Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 07, 2019 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
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 | true | |
Entity Ex Transition Period | 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, 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 | 38,174,780 | |
Title of each class | Common Stock | |
Name of each exchange on which registered | NYSE |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and due from banks | $ 75,275 | $ 30,190 |
Interest bearing deposits with other banks | 33,564 | 91,670 |
Cash and cash equivalents | 108,839 | 121,860 |
Equity and other securities, at fair value | 7,648 | |
Securities available-for-sale, at fair value | 1,031,933 | 817,656 |
Securities held-to-maturity, at amortized cost (fair value at September 30, 2019—$4,502, December 31, 2018—$97,739) | 4,417 | 99,266 |
Restricted stock, at cost | 24,331 | 19,202 |
Loans held for sale | 7,176 | 19,827 |
Loans and leases: | ||
Loans and leases | 3,831,090 | 3,501,626 |
Allowance for loan and lease losses | (31,585) | (25,201) |
Net loans and leases | 3,799,505 | 3,476,425 |
Servicing assets, at fair value | 19,939 | 19,693 |
Accrued interest receivable | 13,013 | 10,863 |
Premises and equipment, net | 96,006 | 97,680 |
Assets held for sale | 15,472 | 14,489 |
Other real estate owned, net | 8,531 | 5,314 |
Goodwill | 145,638 | 128,177 |
Other intangible assets, net | 33,905 | 33,419 |
Bank-owned life insurance | 9,699 | 5,961 |
Deferred tax assets, net | 33,388 | 35,643 |
Due from counterparty | 47,045 | 5,338 |
Other assets | 31,793 | 31,761 |
Total assets | 5,438,278 | 4,942,574 |
LIABILITIES | ||
Non-interest-bearing demand deposits | 1,221,431 | 1,192,873 |
Interest-bearing deposits: | ||
NOW, savings accounts, and money market accounts | 1,589,081 | 1,413,158 |
Time deposits | 1,269,802 | 1,143,885 |
Total deposits | 4,080,314 | 3,749,916 |
Accrued interest payable | 4,778 | 3,484 |
Federal Home Loan Bank advances | 506,000 | 425,000 |
Securities sold under agreements to repurchase | 32,290 | 34,166 |
Junior subordinated debentures issued to capital trusts, net | 37,207 | 36,768 |
Accrued expenses and other liabilities | 41,823 | 42,568 |
Total liabilities | 4,702,412 | 4,291,902 |
STOCKHOLDERS’ EQUITY | ||
Preferred stock | 10,438 | 10,438 |
Common stock, voting, $0.01 par value at September 30, 2019 and December 31, 2018; 150,000,000 shares authorized at September 30, 2019 and December 31, 2018; 38,169,126 shares issued and outstanding at September 30, 2019 and 36,343,239 issued and outstanding at December 31, 2018 | 378 | 361 |
Additional paid-in capital | 579,564 | 546,849 |
Retained earnings | 144,525 | 102,522 |
Accumulated other comprehensive income (loss), net of tax | 961 | (9,498) |
Total stockholders’ equity | 735,866 | 650,672 |
Total liabilities and stockholders’ equity | $ 5,438,278 | $ 4,942,574 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Securities held-to-maturity, fair value | $ 4,502 | $ 97,739 |
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 | 38,169,126 | 36,343,239 |
Common stock, voting shares outstanding | 38,169,126 | 36,343,239 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
INTEREST AND DIVIDEND INCOME | ||||
Interest and fees on loans and leases | $ 63,391 | $ 55,045 | $ 177,298 | $ 128,326 |
Interest on taxable securities | 6,554 | 5,076 | 18,550 | 13,703 |
Interest on tax-exempt securities | 486 | 337 | 1,257 | 740 |
Other interest and dividend income | 598 | 615 | 1,794 | 1,287 |
Total interest and dividend income | 71,029 | 61,073 | 198,899 | 144,056 |
INTEREST EXPENSE | ||||
Deposits | 9,618 | 5,971 | 27,000 | 12,214 |
Federal Home Loan Bank advances | 2,771 | 1,723 | 7,044 | 4,441 |
Subordinated debentures and other borrowings | 802 | 786 | 2,484 | 2,057 |
Total interest expense | 13,191 | 8,480 | 36,528 | 18,712 |
Net interest income | 57,838 | 52,593 | 162,371 | 125,344 |
PROVISION FOR LOAN AND LEASE LOSSES | 5,931 | 5,842 | 16,321 | 14,913 |
Net interest income after provision for loan and lease losses | 51,907 | 46,751 | 146,050 | 110,431 |
NON-INTEREST INCOME | ||||
ATM and interchange fees | 973 | 1,540 | 2,635 | 3,303 |
Net gains on sales of securities available-for-sale | 178 | 1,151 | 4 | |
Change in fair value of equity securities, net | (15) | 1,035 | ||
Net gains on sales of loans | 9,405 | 5,015 | 23,110 | 22,214 |
Wealth management and trust income | 653 | 674 | 1,874 | 866 |
Other non-interest income | 918 | 1,672 | 2,582 | 4,058 |
Total non-interest income | 14,806 | 10,902 | 40,977 | 36,236 |
NON-INTEREST EXPENSE | ||||
Salaries and employee benefits | 24,537 | 21,312 | 71,081 | 58,834 |
Occupancy expense, net | 3,745 | 3,548 | 12,362 | 11,802 |
Equipment expense | 767 | 617 | 2,168 | 1,778 |
Loan and lease related expenses | 1,949 | 1,015 | 5,367 | 3,886 |
Legal, audit and other professional fees | 4,066 | 2,358 | 9,113 | 8,627 |
Data processing | 4,062 | 2,724 | 11,055 | 15,396 |
Net loss (gain) recognized on other real estate owned and other related expenses | 95 | (284) | 543 | 187 |
Regulatory assessments | 228 | 675 | 540 | 1,282 |
Other intangible assets amortization expense | 2,003 | 1,898 | 5,735 | 3,795 |
Advertising and promotions | 843 | 537 | 2,284 | 1,133 |
Telecommunications | 474 | 435 | 1,475 | 1,319 |
Other non-interest expense | 2,679 | 2,880 | 8,358 | 6,769 |
Total non-interest expense | 45,448 | 37,715 | 130,081 | 114,808 |
INCOME BEFORE PROVISION FOR INCOME TAXES | 21,265 | 19,938 | 56,946 | 31,859 |
PROVISION FOR INCOME TAXES | 5,923 | 5,402 | 15,796 | 7,787 |
NET INCOME | 15,342 | 14,536 | 41,150 | 24,072 |
Dividends on preferred shares | 196 | 196 | 587 | 587 |
INCOME AVAILABLE TO COMMON STOCKHOLDERS | $ 15,146 | $ 14,340 | $ 40,563 | $ 23,485 |
EARNINGS PER COMMON SHARE | ||||
Basic | $ 0.40 | $ 0.40 | $ 1.09 | $ 0.73 |
Diluted | $ 0.39 | $ 0.39 | $ 1.07 | $ 0.71 |
Fees and Service Charges on Deposits [Member] | ||||
NON-INTEREST INCOME | ||||
Fees and charges | $ 1,612 | $ 1,825 | $ 4,823 | $ 4,593 |
Loan Servicing Revenue [Member] | ||||
NON-INTEREST INCOME | ||||
Fees and charges | 2,692 | 2,622 | 7,861 | 7,605 |
Loan Servicing Asset Revaluation [Member] | ||||
NON-INTEREST INCOME | ||||
Fees and charges | $ (1,610) | $ (2,446) | $ (4,094) | $ (6,407) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement Of Other Comprehensive Income [Abstract] | ||||
Net income | $ 15,342 | $ 14,536 | $ 41,150 | $ 24,072 |
Securities available-for-sale | ||||
Unrealized holding gains (losses) arising during the period | 3,992 | (3,451) | 24,954 | (14,859) |
Reclassification adjustments for net gains included in net income | (178) | (1,151) | (4) | |
Tax effect | (1,062) | 961 | (6,762) | 4,138 |
Net of tax | 2,752 | (2,490) | 17,041 | (10,725) |
Cash flow hedges | ||||
Unrealized holding gains (losses) arising during the period | (251) | 1,070 | (5,484) | 6,702 |
Reclassification adjustments for net gains included in net income | (363) | (428) | (1,643) | (863) |
Tax effect | 171 | (179) | 1,985 | (1,626) |
Net of tax | (443) | 463 | (5,142) | 4,213 |
Total other comprehensive income (loss) | 2,309 | (2,027) | 11,899 | (6,512) |
Comprehensive income | $ 17,651 | $ 12,509 | $ 53,049 | $ 17,560 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Beginning balance at Dec. 31, 2017 | $ 458,578 | $ 10,438 | $ 292 | $ 391,586 | $ 61,349 | $ (5,087) |
Beginning balance, shares at Dec. 31, 2017 | 10,438 | 29,317,298 | ||||
Net income | 6,768 | 6,768 | ||||
Other comprehensive income (loss), net of tax | (3,564) | (3,564) | ||||
Issuance of common stock upon exercise of stock options | 1,005 | $ 1 | 1,004 | |||
Issuance of common stock upon exercise of stock options, shares | 86,750 | |||||
Reclassification of certain income tax effects from accumulated other comprehensive income (loss) | 763 | (763) | ||||
Cash dividends declared on preferred stock | (193) | (193) | ||||
Share-based compensation expense | 342 | 342 | ||||
Ending balance at Mar. 31, 2018 | 462,936 | $ 10,438 | $ 293 | 392,932 | 68,687 | (9,414) |
Ending balance, shares at Mar. 31, 2018 | 10,438 | 29,404,048 | ||||
Beginning balance at Dec. 31, 2017 | 458,578 | $ 10,438 | $ 292 | 391,586 | 61,349 | (5,087) |
Beginning balance, shares at Dec. 31, 2017 | 10,438 | 29,317,298 | ||||
Net income | 24,072 | |||||
Other comprehensive income (loss), net of tax | (6,512) | |||||
Reclassification of certain income tax effects from accumulated other comprehensive income (loss) | (763) | |||||
Ending balance at Sep. 30, 2018 | 629,861 | $ 10,438 | $ 361 | 545,827 | 85,597 | (12,362) |
Ending balance, shares at Sep. 30, 2018 | 10,438 | 36,279,600 | ||||
Beginning balance at Dec. 31, 2017 | 458,578 | $ 10,438 | $ 292 | 391,586 | 61,349 | (5,087) |
Beginning balance, shares at Dec. 31, 2017 | 10,438 | 29,317,298 | ||||
Ending balance at Dec. 31, 2018 | 650,672 | $ 10,438 | $ 361 | 546,849 | 102,522 | (9,498) |
Ending balance, shares at Dec. 31, 2018 | 10,438 | 36,343,239 | ||||
Beginning balance at Mar. 31, 2018 | 462,936 | $ 10,438 | $ 293 | 392,932 | 68,687 | (9,414) |
Beginning balance, shares at Mar. 31, 2018 | 10,438 | 29,404,048 | ||||
Net income | 2,768 | 2,768 | ||||
Other comprehensive income (loss), net of tax | (921) | (921) | ||||
Issuance of common stock upon exercise of stock options | 130 | 130 | ||||
Issuance of common stock upon exercise of stock options, shares | 8,000 | |||||
Issuance of common stock and stock options due to business combination, net of issuance costs | 151,275 | $ 67 | 151,208 | |||
Issuance of common stock and stock options due to business combination, net of issuance costs, shares | 6,682,850 | |||||
Issuance of common stock in connection with restricted stock awards, shares | 126,157 | |||||
Forfeiture of restricted stock awards, shares | (2,100) | |||||
Cash dividends declared on preferred stock | (198) | (198) | ||||
Share-based compensation expense | 416 | 416 | ||||
Ending balance at Jun. 30, 2018 | 616,406 | $ 10,438 | $ 360 | 544,686 | 71,257 | (10,335) |
Ending balance, shares at Jun. 30, 2018 | 10,438 | 36,218,955 | ||||
Net income | 14,536 | 14,536 | ||||
Other comprehensive income (loss), net of tax | (2,027) | (2,027) | ||||
Issuance of common stock upon exercise of stock options | 567 | $ 1 | 566 | |||
Issuance of common stock upon exercise of stock options, shares | 51,763 | |||||
Issuance of common stock in connection with employee stock purchase plan | 172 | 172 | ||||
Issuance of common stock in connection with employee stock purchase plan, shares | 8,882 | |||||
Cash dividends declared on preferred stock | (196) | (196) | ||||
Share-based compensation expense | 403 | 403 | ||||
Ending balance at Sep. 30, 2018 | 629,861 | $ 10,438 | $ 361 | 545,827 | 85,597 | (12,362) |
Ending balance, shares at Sep. 30, 2018 | 10,438 | 36,279,600 | ||||
Net income | 17,121 | 17,121 | ||||
Other comprehensive income (loss), net of tax | 2,864 | 2,864 | ||||
Issuance of common stock upon exercise of stock options | 638 | 638 | ||||
Issuance of common stock upon exercise of stock options, shares | 58,639 | |||||
Issuance of common stock in connection with restricted stock awards, shares | 5,000 | |||||
Issuance of common stock in connection with employee stock purchase plan | 31 | 31 | ||||
Cash dividends declared on preferred stock | (196) | (196) | ||||
Share-based compensation expense | 353 | 353 | ||||
Ending balance at Dec. 31, 2018 | 650,672 | $ 10,438 | $ 361 | 546,849 | 102,522 | (9,498) |
Ending balance, shares at Dec. 31, 2018 | 10,438 | 36,343,239 | ||||
Net income | 12,597 | 12,597 | ||||
Other comprehensive income (loss), net of tax | 4,519 | 4,519 | ||||
Issuance of common stock upon exercise of stock options | 636 | $ 1 | 635 | |||
Issuance of common stock upon exercise of stock options, shares | 50,662 | |||||
Forfeiture of restricted stock awards, shares | (8,500) | |||||
Issuance of common stock in connection with employee stock purchase plan | 291 | 291 | ||||
Issuance of common stock in connection with employee stock purchase plan, shares | 12,743 | |||||
Cumulative-effect adjustment (ASU 2016-01) | ASU 2016-01 | 1,440 | (1,440) | ||||
Cash dividends declared on preferred stock | (196) | (196) | ||||
Share-based compensation expense | 230 | 230 | ||||
Ending balance at Mar. 31, 2019 | 668,749 | $ 10,438 | $ 362 | 548,005 | 116,363 | (6,419) |
Ending balance, shares at Mar. 31, 2019 | 10,438 | 36,398,144 | ||||
Beginning balance at Dec. 31, 2018 | 650,672 | $ 10,438 | $ 361 | 546,849 | 102,522 | (9,498) |
Beginning balance, shares at Dec. 31, 2018 | 10,438 | 36,343,239 | ||||
Net income | 41,150 | |||||
Other comprehensive income (loss), net of tax | 11,899 | |||||
Cumulative-effect adjustment (ASU 2016-01) | (1,440) | |||||
Ending balance at Sep. 30, 2019 | 735,866 | $ 10,438 | $ 378 | 579,564 | 144,525 | 961 |
Ending balance, shares at Sep. 30, 2019 | 10,438 | 38,169,126 | ||||
Beginning balance at Mar. 31, 2019 | 668,749 | $ 10,438 | $ 362 | 548,005 | 116,363 | (6,419) |
Beginning balance, shares at Mar. 31, 2019 | 10,438 | 36,398,144 | ||||
Net income | 13,211 | 13,211 | ||||
Other comprehensive income (loss), net of tax | 5,071 | 5,071 | ||||
Issuance of common stock upon exercise of stock options | 1,669 | $ 1 | 1,668 | |||
Issuance of common stock upon exercise of stock options, shares | 116,048 | |||||
Issuance of common stock and stock options due to business combination, net of issuance costs | 28,892 | $ 15 | 28,877 | |||
Issuance of common stock and stock options due to business combination, net of issuance costs, shares | 1,464,558 | |||||
Issuance of common stock in connection with restricted stock awards, shares | 141,207 | |||||
Forfeiture of restricted stock awards, shares | (4,738) | |||||
Cash dividends declared on preferred stock | (195) | (195) | ||||
Share-based compensation expense | 278 | 278 | ||||
Ending balance at Jun. 30, 2019 | 717,675 | $ 10,438 | $ 378 | 578,828 | 129,379 | (1,348) |
Ending balance, shares at Jun. 30, 2019 | 10,438 | 38,115,219 | ||||
Net income | 15,342 | 15,342 | ||||
Other comprehensive income (loss), net of tax | 2,309 | 2,309 | ||||
Issuance of common stock upon exercise of stock options | 54 | 54 | ||||
Issuance of common stock upon exercise of stock options, shares | 3,472 | |||||
Issuance cost in connection with business combination | (157) | (157) | ||||
Issuance of common stock in connection with restricted stock awards, shares | 50,992 | |||||
Forfeiture of restricted stock awards, shares | (14,642) | |||||
Issuance of common stock in connection with employee stock purchase plan | 289 | 289 | ||||
Issuance of common stock in connection with employee stock purchase plan, shares | 14,085 | |||||
Cash dividends declared on preferred stock | (196) | (196) | ||||
Share-based compensation expense | 550 | 550 | ||||
Ending balance at Sep. 30, 2019 | $ 735,866 | $ 10,438 | $ 378 | $ 579,564 | $ 144,525 | $ 961 |
Ending balance, shares at Sep. 30, 2019 | 10,438 | 38,169,126 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net income | $ 15,342 | $ 12,597 | $ 17,121 | $ 14,536 | $ 6,768 | $ 41,150 | $ 24,072 | |
Adjustments to reconcile net income to net cash from operating activities: | ||||||||
PROVISION FOR LOAN AND LEASE LOSSES | 5,931 | 5,842 | 16,321 | 14,913 | ||||
Impairment loss on assets held for sale | 459 | 256 | ||||||
Depreciation and amortization of premises and equipment | 4,701 | 4,089 | ||||||
Change in fair value of equity securities, net | (1,035) | |||||||
Net amortization of securities | 1,757 | 2,553 | ||||||
Net gains on sales of securities available-for-sale | (178) | (1,151) | (4) | |||||
Losses on disposal of premises and equipment | 194 | |||||||
Net gains on sales of assets held for sale | (82) | (1,102) | ||||||
Net gains on sales of loans | (9,405) | (5,015) | (23,110) | (22,214) | ||||
Originations of U.S. government guaranteed loans | (206,418) | (237,945) | ||||||
Proceeds from U.S. government guaranteed loans sold | 209,556 | 279,390 | ||||||
Accretion of premiums and discounts on acquired loans, net | (17,772) | (14,199) | ||||||
Net change in servicing assets | (246) | 726 | ||||||
Net valuation adjustments on other real estate owned | 26 | 299 | 189 | 512 | ||||
Net gains on sales of other real estate owned | (38) | (489) | (11) | (380) | ||||
Other intangible assets amortization expense | 2,003 | 1,898 | 5,735 | 3,795 | ||||
Amortization of time deposit premium | (145) | (273) | ||||||
Amortization of Federal Home Loan Bank advances premium | (19) | |||||||
Accretion of junior subordinated debentures discount | 439 | 471 | ||||||
Share-based compensation expense | 1,058 | 1,161 | ||||||
Deferred tax provision, net of valuation | 2,364 | 9,656 | ||||||
Increase in cash surrender value of bank owned life insurance | (253) | (205) | ||||||
Changes in assets and liabilities: | ||||||||
Accrued interest receivable | (2,920) | (593) | ||||||
Other assets | (14,310) | (6,720) | ||||||
Accrued interest payable | 1,213 | 1,095 | ||||||
Accrued expenses and other liabilities | (5,955) | 2,937 | ||||||
Net cash provided by operating activities | 11,534 | 62,166 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Purchases of securities available-for-sale | (310,950) | (153,995) | ||||||
Proceeds from maturities and calls of securities available-for-sale | 76,297 | 13,630 | ||||||
Proceeds from paydowns of securities available-for-sale | 69,455 | 45,785 | ||||||
Proceeds from sales of securities available-for-sale | 92,103 | 544 | ||||||
Proceeds from paydowns of securities held-to-maturity | 13,778 | |||||||
Purchases of Federal Home Loan Bank stock | (28,170) | (25,293) | ||||||
Federal Home Loan Bank stock repurchases | 23,455 | 23,794 | ||||||
Net change in loans and leases | (63,565) | (257,598) | ||||||
Purchases of premises and equipment | (2,291) | (1,380) | ||||||
Proceeds from sales of assets held for sale | 1,373 | 4,414 | ||||||
Proceeds from sales of other real estate owned | 2,539 | 6,686 | ||||||
Net cash received in acquisition of business | 4,306 | 20,374 | ||||||
Net cash used in investing activities | (135,448) | (309,261) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Net increase in deposits | 40,372 | 275,443 | ||||||
Proceeds from Federal Home Loan Bank advances | 6,358,600 | 4,460,000 | ||||||
Repayments of Federal Home Loan Bank advances | (6,282,900) | (4,396,487) | ||||||
Proceeds from line of credit | 5,680 | |||||||
Repayments of line of credit | (11,335) | |||||||
Net decrease in securities sold under agreements to repurchase | (1,876) | (6,741) | ||||||
Dividends paid on preferred stock | (587) | (587) | ||||||
Proceeds from issuance of common stock upon exercise of stock options | 2,359 | 1,702 | ||||||
Proceeds from issuance of common stock | 580 | 172 | ||||||
Net cash provided by financing activities | 110,893 | 333,502 | ||||||
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (13,021) | 86,407 | ||||||
CASH AND CASH EQUIVALENTS, beginning of period | $ 121,860 | 144,756 | $ 58,349 | 121,860 | 58,349 | $ 58,349 | ||
CASH AND CASH EQUIVALENTS, end of period | $ 108,839 | $ 121,860 | $ 144,756 | 108,839 | 144,756 | $ 121,860 | ||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||||||||
Cash paid during the period for interest | 35,021 | 16,868 | ||||||
Cash payments during the period for taxes | 16,090 | 3,114 | ||||||
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||||||||
Change in fair value of available-for-sale securities, net of tax | 17,041 | (10,725) | ||||||
Change in fair value of cash flow hedges, net of tax | (5,142) | 4,213 | ||||||
Delayed payments of mortgage-backed securities | 720 | 229 | ||||||
Transfer of securities from held-to-maturity to available-for-sale | 94,837 | |||||||
Reclassification of equity and other securities | 6,609 | |||||||
Transfers of loans to other real estate owned | 3,916 | 1,527 | ||||||
Internally financed sale of other real estate owned | 183 | 444 | ||||||
Transfers of land and premises to assets held for sale | 2,733 | 2,531 | ||||||
Transfers of assets held for sale to premises and equipment | (415) | |||||||
Transfers of premises and equipment to other assets | 35 | |||||||
Transfer of other assets to assets held for sale | 16 | |||||||
Due from counterparties | 47,045 | 14,334 | ||||||
Due to broker | 6,983 | |||||||
Total assets acquired from acquisition | 341,375 | 1,142,766 | ||||||
Total liabilities assumed from acquisition | 305,892 | 1,036,609 | ||||||
Common stock and stock options issued due to acquisition of business | $ 29,320 | $ 152,127 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | These unaudited interim condensed consolidated financial statements include the accounts of Byline Illinois state chartered 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 September 30, 2019 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, 2018, 2017, and 2016. 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 consolidated financial statements. The Company has one reportable segment. The Company’s chief operating decision maker evaluates the operations of the Company using consolidated information for purposes of allocating resources and assessing performance. Therefore, segments disclosures are not required. No subsequent events were identified that would have required a change to the consolidated financial statements or disclosure in the notes to the consolidated financial statements. Certain prior period amounts have been reclassified to conform to current period presentation. These reclassifications did not result in any changes to previously reported net income or stockholders’ equity. |
Accounting Pronouncements Recen
Accounting Pronouncements Recently Adopted or Issued | 9 Months Ended |
Sep. 30, 2019 | |
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. As the Company qualifies as an emerging growth company and has elected the extended transition period for complying with new or revised accounting pronouncements, it is not subject to new or revised accounting standards applicable to public companies during the extended transition period. The accounting pronouncements pending adoption below reflect effective dates for the Company as an emerging growth company with the extended transition period. Adopted Accounting Pronouncements Revenue from Contracts with Customers In May 2014, FASB issued Accounting Standards Update (“ASU”) No. 2014-09, deferred by ASU No. 2015-14 and clarifying standards, Revenue from Contracts with Customers , which creates Topics 606 and 610 and supersedes Topic 605, Revenue Recognition . The core principle of Topic 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In April 2016, FASB issued ASU No. 2016-10, Identifying Performance Obligations and Licensing . The amendments in this ASU clarify the following two aspects of Topic 606: (1) identifying performance obligations and (2) licensing implementation guidance, while retaining the related principles for those areas. In May 2016, FASB issued ASU No. 2016-12, Narrow-Scope Improvements and Practical Expedients , amending ASC Topic 606, Revenue from Contracts with Customers . The amendments in this ASU affect only several narrow aspects of Topic 606. In November 2017, FASB issued ASU No. 2017-14, amending ASC Topic 606, Revenue from Contracts with Customers . The ASU amends the codification to incorporate additional previously issued guidance from the SEC. The SEC issued SAB 116 to bring existing SEC staff guidance into conformity with the FASB’s adoption of and amendments to ASC Topic 606. In general, the new guidance requires companies to use more judgment and make more estimates than under current guidance, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The new authoritative guidance was initially effective for reporting periods after January 1, 2017 but was deferred to January 1, 2018. Given our emerging growth status, the Company adopted this new guidance on January 1, 2019 using the full retrospective method, meaning the standard is applied to all periods presented in the financial statements with the cumulative effect of initially applying the standard recognized at the beginning of the earliest period presented. The majority of the Company’s revenue streams, including interest and dividend income, servicing fees, and gains on sales of loans and investments, are outside the scope of Topic 606. Revenue streams reported as fees and service charges on deposits, ATM and interchange fees, and wealth management and trust income are within the scope of Topic 606. The Company applied the requirements of Topic 606 to the revenue streams that are within its scope. The adoption of Topic 606 did not result in any changes in the either timing or amount of recognized; there was no cumulative effect adjustment to opening retained earnings as no material changes were identified in the timing of revenue recognition. However, the presentation of certain costs associated with our ATM and debit card income were offset against ATM and interchange income. This change in presentation resulted in $396,000 and $1.1 million of expenses for the three and nine months ended September 30, 2019, respectively, being netted against ATM and interchange fees and reported in non-interest income instead of as other non-interest expense in non-interest expense. In addition, to conform to the current period presentation, $241,000 and $837,000 of related expenses for the three and nine months ended September 30, 2018, respectively, were reclassified from other non-interest expense in non-interest expense to being netted against ATM and interchange fees in non-interest income. The Company elected to apply the practical expedient and therefore does not disclose information about remaining performance obligations that have an original expected term of one year or less and allows the Company to expense costs related to obtaining a contract as incurred when the amortization period would have been one year or less. The Company adopted ASU 2014-09 using the full retrospective approach. The following table presents the impact of adopting the new revenue standard on our Consolidated Statements of Operations for the periods presented (in thousands): For the Three Months Ended For the Three Months Ended September 30, 2019 September 30, 2018 As Reported Balance without Adoption of ASC 606 Effect of Change As Reported Balance without Adoption of ASC 606 Effect of Change Non-interest income: ATM and interchange fees $ 973 $ 1,369 $ (396 ) $ 1,540 $ 1,781 $ (241 ) Non-interest expense: Other non-interest expense $ 2,679 $ 3,075 $ (396 ) $ 2,880 $ 3,121 $ (241 ) For the Nine Months Ended For the Nine Months Ended September 30, 2019 September 30, 2018 As Reported Balance without Adoption of ASC 606 Effect of Change As Reported Balance without Adoption of ASC 606 Effect of Change Non-interest income: ATM and interchange fees $ 2,635 $ 3,757 $ (1,122 ) $ 3,303 $ 4,140 $ (837 ) Non-interest expense: Other non-interest expense $ 8,358 $ 9,480 $ (1,122 ) $ 6,769 $ 7,606 $ (837 ) Fees and service charges on deposits: Fees and service charges on deposits include transaction and non-transaction based deposit fees. Transaction based fees on deposit accounts are charged to deposit customers for specific services provided to the customer. These fees include such items as wire fees, official check fees, and overdraft fees. These are contracts specific to each individual transaction and do not extend beyond the individual transaction. The performance obligation is completed and the fees are recognized at the time the specific transactional service is provided to the customer. Non-transactional deposit fees are typically monthly account maintenance fees charged on deposit accounts. These are day-to-day contracts that can be cancelled by either party without notice. The performance obligation is satisfied and the fees are recognized on a monthly basis after the service period is completed. ATM and interchange fees: ATM fees represent fees earned when a foreign debit or ATM card is used in a Byline Bank ATM. These fees are assessed and paid at the time of each transaction as the performance obligation is satisfied, which is at the point in time that the transaction is performed and approved. Interchange fees represent fees earned when a debit card issued by the Bank is used to purchase goods or services at a merchant. The merchant's bank pays the Bank a default interchange rate set by MasterCard on a transaction by transaction basis. Interchange fees are assessed as the performance obligation is satisfied, which is at the point in time the card transaction is authorized. The performance obligation is satisfied and the fees are earned when the cost of the transaction is charged to the Bank cardholders’ card. Direct expenses associated with ATM and debit cards are recorded as a net reduction against the ATM and interchange income. Wealth management and trust income: Wealth management and trust income represents fees earned by the Bank for discretionary investment management, trust administration, fiduciary and/or custody services rendered. Fees vary and are based on a contract with the customer. Fee income is determined as a percentage of assets under management and is recognized over the period the underlying account is serviced. Although some trust appointments can last for generations, most contracts are generally cancellable at any time, with the customer subject to a pro-rated fee in the month of termination. Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities . The amendments in this ASU require equity securities to be measured at fair value with changes in the fair value recognized through net income. The amendments allow equity investments that do not have readily determinable fair values to be remeasured at fair value under certain circumstances and require enhanced disclosures about those investments. The amendments simplify the impairment assessment of equity investments without readily determinable fair values. The amendments also eliminate the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. The amendments require entities to adjust fair value disclosures for financial instruments to be reflected at an exit price. The amendments in this ASU require separate presentation in other comprehensive income of the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. This amendment excludes from net income gains or losses that the entity may not realize because those financial liabilities are not usually transferred or settled at their fair values before maturity. The amendments in this ASU require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or in the accompanying notes to the financial statements. The Company adopted the provisions of ASU No. 2016-01 as of January 1, 2019. The adoption of this ASU resulted in the Company reclassifying $1.4 million from other comprehensive income to retained earnings, representing the unrealized gain, net of tax, on available-for-sale for sale equity securities at the date of adoption. The provisions of ASU No. 2016-01 require any future changes in fair value of equity securities to be recorded in the Consolidated Statements of Operations which could result in additional volatility in non-interest income. At December 31, 2018, the Company held $6.6 million of available-for-sale equity investment securities, which were previously reported as available-for-sale securities, at fair value, and are now reported as equity and other securities, at fair value. In addition, the adoption of this ASU resulted in changing how the Company estimates the fair value of portfolio loans and leases for disclosure purposes. Fair values are estimated first by stratifying the portfolios of loans and leases with similar financial characteristics. Loans and leases are segregated by type such as commercial real estate, residential mortgage, construction, land, and development, commercial and industrial, consumer and other. Each loan and lease category is further segmented into fixed- and adjustable-rate interest terms. An estimate of fair value is then calculated based on discounted cash flows using as a discount rate based on the current rate offered on similar products, plus an adjustment for liquidity to reflect the non-homogeneous nature of the loans and leases, as well as a quarterly loss rate based on historical losses to arrive at an estimated exit price fair value. Fair value for impaired loans and leases is also based on recent appraisals or estimated cash flows discounted using rates commensurate with risk associated with the estimated cash flows. Assumptions regarding credit risk, cash flows and discount rates are judgmentally determined using available market information and specific borrower information. Derivatives and Hedging (Topic 815) In August 2017, FASB issued ASU No. 2017-12, Targeted Improvements to Accounting for Hedging Activities . The amendments in this ASU better align an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. The Company adopted the provisions of ASU No. 2017-12 on January 1, 2019. Upon adoption, the Company elected to reclassify $94.8 million of securities held-to-maturity to securities available-for-sale, which did not impact on the Consolidated Statements of Operations Compensation—Stock Compensation (Topic 718) In May 2017, the FASB issued ASU 2017-09, Scope of Modification Accounting . The amendments in the ASU provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. An entity should account for the effects of a modification unless all of the following are met: (1) the fair value (or calculated value or intrinsic value, if such an alternative measurement method is used) of the modified award is the same as the fair value (or calculated value or intrinsic value, if such an alternative measurement method is used) of the original award immediately before the original award is modified. If the modification does not affect any of the inputs to the valuation technique that the entity uses to value the award, the entity is not required to estimate the value immediately before and after the modification. (2) the vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified. (3) the classification of the modified award is an equity instrument or liability instrument is the same as the classification of the original award immediately before the original award is modified. The amendments are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period, for reporting periods for which financial statements have not yet been issued. The amendments should be applied prospectively to an award modified on or after the adoption date. Given our emerging growth status, the Company adopted the provisions of ASU No. 2017-09 on January 1, 2019, which did not have a material impact on the Company’s Consolidated Financial Statements. Statement of Cash Flows (Topic 230) In August 2016, FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments . There is diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230 and other Topics. This ASU addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. Those eight issues are (1) debt prepayment or debt extinguishment costs, (2) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, (3) contingent consideration payments made after a business combination, (4) proceeds from the settlement of insurance claims, (5) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (6) distributions received from equity method investees, (7) beneficial interests in securitization transactions, and (8) separately identifiable cash flows and application of the predominance principle. Current GAAP either is unclear or does not include specific guidance on these eight cash flow classification issues. These amendments provide guidance for each of the eight issues, thereby reducing current and potential future diversity in practice. The amendments in this ASU are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. Given the Company’s emerging growth company status, the new authoritative guidance will be effective for reporting periods after January 1, 2019. The Company adopted the provisions of ASU No. 2016-15 on January 1, 2019, which did not have a material impact on the Company’s Consolidated Financial Statements. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash Business Combinations (Topic 805) In January 2017, the FASB issued ASU No. 2017-01, Clarifying the Definition of a Business . The guidance clarifies the definition of a business to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. This guidance is effective for annual and interim periods beginning after December 15, 2017. Given our emerging growth status, the Company adopted the provisions of ASU No. 2017-01 on January 1, 2019, which did not have a material impact on the Company’s Consolidated Financial Statements. Fair Value Measurement (Topic 820) In August 2018, FASB issued ASU No. 2018-13, Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement . The amendments in this ASU modify the disclosure requirements on fair value measurements in Topic 820. The amendments remove the disclosure requirements for the amount and reasons for transfers between Level 1 and Level 2 securities of the fair value hierarchy, the policy for timing of transfers between levels, and the valuation processes for Level 3 fair value measurement. The amendments modify the disclosure requirements as follows: for investments in certain entities that calculate net asset value, an entity is required to disclose the timing of liquidation of an investee’s assets and the date when restrictions from redemption might lapse only if the investee has communicated the timing to the entity or announced the timing publicly; and clarify that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date. The amendments add the following disclosure requirements: the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period; and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. Early adoption is permitted. The Company early adopted these amendments in 2018, which did not have a material impact on the Company’s Consolidated Financial Statements. Issued Accounting Pronouncements Pending Adoption Leases (Topic 842) In February 2016, FASB issued ASU No. 2016-02, Leases . The amendments in this ASU require lessees to recognize the following for all leases (with the exception of short-term) at the commencement date: a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The amendments in this ASU leave lessor accounting largely unchanged, although certain targeted improvements were made to align lessor accounting with the lessee accounting model. This ASU simplifies the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted upon issuance. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. The Company is evaluating the new guidance and its impact on the Company’s Consolidated Statements of Operations and Consolidated Statements of Financial Condition. In October 2019, FASB voted to defer the effective date of this ASU for entities not classified as Public Business Entities (PBEs). Our status as an emerging growth company makes us eligible for this deferral. Assuming the Company remains an emerging growth company, the proposed guidance will be effective for reporting periods after December 15, 2020, and interim periods with fiscal years beginning after December 15, 2021. The Company expects an increase in assets and liabilities as a result of recognizing additional right-of-use assets and liabilities under lease contracts in which the Company is lessee. While the Company has not quantified the impact of this ASU on its direct financing lease portfolio, it does not expect a material change in its accounting for the initial direct costs related to these leases. Financial Instruments—Credit Losses (Topic 326) In June 2016, FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments . Current GAAP requires an “incurred loss” methodology for recognizing credit losses that delays recognition until it is probable a loss has been incurred. The main objective of this ASU is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The amendments in this ASU replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The amendments in this ASU require a financial asset (or group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. The measurement of expected credit losses will be based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. The amendments in this ASU broaden the information that an entity must consider in developing its expected credit loss estimate for assets measured either collectively or individually. The use of forecasted information incorporates more timely information in the estimate of expected credit loss, which will be more useful to users of the financial statements. In October 2019, FASB voted to defer the effective date of the ASU for entities not classified as PBEs. Once issued, the Company intends to exercise the extension applicable to emerging growth companies. The Company is in process of implementation and determining the impact that this ASU will have on the Company’s Consolidated Financial Statements. Nonrefundable Fees and Other Costs (Subtopic 310-20) In March 2017, FASB issued ASU No. 2017-08, Receivables—Nonrefundable Fees and Other Costs. The amendments in the ASU shorten the amortization period for certain callable debt securities held at a premium at the earliest call date. Under current GAAP, the Company amortizes the premium as an adjustment of yield over the contractual life of the instrument. As a result, upon exercise of a call on a callable debt security held at a premium, the unamortized premium is charged to earnings. The ASU shortens the amortization period for certain callable debt securities held at a premium and requires the premium to be amortized to the earliest call date. However, the amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The amendments are effective for annual periods beginning after December 15, 2019, and interim periods within annual periods beginning after December 15, 2020. Early adoption is permitted. The Company is required to apply the amendments on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. Assuming the Company remains an emerging growth company, the new authoritative guidance will be effective for reporting periods after January 1, 2020. The Company is currently evaluating the provisions of ASU No. 2017-08 to determine the potential impact the new standard will have on the Company’s Consolidated Financial Statements. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | Note 3—Acquisitions On April 30, 2019, the Company acquired all of the outstanding common stock of Oak Park River Forest Bankshares, Inc. (“Oak Park River Forest”) and its subsidiary pursuant to an Agreement and Plan of Merger, dated as of October 17, 2018 (the “OPRF Merger Agreement”). Oak Park River Forest operated one wholly owned subsidiary, Community Bank of Oak Park River Forest. Oak Park River Forest was merged with and into Byline. As a result of the merger, Oak Park River Forest’s subsidiary bank, Community Bank of Oak Park River Forest, was merged with and into Byline Bank, with Byline Bank as the surviving bank. At the effective time of the merger (the “OPRF Effective Time”), each share of Oak Park River Forest’s common stock was converted into the right to receive: (1) 7.9321 shares of Byline’s common stock, and (2) an amount in cash equal to $6.2 million divided by the number of outstanding shares of Oak Park River Forest common stock as of the closing date, with cash paid in lieu of any fractional shares. The per share cash consideration was based on the total $6.2 million divided by the outstanding shares of Oak Park River Forest common stock, or $33.375 per outstanding share. Based on the closing price of the Company’s common stock of $20.02, as reported by the New York Stock Exchange, and 1,464,558 shares of common stock issued with respect to the outstanding shares of Oak Park River Forest common stock, the stock consideration was valued at $29.3 million. Options to acquire 35,870 shares of Oak Park River Forest common stock that were outstanding at the OPRF Effective Time were cancelled, at the option holders election, in exchange for a cash payment in accordance with the OPRF Merger agreement of $4.2 million, to be paid after the closing date. The value of the total merger consideration at closing was $35.5 million before issuance costs of $429,000. The transaction resulted in goodwill of $17.5 million, which is nondeductible for tax purposes, as this acquisition was a nontaxable transaction. Goodwill represents the premium paid over the fair value of the net tangible and intangible assets acquired and reflects related synergies expected from the combined operations. The Company incurred Oak Park River Forest merger-related expenses, including acquisition advisory expenses, of $2.3 million for the nine months ended September 30, 2019. The Company incurred merger-related income of $135,000 for the three months ended September 30, 2019, resulting from a legal fee credit. Core system conversion expenses were $1.2 million $1.9 million related to the Oak Park River Forest acquisition for the three and nine months ended September 30, 2019, respectively. These expenses are reflected in non-interest expense on the Consolidated Statements of Operations. The acquisition of Oak Park River Forest was accounted for using the acquisition method of accounting in accordance with ASC Topic 805. Assets acquired, liabilities assumed and consideration exchanged were recorded at their respective acquisition date fair values. Determining the fair value of assets and liabilities involves significant judgment regarding methods and assumptions used to calculate estimated fair values. 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. On May 31, 2018, the Company acquired all common stock of First Evanston Bancorp, Inc. (“First Evanston”) and its subsidiaries pursuant to an Agreement and Plan of Merger, dated as of November 27, 2017 (the “Merger Agreement”). First Evanston operated two wholly owned subsidiaries, First Bank & Trust and First Evanston Bancorp Trust I. First Evanston was merged with and into Byline. As a result of the merger, First Evanston’s subsidiary bank, First Bank & Trust, was merged with and into Byline Bank, with Byline Bank as the surviving bank. At the effective time of the merger (the “Effective Time”), each share of First Evanston’s common stock was converted into the right to receive: (1) 3.994 shares of Byline’s common stock, and (2) an amount in cash equal to $27.0 million divided by the number of outstanding shares of First Evanston common stock as of the closing date, with cash paid in lieu of any fractional shares. The per share cash consideration was based on the total $27.0 million divided by the outstanding shares of First Evanston common stock, or $16.136 per outstanding share. Based on the closing price of the Company’s common stock of $21.62, as reported by the New York Stock Exchange, and 6,682,850 shares of common stock issued with respect to the outstanding shares of First Evanston common stock, the stock consideration was valued at $144.5 million. Options to acquire 144,090 shares of First Evanston common stock that were outstanding at the Effective Time were converted into options to acquire 680,787 shares of Byline common stock, resulting in a consideration value of $7.6 million. The value of the total merger consideration at closing was $179.1 million before issuance costs of $852,000. The transaction resulted in goodwill of $73.6 million, which is nondeductible for tax purposes, as this acquisition was a nontaxable transaction. The Company incurred First Evanston merger-related expenses, including acquisition advisory expenses, The acquisition of First Evanston was accounted for using the acquisition method of accounting in accordance with ASC Topic 805. Assets acquired, liabilities assumed and consideration exchanged were recorded at their respective acquisition date fair values. Determining the fair value of assets and liabilities involves significant judgment regarding methods and assumptions used to calculate estimated fair values. The fair value adjustments associated with the First Evanston transaction were finalized during the fourth quarter of 2018. The following table presents a summary of the fair values of assets acquired and liabilities assumed as of the acquisition dates: Preliminary Estimates April 30, 2019 Oak Park River Forest May 31, 2018 First Evanston Assets Cash and cash equivalents $ 10,469 $ 47,378 Securities available-for-sale 30,343 128,063 Restricted stock 414 1,360 Loans 261,151 916,011 Premises and equipment 3,488 15,890 Other real estate owned 2,201 — Other intangible assets 6,220 22,276 Bank-owned life insurance 3,485 — Deferred tax assets, net 4,887 2,302 Other assets 1,256 8,845 Total assets acquired 323,914 1,142,125 Liabilities Deposits 290,171 1,022,268 Line of credit 5,655 — Federal Home Loan Bank advances 5,300 — Junior subordinated debentures — 8,497 Accrued expenses and other liabilities 4,766 5,844 Total liabilities assumed 305,892 1,036,609 Net assets acquired $ 18,022 $ 105,516 Consideration paid Common stock (2019 - 1,464,558 shares issued at $20.02 per share, 2018 - 6,682,850 shares issued at $21.62 per share) 29,320 144,483 Outstanding stock options converted to Byline stock options — 7,644 Cash paid 6,163 27,004 Total consideration paid 35,483 179,131 Goodwill $ 17,461 $ 73,615 The following table presents the acquired non-impaired loans as of the acquisition dates: April 30, 2019 Oak Park River Forest May 31, 2018 First Evanston Fair value $ 212,587 $ 890,986 Gross contractual amounts receivable 275,553 1,057,374 Estimate of contractual cash flows not expected to be collected (1) 23,932 36,544 Estimate of contractual cash flows expected to be collected 251,621 1,020,830 (1) Includes interest payments not expected to be collected due to loan prepayments as well as principal and interest payments not expected to be collected due to customer default. The discount on the acquired non-impaired loans is being accreted into income over the life of the loans on an effective yield basis. The following table provides the unaudited pro forma information for the results of operations for the three and nine months ended September 30, 2019 and 2018, as if the acquisitions had occurred on January 1, 2018. The pro forma results combine the historical results of First Evanston and Oak Park River Forest into the Company’s Consolidated Statements of Operations, including the impact of certain acquisition accounting adjustments, which includes loan discount accretion, intangible assets amortization, deposit premium accretion, and borrowing, net of 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, 2018. No assumptions have been applied to the pro forma results of operations regarding possible revenue enhancements, provision for credit losses, expense efficiencies or asset dispositions. The acquisition-related expenses that have been recognized are included in net income in the following table for the three and nine months ended September 30, 2019 and 2018. For the Three Months Ended For the Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Total revenues (net interest income and non-interest income) $ 72,644 $ 69,019 $ 209,765 $ 200,371 Net income $ 15,342 $ 15,673 $ 45,138 $ 42,160 Earnings per share—basic $ 0.40 $ 0.41 $ 1.18 $ 1.11 Earnings per share—diluted $ 0.39 $ 0.40 $ 1.16 $ 1.08 The operating results of the Company include the operating results produced by the acquired assets and assumed liabilities of First Evanston for the period beginning June 1, 2018 through September 30, 2019, and Oak Park River Forest for the period beginning May 1, 2019 through September 30, 2019. Revenues and earnings of the acquired companies since the acquisition date have not been disclosed as it is not practicable as First Evanston and Oak Park River Forest were both merged into the Company and separate financial information is not readily available. |
Securities
Securities | 9 Months Ended |
Sep. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Securities | Note 4—Securities The following September 30, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale U.S. Treasury Notes $ 42,381 $ 461 $ — $ 42,842 U.S. Government agencies 177,082 1,048 (272 ) 177,858 Obligations of states, municipalities, and political subdivisions 96,564 2,269 (231 ) 98,602 Residential mortgage-backed securities Agency 329,145 2,178 (2,313 ) 329,010 Non-agency 119,661 644 (245 ) 120,060 Commercial mortgage-backed securities Agency 150,891 1,698 (556 ) 152,033 Non-agency 31,224 276 — 31,500 Corporate securities 46,821 415 (42 ) 47,194 Other securities 32,955 — (121 ) 32,834 Total $ 1,026,724 $ 8,989 $ (3,780 ) $ 1,031,933 September 30, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Held-to-maturity Obligations of states, municipalities, and political subdivisions $ 4,417 $ 85 $ — $ 4,502 Total $ 4,417 $ 85 $ — $ 4,502 December 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale U.S. Treasury Notes $ 52,775 $ 81 $ (189 ) $ 52,667 U.S. Government agencies 187,427 367 (1,296 ) 186,498 Obligations of states, municipalities, and political subdivisions 60,686 133 (586 ) 60,233 Residential mortgage-backed securities Agency 284,038 101 (11,176 ) 272,963 Non-agency 84,998 199 (1,576 ) 83,621 Commercial mortgage-backed securities Agency 93,543 55 (3,164 ) 90,434 Non-agency 31,458 — (1,000 ) 30,458 Corporate securities 34,716 67 (610 ) 34,173 Other securities 4,613 2,127 (131 ) 6,609 Total $ 834,254 $ 3,130 $ (19,728 ) $ 817,656 December 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Held-to-maturity Obligations of states, municipalities, and political subdivisions $ 23,835 $ 40 $ (210 ) $ 23,665 Residential mortgage-backed securities Agency 40,082 93 (531 ) 39,644 Non-agency 35,349 — (919 ) 34,430 Total $ 99,266 $ 133 $ (1,660 ) $ 97,739 The Company did not classify securities as trading during the three or nine months ended September 30, 2019 or during 2018. The Company adopted the provisions of ASU No. 2016-01 as of January 1, 2019. The adoption of this ASU resulted in the reclassification of available-for-sale equity securities, at fair value to a separate line item on the Company’s Consolidated Statements of Financial Condition, and the reclassification of $1.4 million from other comprehensive income to retained earnings, representing the net unrealized gain, net of tax, on available-for-sale for sale equity securities at the date of adoption. At December 31, 2018, the Company held $6.6 million of available-for-sale equity investment securities which were reported as available-for-sale securities, at fair value, and are now reported as equity and other securities, at fair value. Additionally, the Company adopted the provisions of ASU No. 2017-12 on January 1, 2019, and elected to reclassify $94.8 million of securities held-to-maturity to securities available-for-sale, which did not have an impact on the Consolidated Statements of Operations. 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 September 30, 2019 and December 31, 2018, are summarized as follows: Less than 12 Months 12 Months or Longer Total September 30, 2019 # of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Available-for-sale U.S. Government agencies 5 $ 14,834 $ (163 ) $ 20,266 $ (109 ) $ 35,100 $ (272 ) Obligations of states, municipalities and political subdivisions 4 9,960 (226 ) 1,417 (5 ) 11,377 (231 ) Residential mortgage-backed securities Agency 40 32,436 (179 ) 204,649 (2,134 ) 237,085 (2,313 ) Non-agency 11 36,826 (62 ) 28,142 (183 ) 64,968 (245 ) Commercial mortgage-backed securities Agency 8 38,571 (256 ) 33,769 (300 ) 72,340 (556 ) Corporate securities 5 9,276 (42 ) — — 9,276 (42 ) Other securities 1 32,834 (121 ) — — 32,834 (121 ) Total 74 $ 174,737 $ (1,049 ) $ 288,243 $ (2,731 ) $ 462,980 $ (3,780 ) Less than 12 Months 12 Months or Longer Total December 31, 2018 # of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Available-for-sale U.S. Treasury Notes 18 $ 23,835 $ (52 ) $ 9,865 $ (137 ) $ 33,700 $ (189 ) U.S. Government agencies 25 43,487 (80 ) 50,101 (1,216 ) 93,588 (1,296 ) Obligations of states, municipalities and political subdivisions 56 13,926 (97 ) 18,563 (489 ) 32,489 (586 ) Residential mortgage-backed securities Agency 42 4,288 (45 ) 254,121 (11,131 ) 258,409 (11,176 ) Non-agency 8 59,107 (1,378 ) 4,009 (198 ) 63,116 (1,576 ) Commercial mortgage-backed securities Agency 9 21,356 (447 ) 52,640 (2,717 ) 73,996 (3,164 ) Non-agency 5 — — 30,458 (1,000 ) 30,458 (1,000 ) Corporate securities 15 25,762 (342 ) 4,642 (268 ) 30,404 (610 ) Other securities 1 — — 2,844 (131 ) 2,844 (131 ) Total 179 $ 191,761 $ (2,441 ) $ 427,243 $ (17,287 ) $ 619,004 $ (19,728 ) Less than 12 Months 12 Months or Longer Total December 31, 2018 # of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Held-to-maturity Obligations of states, municipalities, and political subdivisions 23 $ 8,127 $ (58 ) $ 8,792 $ (152 ) $ 16,919 $ (210 ) Residential mortgage-backed securities Agency 16 6,625 (150 ) 21,139 (381 ) 27,764 (531 ) Non-agency 7 21,499 (503 ) 12,931 (416 ) 34,430 (919 ) Total 46 $ 36,251 $ (711 ) $ 42,862 $ (949 ) $ 79,113 $ (1,660 ) Certain T o available-for-sale The proceeds from all sales of securities three and nine months ended September 30, 2019 For the Three Months Ended For the Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Proceeds $ 32,509 $ — $ 92,103 $ 544 Gross gains 225 — 1,274 4 Gross losses 47 — 123 — There were $178,000 in net gains reclassified from income income income Securities pledged at September 30, 2019 and December 31, 2018 had carrying amounts of $306.9 million and $244.7 million, At September 30, 2019, the Amortized Cost Fair Value Equity and other securities, at fair value Due after ten years $ 697 $ 697 No defined maturity 6,951 6,951 Total $ 7,648 $ 7,648 Available-for-sale Due in one year or less $ 59,697 $ 59,875 Due from one to five years 123,941 125,158 Due from five to ten years 136,438 137,993 Due after ten years 75,727 76,304 Mortgage-backed securities 630,921 632,603 Total $ 1,026,724 $ 1,031,933 Held-to-maturity Due from one to five years $ 3,805 $ 3,873 Due from five to ten years 612 629 Total $ 4,417 $ 4,502 |
Loan and Lease Receivables
Loan and Lease Receivables | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Loan and Lease Receivables | Note 5—Loan Outstanding loan and lease receivables as of the dates shown were categorized as follows: September 30, December 31, 2019 2018 Commercial real estate $ 1,305,438 $ 1,261,594 Residential real estate 748,875 704,899 Construction, land development, and other land 281,868 186,258 Commercial and industrial 1,300,997 1,145,240 Installment and other 9,284 13,675 Lease financing receivables 180,273 187,797 Total loans and leases 3,826,735 3,499,463 Net unamortized deferred fees and costs 1,444 (1,293 ) Initial direct costs 2,911 3,456 Allowance for loan and lease losses (31,585 ) (25,201 ) Net loans and leases $ 3,799,505 $ 3,476,425 September 30, December 31, 2019 2018 Lease financing receivables Net minimum lease payments $ 196,163 $ 204,646 Unguaranteed residual values 1,379 1,535 Unearned income (17,269 ) (18,384 ) Total lease financing receivables 180,273 187,797 Initial direct costs 2,911 3,456 Lease financial receivables before allowance for lease losses $ 183,184 $ 191,253 Total loans and leases consist of originated loans and leases, acquired impaired loans and acquired non-impaired loans and leases. At September 30, 2019 and December 31, 2018, total loans and leases included the guaranteed amount of U.S. government guaranteed loans of $139.8 million and $108.7 million, respectively. At September 30, 2019 and December 31, 2018, installment and other loans included overdraft deposits of $2.0 million and $1.7 million, respectively, which were reclassified as loans. At September 30, 2019 and December 31, 2018, loans and loans held for sale pledged as security for borrowings were $1.9 billion and $1.4 billion. The minimum Minimum Lease Payments 2019 $ 18,025 2020 70,292 2021 51,235 2022 33,733 2023 17,614 Thereafter 5,264 Total $ 196,163 Originated Topic more than insignificant having evidence of credit quality deterioration do not qualify to be accounted for as acquired impaired loans and Topic September 30, 2019 Originated Acquired Impaired Acquired Non- Impaired Total Commercial real estate $ 772,559 $ 142,435 $ 391,294 $ 1,306,288 Residential real estate 497,839 109,409 141,855 749,103 Construction, land development, and other land 236,780 4,562 39,657 280,999 Commercial and industrial 1,096,400 18,349 187,413 1,302,162 Installment and other 7,818 267 1,269 9,354 Lease financing receivables 160,061 — 23,123 183,184 Total loans and leases $ 2,771,457 $ 275,022 $ 784,611 $ 3,831,090 December 31, 2018 Originated Acquired Impaired Acquired Non- Impaired Total Commercial real estate $ 652,234 $ 146,808 $ 462,565 $ 1,261,607 Residential real estate 466,309 113,934 124,659 704,902 Construction, land development, and other land 144,128 3,779 37,442 185,349 Commercial and industrial 803,508 12,617 328,672 1,144,797 Installment and other 11,718 404 1,596 13,718 Lease financing receivables 159,901 — 31,352 191,253 Total loans and leases $ 2,237,798 $ 277,542 $ 986,286 $ 3,501,626 Acquired impaired loans —As part of the First Evanston acquisition, the Bank acquired impaired loans that are accounted for under ASC 310-30 in the amount of $25.0 million. As part of the Oak Park River Forest acquisition, the Bank acquired impaired loans in the amount of $48.6 million. Refer to Note 3—Acquisitions for additional information regarding the transaction. The following table presents a reconciliation of the undiscounted contractual cash flows, non-accretable difference, accretable yield, and fair value of acquired impaired loans as of the acquisition date of May 31, 2018 (First Evanston) and April 30, 2019 (Oak Park River Forest): First Evanston Oak Park River Forest Undiscounted contractual cash flows $ 33,594 $ 65,223 Undiscounted cash flows not expected to be collected (non-accretable difference) (5,003 ) (8,158 ) Undiscounted cash flows expected to be collected 28,591 57,065 Accretable yield at acquisition (3,566 ) (8,501 ) Estimated fair value of impaired loans acquired at acquisition $ 25,025 $ 48,564 The outstanding September 30, 2019 December 31, 2018 Outstanding Balance Carrying Value Outstanding Balance Carrying Value Commercial real estate $ 196,495 $ 142,435 $ 216,137 $ 146,808 Residential real estate 161,742 109,409 173,962 113,934 Construction, land development, and other land 13,276 4,562 11,962 3,779 Commercial and industrial 27,320 18,349 24,972 12,617 Installment and other 1,121 267 1,735 404 Total acquired impaired loans $ 399,954 $ 275,022 $ 428,768 $ 277,542 The following table summarizes the changes in accretable yield for acquired impaired loans for the three and nine months ended September 30, 2019 and 2018: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Beginning balance $ 46,538 $ 41,306 $ 37,115 $ 36,446 Additions — — 8,501 3,566 Accretion to interest income (7,703 ) (5,665 ) (17,772 ) (17,227 ) Reclassification from nonaccretable difference, net 5,153 2,507 16,144 15,363 Ending balance $ 43,988 $ 38,148 $ 43,988 $ 38,148 Acquired non-impaired loans and leases —The Company acquired non-impaired loans as part of the First Evanston acquisition in the amount of $891.0 million. The Company acquired non-impaired loans as part of the Oak Park River Forest acquisition in the amount of $212.6 million. Refer to Note 3—Acquisitions for additional information regarding the transaction. The unpaid September 30, 2019 December 31, 2018 Unpaid Principal Balance Carrying Value Unpaid Principal Balance Carrying Value Commercial real estate $ 400,422 $ 391,294 $ 473,262 $ 462,565 Residential real estate 144,075 141,855 127,478 124,659 Construction, land development, and other land 40,778 39,657 38,494 37,442 Commercial and industrial 194,756 187,413 344,879 328,672 Installment and other 1,303 1,269 1,831 1,596 Lease financing receivables 24,754 23,123 32,977 31,352 Total acquired non-impaired loans and leases $ 806,088 $ 784,611 $ 1,018,921 $ 986,286 |
Allowance for Loan and Lease Lo
Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments | Note 6—Allowance for Loans and leases The following September 30, 2019 Commercial Real Estate Residential Real Estate Construction, Land Development, and Other Land Commercial and Industrial Installment and Other Lease Financing Receivables Total Allowance for loan and lease losses Three months ended Beginning balance $ 8,934 $ 2,171 $ 691 $ 17,126 $ 67 $ 2,143 $ 31,132 Provisions 1,075 74 125 4,198 (12 ) 471 5,931 Charge-offs (1,459 ) — — (3,561 ) (1 ) (665 ) (5,686 ) Recoveries 3 6 — 20 1 178 208 Ending balance $ 8,553 $ 2,251 $ 816 $ 17,783 $ 55 $ 2,127 $ 31,585 Nine months ended Beginning balance $ 7,540 $ 1,751 $ 466 $ 12,932 $ 49 $ 2,463 $ 25,201 Provisions 4,212 230 350 10,550 10 969 16,321 Charge-offs (3,628 ) (9 ) — (5,740 ) (5 ) (1,932 ) (11,314 ) Recoveries 429 279 — 41 1 627 1,377 Ending balance $ 8,553 $ 2,251 $ 816 $ 17,783 $ 55 $ 2,127 $ 31,585 Ending balance: Individually evaluated for impairment $ 2,728 $ 39 $ — $ 6,795 $ — $ — $ 9,562 Collectively evaluated for impairment 4,458 1,612 802 10,169 53 2,127 19,221 Loans acquired with deteriorated credit quality 1,367 600 14 819 2 — 2,802 Total allowance for loan and lease losses $ 8,553 $ 2,251 $ 816 $ 17,783 $ 55 $ 2,127 $ 31,585 September 30, 2019 Commercial Real Estate Residential Real Estate Construction, Land Development, and Other Land Commercial and Industrial Installment and Other Lease Financing Receivables Total Loans and leases ending balance: Individually evaluated for impairment $ 24,071 $ 2,374 $ — $ 26,731 $ — $ — $ 53,176 Collectively evaluated for impairment 1,139,782 637,320 276,437 1,257,082 9,087 183,184 3,502,892 Loans acquired with deteriorated credit quality 142,435 109,409 4,562 18,349 267 — 275,022 Total loans and leases $ 1,306,288 $ 749,103 $ 280,999 $ 1,302,162 $ 9,354 $ 183,184 $ 3,831,090 September 30, 2018 Commercial Real Estate Residential Real Estate Construction, Land Development, and Other Land Commercial and Industrial Installment and Other Lease Financing Receivables Total Allowance for loan and lease losses Three months ended Beginning balance $ 6,453 $ 1,648 $ 332 $ 8,369 $ 30 $ 2,855 $ 19,687 Provisions 1,705 29 58 3,579 12 459 5,842 Charge-offs (736 ) — — (858 ) (4 ) (823 ) (2,421 ) Recoveries — — — 75 — 241 316 Ending balance $ 7,422 $ 1,677 $ 390 $ 11,165 $ 38 $ 2,732 $ 23,424 Nine months ended Beginning balance $ 4,794 $ 1,638 $ 222 $ 7,418 $ 41 $ 2,593 $ 16,706 Provisions 3,975 39 586 8,959 33 1,321 14,913 Charge-offs (1,347 ) — (418 ) (5,539 ) (36 ) (1,888 ) (9,228 ) Recoveries — — — 327 — 706 1,033 Ending balance $ 7,422 $ 1,677 $ 390 $ 11,165 $ 38 $ 2,732 $ 23,424 Ending balance: Individually evaluated for impairment $ 2,294 $ 70 $ — $ 4,044 $ 14 $ — $ 6,422 Collectively evaluated for impairment 3,413 1,150 390 6,301 21 2,732 14,007 Loans acquired with deteriorated credit quality 1,715 457 — 820 3 — 2,995 Total allowance for loan and lease losses $ 7,422 $ 1,677 $ 390 $ 11,165 $ 38 $ 2,732 $ 23,424 September 30, 2018 Commercial Real Estate Residential Real Estate Construction, Land Development, and Other Land Commercial and Industrial Installment and Other Lease Financing Receivables Total Loans and leases ending balance: Individually evaluated for impairment $ 13,612 $ 1,941 $ — $ 19,962 $ 14 $ — $ 35,529 Collectively evaluated for impairment 1,104,484 582,292 177,502 1,061,048 11,722 189,057 3,126,105 Loans acquired with deteriorated credit quality 154,108 120,963 4,203 14,436 458 — 294,168 Total loans and leases $ 1,272,204 $ 705,196 $ 181,705 $ 1,095,446 $ 12,194 $ 189,057 $ 3,455,802 The Company increased the allowance for loan and lease losses by $453,000 and $6.4 million for the three and nine months ended September 30, 2019, respectively. The Company increased the allowance for loan and lease losses by $3.7 million and $6.7 million for the three and nine months ended September 30, 2018, respectively. For acquired impaired loans, the Company decreased the allowance for loan and lease losses by $480,000 for the three months ended September 30, 2019. The Company increased the allowance for acquired impaired loan and lease losses by $260,000 for the The Company increased the allowance for loan and lease losses for acquired impaired loans by $244,000 for the three months ended September 30, 2018, and decreased the allowance for loan and lease losses by $879,000 for the For loans individually evaluated for impairment, the Company increased the allowance for loan and lease losses by $276,000 and $2.9 million for the three and nine months ended September 30, 2019, respectively. The Company increased the allowance for loan and lease losses by $1.5 million and $2.5 million for the three and nine months ended September 30, 2018, respectively. For loans collectively evaluated for impairment, the Company increased the allowance for loan and lease losses by $850,000 and $3.4 million for the three and nine months ended September 30, 2019, respectively. The Company increased the allowance for loan and lease losses by $2.0 million and $5.1 million for the three and nine months ended September 30, 2018, respectively. The following and September 30, 2019 Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded Commercial real estate $ 15,636 $ 16,653 $ — Residential real estate 2,246 2,356 — Commercial and industrial 9,557 10,510 — With an allowance recorded Commercial real estate 8,435 9,246 2,728 Residential real estate 128 146 39 Commercial and industrial 17,174 18,353 6,795 Total impaired loans $ 53,176 $ 57,264 $ 9,562 December 31, 2018 Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded Commercial real estate $ 6,110 $ 7,693 $ — Residential real estate 1,886 1,858 — Commercial and industrial 11,193 13,961 — With an allowance recorded Commercial real estate 5,873 6,313 2,191 Residential real estate 251 253 61 Commercial and industrial 10,601 11,153 4,397 Total impaired loans $ 35,914 $ 41,231 $ 6,649 The following tables summarize the average recorded investment and interest income recognized for loans and leases considered impaired, which excludes acquired impaired loans, for the nine months ended as follows: September 30, 2019 Average Recorded Investment Interest Income Recognized With no related allowance recorded Commercial real estate $ 9,379 $ 761 Residential real estate 1,914 60 Commercial and industrial 11,889 482 With an allowance recorded Commercial real estate 8,238 479 Residential real estate 207 7 Commercial and industrial 13,543 668 Total impaired loans $ 45,170 $ 2,457 September 30, 2018 Average Recorded Investment Interest Income Recognized With no related allowance recorded Commercial real estate $ 9,441 $ 232 Residential real estate 1,910 24 Construction, land development and other land — 15 Commercial and industrial 8,018 194 With an allowance recorded Commercial real estate 5,022 16 Residential real estate 330 3 Commercial and industrial 9,047 484 Installment and other 14 9 Total impaired loans $ 33,782 $ 977 For purposes The following September 30, 2019 Commercial Real Estate Residential Real Estate Construction, Land Development, and Other Land Commercial and Industrial Installment and Other Lease Financing Receivables Total Pass $ 1,008,797 $ 608,106 $ 254,745 $ 1,034,730 $ 8,916 $ 179,954 $ 3,095,248 Watch 103,761 10,986 14,544 183,458 170 16 312,935 Special Mention 24,998 17,975 7,148 24,289 — 2,097 76,507 Substandard 26,297 2,627 — 41,336 1 595 70,856 Doubtful — — — — — 522 522 Loss — — — — — — — Total $ 1,163,853 $ 639,694 $ 276,437 $ 1,283,813 $ 9,087 $ 183,184 $ 3,556,068 December 31, 2018 Commercial Real Estate Residential Real Estate Construction, Land Development, and Other Land Commercial and Industrial Installment and Other Lease Financing Receivables Total Pass $ 1,009,041 $ 553,665 $ 147,123 $ 962,291 $ 9,997 $ 188,314 $ 2,870,431 Watch 76,276 29,522 31,376 112,996 3,302 80 253,552 Special Mention 17,602 5,656 3,071 34,314 — 1,794 62,437 Substandard 11,880 2,125 — 22,579 15 818 37,417 Doubtful — — — — — 247 247 Loss — — — — — — — Total $ 1,114,799 $ 590,968 $ 181,570 $ 1,132,180 $ 13,314 $ 191,253 $ 3,224,084 The following tables summarize contractual delinquency information for acquired non-impaired and originated loans and leases by category at September 30, 2019 and December 31, 2018: September 30, 2019 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days and Accruing Non- accrual Total Past Due Current Total Commercial real estate $ 6,140 $ 2,449 $ — $ 12,186 $ 20,775 $ 1,143,078 $ 1,163,853 Residential real estate 632 501 — 2,092 3,225 636,469 639,694 Construction, land development, and other land — 3,203 — — 3,203 273,234 276,437 Commercial and industrial 9,136 1,018 — 24,592 34,746 1,249,067 1,283,813 Installment and other 12 — — 1 13 9,074 9,087 Lease financing receivables 651 460 — 657 1,768 181,416 183,184 Total $ 16,571 $ 7,631 $ — $ 39,528 $ 63,730 $ 3,492,338 $ 3,556,068 December 31, 2018 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days and Accruing Non- accrual Total Past Due Current Total Commercial real estate $ 6,659 $ 2,145 $ — $ 9,484 $ 18,288 $ 1,096,511 $ 1,114,799 Residential real estate 4,488 711 — 1,815 7,014 583,954 590,968 Construction, land development, and other land — — — — — 181,570 181,570 Commercial and industrial 5,829 1,376 — 13,932 21,137 1,111,043 1,132,180 Installment and other 1,932 4 — 12 1,948 11,366 13,314 Lease financing receivables 789 530 — 591 1,910 189,343 191,253 Total $ 19,697 $ 4,766 $ — $ 25,834 $ 50,297 $ 3,173,787 $ 3,224,084 Trouble debt restructurings are granted due to borrower financial difficulty and provide for a modification of loan repayment terms. TDRs are treated in the same manner as impaired loans for purposes of calculating the allowance for loan and lease losses. The tables below present TDRs by loan category as of September 30, 2019 and December 31, 2018: September 30, 2019 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Charge-offs Specific Reserves Accruing: Commercial real estate 5 $ 1,476 $ 1,476 $ — $ 179 Commercial and industrial 3 528 528 — 120 Residential real estate 2 200 200 — — Total accruing 10 2,204 2,204 — 299 Non-accruing: Commercial real estate 8 3,650 3,473 177 553 Commercial and industrial 10 7,493 5,622 1,871 1,268 Residential real estate 1 113 113 — — Total non-accruing 19 11,256 9,208 2,048 1,821 Total troubled debt restructurings 29 $ 13,460 $ 11,412 $ 2,048 $ 2,120 December 31, 2018 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Charge-offs Specific Reserves Accruing: Commercial real estate 4 $ 1,508 $ 1,508 $ — $ 113 Commercial and industrial 2 191 191 — 100 Residential real estate 1 114 114 — — Total accruing 7 1,813 1,813 — 213 Non-accruing: Commercial real estate 9 2,512 2,471 41 743 Commercial and industrial 6 6,714 4,843 1,871 1,290 Total non-accruing 15 9,226 7,314 1,912 2,033 Total troubled debt restructurings 22 $ 11,039 $ 9,127 $ 1,912 $ 2,246 In addition, Loans modified and 2018: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Accruing: Beginning balance $ 1,529 $ 1,238 $ 1,813 $ 1,061 Additions — — 113 37 Net payments (242 ) (8 ) (291 ) (56 ) Net transfers from (to) non-accrual 917 — 569 188 Ending balance 2,204 1,230 2,204 1,230 Non-accruing: Beginning balance 7,834 5,776 7,314 1,570 Additions 2,893 1,667 4,321 7,123 Net payments (540 ) (84 ) (1,266 ) (1,002 ) Charge-offs (62 ) — (592 ) (144 ) Net transfers from (to) accrual (917 ) — (569 ) (188 ) Ending balance 9,208 7,359 9,208 7,359 Total troubled debt restructurings 11,412 8,589 11,412 8,589 Troubled debt restructurings that subsequently defaulted within twelve months of the restructure date during the three and nine months ended September 30, 2019 had a recorded investment of zero and $348,000, respectively. Troubled debt restructurings that subsequently defaulted within twelve months of the restructure date during the three and nine months ended September 30, 2018 had a recorded investment of zero and $340,000, respectively. At September 30, 2019 and December 31, 2018, the During the , the |
Servicing Assets
Servicing Assets | 9 Months Ended |
Sep. 30, 2019 | |
Transfers And Servicing [Abstract] | |
Servicing Assets | Note 7—Servicing Activity for the three and nine months ended September 30, 2019 and 2018 is Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Beginning balance $ 19,760 $ 21,587 $ 19,693 $ 21,400 Additions, net 1,789 1,533 4,340 5,681 Changes in fair value (1,610 ) (2,446 ) (4,094 ) (6,407 ) Ending balance $ 19,939 $ 20,674 $ 19,939 $ 20,674 Loans serviced as of and were as follows: September 30, December 31, 2019 2018 Loan portfolios serviced for: SBA guaranteed loans $ 1,197,725 $ 1,151,915 USDA guaranteed loans 117,478 106,184 Total $ 1,315,203 $ 1,258,099 Loan servicing revenue totaled $2.7 and $2.6 million for the three months ended September 30, 2019 and 2018, respectively. Loan servicing revenue totaled $7.9 and $7.6 million for the nine months ended September 30, 2019 and 2018, respectively. Loan servicing asset revaluation, which represents the changes in fair value of servicing assets, resulted in downward valuations of $1.6 and $2.4 million for the three months ended September 30, 2019 and 2018, respectively. Loan servicing asset revaluation resulted in downward valuations of $4.1 and $6.4 million for the nine months ended September 30, 2019 and 2018, respectively. The fair 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 16—Fair Value Measurement for further details. |
Other Real Estate Owned
Other Real Estate Owned | 9 Months Ended |
Sep. 30, 2019 | |
Banking And Thrift [Abstract] | |
Other Real Estate Owned | Note 8—Other Real Estate Owned The following table presents the change in other real estate owned (“OREO”) for the three and nine months ended September 30, 2019 Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Beginning balance $ 8,070 $ 6,402 $ 5,314 $ 10,626 Acquisitions of OREO through business combination — — 2,201 — Net additions to OREO 1,840 307 3,916 1,527 Proceeds from sales of OREO (1,391 ) (2,008 ) (2,722 ) (7,130 ) Gains (losses) on sales of OREO 38 489 11 380 Valuation adjustments (26 ) (299 ) (189 ) (512 ) Ending balance $ 8,531 $ 4,891 $ 8,531 $ 4,891 At September 30, 2019 and December 31, 2018, the balance of real estate owned included $688,000 and $838,000, respectively, of foreclosed residential real estate properties recorded as a result of obtaining physical possession of the property. At September 30, 2019 and December 31, 2018, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process is $2.9 million and $2.3 million, respectively. Proceeds from sales of OREO include proceeds from internally financed sales of OREO of $183,000 for the nine months ended September 30, 2019. There were no internally financed sales of OREO for the three months ended September 30, 2019. Proceeds from internally financed sales of OREO were $444,000 for the nine months ended September 30, 2018. There were no internally financed sales of OREO for the three months ended September 30, 2018. |
Goodwill, Core Deposit Intangib
Goodwill, Core Deposit Intangible and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2019 | |
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 and nine months ended September 30, 2019 and 2018: Nine Months Ended September 30, 2019 2018 Goodwill Core Intangible Customer Relationship Intangible Goodwill Core Intangible Customer Relationship Intangible Beginning balance $ 128,177 $ 30,360 $ 3,059 $ 54,562 $ 16,720 $ — Additions 17,461 6,220 — 72,974 19,060 3,216 Amortization — (5,534 ) (200 ) — (3,685 ) (89 ) Ending balance $ 145,638 $ 31,046 $ 2,859 $ 127,536 $ 32,095 $ 3,127 Accumulated amortization N/A $ 24,420 $ 358 N/A $ 17,151 89 Weighted average remaining amortization period N/A 6.7 Years 10.7 Years N/A 7.1 Years 11.7 Years Three Months Ended September 30, 2019 2018 Goodwill Core Intangible Customer Relationship Intangible Goodwill Core Intangible Customer Relationship Intangible Beginning balance $ 145,638 $ 32,982 $ 2,926 $ 127,536 $ 33,917 $ 3,194 Additions — — — — — — Amortization — (1,936 ) (67 ) — (1,822 ) (67 ) Ending balance $ 145,638 $ 31,046 $ 2,859 $ 127,536 $ 32,095 $ 3,127 Accumulated amortization N/A $ 24,420 $ 358 N/A $ 17,151 89 Weighted average remaining amortization period N/A 6.7 Years 10.7 Years N/A 7.1 Years 11.7 Years The Company added additional goodwill, core deposit intangible assets, and customer relationship intangible assets in conjunction with the Oak Park River Forest and First Evanston acquisitions. Please refer to Note 3—Acquisitions for further details. The following table presents the estimated amortization expense for core deposit intangible, customer relationship intangible, and other intangible assets recognized at September 30, 2019: Estimated Amortization 2019 $ 2,002 2020 7,577 2021 7,012 2022 6,440 2023 4,336 Thereafter 6,538 Total $ 33,905 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 10—Income 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 nine months ended September 30, 2019 and 2018 was 27.7% and 24.4%, respectively. The Company recorded discrete income tax benefit of $64,000 and $362,000 related to the exercise of stock options and vesting of restricted shares for the nine months ended September 30, 2019 and 2018, respectively. The current effective tax rate reflects the passage of the Tax Cuts and Jobs Act (the “Tax Act”), which was enacted on December 22, 2017. Among other things, the Tax Act reduces the corporate federal income tax rate from 35% to 21%, effective January 1, 2018. Also on December 22, 2017, the SEC issued Staff Accounting Bulletin 118 (“SAB 118”), which provides guidance on accounting for the Tax Act’s impact. SAB 118 provides a measurement period, not to extend beyond one year from the date of enactment during which a company, acting in good faith, may complete the accounting for the impacts of the Tax Act. The Company recorded an additional discrete income tax benefit of $724,000 during the first quarter of 2018. This adjustment includes the impact of the federal income tax rate decrease due to the Tax Act (enacted on December 22, 2017) on our net deferred tax assets. Net deferred tax assets decreased to $33.4 million at compared to $35.6 million at . The net decrease in the total net deferred tax assets recorded as of was a result of $4.9 million in net deferred tax assets added related to the acquisition of Oak Park River Forest, offset by a decrease in net deferred tax assets related to unrealized losses on available-for-sale securities and utilization of operating loss carryforwards during the period |
Deposits
Deposits | 9 Months Ended |
Sep. 30, 2019 | |
Deposits [Abstract] | |
Deposits | Note 11—Deposits The composition of deposits was as follows as of September 30, 2019 and December 31, 2018: September 30, December 31, 2019 2018 Non-interest-bearing demand deposits $ 1,221,431 $ 1,192,873 Interest-bearing checking accounts 372,049 296,339 Money market demand accounts 745,154 640,401 Other savings 471,878 476,418 Time deposits (below $250,000) 966,866 911,603 Time deposits ($250,000 and above) 302,936 232,282 Total deposits $ 4,080,314 $ 3,749,916 Time deposits of $250,000 or more included $81.0 million and $50.0 million of brokered deposits at September 30, 2019 and December 31, 2018, respectively. |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances | 9 Months Ended |
Sep. 30, 2019 | |
Federal Home Loan Banks [Abstract] | |
Federal Home Loan Bank Advances | Note 12—Federal The following September 30, December 31, 2019 2018 Federal Home Loan Bank advances $ 506,000 $ 425,000 Weighted average cost 2.05 % 2.56 % At September 30, 2019, fixed-rate advances totaled $506.0 million with interest rates ranging from 2.04% to 2.08% The Company’s required investment in FHLB stock is $4.50 for every $100 in advances. At and , the Bank has additional borrowing capacity from the FHLB of $1.4 billion and $1.3 billion, respectively, subject to the availability of proper collateral. The Company hedges |
Other Borrowings
Other Borrowings | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Other Borrowings | Note 13—Other Borrowings The following is a summary of the Company’s other borrowings as of September 30, 2019 and December 31, 2018: September 30, December 31, 2019 2018 Securities sold under agreements to repurchase $ 32,290 $ 34,166 Line of credit — — Total $ 32,290 $ 34,166 Securities On On April 30, 2019, the Company drew on the line of credit for $5.7 million and selected the LIBOR plus 225 basis points interest rate option, which was the interest rate option at the time of the draw. The funds were utilized to repay a line of credit assumed as a result of the Oak Park River Forest acquisition. The Company repaid the $5.7 million outstanding balance of the line of credit in full on May 31, 2019. The following September 30, December 31, 2019 2018 Federal Reserve Bank of Chicago discount window line $ 419,086 $ 293,613 Available federal funds lines 105,000 55,000 |
Junior Subordinated Debentures
Junior Subordinated Debentures | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Junior Subordinated Debentures | Note 14—Junior Subordinated Debentures At September 30, 2019 and December 31, 2018, the Name of Trust Aggregate Principal Amount September 30, 2019 Aggregate Principal Amount December 31, 2018 Stated Maturity Contractual Rate at September 30, 2019 Interest Rate Spread Metropolitan $ 35,000 $ 35,000 March 4.93 % Three-month LIBOR + 2.79% RidgeStone Capital Trust I 1,500 1,500 June 30, 2033 6.38 % Five-year LIBOR + 3.50% First Evanston Bancorp Trust I 10,000 10,000 March 15, 2035 3.90 % Three-month LIBOR + 1.78% Total liability, at par 46,500 46,500 Discount (9,293 ) (9,732 ) Total liability, at carrying value $ 37,207 $ 36,768 In 2004, the As part of the Ridgestone acquisition, the Company assumed the obligations to RidgeStone Capital Trust I of $1.5 million in principal amount, which was formed for the issuance of trust preferred securities. Beginning on June 30, 2008, the interest rate reset to the five-year LIBOR plus 3.50% (6.38% at September 30, 2019 and December 31, 2018), which is in effect until June 30, 2023 and updated every five years. 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 June 30, 2008. 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. Refer to Note 3—Acquisitions for additional information. Beginning on March 15, 2010, the interest rate reset to the three-month LIBOR plus 1.78% (3.90% and 4.57% at September 30, 2019 and December 31, 2018, respectively), which is in effect until the debentures mature in 2035. Interest is paid on a quarterly basis. The Company has the right to redeem the debentures, in whole or in part, on any interest payment date on or after March 2010. The Company has the option to defer interest payments on the debentures from time to time for a period not to exceed five consecutive years. Accrued The Trusts |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 9 Months Ended |
Sep. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Note 15—Commitments Legal —I n th e ordinar y cours e o f business , th e Compan y an d Ban k hav e various outstandin g commitment s an d contingen t liabilitie s tha t ar e no t recognize d i n th e accompanyin g consolidated financia l statements . I n addition , th e Compan y ma y b e a defendan t i n certai n claim s an d lega l action s arisin g i n the ordinar y cours e o f business . I n th e opinio n o f management , afte r consultatio n wit h lega l counsel , th e ultimate dispositio n o f thes e matter s i s currentl y no t expecte d t o hav e a materia l advers e effec t o n th e Company’s Consolidated Financial Statements. Operating s —The Company has entered into various operating lease agreements primarily for facilities and land on which banking facilities are located. Certain lease agreements have renewal options at the end of the original lease term and certain lease agreements have escalation clauses in the rent payments. The minimum Minimum Commitments 2019 $ 1,166 2020 4,455 2021 3,798 2022 2,230 2023 1,294 Thereafter 3,303 Total $ 16,246 The Company’s During t C In June 2018, the Company accrued $8.1 million in data processing expense primarily related to contract termination with its core service provider in anticipation of a future system conversion Commitments t —The Company is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the Consolidated Statements of Financial Condition. The contractual or notional amounts of those instruments reflect the extent of involvement the Company has in particular classes of financial instruments. The Company’s exposure The following September 30, 2019 December 31, 2018 Fixed Rate Variable Total Fixed Variable Total Commitments to extend credit $ 51,101 $ 930,778 $ 981,879 $ 74,099 $ 928,991 $ 1,003,090 Letters of credit 784 39,724 40,508 1,982 34,071 36,053 Total $ 51,885 $ 970,502 $ 1,022,387 $ 76,081 $ 963,062 $ 1,039,143 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 Commitments |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Note 16—Fair Value Measurement Fair These types 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 The Company used the Securities e —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 2019 and 2018, all of the ratings derived by the Company were “BBB” or better with and without comparable bond proxies. The fair value measurement of municipal bonds is sensitive to the rating input, as a higher rating typically results in an increased valuation. The remaining pricing inputs used in the bond valuation are observable. Based on the rating determined, the Company obtains a corresponding current market yield curve available to market participants. Other terms including coupon, maturity date, redemption price, number of coupon payments per year, and accrual method are obtained from the individual bond term sheets. Equity and other securities —The Company utilizes the same fair value measurement methodology for equity and other securities as detailed in the securities available-sale portfolio above. Servicing s —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 s —Interest rate derivatives are valued by a third party, using models that primarily use market observable inputs, such as yield curves, and are validated by comparison with valuations provided by the respective counterparties. Derivative financial instruments are included in other assets and other liabilities in the Consolidated Statements of Financial Condition. The following Fair Value Measurements Using September 30, 2019 Fair Value Level 1 Level 2 Level 3 Financial assets Securities available-for-sale U.S. Treasury Notes $ 42,842 $ 42,842 $ — $ — U.S. Government agencies 177,858 — 177,858 — Obligations of states, municipalities, and political subdivisions 98,602 — 98,407 195 Mortgage-backed securities; residential Agency 329,010 — 329,010 — Non-Agency 120,060 — 120,060 — Mortgage-backed securities; commercial Agency 152,033 — 152,033 — Non-Agency 31,500 — 31,500 — Corporate securities 47,194 — 47,194 — Other securities 32,834 — 32,834 — Equity and other securities, at fair value Mutual funds 2,944 2,944 — — Equity securities 4,704 — 4,008 696 Servicing assets 19,939 — — 19,939 Derivative assets 10,288 — 10,288 — Financial liabilities Derivative liabilities 11,093 — 11,093 — Fair Value Measurements Using December 31, 2018 Fair Value Level 1 Level 2 Level 3 Financial assets Securities available-for-sale U.S. Treasury Notes $ 52,667 $ 52,667 $ — $ — U.S. Government agencies 186,498 — 186,498 — Obligations of states, municipalities, and political subdivisions 60,233 — 60,038 195 Mortgage-backed securities; residential Agency 272,963 — 272,963 — Non-Agency 83,621 — 83,621 — Mortgage-backed securities; commercial Agency 90,434 — 90,434 — Non-Agency 30,458 — 30,458 — Corporate securities 34,173 — 34,173 — Other securities 6,609 2,844 3,074 691 Servicing assets 19,693 — — 19,693 Derivative assets 10,740 — 10,740 — Financial liabilities Derivative liabilities 4,243 — 4,243 — The The area The Company did not have any transfers nine months ended and 2018 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): Nine Months Ended September 30, 2019 2018 2019 2018 Investment Securities Servicing Assets Balance, beginning of period $ 886 $ 1,052 $ 19,693 $ 21,400 Acquired assets at fair value — 314 — — Additions, net — — 4,340 5,680 Amortization 4 4 — — Change in unrealized gain 1 11 — — Change in fair value — — (4,094 ) (6,406 ) Balance, end of period $ 891 $ 1,381 $ 19,939 $ 20,674 The following Financial Instruments Valuation Technique Unobservable Inputs Range of Inputs Weighted Average Range Impact to Valuation from an Increased or Higher Input Value Obligations of states, municipalities, and political obligations Discounted Probability of default 2.4% 2.4% Decrease Single issuer trust preferred Discounted cash flow Probability of default 4.9%—5.4% 5.8% Decrease Servicing assets Discounted cash flow Prepayment speeds 2.7%—21.9% 13.7% Decrease Discount rate 4.8%—24.0% 12.2% Decrease Expected weighted average loan life 0.1—9.5 years 4.5 years Increase The Company used the Impaired ) —Impaired loans, other than those existing on the date of a business acquisition, are primarily carried at the fair value of the underlying collateral, less estimated costs to sell, if the loan is collateral dependent. Valuations of impaired loans that are collateral dependent are supported by third party appraisals in accordance with the Bank’s credit policy. Other valuation methods include analysis of discounted cash flows, which measures the present value of expected future cash flows discounted at the loan’s effective interest rate. Impaired loans that are not collateral dependent are not material. Assets e —Assets held for sale consist of former branch locations and real estate previously purchased for expansion. Assets are considered held for sale when management has approved to sell the assets following a branch closure or other events. The properties are being actively marketed and transferred to assets held for sale based on the lower of carrying value or its fair value, less estimated costs to sell. Other d —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 Fair Value Measurements Using September 30, 2019 Fair Value Level 1 Level 2 Level 3 Non-recurring Impaired loans (excluding acquired impaired loans) Commercial real estate $ 21,343 $ — $ — $ 21,343 Residential real estate 2,335 — — 2,335 Commercial and industrial 19,936 — — 19,936 Assets held for sale 15,472 — — 15,472 Other real estate owned 8,531 — — 8,531 Fair Value Measurements Using December 31, 2018 Fair Value Level 1 Level 2 Level 3 Non-recurring Impaired loans (excluding acquired impaired loans) Commercial real estate $ 9,792 $ — $ — $ 9,792 Residential real estate 2,076 — — 2,076 Commercial and industrial 17,397 — — 17,397 Assets held for sale 14,489 — — 14,489 Other real estate owned 5,314 — — 5,314 The following Cash and cash equivalent s —For these short-term instruments, the carrying amount is a reasonable estimate of fair value. Securities y —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 k —The fair value has been determined to approximate cost. Loans held for — 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 —For certain variable rate loans that reprice frequently and with no significant changes in credit risk, fair value is estimated at carrying value. The fair value of other types of loans is estimated using an exit price notion for 2019 values. It is estimated by discounting future cash flows, using current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. Deposits —The fair value of demand deposits, savings accounts, and certain money market deposits is the amount payable on demand at the reporting date. The fair value of fixed-maturity certificates of deposit is estimated by discounting future cash flows, using rates currently offered for deposits of similar remaining maturities. Federal —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 e —The carrying amount approximates fair value due to maturities of less than ninety days. Junior subordinated debenture s —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 —The carrying amount approximates fair value. Commitments t —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 not carried at fair value September 30, December 31, Fair Value 2019 2018 Hierarchy Level Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Financial assets Cash and due from banks 1 $ 75,275 $ 75,275 $ 30,190 $ 30,190 Interest bearing deposits with other banks 2 33,564 33,564 91,670 91,670 Securities held-to-maturity 2 4,417 4,503 99,266 97,739 Other restricted stock 2 24,331 24,331 19,202 19,202 Loans held for sale 3 7,176 7,922 19,827 21,654 Loans and lease receivables, net (less impaired loans at fair value (1) 3 3,755,891 3,677,608 3,447,160 3,407,652 Accrued interest receivable 3 13,013 13,013 10,863 10,863 Financial liabilities Non-interest-bearing deposits 2 1,221,431 1,221,431 1,192,873 1,192,873 Interest-bearing deposits 2 2,858,883 2,867,646 2,557,043 2,554,329 Accrued interest payable 2 4,778 4,778 3,484 3,484 Line of credit 2 — — — — Federal Home Loan Bank advances 2 506,000 506,000 425,000 425,000 Securities sold under repurchase agreement 2 32,290 32,290 34,166 34,166 Junior subordinated debentures 3 37,207 42,496 36,768 42,351 (1) In accordance with the prospective adoption of ASU 2016-01, the fair value of loans and lease receivables, net (less impaired loans at fair value) as of September 30, 2019 was measured using an exit price notion. The fair value as of December 31, 2018 was measured using an entry price notion. |
Derivative Instruments and Hedg
Derivative Instruments and Hedge Activities | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedge Activities | Note 17—Derivative Instruments and Hedge Activities The Company recognizes derivative financial instruments at fair value regardless of the purpose or intent for holding the instrument. The Company records derivative assets and derivative liabilities on the Consolidated Statements of Financial Condition within accrued interest receivable and other assets and accrued interest payable and other liabilities, respectively. The following tables present the fair value of the Company’s derivative financial instruments and classification on the Consolidated Statements of Financial Condition as of September 30, 2019 and December 31, 2018: September 30, 2019 December 31, 2018 Fair Value Fair Value Notional Amount Other Assets Other Liabilities Notional Amount Other Assets Other Liabilities Derivatives designated as hedging instruments Interest rate swaps designated as cash flow hedges $ — $ — $ — $ 250,000 $ 6,699 $ — Derivatives not designated as hedging instruments Other interest rate derivatives 296,656 10,288 11,076 294,545 4,041 4,237 Other credit derivatives 9,519 — 17 4,424 — 6 Total derivatives $ 306,175 $ 10,288 $ 11,093 $ 548,969 $ 10,740 $ 4,243 Interest rate swaps designated as cash flow hedges —Cash flow hedges of interest payments associated with certain FHLB advances had notional amounts totaling $250.0 million as of December 31, 2018. There were no cash flow hedges outstanding at September 30, 2019. The Company assesses the effectiveness of each hedging relationship by comparing the changes in fair value of the derivative hedging instrument with the changes in fair value of the designated hedged transactions. In September 2019, the Company terminated $250.0 million interest rate swaps designated as cash flow hedges, which were executed to reduce interest rate risk in a declining rate environment. The transaction resulted in a net loss of $383,000, net of tax, which was the clean value at the termination date. As of September 30, 2019, the remaining balance in accumulated other comprehensive income was $378,000, which will be amortized over the original life of the cash flow hedge. Interest recorded on these swap transactions reduced FHLB interest expense by $364,000 The following table reflects the net gains (losses) recorded in accumulated other comprehensive income (loss) and the Consolidated Statements of Operations relating to the cash flow derivative instruments for the nine months ended: September 30, 2019 September 30, 2018 Amount of Loss Recognized in OCI Amount of Gain Reclassified from OCI to Income as a Decrease to Interest Expense Amount of Gain (Loss) Recognized in Other Non-Interest Income Amount of Gain Recognized in OCI Amount of Gain Reclassified from OCI to Income as an Increase to Interest Expense Amount of Gain (Loss) Recognized in Other Non-Interest Income Interest rate swaps $ (5,484 ) $ 1,643 $ — $ 6,702 $ 863 $ — Other interest rate derivatives —The total combined notional amount was $296.7 million as of September 30, 2019 with maturities ranging from April 2020 to January 2030. 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 September 30, 2019 and 2018, there were $170,000 and $230,000 of transaction fees, respectively, included in other non-interest income, related to these derivative instruments. During the nine months ended September 30, 2019 and 2018, there were $886,000 and $1.2 million of transaction fees, respectively, related to these derivative instruments. The following table reflects other interest rate derivatives as of September 30, 2019: Notional amounts $ 296,656 Derivative assets fair value 10,288 Derivative liabilities fair value 11,076 Weighted average pay rates 4.74 % Weighted average receive rates 4.37 % Weighted average maturity 6.8 years Other credit derivatives— The total notional amount was $9.5 million and $4.4 million as of September 30, 2019 and December 31, 2018, respectively. The fair value of the other credit derivatives are reflected in other liabilities with corresponding gains or losses reflected in non-interest income. The credit valuation adjustment (“CVA”) related to the other credit derivatives resulted in a decrease to other non-interest income of $7,000 and $1,000 during the three months ended September 30, 2019 and 2018, respectively. There were $73,000 and $35,000 of transaction fees included in non-interest income related to these derivative instruments during the three months ended September 30, 2019 and 2018, respectively. The CVA related to the other credit derivatives resulted in a decrease to other non-interest income of $11,000 and $4,000 during the nine months ended September 30, 2019 and 2018, respectively. There were $73,000 and $61,000 of transaction fees included in non-interest income related to these derivative instruments during the nine months ended September 30, 2019 and 2018, respectively. The Company has entered into risk participation agreements with counterparty banks to assume a portion of the credit risk related to borrower transactions. The credit risk related to these other credit derivatives is managed through the Company’s loan underwriting process. Credit risk —Derivative 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 CVA is a fair value adjustment to the derivative to account for this risk. During the three months ended September 30, 2019, the CVA resulted in a decrease to non-interest income of $219,000. During the three months ended September 30, 2018, CVA resulted in an increase to non-interest income of $13,000. During the nine months ended September 30, 2019 and 2018, the CVA resulted in a decrease to non-interest income of $592,000 and $25,000, respectively. 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 Company records interest rate derivatives subject to master netting agreements at their gross value and does not offset derivative asset and liabilities on the Consolidated Statements of Financial Condition. The table below summarizes the Company’s interest rate derivatives and offsetting positions as of: September 30, 2019 December 31, 2018 Derivative Assets Fair Value Derivative Liabilities Fair Value Derivative Assets Fair Value Derivative Liabilities Fair Value Gross amounts recognized $ 10,288 $ 11,093 $ 10,740 $ 4,243 Less: Amounts offset in the Consolidated Statements of Financial Condition — — — — Net amount presented in the Consolidated Statements of Financial Condition $ 10,288 $ 11,093 $ 10,740 $ 4,243 Gross amounts not offset in the Consolidated Statements of Financial Condition Offsetting derivative positions (1 ) (1 ) (2,823 ) (2,823 ) Collateral posted (10,287 ) (11,092 ) (7,917 ) (1,317 ) Net credit exposure $ — $ — $ — $ 103 For purposes of this disclosure, the amount of posted collateral by the counterparties is limited to the amount offsetting the derivative asset and derivative liability. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | Note 18 – Share-Based Compensation In June 2017, the Company adopted the 2017 Omnibus Incentive Compensation Plan (the “Omnibus Plan”) in connection with our IPO. The Omnibus Plan provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent rights and other equity-based, equity-related or cash-based awards. A total of 1,550,000 shares of our common stock have been reserved for issuance under the Omnibus Plan. As of September 30, 2019, there were 1,186,226 shares available for future grants under the Omnibus Plan. On July 6, 2017, in conjunction with the completion of the IPO, the Company granted 58,900 restricted shares of the Company’s common stock to certain key employees, pursuant to the Omnibus Plan. The restricted shares will cliff vest on the third anniversary of the grant date, subject to continued employment. A total of 11,898 restricted shares were also granted during the year ended December 31, 2017 in connection with the recruitment of employees. These restricted shares vest ratably over a four year period. During 2018, the Company granted 131,157 shares of restricted common stock, par value $0.01 per share. Of this total, 102,559 restricted shares will vest ratably over four years on each anniversary of the grant date, 15,165 restricted shares will vest ratably over three years on each anniversary of the grant date, and 2,268 restricted shares will vest on the first anniversary of the grant date, all subject to continued employment. In addition, 11,165 performance-based restricted shares were included in the 2018 grant. The number of shares which may be earned under the award is dependent upon the Company’s return on average assets over a three-year period ending December 31, 2020, measured in 2018 against the Company’s internal targets and for 2019 and 2020 against a peer group consisting of publicly-traded bank holding companies ranging in asset size from 50% to 200% of the Company’s total assets. Under the award, 25% of the shares will be earned at threshold performance, 100% will be earned at target and 50th percentile performance, and up to 125% of the shares with above target and 75th percentile performance. Any earned performance shares will vest on the third anniversary of the grant date. During 2019, the Company granted 192,199 shares of restricted common stock, par value $0.01 per share. Of this total, 115,496 restricted shares will vest ratably over four years on each anniversary of the grant date, 54,147 restricted shares will vest ratably over three years on each anniversary of the grant date, 683 restricted shares will vest on the first anniversary of the grant date, and 898 share have vested, all subject to continued employment. In addition, 20,975 performance-based restricted shares were included in the 2019 grants. The number of shares which may be earned under the award is dependent upon the Company’s return on average assets, weighted equally, over a three-year period ending December 31, 2021, 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. The following table discloses the changes in restricted shares for the nine months ended September 30, 2019: Omnibus Plan Number of Shares Weighted Average Grant Date Fair Value Beginning balance, January 1, 2019 196,480 $ 21.66 Granted 192,199 18.70 Vested (37,310 ) 22.01 Forfeited (27,880 ) 19.75 Ending balance outstanding at September 30, 2019 323,489 $ 20.03 A total of 37,310 restricted shares vested during the nine months ended September 30, 2019. The fair value of restricted shares that vested during the nine months ended September 30, 2019 was $699,000. A total of 2,975 restricted shares vested during the year ended December 31, 2018. The fair value of restricted shares that vested during the year ended December 31, 2018 was $62,000. The Company recognizes share-based compensation based on the estimated fair value of the restricted stock at the grant date. Share-based compensation expense is included in non-interest expense in the Consolidated Statements of Operations. The following table summarizes restricted stock compensation expense for the nine months ended September 30, 2019 and 2018: Nine Months Ended September 30, 2019 2018 Total share-based compensation - restricted stock $ 1,357 $ 638 Income tax benefit 378 178 Unrecognized compensation expense 4,917 3,379 Weighted-average amortization period remaining 2.8 years 3.1 years The fair value of the unvested restricted stock awards at September 30, 2019 was $5.8 million. The Company maintained a nonqualified, share-based, stock option plan adopted prior to recapitalization (“MBG Plan”). There were no options granted or exercised under this plan during the year ended December 31, 2017. At the time of the Company’s reincorporation in Delaware, in June 2017, the Board of Directors cancelled the MBG Plan and all the respective outstanding options were cancelled. 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. During 2016 and 2015, the Company granted options to purchase 212,400 and 1,634,568 shares, respectively, under this plan. The Company did not grant any stock options during the year ended December 31, 2017. In June 2017, the Board of Directors terminated the BYB Plan and no future grants can be made under this plan. Options to purchase a total of 1,449,072 shares remain outstanding under the BYB Plan at September 30, 2019. 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. The vesting of Time Options is conditional based on completion of service. Performance Options have conditional vesting based on either performance targets or market performance. Certain Performance Options’ performance goals will be satisfied (in whole or in part) if the Bank achieves various performance targets such as profitability, asset quality, and conditional based on market performance, as outlined in the BYB Plan. Each of the performance goals identified are measured for achievement (or failure to achieve) independent of each other. In October 2017, the Board of Directors determined that the Performance Option goals were satisfied, in whole, and these Performance Options converted to Time Options. As a result of the previous completion of service, 414,894 performance options vested on October 3, 2017. 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 nine months ended September 30, 2019: BYB Plan Number of Shares Weighted Average Exercise Price Intrinsic Value Weighted Average Remaining Contractual Term (in Years) Beginning balance, January 1, 2019 1,598,872 $ 11.84 $ 7,713 6.6 Exercised (89,000 ) 16.25 $ 253 Forfeited (60,800 ) 16.25 Ending balance outstanding at September 30, 2019 1,449,072 $ 11.38 $ 9,420 5.6 Exercisable at September 30, 2019 1,411,572 $ 11.25 $ 9,359 5.6 A total of 89,000 stock options were exercised during the nine months ended September 30, 2019. During the nine months ended September 30, 2019, proceeds from the exercise of stock options were $1.4 million and related tax benefit was $70,000. A total of 148,748 stock options were exercised during the year ended December 31, 2018. During the year ended December 31, 2018, proceeds from the exercise of stock options were $1.7 million and related tax benefit was $449,000. No stock options vested during the nine months ended September 30, 2019. The Company recognizes share-based compensation based on the estimated fair value of the option at the grant date. Forfeitures are estimated based upon industry standards. Share-based compensation expense is included in non-interest expense in the Consolidated Statements of Operations. The following table summarizes stock option compensation expense for the nine months ended September 30, 2019 and 2018: Nine Months Ended September 30, 2019 2018 Total share-based compensation (benefit) - stock options $ (119 ) $ 510 Income tax benefit (expense) (33 ) 142 Unrecognized compensation expense - stock options 21 209 Weighted-average amortization period remaining 0.5 years 1.2 years Pursuant to the terms of the Merger Agreement, upon the Effective Time, each outstanding First Evanston Option held by a participant in the First Evanston Bancorp, Inc. Stock Incentive Plan (the “FEB Plan”) ceased to represent a right to acquire shares of First Evanston common stock and was assumed and converted automatically into a fully vested and exercisable adjusted option to purchase shares of Byline common stock (each an “Adjusted Option”). In accordance with the Merger Agreement, the number of shares of Byline common stock to which each such Adjusted Option relates is equal to the product (rounded down to the nearest whole share of Byline common stock) of: (a) the number of shares of First Evanston common stock subject to the First Evanston Option immediately prior to May 31, 2018, multiplied by (ii) 4.725. Each Adjusted Option has an exercise price per share of Byline common stock equal to the quotient (rounded up to the nearest whole cent) of (x) the per share exercise price of such First Evanston Option immediately prior to May 31, 2018, divided by (y) 4.725. The description of the conversion process is based on, and qualified by, the Merger Agreement. The following table discloses the activity in shares subject to options under the FEB Plan and the weighted average exercise prices, in actual dollars, for the nine months ended September 30, 2019: FEB Plan Number of Shares Weighted Average Exercise Price Intrinsic Value Weighted Average Remaining Contractual Term (in Years) Beginning balance, January 1, 2019 624,383 $ 11.31 $ 3,339 5.2 Granted — Expired — Exercised (81,182 ) 11.24 $ 677 Forfeited — Ending balance outstanding at September 30, 2019 543,201 $ 11.32 $ 3,561 4.5 Exercisable at September 30, 2019 543,201 $ 11.32 $ 3,561 4.5 A total of 81,182 stock options were exercised during the nine months ended September 30, 2019. During the nine months ended September 30, 2019, proceeds from the exercise of stock options were $912,000 and related tax benefit was $189,000. A total of 56,404 stock options were exercised during the year ended December 31, 2018. During the year ended December 31, 2018, proceeds from the exercise of stock options were $601,000 and related tax benefit was $168,000. All shares of restricted performance shares of First Evanston common stock (“restricted stock”) that were previously issued under and held by Participants in the FEB Plan prior to the Merger were converted into the right to receive the per share merger consideration in connection with the Merger and pursuant to the Merger Agreement. Accordingly, no shares of First Evanston restricted stock remain outstanding under the FEB Plan. On April 30, 2019, the Company completed the acquisition of Oak Park River Forest. On May 15, 2019, the Company made a cash payment of $4.2 million for 35,870 outstanding Oak Park River Forest options to participants who elected to receive a cash payment in lieu of converting the options to the Omnibus plan. |
Earnings per Share
Earnings per Share | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Note 19—Earnings per Share A reconciliation of the numerators and denominators for earnings per common share computations is presented below. Incremental shares represent outstanding stock options for which the exercise price is less than the average market price of the Company’s common stock during the periods presented. Options to purchase 1,992,273 and 2,312,294 shares of common stock were outstanding as of September 30, 2019 and 2018, respectively. There were 323,489 and 194,455 restricted stock awards outstanding at September 30, 2019 and 2018, respectively. The following represent the calculation of basic and diluted earnings per share for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net income $ 15,342 $ 14,536 $ 41,150 $ 24,072 Less: Dividends on preferred shares 196 196 587 587 Net income available to common stockholders $ 15,146 $ 14,340 $ 40,563 $ 23,485 Weighted-average common stock outstanding: Weighted-average common stock outstanding (basic) 37,831,356 36,042,914 37,094,083 32,341,087 Incremental shares 655,824 915,295 724,785 947,570 Weighted-average common stock outstanding (dilutive) 38,487,180 36,958,209 37,818,868 33,288,657 Basic earnings per common share $ 0.40 $ 0.40 $ 1.09 $ 0.73 Diluted earnings per common share $ 0.39 $ 0.39 $ 1.07 $ 0.71 |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | Note 20—Stockholders’ Equity A summary of the Company’s preferred and common stock at September 30, 2019 and December 31, 2018 is as follows: September 30, December 31, 2019 2018 Series B 7.5% fixed to floating non-cumulative perpetual preferred stock Par value $ 0.01 $ 0.01 Shares authorized 50,000 50,000 Shares issued 10,438 10,438 Shares outstanding 10,438 10,438 Common stock, voting Par value $ 0.01 $ 0.01 Shares authorized 150,000,000 150,000,000 Shares issued 38,169,126 36,343,239 Shares outstanding 38,169,126 36,343,239 During 2016, the Company authorized and issued Series B 7.50% fixed-to-floating non-voting, noncumulative perpetual preferred stock with a liquidation preference of $1,000 per share, plus the amount of unpaid dividends, if any, which is redeemable at the Company’s option on or after March 31, 2022. Holders of Series B Preferred Stock do not have any rights to convert such stock into shares of any other class of capital stock of the Company. Holders of Series B Preferred Stock are entitled to receive a fixed dividend of 7.50% per annum from the original issue date through December 30, 2021, after which the dividend is paid at a floating rate of three-month LIBOR plus 5.41% per annum. The Company Series B Preferred Stock is included in Tier 1 capital for regulatory capital purposes and is redeemable at the option of the Company at a redemption price of $1,000 per share, plus any declared and unpaid dividends (i) in whole or part on any dividend payment date on or after March 31, 2022, and (ii) in whole but not in part prior to March 31, 2022, within 90 days following a regulatory event, as defined in the Certificate of Designations of the Company Series B Preferred Stock. The Company must receive approval of the Federal Reserve Board prior to any redemption of the Company Series B Preferred Stock. For the three months ended September 30, 2019 and 2018, the Company declared and paid dividends on the Series B preferred stock of $196,000. For the nine months ended September 30, 2019 and 2018, the Company declared and paid dividends on the Series B preferred stock of $587,000. On November 1, 2019, the Company announced that its Board of Directors approved a stock repurchase program authorizing the purchase of up to an aggregate of 1,250,000 shares of the Company’s outstanding common stock. The shares may, at the discretion of management, be repurchased from time to time in open market purchases as market conditions warrant or in privately negotiated transactions. The Company is not obligated to purchase any shares under the program, and the program may be discontinued at any time. The actual timing, number and share price of shares purchased under the repurchase program will be determined by the Company at its discretion and will depend on a number of factors, including the market price of the Company’s stock, general market and economic conditions and applicable legal requirements. The shares authorized to be repurchased represent approximately 3.3% of the Company’s outstanding common stock at September 30, 2019. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2019 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Consolidated Statements of Changes in Accumulated Other Comprehensive Income (Loss) | Note 21—Consolidated Statements of Changes in Accumulated Other Comprehensive Income (Loss) The following table summarizes the changes in accumulated other comprehensive income (loss) for the nine months ended September 30, 2019 and 2018: (dollars in thousands) Unrealized Gains (Losses) on Cash Flow Hedges Unrealized (Losses) on Available-for -Sale Securities Total Accumulated Other Comprehensive Income (Loss) Balance, January 1, 2018 $ 2,913 $ (8,000 ) $ (5,087 ) Reclassification of certain income tax effects from accumulated other comprehensive income 687 (1,450 ) (763 ) Other comprehensive income (loss), net of tax 4,213 (10,725 ) (6,512 ) Balance, September 30, 2018 $ 7,813 $ (20,175 ) $ (12,362 ) Balance, January 1, 2019 $ 4,763 $ (14,261 ) $ (9,498 ) Cumulative-effect adjustment (ASU 2016-01) — (1,440 ) (1,440 ) Other comprehensive income (loss), net of tax (5,142 ) 17,041 11,899 Balance, September 30, 2019 $ (379 ) $ 1,340 $ 961 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | These unaudited interim condensed consolidated financial statements include the accounts of Byline Illinois state chartered 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 September 30, 2019 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, 2018, 2017, and 2016. 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 consolidated financial statements. The Company has one reportable segment. The Company’s chief operating decision maker evaluates the operations of the Company using consolidated information for purposes of allocating resources and assessing performance. Therefore, segments disclosures are not required. No subsequent events were identified that would have required a change to the consolidated financial statements or disclosure in the notes to the consolidated financial statements. Certain prior period amounts have been reclassified to conform to current period presentation. These reclassifications did not result in any changes to previously reported net income or stockholders’ equity. |
Accounting Pronouncements Recently Adopted or Issued | The following reflect recent accounting pronouncements that have been adopted or are pending adoption by the Company. As the Company qualifies as an emerging growth company and has elected the extended transition period for complying with new or revised accounting pronouncements, it is not subject to new or revised accounting standards applicable to public companies during the extended transition period. The accounting pronouncements pending adoption below reflect effective dates for the Company as an emerging growth company with the extended transition period. Adopted Accounting Pronouncements Revenue from Contracts with Customers In May 2014, FASB issued Accounting Standards Update (“ASU”) No. 2014-09, deferred by ASU No. 2015-14 and clarifying standards, Revenue from Contracts with Customers , which creates Topics 606 and 610 and supersedes Topic 605, Revenue Recognition . The core principle of Topic 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In April 2016, FASB issued ASU No. 2016-10, Identifying Performance Obligations and Licensing . The amendments in this ASU clarify the following two aspects of Topic 606: (1) identifying performance obligations and (2) licensing implementation guidance, while retaining the related principles for those areas. In May 2016, FASB issued ASU No. 2016-12, Narrow-Scope Improvements and Practical Expedients , amending ASC Topic 606, Revenue from Contracts with Customers . The amendments in this ASU affect only several narrow aspects of Topic 606. In November 2017, FASB issued ASU No. 2017-14, amending ASC Topic 606, Revenue from Contracts with Customers . The ASU amends the codification to incorporate additional previously issued guidance from the SEC. The SEC issued SAB 116 to bring existing SEC staff guidance into conformity with the FASB’s adoption of and amendments to ASC Topic 606. In general, the new guidance requires companies to use more judgment and make more estimates than under current guidance, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The new authoritative guidance was initially effective for reporting periods after January 1, 2017 but was deferred to January 1, 2018. Given our emerging growth status, the Company adopted this new guidance on January 1, 2019 using the full retrospective method, meaning the standard is applied to all periods presented in the financial statements with the cumulative effect of initially applying the standard recognized at the beginning of the earliest period presented. The majority of the Company’s revenue streams, including interest and dividend income, servicing fees, and gains on sales of loans and investments, are outside the scope of Topic 606. Revenue streams reported as fees and service charges on deposits, ATM and interchange fees, and wealth management and trust income are within the scope of Topic 606. The Company applied the requirements of Topic 606 to the revenue streams that are within its scope. The adoption of Topic 606 did not result in any changes in the either timing or amount of recognized; there was no cumulative effect adjustment to opening retained earnings as no material changes were identified in the timing of revenue recognition. However, the presentation of certain costs associated with our ATM and debit card income were offset against ATM and interchange income. This change in presentation resulted in $396,000 and $1.1 million of expenses for the three and nine months ended September 30, 2019, respectively, being netted against ATM and interchange fees and reported in non-interest income instead of as other non-interest expense in non-interest expense. In addition, to conform to the current period presentation, $241,000 and $837,000 of related expenses for the three and nine months ended September 30, 2018, respectively, were reclassified from other non-interest expense in non-interest expense to being netted against ATM and interchange fees in non-interest income. The Company elected to apply the practical expedient and therefore does not disclose information about remaining performance obligations that have an original expected term of one year or less and allows the Company to expense costs related to obtaining a contract as incurred when the amortization period would have been one year or less. The Company adopted ASU 2014-09 using the full retrospective approach. The following table presents the impact of adopting the new revenue standard on our Consolidated Statements of Operations for the periods presented (in thousands): For the Three Months Ended For the Three Months Ended September 30, 2019 September 30, 2018 As Reported Balance without Adoption of ASC 606 Effect of Change As Reported Balance without Adoption of ASC 606 Effect of Change Non-interest income: ATM and interchange fees $ 973 $ 1,369 $ (396 ) $ 1,540 $ 1,781 $ (241 ) Non-interest expense: Other non-interest expense $ 2,679 $ 3,075 $ (396 ) $ 2,880 $ 3,121 $ (241 ) For the Nine Months Ended For the Nine Months Ended September 30, 2019 September 30, 2018 As Reported Balance without Adoption of ASC 606 Effect of Change As Reported Balance without Adoption of ASC 606 Effect of Change Non-interest income: ATM and interchange fees $ 2,635 $ 3,757 $ (1,122 ) $ 3,303 $ 4,140 $ (837 ) Non-interest expense: Other non-interest expense $ 8,358 $ 9,480 $ (1,122 ) $ 6,769 $ 7,606 $ (837 ) Fees and service charges on deposits: Fees and service charges on deposits include transaction and non-transaction based deposit fees. Transaction based fees on deposit accounts are charged to deposit customers for specific services provided to the customer. These fees include such items as wire fees, official check fees, and overdraft fees. These are contracts specific to each individual transaction and do not extend beyond the individual transaction. The performance obligation is completed and the fees are recognized at the time the specific transactional service is provided to the customer. Non-transactional deposit fees are typically monthly account maintenance fees charged on deposit accounts. These are day-to-day contracts that can be cancelled by either party without notice. The performance obligation is satisfied and the fees are recognized on a monthly basis after the service period is completed. ATM and interchange fees: ATM fees represent fees earned when a foreign debit or ATM card is used in a Byline Bank ATM. These fees are assessed and paid at the time of each transaction as the performance obligation is satisfied, which is at the point in time that the transaction is performed and approved. Interchange fees represent fees earned when a debit card issued by the Bank is used to purchase goods or services at a merchant. The merchant's bank pays the Bank a default interchange rate set by MasterCard on a transaction by transaction basis. Interchange fees are assessed as the performance obligation is satisfied, which is at the point in time the card transaction is authorized. The performance obligation is satisfied and the fees are earned when the cost of the transaction is charged to the Bank cardholders’ card. Direct expenses associated with ATM and debit cards are recorded as a net reduction against the ATM and interchange income. Wealth management and trust income: Wealth management and trust income represents fees earned by the Bank for discretionary investment management, trust administration, fiduciary and/or custody services rendered. Fees vary and are based on a contract with the customer. Fee income is determined as a percentage of assets under management and is recognized over the period the underlying account is serviced. Although some trust appointments can last for generations, most contracts are generally cancellable at any time, with the customer subject to a pro-rated fee in the month of termination. Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities . The amendments in this ASU require equity securities to be measured at fair value with changes in the fair value recognized through net income. The amendments allow equity investments that do not have readily determinable fair values to be remeasured at fair value under certain circumstances and require enhanced disclosures about those investments. The amendments simplify the impairment assessment of equity investments without readily determinable fair values. The amendments also eliminate the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. The amendments require entities to adjust fair value disclosures for financial instruments to be reflected at an exit price. The amendments in this ASU require separate presentation in other comprehensive income of the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. This amendment excludes from net income gains or losses that the entity may not realize because those financial liabilities are not usually transferred or settled at their fair values before maturity. The amendments in this ASU require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or in the accompanying notes to the financial statements. The Company adopted the provisions of ASU No. 2016-01 as of January 1, 2019. The adoption of this ASU resulted in the Company reclassifying $1.4 million from other comprehensive income to retained earnings, representing the unrealized gain, net of tax, on available-for-sale for sale equity securities at the date of adoption. The provisions of ASU No. 2016-01 require any future changes in fair value of equity securities to be recorded in the Consolidated Statements of Operations which could result in additional volatility in non-interest income. At December 31, 2018, the Company held $6.6 million of available-for-sale equity investment securities, which were previously reported as available-for-sale securities, at fair value, and are now reported as equity and other securities, at fair value. In addition, the adoption of this ASU resulted in changing how the Company estimates the fair value of portfolio loans and leases for disclosure purposes. Fair values are estimated first by stratifying the portfolios of loans and leases with similar financial characteristics. Loans and leases are segregated by type such as commercial real estate, residential mortgage, construction, land, and development, commercial and industrial, consumer and other. Each loan and lease category is further segmented into fixed- and adjustable-rate interest terms. An estimate of fair value is then calculated based on discounted cash flows using as a discount rate based on the current rate offered on similar products, plus an adjustment for liquidity to reflect the non-homogeneous nature of the loans and leases, as well as a quarterly loss rate based on historical losses to arrive at an estimated exit price fair value. Fair value for impaired loans and leases is also based on recent appraisals or estimated cash flows discounted using rates commensurate with risk associated with the estimated cash flows. Assumptions regarding credit risk, cash flows and discount rates are judgmentally determined using available market information and specific borrower information. Derivatives and Hedging (Topic 815) In August 2017, FASB issued ASU No. 2017-12, Targeted Improvements to Accounting for Hedging Activities . The amendments in this ASU better align an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. The Company adopted the provisions of ASU No. 2017-12 on January 1, 2019. Upon adoption, the Company elected to reclassify $94.8 million of securities held-to-maturity to securities available-for-sale, which did not impact on the Consolidated Statements of Operations Compensation—Stock Compensation (Topic 718) In May 2017, the FASB issued ASU 2017-09, Scope of Modification Accounting . The amendments in the ASU provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. An entity should account for the effects of a modification unless all of the following are met: (1) the fair value (or calculated value or intrinsic value, if such an alternative measurement method is used) of the modified award is the same as the fair value (or calculated value or intrinsic value, if such an alternative measurement method is used) of the original award immediately before the original award is modified. If the modification does not affect any of the inputs to the valuation technique that the entity uses to value the award, the entity is not required to estimate the value immediately before and after the modification. (2) the vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified. (3) the classification of the modified award is an equity instrument or liability instrument is the same as the classification of the original award immediately before the original award is modified. The amendments are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period, for reporting periods for which financial statements have not yet been issued. The amendments should be applied prospectively to an award modified on or after the adoption date. Given our emerging growth status, the Company adopted the provisions of ASU No. 2017-09 on January 1, 2019, which did not have a material impact on the Company’s Consolidated Financial Statements. Statement of Cash Flows (Topic 230) In August 2016, FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments . There is diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230 and other Topics. This ASU addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. Those eight issues are (1) debt prepayment or debt extinguishment costs, (2) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, (3) contingent consideration payments made after a business combination, (4) proceeds from the settlement of insurance claims, (5) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (6) distributions received from equity method investees, (7) beneficial interests in securitization transactions, and (8) separately identifiable cash flows and application of the predominance principle. Current GAAP either is unclear or does not include specific guidance on these eight cash flow classification issues. These amendments provide guidance for each of the eight issues, thereby reducing current and potential future diversity in practice. The amendments in this ASU are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. Given the Company’s emerging growth company status, the new authoritative guidance will be effective for reporting periods after January 1, 2019. The Company adopted the provisions of ASU No. 2016-15 on January 1, 2019, which did not have a material impact on the Company’s Consolidated Financial Statements. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash Business Combinations (Topic 805) In January 2017, the FASB issued ASU No. 2017-01, Clarifying the Definition of a Business . The guidance clarifies the definition of a business to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. This guidance is effective for annual and interim periods beginning after December 15, 2017. Given our emerging growth status, the Company adopted the provisions of ASU No. 2017-01 on January 1, 2019, which did not have a material impact on the Company’s Consolidated Financial Statements. Fair Value Measurement (Topic 820) In August 2018, FASB issued ASU No. 2018-13, Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement . The amendments in this ASU modify the disclosure requirements on fair value measurements in Topic 820. The amendments remove the disclosure requirements for the amount and reasons for transfers between Level 1 and Level 2 securities of the fair value hierarchy, the policy for timing of transfers between levels, and the valuation processes for Level 3 fair value measurement. The amendments modify the disclosure requirements as follows: for investments in certain entities that calculate net asset value, an entity is required to disclose the timing of liquidation of an investee’s assets and the date when restrictions from redemption might lapse only if the investee has communicated the timing to the entity or announced the timing publicly; and clarify that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date. The amendments add the following disclosure requirements: the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period; and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. Early adoption is permitted. The Company early adopted these amendments in 2018, which did not have a material impact on the Company’s Consolidated Financial Statements. Issued Accounting Pronouncements Pending Adoption Leases (Topic 842) In February 2016, FASB issued ASU No. 2016-02, Leases . The amendments in this ASU require lessees to recognize the following for all leases (with the exception of short-term) at the commencement date: a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The amendments in this ASU leave lessor accounting largely unchanged, although certain targeted improvements were made to align lessor accounting with the lessee accounting model. This ASU simplifies the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted upon issuance. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. The Company is evaluating the new guidance and its impact on the Company’s Consolidated Statements of Operations and Consolidated Statements of Financial Condition. In October 2019, FASB voted to defer the effective date of this ASU for entities not classified as Public Business Entities (PBEs). Our status as an emerging growth company makes us eligible for this deferral. Assuming the Company remains an emerging growth company, the proposed guidance will be effective for reporting periods after December 15, 2020, and interim periods with fiscal years beginning after December 15, 2021. The Company expects an increase in assets and liabilities as a result of recognizing additional right-of-use assets and liabilities under lease contracts in which the Company is lessee. While the Company has not quantified the impact of this ASU on its direct financing lease portfolio, it does not expect a material change in its accounting for the initial direct costs related to these leases. Financial Instruments—Credit Losses (Topic 326) In June 2016, FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments . Current GAAP requires an “incurred loss” methodology for recognizing credit losses that delays recognition until it is probable a loss has been incurred. The main objective of this ASU is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The amendments in this ASU replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The amendments in this ASU require a financial asset (or group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. The measurement of expected credit losses will be based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. The amendments in this ASU broaden the information that an entity must consider in developing its expected credit loss estimate for assets measured either collectively or individually. The use of forecasted information incorporates more timely information in the estimate of expected credit loss, which will be more useful to users of the financial statements. In October 2019, FASB voted to defer the effective date of the ASU for entities not classified as PBEs. Once issued, the Company intends to exercise the extension applicable to emerging growth companies. The Company is in process of implementation and determining the impact that this ASU will have on the Company’s Consolidated Financial Statements. Nonrefundable Fees and Other Costs (Subtopic 310-20) In March 2017, FASB issued ASU No. 2017-08, Receivables—Nonrefundable Fees and Other Costs. The amendments in the ASU shorten the amortization period for certain callable debt securities held at a premium at the earliest call date. Under current GAAP, the Company amortizes the premium as an adjustment of yield over the contractual life of the instrument. As a result, upon exercise of a call on a callable debt security held at a premium, the unamortized premium is charged to earnings. The ASU shortens the amortization period for certain callable debt securities held at a premium and requires the premium to be amortized to the earliest call date. However, the amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The amendments are effective for annual periods beginning after December 15, 2019, and interim periods within annual periods beginning after December 15, 2020. Early adoption is permitted. The Company is required to apply the amendments on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. Assuming the Company remains an emerging growth company, the new authoritative guidance will be effective for reporting periods after January 1, 2020. The Company is currently evaluating the provisions of ASU No. 2017-08 to determine the potential impact the new standard will have on the Company’s Consolidated Financial Statements. |
Accounting Pronouncements Rec_2
Accounting Pronouncements Recently Adopted or Issued (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Changes And Error Corrections [Abstract] | |
Impact of Adopting the New Revenue Standard on Consolidated Statements of Operations | The Company adopted ASU 2014-09 using the full retrospective approach. The following table presents the impact of adopting the new revenue standard on our Consolidated Statements of Operations for the periods presented (in thousands): For the Three Months Ended For the Three Months Ended September 30, 2019 September 30, 2018 As Reported Balance without Adoption of ASC 606 Effect of Change As Reported Balance without Adoption of ASC 606 Effect of Change Non-interest income: ATM and interchange fees $ 973 $ 1,369 $ (396 ) $ 1,540 $ 1,781 $ (241 ) Non-interest expense: Other non-interest expense $ 2,679 $ 3,075 $ (396 ) $ 2,880 $ 3,121 $ (241 ) For the Nine Months Ended For the Nine Months Ended September 30, 2019 September 30, 2018 As Reported Balance without Adoption of ASC 606 Effect of Change As Reported Balance without Adoption of ASC 606 Effect of Change Non-interest income: ATM and interchange fees $ 2,635 $ 3,757 $ (1,122 ) $ 3,303 $ 4,140 $ (837 ) Non-interest expense: Other non-interest expense $ 8,358 $ 9,480 $ (1,122 ) $ 6,769 $ 7,606 $ (837 ) |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Summary of Fair Values of Assets and Liabilities Assumed as of Acquisition Dates | The following table presents a summary of the fair values of assets acquired and liabilities assumed as of the acquisition dates: Preliminary Estimates April 30, 2019 Oak Park River Forest May 31, 2018 First Evanston Assets Cash and cash equivalents $ 10,469 $ 47,378 Securities available-for-sale 30,343 128,063 Restricted stock 414 1,360 Loans 261,151 916,011 Premises and equipment 3,488 15,890 Other real estate owned 2,201 — Other intangible assets 6,220 22,276 Bank-owned life insurance 3,485 — Deferred tax assets, net 4,887 2,302 Other assets 1,256 8,845 Total assets acquired 323,914 1,142,125 Liabilities Deposits 290,171 1,022,268 Line of credit 5,655 — Federal Home Loan Bank advances 5,300 — Junior subordinated debentures — 8,497 Accrued expenses and other liabilities 4,766 5,844 Total liabilities assumed 305,892 1,036,609 Net assets acquired $ 18,022 $ 105,516 Consideration paid Common stock (2019 - 1,464,558 shares issued at $20.02 per share, 2018 - 6,682,850 shares issued at $21.62 per share) 29,320 144,483 Outstanding stock options converted to Byline stock options — 7,644 Cash paid 6,163 27,004 Total consideration paid 35,483 179,131 Goodwill $ 17,461 $ 73,615 |
Summary of Acquired Non-Impaired Loans as of Acquisition Dates | The following table presents the acquired non-impaired loans as of the acquisition dates: April 30, 2019 Oak Park River Forest May 31, 2018 First Evanston Fair value $ 212,587 $ 890,986 Gross contractual amounts receivable 275,553 1,057,374 Estimate of contractual cash flows not expected to be collected (1) 23,932 36,544 Estimate of contractual cash flows expected to be collected 251,621 1,020,830 (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 and nine months ended September 30, 2019 and 2018, as if the acquisitions had occurred on January 1, 2018. The pro forma results combine the historical results of First Evanston and Oak Park River Forest into the Company’s Consolidated Statements of Operations, including the impact of certain acquisition accounting adjustments, which includes loan discount accretion, intangible assets amortization, deposit premium accretion, and borrowing, net of 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, 2018. No assumptions have been applied to the pro forma results of operations regarding possible revenue enhancements, provision for credit losses, expense efficiencies or asset dispositions. The acquisition-related expenses that have been recognized are included in net income in the following table for the three and nine months ended September 30, 2019 and 2018. For the Three Months Ended For the Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Total revenues (net interest income and non-interest income) $ 72,644 $ 69,019 $ 209,765 $ 200,371 Net income $ 15,342 $ 15,673 $ 45,138 $ 42,160 Earnings per share—basic $ 0.40 $ 0.41 $ 1.18 $ 1.11 Earnings per share—diluted $ 0.39 $ 0.40 $ 1.16 $ 1.08 |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Amortized Cost and Fair Values of Securities Available-for-sale, Held to Maturity and Equity and Other Securities | The following September 30, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale U.S. Treasury Notes $ 42,381 $ 461 $ — $ 42,842 U.S. Government agencies 177,082 1,048 (272 ) 177,858 Obligations of states, municipalities, and political subdivisions 96,564 2,269 (231 ) 98,602 Residential mortgage-backed securities Agency 329,145 2,178 (2,313 ) 329,010 Non-agency 119,661 644 (245 ) 120,060 Commercial mortgage-backed securities Agency 150,891 1,698 (556 ) 152,033 Non-agency 31,224 276 — 31,500 Corporate securities 46,821 415 (42 ) 47,194 Other securities 32,955 — (121 ) 32,834 Total $ 1,026,724 $ 8,989 $ (3,780 ) $ 1,031,933 September 30, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Held-to-maturity Obligations of states, municipalities, and political subdivisions $ 4,417 $ 85 $ — $ 4,502 Total $ 4,417 $ 85 $ — $ 4,502 December 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale U.S. Treasury Notes $ 52,775 $ 81 $ (189 ) $ 52,667 U.S. Government agencies 187,427 367 (1,296 ) 186,498 Obligations of states, municipalities, and political subdivisions 60,686 133 (586 ) 60,233 Residential mortgage-backed securities Agency 284,038 101 (11,176 ) 272,963 Non-agency 84,998 199 (1,576 ) 83,621 Commercial mortgage-backed securities Agency 93,543 55 (3,164 ) 90,434 Non-agency 31,458 — (1,000 ) 30,458 Corporate securities 34,716 67 (610 ) 34,173 Other securities 4,613 2,127 (131 ) 6,609 Total $ 834,254 $ 3,130 $ (19,728 ) $ 817,656 December 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Held-to-maturity Obligations of states, municipalities, and political subdivisions $ 23,835 $ 40 $ (210 ) $ 23,665 Residential mortgage-backed securities Agency 40,082 93 (531 ) 39,644 Non-agency 35,349 — (919 ) 34,430 Total $ 99,266 $ 133 $ (1,660 ) $ 97,739 |
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 September 30, 2019 and December 31, 2018, are summarized as follows: Less than 12 Months 12 Months or Longer Total September 30, 2019 # of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Available-for-sale U.S. Government agencies 5 $ 14,834 $ (163 ) $ 20,266 $ (109 ) $ 35,100 $ (272 ) Obligations of states, municipalities and political subdivisions 4 9,960 (226 ) 1,417 (5 ) 11,377 (231 ) Residential mortgage-backed securities Agency 40 32,436 (179 ) 204,649 (2,134 ) 237,085 (2,313 ) Non-agency 11 36,826 (62 ) 28,142 (183 ) 64,968 (245 ) Commercial mortgage-backed securities Agency 8 38,571 (256 ) 33,769 (300 ) 72,340 (556 ) Corporate securities 5 9,276 (42 ) — — 9,276 (42 ) Other securities 1 32,834 (121 ) — — 32,834 (121 ) Total 74 $ 174,737 $ (1,049 ) $ 288,243 $ (2,731 ) $ 462,980 $ (3,780 ) Less than 12 Months 12 Months or Longer Total December 31, 2018 # of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Available-for-sale U.S. Treasury Notes 18 $ 23,835 $ (52 ) $ 9,865 $ (137 ) $ 33,700 $ (189 ) U.S. Government agencies 25 43,487 (80 ) 50,101 (1,216 ) 93,588 (1,296 ) Obligations of states, municipalities and political subdivisions 56 13,926 (97 ) 18,563 (489 ) 32,489 (586 ) Residential mortgage-backed securities Agency 42 4,288 (45 ) 254,121 (11,131 ) 258,409 (11,176 ) Non-agency 8 59,107 (1,378 ) 4,009 (198 ) 63,116 (1,576 ) Commercial mortgage-backed securities Agency 9 21,356 (447 ) 52,640 (2,717 ) 73,996 (3,164 ) Non-agency 5 — — 30,458 (1,000 ) 30,458 (1,000 ) Corporate securities 15 25,762 (342 ) 4,642 (268 ) 30,404 (610 ) Other securities 1 — — 2,844 (131 ) 2,844 (131 ) Total 179 $ 191,761 $ (2,441 ) $ 427,243 $ (17,287 ) $ 619,004 $ (19,728 ) Less than 12 Months 12 Months or Longer Total December 31, 2018 # of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Held-to-maturity Obligations of states, municipalities, and political subdivisions 23 $ 8,127 $ (58 ) $ 8,792 $ (152 ) $ 16,919 $ (210 ) Residential mortgage-backed securities Agency 16 6,625 (150 ) 21,139 (381 ) 27,764 (531 ) Non-agency 7 21,499 (503 ) 12,931 (416 ) 34,430 (919 ) Total 46 $ 36,251 $ (711 ) $ 42,862 $ (949 ) $ 79,113 $ (1,660 ) |
Summary of Proceeds From Sales of Securities Available-for-sale and Associated Gains and Losses | The proceeds from all sales of securities three and nine months ended September 30, 2019 For the Three Months Ended For the Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Proceeds $ 32,509 $ — $ 92,103 $ 544 Gross gains 225 — 1,274 4 Gross losses 47 — 123 — |
Schedule of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | At September 30, 2019, the Amortized Cost Fair Value Equity and other securities, at fair value Due after ten years $ 697 $ 697 No defined maturity 6,951 6,951 Total $ 7,648 $ 7,648 Available-for-sale Due in one year or less $ 59,697 $ 59,875 Due from one to five years 123,941 125,158 Due from five to ten years 136,438 137,993 Due after ten years 75,727 76,304 Mortgage-backed securities 630,921 632,603 Total $ 1,026,724 $ 1,031,933 Held-to-maturity Due from one to five years $ 3,805 $ 3,873 Due from five to ten years 612 629 Total $ 4,417 $ 4,502 |
Loan and Lease Receivables (Tab
Loan and Lease Receivables (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Schedule of Outstanding Loan and Lease Receivables | Outstanding loan and lease receivables as of the dates shown were categorized as follows: September 30, December 31, 2019 2018 Commercial real estate $ 1,305,438 $ 1,261,594 Residential real estate 748,875 704,899 Construction, land development, and other land 281,868 186,258 Commercial and industrial 1,300,997 1,145,240 Installment and other 9,284 13,675 Lease financing receivables 180,273 187,797 Total loans and leases 3,826,735 3,499,463 Net unamortized deferred fees and costs 1,444 (1,293 ) Initial direct costs 2,911 3,456 Allowance for loan and lease losses (31,585 ) (25,201 ) Net loans and leases $ 3,799,505 $ 3,476,425 September 30, December 31, 2019 2018 Lease financing receivables Net minimum lease payments $ 196,163 $ 204,646 Unguaranteed residual values 1,379 1,535 Unearned income (17,269 ) (18,384 ) Total lease financing receivables 180,273 187,797 Initial direct costs 2,911 3,456 Lease financial receivables before allowance for lease losses $ 183,184 $ 191,253 |
Summary of Minimum Annual Lease Payments for Lease Financing Receivables | The minimum Minimum Lease Payments 2019 $ 18,025 2020 70,292 2021 51,235 2022 33,733 2023 17,614 Thereafter 5,264 Total $ 196,163 |
Summary of Balances for Each Respective Loan and Lease Category | The following September 30, 2019 Originated Acquired Impaired Acquired Non- Impaired Total Commercial real estate $ 772,559 $ 142,435 $ 391,294 $ 1,306,288 Residential real estate 497,839 109,409 141,855 749,103 Construction, land development, and other land 236,780 4,562 39,657 280,999 Commercial and industrial 1,096,400 18,349 187,413 1,302,162 Installment and other 7,818 267 1,269 9,354 Lease financing receivables 160,061 — 23,123 183,184 Total loans and leases $ 2,771,457 $ 275,022 $ 784,611 $ 3,831,090 December 31, 2018 Originated Acquired Impaired Acquired Non- Impaired Total Commercial real estate $ 652,234 $ 146,808 $ 462,565 $ 1,261,607 Residential real estate 466,309 113,934 124,659 704,902 Construction, land development, and other land 144,128 3,779 37,442 185,349 Commercial and industrial 803,508 12,617 328,672 1,144,797 Installment and other 11,718 404 1,596 13,718 Lease financing receivables 159,901 — 31,352 191,253 Total loans and leases $ 2,237,798 $ 277,542 $ 986,286 $ 3,501,626 |
Schedule of Estimated Fair Value of Impaired Loans Acquired at Acquisition | The following table presents a reconciliation of the undiscounted contractual cash flows, non-accretable difference, accretable yield, and fair value of acquired impaired loans as of the acquisition date of May 31, 2018 (First Evanston) and April 30, 2019 (Oak Park River Forest): First Evanston Oak Park River Forest Undiscounted contractual cash flows $ 33,594 $ 65,223 Undiscounted cash flows not expected to be collected (non-accretable difference) (5,003 ) (8,158 ) Undiscounted cash flows expected to be collected 28,591 57,065 Accretable yield at acquisition (3,566 ) (8,501 ) Estimated fair value of impaired loans acquired at acquisition $ 25,025 $ 48,564 |
Summary of Outstanding Balance and Carrying Amount of All Acquired Impaired Loans | The outstanding September 30, 2019 December 31, 2018 Outstanding Balance Carrying Value Outstanding Balance Carrying Value Commercial real estate $ 196,495 $ 142,435 $ 216,137 $ 146,808 Residential real estate 161,742 109,409 173,962 113,934 Construction, land development, and other land 13,276 4,562 11,962 3,779 Commercial and industrial 27,320 18,349 24,972 12,617 Installment and other 1,121 267 1,735 404 Total acquired impaired loans $ 399,954 $ 275,022 $ 428,768 $ 277,542 |
Summary of Changes in Accretable Yield for Acquired Impaired Loans | The following table summarizes the changes in accretable yield for acquired impaired loans for the three and nine months ended September 30, 2019 and 2018: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Beginning balance $ 46,538 $ 41,306 $ 37,115 $ 36,446 Additions — — 8,501 3,566 Accretion to interest income (7,703 ) (5,665 ) (17,772 ) (17,227 ) Reclassification from nonaccretable difference, net 5,153 2,507 16,144 15,363 Ending balance $ 43,988 $ 38,148 $ 43,988 $ 38,148 |
Schedule of Unpaid Principal Balance and Carrying Value for Acquired Non-Impaired Loans and Leases | The unpaid September 30, 2019 December 31, 2018 Unpaid Principal Balance Carrying Value Unpaid Principal Balance Carrying Value Commercial real estate $ 400,422 $ 391,294 $ 473,262 $ 462,565 Residential real estate 144,075 141,855 127,478 124,659 Construction, land development, and other land 40,778 39,657 38,494 37,442 Commercial and industrial 194,756 187,413 344,879 328,672 Installment and other 1,303 1,269 1,831 1,596 Lease financing receivables 24,754 23,123 32,977 31,352 Total acquired non-impaired loans and leases $ 806,088 $ 784,611 $ 1,018,921 $ 986,286 |
Allowance for Loan and Lease _2
Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Summary of Allowance for Loan and Lease Losses and Corresponding Loan and Lease Balances | The following September 30, 2019 Commercial Real Estate Residential Real Estate Construction, Land Development, and Other Land Commercial and Industrial Installment and Other Lease Financing Receivables Total Allowance for loan and lease losses Three months ended Beginning balance $ 8,934 $ 2,171 $ 691 $ 17,126 $ 67 $ 2,143 $ 31,132 Provisions 1,075 74 125 4,198 (12 ) 471 5,931 Charge-offs (1,459 ) — — (3,561 ) (1 ) (665 ) (5,686 ) Recoveries 3 6 — 20 1 178 208 Ending balance $ 8,553 $ 2,251 $ 816 $ 17,783 $ 55 $ 2,127 $ 31,585 Nine months ended Beginning balance $ 7,540 $ 1,751 $ 466 $ 12,932 $ 49 $ 2,463 $ 25,201 Provisions 4,212 230 350 10,550 10 969 16,321 Charge-offs (3,628 ) (9 ) — (5,740 ) (5 ) (1,932 ) (11,314 ) Recoveries 429 279 — 41 1 627 1,377 Ending balance $ 8,553 $ 2,251 $ 816 $ 17,783 $ 55 $ 2,127 $ 31,585 Ending balance: Individually evaluated for impairment $ 2,728 $ 39 $ — $ 6,795 $ — $ — $ 9,562 Collectively evaluated for impairment 4,458 1,612 802 10,169 53 2,127 19,221 Loans acquired with deteriorated credit quality 1,367 600 14 819 2 — 2,802 Total allowance for loan and lease losses $ 8,553 $ 2,251 $ 816 $ 17,783 $ 55 $ 2,127 $ 31,585 September 30, 2019 Commercial Real Estate Residential Real Estate Construction, Land Development, and Other Land Commercial and Industrial Installment and Other Lease Financing Receivables Total Loans and leases ending balance: Individually evaluated for impairment $ 24,071 $ 2,374 $ — $ 26,731 $ — $ — $ 53,176 Collectively evaluated for impairment 1,139,782 637,320 276,437 1,257,082 9,087 183,184 3,502,892 Loans acquired with deteriorated credit quality 142,435 109,409 4,562 18,349 267 — 275,022 Total loans and leases $ 1,306,288 $ 749,103 $ 280,999 $ 1,302,162 $ 9,354 $ 183,184 $ 3,831,090 September 30, 2018 Commercial Real Estate Residential Real Estate Construction, Land Development, and Other Land Commercial and Industrial Installment and Other Lease Financing Receivables Total Allowance for loan and lease losses Three months ended Beginning balance $ 6,453 $ 1,648 $ 332 $ 8,369 $ 30 $ 2,855 $ 19,687 Provisions 1,705 29 58 3,579 12 459 5,842 Charge-offs (736 ) — — (858 ) (4 ) (823 ) (2,421 ) Recoveries — — — 75 — 241 316 Ending balance $ 7,422 $ 1,677 $ 390 $ 11,165 $ 38 $ 2,732 $ 23,424 Nine months ended Beginning balance $ 4,794 $ 1,638 $ 222 $ 7,418 $ 41 $ 2,593 $ 16,706 Provisions 3,975 39 586 8,959 33 1,321 14,913 Charge-offs (1,347 ) — (418 ) (5,539 ) (36 ) (1,888 ) (9,228 ) Recoveries — — — 327 — 706 1,033 Ending balance $ 7,422 $ 1,677 $ 390 $ 11,165 $ 38 $ 2,732 $ 23,424 Ending balance: Individually evaluated for impairment $ 2,294 $ 70 $ — $ 4,044 $ 14 $ — $ 6,422 Collectively evaluated for impairment 3,413 1,150 390 6,301 21 2,732 14,007 Loans acquired with deteriorated credit quality 1,715 457 — 820 3 — 2,995 Total allowance for loan and lease losses $ 7,422 $ 1,677 $ 390 $ 11,165 $ 38 $ 2,732 $ 23,424 September 30, 2018 Commercial Real Estate Residential Real Estate Construction, Land Development, and Other Land Commercial and Industrial Installment and Other Lease Financing Receivables Total Loans and leases ending balance: Individually evaluated for impairment $ 13,612 $ 1,941 $ — $ 19,962 $ 14 $ — $ 35,529 Collectively evaluated for impairment 1,104,484 582,292 177,502 1,061,048 11,722 189,057 3,126,105 Loans acquired with deteriorated credit quality 154,108 120,963 4,203 14,436 458 — 294,168 Total loans and leases $ 1,272,204 $ 705,196 $ 181,705 $ 1,095,446 $ 12,194 $ 189,057 $ 3,455,802 |
Summary of Recorded Investment, Unpaid Principal Balance, and Related Allowance for Loans and Leases Considered Impaired | The following and September 30, 2019 Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded Commercial real estate $ 15,636 $ 16,653 $ — Residential real estate 2,246 2,356 — Commercial and industrial 9,557 10,510 — With an allowance recorded Commercial real estate 8,435 9,246 2,728 Residential real estate 128 146 39 Commercial and industrial 17,174 18,353 6,795 Total impaired loans $ 53,176 $ 57,264 $ 9,562 December 31, 2018 Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded Commercial real estate $ 6,110 $ 7,693 $ — Residential real estate 1,886 1,858 — Commercial and industrial 11,193 13,961 — With an allowance recorded Commercial real estate 5,873 6,313 2,191 Residential real estate 251 253 61 Commercial and industrial 10,601 11,153 4,397 Total impaired loans $ 35,914 $ 41,231 $ 6,649 |
Summary of Average Recorded Investment and Interest Income Recognized for Loans and Leases Considered Impaired | The following tables summarize the average recorded investment and interest income recognized for loans and leases considered impaired, which excludes acquired impaired loans, for the nine months ended as follows: September 30, 2019 Average Recorded Investment Interest Income Recognized With no related allowance recorded Commercial real estate $ 9,379 $ 761 Residential real estate 1,914 60 Commercial and industrial 11,889 482 With an allowance recorded Commercial real estate 8,238 479 Residential real estate 207 7 Commercial and industrial 13,543 668 Total impaired loans $ 45,170 $ 2,457 September 30, 2018 Average Recorded Investment Interest Income Recognized With no related allowance recorded Commercial real estate $ 9,441 $ 232 Residential real estate 1,910 24 Construction, land development and other land — 15 Commercial and industrial 8,018 194 With an allowance recorded Commercial real estate 5,022 16 Residential real estate 330 3 Commercial and industrial 9,047 484 Installment and other 14 9 Total impaired loans $ 33,782 $ 977 |
Summary of Risk Rating Categories of Loans and Leases Considered for Inclusion in Allowance for Loan and Lease Losses Calculation | The following September 30, 2019 Commercial Real Estate Residential Real Estate Construction, Land Development, and Other Land Commercial and Industrial Installment and Other Lease Financing Receivables Total Pass $ 1,008,797 $ 608,106 $ 254,745 $ 1,034,730 $ 8,916 $ 179,954 $ 3,095,248 Watch 103,761 10,986 14,544 183,458 170 16 312,935 Special Mention 24,998 17,975 7,148 24,289 — 2,097 76,507 Substandard 26,297 2,627 — 41,336 1 595 70,856 Doubtful — — — — — 522 522 Loss — — — — — — — Total $ 1,163,853 $ 639,694 $ 276,437 $ 1,283,813 $ 9,087 $ 183,184 $ 3,556,068 December 31, 2018 Commercial Real Estate Residential Real Estate Construction, Land Development, and Other Land Commercial and Industrial Installment and Other Lease Financing Receivables Total Pass $ 1,009,041 $ 553,665 $ 147,123 $ 962,291 $ 9,997 $ 188,314 $ 2,870,431 Watch 76,276 29,522 31,376 112,996 3,302 80 253,552 Special Mention 17,602 5,656 3,071 34,314 — 1,794 62,437 Substandard 11,880 2,125 — 22,579 15 818 37,417 Doubtful — — — — — 247 247 Loss — — — — — — — Total $ 1,114,799 $ 590,968 $ 181,570 $ 1,132,180 $ 13,314 $ 191,253 $ 3,224,084 |
Summary of Contractual Delinquency Information | The following tables summarize contractual delinquency information for acquired non-impaired and originated loans and leases by category at September 30, 2019 and December 31, 2018: September 30, 2019 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days and Accruing Non- accrual Total Past Due Current Total Commercial real estate $ 6,140 $ 2,449 $ — $ 12,186 $ 20,775 $ 1,143,078 $ 1,163,853 Residential real estate 632 501 — 2,092 3,225 636,469 639,694 Construction, land development, and other land — 3,203 — — 3,203 273,234 276,437 Commercial and industrial 9,136 1,018 — 24,592 34,746 1,249,067 1,283,813 Installment and other 12 — — 1 13 9,074 9,087 Lease financing receivables 651 460 — 657 1,768 181,416 183,184 Total $ 16,571 $ 7,631 $ — $ 39,528 $ 63,730 $ 3,492,338 $ 3,556,068 December 31, 2018 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days and Accruing Non- accrual Total Past Due Current Total Commercial real estate $ 6,659 $ 2,145 $ — $ 9,484 $ 18,288 $ 1,096,511 $ 1,114,799 Residential real estate 4,488 711 — 1,815 7,014 583,954 590,968 Construction, land development, and other land — — — — — 181,570 181,570 Commercial and industrial 5,829 1,376 — 13,932 21,137 1,111,043 1,132,180 Installment and other 1,932 4 — 12 1,948 11,366 13,314 Lease financing receivables 789 530 — 591 1,910 189,343 191,253 Total $ 19,697 $ 4,766 $ — $ 25,834 $ 50,297 $ 3,173,787 $ 3,224,084 |
Summary of TDR's by Loan Category | The tables below present TDRs by loan category as of September 30, 2019 and December 31, 2018: September 30, 2019 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Charge-offs Specific Reserves Accruing: Commercial real estate 5 $ 1,476 $ 1,476 $ — $ 179 Commercial and industrial 3 528 528 — 120 Residential real estate 2 200 200 — — Total accruing 10 2,204 2,204 — 299 Non-accruing: Commercial real estate 8 3,650 3,473 177 553 Commercial and industrial 10 7,493 5,622 1,871 1,268 Residential real estate 1 113 113 — — Total non-accruing 19 11,256 9,208 2,048 1,821 Total troubled debt restructurings 29 $ 13,460 $ 11,412 $ 2,048 $ 2,120 December 31, 2018 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Charge-offs Specific Reserves Accruing: Commercial real estate 4 $ 1,508 $ 1,508 $ — $ 113 Commercial and industrial 2 191 191 — 100 Residential real estate 1 114 114 — — Total accruing 7 1,813 1,813 — 213 Non-accruing: Commercial real estate 9 2,512 2,471 41 743 Commercial and industrial 6 6,714 4,843 1,871 1,290 Total non-accruing 15 9,226 7,314 1,912 2,033 Total troubled debt restructurings 22 $ 11,039 $ 9,127 $ 1,912 $ 2,246 |
Summary of Loans Modified as Troubled Debt Restructurings | Loans modified and 2018: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Accruing: Beginning balance $ 1,529 $ 1,238 $ 1,813 $ 1,061 Additions — — 113 37 Net payments (242 ) (8 ) (291 ) (56 ) Net transfers from (to) non-accrual 917 — 569 188 Ending balance 2,204 1,230 2,204 1,230 Non-accruing: Beginning balance 7,834 5,776 7,314 1,570 Additions 2,893 1,667 4,321 7,123 Net payments (540 ) (84 ) (1,266 ) (1,002 ) Charge-offs (62 ) — (592 ) (144 ) Net transfers from (to) accrual (917 ) — (569 ) (188 ) Ending balance 9,208 7,359 9,208 7,359 Total troubled debt restructurings 11,412 8,589 11,412 8,589 |
Servicing Assets (Tables)
Servicing Assets (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Transfers And Servicing [Abstract] | |
Activity for Servicing Assets and Related Changes in Fair Value | Activity for the three and nine months ended September 30, 2019 and 2018 is Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Beginning balance $ 19,760 $ 21,587 $ 19,693 $ 21,400 Additions, net 1,789 1,533 4,340 5,681 Changes in fair value (1,610 ) (2,446 ) (4,094 ) (6,407 ) Ending balance $ 19,939 $ 20,674 $ 19,939 $ 20,674 |
Unpaid Principal Balances of Loans Serviced for Others | The unpaid as of and were as follows: September 30, December 31, 2019 2018 Loan portfolios serviced for: SBA guaranteed loans $ 1,197,725 $ 1,151,915 USDA guaranteed loans 117,478 106,184 Total $ 1,315,203 $ 1,258,099 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Banking And Thrift [Abstract] | |
Change in Other Real Estate Owned | The following table presents the change in other real estate owned (“OREO”) for the three and nine months ended September 30, 2019 Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Beginning balance $ 8,070 $ 6,402 $ 5,314 $ 10,626 Acquisitions of OREO through business combination — — 2,201 — Net additions to OREO 1,840 307 3,916 1,527 Proceeds from sales of OREO (1,391 ) (2,008 ) (2,722 ) (7,130 ) Gains (losses) on sales of OREO 38 489 11 380 Valuation adjustments (26 ) (299 ) (189 ) (512 ) Ending balance $ 8,531 $ 4,891 $ 8,531 $ 4,891 |
Goodwill, Core Deposit Intang_2
Goodwill, Core Deposit Intangible and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 and nine months ended September 30, 2019 and 2018: Nine Months Ended September 30, 2019 2018 Goodwill Core Intangible Customer Relationship Intangible Goodwill Core Intangible Customer Relationship Intangible Beginning balance $ 128,177 $ 30,360 $ 3,059 $ 54,562 $ 16,720 $ — Additions 17,461 6,220 — 72,974 19,060 3,216 Amortization — (5,534 ) (200 ) — (3,685 ) (89 ) Ending balance $ 145,638 $ 31,046 $ 2,859 $ 127,536 $ 32,095 $ 3,127 Accumulated amortization N/A $ 24,420 $ 358 N/A $ 17,151 89 Weighted average remaining amortization period N/A 6.7 Years 10.7 Years N/A 7.1 Years 11.7 Years Three Months Ended September 30, 2019 2018 Goodwill Core Intangible Customer Relationship Intangible Goodwill Core Intangible Customer Relationship Intangible Beginning balance $ 145,638 $ 32,982 $ 2,926 $ 127,536 $ 33,917 $ 3,194 Additions — — — — — — Amortization — (1,936 ) (67 ) — (1,822 ) (67 ) Ending balance $ 145,638 $ 31,046 $ 2,859 $ 127,536 $ 32,095 $ 3,127 Accumulated amortization N/A $ 24,420 $ 358 N/A $ 17,151 89 Weighted average remaining amortization period N/A 6.7 Years 10.7 Years N/A 7.1 Years 11.7 Years |
Estimated Amortization Expense for Core Deposit Intangible, Customer Relationship Intangible and Other Intangible Assets Recognized | The following table presents the estimated amortization expense for core deposit intangible, customer relationship intangible, and other intangible assets recognized at September 30, 2019: Estimated Amortization 2019 $ 2,002 2020 7,577 2021 7,012 2022 6,440 2023 4,336 Thereafter 6,538 Total $ 33,905 |
Deposits (Tables)
Deposits (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Deposits [Abstract] | |
Composition of Deposits | The composition of deposits was as follows as of September 30, 2019 and December 31, 2018: September 30, December 31, 2019 2018 Non-interest-bearing demand deposits $ 1,221,431 $ 1,192,873 Interest-bearing checking accounts 372,049 296,339 Money market demand accounts 745,154 640,401 Other savings 471,878 476,418 Time deposits (below $250,000) 966,866 911,603 Time deposits ($250,000 and above) 302,936 232,282 Total deposits $ 4,080,314 $ 3,749,916 |
Federal Home Loan Bank Advanc_2
Federal Home Loan Bank Advances (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Federal Home Loan Banks [Abstract] | |
Summary of FHLB Advances | The following September 30, December 31, 2019 2018 Federal Home Loan Bank advances $ 506,000 $ 425,000 Weighted average cost 2.05 % 2.56 % |
Other Borrowings (Tables)
Other Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Other Borrowings | The following is a summary of the Company’s other borrowings as of September 30, 2019 and December 31, 2018: September 30, December 31, 2019 2018 Securities sold under agreements to repurchase $ 32,290 $ 34,166 Line of credit — — Total $ 32,290 $ 34,166 |
Summary of Short-term Credit Lines Available for Use | The following September 30, December 31, 2019 2018 Federal Reserve Bank of Chicago discount window line $ 419,086 $ 293,613 Available federal funds lines 105,000 55,000 |
Junior Subordinated Debentures
Junior Subordinated Debentures (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Junior Subordinated Debentures by Issuance | At September 30, 2019 and December 31, 2018, the Name of Trust Aggregate Principal Amount September 30, 2019 Aggregate Principal Amount December 31, 2018 Stated Maturity Contractual Rate at September 30, 2019 Interest Rate Spread Metropolitan $ 35,000 $ 35,000 March 4.93 % Three-month LIBOR + 2.79% RidgeStone Capital Trust I 1,500 1,500 June 30, 2033 6.38 % Five-year LIBOR + 3.50% First Evanston Bancorp Trust I 10,000 10,000 March 15, 2035 3.90 % Three-month LIBOR + 1.78% Total liability, at par 46,500 46,500 Discount (9,293 ) (9,732 ) Total liability, at carrying value $ 37,207 $ 36,768 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Minimum Annual Rental Commitments for Operating Leases | The minimum Minimum Commitments 2019 $ 1,166 2020 4,455 2021 3,798 2022 2,230 2023 1,294 Thereafter 3,303 Total $ 16,246 |
Summary of Contract or Notional Amount of Outstanding Loan and Lease Commitments | The following September 30, 2019 December 31, 2018 Fixed Rate Variable Total Fixed Variable Total Commitments to extend credit $ 51,101 $ 930,778 $ 981,879 $ 74,099 $ 928,991 $ 1,003,090 Letters of credit 784 39,724 40,508 1,982 34,071 36,053 Total $ 51,885 $ 970,502 $ 1,022,387 $ 76,081 $ 963,062 $ 1,039,143 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Summary of Company's Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following Fair Value Measurements Using September 30, 2019 Fair Value Level 1 Level 2 Level 3 Financial assets Securities available-for-sale U.S. Treasury Notes $ 42,842 $ 42,842 $ — $ — U.S. Government agencies 177,858 — 177,858 — Obligations of states, municipalities, and political subdivisions 98,602 — 98,407 195 Mortgage-backed securities; residential Agency 329,010 — 329,010 — Non-Agency 120,060 — 120,060 — Mortgage-backed securities; commercial Agency 152,033 — 152,033 — Non-Agency 31,500 — 31,500 — Corporate securities 47,194 — 47,194 — Other securities 32,834 — 32,834 — Equity and other securities, at fair value Mutual funds 2,944 2,944 — — Equity securities 4,704 — 4,008 696 Servicing assets 19,939 — — 19,939 Derivative assets 10,288 — 10,288 — Financial liabilities Derivative liabilities 11,093 — 11,093 — Fair Value Measurements Using December 31, 2018 Fair Value Level 1 Level 2 Level 3 Financial assets Securities available-for-sale U.S. Treasury Notes $ 52,667 $ 52,667 $ — $ — U.S. Government agencies 186,498 — 186,498 — Obligations of states, municipalities, and political subdivisions 60,233 — 60,038 195 Mortgage-backed securities; residential Agency 272,963 — 272,963 — Non-Agency 83,621 — 83,621 — Mortgage-backed securities; commercial Agency 90,434 — 90,434 — Non-Agency 30,458 — 30,458 — Corporate securities 34,173 — 34,173 — Other securities 6,609 2,844 3,074 691 Servicing assets 19,693 — — 19,693 Derivative assets 10,740 — 10,740 — Financial liabilities Derivative liabilities 4,243 — 4,243 — |
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): Nine Months Ended September 30, 2019 2018 2019 2018 Investment Securities Servicing Assets Balance, beginning of period $ 886 $ 1,052 $ 19,693 $ 21,400 Acquired assets at fair value — 314 — — Additions, net — — 4,340 5,680 Amortization 4 4 — — Change in unrealized gain 1 11 — — Change in fair value — — (4,094 ) (6,406 ) Balance, end of period $ 891 $ 1,381 $ 19,939 $ 20,674 |
Summary of Unobservable Inputs Used in the Fair Value Measurements on Recurring Basis | The following Financial Instruments Valuation Technique Unobservable Inputs Range of Inputs Weighted Average Range Impact to Valuation from an Increased or Higher Input Value Obligations of states, municipalities, and political obligations Discounted Probability of default 2.4% 2.4% Decrease Single issuer trust preferred Discounted cash flow Probability of default 4.9%—5.4% 5.8% Decrease Servicing assets Discounted cash flow Prepayment speeds 2.7%—21.9% 13.7% Decrease Discount rate 4.8%—24.0% 12.2% Decrease Expected weighted average loan life 0.1—9.5 years 4.5 years Increase |
Summary of Company's Assets Measured at Fair Value on a Non-Recurring Basis | The following tables Fair Value Measurements Using September 30, 2019 Fair Value Level 1 Level 2 Level 3 Non-recurring Impaired loans (excluding acquired impaired loans) Commercial real estate $ 21,343 $ — $ — $ 21,343 Residential real estate 2,335 — — 2,335 Commercial and industrial 19,936 — — 19,936 Assets held for sale 15,472 — — 15,472 Other real estate owned 8,531 — — 8,531 Fair Value Measurements Using December 31, 2018 Fair Value Level 1 Level 2 Level 3 Non-recurring Impaired loans (excluding acquired impaired loans) Commercial real estate $ 9,792 $ — $ — $ 9,792 Residential real estate 2,076 — — 2,076 Commercial and industrial 17,397 — — 17,397 Assets held for sale 14,489 — — 14,489 Other real estate owned 5,314 — — 5,314 |
Estimated Fair Values of Financial Instruments | The estimated not carried at fair value September 30, December 31, Fair Value 2019 2018 Hierarchy Level Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Financial assets Cash and due from banks 1 $ 75,275 $ 75,275 $ 30,190 $ 30,190 Interest bearing deposits with other banks 2 33,564 33,564 91,670 91,670 Securities held-to-maturity 2 4,417 4,503 99,266 97,739 Other restricted stock 2 24,331 24,331 19,202 19,202 Loans held for sale 3 7,176 7,922 19,827 21,654 Loans and lease receivables, net (less impaired loans at fair value (1) 3 3,755,891 3,677,608 3,447,160 3,407,652 Accrued interest receivable 3 13,013 13,013 10,863 10,863 Financial liabilities Non-interest-bearing deposits 2 1,221,431 1,221,431 1,192,873 1,192,873 Interest-bearing deposits 2 2,858,883 2,867,646 2,557,043 2,554,329 Accrued interest payable 2 4,778 4,778 3,484 3,484 Line of credit 2 — — — — Federal Home Loan Bank advances 2 506,000 506,000 425,000 425,000 Securities sold under repurchase agreement 2 32,290 32,290 34,166 34,166 Junior subordinated debentures 3 37,207 42,496 36,768 42,351 (1) In accordance with the prospective adoption of ASU 2016-01, the fair value of loans and lease receivables, net (less impaired loans at fair value) as of September 30, 2019 was measured using an exit price notion. The fair value as of December 31, 2018 was measured using an entry price notion. |
Derivative Instruments and He_2
Derivative Instruments and Hedge Activities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary of Derivative Financial Instruments and Classification on Consolidated Statements of Financial Condition | The following tables present the fair value of the Company’s derivative financial instruments and classification on the Consolidated Statements of Financial Condition as of September 30, 2019 and December 31, 2018: September 30, 2019 December 31, 2018 Fair Value Fair Value Notional Amount Other Assets Other Liabilities Notional Amount Other Assets Other Liabilities Derivatives designated as hedging instruments Interest rate swaps designated as cash flow hedges $ — $ — $ — $ 250,000 $ 6,699 $ — Derivatives not designated as hedging instruments Other interest rate derivatives 296,656 10,288 11,076 294,545 4,041 4,237 Other credit derivatives 9,519 — 17 4,424 — 6 Total derivatives $ 306,175 $ 10,288 $ 11,093 $ 548,969 $ 10,740 $ 4,243 |
Summary of Net Gains (Losses) Recorded in Accumulated Other Comprehensive Income (Loss) and Consolidated Statements of Operations Relating to Cash Flow Derivative Instruments | The following table reflects the net gains (losses) recorded in accumulated other comprehensive income (loss) and the Consolidated Statements of Operations relating to the cash flow derivative instruments for the nine months ended: September 30, 2019 September 30, 2018 Amount of Loss Recognized in OCI Amount of Gain Reclassified from OCI to Income as a Decrease to Interest Expense Amount of Gain (Loss) Recognized in Other Non-Interest Income Amount of Gain Recognized in OCI Amount of Gain Reclassified from OCI to Income as an Increase to Interest Expense Amount of Gain (Loss) Recognized in Other Non-Interest Income Interest rate swaps $ (5,484 ) $ 1,643 $ — $ 6,702 $ 863 $ — |
Summary of Other Interest Rate Derivatives | The following table reflects other interest rate derivatives as of September 30, 2019 Notional amounts $ 296,656 Derivative assets fair value 10,288 Derivative liabilities fair value 11,076 Weighted average pay rates 4.74 % Weighted average receive rates 4.37 % Weighted average maturity 6.8 years |
Summary of Company's Interest Rate Derivative and Offsetting Positions | The Company records interest rate derivatives subject to master netting agreements at their gross value and does not offset derivative asset and liabilities on the Consolidated Statements of Financial Condition. The table below summarizes the Company’s interest rate derivatives and offsetting positions as of: September 30, 2019 December 31, 2018 Derivative Assets Fair Value Derivative Liabilities Fair Value Derivative Assets Fair Value Derivative Liabilities Fair Value Gross amounts recognized $ 10,288 $ 11,093 $ 10,740 $ 4,243 Less: Amounts offset in the Consolidated Statements of Financial Condition — — — — Net amount presented in the Consolidated Statements of Financial Condition $ 10,288 $ 11,093 $ 10,740 $ 4,243 Gross amounts not offset in the Consolidated Statements of Financial Condition Offsetting derivative positions (1 ) (1 ) (2,823 ) (2,823 ) Collateral posted (10,287 ) (11,092 ) (7,917 ) (1,317 ) Net credit exposure $ — $ — $ — $ 103 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Stock Compensation Expense | The following table summarizes stock option compensation expense for the nine months ended September 30, 2019 and 2018: Nine Months Ended September 30, 2019 2018 Total share-based compensation (benefit) - stock options $ (119 ) $ 510 Income tax benefit (expense) (33 ) 142 Unrecognized compensation expense - stock options 21 209 Weighted-average amortization period remaining 0.5 years 1.2 years |
Restricted Shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Stock Compensation Expense | The following table summarizes restricted stock compensation expense for the nine months ended September 30, 2019 and 2018: Nine Months Ended September 30, 2019 2018 Total share-based compensation - restricted stock $ 1,357 $ 638 Income tax benefit 378 178 Unrecognized compensation expense 4,917 3,379 Weighted-average amortization period remaining 2.8 years 3.1 years |
Omnibus Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Changes in Restricted Shares | The following table discloses the changes in restricted shares for the nine months ended September 30, 2019: Omnibus Plan Number of Shares Weighted Average Grant Date Fair Value Beginning balance, January 1, 2019 196,480 $ 21.66 Granted 192,199 18.70 Vested (37,310 ) 22.01 Forfeited (27,880 ) 19.75 Ending balance outstanding at September 30, 2019 323,489 $ 20.03 |
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 nine months ended September 30, 2019: BYB Plan Number of Shares Weighted Average Exercise Price Intrinsic Value Weighted Average Remaining Contractual Term (in Years) Beginning balance, January 1, 2019 1,598,872 $ 11.84 $ 7,713 6.6 Exercised (89,000 ) 16.25 $ 253 Forfeited (60,800 ) 16.25 Ending balance outstanding at September 30, 2019 1,449,072 $ 11.38 $ 9,420 5.6 Exercisable at September 30, 2019 1,411,572 $ 11.25 $ 9,359 5.6 |
FEB Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Activity in shares Subjected to Options and Weighted Average Exercise Prices | The following table discloses the activity in shares subject to options under the FEB Plan and the weighted average exercise prices, in actual dollars, for the nine months ended September 30, 2019: FEB Plan Number of Shares Weighted Average Exercise Price Intrinsic Value Weighted Average Remaining Contractual Term (in Years) Beginning balance, January 1, 2019 624,383 $ 11.31 $ 3,339 5.2 Granted — Expired — Exercised (81,182 ) 11.24 $ 677 Forfeited — Ending balance outstanding at September 30, 2019 543,201 $ 11.32 $ 3,561 4.5 Exercisable at September 30, 2019 543,201 $ 11.32 $ 3,561 4.5 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net income $ 15,342 $ 14,536 $ 41,150 $ 24,072 Less: Dividends on preferred shares 196 196 587 587 Net income available to common stockholders $ 15,146 $ 14,340 $ 40,563 $ 23,485 Weighted-average common stock outstanding: Weighted-average common stock outstanding (basic) 37,831,356 36,042,914 37,094,083 32,341,087 Incremental shares 655,824 915,295 724,785 947,570 Weighted-average common stock outstanding (dilutive) 38,487,180 36,958,209 37,818,868 33,288,657 Basic earnings per common share $ 0.40 $ 0.40 $ 1.09 $ 0.73 Diluted earnings per common share $ 0.39 $ 0.39 $ 1.07 $ 0.71 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Summary of Preferred and Common Stock | A summary of the Company’s preferred and common stock at September 30, 2019 and December 31, 2018 is as follows: September 30, December 31, 2019 2018 Series B 7.5% fixed to floating non-cumulative perpetual preferred stock Par value $ 0.01 $ 0.01 Shares authorized 50,000 50,000 Shares issued 10,438 10,438 Shares outstanding 10,438 10,438 Common stock, voting Par value $ 0.01 $ 0.01 Shares authorized 150,000,000 150,000,000 Shares issued 38,169,126 36,343,239 Shares outstanding 38,169,126 36,343,239 |
Consolidated Statements of Ch_3
Consolidated Statements of Changes in Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 nine months ended September 30, 2019 and 2018: (dollars in thousands) Unrealized Gains (Losses) on Cash Flow Hedges Unrealized (Losses) on Available-for -Sale Securities Total Accumulated Other Comprehensive Income (Loss) Balance, January 1, 2018 $ 2,913 $ (8,000 ) $ (5,087 ) Reclassification of certain income tax effects from accumulated other comprehensive income 687 (1,450 ) (763 ) Other comprehensive income (loss), net of tax 4,213 (10,725 ) (6,512 ) Balance, September 30, 2018 $ 7,813 $ (20,175 ) $ (12,362 ) Balance, January 1, 2019 $ 4,763 $ (14,261 ) $ (9,498 ) Cumulative-effect adjustment (ASU 2016-01) — (1,440 ) (1,440 ) Other comprehensive income (loss), net of tax (5,142 ) 17,041 11,899 Balance, September 30, 2019 $ (379 ) $ 1,340 $ 961 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2019segment | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Number of reportable segments | 1 |
Accounting Pronouncements Rec_3
Accounting Pronouncements Recently Adopted or Issued - Additional Information (Details) - USD ($) | Jan. 01, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||||
Reclassification from other comprehensive income to retained earnings | $ (1,440,000) | |||||
Equity and other securities, at fair value | $ 7,648,000 | 7,648,000 | ||||
ASU 2014-09 | ||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||||
Change in ATM and interchange fees | $ 396,000 | $ 241,000 | $ 1,100,000 | $ 837,000 | ||
ASU 2016-01 | ||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||||
Reclassification from other comprehensive income to retained earnings | $ 1,400,000 | |||||
Equity and other securities, at fair value | $ 6,600,000 | |||||
ASU 2017-12 | ||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||||
Reclassification of securities held-to-maturity to securities available-for-sale | $ 94,800,000 |
Accounting Pronouncements Rec_4
Accounting Pronouncements Recently Adopted or Issued - Impact of Adopting the New Revenue Standard on Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Non-interest income: | ||||
ATM and interchange fees | $ 973 | $ 1,540 | $ 2,635 | $ 3,303 |
Non-interest expense: | ||||
Other non-interest expense | 2,679 | 2,880 | 8,358 | 6,769 |
Balance without Adoption of ASC 606 | ASU 2014-09 | ||||
Non-interest income: | ||||
ATM and interchange fees | 1,369 | 1,781 | 3,757 | 4,140 |
Non-interest expense: | ||||
Other non-interest expense | 3,075 | 3,121 | 9,480 | 7,606 |
Effect of Change | ASU 2014-09 | ||||
Non-interest income: | ||||
ATM and interchange fees | (396) | (241) | (1,122) | (837) |
Non-interest expense: | ||||
Other non-interest expense | $ (396) | $ (241) | $ (1,122) | $ (837) |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) - USD ($) | May 15, 2019 | Apr. 30, 2019 | May 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | |||||||||||
Goodwill | $ 145,638,000 | $ 127,536,000 | $ 145,638,000 | $ 127,536,000 | $ 145,638,000 | $ 128,177,000 | $ 127,536,000 | $ 54,562,000 | |||
Oak Park River Forest Bankshares, Inc. | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Business acquisition date of agreement | Apr. 30, 2019 | ||||||||||
Right to receive common stock upon conversion | 7.9321 | ||||||||||
Consideration paid in cash | $ 4,200,000 | $ 6,163,000 | |||||||||
Common stock outstanding value per share | $ 33.375 | ||||||||||
Common stock issued price per share | $ 20.02 | ||||||||||
Issuance of common shares | 1,464,558 | ||||||||||
Value of common stock consideration | $ 29,300,000 | ||||||||||
Options to acquire common stock shares | 35,870 | ||||||||||
Option to acquire common stock value | $ 4,200,000 | ||||||||||
Total merger consideration | 35,483,000 | ||||||||||
Stock issuance costs | 429,000 | ||||||||||
Goodwill | $ 17,461,000 | ||||||||||
Oak Park River Forest Bankshares, Inc. | Non-interest Expense | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Acquisition advisory expenses | $ 2,300,000 | ||||||||||
Merger related income from legal fee credit | 135,000 | ||||||||||
Core system conversion expenses | 1,200,000 | $ 1,900,000 | |||||||||
First Evanston Bancorp, Inc. | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Business acquisition date of agreement | May 31, 2018 | ||||||||||
Right to receive common stock upon conversion | 3.994 | ||||||||||
Consideration paid in cash | $ 27,004,000 | ||||||||||
Common stock outstanding value per share | $ 16.136 | ||||||||||
Common stock issued price per share | $ 21.62 | ||||||||||
Issuance of common shares | 6,682,850 | ||||||||||
Value of common stock consideration | $ 144,500,000 | ||||||||||
Options to acquire common stock shares | 144,090 | ||||||||||
Option to acquire common stock value | $ 7,600,000 | ||||||||||
Total merger consideration | 179,131,000 | ||||||||||
Stock issuance costs | 852,000 | ||||||||||
Goodwill | $ 73,615,000 | ||||||||||
Options to acquire conversion of common stock shares | 680,787 | ||||||||||
First Evanston Bancorp, Inc. | Non-interest Expense | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Acquisition advisory expenses | 0 | 50,000 | $ 0 | 1,700,000 | |||||||
Core system conversion expenses | $ 76,000 | $ 213,000 | $ 2,000,000 | $ 9,200,000 |
Acquisitions - Summary of Fair
Acquisitions - Summary of Fair Values of Assets and Liabilities Assumed as of Acquisition Dates (Details) - USD ($) $ in Thousands | May 15, 2019 | Apr. 30, 2019 | May 31, 2018 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Consideration paid | |||||||||
Goodwill | $ 145,638 | $ 145,638 | $ 128,177 | $ 127,536 | $ 127,536 | $ 54,562 | |||
Oak Park River Forest Bankshares, Inc. | |||||||||
Assets | |||||||||
Cash and cash equivalents | $ 10,469 | ||||||||
Securities available-for-sale | 30,343 | ||||||||
Restricted stock | 414 | ||||||||
Loans | 261,151 | ||||||||
Premises and equipment | 3,488 | ||||||||
Other real estate owned | 2,201 | ||||||||
Other intangible assets | 6,220 | ||||||||
Bank-owned life insurance | 3,485 | ||||||||
Deferred tax assets, net | 4,887 | ||||||||
Other assets | 1,256 | ||||||||
Total assets acquired | 323,914 | ||||||||
Liabilities | |||||||||
Deposits | 290,171 | ||||||||
Line of credit | 5,655 | ||||||||
Federal Home Loan Bank advances | 5,300 | ||||||||
Accrued expenses and other liabilities | 4,766 | ||||||||
Total liabilities assumed | 305,892 | ||||||||
Net assets acquired | 18,022 | ||||||||
Consideration paid | |||||||||
Common stock (2019 - 1,464,558 shares issued at $20.02 per share, 2018 - 6,682,850 shares issued at $21.62 per share) | 29,320 | ||||||||
Consideration paid in cash | $ 4,200 | 6,163 | |||||||
Total consideration paid | 35,483 | ||||||||
Goodwill | $ 17,461 | ||||||||
First Evanston Bancorp, Inc. | |||||||||
Assets | |||||||||
Cash and cash equivalents | $ 47,378 | ||||||||
Securities available-for-sale | 128,063 | ||||||||
Restricted stock | 1,360 | ||||||||
Loans | 916,011 | ||||||||
Premises and equipment | 15,890 | ||||||||
Other intangible assets | 22,276 | ||||||||
Deferred tax assets, net | 2,302 | ||||||||
Other assets | 8,845 | ||||||||
Total assets acquired | 1,142,125 | ||||||||
Liabilities | |||||||||
Deposits | 1,022,268 | ||||||||
Junior subordinated debentures | 8,497 | ||||||||
Accrued expenses and other liabilities | 5,844 | ||||||||
Total liabilities assumed | 1,036,609 | ||||||||
Net assets acquired | 105,516 | ||||||||
Consideration paid | |||||||||
Common stock (2019 - 1,464,558 shares issued at $20.02 per share, 2018 - 6,682,850 shares issued at $21.62 per share) | 144,483 | ||||||||
Outstanding stock options converted to Byline stock options | 7,644 | ||||||||
Consideration paid in cash | 27,004 | ||||||||
Total consideration paid | 179,131 | ||||||||
Goodwill | $ 73,615 |
Acquisitions - Summary of Fai_2
Acquisitions - Summary of Fair Values of Assets and Liabilities Assumed as of Acquisition Dates (Parenthetical) (Details) - $ / shares | Apr. 30, 2019 | May 31, 2018 |
Oak Park River Forest Bankshares, Inc. | ||
Business Acquisition [Line Items] | ||
Stock issued (in shares) | 1,464,558 | |
Stock issued (in dollars per share) | $ 20.02 | |
First Evanston Bancorp, Inc. | ||
Business Acquisition [Line Items] | ||
Stock issued (in shares) | 6,682,850 | |
Stock issued (in dollars per share) | $ 21.62 |
Acquisitions - Summary of Acqui
Acquisitions - Summary of Acquired Non-Impaired Loans as of Acquisition Dates (Details) - USD ($) $ in Thousands | Apr. 30, 2019 | May 31, 2018 | |
Oak Park River Forest Bankshares, Inc. | |||
Business Acquisition [Line Items] | |||
Fair value | $ 212,587 | ||
Gross contractual amounts receivable | 275,553 | ||
Estimate of contractual cash flows not expected to be collected | [1] | 23,932 | |
Estimate of contractual cash flows expected to be collected | $ 251,621 | ||
First Evanston Bancorp, Inc. | |||
Business Acquisition [Line Items] | |||
Fair value | $ 890,986 | ||
Gross contractual amounts receivable | 1,057,374 | ||
Estimate of contractual cash flows not expected to be collected | [1] | 36,544 | |
Estimate of contractual cash flows expected to be collected | $ 1,020,830 | ||
[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. |
Acquisitions - Summary of Unaud
Acquisitions - Summary of Unaudited Pro Forma Information for Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Business Combinations [Abstract] | ||||
Total revenues (net interest income and non-interest income) | $ 72,644 | $ 69,019 | $ 209,765 | $ 200,371 |
Net income | $ 15,342 | $ 15,673 | $ 45,138 | $ 42,160 |
Earnings per share—basic | $ 0.40 | $ 0.41 | $ 1.18 | $ 1.11 |
Earnings per share—diluted | $ 0.39 | $ 0.40 | $ 1.16 | $ 1.08 |
Securities - Summary of Amortiz
Securities - Summary of Amortized Cost and Fair Values of Securities Available-for-sale (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | $ 1,026,724 | $ 834,254 |
Available-for-sale Securities, Gross Unrealized Gains | 8,989 | 3,130 |
Available-for-sale Securities, Gross Unrealized Losses | (3,780) | (19,728) |
Available-for-sale Securities, Fair Value | 1,031,933 | 817,656 |
U.S. Treasury Notes | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 42,381 | 52,775 |
Available-for-sale Securities, Gross Unrealized Gains | 461 | 81 |
Available-for-sale Securities, Gross Unrealized Losses | (189) | |
Available-for-sale Securities, Fair Value | 42,842 | 52,667 |
U.S. Government Agencies | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 177,082 | 187,427 |
Available-for-sale Securities, Gross Unrealized Gains | 1,048 | 367 |
Available-for-sale Securities, Gross Unrealized Losses | (272) | (1,296) |
Available-for-sale Securities, Fair Value | 177,858 | 186,498 |
Obligations of States, Municipalities, and Political Subdivisions | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 96,564 | 60,686 |
Available-for-sale Securities, Gross Unrealized Gains | 2,269 | 133 |
Available-for-sale Securities, Gross Unrealized Losses | (231) | (586) |
Available-for-sale Securities, Fair Value | 98,602 | 60,233 |
Agency, Residential Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 329,145 | 284,038 |
Available-for-sale Securities, Gross Unrealized Gains | 2,178 | 101 |
Available-for-sale Securities, Gross Unrealized Losses | (2,313) | (11,176) |
Available-for-sale Securities, Fair Value | 329,010 | 272,963 |
Non-Agency, Residential Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 119,661 | 84,998 |
Available-for-sale Securities, Gross Unrealized Gains | 644 | 199 |
Available-for-sale Securities, Gross Unrealized Losses | (245) | (1,576) |
Available-for-sale Securities, Fair Value | 120,060 | 83,621 |
Agency, Commercial Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 150,891 | 93,543 |
Available-for-sale Securities, Gross Unrealized Gains | 1,698 | 55 |
Available-for-sale Securities, Gross Unrealized Losses | (556) | (3,164) |
Available-for-sale Securities, Fair Value | 152,033 | 90,434 |
Non-Agency, Commercial Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 31,224 | 31,458 |
Available-for-sale Securities, Gross Unrealized Gains | 276 | |
Available-for-sale Securities, Gross Unrealized Losses | (1,000) | |
Available-for-sale Securities, Fair Value | 31,500 | 30,458 |
Corporate Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 46,821 | 34,716 |
Available-for-sale Securities, Gross Unrealized Gains | 415 | 67 |
Available-for-sale Securities, Gross Unrealized Losses | (42) | (610) |
Available-for-sale Securities, Fair Value | 47,194 | 34,173 |
Other Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 32,955 | 4,613 |
Available-for-sale Securities, Gross Unrealized Gains | 2,127 | |
Available-for-sale Securities, Gross Unrealized Losses | (121) | (131) |
Available-for-sale Securities, Fair Value | $ 32,834 | $ 6,609 |
Securities - Summary of Amort_2
Securities - Summary of Amortized Cost and Fair Values of Securities Held-to-maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost | $ 4,417 | $ 99,266 |
Held-to-maturity Securities, Gross Unrealized Gains | 85 | 133 |
Held-to-maturity Securities, Gross Unrealized Losses | (1,660) | |
Held-to-maturity Securities, Fair Value | 4,502 | 97,739 |
Obligations of States, Municipalities, and Political Subdivisions | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost | 4,417 | 23,835 |
Held-to-maturity Securities, Gross Unrealized Gains | 85 | 40 |
Held-to-maturity Securities, Gross Unrealized Losses | (210) | |
Held-to-maturity Securities, Fair Value | $ 4,502 | 23,665 |
Agency, Residential Mortgage-Backed Securities | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost | 40,082 | |
Held-to-maturity Securities, Gross Unrealized Gains | 93 | |
Held-to-maturity Securities, Gross Unrealized Losses | (531) | |
Held-to-maturity Securities, Fair Value | 39,644 | |
Non-Agency, Residential Mortgage-Backed Securities | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost | 35,349 | |
Held-to-maturity Securities, Gross Unrealized Losses | (919) | |
Held-to-maturity Securities, Fair Value | $ 34,430 |
Securities - Additional Informa
Securities - Additional Information (Details) | Jan. 01, 2019USD ($) | Sep. 30, 2019USD ($)Security | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)Security | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) |
Schedule Of Investments [Line Items] | ||||||
Trading securities | $ 0 | $ 0 | $ 0 | |||
Reclassification from other comprehensive income to retained earnings | (1,440,000) | |||||
Equity and other securities, at fair value | 7,648,000 | 7,648,000 | ||||
Net gains or (losses) reclassified from accumulated other comprehensive income (loss) into earnings | 178,000 | $ 0 | 1,200,000 | $ 4,000 | ||
Carrying amount of securities pledged as collateral | $ 306,900,000 | $ 306,900,000 | $ 244,700,000 | |||
Minimum | ||||||
Schedule Of Investments [Line Items] | ||||||
Percentage of shareholders equity for which securities holdings exceeds for no issuer other than U.S. Government and agencies | 10.00% | 10.00% | 10.00% | |||
Federal Home Loan Bank Advances | ||||||
Schedule Of Investments [Line Items] | ||||||
Carrying amount of securities pledged as collateral | $ 0 | $ 0 | $ 0 | |||
Public Fund Deposits | ||||||
Schedule Of Investments [Line Items] | ||||||
Carrying amount of securities pledged as collateral | 263,300,000 | 263,300,000 | 197,800,000 | |||
Customer Repurchase Agreements | ||||||
Schedule Of Investments [Line Items] | ||||||
Carrying amount of securities pledged as collateral | $ 43,600,000 | $ 43,600,000 | 46,900,000 | |||
Available-for-sale Securities | ||||||
Schedule Of Investments [Line Items] | ||||||
Investment securities with unrealized losses | Security | 74 | 74 | ||||
Held-to-maturity Securities | ||||||
Schedule Of Investments [Line Items] | ||||||
Investment securities with unrealized losses | Security | 0 | 0 | ||||
ASU 2016-01 | ||||||
Schedule Of Investments [Line Items] | ||||||
Reclassification from other comprehensive income to retained earnings | $ 1,400,000 | |||||
Equity and other securities, at fair value | $ 6,600,000 | |||||
ASU 2017-12 | ||||||
Schedule Of Investments [Line Items] | ||||||
Reclassification of securities held-to-maturity to securities available-for-sale | $ 94,800,000 |
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 | Sep. 30, 2019USD ($)Security | Dec. 31, 2018USD ($)Security |
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 74 | 179 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 174,737 | $ 191,761 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (1,049) | (2,441) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 288,243 | 427,243 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (2,731) | (17,287) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 462,980 | 619,004 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (3,780) | $ (19,728) |
U.S. Treasury Notes | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 18 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 23,835 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (52) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 9,865 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (137) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 33,700 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (189) | |
U.S. Government Agencies | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 5 | 25 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 14,834 | $ 43,487 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (163) | (80) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 20,266 | 50,101 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (109) | (1,216) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 35,100 | 93,588 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (272) | $ (1,296) |
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 | 4 | 56 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 9,960 | $ 13,926 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (226) | (97) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 1,417 | 18,563 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (5) | (489) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 11,377 | 32,489 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (231) | $ (586) |
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 | 40 | 42 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 32,436 | $ 4,288 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (179) | (45) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 204,649 | 254,121 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (2,134) | (11,131) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 237,085 | 258,409 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (2,313) | $ (11,176) |
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 | 11 | 8 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 36,826 | $ 59,107 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (62) | (1,378) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 28,142 | 4,009 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (183) | (198) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 64,968 | 63,116 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (245) | $ (1,576) |
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 | 8 | 9 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 38,571 | $ 21,356 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (256) | (447) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 33,769 | 52,640 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (300) | (2,717) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 72,340 | 73,996 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (556) | $ (3,164) |
Non-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 | 5 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | $ 30,458 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (1,000) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 30,458 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (1,000) | |
Corporate Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 5 | 15 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 9,276 | $ 25,762 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (42) | (342) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 4,642 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (268) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 9,276 | 30,404 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (42) | $ (610) |
Other Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 1 | 1 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 32,834 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (121) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | $ 2,844 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (131) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 32,834 | 2,844 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (121) | $ (131) |
Securities - Summary of Gross_2
Securities - Summary of Gross Unrealized Losses and Fair Values, Aggregated by Investment Category and Length of Individual Securities Continuous Unrealized Loss Position Held-to-maturity (Details) $ in Thousands | Dec. 31, 2018USD ($)Security |
Schedule Of Held To Maturity Securities [Line Items] | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 46 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 36,251 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (711) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 42,862 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (949) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Total Fair Value | 79,113 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (1,660) |
Obligations of States, Municipalities, and Political Subdivisions | |
Schedule Of Held To Maturity Securities [Line Items] | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 23 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 8,127 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (58) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 8,792 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (152) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Total Fair Value | 16,919 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (210) |
Agency, Residential Mortgage-Backed Securities | |
Schedule Of Held To Maturity Securities [Line Items] | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 16 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 6,625 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (150) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 21,139 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (381) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Total Fair Value | 27,764 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (531) |
Non-Agency, Residential Mortgage-Backed Securities | |
Schedule Of Held To Maturity Securities [Line Items] | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 7 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 21,499 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (503) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 12,931 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (416) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Total Fair Value | 34,430 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (919) |
Securities - Summary of Proceed
Securities - Summary of Proceeds From Sales of Securities Available-for-sale and Associated Gains and Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | |
Available For Sale Securities Gross Realized Gain Loss [Abstract] | |||
Proceeds | $ 32,509 | $ 92,103 | $ 544 |
Gross gains | 225 | 1,274 | $ 4 |
Gross losses | $ 47 | $ 123 |
Securities - Schedule of Amorti
Securities - Schedule of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Equity and Other Securities, Amortized Cost [Abstract] | ||
Equity and Other Securities, Due after ten years, Amortized Cost | $ 697 | |
Equity and Other Securities, Not due at single maturity, Amortized Cost | 6,951 | |
Equity and Other Securities, Amortized Cost | 7,648 | |
Available-for-sale Securities Debt Maturities, Amortized Cost [Abstract] | ||
Available-for-sale Securities, Due in one year or less, Amortized Cost | 59,697 | |
Available-for-sale Securities, Due from one to five years, Amortized Cost | 123,941 | |
Available-for-sale Securities, Due from five to ten years, Amortized Cost | 136,438 | |
Available-for-sale Securities, Due after ten years, Amortized Cost | 75,727 | |
Available-for-sale Securities, Amortized Cost | 1,026,724 | $ 834,254 |
Held-to-maturity Securities Debt Maturities, Amortized Cost [Abstract] | ||
Held-to-maturity Securities, Due from one to five years, Amortized Cost | 3,805 | |
Held-to-maturity Securities, Due from five to ten years, Amortized Cost | 612 | |
Held-to-maturity Securities, Amortized Cost | 4,417 | 99,266 |
Equity and Other Securities, Fair Value [Abstract] | ||
Equity and Other Securities, Due after ten years, Fair Value | 697 | |
Equity and Other Securities, Not due at single maturity, Fair Value | 6,951 | |
Equity and Other Securities, Fair Value | 7,648 | |
Available-for-sale Securities Debt Maturities, Fair Value [Abstract] | ||
Available-for-sale Securities, Due in one year or less, Fair Value | 59,875 | |
Available-for-sale Securities, Due from one to five years, Fair Value | 125,158 | |
Available-for-sale Securities, Due from five to ten years, Fair Value | 137,993 | |
Available-for-sale Securities, Due after ten years, Fair Value | 76,304 | |
Available-for-sale Securities, Fair Value, Total | 1,031,933 | 817,656 |
Held-to-maturity Securities Debt Maturities, Fair Value [Abstract] | ||
Held-to-maturity Securities, Due from one to five years, Fair Value | 3,873 | |
Held-to-maturity Securities, Due from five to ten years, Fair Value | 629 | |
Held-to-maturity securities, Fair Value, Total | 4,502 | $ 97,739 |
Mortgage-Backed Securities | ||
Available-for-sale Securities Debt Maturities, Amortized Cost [Abstract] | ||
Available-for-sale Securities, Not due at single maturity, Amortized Cost | 630,921 | |
Available-for-sale Securities Debt Maturities, Fair Value [Abstract] | ||
Available-for-sale Securities, Not due at single maturity, Fair Value | $ 632,603 |
Loan and Lease Receivables - Sc
Loan and Lease Receivables - Schedule of Outstanding Loan and Lease Receivables (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loans and leases | $ 3,826,735 | $ 3,499,463 | ||||
Net unamortized deferred fees and costs | 1,444 | (1,293) | ||||
Initial direct costs | 2,911 | 3,456 | ||||
Allowance for loan and lease losses | (31,585) | $ (31,132) | (25,201) | $ (23,424) | $ (19,687) | $ (16,706) |
Net loans and leases | 3,799,505 | 3,476,425 | ||||
Lease financing receivables | ||||||
Net minimum lease payments | 196,163 | 204,646 | ||||
Unguaranteed residual values | 1,379 | 1,535 | ||||
Unearned income | (17,269) | (18,384) | ||||
Total lease financing receivables | 180,273 | 187,797 | ||||
Initial direct costs | 2,911 | 3,456 | ||||
Lease financial receivables before allowance for lease losses | 183,184 | 191,253 | ||||
Commercial Real Estate | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loans and leases | 1,305,438 | 1,261,594 | ||||
Allowance for loan and lease losses | (8,553) | (8,934) | (7,540) | (7,422) | (6,453) | (4,794) |
Residential Real Estate | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loans and leases | 748,875 | 704,899 | ||||
Allowance for loan and lease losses | (2,251) | (2,171) | (1,751) | (1,677) | (1,648) | (1,638) |
Construction, Land Development, and Other Land | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loans and leases | 281,868 | 186,258 | ||||
Allowance for loan and lease losses | (816) | (691) | (466) | (390) | (332) | (222) |
Commercial and Industrial | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loans and leases | 1,300,997 | 1,145,240 | ||||
Allowance for loan and lease losses | (17,783) | (17,126) | (12,932) | (11,165) | (8,369) | (7,418) |
Installment and Other | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loans and leases | 9,284 | 13,675 | ||||
Allowance for loan and lease losses | (55) | (67) | (49) | (38) | (30) | (41) |
Lease Financing Receivables | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loans and leases | 180,273 | 187,797 | ||||
Allowance for loan and lease losses | $ (2,127) | $ (2,143) | $ (2,463) | $ (2,732) | $ (2,855) | $ (2,593) |
Loan and Lease Receivables - Ad
Loan and Lease Receivables - Additional Information (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | Apr. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | May 31, 2018 | Dec. 31, 2017 |
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Total loans and leases | $ 3,826,735 | $ 3,499,463 | ||||||
Loans held for sale pledged as security for borrowings | 1,900,000 | 1,400,000 | ||||||
Allowance for loan and lease losses | 31,585 | $ 31,132 | 25,201 | $ 23,424 | $ 19,687 | $ 16,706 | ||
Acquired Impaired Loans | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Allowance for loan and lease losses | 2,800 | 2,700 | ||||||
Acquired Impaired Loans | First Evanston Bancorp, Inc. | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Loans acquired | $ 25,025 | |||||||
Acquired Impaired Loans | Oak Park River Forest Bankshares, Inc. | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Loans acquired | $ 48,564 | |||||||
Acquired Non-Impaired Loans and Leases | Oak Park River Forest Bankshares, Inc. | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Loans acquired | 212,600 | |||||||
Acquired Non-Impaired Loans and Leases | First Evanston | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Loans acquired | 891,000 | |||||||
Installment and Other | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Total loans and leases | 9,284 | 13,675 | ||||||
Overdraft deposits reclassified as loans | 2,000 | 1,700 | ||||||
Allowance for loan and lease losses | 55 | $ 67 | 49 | $ 38 | $ 30 | $ 41 | ||
U.S. Government Guaranteed Loans | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Total loans and leases | $ 139,800 | $ 108,700 |
Loan and Lease Receivables - Su
Loan and Lease Receivables - Summary of Minimum Annual Lease Payments for Lease Financing Receivables (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Receivables [Abstract] | |
2019 | $ 18,025 |
2020 | 70,292 |
2021 | 51,235 |
2022 | 33,733 |
2023 | 17,614 |
Thereafter | 5,264 |
Total | $ 196,163 |
Loan and Lease Receivables - _2
Loan and Lease Receivables - Summary of Balances for Each Respective Loan and Lease Category (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | $ 3,831,090 | $ 3,501,626 | $ 3,455,802 |
Originated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 2,771,457 | 2,237,798 | |
Acquired Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 275,022 | 277,542 | |
Acquired Non-Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 784,611 | 986,286 | |
Commercial Real Estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 1,306,288 | 1,261,607 | 1,272,204 |
Commercial Real Estate | Originated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 772,559 | 652,234 | |
Commercial Real Estate | Acquired Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 142,435 | 146,808 | |
Commercial Real Estate | Acquired Non-Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 391,294 | 462,565 | |
Residential Real Estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 749,103 | 704,902 | 705,196 |
Residential Real Estate | Originated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 497,839 | 466,309 | |
Residential Real Estate | Acquired Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 109,409 | 113,934 | |
Residential Real Estate | Acquired Non-Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 141,855 | 124,659 | |
Construction, Land Development, and Other Land | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 280,999 | 185,349 | 181,705 |
Construction, Land Development, and Other Land | Originated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 236,780 | 144,128 | |
Construction, Land Development, and Other Land | Acquired Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 4,562 | 3,779 | |
Construction, Land Development, and Other Land | Acquired Non-Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 39,657 | 37,442 | |
Commercial and Industrial | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 1,302,162 | 1,144,797 | 1,095,446 |
Commercial and Industrial | Originated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 1,096,400 | 803,508 | |
Commercial and Industrial | Acquired Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 18,349 | 12,617 | |
Commercial and Industrial | Acquired Non-Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 187,413 | 328,672 | |
Installment and Other | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 9,354 | 13,718 | 12,194 |
Installment and Other | Originated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 7,818 | 11,718 | |
Installment and Other | Acquired Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 267 | 404 | |
Installment and Other | Acquired Non-Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 1,269 | 1,596 | |
Lease Financing Receivables | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 183,184 | 191,253 | $ 189,057 |
Lease Financing Receivables | Originated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 160,061 | 159,901 | |
Lease Financing Receivables | Acquired Non-Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | $ 23,123 | $ 31,352 |
Loan and Lease Receivables - Es
Loan and Lease Receivables - Estimated Fair Value of Impaired Loans Acquired at Acquisition (Details) - Acquired Impaired Loans - USD ($) $ in Thousands | Apr. 30, 2019 | May 31, 2018 |
First Evanston Bancorp, Inc. | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Undiscounted contractual cash flows | $ 33,594 | |
Undiscounted cash flows not expected to be collected (non-accretable difference) | 5,003 | |
Undiscounted cash flows expected to be collected | 28,591 | |
Accretable yield at acquisition | (3,566) | |
Estimated fair value of impaired loans acquired at acquisition | $ 25,025 | |
Oak Park River Forest Bankshares, Inc. | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Undiscounted contractual cash flows | $ 65,223 | |
Undiscounted cash flows not expected to be collected (non-accretable difference) | 8,158 | |
Undiscounted cash flows expected to be collected | 57,065 | |
Accretable yield at acquisition | (8,501) | |
Estimated fair value of impaired loans acquired at acquisition | $ 48,564 |
Loan and Lease Receivables - _3
Loan and Lease Receivables - Summary of Outstanding Balance and Carrying Amount of All Acquired Impaired Loans (Details) - Acquired Impaired Loans - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Accounts Notes And Loans Receivable [Line Items] | ||
Outstanding Balance | $ 399,954 | $ 428,768 |
Carrying Value | 275,022 | 277,542 |
Commercial Real Estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Outstanding Balance | 196,495 | 216,137 |
Carrying Value | 142,435 | 146,808 |
Residential Real Estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Outstanding Balance | 161,742 | 173,962 |
Carrying Value | 109,409 | 113,934 |
Construction, Land Development, and Other Land | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Outstanding Balance | 13,276 | 11,962 |
Carrying Value | 4,562 | 3,779 |
Commercial and Industrial | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Outstanding Balance | 27,320 | 24,972 |
Carrying Value | 18,349 | 12,617 |
Installment and Other | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Outstanding Balance | 1,121 | 1,735 |
Carrying Value | $ 267 | $ 404 |
Loan and Lease Receivables - _4
Loan and Lease Receivables - Summary of Changes in Accretable Yield for Acquired Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Receivables [Abstract] | ||||
Beginning balance | $ 46,538 | $ 41,306 | $ 37,115 | $ 36,446 |
Additions | 8,501 | 3,566 | ||
Accretion to interest income | (7,703) | (5,665) | (17,772) | (17,227) |
Reclassification from nonaccretable difference, net | 5,153 | 2,507 | 16,144 | 15,363 |
Ending balance | $ 43,988 | $ 38,148 | $ 43,988 | $ 38,148 |
Loan and Lease Receivables - _5
Loan and Lease Receivables - Schedule of Unpaid Principal Balance and Carrying Value for Acquired Non-impaired Loans and Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Accounts Notes And Loans Receivable [Line Items] | |||
Loans and leases | $ 3,831,090 | $ 3,501,626 | $ 3,455,802 |
Acquired Non-impaired Loans and Leases | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | 806,088 | 1,018,921 | |
Loans and leases | 784,611 | 986,286 | |
Commercial Real Estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans and leases | 1,306,288 | 1,261,607 | 1,272,204 |
Commercial Real Estate | Acquired Non-impaired Loans and Leases | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | 400,422 | 473,262 | |
Loans and leases | 391,294 | 462,565 | |
Residential Real Estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans and leases | 749,103 | 704,902 | 705,196 |
Residential Real Estate | Acquired Non-impaired Loans and Leases | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | 144,075 | 127,478 | |
Loans and leases | 141,855 | 124,659 | |
Construction, Land Development, and Other Land | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans and leases | 280,999 | 185,349 | 181,705 |
Construction, Land Development, and Other Land | Acquired Non-impaired Loans and Leases | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | 40,778 | 38,494 | |
Loans and leases | 39,657 | 37,442 | |
Commercial and Industrial | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans and leases | 1,302,162 | 1,144,797 | 1,095,446 |
Commercial and Industrial | Acquired Non-impaired Loans and Leases | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | 194,756 | 344,879 | |
Loans and leases | 187,413 | 328,672 | |
Installment and Other | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans and leases | 9,354 | 13,718 | 12,194 |
Installment and Other | Acquired Non-impaired Loans and Leases | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | 1,303 | 1,831 | |
Loans and leases | 1,269 | 1,596 | |
Lease Financing Receivables | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans and leases | 183,184 | 191,253 | $ 189,057 |
Lease Financing Receivables | Acquired Non-impaired Loans and Leases | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | 24,754 | 32,977 | |
Loans and leases | $ 23,123 | $ 31,352 |
Allowance for Loan and Lease _3
Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments - Summary of Allowance for Loan and Lease Losses and Corresponding Loan and Lease Balances (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | |
Allowance for loan and lease losses | |||||||
Beginning balance | $ 31,132 | $ 19,687 | $ 25,201 | $ 16,706 | |||
Provisions | 5,931 | 5,842 | 16,321 | 14,913 | |||
Charge-offs | (5,686) | (2,421) | (11,314) | (9,228) | |||
Recoveries | 208 | 316 | 1,377 | 1,033 | |||
Ending balance | 31,585 | 23,424 | 31,585 | 23,424 | |||
Ending balance: | |||||||
Individually evaluated for impairment | $ 9,562 | $ 6,422 | |||||
Collectively evaluated for impairment | 19,221 | 14,007 | |||||
Allowance for loan and lease losses | 31,585 | 19,687 | 31,585 | 23,424 | 31,585 | $ 25,201 | 23,424 |
Loans and leases ending balance: | |||||||
Individually evaluated for impairment | 53,176 | 35,529 | |||||
Collectively evaluated for impairment | 3,502,892 | 3,126,105 | |||||
Total loans and leases | 3,831,090 | 3,501,626 | 3,455,802 | ||||
Loans Acquired with Deteriorated Credit Quality | |||||||
Ending balance: | |||||||
Loans acquired with deteriorated credit quality | 2,802 | 2,995 | |||||
Loans and leases ending balance: | |||||||
Loans acquired with deteriorated credit quality | 275,022 | 294,168 | |||||
Commercial Real Estate | |||||||
Allowance for loan and lease losses | |||||||
Beginning balance | 8,934 | 6,453 | 7,540 | 4,794 | |||
Provisions | 1,075 | 1,705 | 4,212 | 3,975 | |||
Charge-offs | (1,459) | (736) | (3,628) | (1,347) | |||
Recoveries | 3 | 429 | |||||
Ending balance | 8,553 | 7,422 | 8,553 | 7,422 | |||
Ending balance: | |||||||
Individually evaluated for impairment | 2,728 | 2,294 | |||||
Collectively evaluated for impairment | 4,458 | 3,413 | |||||
Allowance for loan and lease losses | 8,934 | 6,453 | 8,553 | 7,422 | 8,553 | 7,540 | 7,422 |
Loans and leases ending balance: | |||||||
Individually evaluated for impairment | 24,071 | 13,612 | |||||
Collectively evaluated for impairment | 1,139,782 | 1,104,484 | |||||
Total loans and leases | 1,306,288 | 1,261,607 | 1,272,204 | ||||
Commercial Real Estate | Loans Acquired with Deteriorated Credit Quality | |||||||
Ending balance: | |||||||
Loans acquired with deteriorated credit quality | 1,367 | 1,715 | |||||
Loans and leases ending balance: | |||||||
Loans acquired with deteriorated credit quality | 142,435 | 154,108 | |||||
Residential Real Estate | |||||||
Allowance for loan and lease losses | |||||||
Beginning balance | 2,171 | 1,648 | 1,751 | 1,638 | |||
Provisions | 74 | 29 | 230 | 39 | |||
Charge-offs | (9) | ||||||
Recoveries | 6 | 279 | |||||
Ending balance | 2,251 | 1,677 | 2,251 | 1,677 | |||
Ending balance: | |||||||
Individually evaluated for impairment | 39 | 70 | |||||
Collectively evaluated for impairment | 1,612 | 1,150 | |||||
Allowance for loan and lease losses | 2,171 | 1,648 | 2,251 | 1,677 | 2,251 | 1,751 | 1,677 |
Loans and leases ending balance: | |||||||
Individually evaluated for impairment | 2,374 | 1,941 | |||||
Collectively evaluated for impairment | 637,320 | 582,292 | |||||
Total loans and leases | 749,103 | 704,902 | 705,196 | ||||
Residential Real Estate | Loans Acquired with Deteriorated Credit Quality | |||||||
Ending balance: | |||||||
Loans acquired with deteriorated credit quality | 600 | 457 | |||||
Loans and leases ending balance: | |||||||
Loans acquired with deteriorated credit quality | 109,409 | 120,963 | |||||
Construction, Land Development, and Other Land | |||||||
Allowance for loan and lease losses | |||||||
Beginning balance | 691 | 332 | 466 | 222 | |||
Provisions | 125 | 58 | 350 | 586 | |||
Charge-offs | (418) | ||||||
Ending balance | 816 | 390 | 816 | 390 | |||
Ending balance: | |||||||
Collectively evaluated for impairment | 802 | 390 | |||||
Allowance for loan and lease losses | 691 | 332 | 816 | 390 | 816 | 466 | 390 |
Loans and leases ending balance: | |||||||
Collectively evaluated for impairment | 276,437 | 177,502 | |||||
Total loans and leases | 280,999 | 185,349 | 181,705 | ||||
Construction, Land Development, and Other Land | Loans Acquired with Deteriorated Credit Quality | |||||||
Ending balance: | |||||||
Loans acquired with deteriorated credit quality | 14 | ||||||
Loans and leases ending balance: | |||||||
Loans acquired with deteriorated credit quality | 4,562 | 4,203 | |||||
Commercial and Industrial | |||||||
Allowance for loan and lease losses | |||||||
Beginning balance | 17,126 | 8,369 | 12,932 | 7,418 | |||
Provisions | 4,198 | 3,579 | 10,550 | 8,959 | |||
Charge-offs | (3,561) | (858) | (5,740) | (5,539) | |||
Recoveries | 20 | 75 | 41 | 327 | |||
Ending balance | 17,783 | 11,165 | 17,783 | 11,165 | |||
Ending balance: | |||||||
Individually evaluated for impairment | 6,795 | 4,044 | |||||
Collectively evaluated for impairment | 10,169 | 6,301 | |||||
Allowance for loan and lease losses | 17,126 | 8,369 | 17,783 | 11,165 | 17,783 | 12,932 | 11,165 |
Loans and leases ending balance: | |||||||
Individually evaluated for impairment | 26,731 | 19,962 | |||||
Collectively evaluated for impairment | 1,257,082 | 1,061,048 | |||||
Total loans and leases | 1,302,162 | 1,144,797 | 1,095,446 | ||||
Commercial and Industrial | Loans Acquired with Deteriorated Credit Quality | |||||||
Ending balance: | |||||||
Loans acquired with deteriorated credit quality | 819 | 820 | |||||
Loans and leases ending balance: | |||||||
Loans acquired with deteriorated credit quality | 18,349 | 14,436 | |||||
Installment and Other | |||||||
Allowance for loan and lease losses | |||||||
Beginning balance | 67 | 30 | 49 | 41 | |||
Provisions | (12) | 12 | 10 | 33 | |||
Charge-offs | (1) | (4) | (5) | (36) | |||
Recoveries | 1 | 1 | |||||
Ending balance | 55 | 38 | 55 | 38 | |||
Ending balance: | |||||||
Individually evaluated for impairment | 14 | ||||||
Collectively evaluated for impairment | 53 | 21 | |||||
Allowance for loan and lease losses | 67 | 30 | 55 | 38 | 55 | 49 | 38 |
Loans and leases ending balance: | |||||||
Individually evaluated for impairment | 14 | ||||||
Collectively evaluated for impairment | 9,087 | 11,722 | |||||
Total loans and leases | 9,354 | 13,718 | 12,194 | ||||
Installment and Other | Loans Acquired with Deteriorated Credit Quality | |||||||
Ending balance: | |||||||
Loans acquired with deteriorated credit quality | 2 | 3 | |||||
Loans and leases ending balance: | |||||||
Loans acquired with deteriorated credit quality | 267 | 458 | |||||
Lease Financing Receivables | |||||||
Allowance for loan and lease losses | |||||||
Beginning balance | 2,143 | 2,855 | 2,463 | 2,593 | |||
Provisions | 471 | 459 | 969 | 1,321 | |||
Charge-offs | (665) | (823) | (1,932) | (1,888) | |||
Recoveries | 178 | 241 | 627 | 706 | |||
Ending balance | 2,127 | 2,732 | 2,127 | 2,732 | |||
Ending balance: | |||||||
Collectively evaluated for impairment | 2,127 | 2,732 | |||||
Allowance for loan and lease losses | $ 2,143 | $ 2,855 | $ 2,127 | $ 2,732 | 2,127 | 2,463 | 2,732 |
Loans and leases ending balance: | |||||||
Collectively evaluated for impairment | 183,184 | 189,057 | |||||
Total loans and leases | $ 183,184 | $ 191,253 | $ 189,057 |
Allowance for Loan and Lease _4
Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Loans And Leases Receivable Disclosure [Line Items] | |||||
Increase (decrease) in allowance for loan and lease losses | $ 453,000 | $ 3,700,000 | $ 6,400,000 | $ 6,700,000 | |
Commitments outstanding on troubled debt restructurings | 500,000 | 500,000 | $ 500,000 | ||
Recorded investment in troubled debt restructurings that subsequently defaulted within twelve months | 0 | 0 | 348,000 | 340,000 | |
Reserve for unfunded commitments | 1,300,000 | 1,300,000 | $ 1,200,000 | ||
Provisions for (credits to) unfunded commitments | 51,000 | 441,000 | 78,000 | 496,000 | |
Charge-offs or recoveries related to reserve for unfunded commitments | 0 | 0 | 0 | 0 | |
Individually Evaluated For Impairment | |||||
Loans And Leases Receivable Disclosure [Line Items] | |||||
Increase (decrease) in allowance for loan and lease losses | 276,000 | 1,500,000 | 2,900,000 | 2,500,000 | |
Collectively Evaluated For Impairment | |||||
Loans And Leases Receivable Disclosure [Line Items] | |||||
Increase (decrease) in allowance for loan and lease losses | 850,000 | 2,000,000 | 3,400,000 | 5,100,000 | |
Acquired Impaired Loans | |||||
Loans And Leases Receivable Disclosure [Line Items] | |||||
Increase (decrease) in allowance for loan and lease losses | $ (480,000) | $ 244,000 | $ 260,000 | $ (879,000) |
Allowance for Loan and Lease _5
Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments - Summary of Recorded Investment, Unpaid Principal Balance, and Related Allowance for Loans and Leases Considered Impaired (Details) - Loans Excluding Acquired Impaired Loans - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable Impaired [Line Items] | ||
Recorded Investment | $ 53,176 | $ 35,914 |
Unpaid Principal Balance | 57,264 | 41,231 |
Related Allowance | 9,562 | 6,649 |
Commercial Real Estate | ||
Financing Receivable Impaired [Line Items] | ||
Recorded Investment, With no related allowance recorded | 15,636 | 6,110 |
Recorded Investment, With an allowance recorded | 8,435 | 5,873 |
Unpaid Principal Balance, With no related allowance recorded | 16,653 | 7,693 |
Unpaid Principal Balance, With an allowance recorded | 9,246 | 6,313 |
Related Allowance | 2,728 | 2,191 |
Residential Real Estate | ||
Financing Receivable Impaired [Line Items] | ||
Recorded Investment, With no related allowance recorded | 2,246 | 1,886 |
Recorded Investment, With an allowance recorded | 128 | 251 |
Unpaid Principal Balance, With no related allowance recorded | 2,356 | 1,858 |
Unpaid Principal Balance, With an allowance recorded | 146 | 253 |
Related Allowance | 39 | 61 |
Commercial and Industrial | ||
Financing Receivable Impaired [Line Items] | ||
Recorded Investment, With no related allowance recorded | 9,557 | 11,193 |
Recorded Investment, With an allowance recorded | 17,174 | 10,601 |
Unpaid Principal Balance, With no related allowance recorded | 10,510 | 13,961 |
Unpaid Principal Balance, With an allowance recorded | 18,353 | 11,153 |
Related Allowance | $ 6,795 | $ 4,397 |
Allowance for Loan and Lease _6
Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments - Summary of Average Recorded Investment and Interest Income Recognized for Loans and Leases Considered Impaired (Details) - Loans Excluding Acquired Impaired Loans - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Financing Receivable Impaired [Line Items] | ||
Average Recorded Investment | $ 45,170 | $ 33,782 |
Interest Income Recognized | 2,457 | 977 |
Commercial Real Estate | ||
Financing Receivable Impaired [Line Items] | ||
Average Recorded Investment, With no related allowance recorded | 9,379 | 9,441 |
Average Recorded Investment, With an allowance recorded | 8,238 | 5,022 |
Interest Income Recognized, With no related allowance recorded | 761 | 232 |
Interest Income Recognized, With an allowance recorded | 479 | 16 |
Residential Real Estate | ||
Financing Receivable Impaired [Line Items] | ||
Average Recorded Investment, With no related allowance recorded | 1,914 | 1,910 |
Average Recorded Investment, With an allowance recorded | 207 | 330 |
Interest Income Recognized, With no related allowance recorded | 60 | 24 |
Interest Income Recognized, With an allowance recorded | 7 | 3 |
Construction, Land Development, and Other Land | ||
Financing Receivable Impaired [Line Items] | ||
Interest Income Recognized, With no related allowance recorded | 15 | |
Commercial and Industrial | ||
Financing Receivable Impaired [Line Items] | ||
Average Recorded Investment, With no related allowance recorded | 11,889 | 8,018 |
Average Recorded Investment, With an allowance recorded | 13,543 | 9,047 |
Interest Income Recognized, With no related allowance recorded | 482 | 194 |
Interest Income Recognized, With an allowance recorded | $ 668 | 484 |
Installment and Other | ||
Financing Receivable Impaired [Line Items] | ||
Average Recorded Investment, With an allowance recorded | 14 | |
Interest Income Recognized, With an allowance recorded | $ 9 |
Allowance for Loan and Lease _7
Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments - Summary of Risk Rating Categories of Loans and Leases Considered for Inclusion in Allowance for Loan and Lease Losses Calculation (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | $ 3,831,090 | $ 3,501,626 | $ 3,455,802 |
Commercial Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 1,306,288 | 1,261,607 | 1,272,204 |
Residential Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 749,103 | 704,902 | 705,196 |
Construction, Land Development, and Other Land | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 280,999 | 185,349 | 181,705 |
Commercial and Industrial | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 1,302,162 | 1,144,797 | 1,095,446 |
Installment and Other | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 9,354 | 13,718 | 12,194 |
Lease Financing Receivables | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 183,184 | 191,253 | $ 189,057 |
Loans Excluding Acquired Impaired Loans | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 3,556,068 | 3,224,084 | |
Loans Excluding Acquired Impaired Loans | Commercial Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 1,163,853 | 1,114,799 | |
Loans Excluding Acquired Impaired Loans | Residential Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 639,694 | 590,968 | |
Loans Excluding Acquired Impaired Loans | Construction, Land Development, and Other Land | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 276,437 | 181,570 | |
Loans Excluding Acquired Impaired Loans | Commercial and Industrial | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 1,283,813 | 1,132,180 | |
Loans Excluding Acquired Impaired Loans | Installment and Other | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 9,087 | 13,314 | |
Loans Excluding Acquired Impaired Loans | Lease Financing Receivables | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 183,184 | 191,253 | |
Loans Excluding Acquired Impaired Loans | Pass | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 3,095,248 | 2,870,431 | |
Loans Excluding Acquired Impaired Loans | Pass | Commercial Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 1,008,797 | 1,009,041 | |
Loans Excluding Acquired Impaired Loans | Pass | Residential Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 608,106 | 553,665 | |
Loans Excluding Acquired Impaired Loans | Pass | Construction, Land Development, and Other Land | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 254,745 | 147,123 | |
Loans Excluding Acquired Impaired Loans | Pass | Commercial and Industrial | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 1,034,730 | 962,291 | |
Loans Excluding Acquired Impaired Loans | Pass | Installment and Other | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 8,916 | 9,997 | |
Loans Excluding Acquired Impaired Loans | Pass | Lease Financing Receivables | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 179,954 | 188,314 | |
Loans Excluding Acquired Impaired Loans | Watch | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 312,935 | 253,552 | |
Loans Excluding Acquired Impaired Loans | Watch | Commercial Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 103,761 | 76,276 | |
Loans Excluding Acquired Impaired Loans | Watch | Residential Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 10,986 | 29,522 | |
Loans Excluding Acquired Impaired Loans | Watch | Construction, Land Development, and Other Land | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 14,544 | 31,376 | |
Loans Excluding Acquired Impaired Loans | Watch | Commercial and Industrial | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 183,458 | 112,996 | |
Loans Excluding Acquired Impaired Loans | Watch | Installment and Other | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 170 | 3,302 | |
Loans Excluding Acquired Impaired Loans | Watch | Lease Financing Receivables | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 16 | 80 | |
Loans Excluding Acquired Impaired Loans | Special Mention | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 76,507 | 62,437 | |
Loans Excluding Acquired Impaired Loans | Special Mention | Commercial Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 24,998 | 17,602 | |
Loans Excluding Acquired Impaired Loans | Special Mention | Residential Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 17,975 | 5,656 | |
Loans Excluding Acquired Impaired Loans | Special Mention | Construction, Land Development, and Other Land | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 7,148 | 3,071 | |
Loans Excluding Acquired Impaired Loans | Special Mention | Commercial and Industrial | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 24,289 | 34,314 | |
Loans Excluding Acquired Impaired Loans | Special Mention | Lease Financing Receivables | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 2,097 | 1,794 | |
Loans Excluding Acquired Impaired Loans | Substandard | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 70,856 | 37,417 | |
Loans Excluding Acquired Impaired Loans | Substandard | Commercial Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 26,297 | 11,880 | |
Loans Excluding Acquired Impaired Loans | Substandard | Residential Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 2,627 | 2,125 | |
Loans Excluding Acquired Impaired Loans | Substandard | Commercial and Industrial | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 41,336 | 22,579 | |
Loans Excluding Acquired Impaired Loans | Substandard | Installment and Other | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 1 | 15 | |
Loans Excluding Acquired Impaired Loans | Substandard | Lease Financing Receivables | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 595 | 818 | |
Loans Excluding Acquired Impaired Loans | Doubtful | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 522 | 247 | |
Loans Excluding Acquired Impaired Loans | Doubtful | Lease Financing Receivables | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | $ 522 | $ 247 |
Allowance for Loan and Lease _8
Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments - Summary of Contractual Delinquency Information (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans and leases | $ 3,831,090 | $ 3,501,626 | $ 3,455,802 |
Commercial Real Estate | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans and leases | 1,306,288 | 1,261,607 | 1,272,204 |
Residential Real Estate | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans and leases | 749,103 | 704,902 | 705,196 |
Construction, Land Development, and Other Land | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans and leases | 280,999 | 185,349 | 181,705 |
Commercial and Industrial | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans and leases | 1,302,162 | 1,144,797 | 1,095,446 |
Installment and Other | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans and leases | 9,354 | 13,718 | 12,194 |
Lease Financing Receivables | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans and leases | 183,184 | 191,253 | $ 189,057 |
Acquired Non-Impaired and Originated Loans | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 63,730 | 50,297 | |
Non-accrual | 39,528 | 25,834 | |
Current | 3,492,338 | 3,173,787 | |
Total loans and leases | 3,556,068 | 3,224,084 | |
Acquired Non-Impaired and Originated Loans | 30-59 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 16,571 | 19,697 | |
Acquired Non-Impaired and Originated Loans | 60-89 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 7,631 | 4,766 | |
Acquired Non-Impaired and Originated Loans | Commercial Real Estate | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 20,775 | 18,288 | |
Non-accrual | 12,186 | 9,484 | |
Current | 1,143,078 | 1,096,511 | |
Total loans and leases | 1,163,853 | 1,114,799 | |
Acquired Non-Impaired and Originated Loans | Commercial Real Estate | 30-59 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 6,140 | 6,659 | |
Acquired Non-Impaired and Originated Loans | Commercial Real Estate | 60-89 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 2,449 | 2,145 | |
Acquired Non-Impaired and Originated Loans | Residential Real Estate | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 3,225 | 7,014 | |
Non-accrual | 2,092 | 1,815 | |
Current | 636,469 | 583,954 | |
Total loans and leases | 639,694 | 590,968 | |
Acquired Non-Impaired and Originated Loans | Residential Real Estate | 30-59 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 632 | 4,488 | |
Acquired Non-Impaired and Originated Loans | Residential Real Estate | 60-89 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 501 | 711 | |
Acquired Non-Impaired and Originated Loans | Construction, Land Development, and Other Land | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 3,203 | ||
Current | 273,234 | 181,570 | |
Total loans and leases | 276,437 | 181,570 | |
Acquired Non-Impaired and Originated Loans | Construction, Land Development, and Other Land | 60-89 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 3,203 | ||
Acquired Non-Impaired and Originated Loans | Commercial and Industrial | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 34,746 | 21,137 | |
Non-accrual | 24,592 | 13,932 | |
Current | 1,249,067 | 1,111,043 | |
Total loans and leases | 1,283,813 | 1,132,180 | |
Acquired Non-Impaired and Originated Loans | Commercial and Industrial | 30-59 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 9,136 | 5,829 | |
Acquired Non-Impaired and Originated Loans | Commercial and Industrial | 60-89 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 1,018 | 1,376 | |
Acquired Non-Impaired and Originated Loans | Installment and Other | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 13 | 1,948 | |
Non-accrual | 1 | 12 | |
Current | 9,074 | 11,366 | |
Total loans and leases | 9,087 | 13,314 | |
Acquired Non-Impaired and Originated Loans | Installment and Other | 30-59 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 12 | 1,932 | |
Acquired Non-Impaired and Originated Loans | Installment and Other | 60-89 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 4 | ||
Acquired Non-Impaired and Originated Loans | Lease Financing Receivables | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 1,768 | 1,910 | |
Non-accrual | 657 | 591 | |
Current | 181,416 | 189,343 | |
Total loans and leases | 183,184 | 191,253 | |
Acquired Non-Impaired and Originated Loans | Lease Financing Receivables | 30-59 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 651 | 789 | |
Acquired Non-Impaired and Originated Loans | Lease Financing Receivables | 60-89 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | $ 460 | $ 530 |
Allowance for Loan and Lease _9
Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments - Summary of TDR's by Loan Category (Details) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019USD ($)Loan | Dec. 31, 2018USD ($)Loan | |
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 29 | 22 |
Pre-Modification Outstanding Recorded Investment | $ 13,460 | $ 11,039 |
Post-Modification Outstanding Recorded Investment | 11,412 | 9,127 |
Charge-offs | 2,048 | 1,912 |
Specific Reserves | $ 2,120 | $ 2,246 |
Accruing | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 10 | 7 |
Pre-Modification Outstanding Recorded Investment | $ 2,204 | $ 1,813 |
Post-Modification Outstanding Recorded Investment | 2,204 | 1,813 |
Specific Reserves | $ 299 | $ 213 |
Non-accruing | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 19 | 15 |
Pre-Modification Outstanding Recorded Investment | $ 11,256 | $ 9,226 |
Post-Modification Outstanding Recorded Investment | 9,208 | 7,314 |
Charge-offs | 2,048 | 1,912 |
Specific Reserves | $ 1,821 | $ 2,033 |
Commercial Real Estate | Accruing | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 5 | 4 |
Pre-Modification Outstanding Recorded Investment | $ 1,476 | $ 1,508 |
Post-Modification Outstanding Recorded Investment | 1,476 | 1,508 |
Specific Reserves | $ 179 | $ 113 |
Commercial Real Estate | Non-accruing | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 8 | 9 |
Pre-Modification Outstanding Recorded Investment | $ 3,650 | $ 2,512 |
Post-Modification Outstanding Recorded Investment | 3,473 | 2,471 |
Charge-offs | 177 | 41 |
Specific Reserves | $ 553 | $ 743 |
Commercial and Industrial | Accruing | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 3 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 528 | $ 191 |
Post-Modification Outstanding Recorded Investment | 528 | 191 |
Specific Reserves | $ 120 | $ 100 |
Commercial and Industrial | Non-accruing | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 10 | 6 |
Pre-Modification Outstanding Recorded Investment | $ 7,493 | $ 6,714 |
Post-Modification Outstanding Recorded Investment | 5,622 | 4,843 |
Charge-offs | 1,871 | 1,871 |
Specific Reserves | $ 1,268 | $ 1,290 |
Residential Real Estate | Accruing | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 2 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 200 | $ 114 |
Post-Modification Outstanding Recorded Investment | $ 200 | $ 114 |
Residential Real Estate | Non-accruing | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 113 | |
Post-Modification Outstanding Recorded Investment | $ 113 |
Allowance for Loan and Lease_10
Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments - Summary of Loans Modified as Troubled Debt Restructurings (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Receivables [Abstract] | ||||
Beginning balance | $ 1,529 | $ 1,238 | $ 1,813 | $ 1,061 |
Additions | 113 | 37 | ||
Net payments | (242) | (8) | (291) | (56) |
Net transfers from (to) non-accrual | 917 | 569 | 188 | |
Ending balance | 2,204 | 1,230 | 2,204 | 1,230 |
Beginning balance | 7,834 | 5,776 | 7,314 | 1,570 |
Additions | 2,893 | 1,667 | 4,321 | 7,123 |
Net payments | (540) | (84) | (1,266) | (1,002) |
Charge-offs | (62) | (592) | (144) | |
Net transfers from (to) accrual | (917) | (569) | (188) | |
Ending balance | 9,208 | 7,359 | 9,208 | 7,359 |
Total troubled debt restructurings | $ 11,412 | $ 8,589 | $ 11,412 | $ 8,589 |
Servicing Assets - Activity for
Servicing Assets - Activity for Servicing Assets and Related Changes in Fair Value (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Transfers And Servicing [Abstract] | ||||
Beginning balance | $ 19,760 | $ 21,587 | $ 19,693 | $ 21,400 |
Additions, net | 1,789 | 1,533 | 4,340 | 5,681 |
Changes in fair value | (1,610) | (2,446) | (4,094) | (6,407) |
Ending balance | $ 19,939 | $ 20,674 | $ 19,939 | $ 20,674 |
Servicing Assets - Unpaid Princ
Servicing Assets - Unpaid Principal Balances of Loans Serviced for Others (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Loan portfolios serviced for: | ||
Unpaid principal balances of loans serviced | $ 1,315,203 | $ 1,258,099 |
SBA guaranteed loans | ||
Loan portfolios serviced for: | ||
Unpaid principal balances of loans serviced | 1,197,725 | 1,151,915 |
USDA guaranteed loans | ||
Loan portfolios serviced for: | ||
Unpaid principal balances of loans serviced | $ 117,478 | $ 106,184 |
Servicing Assets - Additional I
Servicing Assets - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Accounts Notes And Loans Receivable [Line Items] | ||||
Changes in fair value of servicing assets | $ (1,610) | $ (2,446) | $ (4,094) | $ (6,407) |
Loan Servicing Revenue [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Fees and charges | $ 2,692 | $ 2,622 | $ 7,861 | $ 7,605 |
Other Real Estate Owned - Chang
Other Real Estate Owned - Change in Other Real Estate Owned (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Banking And Thrift [Abstract] | ||||
Other real estate owned, beginning balance | $ 8,070 | $ 6,402 | $ 5,314 | $ 10,626 |
Acquisitions of OREO through business combination | 2,201 | |||
Net additions to OREO | 1,840 | 307 | 3,916 | 1,527 |
Proceeds from sales of OREO | (1,391) | (2,008) | (2,722) | (7,130) |
Gains (losses) on sales of OREO | 38 | 489 | 11 | 380 |
Valuation adjustments | (26) | (299) | (189) | (512) |
Other real estate owned, ending balance | $ 8,531 | $ 4,891 | $ 8,531 | $ 4,891 |
Other Real Estate Owned - Addit
Other Real Estate Owned - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | |
Real Estate [Line Items] | ||||||||
Foreclosed real estate properties recorded as result of obtaining physical possession of property | $ 8,531,000 | $ 4,891,000 | $ 8,531,000 | $ 4,891,000 | $ 8,070,000 | $ 5,314,000 | $ 6,402,000 | $ 10,626,000 |
Residential consumer mortgage loans in process of foreclosure | 2,900,000 | 2,900,000 | 2,300,000 | |||||
Proceeds from sale of internally financed sales of OREO | 0 | $ 0 | 183,000 | $ 444,000 | ||||
Residential Real Estate | ||||||||
Real Estate [Line Items] | ||||||||
Foreclosed real estate properties recorded as result of obtaining physical possession of property | $ 688,000 | $ 688,000 | $ 838,000 |
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 | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Schedule Of Goodwill And Intangible Assets [Line Items] | ||||
Beginning balance, Goodwill | $ 145,638 | $ 127,536 | $ 128,177 | $ 54,562 |
Additions | 17,461 | 72,974 | ||
Ending balance, Goodwill | 145,638 | 127,536 | 145,638 | 127,536 |
Amortization | (2,003) | (1,898) | (5,735) | (3,795) |
Core Deposits | ||||
Schedule Of Goodwill And Intangible Assets [Line Items] | ||||
Beginning balance | 32,982 | 33,917 | 30,360 | 16,720 |
Additions | 6,220 | 19,060 | ||
Amortization | (1,936) | (1,822) | (5,534) | (3,685) |
Ending balance | 31,046 | 32,095 | 31,046 | 32,095 |
Accumulated amortization | $ 24,420 | $ 17,151 | $ 24,420 | $ 17,151 |
Weighted average remaining amortization period | 6 years 8 months 12 days | 7 years 1 month 6 days | 6 years 8 months 12 days | 7 years 1 month 6 days |
Customer Relationships | ||||
Schedule Of Goodwill And Intangible Assets [Line Items] | ||||
Beginning balance | $ 2,926 | $ 3,194 | $ 3,059 | |
Additions | $ 3,216 | |||
Amortization | (67) | (67) | (200) | (89) |
Ending balance | 2,859 | 3,127 | 2,859 | 3,127 |
Accumulated amortization | $ 358 | $ 89 | $ 358 | $ 89 |
Weighted average remaining amortization period | 10 years 8 months 12 days | 11 years 8 months 12 days | 10 years 8 months 12 days | 11 years 8 months 12 days |
Goodwill, Core Deposit Intang_4
Goodwill, Core Deposit Intangible and Other Intangible Assets - Estimated Amortization Expense for Core Deposit Intangible, Customer Relationship Intangible and Other Intangible Assets Recognized (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2019 | $ 2,002 | |
2020 | 7,577 | |
2021 | 7,012 | |
2022 | 6,440 | |
2023 | 4,336 | |
Thereafter | 6,538 | |
Total | $ 33,905 | $ 33,419 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | |
Income Tax [Line Items] | |||||
Effective tax rate | 27.70% | 24.40% | |||
Net income tax benefit related to exercise of stock options | $ (64,000) | $ (64,000) | |||
Net income tax benefit related to vesting of restricted shares | $ (362,000) | $ (362,000) | |||
Corporate federal income tax rate | 21.00% | 35.00% | |||
Net income tax benefit | $ (724,000) | ||||
Deferred tax assets, net | $ 33,400,000 | $ 35,600,000 | |||
Oak Park River Forest Bankshares, Inc. | |||||
Income Tax [Line Items] | |||||
Decrease in deferred tax assets, net | $ (4,900,000) |
Deposits - Composition of Depos
Deposits - Composition of Deposits (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Deposits [Abstract] | ||
Non-interest-bearing demand deposits | $ 1,221,431 | $ 1,192,873 |
Interest-bearing checking accounts | 372,049 | 296,339 |
Money market demand accounts | 745,154 | 640,401 |
Other savings | 471,878 | 476,418 |
Time deposits (below $250,000) | 966,866 | 911,603 |
Time deposits ($250,000 and above) | 302,936 | 232,282 |
Total deposits | $ 4,080,314 | $ 3,749,916 |
Deposits - Additional Informati
Deposits - Additional Information (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Deposits [Abstract] | ||
Brokered deposits | $ 81,000,000 | $ 50,000,000 |
Federal Home Loan Bank Advanc_3
Federal Home Loan Bank Advances - Summary of FHLB Advances (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Federal Home Loan Banks [Abstract] | ||
Federal Home Loan Bank advances | $ 506,000 | $ 425,000 |
Weighted average cost | 2.05% | 2.56% |
Federal Home Loan Bank Advanc_4
Federal Home Loan Bank Advances - Additional Information (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Federal Home Loan Bank Advances [Line Items] | ||
Federal home loan bank, total fixed-rate advances | $ 506,000,000 | |
Federal home loan bank, required investment conversion ratio | 0.045 | |
Additional borrowing capacity from FHLB | $ 1,400,000,000 | $ 1,300,000,000 |
Federal home loan bank advances maximum borrowing capacity as percentage of total assets | 35.00% | |
Minimum | ||
Federal Home Loan Bank Advances [Line Items] | ||
Federal home loan bank advances, Fixed interest rate | 2.04% | |
Federal home loan bank fixed rate advances, maturity date | 2019-10 | |
Maximum | ||
Federal Home Loan Bank Advances [Line Items] | ||
Federal home loan bank advances, Fixed interest rate | 2.08% | |
Federal home loan bank fixed rate advances, maturity date | 2019-12 |
Other Borrowings - Summary of O
Other Borrowings - Summary of Other Borrowings (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Apr. 30, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | |||
Securities sold under agreements to repurchase | $ 32,290 | $ 34,166 | |
Line of credit | $ 5,700 | ||
Total | $ 32,290 | $ 34,166 |
Other Borrowings - Additional I
Other Borrowings - Additional Information (Details) - USD ($) | Oct. 10, 2019 | Apr. 30, 2019 | May 31, 2019 | Jul. 31, 2017 | Sep. 30, 2019 | Dec. 31, 2018 | Apr. 30, 2017 | Oct. 13, 2016 |
Line Of Credit Facility [Line Items] | ||||||||
Line of credit facility, amount | $ 5,700,000 | |||||||
Repayment of lines of credit | $ 5,700,000 | $ 16,200,000 | $ 11,335,000 | |||||
Short-term credit lines available for use, outstanding | $ 0 | $ 0 | ||||||
LIBOR Rate | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Interest rate spread | 2.25% | |||||||
Ridgestone | Correspondent Bank | Credit agreement | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Line of credit facility, amount | $ 30,000,000 | |||||||
Ridgestone | Correspondent Bank | Amended Credit Agreement | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Line of credit facility, revolving credit conversion to non-revolving line of credit, description | In April 2017, the revolving line of credit was amended to a non-revolving line of credit as long as the outstanding balance exceeds $5.0 million. | |||||||
Line of credit facility, revolving credit conversion to non-revolving line of credit, threshold amount | $ 5,000,000 | |||||||
Threshold amount for conversion of line of credit into revolving line of credit | 5,000,000 | |||||||
Revolving line of credit facility, maximum borrowing capacity | $ 5,000,000 | |||||||
Line of credit facility, maturity date | Oct. 10, 2019 | |||||||
Ridgestone | Correspondent Bank | Amended Credit Agreement | LIBOR Rate | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Interest rate spread | 2.50% | |||||||
Ridgestone | Correspondent Bank | Amended Credit Agreement | Prime Rate | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Interest rate spread | 0.25% | |||||||
Ridgestone | Correspondent Bank | Fourth Amendment Revolving Credit Agreement | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Line of credit facility, amount | $ 0 | $ 0 | ||||||
Ridgestone | Correspondent Bank | Fourth Amendment Revolving Credit Agreement | Subsequent Event | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Line of credit facility, amount | $ 15,000,000 | |||||||
Line of credit facility, extended maturity date | Oct. 9, 2020 | |||||||
Line of credit facility, interest rate terms | The amended revolving line of credit bears interest at either the LIBOR plus 195 basis points or the Prime Rate minus 75 basis points, based on the Company’s election, which is required to be communicated at least three business days prior to the commencement of an interest period. If the Company fails to provide timely notification, the interest rate will be Prime Rate minus 75 basis points. At September 30, 2019 and December 31, 2018, the line of credit had no outstanding balance, therefore an interest rate option has not been selected. | |||||||
Ridgestone | Correspondent Bank | Fourth Amendment Revolving Credit Agreement | Subsequent Event | LIBOR Rate | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Interest rate spread | 2.25% | |||||||
Ridgestone | Correspondent Bank | Fourth Amendment Revolving Credit Agreement | Subsequent Event | Prime Rate | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Interest rate spread | 0.50% |
Other Borrowings - Summary of S
Other Borrowings - Summary of Short-term Credit Lines Available for Use (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Federal Reserve Bank of Chicago Discount Window Line | ||
Debt Instrument [Line Items] | ||
Short-term credit lines available for use | $ 419,086 | $ 293,613 |
Available Federal Funds Line | ||
Debt Instrument [Line Items] | ||
Short-term credit lines available for use | $ 105,000 | $ 55,000 |
Junior Subordinated Debenture_2
Junior Subordinated Debentures - Junior Subordinated Debentures by Issuance (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | ||
Total liability, at par | $ 46,500 | $ 46,500 |
Total liability, at carrying value | 37,207 | 36,768 |
Metropolitan Statutory Trust 1 | ||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | ||
Total liability, at par | 35,000 | 35,000 |
RidgeStone Capital Trust I | ||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | ||
Total liability, at par | 1,500 | 1,500 |
First Evanston Bancorp Trust I | ||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | ||
Total liability, at par | 10,000 | 10,000 |
Junior Subordinated Debentures | ||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | ||
Discount | $ (9,293) | $ (9,732) |
Junior Subordinated Debentures | Metropolitan Statutory Trust 1 | ||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | ||
Stated Maturity | Mar. 17, 2034 | |
Contractual Rate | 4.93% | 5.58% |
Junior Subordinated Debentures | Metropolitan Statutory Trust 1 | Three-month LIBOR | ||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | ||
Interest Rate Spread, Description | Three-month LIBOR | |
Interest Rate Spread | 2.79% | 2.79% |
Junior Subordinated Debentures | RidgeStone Capital Trust I | ||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | ||
Stated Maturity | Jun. 30, 2033 | |
Contractual Rate | 6.38% | 6.38% |
Junior Subordinated Debentures | RidgeStone Capital Trust I | Five-year LIBOR | ||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | ||
Interest Rate Spread, Description | Five-year LIBOR | |
Interest Rate Spread | 3.50% | 3.50% |
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 | 3.90% | 4.57% |
Junior Subordinated Debentures | First Evanston Bancorp Trust I | Three-month LIBOR | ||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | ||
Interest Rate Spread, Description | Three-month LIBOR | |
Interest Rate Spread | 1.78% | 1.78% |
Junior Subordinated Debenture_3
Junior Subordinated Debentures - Additional Information (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Principal amount | $ 46,500,000 | $ 46,500,000 |
Accrued interest payable | 4,778,000 | 3,484,000 |
Metropolitan Statutory Trust 1 | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 35,000,000 | $ 35,000,000 |
Metropolitan Statutory Trust 1 | Junior Subordinated Debentures | ||
Debt Instrument [Line Items] | ||
Contractual rate | 4.93% | 5.58% |
Accrued interest payable | $ 69,000 | $ 84,000 |
Metropolitan Statutory Trust 1 | Junior Subordinated Debentures | Three-month LIBOR | ||
Debt Instrument [Line Items] | ||
Interest rate spread | 2.79% | 2.79% |
RidgeStone Capital Trust I | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 1,500,000 | $ 1,500,000 |
RidgeStone Capital Trust I | Junior Subordinated Debentures | ||
Debt Instrument [Line Items] | ||
Contractual rate | 6.38% | 6.38% |
Accrued interest payable | $ 0 | $ 0 |
RidgeStone Capital Trust I | Junior Subordinated Debentures | Five-year LIBOR | ||
Debt Instrument [Line Items] | ||
Interest rate spread | 3.50% | 3.50% |
First Evanston Bancorp Trust I | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 10,000,000 | $ 10,000,000 |
First Evanston Bancorp Trust I | Junior Subordinated Debentures | ||
Debt Instrument [Line Items] | ||
Contractual rate | 3.90% | 4.57% |
Accrued interest payable | $ 17,000 | $ 21,000 |
First Evanston Bancorp Trust I | Junior Subordinated Debentures | Three-month LIBOR | ||
Debt Instrument [Line Items] | ||
Interest rate spread | 1.78% | 1.78% |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities - Summary of Minimum Annual Rental Commitments for Operating Leases (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2019 | $ 1,166 |
2020 | 4,455 |
2021 | 3,798 |
2022 | 2,230 |
2023 | 1,294 |
Thereafter | 3,303 |
Total | $ 16,246 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Commitments And Contingencies Liabilities [Line Items] | |||||
Rental expenses | $ 1,400,000 | $ 1,400,000 | $ 4,200,000 | $ 4,200,000 | |
Sublease income | 190,000 | 223,000 | 560,000 | 569,000 | |
Minimum rental to be received in future on subleases | 1,300,000 | $ 1,300,000 | |||
Sublease contract maturity year | 2025 | ||||
Data processing | $ 4,062,000 | $ 2,724,000 | $ 11,055,000 | $ 15,396,000 | |
Fixed rate loan commitments maturity year | 2042 | ||||
Variable rate loan commitments maturity year | 2048 | ||||
Maximum | |||||
Commitments And Contingencies Liabilities [Line Items] | |||||
Commitments to make loans period | 90 days | ||||
Loan commitments fixed interest rate | 19.50% | 19.50% | |||
Loan commitments variable interest rate | 10.25% | 10.25% | |||
Minimum | |||||
Commitments And Contingencies Liabilities [Line Items] | |||||
Loan commitments fixed interest rate | 2.50% | 2.50% | |||
Loan commitments variable interest rate | 2.02% | 2.02% | |||
Contract termination | |||||
Commitments And Contingencies Liabilities [Line Items] | |||||
Data processing | $ 8,100,000 | ||||
Remaining data processing cost balance | $ 0 | $ 0 |
Commitments and Contingent Li_5
Commitments and Contingent Liabilities - Summary of Contract or Notional Amount of Outstanding Loan and Lease Commitments (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Commitments And Contingencies Liabilities [Line Items] | ||
Fixed Rate | $ 51,885 | $ 76,081 |
Variable Rate | 970,502 | 963,062 |
Total | 1,022,387 | 1,039,143 |
Commitments to Extend Credit | ||
Commitments And Contingencies Liabilities [Line Items] | ||
Fixed Rate | 51,101 | 74,099 |
Variable Rate | 930,778 | 928,991 |
Total | 981,879 | 1,003,090 |
Letters of Credit | ||
Commitments And Contingencies Liabilities [Line Items] | ||
Fixed Rate | 784 | 1,982 |
Variable Rate | 39,724 | 34,071 |
Total | $ 40,508 | $ 36,053 |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Financial Assets And Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Securities available-for-sale, at fair value | $ 1,031,933 | $ 817,656 | ||||
Servicing assets, at fair value | 19,939 | $ 19,760 | 19,693 | $ 20,674 | $ 21,587 | $ 21,400 |
Derivative assets | 10,288 | 10,740 | ||||
Derivative liabilities | 11,093 | 4,243 | ||||
U.S. Treasury Notes | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Securities available-for-sale, at fair value | 42,842 | 52,667 | ||||
U.S. Government Agencies | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Securities available-for-sale, at fair value | 177,858 | 186,498 | ||||
Obligations of States, Municipalities, and Political Subdivisions | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Securities available-for-sale, at fair value | 98,602 | 60,233 | ||||
Corporate Securities | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Securities available-for-sale, at fair value | 47,194 | 34,173 | ||||
Other Securities | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Securities available-for-sale, at fair value | 32,834 | 6,609 | ||||
Fair Value, Measurements, Recurring | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Servicing assets, at fair value | 19,939 | 19,693 | ||||
Derivative assets | 10,288 | 10,740 | ||||
Derivative liabilities | 11,093 | 4,243 | ||||
Fair Value, Measurements, Recurring | Mutual Funds | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Securities available-for-sale, at fair value | 2,944 | |||||
Fair Value, Measurements, Recurring | Equity Securities | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Securities available-for-sale, at fair value | 4,704 | |||||
Fair Value, Measurements, Recurring | U.S. Treasury Notes | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Securities available-for-sale, at fair value | 42,842 | 52,667 | ||||
Fair Value, Measurements, Recurring | U.S. Government Agencies | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Securities available-for-sale, at fair value | 177,858 | 186,498 | ||||
Fair Value, Measurements, Recurring | Obligations of States, Municipalities, and Political Subdivisions | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Securities available-for-sale, at fair value | 98,602 | 60,233 | ||||
Fair Value, Measurements, Recurring | Mortgage-Backed Securities; Residential | Agency | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Securities available-for-sale, at fair value | 329,010 | 272,963 | ||||
Fair Value, Measurements, Recurring | Mortgage-Backed Securities; Residential | Non-Agency | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Securities available-for-sale, at fair value | 120,060 | 83,621 | ||||
Fair Value, Measurements, Recurring | Mortgage-Backed Securities; Commercial | Agency | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Securities available-for-sale, at fair value | 152,033 | 90,434 | ||||
Fair Value, Measurements, Recurring | Mortgage-Backed Securities; Commercial | Non-Agency | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Securities available-for-sale, at fair value | 31,500 | 30,458 | ||||
Fair Value, Measurements, Recurring | Corporate Securities | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Securities available-for-sale, at fair value | 47,194 | 34,173 | ||||
Fair Value, Measurements, Recurring | Other Securities | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Securities available-for-sale, at fair value | 32,834 | 6,609 | ||||
Fair Value, Measurements, Recurring | Level 1 | Mutual Funds | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Securities available-for-sale, at fair value | 2,944 | |||||
Fair Value, Measurements, Recurring | Level 1 | U.S. Treasury Notes | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Securities available-for-sale, at fair value | 42,842 | 52,667 | ||||
Fair Value, Measurements, Recurring | Level 1 | Other Securities | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Securities available-for-sale, at fair value | 2,844 | |||||
Fair Value, Measurements, Recurring | Level 2 | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Derivative assets | 10,288 | 10,740 | ||||
Derivative liabilities | 11,093 | 4,243 | ||||
Fair Value, Measurements, Recurring | Level 2 | Equity Securities | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Securities available-for-sale, at fair value | 4,008 | |||||
Fair Value, Measurements, Recurring | Level 2 | U.S. Government Agencies | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Securities available-for-sale, at fair value | 177,858 | 186,498 | ||||
Fair Value, Measurements, Recurring | Level 2 | Obligations of States, Municipalities, and Political Subdivisions | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Securities available-for-sale, at fair value | 98,407 | 60,038 | ||||
Fair Value, Measurements, Recurring | Level 2 | Mortgage-Backed Securities; Residential | Agency | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Securities available-for-sale, at fair value | 329,010 | 272,963 | ||||
Fair Value, Measurements, Recurring | Level 2 | Mortgage-Backed Securities; Residential | Non-Agency | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Securities available-for-sale, at fair value | 120,060 | 83,621 | ||||
Fair Value, Measurements, Recurring | Level 2 | Mortgage-Backed Securities; Commercial | Agency | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Securities available-for-sale, at fair value | 152,033 | 90,434 | ||||
Fair Value, Measurements, Recurring | Level 2 | Mortgage-Backed Securities; Commercial | Non-Agency | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Securities available-for-sale, at fair value | 31,500 | 30,458 | ||||
Fair Value, Measurements, Recurring | Level 2 | Corporate Securities | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Securities available-for-sale, at fair value | 47,194 | 34,173 | ||||
Fair Value, Measurements, Recurring | Level 2 | Other Securities | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Securities available-for-sale, at fair value | 32,834 | 3,074 | ||||
Fair Value, Measurements, Recurring | Level 3 | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Servicing assets, at fair value | 19,939 | 19,693 | ||||
Fair Value, Measurements, Recurring | Level 3 | Equity Securities | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Securities available-for-sale, at fair value | 696 | |||||
Fair Value, Measurements, Recurring | Level 3 | Obligations of States, Municipalities, and Political Subdivisions | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Securities available-for-sale, at fair value | $ 195 | 195 | ||||
Fair Value, Measurements, Recurring | Level 3 | Other Securities | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Securities available-for-sale, at fair value | $ 691 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Details) - USD ($) | Sep. 30, 2019 | Sep. 30, 2018 |
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, liabilities, 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 | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Investment Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Balance, beginning of period | $ 886 | $ 1,052 |
Acquired assets at fair value | 314 | |
Amortization | 4 | 4 |
Change in unrealized gain | 1 | 11 |
Balance, end of period | 891 | 1,381 |
Servicing Assets | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Balance, beginning of period | 19,693 | 21,400 |
Additions, net | 4,340 | 5,680 |
Change in fair value | (4,094) | (6,406) |
Balance, end of period | $ 19,939 | $ 20,674 |
Fair Value Measurement - Summ_3
Fair Value Measurement - Summary of Unobservable Inputs Used in Fair Value Measurements on Recurring Basis Categorized Within Level 3 of Fair Value Hierarchy (Details) - Fair Value, Measurements, Recurring - Level 3 | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Impact to Valuation from an Increased or Higher Input Value | Decrease |
Expected weighted average loan life | 1 month 6 days |
Minimum | Discount Rate | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Unobservable Inputs | 0.048 |
Maximum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Expected weighted average loan life | 9 years 6 months |
Maximum | Discount Rate | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Unobservable Inputs | 0.240 |
Weighted Average | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Expected weighted average loan life | 4 years 6 months |
Weighted Average | Discount Rate | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Unobservable Inputs | 0.122 |
Obligations of States, Municipalities, and Political Subdivisions | |
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 | 0.024 |
Debt Securities, Available-for-sale, Valuation Technique [Extensible List] | us-gaap:ValuationTechniqueDiscountedCashFlowMember |
Debt Securities, Available-for-sale, Measurement Input [Extensible List] | us-gaap:MeasurementInputDefaultRateMember |
Obligations of States, Municipalities, and Political Subdivisions | Weighted Average | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Unobservable Inputs | 0.024 |
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 |
Debt Instrument, Valuation Technique [Extensible List] | us-gaap:ValuationTechniqueDiscountedCashFlowMember |
Debt Instrument, Measurement Input [Extensible List] | us-gaap:MeasurementInputDefaultRateMember |
Single Issuer Trust Preferred | Minimum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Unobservable Inputs | 0.049 |
Single Issuer Trust Preferred | Maximum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Unobservable Inputs | 0.054 |
Single Issuer Trust Preferred | Weighted Average | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Unobservable Inputs | 0.058 |
Servicing Assets | |
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 Asset, Valuation Technique [Extensible List] | us-gaap:ValuationTechniqueDiscountedCashFlowMember |
Servicing Assets | Minimum | Prepayment Speeds | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Unobservable Inputs | 0.027 |
Servicing Assets | Maximum | Prepayment Speeds | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Unobservable Inputs | 0.219 |
Servicing Assets | Weighted Average | Prepayment Speeds | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Unobservable Inputs | 0.137 |
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 | Sep. 30, 2019 | Dec. 31, 2018 |
Commercial Real Estate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | $ 21,343 | $ 9,792 |
Residential Real Estate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 2,335 | 2,076 |
Commercial and Industrial | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 19,936 | 17,397 |
Other Real Estate Owned | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 8,531 | 5,314 |
Assets Held For Sale | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 15,472 | 14,489 |
Level 3 | Commercial Real Estate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 21,343 | 9,792 |
Level 3 | Residential Real Estate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 2,335 | 2,076 |
Level 3 | Commercial and Industrial | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 19,936 | 17,397 |
Level 3 | Other Real Estate Owned | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 8,531 | 5,314 |
Level 3 | Assets Held For Sale | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | $ 15,472 | $ 14,489 |
Fair Value Measurement - Summ_5
Fair Value Measurement - Summary of Estimated Fair Values of Financial Instruments and Levels Within Fair Value Hierarchy (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Apr. 30, 2019 | Dec. 31, 2018 | |
Financial assets | ||||
Cash and due from banks | $ 75,275 | $ 30,190 | ||
Interest bearing deposits with other banks | 33,564 | 91,670 | ||
Securities held-to-maturity, fair value | 4,502 | 97,739 | ||
Restricted stock, at cost | 24,331 | 19,202 | ||
Loans held for sale | 7,176 | 19,827 | ||
Loans and lease receivables, net (less impaired loans at fair value) | 3,799,505 | 3,476,425 | ||
Accrued interest receivable | 13,013 | 10,863 | ||
Financial liabilities | ||||
Line of credit | $ 5,700 | |||
Federal Home Loan Bank advances | 506,000 | 425,000 | ||
Securities sold under agreements to repurchase | 32,290 | 34,166 | ||
Junior subordinated debentures issued to capital trusts, net | 37,207 | 36,768 | ||
Level 1 | Carrying Amount | ||||
Financial assets | ||||
Cash and due from banks | 75,275 | 30,190 | ||
Level 1 | Estimated Fair Value | ||||
Financial assets | ||||
Cash and due from banks | 75,275 | 30,190 | ||
Level 2 | Carrying Amount | ||||
Financial assets | ||||
Interest bearing deposits with other banks | 33,564 | 91,670 | ||
Securities held-to-maturity, fair value | 4,417 | 99,266 | ||
Restricted stock, at cost | 24,331 | 19,202 | ||
Financial liabilities | ||||
Non-interest-bearing deposits | 1,221,431 | 1,192,873 | ||
Interest-bearing deposits | 2,858,883 | 2,557,043 | ||
Accrued interest payable | 4,778 | 3,484 | ||
Federal Home Loan Bank advances | 506,000 | 425,000 | ||
Securities sold under agreements to repurchase | 32,290 | 34,166 | ||
Level 2 | Estimated Fair Value | ||||
Financial assets | ||||
Interest bearing deposits with other banks | 33,564 | 91,670 | ||
Securities held-to-maturity, fair value | 4,503 | 97,739 | ||
Restricted stock, at cost | 24,331 | 19,202 | ||
Financial liabilities | ||||
Non-interest-bearing deposits | 1,221,431 | 1,192,873 | ||
Interest-bearing deposits | 2,867,646 | 2,554,329 | ||
Accrued interest payable | 4,778 | 3,484 | ||
Federal Home Loan Bank advances | 506,000 | 425,000 | ||
Securities sold under agreements to repurchase | 32,290 | 34,166 | ||
Level 3 | Carrying Amount | ||||
Financial assets | ||||
Loans held for sale | 7,176 | 19,827 | ||
Loans and lease receivables, net (less impaired loans at fair value) | [1] | 3,755,891 | 3,447,160 | |
Accrued interest receivable | 13,013 | 10,863 | ||
Financial liabilities | ||||
Junior subordinated debentures issued to capital trusts, net | 37,207 | 36,768 | ||
Level 3 | Estimated Fair Value | ||||
Financial assets | ||||
Loans held for sale | 7,922 | 21,654 | ||
Loans and lease receivables, net (less impaired loans at fair value) | [1] | 3,677,608 | 3,407,652 | |
Accrued interest receivable | 13,013 | 10,863 | ||
Financial liabilities | ||||
Junior subordinated debentures issued to capital trusts, net | $ 42,496 | $ 42,351 | ||
[1] | In accordance with the prospective adoption of ASU 2016-01, the fair value of loans and lease receivables, net (less impaired loans at fair value) as of September 30, 2019 was measured using an exit price notion. The fair value as of December 31, 2018 was measured using an entry price notion. |
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 ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Derivatives Fair Value [Line Items] | ||
Notional Amount | $ 306,175,000 | $ 548,969,000 |
Other Assets | 10,288,000 | 10,740,000 |
Other Liabilities | 11,093,000 | 4,243,000 |
Other Interest Rate Derivatives | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | 296,656,000 | |
Other Assets | 10,288,000 | |
Other Liabilities | 11,076,000 | |
Derivatives Designated as Hedging Instruments | Interest Rate Swaps | Cash Flow Hedges | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | 0 | 250,000,000 |
Other Assets | 6,699,000 | |
Derivatives Not Designated As Hedging Instruments | Other Credit Derivatives | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | 9,519,000 | 4,424,000 |
Other Liabilities | 17,000 | 6,000 |
Derivatives Not Designated As Hedging Instruments | Other Interest Rate Derivatives | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | 296,656,000 | 294,545,000 |
Other Assets | 10,288,000 | 4,041,000 |
Other Liabilities | $ 11,076,000 | $ 4,237,000 |
Derivative Instruments and He_4
Derivative Instruments and Hedge Activities - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Derivative [Line Items] | ||||||
Derivative notional amount | $ 306,175,000 | $ 306,175,000 | $ 306,175,000 | $ 548,969,000 | ||
Unrealized gain (loss) to be reclassified as an decrease to interest expense during the next twelve months | (85,000) | (85,000) | (85,000) | |||
Credit valuation adjustment increase (decrease) to non-interest income | (219,000) | $ 13,000 | (592,000) | $ (25,000) | ||
Interest Rate Swaps | Interest Expense | ||||||
Derivative [Line Items] | ||||||
Decrease in FHLB expense | (364,000) | (428,000) | (1,600,000) | (863,000) | ||
Other Interest Rate Derivatives | ||||||
Derivative [Line Items] | ||||||
Derivative notional amount | 296,656,000 | 296,656,000 | $ 296,656,000 | |||
Derivative maturity date, start year | Apr. 30, 2020 | |||||
Derivative maturity date, end year | Jan. 31, 2030 | |||||
Derivative instruments transaction fees | 170,000 | 230,000 | $ 886,000 | 1,200,000 | ||
Other Credit Derivatives | ||||||
Derivative [Line Items] | ||||||
Derivative notional amount | 9,500,000 | 9,500,000 | 9,500,000 | 4,400,000 | ||
Derivative instruments transaction fees | 73,000 | 35,000 | 73,000 | 61,000 | ||
Credit valuation adjustment increase (decrease) to non-interest income | (7,000) | $ (1,000) | (11,000) | $ (4,000) | ||
Derivatives Designated as Hedging Instruments | Interest Rate Swaps | Cash Flow Hedges | ||||||
Derivative [Line Items] | ||||||
Derivative notional amount | 0 | 0 | 0 | 250,000,000 | ||
Termination of designated as cash flow hedges to reduce interest risk | 250,000,000 | |||||
Transaction, net of tax | 383,000 | |||||
Remaining balance in accumulated other comprehensive income | $ 378,000 | $ 378,000 | $ 378,000 | |||
Federal Home Loan Bank Advances | Derivatives Designated as Hedging Instruments | Interest Rate Swaps | Cash Flow Hedges | ||||||
Derivative [Line Items] | ||||||
Derivative notional amount | $ 250,000,000 |
Derivative Instruments and He_5
Derivative Instruments and Hedge Activities - Summary of Net Gains (Losses) Recorded in Accumulated Other Comprehensive Income (Loss) and Consolidated Statements of Operations Relating to Cash Flow Derivative Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Derivative [Line Items] | ||||
Amount of Gain (Loss) Recognized in OCI | $ (251) | $ 1,070 | $ (5,484) | $ 6,702 |
Interest Rate Swaps | ||||
Derivative [Line Items] | ||||
Amount of Gain (Loss) Recognized in OCI | (5,484) | 6,702 | ||
Amount of Gain Reclassified from OCI to Income as a Decrease to Interest Expense | $ 1,643 | $ 863 |
Derivative Instruments and He_6
Derivative Instruments and Hedge Activities - Summary of Other Interest Rate Derivatives (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | ||
Notional Amount | $ 306,175,000 | $ 548,969,000 |
Derivative assets fair value | 10,288,000 | 10,740,000 |
Derivative liabilities fair value | 11,093,000 | $ 4,243,000 |
Other Interest Rate Derivatives | ||
Derivative [Line Items] | ||
Notional Amount | 296,656,000 | |
Derivative assets fair value | 10,288,000 | |
Derivative liabilities fair value | $ 11,076,000 | |
Weighted average pay rates | 4.74% | |
Weighted average receive rates | 4.37% | |
Weighted average maturity | 6 years 9 months 18 days |
Derivative Instruments and He_7
Derivative Instruments and Hedge Activities - Summary of Company's Interest Rate Derivative and Offsetting Positions (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||
Gross amounts recognized | $ 10,288 | $ 10,740 |
Net amount presented in the Consolidated Statements of Financial Condition | 10,288 | 10,740 |
Gross amounts not offset in the Consolidated Statements of Financial Condition | ||
Offsetting derivative positions | (1) | (2,823) |
Collateral posted | (10,287) | (7,917) |
Gross amounts recognized | 11,093 | 4,243 |
Net amount presented in the Consolidated Statements of Financial Condition | 11,093 | 4,243 |
Gross amounts not offset in the Consolidated Statements of Financial Condition | ||
Offsetting derivative positions | (1) | (2,823) |
Collateral posted | $ (11,092) | (1,317) |
Net credit exposure | $ 103 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Details) - USD ($) | May 15, 2019 | Apr. 30, 2019 | Oct. 03, 2017 | Jul. 06, 2017 | Oct. 31, 2014 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2017 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Common stock, voting par value | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||||
Proceeds from the exercise of stock options | $ 2,359,000 | $ 1,702,000 | |||||||||||||||||
Oak Park River Forest Bankshares, Inc. | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Consideration paid in cash | $ 4,200,000 | $ 6,163,000 | |||||||||||||||||
Business combination conversion of outstanding options | 35,870 | ||||||||||||||||||
Restricted Shares | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Income tax benefit | $ 378,000 | $ 178,000 | |||||||||||||||||
Performance Options Grants | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Options vested | 414,894 | ||||||||||||||||||
Common Stock | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Issuance of common stock in connection with restricted stock awards, shares | 50,992 | 141,207 | 5,000 | 126,157 | |||||||||||||||
Number of options exercised | 3,472 | 116,048 | 50,662 | 58,639 | 51,763 | 8,000 | 86,750 | ||||||||||||
Omnibus Plan | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Number of common stock reserved and available for issuance | 1,550,000 | ||||||||||||||||||
Number of common shares available for future grants | 1,186,226 | 1,186,226 | |||||||||||||||||
Omnibus Plan | Restricted Shares | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Award vesting period | 4 years | ||||||||||||||||||
Shares of restricted voting common stock granted | 192,199 | ||||||||||||||||||
Restricted shares vested | 37,310 | 2,975 | |||||||||||||||||
Fair value of restricted shares, vested | $ 699,000 | $ 62,000 | |||||||||||||||||
Fair value of unvested restricted stock awards | $ 5,800,000 | $ 5,800,000 | |||||||||||||||||
Omnibus Plan | Performance-based Restricted Shares | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Shares of restricted voting common stock granted | 20,975 | 11,165 | |||||||||||||||||
Period for number of shares earned under return on average assets | 3 years | 3 years | |||||||||||||||||
Minimum target percentage in assets of peer group consisting publicly-traded bank holding companies | 50.00% | ||||||||||||||||||
Maximum target percentage in assets of peer group consisting publicly-traded bank holding companies | 200.00% | ||||||||||||||||||
Omnibus Plan | Performance-based Restricted Shares | Threshold performance | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Percentage of target number of shares to be earned | 25.00% | ||||||||||||||||||
Omnibus Plan | Performance-based Restricted Shares | 50th Percentile Performance | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Percentage of target number of shares to be earned | 100.00% | ||||||||||||||||||
Omnibus Plan | Performance-based Restricted Shares | 75th Percentile Performance | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Percentage of target number of shares to be earned | 125.00% | ||||||||||||||||||
Omnibus Plan | Common Stock | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Issuance of common stock in connection with restricted stock awards, shares | 58,900 | 11,898 | |||||||||||||||||
Omnibus Plan | Common Stock | Restricted Shares | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Shares of restricted voting common stock granted | 192,199 | 131,157 | |||||||||||||||||
Common stock, voting par value | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||||
Shares vested | 898 | ||||||||||||||||||
Omnibus Plan | Common Stock | Restricted Shares | Each Anniversary of Grant Date Over Four Years | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Award vesting period | 4 years | 4 years | |||||||||||||||||
Shares vest on grant date | 115,496 | 102,559 | |||||||||||||||||
Omnibus Plan | Common Stock | Restricted Shares | 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 | 3 years | |||||||||||||||||
Shares vest on grant date | 54,147 | 15,165 | |||||||||||||||||
Omnibus Plan | Common Stock | Restricted Shares | First Anniversary of Grant Date | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Shares vest on grant date | 683 | 2,268 | |||||||||||||||||
MBG Plan | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Number of options granted | 0 | ||||||||||||||||||
Number of options exercised | 0 | ||||||||||||||||||
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 | 0 | 212,400 | 1,634,568 | ||||||||||||||||
Number of options exercised | 89,000 | 148,748 | |||||||||||||||||
Number of shares outstanding | 1,449,072 | 1,598,872 | 1,449,072 | 1,598,872 | |||||||||||||||
Award contractual term | 5 years 7 months 6 days | 6 years 7 months 6 days | |||||||||||||||||
Options vested | 0 | ||||||||||||||||||
Proceeds from the exercise of stock options | $ 1,400,000 | $ 1,700,000 | |||||||||||||||||
Income tax benefit | $ 70,000 | $ 449,000 | |||||||||||||||||
BYB Plan | Maximum | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Number of common shares available for future grants | 2,476,122 | ||||||||||||||||||
BYB Plan | Time Options Grants | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Award contractual term | 10 years | ||||||||||||||||||
BYB Plan | Time Options Grants | Maximum | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Award vesting period | 5 years | ||||||||||||||||||
BYB Plan | Time Options Grants | Minimum | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Award vesting period | 1 year | ||||||||||||||||||
BYB Plan | Performance Options Grants | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Award contractual term | 10 years | ||||||||||||||||||
BYB Plan | Performance Options Grants | Maximum | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Award vesting period | 5 years | ||||||||||||||||||
BYB Plan | Performance Options Grants | Minimum | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Award vesting period | 1 year | ||||||||||||||||||
FEB Plan | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Number of options exercised | 81,182 | 56,404 | |||||||||||||||||
Number of shares outstanding | 543,201 | 624,383 | 543,201 | 624,383 | |||||||||||||||
Award contractual term | 4 years 6 months | 5 years 2 months 12 days | |||||||||||||||||
Proceeds from the exercise of stock options | $ 912,000 | $ 601,000 | |||||||||||||||||
Income tax benefit | $ 189,000 | $ 168,000 | |||||||||||||||||
Conversion calculation percentage | 472.50% | 472.50% | |||||||||||||||||
FEB Plan | Restricted Shares | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||
Number of shares outstanding | 0 | 0 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Changes in Restricted Shares (Details) - Omnibus Plan - Restricted Shares - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of shares, beginning balance | 196,480 | |
Number of shares, granted | 192,199 | |
Number of shares, vested | (37,310) | (2,975) |
Number of shares, forfeited | (27,880) | |
Number of shares, ending balance | 323,489 | 196,480 |
Weighted average grant date fair value, beginning balance | $ 21.66 | |
Weighted average grant date fair value, granted | 18.70 | |
Weighted average grant date fair value, vested | 22.01 | |
Weighted average grant date fair value, forfeited | 19.75 | |
Weighted average grant date fair value, ending balance | $ 20.03 | $ 21.66 |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of Stock Compensation Expense (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total share-based compensation (benefit) - stock options | $ (119) | $ 510 |
Income tax benefit (expense) | (33) | 142 |
Unrecognized compensation expense | $ 21 | $ 209 |
Weighted-average amortization period remaining | 6 months | 1 year 2 months 12 days |
Restricted Shares | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total share-based compensation - restricted stock | $ 1,357 | $ 638 |
Income tax benefit | 378 | 178 |
Unrecognized compensation expense | $ 4,917 | $ 3,379 |
Weighted-average amortization period remaining | 2 years 9 months 18 days | 3 years 1 month 6 days |
Share-Based Compensation - Su_3
Share-Based Compensation - Summary Activity in shares Subjected to Options and Weighted Average Exercise Prices (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
BYB Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of Shares, Beginning balance | 1,598,872 | ||||
Number of Shares, Exercised | (89,000) | (148,748) | |||
Number of Shares, Forfeited | (60,800) | ||||
Number of Shares, Ending balance | 1,449,072 | 1,598,872 | |||
Number of Shares, Exercisable | 1,411,572 | ||||
Weighted Average Exercise Price, Beginning balance | $ 11.84 | ||||
Weighted Average Exercise Price, Exercised | 16.25 | ||||
Weighted Average Exercise Price, Forfeited | 16.25 | ||||
Weighted Average Exercise Price, Ending balance | 11.38 | $ 11.84 | |||
Weighted Average Exercise Price, Exercisable | $ 11.25 | ||||
Intrinsic Value, Beginning balance | $ 7,713 | ||||
Intrinsic Value, Exercised | 253 | ||||
Intrinsic Value, Ending balance | 9,420 | $ 7,713 | |||
Intrinsic Value, Exercisable | $ 9,359 | ||||
Weighted Average Remaining Contractual Term (in Years) | 5 years 7 months 6 days | 6 years 7 months 6 days | |||
Weighted Average Remaining Contractual Term (in Years), Exercisable | 5 years 7 months 6 days | ||||
Number of Shares, Granted | 0 | 212,400 | 1,634,568 | ||
FEB Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of Shares, Beginning balance | 624,383 | ||||
Number of Shares, Exercised | (81,182) | (56,404) | |||
Number of Shares, Ending balance | 543,201 | 624,383 | |||
Number of Shares, Exercisable | 543,201 | ||||
Weighted Average Exercise Price, Beginning balance | $ 11.31 | ||||
Weighted Average Exercise Price, Exercised | 11.24 | ||||
Weighted Average Exercise Price, Ending balance | 11.32 | $ 11.31 | |||
Weighted Average Exercise Price, Exercisable | $ 11.32 | ||||
Intrinsic Value, Beginning balance | $ 3,339 | ||||
Intrinsic Value, Exercised | 677 | ||||
Intrinsic Value, Ending balance | 3,561 | $ 3,339 | |||
Intrinsic Value, Exercisable | $ 3,561 | ||||
Weighted Average Remaining Contractual Term (in Years) | 4 years 6 months | 5 years 2 months 12 days | |||
Weighted Average Remaining Contractual Term (in Years), Exercisable | 4 years 6 months |
Earnings per Share - Additional
Earnings per Share - Additional Information (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share Basic [Line Items] | ||||
Shares outstanding | 37,831,356 | 36,042,914 | 37,094,083 | 32,341,087 |
Stock Options | ||||
Earnings Per Share Basic [Line Items] | ||||
Shares outstanding | 1,992,273 | 2,312,294 | ||
Restricted Stock Award | ||||
Earnings Per Share Basic [Line Items] | ||||
Shares outstanding | 323,489 | 194,455 |
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 | 9 Months Ended | |||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |||||||||
Net income | $ 15,342 | $ 13,211 | $ 12,597 | $ 17,121 | $ 14,536 | $ 2,768 | $ 6,768 | $ 41,150 | $ 24,072 |
Dividends on preferred shares | 196 | 196 | 587 | 587 | |||||
Net income available to common stockholders | $ 15,146 | $ 14,340 | $ 40,563 | $ 23,485 | |||||
Weighted-average common stock outstanding: | |||||||||
Weighted-average common stock outstanding (basic) | 37,831,356 | 36,042,914 | 37,094,083 | 32,341,087 | |||||
Incremental shares | 655,824 | 915,295 | 724,785 | 947,570 | |||||
Weighted-average common stock outstanding (dilutive) | 38,487,180 | 36,958,209 | 37,818,868 | 33,288,657 | |||||
Basic earnings per common share | $ 0.40 | $ 0.40 | $ 1.09 | $ 0.73 | |||||
Diluted earnings per common share | $ 0.39 | $ 0.39 | $ 1.07 | $ 0.71 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Preferred and Common Stock (Details) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
Class Of Stock [Line Items] | ||
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 | 38,169,126 | 36,343,239 |
Common stock, voting shares outstanding | 38,169,126 | 36,343,239 |
Series B 7.5% Fixed to Floating Non-Cumulative Perpetual Preferred Stock | ||
Class Of Stock [Line Items] | ||
Par value | $ 0.01 | $ 0.01 |
Shares authorized | 50,000 | 50,000 |
Shares issued | 10,438 | 10,438 |
Shares outstanding | 10,438 | 10,438 |
Stockholders' Equity - Summar_2
Stockholders' Equity - Summary of Preferred and Common Stock (Parenthetical) (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Series B 7.5% Fixed to Floating Non-Cumulative Perpetual Preferred Stock | ||
Class Of Stock [Line Items] | ||
Preferred stock, dividend rate, percentage | 7.50% | 7.50% |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2016 | Nov. 01, 2019 | |
Class Of Stock [Line Items] | ||||||
Dividends declared and paid | $ 587,000 | $ 587,000 | ||||
Approximate percentage of shares authorized to be repurchased | 3.30% | 3.30% | ||||
Subsequent Event | ||||||
Class Of Stock [Line Items] | ||||||
Aggregate number of shares authorized to repurchase | 1,250,000 | |||||
Series B Preferred Stock | ||||||
Class Of Stock [Line Items] | ||||||
Preferred stock, dividend rate, percentage | 7.50% | |||||
Preferred stock, liquidation preference per share | $ 1,000 | |||||
Preferred stock fixed dividend close date | Dec. 30, 2021 | |||||
Preferred stock redemption price per share | $ 1,000 | |||||
Dividends declared and paid | $ 196,000 | $ 196,000 | $ 587,000 | $ 587,000 | ||
Series B Preferred Stock | Three-month LIBOR | ||||||
Class Of Stock [Line Items] | ||||||
Preferred stock, dividend rate, percentage | 5.41% |
Consolidated Statements of Ch_4
Consolidated Statements of 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 | 9 Months Ended | |||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||||||||
Beginning balance | $ 717,675 | $ 668,749 | $ 650,672 | $ 629,861 | $ 616,406 | $ 462,936 | $ 458,578 | $ 650,672 | $ 458,578 |
Reclassification of certain income tax effects from accumulated other comprehensive income (loss) | (763) | ||||||||
Cumulative-effect adjustment (ASU 2016-01) | (1,440) | ||||||||
Other comprehensive income (loss), net of tax | 2,309 | 5,071 | 4,519 | 2,864 | (2,027) | (921) | (3,564) | 11,899 | (6,512) |
Ending balance | 735,866 | 717,675 | 668,749 | 650,672 | 629,861 | 616,406 | 462,936 | 735,866 | 629,861 |
Unrealized Gains (Losses) on Cash Flow Hedges | |||||||||
Accumulated Other Comprehensive Income Loss [Line Items] | |||||||||
Beginning balance | 4,763 | 7,813 | 2,913 | 4,763 | 2,913 | ||||
Reclassification of certain income tax effects from accumulated other comprehensive income (loss) | 687 | ||||||||
Other comprehensive income (loss), net of tax | (5,142) | 4,213 | |||||||
Ending balance | (379) | 4,763 | 7,813 | (379) | 7,813 | ||||
Unrealized Gains (Losses) on Available-for-Sale Securities | |||||||||
Accumulated Other Comprehensive Income Loss [Line Items] | |||||||||
Beginning balance | (14,261) | (20,175) | (8,000) | (14,261) | (8,000) | ||||
Reclassification of certain income tax effects from accumulated other comprehensive income (loss) | (1,450) | ||||||||
Cumulative-effect adjustment (ASU 2016-01) | (1,440) | ||||||||
Other comprehensive income (loss), net of tax | 17,041 | (10,725) | |||||||
Ending balance | 1,340 | (14,261) | (20,175) | 1,340 | (20,175) | ||||
Accumulated Other Comprehensive Income (Loss) | |||||||||
Accumulated Other Comprehensive Income Loss [Line Items] | |||||||||
Beginning balance | (1,348) | (6,419) | (9,498) | (12,362) | (10,335) | (9,414) | (5,087) | (9,498) | (5,087) |
Reclassification of certain income tax effects from accumulated other comprehensive income (loss) | (763) | ||||||||
Other comprehensive income (loss), net of tax | 2,309 | 5,071 | 4,519 | 2,864 | (2,027) | (921) | (3,564) | ||
Ending balance | $ 961 | $ (1,348) | $ (6,419) | $ (9,498) | $ (12,362) | $ (10,335) | $ (9,414) | $ 961 | $ (12,362) |