving Total December 31, 2022 2022 2021 2020 2019 2018 Prior Loans Loans (1) Commercial Real Estate Pass $ 471,009 $ 510,529 $ 207,765 $ 111,792 $ 84,382 $ 324,271 $ 28,343 $ 1,738,091 Watch 6,422 12,723 20,583 11,004 17,269 44,462 — 112,463 Special Mention — — 121 1,075 1,232 10,075 — 12,503 Substandard — 1,910 915 13,042 12,685 22,915 — 51,467 Total $ 477,431 $ 525,162 $ 229,384 $ 136,913 $ 115,568 $ 401,723 $ 28,343 $ 1,914,524 Residential Real Estate Pass $ 68,752 $ 59,075 $ 41,768 $ 31,726 $ 48,432 $ 170,279 $ 49,622 $ 469,654 Watch — — 1,137 682 4,098 9,026 2,586 17,529 Special Mention — — 323 32 420 876 — 1,651 Substandard — — 234 381 296 2,185 660 3,756 Total $ 68,752 $ 59,075 $ 43,462 $ 32,821 $ 53,246 $ 182,366 $ 52,868 $ 492,590 Construction, Land Development, Pass $ 62,310 $ 203,672 $ 61,895 $ 27,189 $ 26,489 $ 38,186 $ 185 $ 419,926 Watch — — — 4,409 — 3,064 — 7,473 Special Mention — — 1,845 — 4,199 — — 6,044 Substandard — — — 1,530 4,012 4 — 5,546 Total $ 62,310 $ 203,672 $ 63,740 $ 33,128 $ 34,700 $ 41,254 $ 185 $ 438,989 Commercial & Industrial Pass $ 508,664 $ 305,056 $ 137,335 $ 72,486 $ 96,304 $ 113,965 $ 549,431 $ 1,783,241 Watch 16,657 20,856 15,857 32,282 19,362 9,809 47,119 161,942 Special Mention — 13,056 697 1,162 2,958 7,831 22,320 48,024 Substandard 1,156 3,415 6,671 11,949 5,434 25,275 10,738 64,638 Total $ 526,477 $ 342,383 $ 160,560 $ 117,879 $ 124,058 $ 156,880 $ 629,608 $ 2,057,845 Installment and Other Pass $ 332 $ 146 $ 65 $ 79 $ 15 $ 584 $ 429 $ 1,650 Watch 34 — — — 2 73 — 109 Special Mention — — — — — — — — Substandard — — — — — — — — Total $ 366 $ 146 $ 65 $ 79 $ 17 $ 657 $ 429 $ 1,759 Lease Financing Receivables Pass $ 296,395 $ 148,588 $ 53,642 $ 14,478 $ 7,245 $ 934 $ — $ 521,282 Watch 93 1,560 26 — — — — 1,679 Special Mention — — 290 182 250 23 — 745 Substandard 35 82 80 77 6 — — 280 Total $ 296,523 $ 150,230 $ 54,038 $ 14,737 $ 7,501 $ 957 $ — $ 523,986 Total Loans and Leases Pass $ 1,407,462 $ 1,227,066 $ 502,470 $ 257,750 $ 262,867 $ 648,219 $ 628,010 $ 4,933,844 Watch 23,206 35,139 37,603 48,377 40,731 66,434 49,705 301,195 Special Mention — 13,056 3,276 2,451 9,059 18,805 22,320 68,967 Substandard 1,191 5,407 7,900 26,979 22,433 50,379 11,398 125,687 Total $ 1,431,859 $ 1,280,668 $ 551,249 $ 335,557 $ 335,090 $ 783,837 $ 711,433 $ 5,429,693 (1) - Includes $ 8.4 million of substandard loans classified as held for sale. The following tables summarize contractual delinquency information of the loans and leases considered for inclusion in the allowance for credit losses - loans and leases calculation at March 31, 2023 and December 31, 2022: March 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Total (1) Commercial Real Estate Current $ 52,144 $ 479,222 $ 520,951 $ 220,048 $ 125,896 $ 489,914 $ 22,196 $ 1,910,371 30-59 Days Past Due — 1,149 54 — 459 2,387 — 4,049 60-89 Days Past Due — — — — — — — — Greater than 90 Accruing — — — — — — — — Non-accrual — — — 421 7,196 12,383 — 20,000 Total Past Due — 1,149 54 421 7,655 14,770 — 24,049 Total $ 52,144 $ 480,371 $ 521,005 $ 220,469 $ 133,551 $ 504,684 $ 22,196 $ 1,934,420 Residential Real Estate Current $ 18,097 $ 67,825 $ 58,693 $ 42,713 $ 32,036 $ 226,061 $ 50,909 $ 496,334 30-59 Days Past Due — — — — — 393 1,140 1,533 60-89 Days Past Due — — — — — — — — Greater than 90 Accruing — — — — — — — — Non-accrual — — — 434 374 2,600 689 4,097 Total Past Due — — — 434 374 2,993 1,829 5,630 Total $ 18,097 $ 67,825 $ 58,693 $ 43,147 $ 32,410 $ 229,054 $ 52,738 $ 501,964 Construction, Land Development, Current $ 9,987 $ 63,757 $ 224,564 $ 69,988 $ 29,712 $ 42,759 $ 797 $ 441,564 30-59 Days Past Due — — — — — — — — 60-89 Days Past Due — — — — — — — — Greater than 90 Accruing — — — — — — — — Non-accrual — — — — 1,530 4,014 — 5,544 Total Past Due — — — — 1,530 4,014 — 5,544 Total $ 9,987 $ 63,757 $ 224,564 $ 69,988 $ 31,242 $ 46,773 $ 797 $ 447,108 Commercial & Industrial Current $ 138,569 $ 528,942 $ 325,295 $ 147,397 $ 99,892 $ 234,868 $ 586,134 $ 2,061,097 30-59 Days Past Due — 1,279 830 270 3,532 1,033 100 7,044 60-89 Days Past Due — — — — — — — — Greater than 90 Accruing — — — — — — — — Non-accrual — 2,070 1,208 3,305 2,505 3,585 3,762 16,435 Total Past Due — 3,349 2,038 3,575 6,037 4,618 3,862 23,479 Total $ 138,569 $ 532,291 $ 327,333 $ 150,972 $ 105,929 $ 239,486 $ 589,996 $ 2,084,576 Installment and Other Current $ 224 $ 270 $ 136 $ 52 $ 66 $ 533 $ 541 $ 1,822 30-59 Days Past Due — — — — — — — — 60-89 Days Past Due — — — — — — — — Greater than 90 Accruing — — — — — — — — Non-accrual — — — — — — — — Total Past Due — — — — — — — — Total $ 224 $ 270 $ 136 $ 52 $ 66 $ 533 $ 541 $ 1,822 Lease Financing Receivables Current $ 81,783 $ 271,584 $ 134,294 $ 46,695 $ 11,829 $ 5,454 $ — $ 551,639 30-59 Days Past Due — 288 74 3 — 36 — 401 60-89 Days Past Due 81 569 423 164 113 40 — 1,390 Greater than 90 Accruing — — — — — — — — Non-accrual — 77 274 60 25 11 — 447 Total Past Due 81 934 771 227 138 87 — 2,238 Total $ 81,864 $ 272,518 $ 135,065 $ 46,922 $ 11,967 $ 5,541 $ — $ 553,877 Total Loans and Leases Current $ 300,804 $ 1,411,600 $ 1,263,933 $ 526,893 $ 299,431 $ 999,589 $ 660,577 $ 5,462,827 30-59 Days Past Due — 2,716 958 273 3,991 3,849 1,240 13,027 60-89 Days Past Due 81 569 423 164 113 40 — 1,390 Greater than 90 Accruing — — — — — — — — Non-accrual — 2,147 1,482 4,220 11,630 22,593 4,451 46,523 Total Past Due 81 5,432 2,863 4,657 15,734 26,482 5,691 60,940 Total $ 300,885 $ 1,417,032 $ 1,266,796 $ 531,550 $ 315,165 $ 1,026,071 $ 666,268 $ 5,523,767 (1) - Includes $ 8.4 million of non-accrual loans classified as held for sale. Total non-accrual loans without an allowance included $ 8.4 million of commercial real estate loans, $ 4.1 million of commercial and industrial loans, and $ 2.6 million of residential real estate loans, as of March 31, 2023. The Company recognized $ 970,000 of interest income on non-accrual loans and leases for the three months ended March 31, 2023. December 31, 2022 2022 2021 2020 2019 2018 Prior Revolving Total (1) Commercial Real Estate Current $ 477,334 $ 525,048 $ 229,260 $ 132,067 $ 112,126 $ 387,349 $ 28,343 $ 1,891,527 30-59 Days Past Due 97 54 — — 471 2,060 — 2,682 60-89 Days Past Due — — — — — 1,016 — 1,016 Greater than 90 Accruing — — — — — — — — Non-accrual — 60 124 4,846 2,971 11,298 — 19,299 Total Past Due 97 114 124 4,846 3,442 14,374 — 22,997 Total $ 477,431 $ 525,162 $ 229,384 $ 136,913 $ 115,568 $ 401,723 $ 28,343 $ 1,914,524 Residential Real Estate Current $ 68,752 $ 59,075 $ 40,731 $ 32,440 $ 52,950 $ 180,128 $ 52,146 $ 486,222 30-59 Days Past Due — — 2,497 — — 108 122 2,727 60-89 Days Past Due — — — — — — — — Greater than 90 Accruing — — — — — — — — Non-accrual — — 234 381 296 2,130 600 3,641 Total Past Due — — 2,731 381 296 2,238 722 6,368 Total $ 68,752 $ 59,075 $ 43,462 $ 32,821 $ 53,246 $ 182,366 $ 52,868 $ 492,590 Construction, Land Development, & Land Current $ 62,310 $ 203,672 $ 63,740 $ 33,128 $ 34,700 $ 41,250 $ 185 $ 438,985 30-59 Days Past Due — — — — — — — — 60-89 Days Past Due — — — — — — — — Greater than 90 Accruing — — — — — — — — Non-accrual — — — — — 4 — 4 Total Past Due — — — — — 4 — 4 Total $ 62,310 $ 203,672 $ 63,740 $ 33,128 $ 34,700 $ 41,254 $ 185 $ 438,989 Commercial & Industrial Current $ 524,341 $ 339,915 $ 156,713 $ 113,350 $ 122,523 $ 153,039 $ 628,747 $ 2,038,628 30-59 Days Past Due 980 1,371 391 1,717 368 922 — 5,749 60-89 Days Past Due — 8 80 87 — 472 — 647 Greater than 90 Accruing — — — — — — — — Non-accrual 1,156 1,089 3,376 2,725 1,167 2,447 861 12,821 Total Past Due 2,136 2,468 3,847 4,529 1,535 3,841 861 19,217 Total $ 526,477 $ 342,383 $ 160,560 $ 117,879 $ 124,058 $ 156,880 $ 629,608 $ 2,057,845 Installment and Other Current $ 366 $ 146 $ 65 $ 79 $ 17 $ 657 $ 429 $ 1,759 30-59 Days Past Due — — — — — — — — 60-89 Days Past Due — — — — — — — — Greater than 90 Accruing — — — — — — — — Non-accrual — — — — — — — — Total Past Due — — — — — — — — Total $ 366 $ 146 $ 65 $ 79 $ 17 $ 657 $ 429 $ 1,759 Lease Financing Receivables Current $ 294,948 $ 149,642 $ 53,680 $ 14,557 $ 7,411 $ 955 $ — $ 521,193 30-59 Days Past Due 1,461 467 295 104 77 2 — 2,406 60-89 Days Past Due 79 39 — — 9 — — 127 Greater than 90 Accruing — — — — — — — — Non-accrual 35 82 63 76 4 — — 260 Total Past Due 1,575 588 358 180 90 2 — 2,793 Total $ 296,523 $ 150,230 $ 54,038 $ 14,737 $ 7,501 $ 957 $ — $ 523,986 Total Loans and Leases Current $ 1,428,051 $ 1,277,498 $ 544,189 $ 325,621 $ 329,727 $ 763,378 $ 709,850 $ 5,378,314 30-59 Days Past Due 2,538 1,892 3,183 1,821 916 3,092 122 13,564 60-89 Days Past Due 79 47 80 87 9 1,488 — 1,790 Greater than 90 Accruing — — — — — — — — Non-accrual 1,191 1,231 3,797 8,028 4,438 15,879 1,461 36,025 Total Past Due 3,808 3,170 7,060 9,936 5,363 20,459 1,583 51,379 Total $ 1,431,859 $ 1,280,668 $ 551,249 $ 335,557 $ 335,090 $ 783,837 $ 711,433 $ 5,429,693 (1) - Includes $ 8.4 million of non-accrual loans classified as held for sale. Total non-accrual loans without an allowance included $ 10.8 million of commercial real estate loans, $ 4.3 million of commercial and industrial loans, and $ 2.6 million of residential real estate loans, as of December 31, 2022. The Company recognized $ 2.5 million of interest income on non-accrual loans and leases for the year ended December 31, 2022. The following table summarize the balance and activity within the allowance for credit losses - loans and leases, the components of the allowance for credit losses - loans and leases in terms of loans and leases individually and collectively evaluated for impairment, and corresponding loan and lease balances by type for the three months ended March 31, 2023 are as follows: March 31, 2023 Commercial Residential Construction, Commercial Installment Lease Total Allowance for credit losses - Three months ended Beginning balance $ 26,061 $ 3,140 $ 3,134 $ 41,889 $ 24 $ 7,676 $ 81,924 Provision/(recapture) ( 1,119 ) ( 453 ) 364 10,803 ( 2 ) 119 9,712 Charge-offs ( 966 ) ( 9 ) — ( 1,790 ) — ( 304 ) ( 3,069 ) Recoveries 762 1 — 947 3 185 1,898 Ending balance $ 24,738 $ 2,679 $ 3,498 $ 51,849 $ 25 $ 7,676 $ 90,465 Ending balance: Individually evaluated $ 6,302 $ — $ 1,198 $ 14,518 $ — $ — $ 22,018 Collectively evaluated 18,436 2,679 2,300 37,331 25 7,676 68,447 Total allowance for credit $ 24,738 $ 2,679 $ 3,498 $ 51,849 $ 25 $ 7,676 $ 90,465 Loans and leases ending balance: Individually evaluated for $ 31,622 $ — $ 5,541 $ 34,245 $ — $ — $ 71,408 Collectively evaluated for 1,897,762 499,336 441,567 2,049,560 1,822 553,877 5,443,924 Total loans and leases $ 1,929,384 $ 499,336 $ 447,108 $ 2,083,805 $ 1,822 $ 553,877 $ 5,515,332 The following table 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, loans acquired with deteriorated credit quality, and corresponding loan and lease balances by type for the three months ended March 31, 2022: March 31, 2022 Commercial Residential Construction, Commercial Installment Lease Total Allowance for loan and Three months ended Beginning balance $ 16,918 $ 1,628 $ 522 $ 33,129 $ 9 $ 2,806 $ 55,012 Provision 2,784 513 594 458 1 645 4,995 Charge-offs ( 240 ) — — ( 463 ) — ( 363 ) ( 1,066 ) Recoveries 244 4 — 120 — 149 517 Ending balance $ 19,706 $ 2,145 $ 1,116 $ 33,244 $ 10 $ 3,237 $ 59,458 Ending balance: Individually evaluated $ 7,731 $ 6 $ — $ 13,002 $ — $ — $ 20,739 Collectively evaluated 10,320 1,138 1,115 19,855 8 3,237 35,673 Loans acquired with 1,655 1,001 1 387 2 — 3,046 Total allowance for loan $ 19,706 $ 2,145 $ 1,116 $ 33,244 $ 10 $ 3,237 $ 59,458 Loans and leases ending balance: Individually evaluated for $ 36,805 $ 2,190 $ — $ 32,457 $ — $ — $ 71,452 Collectively evaluated for 1,675,468 445,183 351,715 1,739,622 1,193 384,684 4,597,865 Loans acquired with 67,092 47,347 1,357 3,792 163 — 119,751 Total loans and leases $ 1,779,365 $ 494,720 $ 353,072 $ 1,775,871 $ 1,356 $ 384,684 $ 4,789,068 The Company increased the allowance for credit losses - loans and leases by $ 8.5 million for the three months ended March 31, 2023, and the allowance for loan and lease losses by $ 4.4 million for the three months ended March 31, 2022. For loans individually evaluated for impairment, the Company increased allowance for credit losses - loans and leases by $ 6.7 million for the three months ended March 31, 2023 , and decreased allowance for loan and lease losses by $ 299,000 for the three months ended March 31, 2022. The increase in allowance for credit losses - loans and leases individually evaluated for impairment was mainly driven by increases to impaired loans. For loans and leases collectively evaluated for impairment, the Company increased allowance for credit losses - loans and leases by $ 1.9 million for the three months ended March 31, 2023, and the allowance for loan and lease losses by $ 4.9 million for the three months ended March 31, 2022. The increase in allowance for credit losses - loans and leases collectively evaluated for impairment was mainly due to changes in expected losses driven by macro-economic factors. The following table presents loans with modified terms as of March 31, 2023: March 31, 2023 Payment Delay Term Modification Combination Term Modification and Interest Rate Reduction Total Modified by Class % of Class of Loans and Leases Modified loans Commercial and industrial $ 9,405 $ 40,420 $ 395 $ 50,220 2.4 % Total modified loans $ 9,405 $ 40,420 $ 395 $ 50,220 0.9 % Loans reflected as having a payment delay included a general adjustment in loan terms similar to those of pass-rated credits. Loans having term modifications included extension of term as a result of a new borrower structure and other miscellaneous term adjustments. Loans having a combination of term modification and interest rate reduction reflect a longer amortization period and a reduced weighted average contractual rate from 8.85 % to 7.01 % TDRs are granted due to borrower financial difficulty and provide for a modification of loan repayment terms. The tables below present TDRs by loan category as of December 31, 2022: December 31, 2022 Number Pre- Post- Charge-offs Specific Accruing: Commercial real estate 2 $ 551 $ 551 $ — $ 109 Commercial and industrial 1 24 24 — 34 Residential real estate 2 144 144 — — Total accruing 5 719 719 — 143 Non-accruing: Commercial real estate 3 830 623 207 73 Commercial and industrial 6 2,017 982 1,035 38 Total non-accruing 9 2,847 1,605 1,242 111 Total troubled debt restructurings 14 $ 3,566 $ 2,324 $ 1,242 $ 254 Loans modified as troubled debt restructurings that occurred during the three months ended March 31, 2022 were: Three Months Ended March 31, 2022 Accruing: Beginning balance $ 1,927 Additions — Net payments ( 471 ) Net transfers from non-accrual — Ending balance 1,456 Non-accruing: Beginning balance 1,506 Additions — Net payments ( 163 ) Charge-offs — Net transfers to accrual — Ending balance 1,343 Total troubled debt restructurings $ 2,799 There were no troubled debt restructurings that subsequently defaulted within twelve months of the restructure date during the three months ended March 31, 2022 . In addition, there was no commitment outstanding on troubled debt restructurings at December 31, 2022. The following table presents the amortized cost basis of collateral-dependent loans and leases, which are individually evaluated to determine expected credit losses as of March 31, 2023 and December 31, 2022: March 31, 2023 Commercial Construction Non-owner Occupied Commercial Owner-Occupied Commercial Multi-Family Single Family Residence (1st Lien) Single Family Residence (2nd Lien) Business Assets Total Commercial real estate $ — $ 4,199 $ 27,423 $ — $ — $ — $ — $ 31,622 Residential real estate — — — — — — — — Construction, land development, 5,541 — — — — — — 5,541 Commercial and industrial — — — — — — 34,245 34,245 Total $ 5,541 $ 4,199 $ 27,423 $ — $ — $ — $ 34,245 $ 71,408 December 31, 2022 Commercial Construction Non-owner Occupied Commercial Owner-Occupied Commercial Multi-Family Single Family Residence (1st Lien) Single Family Residence (2nd Lien) Business Assets Total Commercial real estate $ — $ 9,749 $ 28,210 $ — $ — $ — $ — $ 37,959 Residential real estate — — — 237 422 220 — 879 Construction, land development, 5,541 — — — — — — 5,541 Commercial and industrial — — — — — — 26,034 26,034 Total $ 5,541 $ 9,749 $ 28,210 $ 237 $ 422 $ 220 $ 26,034 $ 70,413 The following table presents the change in the balance of the reserve for unfunded commitments as of March 31, 2023 and 2022. The three months ended March 31, 2022 were accounted for under the incurred loss model. For the Three Months Ended March 31, 2023 2022 Beginning balance $ 4,203 $ 1,403 Provision for of unfunded commitments 113 599 Ending balance $ 4,316 $ 2,002 |
Servicing Assets
Servicing Assets | 3 Months Ended |
Mar. 31, 2023 | |
Transfers and Servicing [Abstract] | |
Servicing Assets | Note 5—Servicing Assets Activity for servicing assets and the related changes in fair value for the three months ended March 31, 2023 and 2022 was as follows: Three Months Ended 2023 2022 Beginning balance $ 19,172 $ 23,744 Additions, net 1,116 1,984 Changes in fair value 656 ( 1,231 ) Ending balance $ 20,944 $ 24,497 Loans serviced for others are not included in the Condensed Consolidated Statements of Financial Condition. The unpaid principal balances of these loans serviced for others as of March 31, 2023 and December 31, 2022 were as follows: March 31, December 31, 2023 2022 Loan portfolios serviced for: SBA guaranteed loans $ 1,512,586 $ 1,521,014 USDA guaranteed loans 210,002 211,150 Total $ 1,722,588 $ 1,732,164 Loan servicing revenue totaled $ 3.4 million for the three months ended March 31, 2023 and 2022 , for each period. Loan servicing asset revaluation, which represents the changes in fair value of servicing assets, resulted in an upward valuation adjustment of $ 656,000 and a downward valuation adjustment of $ 1.2 million for the three months ended March 31, 2023 and 2022, respectively. The fair value of servicing rights is highly sensitive to changes in underlying assumptions. Changes in prepayment speeds and discount rate 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 conditions existing and the assumptions used as of a particular point in time, and those assumptions may change over time. In addition, as loan sale premium pricing in the secondary market increases, the discount rate decreases which leads to a higher servicing asset valuation. Refer to Note 14—Fair Value Measurement for further details. |
Other Real Estate Owned
Other Real Estate Owned | 3 Months Ended |
Mar. 31, 2023 | |
Real Estate [Abstract] | |
Other Real Estate Owned | Note 6—Other Real Estate Owned The following table presents the change in other real estate owned (“OREO”) for the three months ended March 31, 2023 and 2022: Three Months Ended 2023 2022 Beginning balance $ 4,717 $ 2,112 Net additions to OREO 55 309 Proceeds from sales of OREO ( 764 ) ( 225 ) Gains on sales of OREO 35 76 Valuation adjustments ( 331 ) ( 51 ) Ending balance $ 3,712 $ 2,221 T he balance of real estate owned included $ 2.2 million and $ 2.3 million in foreclosed residential real estate properties recorded as a result of obtaining physical possession of the property at March 31, 2023 and December 31, 2022, respectively. At March 31, 2023 and December 31, 2022, there were no recorded investments of consumer mortgage loans secured by residential real estate properties in foreclosure. There were no internally financed sales of OREO for the three months ended March 31, 2023 or 2022 . |
Leases
Leases | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Leases | Note 7—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 Condensed Consolidated Statements of Financial Condition. 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. The following table summarizes the amount and balance sheet line item for our operating lease right-of-use asset and liability as of the dates indicated: Balance Sheet Line Item March 31, 2023 December 31, 2022 Operating lease right-of-use asset Accrued interest receivable and other assets $ 10,880 $ 11,352 Operating lease liability Accrued interest payable and other liabilities 13,645 14,391 The Company uses its incremental borrowing rate at lease 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 March 31, 2023 , the weighted-average discount rate of operating leases was 2.08 % and the weighted average remaining life of operating leases was 6.3 years, compared to 1.95 % and 6.2 years as of December 31, 2022. The following table presents components of total lease costs included as a component of occupancy expense on the Condensed Consolidated Statements of Operations for the following periods: Three Months Ended 2023 2022 Operating lease cost $ 623 $ 858 Short-term lease cost 69 37 Variable lease cost 412 469 Less: Sublease income ( 156 ) ( 127 ) Total lease cost, net $ 948 $ 1,237 Operating cash flows paid for operating lease amounts included in the measure of lease liabilities were $ 855,000 and $ 1.2 million for the three months ended March 31, 2023 and 2022, respectively. The Company recorded $ 313,000 and $ 1.3 million of right-of-use lease assets in exchange for operating lease liabilities for the three months ended March 31, 2023 and 2022, respectively. The future minimum lease payments for operating leases, subsequent to March 31, 2023, as recorded on the Condensed Consolidated Statements of Financial Condition, are summarized as follows: Operating Lease 2023 $ 2,396 2024 3,185 2025 2,648 2026 2,047 2027 1,003 Thereafter 3,557 Total undiscounted lease payments 14,836 Less: Imputed interest ( 1,191 ) Net lease liabilities $ 13,645 The Company’s rental expenses for the three months ended March 31, 2023 and 2022 were $ 1.1 million and $ 1.4 million, respectively. 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 2027 . 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 | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill, Core Deposit Intangible and Other Intangible Assets | Note 8—Goodwill, Core Deposit Intangible and Other Intangible Assets The following tables summarize the changes in the Company’s goodwill, core deposit intangible assets, and customer relationship intangible assets for the three months ended March 31, 2023 and 2022: For the Three Months Ended March 31, 2023 2022 Goodwill Core Deposit Customer Relationship Goodwill Core Deposit Customer Relationship Beginning balance $ 148,353 $ 8,886 $ 1,648 $ 148,353 $ 15,004 $ 2,201 Amortization — ( 1,388 ) ( 67 ) — ( 1,529 ) ( 67 ) Ending balance $ 148,353 $ 7,498 $ 1,581 $ 148,353 $ 13,475 $ 2,134 Accumulated amortization N/A $ 47,968 $ 1,635 N/A $ 41,991 $ 1,082 Weighted average remaining N/A 4.5 Years 5.9 Years N/A 4.7 Years 8.0 Years The following table presents the estimated amortization expense for core deposit intangible and customer relationship intangible assets remaining at March 31, 2023: Estimated 2023 $ 2,881 2024 2,286 2025 1,721 2026 1,157 2027 609 Thereafter 425 Total $ 9,079 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9—Income Taxes The Company uses an estimated annual effective tax rate method in computing its interim tax provision. This effective tax rate is based on forecasted annual pre-tax income, permanent tax differences and statutory tax rates. The effective tax rate for the three months ended March 31, 2023 and 2022 was 25.7 % and 22.0 % , respectively. The Company recorded discrete income tax benefit of $ 134,000 and $ 1.1 million related to the exercise of stock options and vesting of restricted shares for the three months ended March 31, 2023 and 2022, respectively. Net deferred tax assets decreased to $ 64.9 million at March 31, 2023 compared to $ 68.2 million at December 31, 2022 primarily as a result of the change in unrealized losses on available-for-sale securities. |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2023 | |
Deposits [Abstract] | |
Deposits | Note 10—Deposits The composition of deposits was as follows as of March 31, 2023 and December 31, 2022: March 31, December 31, 2023 2022 Non-interest-bearing demand deposits $ 1,952,045 $ 2,138,645 Interest-bearing checking accounts 560,837 592,098 Money market demand accounts 1,453,688 1,415,653 Other savings 590,231 625,798 Time deposits (below $250,000) 1,089,785 762,250 Time deposits ($250,000 and above) 166,066 160,677 Total deposits $ 5,812,652 $ 5,695,121 There were $ 537.6 million and $ 251.5 million of brokered deposits included in time deposits below $ 250,000 at March 31, 2023 and December 31, 2022, respectively. At March 31, 2023, the scheduled maturities of time deposits were: Scheduled Maturities 2023 $ 905,863 2024 324,165 2025 13,798 2026 6,925 2027 and thereafter 5,100 Total $ 1,255,851 The Company hedges interest rates on certain money market accounts using interest rate swaps through which the Company receives variable amounts and pays fixed amounts. Refer to Note 15—Derivative Instruments and Hedging Activities for additional discussion. |
Other Borrowings
Other Borrowings | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Other Borrowings | Note 11—Other Borrowings The following is a summary of the Company’s other borrowings as of March 31, 2023 and December 31, 2022: March 31, December 31, 2023 2022 Federal Home Loan Bank advances $ 625,000 $ 625,000 Securities sold under agreements to repurchase 37,810 15,399 Line of credit — — Total $ 662,810 $ 640,399 Byline Bank has the capacity to borrow funds from the discount window of the Federal Reserve System. As of March 31, 2023 and December 31, 2022 , there were no outstanding advances under the Federal Reserve Bank discount window line. The Company pledges loans and leases as collateral for the FRB discount window borrowing. Refer to Note 4—Loan and Lease Receivables and Allowance for Credit Losses for additional discussion. As of March 31, 2023, the Bank was participating in the BTFP with the Federal Reserve Bank, which provides liquidity to federally insured depository institutions. Under the terms of the BTFP, the Bank has posted certain securities with an aggregate value of $ 221.7 million to the Federal Reserve Bank of Chicago as collateral. Advances under the BTFP are limited to the value of eligible collateral posted. As of March 31, 2023, the Bank had all of the eligible collateral posted by the Bank remains eligible remaining for potential advances. The Bank did not borrow from the program during the three months ended March 31, 2023. Refer to Note 3 – Securities for additional discussion. At March 31, 2023 , the fixed-rate Federal Home Loan Bank (“FHLB”) advance totaled $ 25.0 million, with an interest rate of 4.86 % and maturity in April 2023 . Total variable rate advances were $ 600.0 million at March 31, 2023 , with interest rates ranging from 4.70 % to 5.05 %, that may reset daily, with maturities between May 2023 and June 2023. Advances from the FHLB are collateralized by residential real estate loans, commercial real estate loans, and securities. The Bank’s maximum borrowing capacity is limited to 35 % of total assets. Required investment in FHLB stock is $ 4.50 for every $100 in advances thereafter. 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 3—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 6, 2023 . The amended revolving line of credit bears interest at either SOFR plus 195 basis points or 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 March 31, 2023 and December 31, 2022 , the line of credit had no outstanding balance. The Company hedges interest rates on certain borrowed funds using interest rate swaps through which the Company receives variable amounts and pays fixed amounts. Refer to Note 15—Derivative Instruments and Hedging Activities for additional discussion. The following table presents short-term credit lines available for use as of March 31, 2023 and December 31, 2022: March 31, December 31, 2023 2022 Federal Home Loan Bank line $ 1,933,073 $ 1,903,549 Federal Reserve Bank of Chicago discount window line 785,982 804,578 Bank Term Funding Program 221,726 N/A Available federal funds lines 135,000 135,000 |
Subordinated Notes and Junior S
Subordinated Notes and Junior Subordinated Debentures | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Subordinated Notes and Junior Subordinated Debentures | Note 12—Subordinated Notes and Junior Subordinated Debentures During 2020, the Company issued $ 75.0 million in 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 the three-month SOFR, plus 588 basis points thereafter until maturity. The transaction resulted in debt issuance costs of approximately $ 1.7 million that is being amortized over 10 years . As of March 31, 2023 , the net liability outstanding of the subordinated notes was $ 73.7 million. 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 Federal Reserve to the extent such approval is then required. The subordinated notes qualify as Tier 2 capital for regulatory capital purposes. At March 31, 2023 and December 31, 2022, the Company’s junior subordinated debentures by issuance were as follows: Name of Trust Aggregate Principal Amount March 31, 2023 Aggregate Stated Contractual Rate at March 31, 2023 Interest Rate Spread Metropolitan Statutory Trust 1 $ 35,000 $ 35,000 March 17, 2034 7.70 % Three-month LIBOR + 2.79 % First Evanston Bancorp Trust I 10,000 10,000 March 15, 2035 6.65 % Three-month LIBOR + 1.78 % Total liability, at par 45,000 45,000 Discount ( 7,558 ) ( 7,662 ) Total liability, at carrying value $ 37,442 $ 37,338 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 % ( 7.70 % and 7.53 % at March 31, 2023 and December 31, 2022 , respectively). 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 2009. Accrued interest payable was $ 116,000 and $ 98,000 as of March 31, 2023 and December 31, 2022, respectively. As part of the First Evanston acquisition, 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. Beginning on March 15, 2010, the interest rate reset to the three-month LIBOR plus 1.78 % ( 6.65 % and 6.55 % at March 31, 2023 and December 31, 2022 , 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 $ 30,000 as of March 31, 2023 and December 31, 2022. 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. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Note 13—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. Operating lease commitments —Refer to Note 7—Leases for discussion of operating lease commitments. 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 Condensed 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. 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 March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Fixed Rate Variable Rate Total Fixed Rate Variable Rate Total Commitments to extend credit $ 267,040 $ 1,932,687 $ 2,199,727 $ 258,049 $ 1,821,175 $ 2,079,224 Letters of credit 521 61,004 61,525 536 61,328 61,864 Total $ 267,561 $ 1,993,691 $ 2,261,252 $ 258,585 $ 1,882,503 $ 2,141,088 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 1.00 % to 18.00 % and maturities up to 2050 . Variable rate loan commitments have interest rates ranging from 1.75 % to 13.75 % and maturities up to 2048 . |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Note 14—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. 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 2023 and 2022, 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 Condensed Consolidated Statements of Financial Condition. The following tables summarize the Company’s financial assets and liabilities that were measured at fair value on a recurring basis at March 31, 2023 and December 31, 2022: Fair Value Measurements Using March 31, 2023 Fair Value Level 1 Level 2 Level 3 Financial assets Securities available-for-sale U.S. Treasury Notes $ 41,195 $ 41,195 $ — $ — U.S. Government agencies 130,866 — 130,866 — Obligations of states, municipalities, and political 63,578 — 63,578 — Mortgage-backed securities; residential Agency 589,310 — 589,310 — Non-Agency 105,139 — 105,139 — Mortgage-backed securities; commercial Agency 157,297 — 157,297 — Corporate securities 37,490 — 37,490 — Asset-backed securities 39,512 — 39,512 — Equity and other securities, at fair value Mutual funds 2,555 2,555 — — Equity securities 5,784 — 5,154 630 Servicing assets 20,944 — — 20,944 Derivative assets 55,491 — 55,491 — Financial liabilities Derivative liabilities 15,085 — 15,085 — Fair Value Measurements Using December 31, 2022 Fair Value Level 1 Level 2 Level 3 Financial assets Securities available-for-sale U.S. Treasury Notes $ 40,723 $ 40,723 $ — $ — U.S. Government agencies 130,364 — 130,364 — Obligations of states, municipalities, and political 61,876 — 61,876 Mortgage-backed securities; residential Agency 595,796 — 595,796 — Non-Agency 106,249 — 106,249 — Mortgage-backed securities; commercial Agency 157,030 — 157,030 — Corporate securities 41,436 — 41,436 — Asset-backed securities 40,957 — 40,957 — Equity and other securities, at fair value Mutual funds 2,518 2,518 — — Equity securities 5,471 — 4,805 666 Servicing assets 19,172 — — 19,172 Derivative assets 65,342 — 65,342 — Financial liabilities Derivative liabilities 17,817 — 17,817 — 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): Three Months Ended March 31, 2023 2022 2023 2022 Investment Securities Servicing Assets Balance, beginning of period $ 666 $ 686 $ 19,172 $ 23,744 Additions, net — — 1,116 1,984 Change in fair value ( 36 ) ( 11 ) 656 ( 1,231 ) Balance, end of period $ 630 $ 675 $ 20,944 $ 24,497 The Company did no t have any transfers to or from Level 3 of the fair value hierarchy during the three months ended March 31, 2023 and 2022. 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 March 31, 2023: Financial Instruments Valuation Technique Unobservable Inputs Range of Weighted Impact to Single issuer trust preferred Discounted cash flow Discount rate 6.4 % - 8.2 % 7.4 % Decrease Servicing assets Discounted cash flow Prepayment speeds 0.0 % - 33.0 % 13.2 % Decrease Discount rate 4.8 % - 51.6 % 11.8 % Decrease Expected weighted 0.0 - 10.0 years 4.1 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: Individually Evaluated Loans —The Company individually evaluates loans that do not share similar risk characteristics, including non-accrual loans. Specific allowance for credit losses is measured based on a discounted cash flow of ongoing operations, discounted at the loan’s original effective interest rate, or a calculation of the fair value of the underlying collateral less estimated selling costs. Valuations of individually assessed loans that are collateral dependent are supported by third party appraisals in accordance with the Bank’s credit policy. Accordingly, individually evaluated loans are classified as Level 3. 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. The Company records assets held for sale on the Condensed Consolidated Statements of Financial Condition within accrued interest receivable and other assets. 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. 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, as of March 31, 2023 and December 31, 2022: Fair Value Measurements Using March 31, 2023 Fair Value Level 1 Level 2 Level 3 Non-recurring Individually evaluated loans Commercial real estate $ 25,321 $ — $ — $ 25,321 Construction, land development, and other land 4,343 4,343 Commercial and industrial 19,727 — — 19,727 Assets held for sale 8,653 — — 8,653 Other real estate owned 3,712 — — 3,712 Fair Value Measurements Using December 31, 2022 Fair Value Level 1 Level 2 Level 3 Non-recurring Individually evaluated loans Commercial real estate $ 37,959 $ — $ — $ 37,959 Residential real estate 879 — — 879 Construction, land development, and other land 5,541 — — 5,541 Commercial and industrial 47,846 — — 47,846 Assets held for sale 8,673 — — 8,673 Other real estate owned 4,717 — — 4,717 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 and interest bearing deposits with other banks —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. 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. 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: March 31, December 31, Fair Value 2023 2022 Hierarchy Carrying Estimated Carrying Estimated Financial assets Cash and due from banks 1 $ 52,725 $ 52,725 $ 62,274 $ 62,274 Interest bearing deposits with other banks 2 231,486 231,486 117,079 117,079 Securities held-to-maturity 2 2,704 2,681 2,705 2,672 Restricted stock 2 38,777 38,777 28,202 28,202 Loans held for sale 3 28,379 29,024 47,823 40,657 Loans and lease receivables, net (less impaired 3 5,375,477 5,359,678 5,262,447 5,259,991 Accrued interest receivable 3 28,960 28,960 29,815 29,815 Financial liabilities Non-interest-bearing deposits 2 1,952,045 1,952,045 2,138,645 2,138,645 Interest-bearing deposits 2 3,860,607 3,859,473 3,556,476 3,554,318 Accrued interest payable 2 9,126 9,126 4,494 4,494 Federal Home Loan Bank advances 2 625,000 625,000 625,000 625,000 Securities sold under repurchase agreement 2 37,810 37,810 15,399 15,399 Subordinated notes 2 73,735 71,084 73,691 70,925 Junior subordinated debentures 3 37,442 37,811 37,338 40,131 |
Derivative Instruments and Hedg
Derivative Instruments and Hedge Activities | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedge Activities | Note 15—Derivative Instruments and Hedge Activities As required by ASC 815, the Company records all derivatives on the Condensed Consolidated Statements of Financial Condition 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 Condensed 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 Condensed Consolidated Statements of Financial Condition as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Fair Value Fair Value Notional Other Other Notional Other Other Derivatives designated as hedging instruments Interest rate swaps designated as cash flow $ 550,000 $ 40,438 $ — $ 550,000 $ 47,249 $ — Derivatives not designated as hedging instruments Other interest rate derivatives 577,363 15,053 ( 15,085 ) 545,346 18,093 ( 17,817 ) Other credit derivatives 6,454 — — 6,678 — — Total derivatives $ 1,133,817 $ 55,491 $ ( 15,085 ) $ 1,102,024 $ 65,342 $ ( 17,817 ) Interest rate swaps designated as cash flow hedges —Cash flow hedges of interest payments associated with certain financial instruments had notional amounts totaling $ 550.0 million as of March 31, 2023, and December 31, 2022. 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 March 31, 2023, the cash flow hedges aggregating $ 550.0 million in notional amounts are comprised of $ 450.0 million pay-fixed interest rate swaps associated with certain deposits and other borrowings, and $ 100.0 million receive-fixed interest rate swaps associated with certain variable rate loans. As of March 31, 2023, the $ 450.0 million pay-fixed interest rate swaps are comprised of four effective hedges totaling $ 350.0 million; $ 50.0 million forward-starting interest rate swap effective in May 2023; and $ 50.0 million forward-starting interest rate swap effective in September 2023. The two hedges comprising the $ 100.0 million receive-fixed forward -starting interest rate swaps became effective on April 1, 2023. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the unrealized gain or loss on the derivatives is recorded in accumulated other comprehensive income (loss) and subsequently reclassified into interest income or expense in the same period during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest income or expense as interest payments are made on the hedged instruments. Interest recorded on these swap transactions was $ 2.0 million interest income and $ 210,000 interest expense during the three months ended March 31, 2023, and 2022, respectively, and is reported as a component of interest expense on deposits and other borrowings. As of March 31, 2023, the Company estimates $ 15.5 million of the unrealized gain to be reclassified as a decrease to interest expense during the next twelve months. Accumulated other comprehensive income also includes the amortization of the remaining balance related to terminated interest rate swaps designated as cash flow hedges, which are over the original life of the cash flow hedge. In March 2023, the Company terminated interest rate swaps designated as cash flow hedges totaling $ 100.0 million, of which $ 50.0 million has an effective date of May 2023 and $ 50.0 million has an effective date of June 2023. The transaction resulted in a gain of $ 4.2 million, net of tax, which was the clean value at termination date and will begin amortizing on the effective dates. The gain will be amortized as a decrease to interest expense. The remaining balance related to previously terminated interest rate swaps designated as cash flow hedges was $ 15,000 as of December 31, 2022. The following table reflects the cash flow hedges as of March 31, 2023: Notional amounts $ 550,000 Derivative assets fair value 40,438 Derivative liabilities fair value — Weighted average maturity 3.7 years Receive rates are determined at the time the swaps become effective. As of March 31, 2023, the weighted average pay rates of the pay-fixed interest rate swaps were 1.04 % and the weighted average receive rates for the four effective hedges of $ 350.0 million were 4.64 %. As of March 31, 2023, the weighted average pay rates of the receive-fixed interest rate swaps were 7.44 %. The following table reflects the net gains (losses) recorded in accumulated other comprehensive income (loss) and the Condensed Consolidated Statements of Operations relating to the cash flow derivative instruments for the three months ended: March 31, 2023 March 31, 2022 Amount of Amount of Amount of Amount of Amount of Amount of Interest rate swaps $ 194 $ 1,956 $ — $ 17,643 $ ( 210 ) $ — 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 $ 577.4 million as of March 31, 2023 with maturities ranging from May 2023 to May 2033 . 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 three months ended March 31, 2023 and 2022, there were $ 472,000 and $ 1.1 million of net 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 March 31, 2023: Notional amounts $ 577,363 Derivative assets fair value 15,053 Derivative liabilities fair value 15,085 Weighted average pay rates 4.29 % Weighted average receive rates 5.45 % Weighted average maturity 5.4 years Other 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 derivatives is managed through the Company’s loan underwriting process. The total notional amount was $ 6.5 million and $ 6.7 million as of March 31, 2023 and December 31, 2022, respectively. Additionally, the Company enters into foreign currency contracts to manage foreign exchange risk associated with certain customer foreign currency transactions. These transactions were not material to the consolidated financial statements as of March 31, 2023 and December 31, 2022. The fair values of the credit derivatives is reflected in other assets and liabilities with corresponding gains or losses reflected in non-interest income or other comprehensive 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 Condensed Consolidated Statements of Operations relating to derivative instruments that are not designated in a hedging relationship for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 Other interest rate derivatives $ ( 308 ) $ ( 282 ) Other credit derivatives — ( 4 ) Total $ ( 308 ) $ ( 286 ) 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 Condensed Consolidated Statements of Financial Condition. The table below summarizes the Company’s interest rate derivatives and offsetting positions as of: March 31, 2023 December 31, 2022 Derivative Derivative Derivative Derivative Gross amounts recognized $ 55,491 $ ( 15,085 ) $ 65,342 $ ( 17,817 ) Less: Amounts offset in the Condensed Consolidated — — — — Net amount presented in the Condensed Consolidated $ 55,491 $ ( 15,085 ) $ 65,342 $ ( 17,817 ) Gross amounts not offset in the Condensed Consolidated Offsetting derivative positions ( 1,281 ) 1,281 ( 43 ) 43 Collateral posted ( 54,210 ) — ( 64,370 ) 0 Net credit exposure $ — $ ( 13,804 ) $ 929 $ ( 17,774 ) As of March 31, 2023 , 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 $ 15.1 million. If the Company had breached any of these provisions at March 31, 2023 , it could have been required to settle its obligations under the agreements at their termination value less offsetting positions of $ 1.3 million. For purposes of this disclosure, the amount of posted collateral by the Company and counterparties is limited to the amount offsetting the derivative asset and derivative liability. |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | Note 16 – 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 March 31, 2023 , there were 143,578 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. During 2023, the Company granted 273,152 shares of restricted common stock, par value $ 0.01 per share. Of this total, 201,569 restricted shares will vest ratably over three years on each anniversary of the grant date, 20,201 restricted shares will cliff vest on the third anniversary of the grant date, all subject to continued employment. In addition, 51,382 performance-based shares were granted. The number of performance-based shares which may be earned under the award is dependent upon the Company's total stockholder return and return on average assets, weighted equally, over a three-year period ending December 31, 2025, measured against the KBW Regional Bank Index. 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 three months ended March 31, 2023: Omnibus Plan Number of Shares Weighted Average Beginning balance, January 1, 2023 581,337 $ 22.93 Granted 273,152 24.90 Incremental performance shares vested 1,826 Vested ( 160,720 ) 21.64 Forfeited ( 2,491 ) 24.04 Ending balance outstanding at March 31, 2023 693,104 $ 23.98 A total of 160,720 restricted shares vested during the three months ended March 31, 2023 . A total of 234,603 restricted shares vested during the year ended December 31, 2022. The fair value of restricted shares that vested during the three months ended March 31, 2023 was $ 4.0 million. The fair value of restricted shares that vested during the year ended December 31, 2022 was $ 5.9 million. The Company recognizes share-based compensation based on the estimated fair value of the restricted stock at the grant date. The fair value of the total stock return performance-based awards granted in 2023 were calculated based on a Monte Carlo simulation, using expected volatilities between 38.11 % and 39.80 %, a risk-free rate of 4.42 %, and a simulation term of 2.85 years. Based on the equal weighing of total stock return and return on average assets, the grant date fair value of the performance based awards was $ 25.20 per share. Share-based compensation expense is included in non-interest expense in the Condensed Consolidated Statements of Operations. The following table summarizes restricted stock compensation expense for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 Total share-based compensation - restricted stock $ 1,510 $ 1,264 Income tax benefit 406 343 Unrecognized compensation expense 14,416 13,525 Weighted-average amortization period remaining 2.5 years 2.9 years The fair value of the unvested restricted stock awards at March 31, 2023 was $ 15.0 million. 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 768,564 shares remain outstanding under the BYB Plan at March 31, 2023. 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 have 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 March 31, 2023. 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 three months ended March 31, 2023: BYB Plan Number of Shares Weighted Average Exercise Price Intrinsic Weighted Average Remaining Contractual Term (in Years) Beginning balance, January 1, 2023 768,564 $ 11.31 $ 8,960 2.5 Exercised — Expired — Ending balance outstanding at March 31, 2023 768,564 $ 11.31 $ 7,922 2.2 Exercisable at March 31, 2023 768,564 $ 11.31 $ 7,922 $ 2.2 No stock options were exercised during the three months ended March 31, 2023 . A total of 568,484 stock options were exercised during the year ended December 31, 2022 , with proceeds of $ 470,000 and a related tax benefit of $ 2.3 million. No stock options vested during the three months ended March 31, 2023. The Company did not recognize any stock option compensation expense during three months ended March 31, 2023 or 2022. The re was no unrecognized stock option compensation expenses as of March 31, 2023. 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) 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 three months ended March 31, 2023: FEB Plan Number of Shares Weighted Average Exercise Price Intrinsic Weighted Average Remaining Contractual Term (in Years) Beginning balance, January 1, 2023 162,288 $ 11.66 $ 1,836 2.5 Exercised — Expired — Ending balance outstanding at March 31, 2023 162,288 $ 11.66 $ 1,617 2.2 Exercisable at March 31, 2023 162,288 $ 11.66 $ 1,617 2.2 No stock options were exercised during the three months ended March 31, 2023 . A total of 7,559 stock options were exercised during the year ended December 31, 2022 , proceeds of which were $ 80,000 and a related tax benefit of $ 25,000 . No stock options vested during the three months ended March 31, 2023 . |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Note 17—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 930,852 and 1,251,251 shares of common stock were outstanding as of March 31, 2023 and 2022 , respectively. There were 693,104 and 756,457 restricted stock awards outstanding at March 31, 2023 and 2022, respectively. For the three months ended March 31, 2023 and 2022 , no stock options outstanding were excluded from the calculation of diluted earnings per common share. The following represent the calculation of basic and diluted earnings per share for the periods presented: Three Months Ended 2023 2022 Net income $ 23,945 $ 22,311 Less: Dividends on preferred shares — 196 Net income available to common stockholders $ 23,945 $ 22,115 Weighted-average common stock outstanding: Weighted-average common stock outstanding (basic) 36,955,085 37,123,161 Incremental shares 584,827 919,661 Weighted-average common stock outstanding (dilutive) 37,539,912 38,042,822 Basic earnings per common share $ 0.65 $ 0.60 Diluted earnings per common share $ 0.64 $ 0.58 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | Note 18—Stockholders’ Equity A summary of the Company’s preferred and common stock at March 31, 2023 and December 31, 2022 is as follows: March 31, December 31, 2023 2022 Preferred stock Par value $ 0.01 $ 0.01 Shares authorized 25,000,000 25,000,000 Shares issued — — Shares outstanding — — Common stock, voting Par value $ 0.01 $ 0.01 Shares authorized 150,000,000 150,000,000 Shares issued 39,728,037 39,518,702 Shares outstanding 37,713,427 37,492,775 Treasury shares 2,014,610 2,025,927 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 was redeemable at the Company’s option on or after March 31, 2022. Holders of Series B Preferred Stock did not have any rights to convert such stock into shares of any other class of capital stock of the Company. Holders of Series B Preferred Stock were entitled to receive a fixed dividend of 7.50 % per annum from the original issue date through December 30, 2021 . 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 was 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”). On March 31, 2022 , the Company redeemed all 10,438 outstanding shares of Series B Preferred Stock. Under the Certificate of Designations, the per share redemption price was the liquidation preference of $ 1,000 per share plus an amount equal to any declared and unpaid dividends thereon for any prior dividend period and totaled $ 10.6 million. For the three months ended March 31, 2022, we declared and paid dividends on the Series B preferred stock of $ 196,000 . On December 10, 2020, we announced that our Board of Directors approved a stock repurchase program authorizing the purchase of up to an aggregate of 1,250,000 shares of our outstanding common stock, and on July 27, 2021, our Board of Directors authorized an expansion of the stock repurchase program. Under the extended program, we were authorized to repurchase an additional 1,250,000 shares of our outstanding common stock. This repurchase program expired on December 31, 2022. On December 12, 2022, we announced that our Board of Directors approved a new stock repurchase program authorizing the purchase of up to an aggregate of 1,250,000 shares of our outstanding common stock. The program is in effect from January 1, 2023 until December 31, 2023 unless terminated earlier. 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. We are 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 management at its discretion and will depend on a number of factors, including the market price of our stock, general market and economic conditions and applicable legal requirements. We did no t purchase any shares under the stock repurchase program during the three months ended March 31, 2023 . We purchased 282,819 shares at a cost of $ 7.6 million under this program during the three months ended March 31, 2022. 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 Condensed Consolidated Statements of Financial Condition. For the three months ended March 31, 2023 and 2022, cash dividends were declared and paid to stockholders of record of the Company's common stock of $ 0.09 per share, respectively. On April 25, 2023, the Company’s Board of Directors declared a cash dividend of $ 0.09 per share payable on May 23, 2023 to stockholders of record of the Company’s common stock as of May 9, 2023 . |
Consolidated Statements of Chan
Consolidated Statements of Changes in Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Consolidated Statements of Changes in Accumulated Other Comprehensive Income (Loss) | Note 19—Consolidated Statements of Changes in Accumulated Other Comprehensive Income (Loss) The following table summarizes the changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2023 and 2022: (dollars in thousands) Unrealized Unrealized Gains (Losses) Total Accumulated Balance, January 1, 2022 $ 2,817 $ ( 11,119 ) $ ( 8,302 ) Other comprehensive income (loss), net of tax 13,010 ( 61,096 ) ( 48,086 ) Balance, March 31, 2022 $ 15,827 $ ( 72,215 ) $ ( 56,388 ) Balance, January 1, 2023 $ 34,315 $ ( 151,865 ) $ ( 117,550 ) Other comprehensive income (loss), net of tax ( 1,291 ) 10,699 9,408 Balance, March 31, 2023 $ 33,024 $ ( 141,166 ) $ ( 108,142 ) |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | These unaudited interim condensed consolidated financial statements include the accounts of Byline Bancorp, Inc., a Delaware corporation (the “Company,” “Byline,” “we,” “us,” “our”), a bank holding company whose principal activity is the ownership and management of its Illinois state chartered subsidiary bank, Byline Bank (the “Bank”), based in Chicago, Illinois. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission (“SEC”). In preparing these financial statements, the Company has evaluated events and transactions subsequent to March 31, 2023 for potential recognition or disclosure. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position and results of operations for the periods presented have been included. Certain information in footnote disclosures normally included in financial statements prepared in accordance with GAAP has been condensed or omitted pursuant to the rules and regulations of the SEC and the accounting standards for interim financial statements. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Consolidated Financial Statements for the years ended December 31, 2022, 2021, and 2020. 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, segments disclosures are currently not required. In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 855, “Subsequent Events,” the Company’s management has evaluated subsequent events for potential recognition or disclosure through the date of the issuance of these condensed consolidated financial statements. No subsequent events were identified that would have required a change to the condensed consolidated financial statements or disclosure in the notes to the condensed consolidated financial statements. Certain prior period amounts have been reclassified to conform to current period presentation. These reclassifications did not result in any changes to previously reported net income or stockholders’ equity. |
Accounting Pronouncements Recently Adopted or Issued | The following reflect recent accounting pronouncements that have been adopted or are pending adoption by the Company. Adopted Accounting Pronouncements Financial Instruments—Credit Losses (Topic 326) —In June 2016, FASB issued Accounting Standards Update ("ASU") No. 2016‑13, Financial Instruments - Credit Losses (Topic 326) on the recognition of credit losses, otherwise known as the current expected credit loss model or "CECL", which replaces the incurred loss impairment methodology with a methodology that reflects current expected credit losses. We elected to delay the adoption of the standard in accordance with ASU No. 2019-10, Effective Dates, which delayed the effective date of the ASU for entities not classified as Public Business Entities. The Company’s EGC status expired December 31, 2022, requiring CECL adoption be reflected in our December 31, 2022 financial statements and Form 10-K. Results for reporting periods beginning after September 30, 2022 were presented under the new standard, while prior quarters were reported under, and continue to be reported under, the incurred loss method. For additional information on the new standard, see Note 1—Business and Summary of Significant Accounting Policies in our Annual Report on Form 10-K for the year ended December 31, 2022. The following table presents select financial data for the first three quarters of 2022 as reported under the incurred loss method and as recast under CECL: For the three month period ended March 31, 2022 June 30, 2022 September 30, 2022 As Reported Adjustment Recast As Reported Adjustment Recast As Reported Adjustment Recast Interest and dividend $ 61,818 $ ( 405 ) $ 61,413 $ 66,546 $ 133 $ 66,679 $ 79,903 $ ( 240 ) $ 79,663 Interest expense 3,082 — 3,082 4,919 — 4,919 11,028 — 11,028 Net interest income 58,736 ( 405 ) 58,331 61,627 133 61,760 68,875 ( 240 ) 68,635 Provision/(recapture) for 4,995 1,564 6,559 5,908 ( 1,622 ) 4,286 4,176 3,032 7,208 Net interest income after 53,741 ( 1,969 ) 51,772 55,719 1,755 57,474 64,699 ( 3,272 ) 61,427 Non-interest income 19,426 117 19,543 14,161 112 14,273 11,992 51 12,043 Non-interest expense 44,555 ( 599 ) 43,956 43,773 ( 188 ) 43,585 46,178 ( 137 ) 46,041 Income before provision 28,612 ( 1,253 ) 27,359 26,107 2,055 28,162 30,513 ( 3,084 ) 27,429 Provision for income taxes 6,301 ( 340 ) 5,961 5,824 558 6,382 7,857 ( 837 ) 7,020 Net income 22,311 ( 913 ) 21,398 20,283 1,497 21,780 22,656 ( 2,247 ) 20,409 Dividends on preferred 196 — 196 — — — — — — Income available to common $ 22,115 $ ( 913 ) $ 21,202 $ 20,283 $ 1,497 $ 21,780 $ 22,656 $ ( 2,247 ) $ 20,409 Basic earnings per $ 0.60 $ ( 0.03 ) $ 0.57 $ 0.55 $ 0.04 $ 0.59 $ 0.61 $ ( 0.06 ) $ 0.55 Diluted earnings per $ 0.58 $ ( 0.02 ) $ 0.56 $ 0.54 $ 0.04 $ 0.58 $ 0.61 $ ( 0.06 ) $ 0.55 ASU 2022-02 - Financial Instruments – Credit Losses – Troubled Debt Restructurings and Vintage Disclosures (Topic 326) – The Company adopted this update effective March 31, 2023. This update eliminates the recognition and measurement guidance for troubled debt restructurings (“TDRs”) by creditors in ASC 310-40. The update also enhances disclosure requirements for certain loan restructurings by creditors when a borrower is experiencing financial difficulty. Specifically, rather than applying the recognition and measurement guidance for TDRs, an entity will apply the loan refinancing and restructuring guidance to determine whether a modification or other form of restructuring results in a new loan or a continuation of an existing loan. Additionally, the amendments in this ASU require a public business entity to disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases in the existing vintage disclosures. Refer to Note 4—Loan and Lease Receivables and Allowance for Credit Losses for additional details regarding these disclosures. Issued Accounting Pronouncements Pending Adoption 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, 2024. Banking regulators have provided guidance that 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 March 31, 2023 , $ 572.1 million of loans , derivatives with a notional amount of $ 422.9 million, and securities available for sale with a fair value of $ 36.7 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 with a carrying value of $ 37.4 million were also tied to LIBOR. Fair Value Measurement (Topic 820) - In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The guidance in the ASU clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account on the equity security and, therefore, is not considered in measuring fair value. The ASU also requires additional disclosures about the restriction. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. The Company is evaluating the accounting and disclosure requirements of this update and does not expect them to have a material effect on the consolidated financial statements. |
Accounting Pronouncements Rec_2
Accounting Pronouncements Recently Adopted or Issued (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Selected Quarterly Financial Data (unaudited) | The following table presents select financial data for the first three quarters of 2022 as reported under the incurred loss method and as recast under CECL: For the three month period ended March 31, 2022 June 30, 2022 September 30, 2022 As Reported Adjustment Recast As Reported Adjustment Recast As Reported Adjustment Recast Interest and dividend $ 61,818 $ ( 405 ) $ 61,413 $ 66,546 $ 133 $ 66,679 $ 79,903 $ ( 240 ) $ 79,663 Interest expense 3,082 — 3,082 4,919 — 4,919 11,028 — 11,028 Net interest income 58,736 ( 405 ) 58,331 61,627 133 61,760 68,875 ( 240 ) 68,635 Provision/(recapture) for 4,995 1,564 6,559 5,908 ( 1,622 ) 4,286 4,176 3,032 7,208 Net interest income after 53,741 ( 1,969 ) 51,772 55,719 1,755 57,474 64,699 ( 3,272 ) 61,427 Non-interest income 19,426 117 19,543 14,161 112 14,273 11,992 51 12,043 Non-interest expense 44,555 ( 599 ) 43,956 43,773 ( 188 ) 43,585 46,178 ( 137 ) 46,041 Income before provision 28,612 ( 1,253 ) 27,359 26,107 2,055 28,162 30,513 ( 3,084 ) 27,429 Provision for income taxes 6,301 ( 340 ) 5,961 5,824 558 6,382 7,857 ( 837 ) 7,020 Net income 22,311 ( 913 ) 21,398 20,283 1,497 21,780 22,656 ( 2,247 ) 20,409 Dividends on preferred 196 — 196 — — — — — — Income available to common $ 22,115 $ ( 913 ) $ 21,202 $ 20,283 $ 1,497 $ 21,780 $ 22,656 $ ( 2,247 ) $ 20,409 Basic earnings per $ 0.60 $ ( 0.03 ) $ 0.57 $ 0.55 $ 0.04 $ 0.59 $ 0.61 $ ( 0.06 ) $ 0.55 Diluted earnings per $ 0.58 $ ( 0.02 ) $ 0.56 $ 0.54 $ 0.04 $ 0.58 $ 0.61 $ ( 0.06 ) $ 0.55 |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Amortized Cost and Fair Values of Securities Available-for-sale, and Held to Maturity | The following tables summarize the amortized cost and fair values of securities available-for-sale and securities held-to-maturity as of the dates shown and the corresponding amounts of gross unrealized gains and losses: March 31, 2023 Amortized Gross Gross Fair Available-for-sale U.S. Treasury Notes $ 42,473 $ 88 $ ( 1,366 ) $ 41,195 U.S. Government agencies 149,595 91 ( 18,820 ) 130,866 Obligations of states, municipalities, and 68,165 69 ( 4,656 ) 63,578 Residential mortgage-backed securities Agency 690,793 — ( 101,483 ) 589,310 Non-agency 128,738 — ( 23,599 ) 105,139 Commercial mortgage-backed securities Agency 189,871 — ( 32,574 ) 157,297 Corporate securities 42,784 — ( 5,294 ) 37,490 Asset-backed securities 41,281 — ( 1,769 ) 39,512 Total $ 1,353,700 $ 248 $ ( 189,561 ) $ 1,164,387 March 31, 2023 Amortized Gross Gross Fair Held-to-maturity Obligations of states, municipalities, and $ 2,704 $ — $ ( 23 ) $ 2,681 Total $ 2,704 $ — $ ( 23 ) $ 2,681 December 31, 2022 Amortized Gross Gross Fair Available-for-sale U.S. Treasury Notes $ 42,430 $ 2 $ ( 1,709 ) $ 40,723 U.S. Government agencies 150,524 116 ( 20,276 ) 130,364 Obligations of states, municipalities, and 68,019 9 ( 6,152 ) 61,876 Residential mortgage-backed securities Agency 707,157 — ( 111,361 ) 595,796 Non-agency 130,654 — ( 24,405 ) 106,249 Commercial mortgage-backed securities Agency 191,172 — ( 34,142 ) 157,030 Corporate securities 45,302 — ( 3,866 ) 41,436 Asset-backed securities 43,085 — ( 2,128 ) 40,957 Total $ 1,378,343 $ 127 $ ( 204,039 ) $ 1,174,431 December 31, 2022 Amortized Gross Gross Fair Held-to-maturity Obligations of states, municipalities, and political $ 2,705 $ — $ ( 33 ) $ 2,672 Total $ 2,705 $ — $ ( 33 ) $ 2,672 |
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 March 31, 2023 and December 31, 2022, are summarized as follows: Less than 12 Months 12 Months or Longer Total March 31, 2023 Number of Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale U.S. Treasury Notes 6 $ 9,594 $ ( 279 ) $ 21,832 $ ( 1,087 ) $ 31,426 $ ( 1,366 ) U.S. Government agencies 17 7,778 ( 171 ) 108,822 ( 18,649 ) 116,600 ( 18,820 ) Obligations of states, 48 16,319 ( 424 ) 37,218 ( 4,232 ) 53,537 ( 4,656 ) Residential mortgage-backed Agency 99 26,323 ( 1,070 ) 562,987 ( 100,413 ) 589,310 ( 101,483 ) Non-agency 19 — — 105,139 ( 23,599 ) 105,139 ( 23,599 ) Commercial mortgage-backed Agency 48 7,437 ( 1,532 ) 149,860 ( 31,042 ) 157,297 ( 32,574 ) Corporate securities 23 12,426 ( 571 ) 25,064 ( 4,723 ) 37,490 ( 5,294 ) Asset-backed securities 8 10,327 ( 176 ) 29,186 ( 1,593 ) 39,513 ( 1,769 ) Total 268 $ 90,204 $ ( 4,223 ) $ 1,040,108 $ ( 185,338 ) $ 1,130,312 $ ( 189,561 ) Held-to-maturity Obligations of states, 3 $ 2,136 $ ( 23 ) $ — $ — $ 2,136 $ ( 23 ) Total 3 $ 2,136 $ ( 23 ) $ — $ — $ 2,136 $ ( 23 ) Less than 12 Months 12 Months or Longer Total December 31, 2022 # of Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale U.S. Treasury Notes 6 $ 21,720 $ ( 1,078 ) $ 9,339 $ ( 631 ) $ 31,059 $ ( 1,709 ) U.S. Government agencies 17 44,508 ( 4,782 ) 70,609 ( 15,494 ) 115,117 ( 20,276 ) Obligations of states, 58 50,216 ( 3,858 ) 7,185 ( 2,294 ) 57,401 ( 6,152 ) Residential mortgage-backed securities Agency 101 117,598 ( 11,045 ) 478,198 ( 100,316 ) 595,796 ( 111,361 ) Non-agency 19 35,486 ( 7,569 ) 70,763 ( 16,836 ) 106,249 ( 24,405 ) Commercial mortgage-backed securities Agency 47 76,193 ( 11,840 ) 74,315 ( 22,302 ) 150,508 ( 34,142 ) Corporate securities 24 37,130 ( 3,128 ) 4,306 ( 738 ) 41,436 ( 3,866 ) Asset-backed securities 8 25,455 ( 503 ) 15,502 ( 1,625 ) 40,957 ( 2,128 ) Total 280 $ 408,306 $ ( 43,803 ) $ 730,217 $ ( 160,236 ) $ 1,138,523 $ ( 204,039 ) Held-to-maturity Obligations of states, municipalities and 4 $ 2,672 $ ( 33 ) $ — $ — $ 2,672 $ ( 33 ) Total 4 $ 2,672 $ ( 33 ) $ — $ — $ 2,672 $ ( 33 ) |
Schedule of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | At March 31, 2023, 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. Securities not due at a single maturity date are shown separately. Amortized Fair Available-for-sale Due in one year or less $ 2,556 $ 2,527 Due from one to five years 115,122 108,432 Due from five to ten years 181,107 160,861 Due after ten years 45,513 40,821 Mortgage-backed securities 1,009,402 851,746 Total $ 1,353,700 $ 1,164,387 Held-to-maturity Due in one year or less $ 1,546 $ 1,537 Due from one to five years 1,158 1,144 Total $ 2,704 $ 2,681 |
Loan and Lease Receivables an_2
Loan and Lease Receivables and Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Schedule of Outstanding Loan and Lease Receivables | Outstanding loan and lease receivables as of the dates shown were categorized as follows: March 31, December 31, 2023 2022 Commercial real estate $ 1,925,731 $ 1,905,909 Residential real estate 498,745 489,411 Construction, land development, and other land 448,459 440,016 Commercial and industrial 2,081,251 2,055,213 Installment and other 1,768 1,709 Lease financing receivables 548,407 518,654 Total loans and leases 5,504,361 5,410,912 Net unamortized deferred fees and costs 5,501 5,014 Initial direct costs 5,470 5,332 Allowance for credit losses - loans and leases ( 90,465 ) ( 81,924 ) Net loans and leases $ 5,424,867 $ 5,339,334 March 31, December 31, 2023 2022 Lease financing receivables Net minimum lease payments $ 539,508 $ 509,980 Unguaranteed residual values 60,935 54,118 Unearned income ( 52,036 ) ( 45,444 ) Total lease financing receivables 548,407 518,654 Initial direct costs 5,470 5,332 Lease financial receivables before allowance for $ 553,877 $ 523,986 |
Summary of Minimum Annual Lease Payments for Lease Financing Receivables | The minimum annual lease payments for lease financing receivables as of March 31, 2023 are summarized as follows: Minimum Lease 2023 $ 129,511 2024 158,889 2025 122,555 2026 81,555 2027 39,544 Thereafter 7,454 Total $ 539,508 |
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 March 31, 2023 and December 31, 2022: March 31, 2023 Originated Purchased Credit Deteriorated Acquired Total Commercial real estate $ 1,749,808 $ 39,000 $ 140,576 $ 1,929,384 Residential real estate 441,291 30,070 27,975 499,336 Construction, land development, and other land 446,763 345 — 447,108 Commercial and industrial 2,061,267 1,745 20,793 2,083,805 Installment and other 1,603 134 85 1,822 Lease financing receivables 552,174 — 1,703 553,877 Total loans and leases $ 5,252,906 $ 71,294 $ 191,132 $ 5,515,332 December 31, 2022 Originated Purchased Credit Deteriorated Acquired Total Commercial real estate $ 1,712,152 $ 45,143 $ 152,193 $ 1,909,488 Residential real estate 426,226 32,228 31,508 489,962 Construction, land development, and other land 438,617 372 — 438,989 Commercial and industrial 2,030,616 2,192 24,266 2,057,074 Installment and other 1,410 140 209 1,759 Lease financing receivables 521,689 — 2,297 523,986 Total loans and leases $ 5,130,710 $ 80,075 $ 210,473 $ 5,421,258 |
Summary of Outstanding Balance and Carrying Amount of All Acquired Impaired Loans | The balances do not include an allowance for credit losses - loans and leases of $ 1.0 million and $ 1.9 million at March 31, 2023 and December 31, 2022, respectively. March 31, 2023 December 31, 2022 Unpaid Carrying Unpaid Carrying Commercial real estate $ 78,717 $ 39,000 $ 85,089 $ 45,143 Residential real estate 74,072 30,070 76,270 32,228 Construction, land development, and other land 7,017 345 7,042 372 Commercial and industrial 3,449 1,745 3,902 2,192 Installment and other 798 134 807 140 Total purchased credit deteriorated loans $ 164,053 $ 71,294 $ 173,110 $ 80,075 |
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-credit deteriorated loans and leases at March 31, 2023 and December 31, 2022 were as follows: March 31, 2023 December 31, 2022 Unpaid Carrying Unpaid Carrying Commercial real estate $ 143,733 $ 140,576 $ 155,652 $ 152,193 Residential real estate 28,325 27,975 31,863 31,508 Construction, land development, and other land 63 — 63 — Commercial and industrial 21,516 20,793 25,022 24,266 Installment and other 91 85 216 209 Lease financing receivables 1,706 1,703 2,302 2,297 Total acquired non-credit-deteriorated $ 195,434 $ 191,132 $ 215,118 $ 210,473 |
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 credit losses - loans and leases calculation, as of March 31, 2023 and December 31, 2022: Term loans amortized cost by origination year Revolving Total March 31, 2023 2023 2022 2021 2020 2019 Prior Loans Loans (1) Commercial Real Estate Pass $ 51,778 $ 472,957 $ 503,266 $ 198,583 $ 107,555 $ 400,942 $ 22,196 $ 1,757,277 Watch 366 7,414 16,008 20,674 8,803 67,898 — 121,163 Special Mention — — — — 2,267 4,268 — 6,535 Substandard — — 1,731 1,212 14,926 31,576 — 49,445 Total $ 52,144 $ 480,371 $ 521,005 $ 220,469 $ 133,551 $ 504,684 $ 22,196 $ 1,934,420 Gross charge-offs for quarter ended March 31, 2023 $ — $ — $ 60 $ 90 $ 353 $ 463 $ — $ 966 Residential Real Estate Pass $ 18,097 $ 67,825 $ 58,693 $ 41,474 $ 31,970 $ 214,222 $ 50,365 $ 482,646 Watch — — — 921 40 11,617 1,684 14,262 Special Mention — — — 318 26 615 — 959 Substandard — — — 434 374 2,600 689 4,097 Total $ 18,097 $ 67,825 $ 58,693 $ 43,147 $ 32,410 $ 229,054 $ 52,738 $ 501,964 Gross charge-offs for quarter ended March 31, 2023 $ — $ — $ — $ — $ — $ 9 $ — $ 9 Construction, Land Development, Pass $ 9,354 $ 63,757 $ 224,564 $ 68,081 $ 26,544 $ 38,548 $ 797 $ 431,645 Watch 633 — — — 3,168 12 — 3,813 Special Mention — — — 1,907 — 4,199 — 6,106 Substandard — — — — 1,530 4,014 — 5,544 Total $ 9,987 $ 63,757 $ 224,564 $ 69,988 $ 31,242 $ 46,773 $ 797 $ 447,108 Gross charge-offs for quarter ended March 31, 2023 $ — $ — $ — $ — $ — $ — $ — $ — Commercial & Industrial Pass $ 119,123 $ 510,576 $ 287,392 $ 128,837 $ 59,131 $ 196,850 $ 501,917 $ 1,803,826 Watch 446 19,132 24,296 14,418 33,691 28,951 56,371 177,305 Special Mention 19,000 — 8,875 — 386 3,322 22,533 54,116 Substandard — 2,583 6,770 7,717 12,721 10,363 9,175 49,329 Total $ 138,569 $ 532,291 $ 327,333 $ 150,972 $ 105,929 $ 239,486 $ 589,996 $ 2,084,576 Gross charge-offs for quarter ended March 31, 2023 $ — $ 448 $ 194 $ 461 $ 461 $ 226 $ — $ 1,790 Installment and Other Pass $ 224 $ 238 $ 136 $ 52 $ 66 $ 459 $ 541 $ 1,716 Watch — 32 — — — 74 — 106 Special Mention — — — — — — — — Substandard — — — — — — — — Total $ 224 $ 270 $ 136 $ 52 $ 66 $ 533 $ 541 $ 1,822 Gross charge-offs for quarter ended March 31, 2023 $ — $ — $ — $ — $ — $ — $ — $ — Lease Financing Receivables Pass $ 81,864 $ 272,350 $ 133,303 $ 46,546 $ 11,776 $ 5,342 $ — $ 551,181 Watch — 89 1,481 25 — — — 1,595 Special Mention — — — 261 165 187 — 613 Substandard — 79 281 90 26 12 — 488 Total $ 81,864 $ 272,518 $ 135,065 $ 46,922 $ 11,967 $ 5,541 $ — $ 553,877 Gross charge-offs for quarter ended March 31, 2023 $ — $ 32 $ 186 $ 47 $ 37 $ 2 $ — $ 304 Total Loans and Leases Pass $ 280,440 $ 1,387,703 $ 1,207,354 $ 483,573 $ 237,042 $ 856,363 $ 575,816 $ 5,028,291 Watch 1,445 26,667 41,785 36,038 45,702 108,552 58,055 318,244 Special Mention 19,000 — 8,875 2,486 2,844 12,591 22,533 68,329 Substandard — 2,662 8,782 9,453 29,577 48,565 9,864 108,903 Total $ 300,885 $ 1,417,032 $ 1,266,796 $ 531,550 $ 315,165 $ 1,026,071 $ 666,268 $ 5,523,767 Gross charge-offs for quarter ended March 31, 2023 $ — $ 480 $ 440 $ 598 $ 851 $ 700 $ — $ 3,069 (1) - Includes $ 8.4 million of substandard loans classified as held for sale. Term loans amortized cost by origination year Revolving Total December 31, 2022 2022 2021 2020 2019 2018 Prior Loans Loans (1) Commercial Real Estate Pass $ 471,009 $ 510,529 $ 207,765 $ 111,792 $ 84,382 $ 324,271 $ 28,343 $ 1,738,091 Watch 6,422 12,723 20,583 11,004 17,269 44,462 — 112,463 Special Mention — — 121 1,075 1,232 10,075 — 12,503 Substandard — 1,910 915 13,042 12,685 22,915 — 51,467 Total $ 477,431 $ 525,162 $ 229,384 $ 136,913 $ 115,568 $ 401,723 $ 28,343 $ 1,914,524 Residential Real Estate Pass $ 68,752 $ 59,075 $ 41,768 $ 31,726 $ 48,432 $ 170,279 $ 49,622 $ 469,654 Watch — — 1,137 682 4,098 9,026 2,586 17,529 Special Mention — — 323 32 420 876 — 1,651 Substandard — — 234 381 296 2,185 660 3,756 Total $ 68,752 $ 59,075 $ 43,462 $ 32,821 $ 53,246 $ 182,366 $ 52,868 $ 492,590 Construction, Land Development, Pass $ 62,310 $ 203,672 $ 61,895 $ 27,189 $ 26,489 $ 38,186 $ 185 $ 419,926 Watch — — — 4,409 — 3,064 — 7,473 Special Mention — — 1,845 — 4,199 — — 6,044 Substandard — — — 1,530 4,012 4 — 5,546 Total $ 62,310 $ 203,672 $ 63,740 $ 33,128 $ 34,700 $ 41,254 $ 185 $ 438,989 Commercial & Industrial Pass $ 508,664 $ 305,056 $ 137,335 $ 72,486 $ 96,304 $ 113,965 $ 549,431 $ 1,783,241 Watch 16,657 20,856 15,857 32,282 19,362 9,809 47,119 161,942 Special Mention — 13,056 697 1,162 2,958 7,831 22,320 48,024 Substandard 1,156 3,415 6,671 11,949 5,434 25,275 10,738 64,638 Total $ 526,477 $ 342,383 $ 160,560 $ 117,879 $ 124,058 $ 156,880 $ 629,608 $ 2,057,845 Installment and Other Pass $ 332 $ 146 $ 65 $ 79 $ 15 $ 584 $ 429 $ 1,650 Watch 34 — — — 2 73 — 109 Special Mention — — — — — — — — Substandard — — — — — — — — Total $ 366 $ 146 $ 65 $ 79 $ 17 $ 657 $ 429 $ 1,759 Lease Financing Receivables Pass $ 296,395 $ 148,588 $ 53,642 $ 14,478 $ 7,245 $ 934 $ — $ 521,282 Watch 93 1,560 26 — — — — 1,679 Special Mention — — 290 182 250 23 — 745 Substandard 35 82 80 77 6 — — 280 Total $ 296,523 $ 150,230 $ 54,038 $ 14,737 $ 7,501 $ 957 $ — $ 523,986 Total Loans and Leases Pass $ 1,407,462 $ 1,227,066 $ 502,470 $ 257,750 $ 262,867 $ 648,219 $ 628,010 $ 4,933,844 Watch 23,206 35,139 37,603 48,377 40,731 66,434 49,705 301,195 Special Mention — 13,056 3,276 2,451 9,059 18,805 22,320 68,967 Substandard 1,191 5,407 7,900 26,979 22,433 50,379 11,398 125,687 Total $ 1,431,859 $ 1,280,668 $ 551,249 $ 335,557 $ 335,090 $ 783,837 $ 711,433 $ 5,429,693 (1) - Includes $ 8.4 million of substandard loans classified as held for sale. |
Summary of Contractual Delinquency Information | The following tables summarize contractual delinquency information of the loans and leases considered for inclusion in the allowance for credit losses - loans and leases calculation at March 31, 2023 and December 31, 2022: March 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Total (1) Commercial Real Estate Current $ 52,144 $ 479,222 $ 520,951 $ 220,048 $ 125,896 $ 489,914 $ 22,196 $ 1,910,371 30-59 Days Past Due — 1,149 54 — 459 2,387 — 4,049 60-89 Days Past Due — — — — — — — — Greater than 90 Accruing — — — — — — — — Non-accrual — — — 421 7,196 12,383 — 20,000 Total Past Due — 1,149 54 421 7,655 14,770 — 24,049 Total $ 52,144 $ 480,371 $ 521,005 $ 220,469 $ 133,551 $ 504,684 $ 22,196 $ 1,934,420 Residential Real Estate Current $ 18,097 $ 67,825 $ 58,693 $ 42,713 $ 32,036 $ 226,061 $ 50,909 $ 496,334 30-59 Days Past Due — — — — — 393 1,140 1,533 60-89 Days Past Due — — — — — — — — Greater than 90 Accruing — — — — — — — — Non-accrual — — — 434 374 2,600 689 4,097 Total Past Due — — — 434 374 2,993 1,829 5,630 Total $ 18,097 $ 67,825 $ 58,693 $ 43,147 $ 32,410 $ 229,054 $ 52,738 $ 501,964 Construction, Land Development, Current $ 9,987 $ 63,757 $ 224,564 $ 69,988 $ 29,712 $ 42,759 $ 797 $ 441,564 30-59 Days Past Due — — — — — — — — 60-89 Days Past Due — — — — — — — — Greater than 90 Accruing — — — — — — — — Non-accrual — — — — 1,530 4,014 — 5,544 Total Past Due — — — — 1,530 4,014 — 5,544 Total $ 9,987 $ 63,757 $ 224,564 $ 69,988 $ 31,242 $ 46,773 $ 797 $ 447,108 Commercial & Industrial Current $ 138,569 $ 528,942 $ 325,295 $ 147,397 $ 99,892 $ 234,868 $ 586,134 $ 2,061,097 30-59 Days Past Due — 1,279 830 270 3,532 1,033 100 7,044 60-89 Days Past Due — — — — — — — — Greater than 90 Accruing — — — — — — — — Non-accrual — 2,070 1,208 3,305 2,505 3,585 3,762 16,435 Total Past Due — 3,349 2,038 3,575 6,037 4,618 3,862 23,479 Total $ 138,569 $ 532,291 $ 327,333 $ 150,972 $ 105,929 $ 239,486 $ 589,996 $ 2,084,576 Installment and Other Current $ 224 $ 270 $ 136 $ 52 $ 66 $ 533 $ 541 $ 1,822 30-59 Days Past Due — — — — — — — — 60-89 Days Past Due — — — — — — — — Greater than 90 Accruing — — — — — — — — Non-accrual — — — — — — — — Total Past Due — — — — — — — — Total $ 224 $ 270 $ 136 $ 52 $ 66 $ 533 $ 541 $ 1,822 Lease Financing Receivables Current $ 81,783 $ 271,584 $ 134,294 $ 46,695 $ 11,829 $ 5,454 $ — $ 551,639 30-59 Days Past Due — 288 74 3 — 36 — 401 60-89 Days Past Due 81 569 423 164 113 40 — 1,390 Greater than 90 Accruing — — — — — — — — Non-accrual — 77 274 60 25 11 — 447 Total Past Due 81 934 771 227 138 87 — 2,238 Total $ 81,864 $ 272,518 $ 135,065 $ 46,922 $ 11,967 $ 5,541 $ — $ 553,877 Total Loans and Leases Current $ 300,804 $ 1,411,600 $ 1,263,933 $ 526,893 $ 299,431 $ 999,589 $ 660,577 $ 5,462,827 30-59 Days Past Due — 2,716 958 273 3,991 3,849 1,240 13,027 60-89 Days Past Due 81 569 423 164 113 40 — 1,390 Greater than 90 Accruing — — — — — — — — Non-accrual — 2,147 1,482 4,220 11,630 22,593 4,451 46,523 Total Past Due 81 5,432 2,863 4,657 15,734 26,482 5,691 60,940 Total $ 300,885 $ 1,417,032 $ 1,266,796 $ 531,550 $ 315,165 $ 1,026,071 $ 666,268 $ 5,523,767 (1) - Includes $ 8.4 million of non-accrual loans classified as held for sale. Total non-accrual loans without an allowance included $ 8.4 million of commercial real estate loans, $ 4.1 million of commercial and industrial loans, and $ 2.6 million of residential real estate loans, as of March 31, 2023. The Company recognized $ 970,000 of interest income on non-accrual loans and leases for the three months ended March 31, 2023. December 31, 2022 2022 2021 2020 2019 2018 Prior Revolving Total (1) Commercial Real Estate Current $ 477,334 $ 525,048 $ 229,260 $ 132,067 $ 112,126 $ 387,349 $ 28,343 $ 1,891,527 30-59 Days Past Due 97 54 — — 471 2,060 — 2,682 60-89 Days Past Due — — — — — 1,016 — 1,016 Greater than 90 Accruing — — — — — — — — Non-accrual — 60 124 4,846 2,971 11,298 — 19,299 Total Past Due 97 114 124 4,846 3,442 14,374 — 22,997 Total $ 477,431 $ 525,162 $ 229,384 $ 136,913 $ 115,568 $ 401,723 $ 28,343 $ 1,914,524 Residential Real Estate Current $ 68,752 $ 59,075 $ 40,731 $ 32,440 $ 52,950 $ 180,128 $ 52,146 $ 486,222 30-59 Days Past Due — — 2,497 — — 108 122 2,727 60-89 Days Past Due — — — — — — — — Greater than 90 Accruing — — — — — — — — Non-accrual — — 234 381 296 2,130 600 3,641 Total Past Due — — 2,731 381 296 2,238 722 6,368 Total $ 68,752 $ 59,075 $ 43,462 $ 32,821 $ 53,246 $ 182,366 $ 52,868 $ 492,590 Construction, Land Development, & Land Current $ 62,310 $ 203,672 $ 63,740 $ 33,128 $ 34,700 $ 41,250 $ 185 $ 438,985 30-59 Days Past Due — — — — — — — — 60-89 Days Past Due — — — — — — — — Greater than 90 Accruing — — — — — — — — Non-accrual — — — — — 4 — 4 Total Past Due — — — — — 4 — 4 Total $ 62,310 $ 203,672 $ 63,740 $ 33,128 $ 34,700 $ 41,254 $ 185 $ 438,989 Commercial & Industrial Current $ 524,341 $ 339,915 $ 156,713 $ 113,350 $ 122,523 $ 153,039 $ 628,747 $ 2,038,628 30-59 Days Past Due 980 1,371 391 1,717 368 922 — 5,749 60-89 Days Past Due — 8 80 87 — 472 — 647 Greater than 90 Accruing — — — — — — — — Non-accrual 1,156 1,089 3,376 2,725 1,167 2,447 861 12,821 Total Past Due 2,136 2,468 3,847 4,529 1,535 3,841 861 19,217 Total $ 526,477 $ 342,383 $ 160,560 $ 117,879 $ 124,058 $ 156,880 $ 629,608 $ 2,057,845 Installment and Other Current $ 366 $ 146 $ 65 $ 79 $ 17 $ 657 $ 429 $ 1,759 30-59 Days Past Due — — — — — — — — 60-89 Days Past Due — — — — — — — — Greater than 90 Accruing — — — — — — — — Non-accrual — — — — — — — — Total Past Due — — — — — — — — Total $ 366 $ 146 $ 65 $ 79 $ 17 $ 657 $ 429 $ 1,759 Lease Financing Receivables Current $ 294,948 $ 149,642 $ 53,680 $ 14,557 $ 7,411 $ 955 $ — $ 521,193 30-59 Days Past Due 1,461 467 295 104 77 2 — 2,406 60-89 Days Past Due 79 39 — — 9 — — 127 Greater than 90 Accruing — — — — — — — — Non-accrual 35 82 63 76 4 — — 260 Total Past Due 1,575 588 358 180 90 2 — 2,793 Total $ 296,523 $ 150,230 $ 54,038 $ 14,737 $ 7,501 $ 957 $ — $ 523,986 Total Loans and Leases Current $ 1,428,051 $ 1,277,498 $ 544,189 $ 325,621 $ 329,727 $ 763,378 $ 709,850 $ 5,378,314 30-59 Days Past Due 2,538 1,892 3,183 1,821 916 3,092 122 13,564 60-89 Days Past Due 79 47 80 87 9 1,488 — 1,790 Greater than 90 Accruing — — — — — — — — Non-accrual 1,191 1,231 3,797 8,028 4,438 15,879 1,461 36,025 Total Past Due 3,808 3,170 7,060 9,936 5,363 20,459 1,583 51,379 Total $ 1,431,859 $ 1,280,668 $ 551,249 $ 335,557 $ 335,090 $ 783,837 $ 711,433 $ 5,429,693 (1) - Includes $ 8.4 million of non-accrual loans classified as held for sale. |
Allowance for Credit Losses | The following table summarize the balance and activity within the allowance for credit losses - loans and leases, the components of the allowance for credit losses - loans and leases in terms of loans and leases individually and collectively evaluated for impairment, and corresponding loan and lease balances by type for the three months ended March 31, 2023 are as follows: March 31, 2023 Commercial Residential Construction, Commercial Installment Lease Total Allowance for credit losses - Three months ended Beginning balance $ 26,061 $ 3,140 $ 3,134 $ 41,889 $ 24 $ 7,676 $ 81,924 Provision/(recapture) ( 1,119 ) ( 453 ) 364 10,803 ( 2 ) 119 9,712 Charge-offs ( 966 ) ( 9 ) — ( 1,790 ) — ( 304 ) ( 3,069 ) Recoveries 762 1 — 947 3 185 1,898 Ending balance $ 24,738 $ 2,679 $ 3,498 $ 51,849 $ 25 $ 7,676 $ 90,465 Ending balance: Individually evaluated $ 6,302 $ — $ 1,198 $ 14,518 $ — $ — $ 22,018 Collectively evaluated 18,436 2,679 2,300 37,331 25 7,676 68,447 Total allowance for credit $ 24,738 $ 2,679 $ 3,498 $ 51,849 $ 25 $ 7,676 $ 90,465 Loans and leases ending balance: Individually evaluated for $ 31,622 $ — $ 5,541 $ 34,245 $ — $ — $ 71,408 Collectively evaluated for 1,897,762 499,336 441,567 2,049,560 1,822 553,877 5,443,924 Total loans and leases $ 1,929,384 $ 499,336 $ 447,108 $ 2,083,805 $ 1,822 $ 553,877 $ 5,515,332 The following table 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, loans acquired with deteriorated credit quality, and corresponding loan and lease balances by type for the three months ended March 31, 2022: March 31, 2022 Commercial Residential Construction, Commercial Installment Lease Total Allowance for loan and Three months ended Beginning balance $ 16,918 $ 1,628 $ 522 $ 33,129 $ 9 $ 2,806 $ 55,012 Provision 2,784 513 594 458 1 645 4,995 Charge-offs ( 240 ) — — ( 463 ) — ( 363 ) ( 1,066 ) Recoveries 244 4 — 120 — 149 517 Ending balance $ 19,706 $ 2,145 $ 1,116 $ 33,244 $ 10 $ 3,237 $ 59,458 Ending balance: Individually evaluated $ 7,731 $ 6 $ — $ 13,002 $ — $ — $ 20,739 Collectively evaluated 10,320 1,138 1,115 19,855 8 3,237 35,673 Loans acquired with 1,655 1,001 1 387 2 — 3,046 Total allowance for loan $ 19,706 $ 2,145 $ 1,116 $ 33,244 $ 10 $ 3,237 $ 59,458 Loans and leases ending balance: Individually evaluated for $ 36,805 $ 2,190 $ — $ 32,457 $ — $ — $ 71,452 Collectively evaluated for 1,675,468 445,183 351,715 1,739,622 1,193 384,684 4,597,865 Loans acquired with 67,092 47,347 1,357 3,792 163 — 119,751 Total loans and leases $ 1,779,365 $ 494,720 $ 353,072 $ 1,775,871 $ 1,356 $ 384,684 $ 4,789,068 |
Summary of Loans with Modified Terms | The following table presents loans with modified terms as of March 31, 2023: March 31, 2023 Payment Delay Term Modification Combination Term Modification and Interest Rate Reduction Total Modified by Class % of Class of Loans and Leases Modified loans Commercial and industrial $ 9,405 $ 40,420 $ 395 $ 50,220 2.4 % Total modified loans $ 9,405 $ 40,420 $ 395 $ 50,220 0.9 % |
Summary of TDR's by Loan Category | TDRs are granted due to borrower financial difficulty and provide for a modification of loan repayment terms. The tables below present TDRs by loan category as of December 31, 2022: December 31, 2022 Number Pre- Post- Charge-offs Specific Accruing: Commercial real estate 2 $ 551 $ 551 $ — $ 109 Commercial and industrial 1 24 24 — 34 Residential real estate 2 144 144 — — Total accruing 5 719 719 — 143 Non-accruing: Commercial real estate 3 830 623 207 73 Commercial and industrial 6 2,017 982 1,035 38 Total non-accruing 9 2,847 1,605 1,242 111 Total troubled debt restructurings 14 $ 3,566 $ 2,324 $ 1,242 $ 254 |
Summary of Loans Modified as Troubled Debt Restructurings | Loans modified as troubled debt restructurings that occurred during the three months ended March 31, 2022 were: Three Months Ended March 31, 2022 Accruing: Beginning balance $ 1,927 Additions — Net payments ( 471 ) Net transfers from non-accrual — Ending balance 1,456 Non-accruing: Beginning balance 1,506 Additions — Net payments ( 163 ) Charge-offs — Net transfers to accrual — Ending balance 1,343 Total troubled debt restructurings $ 2,799 |
Summary Of Collateral Dependent Loans And Leases | The following table presents the amortized cost basis of collateral-dependent loans and leases, which are individually evaluated to determine expected credit losses as of March 31, 2023 and December 31, 2022: March 31, 2023 Commercial Construction Non-owner Occupied Commercial Owner-Occupied Commercial Multi-Family Single Family Residence (1st Lien) Single Family Residence (2nd Lien) Business Assets Total Commercial real estate $ — $ 4,199 $ 27,423 $ — $ — $ — $ — $ 31,622 Residential real estate — — — — — — — — Construction, land development, 5,541 — — — — — — 5,541 Commercial and industrial — — — — — — 34,245 34,245 Total $ 5,541 $ 4,199 $ 27,423 $ — $ — $ — $ 34,245 $ 71,408 December 31, 2022 Commercial Construction Non-owner Occupied Commercial Owner-Occupied Commercial Multi-Family Single Family Residence (1st Lien) Single Family Residence (2nd Lien) Business Assets Total Commercial real estate $ — $ 9,749 $ 28,210 $ — $ — $ — $ — $ 37,959 Residential real estate — — — 237 422 220 — 879 Construction, land development, 5,541 — — — — — — 5,541 Commercial and industrial — — — — — — 26,034 26,034 Total $ 5,541 $ 9,749 $ 28,210 $ 237 $ 422 $ 220 $ 26,034 $ 70,413 |
Summary of Change in Balance for Allowance for Credit Losses Unfunded Commitments | The following table presents the change in the balance of the reserve for unfunded commitments as of March 31, 2023 and 2022. The three months ended March 31, 2022 were accounted for under the incurred loss model. For the Three Months Ended March 31, 2023 2022 Beginning balance $ 4,203 $ 1,403 Provision for of unfunded commitments 113 599 Ending balance $ 4,316 $ 2,002 |
Servicing Assets (Tables)
Servicing Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 three months ended March 31, 2023 and 2022 was as follows: Three Months Ended 2023 2022 Beginning balance $ 19,172 $ 23,744 Additions, net 1,116 1,984 Changes in fair value 656 ( 1,231 ) Ending balance $ 20,944 $ 24,497 |
Unpaid Principal Balances of Loans Serviced for Others | Loans serviced for others are not included in the Condensed Consolidated Statements of Financial Condition. The unpaid principal balances of these loans serviced for others as of March 31, 2023 and December 31, 2022 were as follows: March 31, December 31, 2023 2022 Loan portfolios serviced for: SBA guaranteed loans $ 1,512,586 $ 1,521,014 USDA guaranteed loans 210,002 211,150 Total $ 1,722,588 $ 1,732,164 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Real Estate [Abstract] | |
Change in Other Real Estate Owned | The following table presents the change in other real estate owned (“OREO”) for the three months ended March 31, 2023 and 2022: Three Months Ended 2023 2022 Beginning balance $ 4,717 $ 2,112 Net additions to OREO 55 309 Proceeds from sales of OREO ( 764 ) ( 225 ) Gains on sales of OREO 35 76 Valuation adjustments ( 331 ) ( 51 ) Ending balance $ 3,712 $ 2,221 T |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Schedule of Operating Lease Right-of-use Asset and Liability | The following table summarizes the amount and balance sheet line item for our operating lease right-of-use asset and liability as of the dates indicated: Balance Sheet Line Item March 31, 2023 December 31, 2022 Operating lease right-of-use asset Accrued interest receivable and other assets $ 10,880 $ 11,352 Operating lease liability Accrued interest payable and other liabilities 13,645 14,391 |
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 Condensed Consolidated Statements of Operations for the following periods: Three Months Ended 2023 2022 Operating lease cost $ 623 $ 858 Short-term lease cost 69 37 Variable lease cost 412 469 Less: Sublease income ( 156 ) ( 127 ) Total lease cost, net $ 948 $ 1,237 |
Schedule of Future Minimum Lease Payments for Operating Leases | The future minimum lease payments for operating leases, subsequent to March 31, 2023, as recorded on the Condensed Consolidated Statements of Financial Condition, are summarized as follows: Operating Lease 2023 $ 2,396 2024 3,185 2025 2,648 2026 2,047 2027 1,003 Thereafter 3,557 Total undiscounted lease payments 14,836 Less: Imputed interest ( 1,191 ) Net lease liabilities $ 13,645 |
Goodwill, Core Deposit Intang_2
Goodwill, Core Deposit Intangible and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Goodwill, Core Deposit Intangible Assets and Customer Relationship Intangible Assets | The following tables summarize the changes in the Company’s goodwill, core deposit intangible assets, and customer relationship intangible assets for the three months ended March 31, 2023 and 2022: For the Three Months Ended March 31, 2023 2022 Goodwill Core Deposit Customer Relationship Goodwill Core Deposit Customer Relationship Beginning balance $ 148,353 $ 8,886 $ 1,648 $ 148,353 $ 15,004 $ 2,201 Amortization — ( 1,388 ) ( 67 ) — ( 1,529 ) ( 67 ) Ending balance $ 148,353 $ 7,498 $ 1,581 $ 148,353 $ 13,475 $ 2,134 Accumulated amortization N/A $ 47,968 $ 1,635 N/A $ 41,991 $ 1,082 Weighted average remaining N/A 4.5 Years 5.9 Years N/A 4.7 Years 8.0 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 customer relationship intangible assets remaining at March 31, 2023: Estimated 2023 $ 2,881 2024 2,286 2025 1,721 2026 1,157 2027 609 Thereafter 425 Total $ 9,079 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Deposits [Abstract] | |
Composition of Deposits | The composition of deposits was as follows as of March 31, 2023 and December 31, 2022: March 31, December 31, 2023 2022 Non-interest-bearing demand deposits $ 1,952,045 $ 2,138,645 Interest-bearing checking accounts 560,837 592,098 Money market demand accounts 1,453,688 1,415,653 Other savings 590,231 625,798 Time deposits (below $250,000) 1,089,785 762,250 Time deposits ($250,000 and above) 166,066 160,677 Total deposits $ 5,812,652 $ 5,695,121 |
Schedule of Maturities of Time Deposits | At March 31, 2023, the scheduled maturities of time deposits were: Scheduled Maturities 2023 $ 905,863 2024 324,165 2025 13,798 2026 6,925 2027 and thereafter 5,100 Total $ 1,255,851 |
Other Borrowings (Tables)
Other Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Summary of Other Borrowings | The following is a summary of the Company’s other borrowings as of March 31, 2023 and December 31, 2022: March 31, December 31, 2023 2022 Federal Home Loan Bank advances $ 625,000 $ 625,000 Securities sold under agreements to repurchase 37,810 15,399 Line of credit — — Total $ 662,810 $ 640,399 |
Summary of Short-term Credit Lines Available for Use | The following table presents short-term credit lines available for use as of March 31, 2023 and December 31, 2022: March 31, December 31, 2023 2022 Federal Home Loan Bank line $ 1,933,073 $ 1,903,549 Federal Reserve Bank of Chicago discount window line 785,982 804,578 Bank Term Funding Program 221,726 N/A Available federal funds lines 135,000 135,000 |
Subordinated Notes and Junior_2
Subordinated Notes and Junior Subordinated Debentures (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Junior Subordinated Debentures by Issuance | At March 31, 2023 and December 31, 2022, the Company’s junior subordinated debentures by issuance were as follows: Name of Trust Aggregate Principal Amount March 31, 2023 Aggregate Stated Contractual Rate at March 31, 2023 Interest Rate Spread Metropolitan Statutory Trust 1 $ 35,000 $ 35,000 March 17, 2034 7.70 % Three-month LIBOR + 2.79 % First Evanston Bancorp Trust I 10,000 10,000 March 15, 2035 6.65 % Three-month LIBOR + 1.78 % Total liability, at par 45,000 45,000 Discount ( 7,558 ) ( 7,662 ) Total liability, at carrying value $ 37,442 $ 37,338 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Fixed Rate Variable Rate Total Fixed Rate Variable Rate Total Commitments to extend credit $ 267,040 $ 1,932,687 $ 2,199,727 $ 258,049 $ 1,821,175 $ 2,079,224 Letters of credit 521 61,004 61,525 536 61,328 61,864 Total $ 267,561 $ 1,993,691 $ 2,261,252 $ 258,585 $ 1,882,503 $ 2,141,088 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 and December 31, 2022: Fair Value Measurements Using March 31, 2023 Fair Value Level 1 Level 2 Level 3 Financial assets Securities available-for-sale U.S. Treasury Notes $ 41,195 $ 41,195 $ — $ — U.S. Government agencies 130,866 — 130,866 — Obligations of states, municipalities, and political 63,578 — 63,578 — Mortgage-backed securities; residential Agency 589,310 — 589,310 — Non-Agency 105,139 — 105,139 — Mortgage-backed securities; commercial Agency 157,297 — 157,297 — Corporate securities 37,490 — 37,490 — Asset-backed securities 39,512 — 39,512 — Equity and other securities, at fair value Mutual funds 2,555 2,555 — — Equity securities 5,784 — 5,154 630 Servicing assets 20,944 — — 20,944 Derivative assets 55,491 — 55,491 — Financial liabilities Derivative liabilities 15,085 — 15,085 — Fair Value Measurements Using December 31, 2022 Fair Value Level 1 Level 2 Level 3 Financial assets Securities available-for-sale U.S. Treasury Notes $ 40,723 $ 40,723 $ — $ — U.S. Government agencies 130,364 — 130,364 — Obligations of states, municipalities, and political 61,876 — 61,876 Mortgage-backed securities; residential Agency 595,796 — 595,796 — Non-Agency 106,249 — 106,249 — Mortgage-backed securities; commercial Agency 157,030 — 157,030 — Corporate securities 41,436 — 41,436 — Asset-backed securities 40,957 — 40,957 — Equity and other securities, at fair value Mutual funds 2,518 2,518 — — Equity securities 5,471 — 4,805 666 Servicing assets 19,172 — — 19,172 Derivative assets 65,342 — 65,342 — Financial liabilities Derivative liabilities 17,817 — 17,817 — |
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): Three Months Ended March 31, 2023 2022 2023 2022 Investment Securities Servicing Assets Balance, beginning of period $ 666 $ 686 $ 19,172 $ 23,744 Additions, net — — 1,116 1,984 Change in fair value ( 36 ) ( 11 ) 656 ( 1,231 ) Balance, end of period $ 630 $ 675 $ 20,944 $ 24,497 |
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 March 31, 2023: Financial Instruments Valuation Technique Unobservable Inputs Range of Weighted Impact to Single issuer trust preferred Discounted cash flow Discount rate 6.4 % - 8.2 % 7.4 % Decrease Servicing assets Discounted cash flow Prepayment speeds 0.0 % - 33.0 % 13.2 % Decrease Discount rate 4.8 % - 51.6 % 11.8 % Decrease Expected weighted 0.0 - 10.0 years 4.1 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, as of March 31, 2023 and December 31, 2022: Fair Value Measurements Using March 31, 2023 Fair Value Level 1 Level 2 Level 3 Non-recurring Individually evaluated loans Commercial real estate $ 25,321 $ — $ — $ 25,321 Construction, land development, and other land 4,343 4,343 Commercial and industrial 19,727 — — 19,727 Assets held for sale 8,653 — — 8,653 Other real estate owned 3,712 — — 3,712 Fair Value Measurements Using December 31, 2022 Fair Value Level 1 Level 2 Level 3 Non-recurring Individually evaluated loans Commercial real estate $ 37,959 $ — $ — $ 37,959 Residential real estate 879 — — 879 Construction, land development, and other land 5,541 — — 5,541 Commercial and industrial 47,846 — — 47,846 Assets held for sale 8,673 — — 8,673 Other real estate owned 4,717 — — 4,717 |
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: March 31, December 31, Fair Value 2023 2022 Hierarchy Carrying Estimated Carrying Estimated Financial assets Cash and due from banks 1 $ 52,725 $ 52,725 $ 62,274 $ 62,274 Interest bearing deposits with other banks 2 231,486 231,486 117,079 117,079 Securities held-to-maturity 2 2,704 2,681 2,705 2,672 Restricted stock 2 38,777 38,777 28,202 28,202 Loans held for sale 3 28,379 29,024 47,823 40,657 Loans and lease receivables, net (less impaired 3 5,375,477 5,359,678 5,262,447 5,259,991 Accrued interest receivable 3 28,960 28,960 29,815 29,815 Financial liabilities Non-interest-bearing deposits 2 1,952,045 1,952,045 2,138,645 2,138,645 Interest-bearing deposits 2 3,860,607 3,859,473 3,556,476 3,554,318 Accrued interest payable 2 9,126 9,126 4,494 4,494 Federal Home Loan Bank advances 2 625,000 625,000 625,000 625,000 Securities sold under repurchase agreement 2 37,810 37,810 15,399 15,399 Subordinated notes 2 73,735 71,084 73,691 70,925 Junior subordinated debentures 3 37,442 37,811 37,338 40,131 |
Derivative Instruments and He_2
Derivative Instruments and Hedge Activities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 Condensed Consolidated Statements of Financial Condition as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Fair Value Fair Value Notional Other Other Notional Other Other Derivatives designated as hedging instruments Interest rate swaps designated as cash flow $ 550,000 $ 40,438 $ — $ 550,000 $ 47,249 $ — Derivatives not designated as hedging instruments Other interest rate derivatives 577,363 15,053 ( 15,085 ) 545,346 18,093 ( 17,817 ) Other credit derivatives 6,454 — — 6,678 — — Total derivatives $ 1,133,817 $ 55,491 $ ( 15,085 ) $ 1,102,024 $ 65,342 $ ( 17,817 ) |
Summary of Cash Flow Hedges | The following table reflects the cash flow hedges as of March 31, 2023: Notional amounts $ 550,000 Derivative assets fair value 40,438 Derivative liabilities fair value — Weighted average maturity 3.7 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 Condensed Consolidated Statements of Operations relating to the cash flow derivative instruments for the three months ended: March 31, 2023 March 31, 2022 Amount of Amount of Amount of Amount of Amount of Amount of Interest rate swaps $ 194 $ 1,956 $ — $ 17,643 $ ( 210 ) $ — |
Summary of Other Interest Rate Derivatives | The following table reflects other interest rate derivatives as of March 31, 2023: Notional amounts $ 577,363 Derivative assets fair value 15,053 Derivative liabilities fair value 15,085 Weighted average pay rates 4.29 % Weighted average receive rates 5.45 % Weighted average maturity 5.4 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 Condensed Consolidated Statements of Operations relating to derivative instruments that are not designated in a hedging relationship for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 Other interest rate derivatives $ ( 308 ) $ ( 282 ) Other credit derivatives — ( 4 ) Total $ ( 308 ) $ ( 286 ) |
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: March 31, 2023 December 31, 2022 Derivative Derivative Derivative Derivative Gross amounts recognized $ 55,491 $ ( 15,085 ) $ 65,342 $ ( 17,817 ) Less: Amounts offset in the Condensed Consolidated — — — — Net amount presented in the Condensed Consolidated $ 55,491 $ ( 15,085 ) $ 65,342 $ ( 17,817 ) Gross amounts not offset in the Condensed Consolidated Offsetting derivative positions ( 1,281 ) 1,281 ( 43 ) 43 Collateral posted ( 54,210 ) — ( 64,370 ) 0 Net credit exposure $ — $ ( 13,804 ) $ 929 $ ( 17,774 ) |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 Total share-based compensation - restricted stock $ 1,510 $ 1,264 Income tax benefit 406 343 Unrecognized compensation expense 14,416 13,525 Weighted-average amortization period remaining 2.5 years 2.9 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 three months ended March 31, 2023: Omnibus Plan Number of Shares Weighted Average Beginning balance, January 1, 2023 581,337 $ 22.93 Granted 273,152 24.90 Incremental performance shares vested 1,826 Vested ( 160,720 ) 21.64 Forfeited ( 2,491 ) 24.04 Ending balance outstanding at March 31, 2023 693,104 $ 23.98 |
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 three months ended March 31, 2023: BYB Plan Number of Shares Weighted Average Exercise Price Intrinsic Weighted Average Remaining Contractual Term (in Years) Beginning balance, January 1, 2023 768,564 $ 11.31 $ 8,960 2.5 Exercised — Expired — Ending balance outstanding at March 31, 2023 768,564 $ 11.31 $ 7,922 2.2 Exercisable at March 31, 2023 768,564 $ 11.31 $ 7,922 $ 2.2 |
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 three months ended March 31, 2023: FEB Plan Number of Shares Weighted Average Exercise Price Intrinsic Weighted Average Remaining Contractual Term (in Years) Beginning balance, January 1, 2023 162,288 $ 11.66 $ 1,836 2.5 Exercised — Expired — Ending balance outstanding at March 31, 2023 162,288 $ 11.66 $ 1,617 2.2 Exercisable at March 31, 2023 162,288 $ 11.66 $ 1,617 2.2 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Basic and Diluted Earnings per Share | The following represent the calculation of basic and diluted earnings per share for the periods presented: Three Months Ended 2023 2022 Net income $ 23,945 $ 22,311 Less: Dividends on preferred shares — 196 Net income available to common stockholders $ 23,945 $ 22,115 Weighted-average common stock outstanding: Weighted-average common stock outstanding (basic) 36,955,085 37,123,161 Incremental shares 584,827 919,661 Weighted-average common stock outstanding (dilutive) 37,539,912 38,042,822 Basic earnings per common share $ 0.65 $ 0.60 Diluted earnings per common share $ 0.64 $ 0.58 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Summary of Preferred and Common Stock | A summary of the Company’s preferred and common stock at March 31, 2023 and December 31, 2022 is as follows: March 31, December 31, 2023 2022 Preferred stock Par value $ 0.01 $ 0.01 Shares authorized 25,000,000 25,000,000 Shares issued — — Shares outstanding — — Common stock, voting Par value $ 0.01 $ 0.01 Shares authorized 150,000,000 150,000,000 Shares issued 39,728,037 39,518,702 Shares outstanding 37,713,427 37,492,775 Treasury shares 2,014,610 2,025,927 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Consolidated Statements of Changes in Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2023 and 2022: (dollars in thousands) Unrealized Unrealized Gains (Losses) Total Accumulated Balance, January 1, 2022 $ 2,817 $ ( 11,119 ) $ ( 8,302 ) Other comprehensive income (loss), net of tax 13,010 ( 61,096 ) ( 48,086 ) Balance, March 31, 2022 $ 15,827 $ ( 72,215 ) $ ( 56,388 ) Balance, January 1, 2023 $ 34,315 $ ( 151,865 ) $ ( 117,550 ) Other comprehensive income (loss), net of tax ( 1,291 ) 10,699 9,408 Balance, March 31, 2023 $ 33,024 $ ( 141,166 ) $ ( 108,142 ) |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2023 Segment | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Number of reportable segments | 1 |
Accounting Pronouncements Rec_3
Accounting Pronouncements Recently Adopted or Issued - Schedule of Selected Quarterly Financial Data (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
Interest and dividend income | $ 100,002 | $ 61,818 | |||
Interest expense | 24,284 | 3,082 | |||
Net interest income | 75,718 | 58,736 | |||
Provision/(recapture) for credit losses | 9,712 | 4,995 | |||
Net interest income after provision for credit losses | 65,893 | 53,741 | |||
Non-interest income | 15,145 | 19,426 | |||
Non-interest expense | 48,800 | 44,555 | |||
Income before provision for income taxes | 32,238 | 28,612 | |||
Provision for income taxes | 8,293 | 6,301 | |||
Net income | 23,945 | $ 22,656 | $ 20,283 | $ 22,704 | 22,311 |
Dividends on preferred shares | 0 | 196 | |||
Income available to common stockholders | $ 23,945 | $ 22,115 | |||
Basic earnings per common share | $ 0.65 | $ 0.60 | |||
Diluted earnings per common share | $ 0.64 | $ 0.58 | |||
As Reported [Member] | |||||
Interest and dividend income | 79,903 | 66,546 | $ 61,818 | ||
Interest expense | 11,028 | 4,919 | 3,082 | ||
Net interest income | 68,875 | 61,627 | 58,736 | ||
Provision/(recapture) for credit losses | 4,176 | 5,908 | 4,995 | ||
Net interest income after provision for credit losses | 64,699 | 55,719 | 53,741 | ||
Non-interest income | 11,992 | 14,161 | 19,426 | ||
Non-interest expense | 46,178 | 43,773 | 44,555 | ||
Income before provision for income taxes | 30,513 | 26,107 | 28,612 | ||
Provision for income taxes | 7,857 | 5,824 | 6,301 | ||
Net income | 22,656 | 20,283 | 22,311 | ||
Dividends on preferred shares | 0 | 0 | 196 | ||
Income available to common stockholders | $ 22,656 | $ 20,283 | $ 22,115 | ||
Basic earnings per common share | $ 0.61 | $ 0.55 | $ 0.60 | ||
Diluted earnings per common share | $ 0.61 | $ 0.54 | $ 0.58 | ||
Adjustment [Member] | |||||
Interest and dividend income | $ (240) | $ 133 | $ (405) | ||
Interest expense | 0 | 0 | 0 | ||
Net interest income | (240) | 133 | (405) | ||
Provision/(recapture) for credit losses | 3,032 | (1,622) | 1,564 | ||
Net interest income after provision for credit losses | (3,272) | 1,755 | (1,969) | ||
Non-interest income | 51 | 112 | 117 | ||
Non-interest expense | (137) | (188) | (599) | ||
Income before provision for income taxes | (3,084) | 2,055 | (1,253) | ||
Provision for income taxes | (837) | 558 | (340) | ||
Net income | (2,247) | 1,497 | (913) | ||
Dividends on preferred shares | 0 | 0 | 0 | ||
Income available to common stockholders | $ (2,247) | $ 1,497 | $ (913) | ||
Basic earnings per common share | $ (0.06) | $ 0.04 | $ (0.03) | ||
Diluted earnings per common share | $ (0.06) | $ 0.04 | $ (0.02) | ||
Recast [Member] | |||||
Interest and dividend income | $ 79,663 | $ 66,679 | $ 61,413 | ||
Interest expense | 11,028 | 4,919 | 3,082 | ||
Net interest income | 68,635 | 61,760 | 58,331 | ||
Provision/(recapture) for credit losses | 7,208 | 4,286 | 6,559 | ||
Net interest income after provision for credit losses | 61,427 | 57,474 | 51,772 | ||
Non-interest income | 12,043 | 14,273 | 19,543 | ||
Non-interest expense | 46,041 | 43,585 | 43,956 | ||
Income before provision for income taxes | 27,429 | 28,162 | 27,359 | ||
Provision for income taxes | 7,020 | 6,382 | 5,961 | ||
Net income | 20,409 | 21,780 | 21,398 | ||
Dividends on preferred shares | 0 | 0 | 196 | ||
Income available to common stockholders | $ 20,409 | $ 21,780 | $ 21,202 | ||
Basic earnings per common share | $ 0.55 | $ 0.59 | $ 0.57 | ||
Diluted earnings per common share | $ 0.55 | $ 0.58 | $ 0.56 |
Accounting Pronouncements Rec_4
Accounting Pronouncements Recently Adopted or Issued - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Operating right-of-use assets | $ 10,880 | $ 11,352 |
Operating lease liabilities | 13,645 | 14,391 |
Notional Amount | 1,133,817 | 1,102,024 |
Securities available-for-sale, at fair value | 1,164,387 | 1,174,431 |
Junior subordinated debenture carrying value | 37,442 | $ 37,338 |
LIBOR Rate | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Loans | 572,100 | |
Notional Amount | 422,900 | |
Securities available-for-sale, at fair value | 36,700 | |
Junior subordinated debenture carrying value | $ 37,400 |
Securities - Summary of Amortiz
Securities - Summary of Amortized Cost and Fair Values of Securities Available-for-sale (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | $ 1,353,700 | $ 1,378,343 |
Available-for-sale Securities, Gross Unrealized Gains | 248 | 127 |
Available-for-sale Securities, Gross Unrealized Losses | (189,561) | (204,039) |
Available-for-sale Securities, Fair Value | 1,164,387 | 1,174,431 |
U.S. Treasury Notes | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 42,473 | 42,430 |
Available-for-sale Securities, Gross Unrealized Gains | 88 | 2 |
Available-for-sale Securities, Gross Unrealized Losses | (1,366) | (1,709) |
Available-for-sale Securities, Fair Value | 41,195 | 40,723 |
U.S. Government Agencies | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 149,595 | 150,524 |
Available-for-sale Securities, Gross Unrealized Gains | 91 | 116 |
Available-for-sale Securities, Gross Unrealized Losses | (18,820) | (20,276) |
Available-for-sale Securities, Fair Value | 130,866 | 130,364 |
Obligations of States, Municipalities, and Political Subdivisions | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 68,165 | 68,019 |
Available-for-sale Securities, Gross Unrealized Gains | 69 | 9 |
Available-for-sale Securities, Gross Unrealized Losses | (4,656) | (6,152) |
Available-for-sale Securities, Fair Value | 63,578 | 61,876 |
Agency, Residential Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 690,793 | 707,157 |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Losses | (101,483) | (111,361) |
Available-for-sale Securities, Fair Value | 589,310 | 595,796 |
Non-Agency, Residential Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 128,738 | 130,654 |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Losses | (23,599) | (24,405) |
Available-for-sale Securities, Fair Value | 105,139 | 106,249 |
Agency, Commercial Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 189,871 | 191,172 |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Losses | (32,574) | (34,142) |
Available-for-sale Securities, Fair Value | 157,297 | 157,030 |
Corporate Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 42,784 | 45,302 |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Losses | (5,294) | (3,866) |
Available-for-sale Securities, Fair Value | 37,490 | 41,436 |
Asset-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 41,281 | 43,085 |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Losses | (1,769) | (2,128) |
Available-for-sale Securities, Fair Value | $ 39,512 | $ 40,957 |
Securities - Summary of Amort_2
Securities - Summary of Amortized Cost and Fair Values of Securities Held-to-maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost | $ 2,704 | $ 2,705 |
Held-to-maturity Securities, Gross Unrealized Gains | 0 | 0 |
Held-to-maturity Securities, Gross Unrealized Losses | (23) | (33) |
Held-to-maturity Securities, Fair Value | 2,681 | 2,672 |
Obligations of States, Municipalities, and Political Subdivisions | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost | 2,704 | 2,705 |
Held-to-maturity Securities, Gross Unrealized Gains | 0 | 0 |
Held-to-maturity Securities, Gross Unrealized Losses | (23) | (33) |
Held-to-maturity Securities, Fair Value | $ 2,681 | $ 2,672 |
Securities - Additional Informa
Securities - Additional Information (Details) | 3 Months Ended | ||
Mar. 31, 2023 USD ($) Security | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Schedule Of Investments [Line Items] | |||
Trading securities | $ 0 | $ 0 | |
Sale of securities | 0 | $ 0 | |
Investment securities pledged as collateral | $ 349,500,000 | $ 270,600,000 | |
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% | 10% | |
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 | 278,200,000 | 223,500,000 | |
Customer Repurchase Agreements | |||
Schedule Of Investments [Line Items] | |||
Carrying amount of securities pledged as collateral | 46,200,000 | $ 23,800,000 | |
Bank Term Funding Program [Member] | |||
Schedule Of Investments [Line Items] | |||
Carrying amount of securities posted as collateral | $ 221,700,000 | ||
Available-for-sale Securities | |||
Schedule Of Investments [Line Items] | |||
Investment securities with unrealized losses | Security | 268 | ||
Held-to-maturity Securities | |||
Schedule Of Investments [Line Items] | |||
Investment securities with unrealized losses | Security | 3 |
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 | Mar. 31, 2023 USD ($) Security | Dec. 31, 2022 USD ($) Security |
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 268 | 280 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 90,204 | $ 408,306 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (4,223) | (43,803) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 1,040,108 | 730,217 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (185,338) | (160,236) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 1,130,312 | 1,138,523 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (189,561) | $ (204,039) |
Held to maturity securities continuous unrealized loss position number of positions | Security | 3 | 4 |
Held to maturity securities continuous unrealized loss position less than twelve months fair value | $ 2,136 | $ 2,672 |
Held to maturity securities continuous unrealized loss position less than 12 months accumulated loss | (23) | (33) |
Held to maturity securities continuous unrealized loss position twelve months or longer fair value | 0 | 0 |
Held to maturity securities continuous unrealized loss position 12 months or longer accumulated loss | 0 | 0 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value, Total | 2,136 | 2,672 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss, Total | $ (23) | $ (33) |
U.S. treasury notes | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 6 | 6 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 9,594 | $ 21,720 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (279) | (1,078) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 21,832 | 9,339 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (1,087) | (631) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 31,426 | 31,059 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (1,366) | $ (1,709) |
U.S. Government Agencies | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 17 | 17 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 7,778 | $ 44,508 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (171) | (4,782) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 108,822 | 70,609 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (18,649) | (15,494) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 116,600 | 115,117 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (18,820) | $ (20,276) |
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 | 48 | 58 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 16,319 | $ 50,216 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (424) | (3,858) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 37,218 | 7,185 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (4,232) | (2,294) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 53,537 | 57,401 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (4,656) | $ (6,152) |
Held to maturity securities continuous unrealized loss position number of positions | Security | 3 | 4 |
Held to maturity securities continuous unrealized loss position less than twelve months fair value | $ 2,136 | $ 2,672 |
Held to maturity securities continuous unrealized loss position less than 12 months accumulated loss | (23) | (33) |
Held to maturity securities continuous unrealized loss position twelve months or longer fair value | 0 | 0 |
Held to maturity securities continuous unrealized loss position 12 months or longer accumulated loss | 0 | 0 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value, Total | 2,136 | 2,672 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss, Total | $ (23) | $ (33) |
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 | 99 | 101 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 26,323 | $ 117,598 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (1,070) | (11,045) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 562,987 | 478,198 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (100,413) | (100,316) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 589,310 | 595,796 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (101,483) | $ (111,361) |
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 | 19 | 19 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 0 | $ 35,486 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | 0 | (7,569) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 105,139 | 70,763 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (23,599) | (16,836) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 105,139 | 106,249 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (23,599) | $ (24,405) |
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 | 48 | 47 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 7,437 | $ 76,193 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (1,532) | (11,840) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 149,860 | 74,315 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (31,042) | (22,302) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 157,297 | 150,508 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (32,574) | $ (34,142) |
Corporate Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 23 | 24 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 12,426 | $ 37,130 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (571) | (3,128) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 25,064 | 4,306 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (4,723) | (738) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 37,490 | 41,436 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (5,294) | $ (3,866) |
Asset-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 8 | 8 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 10,327 | $ 25,455 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (176) | (503) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 29,186 | 15,502 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (1,593) | (1,625) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 39,513 | 40,957 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (1,769) | $ (2,128) |
Securities - Summary of Proceed
Securities - Summary of Proceeds From Sales of Securities Available-for-sale and Associated Gains and Losses (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Debt Securities, Available-for-Sale, Realized Gain (Loss) [Abstract] | ||
Sale of securities | $ 0 | $ 0 |
Securities - Schedule of Amorti
Securities - Schedule of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Available-for-sale Securities Debt Maturities, Amortized Cost [Abstract] | ||
Available-for-sale Securities, Due in one year or less, Amortized Cost | $ 2,556 | |
Available-for-sale Securities, Due from one to five years, Amortized Cost | 115,122 | |
Available-for-sale Securities, Due from five to ten years, Amortized Cost | 181,107 | |
Available-for-sale Securities, Due after ten years, Amortized Cost | 45,513 | |
Available-for-sale Securities, Not due at single maturity, Amortized Cost | 1,009,402 | |
Available-for-sale Securities, Amortized Cost | 1,353,700 | $ 1,378,343 |
Held-to-maturity Securities Debt Maturities, Amortized Cost [Abstract] | ||
Held-to-maturity Securities, Due in one year or less, Amortized Cost | 1,546 | |
Held-to-maturity Securities, Due from one to five years, Amortized Cost | 1,158 | |
Held-to-maturity Securities, Amortized Cost | 2,704 | 2,705 |
Available-for-sale Securities Debt Maturities, Fair Value [Abstract] | ||
Available-for-sale Securities, Due in one year or less, Fair Value | 2,527 | |
Available-for-sale Securities, Due from one to five years, Fair Value | 108,432 | |
Available-for-sale Securities, Due from five to ten years, Fair Value | 160,861 | |
Available-for-sale Securities, Due after ten years, Fair Value | 40,821 | |
Available-for-sale Securities, Not due at single maturity, Fair Value | 851,746 | |
Available-for-sale Securities, Fair Value, Total | 1,164,387 | 1,174,431 |
Held-to-maturity Securities Debt Maturities, Fair Value [Abstract] | ||
Held-to-maturity Securities, Due in one year or less, Fair Value | 1,537 | |
Held-to-maturity Securities, Due from one to five years, Fair Value | 1,144 | |
Held-to-maturity securities, Fair Value, Total | $ 2,681 | $ 2,672 |
Loan and Lease Receivables an_3
Loan and Lease Receivables and Allowance for Credit Losses - Schedule of Outstanding Loan and Lease Receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | $ 5,504,361 | $ 5,410,912 | ||
Net unamortized deferred fees and costs | 5,501 | 5,014 | ||
Initial direct costs | 5,470 | 5,332 | ||
Allowance for credit losses - loans and leases | (90,465) | (81,924) | $ (59,458) | $ (55,012) |
Net loans and leases | 5,424,867 | 5,339,334 | ||
Net minimum lease payments | 539,508 | 509,980 | ||
Unguaranteed residual values | 60,935 | 54,118 | ||
Unearned income | (52,036) | (45,444) | ||
Total lease financing receivables | 548,407 | 518,654 | ||
Lease financial receivables before allowance for lease losses | 553,877 | 523,986 | ||
Commercial Real Estate | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 1,925,731 | 1,905,909 | ||
Allowance for credit losses - loans and leases | (24,738) | (26,061) | (19,706) | (16,918) |
Residential Real Estate | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 498,745 | 489,411 | ||
Allowance for credit losses - loans and leases | (2,679) | (3,140) | (2,145) | (1,628) |
Construction, Land Development, and Other Land | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 448,459 | 440,016 | ||
Allowance for credit losses - loans and leases | (3,498) | (3,134) | (1,116) | (522) |
Commercial and Industrial | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 2,081,251 | 2,055,213 | ||
Allowance for credit losses - loans and leases | (51,849) | (41,889) | (33,244) | (33,129) |
Installment and Other | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 1,768 | 1,709 | ||
Allowance for credit losses - loans and leases | (25) | (24) | (10) | (9) |
Lease Financing Receivables | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 548,407 | 518,654 | ||
Allowance for credit losses - loans and leases | $ (7,676) | $ (7,676) | $ (3,237) | $ (2,806) |
Loan and Lease Receivables an_4
Loan and Lease Receivables and Allowance for Credit Losses - Summary of Minimum Annual Lease Payments for Lease Financing Receivables (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Receivables [Abstract] | |
2023 | $ 129,511 |
2024 | 158,889 |
2025 | 122,555 |
2026 | 81,555 |
2027 | 39,544 |
Thereafter | 7,454 |
Total | $ 539,508 |
Loan and Lease Receivables an_5
Loan and Lease Receivables and Allowance for Credit Losses - Summary of Balances for Each Respective Loan and Lease Category (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | $ 5,515,332 | $ 5,421,258 | $ 4,789,068 |
Originated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 5,252,906 | 5,130,710 | |
Purchased Credit Deteriorated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 71,294 | 80,075 | |
Acquired Non-Credit Deteriorated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 191,132 | 210,473 | |
Commercial Real Estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 1,929,384 | 1,909,488 | 1,779,365 |
Commercial Real Estate | Originated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 1,749,808 | 1,712,152 | |
Commercial Real Estate | Purchased Credit Deteriorated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 39,000 | 45,143 | |
Commercial Real Estate | Acquired Non-Credit Deteriorated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 140,576 | 152,193 | |
Residential Real Estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 499,336 | 489,962 | 494,720 |
Residential Real Estate | Originated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 441,291 | 426,226 | |
Residential Real Estate | Purchased Credit Deteriorated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 30,070 | 32,228 | |
Residential Real Estate | Acquired Non-Credit Deteriorated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 27,975 | 31,508 | |
Construction, Land Development, and Other Land | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 447,108 | 438,989 | 353,072 |
Construction, Land Development, and Other Land | Originated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 446,763 | 438,617 | |
Construction, Land Development, and Other Land | Purchased Credit Deteriorated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 345 | 372 | |
Construction, Land Development, and Other Land | Acquired Non-Credit Deteriorated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 0 | 0 | |
Commercial and Industrial | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 2,083,805 | 2,057,074 | 1,775,871 |
Commercial and Industrial | Originated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 2,061,267 | 2,030,616 | |
Commercial and Industrial | Purchased Credit Deteriorated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 1,745 | 2,192 | |
Commercial and Industrial | Acquired Non-Credit Deteriorated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 20,793 | 24,266 | |
Installment and Other | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 1,822 | 1,759 | 1,356 |
Installment and Other | Originated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 1,603 | 1,410 | |
Installment and Other | Purchased Credit Deteriorated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 134 | 140 | |
Installment and Other | Acquired Non-Credit Deteriorated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 85 | 209 | |
Lease Financing Receivables | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 553,877 | 523,986 | $ 384,684 |
Lease Financing Receivables | Originated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 552,174 | 521,689 | |
Lease Financing Receivables | Purchased Credit Deteriorated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 0 | 0 | |
Lease Financing Receivables | Acquired Non-Credit Deteriorated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | $ 1,703 | $ 2,297 |
Loan and Lease Receivables an_6
Loan and Lease Receivables and Allowance for Credit Losses - Summary of Outstanding Balance and Carrying Amount of All Acquired Impaired Loans (Details) - Acquired Impaired Loans - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts Notes And Loans Receivable [Line Items] | ||
Unpaid Principal Balance | $ 164,053 | $ 173,110 |
Carrying Value | 71,294 | 80,075 |
Commercial Real Estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Unpaid Principal Balance | 78,717 | 85,089 |
Carrying Value | 39,000 | 45,143 |
Residential Real Estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Unpaid Principal Balance | 74,072 | 76,270 |
Carrying Value | 30,070 | 32,228 |
Construction, Land Development, and Other Land | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Unpaid Principal Balance | 7,017 | 7,042 |
Carrying Value | 345 | 372 |
Commercial and Industrial | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Unpaid Principal Balance | 3,449 | 3,902 |
Carrying Value | 1,745 | 2,192 |
Installment and Other | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Unpaid Principal Balance | 798 | 807 |
Carrying Value | $ 134 | $ 140 |
Loan and Lease Receivables an_7
Loan and Lease Receivables and Allowance for Credit Losses - Schedule of Unpaid Principal Balance and Carrying Value for Acquired Non-impaired Loans and Leases (Details) - Acquired Non-impaired Loans and Leases - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts Notes And Loans Receivable [Line Items] | ||
Unpaid Principal Balance | $ 195,434 | $ 215,118 |
Carrying Value | 191,132 | 210,473 |
Commercial Real Estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Unpaid Principal Balance | 143,733 | 155,652 |
Carrying Value | 140,576 | 152,193 |
Residential Real Estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Unpaid Principal Balance | 28,325 | 31,863 |
Carrying Value | 27,975 | 31,508 |
Construction, Land Development, and Other Land | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Unpaid Principal Balance | 63 | 63 |
Carrying Value | 0 | 0 |
Commercial and Industrial | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Unpaid Principal Balance | 21,516 | 25,022 |
Carrying Value | 20,793 | 24,266 |
Installment and Other | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Unpaid Principal Balance | 91 | 216 |
Carrying Value | 85 | 209 |
Lease Financing Receivables | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Unpaid Principal Balance | 1,706 | 2,302 |
Carrying Value | $ 1,703 | $ 2,297 |
Loan and Lease Receivables an_8
Loan and Lease Receivables and Allowance for Credit Losses - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Increase (Recaptured) in allowance for loan and lease losses | $ 8,500,000 | $ 4,400,000 | ||
Risk ratings for loans | 1,000,000 | |||
Interest and fees on loans and leases | 92,343,000 | 55,426,000 | ||
Commitments outstanding on troubled debt restructurings | $ 0 | |||
Recorded investment in troubled debt restructurings that subsequently defaulted within twelve months | 0 | |||
Total loans and leases | 5,504,361,000 | 5,410,912,000 | ||
Financing Receivable, after Allowance for Credit Loss | 2,100,000,000 | 119,751,000 | 2,200,000,000 | |
Allowance for loan and lease losses | 90,465,000 | 59,458,000 | 81,924,000 | $ 55,012,000 |
Loans Insured Or Guaranteed By Us Government Authorities | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans and leases | 122,700,000 | 123,200,000 | ||
Discount on the unguaranteed portion of government guaranteed loans | $ 26,400,000 | 26,700,000 | ||
Maximum [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, weighted average rate of interest | 8.85% | |||
Minimum | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, weighted average rate of interest | 7.01% | |||
Commercial Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Non-accrual loans without allowance | $ 8,400,000 | 10,800,000 | ||
Total loans and leases | 1,925,731,000 | 1,905,909,000 | ||
Financing Receivable, after Allowance for Credit Loss | 67,092,000 | |||
Allowance for loan and lease losses | 24,738,000 | 19,706,000 | 26,061,000 | 16,918,000 |
Commercial and Industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Non-accrual loans without allowance | 4,100,000 | 4,300,000 | ||
Total loans and leases | 2,081,251,000 | 2,055,213,000 | ||
Financing Receivable, after Allowance for Credit Loss | 3,792,000 | |||
Allowance for loan and lease losses | 51,849,000 | 33,244,000 | 41,889,000 | 33,129,000 |
Residential Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Non-accrual loans without allowance | 2,600,000 | 2,600,000 | ||
Total loans and leases | 498,745,000 | 489,411,000 | ||
Financing Receivable, after Allowance for Credit Loss | 47,347,000 | |||
Allowance for loan and lease losses | 2,679,000 | 2,145,000 | 3,140,000 | 1,628,000 |
Installment and Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans and leases | 1,768,000 | 1,709,000 | ||
Overdraft deposits reclassified as loans | 711,000 | 467,000 | ||
Financing Receivable, after Allowance for Credit Loss | 163,000 | |||
Allowance for loan and lease losses | 25,000 | 10,000 | 24,000 | $ 9,000 |
Acquired Impaired Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan and lease losses | 1,000,000 | 1,900,000 | ||
Non Accrual Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Interest and fees on loans and leases | 970,000 | $ 2,500,000 | ||
Individually Evaluated For Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Increase (Recaptured) in allowance for loan and lease losses | 6,700,000 | 299,000 | ||
Collectively Evaluated For Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Increase (Recaptured) in allowance for loan and lease losses | $ 1,900,000 | $ 4,900,000 |
Loan and Lease Receivables an_9
Loan and Lease Receivables and Allowance for Credit Losses - Summary of Risk Rating Categories of Loans and Leases Considered for Inclusion in Allowance for Credit Losses Calculation (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |||
Financing Receivable Recorded Investment [Line Items] | |||||
2023 | $ 0 | ||||
2022 | 480 | ||||
2021 | 440 | ||||
2020 | 598 | ||||
2019 | 851 | ||||
Prior | 700 | ||||
Revolving Loans | 0 | ||||
Total loans | [1] | 3,069 | |||
Commercial Real Estate | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
2023 | 0 | ||||
2022 | 0 | ||||
2021 | 60 | ||||
2020 | 90 | ||||
2019 | 353 | ||||
Prior | 463 | ||||
Revolving Loans | 0 | ||||
Total loans | [1] | 966 | |||
Residential Real Estate | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
2023 | 0 | ||||
2022 | 0 | ||||
2021 | 0 | ||||
2020 | 0 | ||||
2019 | 0 | ||||
Prior | 9 | ||||
Revolving Loans | 0 | ||||
Total loans | [1] | 9 | |||
Construction, Land Development, and Other Land | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
2023 | 0 | ||||
2022 | 0 | ||||
2021 | 0 | ||||
2020 | 0 | ||||
2019 | 0 | ||||
Prior | 0 | ||||
Revolving Loans | 0 | ||||
Total loans | [1] | 0 | |||
Commercial and Industrial | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
2023 | 0 | ||||
2022 | 448 | ||||
2021 | 194 | ||||
2020 | 461 | ||||
2019 | 461 | ||||
Prior | 226 | ||||
Revolving Loans | 0 | ||||
Total loans | [1] | 1,790 | |||
Installment and Other | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
2023 | 0 | ||||
2022 | 0 | ||||
2021 | 0 | ||||
2020 | 0 | ||||
2019 | 0 | ||||
Prior | 0 | ||||
Revolving Loans | 0 | ||||
Total loans | [1] | 0 | |||
Lease Financing Receivables | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
2023 | 0 | ||||
2022 | 32 | ||||
2021 | 186 | ||||
2020 | 47 | ||||
2019 | 37 | ||||
Prior | 2 | ||||
Revolving Loans | 0 | ||||
Total loans | [1] | 304 | |||
Loans Excluding Acquired Impaired Loans | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
2023 | 300,885 | $ 1,431,859 | |||
2022 | 1,417,032 | 1,280,668 | |||
2021 | 1,266,796 | 551,249 | |||
2020 | 531,550 | 335,557 | |||
2019 | 315,165 | 335,090 | |||
Prior | 1,026,071 | 783,837 | |||
Revolving Loans | 666,268 | 711,433 | |||
Total loans | 5,523,767 | [1],[2] | 5,429,693 | [3],[4] | |
Loans Excluding Acquired Impaired Loans | Commercial Real Estate | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
2023 | 52,144 | 477,431 | |||
2022 | 480,371 | 525,162 | |||
2021 | 521,005 | 229,384 | |||
2020 | 220,469 | 136,913 | |||
2019 | 133,551 | 115,568 | |||
Prior | 504,684 | 401,723 | |||
Revolving Loans | 22,196 | 28,343 | |||
Total loans | 1,934,420 | [1],[2] | 1,914,524 | [3],[4] | |
Loans Excluding Acquired Impaired Loans | Residential Real Estate | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
2023 | 18,097 | 68,752 | |||
2022 | 67,825 | 59,075 | |||
2021 | 58,693 | 43,462 | |||
2020 | 43,147 | 32,821 | |||
2019 | 32,410 | 53,246 | |||
Prior | 229,054 | 182,366 | |||
Revolving Loans | 52,738 | 52,868 | |||
Total loans | 501,964 | [1],[2] | 492,590 | [3],[4] | |
Loans Excluding Acquired Impaired Loans | Construction, Land Development, and Other Land | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
2023 | 9,987 | 62,310 | |||
2022 | 63,757 | 203,672 | |||
2021 | 224,564 | 63,740 | |||
2020 | 69,988 | 33,128 | |||
2019 | 31,242 | 34,700 | |||
Prior | 46,773 | 41,254 | |||
Revolving Loans | 797 | 185 | |||
Total loans | 447,108 | [1],[2] | 438,989 | [3],[4] | |
Loans Excluding Acquired Impaired Loans | Commercial and Industrial | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
2023 | 138,569 | 526,477 | |||
2022 | 532,291 | 342,383 | |||
2021 | 327,333 | 160,560 | |||
2020 | 150,972 | 117,879 | |||
2019 | 105,929 | 124,058 | |||
Prior | 239,486 | 156,880 | |||
Revolving Loans | 589,996 | 629,608 | |||
Total loans | 2,084,576 | [1],[2] | 2,057,845 | [3],[4] | |
Loans Excluding Acquired Impaired Loans | Installment and Other | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
2023 | 224 | 366 | |||
2022 | 270 | 146 | |||
2021 | 136 | 65 | |||
2020 | 52 | 79 | |||
2019 | 66 | 17 | |||
Prior | 533 | 657 | |||
Revolving Loans | 541 | 429 | |||
Total loans | 1,822 | [1],[2] | 1,759 | [3],[4] | |
Loans Excluding Acquired Impaired Loans | Lease Financing Receivables | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
2023 | 81,864 | 296,523 | |||
2022 | 272,518 | 150,230 | |||
2021 | 135,065 | 54,038 | |||
2020 | 46,922 | 14,737 | |||
2019 | 11,967 | 7,501 | |||
Prior | 5,541 | 957 | |||
Revolving Loans | 0 | 0 | |||
Total loans | 553,877 | [1],[2] | 523,986 | [3],[4] | |
Loans Excluding Acquired Impaired Loans | Pass | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
2023 | 280,440 | 1,407,462 | |||
2022 | 1,387,703 | 1,227,066 | |||
2021 | 1,207,354 | 502,470 | |||
2020 | 483,573 | 257,750 | |||
2019 | 237,042 | 262,867 | |||
Prior | 856,363 | 648,219 | |||
Revolving Loans | 575,816 | 628,010 | |||
Total loans | 5,028,291 | [1] | 4,933,844 | [4] | |
Loans Excluding Acquired Impaired Loans | Pass | Commercial Real Estate | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
2023 | 51,778 | 471,009 | |||
2022 | 472,957 | 510,529 | |||
2021 | 503,266 | 207,765 | |||
2020 | 198,583 | 111,792 | |||
2019 | 107,555 | 84,382 | |||
Prior | 400,942 | 324,271 | |||
Revolving Loans | 22,196 | 28,343 | |||
Total loans | 1,757,277 | [1] | 1,738,091 | [4] | |
Loans Excluding Acquired Impaired Loans | Pass | Residential Real Estate | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
2023 | 18,097 | 68,752 | |||
2022 | 67,825 | 59,075 | |||
2021 | 58,693 | 41,768 | |||
2020 | 41,474 | 31,726 | |||
2019 | 31,970 | 48,432 | |||
Prior | 214,222 | 170,279 | |||
Revolving Loans | 50,365 | 49,622 | |||
Total loans | 482,646 | [1] | 469,654 | [4] | |
Loans Excluding Acquired Impaired Loans | Pass | Construction, Land Development, and Other Land | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
2023 | 9,354 | 62,310 | |||
2022 | 63,757 | 203,672 | |||
2021 | 224,564 | 61,895 | |||
2020 | 68,081 | 27,189 | |||
2019 | 26,544 | 26,489 | |||
Prior | 38,548 | 38,186 | |||
Revolving Loans | 797 | 185 | |||
Total loans | 431,645 | [1] | 419,926 | [4] | |
Loans Excluding Acquired Impaired Loans | Pass | Commercial and Industrial | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
2023 | 119,123 | 508,664 | |||
2022 | 510,576 | 305,056 | |||
2021 | 287,392 | 137,335 | |||
2020 | 128,837 | 72,486 | |||
2019 | 59,131 | 96,304 | |||
Prior | 196,850 | 113,965 | |||
Revolving Loans | 501,917 | 549,431 | |||
Total loans | 1,803,826 | [1] | 1,783,241 | [4] | |
Loans Excluding Acquired Impaired Loans | Pass | Installment and Other | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
2023 | 224 | 332 | |||
2022 | 238 | 146 | |||
2021 | 136 | 65 | |||
2020 | 52 | 79 | |||
2019 | 66 | 15 | |||
Prior | 459 | 584 | |||
Revolving Loans | 541 | 429 | |||
Total loans | 1,716 | [1] | 1,650 | [4] | |
Loans Excluding Acquired Impaired Loans | Pass | Lease Financing Receivables | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
2023 | 81,864 | 296,395 | |||
2022 | 272,350 | 148,588 | |||
2021 | 133,303 | 53,642 | |||
2020 | 46,546 | 14,478 | |||
2019 | 11,776 | 7,245 | |||
Prior | 5,342 | 934 | |||
Revolving Loans | 0 | 0 | |||
Total loans | 551,181 | [1] | 521,282 | [4] | |
Loans Excluding Acquired Impaired Loans | Watch | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
2023 | 1,445 | 23,206 | |||
2022 | 26,667 | 35,139 | |||
2021 | 41,785 | 37,603 | |||
2020 | 36,038 | 48,377 | |||
2019 | 45,702 | 40,731 | |||
Prior | 108,552 | 66,434 | |||
Revolving Loans | 58,055 | 49,705 | |||
Total loans | 318,244 | [1] | 301,195 | [4] | |
Loans Excluding Acquired Impaired Loans | Watch | Commercial Real Estate | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
2023 | 366 | 6,422 | |||
2022 | 7,414 | 12,723 | |||
2021 | 16,008 | 20,583 | |||
2020 | 20,674 | 11,004 | |||
2019 | 8,803 | 17,269 | |||
Prior | 67,898 | 44,462 | |||
Revolving Loans | 0 | 0 | |||
Total loans | 121,163 | [1] | 112,463 | [4] | |
Loans Excluding Acquired Impaired Loans | Watch | Residential Real Estate | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 1,137 | |||
2020 | 921 | 682 | |||
2019 | 40 | 4,098 | |||
Prior | 11,617 | 9,026 | |||
Revolving Loans | 1,684 | 2,586 | |||
Total loans | 14,262 | [1] | 17,529 | [4] | |
Loans Excluding Acquired Impaired Loans | Watch | Construction, Land Development, and Other Land | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
2023 | 633 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 4,409 | |||
2019 | 3,168 | 0 | |||
Prior | 12 | 3,064 | |||
Revolving Loans | 0 | 0 | |||
Total loans | 3,813 | [1] | 7,473 | [4] | |
Loans Excluding Acquired Impaired Loans | Watch | Commercial and Industrial | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
2023 | 446 | 16,657 | |||
2022 | 19,132 | 20,856 | |||
2021 | 24,296 | 15,857 | |||
2020 | 14,418 | 32,282 | |||
2019 | 33,691 | 19,362 | |||
Prior | 28,951 | 9,809 | |||
Revolving Loans | 56,371 | 47,119 | |||
Total loans | 177,305 | [1] | 161,942 | [4] | |
Loans Excluding Acquired Impaired Loans | Watch | Installment and Other | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
2023 | 0 | 34 | |||
2022 | 32 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 2 | |||
Prior | 74 | 73 | |||
Revolving Loans | 0 | 0 | |||
Total loans | 106 | [1] | 109 | [4] | |
Loans Excluding Acquired Impaired Loans | Watch | Lease Financing Receivables | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
2023 | 0 | 93 | |||
2022 | 89 | 1,560 | |||
2021 | 1,481 | 26 | |||
2020 | 25 | 0 | |||
2019 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans | 0 | 0 | |||
Total loans | 1,595 | [1] | 1,679 | [4] | |
Loans Excluding Acquired Impaired Loans | Special Mention | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
2023 | 19,000 | 0 | |||
2022 | 0 | 13,056 | |||
2021 | 8,875 | 3,276 | |||
2020 | 2,486 | 2,451 | |||
2019 | 2,844 | 9,059 | |||
Prior | 12,591 | 18,805 | |||
Revolving Loans | 22,533 | 22,320 | |||
Total loans | 68,329 | [1] | 68,967 | [4] | |
Loans Excluding Acquired Impaired Loans | Special Mention | Commercial Real Estate | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 121 | |||
2020 | 0 | 1,075 | |||
2019 | 2,267 | 1,232 | |||
Prior | 4,268 | 10,075 | |||
Revolving Loans | 0 | 0 | |||
Total loans | 6,535 | [1] | 12,503 | [4] | |
Loans Excluding Acquired Impaired Loans | Special Mention | Residential Real Estate | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 323 | |||
2020 | 318 | 32 | |||
2019 | 26 | 420 | |||
Prior | 615 | 876 | |||
Revolving Loans | 0 | 0 | |||
Total loans | 959 | [1] | 1,651 | [4] | |
Loans Excluding Acquired Impaired Loans | Special Mention | Construction, Land Development, and Other Land | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 1,845 | |||
2020 | 1,907 | 0 | |||
2019 | 0 | 4,199 | |||
Prior | 4,199 | 0 | |||
Revolving Loans | 0 | 0 | |||
Total loans | 6,106 | [1] | 6,044 | [4] | |
Loans Excluding Acquired Impaired Loans | Special Mention | Commercial and Industrial | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
2023 | 19,000 | 0 | |||
2022 | 0 | 13,056 | |||
2021 | 8,875 | 697 | |||
2020 | 0 | 1,162 | |||
2019 | 386 | 2,958 | |||
Prior | 3,322 | 7,831 | |||
Revolving Loans | 22,533 | 22,320 | |||
Total loans | 54,116 | [1] | 48,024 | [4] | |
Loans Excluding Acquired Impaired Loans | Special Mention | Installment and Other | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans | 0 | 0 | |||
Total loans | 0 | [1] | 0 | [4] | |
Loans Excluding Acquired Impaired Loans | Special Mention | Lease Financing Receivables | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 290 | |||
2020 | 261 | 182 | |||
2019 | 165 | 250 | |||
Prior | 187 | 23 | |||
Revolving Loans | 0 | 0 | |||
Total loans | 613 | [1] | 745 | [4] | |
Loans Excluding Acquired Impaired Loans | Substandard | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
2023 | 0 | 1,191 | |||
2022 | 2,662 | 5,407 | |||
2021 | 8,782 | 7,900 | |||
2020 | 9,453 | 26,979 | |||
2019 | 29,577 | 22,433 | |||
Prior | 48,565 | 50,379 | |||
Revolving Loans | 9,864 | 11,398 | |||
Total loans | 108,903 | [1] | 125,687 | [4] | |
Loans Excluding Acquired Impaired Loans | Substandard | Commercial Real Estate | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 1,910 | |||
2021 | 1,731 | 915 | |||
2020 | 1,212 | 13,042 | |||
2019 | 14,926 | 12,685 | |||
Prior | 31,576 | 22,915 | |||
Revolving Loans | 0 | 0 | |||
Total loans | 49,445 | [1] | 51,467 | [4] | |
Loans Excluding Acquired Impaired Loans | Substandard | Residential Real Estate | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 234 | |||
2020 | 434 | 381 | |||
2019 | 374 | 296 | |||
Prior | 2,600 | 2,185 | |||
Revolving Loans | 689 | 660 | |||
Total loans | 4,097 | [1] | 3,756 | [4] | |
Loans Excluding Acquired Impaired Loans | Substandard | Construction, Land Development, and Other Land | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 1,530 | |||
2019 | 1,530 | 4,012 | |||
Prior | 4,014 | 4 | |||
Revolving Loans | 0 | 0 | |||
Total loans | 5,544 | [1] | 5,546 | [4] | |
Loans Excluding Acquired Impaired Loans | Substandard | Commercial and Industrial | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
2023 | 0 | 1,156 | |||
2022 | 2,583 | 3,415 | |||
2021 | 6,770 | 6,671 | |||
2020 | 7,717 | 11,949 | |||
2019 | 12,721 | 5,434 | |||
Prior | 10,363 | 25,275 | |||
Revolving Loans | 9,175 | 10,738 | |||
Total loans | 49,329 | [1] | 64,638 | [4] | |
Loans Excluding Acquired Impaired Loans | Substandard | Installment and Other | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans | 0 | 0 | |||
Total loans | 0 | [1] | 0 | [4] | |
Loans Excluding Acquired Impaired Loans | Substandard | Lease Financing Receivables | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
2023 | 0 | 35 | |||
2022 | 79 | 82 | |||
2021 | 281 | 80 | |||
2020 | 90 | 77 | |||
2019 | 26 | 6 | |||
Prior | 12 | ||||
Revolving Loans | 0 | 0 | |||
Total loans | $ 488 | [1] | $ 280 | [4] | |
[1] (1) - Includes $ 8.4 million of substandard loans classified as held for sale. (1) - Includes $ 8.4 million of non-accrual loans classified as held for sale. (1) - Includes $ 8.4 million of non-accrual loans classified as held for sale. (1) - Includes $ 8.4 million of substandard loans classified as held for sale. |
Loan and Lease Receivables a_10
Loan and Lease Receivables and Allowance for Credit Losses - Summary of Risk Rating Categories of Loans and Leases Considered for Inclusion in Allowance for Credit Losses Calculation (Parenthetical) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loan held for sale | $ 8.4 | $ 8.4 |
Loan and Lease Receivables a_11
Loan and Lease Receivables and Allowance for Credit Losses - Summary of Contractual Delinquency Information (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | $ 0 | ||||
2022 | 480 | ||||
2021 | 440 | ||||
2020 | 598 | ||||
2019 | 851 | ||||
Prior | 700 | ||||
Revolving Loans | 0 | ||||
Total loans | [1] | 3,069 | |||
Commercial Real Estate | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 0 | ||||
2022 | 0 | ||||
2021 | 60 | ||||
2020 | 90 | ||||
2019 | 353 | ||||
Prior | 463 | ||||
Revolving Loans | 0 | ||||
Total loans | [1] | 966 | |||
Residential Real Estate | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 0 | ||||
2022 | 0 | ||||
2021 | 0 | ||||
2020 | 0 | ||||
2019 | 0 | ||||
Prior | 9 | ||||
Revolving Loans | 0 | ||||
Total loans | [1] | 9 | |||
Construction, Land Development, and Other Land | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 0 | ||||
2022 | 0 | ||||
2021 | 0 | ||||
2020 | 0 | ||||
2019 | 0 | ||||
Prior | 0 | ||||
Revolving Loans | 0 | ||||
Total loans | [1] | 0 | |||
Commercial and Industrial | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 0 | ||||
2022 | 448 | ||||
2021 | 194 | ||||
2020 | 461 | ||||
2019 | 461 | ||||
Prior | 226 | ||||
Revolving Loans | 0 | ||||
Total loans | [1] | 1,790 | |||
Installment and Other | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 0 | ||||
2022 | 0 | ||||
2021 | 0 | ||||
2020 | 0 | ||||
2019 | 0 | ||||
Prior | 0 | ||||
Revolving Loans | 0 | ||||
Total loans | [1] | 0 | |||
Lease Financing Receivables | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 0 | ||||
2022 | 32 | ||||
2021 | 186 | ||||
2020 | 47 | ||||
2019 | 37 | ||||
Prior | 2 | ||||
Revolving Loans | 0 | ||||
Total loans | [1] | 304 | |||
Acquired Non-Impaired and Originated Loans | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 300,885 | $ 1,431,859 | |||
2022 | 1,417,032 | 1,280,668 | |||
2021 | 1,266,796 | 551,249 | |||
2020 | 531,550 | 335,557 | |||
2019 | 315,165 | 335,090 | |||
Prior | 1,026,071 | 783,837 | |||
Revolving Loans | 666,268 | 711,433 | |||
Total loans | 5,523,767 | [1],[2] | 5,429,693 | [3],[4] | |
Acquired Non-Impaired and Originated Loans | Commercial Real Estate | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 52,144 | 477,431 | |||
2022 | 480,371 | 525,162 | |||
2021 | 521,005 | 229,384 | |||
2020 | 220,469 | 136,913 | |||
2019 | 133,551 | 115,568 | |||
Prior | 504,684 | 401,723 | |||
Revolving Loans | 22,196 | 28,343 | |||
Total loans | 1,934,420 | [1],[2] | 1,914,524 | [3],[4] | |
Acquired Non-Impaired and Originated Loans | Residential Real Estate | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 18,097 | 68,752 | |||
2022 | 67,825 | 59,075 | |||
2021 | 58,693 | 43,462 | |||
2020 | 43,147 | 32,821 | |||
2019 | 32,410 | 53,246 | |||
Prior | 229,054 | 182,366 | |||
Revolving Loans | 52,738 | 52,868 | |||
Total loans | 501,964 | [1],[2] | 492,590 | [3],[4] | |
Acquired Non-Impaired and Originated Loans | Construction, Land Development, and Other Land | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 9,987 | 62,310 | |||
2022 | 63,757 | 203,672 | |||
2021 | 224,564 | 63,740 | |||
2020 | 69,988 | 33,128 | |||
2019 | 31,242 | 34,700 | |||
Prior | 46,773 | 41,254 | |||
Revolving Loans | 797 | 185 | |||
Total loans | 447,108 | [1],[2] | 438,989 | [3],[4] | |
Acquired Non-Impaired and Originated Loans | Commercial and Industrial | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 138,569 | 526,477 | |||
2022 | 532,291 | 342,383 | |||
2021 | 327,333 | 160,560 | |||
2020 | 150,972 | 117,879 | |||
2019 | 105,929 | 124,058 | |||
Prior | 239,486 | 156,880 | |||
Revolving Loans | 589,996 | 629,608 | |||
Total loans | 2,084,576 | [1],[2] | 2,057,845 | [3],[4] | |
Acquired Non-Impaired and Originated Loans | Installment and Other | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 224 | 366 | |||
2022 | 270 | 146 | |||
2021 | 136 | 65 | |||
2020 | 52 | 79 | |||
2019 | 66 | 17 | |||
Prior | 533 | 657 | |||
Revolving Loans | 541 | 429 | |||
Total loans | 1,822 | [1],[2] | 1,759 | [3],[4] | |
Acquired Non-Impaired and Originated Loans | Lease Financing Receivables | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 81,864 | 296,523 | |||
2022 | 272,518 | 150,230 | |||
2021 | 135,065 | 54,038 | |||
2020 | 46,922 | 14,737 | |||
2019 | 11,967 | 7,501 | |||
Prior | 5,541 | 957 | |||
Revolving Loans | 0 | 0 | |||
Total loans | 553,877 | [1],[2] | 523,986 | [3],[4] | |
Acquired Non-Impaired and Originated Loans | Financial Asset, Not Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 300,804 | 1,428,051 | |||
2022 | 1,411,600 | 1,277,498 | |||
2021 | 1,263,933 | 544,189 | |||
2020 | 526,893 | 325,621 | |||
2019 | 299,431 | 329,727 | |||
Prior | 999,589 | 763,378 | |||
Revolving Loans | 660,577 | 709,850 | |||
Total loans | 5,462,827 | [2] | 5,378,314 | [3] | |
Acquired Non-Impaired and Originated Loans | Financial Asset, Not Past Due [Member] | Commercial Real Estate | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 52,144 | 477,334 | |||
2022 | 479,222 | 525,048 | |||
2021 | 520,951 | 229,260 | |||
2020 | 220,048 | 132,067 | |||
2019 | 125,896 | 112,126 | |||
Prior | 489,914 | 387,349 | |||
Revolving Loans | 22,196 | 28,343 | |||
Total loans | 1,910,371 | [2] | 1,891,527 | [3] | |
Acquired Non-Impaired and Originated Loans | Financial Asset, Not Past Due [Member] | Residential Real Estate | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 18,097 | 68,752 | |||
2022 | 67,825 | 59,075 | |||
2021 | 58,693 | 40,731 | |||
2020 | 42,713 | 32,440 | |||
2019 | 32,036 | 52,950 | |||
Prior | 226,061 | 180,128 | |||
Revolving Loans | 50,909 | 52,146 | |||
Total loans | 496,334 | [2] | 486,222 | [3] | |
Acquired Non-Impaired and Originated Loans | Financial Asset, Not Past Due [Member] | Construction, Land Development, and Other Land | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 9,987 | 62,310 | |||
2022 | 63,757 | 203,672 | |||
2021 | 224,564 | 63,740 | |||
2020 | 69,988 | 33,128 | |||
2019 | 29,712 | 34,700 | |||
Prior | 42,759 | 41,250 | |||
Revolving Loans | 797 | 185 | |||
Total loans | 441,564 | [2] | 438,985 | [3] | |
Acquired Non-Impaired and Originated Loans | Financial Asset, Not Past Due [Member] | Commercial and Industrial | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 138,569 | 524,341 | |||
2022 | 528,942 | 339,915 | |||
2021 | 325,295 | 156,713 | |||
2020 | 147,397 | 113,350 | |||
2019 | 99,892 | 122,523 | |||
Prior | 234,868 | 153,039 | |||
Revolving Loans | 586,134 | 628,747 | |||
Total loans | 2,061,097 | [2] | 2,038,628 | [3] | |
Acquired Non-Impaired and Originated Loans | Financial Asset, Not Past Due [Member] | Installment and Other | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 224 | 366 | |||
2022 | 270 | 146 | |||
2021 | 136 | 65 | |||
2020 | 52 | 79 | |||
2019 | 66 | 17 | |||
Prior | 533 | 657 | |||
Revolving Loans | 541 | 429 | |||
Total loans | 1,822 | [2] | 1,759 | [3] | |
Acquired Non-Impaired and Originated Loans | Financial Asset, Not Past Due [Member] | Lease Financing Receivables | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 81,783 | 294,948 | |||
2022 | 271,584 | 149,642 | |||
2021 | 134,294 | 53,680 | |||
2020 | 46,695 | 14,557 | |||
2019 | 11,829 | 7,411 | |||
Prior | 5,454 | 955 | |||
Revolving Loans | 0 | 0 | |||
Total loans | 551,639 | [2] | 521,193 | [3] | |
Acquired Non-Impaired and Originated Loans | Financial Asset, 30 to 59 Days Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 0 | 2,538 | |||
2022 | 2,716 | 1,892 | |||
2021 | 958 | 3,183 | |||
2020 | 273 | 1,821 | |||
2019 | 3,991 | 916 | |||
Prior | 3,849 | 3,092 | |||
Revolving Loans | 1,240 | 122 | |||
Total loans | 13,027 | [2] | 13,564 | [3] | |
Acquired Non-Impaired and Originated Loans | Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Real Estate | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 0 | 97 | |||
2022 | 1,149 | 54 | |||
2021 | 54 | 0 | |||
2020 | 0 | 0 | |||
2019 | 459 | 471 | |||
Prior | 2,387 | 2,060 | |||
Revolving Loans | 0 | 0 | |||
Total loans | 4,049 | [2] | 2,682 | [3] | |
Acquired Non-Impaired and Originated Loans | Financial Asset, 30 to 59 Days Past Due [Member] | Residential Real Estate | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 2,497 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Prior | 393 | 108 | |||
Revolving Loans | 1,140 | 122 | |||
Total loans | 1,533 | [2] | 2,727 | [3] | |
Acquired Non-Impaired and Originated Loans | Financial Asset, 30 to 59 Days Past Due [Member] | Construction, Land Development, and Other Land | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans | 0 | 0 | |||
Total loans | 0 | [2] | 0 | [3] | |
Acquired Non-Impaired and Originated Loans | Financial Asset, 30 to 59 Days Past Due [Member] | Commercial and Industrial | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 0 | 980 | |||
2022 | 1,279 | 1,371 | |||
2021 | 830 | 391 | |||
2020 | 270 | 1,717 | |||
2019 | 3,532 | 368 | |||
Prior | 1,033 | 922 | |||
Revolving Loans | 100 | 0 | |||
Total loans | 7,044 | [2] | 5,749 | [3] | |
Acquired Non-Impaired and Originated Loans | Financial Asset, 30 to 59 Days Past Due [Member] | Installment and Other | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans | 0 | 0 | |||
Total loans | 0 | [2] | 0 | [3] | |
Acquired Non-Impaired and Originated Loans | Financial Asset, 30 to 59 Days Past Due [Member] | Lease Financing Receivables | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 0 | 1,461 | |||
2022 | 288 | 467 | |||
2021 | 74 | 295 | |||
2020 | 3 | 104 | |||
2019 | 0 | 77 | |||
Prior | 36 | 2 | |||
Revolving Loans | 0 | 0 | |||
Total loans | 401 | [2] | 2,406 | [3] | |
Acquired Non-Impaired and Originated Loans | Financial Asset, 60 to 89 Days Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 81 | 79 | |||
2022 | 569 | 47 | |||
2021 | 423 | 80 | |||
2020 | 164 | 87 | |||
2019 | 113 | 9 | |||
Prior | 40 | 1,488 | |||
Revolving Loans | 0 | 0 | |||
Total loans | 1,390 | [2] | 1,790 | [3] | |
Acquired Non-Impaired and Originated Loans | Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Real Estate | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Prior | 0 | 1,016 | |||
Revolving Loans | 0 | 0 | |||
Total loans | 0 | [2] | 1,016 | [3] | |
Acquired Non-Impaired and Originated Loans | Financial Asset, 60 to 89 Days Past Due [Member] | Residential Real Estate | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans | 0 | 0 | |||
Total loans | 0 | [2] | 0 | [3] | |
Acquired Non-Impaired and Originated Loans | Financial Asset, 60 to 89 Days Past Due [Member] | Construction, Land Development, and Other Land | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans | 0 | 0 | |||
Total loans | 0 | [2] | 0 | [3] | |
Acquired Non-Impaired and Originated Loans | Financial Asset, 60 to 89 Days Past Due [Member] | Commercial and Industrial | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 8 | |||
2021 | 0 | 80 | |||
2020 | 0 | 87 | |||
2019 | 0 | 0 | |||
Prior | 0 | 472 | |||
Revolving Loans | 0 | 0 | |||
Total loans | 0 | [2] | 647 | [3] | |
Acquired Non-Impaired and Originated Loans | Financial Asset, 60 to 89 Days Past Due [Member] | Installment and Other | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans | 0 | 0 | |||
Total loans | 0 | [2] | 0 | [3] | |
Acquired Non-Impaired and Originated Loans | Financial Asset, 60 to 89 Days Past Due [Member] | Lease Financing Receivables | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 81 | 79 | |||
2022 | 569 | 39 | |||
2021 | 423 | 0 | |||
2020 | 164 | 0 | |||
2019 | 113 | 9 | |||
Prior | 40 | 0 | |||
Revolving Loans | 0 | 0 | |||
Total loans | 1,390 | [2] | 127 | [3] | |
Acquired Non-Impaired and Originated Loans | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans | 0 | 0 | |||
Total loans | 0 | [2] | 0 | [3] | |
Acquired Non-Impaired and Originated Loans | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Real Estate | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans | 0 | 0 | |||
Total loans | 0 | [2] | 0 | [3] | |
Acquired Non-Impaired and Originated Loans | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Residential Real Estate | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans | 0 | 0 | |||
Total loans | 0 | [2] | 0 | [3] | |
Acquired Non-Impaired and Originated Loans | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Construction, Land Development, and Other Land | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans | 0 | 0 | |||
Total loans | 0 | [2] | 0 | [3] | |
Acquired Non-Impaired and Originated Loans | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial and Industrial | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans | 0 | 0 | |||
Total loans | 0 | [2] | 0 | [3] | |
Acquired Non-Impaired and Originated Loans | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Installment and Other | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans | 0 | 0 | |||
Total loans | 0 | [2] | 0 | [3] | |
Acquired Non-Impaired and Originated Loans | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Lease Financing Receivables | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans | 0 | 0 | |||
Total loans | 0 | [2] | 0 | [3] | |
Acquired Non-Impaired and Originated Loans | Financing Asset, Non-accrual [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 0 | 1,191 | |||
2022 | 2,147 | 1,231 | |||
2021 | 1,482 | 3,797 | |||
2020 | 4,220 | 8,028 | |||
2019 | 11,630 | 4,438 | |||
Prior | 22,593 | 15,879 | |||
Revolving Loans | 4,451 | 1,461 | |||
Total loans | 46,523 | [2] | 36,025 | [3] | |
Acquired Non-Impaired and Originated Loans | Financing Asset, Non-accrual [Member] | Commercial Real Estate | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 60 | |||
2021 | 0 | 124 | |||
2020 | 421 | 4,846 | |||
2019 | 7,196 | 2,971 | |||
Prior | 12,383 | 11,298 | |||
Revolving Loans | 0 | 0 | |||
Total loans | 20,000 | [2] | 19,299 | [3] | |
Acquired Non-Impaired and Originated Loans | Financing Asset, Non-accrual [Member] | Residential Real Estate | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 234 | |||
2020 | 434 | 381 | |||
2019 | 374 | 296 | |||
Prior | 2,600 | 2,130 | |||
Revolving Loans | 689 | 600 | |||
Total loans | 4,097 | [2] | 3,641 | [3] | |
Acquired Non-Impaired and Originated Loans | Financing Asset, Non-accrual [Member] | Construction, Land Development, and Other Land | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 1,530 | 0 | |||
Prior | 4,014 | 4 | |||
Revolving Loans | 0 | 0 | |||
Total loans | 5,544 | [2] | 4 | [3] | |
Acquired Non-Impaired and Originated Loans | Financing Asset, Non-accrual [Member] | Commercial and Industrial | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 0 | 1,156 | |||
2022 | 2,070 | 1,089 | |||
2021 | 1,208 | 3,376 | |||
2020 | 3,305 | 2,725 | |||
2019 | 2,505 | 1,167 | |||
Prior | 3,585 | 2,447 | |||
Revolving Loans | 3,762 | 861 | |||
Total loans | 16,435 | [2] | 12,821 | [3] | |
Acquired Non-Impaired and Originated Loans | Financing Asset, Non-accrual [Member] | Installment and Other | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans | 0 | 0 | |||
Total loans | 0 | [2] | 0 | [3] | |
Acquired Non-Impaired and Originated Loans | Financing Asset, Non-accrual [Member] | Lease Financing Receivables | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 0 | 35 | |||
2022 | 77 | 82 | |||
2021 | 274 | 63 | |||
2020 | 60 | 76 | |||
2019 | 25 | 4 | |||
Prior | 11 | 0 | |||
Revolving Loans | 0 | 0 | |||
Total loans | 447 | [2] | 260 | [3] | |
Acquired Non-Impaired and Originated Loans | Financial Asset, Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 81 | 3,808 | |||
2022 | 5,432 | 3,170 | |||
2021 | 2,863 | 7,060 | |||
2020 | 4,657 | 9,936 | |||
2019 | 15,734 | 5,363 | |||
Prior | 26,482 | 20,459 | |||
Revolving Loans | 5,691 | 1,583 | |||
Total loans | 60,940 | [2] | 51,379 | [3] | |
Acquired Non-Impaired and Originated Loans | Financial Asset, Past Due [Member] | Commercial Real Estate | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 0 | 97 | |||
2022 | 1,149 | 114 | |||
2021 | 54 | 124 | |||
2020 | 421 | 4,846 | |||
2019 | 7,655 | 3,442 | |||
Prior | 14,770 | 14,374 | |||
Revolving Loans | 0 | 0 | |||
Total loans | 24,049 | [2] | 22,997 | [3] | |
Acquired Non-Impaired and Originated Loans | Financial Asset, Past Due [Member] | Residential Real Estate | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 2,731 | |||
2020 | 434 | 381 | |||
2019 | 374 | 296 | |||
Prior | 2,993 | 2,238 | |||
Revolving Loans | 1,829 | 722 | |||
Total loans | 5,630 | [2] | 6,368 | [3] | |
Acquired Non-Impaired and Originated Loans | Financial Asset, Past Due [Member] | Construction, Land Development, and Other Land | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 1,530 | 0 | |||
Prior | 4,014 | 4 | |||
Revolving Loans | 0 | 0 | |||
Total loans | 5,544 | [2] | 4 | [3] | |
Acquired Non-Impaired and Originated Loans | Financial Asset, Past Due [Member] | Commercial and Industrial | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 0 | 2,136 | |||
2022 | 3,349 | 2,468 | |||
2021 | 2,038 | 3,847 | |||
2020 | 3,575 | 4,529 | |||
2019 | 6,037 | 1,535 | |||
Prior | 4,618 | 3,841 | |||
Revolving Loans | 3,862 | 861 | |||
Total loans | 23,479 | [2] | 19,217 | [3] | |
Acquired Non-Impaired and Originated Loans | Financial Asset, Past Due [Member] | Installment and Other | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans | 0 | 0 | |||
Total loans | 0 | [2] | 0 | [3] | |
Acquired Non-Impaired and Originated Loans | Financial Asset, Past Due [Member] | Lease Financing Receivables | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
2023 | 81 | 1,575 | |||
2022 | 934 | 588 | |||
2021 | 771 | 358 | |||
2020 | 227 | 180 | |||
2019 | 138 | 90 | |||
Prior | 87 | 2 | |||
Revolving Loans | 0 | 0 | |||
Total loans | $ 2,238 | [2] | $ 2,793 | [3] | |
[1] (1) - Includes $ 8.4 million of substandard loans classified as held for sale. (1) - Includes $ 8.4 million of non-accrual loans classified as held for sale. (1) - Includes $ 8.4 million of non-accrual loans classified as held for sale. (1) - Includes $ 8.4 million of substandard loans classified as held for sale. |
Loan and Lease Receivables a_12
Loan and Lease Receivables and Allowance for Credit Losses - Summary of Contractual Delinquency Information (Parenthetical) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Asset, Non-accrual [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loan held for sale | $ 8.4 | $ 8.4 |
Loan and Lease Receivables a_13
Loan and Lease Receivables and Allowance for Credit Losses - Summary of Allowance for Credit Losses and Corresponding Loan and Lease Balances (Details) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning balance | $ 81,924 | $ 55,012 | |
Provision/(recapture) for credit losses | 9,712 | 4,995 | |
Charge-offs | (3,069) | (1,066) | |
Recoveries | 1,898 | 517 | |
Ending balance | 90,465 | 59,458 | |
Individually evaluated for impairment | 22,018 | 20,739 | |
Collectively evaluated for impairment | 68,447 | 35,673 | |
Loans acquired with deteriorated credit quality | 3,046 | ||
Allowance for loan and lease losses | 90,465 | 59,458 | $ 81,924 |
Individually evaluated for impairment | 71,408 | 71,452 | |
Collectively evaluated for impairment | 5,443,924 | 4,597,865 | |
Financing Receivable, after Allowance for Credit Loss | 2,100,000 | 119,751 | 2,200,000 |
Total loans and leases | 5,515,332 | 4,789,068 | 5,421,258 |
Commercial Real Estate | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning balance | 26,061 | 16,918 | |
Provision/(recapture) for credit losses | (1,119) | 2,784 | |
Charge-offs | (966) | (240) | |
Recoveries | 762 | 244 | |
Ending balance | 24,738 | 19,706 | |
Individually evaluated for impairment | 6,302 | 7,731 | |
Collectively evaluated for impairment | 18,436 | 10,320 | |
Loans acquired with deteriorated credit quality | 1,655 | ||
Allowance for loan and lease losses | 24,738 | 19,706 | 26,061 |
Individually evaluated for impairment | 31,622 | 36,805 | |
Collectively evaluated for impairment | 1,897,762 | 1,675,468 | |
Financing Receivable, after Allowance for Credit Loss | 67,092 | ||
Total loans and leases | 1,929,384 | 1,779,365 | 1,909,488 |
Residential Real Estate | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning balance | 3,140 | 1,628 | |
Provision/(recapture) for credit losses | (453) | 513 | |
Charge-offs | (9) | 0 | |
Recoveries | 1 | 4 | |
Ending balance | 2,679 | 2,145 | |
Individually evaluated for impairment | 0 | 6 | |
Collectively evaluated for impairment | 2,679 | 1,138 | |
Loans acquired with deteriorated credit quality | 1,001 | ||
Allowance for loan and lease losses | 2,679 | 2,145 | 3,140 |
Individually evaluated for impairment | 0 | 2,190 | |
Collectively evaluated for impairment | 499,336 | 445,183 | |
Financing Receivable, after Allowance for Credit Loss | 47,347 | ||
Total loans and leases | 499,336 | 494,720 | 489,962 |
Construction, Land Development, and Other Land | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning balance | 3,134 | 522 | |
Provision/(recapture) for credit losses | 364 | 594 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Ending balance | 3,498 | 1,116 | |
Individually evaluated for impairment | 1,198 | 0 | |
Collectively evaluated for impairment | 2,300 | 1,115 | |
Loans acquired with deteriorated credit quality | 1 | ||
Allowance for loan and lease losses | 3,498 | 1,116 | 3,134 |
Individually evaluated for impairment | 5,541 | 0 | |
Collectively evaluated for impairment | 441,567 | 351,715 | |
Financing Receivable, after Allowance for Credit Loss | 1,357 | ||
Total loans and leases | 447,108 | 353,072 | 438,989 |
Commercial and Industrial | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning balance | 41,889 | 33,129 | |
Provision/(recapture) for credit losses | 10,803 | 458 | |
Charge-offs | (1,790) | (463) | |
Recoveries | 947 | 120 | |
Ending balance | 51,849 | 33,244 | |
Individually evaluated for impairment | 14,518 | 13,002 | |
Collectively evaluated for impairment | 37,331 | 19,855 | |
Loans acquired with deteriorated credit quality | 387 | ||
Allowance for loan and lease losses | 51,849 | 33,244 | 41,889 |
Individually evaluated for impairment | 34,245 | 32,457 | |
Collectively evaluated for impairment | 2,049,560 | 1,739,622 | |
Financing Receivable, after Allowance for Credit Loss | 3,792 | ||
Total loans and leases | 2,083,805 | 1,775,871 | 2,057,074 |
Installment and Other | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning balance | 24 | 9 | |
Provision/(recapture) for credit losses | (2) | 1 | |
Charge-offs | 0 | 0 | |
Recoveries | 3 | 0 | |
Ending balance | 25 | 10 | |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 25 | 8 | |
Loans acquired with deteriorated credit quality | 2 | ||
Allowance for loan and lease losses | 25 | 10 | 24 |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 1,822 | 1,193 | |
Financing Receivable, after Allowance for Credit Loss | 163 | ||
Total loans and leases | 1,822 | 1,356 | 1,759 |
Lease Financing Receivables | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning balance | 7,676 | 2,806 | |
Provision/(recapture) for credit losses | 119 | 645 | |
Charge-offs | (304) | (363) | |
Recoveries | 185 | 149 | |
Ending balance | 7,676 | 3,237 | |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 7,676 | 3,237 | |
Loans acquired with deteriorated credit quality | 0 | ||
Allowance for loan and lease losses | 7,676 | 3,237 | 7,676 |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 553,877 | 384,684 | |
Financing Receivable, after Allowance for Credit Loss | 0 | ||
Total loans and leases | $ 553,877 | $ 384,684 | $ 523,986 |
Loan and Lease Receivables a_14
Loan and Lease Receivables and Allowance for Credit Losses - Summary of Loans with Modified Terms (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total troubled debt restructurings | $ 2,799 | |
% of Class of Loans and Leases | 0.90% | |
Commercial and Industrial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
% of Class of Loans and Leases | 2.40% | |
Payment Delay | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total troubled debt restructurings | $ 9,405 | |
Payment Delay | Commercial and Industrial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total troubled debt restructurings | 9,405 | |
Term Modification | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total troubled debt restructurings | 40,420 | |
Term Modification | Commercial and Industrial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total troubled debt restructurings | 40,420 | |
Combination Term Modification and Interest Rate Reduction | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total troubled debt restructurings | 395 | |
Combination Term Modification and Interest Rate Reduction | Commercial and Industrial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total troubled debt restructurings | 395 | |
Total Modified by Class | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total troubled debt restructurings | 50,220 | |
Total Modified by Class | Commercial and Industrial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total troubled debt restructurings | $ 50,220 |
Loan and Lease Receivables a_15
Loan and Lease Receivables and Allowance for Credit Losses - Summary of TDR's by Loan Category (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) Loan | |
Financing Receivable Modifications [Line Items] | |
Number of Loans | Loan | 14 |
Pre-Modification Outstanding Recorded Investment | $ 3,566 |
Post-Modification Outstanding Recorded Investment | 2,324 |
Charge-offs | 1,242 |
Specific Reserves | $ 254 |
Accruing | |
Financing Receivable Modifications [Line Items] | |
Number of Loans | Loan | 5 |
Pre-Modification Outstanding Recorded Investment | $ 719 |
Post-Modification Outstanding Recorded Investment | 719 |
Specific Reserves | $ 143 |
Non-accruing | |
Financing Receivable Modifications [Line Items] | |
Number of Loans | Loan | 9 |
Pre-Modification Outstanding Recorded Investment | $ 2,847 |
Post-Modification Outstanding Recorded Investment | 1,605 |
Charge-offs | 1,242 |
Specific Reserves | $ 111 |
Commercial Real Estate | Accruing | |
Financing Receivable Modifications [Line Items] | |
Number of Loans | Loan | 2 |
Pre-Modification Outstanding Recorded Investment | $ 551 |
Post-Modification Outstanding Recorded Investment | 551 |
Specific Reserves | $ 109 |
Commercial Real Estate | Non-accruing | |
Financing Receivable Modifications [Line Items] | |
Number of Loans | Loan | 3 |
Pre-Modification Outstanding Recorded Investment | $ 830 |
Post-Modification Outstanding Recorded Investment | 623 |
Charge-offs | 207 |
Specific Reserves | $ 73 |
Commercial and Industrial | Accruing | |
Financing Receivable Modifications [Line Items] | |
Number of Loans | Loan | 1 |
Pre-Modification Outstanding Recorded Investment | $ 24 |
Post-Modification Outstanding Recorded Investment | 24 |
Specific Reserves | $ 34 |
Commercial and Industrial | Non-accruing | |
Financing Receivable Modifications [Line Items] | |
Number of Loans | Loan | 6 |
Pre-Modification Outstanding Recorded Investment | $ 2,017 |
Post-Modification Outstanding Recorded Investment | 982 |
Charge-offs | 1,035 |
Specific Reserves | $ 38 |
Residential Real Estate | Accruing | |
Financing Receivable Modifications [Line Items] | |
Number of Loans | Loan | 2 |
Pre-Modification Outstanding Recorded Investment | $ 144 |
Post-Modification Outstanding Recorded Investment | $ 144 |
Loan and Lease Receivables a_16
Loan and Lease Receivables and Allowance for Credit Losses - Summary of Loans Modified as Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022 USD ($) | |
Receivables [Abstract] | |
Beginning balance | $ 1,927 |
Additions | 0 |
Net payments | (471) |
Net transfers from non-accrual | 0 |
Ending balance | 1,456 |
Beginning balance | 1,506 |
Additions | 0 |
Net payments | (163) |
Charge-offs | 0 |
Net transfers to accrual | 0 |
Ending balance | 1,343 |
Total troubled debt restructurings | $ 2,799 |
Loan and Lease Receivables a_17
Loan and Lease Receivables and Allowance for Credit Losses - Summary Of Collateral Dependent Loans And Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total Allowance For Credit Losses | $ 71,408 | $ 70,413 |
Commercial Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total Allowance For Credit Losses | 31,622 | 37,959 |
Residential Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total Allowance For Credit Losses | 0 | 879 |
Construction, Land Development, and Other Land | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total Allowance For Credit Losses | 5,541 | 5,541 |
Commercial and Industrial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total Allowance For Credit Losses | 34,245 | 26,034 |
Commercial Construction | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total Allowance For Credit Losses | 5,541 | 5,541 |
Commercial Construction | Commercial Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total Allowance For Credit Losses | 0 | 0 |
Commercial Construction | Residential Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total Allowance For Credit Losses | 0 | 0 |
Commercial Construction | Construction, Land Development, and Other Land | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total Allowance For Credit Losses | 5,541 | 5,541 |
Commercial Construction | Commercial and Industrial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total Allowance For Credit Losses | 0 | 0 |
Non-owner Occupied Commercial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total Allowance For Credit Losses | 4,199 | 9,749 |
Non-owner Occupied Commercial | Commercial Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total Allowance For Credit Losses | 4,199 | 9,749 |
Non-owner Occupied Commercial | Residential Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total Allowance For Credit Losses | 0 | 0 |
Non-owner Occupied Commercial | Construction, Land Development, and Other Land | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total Allowance For Credit Losses | 0 | 0 |
Non-owner Occupied Commercial | Commercial and Industrial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total Allowance For Credit Losses | 0 | 0 |
Owner Occupied Commercial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total Allowance For Credit Losses | 27,423 | 28,210 |
Owner Occupied Commercial | Commercial Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total Allowance For Credit Losses | 27,423 | 28,210 |
Owner Occupied Commercial | Residential Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total Allowance For Credit Losses | 0 | 0 |
Owner Occupied Commercial | Construction, Land Development, and Other Land | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total Allowance For Credit Losses | 0 | 0 |
Owner Occupied Commercial | Commercial and Industrial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total Allowance For Credit Losses | 0 | 0 |
Multi-Family | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total Allowance For Credit Losses | 0 | 237 |
Multi-Family | Commercial Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total Allowance For Credit Losses | 0 | 0 |
Multi-Family | Residential Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total Allowance For Credit Losses | 0 | 237 |
Multi-Family | Construction, Land Development, and Other Land | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total Allowance For Credit Losses | 0 | 0 |
Multi-Family | Commercial and Industrial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total Allowance For Credit Losses | 0 | 0 |
Single Family Residence (1st Lien) | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total Allowance For Credit Losses | 0 | 422 |
Single Family Residence (1st Lien) | Commercial Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total Allowance For Credit Losses | 0 | 0 |
Single Family Residence (1st Lien) | Residential Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total Allowance For Credit Losses | 0 | 422 |
Single Family Residence (1st Lien) | Construction, Land Development, and Other Land | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total Allowance For Credit Losses | 0 | 0 |
Single Family Residence (1st Lien) | Commercial and Industrial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total Allowance For Credit Losses | 0 | 0 |
Single Family Residence (2nd Lien) | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total Allowance For Credit Losses | 0 | 220 |
Single Family Residence (2nd Lien) | Commercial Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total Allowance For Credit Losses | 0 | 0 |
Single Family Residence (2nd Lien) | Residential Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total Allowance For Credit Losses | 0 | 220 |
Single Family Residence (2nd Lien) | Construction, Land Development, and Other Land | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total Allowance For Credit Losses | 0 | 0 |
Single Family Residence (2nd Lien) | Commercial and Industrial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total Allowance For Credit Losses | 0 | 0 |
Business Assets | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total Allowance For Credit Losses | 34,245 | 26,034 |
Business Assets | Commercial Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total Allowance For Credit Losses | 0 | 0 |
Business Assets | Residential Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total Allowance For Credit Losses | 0 | 0 |
Business Assets | Construction, Land Development, and Other Land | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total Allowance For Credit Losses | 0 | 0 |
Business Assets | Commercial and Industrial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total Allowance For Credit Losses | $ 34,245 | $ 26,034 |
Loan and Lease Receivables a_18
Loan and Lease Receivables and Allowance for Credit Losses - Summary of Change in Balance for Reserve for Unfunded Commitments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Receivables [Abstract] | ||
Beginning balance | $ 4,203 | $ 1,403 |
Provision for of unfunded commitments | 113 | 599 |
Ending balance | $ 4,316 | $ 2,002 |
Servicing Assets - Activity for
Servicing Assets - Activity for Servicing Assets and Related Changes in Fair Value (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Transfers and Servicing [Abstract] | ||
Beginning balance | $ 19,172,000 | $ 23,744,000 |
Additions, net | 1,116,000 | 1,984,000 |
Changes in fair value | 656,000 | (1,231,000) |
Ending balance | $ 20,944,000 | $ 24,497,000 |
Servicing Assets - Unpaid Princ
Servicing Assets - Unpaid Principal Balances of Loans Serviced for Others (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Loan portfolios serviced for: | ||
Unpaid principal balances of loans serviced | $ 1,722,588 | $ 1,732,164 |
SBA guaranteed loans | ||
Loan portfolios serviced for: | ||
Unpaid principal balances of loans serviced | 1,512,586 | 1,521,014 |
USDA guaranteed loans | ||
Loan portfolios serviced for: | ||
Unpaid principal balances of loans serviced | $ 210,002 | $ 211,150 |
Servicing Assets - Additional I
Servicing Assets - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Accounts Notes And Loans Receivable [Line Items] | ||
Changes in fair value of servicing assets | $ 656,000 | $ (1,231,000) |
Loan Servicing Revenue [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Fair value of servicing assets | $ 3,400,000 | $ 3,400,000 |
Other Real Estate Owned - Chang
Other Real Estate Owned - Change in Other Real Estate Owned (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Real Estate [Abstract] | ||
Other real estate owned, beginning balance | $ 4,717 | $ 2,112 |
Net additions to OREO | 55 | 309 |
Proceeds from sales of OREO | (764) | (225) |
Gains on sales of OREO | 35 | 76 |
Valuation adjustments | (331) | (51) |
Other real estate owned, ending balance | $ 3,712 | $ 2,221 |
Other Real Estate Owned - Addit
Other Real Estate Owned - Additional Information (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Real Estate [Line Items] | ||||
Foreclosed real estate properties recorded as result of obtaining physical possession of property | $ 3,712,000 | $ 2,221,000 | $ 4,717,000 | $ 2,112,000 |
Residential consumer mortgage loans in process of foreclosure | 0 | 0 | ||
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 | $ 2,200,000 | $ 2,300,000 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Leases [Abstract] | |||
Lessor, Operating Lease Maturity Year | 2042 | ||
Weighted-average discount rate of operating leases | 2.08% | 1.95% | |
Weighted average remaining life of operating leases | 6 years 3 months 18 days | 6 years 2 months 12 days | |
Rental expenses | $ 1,100,000 | $ 1,400,000 | |
Minimum rental to be received in future on subleases | $ 1,300,000 | ||
Sublease contract maturity year | 2027 | ||
Operating cash flows paid for operating lease | $ 855,000 | 1,200,000 | |
Right-of-use lease assets in exchange for operating lease liabilities | $ 313,000 | $ 1,300,000 |
Leases - Schedule of Operating
Leases - Schedule of Operating Lease Right-of-use Asset and Liability (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Lessee Lease Description [Line Items] | ||
Operating right-of-use assets | $ 10,880 | $ 11,352 |
Operating lease liabilities | $ 13,645 | $ 14,391 |
Leases - Summary of Lease Costs
Leases - Summary of Lease Costs and Company's Operating Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Leases [Abstract] | ||
Operating lease cost | $ 623 | $ 858 |
Short-term lease cost | 69 | 37 |
Variable lease cost | 412 | 469 |
Less: Sublease income | (156) | (127) |
Total lease cost, net | $ 948 | $ 1,237 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments for Operating Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
2023 | $ 2,396 | |
2024 | 3,185 | |
2025 | 2,648 | |
2026 | 2,047 | |
2027 | 1,003 | |
Thereafter | 3,557 | |
Total undiscounted lease payments | 14,836 | |
Less: imputed interest | (1,191) | |
Net lease liabilities | $ 13,645 | $ 14,391 |
Goodwill, Core Deposit Intang_3
Goodwill, Core Deposit Intangible and Other Intangible Assets - Summary of Changes in Goodwill, Core Deposit Intangible Assets and Customer Relationship Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule Of Goodwill And Intangible Assets [Line Items] | ||
Beginning balance, Goodwill | $ 148,353 | $ 148,353 |
Ending balance, Goodwill | 148,353 | 148,353 |
Amortization | (1,455) | (1,596) |
Core Deposits | ||
Schedule Of Goodwill And Intangible Assets [Line Items] | ||
Beginning balance | 8,886 | 15,004 |
Amortization | (1,388) | (1,529) |
Ending balance | 7,498 | 13,475 |
Accumulated amortization | $ 47,968 | $ 41,991 |
Weighted average remaining amortization period | 4 years 6 months | 4 years 8 months 12 days |
Customer Relationships | ||
Schedule Of Goodwill And Intangible Assets [Line Items] | ||
Beginning balance | $ 1,648 | $ 2,201 |
Amortization | (67) | (67) |
Ending balance | 1,581 | 2,134 |
Accumulated amortization | $ 1,635 | $ 1,082 |
Weighted average remaining amortization period | 5 years 10 months 24 days | 8 years |
Goodwill, Core Deposit Intang_4
Goodwill, Core Deposit Intangible and Other Intangible Assets - Estimated Amortization Expense for Core Deposit Intangible and Customer Relationship Intangible Recognized (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2023 | $ 2,881 |
2024 | 2,286 |
2025 | 1,721 |
2026 | 1,157 |
2027 | 609 |
Thereafter | 425 |
Total | $ 9,079 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Operating Loss Carryforwards [Line Items] | |||
Effective tax rate | 25.70% | 22% | |
Net income tax provision related to exercise of stock options | $ 1,100,000 | ||
Net income tax benefit related to vesting of restricted shares | $ 134,000 | ||
Deferred tax assets, net | $ 64,900,000 | $ 68,200,000 |
Deposits - Composition of Depos
Deposits - Composition of Deposits (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Deposits [Abstract] | ||
Non-interest-bearing demand deposits | $ 1,952,045 | $ 2,138,645 |
Interest-bearing checking accounts | 560,837 | 592,098 |
Money market demand accounts | 1,453,688 | 1,415,653 |
Other savings | 590,231 | 625,798 |
Time deposits (below $250,000) | 1,089,785 | 762,250 |
Time deposits ($250,000 and above) | 166,066 | 160,677 |
Total deposits | $ 5,812,652 | $ 5,695,121 |
Deposits - Scheduled Maturities
Deposits - Scheduled Maturities of Time Deposits (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Deposits [Abstract] | |
2023 | $ 905,863 |
2024 | 324,165 |
2025 | 13,798 |
2026 | 6,925 |
2027 and thereafter | 5,100 |
Total | $ 1,255,851 |
Deposits - Additional Informati
Deposits - Additional Information (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Deposits [Abstract] | ||
Time deposits | $ 250,000 | $ 250,000 |
Brokered deposits | $ 537,600,000 | $ 251,500,000 |
Other Borrowings - Summary of O
Other Borrowings - Summary of Other Borrowings (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
Federal Home Loan Bank advances | $ 625,000 | $ 625,000 |
Securities sold under agreements to repurchase | 37,810 | 15,399 |
Line of credit | 0 | 0 |
Total | $ 662,810 | $ 640,399 |
Other Borrowings - Additional I
Other Borrowings - Additional Information (Details) - USD ($) | 3 Months Ended | |||
Oct. 10, 2019 | Mar. 31, 2023 | Dec. 31, 2022 | Oct. 13, 2016 | |
Line Of Credit Facility [Line Items] | ||||
Federal Reserve Bank discount window borrowing | $ 0 | $ 0 | ||
Federal home loan bank advances, Fixed interest rate | 4.86% | |||
Federal home loan bank advances maximum borrowing capacity as percentage of total assets | 35% | |||
Federal home loan bank, required investment conversion ratio | 4.50 | |||
Aggregate value | $ 221,700,000 | |||
Line of credit facility, amount | 0 | 0 | ||
Federal Home Loan Bank fixed rate advances | 25,000,000 | |||
Federal Home Loan Bank Variable Rate Advances | $ 600,000,000 | |||
Minimum | ||||
Line Of Credit Facility [Line Items] | ||||
Federal Home Loan Bank, Advances, Interest Rate | 4.70% | |||
Maximum | ||||
Line Of Credit Facility [Line Items] | ||||
Federal Home Loan Bank, Advances, Interest Rate | 5.05% | |||
Correspondent Bank | Credit agreement | Ridgestone | ||||
Line Of Credit Facility [Line Items] | ||||
Line of credit facility, amount | $ 30,000,000 | |||
Correspondent Bank | Fourth Amendment Revolving Credit Agreement | Ridgestone | ||||
Line Of Credit Facility [Line Items] | ||||
Line of credit facility, amount | $ 0 | $ 0 | $ 15,000,000 | |
Line of credit facility, extended maturity date | Oct. 06, 2023 | |||
Line of credit facility, interest rate terms | The amended revolving line of credit bears interest at either SOFR plus 195 basis points or 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 March 31, 2023 and December 31, 2022, the line of credit had no outstanding balance. | |||
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% |
Other Borrowings - Summary of S
Other Borrowings - Summary of Short-term Credit Lines Available for Use (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Bank Term Funding Program | ||
Debt Instrument [Line Items] | ||
Short-term credit lines available for use | $ 221,726 | |
Federal Home Loan Bank Line | ||
Debt Instrument [Line Items] | ||
Short-term credit lines available for use | 1,933,073 | $ 1,903,549 |
Federal Reserve Bank of Chicago Discount Window Line | ||
Debt Instrument [Line Items] | ||
Short-term credit lines available for use | 785,982 | 804,578 |
Available Federal Funds Line | ||
Debt Instrument [Line Items] | ||
Short-term credit lines available for use | $ 135,000 | $ 135,000 |
Subordinated Notes and Junior_3
Subordinated Notes and Junior Subordinated Debentures - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2020 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||
Principal amount | $ 45,000,000 | $ 45,000,000 | |
Fixed-To-Floating Subordinate Notes Mature on July 1, 2030 | Subordinated Notes | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 75,000,000 | ||
Debt instrument, interest rate | 6% | ||
Debt instrument, maturity date | Jul. 01, 2030 | ||
Debt instrument, redemption, description | As of March 31, 2023, the net liability outstanding of the subordinated notes was $73.7 million. 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 Federal Reserve to the extent such approval is then required. | ||
Debt issuance costs | $ 1,700,000 | ||
Debt issuance costs, amortization period | 10 years | ||
Loans | $ 73,700,000 | ||
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 the three-month SOFR, plus 588 basis points thereafter until maturity. | ||
Metropolitan Statutory Trust 1 | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 35,000,000 | $ 35,000,000 | |
Metropolitan Statutory Trust 1 | Junior Subordinated Debentures | |||
Debt Instrument [Line Items] | |||
Debt instrument, maturity date | Mar. 17, 2034 | ||
Contractual rate | 7.70% | 7.53% | |
Accrued interest payable | $ 116,000 | $ 98,000 | |
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 | $ 10,000,000 | $ 10,000,000 | |
First Evanston Bancorp Trust I | Junior Subordinated Debentures | |||
Debt Instrument [Line Items] | |||
Debt instrument, maturity date | Mar. 15, 2035 | ||
Contractual rate | 6.65% | 6.55% | |
Accrued interest payable | $ 30,000 | $ 30,000 | |
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 | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | ||
Total liability, at par | $ 45,000 | $ 45,000 |
Total liability, at carrying value | 37,442 | 37,338 |
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 | $ (7,558) | $ (7,662) |
Junior Subordinated Debentures | Metropolitan Statutory Trust 1 | ||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | ||
Stated Maturity | Mar. 17, 2034 | |
Contractual Rate | 7.70% | 7.53% |
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 | 6.65% | 6.55% |
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% |
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 | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Commitments And Contingencies Liabilities [Line Items] | ||
Fixed Rate | $ 267,561 | $ 258,585 |
Variable Rate | 1,993,691 | 1,882,503 |
Total | 2,261,252 | 2,141,088 |
Commitments to Extend Credit | ||
Commitments And Contingencies Liabilities [Line Items] | ||
Fixed Rate | 267,040 | 258,049 |
Variable Rate | 1,932,687 | 1,821,175 |
Total | 2,199,727 | 2,079,224 |
Letters of Credit | ||
Commitments And Contingencies Liabilities [Line Items] | ||
Fixed Rate | 521 | 536 |
Variable Rate | 61,004 | 61,328 |
Total | $ 61,525 | $ 61,864 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2023 | |
Commitments And Contingencies Liabilities [Line Items] | |
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% |
Loan commitments variable interest rate | 13.75% |
Minimum | |
Commitments And Contingencies Liabilities [Line Items] | |
Loan commitments fixed interest rate | 1% |
Loan commitments variable interest rate | 1.75% |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | $ 1,164,387 | $ 1,174,431 | ||
Equity and other securities, at fair value | 8,339 | 7,989 | ||
Servicing assets, at fair value | 20,944 | 19,172 | $ 24,497 | $ 23,744 |
Derivative assets | $ 55,491 | $ 65,342 | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Property, Plant and Equipment, Net | Property, Plant and Equipment, Net | ||
Derivative liabilities | $ 15,085 | $ 17,817 | ||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accrued Interest Payable And Other Liabilities | Accrued Interest Payable And Other Liabilities | ||
U.S. Treasury Notes | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | $ 41,195 | $ 40,723 | ||
U.S. Government Agencies | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 130,866 | 130,364 | ||
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 | 63,578 | 61,876 | ||
Corporate Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 37,490 | 41,436 | ||
Asset-Backed Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 39,512 | 40,957 | ||
Fair Value, Measurements, Recurring | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Servicing assets, at fair value | 20,944 | 19,172 | ||
Derivative assets | 55,491 | 65,342 | ||
Derivative liabilities | 15,085 | 17,817 | ||
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 | 41,195 | 40,723 | ||
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 | 130,866 | 130,364 | ||
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 | 63,578 | 61,876 | ||
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 | 589,310 | 595,796 | ||
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 | 105,139 | 106,249 | ||
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 | 157,297 | 157,030 | ||
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 | 37,490 | 41,436 | ||
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 | 39,512 | 40,957 | ||
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 | 2,555 | 2,518 | ||
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 | 5,784 | 5,471 | ||
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 | 41,195 | 40,723 | ||
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 | 2,555 | 2,518 | ||
Fair Value, Measurements, Recurring | Level 2 | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Derivative assets | 55,491 | 65,342 | ||
Derivative liabilities | 15,085 | 17,817 | ||
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 | 130,866 | 130,364 | ||
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 | 63,578 | 61,876 | ||
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 | 589,310 | 595,796 | ||
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 | 105,139 | 106,249 | ||
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 | 157,297 | 157,030 | ||
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 | 37,490 | 41,436 | ||
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 | 39,512 | 40,957 | ||
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 | 5,154 | 4,805 | ||
Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Servicing assets, at fair value | 20,944 | 19,172 | ||
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 | $ 630 | $ 666 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Details) - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Fair value, assets, to or from level 3 transfers, amount | $ 0 | $ 0 |
Fair value, equity, to or from level 3 transfers, amount | $ 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 | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Equity Securities, FV-NI, Realized Gain (Loss) | Equity Securities, FV-NI, Realized Gain (Loss) |
Investment Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Balance, beginning of period | $ 666 | $ 686 |
Additions, net | 0 | 0 |
Change in fair value | (36) | (11) |
Balance, end of period | 630 | 675 |
Servicing Assets | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Balance, beginning of period | 19,172 | 23,744 |
Additions, net | 1,116 | 1,984 |
Change in fair value | 656 | (1,231) |
Balance, end of period | $ 20,944 | $ 24,497 |
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 | 3 Months Ended |
Mar. 31, 2023 | |
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 | 0.064 |
Single Issuer Trust Preferred | Maximum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Unobservable Inputs | 0.082 |
Single Issuer Trust Preferred | Weighted Average | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Unobservable Inputs | 0.074 |
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 |
Servicing Assets | Prepayment Speeds | Maximum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Unobservable Inputs | 0.330 |
Servicing Assets | Prepayment Speeds | Weighted Average | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Unobservable Inputs | 0.132 |
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 | 0.048 |
Servicing Assets | Discount Rate | Maximum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Unobservable Inputs | 0.516 |
Servicing Assets | Discount Rate | Weighted Average | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Unobservable Inputs | 0.118 |
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 | 0 years |
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 | 10 years |
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 | 4 years 1 month 6 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 | Mar. 31, 2023 | Dec. 31, 2022 |
Commercial Real Estate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | $ 25,321 | $ 37,959 |
Residential Real Estate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 879 | |
Construction, Land Development, and Other Land | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 4,343 | 5,541 |
Commercial and Industrial | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 19,727 | 47,846 |
Other Real Estate Owned | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 3,712 | 4,717 |
Assets Held For Sale | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 8,653 | 8,673 |
Level 3 | Commercial Real Estate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 25,321 | 37,959 |
Level 3 | Residential Real Estate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 879 | |
Level 3 | Construction, Land Development, and Other Land | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 4,343 | 5,541 |
Level 3 | Commercial and Industrial | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 19,727 | 47,846 |
Level 3 | Other Real Estate Owned | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 3,712 | 4,717 |
Level 3 | Assets Held For Sale | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | $ 8,653 | $ 8,673 |
Fair Value Measurement - Summ_5
Fair Value Measurement - Summary of Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financial assets | ||
Cash and due from banks | $ 52,725 | $ 62,274 |
Interest bearing deposits with other banks | 231,486 | 117,079 |
Securities held-to-maturity | 2,681 | 2,672 |
Restricted stock | 38,777 | 28,202 |
Loans held for sale | 28,379 | 47,823 |
Loans and lease receivables, net (less impaired loans at fair value | 5,424,867 | 5,339,334 |
Financial liabilities | ||
Federal Home Loan Bank advances | 625,000 | 625,000 |
Securities sold under agreements to repurchase | 37,810 | 15,399 |
Subordinated notes | 73,735 | 73,691 |
Junior subordinated debentures issued to capital trusts, net | 37,442 | 37,338 |
Level 1 | Carrying Amount | ||
Financial assets | ||
Cash and due from banks | 52,725 | 62,274 |
Level 1 | Estimate of Fair Value Measurement | ||
Financial assets | ||
Cash and due from banks | 52,725 | 62,274 |
Level 2 | Carrying Amount | ||
Financial assets | ||
Interest bearing deposits with other banks | 231,486 | 117,079 |
Securities held-to-maturity | 2,704 | 2,705 |
Restricted stock | 38,777 | 28,202 |
Financial liabilities | ||
Non-interest-bearing deposits | 1,952,045 | 2,138,645 |
Interest-bearing deposits | 3,860,607 | 3,556,476 |
Accrued interest payable | 9,126 | 4,494 |
Federal Home Loan Bank advances | 625,000 | 625,000 |
Securities sold under agreements to repurchase | 37,810 | 15,399 |
Subordinated notes | 73,735 | 73,691 |
Level 2 | Estimate of Fair Value Measurement | ||
Financial assets | ||
Interest bearing deposits with other banks | 231,486 | 117,079 |
Securities held-to-maturity | 2,681 | 2,672 |
Restricted stock | 38,777 | 28,202 |
Financial liabilities | ||
Non-interest-bearing deposits | 1,952,045 | 2,138,645 |
Interest-bearing deposits | 3,859,473 | 3,554,318 |
Accrued interest payable | 9,126 | 4,494 |
Federal Home Loan Bank advances | 625,000 | 625,000 |
Securities sold under agreements to repurchase | 37,810 | 15,399 |
Subordinated notes | 71,084 | 70,925 |
Level 3 | Carrying Amount | ||
Financial assets | ||
Loans held for sale | 28,379 | 47,823 |
Loans and lease receivables, net (less impaired loans at fair value | 5,375,477 | 5,262,447 |
Accrued interest receivable | 28,960 | 29,815 |
Financial liabilities | ||
Junior subordinated debentures issued to capital trusts, net | 37,442 | 37,338 |
Level 3 | Estimate of Fair Value Measurement | ||
Financial assets | ||
Loans held for sale | 29,024 | 40,657 |
Loans and lease receivables, net (less impaired loans at fair value | 5,359,678 | 5,259,991 |
Accrued interest receivable | 28,960 | 29,815 |
Financial liabilities | ||
Junior subordinated debentures issued to capital trusts, net | $ 37,811 | $ 40,131 |
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 ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Derivatives Fair Value [Line Items] | ||
Notional Amount | $ 1,133,817 | $ 1,102,024 |
Derivative assets fair value | 55,491 | 65,342 |
Other Liabilities | (15,085) | (17,817) |
Cash Flow Hedging | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | 550,000 | |
Derivative assets fair value | 40,438 | |
Other Liabilities | 0 | |
Other Interest Rate Derivatives | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | 577,363 | |
Derivative assets fair value | 15,053 | |
Other Liabilities | (15,085) | |
Other Interest Rate Derivatives | Cash Flow Hedging | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | 350,000 | |
Derivatives Designated as Hedging Instruments | Interest Rate Swaps | Cash Flow Hedging | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | 550,000 | 550,000 |
Derivative assets fair value | 40,438 | 47,249 |
Other Liabilities | 0 | 0 |
Derivatives Non Designated As Hedging Instruments | Other Credit Derivatives | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | 6,454 | 6,678 |
Derivative assets fair value | 0 | 0 |
Other Liabilities | 0 | 0 |
Derivatives Non Designated As Hedging Instruments | Other Interest Rate Derivatives | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | 577,363 | 545,346 |
Derivative assets fair value | 15,053 | 18,093 |
Other Liabilities | $ (15,085) | $ (17,817) |
Derivative Instruments and He_4
Derivative Instruments and Hedge Activities - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Derivative [Line Items] | |||
Derivative notional amount | $ 1,133,817,000 | $ 1,102,024,000 | |
Interest recorded | 5,888,000 | $ 395,000 | |
Unrealized gain (loss) to be reclassified as an decrease to interest expense during the next twelve months | 15,500,000 | ||
Fair value of derivatives net liability position | 15,100,000 | ||
Offsetting derivative positions | 1,281,000 | 43,000 | |
Interest Rate Swap | |||
Derivative [Line Items] | |||
Interest recorded | 2,000,000 | 210,000 | |
Other Interest Rate Derivatives | |||
Derivative [Line Items] | |||
Derivative notional amount | $ 577,363,000 | ||
Weighted average pay rates | 4.29% | ||
Derivative Weighted Average Receive Rate | 5.45% | ||
Derivative maturity date, start year | 2023-05 | ||
Derivative maturity date, end year | 2033-05 | ||
Derivative instruments transaction fees | $ 472,000 | $ 1,100,000 | |
Other Credit Derivatives | |||
Derivative [Line Items] | |||
Derivative notional amount | 6,500,000 | 6,700,000 | |
Cash Flow Hedging | |||
Derivative [Line Items] | |||
Derivative notional amount | $ 550,000,000 | ||
Weighted average pay rates | 7.44% | ||
Derivative Weighted Average Receive Rate | 4.64% | ||
Cash Flow Hedging | Fixed Interest Rate Swap | |||
Derivative [Line Items] | |||
Weighted average pay rates | 1.04% | ||
Cash Flow Hedging | Other Interest Rate Derivatives | |||
Derivative [Line Items] | |||
Derivative notional amount | $ 350,000,000 | ||
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap | |||
Derivative [Line Items] | |||
Derivative notional amount | 550,000,000 | 550,000,000 | |
Terminated swaps | 100,000,000 | ||
Remaining balance in accumulated other comprehensive income | 4,200,000 | $ 15,000 | |
Designated as Hedging Instrument | Cash Flow Hedging | Fixed Interest Rate Swap | |||
Derivative [Line Items] | |||
Derivative notional amount | 100,000,000 | ||
Designated as Hedging Instrument | Cash Flow Hedging | Fixed Interest Rate Swap One | |||
Derivative [Line Items] | |||
Derivative notional amount | 350,000,000 | ||
Terminated swaps | 50,000,000 | ||
Designated as Hedging Instrument | Cash Flow Hedging | Fixed Interest Rate Swap Two | |||
Derivative [Line Items] | |||
Derivative notional amount | 50,000,000 | ||
Terminated swaps | 50,000,000 | ||
Designated as Hedging Instrument | Cash Flow Hedging | Fixed Interest Rate Swap Three | |||
Derivative [Line Items] | |||
Derivative notional amount | 50,000,000 | ||
Designated as Hedging Instrument | Cash Flow Hedging | Adjustable Rate Loans | Fixed Interest Rate Swap | |||
Derivative [Line Items] | |||
Derivative notional amount | 100,000,000 | ||
Designated as Hedging Instrument | Cash Flow Hedging | Deposits and Other Borrowings | Fixed Interest Rate Swap | |||
Derivative [Line Items] | |||
Derivative notional amount | $ 450,000,000 |
Derivative Instruments and He_5
Derivative Instruments and Hedge Activities - Summary of Cash Flow Hedges (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Derivative [Line Items] | ||
Notional Amount | $ 1,133,817 | $ 1,102,024 |
Derivative assets fair value | 55,491 | 65,342 |
Derivative liabilities fair value | 15,085 | $ 17,817 |
Cash Flow Hedges | ||
Derivative [Line Items] | ||
Notional Amount | 550,000 | |
Derivative assets fair value | 40,438 | |
Derivative liabilities fair value | $ 0 | |
Weighted average maturity | 3 years 8 months 12 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 (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Derivative [Line Items] | ||
Amount of Gain Recognized in AOCI | $ 194 | $ 17,643 |
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax |
Interest Rate Swap | ||
Derivative [Line Items] | ||
Amount of Gain Recognized in AOCI | $ 194 | $ 17,643 |
Amount of Gain (Loss) Reclassified from AOCI to Income as an Increase to Interest Expense | 1,956 | (210) |
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 ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Derivative [Line Items] | ||
Notional Amount | $ 1,133,817 | $ 1,102,024 |
Derivative assets fair value | 55,491 | 65,342 |
Derivative liabilities fair value | 15,085 | $ 17,817 |
Other Interest Rate Derivatives | ||
Derivative [Line Items] | ||
Notional Amount | 577,363 | |
Derivative assets fair value | 15,053 | |
Derivative liabilities fair value | $ 15,085 | |
Weighted average pay rates | 4.29% | |
Weighted average receive rates | 5.45% | |
Weighted average maturity | 5 years 4 months 24 days |
Derivative Instruments and He_8
Derivative Instruments and Hedge Activities - Summary of Amounts Included in Non-Interest Income in Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Derivative [Line Items] | ||
Amounts relating to derivative instruments, not designated in hedging relationship | $ (308) | $ (286) |
Other Credit Derivatives | ||
Derivative [Line Items] | ||
Amounts relating to derivative instruments, not designated in hedging relationship | 0 | (4) |
Other Interest Rate Derivatives | ||
Derivative [Line Items] | ||
Amounts relating to derivative instruments, not designated in hedging relationship | $ (308) | $ (282) |
Derivative Instruments and He_9
Derivative Instruments and Hedge Activities - Summary of Company's Interest Rate Derivative and Offsetting Positions (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Gross amounts recognized | $ 55,491 | $ 65,342 |
Less: Amounts offset in the Condensed Consolidated Statements of Financial Condition | 0 | 0 |
Net amount presented in the Condensed Consolidated Statements of Financial Condition | 55,491 | 65,342 |
Gross amounts not offset in the Consolidated Statements of Financial Condition | ||
Offsetting derivative positions | (1,281) | (43) |
Collateral posted | (54,210) | (64,370) |
Net credit exposure | 0 | 929 |
Derivative liabilities fair value | (15,085) | (17,817) |
Less: Amounts offset in the Consolidated Statements of Financial Condition | 0 | 0 |
Net amount presented in the Consolidated Statements of Financial Condition | (15,085) | (17,817) |
Gross amounts not offset in the Consolidated Statements of Financial Condition | ||
Offsetting derivative positions | 1,281 | 43 |
Collateral posted | 0 | 0 |
Net credit exposure | $ (13,804) | $ (17,774) |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Oct. 30, 2014 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2022 | Jun. 30, 2017 | Oct. 31, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Common stock, voting par value | $ 0.01 | $ 0.01 | $ 0.01 | |||||
Unrecognized stock option compensation expenses | $ 0 | |||||||
Common Stock | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period | 21,385 | 86,001 | 117,254 | |||||
Restricted Shares | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Unrecognized stock option compensation expenses | $ 14,416,000 | $ 13,525,000 | ||||||
Restricted Shares | Common Stock | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Shares of restricted voting common stock granted | 273,152 | |||||||
Common stock, voting par value | $ 0.01 | |||||||
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 | 201,569 | |||||||
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 | 20,201 | |||||||
Performance-based Restricted Shares | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Shares of restricted voting common stock granted | 51,382 | |||||||
Period for number of shares earned under return on average assets | 3 years | |||||||
Performance Based Awards | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Risk-free interest rate | 4.42% | |||||||
Simulation term | 2 years 10 months 6 days | |||||||
Share price | $ 25.20 | |||||||
Performance Based Awards | Maximum | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Expected volatility | 39.80% | |||||||
Performance Based Awards | Minimum | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Expected volatility | 38.11% | |||||||
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 | 143,578 | |||||||
Omnibus Plan | Restricted Shares | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Shares of restricted voting common stock granted | 273,152 | |||||||
Restricted shares vested | 160,720 | 234,603 | ||||||
Fair value of restricted shares, vested | $ 4,000,000 | $ 5,900,000 | ||||||
Fair value of unvested restricted stock awards | $ 15,000,000 | |||||||
Share price | $ 23.98 | $ 22.93 | $ 22.93 | |||||
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 | 768,564 | 768,564 | 768,564 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period | 0 | 568,484 | ||||||
Proceeds from the exercise of stock options | $ 470,000 | |||||||
Tax benefit from exercise of stock options | $ 2,300,000 | |||||||
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 | |||||||
FEB Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Number of shares outstanding | 162,288 | 162,288 | 162,288 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period | 0 | 7,559 | ||||||
Proceeds from the exercise of stock options | $ 80,000 | |||||||
Tax benefit from exercise of stock options | $ 25,000 | |||||||
Options vested | 0 | |||||||
Conversion calculation percentage | 4.725% |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Changes in Restricted Shares (Details) - Omnibus Plan - Restricted Shares - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of shares, beginning balance | 581,337 | |
Number of shares, granted | 273,152 | |
Incremental performance shares vested | 1,826 | |
Number of shares, vested | (160,720) | (234,603) |
Number of shares, forfeited | (2,491) | |
Number of shares, ending balance | 693,104 | 581,337 |
Weighted average grant date fair value, beginning balance | $ 22.93 | |
Weighted average grant date fair value, granted | 24.90 | |
Weighted average grant date fair value, vested | 21.64 | |
Weighted average grant date fair value, forfeited | 24.04 | |
Weighted average grant date fair value, ending balance | $ 23.98 | $ 22.93 |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of Stock Compensation Expense (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Unrecognized compensation expense | $ 0 | |
Restricted Shares | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total share-based compensation - restricted stock | 1,510,000 | $ 1,264,000 |
Income tax benefit | 406,000 | 343,000 |
Unrecognized compensation expense | $ 14,416,000 | $ 13,525,000 |
Weighted-average amortization period remaining | 2 years 6 months | 2 years 10 months 24 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 | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
BYB Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Shares, Beginning balance | 768,564 | |
Number of Shares, Exercised | 0 | (568,484) |
Number of Shares, Ending balance | 768,564 | 768,564 |
Number of Shares, Exercisable | 768,564 | |
Weighted Average Exercise Price, Beginning balance | $ 11.31 | |
Weighted Average Exercise Price, Ending balance | 11.31 | $ 11.31 |
Weighted Average Exercise Price, Exercisable | $ 11.31 | |
Intrinsic Value, Beginning balance | $ 8,960 | |
Intrinsic Value, Ending balance | 7,922 | $ 8,960 |
Intrinsic Value, Exercisable | $ 7,922 | |
Weighted Average Remaining Contractual Term (in Years) | 2 years 2 months 12 days | 2 years 6 months |
Weighted Average Remaining Contractual Term (in Years), Exercisable | 2 years 2 months 12 days | |
FEB Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Shares, Beginning balance | 162,288 | |
Number of Shares, Exercised | 0 | (7,559) |
Number of Shares, Ending balance | 162,288 | 162,288 |
Number of Shares, Exercisable | 162,288 | |
Weighted Average Exercise Price, Beginning balance | $ 11.66 | |
Weighted Average Exercise Price, Ending balance | 11.66 | $ 11.66 |
Weighted Average Exercise Price, Exercisable | $ 11.66 | |
Intrinsic Value, Beginning balance | $ 1,836 | |
Intrinsic Value, Ending balance | 1,617 | $ 1,836 |
Intrinsic Value, Exercisable | $ 1,617 | |
Weighted Average Remaining Contractual Term (in Years) | 2 years 2 months 12 days | 2 years 6 months |
Weighted Average Remaining Contractual Term (in Years), Exercisable | 2 years 2 months 12 days |
Earnings per Share - Additional
Earnings per Share - Additional Information (Details) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share Basic [Line Items] | ||
Shares outstanding | 36,955,085 | 37,123,161 |
Common Stock | ||
Earnings Per Share Basic [Line Items] | ||
Shares outstanding | 930,852 | 1,251,251 |
Restricted Stock Award | ||
Earnings Per Share Basic [Line Items] | ||
Shares outstanding | 693,104 | 756,457 |
Stock Options | ||
Earnings Per Share Basic [Line Items] | ||
Shares outstanding | 0 | 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 | 3 Months Ended | ||||
Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |||||
Net income | $ 23,945 | $ 22,656 | $ 20,283 | $ 22,704 | $ 22,311 |
Dividends on preferred shares | 0 | 196 | |||
Net income available to common stockholders | $ 23,945 | $ 22,115 | |||
Weighted-average common stock outstanding: | |||||
Weighted-average common stock outstanding (basic) | 36,955,085 | 37,123,161 | |||
Incremental shares | 584,827 | 919,661 | |||
Weighted-average common stock outstanding (dilutive) | 37,539,912 | 38,042,822 | |||
Basic earnings per common share | $ 0.65 | $ 0.60 | |||
Diluted earnings per common share | $ 0.64 | $ 0.58 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Preferred and Common Stock (Details) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Equity [Abstract] | ||
Par value per share | $ 0.01 | $ 0.01 |
Shares authorized | 25,000,000 | 25,000,000 |
Shares issued | 0 | 0 |
Shares outstanding | 0 | 0 |
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 | 39,728,037 | 39,518,702 |
Shares outstanding | 37,713,427 | 37,492,775 |
Common stock, voting treasury shares | 2,014,610 | 2,025,927 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 25, 2023 | Feb. 15, 2022 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2016 | Dec. 31, 2022 | Dec. 12, 2022 | Jul. 27, 2021 | Dec. 10, 2020 | |
Class Of Stock [Line Items] | |||||||||||
Dividends declared and paid | $ 0 | $ 196,000 | |||||||||
Aggregate number of shares authorized to repurchase | 1,250,000 | 1,250,000 | 1,250,000 | ||||||||
Number of shares purchased | 0 | 282,819 | |||||||||
Value of shares purchased | $ 4,155,000 | $ 5,529,000 | $ 7,590,000 | ||||||||
Common stock, cash dividends paid | $ 0.09 | $ 0.09 | |||||||||
Preferred stock, Shares outstanding | 0 | 0 | |||||||||
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 | ||||||||||
Preferred stock redemption price per share | $ 1,000 | ||||||||||
Dividends declared and paid | $ 196,000 | ||||||||||
Preferred stock, Shares outstanding | 10,438 | ||||||||||
Preferred Stock, Redemption Date | Mar. 31, 2022 | ||||||||||
Dividends, Preferred Stock, Total | $ 10,600,000 | ||||||||||
Subsequent Event | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Cash dividend declared | $ 0.09 | ||||||||||
Dividend payable date | May 23, 2023 | ||||||||||
Dividends record date | May 09, 2023 | ||||||||||
Cash dividend declared | $ 0.09 |
Consolidated Statements of Ch_3
Consolidated Statements of Change in Accumulated Other Comprehensive Income (Loss) - Schedule of Consolidated Statements of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||||
Beginning balance | $ 765,816 | $ 747,565 | $ 765,161 | $ 788,671 | $ 836,382 |
Other comprehensive income (loss), net of tax | 9,408 | 7,348 | (33,636) | (34,874) | (48,086) |
Ending balance | 795,650 | 765,816 | 747,565 | 765,161 | 788,671 |
Unrealized Gains (Losses) on Cash Flow Hedges | |||||
Accumulated Other Comprehensive Income Loss [Line Items] | |||||
Beginning balance | 34,315 | 15,827 | 2,817 | ||
Other comprehensive income (loss), net of tax | (1,291) | 13,010 | |||
Ending balance | 33,024 | 34,315 | 15,827 | ||
Unrealized Gains (Losses) on Available-for-Sale Securities | |||||
Accumulated Other Comprehensive Income Loss [Line Items] | |||||
Beginning balance | (151,865) | (72,215) | (11,119) | ||
Other comprehensive income (loss), net of tax | 10,699 | (61,096) | |||
Ending balance | (141,166) | (151,865) | (72,215) | ||
Accumulated Other Comprehensive Income (Loss) | |||||
Accumulated Other Comprehensive Income Loss [Line Items] | |||||
Beginning balance | (117,550) | (124,898) | (91,262) | (56,388) | (8,302) |
Other comprehensive income (loss), net of tax | 9,408 | 7,348 | (33,636) | (34,874) | (48,086) |
Ending balance | $ (108,142) | $ (117,550) | $ (124,898) | $ (91,262) | $ (56,388) |