Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 30, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Year Focus | 2024 | |
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 | 44,124,124 | |
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, 2024 | Dec. 31, 2023 |
ASSETS | ||
Cash and due from banks | $ 58,640 | $ 60,431 |
Interest bearing deposits with other banks | 578,197 | 165,705 |
Cash and cash equivalents | 636,837 | 226,136 |
Equity and other securities, at fair value | 9,135 | 8,743 |
Securities available-for-sale | 1,379,147 | 1,342,480 |
Securities held-to-maturity, at amortized cost (fair value at March 31, 2024 - $1,149, December 31,2023 - $1,149) | 1,156 | 1,157 |
Restricted stock, at cost | 22,793 | 16,304 |
Loans held for sale | 23,568 | 18,005 |
Loans and leases: | ||
Loans And Leases Receivables, Gross | 6,778,214 | 6,684,306 |
Allowance for credit losses - loans and leases | (102,366) | (101,686) |
Net loans and leases | 6,675,848 | 6,582,620 |
Servicing assets, at fair value | 20,992 | 19,844 |
Premises and equipment, net | 64,466 | 66,627 |
Goodwill and other intangible assets, net | 202,133 | 203,478 |
Bank-owned life insurance | 97,748 | 96,900 |
Deferred tax assets, net | 53,029 | 50,058 |
Accrued interest receivable and other assets | 223,651 | 249,615 |
Total assets | 9,410,503 | 8,881,967 |
LIABILITIES | ||
Non-interest-bearing demand deposits | 1,851,727 | 1,905,876 |
Interest-bearing deposits | 5,498,475 | 5,271,123 |
Total deposits | 7,350,202 | 7,176,999 |
Other borrowings | 721,173 | 395,190 |
Subordinated notes, net | 73,909 | 73,866 |
Junior subordinated debentures | 70,567 | 70,452 |
Accrued interest payable and other liabilities | 185,603 | 175,309 |
Total liabilities | 8,401,454 | 7,891,816 |
COMMITMENTS AND CONTINGENT LIABILITIES (Note 14) | ||
STOCKHOLDERS’ EQUITY | ||
Preferred stock | 0 | 0 |
Common stock | 452 | 451 |
Additional paid-in capital | 708,844 | 710,488 |
Retained earnings | 455,532 | 429,036 |
Treasury stock, at cost | (48,869) | (49,707) |
Accumulated other comprehensive income (loss), net of tax | (106,910) | (100,117) |
Total stockholders’ equity | 1,009,049 | 990,151 |
Total liabilities and stockholders’ equity | $ 9,410,503 | $ 8,881,967 |
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 | 45,946,804 | 45,714,241 |
Common stock, voting shares outstanding | 44,108,387 | 43,764,056 |
Common stock, voting treasury shares | 1,838,417 | 1,950,185 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Securities available-for-sale, amortized cost | $ 1,562,427 | $ 1,516,801 |
Securities held-to-maturity, fair value | $ 1,149 | $ 1,149 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
INTEREST AND DIVIDEND INCOME | ||
Interest and fees on loans and leases | $ 123,792 | $ 92,343 |
Interest on securities | 9,734 | 6,600 |
Other interest and dividend income | 4,795 | 1,059 |
Total interest and dividend income | 138,321 | 100,002 |
INTEREST EXPENSE | ||
Deposits | 45,962 | 16,298 |
Other borrowings | 3,824 | 5,888 |
Subordinated notes and debentures | 2,994 | 2,098 |
Total interest expense | 52,780 | 24,284 |
Net interest income | 85,541 | 75,718 |
Provision for credit losses | 6,643 | 9,825 |
Net interest income after provision for credit losses | 78,898 | 65,893 |
NON-INTEREST INCOME | ||
Fees and service charges on deposits | 2,427 | 2,120 |
Loan servicing revenue | 3,364 | 3,380 |
Loan servicing asset revaluation | (703) | 656 |
ATM and interchange fees | 1,075 | 1,063 |
Change in fair value of equity securities, net | 392 | 350 |
Net gains on sales of loans | 5,533 | 5,148 |
Wealth management and trust income | 1,157 | 924 |
Other non-interest income | 2,228 | 1,504 |
Total non-interest income | 15,473 | 15,145 |
NON-INTEREST EXPENSE | ||
Salaries and employee benefits | 33,953 | 30,394 |
Occupancy and equipment expense, net | 5,284 | 4,444 |
Impairment loss on assets held for sale | 0 | 20 |
Loan and lease related expenses | 685 | 963 |
Legal, audit and other professional fees | 2,719 | 3,114 |
Data processing | 4,145 | 3,783 |
Net gain recognized on other real estate owned and other related expenses | (98) | (103) |
Other intangible assets amortization expense | 1,345 | 1,455 |
Other non-interest expense | 5,776 | 4,730 |
Total non-interest expense | 53,809 | 48,800 |
INCOME BEFORE PROVISION FOR INCOME TAXES | 40,562 | 32,238 |
PROVISION FOR INCOME TAXES | 10,122 | 8,293 |
NET INCOME | $ 30,440 | $ 23,945 |
EARNINGS PER COMMON SHARE | ||
Basic | $ 0.7 | $ 0.65 |
Diluted | $ 0.7 | $ 0.64 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Other Comprehensive Income [Abstract] | ||
Net income | $ 30,440 | $ 23,945 |
Securities available-for-sale | ||
Unrealized holding gains (losses) arising during the period | (8,959) | 14,599 |
Tax effect | 2,389 | (3,900) |
Net of tax | (6,570) | 10,699 |
Cash flow hedges | ||
Unrealized holding gains arising during the period | 4,531 | 194 |
Reclassification adjustments for net gains included in net income | (4,836) | (1,956) |
Tax effect | 82 | 471 |
Net of tax | (223) | (1,291) |
Total other comprehensive income (loss) | (6,793) | 9,408 |
Comprehensive income | $ 23,647 | $ 33,353 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock Common | Accumulated Other Comprehensive Income (Loss) |
Beginning balance at Dec. 31, 2022 | $ 765,816 | $ 389 | $ 598,297 | $ 335,794 | $ (51,114) | $ (117,550) |
Beginning balance, shares at Dec. 31, 2022 | 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 | |||||
Beginning balance at Dec. 31, 2022 | 765,816 | $ 389 | 598,297 | 335,794 | (51,114) | (117,550) |
Beginning balance, shares at Dec. 31, 2022 | 37,492,775 | |||||
Ending balance at Dec. 31, 2023 | 990,151 | $ 451 | 710,488 | 429,036 | (49,707) | (100,117) |
Ending balance, shares at Dec. 31, 2023 | 43,764,056 | |||||
Net income | 30,440 | 30,440 | ||||
Other comprehensive income (loss), net of tax | (6,793) | (6,793) | ||||
Issuance of common stock upon exercise of stock options, net | (1,002) | (331) | (671) | |||
Issuance of common stock upon exercise of stock options, net shares | 68,186 | |||||
Restricted stock activity, net | (1,649) | $ 1 | (3,159) | 1,509 | ||
Restricted stock activity, shares | 276,145 | |||||
Cash dividends declared on common stock | $ (3,944) | (3,944) | ||||
Repurchase of common stock, shares | 0 | |||||
Share-based compensation expense | $ 1,846 | 1,846 | ||||
Ending balance at Mar. 31, 2024 | $ 1,009,049 | $ 452 | $ 708,844 | $ 455,532 | $ (48,869) | $ (106,910) |
Ending balance, shares at Mar. 31, 2024 | 44,108,387 |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends per share | $ 0.09 | $ 0.09 |
CONDENSED CONSOLIDATED STATEM_7
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 30,440 | $ 23,945 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Provision for credit losses | 6,643 | 9,825 |
Impairment loss on premises and equipment | 1,069 | 0 |
Impairment loss on operating lease right-of-use asset | 194 | 0 |
Impairment loss on assets held for sale | 0 | 20 |
Depreciation and amortization of premises and equipment | 1,307 | 981 |
Net amortization (accretion) of securities | (481) | 856 |
Net change in fair value of equity securities, net | (392) | (350) |
Net gains on sales and disposal of premises and equipment | (482) | 0 |
Net gains on sales of loans | (5,533) | (5,148) |
Originations of U.S. government guaranteed loans | (79,089) | (53,602) |
Proceeds from U.S. government guaranteed loans sold | 35,005 | 46,824 |
Accretion of premiums and discounts on acquired loans, net | (4,284) | (729) |
Net change in servicing assets | (1,148) | (1,772) |
Net losses on sales and valuation adjustments of other real estate owned | 18 | 296 |
Net amortization of other acquisition accounting adjustments | 1,626 | 1,455 |
Amortization of subordinated debt issuance cost | 43 | 44 |
Accretion of junior subordinated debentures discount | 115 | 104 |
Share-based compensation expense | 1,846 | 1,510 |
Deferred tax benefit | (501) | (134) |
Increase in cash surrender value of bank owned life insurance | (848) | (588) |
Changes in assets and liabilities: | ||
Accrued interest receivable and other assets | (374) | 10,214 |
Accrued interest payable and other liabilities | 77,162 | 15,384 |
Net cash provided by operating activities | 62,336 | 49,135 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of securities available-for-sale | (106,623) | (1,280) |
Proceeds from maturities and calls of securities available-for-sale | 31,953 | 3,784 |
Proceeds from paydowns of securities available-for-sale | 28,916 | 21,262 |
Purchases of Federal Home Loan Bank stock, net | (6,489) | (10,575) |
Net change in loans and leases | (95,840) | (94,571) |
Purchases of premises and equipment | (512) | (281) |
Proceeds from sales of premises and equipment | 363 | 0 |
Proceeds from sales of assets held for sale | 1,178 | 0 |
Proceeds from sales of other real estate owned | 402 | 764 |
Net cash used in investing activities | (146,652) | (80,897) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net increase in deposits | 172,922 | 117,531 |
Repayments of line of credit | (11,250) | 0 |
Repayments of term loan | (1,666) | 0 |
Proceeds from short-term borrowings | 570,000 | 6,100,100 |
Repayments of short-term borrowings | (425,000) | (6,100,100) |
Proceeds from BTFP advances | 200,000 | 0 |
Net increase (decrease) in securities sold under agreements to repurchase | (6,101) | 22,411 |
Dividends paid on common stock | (3,888) | (3,322) |
Net cash provided by financing activities | 495,017 | 136,620 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 410,701 | 104,858 |
CASH AND CASH EQUIVALENTS, beginning of period | 226,136 | 179,353 |
CASH AND CASH EQUIVALENTS, end of period | 636,837 | 284,211 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Cash paid during the period for interest | 52,724 | 19,483 |
Cash paid during the period for taxes | 406 | 309 |
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Transfer of loans to other real estate owned | 5 | 55 |
Right of use asset exchanged for operating lease liabilties | 422 | 313 |
Common share withholding | 2,651 | 1,655 |
Common dividend declared, not paid | $ 56 | $ 52 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 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, 2023 and 2022. The Company has one reportable segment. The Company’s chief operating decision makers evaluate 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. |
Accounting Pronouncements Recen
Accounting Pronouncements Recently Adopted or Issued | 3 Months Ended |
Mar. 31, 2024 | |
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 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 evaluated the accounting and disclosure requirements of this update and they did not have a material effect on the consolidated financial statements. Issued Accounting Pronouncements Pending Adoption Business Combinations (Topic 805) - In August 2023, the FASB issued ASU 2023-05, Business Combinations—Joint Venture (JV) Formations: Recognition and Initial Measurement. The guidance requires newly-formed JVs to apply a new basis of accounting to all of its contributed net assets, which results in the JV initially measuring its contributed net assets under ASC 805-20, Business Combinations. The new guidance would be applied prospectively and is effective for all newly-formed joint venture entities with a formation date on or after January 1, 2025, with early adoption permitted. The Company is evaluating the accounting and disclosure requirements of this update and the impact of adopting the new guidance on the consolidated financial statements. Segment Reporting – Improvements to Reportable Segment Disclosures (Topic 280) – In November 2023, the FASB issued ASU 2023-07 to enhance disclosures about significant segment expenses for public entities reporting segment information under Topic 280. It requires that a public entity disclose, on an annual and interim basis, significant expense categories for each reportable segment. Significant expense categories are derived from expenses that are 1) regularly reported to an entity’s chief operating decision-maker ("CODM"), and 2) included in a segment’s reported measure of profit or loss. The disclosures should include an amount for "other segment items," reflecting the difference between 1) segment revenue less significant segment expenses, and 2) the reportable segment’s profit or loss measures. It requires that a public entity disclose the title and position of the CODM and how the CODM uses the reported measure of profit or loss to assess segment performance and to allocate resources. Further it clarifies that entities with a single reportable segment must disclose both new and existing segment reporting requirements. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Entities must adopt the guidance on a retrospective basis. The Company is evaluating the internal control and disclosure requirements of this update and the impact of adopting the new guidance on the consolidated financial statements. Income Taxes – Improvements to Income Tax Disclosures (Topic 740) – In December 2023, the FASB issued ASU 2023-09 to provide additional transparency into an entity’s income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The standard requires that public business entities disclose, on an annual basis, specific categories in the rate reconciliation and additional information for reconciling items meeting a certain quantitative threshold. The amendments also require that entities disclose on an annual basis: 1) income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes and 2) the income taxes paid (net of refunds received) disaggregated by individual jurisdictions exceeding 5% of total income taxes paid (net of refunds received). The amendments are effective for public business entities for annual periods beginning after December 15, 2024. The Company is evaluating the accounting and disclosure requirements of this update and the impact of adopting the new guidance on the consolidated financial statements. |
Acquisition of a Business
Acquisition of a Business | 3 Months Ended |
Mar. 31, 2024 | |
Business Combinations [Abstract] | |
Acquisition of a Business | Note 3—Acquisition of a Business On July 1, 2023 , the Company acquired all of the outstanding common stock of Inland Bancorp, Inc. ("Inland") and its subsidiaries pursuant to an Agreement and Plan of Merger, dated as of November 30, 2022 (the "Merger Agreement"). Inland was merged with and into Byline. As a result of the merger, Inland’s wholly owned subsidiary bank, Inland Bank and Trust, was merged with and into Byline Bank, with Byline Bank as the surviving bank. The acquisition improves the Company’s footprint in the Chicagoland market, diversifies its commercial banking business, and strengthens the core deposit base. In a related but separate transaction, on March 31, 2023, Byline entered into a side letter agreement with the majority shareholder of Inland in which Byline agreed to purchase 2,408,992 shares of Inland common stock. The purchase price was calculated based on the terms of the Merger Agreement. The transaction was completed on June 30, 2023 , which resulted in the payment of cash in the amount of $ 9.9 million. At the effective time of the merger (the "Effective Time"), each share of Inland’s common stock was converted into the right to receive: (1) 0.19 shares of Byline’s common stock, par value $ 0.01 per share, and (2) a cash payment in the amount of $ 0.68 per share, with cash paid in lieu of any fractional shares. The per share cash consideration was based on the total $ 21.2 million divided by the outstanding shares of Inland common stock. Based on the closing price of shares of the Company’s common stock of $ 18.09 , as reported by the New York Stock Exchange, and 5,932,323 shares of common stock issued with respect to the outstanding shares of Inland common stock, the stock consideration was valued at $ 107.3 million. Options to acquire 288,200 shares of Inland common stock that were outstanding at the Effective Time were canceled, at the option holders' election, in exchange for a cash payment in accordance with the Merger Agreement of $ 424,000 , to be paid after the closing date. In addition, the 2,408,992 shares of Inland common stock purchased on June 30, 2023 were canceled as of the effective time of the transaction. The value of the total merger consideration at closing was $ 138.9 million. Stock issuance costs were $ 299,000 . The transaction resulted in goodwill of $ 33.4 million, which is nondeductible for tax purposes, as this acquisition was a nontaxable transaction. Goodwill represents the premium paid over the fair value of the net tangible and intangible assets acquired and reflects related synergies expected from the combined operations. Merger-related expenses, including acquisition advisory expenses of $ 256,000 , core system conversion expenses of $ 199,000 , salaries and employee benefits of $ 18,000 , and other non-interest expenses of $ 16,000 related to the Inland acquisition, are reflected in non-interest expense on the Consolidated Statements of Operations for the three months ended March 31, 2023. The acquisition of Inland was accounted for using the acquisition method of accounting in accordance with ASC Topic 805. Assets acquired, liabilities assumed, and consideration exchanged were recorded at their respective acquisition date fair values. Determining the fair value of assets and liabilities involves significant judgment regarding methods and assumptions used to calculate estimated fair values. Fair values are preliminary and subject to refinement for up to one year after the closing date of the acquisition as additional information regarding the closing date fair values become available. The following table presents a summary of the preliminary estimates of fair values of assets acquired and liabilities assumed as of the acquisition date: Assets Cash and cash equivalents $ 39,731 Securities available-for-sale 239,602 Restricted stock 3,058 Loans 808,000 Allowance for credit losses ( 10,596 ) Premises and equipment 11,307 Operating lease right-of-use asset 3,813 Other intangible assets 17,250 Bank-owned life insurance 12,455 Deferred tax assets, net 14,848 Other assets 21,023 Total assets acquired 1,160,491 Liabilities Deposits 964,491 Federal Home Loan Bank advances 40,000 Securities sold under agreements to repurchase 455 Junior subordinated debentures 32,661 Operating lease liability 4,034 Accrued expenses and other liabilities 13,288 Total liabilities assumed 1,054,929 Net assets acquired $ 105,562 Consideration paid Common stock ( 5,932,323 shares issued at $ 18.09 per share) 107,017 Cash paid 31,897 Total consideration paid 138,914 Goodwill $ 33,352 The following table presents the fair value and gross contractual amounts receivable of acquired non-credit-deteriorated loans from the Inland acquisition, and their respective expected contractual cash flows as of the acquisition date: Fair value $ 582,831 Gross contractual amounts receivable 699,918 Estimate of contractual cash flows not expected to be collected (1) 4,239 Estimate of contractual cash flows expected to be collected 695,679 (1) Includes interest payments not expected to be collected due to loan prepayments as well as principal and interest payments not expected to be collected due to customer default. The following table provides the unaudited pro forma information for the results of operations for the three months ended March 31, 2023, as if the acquisition had occurred on January 1, 2023. The pro forma results combine the historical results of Inland into the Company’s Consolidated Statements of Operations, including the impact of certain acquisition accounting adjustments, which includes loan discount accretion, intangible assets amortization, deposit premium accretion, fixed assets amortization, and borrowing discount amortization. The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results that would have been obtained had the acquisition actually occurred on January 1, 2023. No assumptions have been applied to the pro forma results of operations regarding possible revenue enhancements, provision for credit losses, expense efficiencies or asset dispositions. Recognized acquisition-related expenses and other adjustments related to the timing of expenses, are included in net income in the following table: For the Three Months Ended March 31, 2023 Total revenues (net interest income and non-interest income) $ 107,807 Net income $ 22,153 Earnings per share—basic $ 0.52 Earnings per share—diluted $ 0.51 Revenues and earnings of the acquired company since the acquisition date have not been disclosed as it is not practicable as Inland was merged into the Company and separate financial information is not readily available. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Note 4—Securities The following tables summarize the amortized cost and fair values of securities available-for-sale and securities held-to-maturity as of the dates shown and the corresponding amounts of gross unrealized gains and losses: March 31, 2024 Amortized Gross Gross Fair Available-for-sale U.S. Treasury Notes $ 87,147 $ 9 $ ( 1,044 ) $ 86,112 U.S. Government agencies 155,659 22 ( 17,627 ) 138,054 Obligations of states, municipalities, and 86,160 264 ( 4,715 ) 81,709 Residential mortgage-backed securities Agency 825,180 2,060 ( 100,653 ) 726,587 Non-agency 136,561 — ( 22,852 ) 113,709 Commercial mortgage-backed securities Agency 197,171 — ( 33,625 ) 163,546 Corporate securities 40,667 5 ( 3,920 ) 36,752 Asset-backed securities 33,882 30 ( 1,234 ) 32,678 Total $ 1,562,427 $ 2,390 $ ( 185,670 ) $ 1,379,147 March 31, 2024 Amortized Gross Gross Fair Held-to-maturity Obligations of states, municipalities, and $ 1,156 $ — $ ( 7 ) $ 1,149 Total $ 1,156 $ — $ ( 7 ) $ 1,149 December 31, 2023 Amortized Gross Gross Fair Available-for-sale U.S. Treasury Notes $ 116,398 $ 61 $ ( 1,025 ) $ 115,434 U.S. Government agencies 147,062 37 ( 16,404 ) 130,695 Obligations of states, municipalities, and 86,022 396 ( 4,143 ) 82,275 Residential mortgage-backed securities Agency 786,970 4,247 ( 95,414 ) 695,803 Non-agency 122,359 — ( 22,099 ) 100,260 Commercial mortgage-backed securities Agency 181,452 — ( 34,248 ) 147,204 Corporate securities 40,681 — ( 4,510 ) 36,171 Asset-backed securities 35,857 2 ( 1,221 ) 34,638 Total $ 1,516,801 $ 4,743 $ ( 179,064 ) $ 1,342,480 December 31, 2023 Amortized Gross Gross Fair Held-to-maturity Obligations of states, municipalities, and political $ 1,157 $ — $ ( 8 ) $ 1,149 Total $ 1,157 $ — $ ( 8 ) $ 1,149 The Company did no t classify securities as trading during the three months ended March 31, 2024 or during 2023. 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, 2024 and December 31, 2023, are summarized as follows: Less than 12 Months 12 Months or Longer Total March 31, 2024 Number of Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale U.S. Treasury Notes 9 $ 19,532 $ ( 95 ) $ 31,939 $ ( 949 ) $ 51,471 $ ( 1,044 ) U.S. Government agencies 19 10,517 ( 30 ) 117,934 ( 17,597 ) 128,451 ( 17,627 ) Obligations of states, 76 19,232 ( 295 ) 49,261 ( 4,420 ) 68,493 ( 4,715 ) Residential mortgage-backed Agency 122 88,634 ( 808 ) 526,201 ( 99,845 ) 614,835 ( 100,653 ) Non-agency 21 16,710 ( 62 ) 96,999 ( 22,790 ) 113,709 ( 22,852 ) Commercial mortgage-backed Agency 49 19,677 ( 114 ) 143,869 ( 33,511 ) 163,546 ( 33,625 ) Corporate securities 20 — — 35,256 ( 3,920 ) 35,256 ( 3,920 ) Asset-backed securities 3 6,586 — 6,608 ( 1,234 ) 13,194 ( 1,234 ) Total 319 $ 180,888 $ ( 1,404 ) $ 1,008,067 $ ( 184,266 ) $ 1,188,955 $ ( 185,670 ) Held-to-maturity Obligations of states, 1 $ — $ — $ 599 $ ( 7 ) $ 599 $ ( 7 ) Total 1 $ — $ — $ 599 $ ( 7 ) $ 599 $ ( 7 ) Less than 12 Months 12 Months or Longer Total December 31, 2023 Number of Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale U.S. Treasury Notes 7 $ 5,018 $ ( 4 ) $ 31,843 $ ( 1,021 ) $ 36,861 $ ( 1,025 ) U.S. Government agencies 18 535 ( 9 ) 119,109 ( 16,395 ) 119,644 ( 16,404 ) Obligations of states, 61 12,267 ( 156 ) 49,617 ( 3,987 ) 61,884 ( 4,143 ) Residential mortgage-backed securities Agency 102 8,332 ( 49 ) 543,648 ( 95,365 ) 551,980 ( 95,414 ) Non-agency 20 636 — 99,624 ( 22,099 ) 100,260 ( 22,099 ) Commercial mortgage-backed securities Agency 48 6,765 ( 1,517 ) 140,439 ( 32,731 ) 147,204 ( 34,248 ) Corporate securities 21 — — 36,171 ( 4,510 ) 36,171 ( 4,510 ) Asset-backed securities 6 — — 25,653 ( 1,221 ) 25,653 ( 1,221 ) Total 283 $ 33,553 $ ( 1,735 ) $ 1,046,104 $ ( 177,329 ) $ 1,079,657 $ ( 179,064 ) Held-to-maturity Obligations of states, 2 $ — $ — $ 1,149 $ ( 8 ) $ 1,149 $ ( 8 ) Total 2 $ — $ — $ 1,149 $ ( 8 ) $ 1,149 $ ( 8 ) 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 319 securities available-for-sale with unrealized losses at March 31, 2024 . There was one security held-to-maturity with unrealized losses at March 31, 2024. There was no allowance for credit losses for held-to-maturity debt securities at March 31, 2024 or December 31, 2023. The evaluation for potential credit losses is based upon factors such as the creditworthiness of the issuers/guarantors, the underlying collateral, if applicable, and the continuing payment performance of the securities. Management measures expected credit losses on held-to-maturity debt securities on a collective basis by major security types. The Company’s held-to-maturity portfolio contains municipal bonds that are typically rated by major rating agencies as ‘Aa’ or better. The Company uses industry historical credit loss information adjusted for current conditions to establish an allowance for credit losses. Accrued interest receivable on securities available-for-sale and held-to-maturity totaled $ 4.9 million and $ 4.5 million at March 31, 2024 and December 31, 2023, respectively, and are excluded from the estimate of credit losses. 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 proceeds from sales of securities available-for-sale, nor associated gains and losses on sales and calls of securities, for the three months ended March 31, 2024 and 2023, respectively. Securities posted and pledged as collateral were $ 659.9 million and $ 464.5 million at March 31, 2024 and December 31, 2023. At March 31, 2024 and December 31, 2023 , of those pledged, the carrying amounts of securities pledged as collateral for public fund deposits were $ 388.6 million and $ 390.3 million, respectively, and for customer repurchase agreements of $ 50.2 million and $ 47.8 million, respectively. At March 31, 2024, there were $ 194.3 million of securities pledged to the Federal Reserve Bank ("FRB"). At December 31, 2023 no securities were pledged to the FRB. A t March 31, 2024 and December 31, 2023 , 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, 2024 and December 31, 2023 , 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, 2024, 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 $ 75,272 $ 74,486 Due from one to five years 118,834 113,034 Due from five to ten years 163,174 146,082 Due after ten years 46,235 41,703 Mortgage-backed securities 1,158,912 1,003,842 Total $ 1,562,427 $ 1,379,147 Held-to-maturity Due in one year or less $ 1,156 $ 1,149 Due from one to five years — — Total $ 1,156 $ 1,149 |
Loan and Lease Receivables and
Loan and Lease Receivables and Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Loan and Lease Receivables and Allowance for Credit Losses | Note 5—Loan and Lease Receivables and Allowance for Credit Losses Loan and Lease Receivables Outstanding loan and lease receivables as of the dates shown were categorized as follows: March 31, December 31, 2024 2023 Commercial real estate $ 2,265,195 $ 2,317,289 Residential real estate 732,230 718,733 Construction, land development, and other land 530,320 528,275 Commercial and industrial 2,548,442 2,444,405 Installment and other 3,076 3,138 Lease financing receivables 685,763 659,686 Total loans and leases 6,765,026 6,671,526 Net unamortized deferred fees and costs 6,908 6,600 Initial direct costs 6,280 6,180 Allowance for credit losses - loans and leases ( 102,366 ) ( 101,686 ) Net loans and leases $ 6,675,848 $ 6,582,620 March 31, December 31, 2024 2023 Lease financing receivables Net minimum lease payments $ 666,340 $ 644,507 Unguaranteed residual values 101,536 92,127 Unearned income ( 82,113 ) ( 76,948 ) Total lease financing receivables 685,763 659,686 Initial direct costs 6,280 6,180 Lease financial receivables before allowance for $ 692,043 $ 665,866 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, 2024 and December 31, 2023, total loans and leases included the guaranteed amount of U.S. government guaranteed loans of $ 101.0 million a nd $ 93.3 million, respectively. At March 31, 2024 and December 31, 2023 , the discount on the unguaranteed portion of U.S. government guaranteed loans was $ 25.9 million and $ 26.2 million, respectively, which are included in total loans and leases. At March 31, 2024 and December 31, 2023 , installment and other loans included overdraft deposits of $ 1.2 million and $ 754,000 , respectively, which were reclassified as loans. At March 31, 2024 and December 31, 2023 , loans and leases and loans held for sale pledged as security for borrowings were $ 2.1 billion and $ 2.2 billion, respectively. Accrued interest on loans and leases were $ 37.8 million and $ 38.9 million as of March 31, 2024 and December 31, 2023, respectively, and are included in the accrued interest receivable and other assets line item on the Condensed Consolidated Statement of Financial Condition. The minimum annual lease payments for lease financing receivables as of March 31, 2024 are summarized as follows: Minimum Lease 2024 $ 164,051 2025 202,138 2026 154,408 2027 96,119 2028 43,021 Thereafter 6,603 Total $ 666,340 Originated loans and leases represent originations excluding loans initially acquired in a business combination. However, once an acquired 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 with an outstanding balance 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, 2024 and December 31, 2023: March 31, 2024 Originated Purchased Credit Deteriorated Acquired Total Commercial real estate $ 1,879,149 $ 117,460 $ 271,720 $ 2,268,329 Residential real estate 488,887 39,535 204,589 733,011 Construction, land development, and other land 416,996 26,418 85,553 528,967 Commercial and industrial 2,420,952 18,100 113,673 2,552,725 Installment and other 2,855 118 166 3,139 Lease financing receivables 691,617 — 426 692,043 Total loans and leases $ 5,900,456 $ 201,631 $ 676,127 $ 6,778,214 December 31, 2023 Originated Purchased Credit Deteriorated Acquired Total Commercial real estate $ 1,907,029 $ 137,807 $ 275,476 $ 2,320,312 Residential real estate 465,133 42,510 211,887 719,530 Construction, land development, and other land 415,162 25,331 86,344 526,837 Commercial and industrial 2,311,563 19,460 117,538 2,448,561 Installment and other 2,919 125 156 3,200 Lease financing receivables 665,239 — 627 665,866 Total loans and leases $ 5,767,045 $ 225,233 $ 692,028 $ 6,684,306 PCD loans — The unpaid principal balance and carrying amount of PCD loans excluding an allowance for credit losses - loans and leases o f $ 10.1 million and $ 10.0 milli on at March 31, 2024 and December 31, 2023, were as follows: March 31, 2024 December 31, 2023 Unpaid Carrying Unpaid Carrying Commercial real estate $ 162,977 $ 117,460 $ 185,007 $ 137,807 Residential real estate 84,559 39,535 88,036 42,510 Construction, land development, and other land 33,140 26,418 32,140 25,331 Commercial and industrial 20,400 18,100 21,870 19,460 Installment and other 783 118 789 125 Total purchased credit deteriorated loans $ 301,859 $ 201,631 $ 327,842 $ 225,233 The following table is a reconciliation of acquired Inland PCD loans between their purchase price and their par value at the time of the acquisition. Refer to Note 3—Acquisition of a Business for further information. Fair value of loans at acquisition $ 214,573 Allowance for credit losses - loans and leases, at acquisition 10,596 Non-credit discount/premium at acquisition 17,909 Par value of acquired PCD loans at acquisition $ 243,078 Acquired non-credit-deteriorated loans and leases — The unpaid principal balance and carrying value for acquired non-credit deteriorated loans and leases, excluding an allowance for credit losses o f $ 4.6 million and $ 4.7 mil lion at March 31, 2024 and December 31, 2023, were as follows: March 31, 2024 December 31, 2023 Unpaid Carrying Unpaid Carrying Commercial real estate $ 280,291 $ 271,720 $ 284,819 $ 275,476 Residential real estate 209,952 204,589 227,392 211,887 Construction, land development, and other land 86,168 85,553 87,143 86,344 Commercial and industrial 119,197 113,673 123,540 117,538 Installment and other 179 166 170 156 Lease financing receivables 427 426 628 627 Total acquired non-credit-deteriorated $ 696,214 $ 676,127 $ 723,692 $ 692,028 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 16—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. Revolving loans that are converted to term loans are treated as new originations and are presented by year of origination. Generally, existing term loans that are re-underwritten are reflected in the table in the year of renewal. 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, 2024 and December 31, 2023: Term loans amortized cost by origination year Revolving Total March 31, 2024 2024 2023 2022 2021 2020 Prior Loans Loans Commercial Real Estate Pass $ 49,831 $ 249,142 $ 438,366 $ 497,715 $ 236,622 $ 514,023 $ 14,124 $ 1,999,823 Watch 975 13,665 19,734 16,039 37,322 72,490 — 160,225 Special Mention — 7,635 1,836 10,432 2,595 34,684 — 57,182 Substandard — 638 3,808 4,852 1,194 40,607 — 51,099 Total $ 50,806 $ 271,080 $ 463,744 $ 529,038 $ 277,733 $ 661,804 $ 14,124 $ 2,268,329 Gross charge-offs for the three months $ — $ — $ 286 $ 88 $ 575 $ 2,108 $ — $ 3,057 Residential Real Estate Pass $ 6,795 $ 49,973 $ 135,135 $ 119,107 $ 51,950 $ 263,998 $ 56,965 $ 683,923 Watch — — 5,389 406 16,848 12,933 2,392 37,968 Special Mention — — — — 3,767 480 — 4,247 Substandard 200 — 29 105 1,077 4,516 946 6,873 Total $ 6,995 $ 49,973 $ 140,553 $ 119,618 $ 73,642 $ 281,927 $ 60,303 $ 733,011 Gross charge-offs for the three months $ — $ — $ — $ — $ — $ — $ — $ — Construction, Land Development, Pass $ — $ 114,072 $ 124,789 $ 179,184 $ 37,041 $ 11,126 $ 826 $ 467,038 Watch — 1,391 14,408 24,777 8,805 3,110 — 52,491 Special Mention — — — 9,438 — — — 9,438 Substandard — — — — — — — — Total $ — $ 115,463 $ 139,197 $ 213,399 $ 45,846 $ 14,236 $ 826 $ 528,967 Gross charge-offs for the three months $ — $ — $ — $ — $ — $ — $ — $ — Commercial & Industrial Pass $ 127,262 $ 472,634 $ 488,279 $ 282,042 $ 103,274 $ 206,107 $ 540,979 $ 2,220,577 Watch 80 55,427 21,754 46,969 2,478 20,120 40,803 187,631 Special Mention — 366 20,531 10,589 2,326 6,418 40,738 80,968 Substandard — 541 9,390 9,867 5,785 25,346 12,620 63,549 Total $ 127,342 $ 528,968 $ 539,954 $ 349,467 $ 113,863 $ 257,991 $ 635,140 $ 2,552,725 Gross charge-offs for the three months $ — $ — $ 909 $ 735 $ 398 $ 1,577 $ — $ 3,619 Installment and Other Pass $ 145 $ 408 $ 116 $ 56 $ 130 $ 430 $ 1,830 $ 3,115 Watch — — — 23 — — 1 24 Special Mention — — — — — — — — Substandard — — — — — — — — Total $ 145 $ 408 $ 116 $ 79 $ 130 $ 430 $ 1,831 $ 3,139 Gross charge-offs for the three months $ — $ — $ — $ — $ — $ — $ — $ — Lease Financing Receivables Pass $ 87,748 $ 303,606 $ 187,907 $ 81,700 $ 24,808 $ 4,149 $ — $ 689,918 Watch — — 61 912 14 — — 987 Special Mention — — — — 155 99 — 254 Substandard — 173 141 523 44 3 — 884 Total $ 87,748 $ 303,779 $ 188,109 $ 83,135 $ 25,021 $ 4,251 $ — $ 692,043 Gross charge-offs for the three months $ — $ 95 $ 175 $ 80 $ 23 $ — $ — $ 373 Total Loans and Leases Pass $ 271,781 $ 1,189,835 $ 1,374,592 $ 1,159,804 $ 453,825 $ 999,833 $ 614,724 $ 6,064,394 Watch 1,055 70,483 61,346 89,126 65,467 108,653 43,196 439,326 Special Mention — 8,001 22,367 30,459 8,843 41,681 40,738 152,089 Substandard 200 1,352 13,368 15,347 8,100 70,472 13,566 122,405 Total $ 273,036 $ 1,269,671 $ 1,471,673 $ 1,294,736 $ 536,235 $ 1,220,639 $ 712,224 $ 6,778,214 Gross charge-offs for the three months $ — $ 95 $ 1,370 $ 903 $ 996 $ 3,685 $ — $ 7,049 Term loans amortized cost by origination year Revolving Total December 31, 2023 2023 2022 2021 2020 2019 Prior Loans Loans Commercial Real Estate Pass $ 247,856 $ 452,127 $ 516,624 $ 229,053 $ 143,283 $ 388,872 $ 28,360 $ 2,006,175 Watch 12,501 22,094 26,408 46,713 20,364 68,003 — 196,083 Special Mention — 799 10,752 2,618 12,751 25,790 — 52,710 Substandard — 2,888 5,841 1,771 7,483 46,532 829 65,344 Total $ 260,357 $ 477,908 $ 559,625 $ 280,155 $ 183,881 $ 529,197 $ 29,189 $ 2,320,312 Gross charge-offs, year ended $ — $ 193 $ 60 $ 1,511 $ 4,054 $ 3,911 $ — $ 9,729 Residential Real Estate Pass $ 55,178 $ 135,477 $ 104,005 $ 54,651 $ 37,806 $ 225,593 $ 57,865 $ 670,575 Watch — 4,811 — 17,417 7,167 8,708 1,597 39,700 Special Mention — — — 3,594 127 1 413 4,135 Substandard — — 107 189 349 3,523 952 5,120 Total $ 55,178 $ 140,288 $ 104,112 $ 75,851 $ 45,449 $ 237,825 $ 60,827 $ 719,530 Gross charge-offs, year ended $ — $ — $ — $ — $ — $ 21 $ — $ 21 Construction, Land Development, & Land Pass $ 82,449 $ 145,174 $ 184,544 $ 35,466 $ 9,772 $ 1,429 $ 174 $ 459,008 Watch 1,392 13,990 21,313 18,716 3,125 — — 58,536 Special Mention — — 9,279 — — — — 9,279 Substandard — — — — — 14 — 14 Total $ 83,841 $ 159,164 $ 215,136 $ 54,182 $ 12,897 $ 1,443 $ 174 $ 526,837 Gross charge-offs, year ended $ — $ — $ — $ — $ — $ — $ — $ — Commercial & Industrial Pass $ 475,720 $ 514,902 $ 288,392 $ 109,430 $ 73,059 $ 147,168 $ 524,348 $ 2,133,019 Watch 41,027 33,080 50,407 1,385 6,951 18,180 39,531 190,561 Special Mention — 6,164 10,595 2,631 1,112 6,643 36,354 63,499 Substandard — 7,332 6,067 6,431 10,116 18,381 13,155 61,482 Total $ 516,747 $ 561,478 $ 355,461 $ 119,877 $ 91,238 $ 190,372 $ 613,388 $ 2,448,561 Gross charge-offs, year ended $ 1,518 $ 1,938 $ 5,372 $ 4,451 $ 1,087 $ 1,045 $ — $ 15,411 Installment and Other Pass $ 564 $ 132 $ 79 $ 133 $ 28 $ 424 $ 1,814 $ 3,174 Watch — — 25 — — 1 — 26 Special Mention — — — — — — — — Substandard — — — — — — — — Total $ 564 $ 132 $ 104 $ 133 $ 28 $ 425 $ 1,814 $ 3,200 Gross charge-offs, year ended $ — $ — $ — $ — $ — $ 3 $ — $ 3 Lease Financing Receivables Pass $ 327,099 $ 207,640 $ 93,242 $ 29,343 $ 5,443 $ 856 $ — $ 663,623 Watch — 67 1,008 16 — — — 1,091 Special Mention — — — 179 101 36 — 316 Substandard 259 138 384 55 — — — 836 Total $ 327,358 $ 207,845 $ 94,634 $ 29,593 $ 5,544 $ 892 $ — $ 665,866 Gross charge-offs, year ended $ 734 $ 886 $ 549 $ 139 $ 75 $ 54 $ — $ 2,437 Total Loans and Leases Pass $ 1,188,866 $ 1,455,452 $ 1,186,886 $ 458,076 $ 269,391 $ 764,342 $ 612,561 $ 5,935,574 Watch 54,920 74,042 99,161 84,247 37,607 94,892 41,128 485,997 Special Mention — 6,963 30,626 9,022 14,091 32,470 36,767 129,939 Substandard 259 10,358 12,399 8,446 17,948 68,450 14,936 132,796 Total $ 1,244,045 $ 1,546,815 $ 1,329,072 $ 559,791 $ 339,037 $ 960,154 $ 705,392 $ 6,684,306 Gross charge-offs, year ended $ 2,252 $ 3,017 $ 5,981 $ 6,101 $ 5,216 $ 5,034 $ — $ 27,601 At March 31, 2024 and at December 31, 2023 there were no loans or leases which were risk rated Doubtful or Loss. As of March 31, 2024 and December 31, 2023, respectively, there were $ 51.9 million and $ 52.2 million of term loans that had been converted from revolving loans. 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, 2024 and December 31, 2023: March 31, 2024 2024 2023 2022 2021 2020 Prior Revolving Total Commercial Real Estate Current $ 50,806 $ 270,638 $ 459,995 $ 524,429 $ 276,731 $ 635,489 $ 14,124 $ 2,232,212 30-59 Days Past Due — 442 1,043 3,809 595 2,791 — 8,680 60-89 Days Past Due — — — — — — — — Greater than 90 Accruing — — — — — — — — Non-accrual — — 2,706 800 407 23,524 — 27,437 Total Past Due — 442 3,749 4,609 1,002 26,315 — 36,117 Total $ 50,806 $ 271,080 $ 463,744 $ 529,038 $ 277,733 $ 661,804 $ 14,124 $ 2,268,329 Residential Real Estate Current $ 6,995 $ 49,973 $ 140,035 $ 119,107 $ 72,402 $ 276,374 $ 59,007 $ 723,893 30-59 Days Past Due — — 489 406 174 578 350 1,997 60-89 Days Past Due — — — — — 461 — 461 Greater than 90 Accruing — — — — — — — — Non-accrual — — 29 105 1,066 4,514 946 6,660 Total Past Due — — 518 511 1,240 5,553 1,296 9,118 Total $ 6,995 $ 49,973 $ 140,553 $ 119,618 $ 73,642 $ 281,927 $ 60,303 $ 733,011 Construction, Land Development, Current $ — $ 115,463 $ 139,197 $ 213,399 $ 45,846 $ 14,236 $ 826 $ 528,967 30-59 Days Past Due — — — — — — — — 60-89 Days Past Due — — — — — — — — Greater than 90 Accruing — — — — — — — — Non-accrual — — — — — — — — Total Past Due — — — — — — — — Total $ — $ 115,463 $ 139,197 $ 213,399 $ 45,846 $ 14,236 $ 826 $ 528,967 Commercial & Industrial Current $ 127,342 $ 525,182 $ 530,704 $ 346,250 $ 108,120 $ 238,084 $ 632,383 $ 2,508,065 30-59 Days Past Due — 3,246 1,697 903 1,454 3,729 576 11,605 60-89 Days Past Due — 127 1 — — — — 128 Greater than 90 Accruing — — — — — — — — Non-accrual — 413 7,552 2,314 4,289 16,178 2,181 32,927 Total Past Due — 3,786 9,250 3,217 5,743 19,907 2,757 44,660 Total $ 127,342 $ 528,968 $ 539,954 $ 349,467 $ 113,863 $ 257,991 $ 635,140 $ 2,552,725 Installment and Other Current $ 145 $ 408 $ 116 $ 56 $ 130 $ 430 $ 1,831 $ 3,116 30-59 Days Past Due — — — 23 — — — 23 60-89 Days Past Due — — — — — — — — Greater than 90 Accruing — — — — — — — — Non-accrual — — — — — — — — Total Past Due — — — 23 — — — 23 Total $ 145 $ 408 $ 116 $ 79 $ 130 $ 430 $ 1,831 $ 3,139 Lease Financing Receivables Current $ 87,703 $ 301,476 $ 185,879 $ 81,572 $ 24,672 $ 4,138 $ — $ 685,440 30-59 Days Past Due 45 1,602 577 789 206 71 — 3,290 60-89 Days Past Due — 528 1,512 251 108 39 — 2,438 Greater than 90 Accruing — — — — — — — — Non-accrual — 173 141 523 35 3 — 875 Total Past Due 45 2,303 2,230 1,563 349 113 — 6,603 Total $ 87,748 $ 303,779 $ 188,109 $ 83,135 $ 25,021 $ 4,251 $ — $ 692,043 Total Loans and Leases Current $ 272,991 $ 1,263,140 $ 1,455,926 $ 1,284,813 $ 527,901 $ 1,168,751 $ 708,171 $ 6,681,693 30-59 Days Past Due 45 5,290 3,806 5,930 2,429 7,169 926 25,595 60-89 Days Past Due — 655 1,513 251 108 500 — 3,027 Greater than 90 Accruing — — — — — — — — Non-accrual — 586 10,428 3,742 5,797 44,219 3,127 67,899 Total Past Due 45 6,531 15,747 9,923 8,334 51,888 4,053 96,521 Total $ 273,036 $ 1,269,671 $ 1,471,673 $ 1,294,736 $ 536,235 $ 1,220,639 $ 712,224 $ 6,778,214 Total non-accrual loans without an allowance included $ 8.4 million of commercial real estate loans, $ 3.6 million of residential real estate, and $ 3.4 million of commercial and industrial loans as of March 31, 2024 . The Company recognized $ 255,000 of interest income on non-accrual loans and leases for the three months ended March 31, 2024. December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Total Commercial Real Estate Current $ 259,998 $ 474,878 $ 558,236 $ 279,098 $ 178,729 $ 501,620 $ 29,189 $ 2,281,748 30-59 Days Past Due 359 648 638 74 3,176 484 — 5,379 60-89 Days Past Due — 826 — 286 — 1,208 — 2,320 Greater than 90 Accruing — — — — — — — — Non-accrual — 1,556 751 697 1,976 25,885 — 30,865 Total Past Due 359 3,030 1,389 1,057 5,152 27,577 — 38,564 Total $ 260,357 $ 477,908 $ 559,625 $ 280,155 $ 183,881 $ 529,197 $ 29,189 $ 2,320,312 Residential Real Estate Current $ 55,178 $ 136,448 $ 102,973 $ 75,125 $ 45,050 $ 230,102 $ 59,476 $ 704,352 30-59 Days Past Due — 3,840 1,032 537 29 4,122 399 9,959 60-89 Days Past Due — — — — 21 127 — 148 Greater than 90 Accruing — — — — — — — — Non-accrual — — 107 189 349 3,474 952 5,071 Total Past Due — 3,840 1,139 726 399 7,723 1,351 15,178 Total $ 55,178 $ 140,288 $ 104,112 $ 75,851 $ 45,449 $ 237,825 $ 60,827 $ 719,530 Construction, Land Development, Current $ 83,841 $ 156,815 $ 215,136 $ 54,182 $ 12,897 $ 1,443 $ 174 $ 524,488 30-59 Days Past Due — — — — — — — — 60-89 Days Past Due — 2,349 — — — — — 2,349 Greater than 90 Accruing — — — — — — — — Non-accrual — — — — — — — — Total Past Due — 2,349 — — — — — 2,349 Total $ 83,841 $ 159,164 $ 215,136 $ 54,182 $ 12,897 $ 1,443 $ 174 $ 526,837 Commercial & Industrial Current $ 516,747 $ 552,251 $ 351,534 $ 114,859 $ 83,780 $ 177,239 $ 611,766 $ 2,408,176 30-59 Days Past Due — 1,545 1,099 238 2,513 400 455 6,250 60-89 Days Past Due — 1,505 — 234 3,416 1,139 496 6,790 Greater than 90 Accruing — — — — — — — — Non-accrual — 6,177 2,828 4,546 1,529 11,594 671 27,345 Total Past Due — 9,227 3,927 5,018 7,458 13,133 1,622 40,385 Total $ 516,747 $ 561,478 $ 355,461 $ 119,877 $ 91,238 $ 190,372 $ 613,388 $ 2,448,561 Installment and Other Current $ 564 $ 132 $ 104 $ 133 $ 28 $ 425 $ 1,814 $ 3,200 30-59 Days Past Due — — — — — — — — 60-89 Days Past Due — — — — — — — — Greater than 90 Accruing — — — — — — — — Non-accrual — — — — — — — — Total Past Due — — — — — — — — Total $ 564 $ 132 $ 104 $ 133 $ 28 $ 425 $ 1,814 $ 3,200 Lease Financing Receivables Current $ 325,833 $ 206,800 $ 93,795 $ 29,292 $ 5,537 $ 889 $ — $ 662,146 30-59 Days Past Due 726 426 153 38 4 2 — 1,349 60-89 Days Past Due 540 481 302 218 3 1 — 1,545 Greater than 90 Accruing — — — — — — — — Non-accrual 259 138 384 45 — — — 826 Total Past Due 1,525 1,045 839 301 7 3 — 3,720 Total $ 327,358 $ 207,845 $ 94,634 $ 29,593 $ 5,544 $ 892 $ — $ 665,866 Total Loans and Leases Current $ 1,242,161 $ 1,527,324 $ 1,321,778 $ 552,689 $ 326,021 $ 911,718 $ 702,419 $ 6,584,110 30-59 Days Past Due 1,085 6,459 2,922 887 5,722 5,008 854 22,937 60-89 Days Past Due 540 5,161 302 738 3,440 2,475 496 13,152 Greater than 90 Accruing — — — — — — — — Non-accrual 259 7,871 4,070 5,477 3,854 40,953 1,623 64,107 Total Past Due 1,884 19,491 7,294 7,102 13,016 48,436 2,973 100,196 Total $ 1,244,045 $ 1,546,815 $ 1,329,072 $ 559,791 $ 339,037 $ 960,154 $ 705,392 $ 6,684,306 Total non-accrual loans without an allo wance included $ 1.6 million of commercial real estate loans, $ 3.6 million of residential real e state loans , and $ 2.3 million of commercial and industrial loans , as of December 31, 2023. The Company recognized $ 970,000 of interest income on non-accrual loans and leases for the three months ended March 31, 2023. 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 by loans and leases individually and collectively evaluated for impairment, and corresponding loan and lease balances by type for the three months ended March 31, 2024 are as follows: March 31, 2024 Commercial Residential Construction, Commercial Installment Lease Total Allowance for credit losses - Three months ended Beginning balance $ 33,237 $ 3,495 $ 2,906 $ 53,782 $ 36 $ 8,230 $ 101,686 Provision/(recapture) 824 ( 148 ) 24 5,836 ( 3 ) 358 6,891 Charge-offs ( 3,057 ) — — ( 3,619 ) — ( 373 ) ( 7,049 ) Recoveries 436 1 — 232 — 169 838 Ending balance $ 31,440 $ 3,348 $ 2,930 $ 56,231 $ 33 $ 8,384 $ 102,366 Ending balance: Individually evaluated $ 8,905 $ — $ — $ 12,772 $ — $ — $ 21,677 Collectively evaluated 22,535 3,348 2,930 43,459 33 8,384 80,689 Total allowance for credit $ 31,440 $ 3,348 $ 2,930 $ 56,231 $ 33 $ 8,384 $ 102,366 Loans and leases ending balance: Individually evaluated for $ 40,778 $ 4,658 $ — $ 39,889 $ — $ — $ 85,325 Collectively evaluated for 2,227,551 728,353 528,967 2,512,836 3,139 692,043 6,692,889 Total loans and leases $ 2,268,329 $ 733,011 $ 528,967 $ 2,552,725 $ 3,139 $ 692,043 $ 6,778,214 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 by 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, 2023: 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 losses - $ 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 Company increased the allowance for credit losses - loans and leases by $ 680,000 and $ 8.5 million for the three months ended March 31, 2024 and 2023, respectively. For loans individually evaluated for impairment, the Company decreased allowance for credit losses - loans and leases by $ 5.6 million for the three months ended March 31, 2024 , and increased the allowance for loans individually evaluated by $ 6.7 million for the three months ended March 31, 2023 . For loans and leases collectively evaluated for impairment, the Company increased the allowance by $ 6.2 million and $ 1.9 million for the three months ended March 31, 2024 and 2023, respectively. The change 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, as well as growth in the loan and lease portfolio and through acquisition. There were no borrowers receiving loan modifications during the three months ended March 31, 2024. 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 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 %. The following table presents the amortized cost basis of loans that had a payment default as of March 31, 2024 and were modified in the twelve months prior to default. March 31, 2024 Payment Delay Term Modification Combination Term Modification and Interest Rate Reduction Total Modified by Class % of Class of Loans and Leases Commercial real estate $ — $ 2,842 $ — $ 2,842 0.13 % Commercial and industrial 43 — 353 396 0.02 % Total loans and leases $ 43 $ 2,842 $ 353 $ 3,238 0.05 % As of December 31, 2023, the amortized cost of commercial and industrial loans that had a payment default and were modified in the twelve months prior to default was $ 406,000 , which represented 0.02 % of outstanding commercial and industrial loans. Modified loans are either collectively assessed based on portfolio risk segment and risk rating or individually assessed for loans exceeding $ 500,000 . Upon the Company’s determination that a modified loan has subsequently been deemed uncollectible, the loan (or a portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount. 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, 2024 and December 31, 2023: March 31, 2024 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 $ — $ 11,590 $ 29,188 $ — $ — $ — $ — $ 40,778 Residential real estate — — — 2,792 1,866 — — 4,658 Commercial and industrial — — — — — — 39,889 39,889 Total $ — $ 11,590 $ 29,188 $ 2,792 $ 1,866 $ — $ 39,889 $ 85,325 December 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 $ — $ 28,767 $ 35,572 $ — $ — $ — $ — $ 64,339 Residential real estate — — — 2,793 800 — — 3,593 Construction, land development, 813 — — — — — — 813 Commercial and industrial — — — — — — 44,749 44,749 Total $ 813 $ 28,767 $ 35,572 $ 2,793 $ 800 $ — $ 44,749 $ 113,494 The following table presents the change in the balance of the allowance for credit losses - unfunded commitments as of March 31, 2024 and 2023: For the Three Months Ended March 31, 2024 2023 Beginning balance $ 3,636 $ 4,203 Provision/(recapture) for unfunded commitments ( 248 ) 113 Ending balance $ 3,388 $ 4,316 |
Servicing Assets
Servicing Assets | 3 Months Ended |
Mar. 31, 2024 | |
Transfers and Servicing [Abstract] | |
Servicing Assets | Note 6—Servicing Assets Activity for servicing assets and the related changes in fair value for the three months ended March 31, 2024 and 2023 was as follows: Three Months Ended 2024 2023 Beginning balance $ 19,844 $ 19,172 Additions, net 1,851 1,116 Changes in fair value ( 703 ) 656 Ending balance $ 20,992 $ 20,944 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, 2024 and December 31, 2023 were as follows: March 31, December 31, 2024 2023 Loan portfolios serviced for: SBA guaranteed loans $ 1,524,421 $ 1,530,401 USDA guaranteed loans 207,701 197,942 Total $ 1,732,122 $ 1,728,343 Loan servicing revenue totaled $ 3.4 million for each of the three months ended March 31, 2024 and 2023. Loan servicing asset revaluation, which represents the changes in fair value of servicing assets, resulted in a downward valuation adjustment of $ 703,000 and an upward valuation of $ 656,000 for the three months ended March 31, 2024 and 2023, respectively. The fair value of servicing rights is highly sensitive to changes in underlying assumptions. Changes in secondary market premiums and prepayment speed assumptions have the most significant impact on the fair value of servicing rights. Generally, as interest rates rise on variable rate loans, loan prepayments increase due to an increase in refinance activity, which may result in a decrease in the fair value of servicing assets. Measurement of fair value is limited to the conditions existing and the assumptions used as of a particular point in time, and those assumptions may change over time. Refer to Note 15—Fair Value Measurement for further details. |
Other Real Estate Owned
Other Real Estate Owned | 3 Months Ended |
Mar. 31, 2024 | |
Real Estate [Abstract] | |
Other Real Estate Owned | Note 7—Other Real Estate Owned Other real estate owned ("OREO") is included in accrued interest receivable and other assets in the Company's Condensed Consolidated Statements of Financial Condition. The following table presents the change in OREO for the three months ended March 31, 2024 and 2023: Three Months Ended 2024 2023 Beginning balance $ 1,200 $ 4,717 Net additions to OREO 5 55 Proceeds from sales of OREO ( 402 ) ( 764 ) Gains (losses) on sales of OREO ( 18 ) 35 Valuation adjustments — ( 331 ) Ending balance $ 785 $ 3,712 At March 31, 2024, and December 31, 2023, the balance of real estate owned did not include any foreclosed residential real estate properties recorded as a result of obtaining physical possession of the property. At March 31, 2024 , and December 31, 2023, there was a $ 27,000 of consumer mortgage loan secured by residential real estate properties in foreclosure. There were no internally financed sales of OREO for the three months ended March 31, 2024 or 2023 . |
Leases
Leases | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Leases | Note 8—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 2036 , 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 periods indicated: Balance Sheet Line Item March 31, 2024 December 31, 2023 Operating lease right-of-use asset Accrued interest receivable and other assets $ 10,352 $ 12,474 Operating lease liability Accrued interest payable and other liabilities 12,205 14,268 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 Federal Home Loan Bank regular advance rate, adjusted for the lease term and other factors. At March 31, 2024 , the weighted average discount rate of operating leases was 2.75 % and the weighted average remaining life of operating leases was 5 .0 years, compared to 2.90 % and 6.1 years as of December 31, 2023. 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 2024 2023 Operating lease cost $ 727 $ 623 Short-term lease cost 87 69 Variable lease cost 423 412 Less: Sublease income ( 130 ) ( 156 ) Total lease cost, net $ 1,107 $ 948 Operating cash flows paid for operating lease amounts included in the measure of lease liabilities were $ 953,000 and $ 855,000 for the three months ended March 31, 2024 and 2023, respectively. The Company recorded $ 422,000 and $ 313,000 of right-of-use lease assets in exchange for operating lease liabilities for the three months ended March 31, 2024 and 2023, respectively. During the quarter ended March 31, 2024, the Company recorded $ 194,000 of impairment related to two branch facilities to be closed at the end of the second quarter of 2024. Impairments were recognized on operating lease right-of-use assets and are reflected in other non-interest expense. The future minimum lease payments for operating leases, subsequent to March 31, 2024, as recorded on the Condensed Consolidated Statements of Financial Condition, are summarized as follows: Operating Lease 2024 $ 2,906 2025 3,266 2026 2,359 2027 1,313 2028 986 Thereafter 2,529 Total undiscounted lease payments 13,359 Less: Imputed interest ( 1,154 ) Net lease liabilities $ 12,205 The total amount of minimum rentals to be received in the future on these subleases is approximately $ 1.0 million, and the leases have contractual lives extending through 2028 . 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, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill, Core Deposit Intangible and Other Intangible Assets | Note 9—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, 2024 and 2023: For the Three Months Ended March 31, 2024 2023 Goodwill Core Deposit Customer Relationship Goodwill Core Deposit Customer Relationship Beginning balance $ 181,705 $ 20,393 $ 1,380 $ 148,353 $ 8,886 $ 1,648 Amortization — ( 1,278 ) ( 67 ) — ( 1,388 ) ( 67 ) Ending balance $ 181,705 $ 19,115 $ 1,313 $ 148,353 $ 7,498 $ 1,581 Accumulated amortization N/A $ 53,601 $ 1,903 N/A $ 47,968 $ 1,635 Weighted average remaining N/A 8.1 Years 4.9 Years N/A 4.5 Years 5.9 Years The following table presents the estimated amortization expense for core deposit intangible and customer relationship intangible assets remaining at March 31, 2024: Estimated 2024 $ 4,035 2025 4,473 2026 3,566 2027 2,676 2028 2,101 Thereafter 3,577 Total $ 20,428 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 10—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, 2024 and 2023 was 25.0 % and 25.7 %, respectively. The Company recorded discrete income tax benefit of $ 501,000 and $ 134,000 related to the exercise of stock options and vesting of restricted shares for the three months ended March 31, 2024 and 2023, respectively. Net deferred tax assets increased to $ 53.0 million at March 31, 2024 compared to $ 50.1 million at December 31, 2023 , primarily as a result of the change in unrealized losses on available-for-sale securities. |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2024 | |
Deposits [Abstract] | |
Deposits | Note 11—Deposits The composition of deposits was as follows as of March 31, 2024 and December 31, 2023: March 31, December 31, 2024 2023 Non-interest-bearing demand deposits $ 1,851,727 $ 1,905,876 Interest-bearing checking accounts 687,142 577,609 Money market demand accounts 2,263,819 2,266,030 Other savings 524,890 542,532 Time deposits (below $250,000) 1,594,290 1,520,082 Time deposits ($250,000 and above) 428,334 364,870 Total deposits $ 7,350,202 $ 7,176,999 There were $ 436.3 million and $ 480.0 million of brokered deposits included in time deposits below $ 250,000 at March 31, 2024 and December 31, 2023, respectively. At March 31, 2024, the scheduled maturities of time deposits were: Scheduled Maturities 2024 $ 1,653,993 2025 354,598 2026 8,126 2027 4,689 2028 1,092 Thereafter 126 Total $ 2,022,624 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 16—Derivative Instruments and Hedging Activities for additional discussion. |
Other Borrowings
Other Borrowings | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Other Borrowings | Note 12—Other Borrowings The following is a summary of the Company’s other borrowings as of the dates presented: March 31, December 31, 2024 2023 Federal Home Loan Bank advances $ 470,000 $ 325,000 Bank Term Funding Program 200,000 — Securities sold under agreements to repurchase 34,506 40,607 Term Loan 16,667 18,333 Line of credit — 11,250 Total $ 721,173 $ 395,190 Byline Bank has the capacity to borrow funds from the discount window of the Federal Reserve System. As of March 31, 2024 and December 31, 2023 , 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 5—Loan and Lease Receivables and Allowance for Credit Losses for additional discussion. On January 17, 2024, the Company entered into a Letter Agreement with the Federal Reserve Bank of Chicago that allows th e Bank to access the Bank Term Funding Program ("BTFP"). On January 22, 2024, the Company opened an advance of $ 200.0 million from the FRB as part of the BTFP. Under the terms of the BTFP, the Bank pledges securities to FBR Chicago as collateral for available advances. The advance carries a fixed interest rate of 4.91 %, and matures on January 22, 2025. Advances under the BTFP are prepayable at any time without a prepayment penalty. At March 31, 2024 , fixed-rate Federal Home Loan Bank (“FHLB”) advances totaled $ 220.0 million, with an interest rate of 5.45 % and matured in April 2024. Total variable rate advances were $ 250.0 million at March 31, 2024 , with an interest rate of 5.49 % that may reset daily and a maturity date of June 2024. 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 4—Securities for additional discussion. On October 13, 2016, the Company entered into a $ 30.0 million revolving credit agreement with a correspondent bank. Through subsequent amendments, the revolving credit agreement was reduced to $ 15.0 million. The amended revolving line of credit bears interest at either the Secured Overnight Financing Rate ("SOFR") plus 205 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. On May 26, 2023, the Company amended the agreement with the lender, which provides for: i) the renewal of the revolving line-of-credit facility of up to $ 15.0 million, extending its maturity date to May 26, 2024 ; and ii) a new term loan facility in the principal amount of up to $ 20.0 million with a maturity date of May 26, 2026 , each subject to the existing Negative Pledge Agreement dated October 11, 2018, as amended. At March 31, 2024 , the variable term loan had an interest rate of 7.62 % and an outstanding balance of $ 16.7 million. At December 31, 2023, the variable term loan had an interest rate of 7.64 % and an outstanding balance of $ 18.3 million. At March 31, 2024 , the line of credit had a no outstanding balance. At December 31, 2023 , the line of credit had a $ 11.3 million outstanding balance and an interest rate of 7.39 % The following table presents short-term credit lines available for use as of the dates presented: March 31, December 31, 2024 2023 Federal Home Loan Bank line $ 2,614,959 $ 2,781,747 Federal Reserve Bank of Chicago discount window line 841,104 866,490 Available federal funds lines 135,000 123,750 Bank Term Funding Program 27,715 — The Company hedges interest rates on borrowed funds using interest rate swaps through which the Company receives variable amounts and pays fixed amounts. Refer to Note 16—Derivative Instruments and Hedging Activities for additional discussion. |
Subordinated Notes and Junior S
Subordinated Notes and Junior Subordinated Debentures | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Subordinated Notes and Junior Subordinated Debentures | Note 13—Subordinated Notes and Junior Subordinated Debentures In 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, 2024 , the net liability outstanding of the subordinated notes was $ 73.9 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, 2024 and December 31, 2023, the Company’s junior subordinated debentures by issuance were as follows: Aggregate Principal Amount Name of Trust Stated March 31, 2024 December 31, 2023 Contractual Rate March 31, 2024 Interest Rate Spread (1) Metropolitan Statutory Trust I March 17, 2034 $ 35,000 $ 35,000 8.38 % SOFR + spread adjustment + 2.79 % First Evanston Bancorp Trust I March 15, 2035 10,000 10,000 7.37 % SOFR + spread adjustment + 1.78 % AmeriMark Capital Trust I April 23, 2034 5,000 5,000 8.33 % SOFR + spread adjustment + 2.75 % Inland Bancorp Trust II September 15, 2035 10,000 10,000 7.19 % SOFR + spread adjustment + 1.60 % Inland Bancorp Trust III December 15, 2036 10,000 10,000 7.24 % SOFR + spread adjustment + 1.65 % Inland Bancorp Trust IV June 6, 2037 7,000 7,000 7.21 % SOFR + spread adjustment + 1.62 % Inland Bancorp Trust V September 15, 2037 10,000 10,000 7.01 % SOFR + spread adjustment + 1.42 % Total liability, at par 87,000 87,000 Discount ( 16,433 ) ( 16,548 ) Total liability, at carrying value $ 70,567 $ 70,452 (1) SOFR is three month SOFR and the spread adjustment is 0.26161 % In 2004, the Company’s predecessor, Metropolitan Bank Group, Inc., issued $ 35.0 million floating rate junior subordinated debentures to Metropolitan Statutory Trust I, which was formed for the issuance of trust preferred securities. Beginning on September 14, 2023, the interest rate reset to the three-month SOFR plus a tenor spread adjustment of 0.26161 % plus 2.79 % ( 8.38 % and 8.43 % at March 31, 2024 and December 31, 2023, 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. 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 September 15, 2023, the interest rate reset to the three-month SOFR plus a tenor spread adjustment of 0.26161 % plus 1.78 % ( 7.37 % and 7.43 % at March 31, 2024 and December 31, 2023, 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. As part of the Inland acquisition, the Company assumed the obligations to several trust preferred securities. Refer to Note 3—Acquisition of a Business for further details. Interest rates are calculated as the three-month SOFR plus a tenor spread adjustment of 0.26161 % plus negotiated additional basis points. Refer to table above for contractual rates and interest rate spread calculation. Interest is paid on a quarterly basis. 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, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Note 14—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 8—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, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Fixed Rate Variable Rate Total Fixed Rate Variable Rate Total Commitments to extend credit $ 258,617 $ 1,954,869 $ 2,213,486 $ 269,325 $ 2,013,819 $ 2,283,144 Letters of credit 640 65,808 66,448 612 67,443 68,055 Total $ 259,257 $ 2,020,677 $ 2,279,934 $ 269,937 $ 2,081,262 $ 2,351,199 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 15.00 % and maturities up to 2052 . Variable rate loan commitments have interest rates ranging from 4.00 % to 18.50 % and maturities up to 2053 . |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Note 15—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 2024 and 2023, all of the ratings derived by the Company were “BBB-” or better with and without comparable bond proxies. All of the ratings of non-Agency backed bonds derived by the Company were investment grade. 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 accrued interest receivable and other assets, and accrued interest payable 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, 2024 and December 31, 2023: Fair Value Measurements Using March 31, 2024 Fair Value Level 1 Level 2 Level 3 Financial assets Securities available-for-sale U.S. Treasury Notes $ 86,112 $ 86,112 $ — $ — U.S. Government agencies 138,054 138,054 Obligations of states, municipalities, and political 81,709 — 81,709 — Mortgage-backed securities; residential Agency 726,587 — 726,587 — Non-Agency 113,709 — 113,709 — Mortgage-backed securities; commercial Agency 163,546 — 163,546 — Corporate securities 36,752 — 36,752 — Asset-backed securities 32,678 — 32,678 — Equity and other securities, at fair value Mutual funds 2,517 2,517 — — Equity securities 6,618 — 6,333 285 Servicing assets 20,992 — — 20,992 Derivative assets 60,103 — 60,103 — Financial liabilities Derivative liabilities 22,531 — 22,531 — Fair Value Measurements Using December 31, 2023 Fair Value Level 1 Level 2 Level 3 Financial assets Securities available-for-sale U.S. Treasury Notes $ 115,434 $ 115,434 $ — $ — U.S. Government agencies 130,695 — 130,695 — Obligations of states, municipalities, and political 82,275 — 82,275 Mortgage-backed securities; residential Agency 695,803 — 695,803 — Non-Agency 100,260 — 100,260 — Mortgage-backed securities; commercial Agency 147,204 — 147,204 — Corporate securities 36,171 — 36,171 — Asset-backed securities 34,638 — 34,638 — Equity and other securities, at fair value Mutual funds 2,554 2,554 — — Equity securities 6,189 — 5,908 281 Servicing assets 19,844 — — 19,844 Derivative assets 56,923 — 56,923 — Financial liabilities Derivative liabilities 19,345 — 19,345 — 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, 2024 2023 2024 2023 Investment Securities Servicing Assets Balance, beginning of period $ 281 $ 666 $ 19,844 $ 19,172 Additions, net — — 1,851 1,116 Change in fair value 4 ( 36 ) ( 703 ) 656 Balance, end of period $ 285 $ 630 $ 20,992 $ 20,944 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, 2024 and 2023. 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, 2024: Financial Instruments Valuation Technique Unobservable Inputs Range of Weighted Impact to Single issuer trust preferred Discounted cash flow Discount rate 7.9 % 7.9 % Decrease Servicing assets Discounted cash flow Prepayment speeds 0.0 % - 38.9 % 15.6 % Decrease Discount rate 0.0 % - 52.8 % 10.6 % Decrease Expected weighted 0.0 - 9.6 Years 3.7 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 rat, 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, 2024 and December 31, 2023: Fair Value Measurements Using March 31, 2024 Fair Value Level 1 Level 2 Level 3 Non-recurring Individually evaluated loans Commercial real estate $ 31,873 $ — $ — $ 31,873 Residential real estate 4,658 — — 4,658 Commercial and industrial 27,117 — — 27,117 Assets held for sale 3,722 — — 3,722 Other real estate owned 785 — — 785 Fair Value Measurements Using December 31, 2023 Fair Value Level 1 Level 2 Level 3 Non-recurring Individually evaluated loans Commercial real estate $ 51,978 $ — $ — $ 51,978 Residential real estate 3,593 — — 3,593 Construction, land development, and other land 813 — — 813 Commercial and industrial 29,869 — — 29,869 Assets held for sale 4,484 — — 4,484 Other real estate owned 1,200 — — 1,200 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. Term Loan —The carrying amount approximates fair value given the variable interest rate and repricing of interest. Bank Term Funding Program —The carrying amount approximates fair value given the short-term nature of the instrument. Line of credit —The carrying amount approximates fair value given the variable interest rate and repricing of interest. 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 2024 2023 Hierarchy Carrying Estimated Carrying Estimated Financial assets Cash and due from banks 1 $ 58,640 $ 58,640 $ 60,431 $ 60,431 Interest bearing deposits with other banks 2 578,197 578,197 165,705 165,705 Securities held-to-maturity 2 1,156 1,149 1,157 1,149 Restricted stock 2 22,793 22,793 16,304 16,304 Loans held for sale 3 23,568 23,983 18,005 19,136 Loans and lease receivables, net (less impaired 3 6,612,199 6,371,967 6,496,367 6,326,413 Accrued interest receivable 3 43,728 43,728 43,922 43,922 Financial liabilities Non-interest-bearing deposits 2 1,851,727 1,851,727 1,905,876 1,905,876 Interest-bearing deposits 2 5,498,475 5,493,494 5,271,123 5,268,926 Accrued interest payable 2 21,713 21,713 22,233 22,233 Federal Home Loan Bank advances 2 470,000 470,000 325,000 325,000 Securities sold under repurchase agreement 2 34,506 34,506 40,607 40,607 Term Loan 2 16,667 16,667 18,333 18,333 Bank Term Funding Program 2 200,000 200,000 — — Line of credit 2 — — 11,250 11,250 Subordinated notes 2 73,909 72,194 73,866 76,063 Junior subordinated debentures 3 70,567 73,772 70,452 72,701 |
Derivative Instruments and Hedg
Derivative Instruments and Hedge Activities | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedge Activities | Note 16—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, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Fair Value Fair Value Notional Other Other Notional Other Other Derivatives designated as hedging instruments Interest rate swaps designated as cash flow $ 650,000 $ 37,976 $ ( 582 ) $ 650,000 $ 37,475 $ — Derivatives not designated as hedging instruments Other interest rate derivatives 691,612 22,124 ( 21,949 ) 706,126 19,447 ( 19,345 ) Other credit derivatives 3,545 3 — 3,602 1 — Total derivatives $ 1,345,157 $ 60,103 $ ( 22,531 ) $ 1,359,728 $ 56,923 $ ( 19,345 ) As of the effective time of the transaction reported in Note 3—Acquisition of a Business, Byline acquired and assumed two types of derivative instruments. Interest rate swap agreements previously designated as cash flow hedges of certain junior subordinated debentures issued to capital trusts had notional amounts of $ 42.0 million and had a fair value of $ 3.5 million included in accrued interest receivable and other assets. In July 2023, the Company terminated the interest rate swap agreements that resulted in a net gain of $ 6,000 . Other interest rate swap agreements not designated as hedging instruments had notional amounts of $ 67.7 million and fair values of $ 6.2 million reported in accrued interest receivable and other assets and accrued interest payable and other liabilities. Interest rate swaps designated as cash flow hedges —Cash flow hedges of interest payments associated with certain financial instruments had notional amounts totaling $ 650.0 million as of March 31, 2024 and December 31, 2023, respectively. 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, 2024 , the cash flow hedges aggregating $ 650.0 million in notional amounts are comprised of $ 450.0 million pay-fixed interest rate swaps associated with certain deposits and other borrowings, and $ 200.0 million receive-fixed interest rate swaps associated with certain variable rate loans. As of March 31, 2024 , pay-fixed interest rate swaps are comprised of six effective hedges. Receive-fixed interest rate swaps totaling $ 200.0 million are comprised of three effective hedges totaling $ 150.0 million, and one $ 50.0 million forward-starting swaps that is effective in August of 2024. 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 in come or expense as interest payments are made on the hedged instruments. Interest recorded on these swap transactions included $ 4.8 million and $ 2.0 million of interest income recorded during the three months ended March 31, 2024, and 2023, respectively, and is reported as a component of interest expense on deposits and other borrowings. As of March 31, 2024, the Company estimate s $ 16.9 millio n of the net unrealized gain to be reclassified as a net 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 became effective in May 2023 and $ 50.0 million became effective in June 2023. The transaction resulted in a gain of $ 4.2 million, net of tax, which was the clean value at termination date and began amortizing as a decrease to interest expense on the effective dates. The remaining unamortized balance was $ 3.5 million and $ 3.7 million as of March 31, 2024 and December 31, 2023, respectively. The following table reflects the cash flow hedges as of March 31, 2024: Notional amounts $ 650,000 Derivative assets fair value 37,976 Derivative liabilities fair value 582 Weighted average remaining maturity 2.7 Years Receive rates are determined at the time the swaps become effective. As of March 31, 2024 , the weighted average pay rates of the six effective pay-fixed hedges for $ 450.0 million were 1.04 % and t he weighted average receive rates were 5.32 %. A s of March 31, 2024 , the weighted average pay rates of the receive-fixed interest rate swaps of $ 150.0 million were 8.50 % and the weighted average receive rates were 7.31 %. 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, 2024 March 31, 2023 Amount of Amount of Amount of Amount of Amount of Amount of Interest rate swaps $ 4,531 $ 4,836 $ — $ 194 $ 1,956 $ — 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 $ 691.6 million as of March 31, 2024 with maturities ranging from August 2024 to March 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, 2024 and 2023, there were $ 4,000 and $ 472,000 of net transaction fees, 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, 2024: Notional amounts $ 691,612 Derivative assets fair value 22,124 Derivative liabilities fair value 21,949 Weighted average pay rates 4.29 % Weighted average receive rates 6.16 % Weighted average remaining maturity 4.4 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. As of March 31, 2024 and December 31, 2023, for each period, the total notional amount of risk participated in was $ 1.2 million and the notional amount of risk participated out was $ 2.3 million and $ 2.4 million, respectively. The credit risk related to these other derivatives is managed through the Company’s loan underwriting process. 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, 2024 and December 31, 2023. The fair values of the credit derivatives is reflected in accrued interest receivable and other assets and accrued interest payable and other 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, 2024 and 2023: Three Months Ended March 31, 2024 2023 Other interest rate derivatives $ ( 73 ) $ ( 308 ) Other credit derivatives — — Total $ ( 73 ) $ ( 308 ) 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 the periods indicated: March 31, 2024 December 31, 2023 Derivative Derivative Derivative Derivative Gross amounts recognized $ 60,103 $ ( 22,531 ) $ 56,923 $ ( 19,345 ) Less: Amounts offset in the Condensed Consolidated — — — — Net amount presented in the Condensed Consolidated $ 60,103 $ ( 22,531 ) $ 56,923 $ ( 19,345 ) Gross amounts not offset in the Condensed Consolidated Offsetting derivative positions ( 880 ) 880 ( 925 ) 925 Collateral posted ( 57,900 ) — ( 54,930 ) — Net credit exposure $ 1,323 $ ( 21,651 ) $ 1,068 $ ( 18,420 ) As of March 31, 2024 , 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 $ 22.5 million. If the Company had breached any of these provisions at March 31, 2024 , it could have been required to settle its obligations under the agreements at their termination value less offsetting positions of $ 880,000 . 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, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | Note 17 – 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 2,600,000 shares of our common stock have been reserved for issuance under the Omnibus Plan. As of March 31, 2024 , there were 826,874 shares available for future grants under the Omnibus Plan. The Company primarily grants time-based restricted share awards that vest over a one to four year period, subject to continued employment. The Company also grants performance-based restricted share awards. The number of shares which may be earned under the award is dependent upon the Company’s return on average assets, weighted equally over a three-year period and measured against a peer group consisting of publicly-traded bank holding companies. Results will be measured cumulatively at the end of the three years. Any earned shares will vest on the third anniversary of the grant date. During 2024, the Company granted 347,492 s hares of restricted common stock, par value $ 0.01 per share. Of this total, 268,595 restricted shares will vest ratably over three years on each anniversary of the grant date and 12,861 restricted shares will cliff vest on the third anniversary of the grant date, all subject to continued employment. In addition, 66,036 performance-based restricted shares were included in the 2024 grant. 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, 2026, measured against the KBW Regional Bank Index. Results will be measured cumulatively at the end of the three year s 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, 2024: Omnibus Plan Number of Shares Weighted Average Beginning balance, January 1, 2024 627,271 $ 24.24 Granted 347,492 20.89 Incremental performance shares issued and vested 13,632 Vested ( 228,195 ) 22.66 Forfeited ( 6,505 ) 25.88 Ending balance outstanding at March 31, 2024 753,695 $ 23.07 A total of 228,195 restricted shares vested during the three months ended March 31, 2024 . A total of 238,638 restricted shares vested during the year ended December 31, 2023. The fair value of restricted shares that vested during the three months ended March 31, 2024 was $ 4.8 million. The fair value of restricted shares that vested during the year ended December 31, 2023 was $ 5.7 million. The Company recognizes share-based compensation based on the estimated fair value of the restricted stock at the grant date. Share-based compensation expense is included in non-interest expense in the Condensed Consolidated Statements of Operations. The fair value of the total stock return performance-based awards granted in 2024 and 2023 were calculated based on a Monte Carlo simulation, using the following assumptions: Performance Based Grants 2024 2023 Risk-free interest rate 4.47 % 4.42 % Expected term (years) 2.85 years 2.85 years Expected stock price volatility 29.28 % - 33.68 % 38.11 % - 39.80 % Weighted average grant date fair value $ 20.18 $ 25.20 The following table summarizes restricted stock compensation expense for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 Total share-based compensation - restricted stock $ 1,846 $ 1,510 Income tax benefit 511 406 Unrecognized compensation expense 14,880 14,416 Weighted average remaining amortization period 2.3 Years 2.5 years The fair value of the unvested restricted stock awards at March 31, 2024 was $ 16.4 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 554,070 shares remain outstanding under the BYB Plan at March 31, 2024. 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, 2024. 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, 2024: BYB Plan Number of Shares Weighted Average Exercise Price Intrinsic Weighted Average Remaining Contractual Term (in Years) Beginning balance, January 1, 2024 768,564 $ 11.31 $ 9,413 1.5 Exercised ( 214,494 ) 11.18 $ 2,587 Expired — Ending balance outstanding at March 31, 2024 554,070 $ 11.36 $ 5,738 1.2 Exercisable at March 31, 2024 554,070 $ 11.36 $ 5,738 1.2 A total of 214,494 stock options were exercised during the three months ended March 31, 2024. The exercise was cashless and had a related tax benefit of $ 690,000 for the three months ended March 31, 2024. No stock options were exercised during the during the year ended December 31, 2023. No stock options vested during the three months ended March 31, 2024 or the year ended December 31, 2023. No stock option compensation expense was recognized for the three months ended March 31, 2024 or the year ended December 31, 2023. |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Note 18—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 657,205 and 930,852 shares of common stock were outstanding as of March 31, 2024 and 2023 , respectively. There were 753,695 and 693,104 restricted stock awards outstanding at March 31, 2024 and 2023, respectively. For the three months ended March 31, 2024 and 2023 , 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 2024 2023 Net income $ 30,440 $ 23,945 Weighted-average common stock outstanding: Weighted-average common stock outstanding (basic) 43,258,087 36,955,085 Incremental shares 469,257 584,827 Weighted-average common stock outstanding (dilutive) 43,727,344 37,539,912 Basic earnings per common share $ 0.70 $ 0.65 Diluted earnings per common share $ 0.70 $ 0.64 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Stockholders' Equity | Note 19—Stockholders’ Equity A summary of the Company’s preferred and common stock at March 31, 2024 and December 31, 2023 is as follows: March 31, December 31, 2024 2023 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 45,946,804 45,714,241 Shares outstanding 44,108,387 43,764,056 Treasury shares 1,838,417 1,950,185 On December 12, 2022, 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. The program was in effect from January 1, 2023 until December 31, 2023. No shares were repurchased under this program. On December 6, 2023, 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 the Company’s outstanding common stock. The program is in effect from January 1, 2024 until December 31, 2024, 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. The Company is not obligated to purchase any shares under the program, and the program may be discontinued at any time. The actual timing, number and share price of shares purchased under the repurchase program will be determined by the Company at its discretion and will depend on a number of factors, including the market price of the Company’s stock, general market and economic conditions and applicable legal requirements. The shares authorized to be repurchased represented approximately 2.9 % of the Company’s outstanding common stock at December 31, 2023. We did no t purchase any shares under either stock repurchase program during the three months ended March 31, 2024 or 2023. 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 each of the three months ended March 31, 2024 and 2023, cash dividends were declared and paid to stockholders of record of our common stock of $ 0.09 per share. On April 23, 2024, our Board of Directors declared a cash dividend of $ 0.09 per share payable on May 21, 2024 to stockholders of record of our common stock as of May 7, 2024 . |
Consolidated Statements of Chan
Consolidated Statements of Changes in Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2024 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Consolidated Statements of Changes in Accumulated Other Comprehensive Income (Loss) | Note 20—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, 2024 and 2023: (dollars in thousands) Unrealized Gains Unrealized Losses Total Accumulated 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 ) Balance, January 1, 2024 $ 30,131 $ ( 130,248 ) $ ( 100,117 ) Other comprehensive loss, net of tax ( 223 ) ( 6,570 ) ( 6,793 ) Balance, March 31, 2024 $ 29,908 $ ( 136,818 ) $ ( 106,910 ) |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 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, 2023 and 2022. The Company has one reportable segment. The Company’s chief operating decision makers evaluate 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. |
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 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 evaluated the accounting and disclosure requirements of this update and they did not have a material effect on the consolidated financial statements. Issued Accounting Pronouncements Pending Adoption Business Combinations (Topic 805) - In August 2023, the FASB issued ASU 2023-05, Business Combinations—Joint Venture (JV) Formations: Recognition and Initial Measurement. The guidance requires newly-formed JVs to apply a new basis of accounting to all of its contributed net assets, which results in the JV initially measuring its contributed net assets under ASC 805-20, Business Combinations. The new guidance would be applied prospectively and is effective for all newly-formed joint venture entities with a formation date on or after January 1, 2025, with early adoption permitted. The Company is evaluating the accounting and disclosure requirements of this update and the impact of adopting the new guidance on the consolidated financial statements. Segment Reporting – Improvements to Reportable Segment Disclosures (Topic 280) – In November 2023, the FASB issued ASU 2023-07 to enhance disclosures about significant segment expenses for public entities reporting segment information under Topic 280. It requires that a public entity disclose, on an annual and interim basis, significant expense categories for each reportable segment. Significant expense categories are derived from expenses that are 1) regularly reported to an entity’s chief operating decision-maker ("CODM"), and 2) included in a segment’s reported measure of profit or loss. The disclosures should include an amount for "other segment items," reflecting the difference between 1) segment revenue less significant segment expenses, and 2) the reportable segment’s profit or loss measures. It requires that a public entity disclose the title and position of the CODM and how the CODM uses the reported measure of profit or loss to assess segment performance and to allocate resources. Further it clarifies that entities with a single reportable segment must disclose both new and existing segment reporting requirements. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Entities must adopt the guidance on a retrospective basis. The Company is evaluating the internal control and disclosure requirements of this update and the impact of adopting the new guidance on the consolidated financial statements. Income Taxes – Improvements to Income Tax Disclosures (Topic 740) – In December 2023, the FASB issued ASU 2023-09 to provide additional transparency into an entity’s income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The standard requires that public business entities disclose, on an annual basis, specific categories in the rate reconciliation and additional information for reconciling items meeting a certain quantitative threshold. The amendments also require that entities disclose on an annual basis: 1) income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes and 2) the income taxes paid (net of refunds received) disaggregated by individual jurisdictions exceeding 5% of total income taxes paid (net of refunds received). The amendments are effective for public business entities for annual periods beginning after December 15, 2024. The Company is evaluating the accounting and disclosure requirements of this update and the impact of adopting the new guidance on the consolidated financial statements. |
Acquisition of a Business (Tabl
Acquisition of a Business (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Business Combinations [Abstract] | |
Summary of Estimates Fair Values of Assets and Liabilities Assumed as of Acquisition Date | The following table presents a summary of the preliminary estimates of fair values of assets acquired and liabilities assumed as of the acquisition date: Assets Cash and cash equivalents $ 39,731 Securities available-for-sale 239,602 Restricted stock 3,058 Loans 808,000 Allowance for credit losses ( 10,596 ) Premises and equipment 11,307 Operating lease right-of-use asset 3,813 Other intangible assets 17,250 Bank-owned life insurance 12,455 Deferred tax assets, net 14,848 Other assets 21,023 Total assets acquired 1,160,491 Liabilities Deposits 964,491 Federal Home Loan Bank advances 40,000 Securities sold under agreements to repurchase 455 Junior subordinated debentures 32,661 Operating lease liability 4,034 Accrued expenses and other liabilities 13,288 Total liabilities assumed 1,054,929 Net assets acquired $ 105,562 Consideration paid Common stock ( 5,932,323 shares issued at $ 18.09 per share) 107,017 Cash paid 31,897 Total consideration paid 138,914 Goodwill $ 33,352 |
Summary of Fair Value and Gross Contractual Amounts Receivable and Respective Expected Contractual Cash Flows | The following table presents the fair value and gross contractual amounts receivable of acquired non-credit-deteriorated loans from the Inland acquisition, and their respective expected contractual cash flows as of the acquisition date: Fair value $ 582,831 Gross contractual amounts receivable 699,918 Estimate of contractual cash flows not expected to be collected (1) 4,239 Estimate of contractual cash flows expected to be collected 695,679 (1) Includes interest payments not expected to be collected due to loan prepayments as well as principal and interest payments not expected to be collected due to customer default. |
Summary of Pro Forma Information for Results of Operations | The following table provides the unaudited pro forma information for the results of operations for the three months ended March 31, 2023, as if the acquisition had occurred on January 1, 2023. The pro forma results combine the historical results of Inland into the Company’s Consolidated Statements of Operations, including the impact of certain acquisition accounting adjustments, which includes loan discount accretion, intangible assets amortization, deposit premium accretion, fixed assets amortization, and borrowing discount amortization. The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results that would have been obtained had the acquisition actually occurred on January 1, 2023. No assumptions have been applied to the pro forma results of operations regarding possible revenue enhancements, provision for credit losses, expense efficiencies or asset dispositions. Recognized acquisition-related expenses and other adjustments related to the timing of expenses, are included in net income in the following table: For the Three Months Ended March 31, 2023 Total revenues (net interest income and non-interest income) $ 107,807 Net income $ 22,153 Earnings per share—basic $ 0.52 Earnings per share—diluted $ 0.51 |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 Amortized Gross Gross Fair Available-for-sale U.S. Treasury Notes $ 87,147 $ 9 $ ( 1,044 ) $ 86,112 U.S. Government agencies 155,659 22 ( 17,627 ) 138,054 Obligations of states, municipalities, and 86,160 264 ( 4,715 ) 81,709 Residential mortgage-backed securities Agency 825,180 2,060 ( 100,653 ) 726,587 Non-agency 136,561 — ( 22,852 ) 113,709 Commercial mortgage-backed securities Agency 197,171 — ( 33,625 ) 163,546 Corporate securities 40,667 5 ( 3,920 ) 36,752 Asset-backed securities 33,882 30 ( 1,234 ) 32,678 Total $ 1,562,427 $ 2,390 $ ( 185,670 ) $ 1,379,147 March 31, 2024 Amortized Gross Gross Fair Held-to-maturity Obligations of states, municipalities, and $ 1,156 $ — $ ( 7 ) $ 1,149 Total $ 1,156 $ — $ ( 7 ) $ 1,149 December 31, 2023 Amortized Gross Gross Fair Available-for-sale U.S. Treasury Notes $ 116,398 $ 61 $ ( 1,025 ) $ 115,434 U.S. Government agencies 147,062 37 ( 16,404 ) 130,695 Obligations of states, municipalities, and 86,022 396 ( 4,143 ) 82,275 Residential mortgage-backed securities Agency 786,970 4,247 ( 95,414 ) 695,803 Non-agency 122,359 — ( 22,099 ) 100,260 Commercial mortgage-backed securities Agency 181,452 — ( 34,248 ) 147,204 Corporate securities 40,681 — ( 4,510 ) 36,171 Asset-backed securities 35,857 2 ( 1,221 ) 34,638 Total $ 1,516,801 $ 4,743 $ ( 179,064 ) $ 1,342,480 December 31, 2023 Amortized Gross Gross Fair Held-to-maturity Obligations of states, municipalities, and political $ 1,157 $ — $ ( 8 ) $ 1,149 Total $ 1,157 $ — $ ( 8 ) $ 1,149 |
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, 2024 and December 31, 2023, are summarized as follows: Less than 12 Months 12 Months or Longer Total March 31, 2024 Number of Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale U.S. Treasury Notes 9 $ 19,532 $ ( 95 ) $ 31,939 $ ( 949 ) $ 51,471 $ ( 1,044 ) U.S. Government agencies 19 10,517 ( 30 ) 117,934 ( 17,597 ) 128,451 ( 17,627 ) Obligations of states, 76 19,232 ( 295 ) 49,261 ( 4,420 ) 68,493 ( 4,715 ) Residential mortgage-backed Agency 122 88,634 ( 808 ) 526,201 ( 99,845 ) 614,835 ( 100,653 ) Non-agency 21 16,710 ( 62 ) 96,999 ( 22,790 ) 113,709 ( 22,852 ) Commercial mortgage-backed Agency 49 19,677 ( 114 ) 143,869 ( 33,511 ) 163,546 ( 33,625 ) Corporate securities 20 — — 35,256 ( 3,920 ) 35,256 ( 3,920 ) Asset-backed securities 3 6,586 — 6,608 ( 1,234 ) 13,194 ( 1,234 ) Total 319 $ 180,888 $ ( 1,404 ) $ 1,008,067 $ ( 184,266 ) $ 1,188,955 $ ( 185,670 ) Held-to-maturity Obligations of states, 1 $ — $ — $ 599 $ ( 7 ) $ 599 $ ( 7 ) Total 1 $ — $ — $ 599 $ ( 7 ) $ 599 $ ( 7 ) Less than 12 Months 12 Months or Longer Total December 31, 2023 Number of Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale U.S. Treasury Notes 7 $ 5,018 $ ( 4 ) $ 31,843 $ ( 1,021 ) $ 36,861 $ ( 1,025 ) U.S. Government agencies 18 535 ( 9 ) 119,109 ( 16,395 ) 119,644 ( 16,404 ) Obligations of states, 61 12,267 ( 156 ) 49,617 ( 3,987 ) 61,884 ( 4,143 ) Residential mortgage-backed securities Agency 102 8,332 ( 49 ) 543,648 ( 95,365 ) 551,980 ( 95,414 ) Non-agency 20 636 — 99,624 ( 22,099 ) 100,260 ( 22,099 ) Commercial mortgage-backed securities Agency 48 6,765 ( 1,517 ) 140,439 ( 32,731 ) 147,204 ( 34,248 ) Corporate securities 21 — — 36,171 ( 4,510 ) 36,171 ( 4,510 ) Asset-backed securities 6 — — 25,653 ( 1,221 ) 25,653 ( 1,221 ) Total 283 $ 33,553 $ ( 1,735 ) $ 1,046,104 $ ( 177,329 ) $ 1,079,657 $ ( 179,064 ) Held-to-maturity Obligations of states, 2 $ — $ — $ 1,149 $ ( 8 ) $ 1,149 $ ( 8 ) Total 2 $ — $ — $ 1,149 $ ( 8 ) $ 1,149 $ ( 8 ) |
Schedule of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | At March 31, 2024, 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 $ 75,272 $ 74,486 Due from one to five years 118,834 113,034 Due from five to ten years 163,174 146,082 Due after ten years 46,235 41,703 Mortgage-backed securities 1,158,912 1,003,842 Total $ 1,562,427 $ 1,379,147 Held-to-maturity Due in one year or less $ 1,156 $ 1,149 Due from one to five years — — Total $ 1,156 $ 1,149 |
Loan and Lease Receivables an_2
Loan and Lease Receivables and Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 2023 Commercial real estate $ 2,265,195 $ 2,317,289 Residential real estate 732,230 718,733 Construction, land development, and other land 530,320 528,275 Commercial and industrial 2,548,442 2,444,405 Installment and other 3,076 3,138 Lease financing receivables 685,763 659,686 Total loans and leases 6,765,026 6,671,526 Net unamortized deferred fees and costs 6,908 6,600 Initial direct costs 6,280 6,180 Allowance for credit losses - loans and leases ( 102,366 ) ( 101,686 ) Net loans and leases $ 6,675,848 $ 6,582,620 March 31, December 31, 2024 2023 Lease financing receivables Net minimum lease payments $ 666,340 $ 644,507 Unguaranteed residual values 101,536 92,127 Unearned income ( 82,113 ) ( 76,948 ) Total lease financing receivables 685,763 659,686 Initial direct costs 6,280 6,180 Lease financial receivables before allowance for $ 692,043 $ 665,866 |
Summary of Minimum Annual Lease Payments for Lease Financing Receivables | The minimum annual lease payments for lease financing receivables as of March 31, 2024 are summarized as follows: Minimum Lease 2024 $ 164,051 2025 202,138 2026 154,408 2027 96,119 2028 43,021 Thereafter 6,603 Total $ 666,340 |
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, 2024 and December 31, 2023: March 31, 2024 Originated Purchased Credit Deteriorated Acquired Total Commercial real estate $ 1,879,149 $ 117,460 $ 271,720 $ 2,268,329 Residential real estate 488,887 39,535 204,589 733,011 Construction, land development, and other land 416,996 26,418 85,553 528,967 Commercial and industrial 2,420,952 18,100 113,673 2,552,725 Installment and other 2,855 118 166 3,139 Lease financing receivables 691,617 — 426 692,043 Total loans and leases $ 5,900,456 $ 201,631 $ 676,127 $ 6,778,214 December 31, 2023 Originated Purchased Credit Deteriorated Acquired Total Commercial real estate $ 1,907,029 $ 137,807 $ 275,476 $ 2,320,312 Residential real estate 465,133 42,510 211,887 719,530 Construction, land development, and other land 415,162 25,331 86,344 526,837 Commercial and industrial 2,311,563 19,460 117,538 2,448,561 Installment and other 2,919 125 156 3,200 Lease financing receivables 665,239 — 627 665,866 Total loans and leases $ 5,767,045 $ 225,233 $ 692,028 $ 6,684,306 |
Summary of Outstanding Balance and Carrying Amount of All Acquired Impaired Loans | The unpaid principal balance and carrying amount of PCD loans excluding an allowance for credit losses - loans and leases o f $ 10.1 million and $ 10.0 milli on at March 31, 2024 and December 31, 2023, were as follows: March 31, 2024 December 31, 2023 Unpaid Carrying Unpaid Carrying Commercial real estate $ 162,977 $ 117,460 $ 185,007 $ 137,807 Residential real estate 84,559 39,535 88,036 42,510 Construction, land development, and other land 33,140 26,418 32,140 25,331 Commercial and industrial 20,400 18,100 21,870 19,460 Installment and other 783 118 789 125 Total purchased credit deteriorated loans $ 301,859 $ 201,631 $ 327,842 $ 225,233 |
Summary of Reconciliation of Acquired Inland Pcd Loans Between Purchase Price and Par Value at Acquisition | The following table is a reconciliation of acquired Inland PCD loans between their purchase price and their par value at the time of the acquisition. Refer to Note 3—Acquisition of a Business for further information. Fair value of loans at acquisition $ 214,573 Allowance for credit losses - loans and leases, at acquisition 10,596 Non-credit discount/premium at acquisition 17,909 Par value of acquired PCD loans at acquisition $ 243,078 |
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 by loans and leases individually and collectively evaluated for impairment, and corresponding loan and lease balances by type for the three months ended March 31, 2024 are as follows: March 31, 2024 Commercial Residential Construction, Commercial Installment Lease Total Allowance for credit losses - Three months ended Beginning balance $ 33,237 $ 3,495 $ 2,906 $ 53,782 $ 36 $ 8,230 $ 101,686 Provision/(recapture) 824 ( 148 ) 24 5,836 ( 3 ) 358 6,891 Charge-offs ( 3,057 ) — — ( 3,619 ) — ( 373 ) ( 7,049 ) Recoveries 436 1 — 232 — 169 838 Ending balance $ 31,440 $ 3,348 $ 2,930 $ 56,231 $ 33 $ 8,384 $ 102,366 Ending balance: Individually evaluated $ 8,905 $ — $ — $ 12,772 $ — $ — $ 21,677 Collectively evaluated 22,535 3,348 2,930 43,459 33 8,384 80,689 Total allowance for credit $ 31,440 $ 3,348 $ 2,930 $ 56,231 $ 33 $ 8,384 $ 102,366 Loans and leases ending balance: Individually evaluated for $ 40,778 $ 4,658 $ — $ 39,889 $ — $ — $ 85,325 Collectively evaluated for 2,227,551 728,353 528,967 2,512,836 3,139 692,043 6,692,889 Total loans and leases $ 2,268,329 $ 733,011 $ 528,967 $ 2,552,725 $ 3,139 $ 692,043 $ 6,778,214 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 by 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, 2023: 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 losses - $ 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 |
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 Commercial and industrial $ 9,405 $ 40,420 $ 395 $ 50,220 2.4 % Total modified loans $ 9,405 $ 40,420 $ 395 $ 50,220 0.9 % The following table presents the amortized cost basis of loans that had a payment default as of March 31, 2024 and were modified in the twelve months prior to default. March 31, 2024 Payment Delay Term Modification Combination Term Modification and Interest Rate Reduction Total Modified by Class % of Class of Loans and Leases Commercial real estate $ — $ 2,842 $ — $ 2,842 0.13 % Commercial and industrial 43 — 353 396 0.02 % Total loans and leases $ 43 $ 2,842 $ 353 $ 3,238 0.05 % |
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, 2024 and December 31, 2023: March 31, 2024 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 $ — $ 11,590 $ 29,188 $ — $ — $ — $ — $ 40,778 Residential real estate — — — 2,792 1,866 — — 4,658 Commercial and industrial — — — — — — 39,889 39,889 Total $ — $ 11,590 $ 29,188 $ 2,792 $ 1,866 $ — $ 39,889 $ 85,325 December 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 $ — $ 28,767 $ 35,572 $ — $ — $ — $ — $ 64,339 Residential real estate — — — 2,793 800 — — 3,593 Construction, land development, 813 — — — — — — 813 Commercial and industrial — — — — — — 44,749 44,749 Total $ 813 $ 28,767 $ 35,572 $ 2,793 $ 800 $ — $ 44,749 $ 113,494 |
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, 2024 and December 31, 2023: Term loans amortized cost by origination year Revolving Total March 31, 2024 2024 2023 2022 2021 2020 Prior Loans Loans Commercial Real Estate Pass $ 49,831 $ 249,142 $ 438,366 $ 497,715 $ 236,622 $ 514,023 $ 14,124 $ 1,999,823 Watch 975 13,665 19,734 16,039 37,322 72,490 — 160,225 Special Mention — 7,635 1,836 10,432 2,595 34,684 — 57,182 Substandard — 638 3,808 4,852 1,194 40,607 — 51,099 Total $ 50,806 $ 271,080 $ 463,744 $ 529,038 $ 277,733 $ 661,804 $ 14,124 $ 2,268,329 Gross charge-offs for the three months $ — $ — $ 286 $ 88 $ 575 $ 2,108 $ — $ 3,057 Residential Real Estate Pass $ 6,795 $ 49,973 $ 135,135 $ 119,107 $ 51,950 $ 263,998 $ 56,965 $ 683,923 Watch — — 5,389 406 16,848 12,933 2,392 37,968 Special Mention — — — — 3,767 480 — 4,247 Substandard 200 — 29 105 1,077 4,516 946 6,873 Total $ 6,995 $ 49,973 $ 140,553 $ 119,618 $ 73,642 $ 281,927 $ 60,303 $ 733,011 Gross charge-offs for the three months $ — $ — $ — $ — $ — $ — $ — $ — Construction, Land Development, Pass $ — $ 114,072 $ 124,789 $ 179,184 $ 37,041 $ 11,126 $ 826 $ 467,038 Watch — 1,391 14,408 24,777 8,805 3,110 — 52,491 Special Mention — — — 9,438 — — — 9,438 Substandard — — — — — — — — Total $ — $ 115,463 $ 139,197 $ 213,399 $ 45,846 $ 14,236 $ 826 $ 528,967 Gross charge-offs for the three months $ — $ — $ — $ — $ — $ — $ — $ — Commercial & Industrial Pass $ 127,262 $ 472,634 $ 488,279 $ 282,042 $ 103,274 $ 206,107 $ 540,979 $ 2,220,577 Watch 80 55,427 21,754 46,969 2,478 20,120 40,803 187,631 Special Mention — 366 20,531 10,589 2,326 6,418 40,738 80,968 Substandard — 541 9,390 9,867 5,785 25,346 12,620 63,549 Total $ 127,342 $ 528,968 $ 539,954 $ 349,467 $ 113,863 $ 257,991 $ 635,140 $ 2,552,725 Gross charge-offs for the three months $ — $ — $ 909 $ 735 $ 398 $ 1,577 $ — $ 3,619 Installment and Other Pass $ 145 $ 408 $ 116 $ 56 $ 130 $ 430 $ 1,830 $ 3,115 Watch — — — 23 — — 1 24 Special Mention — — — — — — — — Substandard — — — — — — — — Total $ 145 $ 408 $ 116 $ 79 $ 130 $ 430 $ 1,831 $ 3,139 Gross charge-offs for the three months $ — $ — $ — $ — $ — $ — $ — $ — Lease Financing Receivables Pass $ 87,748 $ 303,606 $ 187,907 $ 81,700 $ 24,808 $ 4,149 $ — $ 689,918 Watch — — 61 912 14 — — 987 Special Mention — — — — 155 99 — 254 Substandard — 173 141 523 44 3 — 884 Total $ 87,748 $ 303,779 $ 188,109 $ 83,135 $ 25,021 $ 4,251 $ — $ 692,043 Gross charge-offs for the three months $ — $ 95 $ 175 $ 80 $ 23 $ — $ — $ 373 Total Loans and Leases Pass $ 271,781 $ 1,189,835 $ 1,374,592 $ 1,159,804 $ 453,825 $ 999,833 $ 614,724 $ 6,064,394 Watch 1,055 70,483 61,346 89,126 65,467 108,653 43,196 439,326 Special Mention — 8,001 22,367 30,459 8,843 41,681 40,738 152,089 Substandard 200 1,352 13,368 15,347 8,100 70,472 13,566 122,405 Total $ 273,036 $ 1,269,671 $ 1,471,673 $ 1,294,736 $ 536,235 $ 1,220,639 $ 712,224 $ 6,778,214 Gross charge-offs for the three months $ — $ 95 $ 1,370 $ 903 $ 996 $ 3,685 $ — $ 7,049 Term loans amortized cost by origination year Revolving Total December 31, 2023 2023 2022 2021 2020 2019 Prior Loans Loans Commercial Real Estate Pass $ 247,856 $ 452,127 $ 516,624 $ 229,053 $ 143,283 $ 388,872 $ 28,360 $ 2,006,175 Watch 12,501 22,094 26,408 46,713 20,364 68,003 — 196,083 Special Mention — 799 10,752 2,618 12,751 25,790 — 52,710 Substandard — 2,888 5,841 1,771 7,483 46,532 829 65,344 Total $ 260,357 $ 477,908 $ 559,625 $ 280,155 $ 183,881 $ 529,197 $ 29,189 $ 2,320,312 Gross charge-offs, year ended $ — $ 193 $ 60 $ 1,511 $ 4,054 $ 3,911 $ — $ 9,729 Residential Real Estate Pass $ 55,178 $ 135,477 $ 104,005 $ 54,651 $ 37,806 $ 225,593 $ 57,865 $ 670,575 Watch — 4,811 — 17,417 7,167 8,708 1,597 39,700 Special Mention — — — 3,594 127 1 413 4,135 Substandard — — 107 189 349 3,523 952 5,120 Total $ 55,178 $ 140,288 $ 104,112 $ 75,851 $ 45,449 $ 237,825 $ 60,827 $ 719,530 Gross charge-offs, year ended $ — $ — $ — $ — $ — $ 21 $ — $ 21 Construction, Land Development, & Land Pass $ 82,449 $ 145,174 $ 184,544 $ 35,466 $ 9,772 $ 1,429 $ 174 $ 459,008 Watch 1,392 13,990 21,313 18,716 3,125 — — 58,536 Special Mention — — 9,279 — — — — 9,279 Substandard — — — — — 14 — 14 Total $ 83,841 $ 159,164 $ 215,136 $ 54,182 $ 12,897 $ 1,443 $ 174 $ 526,837 Gross charge-offs, year ended $ — $ — $ — $ — $ — $ — $ — $ — Commercial & Industrial Pass $ 475,720 $ 514,902 $ 288,392 $ 109,430 $ 73,059 $ 147,168 $ 524,348 $ 2,133,019 Watch 41,027 33,080 50,407 1,385 6,951 18,180 39,531 190,561 Special Mention — 6,164 10,595 2,631 1,112 6,643 36,354 63,499 Substandard — 7,332 6,067 6,431 10,116 18,381 13,155 61,482 Total $ 516,747 $ 561,478 $ 355,461 $ 119,877 $ 91,238 $ 190,372 $ 613,388 $ 2,448,561 Gross charge-offs, year ended $ 1,518 $ 1,938 $ 5,372 $ 4,451 $ 1,087 $ 1,045 $ — $ 15,411 Installment and Other Pass $ 564 $ 132 $ 79 $ 133 $ 28 $ 424 $ 1,814 $ 3,174 Watch — — 25 — — 1 — 26 Special Mention — — — — — — — — Substandard — — — — — — — — Total $ 564 $ 132 $ 104 $ 133 $ 28 $ 425 $ 1,814 $ 3,200 Gross charge-offs, year ended $ — $ — $ — $ — $ — $ 3 $ — $ 3 Lease Financing Receivables Pass $ 327,099 $ 207,640 $ 93,242 $ 29,343 $ 5,443 $ 856 $ — $ 663,623 Watch — 67 1,008 16 — — — 1,091 Special Mention — — — 179 101 36 — 316 Substandard 259 138 384 55 — — — 836 Total $ 327,358 $ 207,845 $ 94,634 $ 29,593 $ 5,544 $ 892 $ — $ 665,866 Gross charge-offs, year ended $ 734 $ 886 $ 549 $ 139 $ 75 $ 54 $ — $ 2,437 Total Loans and Leases Pass $ 1,188,866 $ 1,455,452 $ 1,186,886 $ 458,076 $ 269,391 $ 764,342 $ 612,561 $ 5,935,574 Watch 54,920 74,042 99,161 84,247 37,607 94,892 41,128 485,997 Special Mention — 6,963 30,626 9,022 14,091 32,470 36,767 129,939 Substandard 259 10,358 12,399 8,446 17,948 68,450 14,936 132,796 Total $ 1,244,045 $ 1,546,815 $ 1,329,072 $ 559,791 $ 339,037 $ 960,154 $ 705,392 $ 6,684,306 Gross charge-offs, year ended $ 2,252 $ 3,017 $ 5,981 $ 6,101 $ 5,216 $ 5,034 $ — $ 27,601 At |
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, 2024 and December 31, 2023: March 31, 2024 2024 2023 2022 2021 2020 Prior Revolving Total Commercial Real Estate Current $ 50,806 $ 270,638 $ 459,995 $ 524,429 $ 276,731 $ 635,489 $ 14,124 $ 2,232,212 30-59 Days Past Due — 442 1,043 3,809 595 2,791 — 8,680 60-89 Days Past Due — — — — — — — — Greater than 90 Accruing — — — — — — — — Non-accrual — — 2,706 800 407 23,524 — 27,437 Total Past Due — 442 3,749 4,609 1,002 26,315 — 36,117 Total $ 50,806 $ 271,080 $ 463,744 $ 529,038 $ 277,733 $ 661,804 $ 14,124 $ 2,268,329 Residential Real Estate Current $ 6,995 $ 49,973 $ 140,035 $ 119,107 $ 72,402 $ 276,374 $ 59,007 $ 723,893 30-59 Days Past Due — — 489 406 174 578 350 1,997 60-89 Days Past Due — — — — — 461 — 461 Greater than 90 Accruing — — — — — — — — Non-accrual — — 29 105 1,066 4,514 946 6,660 Total Past Due — — 518 511 1,240 5,553 1,296 9,118 Total $ 6,995 $ 49,973 $ 140,553 $ 119,618 $ 73,642 $ 281,927 $ 60,303 $ 733,011 Construction, Land Development, Current $ — $ 115,463 $ 139,197 $ 213,399 $ 45,846 $ 14,236 $ 826 $ 528,967 30-59 Days Past Due — — — — — — — — 60-89 Days Past Due — — — — — — — — Greater than 90 Accruing — — — — — — — — Non-accrual — — — — — — — — Total Past Due — — — — — — — — Total $ — $ 115,463 $ 139,197 $ 213,399 $ 45,846 $ 14,236 $ 826 $ 528,967 Commercial & Industrial Current $ 127,342 $ 525,182 $ 530,704 $ 346,250 $ 108,120 $ 238,084 $ 632,383 $ 2,508,065 30-59 Days Past Due — 3,246 1,697 903 1,454 3,729 576 11,605 60-89 Days Past Due — 127 1 — — — — 128 Greater than 90 Accruing — — — — — — — — Non-accrual — 413 7,552 2,314 4,289 16,178 2,181 32,927 Total Past Due — 3,786 9,250 3,217 5,743 19,907 2,757 44,660 Total $ 127,342 $ 528,968 $ 539,954 $ 349,467 $ 113,863 $ 257,991 $ 635,140 $ 2,552,725 Installment and Other Current $ 145 $ 408 $ 116 $ 56 $ 130 $ 430 $ 1,831 $ 3,116 30-59 Days Past Due — — — 23 — — — 23 60-89 Days Past Due — — — — — — — — Greater than 90 Accruing — — — — — — — — Non-accrual — — — — — — — — Total Past Due — — — 23 — — — 23 Total $ 145 $ 408 $ 116 $ 79 $ 130 $ 430 $ 1,831 $ 3,139 Lease Financing Receivables Current $ 87,703 $ 301,476 $ 185,879 $ 81,572 $ 24,672 $ 4,138 $ — $ 685,440 30-59 Days Past Due 45 1,602 577 789 206 71 — 3,290 60-89 Days Past Due — 528 1,512 251 108 39 — 2,438 Greater than 90 Accruing — — — — — — — — Non-accrual — 173 141 523 35 3 — 875 Total Past Due 45 2,303 2,230 1,563 349 113 — 6,603 Total $ 87,748 $ 303,779 $ 188,109 $ 83,135 $ 25,021 $ 4,251 $ — $ 692,043 Total Loans and Leases Current $ 272,991 $ 1,263,140 $ 1,455,926 $ 1,284,813 $ 527,901 $ 1,168,751 $ 708,171 $ 6,681,693 30-59 Days Past Due 45 5,290 3,806 5,930 2,429 7,169 926 25,595 60-89 Days Past Due — 655 1,513 251 108 500 — 3,027 Greater than 90 Accruing — — — — — — — — Non-accrual — 586 10,428 3,742 5,797 44,219 3,127 67,899 Total Past Due 45 6,531 15,747 9,923 8,334 51,888 4,053 96,521 Total $ 273,036 $ 1,269,671 $ 1,471,673 $ 1,294,736 $ 536,235 $ 1,220,639 $ 712,224 $ 6,778,214 Total non-accrual loans without an allowance included $ 8.4 million of commercial real estate loans, $ 3.6 million of residential real estate, and $ 3.4 million of commercial and industrial loans as of March 31, 2024 . The Company recognized $ 255,000 of interest income on non-accrual loans and leases for the three months ended March 31, 2024. December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Total Commercial Real Estate Current $ 259,998 $ 474,878 $ 558,236 $ 279,098 $ 178,729 $ 501,620 $ 29,189 $ 2,281,748 30-59 Days Past Due 359 648 638 74 3,176 484 — 5,379 60-89 Days Past Due — 826 — 286 — 1,208 — 2,320 Greater than 90 Accruing — — — — — — — — Non-accrual — 1,556 751 697 1,976 25,885 — 30,865 Total Past Due 359 3,030 1,389 1,057 5,152 27,577 — 38,564 Total $ 260,357 $ 477,908 $ 559,625 $ 280,155 $ 183,881 $ 529,197 $ 29,189 $ 2,320,312 Residential Real Estate Current $ 55,178 $ 136,448 $ 102,973 $ 75,125 $ 45,050 $ 230,102 $ 59,476 $ 704,352 30-59 Days Past Due — 3,840 1,032 537 29 4,122 399 9,959 60-89 Days Past Due — — — — 21 127 — 148 Greater than 90 Accruing — — — — — — — — Non-accrual — — 107 189 349 3,474 952 5,071 Total Past Due — 3,840 1,139 726 399 7,723 1,351 15,178 Total $ 55,178 $ 140,288 $ 104,112 $ 75,851 $ 45,449 $ 237,825 $ 60,827 $ 719,530 Construction, Land Development, Current $ 83,841 $ 156,815 $ 215,136 $ 54,182 $ 12,897 $ 1,443 $ 174 $ 524,488 30-59 Days Past Due — — — — — — — — 60-89 Days Past Due — 2,349 — — — — — 2,349 Greater than 90 Accruing — — — — — — — — Non-accrual — — — — — — — — Total Past Due — 2,349 — — — — — 2,349 Total $ 83,841 $ 159,164 $ 215,136 $ 54,182 $ 12,897 $ 1,443 $ 174 $ 526,837 Commercial & Industrial Current $ 516,747 $ 552,251 $ 351,534 $ 114,859 $ 83,780 $ 177,239 $ 611,766 $ 2,408,176 30-59 Days Past Due — 1,545 1,099 238 2,513 400 455 6,250 60-89 Days Past Due — 1,505 — 234 3,416 1,139 496 6,790 Greater than 90 Accruing — — — — — — — — Non-accrual — 6,177 2,828 4,546 1,529 11,594 671 27,345 Total Past Due — 9,227 3,927 5,018 7,458 13,133 1,622 40,385 Total $ 516,747 $ 561,478 $ 355,461 $ 119,877 $ 91,238 $ 190,372 $ 613,388 $ 2,448,561 Installment and Other Current $ 564 $ 132 $ 104 $ 133 $ 28 $ 425 $ 1,814 $ 3,200 30-59 Days Past Due — — — — — — — — 60-89 Days Past Due — — — — — — — — Greater than 90 Accruing — — — — — — — — Non-accrual — — — — — — — — Total Past Due — — — — — — — — Total $ 564 $ 132 $ 104 $ 133 $ 28 $ 425 $ 1,814 $ 3,200 Lease Financing Receivables Current $ 325,833 $ 206,800 $ 93,795 $ 29,292 $ 5,537 $ 889 $ — $ 662,146 30-59 Days Past Due 726 426 153 38 4 2 — 1,349 60-89 Days Past Due 540 481 302 218 3 1 — 1,545 Greater than 90 Accruing — — — — — — — — Non-accrual 259 138 384 45 — — — 826 Total Past Due 1,525 1,045 839 301 7 3 — 3,720 Total $ 327,358 $ 207,845 $ 94,634 $ 29,593 $ 5,544 $ 892 $ — $ 665,866 Total Loans and Leases Current $ 1,242,161 $ 1,527,324 $ 1,321,778 $ 552,689 $ 326,021 $ 911,718 $ 702,419 $ 6,584,110 30-59 Days Past Due 1,085 6,459 2,922 887 5,722 5,008 854 22,937 60-89 Days Past Due 540 5,161 302 738 3,440 2,475 496 13,152 Greater than 90 Accruing — — — — — — — — Non-accrual 259 7,871 4,070 5,477 3,854 40,953 1,623 64,107 Total Past Due 1,884 19,491 7,294 7,102 13,016 48,436 2,973 100,196 Total $ 1,244,045 $ 1,546,815 $ 1,329,072 $ 559,791 $ 339,037 $ 960,154 $ 705,392 $ 6,684,306 |
Summary of Change in Balance for Allowance for Credit Losses Unfunded Commitments | The following table presents the change in the balance of the allowance for credit losses - unfunded commitments as of March 31, 2024 and 2023: For the Three Months Ended March 31, 2024 2023 Beginning balance $ 3,636 $ 4,203 Provision/(recapture) for unfunded commitments ( 248 ) 113 Ending balance $ 3,388 $ 4,316 |
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, excluding an allowance for credit losses o f $ 4.6 million and $ 4.7 mil lion at March 31, 2024 and December 31, 2023, were as follows: March 31, 2024 December 31, 2023 Unpaid Carrying Unpaid Carrying Commercial real estate $ 280,291 $ 271,720 $ 284,819 $ 275,476 Residential real estate 209,952 204,589 227,392 211,887 Construction, land development, and other land 86,168 85,553 87,143 86,344 Commercial and industrial 119,197 113,673 123,540 117,538 Installment and other 179 166 170 156 Lease financing receivables 427 426 628 627 Total acquired non-credit-deteriorated $ 696,214 $ 676,127 $ 723,692 $ 692,028 |
Servicing Assets (Tables)
Servicing Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 and 2023 was as follows: Three Months Ended 2024 2023 Beginning balance $ 19,844 $ 19,172 Additions, net 1,851 1,116 Changes in fair value ( 703 ) 656 Ending balance $ 20,992 $ 20,944 |
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, 2024 and December 31, 2023 were as follows: March 31, December 31, 2024 2023 Loan portfolios serviced for: SBA guaranteed loans $ 1,524,421 $ 1,530,401 USDA guaranteed loans 207,701 197,942 Total $ 1,732,122 $ 1,728,343 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Real Estate [Abstract] | |
Change in Other Real Estate Owned | The following table presents the change in OREO for the three months ended March 31, 2024 and 2023: Three Months Ended 2024 2023 Beginning balance $ 1,200 $ 4,717 Net additions to OREO 5 55 Proceeds from sales of OREO ( 402 ) ( 764 ) Gains (losses) on sales of OREO ( 18 ) 35 Valuation adjustments — ( 331 ) Ending balance $ 785 $ 3,712 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 periods indicated: Balance Sheet Line Item March 31, 2024 December 31, 2023 Operating lease right-of-use asset Accrued interest receivable and other assets $ 10,352 $ 12,474 Operating lease liability Accrued interest payable and other liabilities 12,205 14,268 |
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 2024 2023 Operating lease cost $ 727 $ 623 Short-term lease cost 87 69 Variable lease cost 423 412 Less: Sublease income ( 130 ) ( 156 ) Total lease cost, net $ 1,107 $ 948 |
Schedule of Future Minimum Lease Payments for Operating Leases | The future minimum lease payments for operating leases, subsequent to March 31, 2024, as recorded on the Condensed Consolidated Statements of Financial Condition, are summarized as follows: Operating Lease 2024 $ 2,906 2025 3,266 2026 2,359 2027 1,313 2028 986 Thereafter 2,529 Total undiscounted lease payments 13,359 Less: Imputed interest ( 1,154 ) Net lease liabilities $ 12,205 |
Goodwill, Core Deposit Intang_2
Goodwill, Core Deposit Intangible and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 and 2023: For the Three Months Ended March 31, 2024 2023 Goodwill Core Deposit Customer Relationship Goodwill Core Deposit Customer Relationship Beginning balance $ 181,705 $ 20,393 $ 1,380 $ 148,353 $ 8,886 $ 1,648 Amortization — ( 1,278 ) ( 67 ) — ( 1,388 ) ( 67 ) Ending balance $ 181,705 $ 19,115 $ 1,313 $ 148,353 $ 7,498 $ 1,581 Accumulated amortization N/A $ 53,601 $ 1,903 N/A $ 47,968 $ 1,635 Weighted average remaining N/A 8.1 Years 4.9 Years N/A 4.5 Years 5.9 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, 2024: Estimated 2024 $ 4,035 2025 4,473 2026 3,566 2027 2,676 2028 2,101 Thereafter 3,577 Total $ 20,428 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Deposits [Abstract] | |
Composition of Deposits | The composition of deposits was as follows as of March 31, 2024 and December 31, 2023: March 31, December 31, 2024 2023 Non-interest-bearing demand deposits $ 1,851,727 $ 1,905,876 Interest-bearing checking accounts 687,142 577,609 Money market demand accounts 2,263,819 2,266,030 Other savings 524,890 542,532 Time deposits (below $250,000) 1,594,290 1,520,082 Time deposits ($250,000 and above) 428,334 364,870 Total deposits $ 7,350,202 $ 7,176,999 |
Schedule of Maturities of Time Deposits | At March 31, 2024, the scheduled maturities of time deposits were: Scheduled Maturities 2024 $ 1,653,993 2025 354,598 2026 8,126 2027 4,689 2028 1,092 Thereafter 126 Total $ 2,022,624 |
Other Borrowings (Tables)
Other Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Summary of Other Borrowings | The following is a summary of the Company’s other borrowings as of the dates presented: March 31, December 31, 2024 2023 Federal Home Loan Bank advances $ 470,000 $ 325,000 Bank Term Funding Program 200,000 — Securities sold under agreements to repurchase 34,506 40,607 Term Loan 16,667 18,333 Line of credit — 11,250 Total $ 721,173 $ 395,190 |
Summary of Short-term Credit Lines Available for Use | The following table presents short-term credit lines available for use as of the dates presented: March 31, December 31, 2024 2023 Federal Home Loan Bank line $ 2,614,959 $ 2,781,747 Federal Reserve Bank of Chicago discount window line 841,104 866,490 Available federal funds lines 135,000 123,750 Bank Term Funding Program 27,715 — |
Subordinated Notes and Junior_2
Subordinated Notes and Junior Subordinated Debentures (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Junior Subordinated Debentures by Issuance | At March 31, 2024 and December 31, 2023, the Company’s junior subordinated debentures by issuance were as follows: Aggregate Principal Amount Name of Trust Stated March 31, 2024 December 31, 2023 Contractual Rate March 31, 2024 Interest Rate Spread (1) Metropolitan Statutory Trust I March 17, 2034 $ 35,000 $ 35,000 8.38 % SOFR + spread adjustment + 2.79 % First Evanston Bancorp Trust I March 15, 2035 10,000 10,000 7.37 % SOFR + spread adjustment + 1.78 % AmeriMark Capital Trust I April 23, 2034 5,000 5,000 8.33 % SOFR + spread adjustment + 2.75 % Inland Bancorp Trust II September 15, 2035 10,000 10,000 7.19 % SOFR + spread adjustment + 1.60 % Inland Bancorp Trust III December 15, 2036 10,000 10,000 7.24 % SOFR + spread adjustment + 1.65 % Inland Bancorp Trust IV June 6, 2037 7,000 7,000 7.21 % SOFR + spread adjustment + 1.62 % Inland Bancorp Trust V September 15, 2037 10,000 10,000 7.01 % SOFR + spread adjustment + 1.42 % Total liability, at par 87,000 87,000 Discount ( 16,433 ) ( 16,548 ) Total liability, at carrying value $ 70,567 $ 70,452 (1) SOFR is three month SOFR and the spread adjustment is 0.26161 % |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Fixed Rate Variable Rate Total Fixed Rate Variable Rate Total Commitments to extend credit $ 258,617 $ 1,954,869 $ 2,213,486 $ 269,325 $ 2,013,819 $ 2,283,144 Letters of credit 640 65,808 66,448 612 67,443 68,055 Total $ 259,257 $ 2,020,677 $ 2,279,934 $ 269,937 $ 2,081,262 $ 2,351,199 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 and December 31, 2023: Fair Value Measurements Using March 31, 2024 Fair Value Level 1 Level 2 Level 3 Financial assets Securities available-for-sale U.S. Treasury Notes $ 86,112 $ 86,112 $ — $ — U.S. Government agencies 138,054 138,054 Obligations of states, municipalities, and political 81,709 — 81,709 — Mortgage-backed securities; residential Agency 726,587 — 726,587 — Non-Agency 113,709 — 113,709 — Mortgage-backed securities; commercial Agency 163,546 — 163,546 — Corporate securities 36,752 — 36,752 — Asset-backed securities 32,678 — 32,678 — Equity and other securities, at fair value Mutual funds 2,517 2,517 — — Equity securities 6,618 — 6,333 285 Servicing assets 20,992 — — 20,992 Derivative assets 60,103 — 60,103 — Financial liabilities Derivative liabilities 22,531 — 22,531 — Fair Value Measurements Using December 31, 2023 Fair Value Level 1 Level 2 Level 3 Financial assets Securities available-for-sale U.S. Treasury Notes $ 115,434 $ 115,434 $ — $ — U.S. Government agencies 130,695 — 130,695 — Obligations of states, municipalities, and political 82,275 — 82,275 Mortgage-backed securities; residential Agency 695,803 — 695,803 — Non-Agency 100,260 — 100,260 — Mortgage-backed securities; commercial Agency 147,204 — 147,204 — Corporate securities 36,171 — 36,171 — Asset-backed securities 34,638 — 34,638 — Equity and other securities, at fair value Mutual funds 2,554 2,554 — — Equity securities 6,189 — 5,908 281 Servicing assets 19,844 — — 19,844 Derivative assets 56,923 — 56,923 — Financial liabilities Derivative liabilities 19,345 — 19,345 — |
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, 2024 2023 2024 2023 Investment Securities Servicing Assets Balance, beginning of period $ 281 $ 666 $ 19,844 $ 19,172 Additions, net — — 1,851 1,116 Change in fair value 4 ( 36 ) ( 703 ) 656 Balance, end of period $ 285 $ 630 $ 20,992 $ 20,944 |
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, 2024: Financial Instruments Valuation Technique Unobservable Inputs Range of Weighted Impact to Single issuer trust preferred Discounted cash flow Discount rate 7.9 % 7.9 % Decrease Servicing assets Discounted cash flow Prepayment speeds 0.0 % - 38.9 % 15.6 % Decrease Discount rate 0.0 % - 52.8 % 10.6 % Decrease Expected weighted 0.0 - 9.6 Years 3.7 Years Increase |
Summary of Assets Measured at Fair Value on Non-Recurring Basis, Excluding Acquired Impaired Loans | 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, 2024 and December 31, 2023: Fair Value Measurements Using March 31, 2024 Fair Value Level 1 Level 2 Level 3 Non-recurring Individually evaluated loans Commercial real estate $ 31,873 $ — $ — $ 31,873 Residential real estate 4,658 — — 4,658 Commercial and industrial 27,117 — — 27,117 Assets held for sale 3,722 — — 3,722 Other real estate owned 785 — — 785 Fair Value Measurements Using December 31, 2023 Fair Value Level 1 Level 2 Level 3 Non-recurring Individually evaluated loans Commercial real estate $ 51,978 $ — $ — $ 51,978 Residential real estate 3,593 — — 3,593 Construction, land development, and other land 813 — — 813 Commercial and industrial 29,869 — — 29,869 Assets held for sale 4,484 — — 4,484 Other real estate owned 1,200 — — 1,200 |
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 2024 2023 Hierarchy Carrying Estimated Carrying Estimated Financial assets Cash and due from banks 1 $ 58,640 $ 58,640 $ 60,431 $ 60,431 Interest bearing deposits with other banks 2 578,197 578,197 165,705 165,705 Securities held-to-maturity 2 1,156 1,149 1,157 1,149 Restricted stock 2 22,793 22,793 16,304 16,304 Loans held for sale 3 23,568 23,983 18,005 19,136 Loans and lease receivables, net (less impaired 3 6,612,199 6,371,967 6,496,367 6,326,413 Accrued interest receivable 3 43,728 43,728 43,922 43,922 Financial liabilities Non-interest-bearing deposits 2 1,851,727 1,851,727 1,905,876 1,905,876 Interest-bearing deposits 2 5,498,475 5,493,494 5,271,123 5,268,926 Accrued interest payable 2 21,713 21,713 22,233 22,233 Federal Home Loan Bank advances 2 470,000 470,000 325,000 325,000 Securities sold under repurchase agreement 2 34,506 34,506 40,607 40,607 Term Loan 2 16,667 16,667 18,333 18,333 Bank Term Funding Program 2 200,000 200,000 — — Line of credit 2 — — 11,250 11,250 Subordinated notes 2 73,909 72,194 73,866 76,063 Junior subordinated debentures 3 70,567 73,772 70,452 72,701 |
Derivative Instruments and He_2
Derivative Instruments and Hedge Activities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Fair Value Fair Value Notional Other Other Notional Other Other Derivatives designated as hedging instruments Interest rate swaps designated as cash flow $ 650,000 $ 37,976 $ ( 582 ) $ 650,000 $ 37,475 $ — Derivatives not designated as hedging instruments Other interest rate derivatives 691,612 22,124 ( 21,949 ) 706,126 19,447 ( 19,345 ) Other credit derivatives 3,545 3 — 3,602 1 — Total derivatives $ 1,345,157 $ 60,103 $ ( 22,531 ) $ 1,359,728 $ 56,923 $ ( 19,345 ) |
Summary of Cash Flow Hedges | The following table reflects the cash flow hedges as of March 31, 2024: Notional amounts $ 650,000 Derivative assets fair value 37,976 Derivative liabilities fair value 582 Weighted average remaining maturity 2.7 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, 2024 March 31, 2023 Amount of Amount of Amount of Amount of Amount of Amount of Interest rate swaps $ 4,531 $ 4,836 $ — $ 194 $ 1,956 $ — |
Summary of Other Interest Rate Derivatives | The following table reflects other interest rate derivatives as of March 31, 2024: Notional amounts $ 691,612 Derivative assets fair value 22,124 Derivative liabilities fair value 21,949 Weighted average pay rates 4.29 % Weighted average receive rates 6.16 % Weighted average remaining maturity 4.4 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, 2024 and 2023: Three Months Ended March 31, 2024 2023 Other interest rate derivatives $ ( 73 ) $ ( 308 ) Other credit derivatives — — Total $ ( 73 ) $ ( 308 ) |
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 the periods indicated: March 31, 2024 December 31, 2023 Derivative Derivative Derivative Derivative Gross amounts recognized $ 60,103 $ ( 22,531 ) $ 56,923 $ ( 19,345 ) Less: Amounts offset in the Condensed Consolidated — — — — Net amount presented in the Condensed Consolidated $ 60,103 $ ( 22,531 ) $ 56,923 $ ( 19,345 ) Gross amounts not offset in the Condensed Consolidated Offsetting derivative positions ( 880 ) 880 ( 925 ) 925 Collateral posted ( 57,900 ) — ( 54,930 ) — Net credit exposure $ 1,323 $ ( 21,651 ) $ 1,068 $ ( 18,420 ) |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 and 2023: Three Months Ended March 31, 2024 2023 Total share-based compensation - restricted stock $ 1,846 $ 1,510 Income tax benefit 511 406 Unrecognized compensation expense 14,880 14,416 Weighted average remaining amortization period 2.3 Years 2.5 years |
Performance Share | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of fair value of the total stock return performance-based awards granted | The fair value of the total stock return performance-based awards granted in 2024 and 2023 were calculated based on a Monte Carlo simulation, using the following assumptions: Performance Based Grants 2024 2023 Risk-free interest rate 4.47 % 4.42 % Expected term (years) 2.85 years 2.85 years Expected stock price volatility 29.28 % - 33.68 % 38.11 % - 39.80 % Weighted average grant date fair value $ 20.18 $ 25.20 |
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, 2024: Omnibus Plan Number of Shares Weighted Average Beginning balance, January 1, 2024 627,271 $ 24.24 Granted 347,492 20.89 Incremental performance shares issued and vested 13,632 Vested ( 228,195 ) 22.66 Forfeited ( 6,505 ) 25.88 Ending balance outstanding at March 31, 2024 753,695 $ 23.07 |
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, 2024: BYB Plan Number of Shares Weighted Average Exercise Price Intrinsic Weighted Average Remaining Contractual Term (in Years) Beginning balance, January 1, 2024 768,564 $ 11.31 $ 9,413 1.5 Exercised ( 214,494 ) 11.18 $ 2,587 Expired — Ending balance outstanding at March 31, 2024 554,070 $ 11.36 $ 5,738 1.2 Exercisable at March 31, 2024 554,070 $ 11.36 $ 5,738 1.2 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 2024 2023 Net income $ 30,440 $ 23,945 Weighted-average common stock outstanding: Weighted-average common stock outstanding (basic) 43,258,087 36,955,085 Incremental shares 469,257 584,827 Weighted-average common stock outstanding (dilutive) 43,727,344 37,539,912 Basic earnings per common share $ 0.70 $ 0.65 Diluted earnings per common share $ 0.70 $ 0.64 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Summary of Preferred and Common Stock | A summary of the Company’s preferred and common stock at March 31, 2024 and December 31, 2023 is as follows: March 31, December 31, 2024 2023 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 45,946,804 45,714,241 Shares outstanding 44,108,387 43,764,056 Treasury shares 1,838,417 1,950,185 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 and 2023: (dollars in thousands) Unrealized Gains Unrealized Losses Total Accumulated 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 ) Balance, January 1, 2024 $ 30,131 $ ( 130,248 ) $ ( 100,117 ) Other comprehensive loss, net of tax ( 223 ) ( 6,570 ) ( 6,793 ) Balance, March 31, 2024 $ 29,908 $ ( 136,818 ) $ ( 106,910 ) |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2024 Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segments | 1 |
Acquisition of a Business - Add
Acquisition of a Business - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jul. 01, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Business Acquisition [Line Items] | ||||||||
Common stock, voting par value | $ 0.01 | $ 0.01 | ||||||
Goodwill | $ 148,353 | $ 181,705 | $ 148,353 | $ 181,705 | $ 148,353 | |||
Salaries and employee benefits | 33,953 | 30,394 | ||||||
Other non-interest expense | $ 5,776 | $ 4,730 | ||||||
Inland Bancorp, Inc. | ||||||||
Business Acquisition [Line Items] | ||||||||
Business acquisition date of agreement | Jul. 01, 2023 | |||||||
Right to receive common stock upon conversion | 0.19 | |||||||
Common stock, voting par value | $ 0.01 | |||||||
Cash payment per share | $ 0.68 | |||||||
Consideration paid in cash | $ 21,200 | $ 31,897 | ||||||
Common stock issued price per share | $ 18.09 | $ 18.09 | ||||||
Issuance of common shares | 5,932,323 | 5,932,323 | ||||||
Value of common stock consideration | $ 107,300 | |||||||
Options to acquire common stock shares | 288,200 | |||||||
Option to acquire common stock value | $ 424,000 | |||||||
Total merger consideration | 138,900 | $ 138,914 | $ 9,900 | |||||
Stock issuance costs | 299,000 | |||||||
Goodwill | $ 33,400 | $ 33,352 | ||||||
Number of shares purchased | 2,408,992 | 2,408,992 | ||||||
Business acquisition transaction completion Date | Jun. 30, 2023 | |||||||
Inland Bancorp, Inc. | Non-interest Expense | ||||||||
Business Acquisition [Line Items] | ||||||||
Core system conversion expenses | $ 199,000 | |||||||
Acquisition advisory expenses | 256,000 | |||||||
Salaries and employee benefits | 18,000 | |||||||
Other non-interest expense | $ 16,000 |
Acquisition of a Business - Sum
Acquisition of a Business - Summary of Estimated Fair Values of Assets and Liabilities Assumed as of Acquisition Date (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jul. 01, 2023 | Mar. 31, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Consideration paid | ||||||
Goodwill | $ 181,705 | $ 181,705 | $ 148,353 | $ 148,353 | ||
Inland Bancorp, Inc. | ||||||
Assets | ||||||
Cash and cash equivalents | 39,731 | |||||
Securities available-for-sale | 239,602 | |||||
Restricted stock | 3,058 | |||||
Loans | 808,000 | |||||
Allowance for credit losses | (10,596) | |||||
Premises and equipment | 11,307 | |||||
Operating lease right-of-use asset | 3,813 | |||||
Other intangible assets | 17,250 | |||||
Bank-owned life insurance | 12,455 | |||||
Deferred tax assets, net | 14,848 | |||||
Other assets | 21,023 | |||||
Total assets acquired | 1,160,491 | |||||
Liabilities | ||||||
Deposits | 964,491 | |||||
Federal Home Loan Bank advances | 40,000 | |||||
Securities sold under agreements to repurchase | 455 | |||||
Junior subordinated debentures | 32,661 | |||||
Operating lease liability | 4,034 | |||||
Accrued expenses and other liabilities | 13,288 | |||||
Total liabilities assumed | 1,054,929 | |||||
Net assets acquired | 105,562 | |||||
Consideration paid | ||||||
Common stock (5,932,323 shares issued at $18.09 per share) | 107,017 | |||||
Cash paid | $ 21,200 | 31,897 | ||||
Total consideration paid | 138,900 | 138,914 | $ 9,900 | |||
Goodwill | $ 33,400 | $ 33,352 |
Acquisition of a Business - S_2
Acquisition of a Business - Summary of Estimated Fair Values of Assets and Liabilities Assumed as of Acquisition Date (Parenthetical) (Details) - Inland Bancorp, Inc. - $ / shares | 3 Months Ended | |
Jul. 01, 2023 | Mar. 31, 2024 | |
Business Acquisition [Line Items] | ||
Stock issued (in shares) | 5,932,323 | 5,932,323 |
Stock issued (in dollars per share) | $ 18.09 | $ 18.09 |
Acquisition of a Business - S_3
Acquisition of a Business - Summary of Fair Value and Gross Contractual Amounts Receivable and Respective Expected Contractual Cash Flows (Detail) - Inland Bancorp, Inc. $ in Thousands | Mar. 31, 2024 USD ($) | |
Business Acquisition [Line Items] | ||
Fair value | $ 582,831 | |
Gross contractual amounts receivable | 699,918 | |
Certain Loans Acquired In Transfer Accounted For As Debt Securities Acquired During Period Cash Flows Not Expected To Be Collected At Acquisition | 4,239 | [1] |
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition, Total | $ 695,679 | |
[1] (1) Includes interest payments not expected to be collected due to loan prepayments as well as principal and interest payments not expected to be collected due to customer default. |
Acquisition of a Business - S_4
Acquisition of a Business - Summary of Pro Forma Information for Results of Operations (Details) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) $ / shares | |
Business Combinations [Abstract] | |
Total revenues (net interest income and non-interest income) | $ | $ 107,807 |
Net income | $ | $ 22,153 |
Earnings per share - basic | $ / shares | $ 0.52 |
Earnings per share - diluted | $ / shares | $ 0.51 |
Securities - Summary of Amortiz
Securities - Summary of Amortized Cost and Fair Values of Securities Available-for-sale (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | $ 1,562,427 | $ 1,516,801 |
Available-for-sale Securities, Gross Unrealized Gains | 2,390 | 4,743 |
Available-for-sale Securities, Gross Unrealized Losses | (185,670) | (179,064) |
Available-for-sale Securities, Fair Value | 1,379,147 | 1,342,480 |
U.S. Treasury Notes | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 87,147 | 116,398 |
Available-for-sale Securities, Gross Unrealized Gains | 9 | 61 |
Available-for-sale Securities, Gross Unrealized Losses | (1,044) | (1,025) |
Available-for-sale Securities, Fair Value | 86,112 | 115,434 |
U.S. Government Agencies | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 155,659 | 147,062 |
Available-for-sale Securities, Gross Unrealized Gains | 22 | 37 |
Available-for-sale Securities, Gross Unrealized Losses | (17,627) | (16,404) |
Available-for-sale Securities, Fair Value | 138,054 | 130,695 |
Obligations of States, Municipalities, and Political Subdivisions | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 86,160 | 86,022 |
Available-for-sale Securities, Gross Unrealized Gains | 264 | 396 |
Available-for-sale Securities, Gross Unrealized Losses | (4,715) | (4,143) |
Available-for-sale Securities, Fair Value | 81,709 | 82,275 |
Agency, Residential Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 825,180 | 786,970 |
Available-for-sale Securities, Gross Unrealized Gains | 2,060 | 4,247 |
Available-for-sale Securities, Gross Unrealized Losses | (100,653) | (95,414) |
Available-for-sale Securities, Fair Value | 726,587 | 695,803 |
Non-Agency, Residential Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 136,561 | 122,359 |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Losses | (22,852) | (22,099) |
Available-for-sale Securities, Fair Value | 113,709 | 100,260 |
Agency, Commercial Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 197,171 | 181,452 |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Losses | (33,625) | (34,248) |
Available-for-sale Securities, Fair Value | 163,546 | 147,204 |
Corporate Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 40,667 | 40,681 |
Available-for-sale Securities, Gross Unrealized Gains | 5 | 0 |
Available-for-sale Securities, Gross Unrealized Losses | (3,920) | (4,510) |
Available-for-sale Securities, Fair Value | 36,752 | 36,171 |
Asset-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 33,882 | 35,857 |
Available-for-sale Securities, Gross Unrealized Gains | 30 | 2 |
Available-for-sale Securities, Gross Unrealized Losses | (1,234) | (1,221) |
Available-for-sale Securities, Fair Value | $ 32,678 | $ 34,638 |
Securities - Summary of Amort_2
Securities - Summary of Amortized Cost and Fair Values of Securities Held-to-maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost | $ 1,156 | $ 1,157 |
Held-to-maturity Securities, Gross Unrealized Gains | 0 | 0 |
Held-to-maturity Securities, Gross Unrealized Losses | (7) | (8) |
Held-to-maturity Securities, Fair Value | 1,149 | 1,149 |
Obligations of States, Municipalities, and Political Subdivisions | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost | 1,156 | 1,157 |
Held-to-maturity Securities, Gross Unrealized Gains | 0 | 0 |
Held-to-maturity Securities, Gross Unrealized Losses | (7) | (8) |
Held-to-maturity Securities, Fair Value | $ 1,149 | $ 1,149 |
Securities - Additional Informa
Securities - Additional Information (Details) $ in Thousands | Mar. 31, 2024 USD ($) Security | Dec. 31, 2023 USD ($) | Mar. 31, 2023 USD ($) |
Schedule Of Investments [Line Items] | |||
Trading securities | $ 0 | $ 0 | |
Investment securities pledged as collateral | 659,900 | $ 464,500 | |
Securities available-for-sale and held-to-maturity | $ 4,900 | $ 4,500 | |
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 | |
Federal Reserve Bank | |||
Schedule Of Investments [Line Items] | |||
Carrying amount of securities pledged as collateral | 194,300 | 0 | |
Public Fund Deposits | |||
Schedule Of Investments [Line Items] | |||
Carrying amount of securities pledged as collateral | 388,600 | 390,300 | |
Customer Repurchase Agreements | |||
Schedule Of Investments [Line Items] | |||
Carrying amount of securities pledged as collateral | $ 50,200 | $ 47,800 | |
Available-for-sale Securities | |||
Schedule Of Investments [Line Items] | |||
Investment securities with unrealized losses | Security | 319 | ||
Held-to-maturity Securities | |||
Schedule Of Investments [Line Items] | |||
Investment securities with unrealized losses | Security | 1 |
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, 2024 USD ($) Security | Dec. 31, 2023 USD ($) Security |
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 319 | 283 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 180,888 | $ 33,553 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (1,404) | (1,735) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 1,008,067 | 1,046,104 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (184,266) | (177,329) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 1,188,955 | 1,079,657 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (185,670) | $ (179,064) |
Held to maturity securities continuous unrealized loss position number of positions | Security | 1 | 2 |
Held to maturity securities continuous unrealized loss position less than twelve months fair value | $ 0 | $ 0 |
Held to maturity securities continuous unrealized loss position less than 12 months accumulated loss | 0 | 0 |
Held to maturity securities continuous unrealized loss position twelve months or longer fair value | 599 | 1,149 |
Held to maturity securities continuous unrealized loss position 12 months or longer accumulated loss | (7) | (8) |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value, Total | 599 | 1,149 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss, Total | $ (7) | $ (8) |
U.S. treasury notes | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 9 | 7 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 19,532 | $ 5,018 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (95) | (4) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 31,939 | 31,843 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (949) | (1,021) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 51,471 | 36,861 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (1,044) | $ (1,025) |
U.S. Government Agencies | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 19 | 18 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 10,517 | $ 535 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (30) | (9) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 117,934 | 119,109 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (17,597) | (16,395) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 128,451 | 119,644 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (17,627) | $ (16,404) |
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 | 76 | 61 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 19,232 | $ 12,267 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (295) | (156) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 49,261 | 49,617 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (4,420) | (3,987) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 68,493 | 61,884 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (4,715) | $ (4,143) |
Held to maturity securities continuous unrealized loss position number of positions | Security | 1 | 2 |
Held to maturity securities continuous unrealized loss position less than twelve months fair value | $ 0 | $ 0 |
Held to maturity securities continuous unrealized loss position less than 12 months accumulated loss | 0 | 0 |
Held to maturity securities continuous unrealized loss position twelve months or longer fair value | 599 | 1,149 |
Held to maturity securities continuous unrealized loss position 12 months or longer accumulated loss | (7) | (8) |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value, Total | 599 | 1,149 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss, Total | $ (7) | $ (8) |
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 | 122 | 102 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 88,634 | $ 8,332 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (808) | (49) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 526,201 | 543,648 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (99,845) | (95,365) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 614,835 | 551,980 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (100,653) | $ (95,414) |
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 | 21 | 20 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 16,710 | $ 636 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (62) | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 96,999 | 99,624 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (22,790) | (22,099) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 113,709 | 100,260 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (22,852) | $ (22,099) |
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 | 49 | 48 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 19,677 | $ 6,765 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (114) | (1,517) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 143,869 | 140,439 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (33,511) | (32,731) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 163,546 | 147,204 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (33,625) | $ (34,248) |
Corporate Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 20 | 21 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 0 | $ 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 35,256 | 36,171 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (3,920) | (4,510) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 35,256 | 36,171 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (3,920) | $ (4,510) |
Asset-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 3 | 6 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 6,586 | $ 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 6,608 | 25,653 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (1,234) | (1,221) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 13,194 | 25,653 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (1,234) | $ (1,221) |
Securities - Schedule of Amorti
Securities - Schedule of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Available-for-sale Securities Debt Maturities, Amortized Cost [Abstract] | ||
Available-for-sale Securities, Due in one year or less, Amortized Cost | $ 75,272 | |
Available-for-sale Securities, Due from one to five years, Amortized Cost | 118,834 | |
Available-for-sale Securities, Due from five to ten years, Amortized Cost | 163,174 | |
Available-for-sale Securities, Due after ten years, Amortized Cost | 46,235 | |
Available-for-sale Securities, Not due at single maturity, Amortized Cost | 1,158,912 | |
Available-for-sale Securities, Amortized Cost | 1,562,427 | $ 1,516,801 |
Held-to-maturity Securities Debt Maturities, Amortized Cost [Abstract] | ||
Held-to-maturity Securities, Due in one year or less, Amortized Cost | 1,156 | |
Held-to-maturity Securities, Due from one to five years, Amortized Cost | 0 | |
Held-to-maturity Securities, Amortized Cost | 1,156 | 1,157 |
Available-for-sale Securities Debt Maturities, Fair Value [Abstract] | ||
Available-for-sale Securities, Due in one year or less, Fair Value | 74,486 | |
Available-for-sale Securities, Due from one to five years, Fair Value | 113,034 | |
Available-for-sale Securities, Due from five to ten years, Fair Value | 146,082 | |
Available-for-sale Securities, Due after ten years, Fair Value | 41,703 | |
Available-for-sale Securities, Not due at single maturity, Fair Value | 1,003,842 | |
Available-for-sale Securities, Fair Value, Total | 1,379,147 | 1,342,480 |
Held-to-maturity Securities Debt Maturities, Fair Value [Abstract] | ||
Held-to-maturity Securities, Due in one year or less, Fair Value | 1,149 | |
Held-to-maturity Securities, Due from one to five years, Fair Value | 0 | |
Held-to-maturity securities, Fair Value, Total | $ 1,149 | $ 1,149 |
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, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | $ 6,765,026 | $ 6,671,526 | ||
Net unamortized deferred fees and costs | 6,908 | 6,600 | ||
Initial direct costs | 6,280 | 6,180 | ||
Allowance for credit losses - loans and leases | (102,366) | (101,686) | $ (90,465) | $ (81,924) |
Net loans and leases | 6,675,848 | 6,582,620 | ||
Lease financing receivables | ||||
Net minimum lease payments | 666,340 | 644,507 | ||
Unguaranteed residual values | 101,536 | 92,127 | ||
Unearned income | (82,113) | (76,948) | ||
Total lease financing receivables | 685,763 | 659,686 | ||
Initial direct costs | 6,280 | 6,180 | ||
Lease financial receivables before allowance for credits losses - loans and leases | 692,043 | 665,866 | ||
Commercial Real Estate | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 2,265,195 | 2,317,289 | ||
Allowance for credit losses - loans and leases | (31,440) | (33,237) | (24,738) | (26,061) |
Residential Real Estate | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 732,230 | 718,733 | ||
Allowance for credit losses - loans and leases | (3,348) | (3,495) | (2,679) | (3,140) |
Construction, Land Development, and Other Land | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 530,320 | 528,275 | ||
Allowance for credit losses - loans and leases | (2,930) | (2,906) | (3,498) | (3,134) |
Commercial and Industrial | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 2,548,442 | 2,444,405 | ||
Allowance for credit losses - loans and leases | (56,231) | (53,782) | (51,849) | (41,889) |
Installment and Other | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 3,076 | 3,138 | ||
Allowance for credit losses - loans and leases | (33) | (36) | (25) | (24) |
Lease Financing Receivables | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 685,763 | 659,686 | ||
Allowance for credit losses - loans and leases | $ (8,384) | $ (8,230) | $ (7,676) | $ (7,676) |
Loan and Lease Receivables an_4
Loan and Lease Receivables and Allowance for Credit Losses - Additional Information (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | $ 6,765,026,000 | $ 6,671,526,000 | ||
Loans held for sale pledged as security for borrowings | 2,100,000,000 | 2,200,000,000 | ||
Accrued interest on loans and leases | 37,800,000 | 38,900,000 | ||
Allowance for loan and lease losses | 102,366,000 | 101,686,000 | $ 90,465,000 | $ 81,924,000 |
Acquired Impaired Loans | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Allowance for loan and lease losses | 10,100,000 | 10,000,000 | ||
Acquired Non Impaired Loans [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Allowance for loan and lease losses | 4,600,000 | 4,700,000 | ||
Installment and Other | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 3,076,000 | 3,138,000 | ||
Overdraft deposits reclassified as loans | 1,200,000 | 754,000 | ||
Allowance for loan and lease losses | 33,000 | 36,000 | $ 25,000 | $ 24,000 |
U.S. Government Guaranteed Loans | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 101,000,000 | 93,300,000 | ||
Discount on the unguaranteed portion of government guaranteed loans | $ 25,900,000 | $ 26,200,000 |
Loan and Lease Receivables an_5
Loan and Lease Receivables and Allowance for Credit Losses - Additional Information 1 (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for credit losses period increase decrease | $ 680,000,000 | $ 8,500,000 | |
Risk ratings for loans | 1,000,000 | ||
Financing receivable excluding accrued interest modified subsequent default | $ 406,000,000 | ||
Percentage of outstanding commercial and industrial loans | 0.02% | ||
Assessment of modified loans. | $ 500,000,000 | ||
Individually evaluated for impairment | 85,325,000 | 71,408,000 | |
Provision for credit losses | 6,891,000 | 9,712,000 | |
Charge-offs | (7,049,000) | (3,069,000) | |
Net recoveries on PCD loans | 838,000 | 1,898,000 | |
Interest income on non-accrual loans and leases | 123,792,000 | 92,343,000 | |
Commercial Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Individually evaluated for impairment | 40,778,000 | 31,622,000 | |
Provision for credit losses | 824,000 | (1,119,000) | |
Charge-offs | (3,057,000) | (966,000) | |
Net recoveries on PCD loans | 436,000 | 762,000 | |
Non-accrual loans without allowance | 8,400,000 | 1,600,000 | |
Commercial and Industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Individually evaluated for impairment | 39,889,000 | 34,245,000 | |
Provision for credit losses | 5,836,000 | 10,803,000 | |
Charge-offs | (3,619,000) | (1,790,000) | |
Net recoveries on PCD loans | 232,000 | 947,000 | |
Non-accrual loans without allowance | 3,400,000 | 2,300,000 | |
Residential Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Individually evaluated for impairment | 4,658,000 | 0 | |
Provision for credit losses | (148,000) | (453,000) | |
Charge-offs | 0 | (9,000) | |
Net recoveries on PCD loans | 1,000 | 1,000 | |
Non-accrual loans without allowance | $ 3,600,000 | $ 3,600,000 | |
Maximum | |||
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% | ||
Individually Evaluated For Impairment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for credit losses period increase decrease | $ (5,600,000) | 6,700,000 | |
Collectively Evaluated For Impairment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for credit losses period increase decrease | 6,200 | 1,900 | |
Non Accrual Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest income on non-accrual loans and leases | $ 255,000,000 | $ 970,000,000 |
Loan and Lease Receivables an_6
Loan and Lease Receivables and Allowance for Credit Losses - Summary of Minimum Annual Lease Payments for Lease Financing Receivables (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Receivables [Abstract] | |
2024 | $ 164,051 |
2025 | 202,138 |
2026 | 154,408 |
2027 | 96,119 |
2028 | 43,021 |
Thereafter | 6,603 |
Total | $ 666,340 |
Loan and Lease Receivables an_7
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, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | $ 6,778,214 | $ 6,684,306 | $ 5,515,332 |
Originated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 5,900,456 | 5,767,045 | |
Purchased Credit Deteriorated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 201,631 | 225,233 | |
Acquired Non-Credit-Deteriorated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 676,127 | 692,028 | |
Commercial Real Estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 2,268,329 | 2,320,312 | 1,929,384 |
Commercial Real Estate | Originated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 1,879,149 | 1,907,029 | |
Commercial Real Estate | Purchased Credit Deteriorated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 117,460 | 137,807 | |
Commercial Real Estate | Acquired Non-Credit-Deteriorated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 271,720 | 275,476 | |
Residential Real Estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 733,011 | 719,530 | 499,336 |
Residential Real Estate | Originated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 488,887 | 465,133 | |
Residential Real Estate | Purchased Credit Deteriorated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 39,535 | 42,510 | |
Residential Real Estate | Acquired Non-Credit-Deteriorated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 204,589 | 211,887 | |
Construction, Land Development, and Other Land | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 528,967 | 526,837 | 447,108 |
Construction, Land Development, and Other Land | Originated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 416,996 | 415,162 | |
Construction, Land Development, and Other Land | Purchased Credit Deteriorated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 26,418 | 25,331 | |
Construction, Land Development, and Other Land | Acquired Non-Credit-Deteriorated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 85,553 | 86,344 | |
Commercial and Industrial | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 2,552,725 | 2,448,561 | 2,083,805 |
Commercial and Industrial | Originated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 2,420,952 | 2,311,563 | |
Commercial and Industrial | Purchased Credit Deteriorated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 18,100 | 19,460 | |
Commercial and Industrial | Acquired Non-Credit-Deteriorated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 113,673 | 117,538 | |
Installment and Other | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 3,139 | 3,200 | 1,822 |
Installment and Other | Originated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 2,855 | 2,919 | |
Installment and Other | Purchased Credit Deteriorated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 118 | 125 | |
Installment and Other | Acquired Non-Credit-Deteriorated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 166 | 156 | |
Lease Financing Receivables | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 692,043 | 665,866 | $ 553,877 |
Lease Financing Receivables | Originated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 691,617 | 665,239 | |
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 | $ 426 | $ 627 |
Loan and Lease Receivables an_8
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, 2024 | Dec. 31, 2023 |
Accounts Notes And Loans Receivable [Line Items] | ||
Unpaid Principal Balance | $ 301,859 | $ 327,842 |
Carrying Value | 201,631 | 225,233 |
Commercial Real Estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Unpaid Principal Balance | 162,977 | 185,007 |
Carrying Value | 117,460 | 137,807 |
Residential Real Estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Unpaid Principal Balance | 84,559 | 88,036 |
Carrying Value | 39,535 | 42,510 |
Construction, Land Development, and Other Land | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Unpaid Principal Balance | 33,140 | 32,140 |
Carrying Value | 26,418 | 25,331 |
Commercial and Industrial | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Unpaid Principal Balance | 20,400 | 21,870 |
Carrying Value | 18,100 | 19,460 |
Installment and Other | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Unpaid Principal Balance | 783 | 789 |
Carrying Value | $ 118 | $ 125 |
Loan and Lease Receivables an_9
Loan and Lease Receivables and Allowance for Credit Losses - Summary of Reconciliation of Acquired Inland Pcd Loans Between Purchase Price and Par Value at Acquisition (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Receivables [Abstract] | |
Fair value of loans at acquisition | $ 214,573 |
Allowance for credit losses - loans and leases, at acquisition | 10,596 |
Non-credit discount/premium at acquisition | 17,909 |
Par value of acquired loans at acquisition | $ 243,078 |
Loan and Lease Receivables a_10
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 - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accounts Notes And Loans Receivable [Line Items] | ||
Unpaid Principal Balance | $ 696,214 | $ 723,692 |
Carrying Value | 676,127 | 692,028 |
Commercial Real Estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Unpaid Principal Balance | 280,291 | 284,819 |
Carrying Value | 271,720 | 275,476 |
Residential Real Estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Unpaid Principal Balance | 209,952 | 227,392 |
Carrying Value | 204,589 | 211,887 |
Construction, Land Development, and Other Land | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Unpaid Principal Balance | 86,168 | 87,143 |
Carrying Value | 85,553 | 86,344 |
Commercial and Industrial | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Unpaid Principal Balance | 119,197 | 123,540 |
Carrying Value | 113,673 | 117,538 |
Installment and Other | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Unpaid Principal Balance | 179 | 170 |
Carrying Value | 166 | 156 |
Lease Financing Receivables | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Unpaid Principal Balance | 427 | 628 |
Carrying Value | $ 426 | $ 627 |
Loan and Lease Receivables a_11
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, 2024 | Dec. 31, 2023 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | $ 0 | ||
2023 | 95 | $ 2,252 | |
2022 | 1,370 | 3,017 | |
2021 | 903 | $ 5,981 | |
2020 | 996 | 6,101 | |
2019 | 5,216 | ||
Prior | 3,685 | 5,034 | |
Revolving Loans | 0 | 0 | |
Total loans | 7,049 | 27,601 | |
Commercial Real Estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | 0 | |
2022 | 286 | 193 | |
2021 | 88 | 60 | |
2020 | 575 | 1,511 | |
2019 | 4,054 | ||
Prior | 2,108 | 3,911 | |
Revolving Loans | 0 | 0 | |
Total loans | 3,057 | 9,729 | |
Residential Real Estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | ||
Prior | 0 | 21 | |
Revolving Loans | 0 | 0 | |
Total loans | 0 | 21 | |
Construction, Land Development, and Other Land | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | ||
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total loans | 0 | 0 | |
Commercial and Industrial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | 1,518 | |
2022 | 909 | 1,938 | |
2021 | 735 | 5,372 | |
2020 | 398 | 4,451 | |
2019 | 1,087 | ||
Prior | 1,577 | 1,045 | |
Revolving Loans | 0 | 0 | |
Total loans | 3,619 | 15,411 | |
Installment and Other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | ||
Prior | 0 | 3 | |
Revolving Loans | 0 | 0 | |
Total loans | 0 | 3 | |
Lease Financing Receivables | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 95 | 734 | |
2022 | 175 | 886 | |
2021 | 80 | 549 | |
2020 | 23 | 139 | |
2019 | 75 | ||
Prior | 0 | 54 | |
Revolving Loans | 0 | 0 | |
Total loans | 373 | 2,437 | |
Loans Excluding Acquired Impaired Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 273,036 | ||
2023 | 1,269,671 | 1,244,045 | |
2022 | 1,471,673 | 1,546,815 | |
2021 | 1,294,736 | 1,329,072 | |
2020 | 536,235 | 559,791 | |
2019 | 339,037 | ||
Prior | 1,220,639 | 960,154 | |
Revolving Loans | 712,224 | 705,392 | |
Total loans | 6,778,214 | 6,684,306 | |
Loans Excluding Acquired Impaired Loans | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 271,781 | ||
2023 | 1,189,835 | 1,188,866 | |
2022 | 1,374,592 | 1,455,452 | |
2021 | 1,159,804 | 1,186,886 | |
2020 | 453,825 | 458,076 | |
2019 | 269,391 | ||
Prior | 999,833 | 764,342 | |
Revolving Loans | 614,724 | 612,561 | |
Total loans | 6,064,394 | 5,935,574 | |
Loans Excluding Acquired Impaired Loans | Watch | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 1,055 | ||
2023 | 70,483 | 54,920 | |
2022 | 61,346 | 74,042 | |
2021 | 89,126 | 99,161 | |
2020 | 65,467 | 84,247 | |
2019 | 37,607 | ||
Prior | 108,653 | 94,892 | |
Revolving Loans | 43,196 | 41,128 | |
Total loans | 439,326 | 485,997 | |
Loans Excluding Acquired Impaired Loans | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 8,001 | 0 | |
2022 | 22,367 | 6,963 | |
2021 | 30,459 | 30,626 | |
2020 | 8,843 | 9,022 | |
2019 | 14,091 | ||
Prior | 41,681 | 32,470 | |
Revolving Loans | 40,738 | 36,767 | |
Total loans | 152,089 | 129,939 | |
Loans Excluding Acquired Impaired Loans | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 200 | ||
2023 | 1,352 | 259 | |
2022 | 13,368 | 10,358 | |
2021 | 15,347 | 12,399 | |
2020 | 8,100 | 8,446 | |
2019 | 17,948 | ||
Prior | 70,472 | 68,450 | |
Revolving Loans | 13,566 | 14,936 | |
Total loans | 122,405 | 132,796 | |
Loans Excluding Acquired Impaired Loans | Commercial Real Estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 50,806 | ||
2023 | 271,080 | 260,357 | |
2022 | 463,744 | 477,908 | |
2021 | 529,038 | 559,625 | |
2020 | 277,733 | 280,155 | |
2019 | 183,881 | ||
Prior | 661,804 | 529,197 | |
Revolving Loans | 14,124 | 29,189 | |
Total loans | 2,268,329 | 2,320,312 | |
Loans Excluding Acquired Impaired Loans | Commercial Real Estate | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 49,831 | ||
2023 | 249,142 | 247,856 | |
2022 | 438,366 | 452,127 | |
2021 | 497,715 | 516,624 | |
2020 | 236,622 | 229,053 | |
2019 | 143,283 | ||
Prior | 514,023 | 388,872 | |
Revolving Loans | 14,124 | 28,360 | |
Total loans | 1,999,823 | 2,006,175 | |
Loans Excluding Acquired Impaired Loans | Commercial Real Estate | Watch | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 975 | ||
2023 | 13,665 | 12,501 | |
2022 | 19,734 | 22,094 | |
2021 | 16,039 | 26,408 | |
2020 | 37,322 | 46,713 | |
2019 | 20,364 | ||
Prior | 72,490 | 68,003 | |
Revolving Loans | 0 | 0 | |
Total loans | 160,225 | 196,083 | |
Loans Excluding Acquired Impaired Loans | Commercial Real Estate | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 7,635 | 0 | |
2022 | 1,836 | 799 | |
2021 | 10,432 | 10,752 | |
2020 | 2,595 | 2,618 | |
2019 | 12,751 | ||
Prior | 34,684 | 25,790 | |
Revolving Loans | 0 | 0 | |
Total loans | 57,182 | 52,710 | |
Loans Excluding Acquired Impaired Loans | Commercial Real Estate | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 638 | 0 | |
2022 | 3,808 | 2,888 | |
2021 | 4,852 | 5,841 | |
2020 | 1,194 | 1,771 | |
2019 | 7,483 | ||
Prior | 40,607 | 46,532 | |
Revolving Loans | 0 | 829 | |
Total loans | 51,099 | 65,344 | |
Loans Excluding Acquired Impaired Loans | Residential Real Estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 6,995 | ||
2023 | 49,973 | 55,178 | |
2022 | 140,553 | 140,288 | |
2021 | 119,618 | 104,112 | |
2020 | 73,642 | 75,851 | |
2019 | 45,449 | ||
Prior | 281,927 | 237,825 | |
Revolving Loans | 60,303 | 60,827 | |
Total loans | 733,011 | 719,530 | |
Loans Excluding Acquired Impaired Loans | Residential Real Estate | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 6,795 | ||
2023 | 49,973 | 55,178 | |
2022 | 135,135 | 135,477 | |
2021 | 119,107 | 104,005 | |
2020 | 51,950 | 54,651 | |
2019 | 37,806 | ||
Prior | 263,998 | 225,593 | |
Revolving Loans | 56,965 | 57,865 | |
Total loans | 683,923 | 670,575 | |
Loans Excluding Acquired Impaired Loans | Residential Real Estate | Watch | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | 0 | |
2022 | 5,389 | 4,811 | |
2021 | 406 | 0 | |
2020 | 16,848 | 17,417 | |
2019 | 7,167 | ||
Prior | 12,933 | 8,708 | |
Revolving Loans | 2,392 | 1,597 | |
Total loans | 37,968 | 39,700 | |
Loans Excluding Acquired Impaired Loans | Residential Real Estate | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 3,767 | 3,594 | |
2019 | 127 | ||
Prior | 480 | 1 | |
Revolving Loans | 0 | 413 | |
Total loans | 4,247 | 4,135 | |
Loans Excluding Acquired Impaired Loans | Residential Real Estate | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 200 | ||
2023 | 0 | 0 | |
2022 | 29 | 0 | |
2021 | 105 | 107 | |
2020 | 1,077 | 189 | |
2019 | 349 | ||
Prior | 4,516 | 3,523 | |
Revolving Loans | 946 | 952 | |
Total loans | 6,873 | 5,120 | |
Loans Excluding Acquired Impaired Loans | Construction, Land Development, and Other Land | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 115,463 | 83,841 | |
2022 | 139,197 | 159,164 | |
2021 | 213,399 | 215,136 | |
2020 | 45,846 | 54,182 | |
2019 | 12,897 | ||
Prior | 14,236 | 1,443 | |
Revolving Loans | 826 | 174 | |
Total loans | 528,967 | 526,837 | |
Loans Excluding Acquired Impaired Loans | Construction, Land Development, and Other Land | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 114,072 | 82,449 | |
2022 | 124,789 | 145,174 | |
2021 | 179,184 | 184,544 | |
2020 | 37,041 | 35,466 | |
2019 | 9,772 | ||
Prior | 11,126 | 1,429 | |
Revolving Loans | 826 | 174 | |
Total loans | 467,038 | 459,008 | |
Loans Excluding Acquired Impaired Loans | Construction, Land Development, and Other Land | Watch | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 1,391 | 1,392 | |
2022 | 14,408 | 13,990 | |
2021 | 24,777 | 21,313 | |
2020 | 8,805 | 18,716 | |
2019 | 3,125 | ||
Prior | 3,110 | 0 | |
Revolving Loans | 0 | 0 | |
Total loans | 52,491 | 58,536 | |
Loans Excluding Acquired Impaired Loans | Construction, Land Development, and Other Land | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 9,438 | 9,279 | |
2020 | 0 | 0 | |
2019 | 0 | ||
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total loans | 9,438 | 9,279 | |
Loans Excluding Acquired Impaired Loans | Construction, Land Development, and Other Land | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | ||
Prior | 0 | 14 | |
Revolving Loans | 0 | 0 | |
Total loans | 0 | 14 | |
Loans Excluding Acquired Impaired Loans | Commercial and Industrial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 127,342 | ||
2023 | 528,968 | 516,747 | |
2022 | 539,954 | 561,478 | |
2021 | 349,467 | 355,461 | |
2020 | 113,863 | 119,877 | |
2019 | 91,238 | ||
Prior | 257,991 | 190,372 | |
Revolving Loans | 635,140 | 613,388 | |
Total loans | 2,552,725 | 2,448,561 | |
Loans Excluding Acquired Impaired Loans | Commercial and Industrial | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 127,262 | ||
2023 | 472,634 | 475,720 | |
2022 | 488,279 | 514,902 | |
2021 | 282,042 | 288,392 | |
2020 | 103,274 | 109,430 | |
2019 | 73,059 | ||
Prior | 206,107 | 147,168 | |
Revolving Loans | 540,979 | 524,348 | |
Total loans | 2,220,577 | 2,133,019 | |
Loans Excluding Acquired Impaired Loans | Commercial and Industrial | Watch | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 80 | ||
2023 | 55,427 | 41,027 | |
2022 | 21,754 | 33,080 | |
2021 | 46,969 | 50,407 | |
2020 | 2,478 | 1,385 | |
2019 | 6,951 | ||
Prior | 20,120 | 18,180 | |
Revolving Loans | 40,803 | 39,531 | |
Total loans | 187,631 | 190,561 | |
Loans Excluding Acquired Impaired Loans | Commercial and Industrial | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 366 | 0 | |
2022 | 20,531 | 6,164 | |
2021 | 10,589 | 10,595 | |
2020 | 2,326 | 2,631 | |
2019 | 1,112 | ||
Prior | 6,418 | 6,643 | |
Revolving Loans | 40,738 | 36,354 | |
Total loans | 80,968 | 63,499 | |
Loans Excluding Acquired Impaired Loans | Commercial and Industrial | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 541 | 0 | |
2022 | 9,390 | 7,332 | |
2021 | 9,867 | 6,067 | |
2020 | 5,785 | 6,431 | |
2019 | 10,116 | ||
Prior | 25,346 | 18,381 | |
Revolving Loans | 12,620 | 13,155 | |
Total loans | 63,549 | 61,482 | |
Loans Excluding Acquired Impaired Loans | Installment and Other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 145 | ||
2023 | 408 | 564 | |
2022 | 116 | 132 | |
2021 | 79 | 104 | |
2020 | 130 | 133 | |
2019 | 28 | ||
Prior | 430 | 425 | |
Revolving Loans | 1,831 | 1,814 | |
Total loans | 3,139 | 3,200 | |
Loans Excluding Acquired Impaired Loans | Installment and Other | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 145 | ||
2023 | 408 | 564 | |
2022 | 116 | 132 | |
2021 | 56 | 79 | |
2020 | 130 | 133 | |
2019 | 28 | ||
Prior | 430 | 424 | |
Revolving Loans | 1,830 | 1,814 | |
Total loans | 3,115 | 3,174 | |
Loans Excluding Acquired Impaired Loans | Installment and Other | Watch | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 23 | 25 | |
2020 | 0 | 0 | |
2019 | 0 | ||
Prior | 0 | 1 | |
Revolving Loans | 1 | 0 | |
Total loans | 24 | 26 | |
Loans Excluding Acquired Impaired Loans | Installment and Other | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | ||
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total loans | 0 | 0 | |
Loans Excluding Acquired Impaired Loans | Installment and Other | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | ||
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total loans | 0 | 0 | |
Loans Excluding Acquired Impaired Loans | Lease Financing Receivables | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 87,748 | ||
2023 | 303,779 | 327,358 | |
2022 | 188,109 | 207,845 | |
2021 | 83,135 | 94,634 | |
2020 | 25,021 | 29,593 | |
2019 | 5,544 | ||
Prior | 4,251 | 892 | |
Revolving Loans | 0 | 0 | |
Total loans | 692,043 | 665,866 | |
Loans Excluding Acquired Impaired Loans | Lease Financing Receivables | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 87,748 | ||
2023 | 303,606 | 327,099 | |
2022 | 187,907 | 207,640 | |
2021 | 81,700 | 93,242 | |
2020 | 24,808 | 29,343 | |
2019 | 5,443 | ||
Prior | 4,149 | 856 | |
Revolving Loans | 0 | 0 | |
Total loans | 689,918 | 663,623 | |
Loans Excluding Acquired Impaired Loans | Lease Financing Receivables | Watch | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | 0 | |
2022 | 61 | 67 | |
2021 | 912 | 1,008 | |
2020 | 14 | 16 | |
2019 | 0 | ||
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total loans | 987 | 1,091 | |
Loans Excluding Acquired Impaired Loans | Lease Financing Receivables | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 155 | 179 | |
2019 | 101 | ||
Prior | 99 | 36 | |
Revolving Loans | 0 | 0 | |
Total loans | 254 | 316 | |
Loans Excluding Acquired Impaired Loans | Lease Financing Receivables | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 173 | 259 | |
2022 | 141 | 138 | |
2021 | 523 | 384 | |
2020 | 44 | 55 | |
2019 | 0 | ||
Prior | 3 | 0 | |
Revolving Loans | 0 | 0 | |
Total loans | $ 884 | $ 836 |
Loan and Lease Receivables a_12
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) (Parenthetical) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | $ 51.9 | $ 52.2 |
Loan and Lease Receivables a_13
Loan and Lease Receivables and Allowance for Credit Losses - Summary of Contractual Delinquency Information (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | $ 0 | ||
2023 | 95 | $ 2,252 | |
2022 | 1,370 | 3,017 | |
2021 | 903 | $ 5,981 | |
2020 | 996 | 6,101 | |
2019 | 5,216 | ||
Prior | 3,685 | 5,034 | |
Revolving Loans | 0 | 0 | |
Total loans | 7,049 | 27,601 | |
Commercial Real Estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | 0 | |
2022 | 286 | 193 | |
2021 | 88 | 60 | |
2020 | 575 | 1,511 | |
2019 | 4,054 | ||
Prior | 2,108 | 3,911 | |
Revolving Loans | 0 | 0 | |
Total loans | 3,057 | 9,729 | |
Residential Real Estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | ||
Prior | 0 | 21 | |
Revolving Loans | 0 | 0 | |
Total loans | 0 | 21 | |
Construction, Land Development, and Other Land | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | ||
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total loans | 0 | 0 | |
Commercial and Industrial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | 1,518 | |
2022 | 909 | 1,938 | |
2021 | 735 | 5,372 | |
2020 | 398 | 4,451 | |
2019 | 1,087 | ||
Prior | 1,577 | 1,045 | |
Revolving Loans | 0 | 0 | |
Total loans | 3,619 | 15,411 | |
Installment and Other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | ||
Prior | 0 | 3 | |
Revolving Loans | 0 | 0 | |
Total loans | 0 | 3 | |
Lease Financing Receivables | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 95 | 734 | |
2022 | 175 | 886 | |
2021 | 80 | 549 | |
2020 | 23 | 139 | |
2019 | 75 | ||
Prior | 0 | 54 | |
Revolving Loans | 0 | 0 | |
Total loans | 373 | 2,437 | |
Acquired Non-Impaired and Originated Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 273,036 | ||
2023 | 1,269,671 | 1,244,045 | |
2022 | 1,471,673 | 1,546,815 | |
2021 | 1,294,736 | 1,329,072 | |
2020 | 536,235 | 559,791 | |
2019 | 339,037 | ||
Prior | 1,220,639 | 960,154 | |
Revolving Loans | 712,224 | 705,392 | |
Total loans | 6,778,214 | 6,684,306 | |
Acquired Non-Impaired and Originated Loans | Current | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 272,991 | ||
2023 | 1,263,140 | 1,242,161 | |
2022 | 1,455,926 | 1,527,324 | |
2021 | 1,284,813 | 1,321,778 | |
2020 | 527,901 | 552,689 | |
2019 | 326,021 | ||
Prior | 1,168,751 | 911,718 | |
Revolving Loans | 708,171 | 702,419 | |
Total loans | 6,681,693 | 6,584,110 | |
Acquired Non-Impaired and Originated Loans | 30 to 59 Days Past Due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 45 | ||
2023 | 5,290 | 1,085 | |
2022 | 3,806 | 6,459 | |
2021 | 5,930 | 2,922 | |
2020 | 2,429 | 887 | |
2019 | 5,722 | ||
Prior | 7,169 | 5,008 | |
Revolving Loans | 926 | 854 | |
Total loans | 25,595 | 22,937 | |
Acquired Non-Impaired and Originated Loans | 60-89 Days Past Due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 655 | 540 | |
2022 | 1,513 | 5,161 | |
2021 | 251 | 302 | |
2020 | 108 | 738 | |
2019 | 3,440 | ||
Prior | 500 | 2,475 | |
Revolving Loans | 0 | 496 | |
Total loans | 3,027 | 13,152 | |
Acquired Non-Impaired and Originated Loans | Greater than 90 Accruing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | ||
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total loans | 0 | 0 | |
Acquired Non-Impaired and Originated Loans | Non-accrual | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 586 | 259 | |
2022 | 10,428 | 7,871 | |
2021 | 3,742 | 4,070 | |
2020 | 5,797 | 5,477 | |
2019 | 3,854 | ||
Prior | 44,219 | 40,953 | |
Revolving Loans | 3,127 | 1,623 | |
Total loans | 67,899 | 64,107 | |
Acquired Non-Impaired and Originated Loans | Total Past Due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 45 | ||
2023 | 6,531 | 1,884 | |
2022 | 15,747 | 19,491 | |
2021 | 9,923 | 7,294 | |
2020 | 8,334 | 7,102 | |
2019 | 13,016 | ||
Prior | 51,888 | 48,436 | |
Revolving Loans | 4,053 | 2,973 | |
Total loans | 96,521 | 100,196 | |
Acquired Non-Impaired and Originated Loans | Commercial Real Estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 50,806 | ||
2023 | 271,080 | 260,357 | |
2022 | 463,744 | 477,908 | |
2021 | 529,038 | 559,625 | |
2020 | 277,733 | 280,155 | |
2019 | 183,881 | ||
Prior | 661,804 | 529,197 | |
Revolving Loans | 14,124 | 29,189 | |
Total loans | 2,268,329 | 2,320,312 | |
Acquired Non-Impaired and Originated Loans | Commercial Real Estate | Current | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 50,806 | ||
2023 | 270,638 | 259,998 | |
2022 | 459,995 | 474,878 | |
2021 | 524,429 | 558,236 | |
2020 | 276,731 | 279,098 | |
2019 | 178,729 | ||
Prior | 635,489 | 501,620 | |
Revolving Loans | 14,124 | 29,189 | |
Total loans | 2,232,212 | 2,281,748 | |
Acquired Non-Impaired and Originated Loans | Commercial Real Estate | 30 to 59 Days Past Due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 442 | 359 | |
2022 | 1,043 | 648 | |
2021 | 3,809 | 638 | |
2020 | 595 | 74 | |
2019 | 3,176 | ||
Prior | 2,791 | 484 | |
Revolving Loans | 0 | 0 | |
Total loans | 8,680 | 5,379 | |
Acquired Non-Impaired and Originated Loans | Commercial Real Estate | 60-89 Days Past Due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | 0 | |
2022 | 0 | 826 | |
2021 | 0 | 0 | |
2020 | 0 | 286 | |
2019 | 0 | ||
Prior | 0 | 1,208 | |
Revolving Loans | 0 | 0 | |
Total loans | 0 | 2,320 | |
Acquired Non-Impaired and Originated Loans | Commercial Real Estate | Greater than 90 Accruing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | ||
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total loans | 0 | 0 | |
Acquired Non-Impaired and Originated Loans | Commercial Real Estate | Non-accrual | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | 0 | |
2022 | 2,706 | 1,556 | |
2021 | 800 | 751 | |
2020 | 407 | 697 | |
2019 | 1,976 | ||
Prior | 23,524 | 25,885 | |
Revolving Loans | 0 | 0 | |
Total loans | 27,437 | 30,865 | |
Acquired Non-Impaired and Originated Loans | Commercial Real Estate | Total Past Due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 442 | 359 | |
2022 | 3,749 | 3,030 | |
2021 | 4,609 | 1,389 | |
2020 | 1,002 | 1,057 | |
2019 | 5,152 | ||
Prior | 26,315 | 27,577 | |
Revolving Loans | 0 | 0 | |
Total loans | 36,117 | 38,564 | |
Acquired Non-Impaired and Originated Loans | Residential Real Estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 6,995 | ||
2023 | 49,973 | 55,178 | |
2022 | 140,553 | 140,288 | |
2021 | 119,618 | 104,112 | |
2020 | 73,642 | 75,851 | |
2019 | 45,449 | ||
Prior | 281,927 | 237,825 | |
Revolving Loans | 60,303 | 60,827 | |
Total loans | 733,011 | 719,530 | |
Acquired Non-Impaired and Originated Loans | Residential Real Estate | Current | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 6,995 | ||
2023 | 49,973 | 55,178 | |
2022 | 140,035 | 136,448 | |
2021 | 119,107 | 102,973 | |
2020 | 72,402 | 75,125 | |
2019 | 45,050 | ||
Prior | 276,374 | 230,102 | |
Revolving Loans | 59,007 | 59,476 | |
Total loans | 723,893 | 704,352 | |
Acquired Non-Impaired and Originated Loans | Residential Real Estate | 30 to 59 Days Past Due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | 0 | |
2022 | 489 | 3,840 | |
2021 | 406 | 1,032 | |
2020 | 174 | 537 | |
2019 | 29 | ||
Prior | 578 | 4,122 | |
Revolving Loans | 350 | 399 | |
Total loans | 1,997 | 9,959 | |
Acquired Non-Impaired and Originated Loans | Residential Real Estate | 60-89 Days Past Due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 21 | ||
Prior | 461 | 127 | |
Revolving Loans | 0 | 0 | |
Total loans | 461 | 148 | |
Acquired Non-Impaired and Originated Loans | Residential Real Estate | Greater than 90 Accruing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | ||
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total loans | 0 | 0 | |
Acquired Non-Impaired and Originated Loans | Residential Real Estate | Non-accrual | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | 0 | |
2022 | 29 | 0 | |
2021 | 105 | 107 | |
2020 | 1,066 | 189 | |
2019 | 349 | ||
Prior | 4,514 | 3,474 | |
Revolving Loans | 946 | 952 | |
Total loans | 6,660 | 5,071 | |
Acquired Non-Impaired and Originated Loans | Residential Real Estate | Total Past Due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | 0 | |
2022 | 518 | 3,840 | |
2021 | 511 | 1,139 | |
2020 | 1,240 | 726 | |
2019 | 399 | ||
Prior | 5,553 | 7,723 | |
Revolving Loans | 1,296 | 1,351 | |
Total loans | 9,118 | 15,178 | |
Acquired Non-Impaired and Originated Loans | Construction, Land Development, and Other Land | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 115,463 | 83,841 | |
2022 | 139,197 | 159,164 | |
2021 | 213,399 | 215,136 | |
2020 | 45,846 | 54,182 | |
2019 | 12,897 | ||
Prior | 14,236 | 1,443 | |
Revolving Loans | 826 | 174 | |
Total loans | 528,967 | 526,837 | |
Acquired Non-Impaired and Originated Loans | Construction, Land Development, and Other Land | Current | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 115,463 | 83,841 | |
2022 | 139,197 | 156,815 | |
2021 | 213,399 | 215,136 | |
2020 | 45,846 | 54,182 | |
2019 | 12,897 | ||
Prior | 14,236 | 1,443 | |
Revolving Loans | 826 | 174 | |
Total loans | 528,967 | 524,488 | |
Acquired Non-Impaired and Originated Loans | Construction, Land Development, and Other Land | 30 to 59 Days Past Due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | ||
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total loans | 0 | 0 | |
Acquired Non-Impaired and Originated Loans | Construction, Land Development, and Other Land | 60-89 Days Past Due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | 0 | |
2022 | 0 | 2,349 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | ||
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total loans | 0 | 2,349 | |
Acquired Non-Impaired and Originated Loans | Construction, Land Development, and Other Land | Greater than 90 Accruing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | ||
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total loans | 0 | 0 | |
Acquired Non-Impaired and Originated Loans | Construction, Land Development, and Other Land | Non-accrual | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | ||
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total loans | 0 | 0 | |
Acquired Non-Impaired and Originated Loans | Construction, Land Development, and Other Land | Total Past Due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | 0 | |
2022 | 0 | 2,349 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | ||
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total loans | 0 | 2,349 | |
Acquired Non-Impaired and Originated Loans | Commercial and Industrial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 127,342 | ||
2023 | 528,968 | 516,747 | |
2022 | 539,954 | 561,478 | |
2021 | 349,467 | 355,461 | |
2020 | 113,863 | 119,877 | |
2019 | 91,238 | ||
Prior | 257,991 | 190,372 | |
Revolving Loans | 635,140 | 613,388 | |
Total loans | 2,552,725 | 2,448,561 | |
Acquired Non-Impaired and Originated Loans | Commercial and Industrial | Current | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 127,342 | ||
2023 | 525,182 | 516,747 | |
2022 | 530,704 | 552,251 | |
2021 | 346,250 | 351,534 | |
2020 | 108,120 | 114,859 | |
2019 | 83,780 | ||
Prior | 238,084 | 177,239 | |
Revolving Loans | 632,383 | 611,766 | |
Total loans | 2,508,065 | 2,408,176 | |
Acquired Non-Impaired and Originated Loans | Commercial and Industrial | 30 to 59 Days Past Due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 3,246 | 0 | |
2022 | 1,697 | 1,545 | |
2021 | 903 | 1,099 | |
2020 | 1,454 | 238 | |
2019 | 2,513 | ||
Prior | 3,729 | 400 | |
Revolving Loans | 576 | 455 | |
Total loans | 11,605 | 6,250 | |
Acquired Non-Impaired and Originated Loans | Commercial and Industrial | 60-89 Days Past Due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 127 | 0 | |
2022 | 1 | 1,505 | |
2021 | 0 | 0 | |
2020 | 0 | 234 | |
2019 | 3,416 | ||
Prior | 0 | 1,139 | |
Revolving Loans | 0 | 496 | |
Total loans | 128 | 6,790 | |
Acquired Non-Impaired and Originated Loans | Commercial and Industrial | Greater than 90 Accruing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | ||
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total loans | 0 | 0 | |
Acquired Non-Impaired and Originated Loans | Commercial and Industrial | Non-accrual | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 413 | 0 | |
2022 | 7,552 | 6,177 | |
2021 | 2,314 | 2,828 | |
2020 | 4,289 | 4,546 | |
2019 | 1,529 | ||
Prior | 16,178 | 11,594 | |
Revolving Loans | 2,181 | 671 | |
Total loans | 32,927 | 27,345 | |
Acquired Non-Impaired and Originated Loans | Commercial and Industrial | Total Past Due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 3,786 | 0 | |
2022 | 9,250 | 9,227 | |
2021 | 3,217 | 3,927 | |
2020 | 5,743 | 5,018 | |
2019 | 7,458 | ||
Prior | 19,907 | 13,133 | |
Revolving Loans | 2,757 | 1,622 | |
Total loans | 44,660 | 40,385 | |
Acquired Non-Impaired and Originated Loans | Installment and Other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 145 | ||
2023 | 408 | 564 | |
2022 | 116 | 132 | |
2021 | 79 | 104 | |
2020 | 130 | 133 | |
2019 | 28 | ||
Prior | 430 | 425 | |
Revolving Loans | 1,831 | 1,814 | |
Total loans | 3,139 | 3,200 | |
Acquired Non-Impaired and Originated Loans | Installment and Other | Current | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 145 | ||
2023 | 408 | 564 | |
2022 | 116 | 132 | |
2021 | 56 | 104 | |
2020 | 130 | 133 | |
2019 | 28 | ||
Prior | 430 | 425 | |
Revolving Loans | 1,831 | 1,814 | |
Total loans | 3,116 | 3,200 | |
Acquired Non-Impaired and Originated Loans | Installment and Other | 30 to 59 Days Past Due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 23 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | ||
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total loans | 23 | 0 | |
Acquired Non-Impaired and Originated Loans | Installment and Other | 60-89 Days Past Due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | ||
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total loans | 0 | 0 | |
Acquired Non-Impaired and Originated Loans | Installment and Other | Greater than 90 Accruing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | ||
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total loans | 0 | 0 | |
Acquired Non-Impaired and Originated Loans | Installment and Other | Non-accrual | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | ||
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total loans | 0 | 0 | |
Acquired Non-Impaired and Originated Loans | Installment and Other | Total Past Due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 23 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | ||
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total loans | 23 | 0 | |
Acquired Non-Impaired and Originated Loans | Lease Financing Receivables | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 87,748 | ||
2023 | 303,779 | 327,358 | |
2022 | 188,109 | 207,845 | |
2021 | 83,135 | 94,634 | |
2020 | 25,021 | 29,593 | |
2019 | 5,544 | ||
Prior | 4,251 | 892 | |
Revolving Loans | 0 | 0 | |
Total loans | 692,043 | 665,866 | |
Acquired Non-Impaired and Originated Loans | Lease Financing Receivables | Current | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 87,703 | ||
2023 | 301,476 | 325,833 | |
2022 | 185,879 | 206,800 | |
2021 | 81,572 | 93,795 | |
2020 | 24,672 | 29,292 | |
2019 | 5,537 | ||
Prior | 4,138 | 889 | |
Revolving Loans | 0 | 0 | |
Total loans | 685,440 | 662,146 | |
Acquired Non-Impaired and Originated Loans | Lease Financing Receivables | 30 to 59 Days Past Due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 45 | ||
2023 | 1,602 | 726 | |
2022 | 577 | 426 | |
2021 | 789 | 153 | |
2020 | 206 | 38 | |
2019 | 4 | ||
Prior | 71 | 2 | |
Revolving Loans | 0 | 0 | |
Total loans | 3,290 | 1,349 | |
Acquired Non-Impaired and Originated Loans | Lease Financing Receivables | 60-89 Days Past Due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 528 | 540 | |
2022 | 1,512 | 481 | |
2021 | 251 | 302 | |
2020 | 108 | 218 | |
2019 | 3 | ||
Prior | 39 | 1 | |
Revolving Loans | 0 | 0 | |
Total loans | 2,438 | 1,545 | |
Acquired Non-Impaired and Originated Loans | Lease Financing Receivables | Greater than 90 Accruing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | 0 | |
2022 | 0 | 0 | |
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | ||
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total loans | 0 | 0 | |
Acquired Non-Impaired and Originated Loans | Lease Financing Receivables | Non-accrual | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 173 | 259 | |
2022 | 141 | 138 | |
2021 | 523 | 384 | |
2020 | 35 | 45 | |
2019 | 0 | ||
Prior | 3 | 0 | |
Revolving Loans | 0 | 0 | |
Total loans | 875 | 826 | |
Acquired Non-Impaired and Originated Loans | Lease Financing Receivables | Total Past Due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 45 | ||
2023 | 2,303 | 1,525 | |
2022 | 2,230 | 1,045 | |
2021 | 1,563 | 839 | |
2020 | 349 | 301 | |
2019 | 7 | ||
Prior | 113 | 3 | |
Revolving Loans | 0 | 0 | |
Total loans | $ 6,603 | $ 3,720 |
Loan and Lease Receivables a_14
Loan and Lease Receivables and Allowance for Credit Losses - Summary of Contractual Delinquency Information (Parenthetical) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Interest income on non-accrual loans and leases | $ 123,792 | $ 92,343 | |
Non Accrual Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Interest income on non-accrual loans and leases | 255,000 | $ 970,000 | |
Commercial Real Estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Non-accrual loans without allowance | 8,400 | $ 1,600 | |
Residential Real Estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Non-accrual loans without allowance | 3,600 | 3,600 | |
Commercial and Industrial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Non-accrual loans without allowance | $ 3,400 | $ 2,300 |
Loan and Lease Receivables a_15
Loan and Lease Receivables and Allowance for Credit Losses - Summary of Allowance for Credit Losses and Corresponding Loan and Lease Balances (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning balance | $ 101,686 | $ 81,924 | |
Provision/(recapture) for credit losses | 6,891 | 9,712 | |
Charge-offs | (7,049) | (3,069) | |
Recoveries | 838 | 1,898 | |
Ending balance | 102,366 | 90,465 | |
Individually evaluated for impairment | 21,677 | 22,018 | |
Collectively evaluated for impairment | 80,689 | 68,447 | |
Allowance for loan and lease losses | 102,366 | 90,465 | $ 101,686 |
Individually evaluated for impairment | 85,325 | 71,408 | |
Collectively evaluated for impairment | 6,692,889 | 5,443,924 | |
Loans acquired with deteriorated credit quality | 2,100,000 | 2,200,000 | |
Total loans and leases | 6,778,214 | 5,515,332 | 6,684,306 |
Commercial Real Estate | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning balance | 33,237 | 26,061 | |
Provision/(recapture) for credit losses | 824 | (1,119) | |
Charge-offs | (3,057) | (966) | |
Recoveries | 436 | 762 | |
Ending balance | 31,440 | 24,738 | |
Individually evaluated for impairment | 8,905 | 6,302 | |
Collectively evaluated for impairment | 22,535 | 18,436 | |
Allowance for loan and lease losses | 31,440 | 24,738 | 33,237 |
Individually evaluated for impairment | 40,778 | 31,622 | |
Collectively evaluated for impairment | 2,227,551 | 1,897,762 | |
Total loans and leases | 2,268,329 | 1,929,384 | 2,320,312 |
Residential Real Estate | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning balance | 3,495 | 3,140 | |
Provision/(recapture) for credit losses | (148) | (453) | |
Charge-offs | 0 | (9) | |
Recoveries | 1 | 1 | |
Ending balance | 3,348 | 2,679 | |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 3,348 | 2,679 | |
Allowance for loan and lease losses | 3,348 | 2,679 | 3,495 |
Individually evaluated for impairment | 4,658 | 0 | |
Collectively evaluated for impairment | 728,353 | 499,336 | |
Total loans and leases | 733,011 | 499,336 | 719,530 |
Construction, Land Development, and Other Land | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning balance | 2,906 | 3,134 | |
Provision/(recapture) for credit losses | 24 | 364 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Ending balance | 2,930 | 3,498 | |
Individually evaluated for impairment | 0 | 1,198 | |
Collectively evaluated for impairment | 2,930 | 2,300 | |
Allowance for loan and lease losses | 2,930 | 3,498 | 2,906 |
Individually evaluated for impairment | 0 | 5,541 | |
Collectively evaluated for impairment | 528,967 | 441,567 | |
Total loans and leases | 528,967 | 447,108 | 526,837 |
Commercial and Industrial | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning balance | 53,782 | 41,889 | |
Provision/(recapture) for credit losses | 5,836 | 10,803 | |
Charge-offs | (3,619) | (1,790) | |
Recoveries | 232 | 947 | |
Ending balance | 56,231 | 51,849 | |
Individually evaluated for impairment | 12,772 | 14,518 | |
Collectively evaluated for impairment | 43,459 | 37,331 | |
Allowance for loan and lease losses | 56,231 | 51,849 | 53,782 |
Individually evaluated for impairment | 39,889 | 34,245 | |
Collectively evaluated for impairment | 2,512,836 | 2,049,560 | |
Total loans and leases | 2,552,725 | 2,083,805 | 2,448,561 |
Installment and Other | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning balance | 36 | 24 | |
Provision/(recapture) for credit losses | (3) | (2) | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 3 | |
Ending balance | 33 | 25 | |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 33 | 25 | |
Allowance for loan and lease losses | 33 | 25 | 36 |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 3,139 | 1,822 | |
Total loans and leases | 3,139 | 1,822 | 3,200 |
Lease Financing Receivables | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning balance | 8,230 | 7,676 | |
Provision/(recapture) for credit losses | 358 | 119 | |
Charge-offs | (373) | (304) | |
Recoveries | 169 | 185 | |
Ending balance | 8,384 | 7,676 | |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 8,384 | 7,676 | |
Allowance for loan and lease losses | 8,384 | 7,676 | 8,230 |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 692,043 | 553,877 | |
Total loans and leases | $ 692,043 | $ 553,877 | $ 665,866 |
Loan and Lease Receivables a_16
Loan and Lease Receivables and Allowance for Credit Losses - Summary of Loans with Modified Terms (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
% of Class of Loans and Leases | 0.05% | 0.90% |
Commercial and Industrial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
% of Class of Loans and Leases | 0.02% | 2.40% |
Commercial Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
% of Class of Loans and Leases | 0.13% | |
Payment Delay | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total troubled debt restructurings | $ 43 | $ 9,405 |
Payment Delay | Commercial and Industrial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total troubled debt restructurings | 43 | 9,405 |
Payment Delay | Commercial Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total troubled debt restructurings | 0 | |
Term Modification | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total troubled debt restructurings | 2,842 | 40,420 |
Term Modification | Commercial and Industrial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total troubled debt restructurings | 0 | 40,420 |
Term Modification | Commercial Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total troubled debt restructurings | 2,842 | |
Combination Term Modification and Interest Rate Reduction | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total troubled debt restructurings | 353 | 395 |
Combination Term Modification and Interest Rate Reduction | Commercial and Industrial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total troubled debt restructurings | 353 | 395 |
Combination Term Modification and Interest Rate Reduction | Commercial Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total troubled debt restructurings | 0 | |
Total Modified by Class | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total troubled debt restructurings | 3,238 | 50,220 |
Total Modified by Class | Commercial and Industrial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total troubled debt restructurings | 396 | $ 50,220 |
Total Modified by Class | Commercial Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total troubled debt restructurings | $ 2,842 |
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, 2024 | Dec. 31, 2023 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total allowance for credit losses | $ 85,325 | $ 113,494 |
Commercial Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total allowance for credit losses | 40,778 | 64,339 |
Residential Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total allowance for credit losses | 4,658 | 3,593 |
Construction, Land Development, and Other Land | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total allowance for credit losses | 813 | |
Commercial and Industrial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total allowance for credit losses | 39,889 | 44,749 |
Commercial Construction | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total allowance for credit losses | 0 | 813 |
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 | 813 | |
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 | 11,590 | 28,767 |
Non-owner Occupied Commercial | Commercial Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total allowance for credit losses | 11,590 | 28,767 |
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 | |
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 | 29,188 | 35,572 |
Owner Occupied Commercial | Commercial Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total allowance for credit losses | 29,188 | 35,572 |
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 | |
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 | 2,792 | 2,793 |
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 | 2,792 | 2,793 |
Multi-Family | Construction, Land Development, and Other Land | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total allowance for credit losses | 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 | 1,866 | 800 |
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 | 1,866 | 800 |
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 | |
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 | 0 |
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 | 0 |
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 | |
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 | 39,889 | 44,749 |
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 | |
Business Assets | Commercial and Industrial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total allowance for credit losses | $ 39,889 | $ 44,749 |
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, 2024 | Mar. 31, 2023 | |
Receivables [Abstract] | ||
Beginning balance | $ 3,636 | $ 4,203 |
Provision for of unfunded commitments | (248) | 113 |
Ending balance | $ 3,388 | $ 4,316 |
Servicing Assets - Activity for
Servicing Assets - Activity for Servicing Assets and Related Changes in Fair Value (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Transfers and Servicing [Abstract] | ||
Beginning balance | $ 19,844,000 | $ 19,172,000 |
Additions, net | 1,851,000 | 1,116,000 |
Changes in fair value | (703,000) | 656,000 |
Ending balance | $ 20,992,000 | $ 20,944,000 |
Servicing Assets - Unpaid Princ
Servicing Assets - Unpaid Principal Balances of Loans Serviced for Others (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Loan portfolios serviced for: | ||
Unpaid principal balances of loans serviced | $ 1,732,122 | $ 1,728,343 |
SBA guaranteed loans | ||
Loan portfolios serviced for: | ||
Unpaid principal balances of loans serviced | 1,524,421 | 1,530,401 |
USDA guaranteed loans | ||
Loan portfolios serviced for: | ||
Unpaid principal balances of loans serviced | $ 207,701 | $ 197,942 |
Servicing Assets - Additional I
Servicing Assets - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accounts Notes And Loans Receivable [Line Items] | ||
Changes in fair value of servicing assets | $ (703,000) | $ 656,000 |
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, 2024 | Mar. 31, 2023 | |
Real Estate [Abstract] | ||
Other real estate owned, beginning balance | $ 1,200 | $ 4,717 |
Net additions to OREO | 5 | 55 |
Proceeds from sales of OREO | (402) | (764) |
Gains (losses) on sales of OREO | (18) | 35 |
Valuation adjustments | 0 | (331) |
Other real estate owned, ending balance | $ 785 | $ 3,712 |
Other Real Estate Owned - Addit
Other Real Estate Owned - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Real Estate [Line Items] | |||
Residential consumer mortgage loans in process of foreclosure | $ 27,000,000 | $ 27,000,000 | |
Proceeds from sale of internally financed sales of OREO | $ 0 | $ 0 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Lessee Lease Description [Line Items] | |||
Lessor, Operating Lease Maturity Year | 2036 | ||
Weighted-average discount rate of operating leases | 2.75% | 2.90% | |
Weighted average remaining life of operating leases | 0 years | 6 years 1 month 6 days | |
Minimum rental to be received in future on subleases | $ 1,000,000 | ||
Sublease contract maturity year | 2028 | ||
Operating cash flows paid for operating lease | $ 953,000 | $ 855,000 | |
Right-of-use lease assets in exchange for operating lease liabilities | 422,000 | $ 313,000 | |
Operating right-of-use assets | 10,352,000 | $ 12,474,000 | |
Operating lease liabilities | 12,205,000 | $ 14,268,000 | |
Inland Bancorp, Inc. | |||
Lessee Lease Description [Line Items] | |||
Impairment charge related to acquisition | $ 194,000,000 |
Leases - Schedule of Operating
Leases - Schedule of Operating Lease Right-of-use Asset and Liability (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Lessee Lease Description [Line Items] | ||
Operating right-of-use assets | $ 10,352 | $ 12,474 |
Operating lease liabilities | $ 12,205 | $ 14,268 |
Leases - Summary of Lease Costs
Leases - Summary of Lease Costs and Company's Operating Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Leases [Abstract] | ||
Operating lease cost | $ 727 | $ 623 |
Short-term lease cost | 87 | 69 |
Variable lease cost | 423 | 412 |
Less: Sublease income | (130) | (156) |
Total lease cost, net | $ 1,107 | $ 948 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments for Operating Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
2024 | $ 2,906 | |
2025 | 3,266 | |
2026 | 2,359 | |
2027 | 986 | |
2028 | 1,313 | |
Thereafter | 2,529 | |
Total undiscounted lease payments | 13,359 | |
Less: imputed interest | (1,154) | |
Net lease liabilities | $ 12,205 | $ 14,268 |
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, 2024 | Mar. 31, 2023 | |
Schedule Of Goodwill And Intangible Assets [Line Items] | ||
Beginning balance, Goodwill | $ 181,705 | $ 148,353 |
Ending balance, Goodwill | 181,705 | 148,353 |
Amortization | (1,345) | (1,455) |
Core Deposits | ||
Schedule Of Goodwill And Intangible Assets [Line Items] | ||
Beginning balance | 20,393 | 8,886 |
Amortization | (1,278) | (1,388) |
Ending balance | 19,115 | 7,498 |
Accumulated amortization | $ 53,601 | $ 47,968 |
Weighted average remaining amortization period | 8 years 1 month 6 days | 4 years 6 months |
Customer Relationships | ||
Schedule Of Goodwill And Intangible Assets [Line Items] | ||
Beginning balance | $ 1,380 | $ 1,648 |
Amortization | (67) | (67) |
Ending balance | 1,313 | 1,581 |
Accumulated amortization | $ 1,903 | $ 1,635 |
Weighted average remaining amortization period | 4 years 10 months 24 days | 5 years 10 months 24 days |
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, 2024 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2024 | $ 4,035 |
2025 | 4,473 |
2026 | 3,566 |
2027 | 2,676 |
2028 | 2,101 |
Thereafter | 3,577 |
Total | $ 20,428 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Income Tax [Line Items] | |||
Effective tax rate | 25% | 25.70% | |
Net income tax provision related to exercise of stock options | $ 501,000 | ||
Net income tax benefit related to vesting of restricted shares | $ 134,000 | ||
Deferred tax assets, net | $ 53,000,000 | $ 50,100,000 |
Deposits - Composition of Depos
Deposits - Composition of Deposits (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Deposits [Abstract] | ||
Non-interest-bearing demand deposits | $ 1,851,727 | $ 1,905,876 |
Interest-bearing checking accounts | 687,142 | 577,609 |
Money market demand accounts | 2,263,819 | 2,266,030 |
Other savings | 524,890 | 542,532 |
Time deposits (below $250,000) | 1,594,290 | 1,520,082 |
Time deposits ($250,000 and above) | 428,334 | 364,870 |
Total deposits | $ 7,350,202 | $ 7,176,999 |
Deposits - Scheduled maturity o
Deposits - Scheduled maturity of time deposits (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Deposits [Abstract] | |
2024 | $ 1,653,993 |
2025 | 354,598 |
2026 | 8,126 |
2027 | 4,689 |
2028 | 1,092 |
Thereafter | 126 |
Total | $ 2,022,624 |
Deposits - Additional Informati
Deposits - Additional Information (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Deposits [Abstract] | ||
Time deposits | $ 250,000 | $ 250,000 |
Time deposit brokered | $ 436,300,000 | $ 480,000,000 |
Other Borrowings - Summary of O
Other Borrowings - Summary of Other Borrowings (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Disclosure [Abstract] | ||
Federal Home Loan Bank advances | $ 470,000 | $ 325,000 |
Bank Term Funding Program | 200,000 | 0 |
Securities sold under agreements to repurchase | 34,506 | 40,607 |
Term Loan | 16,667 | 18,333 |
Line of credit | 0 | 11,250 |
Total | $ 721,173 | $ 395,190 |
Other Borrowings - Additional I
Other Borrowings - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
May 26, 2026 | May 26, 2024 | Oct. 10, 2019 | Mar. 31, 2024 | Dec. 31, 2023 | Jan. 22, 2024 | Oct. 13, 2016 | |
Line Of Credit Facility [Line Items] | |||||||
Federal Reserve Bank discount window borrowing | $ 0 | $ 0 | |||||
Bank Term Funding Program | $ 200,000,000 | 0 | |||||
Federal home loan bank advances, Fixed interest rate | 5.45% | ||||||
Federal home loan bank advances maximum borrowing capacity as percentage of total assets | 35% | ||||||
Federal home loan bank, required investment conversion ratio | 4.5 | ||||||
Line of credit facility, amount | $ 0 | $ 11,250,000 | |||||
Line of Credit Facility, Interest Rate | 7.39% | ||||||
Federal Home Loan Bank fixed rate advances | 220,000,000 | ||||||
Federal Home Loan Bank Variable Rate Advances | $ 250,000,000 | ||||||
Federal Home Loan Bank, Advances, Interest Rate | 5.49% | ||||||
Variable term loan, Interest rate | 7.62% | 7.64% | |||||
Forecast | |||||||
Line Of Credit Facility [Line Items] | |||||||
Line of credit facility, extended maturity date | May 26, 2024 | ||||||
Line of credit facility, maximum borrowing capacity | $ 20,000,000 | ||||||
Debt instrument, maturity date | May 26, 2026 | ||||||
Forecast | Revolving Credit Facility | |||||||
Line Of Credit Facility [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | $ 15,000,000 | ||||||
Federal Reserve Bank Advances | |||||||
Line Of Credit Facility [Line Items] | |||||||
Bank Term Funding Program | $ 200,000 | ||||||
Debt instrument, interest rate | 4.91% | ||||||
Correspondent Bank | Ridgestone | |||||||
Line Of Credit Facility [Line Items] | |||||||
Line of credit facility, interest rate terms | The amended revolving line of credit bears interest at either the Secured Overnight Financing Rate ("SOFR") plus 205 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. | ||||||
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 | $ 15,000,000 | |||||
Line of credit facility, interest rate terms | At March 31, 2024, the line of credit had a no outstanding balance. | ||||||
Correspondent Bank | Amended Credit Agreement | Ridgestone | Prime Rate | |||||||
Line Of Credit Facility [Line Items] | |||||||
Interest rate spread | 0.75% | ||||||
Correspondent Bank | Amended Credit Agreement | Ridgestone | SOFR | |||||||
Line Of Credit Facility [Line Items] | |||||||
Interest rate spread | 2.05% |
Other Borrowings - Summary of S
Other Borrowings - Summary of Short-term Credit Lines Available for Use (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Federal Home Loan Bank Line | ||
Debt Instrument [Line Items] | ||
Short-term credit lines available for use | $ 2,614,959 | $ 2,781,747 |
Federal Reserve Bank of Chicago Discount Window Line | ||
Debt Instrument [Line Items] | ||
Short-term credit lines available for use | 841,104 | 866,490 |
Available Federal Funds Line | ||
Debt Instrument [Line Items] | ||
Short-term credit lines available for use | 135,000 | 123,750 |
Bank Term Funding Program | ||
Debt Instrument [Line Items] | ||
Short-term credit lines available for use | $ 27,715 | $ 0 |
Subordinated Notes and Junior_3
Subordinated Notes and Junior Subordinated Debentures - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Sep. 15, 2023 | Sep. 14, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||||
Principal amount | $ 87,000 | $ 87,000 | |||
Three-Month CME Secured Overnight Financing Rate Plus Tenor Spread Adjustment | |||||
Debt Instrument [Line Items] | |||||
Adjustment spread Interest rate | 0.26161% | ||||
Fixed-To-Floating Subordinate Notes Mature on July 1, 2030 | Subordinated Notes | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 75,000 | ||||
Debt instrument, interest rate | 6% | ||||
Debt instrument, maturity date | Jul. 01, 2030 | ||||
Debt instrument, redemption, description | As of March 31, 2024, the net liability outstanding of the subordinated notes was $73.9 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 | ||||
Debt issuance costs, amortization period | 10 years | ||||
Loans | $ 73,900 | ||||
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 | $ 35,000 | |||
Metropolitan Statutory Trust 1 | Junior Subordinated Debentures | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, maturity date | Mar. 17, 2034 | ||||
Contractual rate | 8.38% | 8.43% | |||
Metropolitan Statutory Trust 1 | Junior Subordinated Debentures | Three-Month CME Secured Overnight Financing Rate Plus Tenor Spread Adjustment | |||||
Debt Instrument [Line Items] | |||||
Interest rate spread | 2.79% | ||||
Adjustment spread Interest rate | 0.26161% | ||||
First Evanston Bancorp Trust I | |||||
Debt Instrument [Line Items] | |||||
Principal amount | $ 10,000 | $ 10,000 | |||
First Evanston Bancorp Trust I | Junior Subordinated Debentures | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, maturity date | Mar. 15, 2035 | ||||
Contractual rate | 7.37% | 7.43% | |||
First Evanston Bancorp Trust I | Junior Subordinated Debentures | Three-Month CME Secured Overnight Financing Rate Plus Tenor Spread Adjustment | |||||
Debt Instrument [Line Items] | |||||
Interest rate spread | 1.78% | ||||
Adjustment spread Interest rate | 0.26161% | ||||
AmeriMark Capital Trust I | |||||
Debt Instrument [Line Items] | |||||
Principal amount | $ 5,000 | $ 5,000 | |||
AmeriMark Capital Trust I | Junior Subordinated Debentures | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, maturity date | Apr. 23, 2034 | ||||
Contractual rate | 8.33% |
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, 2024 | Dec. 31, 2023 | ||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |||
Total liability, at par | $ 87,000 | $ 87,000 | |
Total liability, at carrying value | 70,567 | 70,452 | |
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 | |
AmeriMark Capital Trust I | |||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |||
Total liability, at par | 5,000 | 5,000 | |
Inland Bancorp Trust II | |||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |||
Total liability, at par | 10,000 | 10,000 | |
Inland Bancorp Trust III | |||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |||
Total liability, at par | 10,000 | 10,000 | |
Inland Bancorp Trust IV | |||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |||
Total liability, at par | 7,000 | 7,000 | |
Inland Bancorp Trust V | |||
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 | $ (16,433) | $ (16,548) | |
Junior Subordinated Debentures | Metropolitan Statutory Trust 1 | |||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |||
Stated Maturity | Mar. 17, 2034 | ||
Contractual Rate | 8.38% | 8.43% | |
Junior Subordinated Debentures | Metropolitan Statutory Trust 1 | SOFR + spread adjustment | |||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |||
Interest Rate Spread, Description | [1] | SOFR + spread adjustment + 2.79% | |
Interest Rate Spread | [1] | 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 | 7.37% | 7.43% | |
Junior Subordinated Debentures | First Evanston Bancorp Trust I | SOFR + spread adjustment | |||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |||
Interest Rate Spread, Description | [1] | SOFR + spread adjustment + 1.78% | |
Interest Rate Spread | [1] | 1.78% | |
Junior Subordinated Debentures | AmeriMark Capital Trust I | |||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |||
Stated Maturity | Apr. 23, 2034 | ||
Contractual Rate | 8.33% | ||
Junior Subordinated Debentures | AmeriMark Capital Trust I | SOFR + spread adjustment | |||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |||
Interest Rate Spread, Description | [1] | SOFR + spread adjustment + 2.75% | |
Interest Rate Spread | [1] | 2.75% | |
Junior Subordinated Debentures | Inland Bancorp Trust II | |||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |||
Stated Maturity | Sep. 15, 2035 | ||
Contractual Rate | 7.19% | ||
Junior Subordinated Debentures | Inland Bancorp Trust II | SOFR + spread adjustment | |||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |||
Interest Rate Spread, Description | [1] | SOFR + spread adjustment + 1.60% | |
Interest Rate Spread | [1] | 1.60% | |
Junior Subordinated Debentures | Inland Bancorp Trust III | |||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |||
Stated Maturity | Dec. 15, 2036 | ||
Contractual Rate | 7.24% | ||
Junior Subordinated Debentures | Inland Bancorp Trust III | SOFR + spread adjustment | |||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |||
Interest Rate Spread, Description | [1] | SOFR + spread adjustment + 1.65% | |
Interest Rate Spread | [1] | 1.65% | |
Junior Subordinated Debentures | Inland Bancorp Trust IV | |||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |||
Stated Maturity | Jun. 06, 2037 | ||
Contractual Rate | 7.21% | ||
Junior Subordinated Debentures | Inland Bancorp Trust IV | SOFR + spread adjustment | |||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |||
Interest Rate Spread, Description | [1] | SOFR + spread adjustment + 1.62% | |
Interest Rate Spread | [1] | 1.62% | |
Junior Subordinated Debentures | Inland Bancorp Trust V | |||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |||
Stated Maturity | Sep. 15, 2037 | ||
Contractual Rate | 7.01% | ||
Junior Subordinated Debentures | Inland Bancorp Trust V | SOFR + spread adjustment | |||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | |||
Interest Rate Spread, Description | [1] | SOFR + spread adjustment + 1.42% | |
Interest Rate Spread | [1] | 1.42% | |
[1] (1) SOFR is three month SOFR and the spread adjustment is 0.26161 % |
Subordinated Notes and Junior_5
Subordinated Notes and Junior Subordinated Debentures - Junior Subordinated Debentures by Issuance (Parenthetical) (Details) | 3 Months Ended |
Mar. 31, 2024 | |
Three month SOFR and spread adjustment | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |
Adjustment spread Interest rate | 0.26161% |
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, 2024 | Dec. 31, 2023 | |
Commitments And Contingencies Liabilities [Line Items] | ||
Fixed Rate | $ 259,257 | $ 269,937 |
Variable Rate | 2,020,677 | 2,081,262 |
Total | 2,279,934 | 2,351,199 |
Commitments to Extend Credit | ||
Commitments And Contingencies Liabilities [Line Items] | ||
Fixed Rate | 258,617 | 269,325 |
Variable Rate | 1,954,869 | 2,013,819 |
Total | 2,213,486 | 2,283,144 |
Letters of Credit | ||
Commitments And Contingencies Liabilities [Line Items] | ||
Fixed Rate | 640 | 612 |
Variable Rate | 65,808 | 67,443 |
Total | $ 66,448 | $ 68,055 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2024 | |
Commitments And Contingencies Liabilities [Line Items] | |
Fixed rate loan commitments maturity year | 2052 |
Variable rate loan commitments maturity year | 2053 |
Maximum | |
Commitments And Contingencies Liabilities [Line Items] | |
Commitments to make loans period | 90 days |
Loan commitments fixed interest rate | 15% |
Loan commitments variable interest rate | 18.50% |
Minimum | |
Commitments And Contingencies Liabilities [Line Items] | |
Loan commitments fixed interest rate | 1% |
Loan commitments variable interest rate | 4% |
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, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale | $ 1,379,147 | $ 1,342,480 | ||
Equity and other securities, at fair value | 9,135 | 8,743 | ||
Servicing assets, at fair value | 20,992 | 19,844 | $ 20,944 | $ 19,172 |
Derivative assets | $ 60,103 | $ 56,923 | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Property, Plant and Equipment, Net | Property, Plant and Equipment, Net | ||
Derivative liabilities | $ 22,531 | $ 19,345 | ||
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 | $ 86,112 | $ 115,434 | ||
U.S. Government Agencies | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale | 138,054 | 130,695 | ||
Obligations of States, Municipalities, and Political Subdivisions | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale | 81,709 | 82,275 | ||
Corporate Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale | 36,752 | 36,171 | ||
Asset-Backed Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale | 32,678 | 34,638 | ||
Fair Value, Measurements, Recurring | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Servicing assets, at fair value | 20,992 | 19,844 | ||
Derivative assets | 60,103 | 56,923 | ||
Derivative liabilities | 22,531 | 19,345 | ||
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 | 86,112 | 115,434 | ||
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 | 138,054 | 130,695 | ||
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 | 81,709 | 82,275 | ||
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 | 726,587 | 695,803 | ||
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 | 113,709 | 100,260 | ||
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 | 163,546 | 147,204 | ||
Fair Value, Measurements, Recurring | Corporate Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale | 36,752 | 36,171 | ||
Fair Value, Measurements, Recurring | Asset-Backed Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale | 32,678 | 34,638 | ||
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 | 2,517 | 2,554 | ||
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 | 6,618 | 6,189 | ||
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 | 86,112 | 115,434 | ||
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 | 2,517 | 2,554 | ||
Fair Value, Measurements, Recurring | Level 2 | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Derivative assets | 60,103 | 56,923 | ||
Derivative liabilities | 22,531 | 19,345 | ||
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 | 138,054 | 130,695 | ||
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 | 81,709 | 82,275 | ||
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 | 726,587 | 695,803 | ||
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 | 113,709 | 100,260 | ||
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 | 163,546 | 147,204 | ||
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 | 36,752 | 36,171 | ||
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 | 32,678 | 34,638 | ||
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 | 6,333 | 5,908 | ||
Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Servicing assets, at fair value | 20,992 | 19,844 | ||
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 | $ 285 | $ 281 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
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 | $ 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, 2024 | Mar. 31, 2023 | |
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 | $ 281 | $ 666 |
Additions, net | 0 | 0 |
Change in fair value | 4 | (36) |
Balance, end of period | 285 | 630 |
Servicing Assets | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Balance, beginning of period | 19,844 | 19,172 |
Additions, net | 1,851 | 1,116 |
Change in fair value | (703) | 656 |
Balance, end of period | $ 20,992 | $ 20,944 |
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, 2024 | |
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 |
Unobservable Inputs | 0.079 |
Single Issuer Trust Preferred | Weighted Average | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Unobservable Inputs | 0.079 |
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 | 0.389 |
Servicing Assets | Prepayment Speeds | Weighted Average | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Unobservable Inputs | 0.156 |
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 |
Servicing Assets | Discount Rate | Maximum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Unobservable Inputs | 0.528 |
Servicing Assets | Discount Rate | Weighted Average | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Unobservable Inputs | 0.106 |
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 | 9 years 7 months 6 days |
Servicing Assets | Expected Weighted Average Loan life | Weighted Average | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Expected weighted average loan life | 3 years 8 months 12 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, 2024 | Dec. 31, 2023 |
Commercial Real Estate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | $ 31,873 | $ 51,978 |
Residential Real Estate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 4,658 | 3,593 |
Construction, Land Development, and Other Land | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 813 | |
Commercial and Industrial | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 27,117 | 29,869 |
Other Real Estate Owned | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 785 | 1,200 |
Assets Held For Sale | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 3,722 | 4,484 |
Level 3 | Commercial Real Estate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 31,873 | 51,978 |
Level 3 | Residential Real Estate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 4,658 | 3,593 |
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 | 813 | |
Level 3 | Commercial and Industrial | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 27,117 | 29,869 |
Level 3 | Other Real Estate Owned | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 785 | 1,200 |
Level 3 | Assets Held For Sale | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | $ 3,722 | $ 4,484 |
Fair Value Measurement - Summ_5
Fair Value Measurement - Summary of Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financial assets | ||
Cash and due from banks | $ 58,640 | $ 60,431 |
Interest bearing deposits with other banks | 578,197 | 165,705 |
Securities held-to-maturity, fair value | 1,149 | 1,149 |
Restricted stock, at cost | 22,793 | 16,304 |
Loans held for sale | 23,568 | 18,005 |
Loans and lease receivables, net (less impaired loans at fair value | 6,675,848 | 6,582,620 |
Financial liabilities | ||
Federal Home Loan Bank advances | 470,000 | 325,000 |
Securities sold under agreements to repurchase | 34,506 | 40,607 |
Term Loan | 16,667 | 18,333 |
Line of credit | 0 | 11,250 |
Subordinated notes, net | 73,909 | 73,866 |
Junior subordinated debentures | 70,567 | 70,452 |
Level 1 | Carrying Amount | ||
Financial assets | ||
Cash and due from banks | 58,640 | 60,431 |
Level 1 | Estimate of Fair Value Measurement | ||
Financial assets | ||
Cash and due from banks | 58,640 | 60,431 |
Level 2 | Carrying Amount | ||
Financial assets | ||
Interest bearing deposits with other banks | 578,197 | 165,705 |
Securities held-to-maturity, fair value | 1,156 | 1,157 |
Restricted stock, at cost | 22,793 | 16,304 |
Financial liabilities | ||
Non-interest-bearing deposits | 1,851,727 | 1,905,876 |
Interest-bearing deposits | 5,498,475 | 5,271,123 |
Accrued interest payable | 21,713 | 22,233 |
Federal Home Loan Bank advances | 470,000 | 325,000 |
Securities sold under agreements to repurchase | 34,506 | 40,607 |
Term Loan | 16,667 | 18,333 |
Bank Term Funding Program | 200,000 | |
Line of credit | 0 | 11,250 |
Subordinated notes, net | 73,909 | 73,866 |
Level 2 | Estimate of Fair Value Measurement | ||
Financial assets | ||
Interest bearing deposits with other banks | 578,197 | 165,705 |
Securities held-to-maturity, fair value | 1,149 | 1,149 |
Restricted stock, at cost | 22,793 | 16,304 |
Financial liabilities | ||
Non-interest-bearing deposits | 1,851,727 | 1,905,876 |
Interest-bearing deposits | 5,493,494 | 5,268,926 |
Accrued interest payable | 21,713 | 22,233 |
Federal Home Loan Bank advances | 470,000 | 325,000 |
Securities sold under agreements to repurchase | 34,506 | 40,607 |
Term Loan | 16,667 | 18,333 |
Bank Term Funding Program | 200,000 | |
Line of credit | 0 | 11,250 |
Subordinated notes, net | 72,194 | 76,063 |
Level 3 | Carrying Amount | ||
Financial assets | ||
Loans held for sale | 23,568 | 18,005 |
Loans and lease receivables, net (less impaired loans at fair value | 6,612,199 | 6,496,367 |
Accrued interest receivable | 43,728 | 43,922 |
Financial liabilities | ||
Junior subordinated debentures | 70,567 | 70,452 |
Level 3 | Estimate of Fair Value Measurement | ||
Financial assets | ||
Loans held for sale | 23,983 | 19,136 |
Loans and lease receivables, net (less impaired loans at fair value | 6,371,967 | 6,326,413 |
Accrued interest receivable | 43,728 | 43,922 |
Financial liabilities | ||
Junior subordinated debentures | $ 73,772 | $ 72,701 |
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, 2024 | Dec. 31, 2023 | Jul. 01, 2023 |
Derivatives Fair Value [Line Items] | |||
Notional Amount | $ 1,345,157 | $ 1,359,728 | |
Other Assets | 60,103 | 56,923 | |
Other Liabilities | (22,531) | (19,345) | |
Cash Flow Hedges | |||
Derivatives Fair Value [Line Items] | |||
Notional Amount | 650,000 | ||
Other Assets | 37,976 | ||
Other Liabilities | (582) | ||
Interest Rate Swap | Cash Flow Hedges | |||
Derivatives Fair Value [Line Items] | |||
Notional Amount | 42,000 | ||
Other Assets | 3,500 | ||
Other Interest Rate Derivatives | |||
Derivatives Fair Value [Line Items] | |||
Notional Amount | 691,612 | ||
Other Assets | 22,124 | ||
Other Liabilities | (21,949) | ||
Other Interest Rate Derivatives | Cash Flow Hedges | |||
Derivatives Fair Value [Line Items] | |||
Notional Amount | 450,000 | ||
Derivatives Designated as Hedging Instruments | Interest Rate Swap | Cash Flow Hedges | |||
Derivatives Fair Value [Line Items] | |||
Notional Amount | 650,000 | 650,000 | |
Other Assets | 37,976 | 37,475 | |
Other Liabilities | (582) | 0 | |
Derivatives Not Designated As Hedging Instruments | Other Credit Derivatives | |||
Derivatives Fair Value [Line Items] | |||
Notional Amount | 3,545 | 3,602 | |
Other Assets | 3 | 1 | |
Other Liabilities | 0 | 0 | |
Derivatives Not Designated As Hedging Instruments | Interest Rate Swap | |||
Derivatives Fair Value [Line Items] | |||
Notional Amount | $ 67,700 | ||
Derivatives Not Designated As Hedging Instruments | Other Interest Rate Derivatives | |||
Derivatives Fair Value [Line Items] | |||
Notional Amount | 691,612 | 706,126 | |
Other Assets | 22,124 | 19,447 | |
Other Liabilities | $ (21,949) | $ (19,345) |
Derivative Instruments and He_4
Derivative Instruments and Hedge Activities - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Jul. 01, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Jun. 30, 2023 | May 30, 2023 | |
Derivative [Line Items] | ||||||
Derivative notional amount | $ 1,345,157,000 | $ 1,359,728,000 | ||||
Other Assets | 60,103,000 | 56,923,000 | ||||
Interest recorded | 3,824,000 | $ 5,888,000 | ||||
Net unrealized gain | 16,900,000 | |||||
Fair value of derivatives net liability position | 22,500,000 | |||||
Offsetting derivative positions | 880,000 | 925,000 | ||||
Interest Rate Swap | ||||||
Derivative [Line Items] | ||||||
Net gain on termination of interest rate swap agreements | $ 6,000,000 | |||||
Interest recorded | 4,800,000 | 2,000,000 | ||||
Other Interest Rate Derivatives | ||||||
Derivative [Line Items] | ||||||
Derivative notional amount | 691,612,000 | |||||
Other Assets | $ 22,124,000 | |||||
Weighted average pay rates | 4.29% | |||||
Derivative Weighted Average Receive Rate | 6.16% | |||||
Derivative maturity date, start year | 2024-08 | |||||
Derivative maturity date, end year | 2033-03 | |||||
Derivative instruments transaction fees | $ 4,000 | $ 472,000 | ||||
Other Credit Derivatives | ||||||
Derivative [Line Items] | ||||||
Derivative notional amount | 1,200,000 | 1,200,000 | ||||
Notional amount of nonderivative instruments | 2,300,000 | 2,400,000 | ||||
Cash Flow Hedging | ||||||
Derivative [Line Items] | ||||||
Derivative notional amount | 650,000,000 | |||||
Other Assets | $ 37,976,000 | |||||
Weighted average pay rates | 8.50% | |||||
Derivative Weighted Average Receive Rate | 1.04% | |||||
Cash Flow Hedging | Interest Rate Swap | ||||||
Derivative [Line Items] | ||||||
Derivative notional amount | $ 42,000,000 | |||||
Other Assets | 3,500,000 | |||||
Cash Flow Hedging | Other Interest Rate Derivatives | ||||||
Derivative [Line Items] | ||||||
Derivative notional amount | 450,000,000 | |||||
Cash Flow Hedging | Fixed Interest Rate Swap | ||||||
Derivative [Line Items] | ||||||
Derivative notional amount | $ 150,000,000 | |||||
Weighted average pay rates | 5.32% | |||||
Derivative Weighted Average Receive Rate | 7.31% | |||||
Designated as Hedging Instrument | Cash Flow Hedging | ||||||
Derivative [Line Items] | ||||||
Terminated swaps | $ 50,000,000 | $ 50,000,000 | ||||
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap | ||||||
Derivative [Line Items] | ||||||
Derivative notional amount | $ 650,000,000 | 650,000,000 | ||||
Other Assets | 37,976,000 | 37,475,000 | ||||
Terminated swaps | 100,000,000 | |||||
Remaining balance in accumulated other comprehensive income | 4,200,000 | |||||
Remaining unamortized balance | 3,500,000 | 3,700,000 | ||||
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap Two Effective Hedges | ||||||
Derivative [Line Items] | ||||||
Derivative notional amount | 150,000,000 | |||||
Designated as Hedging Instrument | Cash Flow Hedging | Forward-Starting Interest Rate Swaps Due March 2024 | ||||||
Derivative [Line Items] | ||||||
Derivative notional amount | 50,000,000 | |||||
Designated as Hedging Instrument | Cash Flow Hedging | Forward-Starting Interest Rate Swaps Due August 2024 | ||||||
Derivative [Line Items] | ||||||
Derivative notional amount | 50,000,000 | |||||
Designated as Hedging Instrument | Cash Flow Hedging | Fixed Interest Rate Swap | ||||||
Derivative [Line Items] | ||||||
Derivative notional amount | 200,000,000 | |||||
Designated as Hedging Instrument | Cash Flow Hedging | Fixed Interest Rate Swap | Adjustable Rate Loans | ||||||
Derivative [Line Items] | ||||||
Derivative notional amount | 200,000,000 | |||||
Designated as Hedging Instrument | Cash Flow Hedging | Fixed Interest Rate Swap | Deposits And Other Borrowings | ||||||
Derivative [Line Items] | ||||||
Derivative notional amount | 450,000,000 | |||||
Derivatives Not Designated As Hedging Instruments | ||||||
Derivative [Line Items] | ||||||
Fair value of derivative assets and liabilities | 6,200,000 | |||||
Derivatives Not Designated As Hedging Instruments | Interest Rate Swap | ||||||
Derivative [Line Items] | ||||||
Derivative notional amount | $ 67,700,000 | |||||
Derivatives Not Designated As Hedging Instruments | Other Interest Rate Derivatives | ||||||
Derivative [Line Items] | ||||||
Derivative notional amount | 691,612,000 | 706,126,000 | ||||
Other Assets | $ 22,124,000 | $ 19,447,000 |
Derivative Instruments and He_5
Derivative Instruments and Hedge Activities - Summary of Cash Flow Hedges (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Derivative [Line Items] | ||
Notional Amount | $ 1,345,157 | $ 1,359,728 |
Derivative assets fair value | 60,103 | 56,923 |
Derivative liabilities fair value | 22,531 | $ 19,345 |
Cash Flow Hedges | ||
Derivative [Line Items] | ||
Notional Amount | 650,000 | |
Derivative assets fair value | 37,976 | |
Derivative liabilities fair value | $ 582 | |
Weighted average remaining maturity | 2 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, 2024 | Mar. 31, 2023 | |
Derivative [Line Items] | ||
Amount of Gain Recognized in OCI | $ 4,531 | $ 194 |
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 | |
Interest Rate Swap | ||
Derivative [Line Items] | ||
Amount of Gain Recognized in OCI | $ 4,531 | 194 |
Amount of Gain Reclassified from OCI to Income as a Decrease to Interest Income Expense | 4,836 | 1,956 |
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, 2024 | Dec. 31, 2023 | |
Derivative [Line Items] | ||
Notional Amount | $ 1,345,157 | $ 1,359,728 |
Derivative assets fair value | 60,103 | 56,923 |
Derivative liabilities fair value | 22,531 | $ 19,345 |
Other Interest Rate Derivatives | ||
Derivative [Line Items] | ||
Notional Amount | 691,612 | |
Derivative assets fair value | 22,124 | |
Derivative liabilities fair value | $ 21,949 | |
Weighted average pay rates | 4.29% | |
Weighted average receive rates | 6.16% | |
Weighted average remaining maturity | 4 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 | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Derivative [Line Items] | ||
Amounts relating to derivative instruments, not designated in hedging relationship | $ (73) | $ (308) |
Other Credit Derivatives | ||
Derivative [Line Items] | ||
Amounts relating to derivative instruments, not designated in hedging relationship | 0 | 0 |
Other Interest Rate Derivatives | ||
Derivative [Line Items] | ||
Amounts relating to derivative instruments, not designated in hedging relationship | $ (73) | $ (308) |
Derivative Instruments and He_9
Derivative Instruments and Hedge Activities - Summary of Company's Interest Rate Derivative and Offsetting Positions (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative assets fair value | $ 60,103,000 | $ 56,923,000 |
Less: Amounts offset in the Consolidated Statements of Financial Condition | 0 | 0 |
Net amount presented in the Consolidated Statements of Financial Condition | 60,103,000 | 56,923,000 |
Gross amounts not offset in the Consolidated Statements of Financial Condition | ||
Offsetting derivative positions | (880,000) | (925,000) |
Collateral posted | 0 | 0 |
Net credit exposure | 1,323,000 | 1,068,000 |
Derivative liabilities fair value | (22,531,000) | (19,345,000) |
Less: Amounts offset in the Consolidated Statements of Financial Condition | 0 | 0 |
Net amount presented in the Consolidated Statements of Financial Condition | (22,531,000) | (19,345,000) |
Gross amounts not offset in the Consolidated Statements of Financial Condition | ||
Offsetting derivative positions | 880,000 | 925,000 |
Collateral posted | (57,900,000) | (54,930,000) |
Net credit exposure | $ (21,651,000) | $ (18,420,000) |
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, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | 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 | ||||
Common Stock | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Number of options exercised | 68,186 | |||||
Restricted Shares | Threshold performance | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Shares vest on grant date | 268,595 | |||||
Restricted Shares | Common Stock | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Shares of restricted voting common stock granted | 347,492 | |||||
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] | ||||||
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 | 12,861 | |||||
Performance-based Restricted Shares | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Shares of restricted voting common stock granted | 66,036 | |||||
Period for number of shares earned under return on average assets | 3 years | |||||
Performance Share | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Risk-free interest rate | 4.47% | 4.42% | ||||
Simulation term | 2 years 10 months 6 days | 2 years 10 months 6 days | ||||
Share price | $ 20.18 | $ 25.2 | ||||
Performance Share | Maximum | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Expected volatility | 33.68% | 39.80% | ||||
Performance Share | Minimum | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Expected volatility | 29.28% | 38.11% | ||||
Omnibus Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Number of common stock reserved for issuance | 2,600,000 | |||||
Number of common shares available for future grants | 826,874 | |||||
Omnibus Plan | Restricted Shares | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Shares of restricted voting common stock granted | 347,492 | |||||
Restricted shares vested | 228,195 | 238,638 | ||||
Fair value of restricted shares, vested | $ 4,800,000 | $ 5,700,000 | ||||
Fair value of unvested restricted stock awards | $ 16,400,000 | |||||
Share price | $ 23.07 | $ 24.24 | ||||
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 | 554,070 | 768,564 | ||||
Number of options exercised | 214,494 | 0 | ||||
Tax benefit from exercise of stock options | $ 690,000 | |||||
Options vested | 0 | 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 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of fair value of the total stock return performance-based awards granted (Details) - Performance Share - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Risk-free interest rate | 4.47% | 4.42% |
Expected term (years) | 2 years 10 months 6 days | 2 years 10 months 6 days |
Weighted average grant date fair value | $ 20.18 | $ 25.2 |
Maximum | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Expected stock price volatility | 33.68% | 39.80% |
Minimum | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Expected stock price volatility | 29.28% | 38.11% |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of Changes in Restricted Shares (Details) - Omnibus Plan - Restricted Shares - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of shares, beginning balance | 627,271 | |
Number of shares, granted | 347,492 | |
Incremental performance shares vested | 13,632 | |
Number of shares, vested | (228,195) | (238,638) |
Number of shares, forfeited | (6,505) | |
Number of shares, ending balance | 753,695 | 627,271 |
Weighted average grant date fair value, beginning balance | $ 24.24 | |
Weighted average grant date fair value, granted | 20.89 | |
Weighted average grant date fair value, vested | 22.66 | |
Weighted average grant date fair value, forfeited | 25.88 | |
Weighted average grant date fair value, ending balance | $ 23.07 | $ 24.24 |
Share-Based Compensation - Su_3
Share-Based Compensation - Summary of Stock Compensation Expense (Details) - Restricted Shares - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total share-based compensation - restricted stock | $ 1,846 | $ 1,510 |
Income tax benefit | 511 | 406 |
Unrecognized compensation expense | $ 14,880 | $ 14,416 |
Weighted-average remaining amortization period | 2 years 3 months 18 days | 2 years 6 months |
Share-Based Compensation - Su_4
Share-Based Compensation - Summary Activity in shares Subjected to Options and Weighted Average Exercise Prices (Details) - BYB Plan - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Shares, Beginning balance | 768,564 | |
Number of Shares, Exercised | (214,494) | 0 |
Number of Shares, Ending balance | 554,070 | 768,564 |
Number of Shares, Exercisable | 554,070 | |
Weighted Average Exercise Price, Beginning balance | $ 11.31 | |
Weighted Average Exercise Price, Exercised | 11.18 | |
Weighted Average Exercise Price, Ending balance | 11.36 | $ 11.31 |
Weighted Average Exercise Price, Exercisable | $ 11.36 | |
Intrinsic Value, Beginning balance | $ 9,413 | |
Intrinsic Value, Exercised | 2,587 | |
Intrinsic Value, Ending balance | 5,738 | $ 9,413 |
Intrinsic Value, Exercisable | $ 5,738 | |
Weighted Average Remaining Contractual Term (in Years) | 1 year 2 months 12 days | 1 year 6 months |
Weighted Average Remaining Contractual Term (in Years), Exercisable | 1 year 2 months 12 days |
Earnings per Share - Additional
Earnings per Share - Additional Information (Details) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share Basic [Line Items] | ||
Shares outstanding | 43,258,087 | 36,955,085 |
Common Stock | ||
Earnings Per Share Basic [Line Items] | ||
Shares outstanding | 657,205 | 930,852 |
Restricted Stock Award | ||
Earnings Per Share Basic [Line Items] | ||
Shares outstanding | 753,695 | 693,104 |
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, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Net income | $ 30,440 | $ 23,945 |
Weighted-average common stock outstanding: | ||
Weighted-average common stock outstanding (basic) | 43,258,087 | 36,955,085 |
Incremental shares | 469,257 | 584,827 |
Weighted-average common stock outstanding (dilutive) | 43,727,344 | 37,539,912 |
Basic earnings per common share | $ 0.7 | $ 0.65 |
Diluted earnings per common share | $ 0.7 | $ 0.64 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Preferred and Common Stock (Details) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
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 | 45,946,804 | 45,714,241 |
Common stock, voting shares outstanding | 44,108,387 | 43,764,056 |
Common stock, voting treasury shares | 1,838,417 | 1,950,185 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - $ / shares | 3 Months Ended | ||||||
Apr. 23, 2024 | Jul. 01, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 06, 2023 | Dec. 12, 2022 | |
Class Of Stock [Line Items] | |||||||
Aggregate number of shares authorized to repurchase | 1,250,000 | 1,250,000 | |||||
Approximate percentage of shares authorized to be repurchased | 2.90% | ||||||
Number of shares purchased | 0 | 0 | |||||
Common stock, cash dividends paid | $ 0.09 | $ 0.09 | |||||
Preferred stock, Shares outstanding | 0 | 0 | |||||
Inland Bancorp, Inc. | |||||||
Class Of Stock [Line Items] | |||||||
Issuance of common shares | 5,932,323 | 5,932,323 | |||||
Subsequent Event | |||||||
Class Of Stock [Line Items] | |||||||
Cash dividend declared | $ 0.09 | ||||||
Dividend payable date | May 21, 2024 | ||||||
Dividends record date | May 07, 2024 |
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, 2024 | Mar. 31, 2023 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning balance | $ 990,151 | $ 765,816 |
Other comprehensive income (loss), net of tax | (6,793) | 9,408 |
Ending balance | 1,009,049 | 795,650 |
Unrealized Gains on Cash Flow Hedges | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning balance | 30,131 | 34,315 |
Other comprehensive income (loss), net of tax | (223) | (1,291) |
Ending balance | 29,908 | 33,024 |
Unrealized Gains (Losses) on Available-for-Sale Securities | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning balance | (130,248) | (151,865) |
Other comprehensive income (loss), net of tax | (6,570) | 10,699 |
Ending balance | (136,818) | (141,166) |
Accumulated Other Comprehensive Income (Loss) | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning balance | (100,117) | (117,550) |
Other comprehensive income (loss), net of tax | (6,793) | 9,408 |
Ending balance | $ (106,910) | $ (108,142) |