Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 04, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | BY | |
Entity Registrant Name | Byline Bancorp, Inc. | |
Entity Central Index Key | 0001702750 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | 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 | |
Entity Address, Address Line Two | Suite 300 | |
Entity Address, City or Town | Chicago | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60601 | |
City Area Code | 773 | |
Local Phone Number | 244-7000 | |
Entity Common Stock, Shares Outstanding | 38,383,021 | |
Title of each class | Common Stock | |
Name of each exchange on which registered | NYSE |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and due from banks | $ 45,233 | $ 48,228 |
Interest bearing deposits with other banks | 74,386 | 32,509 |
Cash and cash equivalents | 119,619 | 80,737 |
Equity and other securities, at fair value | 7,413 | 8,031 |
Securities available-for-sale, at fair value | 1,299,483 | 1,186,292 |
Securities held-to-maturity, at amortized cost (fair value at March 31, 2020—$4,516, December 31, 2019—$4,498) | 4,408 | 4,412 |
Restricted stock, at cost | 24,197 | 22,127 |
Loans held for sale | 13,299 | 11,732 |
Loans and leases: | ||
Loans and leases | 3,860,259 | 3,785,661 |
Allowance for loan and lease losses | (41,840) | (31,936) |
Net loans and leases | 3,818,419 | 3,753,725 |
Servicing assets, at fair value | 17,800 | 19,471 |
Premises and equipment, net | 96,446 | 96,140 |
Other real estate owned, net | 9,273 | 9,896 |
Goodwill and other intangible assets, net | 178,362 | 180,255 |
Bank-owned life insurance | 9,898 | 9,750 |
Deferred tax assets, net | 33,845 | 38,315 |
Accrued interest receivable and other assets | 102,292 | 100,926 |
Total assets | 5,734,754 | 5,521,809 |
LIABILITIES | ||
Non-interest-bearing demand deposits | 1,290,896 | 1,279,641 |
Interest-bearing deposits | 2,947,940 | 2,867,936 |
Total deposits | 4,238,836 | 4,147,577 |
Short-term borrowings | 640,647 | 539,638 |
Junior subordinated debentures issued to capital trusts, net | 37,462 | 37,334 |
Accrued interest payable and other liabilities | 55,142 | 47,145 |
Total liabilities | 4,972,087 | 4,771,694 |
STOCKHOLDERS’ EQUITY | ||
Preferred stock | 10,438 | 10,438 |
Common stock | 380 | 379 |
Additional paid-in capital | 582,517 | 580,965 |
Retained earnings | 160,652 | 159,033 |
Accumulated other comprehensive income (loss), net of tax | 10,348 | (700) |
Treasury stock, at cost | 1,668 | |
Total stockholders’ equity | 762,667 | 750,115 |
Total liabilities and stockholders’ equity | $ 5,734,754 | $ 5,521,809 |
Preferred shares authorized | 50,000 | 50,000 |
Preferred shares issued | 10,438 | 10,438 |
Preferred shares outstanding | 10,438 | 10,438 |
Common shares par value | $ 0.01 | $ 0.01 |
Common shares authorized | 150,000,000 | 150,000,000 |
Common shares issued | 38,501,507 | 38,256,500 |
Common shares outstanding | 38,383,021 | 38,256,500 |
Treasury common shares | 118,486 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Securities held-to-maturity, fair value | $ 4,516 | $ 4,498 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
INTEREST AND DIVIDEND INCOME | ||
Interest and fees on loans and leases | $ 54,158 | $ 54,383 |
Interest on securities | 8,016 | 6,102 |
Other interest and dividend income | 992 | 625 |
Total interest and dividend income | 63,166 | 61,110 |
INTEREST EXPENSE | ||
Deposits | 7,804 | 8,076 |
Short-term borrowings | 1,897 | 2,166 |
Junior subordinated debentures issued to capital trusts | 640 | 783 |
Total interest expense | 10,341 | 11,025 |
Net interest income | 52,825 | 50,085 |
PROVISION FOR LOAN AND LEASE LOSSES | 14,455 | 3,999 |
Net interest income after provision for loan and lease losses | 38,370 | 46,086 |
NON-INTEREST INCOME | ||
Total non-interest income | 9,173 | 11,988 |
ATM and interchange fees | 1,216 | 717 |
Net gains on sales of securities available-for-sale | 1,375 | |
Change in fair value of equity securities, net | (619) | 499 |
Net gains on sales of loans | 4,773 | 6,233 |
Wealth management and trust income | 669 | 595 |
Other non-interest income | 392 | 896 |
NON-INTEREST EXPENSE | ||
Salaries and employee benefits | 24,666 | 22,892 |
Occupancy and equipment expense, net | 5,524 | 4,949 |
Loan and lease related expenses | 1,311 | 1,577 |
Legal, audit and other professional fees | 2,334 | 2,066 |
Data processing | 2,665 | 3,144 |
Net loss recognized on other real estate owned and other related expenses | 519 | 196 |
Other intangible assets amortization expense | 1,893 | 1,773 |
Other non-interest expense | 4,615 | 4,082 |
Total non-interest expense | 43,527 | 40,679 |
INCOME BEFORE PROVISION FOR INCOME TAXES | 4,016 | 17,395 |
PROVISION FOR INCOME TAXES | 1,050 | 4,798 |
NET INCOME | 2,966 | 12,597 |
Dividends on preferred shares | 196 | 196 |
INCOME AVAILABLE TO COMMON STOCKHOLDERS | $ 2,770 | $ 12,401 |
EARNINGS PER COMMON SHARE | ||
Basic | $ 0.07 | $ 0.34 |
Diluted | $ 0.07 | $ 0.34 |
Fees and Service Charges on Deposits [Member] | ||
NON-INTEREST INCOME | ||
Total non-interest income | $ 1,673 | $ 1,770 |
Loan Servicing Revenue [Member] | ||
NON-INTEREST INCOME | ||
Total non-interest income | 2,758 | 2,539 |
Loan Servicing Asset Revaluation [Member] | ||
NON-INTEREST INCOME | ||
Total non-interest income | $ (3,064) | $ (1,261) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement Of Other Comprehensive Income [Abstract] | ||
Net income | $ 2,966 | $ 12,597 |
Securities available-for-sale | ||
Unrealized holding gains arising during the period | 16,665 | 8,635 |
Reclassification adjustments for net gains included in net income | (1,375) | |
Tax effect | (4,258) | (2,296) |
Net of tax | 11,032 | 6,339 |
Cash flow hedges | ||
Unrealized holding losses arising during the period | (1,817) | |
Reclassification adjustments for net losses (gains) included in net income | 21 | (705) |
Tax effect | (5) | 702 |
Net of tax | 16 | (1,820) |
Total other comprehensive income | 11,048 | 4,519 |
Comprehensive income | $ 14,014 | $ 17,116 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY - USD ($) | Total | Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
Beginning balance at Dec. 31, 2018 | $ 650,672,000 | $ 10,438,000 | $ 361,000 | $ 546,849,000 | $ 102,522,000 | $ (9,498,000) | |
Beginning balance, shares at Dec. 31, 2018 | 10,438 | 36,343,239 | |||||
Net income | 12,597,000 | 12,597,000 | |||||
Other comprehensive income (loss), net of tax | 4,519,000 | 4,519,000 | |||||
Issuance of common stock upon exercise of stock options | 636,000 | $ 1,000 | 635,000 | ||||
Issuance of common stock upon exercise of stock options, shares | 50,662 | ||||||
Restricted stock activity, shares | (8,500) | ||||||
Issuance of common stock in connection with employee stock purchase plan | 291,000 | 291,000 | |||||
Issuance of common stock in connection with employee stock purchase plan, shares | 12,743 | ||||||
Cumulative-effect adjustment (ASU 2016-01) | (1,440,000) | 1,440,000 | (1,440,000) | ||||
Cash dividends declared on preferred stock | (196,000) | (196,000) | |||||
Cash dividends declared on common stock ($0.03 per share) | 0 | ||||||
Share-based compensation expense | 230,000 | 230,000 | |||||
Ending balance at Mar. 31, 2019 | 668,749,000 | $ 10,438,000 | $ 362,000 | 548,005,000 | 116,363,000 | (6,419,000) | |
Ending balance, shares at Mar. 31, 2019 | 10,438 | 36,398,144 | |||||
Beginning balance at Dec. 31, 2018 | 650,672,000 | $ 10,438,000 | $ 361,000 | 546,849,000 | 102,522,000 | (9,498,000) | |
Beginning balance, shares at Dec. 31, 2018 | 10,438 | 36,343,239 | |||||
Ending balance at Dec. 31, 2019 | 750,115,000 | $ 10,438,000 | $ 379,000 | 580,965,000 | 159,033,000 | (700,000) | |
Ending balance, shares at Dec. 31, 2019 | 10,438 | 38,256,500 | |||||
Beginning balance at Mar. 31, 2019 | 668,749,000 | $ 10,438,000 | $ 362,000 | 548,005,000 | 116,363,000 | (6,419,000) | |
Beginning balance, shares at Mar. 31, 2019 | 10,438 | 36,398,144 | |||||
Net income | 13,211,000 | 13,211,000 | |||||
Other comprehensive income (loss), net of tax | 5,071,000 | 5,071,000 | |||||
Issuance of common stock upon exercise of stock options | 1,669,000 | $ 1,000 | 1,668,000 | ||||
Issuance of common stock upon exercise of stock options, shares | 116,048 | ||||||
Issuance of common stock due to business combination,net of issuance costs | 28,892,000 | $ 15,000 | 28,877,000 | ||||
Issuance of common stock due to business combination, net of issuance costs, shares | 1,464,558 | ||||||
Restricted stock activity, shares | 136,469 | ||||||
Cash dividends declared on preferred stock | (195,000) | (195,000) | |||||
Share-based compensation expense | 278,000 | 278,000 | |||||
Ending balance at Jun. 30, 2019 | 717,675,000 | $ 10,438,000 | $ 378,000 | 578,828,000 | 129,379,000 | (1,348,000) | |
Ending balance, shares at Jun. 30, 2019 | 10,438 | 38,115,219 | |||||
Net income | 15,342,000 | 15,342,000 | |||||
Other comprehensive income (loss), net of tax | 2,309,000 | 2,309,000 | |||||
Issuance of common stock upon exercise of stock options | 54,000 | 54,000 | |||||
Issuance of common stock upon exercise of stock options, shares | 3,472 | ||||||
Issuance cost in connection with business combination | (157,000) | (157,000) | |||||
Restricted stock activity, shares | 36,350 | ||||||
Issuance of common stock in connection with employee stock purchase plan | 289,000 | 289,000 | |||||
Issuance of common stock in connection with employee stock purchase plan, shares | 14,085 | ||||||
Cash dividends declared on preferred stock | (196,000) | (196,000) | |||||
Share-based compensation expense | 550,000 | 550,000 | |||||
Ending balance at Sep. 30, 2019 | 735,866,000 | $ 10,438,000 | $ 378,000 | 579,564,000 | 144,525,000 | 961,000 | |
Ending balance, shares at Sep. 30, 2019 | 10,438 | 38,169,126 | |||||
Net income | 15,852,000 | 15,852,000 | |||||
Other comprehensive income (loss), net of tax | (1,661,000) | (1,661,000) | |||||
Issuance of common stock upon exercise of stock options | 787,000 | 787,000 | |||||
Issuance of common stock upon exercise of stock options, shares | 71,029 | ||||||
Restricted stock activity | $ 1,000 | (1,000) | |||||
Restricted stock activity, shares | 16,345 | ||||||
Cash dividends declared on preferred stock | (196,000) | (196,000) | |||||
Cash dividends declared on common stock ($0.03 per share) | (1,148,000) | (1,148,000) | |||||
Share-based compensation expense | 615,000 | 615,000 | |||||
Ending balance at Dec. 31, 2019 | 750,115,000 | $ 10,438,000 | $ 379,000 | 580,965,000 | 159,033,000 | (700,000) | |
Ending balance, shares at Dec. 31, 2019 | 10,438 | 38,256,500 | |||||
Net income | 2,966,000 | 2,966,000 | |||||
Other comprehensive income (loss), net of tax | 11,048,000 | 11,048,000 | |||||
Issuance of common stock upon exercise of stock options | 677,000 | $ 1,000 | 676,000 | ||||
Issuance of common stock upon exercise of stock options, shares | 55,402 | ||||||
Restricted stock activity, shares | 174,036 | ||||||
Issuance of common stock in connection with employee stock purchase plan | 268,000 | 268,000 | |||||
Issuance of common stock in connection with employee stock purchase plan, shares | 15,569 | ||||||
Cash dividends declared on preferred stock | (196,000) | (196,000) | |||||
Cash dividends declared on common stock ($0.03 per share) | (1,151,000) | (1,151,000) | |||||
Repurchase of common stock | (1,668,000) | $ (1,668,000) | |||||
Repurchase of common stock, shares | (118,486) | ||||||
Share-based compensation expense | 608,000 | 608,000 | |||||
Ending balance at Mar. 31, 2020 | $ 762,667,000 | $ 10,438,000 | $ 380,000 | $ 582,517,000 | $ 160,652,000 | $ 10,348,000 | $ (1,668,000) |
Ending balance, shares at Mar. 31, 2020 | 10,438 | 38,383,021 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Statement Of Stockholders Equity [Abstract] | ||
Dividends per share | $ 0.03 | $ 0.03 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||||
Net income | $ 2,966 | $ 15,852 | $ 13,211 | $ 12,597 | |
Adjustments to reconcile net income to net cash from operating activities: | |||||
PROVISION FOR LOAN AND LEASE LOSSES | 14,455 | 3,999 | |||
Impairment loss on assets held for sale | 715 | 392 | |||
Depreciation and amortization of premises and equipment | 1,600 | 1,590 | |||
Change in fair value of equity securities, net | 619 | (499) | |||
Net amortization of securities | 850 | 600 | |||
Net gains on sales of securities available-for-sale | (1,375) | ||||
Net loss on disposal of premises and equipment | 134 | ||||
Net gains on sales of assets held for sale | (13) | ||||
Net gains on sales of loans | (4,773) | (6,233) | |||
Originations of U.S. government guaranteed loans | (63,256) | (47,157) | |||
Proceeds from U.S. government guaranteed loans sold | 53,461 | 55,421 | |||
Accretion of premiums and discounts on acquired loans, net | (3,671) | (5,201) | |||
Net change in servicing assets | 1,671 | 159 | |||
Net valuation adjustments on other real estate owned | 463 | 84 | |||
Net (gains) losses on sales of other real estate owned | (82) | 33 | |||
Other intangible assets amortization expense | 1,893 | 1,773 | |||
Amortization of time deposit premium | (19) | (69) | |||
Accretion of junior subordinated debentures discount | 128 | 144 | |||
Share-based compensation expense | 608 | 230 | |||
Deferred tax provision, net of valuation | 207 | 3,516 | |||
Increase in cash surrender value of bank owned life insurance | (148) | (126) | |||
Changes in assets and liabilities: | |||||
Accrued interest receivable | 878 | (1,823) | |||
Other assets | 10,514 | 3,907 | |||
Accrued interest payable | (1,552) | 906 | |||
Other liabilities | 9,567 | (10,579) | |||
Net cash provided by operating activities | 25,853 | 13,651 | |||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||
Purchases of securities available-for-sale | (242,685) | (84,950) | |||
Proceeds from maturities and calls of securities available-for-sale | 66,585 | 15,353 | |||
Proceeds from paydowns of securities available-for-sale | 33,410 | 18,766 | |||
Proceeds from sales of securities available-for-sale | 45,417 | ||||
Purchases of Federal Home Loan Bank stock | (2,070) | (9,630) | |||
Federal Home Loan Bank stock repurchases | 9,630 | ||||
Net change in loans and leases | (76,141) | (61,993) | |||
Purchases of premises and equipment | (2,040) | (979) | |||
Proceeds from sales of assets held for sale | 514 | ||||
Proceeds from sales of other real estate owned | 264 | 172 | |||
Proceeds from bank owned life insurance death benefit | 69 | ||||
Net cash used in investing activities | (177,191) | (113,117) | |||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||
Net increase in deposits | 91,278 | 58,669 | |||
Proceeds from short-term borrowings | 2,836,800 | 1,620,500 | |||
Repayments of short-term borrowings | (2,741,800) | (1,620,500) | |||
Net increase in securities sold under agreements to repurchase | 6,009 | 203 | |||
Dividends paid on preferred stock | (196) | (196) | |||
Dividends paid on common stock | (1,148) | ||||
Proceeds from issuance of common stock upon exercise of stock options | 677 | 636 | |||
Proceeds from issuance of common stock | 268 | 291 | |||
Repurchases of common stock | (1,668) | ||||
Net cash provided by financing activities | 190,220 | 59,603 | |||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 38,882 | (39,863) | |||
CASH AND CASH EQUIVALENTS, beginning of period | 80,737 | $ 81,997 | 121,860 | $ 121,860 | |
CASH AND CASH EQUIVALENTS, end of period | 119,619 | $ 80,737 | 81,997 | $ 80,737 | |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||||
Cash paid during the period for interest | 11,784 | 10,044 | |||
Cash paid (received) during the period for taxes | 51 | (2,556) | |||
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||||
Transfer of securities from held-to-maturity to available-for-sale | 94,837 | ||||
Reclassification of equity and other securities | 6,609 | ||||
Delayed payments of mortgage-backed securities | 389 | 626 | |||
Internally financed sale of other real estate owned | 183 | ||||
Due from counterparties | 33,959 | $ 15,353 | |||
Common dividend declared, not paid | $ 1,162 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 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, 2019, 2018, and 2017. 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 | 3 Months Ended |
Mar. 31, 2020 | |
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 Pronouncement Nonrefundable Fees and Other Costs (Subtopic 310‑20) —In March 2017, FASB issued ASU No. 2017‑08, . 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 fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. 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. Given our emerging growth status, t he Company adopted these amendments on January 1, 2020 in conjunction with ASU No. 2017-08, 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, . 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 November 2019, FASB issued ASU No. 2019-10, , which delays 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 new authoritative guidance is effective for fiscal years beginning 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, . 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 November 2019, FASB issued ASU No. 2019-10, , which delays the effective date of the ASU for entities not classified as PBEs. Assuming the Company remains an emerging growth company, the new authoritative guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is in the process of implementation and determining the impact that this ASU will have on the Company’s Consolidated Financial Statements. Income Taxes (Topic 740) —In December 2019, FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes . The amendments in the ASU simplify the accounting for income taxes by removing the following: the exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items; the exception to the requirement to or not to recognize a deferred tax liability for a foreign entity when it becomes an equity method investment or it becomes a subsidiary, respectively; and the exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The amendments in the ASU changes current authoritative guidance by requiring the recognition of franchise tax that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax; requiring an evaluation when a step up in the tax basis of goodwill should be considered part the of business combination; specifying that it is not required to allocate the consolidated amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements; and requiring that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The amendments are effective for annual periods beginning after December 15, 2021, and interim periods within annual periods beginning after December 15, 2022. Early adoption is permitted. Assuming the Company remains an emerging growth company, the new authoritative guidance will be effective for reporting periods after January 1, 2022. The Company is currently evaluating the provisions of ASU No. 2019-12 to determine the potential impact the new standard will have on the Company’s Consolidated Financial Statements. Reference Rate Reform (Topic 848) —In March 2020, FASB issued ASU No. 2020-04, . The amendments in the ASU provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments in the ASU provide optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The ASU is intended to help stakeholders during the global market-wide reference rate transition period. The amendments in the ASU will be in effect for all entities as of March 12, 2020 through December 31, 2022. The Company is currently evaluating the provisions of ASU No. 2020-04 to determine the potential impact the new standard will have on the Company’s Consolidated Financial Statements. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | Note 3—Acquisition On April 30, 2019, the Company acquired all of the outstanding common stock of Oak Park River Forest Bankshares, Inc. (“Oak Park River Forest”) and its subsidiary pursuant to an Agreement and Plan of Merger, dated as of October 17, 2018 (the “OPRF Merger Agreement”). Oak Park River Forest operated one wholly owned subsidiary, Community Bank of Oak Park River Forest. Oak Park River Forest was merged with and into Byline. As a result of the merger, Oak Park River Forest’s subsidiary bank, Community Bank of Oak Park River Forest, was merged with and into Byline Bank, with Byline Bank as the surviving bank. The acquisition improves the Company’s footprint in the Chicagoland market, diversifies its commercial banking business, and strengthens the core deposit base. At the effective time of the merger (the “OPRF Effective Time”), each share of Oak Park River Forest’s common stock was converted into the right to receive: (1) 7.9321 shares of Byline’s common stock, and (2) an amount in cash equal to $6.2 million divided by the number of outstanding shares of Oak Park River Forest common stock as of the closing date, with cash paid in lieu of any fractional shares. The per share cash consideration was based on the total $6.2 million divided by the outstanding shares of Oak Park River Forest common stock, or $33.375 per outstanding share. Based on the closing price of the Company’s common stock of $20.02, as reported by the New York Stock Exchange, and 1,464,558 shares of common stock issued with respect to the outstanding shares of Oak Park River Forest common stock, the stock consideration was valued at $29.3 million. Options to acquire 35,870 shares of Oak Park River Forest common stock that were outstanding at the OPRF Effective Time were cancelled, at the option holders election, in exchange for a cash payment in accordance with the OPRF Merger agreement of $4.2 million, to be paid after the closing date. The value of the total merger consideration at closing was $35.5 million before issuance costs of $585,000. The transaction resulted in goodwill of $20.2 million, which is nondeductible for tax purposes, as this acquisition was a nontaxable transaction. Goodwill represents the premium paid over the fair value of the net tangible and intangible assets acquired and reflects related synergies expected from the combined operations. The Company incurred Oak Park River Forest merger-related expenses, including acquisition advisory expenses, of $2.3 million for the year ended December 31, 2019, including $18,000 recognized in the three months ended March 31, 2019. Core system conversion expenses were $2.0 million related to the Oak Park River Forest acquisition for the year ended December 31, 2019. No core system conversion expenses were recognized in the three months ended March 31, 2019. 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. The fair value adjustments associated with this transaction were finalized during the first quarter of 2020. The following table presents a summary of the fair values of assets acquired and liabilities assumed as of the acquisition date: Assets Cash and cash equivalents $ 10,469 Securities available-for-sale 30,343 Restricted stock 414 Loans 257,423 Premises and equipment 3,488 Other real estate owned 2,201 Other intangible assets 6,220 Bank-owned life insurance 3,485 Deferred tax assets, net 5,925 Other assets 1,231 Total assets acquired 321,199 Liabilities Deposits 290,171 Line of credit 5,655 Federal Home Loan Bank advances 5,300 Accrued expenses and other liabilities 4,766 Total liabilities assumed 305,892 Net assets acquired $ 15,307 Consideration paid Common stock (1,464,558 shares issued at $20.02 per share) 29,320 Cash paid 6,163 Total consideration paid 35,483 Goodwill $ 20,176 The following table presents the acquired non-impaired loans as of the acquisition date: Fair value $ 204,496 Gross contractual amounts receivable 254,755 Estimate of contractual cash flows not expected to be collected (1) 12,987 Estimate of contractual cash flows expected to be collected 241,768 (1) Includes interest payments not expected to be collected due to loan prepayments as well as principal and interest payments not expected to be collected due to customer default. The discount on the acquired non-impaired loans is being accreted into income over the life of the loans on an effective yield basis. The following table provides the unaudited pro forma information for the results of operations for the three months ended March 31, 2019, as if the acquisitions had occurred on January 1, 2019. The pro forma results combine the historical results of Oak Park River Forest into the Company’s Consolidated Statements of Operations, including the impact of certain acquisition accounting adjustments, which includes loan discount accretion, intangible assets amortization, deposit premium accretion, and borrowings, 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, 2019. 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 months ended March 31, 2019. For the Three Months Ended March 31, 2019 Total revenues (net interest income and non-interest income) $ 68,259 Net income $ 13,590 Earnings per share—basic $ 0.36 Earnings per share—diluted $ 0.35 Revenues and earnings of the acquired company since the acquisition date has not been disclosed as it is not practicable as Oak Park River Forest was merged into the Company and separate financial information is not readily available. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Securities | Note 4—Securities The following March 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale U.S. Treasury Notes $ 37,424 $ 877 $ — $ 38,301 U.S. Government agencies 132,687 1,024 — 133,711 Obligations of states, municipalities, and political subdivisions 98,321 3,078 (107 ) 101,292 Residential mortgage-backed securities Agency 596,664 16,569 (12 ) 613,221 Non-agency 87,683 385 (959 ) 87,109 Commercial mortgage-backed securities Agency 195,255 3,784 (579 ) 198,460 Non-agency 31,064 — (521 ) 30,543 Corporate securities 51,691 655 (1,257 ) 51,089 Asset-backed securities 50,516 — (4,759 ) 45,757 Total $ 1,281,305 $ 26,372 $ (8,194 ) $ 1,299,483 March 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Held-to-maturity Obligations of states, municipalities, and political subdivisions $ 4,408 $ 108 $ — $ 4,516 Total $ 4,408 $ 108 $ — $ 4,516 December 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale U.S. Treasury Notes $ 41,403 $ 427 $ — $ 41,830 U.S. Government agencies 165,162 542 (754 ) 164,950 Obligations of states, municipalities, and political subdivisions 92,806 2,075 (49 ) 94,832 Residential mortgage-backed securities Agency 490,427 2,163 (2,354 ) 490,236 Non-agency 109,501 593 (272 ) 109,822 Commercial mortgage-backed securities Agency 159,650 1,092 (1,041 ) 159,701 Non-agency 31,144 130 — 31,274 Corporate securities 48,796 571 (37 ) 49,330 Asset-backed securities 44,515 — (198 ) 44,317 Total $ 1,183,404 $ 7,593 $ (4,705 ) $ 1,186,292 December 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Held-to-maturity Obligations of states, municipalities, and political subdivisions $ 4,412 $ 86 $ — $ 4,498 Total $ 4,412 $ 86 $ — $ 4,498 The Company did not classify securities as trading during the three months ended March 31, 2020 or during 2019. Gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2020 and December 31, 2019, are summarized as follows: Less than 12 Months 12 Months or Longer Total March 31, 2020 # of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Available-for-sale Obligations of states, municipalities and political subdivisions 7 $ 5,951 $ (107 ) $ — $ — $ 5,951 $ (107 ) Residential mortgage-backed securities Agency 1 564 (12 ) — — 564 (12 ) Non-agency 10 52,821 (959 ) — — 52,821 (959 ) Commercial mortgage-backed securities Agency 6 53,000 (579 ) — — 53,000 (579 ) Non-agency 5 30,543 (521 ) — — 30,543 (521 ) Corporate securities 12 22,426 (1,257 ) — — 22,426 (1,257 ) Asset-backed securities 9 39,757 (4,759 ) — — 39,757 (4,759 ) Total 50 $ 205,062 $ (8,194 ) $ — $ — $ 205,062 $ (8,194 ) Less than 12 Months 12 Months or Longer Total December 31, 2019 # of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Available-for-sale U.S. Government agencies 8 $ 49,318 $ (662 ) $ 20,283 $ (92 ) $ 69,601 $ (754 ) Obligations of states, municipalities and political subdivisions 7 13,309 (45 ) 1,419 (4 ) 14,728 (49 ) Residential mortgage-backed securities Agency 50 132,703 (666 ) 193,363 (1,688 ) 326,066 (2,354 ) Non-agency 9 36,902 (206 ) 10,126 (66 ) 47,028 (272 ) Commercial mortgage-backed securities Agency 13 67,649 (563 ) 32,678 (478 ) 100,327 (1,041 ) Corporate securities 4 6,103 (37 ) — — 6,103 (37 ) Asset-backed securities 8 37,738 (198 ) — — 37,738 (198 ) Total 99 $ 343,722 $ (2,377 ) $ 257,869 $ (2,328 ) $ 601,591 $ (4,705 ) Certain T o available-for-sale The proceeds from all sales of securities three months ended March 31, 2020 For the Three Months Ended March 31, 2020 2019 Proceeds $ 45,417 $ — Gross gains 1,457 — Gross losses 82 — There were $1.4 million in net gains reclassified from income income Securities posted as collateral were $1.1 billion and $552.4 million at March 31, 2020 and December 31, 2019, respectively, of which carrying amounts of $369.7 million and $301.1 million were pledged at March 31, 2020 and December 31, 2019, At March 31, 2020, the Amortized Cost Fair Value Available-for-sale Due in one year or less $ 43,747 $ 44,142 Due from one to five years 65,496 66,370 Due from five to ten years 136,058 137,383 Due after ten years 125,338 122,255 Mortgage-backed securities 910,666 929,333 Total $ 1,281,305 $ 1,299,483 Held-to-maturity Due in one year or less $ 506 $ 508 Due from one to five years 3,902 4,008 Total $ 4,408 $ 4,516 |
Loan and Lease Receivables
Loan and Lease Receivables | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Loan and Lease Receivables | Note 5—Loan Outstanding loan and lease receivables as of the dates shown were categorized as follows: March 31, December 31, 2020 2019 Commercial real estate $ 1,293,225 $ 1,275,058 Residential real estate 693,650 711,499 Construction, land development, and other land 278,579 279,403 Commercial and industrial 1,413,090 1,330,418 Installment and other 5,640 6,484 Lease financing receivables 170,734 177,774 Total loans and leases 3,854,918 3,780,636 Net unamortized deferred fees and costs 2,828 2,289 Initial direct costs 2,513 2,736 Allowance for loan and lease losses (41,840 ) (31,936 ) Net loans and leases $ 3,818,419 $ 3,753,725 March 31, December 31, 2020 2019 Lease financing receivables Net minimum lease payments $ 185,551 $ 193,359 Unguaranteed residual values 1,228 1,347 Unearned income (16,045 ) (16,932 ) Total lease financing receivables 170,734 177,774 Initial direct costs 2,513 2,736 Lease financial receivables before allowance for lease losses $ 173,247 $ 180,510 Total loans and leases consist of originated loans and leases, acquired impaired loans and acquired non-impaired loans and leases. At March 31, 2020 and December 31, 2019, total loans and leases included the guaranteed amount of U.S. government guaranteed loans of $122.2 million and $119.8 million, respectively. At March 31, 2020 and December 31, 2019, installment and other loans included overdraft deposits of $447,000 and $852,000, respectively, which were reclassified as loans. At March 31, 2020 and December 31, 2019, loans and loans held for sale pledged as security for borrowings were $1.9 billion and $1.8 billion. The minimum Minimum Lease Payments 2020 $ 53,064 2021 58,350 2022 40,743 2023 22,851 2024 9,541 Thereafter 1,002 Total $ 185,551 Originated Topic more than insignificant having evidence of credit quality deterioration do not qualify to be accounted for as acquired impaired loans and Topic March 31, 2020 Originated Acquired Impaired Acquired Non- Impaired Total Commercial real estate $ 839,244 $ 127,895 $ 327,820 $ 1,294,959 Residential real estate 480,946 94,198 118,853 693,997 Construction, land development, and other land 242,001 5,291 30,484 277,776 Commercial and industrial 1,263,688 15,808 135,063 1,414,559 Installment and other 4,594 236 891 5,721 Lease financing receivables 154,173 — 19,074 173,247 Total loans and leases $ 2,984,646 $ 243,428 $ 632,185 $ 3,860,259 December 31, 2019 Originated Acquired Impaired Acquired Non- Impaired Total Commercial real estate $ 792,263 $ 135,914 $ 348,365 $ 1,276,542 Residential real estate 483,072 100,223 128,527 711,822 Construction, land development, and other land 235,794 5,373 37,490 278,657 Commercial and industrial 1,160,996 16,909 153,660 1,331,565 Installment and other 5,372 249 944 6,565 Lease financing receivables 158,155 — 22,355 180,510 Total loans and leases $ 2,835,652 $ 258,668 $ 691,341 $ 3,785,661 Acquired impaired loans —As part of the Oak Park River Forest acquisition, the Bank acquired impaired loans in the amount of $52.9 million. Refer to Note 3—Acquisition 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 April 30, 2019: Undiscounted contractual cash flows $ 74,092 Undiscounted cash flows not expected to be collected (non-accretable difference) (11,401 ) Undiscounted cash flows expected to be collected 62,691 Accretable yield at acquisition (9,764 ) Estimated fair value of impaired loans acquired at acquisition $ 52,927 The outstanding March 31, 2020 December 31, 2019 Outstanding Balance Carrying Value Outstanding Balance Carrying Value Commercial real estate $ 175,242 $ 127,895 $ 189,969 $ 135,914 Residential real estate 143,257 94,198 151,641 100,223 Construction, land development, and other land 14,214 5,291 14,841 5,373 Commercial and industrial 21,863 15,808 23,330 16,909 Installment and other 968 236 1,099 249 Total acquired impaired loans $ 355,544 $ 243,428 $ 380,880 $ 258,668 The following table summarizes the changes in accretable yield for acquired impaired loans for the three months ended March 31, 2020 and 2019: Three Months Ended March 31, 2020 2019 Beginning balance $ 40,009 $ 37,115 Accretion to interest income (5,205 ) (5,250 ) Reclassification from (to) nonaccretable difference, net 2,233 (2,525 ) Ending balance $ 37,037 $ 29,340 Acquired non-impaired loans and leases —The Company acquired non-impaired loans as part of the Oak Park River Forest acquisition in the amount of $204.5 million. Refer to Note 3—Acquisition for additional information regarding the transaction. The unpaid March 31, 2020 December 31, 2019 Unpaid Principal Balance Carrying Value Unpaid Principal Balance Carrying Value Commercial real estate $ 335,844 $ 327,820 $ 356,787 $ 348,365 Residential real estate 120,492 118,853 130,412 128,527 Construction, land development, and other land 31,268 30,484 38,416 37,490 Commercial and industrial 139,970 135,063 159,599 153,660 Installment and other 916 891 971 944 Lease financing receivables 20,668 19,074 23,976 22,355 Total acquired non-impaired loans and leases $ 649,158 $ 632,185 $ 710,161 $ 691,341 |
Allowance for Loan and Lease Lo
Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Allowance for Loan and Leases and Reserve for Unfunded Commitments | Note 6—Allowance for Loans and leases The following 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 March 31, 2020 Beginning balance $ 7,965 $ 1,990 $ 610 $ 19,377 $ 50 $ 1,944 $ 31,936 Provisions 4,422 784 394 8,546 3 306 14,455 Charge-offs (552 ) (5 ) — (3,958 ) — (457 ) (4,972 ) Recoveries 16 9 — 174 — 222 421 Ending balance $ 11,851 $ 2,778 $ 1,004 $ 24,139 $ 53 $ 2,015 $ 41,840 Ending balance: Individually evaluated for impairment $ 3,634 $ 92 $ — $ 9,709 $ — $ — $ 13,435 Collectively evaluated for impairment 6,115 1,685 915 13,320 53 2,015 24,103 Loans acquired with deteriorated credit quality 2,102 1,001 89 1,110 — — 4,302 Total allowance for loan and lease losses $ 11,851 $ 2,778 $ 1,004 $ 24,139 $ 53 $ 2,015 $ 41,840 March 31, 2020 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 $ 32,974 $ 1,960 $ 2,577 $ 43,926 $ — $ — $ 81,437 Collectively evaluated for impairment 1,134,090 597,839 269,908 1,354,825 5,485 173,247 3,535,394 Loans acquired with deteriorated credit quality 127,895 94,198 5,291 15,808 236 — 243,428 Total loans and leases $ 1,294,959 $ 693,997 $ 277,776 $ 1,414,559 $ 5,721 $ 173,247 $ 3,860,259 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 March 31, 2019 Beginning balance $ 7,540 $ 1,751 $ 466 $ 12,932 $ 49 $ 2,463 $ 25,201 Provisions 442 218 70 3,032 14 223 3,999 Charge-offs (1,351 ) — — (352 ) — (645 ) (2,348 ) Recoveries 29 1 — 18 — 206 254 Ending balance $ 6,660 $ 1,970 $ 536 $ 15,630 $ 63 $ 2,247 $ 27,106 Ending balance: Individually evaluated for impairment $ 1,403 $ 34 $ — $ 6,122 $ — $ — $ 7,559 Collectively evaluated for impairment 4,141 1,516 536 8,200 61 2,247 16,701 Loans acquired with deteriorated credit quality 1,116 420 — 1,308 2 — 2,846 Total allowance for loan and lease losses $ 6,660 $ 1,970 $ 536 $ 15,630 $ 63 $ 2,247 $ 27,106 March 31, 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 $ 17,354 $ 2,060 $ — $ 24,384 $ — $ — $ 43,798 Collectively evaluated for impairment 1,103,730 590,212 210,548 1,153,471 12,428 189,968 3,260,357 Loans acquired with deteriorated credit quality 141,199 106,764 3,111 11,963 374 — 263,411 Total loans and leases $ 1,262,283 $ 699,036 $ 213,659 $ 1,189,818 $ 12,802 $ 189,968 $ 3,567,566 The Company increased the allowance for loan and lease losses by $9.9 million and $1.9 million for the three months ended March 31, 2020 and 2019, respectively. For acquired impaired loans, the Company increased the allowance for loan and lease losses by $1.5 million and $111,000 for the three months ended March 31, 2020 and 2019, respectively For loans individually evaluated for impairment, the Company increased the allowance for loan and lease losses by $2.7 million and $910,000 for the three months ended March 31, 2020 and 2019, respectively. For loans collectively evaluated for impairment, the Company increased the allowance for loan and lease losses by $5.6 million and $884,000 for the three months ended March 31, 2020 and 2019, respectively. The following and March 31, 2020 Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded Commercial real estate $ 20,229 $ 21,732 $ — Construction, land development, and other land 2,577 2,952 — Commercial and industrial 11,872 14,690 — With an allowance recorded Commercial real estate 12,745 13,725 3,634 Residential real estate 1,960 2,041 92 Commercial and industrial 32,054 34,611 9,709 Total impaired loans $ 81,437 $ 89,751 $ 13,435 December 31, 2019 Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded Commercial real estate $ 16,556 $ 19,808 $ — Residential real estate 2,165 2,253 — Construction, land development, and other land 2,644 3,000 — Commercial and industrial 19,211 20,398 — With an allowance recorded Commercial real estate 9,840 10,691 2,614 Residential real estate 233 233 124 Commercial and industrial 18,092 19,285 7,952 Total impaired loans $ 68,741 $ 75,668 $ 10,690 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 three months ended: March 31, 2020 Average Recorded Investment Interest Income Recognized With no related allowance recorded Commercial real estate $ 18,728 $ 277 Residential real estate 1,221 — Construction, land development, and other land 2,836 20 Commercial and industrial 14,368 105 With an allowance recorded Commercial real estate 13,177 136 Residential real estate 771 14 Commercial and industrial 24,668 441 Total impaired loans $ 75,769 $ 993 March 31, 2019 Average Recorded Investment Interest Income Recognized With no related allowance recorded Commercial real estate $ 7,345 $ 119 Residential real estate 1,541 13 Commercial and industrial 11,381 126 With an allowance recorded Commercial real estate 5,186 48 Residential real estate 226 2 Commercial and industrial 11,377 154 Total impaired loans $ 37,056 $ 462 The following March 31, 2020 Commercial Real Estate Residential Real Estate Construction, Land Development, and Other Land Commercial and Industrial Installment and Other Lease Financing Receivables Total Pass $ 1,005,620 $ 571,637 $ 255,821 $ 1,157,119 $ 5,190 $ 169,709 $ 3,165,096 Watch 103,099 22,410 9,939 154,482 291 5 290,226 Special Mention 24,928 3,619 4,148 42,089 — 1,793 76,577 Substandard 33,417 2,133 2,577 45,061 4 1,542 84,734 Doubtful — — — — — 198 198 Loss — — — — — — — Total $ 1,167,064 $ 599,799 $ 272,485 $ 1,398,751 $ 5,485 $ 173,247 $ 3,616,831 December 31, 2019 Commercial Real Estate Residential Real Estate Construction, Land Development, and Other Land Commercial and Industrial Installment and Other Lease Financing Receivables Total Pass $ 984,881 $ 584,363 $ 247,775 $ 1,087,856 $ 6,013 $ 177,696 $ 3,088,584 Watch 99,803 21,856 18,181 159,282 302 8 299,432 Special Mention 27,484 3,648 4,684 26,944 — 1,799 64,559 Substandard 28,460 1,732 2,644 40,574 1 728 74,139 Doubtful — — — — — 279 279 Loss — — — — — — — Total $ 1,140,628 $ 611,599 $ 273,284 $ 1,314,656 $ 6,316 $ 180,510 $ 3,526,993 The following tables summarize contractual delinquency information for acquired non-impaired and originated loans and leases by category at March 31, 2020 and December 31, 2019: March 31, 2020 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 $ 23,857 $ 2,834 $ — $ 16,096 $ 42,787 $ 1,124,277 $ 1,167,064 Residential real estate 4,925 121 — 1,783 6,829 592,970 599,799 Construction, land development, and other land 1,297 — — 2,577 3,874 268,611 272,485 Commercial and industrial 23,401 310 — 27,256 50,967 1,347,784 1,398,751 Installment and other 279 — — 4 283 5,202 5,485 Lease financing receivables 1,523 492 — 1,247 3,262 169,985 173,247 Total $ 55,282 $ 3,757 $ — $ 48,963 $ 108,002 $ 3,508,829 $ 3,616,831 December 31, 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 $ 14,269 $ 5,153 $ — $ 12,274 $ 31,696 $ 1,108,932 $ 1,140,628 Residential real estate 3,187 460 — 1,371 5,018 606,581 611,599 Construction, land development, and other land — 4,460 — — 4,460 268,824 273,284 Commercial and industrial 7,789 3,594 — 22,151 33,534 1,281,122 1,314,656 Installment and other 133 2 — 1 136 6,180 6,316 Lease financing receivables 585 532 — 475 1,592 178,918 180,510 Total $ 25,963 $ 14,201 $ — $ 36,272 $ 76,436 $ 3,450,557 $ 3,526,993 Trouble debt restructurings (“TDRs”) 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 March 31, 2020 and December 31, 2019: March 31, 2020 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Charge-offs Specific Reserves Accruing: Commercial real estate 5 $ 1,418 $ 1,418 $ — $ 94 Commercial and industrial 2 126 126 — 89 Residential real estate 2 181 181 — — Total accruing 9 1,725 1,725 — 183 Non-accruing: Commercial real estate 7 4,232 4,055 177 1,064 Commercial and industrial 11 9,914 7,965 1,949 2,482 Residential real estate 1 97 97 — — Total non-accruing 19 14,243 12,117 2,126 3,546 Total troubled debt restructurings 28 $ 15,968 $ 13,842 $ 2,126 $ 3,729 December 31, 2019 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Charge-offs Specific Reserves Accruing: Commercial real estate 5 $ 1,451 $ 1,451 $ — $ 223 Commercial and industrial 2 129 129 — 118 Residential real estate 2 191 191 — — Total accruing 9 1,771 1,771 — 341 Non-accruing: Commercial real estate 6 2,777 2,600 177 513 Commercial and industrial 11 8,048 6,096 1,952 1,312 Residential real estate 1 104 104 — — Total non-accruing 18 10,929 8,800 2,129 1,825 Total troubled debt restructurings 27 $ 12,700 $ 10,571 $ 2,129 $ 2,166 In addition, Loans modified and 2019 were: Three Months Ended March 31, 2020 2019 Accruing: Beginning balance $ 1,771 $ 1,813 Additions — 113 Net payments (46 ) (5 ) Net transfers from (to) non-accrual — — Ending balance 1,725 1,921 Non-accruing: Beginning balance 8,800 7,314 Additions 4,258 246 Net payments (941 ) 89 Charge-offs — (530 ) Net transfers from (to) accrual — — Ending balance 12,117 7,119 Total troubled debt restructurings $ 13,842 $ 9,040 There were At March 31, 2020 and December 31, 2019, the During the , the |
Servicing Assets
Servicing Assets | 3 Months Ended |
Mar. 31, 2020 | |
Transfers And Servicing [Abstract] | |
Servicing Assets | Note 7—Servicing Activity for the three months ended March 31, 2020 and 2019 was Three Months Ended March 31, 2020 2019 Beginning balance $ 19,471 $ 19,693 Additions, net 1,393 1,102 Changes in fair value (3,064 ) (1,261 ) Ending balance $ 17,800 $ 19,534 Loans serviced as of and were as follows: March 31, December 31, 2020 2019 Loan portfolios serviced for: SBA guaranteed loans $ 1,240,319 $ 1,231,959 USDA guaranteed loans 124,396 119,047 Total $ 1,364,715 $ 1,351,006 Loan servicing revenue totaled $2.8 million and $2.5 million for the three months ended March 31, 2020 and 2019, respectively. Loan servicing asset revaluation, which represents the changes in fair value of servicing assets, resulted in downward valuations of $3.1 million and $1.3 million for the three months ended March 31, 2020 and 2019, 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 | 3 Months Ended |
Mar. 31, 2020 | |
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 months ended March 31, 2020 Three Months Ended March 31, 2020 2019 Beginning balance $ 9,896 $ 5,041 Net additions to OREO 22 26 Proceeds from sales of OREO (264 ) (355 ) Gains (losses) on sales of OREO 82 (33 ) Valuation adjustments (463 ) (84 ) Ending balance $ 9,273 $ 4,595 At March 31, 2020 and December 31, 2019, the balance of real estate owned included $1.5 million of foreclosed residential real estate properties recorded as a result of obtaining physical possession of the property. At March 31, 2020 and December 31, 2019, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process was $2.0 million and $2.1 million, respectively. There were no internally financed sales of OREO for the three months ended March 31, 2020. Proceeds from internally financed sales of OREO were $183,000 for the three months ended March 31, 2019. |
Goodwill, Core Deposit Intangib
Goodwill, Core Deposit Intangible and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill, Core Deposit Intangible and Other Intangible Assets | Note 9—Goodwill, Core Deposit Intangible and Other Intangible Assets The following tables summarize the changes in the Company’s goodwill, core deposit intangible assets, and customer relationship intangible assets for the three months ended March 31, 2020 and 2019: Three Months Ended March 31, 2020 2019 Goodwill Core Intangible Customer Relationship Intangible Goodwill Core Intangible Customer Relationship Intangible Beginning balance $ 148,353 $ 29,111 $ 2,791 $ 128,177 $ 30,360 $ 3,059 Amortization — (1,826 ) (67 ) — (1,706 ) (67 ) Ending balance $ 148,353 $ 27,285 $ 2,724 $ 128,177 $ 28,654 $ 2,992 Accumulated amortization N/A $ 28,181 $ 492 N/A $ 20,592 $ 224 Weighted average remaining amortization period N/A 6.3 Years 10.2 Years N/A 6.6 Years 11.2 Years The Company added additional goodwill and core deposit intangible assets in conjunction with the Oak Park River Forest acquisition. Please refer to Note 3—Acquisition for further details. The following table presents the estimated amortization expense for core deposit intangible and customer relationship intangible assets remaining at March 31, 2020: Estimated Amortization 2020 $ 5,678 2021 6,998 2022 6,426 2023 4,370 2024 2,286 Thereafter 4,251 Total $ 30,009 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
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 three months ended March 31, 2020 and 2019 was 26.1% and 27.6%, respectively. The Company recorded discrete income tax benefit of $69,000 and $47,000 related to the exercise of stock options and vesting of restricted shares for the three months ended March 31, 2020 and 2019, respectively. Net deferred tax assets decreased to $33.8 million at compared to $38.3 million at . The net decrease in the total net deferred tax assets recorded as of was a result of an increase in unrealized gains on available-for-sale securities |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2020 | |
Deposits [Abstract] | |
Deposits | Note 11—Deposits The composition of deposits was as follows as of March 31, 2020 and December 31, 2019: March 31, December 31, 2020 2019 Non-interest-bearing demand deposits $ 1,290,896 $ 1,279,641 Interest-bearing checking accounts 355,678 338,185 Money market demand accounts 1,104,276 881,387 Other savings 486,131 475,839 Time deposits (below $250,000) 800,759 916,723 Time deposits ($250,000 and above) 201,096 255,802 Total deposits $ 4,238,836 $ 4,147,577 Time deposits of $250,000 or more included $21.0 million and $41.0 million of brokered deposits at March 31, 2020 and December 31, 2019, respectively. |
Short-Term Borrowings
Short-Term Borrowings | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings | Note 12—Short-Term Borrowings The following is a summary of the Company’s short-term borrowings as of March 31, 2020 and December 31, 2019: March 31, December 31, 2020 2019 Federal Reserve Bank discount window borrowing $ 250,000 $ — Federal Home Loan Bank advances 335,000 490,000 Securities sold under agreements to repurchase 55,647 49,638 Line of credit — — Total $ 640,647 $ 539,638 Byline Bank has the capacity to borrow funds from the discount window of the Federal Reserve System. As of March 31, 2020, the Federal Reserve Bank discount window borrowing was $250.0 million with an interest rate of 0.25% and matured on April 21, 2020. There were no borrowings outstanding under the Federal Reserve Bank discount window line as of December 31, 2019. The Company pledges loans as collateral for the Federal Reserve Bank discount window borrowing. Refer At March 31, 2020, fixed-rate Federal Home Loan Bank (“FHLB”) advances totaled $335.0 million with interest rates ranging from 0.30% to 1.74% The Company’s required investment in FHLB stock is $4.50 for every $100 in advances. Securities On The Company hedges The following March 31, December 31, 2020 2019 Available federal funds lines (1) $ 115,000 $ 115,000 Federal Reserve Bank discount window line 346,688 547,798 Federal Home Loan Bank line 1,574,929 1,390,698 (1) The On April 21, 2020, Byline Bank entered into a Letter Agreement with the Federal Reserve Bank of Chicago that allows the Bank to access the Paycheck Protection Program Liquidity Facility (the “PPPLF”). Under the terms of the PPPLF, the Bank will pledge loans originated under the U.S. Small Business Administration 7(a) Paycheck Protection Program (“PPP”), to the Federal Reserve Bank of Chicago as collateral for available advances under the PPPLF. PPP loans pledged as collateral will be valued at an amount equal to the principal amount of the PPP loan outstanding at the time the PPP loan is pledged. Advances under the PPPLF will be an amount equal to the aggregate principal amount of PPP loans pledged by Byline Bank and shall carry an interest rate of thirty-five basis points and mature on the maturity date of the PPP loans pledged as collateral for the advance. The Bank has not advanced funds under the PPPLF. |
Junior Subordinated Debentures
Junior Subordinated Debentures | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Junior Subordinated Debentures | Note 13—Junior Subordinated Debentures At March 31, 2020 and December 31, 2019, the Name of Trust Aggregate Principal Amount March 31, 2020 Aggregate Principal Amount December 31, 2019 Stated Maturity Contractual Rate at March 31, 2020 Interest Rate Spread Metropolitan $ 35,000 $ 35,000 March 3.63 % 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 2.52 % Three-month LIBOR + 1.78% Total liability, at par 46,500 46,500 Discount (9,038 ) (9,166 ) Total liability, at carrying value $ 37,462 $ 37,334 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 March 31, 2020 and December 31, 2019), 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. Beginning on March 15, 2010, the interest rate reset to the three-month LIBOR plus 1.78% (2.52% and 3.67% at March 31, 2020 and December 31, 2019, 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 On February 25, 2020 the Company notified the trustee of RidgeStone Capital Trust I of its intent to redeem the debentures, in whole, at par, at the next available interest payment date, which is expected to be on June 30, 2020. The Company estimates the charge to other non-interest expense for the remaining discount to be approximately $112,000 at the time of the redemption. The Company has received all necessary approvals for this redemption. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Note 14—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 2020 $ 3,375 2021 4,108 2022 2,357 2023 1,358 2024 1,225 Thereafter 2,137 Total $ 14,560 The Company’s During t C 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 March 31 2020 December 31, 2019 Fixed Rate Variable Total Fixed Variable Total Commitments to extend credit $ 63,524 $ 920,694 $ 984,218 $ 55,852 $ 908,382 $ 964,234 Letters of credit 690 57,650 58,340 724 65,514 66,238 Total $ 64,214 $ 978,344 $ 1,042,558 $ 56,576 $ 973,896 $ 1,030,472 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 | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Note 15—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 March 31, 2020 Fair Value Level 1 Level 2 Level 3 Financial assets Securities available-for-sale U.S. Treasury Notes $ 38,301 $ 38,301 $ — $ — U.S. Government agencies 133,711 — 133,711 — Obligations of states, municipalities, and political subdivisions 101,292 — 101,292 — Mortgage-backed securities; residential Agency 613,221 — 613,221 — Non-Agency 87,109 — 87,109 — Mortgage-backed securities; commercial Agency 198,460 — 198,460 — Non-Agency 30,543 — 30,543 — Corporate securities 51,089 — 51,089 — Asset-backed securities 45,757 — 45,757 — Equity and other securities, at fair value Mutual funds 2,979 2,979 — — Equity securities 4,434 — 3,754 680 Servicing assets 17,800 — — 17,800 Derivative assets 19,066 — 19,066 — Financial liabilities Derivative liabilities 20,359 — 20,359 — Fair Value Measurements Using December 31, 2019 Fair Value Level 1 Level 2 Level 3 Financial assets Securities available-for-sale U.S. Treasury Notes $ 41,830 $ 41,830 $ — $ — U.S. Government agencies 164,950 — 164,950 — Obligations of states, municipalities, and political subdivisions 94,832 — 94,832 — Mortgage-backed securities; residential Agency 490,236 — 490,236 — Non-Agency 109,822 — 109,822 — Mortgage-backed securities; commercial Agency 159,701 — 159,701 — Non-Agency 31,274 — 31,274 — Corporate securities 49,330 — 49,330 — Asset-backed securities 44,317 — 44,317 — Equity and other securities, at fair value Mutual funds 2,952 2,952 — — Equity securities 5,079 — 4,379 700 Servicing assets 19,471 — — 19,471 Derivative assets 7,960 — 7,960 — Financial liabilities Derivative liabilities 8,519 — 8,519 — The area The Company did not have any transfers three months ended and 2019 The following table presents additional information about financial assets measured at fair value on recurring basis for which the Company used significant unobservable inputs (Level 3): Three Months Ended March 31, 2020 2019 2020 2019 Investment Securities Servicing Assets Balance, beginning of period $ 700 $ 886 $ 19,471 $ 19,693 Additions, net — — 1,393 1,102 Amortization — 1 — — Change in fair value (20 ) 3 (3,064 ) (1,261 ) Balance, end of period $ 680 $ 890 $ 17,800 $ 19,534 The following Financial Instruments Valuation Technique Unobservable Inputs Range of Inputs Weighted Average Range Impact to Valuation from an Increased or Higher Input Value Single issuer trust preferred Discounted cash flow Discount rate 5.1%—6.4% 5.6 % Decrease Servicing assets Discounted cash flow Prepayment speeds 3.0%—23.9% 15.1 % Decrease Discount rate 4.7%—21.6% 13.8 % Decrease Expected weighted average loan life 0.7—9.0 years 3.8 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 March 31, 2020 Fair Value Level 1 Level 2 Level 3 Non-recurring Impaired loans (excluding acquired impaired loans) Commercial real estate $ 29,340 $ — $ — $ 29,340 Residential real estate 1,868 — — 1,868 Construction, land development, and other land 2,577 — — 2,577 Commercial and industrial 34,217 — — 34,217 Assets held for sale 14,647 — — 14,647 Other real estate owned 9,273 — — 9,273 Fair Value Measurements Using December 31, 2019 Fair Value Level 1 Level 2 Level 3 Non-recurring Impaired loans (excluding acquired impaired loans) Commercial real estate $ 23,782 $ — $ — $ 23,782 Residential real estate 2,274 — — 2,274 Construction, land development, and other land 2,644 — — 2,644 Commercial and industrial 29,351 — — 29,351 Assets held for sale 15,362 — — 15,362 Other real estate owned 9,896 — — 9,896 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 Reserve Bank discount window borrowing —The carrying amount approximates fair value due to maturities of less than ninety days. 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 March 31, December 31, Fair Value 2020 2019 Hierarchy Level Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Financial assets Cash and due from banks 1 $ 45,233 $ 45,233 $ 48,228 $ 48,228 Interest bearing deposits with other banks 2 74,386 74,386 32,509 32,509 Securities held-to-maturity 2 4,408 4,516 4,412 4,498 Other restricted stock 2 24,197 24,197 22,127 22,127 Loans held for sale 3 13,299 13,580 11,732 12,935 Loans and lease receivables, net (less impaired loans at fair value 3 3,750,417 3,653,649 3,695,674 3,661,724 Accrued interest receivable 3 13,064 13,064 13,283 13,283 Financial liabilities Non-interest-bearing deposits 2 1,290,896 1,290,896 1,279,641 1,279,641 Interest-bearing deposits 2 2,947,940 2,951,430 2,867,936 2,873,380 Accrued interest payable 2 2,104 2,104 3,677 3,677 Federal Reserve Bank discount window borrowing 2 250,000 250,000 — — Federal Home Loan Bank advances 2 335,000 335,000 490,000 490,000 Securities sold under repurchase agreement 2 55,647 55,647 49,638 49,638 Junior subordinated debentures 3 37,462 41,469 37,334 42,881 |
Derivative Instruments and Hedg
Derivative Instruments and Hedge Activities | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedge Activities | Note 16—Derivative Instruments and Hedge Activities As required by ASC 815, the Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. The Company records derivative assets and derivative liabilities on the Consolidated Statements of Financial Condition within accrued interest receivable and other assets and accrued interest payable and other liabilities, respectively. The following tables present the fair value of the Company’s derivative financial instruments and classification on the Consolidated Statements of Financial Condition as of March 31, 2020 and December 31, 2019: March 31, 2020 December 31, 2019 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 $ — $ — $ — $ — $ — $ — Derivatives not designated as hedging instruments Other interest rate derivatives 373,266 19,066 20,335 332,056 7,960 8,507 Other credit derivatives 9,086 — 24 9,302 — 12 Total derivatives $ 382,352 $ 19,066 $ 20,359 $ 341,358 $ 7,960 $ 8,519 Interest rate swaps designated as cash flow hedges —There were no cash flow hedges outstanding at March 31, 2020 and December 31, 2019. In September 2019, the Company terminated $250.0 million interest rate swaps designated as cash flow hedges of interest payments associated with certain FHLB advances, 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 March 31, 2020, the remaining balance in accumulated other comprehensive income was $350,000, which is being amortized over the original life of the cash flow hedge. At March 31, 2020, the Company estimates $85,000 of the unrealized loss to be reclassified as an increase to interest expense during the next twelve months. 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 three months ended: March 31, 2020 March 31, 2019 Amount of Loss Recognized in OCI Amount of Loss Reclassified from OCI to Income as an Increase 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 a Decrease to Interest Expense Amount of Gain (Loss) Recognized in Other Non-Interest Income Interest rate swaps $ — $ (21 ) $ — $ (1,817 ) $ 705 $ — Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements and/or the Company has not elected to apply hedge accounting. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. Other interest rate derivatives — The Company also enters into derivative transactions through products with its commercial customers and simultaneously enters into an offsetting interest rate derivative transaction with third-parties. These transactions allow the Company's borrowers to effectively convert a variable rate loan into a fixed rate loan. The total combined notional amount was $373.3 million as of March 31, 2020 with maturities ranging from April 2020 to March 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 March 31, 2020 and 2019, there were $506,000 and $325,000 of transaction fees, respectively, included in other non-interest income, related to these derivative instruments. These instruments are inherently subject to market risk and credit risk. Market risk is associated with changes in interest rates and credit risk relates to the Company’s risk of loss when the counterparty to a derivative contract fails to perform according to the terms of the agreement. Market and credit risks are managed and monitored as part of the Company’s overall asset-liability management process. The credit risk related to derivatives entered into with certain qualified borrowers is managed through the Company’s loan underwriting process. The Company’s loan underwriting process also approves the Bank’s swap counterparty used to mirror the borrowers’ swap. The Company has a bilateral agreement with each swap counterparty that provides that fluctuations in derivative values are to be fully collateralized with either cash or securities. The following table reflects other interest rate derivatives as of March 31, 2020: Notional amounts $ 373,266 Derivative assets fair value 19,066 Derivative liabilities fair value 20,335 Weighted average pay rates 4.47 % Weighted average receive rates 3.76 % Weighted average maturity 6.4 years Other credit derivatives — The Company has entered into risk participation agreements with counterparty banks to assume a portion of the credit risk related to borrower transactions. The credit risk related to these other credit derivatives is managed through the Company’s loan underwriting process. The total notional amount was $9.1 million and $9.3 million as of March 31, 2020 and December 31, 2019, respectively. The fair value of the other credit derivatives are reflected in other liabilities with corresponding gains or losses reflected in non-interest income. The Company has agreements with its derivative counterparties that contain a cross-default provision under which if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. The Company also has agreements with certain derivative counterparties that contain a provision where if the Company fails to maintain its status as a well or adequately capitalized institution, then the counterparty could terminate the derivative positions and the Company would be required to settle its obligations resulted in a net asset position. The following table reflects amounts included in non-interest income in the Consolidated Statements of Operations relating to derivative instruments that are not designated in a hedging relationship for the three months ended March 31, 2020 and 2019: Three Months Ended March 31, 2020 2019 Other interest rate derivatives $ (723 ) $ (151 ) Other credit derivatives (12 ) (1 ) Total $ (735 ) $ (152 ) 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: March 31, 2020 December 31, 2019 Derivative Assets Fair Value Derivative Liabilities Fair Value Derivative Assets Fair Value Derivative Liabilities Fair Value Gross amounts recognized $ 19,066 $ 20,359 $ 7,960 $ 8,519 Less: Amounts offset in the Consolidated Statements of Financial Condition — — — — Net amount presented in the Consolidated Statements of Financial Condition $ 19,066 $ 20,359 $ 7,960 $ 8,519 Gross amounts not offset in the Consolidated Statements of Financial Condition Offsetting derivative positions — — (1 ) (1 ) Collateral posted (19,066 ) (19,700 ) (7,959 ) (8,518 ) Net credit exposure $ — $ 659 $ — $ — As of March 31, 2020, the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $20.4 million. The Company has posted $19.7 collateral related to these agreements as of March 31, 2020. If the Company had breached any of these provisions at March 31, 2020, it could have been required to settle its obligations under the agreements at their termination value of $20.4 million. For purposes of this disclosure, the amount of posted collateral by the counterparties is limited to the amount offsetting the derivative asset and derivative liability. |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Mar. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | Note 17 – 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 March 31, 2020, there were 995,845 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 189,647 shares of restricted common stock, par value $0.01 per share. Of this total, 111,823 restricted shares will vest ratably over four years on each anniversary of the grant date, 72,570 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 4,571 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. During February 2020, the Company granted 174,179 shares of restricted common stock, par value $0.01 per share. Of this total, 103,465 restricted shares will vest ratably over four years on each anniversary of the grant date and 38,786 restricted shares will vest ratably over three years on each anniversary of the grant date, all subject to continued employment. In addition, 31,928 performance-based restricted shares were included in the February 2020 grant. The number of shares which may be earned under the award is dependent upon the Company’s return on average assets, weighted equally, over a three-year period ending December 31, 2022, 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 three months ended March 31, 2020: Omnibus Plan Number of Shares Weighted Average Grant Date Fair Value Beginning balance, January 1, 2020 328,653 $ 19.94 Granted 174,179 17.52 Vested — 0.00 Forfeited (143 ) 17.50 Ending balance outstanding at March 31, 2020 502,689 $ 19.10 No restricted shares vested during the three months ended March 31, 2020. A total of 48,491 restricted shares vested during the year ended December 31, 2019. The fair value of restricted shares that vested during the year ended December 31, 2019 was $900,000. 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 three months ended March 31, 2020 and 2019: Three Months Ended March 31, 2020 2019 Total share-based compensation - restricted stock $ 600 $ 353 Income tax benefit 167 98 Unrecognized compensation expense 7,064 2,675 Weighted-average amortization period remaining 2.9 years 2.7 years The fair value of the unvested restricted stock awards at March 31, 2020 was $5.2 million. In October 2014, the Company adopted the Byline Bancorp, Inc. Equity Incentive Plan (“BYB Plan”). The maximum number of shares available for grants under this plan was 2,476,122 shares. 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 1,390,579 shares remain outstanding under the BYB Plan at March 31, 2020. 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 three months ended March 31, 2020: BYB Plan Number of Shares Weighted Average Exercise Price Intrinsic Value Weighted Average Remaining Contractual Term (in Years) Beginning balance, January 1, 2020 1,410,075 $ 11.38 $ 11,542 5.4 Exercised (19,496 ) 13.00 $ 139 Expired — Ending balance outstanding at March 31, 2020 1,390,579 $ 11.36 $ — 5.2 Exercisable at March 31, 2020 1,390,579 $ 11.36 $ — 5.2 A total of 19,496 stock options were exercised during the three months ended March 31, 2020. During the three months ended March 31, 2020, proceeds from the exercise of stock options were $253,000 and related tax benefit was $39,000. A total of 127,997 stock options were exercised during the year ended December 31, 2019. During the year ended December 31, 2019, proceeds from the exercise of stock options were $1.9 million and related tax benefit was $145,000. A total of 20,000 stock options vested during the three months ended March 31, 2020. 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 three months ended March 31, 2020 and 2019: Three Months Ended March 31, 2020 2019 Total share-based compensation - stock options $ 7 $ 33 Income tax benefit 2 9 Unrecognized compensation expense - stock options — 113 Weighted-average amortization period remaining 0.0 years 0.8 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 three months ended March 31, 2020: FEB Plan Number of Shares Weighted Average Exercise Price Intrinsic Value Weighted Average Remaining Contractual Term (in Years) Beginning balance, January 1, 2020 511,169 $ 11.35 $ 4,204 4.4 Exercised (35,906 ) $ 11.80 $ 295 Expired — Ending balance outstanding at March 31, 2020 475,263 $ 11.31 $ — 4.1 Exercisable at March 31, 2020 475,263 $ 11.31 $ — 4.1 A total of 35,906 stock options were exercised during the three months ended March 31, 2020. During the three months ended March 31, 2020, proceeds from the exercise of stock options were $424,000 and related tax benefit was $82,000. A total of 113,214 stock options were exercised during the year ended December 31, 2019. During the year ended December 31, 2019, proceeds from the exercise of stock options were $1.3 million and related tax benefit was $253,000. 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 | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Note 18—Earnings per Share A reconciliation of the numerators and denominators for earnings per common share computations is presented below. Incremental shares represent outstanding stock options for which the exercise price is less than the average market price of the Company’s common stock during the periods presented. Options to purchase 1,865,842 and 2,172,593 shares of common stock were outstanding as of March 31, 2020 and 2019, respectively. There were 502,689 and 181,846 restricted stock awards outstanding at March 31, 2020 and 2019, respectively. The following represent the calculation of basic and diluted earnings per share for the periods presented: Three Months Ended March 31, 2020 2019 Net income $ 2,966 $ 12,597 Less: Dividends on preferred shares 196 196 Net income available to common stockholders $ 2,770 $ 12,401 Weighted-average common stock outstanding: Weighted-average common stock outstanding (basic) 37,943,333 36,169,477 Incremental shares 720,325 707,097 Weighted-average common stock outstanding (dilutive) 38,663,658 36,876,574 Basic earnings per common share $ 0.07 $ 0.34 Diluted earnings per common share $ 0.07 $ 0.34 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Stockholders' Equity | Note 19—Stockholders’ Equity A summary of the Company’s preferred and common stock at March 31, 2020 and December 31, 2019 is as follows: March 31, December 31, 2020 2019 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 38,501,507 38,256,500 Shares outstanding 38,383,021 38,256,500 Treasury shares 118,486 — During 2016, the Company authorized and issued Series B 7.50% fixed-to-floating non-voting, noncumulative perpetual preferred stock with a liquidation preference of $1,000 per share, plus the amount of unpaid dividends, if any, which is redeemable at the Company’s option on or after March 31, 2022. Holders of Series B Preferred Stock do not have any rights to convert such stock into shares of any other class of capital stock of the Company. 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 March 31, 2020 and 2019, the Company declared and paid dividends on the Series B preferred stock of $196,000. 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 March 31, 2020. The program will be in effect until December 31, 2020 unless terminated earlier. The program was paused in March 2020. The Company repurchased 118,486 shares at a cost of $1.7 million under this program in the first quarter of 2020. Repurchased shares are recorded as treasury shares on the trade date using the treasury stock method, and the cash paid is recorded as treasury stock. Treasury stock acquired is recorded at cost and is carried as a reduction of stockholders’ equity in the Consolidated Statement of Financial Condition. On March 13, 2020, the Company’s Board of Directors declared a cash dividend of $0.03 per share payable on April 7, 2020 to stockholders of record of the Company’s common stock as of March 24, 2020. No cash dividends were declared to common stockholders during the first quarter of 2019. |
Consolidated Statements of Ch_3
Consolidated Statements of Changes in Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2020 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Consolidated Statements of Changes in Accumulated Other Comprehensive Income (Loss) | Note 20—Consolidated Statements of Changes in Accumulated Other Comprehensive Income (Loss) The following table summarizes the changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2020 and 2019: (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, 2019 $ 4,763 $ (14,261 ) $ (9,498 ) Adoption of ASU 2016-01 — (1,440 ) (1,440 ) Other comprehensive income (loss), net of tax (1,820 ) 6,339 4,519 Balance, March 31, 2019 $ 2,943 $ (9,362 ) $ (6,419 ) Balance, January 1, 2020 $ (366 ) $ (334 ) $ (700 ) Other comprehensive income, net of tax 16 11,032 11,048 Balance, March 31, 2020 $ (350 ) $ 10,698 $ 10,348 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 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, 2019, 2018, and 2017. 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 Pronouncement Nonrefundable Fees and Other Costs (Subtopic 310‑20) —In March 2017, FASB issued ASU No. 2017‑08, . 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 fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. 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. Given our emerging growth status, t he Company adopted these amendments on January 1, 2020 in conjunction with ASU No. 2017-08, 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, . 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 November 2019, FASB issued ASU No. 2019-10, , which delays 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 new authoritative guidance is effective for fiscal years beginning 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, . 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 November 2019, FASB issued ASU No. 2019-10, , which delays the effective date of the ASU for entities not classified as PBEs. Assuming the Company remains an emerging growth company, the new authoritative guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is in the process of implementation and determining the impact that this ASU will have on the Company’s Consolidated Financial Statements. Income Taxes (Topic 740) —In December 2019, FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes . The amendments in the ASU simplify the accounting for income taxes by removing the following: the exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items; the exception to the requirement to or not to recognize a deferred tax liability for a foreign entity when it becomes an equity method investment or it becomes a subsidiary, respectively; and the exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The amendments in the ASU changes current authoritative guidance by requiring the recognition of franchise tax that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax; requiring an evaluation when a step up in the tax basis of goodwill should be considered part the of business combination; specifying that it is not required to allocate the consolidated amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements; and requiring that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The amendments are effective for annual periods beginning after December 15, 2021, and interim periods within annual periods beginning after December 15, 2022. Early adoption is permitted. Assuming the Company remains an emerging growth company, the new authoritative guidance will be effective for reporting periods after January 1, 2022. The Company is currently evaluating the provisions of ASU No. 2019-12 to determine the potential impact the new standard will have on the Company’s Consolidated Financial Statements. Reference Rate Reform (Topic 848) —In March 2020, FASB issued ASU No. 2020-04, . The amendments in the ASU provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments in the ASU provide optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The ASU is intended to help stakeholders during the global market-wide reference rate transition period. The amendments in the ASU will be in effect for all entities as of March 12, 2020 through December 31, 2022. The Company is currently evaluating the provisions of ASU No. 2020-04 to determine the potential impact the new standard will have on the Company’s Consolidated Financial Statements. |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Summary of Fair Values of Assets and Liabilities Assumed as of Acquisition Date | The following table presents a summary of the fair values of assets acquired and liabilities assumed as of the acquisition date: Assets Cash and cash equivalents $ 10,469 Securities available-for-sale 30,343 Restricted stock 414 Loans 257,423 Premises and equipment 3,488 Other real estate owned 2,201 Other intangible assets 6,220 Bank-owned life insurance 3,485 Deferred tax assets, net 5,925 Other assets 1,231 Total assets acquired 321,199 Liabilities Deposits 290,171 Line of credit 5,655 Federal Home Loan Bank advances 5,300 Accrued expenses and other liabilities 4,766 Total liabilities assumed 305,892 Net assets acquired $ 15,307 Consideration paid Common stock (1,464,558 shares issued at $20.02 per share) 29,320 Cash paid 6,163 Total consideration paid 35,483 Goodwill $ 20,176 |
Summary of Acquired Non-Impaired Loans as of Acquisition Date | The following table presents the acquired non-impaired loans as of the acquisition date: Fair value $ 204,496 Gross contractual amounts receivable 254,755 Estimate of contractual cash flows not expected to be collected (1) 12,987 Estimate of contractual cash flows expected to be collected 241,768 (1) Includes interest payments not expected to be collected due to loan prepayments as well as principal and interest payments not expected to be collected due to customer default. |
Summary of Pro Forma Information for Results of Operations | The following table provides the unaudited pro forma information for the results of operations for the three months ended March 31, 2019, as if the acquisitions had occurred on January 1, 2019. The pro forma results combine the historical results of Oak Park River Forest into the Company’s Consolidated Statements of Operations, including the impact of certain acquisition accounting adjustments, which includes loan discount accretion, intangible assets amortization, deposit premium accretion, and borrowings, 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, 2019. 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 months ended March 31, 2019. For the Three Months Ended March 31, 2019 Total revenues (net interest income and non-interest income) $ 68,259 Net income $ 13,590 Earnings per share—basic $ 0.36 Earnings per share—diluted $ 0.35 |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Amortized Cost and Fair Values of Securities Available-for-sale, and Held to Maturity | The following March 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale U.S. Treasury Notes $ 37,424 $ 877 $ — $ 38,301 U.S. Government agencies 132,687 1,024 — 133,711 Obligations of states, municipalities, and political subdivisions 98,321 3,078 (107 ) 101,292 Residential mortgage-backed securities Agency 596,664 16,569 (12 ) 613,221 Non-agency 87,683 385 (959 ) 87,109 Commercial mortgage-backed securities Agency 195,255 3,784 (579 ) 198,460 Non-agency 31,064 — (521 ) 30,543 Corporate securities 51,691 655 (1,257 ) 51,089 Asset-backed securities 50,516 — (4,759 ) 45,757 Total $ 1,281,305 $ 26,372 $ (8,194 ) $ 1,299,483 March 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Held-to-maturity Obligations of states, municipalities, and political subdivisions $ 4,408 $ 108 $ — $ 4,516 Total $ 4,408 $ 108 $ — $ 4,516 December 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale U.S. Treasury Notes $ 41,403 $ 427 $ — $ 41,830 U.S. Government agencies 165,162 542 (754 ) 164,950 Obligations of states, municipalities, and political subdivisions 92,806 2,075 (49 ) 94,832 Residential mortgage-backed securities Agency 490,427 2,163 (2,354 ) 490,236 Non-agency 109,501 593 (272 ) 109,822 Commercial mortgage-backed securities Agency 159,650 1,092 (1,041 ) 159,701 Non-agency 31,144 130 — 31,274 Corporate securities 48,796 571 (37 ) 49,330 Asset-backed securities 44,515 — (198 ) 44,317 Total $ 1,183,404 $ 7,593 $ (4,705 ) $ 1,186,292 December 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Held-to-maturity Obligations of states, municipalities, and political subdivisions $ 4,412 $ 86 $ — $ 4,498 Total $ 4,412 $ 86 $ — $ 4,498 |
Summary of Gross Unrealized Losses and Fair Values, Aggregated by Investment Category and Length of Individual Securities Continuous Unrealized Loss Position Available-for-sale and Held to Maturity | Gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2020 and December 31, 2019, are summarized as follows: Less than 12 Months 12 Months or Longer Total March 31, 2020 # of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Available-for-sale Obligations of states, municipalities and political subdivisions 7 $ 5,951 $ (107 ) $ — $ — $ 5,951 $ (107 ) Residential mortgage-backed securities Agency 1 564 (12 ) — — 564 (12 ) Non-agency 10 52,821 (959 ) — — 52,821 (959 ) Commercial mortgage-backed securities Agency 6 53,000 (579 ) — — 53,000 (579 ) Non-agency 5 30,543 (521 ) — — 30,543 (521 ) Corporate securities 12 22,426 (1,257 ) — — 22,426 (1,257 ) Asset-backed securities 9 39,757 (4,759 ) — — 39,757 (4,759 ) Total 50 $ 205,062 $ (8,194 ) $ — $ — $ 205,062 $ (8,194 ) Less than 12 Months 12 Months or Longer Total December 31, 2019 # of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Available-for-sale U.S. Government agencies 8 $ 49,318 $ (662 ) $ 20,283 $ (92 ) $ 69,601 $ (754 ) Obligations of states, municipalities and political subdivisions 7 13,309 (45 ) 1,419 (4 ) 14,728 (49 ) Residential mortgage-backed securities Agency 50 132,703 (666 ) 193,363 (1,688 ) 326,066 (2,354 ) Non-agency 9 36,902 (206 ) 10,126 (66 ) 47,028 (272 ) Commercial mortgage-backed securities Agency 13 67,649 (563 ) 32,678 (478 ) 100,327 (1,041 ) Corporate securities 4 6,103 (37 ) — — 6,103 (37 ) Asset-backed securities 8 37,738 (198 ) — — 37,738 (198 ) Total 99 $ 343,722 $ (2,377 ) $ 257,869 $ (2,328 ) $ 601,591 $ (4,705 ) |
Summary of Proceeds From Sales of Securities Available-for-sale and Associated Gains and Losses | The proceeds from all sales of securities three months ended March 31, 2020 For the Three Months Ended March 31, 2020 2019 Proceeds $ 45,417 $ — Gross gains 1,457 — Gross losses 82 — |
Schedule of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | At March 31, 2020, the Amortized Cost Fair Value Available-for-sale Due in one year or less $ 43,747 $ 44,142 Due from one to five years 65,496 66,370 Due from five to ten years 136,058 137,383 Due after ten years 125,338 122,255 Mortgage-backed securities 910,666 929,333 Total $ 1,281,305 $ 1,299,483 Held-to-maturity Due in one year or less $ 506 $ 508 Due from one to five years 3,902 4,008 Total $ 4,408 $ 4,516 |
Loan and Lease Receivables (Tab
Loan and Lease Receivables (Tables) | 3 Months Ended | 9 Months Ended |
Mar. 31, 2020 | 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: March 31, December 31, 2020 2019 Commercial real estate $ 1,293,225 $ 1,275,058 Residential real estate 693,650 711,499 Construction, land development, and other land 278,579 279,403 Commercial and industrial 1,413,090 1,330,418 Installment and other 5,640 6,484 Lease financing receivables 170,734 177,774 Total loans and leases 3,854,918 3,780,636 Net unamortized deferred fees and costs 2,828 2,289 Initial direct costs 2,513 2,736 Allowance for loan and lease losses (41,840 ) (31,936 ) Net loans and leases $ 3,818,419 $ 3,753,725 March 31, December 31, 2020 2019 Lease financing receivables Net minimum lease payments $ 185,551 $ 193,359 Unguaranteed residual values 1,228 1,347 Unearned income (16,045 ) (16,932 ) Total lease financing receivables 170,734 177,774 Initial direct costs 2,513 2,736 Lease financial receivables before allowance for lease losses $ 173,247 $ 180,510 | |
Summary of Minimum Annual Lease Payments for Lease Financing Receivables | The minimum Minimum Lease Payments 2020 $ 53,064 2021 58,350 2022 40,743 2023 22,851 2024 9,541 Thereafter 1,002 Total $ 185,551 | |
Summary of Balances for Each Respective Loan and Lease Category | The following March 31, 2020 Originated Acquired Impaired Acquired Non- Impaired Total Commercial real estate $ 839,244 $ 127,895 $ 327,820 $ 1,294,959 Residential real estate 480,946 94,198 118,853 693,997 Construction, land development, and other land 242,001 5,291 30,484 277,776 Commercial and industrial 1,263,688 15,808 135,063 1,414,559 Installment and other 4,594 236 891 5,721 Lease financing receivables 154,173 — 19,074 173,247 Total loans and leases $ 2,984,646 $ 243,428 $ 632,185 $ 3,860,259 December 31, 2019 Originated Acquired Impaired Acquired Non- Impaired Total Commercial real estate $ 792,263 $ 135,914 $ 348,365 $ 1,276,542 Residential real estate 483,072 100,223 128,527 711,822 Construction, land development, and other land 235,794 5,373 37,490 278,657 Commercial and industrial 1,160,996 16,909 153,660 1,331,565 Installment and other 5,372 249 944 6,565 Lease financing receivables 158,155 — 22,355 180,510 Total loans and leases $ 2,835,652 $ 258,668 $ 691,341 $ 3,785,661 | |
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 April 30, 2019: | Undiscounted contractual cash flows $ 74,092 Undiscounted cash flows not expected to be collected (non-accretable difference) (11,401 ) Undiscounted cash flows expected to be collected 62,691 Accretable yield at acquisition (9,764 ) Estimated fair value of impaired loans acquired at acquisition $ 52,927 |
Summary of Outstanding Balance and Carrying Amount of All Acquired Impaired Loans | The outstanding March 31, 2020 December 31, 2019 Outstanding Balance Carrying Value Outstanding Balance Carrying Value Commercial real estate $ 175,242 $ 127,895 $ 189,969 $ 135,914 Residential real estate 143,257 94,198 151,641 100,223 Construction, land development, and other land 14,214 5,291 14,841 5,373 Commercial and industrial 21,863 15,808 23,330 16,909 Installment and other 968 236 1,099 249 Total acquired impaired loans $ 355,544 $ 243,428 $ 380,880 $ 258,668 | |
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 months ended March 31, 2020 and 2019: Three Months Ended March 31, 2020 2019 Beginning balance $ 40,009 $ 37,115 Accretion to interest income (5,205 ) (5,250 ) Reclassification from (to) nonaccretable difference, net 2,233 (2,525 ) Ending balance $ 37,037 $ 29,340 | |
Schedule of Unpaid Principal Balance and Carrying Value for Acquired Non-Impaired Loans and Leases | The unpaid March 31, 2020 December 31, 2019 Unpaid Principal Balance Carrying Value Unpaid Principal Balance Carrying Value Commercial real estate $ 335,844 $ 327,820 $ 356,787 $ 348,365 Residential real estate 120,492 118,853 130,412 128,527 Construction, land development, and other land 31,268 30,484 38,416 37,490 Commercial and industrial 139,970 135,063 159,599 153,660 Installment and other 916 891 971 944 Lease financing receivables 20,668 19,074 23,976 22,355 Total acquired non-impaired loans and leases $ 649,158 $ 632,185 $ 710,161 $ 691,341 |
Allowance for Loan and Lease _2
Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments | The following 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 March 31, 2020 Beginning balance $ 7,965 $ 1,990 $ 610 $ 19,377 $ 50 $ 1,944 $ 31,936 Provisions 4,422 784 394 8,546 3 306 14,455 Charge-offs (552 ) (5 ) — (3,958 ) — (457 ) (4,972 ) Recoveries 16 9 — 174 — 222 421 Ending balance $ 11,851 $ 2,778 $ 1,004 $ 24,139 $ 53 $ 2,015 $ 41,840 Ending balance: Individually evaluated for impairment $ 3,634 $ 92 $ — $ 9,709 $ — $ — $ 13,435 Collectively evaluated for impairment 6,115 1,685 915 13,320 53 2,015 24,103 Loans acquired with deteriorated credit quality 2,102 1,001 89 1,110 — — 4,302 Total allowance for loan and lease losses $ 11,851 $ 2,778 $ 1,004 $ 24,139 $ 53 $ 2,015 $ 41,840 March 31, 2020 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 $ 32,974 $ 1,960 $ 2,577 $ 43,926 $ — $ — $ 81,437 Collectively evaluated for impairment 1,134,090 597,839 269,908 1,354,825 5,485 173,247 3,535,394 Loans acquired with deteriorated credit quality 127,895 94,198 5,291 15,808 236 — 243,428 Total loans and leases $ 1,294,959 $ 693,997 $ 277,776 $ 1,414,559 $ 5,721 $ 173,247 $ 3,860,259 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 March 31, 2019 Beginning balance $ 7,540 $ 1,751 $ 466 $ 12,932 $ 49 $ 2,463 $ 25,201 Provisions 442 218 70 3,032 14 223 3,999 Charge-offs (1,351 ) — — (352 ) — (645 ) (2,348 ) Recoveries 29 1 — 18 — 206 254 Ending balance $ 6,660 $ 1,970 $ 536 $ 15,630 $ 63 $ 2,247 $ 27,106 Ending balance: Individually evaluated for impairment $ 1,403 $ 34 $ — $ 6,122 $ — $ — $ 7,559 Collectively evaluated for impairment 4,141 1,516 536 8,200 61 2,247 16,701 Loans acquired with deteriorated credit quality 1,116 420 — 1,308 2 — 2,846 Total allowance for loan and lease losses $ 6,660 $ 1,970 $ 536 $ 15,630 $ 63 $ 2,247 $ 27,106 March 31, 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 $ 17,354 $ 2,060 $ — $ 24,384 $ — $ — $ 43,798 Collectively evaluated for impairment 1,103,730 590,212 210,548 1,153,471 12,428 189,968 3,260,357 Loans acquired with deteriorated credit quality 141,199 106,764 3,111 11,963 374 — 263,411 Total loans and leases $ 1,262,283 $ 699,036 $ 213,659 $ 1,189,818 $ 12,802 $ 189,968 $ 3,567,566 |
Summary of Recorded Investment, Unpaid Principal Balance, and Related Allowance for Loans and Leases Considered Impaired | The following and March 31, 2020 Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded Commercial real estate $ 20,229 $ 21,732 $ — Construction, land development, and other land 2,577 2,952 — Commercial and industrial 11,872 14,690 — With an allowance recorded Commercial real estate 12,745 13,725 3,634 Residential real estate 1,960 2,041 92 Commercial and industrial 32,054 34,611 9,709 Total impaired loans $ 81,437 $ 89,751 $ 13,435 December 31, 2019 Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded Commercial real estate $ 16,556 $ 19,808 $ — Residential real estate 2,165 2,253 — Construction, land development, and other land 2,644 3,000 — Commercial and industrial 19,211 20,398 — With an allowance recorded Commercial real estate 9,840 10,691 2,614 Residential real estate 233 233 124 Commercial and industrial 18,092 19,285 7,952 Total impaired loans $ 68,741 $ 75,668 $ 10,690 |
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 three months ended: March 31, 2020 Average Recorded Investment Interest Income Recognized With no related allowance recorded Commercial real estate $ 18,728 $ 277 Residential real estate 1,221 — Construction, land development, and other land 2,836 20 Commercial and industrial 14,368 105 With an allowance recorded Commercial real estate 13,177 136 Residential real estate 771 14 Commercial and industrial 24,668 441 Total impaired loans $ 75,769 $ 993 March 31, 2019 Average Recorded Investment Interest Income Recognized With no related allowance recorded Commercial real estate $ 7,345 $ 119 Residential real estate 1,541 13 Commercial and industrial 11,381 126 With an allowance recorded Commercial real estate 5,186 48 Residential real estate 226 2 Commercial and industrial 11,377 154 Total impaired loans $ 37,056 $ 462 |
Summary of Risk Rating Categories of Loans and Leases Considered for Inclusion in Allowance for Loan and Lease Losses Calculation | The following March 31, 2020 Commercial Real Estate Residential Real Estate Construction, Land Development, and Other Land Commercial and Industrial Installment and Other Lease Financing Receivables Total Pass $ 1,005,620 $ 571,637 $ 255,821 $ 1,157,119 $ 5,190 $ 169,709 $ 3,165,096 Watch 103,099 22,410 9,939 154,482 291 5 290,226 Special Mention 24,928 3,619 4,148 42,089 — 1,793 76,577 Substandard 33,417 2,133 2,577 45,061 4 1,542 84,734 Doubtful — — — — — 198 198 Loss — — — — — — — Total $ 1,167,064 $ 599,799 $ 272,485 $ 1,398,751 $ 5,485 $ 173,247 $ 3,616,831 December 31, 2019 Commercial Real Estate Residential Real Estate Construction, Land Development, and Other Land Commercial and Industrial Installment and Other Lease Financing Receivables Total Pass $ 984,881 $ 584,363 $ 247,775 $ 1,087,856 $ 6,013 $ 177,696 $ 3,088,584 Watch 99,803 21,856 18,181 159,282 302 8 299,432 Special Mention 27,484 3,648 4,684 26,944 — 1,799 64,559 Substandard 28,460 1,732 2,644 40,574 1 728 74,139 Doubtful — — — — — 279 279 Loss — — — — — — — Total $ 1,140,628 $ 611,599 $ 273,284 $ 1,314,656 $ 6,316 $ 180,510 $ 3,526,993 |
Summary of Contractual Delinquency Information | The following tables summarize contractual delinquency information for acquired non-impaired and originated loans and leases by category at March 31, 2020 and December 31, 2019: March 31, 2020 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 $ 23,857 $ 2,834 $ — $ 16,096 $ 42,787 $ 1,124,277 $ 1,167,064 Residential real estate 4,925 121 — 1,783 6,829 592,970 599,799 Construction, land development, and other land 1,297 — — 2,577 3,874 268,611 272,485 Commercial and industrial 23,401 310 — 27,256 50,967 1,347,784 1,398,751 Installment and other 279 — — 4 283 5,202 5,485 Lease financing receivables 1,523 492 — 1,247 3,262 169,985 173,247 Total $ 55,282 $ 3,757 $ — $ 48,963 $ 108,002 $ 3,508,829 $ 3,616,831 December 31, 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 $ 14,269 $ 5,153 $ — $ 12,274 $ 31,696 $ 1,108,932 $ 1,140,628 Residential real estate 3,187 460 — 1,371 5,018 606,581 611,599 Construction, land development, and other land — 4,460 — — 4,460 268,824 273,284 Commercial and industrial 7,789 3,594 — 22,151 33,534 1,281,122 1,314,656 Installment and other 133 2 — 1 136 6,180 6,316 Lease financing receivables 585 532 — 475 1,592 178,918 180,510 Total $ 25,963 $ 14,201 $ — $ 36,272 $ 76,436 $ 3,450,557 $ 3,526,993 |
Summary of TDR's by Loan Category | The tables below present TDRs by loan category as of March 31, 2020 and December 31, 2019: March 31, 2020 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Charge-offs Specific Reserves Accruing: Commercial real estate 5 $ 1,418 $ 1,418 $ — $ 94 Commercial and industrial 2 126 126 — 89 Residential real estate 2 181 181 — — Total accruing 9 1,725 1,725 — 183 Non-accruing: Commercial real estate 7 4,232 4,055 177 1,064 Commercial and industrial 11 9,914 7,965 1,949 2,482 Residential real estate 1 97 97 — — Total non-accruing 19 14,243 12,117 2,126 3,546 Total troubled debt restructurings 28 $ 15,968 $ 13,842 $ 2,126 $ 3,729 December 31, 2019 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Charge-offs Specific Reserves Accruing: Commercial real estate 5 $ 1,451 $ 1,451 $ — $ 223 Commercial and industrial 2 129 129 — 118 Residential real estate 2 191 191 — — Total accruing 9 1,771 1,771 — 341 Non-accruing: Commercial real estate 6 2,777 2,600 177 513 Commercial and industrial 11 8,048 6,096 1,952 1,312 Residential real estate 1 104 104 — — Total non-accruing 18 10,929 8,800 2,129 1,825 Total troubled debt restructurings 27 $ 12,700 $ 10,571 $ 2,129 $ 2,166 |
Summary of Loans Modified as Troubled Debt Restructurings | Loans modified and 2019 were: Three Months Ended March 31, 2020 2019 Accruing: Beginning balance $ 1,771 $ 1,813 Additions — 113 Net payments (46 ) (5 ) Net transfers from (to) non-accrual — — Ending balance 1,725 1,921 Non-accruing: Beginning balance 8,800 7,314 Additions 4,258 246 Net payments (941 ) 89 Charge-offs — (530 ) Net transfers from (to) accrual — — Ending balance 12,117 7,119 Total troubled debt restructurings $ 13,842 $ 9,040 |
Servicing Assets (Tables)
Servicing Assets (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Transfers And Servicing [Abstract] | |
Activity for Servicing Assets and Related Changes in Fair Value | Activity for the three months ended March 31, 2020 and 2019 was Three Months Ended March 31, 2020 2019 Beginning balance $ 19,471 $ 19,693 Additions, net 1,393 1,102 Changes in fair value (3,064 ) (1,261 ) Ending balance $ 17,800 $ 19,534 |
Unpaid Principal Balances of Loans Serviced for Others | The unpaid as of and were as follows: March 31, December 31, 2020 2019 Loan portfolios serviced for: SBA guaranteed loans $ 1,240,319 $ 1,231,959 USDA guaranteed loans 124,396 119,047 Total $ 1,364,715 $ 1,351,006 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 months ended March 31, 2020 Three Months Ended March 31, 2020 2019 Beginning balance $ 9,896 $ 5,041 Net additions to OREO 22 26 Proceeds from sales of OREO (264 ) (355 ) Gains (losses) on sales of OREO 82 (33 ) Valuation adjustments (463 ) (84 ) Ending balance $ 9,273 $ 4,595 |
Goodwill, Core Deposit Intang_2
Goodwill, Core Deposit Intangible and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Goodwill, Core Deposit Intangible Assets and Customer Relationship Intangible Assets | The following tables summarize the changes in the Company’s goodwill, core deposit intangible assets, and customer relationship intangible assets for the three months ended March 31, 2020 and 2019: Three Months Ended March 31, 2020 2019 Goodwill Core Intangible Customer Relationship Intangible Goodwill Core Intangible Customer Relationship Intangible Beginning balance $ 148,353 $ 29,111 $ 2,791 $ 128,177 $ 30,360 $ 3,059 Amortization — (1,826 ) (67 ) — (1,706 ) (67 ) Ending balance $ 148,353 $ 27,285 $ 2,724 $ 128,177 $ 28,654 $ 2,992 Accumulated amortization N/A $ 28,181 $ 492 N/A $ 20,592 $ 224 Weighted average remaining amortization period N/A 6.3 Years 10.2 Years N/A 6.6 Years 11.2 Years |
Estimated Amortization Expense for Core Deposit Intangible and Customer Relationship Intangible Recognized | The following table presents the estimated amortization expense for core deposit intangible and customer relationship intangible assets remaining at March 31, 2020: Estimated Amortization 2020 $ 5,678 2021 6,998 2022 6,426 2023 4,370 2024 2,286 Thereafter 4,251 Total $ 30,009 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Deposits [Abstract] | |
Composition of Deposits | The composition of deposits was as follows as of March 31, 2020 and December 31, 2019: March 31, December 31, 2020 2019 Non-interest-bearing demand deposits $ 1,290,896 $ 1,279,641 Interest-bearing checking accounts 355,678 338,185 Money market demand accounts 1,104,276 881,387 Other savings 486,131 475,839 Time deposits (below $250,000) 800,759 916,723 Time deposits ($250,000 and above) 201,096 255,802 Total deposits $ 4,238,836 $ 4,147,577 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Summary of Short-Term Borrowings | The following is a summary of the Company’s short-term borrowings as of March 31, 2020 and December 31, 2019: March 31, December 31, 2020 2019 Federal Reserve Bank discount window borrowing $ 250,000 $ — Federal Home Loan Bank advances 335,000 490,000 Securities sold under agreements to repurchase 55,647 49,638 Line of credit — — Total $ 640,647 $ 539,638 |
Summary of Short-term Credit Lines Available for Use | The following March 31, December 31, 2020 2019 Available federal funds lines (1) $ 115,000 $ 115,000 Federal Reserve Bank discount window line 346,688 547,798 Federal Home Loan Bank line 1,574,929 1,390,698 (1) The |
Junior Subordinated Debentures
Junior Subordinated Debentures (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Junior Subordinated Debentures by Issuance | At March 31, 2020 and December 31, 2019, the Name of Trust Aggregate Principal Amount March 31, 2020 Aggregate Principal Amount December 31, 2019 Stated Maturity Contractual Rate at March 31, 2020 Interest Rate Spread Metropolitan $ 35,000 $ 35,000 March 3.63 % 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 2.52 % Three-month LIBOR + 1.78% Total liability, at par 46,500 46,500 Discount (9,038 ) (9,166 ) Total liability, at carrying value $ 37,462 $ 37,334 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Minimum Annual Rental Commitments for Operating Leases | The minimum Minimum Commitments 2020 $ 3,375 2021 4,108 2022 2,357 2023 1,358 2024 1,225 Thereafter 2,137 Total $ 14,560 |
Summary of Contract or Notional Amount of Outstanding Loan and Lease Commitments | The following March 31 2020 December 31, 2019 Fixed Rate Variable Total Fixed Variable Total Commitments to extend credit $ 63,524 $ 920,694 $ 984,218 $ 55,852 $ 908,382 $ 964,234 Letters of credit 690 57,650 58,340 724 65,514 66,238 Total $ 64,214 $ 978,344 $ 1,042,558 $ 56,576 $ 973,896 $ 1,030,472 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 Fair Value Level 1 Level 2 Level 3 Financial assets Securities available-for-sale U.S. Treasury Notes $ 38,301 $ 38,301 $ — $ — U.S. Government agencies 133,711 — 133,711 — Obligations of states, municipalities, and political subdivisions 101,292 — 101,292 — Mortgage-backed securities; residential Agency 613,221 — 613,221 — Non-Agency 87,109 — 87,109 — Mortgage-backed securities; commercial Agency 198,460 — 198,460 — Non-Agency 30,543 — 30,543 — Corporate securities 51,089 — 51,089 — Asset-backed securities 45,757 — 45,757 — Equity and other securities, at fair value Mutual funds 2,979 2,979 — — Equity securities 4,434 — 3,754 680 Servicing assets 17,800 — — 17,800 Derivative assets 19,066 — 19,066 — Financial liabilities Derivative liabilities 20,359 — 20,359 — Fair Value Measurements Using December 31, 2019 Fair Value Level 1 Level 2 Level 3 Financial assets Securities available-for-sale U.S. Treasury Notes $ 41,830 $ 41,830 $ — $ — U.S. Government agencies 164,950 — 164,950 — Obligations of states, municipalities, and political subdivisions 94,832 — 94,832 — Mortgage-backed securities; residential Agency 490,236 — 490,236 — Non-Agency 109,822 — 109,822 — Mortgage-backed securities; commercial Agency 159,701 — 159,701 — Non-Agency 31,274 — 31,274 — Corporate securities 49,330 — 49,330 — Asset-backed securities 44,317 — 44,317 — Equity and other securities, at fair value Mutual funds 2,952 2,952 — — Equity securities 5,079 — 4,379 700 Servicing assets 19,471 — — 19,471 Derivative assets 7,960 — 7,960 — Financial liabilities Derivative liabilities 8,519 — 8,519 — |
Summary of Financial Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs | The following table presents additional information about financial assets measured at fair value on recurring basis for which the Company used significant unobservable inputs (Level 3): Three Months Ended March 31, 2020 2019 2020 2019 Investment Securities Servicing Assets Balance, beginning of period $ 700 $ 886 $ 19,471 $ 19,693 Additions, net — — 1,393 1,102 Amortization — 1 — — Change in fair value (20 ) 3 (3,064 ) (1,261 ) Balance, end of period $ 680 $ 890 $ 17,800 $ 19,534 |
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 Single issuer trust preferred Discounted cash flow Discount rate 5.1%—6.4% 5.6 % Decrease Servicing assets Discounted cash flow Prepayment speeds 3.0%—23.9% 15.1 % Decrease Discount rate 4.7%—21.6% 13.8 % Decrease Expected weighted average loan life 0.7—9.0 years 3.8 years Increase |
Summary of Company's Assets Measured at Fair Value on a Non-Recurring Basis | The following tables Fair Value Measurements Using March 31, 2020 Fair Value Level 1 Level 2 Level 3 Non-recurring Impaired loans (excluding acquired impaired loans) Commercial real estate $ 29,340 $ — $ — $ 29,340 Residential real estate 1,868 — — 1,868 Construction, land development, and other land 2,577 — — 2,577 Commercial and industrial 34,217 — — 34,217 Assets held for sale 14,647 — — 14,647 Other real estate owned 9,273 — — 9,273 Fair Value Measurements Using December 31, 2019 Fair Value Level 1 Level 2 Level 3 Non-recurring Impaired loans (excluding acquired impaired loans) Commercial real estate $ 23,782 $ — $ — $ 23,782 Residential real estate 2,274 — — 2,274 Construction, land development, and other land 2,644 — — 2,644 Commercial and industrial 29,351 — — 29,351 Assets held for sale 15,362 — — 15,362 Other real estate owned 9,896 — — 9,896 |
Estimated Fair Values of Financial Instruments | The estimated not carried at fair value March 31, December 31, Fair Value 2020 2019 Hierarchy Level Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Financial assets Cash and due from banks 1 $ 45,233 $ 45,233 $ 48,228 $ 48,228 Interest bearing deposits with other banks 2 74,386 74,386 32,509 32,509 Securities held-to-maturity 2 4,408 4,516 4,412 4,498 Other restricted stock 2 24,197 24,197 22,127 22,127 Loans held for sale 3 13,299 13,580 11,732 12,935 Loans and lease receivables, net (less impaired loans at fair value 3 3,750,417 3,653,649 3,695,674 3,661,724 Accrued interest receivable 3 13,064 13,064 13,283 13,283 Financial liabilities Non-interest-bearing deposits 2 1,290,896 1,290,896 1,279,641 1,279,641 Interest-bearing deposits 2 2,947,940 2,951,430 2,867,936 2,873,380 Accrued interest payable 2 2,104 2,104 3,677 3,677 Federal Reserve Bank discount window borrowing 2 250,000 250,000 — — Federal Home Loan Bank advances 2 335,000 335,000 490,000 490,000 Securities sold under repurchase agreement 2 55,647 55,647 49,638 49,638 Junior subordinated debentures 3 37,462 41,469 37,334 42,881 |
Derivative Instruments and He_2
Derivative Instruments and Hedge Activities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 and December 31, 2019: March 31, 2020 December 31, 2019 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 $ — $ — $ — $ — $ — $ — Derivatives not designated as hedging instruments Other interest rate derivatives 373,266 19,066 20,335 332,056 7,960 8,507 Other credit derivatives 9,086 — 24 9,302 — 12 Total derivatives $ 382,352 $ 19,066 $ 20,359 $ 341,358 $ 7,960 $ 8,519 |
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 three months ended: March 31, 2020 March 31, 2019 Amount of Loss Recognized in OCI Amount of Loss Reclassified from OCI to Income as an Increase 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 a Decrease to Interest Expense Amount of Gain (Loss) Recognized in Other Non-Interest Income Interest rate swaps $ — $ (21 ) $ — $ (1,817 ) $ 705 $ — |
Summary of Other Interest Rate Derivatives | The following table reflects other interest rate derivatives as of March 31, 2020: Notional amounts $ 373,266 Derivative assets fair value 19,066 Derivative liabilities fair value 20,335 Weighted average pay rates 4.47 % Weighted average receive rates 3.76 % Weighted average maturity 6.4 years |
Summary of Amounts Included in Non-Interest Income in Consolidated Statements of Operations Relating to Derivative Instruments not Designated in Hedging Relationship | The following table reflects amounts included in non-interest income in the Consolidated Statements of Operations relating to derivative instruments that are not designated in a hedging relationship for the three months ended March 31, 2020 and 2019: Three Months Ended March 31, 2020 2019 Other interest rate derivatives $ (723 ) $ (151 ) Other credit derivatives (12 ) (1 ) Total $ (735 ) $ (152 ) |
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: March 31, 2020 December 31, 2019 Derivative Assets Fair Value Derivative Liabilities Fair Value Derivative Assets Fair Value Derivative Liabilities Fair Value Gross amounts recognized $ 19,066 $ 20,359 $ 7,960 $ 8,519 Less: Amounts offset in the Consolidated Statements of Financial Condition — — — — Net amount presented in the Consolidated Statements of Financial Condition $ 19,066 $ 20,359 $ 7,960 $ 8,519 Gross amounts not offset in the Consolidated Statements of Financial Condition Offsetting derivative positions — — (1 ) (1 ) Collateral posted (19,066 ) (19,700 ) (7,959 ) (8,518 ) Net credit exposure $ — $ 659 $ — $ — |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 three months ended March 31, 2020 and 2019: Three Months Ended March 31, 2020 2019 Total share-based compensation - stock options $ 7 $ 33 Income tax benefit 2 9 Unrecognized compensation expense - stock options — 113 Weighted-average amortization period remaining 0.0 years 0.8 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 three months ended March 31, 2020 and 2019: Three Months Ended March 31, 2020 2019 Total share-based compensation - restricted stock $ 600 $ 353 Income tax benefit 167 98 Unrecognized compensation expense 7,064 2,675 Weighted-average amortization period remaining 2.9 years 2.7 years |
Omnibus Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Changes in Restricted Shares | The following table discloses the changes in restricted shares for the three months ended March 31, 2020: Omnibus Plan Number of Shares Weighted Average Grant Date Fair Value Beginning balance, January 1, 2020 328,653 $ 19.94 Granted 174,179 17.52 Vested — 0.00 Forfeited (143 ) 17.50 Ending balance outstanding at March 31, 2020 502,689 $ 19.10 |
BYB Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Activity in shares Subjected to Options and Weighted Average Exercise Prices | The following table discloses the activity in shares subject to options and the weighted average exercise prices, in actual dollars, for the three months ended March 31, 2020: BYB Plan Number of Shares Weighted Average Exercise Price Intrinsic Value Weighted Average Remaining Contractual Term (in Years) Beginning balance, January 1, 2020 1,410,075 $ 11.38 $ 11,542 5.4 Exercised (19,496 ) 13.00 $ 139 Expired — Ending balance outstanding at March 31, 2020 1,390,579 $ 11.36 $ — 5.2 Exercisable at March 31, 2020 1,390,579 $ 11.36 $ — 5.2 |
FEB Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Activity in shares Subjected to Options and Weighted Average Exercise Prices | The following table discloses the activity in shares subject to options under the FEB Plan and the weighted average exercise prices, in actual dollars, for the three months ended March 31, 2020: FEB Plan Number of Shares Weighted Average Exercise Price Intrinsic Value Weighted Average Remaining Contractual Term (in Years) Beginning balance, January 1, 2020 511,169 $ 11.35 $ 4,204 4.4 Exercised (35,906 ) $ 11.80 $ 295 Expired — Ending balance outstanding at March 31, 2020 475,263 $ 11.31 $ — 4.1 Exercisable at March 31, 2020 475,263 $ 11.31 $ — 4.1 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 2019 Net income $ 2,966 $ 12,597 Less: Dividends on preferred shares 196 196 Net income available to common stockholders $ 2,770 $ 12,401 Weighted-average common stock outstanding: Weighted-average common stock outstanding (basic) 37,943,333 36,169,477 Incremental shares 720,325 707,097 Weighted-average common stock outstanding (dilutive) 38,663,658 36,876,574 Basic earnings per common share $ 0.07 $ 0.34 Diluted earnings per common share $ 0.07 $ 0.34 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Summary of Preferred and Common Stock | A summary of the Company’s preferred and common stock at March 31, 2020 and December 31, 2019 is as follows: March 31, December 31, 2020 2019 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 38,501,507 38,256,500 Shares outstanding 38,383,021 38,256,500 Treasury shares 118,486 — |
Consolidated Statements of Ch_4
Consolidated Statements of Changes in Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Schedule of Consolidated Statements of Changes in Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2020 and 2019: (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, 2019 $ 4,763 $ (14,261 ) $ (9,498 ) Adoption of ASU 2016-01 — (1,440 ) (1,440 ) Other comprehensive income (loss), net of tax (1,820 ) 6,339 4,519 Balance, March 31, 2019 $ 2,943 $ (9,362 ) $ (6,419 ) Balance, January 1, 2020 $ (366 ) $ (334 ) $ (700 ) Other comprehensive income, net of tax 16 11,032 11,048 Balance, March 31, 2020 $ (350 ) $ 10,698 $ 10,348 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2020segment | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Number of reportable segments | 1 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) - USD ($) | May 15, 2019 | Apr. 30, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 148,353,000 | $ 128,177,000 | $ 148,353,000 | $ 128,177,000 | ||
Oak Park River Forest Bankshares, Inc. | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition date of agreement | Apr. 30, 2019 | |||||
Right to receive common stock upon conversion | 7.9321 | |||||
Consideration paid in cash | $ 4,200,000 | $ 6,163,000 | ||||
Common stock outstanding value per share | $ 33.375 | |||||
Common stock issued price per share | $ 20.02 | |||||
Issuance of common shares | 1,464,558 | |||||
Value of common stock consideration | $ 29,300,000 | |||||
Options to acquire common stock shares | 35,870 | |||||
Option to acquire common stock value | $ 4,200,000 | |||||
Total merger consideration | 35,483,000 | |||||
Stock issuance costs | 585,000 | |||||
Goodwill | $ 20,176,000 | |||||
Oak Park River Forest Bankshares, Inc. | Non-interest Expense | ||||||
Business Acquisition [Line Items] | ||||||
Acquisition advisory expenses | 18,000 | 2,300,000 | ||||
Core system conversion expenses | $ 0 | $ 2,000,000 |
Acquisitions - Summary of Fair
Acquisitions - Summary of Fair Values of Assets and Liabilities Assumed as of Acquisition Date (Details) - USD ($) $ in Thousands | May 15, 2019 | Apr. 30, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Consideration paid | ||||||
Goodwill | $ 148,353 | $ 148,353 | $ 128,177 | $ 128,177 | ||
Oak Park River Forest Bankshares, Inc. | ||||||
Assets | ||||||
Cash and cash equivalents | $ 10,469 | |||||
Securities available-for-sale | 30,343 | |||||
Restricted stock | 414 | |||||
Loans | 257,423 | |||||
Premises and equipment | 3,488 | |||||
Other real estate owned | 2,201 | |||||
Other intangible assets | 6,220 | |||||
Bank-owned life insurance | 3,485 | |||||
Deferred tax assets, net | 5,925 | |||||
Other assets | 1,231 | |||||
Total assets acquired | 321,199 | |||||
Liabilities | ||||||
Deposits | 290,171 | |||||
Line of credit | 5,655 | |||||
Federal Home Loan Bank advances | 5,300 | |||||
Accrued expenses and other liabilities | 4,766 | |||||
Total liabilities assumed | 305,892 | |||||
Net assets acquired | 15,307 | |||||
Consideration paid | ||||||
Common stock (1,464,558 shares issued at $20.02 per share) | 29,320 | |||||
Consideration paid in cash | $ 4,200 | 6,163 | ||||
Total consideration paid | 35,483 | |||||
Goodwill | $ 20,176 |
Acquisitions - Summary of Fai_2
Acquisitions - Summary of Fair Values of Assets and Liabilities Assumed as of Acquisition Date (Parenthetical) (Details) - Oak Park River Forest Bankshares, Inc. | Apr. 30, 2019$ / sharesshares |
Business Acquisition [Line Items] | |
Stock issued (in shares) | shares | 1,464,558 |
Stock issued (in dollars per share) | $ / shares | $ 20.02 |
Acquisitions - Summary of Acqui
Acquisitions - Summary of Acquired Non-Impaired Loans as of Acquisition Date (Details) - Oak Park River Forest Bankshares, Inc. $ in Thousands | Apr. 30, 2019USD ($) | |
Business Acquisition [Line Items] | ||
Fair value | $ 204,496 | |
Gross contractual amounts receivable | 254,755 | |
Estimate of contractual cash flows not expected to be collected | 12,987 | [1] |
Estimate of contractual cash flows expected to be collected | $ 241,768 | |
[1] | Includes interest payments not expected to be collected due to loan prepayments as well as principal and interest payments not expected to be collected due to customer default. |
Acquisitions - Summary of Unaud
Acquisitions - Summary of Unaudited Pro Forma Information for Results of Operations (Details) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($)$ / shares | |
Business Combinations [Abstract] | |
Total revenues (net interest income and non-interest income) | $ | $ 68,259 |
Net income | $ | $ 13,590 |
Earnings per share—basic | $ / shares | $ 0.36 |
Earnings per share—diluted | $ / shares | $ 0.35 |
Securities - Summary of Amortiz
Securities - Summary of Amortized Cost and Fair Values of Securities Available-for-sale (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | $ 1,281,305 | $ 1,183,404 |
Available-for-sale Securities, Gross Unrealized Gains | 26,372 | 7,593 |
Available-for-sale Securities, Gross Unrealized Losses | (8,194) | (4,705) |
Available-for-sale Securities, Fair Value | 1,299,483 | 1,186,292 |
U.S. Treasury Notes | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 37,424 | 41,403 |
Available-for-sale Securities, Gross Unrealized Gains | 877 | 427 |
Available-for-sale Securities, Fair Value | 38,301 | 41,830 |
U.S. Government Agencies | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 132,687 | 165,162 |
Available-for-sale Securities, Gross Unrealized Gains | 1,024 | 542 |
Available-for-sale Securities, Gross Unrealized Losses | (754) | |
Available-for-sale Securities, Fair Value | 133,711 | 164,950 |
Obligations of States, Municipalities, and Political Subdivisions | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 98,321 | 92,806 |
Available-for-sale Securities, Gross Unrealized Gains | 3,078 | 2,075 |
Available-for-sale Securities, Gross Unrealized Losses | (107) | (49) |
Available-for-sale Securities, Fair Value | 101,292 | 94,832 |
Agency, Residential Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 596,664 | 490,427 |
Available-for-sale Securities, Gross Unrealized Gains | 16,569 | 2,163 |
Available-for-sale Securities, Gross Unrealized Losses | (12) | (2,354) |
Available-for-sale Securities, Fair Value | 613,221 | 490,236 |
Non-Agency, Residential Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 87,683 | 109,501 |
Available-for-sale Securities, Gross Unrealized Gains | 385 | 593 |
Available-for-sale Securities, Gross Unrealized Losses | (959) | (272) |
Available-for-sale Securities, Fair Value | 87,109 | 109,822 |
Agency, Commercial Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 195,255 | 159,650 |
Available-for-sale Securities, Gross Unrealized Gains | 3,784 | 1,092 |
Available-for-sale Securities, Gross Unrealized Losses | (579) | (1,041) |
Available-for-sale Securities, Fair Value | 198,460 | 159,701 |
Non-Agency, Commercial Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 31,064 | 31,144 |
Available-for-sale Securities, Gross Unrealized Gains | 130 | |
Available-for-sale Securities, Gross Unrealized Losses | (521) | |
Available-for-sale Securities, Fair Value | 30,543 | 31,274 |
Corporate Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 51,691 | 48,796 |
Available-for-sale Securities, Gross Unrealized Gains | 655 | 571 |
Available-for-sale Securities, Gross Unrealized Losses | (1,257) | (37) |
Available-for-sale Securities, Fair Value | 51,089 | 49,330 |
Asset-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 50,516 | 44,515 |
Available-for-sale Securities, Gross Unrealized Losses | (4,759) | (198) |
Available-for-sale Securities, Fair Value | $ 45,757 | $ 44,317 |
Securities - Summary of Amort_2
Securities - Summary of Amortized Cost and Fair Values of Securities Held-to-maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost | $ 4,408 | $ 4,412 |
Held-to-maturity Securities, Gross Unrealized Gains | 108 | 86 |
Held-to-maturity Securities, Fair Value | 4,516 | 4,498 |
Obligations of States, Municipalities, and Political Subdivisions | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost | 4,408 | 4,412 |
Held-to-maturity Securities, Gross Unrealized Gains | 108 | 86 |
Held-to-maturity Securities, Fair Value | $ 4,516 | $ 4,498 |
Securities - Additional Informa
Securities - Additional Information (Details) | 3 Months Ended | ||
Mar. 31, 2020USD ($)Security | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Schedule Of Investments [Line Items] | |||
Trading securities | $ 0 | $ 0 | |
Net gains or (losses) reclassified from accumulated other comprehensive income (loss) into earnings | 1,400,000 | $ 0 | |
Investment securities posted as collateral | 1,100,000,000 | 552,400,000 | |
Carrying amount of securities pledged as collateral | $ 369,700,000 | $ 301,100,000 | |
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% | |
Federal Home Loan Bank Advances | |||
Schedule Of Investments [Line Items] | |||
Carrying amount of securities pledged as collateral | $ 0 | $ 0 | |
Public Fund Deposits | |||
Schedule Of Investments [Line Items] | |||
Carrying amount of securities pledged as collateral | 299,300,000 | 240,400,000 | |
Customer Repurchase Agreements | |||
Schedule Of Investments [Line Items] | |||
Carrying amount of securities pledged as collateral | $ 65,300,000 | $ 55,700,000 | |
Available-for-sale Securities | |||
Schedule Of Investments [Line Items] | |||
Investment securities with unrealized losses | Security | 50 | ||
Held-to-maturity Securities | |||
Schedule Of Investments [Line Items] | |||
Investment securities with unrealized losses | Security | 0 |
Securities - Summary of Gross U
Securities - Summary of Gross Unrealized Losses and Fair Values, Aggregated by Investment Category and Length of Individual Securities Continuous Unrealized Loss Position Available-for-sale (Details) $ in Thousands | Mar. 31, 2020USD ($)Security | Dec. 31, 2019USD ($)Security |
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 50 | 99 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 205,062 | $ 343,722 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (8,194) | (2,377) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 257,869 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (2,328) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 205,062 | 601,591 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (8,194) | $ (4,705) |
U.S. Government Agencies | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 8 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 49,318 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (662) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 20,283 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (92) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 69,601 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (754) | |
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 | 7 | 7 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 5,951 | $ 13,309 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (107) | (45) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 1,419 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (4) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 5,951 | 14,728 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (107) | $ (49) |
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 | 1 | 50 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 564 | $ 132,703 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (12) | (666) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 193,363 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (1,688) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 564 | 326,066 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (12) | $ (2,354) |
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 | 10 | 9 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 52,821 | $ 36,902 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (959) | (206) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 10,126 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (66) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 52,821 | 47,028 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (959) | $ (272) |
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 | 6 | 13 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 53,000 | $ 67,649 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (579) | (563) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 32,678 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (478) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 53,000 | 100,327 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (579) | $ (1,041) |
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, Less than 12 Months, Fair Value | $ 30,543 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (521) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 30,543 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (521) | |
Corporate Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 12 | 4 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 22,426 | $ 6,103 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (1,257) | (37) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 22,426 | 6,103 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (1,257) | $ (37) |
Asset-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 9 | 8 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 39,757 | $ 37,738 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (4,759) | (198) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 39,757 | 37,738 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (4,759) | $ (198) |
Securities - Summary of Proceed
Securities - Summary of Proceeds From Sales of Securities Available-for-sale and Associated Gains and Losses (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Available For Sale Securities Gross Realized Gain Loss [Abstract] | |
Proceeds | $ 45,417 |
Gross gains | 1,457 |
Gross losses | $ 82 |
Securities - Schedule of Amorti
Securities - Schedule of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Available-for-sale Securities Debt Maturities, Amortized Cost [Abstract] | ||
Available-for-sale Securities, Due in one year or less, Amortized Cost | $ 43,747 | |
Available-for-sale Securities, Due from one to five years, Amortized Cost | 65,496 | |
Available-for-sale Securities, Due from five to ten years, Amortized Cost | 136,058 | |
Available-for-sale Securities, Due after ten years, Amortized Cost | 125,338 | |
Available-for-sale Securities, Amortized Cost | 1,281,305 | $ 1,183,404 |
Held-to-maturity Securities Debt Maturities, Amortized Cost [Abstract] | ||
Held-to-maturity Securities, Due in one year or less, Amortized Cost | 506 | |
Held-to-maturity Securities, Due from one to five years, Amortized Cost | 3,902 | |
Held-to-maturity Securities, Amortized Cost | 4,408 | 4,412 |
Available-for-sale Securities Debt Maturities, Fair Value [Abstract] | ||
Available-for-sale Securities, Due in one year or less, Fair Value | 44,142 | |
Available-for-sale Securities, Due from one to five years, Fair Value | 66,370 | |
Available-for-sale Securities, Due from five to ten years, Fair Value | 137,383 | |
Available-for-sale Securities, Due after ten years, Fair Value | 122,255 | |
Available-for-sale Securities, Fair Value, Total | 1,299,483 | 1,186,292 |
Held-to-maturity Securities Debt Maturities, Fair Value [Abstract] | ||
Held-to-maturity Securities, Due in one year or less, Fair Value | 508 | |
Held-to-maturity Securities, Due from one to five years, Fair Value | 4,008 | |
Held-to-maturity securities, Fair Value, Total | 4,516 | $ 4,498 |
Mortgage-Backed Securities | ||
Available-for-sale Securities Debt Maturities, Amortized Cost [Abstract] | ||
Available-for-sale Securities, Not due at single maturity, Amortized Cost | 910,666 | |
Available-for-sale Securities Debt Maturities, Fair Value [Abstract] | ||
Available-for-sale Securities, Not due at single maturity, Fair Value | $ 929,333 |
Loan and Lease Receivables - Sc
Loan and Lease Receivables - Schedule of Outstanding Loan and Lease Receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | $ 3,854,918 | $ 3,780,636 | ||
Net unamortized deferred fees and costs | 2,828 | 2,289 | ||
Initial direct costs | 2,513 | 2,736 | ||
Allowance for loan and lease losses | (41,840) | (31,936) | $ (27,106) | $ (25,201) |
Net loans and leases | 3,818,419 | 3,753,725 | ||
Lease financing receivables | ||||
Net minimum lease payments | 185,551 | 193,359 | ||
Unguaranteed residual values | 1,228 | 1,347 | ||
Unearned income | (16,045) | (16,932) | ||
Total lease financing receivables | 170,734 | 177,774 | ||
Initial direct costs | 2,513 | 2,736 | ||
Lease financial receivables before allowance for lease losses | 173,247 | 180,510 | ||
Commercial Real Estate | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 1,293,225 | 1,275,058 | ||
Allowance for loan and lease losses | (11,851) | (7,965) | (6,660) | (7,540) |
Residential Real Estate | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 693,650 | 711,499 | ||
Allowance for loan and lease losses | (2,778) | (1,990) | (1,970) | (1,751) |
Construction, Land Development, and Other Land | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 278,579 | 279,403 | ||
Allowance for loan and lease losses | (1,004) | (610) | (536) | (466) |
Commercial and Industrial | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 1,413,090 | 1,330,418 | ||
Allowance for loan and lease losses | (24,139) | (19,377) | (15,630) | (12,932) |
Installment and Other | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 5,640 | 6,484 | ||
Allowance for loan and lease losses | (53) | (50) | (63) | (49) |
Lease Financing Receivables | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 170,734 | 177,774 | ||
Allowance for loan and lease losses | $ (2,015) | $ (1,944) | $ (2,247) | $ (2,463) |
Loan and Lease Receivables - Ad
Loan and Lease Receivables - Additional Information (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | Apr. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Accounts Notes And Loans Receivable [Line Items] | |||||
Total loans and leases | $ 3,854,918,000 | $ 3,780,636,000 | |||
Loans held for sale pledged as security for borrowings | 1,900,000,000 | 1,800,000,000 | |||
Allowance for loan and lease losses | 41,840,000 | 31,936,000 | $ 27,106,000 | $ 25,201,000 | |
Acquired Impaired Loans | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Loans acquired | $ 52,927,000 | ||||
Allowance for loan and lease losses | 4,300,000 | 2,800,000 | |||
Acquired Impaired Loans | Oak Park River Forest Bankshares, Inc. | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Loans acquired | $ 52,900,000 | ||||
Acquired Non-Impaired Loans and Leases | Oak Park River Forest Bankshares, Inc. | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Loans acquired | 204,500,000 | ||||
Installment and Other | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Total loans and leases | 5,640,000 | 6,484,000 | |||
Overdraft deposits reclassified as loans | 447,000 | 852,000 | |||
Allowance for loan and lease losses | 53,000 | 50,000 | $ 63,000 | $ 49,000 | |
U.S. Government Guaranteed Loans | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Total loans and leases | $ 122,200,000 | $ 119,800,000 |
Loan and Lease Receivables - Su
Loan and Lease Receivables - Summary of Minimum Annual Lease Payments for Lease Financing Receivables (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Receivables [Abstract] | |
2020 | $ 53,064 |
2021 | 58,350 |
2022 | 40,743 |
2023 | 22,851 |
2024 | 9,541 |
Thereafter | 1,002 |
Total | $ 185,551 |
Loan and Lease Receivables - _2
Loan and Lease Receivables - Summary of Balances for Each Respective Loan and Lease Category (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | $ 3,860,259 | $ 3,785,661 | $ 3,567,566 |
Originated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 2,984,646 | 2,835,652 | |
Acquired Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 243,428 | 258,668 | |
Acquired Non-Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 632,185 | 691,341 | |
Commercial Real Estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 1,294,959 | 1,276,542 | 1,262,283 |
Commercial Real Estate | Originated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 839,244 | 792,263 | |
Commercial Real Estate | Acquired Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 127,895 | 135,914 | |
Commercial Real Estate | Acquired Non-Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 327,820 | 348,365 | |
Residential Real Estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 693,997 | 711,822 | 699,036 |
Residential Real Estate | Originated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 480,946 | 483,072 | |
Residential Real Estate | Acquired Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 94,198 | 100,223 | |
Residential Real Estate | Acquired Non-Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 118,853 | 128,527 | |
Construction, Land Development, and Other Land | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 277,776 | 278,657 | 213,659 |
Construction, Land Development, and Other Land | Originated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 242,001 | 235,794 | |
Construction, Land Development, and Other Land | Acquired Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 5,291 | 5,373 | |
Construction, Land Development, and Other Land | Acquired Non-Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 30,484 | 37,490 | |
Commercial and Industrial | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 1,414,559 | 1,331,565 | 1,189,818 |
Commercial and Industrial | Originated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 1,263,688 | 1,160,996 | |
Commercial and Industrial | Acquired Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 15,808 | 16,909 | |
Commercial and Industrial | Acquired Non-Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 135,063 | 153,660 | |
Installment and Other | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 5,721 | 6,565 | 12,802 |
Installment and Other | Originated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 4,594 | 5,372 | |
Installment and Other | Acquired Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 236 | 249 | |
Installment and Other | Acquired Non-Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 891 | 944 | |
Lease Financing Receivables | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 173,247 | 180,510 | $ 189,968 |
Lease Financing Receivables | Originated | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | 154,173 | 158,155 | |
Lease Financing Receivables | Acquired Non-Impaired | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans and leases | $ 19,074 | $ 22,355 |
Loan and Lease Receivables - Es
Loan and Lease Receivables - Estimated Fair Value of Impaired Loans Acquired at Acquisition (Details) - Acquired Impaired Loans $ in Thousands | Apr. 30, 2019USD ($) |
Accounts Notes And Loans Receivable [Line Items] | |
Undiscounted contractual cash flows | $ 74,092 |
Undiscounted cash flows not expected to be collected (non-accretable difference) | 11,401 |
Undiscounted cash flows expected to be collected | 62,691 |
Accretable yield at acquisition | (9,764) |
Estimated fair value of impaired loans acquired at acquisition | $ 52,927 |
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 | Mar. 31, 2020 | Dec. 31, 2019 |
Accounts Notes And Loans Receivable [Line Items] | ||
Outstanding Balance | $ 355,544 | $ 380,880 |
Carrying Value | 243,428 | 258,668 |
Commercial Real Estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Outstanding Balance | 175,242 | 189,969 |
Carrying Value | 127,895 | 135,914 |
Residential Real Estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Outstanding Balance | 143,257 | 151,641 |
Carrying Value | 94,198 | 100,223 |
Construction, Land Development, and Other Land | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Outstanding Balance | 14,214 | 14,841 |
Carrying Value | 5,291 | 5,373 |
Commercial and Industrial | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Outstanding Balance | 21,863 | 23,330 |
Carrying Value | 15,808 | 16,909 |
Installment and Other | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Outstanding Balance | 968 | 1,099 |
Carrying Value | $ 236 | $ 249 |
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Receivables [Abstract] | ||
Beginning balance | $ 40,009 | $ 37,115 |
Accretion to interest income | (5,205) | (5,250) |
Reclassification from (to) nonaccretable difference, net | 2,233 | (2,525) |
Ending balance | $ 37,037 | $ 29,340 |
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 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Accounts Notes And Loans Receivable [Line Items] | |||
Loans and leases | $ 3,860,259 | $ 3,785,661 | $ 3,567,566 |
Acquired Non-impaired Loans and Leases | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | 649,158 | 710,161 | |
Loans and leases | 632,185 | 691,341 | |
Commercial Real Estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans and leases | 1,294,959 | 1,276,542 | 1,262,283 |
Commercial Real Estate | Acquired Non-impaired Loans and Leases | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | 335,844 | 356,787 | |
Loans and leases | 327,820 | 348,365 | |
Residential Real Estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans and leases | 693,997 | 711,822 | 699,036 |
Residential Real Estate | Acquired Non-impaired Loans and Leases | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | 120,492 | 130,412 | |
Loans and leases | 118,853 | 128,527 | |
Construction, Land Development, and Other Land | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans and leases | 277,776 | 278,657 | 213,659 |
Construction, Land Development, and Other Land | Acquired Non-impaired Loans and Leases | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | 31,268 | 38,416 | |
Loans and leases | 30,484 | 37,490 | |
Commercial and Industrial | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans and leases | 1,414,559 | 1,331,565 | 1,189,818 |
Commercial and Industrial | Acquired Non-impaired Loans and Leases | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | 139,970 | 159,599 | |
Loans and leases | 135,063 | 153,660 | |
Installment and Other | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans and leases | 5,721 | 6,565 | 12,802 |
Installment and Other | Acquired Non-impaired Loans and Leases | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | 916 | 971 | |
Loans and leases | 891 | 944 | |
Lease Financing Receivables | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans and leases | 173,247 | 180,510 | $ 189,968 |
Lease Financing Receivables | Acquired Non-impaired Loans and Leases | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unpaid Principal Balance | 20,668 | 23,976 | |
Loans and leases | $ 19,074 | $ 22,355 |
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 | ||||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | |
Allowance for loan and lease losses | |||||
Beginning balance | $ 31,936 | $ 25,201 | |||
Provisions | 14,455 | 3,999 | |||
Charge-offs | (4,972) | (2,348) | |||
Recoveries | 421 | 254 | |||
Ending balance | 41,840 | 27,106 | |||
Ending balance: | |||||
Individually evaluated for impairment | $ 13,435 | $ 7,559 | |||
Collectively evaluated for impairment | 24,103 | 16,701 | |||
Allowance for loan and lease losses | 31,936 | 27,106 | 41,840 | $ 31,936 | 27,106 |
Loans and leases ending balance: | |||||
Individually evaluated for impairment | 81,437 | 43,798 | |||
Collectively evaluated for impairment | 3,535,394 | 3,260,357 | |||
Total loans and leases | 3,860,259 | 3,785,661 | 3,567,566 | ||
Loans Acquired with Deteriorated Credit Quality | |||||
Ending balance: | |||||
Loans acquired with deteriorated credit quality | 4,302 | 2,846 | |||
Loans and leases ending balance: | |||||
Loans acquired with deteriorated credit quality | 243,428 | 263,411 | |||
Commercial Real Estate | |||||
Allowance for loan and lease losses | |||||
Beginning balance | 7,965 | 7,540 | |||
Provisions | 4,422 | 442 | |||
Charge-offs | (552) | (1,351) | |||
Recoveries | 16 | 29 | |||
Ending balance | 11,851 | 6,660 | |||
Ending balance: | |||||
Individually evaluated for impairment | 3,634 | 1,403 | |||
Collectively evaluated for impairment | 6,115 | 4,141 | |||
Allowance for loan and lease losses | 11,851 | 6,660 | 11,851 | 7,965 | 6,660 |
Loans and leases ending balance: | |||||
Individually evaluated for impairment | 32,974 | 17,354 | |||
Collectively evaluated for impairment | 1,134,090 | 1,103,730 | |||
Total loans and leases | 1,294,959 | 1,276,542 | 1,262,283 | ||
Commercial Real Estate | Loans Acquired with Deteriorated Credit Quality | |||||
Ending balance: | |||||
Loans acquired with deteriorated credit quality | 2,102 | 1,116 | |||
Loans and leases ending balance: | |||||
Loans acquired with deteriorated credit quality | 127,895 | 141,199 | |||
Residential Real Estate | |||||
Allowance for loan and lease losses | |||||
Beginning balance | 1,990 | 1,751 | |||
Provisions | 784 | 218 | |||
Charge-offs | (5) | ||||
Recoveries | 9 | 1 | |||
Ending balance | 2,778 | 1,970 | |||
Ending balance: | |||||
Individually evaluated for impairment | 92 | 34 | |||
Collectively evaluated for impairment | 1,685 | 1,516 | |||
Allowance for loan and lease losses | 2,778 | 1,970 | 2,778 | 1,990 | 1,970 |
Loans and leases ending balance: | |||||
Individually evaluated for impairment | 1,960 | 2,060 | |||
Collectively evaluated for impairment | 597,839 | 590,212 | |||
Total loans and leases | 693,997 | 711,822 | 699,036 | ||
Residential Real Estate | Loans Acquired with Deteriorated Credit Quality | |||||
Ending balance: | |||||
Loans acquired with deteriorated credit quality | 1,001 | 420 | |||
Loans and leases ending balance: | |||||
Loans acquired with deteriorated credit quality | 94,198 | 106,764 | |||
Construction, Land Development, and Other Land | |||||
Allowance for loan and lease losses | |||||
Beginning balance | 610 | 466 | |||
Provisions | 394 | 70 | |||
Ending balance | 1,004 | 536 | |||
Ending balance: | |||||
Collectively evaluated for impairment | 915 | 536 | |||
Allowance for loan and lease losses | 1,004 | 536 | 1,004 | 610 | 536 |
Loans and leases ending balance: | |||||
Individually evaluated for impairment | 2,577 | ||||
Collectively evaluated for impairment | 269,908 | 210,548 | |||
Total loans and leases | 277,776 | 278,657 | 213,659 | ||
Construction, Land Development, and Other Land | Loans Acquired with Deteriorated Credit Quality | |||||
Ending balance: | |||||
Loans acquired with deteriorated credit quality | 89 | ||||
Loans and leases ending balance: | |||||
Loans acquired with deteriorated credit quality | 5,291 | 3,111 | |||
Commercial and Industrial | |||||
Allowance for loan and lease losses | |||||
Beginning balance | 19,377 | 12,932 | |||
Provisions | 8,546 | 3,032 | |||
Charge-offs | (3,958) | (352) | |||
Recoveries | 174 | 18 | |||
Ending balance | 24,139 | 15,630 | |||
Ending balance: | |||||
Individually evaluated for impairment | 9,709 | 6,122 | |||
Collectively evaluated for impairment | 13,320 | 8,200 | |||
Allowance for loan and lease losses | 24,139 | 15,630 | 24,139 | 19,377 | 15,630 |
Loans and leases ending balance: | |||||
Individually evaluated for impairment | 43,926 | 24,384 | |||
Collectively evaluated for impairment | 1,354,825 | 1,153,471 | |||
Total loans and leases | 1,414,559 | 1,331,565 | 1,189,818 | ||
Commercial and Industrial | Loans Acquired with Deteriorated Credit Quality | |||||
Ending balance: | |||||
Loans acquired with deteriorated credit quality | 1,110 | 1,308 | |||
Loans and leases ending balance: | |||||
Loans acquired with deteriorated credit quality | 15,808 | 11,963 | |||
Installment and Other | |||||
Allowance for loan and lease losses | |||||
Beginning balance | 50 | 49 | |||
Provisions | 3 | 14 | |||
Ending balance | 53 | 63 | |||
Ending balance: | |||||
Collectively evaluated for impairment | 53 | 61 | |||
Allowance for loan and lease losses | 53 | 63 | 53 | 50 | 63 |
Loans and leases ending balance: | |||||
Collectively evaluated for impairment | 5,485 | 12,428 | |||
Total loans and leases | 5,721 | 6,565 | 12,802 | ||
Installment and Other | Loans Acquired with Deteriorated Credit Quality | |||||
Ending balance: | |||||
Loans acquired with deteriorated credit quality | 2 | ||||
Loans and leases ending balance: | |||||
Loans acquired with deteriorated credit quality | 236 | 374 | |||
Lease Financing Receivables | |||||
Allowance for loan and lease losses | |||||
Beginning balance | 1,944 | 2,463 | |||
Provisions | 306 | 223 | |||
Charge-offs | (457) | (645) | |||
Recoveries | 222 | 206 | |||
Ending balance | 2,015 | 2,247 | |||
Ending balance: | |||||
Collectively evaluated for impairment | 2,015 | 2,247 | |||
Allowance for loan and lease losses | $ 2,015 | $ 2,247 | 2,015 | 1,944 | 2,247 |
Loans and leases ending balance: | |||||
Collectively evaluated for impairment | 173,247 | 189,968 | |||
Total loans and leases | $ 173,247 | $ 180,510 | $ 189,968 |
Allowance for Loan and Lease _4
Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Loans And Leases Receivable Disclosure [Line Items] | |||
Increase (decrease) in allowance for loan and lease losses | $ 9,900,000 | $ 1,900,000 | |
Commitments outstanding on troubled debt restructurings | 500,000 | $ 500,000 | |
Recorded investment in troubled debt restructurings that subsequently defaulted within twelve months | 0 | 0 | |
Reserve for unfunded commitments | 1,400,000 | $ 1,200,000 | |
Provisions for (credits to) unfunded commitments | 198,000 | (156,000) | |
Charge-offs or recoveries related to reserve for unfunded commitments | 0 | 0 | |
Acquired Impaired Loans | |||
Loans And Leases Receivable Disclosure [Line Items] | |||
Increase (decrease) in allowance for loan and lease losses | 1,500,000 | 111,000 | |
Individually Evaluated For Impairment | |||
Loans And Leases Receivable Disclosure [Line Items] | |||
Increase (decrease) in allowance for loan and lease losses | 2,700,000 | 910,000 | |
Collectively Evaluated For Impairment | |||
Loans And Leases Receivable Disclosure [Line Items] | |||
Increase (decrease) in allowance for loan and lease losses | $ 5,600,000 | $ 884,000 |
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 | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable Impaired [Line Items] | ||
Recorded Investment | $ 81,437 | $ 68,741 |
Unpaid Principal Balance | 89,751 | 75,668 |
Related Allowance | 13,435 | 10,690 |
Commercial Real Estate | ||
Financing Receivable Impaired [Line Items] | ||
Recorded Investment, With no related allowance recorded | 20,229 | 16,556 |
Recorded Investment, With an allowance recorded | 12,745 | 9,840 |
Unpaid Principal Balance, With no related allowance recorded | 21,732 | 19,808 |
Unpaid Principal Balance, With an allowance recorded | 13,725 | 10,691 |
Related Allowance | 3,634 | 2,614 |
Residential Real Estate | ||
Financing Receivable Impaired [Line Items] | ||
Recorded Investment, With no related allowance recorded | 2,165 | |
Recorded Investment, With an allowance recorded | 1,960 | 233 |
Unpaid Principal Balance, With no related allowance recorded | 2,253 | |
Unpaid Principal Balance, With an allowance recorded | 2,041 | 233 |
Related Allowance | 92 | 124 |
Construction, Land Development, and Other Land | ||
Financing Receivable Impaired [Line Items] | ||
Recorded Investment, With no related allowance recorded | 2,577 | 2,644 |
Unpaid Principal Balance, With no related allowance recorded | 2,952 | 3,000 |
Commercial and Industrial | ||
Financing Receivable Impaired [Line Items] | ||
Recorded Investment, With no related allowance recorded | 11,872 | 19,211 |
Recorded Investment, With an allowance recorded | 32,054 | 18,092 |
Unpaid Principal Balance, With no related allowance recorded | 14,690 | 20,398 |
Unpaid Principal Balance, With an allowance recorded | 34,611 | 19,285 |
Related Allowance | $ 9,709 | $ 7,952 |
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 | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Financing Receivable Impaired [Line Items] | ||
Average Recorded Investment | $ 75,769 | $ 37,056 |
Interest Income Recognized | 993 | 462 |
Commercial Real Estate | ||
Financing Receivable Impaired [Line Items] | ||
Average Recorded Investment, With no related allowance recorded | 18,728 | 7,345 |
Average Recorded Investment, With an allowance recorded | 13,177 | 5,186 |
Interest Income Recognized, With no related allowance recorded | 277 | 119 |
Interest Income Recognized, With an allowance recorded | 136 | 48 |
Residential Real Estate | ||
Financing Receivable Impaired [Line Items] | ||
Average Recorded Investment, With no related allowance recorded | 1,221 | 1,541 |
Average Recorded Investment, With an allowance recorded | 771 | 226 |
Interest Income Recognized, With no related allowance recorded | 13 | |
Interest Income Recognized, With an allowance recorded | 14 | 2 |
Construction, Land Development, and Other Land | ||
Financing Receivable Impaired [Line Items] | ||
Average Recorded Investment, With no related allowance recorded | 2,836 | |
Interest Income Recognized, With no related allowance recorded | 20 | |
Commercial and Industrial | ||
Financing Receivable Impaired [Line Items] | ||
Average Recorded Investment, With no related allowance recorded | 14,368 | 11,381 |
Average Recorded Investment, With an allowance recorded | 24,668 | 11,377 |
Interest Income Recognized, With no related allowance recorded | 105 | 126 |
Interest Income Recognized, With an allowance recorded | $ 441 | $ 154 |
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 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | $ 3,860,259 | $ 3,785,661 | $ 3,567,566 |
Commercial Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 1,294,959 | 1,276,542 | 1,262,283 |
Residential Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 693,997 | 711,822 | 699,036 |
Construction, Land Development, and Other Land | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 277,776 | 278,657 | 213,659 |
Commercial and Industrial | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 1,414,559 | 1,331,565 | 1,189,818 |
Installment and Other | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 5,721 | 6,565 | 12,802 |
Lease Financing Receivables | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 173,247 | 180,510 | $ 189,968 |
Loans Excluding Acquired Impaired Loans | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 3,616,831 | 3,526,993 | |
Loans Excluding Acquired Impaired Loans | Commercial Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 1,167,064 | 1,140,628 | |
Loans Excluding Acquired Impaired Loans | Residential Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 599,799 | 611,599 | |
Loans Excluding Acquired Impaired Loans | Construction, Land Development, and Other Land | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 272,485 | 273,284 | |
Loans Excluding Acquired Impaired Loans | Commercial and Industrial | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 1,398,751 | 1,314,656 | |
Loans Excluding Acquired Impaired Loans | Installment and Other | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 5,485 | 6,316 | |
Loans Excluding Acquired Impaired Loans | Lease Financing Receivables | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 173,247 | 180,510 | |
Loans Excluding Acquired Impaired Loans | Pass | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 3,165,096 | 3,088,584 | |
Loans Excluding Acquired Impaired Loans | Pass | Commercial Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 1,005,620 | 984,881 | |
Loans Excluding Acquired Impaired Loans | Pass | Residential Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 571,637 | 584,363 | |
Loans Excluding Acquired Impaired Loans | Pass | Construction, Land Development, and Other Land | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 255,821 | 247,775 | |
Loans Excluding Acquired Impaired Loans | Pass | Commercial and Industrial | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 1,157,119 | 1,087,856 | |
Loans Excluding Acquired Impaired Loans | Pass | Installment and Other | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 5,190 | 6,013 | |
Loans Excluding Acquired Impaired Loans | Pass | Lease Financing Receivables | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 169,709 | 177,696 | |
Loans Excluding Acquired Impaired Loans | Watch | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 290,226 | 299,432 | |
Loans Excluding Acquired Impaired Loans | Watch | Commercial Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 103,099 | 99,803 | |
Loans Excluding Acquired Impaired Loans | Watch | Residential Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 22,410 | 21,856 | |
Loans Excluding Acquired Impaired Loans | Watch | Construction, Land Development, and Other Land | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 9,939 | 18,181 | |
Loans Excluding Acquired Impaired Loans | Watch | Commercial and Industrial | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 154,482 | 159,282 | |
Loans Excluding Acquired Impaired Loans | Watch | Installment and Other | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 291 | 302 | |
Loans Excluding Acquired Impaired Loans | Watch | Lease Financing Receivables | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 5 | 8 | |
Loans Excluding Acquired Impaired Loans | Special Mention | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 76,577 | 64,559 | |
Loans Excluding Acquired Impaired Loans | Special Mention | Commercial Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 24,928 | 27,484 | |
Loans Excluding Acquired Impaired Loans | Special Mention | Residential Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 3,619 | 3,648 | |
Loans Excluding Acquired Impaired Loans | Special Mention | Construction, Land Development, and Other Land | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 4,148 | 4,684 | |
Loans Excluding Acquired Impaired Loans | Special Mention | Commercial and Industrial | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 42,089 | 26,944 | |
Loans Excluding Acquired Impaired Loans | Special Mention | Lease Financing Receivables | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 1,793 | 1,799 | |
Loans Excluding Acquired Impaired Loans | Substandard | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 84,734 | 74,139 | |
Loans Excluding Acquired Impaired Loans | Substandard | Commercial Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 33,417 | 28,460 | |
Loans Excluding Acquired Impaired Loans | Substandard | Residential Real Estate | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 2,133 | 1,732 | |
Loans Excluding Acquired Impaired Loans | Substandard | Construction, Land Development, and Other Land | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 2,577 | 2,644 | |
Loans Excluding Acquired Impaired Loans | Substandard | Commercial and Industrial | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 45,061 | 40,574 | |
Loans Excluding Acquired Impaired Loans | Substandard | Installment and Other | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 4 | 1 | |
Loans Excluding Acquired Impaired Loans | Substandard | Lease Financing Receivables | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 1,542 | 728 | |
Loans Excluding Acquired Impaired Loans | Doubtful | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | 198 | 279 | |
Loans Excluding Acquired Impaired Loans | Doubtful | Lease Financing Receivables | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans and leases | $ 198 | $ 279 |
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 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans and leases | $ 3,860,259 | $ 3,785,661 | $ 3,567,566 |
Commercial Real Estate | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans and leases | 1,294,959 | 1,276,542 | 1,262,283 |
Residential Real Estate | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans and leases | 693,997 | 711,822 | 699,036 |
Construction, Land Development, and Other Land | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans and leases | 277,776 | 278,657 | 213,659 |
Commercial and Industrial | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans and leases | 1,414,559 | 1,331,565 | 1,189,818 |
Installment and Other | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans and leases | 5,721 | 6,565 | 12,802 |
Lease Financing Receivables | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total loans and leases | 173,247 | 180,510 | $ 189,968 |
Acquired Non-Impaired and Originated Loans | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 108,002 | 76,436 | |
Non-accrual | 48,963 | 36,272 | |
Current | 3,508,829 | 3,450,557 | |
Total loans and leases | 3,616,831 | 3,526,993 | |
Acquired Non-Impaired and Originated Loans | 30-59 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 55,282 | 25,963 | |
Acquired Non-Impaired and Originated Loans | 60-89 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 3,757 | 14,201 | |
Acquired Non-Impaired and Originated Loans | Commercial Real Estate | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 42,787 | 31,696 | |
Non-accrual | 16,096 | 12,274 | |
Current | 1,124,277 | 1,108,932 | |
Total loans and leases | 1,167,064 | 1,140,628 | |
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 | 23,857 | 14,269 | |
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 | 2,834 | 5,153 | |
Acquired Non-Impaired and Originated Loans | Residential Real Estate | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 6,829 | 5,018 | |
Non-accrual | 1,783 | 1,371 | |
Current | 592,970 | 606,581 | |
Total loans and leases | 599,799 | 611,599 | |
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 | 4,925 | 3,187 | |
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 | 121 | 460 | |
Acquired Non-Impaired and Originated Loans | Construction, Land Development, and Other Land | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 3,874 | 4,460 | |
Non-accrual | 2,577 | ||
Current | 268,611 | 268,824 | |
Total loans and leases | 272,485 | 273,284 | |
Acquired Non-Impaired and Originated Loans | Construction, Land Development, and Other Land | 30-59 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 1,297 | ||
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 | 4,460 | ||
Acquired Non-Impaired and Originated Loans | Commercial and Industrial | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 50,967 | 33,534 | |
Non-accrual | 27,256 | 22,151 | |
Current | 1,347,784 | 1,281,122 | |
Total loans and leases | 1,398,751 | 1,314,656 | |
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 | 23,401 | 7,789 | |
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 | 310 | 3,594 | |
Acquired Non-Impaired and Originated Loans | Installment and Other | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 283 | 136 | |
Non-accrual | 4 | 1 | |
Current | 5,202 | 6,180 | |
Total loans and leases | 5,485 | 6,316 | |
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 | 279 | 133 | |
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 | 2 | ||
Acquired Non-Impaired and Originated Loans | Lease Financing Receivables | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 3,262 | 1,592 | |
Non-accrual | 1,247 | 475 | |
Current | 169,985 | 178,918 | |
Total loans and leases | 173,247 | 180,510 | |
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 | 1,523 | 585 | |
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 | $ 492 | $ 532 |
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 | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020USD ($)Loan | Dec. 31, 2019USD ($)Loan | |
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 28 | 27 |
Pre-Modification Outstanding Recorded Investment | $ 15,968 | $ 12,700 |
Post-Modification Outstanding Recorded Investment | 13,842 | 10,571 |
Charge-offs | 2,126 | 2,129 |
Specific Reserves | $ 3,729 | $ 2,166 |
Accruing | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 9 | 9 |
Pre-Modification Outstanding Recorded Investment | $ 1,725 | $ 1,771 |
Post-Modification Outstanding Recorded Investment | 1,725 | 1,771 |
Specific Reserves | $ 183 | $ 341 |
Non-accruing | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 19 | 18 |
Pre-Modification Outstanding Recorded Investment | $ 14,243 | $ 10,929 |
Post-Modification Outstanding Recorded Investment | 12,117 | 8,800 |
Charge-offs | 2,126 | 2,129 |
Specific Reserves | $ 3,546 | $ 1,825 |
Commercial Real Estate | Accruing | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 5 | 5 |
Pre-Modification Outstanding Recorded Investment | $ 1,418 | $ 1,451 |
Post-Modification Outstanding Recorded Investment | 1,418 | 1,451 |
Specific Reserves | $ 94 | $ 223 |
Commercial Real Estate | Non-accruing | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 7 | 6 |
Pre-Modification Outstanding Recorded Investment | $ 4,232 | $ 2,777 |
Post-Modification Outstanding Recorded Investment | 4,055 | 2,600 |
Charge-offs | 177 | 177 |
Specific Reserves | $ 1,064 | $ 513 |
Commercial and Industrial | Accruing | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 2 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 126 | $ 129 |
Post-Modification Outstanding Recorded Investment | 126 | 129 |
Specific Reserves | $ 89 | $ 118 |
Commercial and Industrial | Non-accruing | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 11 | 11 |
Pre-Modification Outstanding Recorded Investment | $ 9,914 | $ 8,048 |
Post-Modification Outstanding Recorded Investment | 7,965 | 6,096 |
Charge-offs | 1,949 | 1,952 |
Specific Reserves | $ 2,482 | $ 1,312 |
Residential Real Estate | Accruing | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 2 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 181 | $ 191 |
Post-Modification Outstanding Recorded Investment | $ 181 | $ 191 |
Residential Real Estate | Non-accruing | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 1 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 97 | $ 104 |
Post-Modification Outstanding Recorded Investment | $ 97 | $ 104 |
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Receivables [Abstract] | ||
Beginning balance | $ 1,771 | $ 1,813 |
Additions | 113 | |
Net payments | (46) | (5) |
Ending balance | 1,725 | 1,921 |
Beginning balance | 8,800 | 7,314 |
Additions | 4,258 | 246 |
Net payments | (941) | 89 |
Charge-offs | (530) | |
Ending balance | 12,117 | 7,119 |
Total troubled debt restructurings | $ 13,842 | $ 9,040 |
Servicing Assets - Activity for
Servicing Assets - Activity for Servicing Assets and Related Changes in Fair Value (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Transfers And Servicing [Abstract] | ||
Beginning balance | $ 19,471 | $ 19,693 |
Additions, net | 1,393 | 1,102 |
Changes in fair value | (3,064) | (1,261) |
Ending balance | $ 17,800 | $ 19,534 |
Servicing Assets - Unpaid Princ
Servicing Assets - Unpaid Principal Balances of Loans Serviced for Others (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Loan portfolios serviced for: | ||
Unpaid principal balances of loans serviced | $ 1,364,715 | $ 1,351,006 |
SBA guaranteed loans | ||
Loan portfolios serviced for: | ||
Unpaid principal balances of loans serviced | 1,240,319 | 1,231,959 |
USDA guaranteed loans | ||
Loan portfolios serviced for: | ||
Unpaid principal balances of loans serviced | $ 124,396 | $ 119,047 |
Servicing Assets - Additional I
Servicing Assets - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Accounts Notes And Loans Receivable [Line Items] | ||
Changes in fair value of servicing assets | $ (3,064) | $ (1,261) |
Loan Servicing Revenue [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Fair value of servicing assets | $ 2,800 | $ 2,500 |
Other Real Estate Owned - Chang
Other Real Estate Owned - Change in Other Real Estate Owned (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Banking And Thrift [Abstract] | ||
Other real estate owned, beginning balance | $ 9,896 | $ 5,041 |
Net additions to OREO | 22 | 26 |
Proceeds from sales of OREO | (264) | (355) |
Gains (losses) on sales of OREO | 82 | (33) |
Valuation adjustments | (463) | (84) |
Other real estate owned, ending balance | $ 9,273 | $ 4,595 |
Other Real Estate Owned - Addit
Other Real Estate Owned - Additional Information (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Real Estate [Line Items] | ||||
Foreclosed real estate properties recorded as result of obtaining physical possession of property | $ 9,273,000 | $ 4,595,000 | $ 9,896,000 | $ 5,041,000 |
Residential consumer mortgage loans in process of foreclosure | 2,000,000 | 2,100,000 | ||
Proceeds from sale of internally financed sales of OREO | 0 | $ 183,000 | ||
Residential Real Estate | ||||
Real Estate [Line Items] | ||||
Foreclosed real estate properties recorded as result of obtaining physical possession of property | $ 1,500,000 | $ 1,500,000 |
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Schedule Of Goodwill And Intangible Assets [Line Items] | ||
Beginning balance, Goodwill | $ 148,353 | $ 128,177 |
Ending balance, Goodwill | 148,353 | 128,177 |
Amortization | (1,893) | (1,773) |
Core Deposits | ||
Schedule Of Goodwill And Intangible Assets [Line Items] | ||
Beginning balance | 29,111 | 30,360 |
Amortization | (1,826) | (1,706) |
Ending balance | 27,285 | 28,654 |
Accumulated amortization | $ 28,181 | $ 20,592 |
Weighted average remaining amortization period | 6 years 3 months 18 days | 6 years 7 months 6 days |
Customer Relationships | ||
Schedule Of Goodwill And Intangible Assets [Line Items] | ||
Beginning balance | $ 2,791 | $ 3,059 |
Amortization | (67) | (67) |
Ending balance | 2,724 | 2,992 |
Accumulated amortization | $ 492 | $ 224 |
Weighted average remaining amortization period | 10 years 2 months 12 days | 11 years 2 months 12 days |
Goodwill, Core Deposit Intang_4
Goodwill, Core Deposit Intangible and Other Intangible Assets - Estimated Amortization Expense for Core Deposit Intangible and Customer Relationship Intangible Recognized (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2020 | $ 5,678 |
2021 | 6,998 |
2022 | 6,426 |
2023 | 4,370 |
2024 | 2,286 |
Thereafter | 4,251 |
Total | $ 30,009 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Effective tax rate | 26.10% | 27.60% | |
Net income tax benefit related to exercise of stock options | $ (69,000) | $ (69,000) | |
Net income tax benefit related to vesting of restricted shares | (47,000) | $ (47,000) | |
Deferred tax assets, net | $ 33,800,000 | $ 38,300,000 |
Deposits - Composition of Depos
Deposits - Composition of Deposits (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Deposits [Abstract] | ||
Non-interest-bearing demand deposits | $ 1,290,896 | $ 1,279,641 |
Interest-bearing checking accounts | 355,678 | 338,185 |
Money market demand accounts | 1,104,276 | 881,387 |
Other savings | 486,131 | 475,839 |
Time deposits (below $250,000) | 800,759 | 916,723 |
Time deposits ($250,000 and above) | 201,096 | 255,802 |
Total deposits | $ 4,238,836 | $ 4,147,577 |
Deposits - Additional Informati
Deposits - Additional Information (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Deposits [Abstract] | ||
Brokered deposits | $ 21,000,000 | $ 41,000,000 |
Short-Term Borrowings - Summary
Short-Term Borrowings - Summary of Short-Term Borrowings (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
Federal Reserve Bank discount window borrowing | $ 250,000,000 | $ 0 |
Federal Home Loan Bank advances | 335,000,000 | 490,000,000 |
Securities sold under agreements to repurchase | 55,647,000 | 49,638,000 |
Total | $ 640,647,000 | $ 539,638,000 |
Short-Term Borrowings - Additio
Short-Term Borrowings - Additional Information (Details) - USD ($) | Apr. 21, 2020 | Mar. 19, 2020 | Oct. 10, 2019 | Jul. 31, 2017 | Mar. 31, 2020 | Dec. 31, 2019 | Apr. 30, 2017 | Oct. 13, 2016 |
Line Of Credit Facility [Line Items] | ||||||||
Federal Reserve Bank discount window borrowing | $ 250,000,000 | $ 0 | ||||||
Debt instrument, interest rate | 0.25% | |||||||
Line of credit facility, maturity date | Apr. 21, 2020 | |||||||
Federal Home Loan Bank advances | $ 335,000,000 | 490,000,000 | ||||||
Federal home loan bank advances maximum borrowing capacity as percentage of total assets | 35.00% | |||||||
Federal home loan bank, required investment conversion ratio | 4.50 | |||||||
Repayment of lines of credit | $ 16,200,000 | |||||||
Federal Reserve Bank of Chicago Discount Window Line | Letter Agreement | Subsequent Event | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Interest rate spread | 0.35% | |||||||
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 | |||||||
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 | $ 15,000,000 | $ 15,000,000 | $ 0 | $ 0 | ||||
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 London Interbank Offered Rate (“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. As part of liquidity planning, on March 19, 2020, the Company drew $15.0 million on the line of credit and elected the Prime Rate minus 75 basis point rate option at the time of draw. The amount was repaid on March 20, 2020. At March 31, 2020 and December 31, 2019, the line of credit had no outstanding balance. | |||||||
Ridgestone | Correspondent Bank | Fourth Amendment Revolving Credit Agreement | Prime Rate | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Interest rate spread | 0.25% | |||||||
Minimum | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Federal home loan bank advances, Fixed interest rate | 0.30% | |||||||
Federal home loan bank fixed rate advances, maturity date | 2020-04 | |||||||
Maximum [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Federal home loan bank advances, Fixed interest rate | 1.74% | |||||||
Federal home loan bank fixed rate advances, maturity date | 2020-05 |
Short-Term Borrowings - Summa_2
Short-Term Borrowings - Summary of Short-term Credit Lines Available for Use (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Available Federal Funds Line | |||
Debt Instrument [Line Items] | |||
Short-term credit lines available for use | [1] | $ 115,000 | $ 115,000 |
Federal Reserve Bank of Chicago Discount Window Line | |||
Debt Instrument [Line Items] | |||
Short-term credit lines available for use | 346,688 | 547,798 | |
Federal Home Loan Bank Advances | |||
Debt Instrument [Line Items] | |||
Short-term credit lines available for use | $ 1,574,929 | $ 1,390,698 | |
[1] | The Company did not have an outstanding balance on its federal funds lines as of March 31, 2020 and December 31, 2019. |
Short-Term Borrowings - Summa_3
Short-Term Borrowings - Summary of Short-term Credit Lines Available for Use (Parenthetical) (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Available Federal Funds Line | ||
Debt Instrument [Line Items] | ||
Short-term credit lines available for use, outstanding | $ 0 | $ 0 |
Junior Subordinated Debenture_2
Junior Subordinated Debentures - Junior Subordinated Debentures by Issuance (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | ||
Total liability, at par | $ 46,500 | $ 46,500 |
Total liability, at carrying value | 37,462 | 37,334 |
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 | $ (9,038) | $ (9,166) |
Junior Subordinated Debentures | Metropolitan Statutory Trust 1 | ||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | ||
Stated Maturity | Mar. 17, 2034 | |
Contractual Rate | 3.63% | 4.69% |
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 | 2.52% | 3.67% |
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 ($) | Feb. 25, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||||
Principal amount | $ 46,500,000 | $ 46,500,000 | ||
Other non-interest expense | 4,615,000 | $ 4,082,000 | ||
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 | 3.63% | 4.69% | ||
Accrued interest payable | $ 55,000 | $ 71,000 | ||
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 | ||
Other non-interest expense | $ 112,000 | |||
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 | 2.52% | 3.67% | ||
Accrued interest payable | $ 12,000 | $ 17,000 | ||
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 | Mar. 31, 2020USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2020 | $ 3,375 |
2021 | 4,108 |
2022 | 2,357 |
2023 | 1,358 |
2024 | 1,225 |
Thereafter | 2,137 |
Total | $ 14,560 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Commitments And Contingencies Liabilities [Line Items] | ||
Rental expenses | $ 1,700,000 | $ 1,300,000 |
Sublease income | 182,000 | $ 181,000 |
Minimum rental to be received in future on subleases | $ 1,100,000 | |
Sublease contract maturity year | 2025 | |
Fixed rate loan commitments maturity year | 2045 | |
Variable rate loan commitments maturity year | 2048 | |
Maximum | ||
Commitments And Contingencies Liabilities [Line Items] | ||
Commitments to make loans period | 90 days | |
Loan commitments fixed interest rate | 18.00% | |
Loan commitments variable interest rate | 10.00% | |
Minimum | ||
Commitments And Contingencies Liabilities [Line Items] | ||
Loan commitments fixed interest rate | 2.50% | |
Loan commitments variable interest rate | 1.25% |
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 | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Commitments And Contingencies Liabilities [Line Items] | ||
Fixed Rate | $ 64,214 | $ 56,576 |
Variable Rate | 978,344 | 973,896 |
Total | 1,042,558 | 1,030,472 |
Commitments to Extend Credit | ||
Commitments And Contingencies Liabilities [Line Items] | ||
Fixed Rate | 63,524 | 55,852 |
Variable Rate | 920,694 | 908,382 |
Total | 984,218 | 964,234 |
Letters of Credit | ||
Commitments And Contingencies Liabilities [Line Items] | ||
Fixed Rate | 690 | 724 |
Variable Rate | 57,650 | 65,514 |
Total | $ 58,340 | $ 66,238 |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Financial Assets And Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | $ 1,299,483 | $ 1,186,292 | ||
Servicing assets, at fair value | 17,800 | 19,471 | $ 19,534 | $ 19,693 |
Derivative assets | 19,066 | 7,960 | ||
Derivative liabilities | 20,359 | 8,519 | ||
Equity and other securities, at fair value | 7,413 | 8,031 | ||
U.S. Treasury Notes | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 38,301 | 41,830 | ||
U.S. Government Agencies | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 133,711 | 164,950 | ||
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 | 101,292 | 94,832 | ||
Corporate Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 51,089 | 49,330 | ||
Asset-Backed Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 45,757 | 44,317 | ||
Fair Value, Measurements, Recurring | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Servicing assets, at fair value | 17,800 | 19,471 | ||
Derivative assets | 19,066 | 7,960 | ||
Derivative liabilities | 20,359 | 8,519 | ||
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 | 2,979 | |||
Equity and other securities, at fair value | 2,952 | |||
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 | 4,434 | |||
Equity and other securities, at fair value | 5,079 | |||
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 | 38,301 | 41,830 | ||
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 | 133,711 | 164,950 | ||
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 | 101,292 | 94,832 | ||
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 | 613,221 | 490,236 | ||
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 | 87,109 | 109,822 | ||
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 | 198,460 | 159,701 | ||
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 | 30,543 | 31,274 | ||
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 | 51,089 | 49,330 | ||
Fair Value, Measurements, Recurring | Asset-Backed Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 45,757 | 44,317 | ||
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 | 2,979 | |||
Equity and other securities, at fair value | 2,952 | |||
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 | 38,301 | 41,830 | ||
Fair Value, Measurements, Recurring | Level 2 | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Derivative assets | 19,066 | 7,960 | ||
Derivative liabilities | 20,359 | 8,519 | ||
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 | 3,754 | |||
Equity and other securities, at fair value | 4,379 | |||
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 | 133,711 | 164,950 | ||
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 | 101,292 | 94,832 | ||
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 | 613,221 | 490,236 | ||
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 | 87,109 | 109,822 | ||
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 | 198,460 | 159,701 | ||
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 | 30,543 | 31,274 | ||
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 | 51,089 | 49,330 | ||
Fair Value, Measurements, Recurring | Level 2 | Asset-Backed Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 45,757 | 44,317 | ||
Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Servicing assets, at fair value | 17,800 | 19,471 | ||
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 | $ 680 | |||
Equity and other securities, at fair value | $ 700 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Details) - USD ($) | Mar. 31, 2020 | Mar. 31, 2019 |
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 | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Investment Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Balance, beginning of period | $ 700 | $ 886 |
Amortization | 1 | |
Change in fair value | (20) | 3 |
Balance, end of period | 680 | 890 |
Servicing Assets | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Balance, beginning of period | 19,471 | 19,693 |
Additions, net | 1,393 | 1,102 |
Change in fair value | (3,064) | (1,261) |
Balance, end of period | $ 17,800 | $ 19,534 |
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 | 3 Months Ended |
Mar. 31, 2020 | |
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:MeasurementInputDiscountRateMember |
Single Issuer Trust Preferred | Minimum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Unobservable Inputs | 0.051 |
Single Issuer Trust Preferred | Maximum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Unobservable Inputs | 0.064 |
Single Issuer Trust Preferred | Weighted Average | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Unobservable Inputs | 0.056 |
Servicing Assets | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Servicing Asset, Valuation Technique [Extensible List] | us-gaap:ValuationTechniqueDiscountedCashFlowMember |
Servicing Assets | Prepayment Speeds | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Impact to Valuation from an Increased or Higher Input Value | Decrease |
Servicing Assets | Prepayment Speeds | Minimum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Unobservable Inputs | 0.030 |
Servicing Assets | Prepayment Speeds | Maximum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Unobservable Inputs | 0.239 |
Servicing Assets | Prepayment Speeds | Weighted Average | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Unobservable Inputs | 0.151 |
Servicing Assets | Discount Rate | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Impact to Valuation from an Increased or Higher Input Value | Decrease |
Servicing Assets | Discount Rate | Minimum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Unobservable Inputs | 0.047 |
Servicing Assets | Discount Rate | Maximum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Unobservable Inputs | 0.216 |
Servicing Assets | Discount Rate | Weighted Average | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Unobservable Inputs | 0.138 |
Servicing Assets | Expected Weighted Average Loan life | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Impact to Valuation from an Increased or Higher Input Value | Increase |
Servicing Assets | Expected Weighted Average Loan life | Minimum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Expected weighted average loan life | 8 months 12 days |
Servicing Assets | Expected Weighted Average Loan life | Maximum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Expected weighted average loan life | 9 years |
Servicing Assets | Expected Weighted Average Loan life | Weighted Average | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Expected weighted average loan life | 3 years 9 months 18 days |
Fair Value Measurement - Summ_4
Fair Value Measurement - Summary of Assets Measured at Fair Value on Non-recurring Basis, Excluding Acquired Impaired Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Commercial Real Estate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | $ 29,340 | $ 23,782 |
Residential Real Estate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 1,868 | 2,274 |
Construction, Land Development, and Other Land | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 2,577 | 2,644 |
Commercial and Industrial | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 34,217 | 29,351 |
Other Real Estate Owned | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 9,273 | 9,896 |
Assets Held For Sale | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 14,647 | 15,362 |
Level 3 | Commercial Real Estate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 29,340 | 23,782 |
Level 3 | Residential Real Estate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 1,868 | 2,274 |
Level 3 | Construction, Land Development, and Other Land | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 2,577 | 2,644 |
Level 3 | Commercial and Industrial | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 34,217 | 29,351 |
Level 3 | Other Real Estate Owned | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 9,273 | 9,896 |
Level 3 | Assets Held For Sale | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | $ 14,647 | $ 15,362 |
Fair Value Measurement - Summ_5
Fair Value Measurement - Summary of Estimated Fair Values of Financial Instruments and Levels Within Fair Value Hierarchy (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Financial assets | ||
Cash and due from banks | $ 45,233,000 | $ 48,228,000 |
Interest bearing deposits with other banks | 74,386,000 | 32,509,000 |
Securities held-to-maturity, fair value | 4,516,000 | 4,498,000 |
Restricted stock, at cost | 24,197,000 | 22,127,000 |
Loans held for sale | 13,299,000 | 11,732,000 |
Loans and lease receivables, net (less impaired loans at fair value) | 3,818,419,000 | 3,753,725,000 |
Financial liabilities | ||
Federal Reserve Bank discount window borrowing | 250,000,000 | 0 |
Federal Home Loan Bank advances | 335,000,000 | 490,000,000 |
Securities sold under agreements to repurchase | 55,647,000 | 49,638,000 |
Junior subordinated debentures issued to capital trusts, net | 37,462,000 | 37,334,000 |
Level 1 | Carrying Amount | ||
Financial assets | ||
Cash and due from banks | 45,233,000 | 48,228,000 |
Level 1 | Estimate of Fair Value Measurement | ||
Financial assets | ||
Cash and due from banks | 45,233,000 | 48,228,000 |
Level 2 | Carrying Amount | ||
Financial assets | ||
Interest bearing deposits with other banks | 74,386,000 | 32,509,000 |
Securities held-to-maturity, fair value | 4,408,000 | 4,412,000 |
Restricted stock, at cost | 24,197,000 | 22,127,000 |
Financial liabilities | ||
Non-interest-bearing deposits | 1,290,896,000 | 1,279,641,000 |
Interest-bearing deposits | 2,947,940,000 | 2,867,936,000 |
Accrued interest payable | 2,104,000 | 3,677,000 |
Federal Reserve Bank discount window borrowing | 250,000,000 | |
Federal Home Loan Bank advances | 335,000,000 | 490,000,000 |
Securities sold under agreements to repurchase | 55,647,000 | 49,638,000 |
Level 2 | Estimate of Fair Value Measurement | ||
Financial assets | ||
Interest bearing deposits with other banks | 74,386,000 | 32,509,000 |
Securities held-to-maturity, fair value | 4,516,000 | 4,498,000 |
Restricted stock, at cost | 24,197,000 | 22,127,000 |
Financial liabilities | ||
Non-interest-bearing deposits | 1,290,896,000 | 1,279,641,000 |
Interest-bearing deposits | 2,951,430,000 | 2,873,380,000 |
Accrued interest payable | 2,104,000 | 3,677,000 |
Federal Reserve Bank discount window borrowing | 250,000,000 | |
Federal Home Loan Bank advances | 335,000,000 | 490,000,000 |
Securities sold under agreements to repurchase | 55,647,000 | 49,638,000 |
Level 3 | Carrying Amount | ||
Financial assets | ||
Loans held for sale | 13,299,000 | 11,732,000 |
Loans and lease receivables, net (less impaired loans at fair value) | 3,750,417,000 | 3,695,674,000 |
Accrued interest receivable | 13,064,000 | 13,283,000 |
Financial liabilities | ||
Junior subordinated debentures issued to capital trusts, net | 37,462,000 | 37,334,000 |
Level 3 | Estimate of Fair Value Measurement | ||
Financial assets | ||
Loans held for sale | 13,580,000 | 12,935,000 |
Loans and lease receivables, net (less impaired loans at fair value) | 3,653,649,000 | 3,661,724,000 |
Accrued interest receivable | 13,064,000 | 13,283,000 |
Financial liabilities | ||
Junior subordinated debentures issued to capital trusts, net | $ 41,469,000 | $ 42,881,000 |
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 ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Derivatives Fair Value [Line Items] | ||
Notional Amount | $ 382,352,000 | $ 341,358,000 |
Other Assets | 19,066,000 | 7,960,000 |
Other Liabilities | 20,359,000 | 8,519,000 |
Other Interest Rate Derivatives | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | 373,266,000 | |
Other Assets | 19,066,000 | |
Other Liabilities | 20,335,000 | |
Derivatives Designated as Hedging Instruments | Interest Rate Swaps | Cash Flow Hedges | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | 0 | 0 |
Derivatives Not Designated As Hedging Instruments | Other Credit Derivatives | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | 9,086,000 | 9,302,000 |
Other Liabilities | 24,000 | 12,000 |
Derivatives Not Designated As Hedging Instruments | Other Interest Rate Derivatives | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | 373,266,000 | 332,056,000 |
Other Assets | 19,066,000 | 7,960,000 |
Other Liabilities | $ 20,335,000 | $ 8,507,000 |
Derivative Instruments and He_4
Derivative Instruments and Hedge Activities - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |||
Sep. 30, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | |||||
Derivative notional amount | $ 382,352,000 | $ 341,358,000 | |||
Unrealized gain (loss) to be reclassified as an decrease to interest expense during the next twelve months | (85,000) | ||||
Fair value of derivatives net liability position | 20,400,000 | ||||
Collateral amount posted | 19,700,000 | ||||
Settlement obligation termination value | 20,400,000 | ||||
Other Interest Rate Derivatives | |||||
Derivative [Line Items] | |||||
Derivative notional amount | $ 373,266,000 | ||||
Derivative maturity date, start year | Apr. 30, 2020 | ||||
Derivative maturity date, end year | Mar. 31, 2030 | ||||
Derivative instruments transaction fees | $ 506,000 | $ 325,000 | |||
Other Credit Derivatives | |||||
Derivative [Line Items] | |||||
Derivative notional amount | $ 9,100,000 | $ 9,300,000 | |||
Derivatives Designated as Hedging Instruments | Interest Rate Swaps | Cash Flow Hedges | |||||
Derivative [Line Items] | |||||
Derivative notional amount | 0 | $ 0 | |||
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 | $ 350,000 |
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Derivative [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI | $ (1,817) | |
Interest Rate Swaps | ||
Derivative [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI | (1,817) | |
Amount of Loss Reclassified from OCI to Income as an Increase to Interest Expense | $ (21) | $ 705 |
Derivative Instruments and He_6
Derivative Instruments and Hedge Activities - Summary of Other Interest Rate Derivatives (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | ||
Notional Amount | $ 382,352,000 | $ 341,358,000 |
Derivative assets fair value | 19,066,000 | 7,960,000 |
Derivative liabilities fair value | 20,359,000 | $ 8,519,000 |
Other Interest Rate Derivatives | ||
Derivative [Line Items] | ||
Notional Amount | 373,266,000 | |
Derivative assets fair value | 19,066,000 | |
Derivative liabilities fair value | $ 20,335,000 | |
Weighted average pay rates | 4.47% | |
Weighted average receive rates | 3.76% | |
Weighted average maturity | 6 years 4 months 24 days |
Derivative Instruments and He_7
Derivative Instruments and Hedge Activities - Summary of Amounts Included in Non-Interest Income in Consolidated Statements of Operations Relating to Derivative Instruments not Designated in Hedging Relationship (Details) - Non-Interest Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Derivative [Line Items] | ||
Amounts relating to derivative instruments, not designated in hedging relationship | $ (735) | $ (152) |
Other Credit Derivatives | ||
Derivative [Line Items] | ||
Amounts relating to derivative instruments, not designated in hedging relationship | (12) | (1) |
Other Interest Rate Derivatives | ||
Derivative [Line Items] | ||
Amounts relating to derivative instruments, not designated in hedging relationship | $ (723) | $ (151) |
Derivative Instruments and He_8
Derivative Instruments and Hedge Activities - Summary of Company's Interest Rate Derivative and Offsetting Positions (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||
Gross amounts recognized | $ 19,066 | $ 7,960 |
Net amount presented in the Consolidated Statements of Financial Condition | 19,066 | 7,960 |
Gross amounts not offset in the Consolidated Statements of Financial Condition | ||
Offsetting derivative positions | (1) | |
Collateral posted | (19,066) | (7,959) |
Gross amounts recognized | 20,359 | 8,519 |
Net amount presented in the Consolidated Statements of Financial Condition | 20,359 | 8,519 |
Gross amounts not offset in the Consolidated Statements of Financial Condition | ||
Offsetting derivative positions | (1) | |
Collateral posted | (19,700) | $ (8,518) |
Net credit exposure | $ 659 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Details) - USD ($) | May 15, 2019 | Apr. 30, 2019 | Oct. 03, 2017 | Jul. 06, 2017 | Feb. 29, 2020 | Oct. 31, 2014 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2019 | 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 | ||||||||||||||
Proceeds from the exercise of stock options | $ 677,000 | $ 636,000 | |||||||||||||||
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 | ||||||||||||||||
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 | 174,036 | 16,345 | 36,350 | 136,469 | (8,500) | ||||||||||||
Number of options exercised | 55,402 | 71,029 | 3,472 | 116,048 | 50,662 | ||||||||||||
Common Stock | Restricted Shares | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Shares of restricted voting common stock granted | 174,179 | ||||||||||||||||
Common stock, voting par value | $ 0.01 | ||||||||||||||||
Shares vested | 4,571 | ||||||||||||||||
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 | ||||||||||||||||
Shares vest on grant date | 103,465 | ||||||||||||||||
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 | ||||||||||||||||
Shares vest on grant date | 38,786 | ||||||||||||||||
Omnibus Plan | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Number of common stock reserved for issuance | 1,550,000 | ||||||||||||||||
Number of common shares available for future grants | 995,845 | ||||||||||||||||
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 | 174,179 | ||||||||||||||||
Restricted shares vested | 0 | 48,491 | |||||||||||||||
Fair value of restricted shares, vested | $ 900,000 | ||||||||||||||||
Fair value of unvested restricted stock awards | $ 5,200,000 | ||||||||||||||||
Omnibus Plan | Performance-based Restricted Shares | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Shares of restricted voting common stock granted | 31,928 | 20,975 | 11,165 | ||||||||||||||
Period for number of shares earned under return on average assets | 3 years | 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 | 189,647 | 131,157 | |||||||||||||||
Common stock, voting par value | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||||
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 | 111,823 | 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 | 72,570 | 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 | |||||||||||||||
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 shares outstanding | 1,390,579 | 1,410,075 | 1,410,075 | ||||||||||||||
Options vested | 20,000 | ||||||||||||||||
Number of options exercised | 19,496 | 127,997 | |||||||||||||||
Proceeds from the exercise of stock options | $ 253,000 | $ 1,900,000 | |||||||||||||||
Tax benefit from exercise of stock options | $ 39,000 | $ 145,000 | |||||||||||||||
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 shares outstanding | 475,263 | 511,169 | 511,169 | ||||||||||||||
Number of options exercised | 35,906 | 113,214 | |||||||||||||||
Proceeds from the exercise of stock options | $ 424,000 | $ 1,300,000 | |||||||||||||||
Tax benefit from exercise of stock options | $ 82,000 | $ 253,000 | |||||||||||||||
Conversion calculation percentage | 472.50% |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Changes in Restricted Shares (Details) - Omnibus Plan - Restricted Shares - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of shares, beginning balance | 328,653 | |
Number of shares, granted | 174,179 | |
Number of shares, vested | 0 | (48,491) |
Number of shares, forfeited | (143) | |
Number of shares, ending balance | 502,689 | 328,653 |
Weighted average grant date fair value, beginning balance | $ 19.94 | |
Weighted average grant date fair value, granted | 17.52 | |
Weighted average grant date fair value, vested | 0 | |
Weighted average grant date fair value, forfeited | 17.50 | |
Weighted average grant date fair value, ending balance | $ 19.10 | $ 19.94 |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of Stock Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total share-based compensation | $ 7 | $ 33 |
Income tax benefit | $ 2 | 9 |
Unrecognized compensation expense | $ 113 | |
Weighted-average amortization period remaining | 0 days | 9 months 18 days |
Restricted Shares | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total share-based compensation | $ 600 | $ 353 |
Income tax benefit | 167 | 98 |
Unrecognized compensation expense | $ 7,064 | $ 2,675 |
Weighted-average amortization period remaining | 2 years 10 months 24 days | 2 years 8 months 12 days |
Share-Based Compensation - Su_3
Share-Based Compensation - Summary Activity in shares Subjected to Options and Weighted Average Exercise Prices (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
BYB Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Shares, Beginning balance | 1,410,075 | |
Number of Shares, Exercised | (19,496) | (127,997) |
Number of Shares, Ending balance | 1,390,579 | 1,410,075 |
Number of Shares, Exercisable | 1,390,579 | |
Weighted Average Exercise Price, Beginning balance | $ 11.38 | |
Weighted Average Exercise Price, Exercised | 13 | |
Weighted Average Exercise Price, Ending balance | 11.36 | $ 11.38 |
Weighted Average Exercise Price, Exercisable | $ 11.36 | |
Intrinsic Value, Beginning balance | $ 11,542 | |
Intrinsic Value, Exercised | $ 139 | |
Intrinsic Value, Ending balance | $ 11,542 | |
Weighted Average Remaining Contractual Term (in Years) | 5 years 2 months 12 days | 5 years 4 months 24 days |
Weighted Average Remaining Contractual Term (in Years), Exercisable | 5 years 2 months 12 days | |
FEB Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Shares, Beginning balance | 511,169 | |
Number of Shares, Exercised | (35,906) | (113,214) |
Number of Shares, Ending balance | 475,263 | 511,169 |
Number of Shares, Exercisable | 475,263 | |
Weighted Average Exercise Price, Beginning balance | $ 11.35 | |
Weighted Average Exercise Price, Exercised | 11.80 | |
Weighted Average Exercise Price, Ending balance | 11.31 | $ 11.35 |
Weighted Average Exercise Price, Exercisable | $ 11.31 | |
Intrinsic Value, Beginning balance | $ 4,204 | |
Intrinsic Value, Exercised | $ 295 | |
Intrinsic Value, Ending balance | $ 4,204 | |
Weighted Average Remaining Contractual Term (in Years) | 4 years 1 month 6 days | 4 years 4 months 24 days |
Weighted Average Remaining Contractual Term (in Years), Exercisable | 4 years 1 month 6 days |
Earnings per Share - Additional
Earnings per Share - Additional Information (Details) - shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share Basic [Line Items] | ||
Shares outstanding | 37,943,333 | 36,169,477 |
Stock Options | ||
Earnings Per Share Basic [Line Items] | ||
Shares outstanding | 1,865,842 | 2,172,593 |
Restricted Stock Award | ||
Earnings Per Share Basic [Line Items] | ||
Shares outstanding | 502,689 | 181,846 |
Earnings per Share - Schedule o
Earnings per Share - Schedule of Calculation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |||||
Net income | $ 2,966 | $ 15,852 | $ 15,342 | $ 13,211 | $ 12,597 |
Dividends on preferred shares | 196 | 196 | |||
Net income available to common stockholders | $ 2,770 | $ 12,401 | |||
Weighted-average common stock outstanding: | |||||
Weighted-average common stock outstanding (basic) | 37,943,333 | 36,169,477 | |||
Incremental shares | 720,325 | 707,097 | |||
Weighted-average common stock outstanding (dilutive) | 38,663,658 | 36,876,574 | |||
Basic earnings per common share | $ 0.07 | $ 0.34 | |||
Diluted earnings per common share | $ 0.07 | $ 0.34 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Preferred and Common Stock (Details) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Class Of Stock [Line Items] | ||
Shares authorized | 50,000 | 50,000 |
Shares issued | 10,438 | 10,438 |
Shares outstanding | 10,438 | 10,438 |
Common stock, voting par value | $ 0.01 | $ 0.01 |
Common stock, voting shares authorized | 150,000,000 | 150,000,000 |
Common stock, voting shares issued | 38,501,507 | 38,256,500 |
Common stock, voting shares outstanding | 38,383,021 | 38,256,500 |
Treasury shares | 118,486 | |
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) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
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 ($) | Mar. 13, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2016 | Nov. 01, 2019 |
Class Of Stock [Line Items] | ||||||
Dividends declared and paid | $ 196,000 | $ 196,000 | ||||
Aggregate number of shares authorized to repurchase | 1,250,000 | |||||
Approximate percentage of shares authorized to be repurchased | 3.30% | |||||
Treasury shares | 118,486 | |||||
Treasury shares, at cost | $ 1,668,000 | |||||
Cash dividend declared | $ 0.03 | |||||
Dividend payable date | Apr. 7, 2020 | |||||
Dividends record date | Mar. 24, 2020 | |||||
Dividends declared | 1,151,000 | $ 1,148,000 | 0 | |||
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 | ||||
Series B Preferred Stock | Three-month LIBOR | ||||||
Class Of Stock [Line Items] | ||||||
Preferred stock, dividend rate, percentage | 5.41% |
Consolidated Statements of Ch_5
Consolidated Statements of Change in Accumulated Other Comprehensive Income (Loss) - Schedule of Consolidated Statements of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||||
Beginning balance | $ 750,115 | $ 735,866 | $ 717,675 | $ 668,749 | $ 650,672 |
Cumulative-effect adjustment (ASU 2016-01) | (1,440) | ||||
Other comprehensive income (loss), net of tax | 11,048 | (1,661) | 2,309 | 5,071 | 4,519 |
Ending balance | 762,667 | 750,115 | 735,866 | 717,675 | 668,749 |
Unrealized Gains (Losses) on Cash Flow Hedges | |||||
Accumulated Other Comprehensive Income Loss [Line Items] | |||||
Beginning balance | (366) | 2,943 | 4,763 | ||
Other comprehensive income (loss), net of tax | 16 | (1,820) | |||
Ending balance | (350) | (366) | 2,943 | ||
Unrealized Gains (Losses) on Available-for-Sale Securities | |||||
Accumulated Other Comprehensive Income Loss [Line Items] | |||||
Beginning balance | (334) | (9,362) | (14,261) | ||
Cumulative-effect adjustment (ASU 2016-01) | (1,440) | ||||
Other comprehensive income (loss), net of tax | 11,032 | 6,339 | |||
Ending balance | 10,698 | (334) | (9,362) | ||
Accumulated Other Comprehensive Income (Loss) | |||||
Accumulated Other Comprehensive Income Loss [Line Items] | |||||
Beginning balance | (700) | 961 | (1,348) | (6,419) | (9,498) |
Cumulative-effect adjustment (ASU 2016-01) | (1,440) | ||||
Other comprehensive income (loss), net of tax | 11,048 | (1,661) | 2,309 | 5,071 | 4,519 |
Ending balance | $ 10,348 | $ (700) | $ 961 | $ (1,348) | $ (6,419) |