Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 04, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 333-258176 | |
Entity Registrant Name | FIRSTSUN CAPITAL BANCORP | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 81-4552413 | |
Entity Address, Address Line One | 1400 16th Street | |
Entity Address, Address Line Two | Suite 250 | |
Entity Address, City or Town | Denver | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80202 | |
City Area Code | 303 | |
Local Phone Number | 831-6704 | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 18,321,659 | |
Entity Central Index Key | 0001709442 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and cash equivalents | $ 949,541 | $ 201,978 |
Securities available-for-sale | 531,395 | 468,586 |
Securities held-to-maturity, fair value of $20,693 and $33,328, respectively | 19,811 | 32,188 |
Loans held-for-sale, at fair value | 122,217 | 193,963 |
Loans, net of allowance for loan losses of $47,868 and $47,766, respectively | 3,756,113 | 3,798,591 |
Mortgage servicing rights, at fair value | 43,971 | 29,144 |
Premises and equipment, net | 54,094 | 56,758 |
Other real estate owned and foreclosed assets, net | 5,747 | 3,354 |
Bank-owned life insurance | 54,536 | 53,582 |
Restricted equity securities | 16,927 | 23,175 |
Goodwill | 33,050 | 33,050 |
Core deposits and other intangible assets, net | 8,605 | 9,667 |
Accrued interest receivable | 16,649 | 15,416 |
Deferred tax assets, net | 21,457 | 23,763 |
Prepaid expenses and other assets | 48,972 | 52,242 |
Total assets | 5,683,085 | 4,995,457 |
Deposits: | ||
Noninterest-bearing accounts | 1,578,306 | 1,054,458 |
Interest-bearing accounts | 3,279,679 | 3,099,091 |
Total deposits | 4,857,985 | 4,153,549 |
Securities sold under agreements to repurchase | 117,001 | 115,372 |
Federal Home Loan Bank advances | 40,000 | 70,411 |
Convertible notes payable, net | 19,256 | 18,696 |
Subordinated debt, net | 49,928 | 49,666 |
Accrued interest payable | 2,768 | 2,592 |
Accrued expenses and other liabilities | 76,226 | 99,384 |
Total liabilities | 5,163,164 | 4,509,670 |
Commitments and contingencies (Note 15) | ||
Stockholders’ equity: | ||
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, none issued or outstanding, respectively | 0 | 0 |
Common stock, $0.0001 par value; 50,000,000 shares authorized; 19,878,713 shares issued; 18,321,659 shares outstanding, respectively | 2 | 2 |
Additional paid-in capital | 260,864 | 259,363 |
Treasury stock, 1,557,054 shares, respectively | (38,148) | (38,148) |
Retained earnings | 289,798 | 255,451 |
Accumulated other comprehensive income, net | 7,405 | 9,119 |
Total stockholders’ equity | 519,921 | 485,787 |
Total liabilities and stockholders’ equity | $ 5,683,085 | $ 4,995,457 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Securities held-to-maturity, fair value | $ 20,693 | $ 33,328 |
Loans, allowance for loan losses | $ 47,868 | $ 47,766 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 19,878,713 | 19,878,713 |
Common Stock, shares outstanding (in shares) | 18,321,659 | 18,321,659 |
Treasury stock shares (in shares) | 1,557,054 | 1,557,054 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Interest and fee income on loans: | ||||
Taxable | $ 37,225 | $ 30,496 | $ 102,068 | $ 88,781 |
Tax exempt | 3,471 | 6,255 | 16,612 | 17,696 |
Interest and dividend income on securities: | ||||
Taxable | 1,949 | 2,097 | 5,634 | 8,229 |
Tax exempt | 5 | 3 | 12 | 9 |
Other interest income | 611 | 309 | 1,450 | 1,095 |
Total interest income | 43,261 | 39,160 | 125,776 | 115,810 |
Interest expense: | ||||
Interest expense on deposits | 1,978 | 3,348 | 6,731 | 12,881 |
Interest expense on securities sold under agreements to repurchase | 13 | 23 | 49 | 139 |
Interest expense on other borrowed funds | 1,305 | 1,451 | 4,214 | 3,634 |
Total interest expense | 3,296 | 4,822 | 10,994 | 16,654 |
Net interest income | 39,965 | 34,338 | 114,782 | 99,156 |
Provision for loan losses | 3,500 | 4,800 | 1,750 | 15,100 |
Net interest income after provision for loan losses | 36,465 | 29,538 | 113,032 | 84,056 |
Noninterest income: | ||||
Service charges on deposit accounts | 3,471 | 2,428 | 8,659 | 7,042 |
Credit and debit card fees | 2,472 | 2,107 | 7,140 | 5,865 |
Trust and investment advisory fees | 1,974 | 1,282 | 5,871 | 3,222 |
Income from mortgage banking services, net | 20,151 | 35,535 | 68,144 | 89,986 |
Gain on sales of available-for-sale securities, net | 0 | 0 | 0 | 153 |
Gain on other real estate owned and foreclosed assets activity, net | 93 | 443 | 591 | 242 |
Other noninterest income | 523 | 924 | 4,443 | 2,604 |
Total noninterest income | 28,684 | 42,719 | 94,848 | 109,114 |
Noninterest expense: | ||||
Salary and employee benefits | 36,061 | 37,949 | 113,129 | 101,998 |
Occupancy and equipment | 6,643 | 6,365 | 19,867 | 19,251 |
Amortization of intangible assets | 354 | 371 | 1,062 | 1,093 |
Merger related expenses | 705 | 0 | 1,984 | 0 |
Other noninterest expenses | 10,807 | 9,688 | 30,332 | 26,796 |
Total noninterest expense | 54,570 | 54,373 | 166,374 | 149,138 |
Income before income taxes | 10,579 | 17,884 | 41,506 | 44,032 |
Provision for income taxes | 1,851 | 3,130 | 7,159 | 7,707 |
Net income | 8,728 | 14,754 | 34,347 | 36,325 |
Other comprehensive income: | ||||
Reclassification adjustment for net gain on sales of available-for-sale securities | 0 | 0 | 0 | (153) |
Change in unrealized gain (loss) on available-for-sale securities | 349 | 1,228 | (2,270) | 11,799 |
Income tax effect on other comprehensive income | (86) | (300) | 556 | (2,848) |
Comprehensive income | 8,991 | 15,682 | 32,633 | 45,123 |
Earnings per share: | ||||
Net income applicable to common stockholders, basic | 8,728 | 14,754 | 34,347 | 36,325 |
Net income applicable to common stockholders, diluted | $ 8,728 | $ 14,754 | $ 34,347 | $ 36,325 |
Basic (in dollars per share) | $ 0.48 | $ 0.81 | $ 1.87 | $ 1.98 |
Diluted (in dollars per share) | $ 0.46 | $ 0.81 | $ 1.83 | $ 1.98 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common stock | Additional paid-in capital | Treasury stock | Retained earnings | Accumulated other comprehensive income |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Balance, beginning of period (in shares) | 19,878,713 | |||||
Balance, end of period | $ 430,201 | $ 2 | $ 257,181 | $ (36,706) | $ 207,866 | $ 1,858 |
Balance, beginning of period at Sep. 30, 2020 | 475,481 | $ 2 | 258,780 | (38,148) | 244,191 | 10,656 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of treasury stock | 2 | 2 | ||||
Repurchase of treasury stock | (1,564) | (1,564) | ||||
Stock option exercise | (33) | (153) | 120 | |||
Share-based compensation, net of forfeitures | 1,752 | 1,752 | ||||
Net income | 36,325 | 36,325 | ||||
Other comprehensive income (loss) | 8,798 | 8,798 | ||||
Balance, end of period (in shares) at Sep. 30, 2020 | 19,878,713 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Balance, beginning of period (in shares) | 19,878,713 | |||||
Balance, end of period | 459,293 | $ 2 | 258,315 | (38,189) | 229,437 | 9,728 |
Balance, beginning of period at Sep. 30, 2020 | 475,481 | $ 2 | 258,780 | (38,148) | 244,191 | 10,656 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock option exercise | 41 | 41 | ||||
Share-based compensation, net of forfeitures | 465 | 465 | ||||
Net income | 14,754 | 14,754 | ||||
Other comprehensive income (loss) | 928 | 928 | ||||
Balance, end of period (in shares) at Sep. 30, 2020 | 19,878,713 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Balance, beginning of period (in shares) | 19,878,713 | |||||
Balance, end of period | 475,481 | $ 2 | 258,780 | (38,148) | 244,191 | 10,656 |
Balance, beginning of period (in shares) | 19,878,713 | |||||
Balance, end of period | 485,787 | $ 2 | 259,363 | (38,148) | 255,451 | 9,119 |
Balance, beginning of period at Sep. 30, 2021 | 519,921 | $ 2 | 260,864 | (38,148) | 289,798 | 7,405 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Share-based compensation, net of forfeitures | 1,501 | 1,501 | ||||
Net income | 34,347 | 34,347 | ||||
Other comprehensive income (loss) | (1,714) | (1,714) | ||||
Balance, end of period (in shares) at Sep. 30, 2021 | 19,878,713 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Balance, beginning of period (in shares) | 19,878,713 | |||||
Balance, end of period | 510,582 | $ 2 | 260,516 | (38,148) | 281,070 | 7,142 |
Balance, beginning of period at Sep. 30, 2021 | 519,921 | $ 2 | 260,864 | (38,148) | 289,798 | 7,405 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Share-based compensation, net of forfeitures | 348 | 348 | ||||
Net income | 8,728 | 8,728 | ||||
Other comprehensive income (loss) | 263 | 263 | ||||
Balance, end of period (in shares) at Sep. 30, 2021 | 19,878,713 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Balance, beginning of period (in shares) | 19,878,713 | |||||
Balance, end of period | $ 519,921 | $ 2 | $ 260,864 | $ (38,148) | $ 289,798 | $ 7,405 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) | 9 Months Ended |
Sep. 30, 2020shares | |
Statement of Stockholders' Equity [Abstract] | |
Issuance of treasury stock (in shares) | 100 |
Repurchase of treasury stock (in shares) | 63,844 |
Stock option exercise (in shares) | 4,892 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 34,347 | $ 36,325 |
Adjustments to reconcile income to net cash provided by operating activities: | ||
Provision for loan losses | 1,750 | 15,100 |
Depreciation | 4,716 | 4,353 |
Deferred tax (benefit) expense | 2,862 | 1 |
Accretion of net discount on securities | 2,617 | 3,164 |
Net accretion of discount on acquired loans | (1,001) | (2,709) |
Net change in deferred loan origination fees and costs | (407) | 9,442 |
Amortization of core deposits and other intangible assets | 1,062 | 1,093 |
Net amortization of lease marks | 0 | 83 |
Amortization of software implementation costs | 844 | 731 |
Accretion of fair value premium on acquired deposits | (45) | (124) |
Amortization of fair value discount on subordinated debt | 192 | 192 |
Amortization of issuance costs on subordinated debt | 70 | 23 |
Amortization of fair value discount on convertible notes payable | 559 | 564 |
Accretion of fair value premium on Federal Home Loan Bank advances | 0 | (165) |
Increase in cash surrender value of bank-owned life insurance | (954) | (959) |
Impairment of premises and equipment | 23 | 0 |
Impairment of other real estate owned and foreclosed assets | 240 | 246 |
Federal Home Loan Bank stock dividends | (306) | (298) |
Share-based compensation expense | 1,501 | 1,752 |
(Increase) decrease in fair value of mortgage servicing rights | 3,706 | 19,077 |
Net gain on sales of available-for-sale securities | 0 | (153) |
Net gain on sales of loans held-for-investment | 698 | 1,094 |
Net loss (gain) on disposal of premises and equipment | 75 | 212 |
Net (gain) loss on other real estate owned and foreclosed assets activity | (591) | (242) |
Net gain on sales of loans held-for-sale | (50,224) | (49,069) |
Origination of loans held-for-sale | (1,693,782) | (1,767,009) |
Proceeds from sales of loans held-for-sale | 1,797,219 | 1,746,030 |
Changes in operating assets and liabilities: | ||
Accrued interest receivable | (1,233) | (5,149) |
Prepaid expenses and other assets | 2,231 | (19,329) |
Accrued interest payable | 176 | 948 |
Accrued expenses and other liabilities | (23,610) | 30,393 |
Net cash provided by operating activities | 82,735 | 25,617 |
Cash flows from investing activities: | ||
Net cash paid for acquisitions | 0 | (7,019) |
Proceeds from maturities of held-to-maturity securities | 12,097 | 16,827 |
Purchases of available-for-sale securities | (164,914) | (72,700) |
Proceeds from sale or maturities of available-for-sale securities | 97,499 | 151,144 |
Loan originations, net of repayments | 19,632 | (815,040) |
Proceeds from the sale of loans held-for-sale previously classified as held-for-investment | 18,544 | 97,832 |
Purchases of premises and equipment | (2,891) | (4,348) |
Proceeds from the sale of premises and equipment | 1,192 | 1,161 |
Proceeds from sales of other real estate owned and foreclosed assets | 1,221 | 6,296 |
Purchases of restricted equity securities | (49) | (8,689) |
Proceeds from the sale or redemption of restricted equity securities | 6,603 | 298 |
Purchase of other investments | (324) | (122) |
Proceeds from the sale or redemption of other investments | 519 | 1 |
Net cash provided by (used in) investing activities | (10,871) | (634,359) |
Cash flows from financing activities: | ||
Net change in deposits | 704,481 | 409,103 |
Net change in securities sold under agreements to repurchase | 1,629 | 63,140 |
Proceeds from Federal Home Loan Bank advances | 0 | 1,019,000 |
Repayments of Federal Home Loan Bank advances | (30,411) | (897,998) |
Repayments of other borrowings | 0 | (6,000) |
Proceeds from Subordinated debt | 0 | 39,067 |
Issuance of treasury stock | 0 | (31) |
Purchase of treasury stock | 0 | (1,564) |
Net cash provided by financing activities | 675,699 | 624,717 |
Net increase in cash and cash equivalents | 747,563 | 15,975 |
Cash and cash equivalents, beginning of period | 201,978 | 144,531 |
Cash and cash equivalents, end of period | 949,541 | 160,506 |
Supplemental disclosures of cash flow information: | ||
Interest paid on deposits | 6,869 | 13,564 |
Interest paid on borrowed funds | 4,362 | 4,119 |
Cash paid for income taxes, net | 4,930 | 8,003 |
Non-cash investing and financing activities: | ||
Net change in unrealized gain on available-for-sale securities | (2,270) | 11,646 |
Loan charge-offs | 3,242 | 1,785 |
Loans transferred to other real estate owned and foreclosed assets | 3,264 | 3,110 |
Mortgage servicing rights resulting from sale or securitization of mortgage loans | $ 18,533 | $ 15,879 |
Organization and Basis of Prese
Organization and Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation Nature of Operations - The consolidated financial statements include the accounts of FirstSun Capital Bancorp (“FirstSun” or “Parent Company” and its wholly-owned subsidiaries, Sunflower Bank, N.A. (the “Bank”) and Logia Portfolio Management, LLC, and have been prepared using U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial statements. All significant intercompany balances and transactions have been eliminated in consolidation. These entities are collectively referred to as “our”, “us”, “we”, or “the Company”. These consolidated financial statements do not include all of the information and footnotes required by U.S. GAAP for a full year presentation and certain disclosures have been condensed or omitted in accordance with rules and regulations of the SEC. These interim financial statements are unaudited, and include, in our opinion, all adjustments necessary for a fair statement of the results for the periods indicated, which are not necessarily indicative of results which may be expected for the full year. These unaudited consolidated financial statements and notes should be read in conjunction with FirstSun’s audited consolidated financial statements and footnotes thereto for the year ended December 31, 2020 included in our proxy statement/prospectus dated August 10, 2021 (the “Prospectus”) filed with the SEC on August 12, 2021, pursuant to Securities Act Rule 424(b)(3) in connection with our proposed merger with Pioneer Bancshares, Inc. (“Pioneer”). Certain prior period amounts have been reclassified to conform to the current period presentation. Reclassifications had no effect on our net income or stockholders’ equity. Business Combination - On May 11, 2021, FirstSun and Pioneer entered into an Agreement and Plan of Merger that provides for the merger of Pioneer with and into FirstSun, with FirstSun as the surviving entity (the “merger”). If the merger is completed, each share of Pioneer common stock will be converted into the right to receive 1.0443 shares of FirstSun common stock plus cash in lieu of any fractional shares. In September 2021, the Pioneer stockholders approved the merger. Completion of the merger, among other things, is subject to the requisite approval of the appropriate regulatory bodies, and if approved is expected to close in the fourth quarter of 2021. Pioneer currently operates from its headquarters in Austin, Texas and has banking offices located primarily in the Austin, Houston, San Antonio, and Dallas metro areas. As of September 30, 2021 Pioneer had assets of $1.6 billion, total loans of $1.0 billion, and deposits of $1.3 billion. Use of Estimates - The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions based on available information. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. These estimates are based on historical experience and on various assumptions about the future that are believed to be reasonable based on all available information. Our reported financial position or results of operations may be materially different under changed conditions or when using different estimates and assumptions, particularly with respect to significant accounting policies. In the event that estimates or assumptions prove to differ from actual results, adjustments are made in subsequent periods to reflect more current information. Risks and Uncertainties - In the normal course of business, companies in the banking and mortgage industries encounter certain economic and regulatory risks. Economic risks include prepayment risk, market risk, interest rate risk, and credit risk. We are subject to interest rate risk to the extent that in a rising interest rate environment, we may experience a decrease in loan production, as well as decreases in the value of mortgage loans held-for-sale and in commitments to originate loans, which may adversely impact our earnings. Credit risk is the risk of default that may result from the borrowers’ inability or unwillingness to make contractually required payments. We generally sell loans to investors without recourse; therefore, the investors have assumed the risk of loss or default by the borrower. However, we are usually required by these investors to make certain standard representations and warranties relating to credit information, loan documentation, and collateral. To the extent that we do not comply with such representations, or there are early payment defaults, we may be required to repurchase the loans or indemnify these investors for any losses from borrower defaults. In addition, if loans pay off within a specified time frame, we may be required to refund a portion of the sales proceeds to the investors. We established reserves for potential losses related to these representations and warranties which is recorded within accrued expenses and other liabilities. In assessing the adequacy of the reserve, we evaluate various factors including actual write-offs during the period, historical loss experience, known delinquent and other problem loans, and economic trends and conditions in the industry. Further information is presented in Note 15. Commitments and Contingencies . Adoption of New Accounting Standards - As an “emerging growth company” under Section 107 of the JOBS Act, we can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. Therefore, we can delay the adoption of certain accounting standards until those standards would otherwise apply to non-public business entities. We intend to take advantage of the benefits of this extended transition period for an “emerging growth company” for as long as it is available to us. For standards that we have delayed adoption, we may lack comparability to other companies who have adopted such standards. There have been no material developments with respect to newly issued standards from those disclosed in our Prospectus. We have deferred adoption of ASU 2016-02, Leases (Topic 842) and ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) . |
Securities
Securities | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities The amortized cost, gross unrealized gains and losses, and fair values of available-for-sale and held-to-maturity debt securities by type follows: Amortized Gross Gross Estimated As of September 30, 2021 Available-for-sale: U.S. treasury $ 20,454 $ 241 $ — $ 20,695 U.S. agency 6,493 — (104) 6,389 Obligations of states and political subdivisions 3,981 16 — 3,997 Mortgage backed - residential 132,062 2,998 (779) 134,281 Collateralized mortgage obligations 219,671 2,521 (31) 222,161 Mortgage backed - commercial 138,932 4,959 (19) 143,872 Total available-for-sale $ 521,593 $ 10,735 $ (933) $ 531,395 Held-to-maturity: Obligations of states and political subdivisions $ 720 $ 30 $ — $ 750 Mortgage backed - residential 11,686 545 — 12,231 Collateralized mortgage obligations 7,405 307 — 7,712 Total held-to-maturity $ 19,811 $ 882 $ — $ 20,693 As of December 31, 2020 Available-for-sale: U.S. agency $ 9,204 $ — $ (208) $ 8,996 Obligations of states and political subdivisions 3,427 8 — 3,435 Mortgage backed - residential 116,365 3,399 (202) 119,562 Collateralized mortgage obligations 200,496 2,743 (43) 203,196 Mortgage backed - commercial 127,022 6,426 (51) 133,397 Total available-for-sale $ 456,514 $ 12,576 $ (504) $ 468,586 Held-to-maturity: U.S. agency $ 5,099 $ 26 $ — $ 5,125 Obligations of states and political subdivisions 730 41 — 771 Mortgage backed - residential 16,050 618 — 16,668 Collateralized mortgage obligations 10,309 455 — 10,764 Total held-to-maturity $ 32,188 $ 1,140 $ — $ 33,328 As of September 30, 2021 and December 31, 2020, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity. Certain debt securities that have gross unrealized losses and have been in a continuous unrealized loss position for more than one year follows: Less than 12 months 12 months or longer Total Estimated Unrealized Estimated Unrealized Estimated Unrealized Number As of September 30, 2021 Available-for-sale: U.S. agency $ — $ — $ 6,389 $ (104) $ 6,389 $ (104) 7 Mortgage backed - residential 36,034 (769) 2,896 (10) 38,930 (779) 9 Collateralized mortgage obligations 13,024 (27) 610 (4) 13,634 (31) 8 Mortgage backed - commercial — — 24,170 (19) 24,170 (19) 2 Total available-for-sale $ 49,058 $ (796) $ 34,065 $ (137) $ 83,123 $ (933) 26 Less than 12 months 12 months or longer Total Estimated Unrealized Estimated Unrealized Estimated Unrealized Number As of December 31, 2020 Available-for-sale: U.S. agency $ — $ — $ 8,996 $ (208) $ 8,996 $ (208) 7 Mortgage backed - residential 15,251 (146) 7,601 (56) 22,852 (202) 8 Collateralized mortgage obligations 23,646 (43) — — 23,646 (43) 11 Mortgage backed - commercial 9,167 (15) 14,971 (36) 24,138 (51) 2 Total available-for-sale $ 48,064 $ (204) $ 31,568 $ (300) $ 79,632 $ (504) 28 There were no held-to-maturity securities in an unrealized loss position as of September 30, 2021 or December 31, 2020. Estimated fair value is less than amortized cost primarily because of general economic conditions unrelated to the specific issuer. At September 30, 2021 and December 31, 2020, management does not believe these securities are other than temporarily impaired for the following reasons: no significant deterioration in the earnings performance, credit rating, asset quality, or business prospects of the issuer; no significant adverse change in the regulatory, economic, or technological environment of the issuer; and no significant adverse change in the general market condition of either the geographic area or the industry in which the issuer operates. Management has the ability and intends to hold these securities and it is likely that management will not be required to sell the securities prior to maturity or until such time as the full amount of investment principal will be returned. The amortized cost and fair value of our debt securities by contractual maturity as of September 30, 2021 are summarized in the following table. Maturities are based on the final contractual payment dates and do not reflect the impact of prepayments or earlier redemptions that may occur. Amortized Estimated Available-for-sale: Due within 1 year $ 66 $ 67 Due after 1 year through 5 years 20,442 21,008 Due after 5 years through 10 years 135,566 138,722 Due after 10 years 365,519 371,598 Total available-for-sale $ 521,593 $ 531,395 Held-to-maturity: Due after 1 year through 5 years $ 720 $ 750 Due after 5 years through 10 years 702 749 Due after 10 years 18,389 19,194 Total held-to-maturity $ 19,811 $ 20,693 Securities with a carrying value of $466,982 and $437,223 were pledged to secure public deposits, securities sold under agreements to repurchase and borrowed funds at September 30, 2021 and December 31, 2020, respectively. |
Loans
Loans | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Loans | Loans Loans held-for-investment consist of the following: September 30, 2021 December 31, 2020 Commercial $ 2,228,639 $ 2,181,552 Commercial real estate 1,140,181 1,156,668 Residential real estate 426,044 503,828 Consumer 17,742 14,233 Total loans 3,812,606 3,856,281 Deferred costs, fees, premiums, and discounts (8,625) (9,924) Allowance for loan losses (47,868) (47,766) Total loans, net $ 3,756,113 $ 3,798,591 On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) was signed into law. A provision in the CARES Act created the Paycheck Protection Program (PPP), a program administered by the Small Business Administration (“SBA”) to provide loans to small business during the COVID-19 pandemic. As of September 30, 2021 and December 31, 2020, we had $116,519 and $256,336 of PPP loans outstanding and deferred processing fees outstanding of $3,153 and $5,235, respectively. PPP loans are classified as Commercial loans in the consolidated financial statements. No allowance for loan losses has been recognized for PPP loans as such loans are fully guaranteed by the SBA. The following table presents the activity in the allowance for loan losses by portfolio type for the three months ended September 30,: Commercial Commercial Residential Consumer Total 2021 Allowance for loan losses: Balance, beginning of period $ 28,173 $ 13,149 $ 1,305 $ 351 $ 42,978 Provision for (benefit from) loan losses 3,030 560 (31) (59) 3,500 Loans charged off — — — (66) (66) Recoveries 1,440 — 3 13 1,456 Balance, end of period $ 32,643 $ 13,709 $ 1,277 $ 239 $ 47,868 2020 Allowance for loan losses: Balance, beginning of period $ 22,541 $ 13,212 $ 1,868 $ 275 $ 37,896 Provision for (benefit from) loan losses 4,030 853 (126) 43 4,800 Loans charged off (203) (1) — (32) (236) Recoveries 225 — 3 13 241 Balance, end of period $ 26,593 $ 14,064 $ 1,745 $ 299 $ 42,701 The following table presents the activity in the allowance for loan losses by portfolio type for the nine months ended September 30,: Commercial Commercial Residential Consumer Total 2021 Allowance for loan losses: Balance, beginning of period $ 32,009 $ 13,863 $ 1,606 $ 288 $ 47,766 Provision for (benefit from) loan losses 2,210 (163) (350) 53 1,750 Loans charged off (3,102) — (2) (138) (3,242) Recoveries 1,526 9 23 36 1,594 Balance, end of period $ 32,643 $ 13,709 $ 1,277 $ 239 $ 47,868 2020 Allowance for loan losses: Balance, beginning of period $ 17,509 $ 9,645 $ 1,056 $ 336 $ 28,546 Provision for loan losses 9,567 4,728 708 97 15,100 Loans charged off (997) (581) (39) (168) (1,785) Recoveries 514 272 20 34 840 Balance, end of period $ 26,593 $ 14,064 $ 1,745 $ 299 $ 42,701 We determine the allowance for loan losses estimate on at least a quarterly basis. The following table presents the balance in the allowance for loan losses and the recorded investment by portfolio type based on impairment method: Commercial Commercial Residential Consumer Total As of September 30, 2021 Loans: Individually evaluated for impairment $ 19,632 $ 5,203 $ 6,555 $ 3 $ 31,393 Collectively evaluated for impairment 2,209,007 1,134,978 419,489 17,739 3,781,213 Total loans $ 2,228,639 $ 1,140,181 $ 426,044 $ 17,742 $ 3,812,606 Allowance for loan losses: Individually evaluated for impairment $ 3,823 $ 387 $ 148 $ — $ 4,358 Collectively evaluated for impairment 28,820 13,322 1,129 239 43,510 Total allowance for loan losses $ 32,643 $ 13,709 $ 1,277 $ 239 $ 47,868 As of December 31, 2020 Loans: Individually evaluated for impairment $ 23,197 $ 2,933 $ 9,630 $ 38 $ 35,798 Collectively evaluated for impairment 2,158,355 1,153,735 494,198 14,195 3,820,483 Total loans $ 2,181,552 $ 1,156,668 $ 503,828 $ 14,233 $ 3,856,281 Allowance for loan losses: Individually evaluated for impairment $ 3,972 $ 12 $ 96 $ — $ 4,080 Collectively evaluated for impairment 28,037 13,851 1,510 288 43,686 Total allowance for loan losses $ 32,009 $ 13,863 $ 1,606 $ 288 $ 47,766 The following table presents information related to impaired loans by class of loans as of: Unpaid Recorded Allowance for Average As of September 30, 2021 With no related allowance recorded: Commercial $ 10,013 $ 9,505 $ — $ 6,964 Commercial real estate 2,365 2,307 — 2,201 Residential real estate 4,717 4,732 — 3,153 Consumer 4 3 — 4 Total loans with no related allowance recorded 17,099 16,547 — 12,322 With an allowance recorded: Commercial 10,386 10,127 3,823 6,962 Commercial real estate 2,949 2,896 387 1,940 Residential real estate 1,794 1,823 148 1,224 Total loans an allowance recorded 15,129 14,846 4,358 10,126 Total impaired loans $ 32,228 $ 31,393 $ 4,358 $ 22,448 As of December 31, 2020 With no related allowance recorded: Commercial $ 16,370 $ 15,756 $ — $ 12,189 Commercial real estate 2,850 2,838 — 1,910 Residential real estate 9,021 8,933 — 5,855 Consumer 38 38 — 29 Total loans with no related allowance recorded 28,279 27,565 — 19,983 With an allowance recorded: Commercial 7,610 7,441 3,972 5,304 Commercial real estate 133 95 12 67 Residential real estate 709 697 96 479 Total loans an allowance recorded 8,452 8,233 4,080 5,850 Total impaired loans $ 36,731 $ 35,798 $ 4,080 $ 25,833 Interest income recorded on impaired loans was not material for the three and nine months ended September 30, 2021 and 2020. Credit risk monitoring and management is a continuous process to manage the quality of the loan portfolio. We categorize loans into risk categories based on relevant information about the ability of borrowers to service their debt including current financial information, historical payment experience, credit documentation, public information and current economic trends among other factors. The risk rating system is used as a tool to analyze and monitor loan portfolio quality. Risk ratings meeting an internally specified exposure threshold are updated annually, or more frequently upon the occurrence of a circumstance that affects the credit risk of the loan. We use the following definitions for risk ratings: Substandard - loans are considered “classified” and have a well-defined weakness, or weaknesses, such as loans that are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Substandard loans are also characterized by the distinct possibility of loss in the future if the deficiencies are not corrected. Doubtful - loans are considered “classified” and have all the weaknesses inherent in those classified as Substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. There were no loans categorized as doubtful as of September 30, 2021 and December 31, 2020. Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass-rated loans. The following table presents the credit risk profile of our loan portfolio based on our rating categories: Non-Classified Classified Total As of September 30, 2021 Commercial $ 2,202,979 $ 25,660 $ 2,228,639 Commercial real estate 1,113,753 26,428 1,140,181 Residential real estate 419,557 6,487 426,044 Consumer 17,736 6 17,742 Total loans $ 3,754,025 $ 58,581 $ 3,812,606 As of December 31, 2020 Commercial $ 2,145,831 $ 35,721 $ 2,181,552 Commercial real estate 1,126,080 30,588 1,156,668 Residential real estate 494,155 9,673 503,828 Consumer 14,195 38 14,233 Total loans $ 3,780,261 $ 76,020 $ 3,856,281 The following table presents our loan portfolio aging analysis: Loans Loans Loans Loans Greater Non-Accrual Total As of September 30, 2021 Commercial $ 2,208,361 $ 1,639 $ — $ — $ 18,639 $ 2,228,639 Commercial 1,123,875 9,420 1,681 — 5,205 1,140,181 Residential 418,746 — 842 — 6,456 426,044 Consumer 17,721 18 — — 3 17,742 Total loans $ 3,768,703 $ 11,077 $ 2,523 $ — $ 30,303 $ 3,812,606 As of December 31, 2020 Commercial $ 2,147,310 $ 11,415 $ 48 $ — $ 22,779 $ 2,181,552 Commercial 1,144,801 8,933 — — 2,934 1,156,668 Residential 489,482 2,948 1,123 777 9,498 503,828 Consumer 14,187 8 — — 38 14,233 Total loans $ 3,795,780 $ 23,304 $ 1,171 $ 777 $ 35,249 $ 3,856,281 As of September 30, 2021 and December 31, 2020, we have a recorded investment in troubled debt restructurings (TDRs) of $18,750 and $13,975, respectively. We have no commitments to lend additional amounts at September 30, 2021. The modification of the terms of the loans performed for the nine months ended September 30, 2021 and for the year ended December 31, 2020 respectively, included rate modifications, extensions of the maturity dates or a permanent reduction of the recorded investment in the loans. The following table presents loans by class modified as TDRs that occurred during the nine months ended September 30, 2021 and year ended December 31, 2020: Number Pre-Modification Post-Modification September 30, 2021 Commercial 5 $ 6,789 $ 5,229 Total 5 $ 6,789 $ 5,229 December 31, 2020 Commercial 11 $ 2,950 $ 2,831 Residential real estate 5 917 907 Total 16 $ 3,867 $ 3,738 For the nine months ended September 30, 2021 and year ended December 31, 2020 the TDRs described above increased the allowance for loan losses by $1,441 and $1,464, respectively. There were no amounts charged-off during the nine months ended September 30, 2021 and year ended December 31, 2020. For the year ended December 31, 2020, there were loans modified as TDRs totaling $1,759 for which there was a payment default following the modification. In order to assess whether a borrower is experiencing financial difficulty, an evaluation is performed to determine the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed under our internal underwriting policy. A loan is generally considered to be in payment default once it is 30 days contractually past due under the modified terms. We are working with borrowers impacted by COVID-19 and providing modifications to include interest only deferral or principal and interest deferral. These modifications are excluded from TDR classification under Section 4013 of the CARES Act or under applicable interagency guidance of the federal banking regulators. As of September 30, 2021, we had actively modified loans under the CARES Act as follows: Number Recorded September 30, 2021 Residential real estate 9 $ 2,517 Acquired Loans and Loan Discounts : Included in the net loan portfolio as of September 30, 2021 and December 31, 2020 is a net accretable discount related to loans acquired within a business combination in the approximate amounts of $770 and $2,043, respectively. The discount is accreted into income on a level-yield basis over the life of the loans. Loans acquired with evidence of credit quality deterioration at acquisition, for which it was probable that we would not be able to collect all contractual amounts due, were accounted for as purchased credit impaired (“PCI”) loans. The outstanding balance represents the total amount owed, including accrued but unpaid interest, and any amounts previously charged off. The carrying amount of purchased credit impaired loans is not significant as of September 30, 2021 and December 31, 2020. |
Mortgage Servicing Rights
Mortgage Servicing Rights | 9 Months Ended |
Sep. 30, 2021 | |
Transfers and Servicing [Abstract] | |
Mortgage Servicing Rights | Mortgage Servicing Rights We have investments in mortgage servicing rights (“MSRs”) that result from the sale of loans to the secondary market for which we retain the servicing. We account for these MSRs at their fair value. A primary risk associated with MSRs is the potential reduction in fair value as a result of higher than anticipated prepayments due to loan refinancing prompted, in part, by declining interest rates or government intervention. Conversely, these assets generally increase in value in a rising interest rate environment to the extent that prepayments are slower than anticipated. We utilize derivatives as economic hedges to offset changes in the fair value of the MSRs resulting from the actual or anticipated changes in prepayments stemming from changing interest rate environments. The unpaid principal loan balance of our servicing portfolio is presented in the following table as of: September 30, 2021 December 31, 2020 Federal National Mortgage Association $ 2,278,202 $ 2,117,703 Federal Home Loan Mortgage Corporation 1,425,824 948,934 Government National Mortgage Association 757,859 722,138 Federal Home Loan Bank 148,214 245,246 Other 1,948 2,144 Total $ 4,612,047 $ 4,036,165 The activity of MSRs carried at fair value is as follows: For the three months ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 Balance, beginning of period $ 40,844 $ 23,800 $ 29,144 $ 29,003 Additions: Servicing resulting from transfers of financial assets 5,303 6,614 18,533 15,879 Changes in fair value: Due to changes in valuation inputs or assumptions used in the valuation model 948 (2,114) 5,209 (13,215) Changes in fair value due to pay-offs, pay-downs, and runoff (3,124) (2,495) (8,915) (5,862) Balance, end of period $ 43,971 $ 25,805 $ 43,971 $ 25,805 The following represents the weighted-average key assumptions used to estimate the fair value of MSRs as of: September 30, 2021 December 31, 2020 September 30, 2020 Discount rate 9.22 % 9.12 % 9.28 % Total prepayment speeds 12.15 % 16.99 % 18.79 % Cost of servicing each loan $86/per loan $85/per loan $86/per loan Total servicing and ancillary fees earned from the mortgage servicing portfolio is presented in the following table: For the three months ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 Servicing fees $ 3,101 $ 2,400 $ 8,853 $ 6,773 Late and ancillary fees 118 92 317 277 Total $ 3,219 $ 2,492 $ 9,170 $ 7,050 |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments Banking Derivative Financial Instruments : We are exposed to changes in the fair value of certain of our fixed-rate assets due to changes in benchmark interest rates. We use interest rate swaps to manage our exposure to changes in fair value on these instruments attributable to changes in the designated benchmark interest rate, LIBOR. Interest rate swaps designated as fair value hedges involve the receipt of fixed-rate amounts from a counterparty in exchange for us making variable-rate payments over the life of the agreements without the exchange of the underlying notional amount. The carrying amount of hedged loans receivable as of September 30, 2021 and December 31, 2020 was $209,552 and $239,591, respectively. The cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged loans receivable as of September 30, 2021 and December 31, 2020 was $7,784 and $14,906, respectively. The hedges were determined to be effective during all periods presented and we expect the hedges to remain effective during their remaining terms. Derivatives not designated as hedges are not speculative and result from a service we provide to certain customers. We execute interest rate swaps with banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously hedged by offsetting derivatives that we execute with a third party, such that we minimize our net risk exposure resulting from such transactions. As the interest rate derivatives associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer derivatives and the offsetting derivatives are recognized directly in earnings. These instruments are a component of prepaid expenses and other assets and accrued expenses and other liabilities. The components of our banking derivative financial instruments consisted of the following: Number of Expiration Outstanding Estimated September 30, 2021 Derivative financial instruments designated as hedging instruments: Assets: Interest Rate Products 1 2029 $ 20,378 $ 1,142 Liabilities: Interest Rate Products 12 2022-2029 $ 181,390 $ 8,898 Derivative financial instruments not designated as hedging instruments: Assets: Interest Rate Products 38 2024-2036 $ 207,937 $ 8,471 Liabilities: Interest Rate Products 38 2024-2036 $ 207,937 $ 8,810 December 31, 2020 Derivative financial instruments designated as hedging instruments: Assets: Interest Rate Products 2 2026-2029 $ 38,978 $ 830 Liabilities: Interest Rate Products 12 2022-2028 $ 185,637 $ 15,792 Derivative financial instruments not designated as hedging instruments: Assets: Interest Rate Products 28 2024-2031 $ 171,609 $ 11,348 Liabilities: Interest Rate Products 28 2024-2031 $ 171,609 $ 12,117 We recorded gains and losses on banking derivatives assets as follows: For the three months ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 Recorded (loss) gain on banking derivative $ (186) $ (221) $ (420) $ 8,608 Recorded gain (loss) on banking derivative liabilities $ 337 $ 123 $ 926 $ (9,432) For the three months ended September 30, 2021 and 2020, our banking derivative financial instruments not designated as hedging instruments generated fee income of $246 and $1,406, respectively. For the nine months ended September 30, 2021 and 2020, our banking derivative financial instruments not designated as hedging instruments generated fee income of $1,080 and $2,967, respectively. Credit-risk-related Contingent Features : We have agreements with each of our derivative counterparties that contain a provision where if we either default or are capable of being declared in default on any of our indebtedness, then we could also be declared in default on our derivative obligations. We also have agreements with our derivative counterparties that contain a provision where if we fail to maintain our status as a well-capitalized institution, then our derivative counterparties have the right but not the obligation to terminate existing swaps. As of September 30, 2021 and December 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 $18,435 and $28,622, respectively. As of September 30, 2021 and December 31, 2020, we have minimum collateral posting thresholds with our derivative counterparties and have posted collateral of $22,342 and $31,400, respectively. If we had breached any of these provisions at September 30, 2021, we could have been required to settle our obligations under the agreements at their termination value of $18,435. Mortgage Banking Derivative Financial Instruments : The components of our mortgage banking derivative financial instruments consisted of the following: Expiration Outstanding Estimated September 30, 2021 Derivative financial instruments Assets: Forward MBS trades 2021 $ 257,900 $ 987 Interest rate lock commitments (IRLC) 2021 $ 188,714 $ 1,420 Liabilities: Forward MBS trades 2021 $ 150,900 $ 2,258 December 31, 2020 Derivative financial instruments Assets: Forward MBS trades 2021 $ 189,900 $ 468 Interest rate lock commitments (IRLC) 2021 $ 462,394 $ 5,686 Liabilities: Forward MBS trades 2021 $ 433,400 $ 2,883 We recorded gains and losses on mortgage banking derivatives assets as follows: For the three months ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 Recorded gain (loss) on mortgage banking derivative assets $ 9,175 $ (19,987) $ (302) $ 7,638 Recorded (loss) gain on mortgage banking derivative liabilities $ (10,241) $ 1,925 $ (7,714) $ (989) |
Deposits
Deposits | 9 Months Ended |
Sep. 30, 2021 | |
Statistical Disclosure for Banks [Abstract] | |
Deposits | Deposits The composition of our deposits is as follows: As of September 30, 2021 December 31, 2020 Noninterest-bearing demand deposit accounts $ 1,578,306 $ 1,054,458 Interest-bearing deposit accounts: Interest-bearing demand accounts 201,510 164,870 Savings accounts and money market accounts 2,711,417 2,472,965 NOW accounts 37,888 95,297 Certificate of deposit accounts: Less than $100 151,696 164,491 $100 through $250 104,864 113,006 Greater than $250 72,304 88,462 Total interest-bearing deposit accounts 3,279,679 3,099,091 Total deposits $ 4,857,985 $ 4,153,549 The following table summarizes the interest expense incurred on our deposits: For the three months ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 Interest-bearing deposit accounts: Interest-bearing demand accounts $ 89 $ 97 $ 300 $ 331 Savings accounts and money market accounts 1,155 1,635 3,668 5,901 NOW accounts 50 183 336 471 Certificate of deposit accounts 684 1,433 2,427 6,178 Total interest-bearing deposit accounts $ 1,978 $ 3,348 $ 6,731 $ 12,881 The remaining maturity on certificate of deposit accounts as of September 30, 2021 is as follows: Remainder of 2021 $ 59,117 2022 184,563 2023 47,911 2024 14,637 2025 11,001 2026 7,474 Thereafter 4,161 Total certificate of deposit accounts $ 328,864 |
Securities Sold Under Agreement
Securities Sold Under Agreements to Repurchase | 9 Months Ended |
Sep. 30, 2021 | |
Carrying Value of Securities Sold under Repurchase Agreements and Deposits Received for Securities Loaned [Abstract] | |
Securities Sold Under Agreements to Repurchase | Securities Sold Under Agreements to Repurchase Information concerning securities sold under agreements to repurchase is as follows for the periods ended: September 30, 2021 December 31, 2020 Amount outstanding at period-end $ 117,001 $ 115,372 Average daily balance during the period $ 131,444 $ 118,706 Average interest rate during the period 0.05 % 0.15 % Maximum month-end balance during the period $ 160,865 $ 149,844 Weighted average interest rate at period-end 0.04 % 0.05 % At September 30, 2021 and December 31, 2020, such agreements were secured by investment and mortgage-related securities with an approximate carrying amount of $134,701 and $121,116, respectively. Pledged securities are maintained by safekeeping agents at the direction of the Bank. Our agreements to repurchase generally mature daily, and are considered to be in an overnight and continuous position. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt FHLB advances : The following is a breakdown of our FHLB advances and other borrowings outstanding as of: September 30, 2021 December 31, 2020 Amount Rate Weighted Amount Rate Weighted Variable rate line-of-credit advance $ — N/A N/A $ 20,000 0.35% N/A Fixed rate term advances $ 40,000 0.91% - 2.59% 1.49% $ 50,411 0.91% - 4.13% 1.78% $ 40,000 $ 70,411 The advances were collateralized by $842,678 and $943,376 of loans pledged to the FHLB as collateral as of September 30, 2021 and December 31, 2020, respectively. Future maturities of our FHLB borrowings is as follows: 2022 $ 10,000 2025 20,000 Thereafter 10,000 Total $ 40,000 As of September 30, 2021 and December 31, 2020, the Bank had total borrowing capacity with the FHLB that is based on qualified collateral lending values of $675,641 and $702,540, respectively. Our additional borrowing availability with the FHLB at September 30, 2021 was $556,547. These borrowings can be in the form of additional term advances or a line-of-credit. FRB advances : We also had a $9,366 line-of-credit with the FRB. The agreement bears interest at the Fed Funds target rate plus 0.50% and is secured by municipal, agency, mortgage-related and corporate securities. The entire line was available at September 30, 2021. Other borrowings : We have lines-of-credit with certain other financial institutions totaling $95,000 as of September 30, 2021. No amounts were drawn on these lines-of-credit in 2021. Convertible Notes Payable : We have issued a total of $20,673 of convertible notes with a maturity date of August 31, 2023. The annual interest rate on these convertible notes is 3.29% with quarterly interest payments. With respect to conversion, each $1 (in thousands) principal amount of the convertible notes can be converted to 15.6717 shares of Parent Company common stock at any time until maturity. The convertible notes were originally recorded with a discount of $4,682. As of and for the periods ended September 30, 2021 and December 31, 2020, the debt discount on the convertible notes totaled $1,418 and $1,977, respectively. The related accretion for the three months ended September 30, 2021 and 2020 was $186 and $188, respectively. The related accretion for the nine months ended September 30, 2021 and 2020 was $559 and $564, respectively. Subordinated Debt : Subordinated Notes : In June and August 2020, we issued a total of $40,000 subordinated notes. The notes pay interest at a fixed rate of 6.00% through June 30, 2025 and subsequently, until maturity, pay interest at a floating rate of three month term SOFR plus 5.89% reset quarterly. Interest is payable on July 1 and January 1 of each year. Such notes are due on July 1, 2030. The notes are not redeemable within the first five years of issuance, except under certain very limited conditions. After five years, we may redeem the notes at our discretion. We incurred and capitalized $933 of costs related to the issuance of the subordinated notes. As of and for the three and nine months ended September 30, 2021, the amortization associated with the debt issuance costs totaled $23 and $70. Trust preferred securities : We have issued $9,279 in trust preferred securities through a special-purpose trust, New Mexico Banquest Capital Trust I (“NMBCT I”). In addition, we have issued $4,640 in trust preferred securities through a special purpose trust, New Mexico Banquest Capital Trust II (“NMBCT II”, and together with NMBCT I, collectively referred to as “NMBCT Trusts”). Interest is payable quarterly at a rate of three-month LIBOR plus 3.35% (3.50% and 3.66% as of September 30, 2021 and 2020, respectively) for the trust preferred securities issued through NMBCT I and at a rate of three-month LIBOR plus 2.00% (2.15% and 2.36% as of September 30, 2021 and 2020, respectively) for the trust preferred securities issued through NMBCT II. This subordinated debt of $13,919 was originally recorded at a discount of $4,293. As of and for the three months ended September 30, 2021 and 2020, accretion associated with the fair value discount totaled $63, respectively. As of and for the nine months ended September 30, 2021 and 2020, accretion associated with the fair value discount totaled $192, respectively. The Parent Company fully and unconditionally guarantees the obligations of the NMBCT Trusts on a subordinated basis. The trust preferred securities issued through the NMBCT Trusts are mandatorily redeemable upon the maturity of the debentures on December 19, 2032 and November 23, 2034, respectively, and are optionally redeemable, in part or in whole, by the Parent Company at each quarterly interest payment date. The Parent Company owns all of the outstanding common securities of the NMBCT Trusts, which have an aggregate liquidation valuation amount of $419 and is recorded in prepaid expenses and other assets on the consolidated balance sheet. The NMBCT Trusts are considered variable interest entities. Since the Parent Company is not the primary beneficiary of the NMBCT Trusts, the financial statements of the NMBCT Trusts are not included in our consolidated financial statements. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings per share, excluding dilution, is computed by dividing earnings available to common stockholders’ by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock or resulted in the issuance of common stock that could then share in our earnings. The following table sets forth the computation of basic and diluted earnings per share of common stock: For the three months ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 Net income applicable to common stockholders $ 8,728 $ 14,754 $ 34,347 $ 36,325 Weighted Average Shares Weighted average common shares outstanding 18,321,659 18,320,606 18,321,659 18,327,164 Effect of dilutive securities Stock-based awards 449,022 — 440,838 — Weighted average diluted common shares 18,770,681 18,320,606 18,762,497 18,327,164 Earnings per common share Basic earnings per common share $ 0.48 $ 0.81 $ 1.87 $ 1.98 Effect of dilutive securities Stock-based awards (0.02) — (0.04) — Diluted earnings per common share $ 0.46 $ 0.81 $ 1.83 $ 1.98 Convertible notes payable for 323,984 shares of common stock were not considered in computing diluted earnings per share for three and nine months ended September 30, 2021 and 2020 because they were antidilutive. Stock-based awards of 98,659 and 161,806 shares were antidilutive for the three and nine months ended September 30, 2020, respectively. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Equity Incentive Plan : We have established the FirstSun Capital Bancorp 2017 Equity Incentive Plan (the Plan). The Plan provides for the grant of stock options, stock appreciation rights, restricted stock and other stock awards to its employees, directors and consultants for up to 1,977,292 shares of FirstSun common stock in the aggregate. A summary of stock option activity under the Plan as of September 30, 2021, and changes during the period then ended is presented below: Shares Weighted-Average Exercise Price, per Share Weighted-Average Remaining Contractual Term (years) For the nine months ended September 30, 2021 Outstanding, beginning of period 1,428,940 $ 19.97 Exercised — — Granted 26,336 32.54 Forfeited (42,376) 20.33 Outstanding, end of period 1,412,900 $ 20.19 6.46 Options vested or expected to vest 1,412,900 $ 20.19 Options exercisable, end of period 1,166,887 $ 19.89 6.13 For the three months ended September 30, 2021 and 2020, we recorded total compensation cost of $348 and $526, respectively related to the Plan. For the nine months ended September 30, 2021 and 2020, we recorded total compensation cost of $1,501 and $1,752, respectively, related to the Plan. At September 30, 2021, there was $1,390 of total unrecognized compensation cost related to non-vested stock options granted under the Plan. The unrecognized compensation cost at September 30, 2021 is expected to be recognized over the following 3.67 years. At September 30, 2021 and December 31, 2020, the intrinsic value of the stock options was $15,343 and $10,660, respectively. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision for income taxes in interim periods requires us to make a best estimate of the effective tax rate expected to be applicable for the full year, adjusted for any discrete items for the applicable period. This estimated effective tax rate is then applied to interim consolidated pre-tax operating income to determine the interim provision for income taxes. The following table presents our provision for income tax and effective tax provision rate: For the three months ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 Provision for income taxes $ 1,851 $ 3,130 $ 7,159 $ 7,707 Effective tax provision rate 17.5 % 17.5 % 17.2 % 17.5 % We do not believe that we have any material uncertain tax positions, and do not expect any material changes during the next twelve months. |
Regulatory Capital Matters
Regulatory Capital Matters | 9 Months Ended |
Sep. 30, 2021 | |
Regulatory Capital Requirements under Banking Regulations [Abstract] | |
Regulatory Capital Matters | Regulatory Capital Matters Banks and bank holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations involve quantitative measures of assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action. Under the Basel III rules, the Parent Company and the Bank must hold a capital conservation buffer above the adequately capitalized risk-based capital ratios. The fully phased in capital conservation buffer is 2.50% for all periods presented. The net unrealized gain or loss on available for sale securities is not included in computing regulatory capital. As of September 30, 2021, both the Parent Company and the Bank met all capital adequacy requirements to which they were subject. Prompt corrective action regulations provide five classifications: well-capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. As of September 30, 2021 and December 31, 2020, the most recent regulatory notifications categorized the Bank as well-capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the Bank’s category. Actual and required capital amounts at year end for the Parent Company are as follows: Actual For Capital To be Well- Amount Ratio Amount Ratio Amount Ratio As of September 30, 2021 Total risk-based capital to risk-weighted assets: $ 552,124 12.55 % $ 351,871 8.00 % N/A N/A Tier 1 risk-based capital to risk-weighted assets: $ 453,740 10.32 % $ 263,904 6.00 % N/A N/A Common Equity Tier 1 (CET 1) to risk-weighted assets: $ 453,740 10.32 % $ 197,928 4.50 % N/A N/A Tier 1 leverage capital to average assets: $ 453,740 8.19 % $ 221,526 4.00 % N/A N/A As of December 31, 2020 Total risk-based capital to risk-weighted assets: $ 513,949 12.19 % $ 337,327 8.00 % N/A N/A Tier 1 risk-based capital to risk-weighted assets: $ 416,029 9.87 % $ 252,995 6.00 % N/A N/A Common Equity Tier 1 (CET 1) to risk-weighted assets: $ 416,029 9.87 % $ 189,746 4.50 % N/A N/A Tier 1 leverage capital to average assets: $ 416,029 8.53 % $ 195,074 4.00 % N/A N/A Actual and required capital amounts at year end for the Bank are as follows: Actual For Capital To be Well- Amount Ratio Amount Ratio Amount Ratio As of September 30, 2021 Total risk-based capital to risk-weighted assets: $ 559,556 12.76 % $ 350,802 8.00 % $ 438,502 10.00 % Tier 1 risk-based capital to risk-weighted assets: $ 511,100 11.66 % $ 263,101 6.00 % $ 350,802 8.00 % Common Equity Tier 1 (CET 1) to risk-weighted assets: $ 511,100 11.66 % $ 197,326 4.50 % $ 285,026 6.50 % Tier 1 leverage capital to average assets: $ 511,100 9.23 % $ 221,444 4.00 % $ 276,805 5.00 % As of December 31, 2020 Total risk-based capital to risk-weighted assets: $ 517,077 12.30 % $ 336,276 8.00 % $ 420,345 10.00 % Tier 1 risk-based capital to risk-weighted assets: $ 468,823 11.15 % $ 252,207 6.00 % $ 336,276 8.00 % Common Equity Tier 1 (CET 1) to risk-weighted assets: $ 468,823 11.15 % $ 189,155 4.50 % $ 273,224 6.50 % Tier 1 leverage capital to average assets: $ 468,823 9.62 % $ 195,008 4.00 % $ 243,760 5.00 % |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements We utilize fair value measurements to record or disclose the fair value on certain assets and liabilities. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The determination of fair values of financial instruments often requires the use of estimates. In cases where quoted market values in an active market are not available, we use present value techniques and other valuation methods to estimate the fair values of our financial instruments. These valuation models rely on market-based parameters when available, such as interest rate yield curves or credit spreads. Unobservable inputs may be based on management’s judgement assumptions and estimates related to credit quality, our future earnings, interest rates and other relevant inputs. These valuation methods require considerable judgement and the resulting estimates of fair value can be significantly affected by the assumptions made and the methods used. ASC Topic 820 establishes a three-level valuation hierarchy for disclosure of fair value measurements. The hierarchy is based on the transparency of the inputs used in the valuation process with the highest priority given to quoted prices available in active markets and the lowest priority to unobservable inputs where no active market exists. The three levels of inputs that may be used to measure fair value are as follows: Level 1 : Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 : Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means. Level 3 : Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own beliefs about the assumptions that market participants would use in pricing the assets or liabilities. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input within the valuation hierarchy that is significant to the overall fair value measurement. Transfers between levels of the fair value hierarchy are recognized at the end of the reporting period. The following table sets forth our assets and liabilities measured at fair value on a recurring basis: Level 1 Level 2 Level 3 Quoted prices Significant Significant Total As of September 30, 2021 Available-for-sale securities $ 20,695 $ 510,700 $ — $ 531,395 Loans held-for-sale — 122,217 — 122,217 Mortgage servicing rights — — 43,971 43,971 Derivative financial instruments - assets — 12,020 — 12,020 Derivative financial instruments - liabilities — (19,966) — (19,966) Total $ 20,695 $ 624,971 $ 43,971 $ 689,637 As of December 31, 2020 Available-for-sale securities $ — $ 468,586 $ — $ 468,586 Loans held-for-sale — 193,963 — 193,963 Mortgage servicing rights — — 29,144 29,144 Derivative financial instruments - assets — 18,332 — 18,332 Derivative financial instruments - liabilities — (30,792) — (30,792) Total $ — $ 650,089 $ 29,144 $ 679,233 No assets or liabilities were valued on a recurring basis at Level 1 as of December 31, 2020, nor were there any transfers between Level 2 and Level 3 during the nine months ended September 30, 2021 and the year ended December 31, 2020. For further details on our level 3 inputs related to MSRs, see Note 4. Mortgage Servicing Rights . The following table presents a reconciliation for our Level 3 assets measured at fair value on a recurring basis: For the three months ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 Balance, beginning of period $ 40,844 $ 23,800 $ 29,144 $ 29,003 Total losses included in earnings (2,176) (4,609) (3,706) (19,077) Purchases, issuances, sales and settlements: Issuances 5,303 6,614 18,533 15,879 Balance, end of period $ 43,971 $ 25,805 $ 43,971 $ 25,805 Certain financial assets and financial liabilities are regularly measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). The following table sets forth our assets and liabilities that were measured at fair value on a non-recurring basis as of: Level 3 September 30, 2021 December 31, 2020 Impaired loans: Commercial $ 6,304 $ 3,469 Commercial real estate 2,509 84 Residential real estate 1,675 601 Total impaired loans $ 10,488 $ 4,154 Other real estate owned and foreclosed assets, net: Commercial real estate $ 5,747 $ 3,354 The fair value of the financial assets in the table above utilize the market approach valuation technique, with discount adjustments for differences between comparable sales. Fair value of financial instruments not carried at fair value: The carrying amounts and estimated fair values of financial instruments not carried at fair value are as follows: Estimated Fair Value Carrying Total Level 1 Level 2 Level 3 As of September 30, 2021 Assets: Cash and cash equivalents $ 949,541 $ 949,541 $ 949,541 $ — $ — Securities held-to-maturity 19,811 20,693 — 20,693 — Loans (excluding impaired loans) 3,781,213 3,722,746 — — 3,722,746 Restricted equity securities 16,927 16,927 — 16,927 — Accrued interest receivable 16,649 16,649 — 1,129 15,520 Liabilities: Deposits (excluding demand deposits) $ 3,078,169 $ 3,203,052 $ — $ 3,203,052 $ — Securities sold under agreements to repurchase 117,001 117,001 — 117,001 — FHLB advances 40,000 41,821 — 41,821 — Convertible notes payable, net 19,256 21,201 — 21,201 — Subordinated debt, net 49,928 52,099 — 52,099 — Accrued interest payable 2,768 2,768 — 2,768 — As of December 31, 2020 Assets: Cash and cash equivalents $ 201,978 $ 201,978 $ 201,978 $ — $ — Securities held-to-maturity 32,188 33,328 — 33,328 — Loans (excluding impaired loans) 3,820,483 3,780,649 — — 3,780,649 Restricted equity securities 23,175 23,175 — 23,175 — Accrued interest receivable 15,416 15,416 — 986 14,430 Liabilities: Deposits (excluding demand deposits) $ 2,934,221 $ 2,947,287 $ — $ 2,947,287 $ — Securities sold under agreements to repurchase 115,372 115,372 — 115,372 — FHLB advances 70,411 72,770 — 72,770 — Convertible notes payable, net 18,696 20,804 — 20,804 — Subordinated debt, net 49,666 49,750 — 49,750 — Accrued interest payable 2,592 2,592 — 2,592 — |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Segment InformationOur operations are conducted through two operating segments: Banking and Mortgage Operations. Corporate represents costs not allocated to the operating segments. Operating segments are defined as components of an enterprise that engage in business activity from which revenues are earned and expenses are incurred for which discrete financial information is available that is evaluated regularly by executive management in deciding how to allocate resources and in assessing performance. Operating segments have been determined based on the products and services offered and reflect the manner in which financial information is currently evaluated by management. Each segment operates under the same banking charter, but is reported on a segmented basis for this report. Each of the operating segments is complementary to each other and because of the interrelationship of the segments, the information presented is not indicative of how the segments would perform if they operated as independent entities. The Banking segment originates loans and provides deposits and fee based services to consumer, business, and mortgage lending customers. Products offered include a full range of commercial and consumer banking and financial services. The interest income on loans held-for-investment is recognized in the Banking segment, excluding newly originated residential first mortgages within the Mortgage Operations segment. The Mortgage Operations segment originates, sells, services, and manages market risk from changes in interest rates on one-to-four family residential mortgage loans to sell or hold on our balance sheet. Loans originated-to-sell comprise the majority of the lending activity. The Mortgage Operations segment recognizes interest income on loans that are held-for-sale and newly originated residential mortgages held-for-investment, the gains from one to four family residential mortgage sales, and revenue for servicing loans and other ancillary fees following a sales transaction. Revenue from servicing activities is earned on a contractual fee basis. The Mortgage Operations segment services loans for the held-for-investment portfolio, for which it earns revenue via an intercompany service fee allocation which appears as a cost to Banking in mortgage fees. Forward traded loan purchases and sales settlements as well as mortgage servicing rights and related fair value adjustments are reported in this segment. Corporate represents miscellaneous other expenses of a corporate nature as well as revenue and expenses not directly assigned or allocated to the Banking or Mortgage Operations segments. The majority of executive management’s time is spent managing operating segments; related costs have been allocated between the operating segments and Corporate. Revenues are comprised of net interest income before the provision (benefit) for loan losses and non-interest income. Noninterest expenses are allocated to each operating segment. Provision for loan losses is primarily allocated to the Banking segment. Allocation methodologies may be subject to periodic adjustment as management systems evolve and/or the business or product lines within the segments change. Significant segment totals are reconciled to the financial statements as follows for the three months ended September 30,: Banking Mortgage Operations Corporate Total Segments 2021 Summary of Operations Net interest income (expense) $ 39,297 $ 1,810 $ (1,142) $ 39,965 Provision for (benefit from) loan losses 3,543 (43) — 3,500 Noninterest income: Service charges on deposit accounts 3,471 — — 3,471 Credit and debit card fees 2,472 — — 2,472 Trust and investment advisory fees 1,974 — — 1,974 (Loss) income from mortgage banking services, net (406) 20,557 — 20,151 Other noninterest income 616 — — 616 Total noninterest income 8,127 20,557 — 28,684 Noninterest expense: Salary and employee benefits 22,604 13,166 291 36,061 Occupancy and equipment 5,854 787 2 6,643 Other noninterest expenses 8,361 2,915 590 11,866 Total noninterest expense 36,819 16,868 883 54,570 Income (loss) before income taxes $ 7,062 $ 5,542 $ (2,025) $ 10,579 Other Information Depreciation expense $ 1,516 $ 21 $ — $ 1,537 Identifiable assets $ 5,070,287 $ 578,475 $ 34,323 $ 5,683,085 Banking Mortgage Operations Corporate Total Segments 2020 Summary of Operations Net interest income (expense) $ 33,452 $ 1,991 $ (1,105) $ 34,338 Provision for (benefit from) loan losses 4,940 (140) — 4,800 Noninterest income: Service charges on deposit accounts 2,428 — — 2,428 Credit and debit card fees 2,107 — — 2,107 Trust and investment advisory fees 1,282 — — 1,282 (Loss) income from mortgage banking services, net (400) 35,935 — 35,535 Other noninterest income 1,388 (21) — 1,367 Total noninterest income 6,805 35,914 — 42,719 Noninterest expense: Salary and employee benefits 22,910 14,734 305 37,949 Occupancy 5,662 700 3 6,365 Other noninterest expenses 6,481 3,410 168 10,059 Total noninterest expense 35,053 18,844 476 54,373 Income (loss) before income taxes $ 264 $ 19,201 $ (1,581) $ 17,884 Other Information Depreciation expense $ 1,463 $ (7) $ — $ 1,456 Identifiable assets $ 4,272,570 $ 581,128 $ 35,059 $ 4,888,757 Significant segment totals are reconciled to the financial statements as follows for the nine months ended September 30,: Banking Mortgage Operations Corporate Total Segments 2021 Summary of Operations Net interest income (expense) $ 112,517 $ 5,674 $ (3,409) $ 114,782 Provision for (benefit from) loan losses 2,124 (374) — 1,750 Noninterest income: Service charges on deposit accounts 8,659 — — 8,659 Credit and debit card fees 7,140 — — 7,140 Trust and investment advisory fees 5,871 — — 5,871 (Loss) income from mortgage banking services, net (1,516) 69,660 — 68,144 Other noninterest income 5,041 (7) — 5,034 Total noninterest income 25,195 69,653 — 94,848 Noninterest expense: Salary and employee benefits 70,111 42,238 780 113,129 Occupancy and equipment 17,535 2,329 3 19,867 Other noninterest expenses 22,072 9,237 2,069 33,378 Total noninterest expense 109,718 53,804 2,852 166,374 Income (loss) before income taxes $ 25,870 $ 21,897 $ (6,261) $ 41,506 Other Information Depreciation expense $ 4,428 $ 288 $ — $ 4,716 Identifiable assets $ 5,070,287 $ 578,475 $ 34,323 $ 5,683,085 Banking Mortgage Operations Corporate Total Segments 2020 Summary of Operations Net interest income (expense) $ 95,789 $ 5,750 $ (2,383) $ 99,156 Provision for (benefit from) loan losses 15,216 (116) — 15,100 Noninterest income: Service charges on deposit accounts 7,042 — — 7,042 Credit and debit card fees 5,865 — — 5,865 Trust and investment advisory fees 3,222 — — 3,222 (Loss) income from mortgage banking services, net (1,755) 91,741 — 89,986 Other noninterest income 3,020 (21) — 2,999 Total noninterest income 17,394 91,720 — 109,114 Noninterest expense: Salary and employee benefits 63,755 37,439 804 101,998 Occupancy 16,840 2,407 4 19,251 Other noninterest expenses 18,494 8,853 542 27,889 Total noninterest expense 99,089 48,699 1,350 149,138 (Loss) income before income taxes $ (1,122) $ 48,887 $ (3,733) $ 44,032 Other Information Depreciation expense $ 4,061 $ 292 $ — $ 4,353 Identifiable assets $ 4,272,570 $ 581,128 $ 35,059 $ 4,888,757 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments : We are a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of our customers. These financial instruments include loan commitments, standby letters of credit, and documentary letters of credit and involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the financial statements. Our exposure to credit loss in the event of nonperformance by the other party of these loan commitments and standby letters of credit is represented by the contractual amount of those instruments. We use the same credit policies in making commitments and conditional obligations as we do for on-balance sheet financial instruments. Operating leases : We lease certain facilities and equipment under non-cancelable operating leases. Operating lease amounts exclude renewal option periods, property taxes, insurance, and maintenance expenses on leased properties. Our facility leases typically provide for rental adjustments for increases in base rent (up to specific limits), property taxes, insurance, and general property maintenance that would be recorded in rent expense. Rent expense was $1,641 and $1,396 for the three months ended September 30, 2021 and 2020, respectively, and $4,955 and $4,926 for the nine months ended September 30, 2021 and 2020, respectively. Future minimum payments under all existing operating lease commitments are as follows: Remainder 2021 $ 6,721 2022 6,827 2023 6,529 2024 6,073 2025 3,831 2026 2,376 Thereafter 5,003 Total operating leases $ 37,360 Undistributed portion of committed loans and unused lines of credit : Loan commitments are agreements to lend to a customer as long as there is no customer violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require a payment of a fee. As of September 30, 2021 and December 31, 2020, commitments included the funding of fixed-rate loans totaling $116,455 and $95,448 and variable-rate loans totaling $657,403 and $602,142, respectively. The fixed-rate loan commitments have interest rates ranging from 0.90% to 18.00% at September 30, 2021 and 0.90% to 18.00% at December 31, 2020, and maturities ranging from 1 month to 24 years at September 30, 2021 and from 1 month to 10 years at December 31, 2020. Standby letters of credit : Standby letters of credit are conditional commitments to guarantee the performance of a customer to a third party. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. Since many of the loan commitments and letters of credit expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. We evaluate each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary upon extension of credit, is based on our credit evaluation of the counterparty. Collateral held varies but may include accounts receivable, inventory, property, plant and equipment, owner-occupied real estate, and/or income-producing commercial properties. As of September 30, 2021 and December 31, 2020, our standby letters of credit commitment totaled $7,807 and $16,664, respectively. MPF Master Commitments : The Bank has executed MPF Master Commitments (Commitments) with the FHLB to deliver mortgage loans and to guarantee the payment of any realized losses that exceed the FHLB’s first loss account for mortgages delivered under the Commitments. The Bank receives credit enhancement fees from the FHLB for providing this guarantee and continuing to manage the credit risk of the MPF Program mortgage loans. The term of these Commitments is through December 31, 2021. As of September 30, 2021 and December 31, 2020, the Bank considered the amount of any of its liability for the present value of the credit enhancement fees less any expected losses in the mortgages delivered under the Commitments to be immaterial, and had not recorded a liability and offsetting receivable. As of September 30, 2021 and December 31, 2020 the maximum potential amount of future payments that the Bank would have been required to make under the Commitments was $13,094 and $13,029 respectively. Under the Commitments, the Bank agrees to service the loans and therefore, is responsible for any necessary foreclosure proceedings. Any future recoveries on any losses would not be paid by the FHLB under the Commitments. The Bank has not experienced any material losses under these guarantees. Contingencies : We generally sell loans to investors without recourse; therefore, the investors have assumed the risk of loss or default by the borrower. However, we are usually required by these investors to make certain standard representations and warranties relating to credit information, loan documentation, and collateral. To the extent that we do not comply with such representations, we may be required to repurchase the loans or indemnify these investors for any losses from borrower defaults. We establish reserves for potential losses related to these representations and warranties if deemed appropriate and such reserves would be recorded within accrued expenses and other liabilities. In assessing the adequacy of the reserve, we evaluate various factors including actual write-offs during the period, historical loss experience, known delinquent and other problem loans, and economic trends and conditions in the industry. From time to time, we are a defendant in various claims, legal actions, and complaints arising in the ordinary course of business. We periodically review all outstanding pending or threatened legal proceedings and determine if such matters will have an adverse effect on our business, financial condition, results of operations or cash flows. Trust Administration Litigation : On May 18, 2021, the two remainder beneficiaries of the Dorothy S. Harroun Irrevocable Trust (“Trust”), Dennis Harroun and Douglas Harroun (the “Remainder Beneficiaries”), filed a claim in the Santa Fe County, New Mexico District Court, against the Bank as trustee of the Trust, in the form of a counterclaim related to a petition for guidance and approval of trust distributions filed by the Bank on March 24, 2021 in the same court (the “Guidance Case”). The Remainder Beneficiaries’ claim alleges that the Bank breached its fiduciary duty and impartiality with respect to 2020 distributions made to the Trust’s current beneficiary, Dorothy Harroun (“Dorothy”). The Remainder Beneficiaries seek restitution and surcharge against the Bank for the full amount of the 2020 distributions, which were approximately $19.7 million, plus a reasonable rate of return thereon, as well as legal fees, costs, and expenses and the removal of the Bank as trustee of the Trust. The Bank believes that the Remainder Beneficiaries’ claims are without merit and it intends to vigorously defend against all claims asserted. On June 14, 2021, the Bank was removed as Trustee of the Dorothy S. Harroun Revocable Trust (“Revocable Trust”). The Revocable Trust held proceeds of the 2020 distributions, and, after payment of federal and state taxes related to the 2020 distributions, the Revocable Trust still had approximately $11.8 million of the 2020 distributions intact (“Funds”). On June 16, 2021, the Bank filed an interpleader action in the Santa Fe County, New Mexico District Court (“Interpleader Case”). The Interpleader Case petition requested that the Funds be paid into the registry of the Court pending final judgment in the Guidance Case. On September 30, 2021, the Court in the Interpleader Case ordered that the Funds be transferred to the Revocable Trust successor trustee, First American Bank, and that no party may make demand for distributions thereof without further Order of the Court. The Funds have been transferred to First American Bank. Dorothy and the Remainder Beneficiaries have each filed answers and counterclaims in the Interpleader Case contesting the relief sought by the Bank, and alleging that the Bank breached its fiduciary duty and impartiality as between the beneficiaries. The Bank believes that the counterclaims in the Interpleader Action are without merit and it intends to vigorously defend against all claims asserted. Overdraft Fee Litigation : On September 10, 2021, Karen McCollam filed a putative class action amended complaint against the Bank in the United States District Court for the District of Colorado. The amended complaint alleges that the Bank improperly charged overdraft fees where a transaction was initially authorized on sufficient funds but later settled negative due to intervening transactions. The complaint asserts a claim for breach of contract, which incorporates the implied duty of good faith and fair dealing, and a claim for violations of the Colorado Consumer Protection Act. Plaintiff seeks to represent a proposed class of all the Bank’s checking account customers who were allegedly charged overdraft fees on transactions that did not overdraw their checking account. Plaintiff seeks unspecified restitution, actual and statutory damages, costs, attorneys’ fees, pre-judgment interest, and other relief as the Court deems proper for herself and the putative class. On September 24, 2021, the Bank filed a motion to dismiss the amended complaint. The motion to dismiss has been fully pled, and is before the Court for decision. The Bank believes that the lawsuit is without merit and it intends to vigorously defend against all claims asserted. On September 13, 2021, Samantha Besser filed an amended putative class action complaint against the Bank in the United States District Court for the District of Colorado. The amended complaint alleges that the Bank improperly charged multiple insufficient funds or overdraft fees when a merchant resubmits a rejected payment request. The complaint asserts claims for breach of contract, which incorporates the implied duty of good faith and fair dealing. Plaintiff seeks to represent a proposed class of all the Bank’s checking account customers who were charged multiple insufficient funds or overdraft fees on resubmitted payment requests. Plaintiff seeks unspecified restitution, actual and statutory damages, costs, attorneys’ fees, pre-judgment interest, and other relief as the Court deems proper for herself and the purported class. On September 27, 2021, the Bank filed a motion to dismiss the amended complaint. The motion to dismiss has been fully pled, and is before the Court for decision. The Bank believes that the lawsuit is without merit and it intends to vigorously defend against all claims asserted. We establish reserves for contingencies, including legal proceedings, when potential losses become probable and can be reasonably estimated. While the ultimate resolution of any legal proceedings, including the matters described above, cannot be determined at this time, based on information presently available, and after consultation with legal counsel, management believes that the ultimate outcome in these above legal proceedings, either individually or in the aggregate, will not have a material adverse effect on our financial statements. It is possible, however, that future developments could result in an unfavorable outcome for or resolution of any of these proceedings, which may be material to our results of operations for a given fiscal period. COVID-19 : On March 11, 2020, the World Health Organization announced that the COVID-19 outbreak was deemed a pandemic, and on March 13, 2020, the President declared the ongoing COVID-19 pandemic of sufficient magnitude to warrant an emergency declaration. The operations and business results of the Company could be materially adversely affected, including the estimate of the allowance for loan losses. The extent to which the coronavirus may continue to impact business activity or investment results will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the continued severity of the coronavirus and variants, and the actions required to contain the coronavirus or treat its impact, among others. |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | The consolidated financial statements include the accounts of FirstSun Capital Bancorp (“FirstSun” or “Parent Company” and its wholly-owned subsidiaries, Sunflower Bank, N.A. (the “Bank”) and Logia Portfolio Management, LLC, and have been prepared using U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial statements. All significant intercompany balances and transactions have been eliminated in consolidation. These entities are collectively referred to as “our”, “us”, “we”, or “the Company”. |
Reclassification | Certain prior period amounts have been reclassified to conform to the current period presentation. Reclassifications had no effect on our net income or stockholders’ equity. |
Use of Estimates | The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions based on available information. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. These estimates are based on historical experience and on various assumptions about the future that are believed to be reasonable based on all available information. Our reported financial position or results of operations may be materially different under changed conditions or when using different estimates and assumptions, particularly with respect to significant accounting policies. In the event that estimates or assumptions prove to differ from actual results, adjustments are made in subsequent periods to reflect more current information. |
Risks and Uncertainties | In the normal course of business, companies in the banking and mortgage industries encounter certain economic and regulatory risks. Economic risks include prepayment risk, market risk, interest rate risk, and credit risk. We are subject to interest rate risk to the extent that in a rising interest rate environment, we may experience a decrease in loan production, as well as decreases in the value of mortgage loans held-for-sale and in commitments to originate loans, which may adversely impact our earnings. Credit risk is the risk of default that may result from the borrowers’ inability or unwillingness to make contractually required payments.We generally sell loans to investors without recourse; therefore, the investors have assumed the risk of loss or default by the borrower. However, we are usually required by these investors to make certain standard representations and warranties relating to credit information, loan documentation, and collateral. To the extent that we do not comply with such representations, or there are early payment defaults, we may be required to repurchase the loans or indemnify these investors for any losses from borrower defaults. In addition, if loans pay off within a specified time frame, we may be required to refund a portion of the sales proceeds to the investors. We established reserves for potential losses related to these representations and warranties which is recorded within accrued expenses and other liabilities. In assessing the adequacy of the reserve, we evaluate various factors including actual write-offs during the period, historical loss experience, known delinquent and other problem loans, and economic trends and conditions in the industry. Further information is presented in Note 15. Commitments and Contingencies . |
Adoption of New Accounting Standards | As an “emerging growth company” under Section 107 of the JOBS Act, we can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. Therefore, we can delay the adoption of certain accounting standards until those standards would otherwise apply to non-public business entities. We intend to take advantage of the benefits of this extended transition period for an “emerging growth company” for as long as it is available to us. For standards that we have delayed adoption, we may lack comparability to other companies who have adopted such standards. There have been no material developments with respect to newly issued standards from those disclosed in our Prospectus. We have deferred adoption of ASU 2016-02, Leases (Topic 842) and ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) . |
Fair Value Measurements | We utilize fair value measurements to record or disclose the fair value on certain assets and liabilities. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The determination of fair values of financial instruments often requires the use of estimates. In cases where quoted market values in an active market are not available, we use present value techniques and other valuation methods to estimate the fair values of our financial instruments. These valuation models rely on market-based parameters when available, such as interest rate yield curves or credit spreads. Unobservable inputs may be based on management’s judgement assumptions and estimates related to credit quality, our future earnings, interest rates and other relevant inputs. These valuation methods require considerable judgement and the resulting estimates of fair value can be significantly affected by the assumptions made and the methods used. ASC Topic 820 establishes a three-level valuation hierarchy for disclosure of fair value measurements. The hierarchy is based on the transparency of the inputs used in the valuation process with the highest priority given to quoted prices available in active markets and the lowest priority to unobservable inputs where no active market exists. The three levels of inputs that may be used to measure fair value are as follows: Level 1 : Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 : Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means. Level 3 : Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own beliefs about the assumptions that market participants would use in pricing the assets or liabilities. |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-sale Securities | The amortized cost, gross unrealized gains and losses, and fair values of available-for-sale and held-to-maturity debt securities by type follows: Amortized Gross Gross Estimated As of September 30, 2021 Available-for-sale: U.S. treasury $ 20,454 $ 241 $ — $ 20,695 U.S. agency 6,493 — (104) 6,389 Obligations of states and political subdivisions 3,981 16 — 3,997 Mortgage backed - residential 132,062 2,998 (779) 134,281 Collateralized mortgage obligations 219,671 2,521 (31) 222,161 Mortgage backed - commercial 138,932 4,959 (19) 143,872 Total available-for-sale $ 521,593 $ 10,735 $ (933) $ 531,395 Held-to-maturity: Obligations of states and political subdivisions $ 720 $ 30 $ — $ 750 Mortgage backed - residential 11,686 545 — 12,231 Collateralized mortgage obligations 7,405 307 — 7,712 Total held-to-maturity $ 19,811 $ 882 $ — $ 20,693 As of December 31, 2020 Available-for-sale: U.S. agency $ 9,204 $ — $ (208) $ 8,996 Obligations of states and political subdivisions 3,427 8 — 3,435 Mortgage backed - residential 116,365 3,399 (202) 119,562 Collateralized mortgage obligations 200,496 2,743 (43) 203,196 Mortgage backed - commercial 127,022 6,426 (51) 133,397 Total available-for-sale $ 456,514 $ 12,576 $ (504) $ 468,586 Held-to-maturity: U.S. agency $ 5,099 $ 26 $ — $ 5,125 Obligations of states and political subdivisions 730 41 — 771 Mortgage backed - residential 16,050 618 — 16,668 Collateralized mortgage obligations 10,309 455 — 10,764 Total held-to-maturity $ 32,188 $ 1,140 $ — $ 33,328 |
Schedule of Held-to-maturity Securities | The amortized cost, gross unrealized gains and losses, and fair values of available-for-sale and held-to-maturity debt securities by type follows: Amortized Gross Gross Estimated As of September 30, 2021 Available-for-sale: U.S. treasury $ 20,454 $ 241 $ — $ 20,695 U.S. agency 6,493 — (104) 6,389 Obligations of states and political subdivisions 3,981 16 — 3,997 Mortgage backed - residential 132,062 2,998 (779) 134,281 Collateralized mortgage obligations 219,671 2,521 (31) 222,161 Mortgage backed - commercial 138,932 4,959 (19) 143,872 Total available-for-sale $ 521,593 $ 10,735 $ (933) $ 531,395 Held-to-maturity: Obligations of states and political subdivisions $ 720 $ 30 $ — $ 750 Mortgage backed - residential 11,686 545 — 12,231 Collateralized mortgage obligations 7,405 307 — 7,712 Total held-to-maturity $ 19,811 $ 882 $ — $ 20,693 As of December 31, 2020 Available-for-sale: U.S. agency $ 9,204 $ — $ (208) $ 8,996 Obligations of states and political subdivisions 3,427 8 — 3,435 Mortgage backed - residential 116,365 3,399 (202) 119,562 Collateralized mortgage obligations 200,496 2,743 (43) 203,196 Mortgage backed - commercial 127,022 6,426 (51) 133,397 Total available-for-sale $ 456,514 $ 12,576 $ (504) $ 468,586 Held-to-maturity: U.S. agency $ 5,099 $ 26 $ — $ 5,125 Obligations of states and political subdivisions 730 41 — 771 Mortgage backed - residential 16,050 618 — 16,668 Collateralized mortgage obligations 10,309 455 — 10,764 Total held-to-maturity $ 32,188 $ 1,140 $ — $ 33,328 |
Schedule of Available-for-sale Securities with Unrealized Losses | Certain debt securities that have gross unrealized losses and have been in a continuous unrealized loss position for more than one year follows: Less than 12 months 12 months or longer Total Estimated Unrealized Estimated Unrealized Estimated Unrealized Number As of September 30, 2021 Available-for-sale: U.S. agency $ — $ — $ 6,389 $ (104) $ 6,389 $ (104) 7 Mortgage backed - residential 36,034 (769) 2,896 (10) 38,930 (779) 9 Collateralized mortgage obligations 13,024 (27) 610 (4) 13,634 (31) 8 Mortgage backed - commercial — — 24,170 (19) 24,170 (19) 2 Total available-for-sale $ 49,058 $ (796) $ 34,065 $ (137) $ 83,123 $ (933) 26 Less than 12 months 12 months or longer Total Estimated Unrealized Estimated Unrealized Estimated Unrealized Number As of December 31, 2020 Available-for-sale: U.S. agency $ — $ — $ 8,996 $ (208) $ 8,996 $ (208) 7 Mortgage backed - residential 15,251 (146) 7,601 (56) 22,852 (202) 8 Collateralized mortgage obligations 23,646 (43) — — 23,646 (43) 11 Mortgage backed - commercial 9,167 (15) 14,971 (36) 24,138 (51) 2 Total available-for-sale $ 48,064 $ (204) $ 31,568 $ (300) $ 79,632 $ (504) 28 |
Schedule of Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity | The amortized cost and fair value of our debt securities by contractual maturity as of September 30, 2021 are summarized in the following table. Maturities are based on the final contractual payment dates and do not reflect the impact of prepayments or earlier redemptions that may occur. Amortized Estimated Available-for-sale: Due within 1 year $ 66 $ 67 Due after 1 year through 5 years 20,442 21,008 Due after 5 years through 10 years 135,566 138,722 Due after 10 years 365,519 371,598 Total available-for-sale $ 521,593 $ 531,395 Held-to-maturity: Due after 1 year through 5 years $ 720 $ 750 Due after 5 years through 10 years 702 749 Due after 10 years 18,389 19,194 Total held-to-maturity $ 19,811 $ 20,693 |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Schedule of Loans Held for Investment | Loans held-for-investment consist of the following: September 30, 2021 December 31, 2020 Commercial $ 2,228,639 $ 2,181,552 Commercial real estate 1,140,181 1,156,668 Residential real estate 426,044 503,828 Consumer 17,742 14,233 Total loans 3,812,606 3,856,281 Deferred costs, fees, premiums, and discounts (8,625) (9,924) Allowance for loan losses (47,868) (47,766) Total loans, net $ 3,756,113 $ 3,798,591 |
Schedule of Allowance for Loan Losses by Portfolio Type | The following table presents the activity in the allowance for loan losses by portfolio type for the three months ended September 30,: Commercial Commercial Residential Consumer Total 2021 Allowance for loan losses: Balance, beginning of period $ 28,173 $ 13,149 $ 1,305 $ 351 $ 42,978 Provision for (benefit from) loan losses 3,030 560 (31) (59) 3,500 Loans charged off — — — (66) (66) Recoveries 1,440 — 3 13 1,456 Balance, end of period $ 32,643 $ 13,709 $ 1,277 $ 239 $ 47,868 2020 Allowance for loan losses: Balance, beginning of period $ 22,541 $ 13,212 $ 1,868 $ 275 $ 37,896 Provision for (benefit from) loan losses 4,030 853 (126) 43 4,800 Loans charged off (203) (1) — (32) (236) Recoveries 225 — 3 13 241 Balance, end of period $ 26,593 $ 14,064 $ 1,745 $ 299 $ 42,701 The following table presents the activity in the allowance for loan losses by portfolio type for the nine months ended September 30,: Commercial Commercial Residential Consumer Total 2021 Allowance for loan losses: Balance, beginning of period $ 32,009 $ 13,863 $ 1,606 $ 288 $ 47,766 Provision for (benefit from) loan losses 2,210 (163) (350) 53 1,750 Loans charged off (3,102) — (2) (138) (3,242) Recoveries 1,526 9 23 36 1,594 Balance, end of period $ 32,643 $ 13,709 $ 1,277 $ 239 $ 47,868 2020 Allowance for loan losses: Balance, beginning of period $ 17,509 $ 9,645 $ 1,056 $ 336 $ 28,546 Provision for loan losses 9,567 4,728 708 97 15,100 Loans charged off (997) (581) (39) (168) (1,785) Recoveries 514 272 20 34 840 Balance, end of period $ 26,593 $ 14,064 $ 1,745 $ 299 $ 42,701 The following table presents the balance in the allowance for loan losses and the recorded investment by portfolio type based on impairment method: Commercial Commercial Residential Consumer Total As of September 30, 2021 Loans: Individually evaluated for impairment $ 19,632 $ 5,203 $ 6,555 $ 3 $ 31,393 Collectively evaluated for impairment 2,209,007 1,134,978 419,489 17,739 3,781,213 Total loans $ 2,228,639 $ 1,140,181 $ 426,044 $ 17,742 $ 3,812,606 Allowance for loan losses: Individually evaluated for impairment $ 3,823 $ 387 $ 148 $ — $ 4,358 Collectively evaluated for impairment 28,820 13,322 1,129 239 43,510 Total allowance for loan losses $ 32,643 $ 13,709 $ 1,277 $ 239 $ 47,868 As of December 31, 2020 Loans: Individually evaluated for impairment $ 23,197 $ 2,933 $ 9,630 $ 38 $ 35,798 Collectively evaluated for impairment 2,158,355 1,153,735 494,198 14,195 3,820,483 Total loans $ 2,181,552 $ 1,156,668 $ 503,828 $ 14,233 $ 3,856,281 Allowance for loan losses: Individually evaluated for impairment $ 3,972 $ 12 $ 96 $ — $ 4,080 Collectively evaluated for impairment 28,037 13,851 1,510 288 43,686 Total allowance for loan losses $ 32,009 $ 13,863 $ 1,606 $ 288 $ 47,766 |
Schedule of Impaired Financing Receivables | The following table presents information related to impaired loans by class of loans as of: Unpaid Recorded Allowance for Average As of September 30, 2021 With no related allowance recorded: Commercial $ 10,013 $ 9,505 $ — $ 6,964 Commercial real estate 2,365 2,307 — 2,201 Residential real estate 4,717 4,732 — 3,153 Consumer 4 3 — 4 Total loans with no related allowance recorded 17,099 16,547 — 12,322 With an allowance recorded: Commercial 10,386 10,127 3,823 6,962 Commercial real estate 2,949 2,896 387 1,940 Residential real estate 1,794 1,823 148 1,224 Total loans an allowance recorded 15,129 14,846 4,358 10,126 Total impaired loans $ 32,228 $ 31,393 $ 4,358 $ 22,448 As of December 31, 2020 With no related allowance recorded: Commercial $ 16,370 $ 15,756 $ — $ 12,189 Commercial real estate 2,850 2,838 — 1,910 Residential real estate 9,021 8,933 — 5,855 Consumer 38 38 — 29 Total loans with no related allowance recorded 28,279 27,565 — 19,983 With an allowance recorded: Commercial 7,610 7,441 3,972 5,304 Commercial real estate 133 95 12 67 Residential real estate 709 697 96 479 Total loans an allowance recorded 8,452 8,233 4,080 5,850 Total impaired loans $ 36,731 $ 35,798 $ 4,080 $ 25,833 |
Schedule of Credit Risk Profile based on Bank’s Rating Categories | The following table presents the credit risk profile of our loan portfolio based on our rating categories: Non-Classified Classified Total As of September 30, 2021 Commercial $ 2,202,979 $ 25,660 $ 2,228,639 Commercial real estate 1,113,753 26,428 1,140,181 Residential real estate 419,557 6,487 426,044 Consumer 17,736 6 17,742 Total loans $ 3,754,025 $ 58,581 $ 3,812,606 As of December 31, 2020 Commercial $ 2,145,831 $ 35,721 $ 2,181,552 Commercial real estate 1,126,080 30,588 1,156,668 Residential real estate 494,155 9,673 503,828 Consumer 14,195 38 14,233 Total loans $ 3,780,261 $ 76,020 $ 3,856,281 |
Schedule of Aging of Loan Portfolio | The following table presents our loan portfolio aging analysis: Loans Loans Loans Loans Greater Non-Accrual Total As of September 30, 2021 Commercial $ 2,208,361 $ 1,639 $ — $ — $ 18,639 $ 2,228,639 Commercial 1,123,875 9,420 1,681 — 5,205 1,140,181 Residential 418,746 — 842 — 6,456 426,044 Consumer 17,721 18 — — 3 17,742 Total loans $ 3,768,703 $ 11,077 $ 2,523 $ — $ 30,303 $ 3,812,606 As of December 31, 2020 Commercial $ 2,147,310 $ 11,415 $ 48 $ — $ 22,779 $ 2,181,552 Commercial 1,144,801 8,933 — — 2,934 1,156,668 Residential 489,482 2,948 1,123 777 9,498 503,828 Consumer 14,187 8 — — 38 14,233 Total loans $ 3,795,780 $ 23,304 $ 1,171 $ 777 $ 35,249 $ 3,856,281 |
Schedule of Troubled Debt Restructuring | The following table presents loans by class modified as TDRs that occurred during the nine months ended September 30, 2021 and year ended December 31, 2020: Number Pre-Modification Post-Modification September 30, 2021 Commercial 5 $ 6,789 $ 5,229 Total 5 $ 6,789 $ 5,229 December 31, 2020 Commercial 11 $ 2,950 $ 2,831 Residential real estate 5 917 907 Total 16 $ 3,867 $ 3,738 |
Schedule of Modified Loans under the CARES Act | As of September 30, 2021, we had actively modified loans under the CARES Act as follows: Number Recorded September 30, 2021 Residential real estate 9 $ 2,517 |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Transfers and Servicing [Abstract] | |
Schedule of Unpaid Principal Loan Balance of Servicing Portfolio | The unpaid principal loan balance of our servicing portfolio is presented in the following table as of: September 30, 2021 December 31, 2020 Federal National Mortgage Association $ 2,278,202 $ 2,117,703 Federal Home Loan Mortgage Corporation 1,425,824 948,934 Government National Mortgage Association 757,859 722,138 Federal Home Loan Bank 148,214 245,246 Other 1,948 2,144 Total $ 4,612,047 $ 4,036,165 |
Schedule of Mortgage Servicing Rights at Fair Value | The activity of MSRs carried at fair value is as follows: For the three months ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 Balance, beginning of period $ 40,844 $ 23,800 $ 29,144 $ 29,003 Additions: Servicing resulting from transfers of financial assets 5,303 6,614 18,533 15,879 Changes in fair value: Due to changes in valuation inputs or assumptions used in the valuation model 948 (2,114) 5,209 (13,215) Changes in fair value due to pay-offs, pay-downs, and runoff (3,124) (2,495) (8,915) (5,862) Balance, end of period $ 43,971 $ 25,805 $ 43,971 $ 25,805 |
Schedule Of Fair Value Assumptions, Servicing Assets | The following represents the weighted-average key assumptions used to estimate the fair value of MSRs as of: September 30, 2021 December 31, 2020 September 30, 2020 Discount rate 9.22 % 9.12 % 9.28 % Total prepayment speeds 12.15 % 16.99 % 18.79 % Cost of servicing each loan $86/per loan $85/per loan $86/per loan |
Schedule of Servicing and Ancillary Fees from Mortgage Servicing Portfolio | Total servicing and ancillary fees earned from the mortgage servicing portfolio is presented in the following table: For the three months ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 Servicing fees $ 3,101 $ 2,400 $ 8,853 $ 6,773 Late and ancillary fees 118 92 317 277 Total $ 3,219 $ 2,492 $ 9,170 $ 7,050 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | The components of our banking derivative financial instruments consisted of the following: Number of Expiration Outstanding Estimated September 30, 2021 Derivative financial instruments designated as hedging instruments: Assets: Interest Rate Products 1 2029 $ 20,378 $ 1,142 Liabilities: Interest Rate Products 12 2022-2029 $ 181,390 $ 8,898 Derivative financial instruments not designated as hedging instruments: Assets: Interest Rate Products 38 2024-2036 $ 207,937 $ 8,471 Liabilities: Interest Rate Products 38 2024-2036 $ 207,937 $ 8,810 December 31, 2020 Derivative financial instruments designated as hedging instruments: Assets: Interest Rate Products 2 2026-2029 $ 38,978 $ 830 Liabilities: Interest Rate Products 12 2022-2028 $ 185,637 $ 15,792 Derivative financial instruments not designated as hedging instruments: Assets: Interest Rate Products 28 2024-2031 $ 171,609 $ 11,348 Liabilities: Interest Rate Products 28 2024-2031 $ 171,609 $ 12,117 The components of our mortgage banking derivative financial instruments consisted of the following: Expiration Outstanding Estimated September 30, 2021 Derivative financial instruments Assets: Forward MBS trades 2021 $ 257,900 $ 987 Interest rate lock commitments (IRLC) 2021 $ 188,714 $ 1,420 Liabilities: Forward MBS trades 2021 $ 150,900 $ 2,258 December 31, 2020 Derivative financial instruments Assets: Forward MBS trades 2021 $ 189,900 $ 468 Interest rate lock commitments (IRLC) 2021 $ 462,394 $ 5,686 Liabilities: Forward MBS trades 2021 $ 433,400 $ 2,883 |
Derivative Instruments, Gain (Loss) | We recorded gains and losses on banking derivatives assets as follows: For the three months ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 Recorded (loss) gain on banking derivative $ (186) $ (221) $ (420) $ 8,608 Recorded gain (loss) on banking derivative liabilities $ 337 $ 123 $ 926 $ (9,432) We recorded gains and losses on mortgage banking derivatives assets as follows: For the three months ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 Recorded gain (loss) on mortgage banking derivative assets $ 9,175 $ (19,987) $ (302) $ 7,638 Recorded (loss) gain on mortgage banking derivative liabilities $ (10,241) $ 1,925 $ (7,714) $ (989) |
Deposits (Tables)
Deposits (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Statistical Disclosure for Banks [Abstract] | |
Schedule of Composition of Deposits | The composition of our deposits is as follows: As of September 30, 2021 December 31, 2020 Noninterest-bearing demand deposit accounts $ 1,578,306 $ 1,054,458 Interest-bearing deposit accounts: Interest-bearing demand accounts 201,510 164,870 Savings accounts and money market accounts 2,711,417 2,472,965 NOW accounts 37,888 95,297 Certificate of deposit accounts: Less than $100 151,696 164,491 $100 through $250 104,864 113,006 Greater than $250 72,304 88,462 Total interest-bearing deposit accounts 3,279,679 3,099,091 Total deposits $ 4,857,985 $ 4,153,549 |
Summary of Interest Expense Incurred on Deposits | The following table summarizes the interest expense incurred on our deposits: For the three months ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 Interest-bearing deposit accounts: Interest-bearing demand accounts $ 89 $ 97 $ 300 $ 331 Savings accounts and money market accounts 1,155 1,635 3,668 5,901 NOW accounts 50 183 336 471 Certificate of deposit accounts 684 1,433 2,427 6,178 Total interest-bearing deposit accounts $ 1,978 $ 3,348 $ 6,731 $ 12,881 |
Schedule of Remaining Maturity on Certificate of Deposit Accounts | The remaining maturity on certificate of deposit accounts as of September 30, 2021 is as follows: Remainder of 2021 $ 59,117 2022 184,563 2023 47,911 2024 14,637 2025 11,001 2026 7,474 Thereafter 4,161 Total certificate of deposit accounts $ 328,864 |
Securities Sold Under Agreeme_2
Securities Sold Under Agreements to Repurchase (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Carrying Value of Securities Sold under Repurchase Agreements and Deposits Received for Securities Loaned [Abstract] | |
Schedule of Information concerning Securities Sold Under Agreements to Repurchase | Information concerning securities sold under agreements to repurchase is as follows for the periods ended: September 30, 2021 December 31, 2020 Amount outstanding at period-end $ 117,001 $ 115,372 Average daily balance during the period $ 131,444 $ 118,706 Average interest rate during the period 0.05 % 0.15 % Maximum month-end balance during the period $ 160,865 $ 149,844 Weighted average interest rate at period-end 0.04 % 0.05 % |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowings | The following is a breakdown of our FHLB advances and other borrowings outstanding as of: September 30, 2021 December 31, 2020 Amount Rate Weighted Amount Rate Weighted Variable rate line-of-credit advance $ — N/A N/A $ 20,000 0.35% N/A Fixed rate term advances $ 40,000 0.91% - 2.59% 1.49% $ 50,411 0.91% - 4.13% 1.78% $ 40,000 $ 70,411 |
Schedule of Maturities of FHLB Borrowings | Future maturities of our FHLB borrowings is as follows: 2022 $ 10,000 2025 20,000 Thereafter 10,000 Total $ 40,000 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share of common stock: For the three months ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 Net income applicable to common stockholders $ 8,728 $ 14,754 $ 34,347 $ 36,325 Weighted Average Shares Weighted average common shares outstanding 18,321,659 18,320,606 18,321,659 18,327,164 Effect of dilutive securities Stock-based awards 449,022 — 440,838 — Weighted average diluted common shares 18,770,681 18,320,606 18,762,497 18,327,164 Earnings per common share Basic earnings per common share $ 0.48 $ 0.81 $ 1.87 $ 1.98 Effect of dilutive securities Stock-based awards (0.02) — (0.04) — Diluted earnings per common share $ 0.46 $ 0.81 $ 1.83 $ 1.98 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Stock Option Activity | A summary of stock option activity under the Plan as of September 30, 2021, and changes during the period then ended is presented below: Shares Weighted-Average Exercise Price, per Share Weighted-Average Remaining Contractual Term (years) For the nine months ended September 30, 2021 Outstanding, beginning of period 1,428,940 $ 19.97 Exercised — — Granted 26,336 32.54 Forfeited (42,376) 20.33 Outstanding, end of period 1,412,900 $ 20.19 6.46 Options vested or expected to vest 1,412,900 $ 20.19 Options exercisable, end of period 1,166,887 $ 19.89 6.13 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Income Tax and Effective Tax Provision Rate | The following table presents our provision for income tax and effective tax provision rate: For the three months ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 Provision for income taxes $ 1,851 $ 3,130 $ 7,159 $ 7,707 Effective tax provision rate 17.5 % 17.5 % 17.2 % 17.5 % |
Schedule of Provision for Income Tax and Effective Tax Provision Rate | The following table presents our provision for income tax and effective tax provision rate: For the three months ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 Provision for income taxes $ 1,851 $ 3,130 $ 7,159 $ 7,707 Effective tax provision rate 17.5 % 17.5 % 17.2 % 17.5 % |
Regulatory Capital Matters (Tab
Regulatory Capital Matters (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Regulatory Capital Requirements under Banking Regulations [Abstract] | |
Schedule of Actual and Required Capital Amounts | Actual and required capital amounts at year end for the Parent Company are as follows: Actual For Capital To be Well- Amount Ratio Amount Ratio Amount Ratio As of September 30, 2021 Total risk-based capital to risk-weighted assets: $ 552,124 12.55 % $ 351,871 8.00 % N/A N/A Tier 1 risk-based capital to risk-weighted assets: $ 453,740 10.32 % $ 263,904 6.00 % N/A N/A Common Equity Tier 1 (CET 1) to risk-weighted assets: $ 453,740 10.32 % $ 197,928 4.50 % N/A N/A Tier 1 leverage capital to average assets: $ 453,740 8.19 % $ 221,526 4.00 % N/A N/A As of December 31, 2020 Total risk-based capital to risk-weighted assets: $ 513,949 12.19 % $ 337,327 8.00 % N/A N/A Tier 1 risk-based capital to risk-weighted assets: $ 416,029 9.87 % $ 252,995 6.00 % N/A N/A Common Equity Tier 1 (CET 1) to risk-weighted assets: $ 416,029 9.87 % $ 189,746 4.50 % N/A N/A Tier 1 leverage capital to average assets: $ 416,029 8.53 % $ 195,074 4.00 % N/A N/A Actual and required capital amounts at year end for the Bank are as follows: Actual For Capital To be Well- Amount Ratio Amount Ratio Amount Ratio As of September 30, 2021 Total risk-based capital to risk-weighted assets: $ 559,556 12.76 % $ 350,802 8.00 % $ 438,502 10.00 % Tier 1 risk-based capital to risk-weighted assets: $ 511,100 11.66 % $ 263,101 6.00 % $ 350,802 8.00 % Common Equity Tier 1 (CET 1) to risk-weighted assets: $ 511,100 11.66 % $ 197,326 4.50 % $ 285,026 6.50 % Tier 1 leverage capital to average assets: $ 511,100 9.23 % $ 221,444 4.00 % $ 276,805 5.00 % As of December 31, 2020 Total risk-based capital to risk-weighted assets: $ 517,077 12.30 % $ 336,276 8.00 % $ 420,345 10.00 % Tier 1 risk-based capital to risk-weighted assets: $ 468,823 11.15 % $ 252,207 6.00 % $ 336,276 8.00 % Common Equity Tier 1 (CET 1) to risk-weighted assets: $ 468,823 11.15 % $ 189,155 4.50 % $ 273,224 6.50 % Tier 1 leverage capital to average assets: $ 468,823 9.62 % $ 195,008 4.00 % $ 243,760 5.00 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table sets forth our assets and liabilities measured at fair value on a recurring basis: Level 1 Level 2 Level 3 Quoted prices Significant Significant Total As of September 30, 2021 Available-for-sale securities $ 20,695 $ 510,700 $ — $ 531,395 Loans held-for-sale — 122,217 — 122,217 Mortgage servicing rights — — 43,971 43,971 Derivative financial instruments - assets — 12,020 — 12,020 Derivative financial instruments - liabilities — (19,966) — (19,966) Total $ 20,695 $ 624,971 $ 43,971 $ 689,637 As of December 31, 2020 Available-for-sale securities $ — $ 468,586 $ — $ 468,586 Loans held-for-sale — 193,963 — 193,963 Mortgage servicing rights — — 29,144 29,144 Derivative financial instruments - assets — 18,332 — 18,332 Derivative financial instruments - liabilities — (30,792) — (30,792) Total $ — $ 650,089 $ 29,144 $ 679,233 |
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents a reconciliation for our Level 3 assets measured at fair value on a recurring basis: For the three months ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 Balance, beginning of period $ 40,844 $ 23,800 $ 29,144 $ 29,003 Total losses included in earnings (2,176) (4,609) (3,706) (19,077) Purchases, issuances, sales and settlements: Issuances 5,303 6,614 18,533 15,879 Balance, end of period $ 43,971 $ 25,805 $ 43,971 $ 25,805 |
Schedule of Fair Value Measurements, Nonrecurring | The following table sets forth our assets and liabilities that were measured at fair value on a non-recurring basis as of: Level 3 September 30, 2021 December 31, 2020 Impaired loans: Commercial $ 6,304 $ 3,469 Commercial real estate 2,509 84 Residential real estate 1,675 601 Total impaired loans $ 10,488 $ 4,154 Other real estate owned and foreclosed assets, net: Commercial real estate $ 5,747 $ 3,354 |
Schedule of Fair Value, by Balance Sheet Grouping | The carrying amounts and estimated fair values of financial instruments not carried at fair value are as follows: Estimated Fair Value Carrying Total Level 1 Level 2 Level 3 As of September 30, 2021 Assets: Cash and cash equivalents $ 949,541 $ 949,541 $ 949,541 $ — $ — Securities held-to-maturity 19,811 20,693 — 20,693 — Loans (excluding impaired loans) 3,781,213 3,722,746 — — 3,722,746 Restricted equity securities 16,927 16,927 — 16,927 — Accrued interest receivable 16,649 16,649 — 1,129 15,520 Liabilities: Deposits (excluding demand deposits) $ 3,078,169 $ 3,203,052 $ — $ 3,203,052 $ — Securities sold under agreements to repurchase 117,001 117,001 — 117,001 — FHLB advances 40,000 41,821 — 41,821 — Convertible notes payable, net 19,256 21,201 — 21,201 — Subordinated debt, net 49,928 52,099 — 52,099 — Accrued interest payable 2,768 2,768 — 2,768 — As of December 31, 2020 Assets: Cash and cash equivalents $ 201,978 $ 201,978 $ 201,978 $ — $ — Securities held-to-maturity 32,188 33,328 — 33,328 — Loans (excluding impaired loans) 3,820,483 3,780,649 — — 3,780,649 Restricted equity securities 23,175 23,175 — 23,175 — Accrued interest receivable 15,416 15,416 — 986 14,430 Liabilities: Deposits (excluding demand deposits) $ 2,934,221 $ 2,947,287 $ — $ 2,947,287 $ — Securities sold under agreements to repurchase 115,372 115,372 — 115,372 — FHLB advances 70,411 72,770 — 72,770 — Convertible notes payable, net 18,696 20,804 — 20,804 — Subordinated debt, net 49,666 49,750 — 49,750 — Accrued interest payable 2,592 2,592 — 2,592 — |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | Significant segment totals are reconciled to the financial statements as follows for the three months ended September 30,: Banking Mortgage Operations Corporate Total Segments 2021 Summary of Operations Net interest income (expense) $ 39,297 $ 1,810 $ (1,142) $ 39,965 Provision for (benefit from) loan losses 3,543 (43) — 3,500 Noninterest income: Service charges on deposit accounts 3,471 — — 3,471 Credit and debit card fees 2,472 — — 2,472 Trust and investment advisory fees 1,974 — — 1,974 (Loss) income from mortgage banking services, net (406) 20,557 — 20,151 Other noninterest income 616 — — 616 Total noninterest income 8,127 20,557 — 28,684 Noninterest expense: Salary and employee benefits 22,604 13,166 291 36,061 Occupancy and equipment 5,854 787 2 6,643 Other noninterest expenses 8,361 2,915 590 11,866 Total noninterest expense 36,819 16,868 883 54,570 Income (loss) before income taxes $ 7,062 $ 5,542 $ (2,025) $ 10,579 Other Information Depreciation expense $ 1,516 $ 21 $ — $ 1,537 Identifiable assets $ 5,070,287 $ 578,475 $ 34,323 $ 5,683,085 Banking Mortgage Operations Corporate Total Segments 2020 Summary of Operations Net interest income (expense) $ 33,452 $ 1,991 $ (1,105) $ 34,338 Provision for (benefit from) loan losses 4,940 (140) — 4,800 Noninterest income: Service charges on deposit accounts 2,428 — — 2,428 Credit and debit card fees 2,107 — — 2,107 Trust and investment advisory fees 1,282 — — 1,282 (Loss) income from mortgage banking services, net (400) 35,935 — 35,535 Other noninterest income 1,388 (21) — 1,367 Total noninterest income 6,805 35,914 — 42,719 Noninterest expense: Salary and employee benefits 22,910 14,734 305 37,949 Occupancy 5,662 700 3 6,365 Other noninterest expenses 6,481 3,410 168 10,059 Total noninterest expense 35,053 18,844 476 54,373 Income (loss) before income taxes $ 264 $ 19,201 $ (1,581) $ 17,884 Other Information Depreciation expense $ 1,463 $ (7) $ — $ 1,456 Identifiable assets $ 4,272,570 $ 581,128 $ 35,059 $ 4,888,757 Significant segment totals are reconciled to the financial statements as follows for the nine months ended September 30,: Banking Mortgage Operations Corporate Total Segments 2021 Summary of Operations Net interest income (expense) $ 112,517 $ 5,674 $ (3,409) $ 114,782 Provision for (benefit from) loan losses 2,124 (374) — 1,750 Noninterest income: Service charges on deposit accounts 8,659 — — 8,659 Credit and debit card fees 7,140 — — 7,140 Trust and investment advisory fees 5,871 — — 5,871 (Loss) income from mortgage banking services, net (1,516) 69,660 — 68,144 Other noninterest income 5,041 (7) — 5,034 Total noninterest income 25,195 69,653 — 94,848 Noninterest expense: Salary and employee benefits 70,111 42,238 780 113,129 Occupancy and equipment 17,535 2,329 3 19,867 Other noninterest expenses 22,072 9,237 2,069 33,378 Total noninterest expense 109,718 53,804 2,852 166,374 Income (loss) before income taxes $ 25,870 $ 21,897 $ (6,261) $ 41,506 Other Information Depreciation expense $ 4,428 $ 288 $ — $ 4,716 Identifiable assets $ 5,070,287 $ 578,475 $ 34,323 $ 5,683,085 Banking Mortgage Operations Corporate Total Segments 2020 Summary of Operations Net interest income (expense) $ 95,789 $ 5,750 $ (2,383) $ 99,156 Provision for (benefit from) loan losses 15,216 (116) — 15,100 Noninterest income: Service charges on deposit accounts 7,042 — — 7,042 Credit and debit card fees 5,865 — — 5,865 Trust and investment advisory fees 3,222 — — 3,222 (Loss) income from mortgage banking services, net (1,755) 91,741 — 89,986 Other noninterest income 3,020 (21) — 2,999 Total noninterest income 17,394 91,720 — 109,114 Noninterest expense: Salary and employee benefits 63,755 37,439 804 101,998 Occupancy 16,840 2,407 4 19,251 Other noninterest expenses 18,494 8,853 542 27,889 Total noninterest expense 99,089 48,699 1,350 149,138 (Loss) income before income taxes $ (1,122) $ 48,887 $ (3,733) $ 44,032 Other Information Depreciation expense $ 4,061 $ 292 $ — $ 4,353 Identifiable assets $ 4,272,570 $ 581,128 $ 35,059 $ 4,888,757 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum payments under all existing operating lease commitments are as follows: Remainder 2021 $ 6,721 2022 6,827 2023 6,529 2024 6,073 2025 3,831 2026 2,376 Thereafter 5,003 Total operating leases $ 37,360 |
Organization and Basis of Pre_3
Organization and Basis of Presentation (Details) - USD ($) $ in Billions | May 11, 2021 | Sep. 30, 2021 |
Business Acquisition [Line Items] | ||
Business combination, assets of acquiree | $ 1.6 | |
FirstSun Capital Bancorp And Pioneer Bancshares, Inc. Merger | ||
Business Acquisition [Line Items] | ||
Shares issuable in merger (in shares) | 1.0443 | |
Business combination, loans of acquiree | 1 | |
Business combination, deposits of acquiree | $ 1.3 |
Securities - Available-for-sale
Securities - Available-for-sale Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 521,593 | $ 456,514 |
Gross Unrealized Gains | 10,735 | 12,576 |
Gross Unrealized Losses | (933) | (504) |
Estimated Fair Value | 531,395 | 468,586 |
U.S. treasury | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 20,454 | |
Gross Unrealized Gains | 241 | |
Gross Unrealized Losses | 0 | |
Estimated Fair Value | 20,695 | |
U.S. agency | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 6,493 | 9,204 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (104) | (208) |
Estimated Fair Value | 6,389 | 8,996 |
Obligations of states and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 3,981 | 3,427 |
Gross Unrealized Gains | 16 | 8 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 3,997 | 3,435 |
Mortgage backed - residential | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 132,062 | 116,365 |
Gross Unrealized Gains | 2,998 | 3,399 |
Gross Unrealized Losses | (779) | (202) |
Estimated Fair Value | 134,281 | 119,562 |
Collateralized mortgage obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 219,671 | 200,496 |
Gross Unrealized Gains | 2,521 | 2,743 |
Gross Unrealized Losses | (31) | (43) |
Estimated Fair Value | 222,161 | 203,196 |
Mortgage backed - commercial | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 138,932 | 127,022 |
Gross Unrealized Gains | 4,959 | 6,426 |
Gross Unrealized Losses | (19) | (51) |
Estimated Fair Value | $ 143,872 | $ 133,397 |
Securities - Held-to-maturity S
Securities - Held-to-maturity Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 19,811 | $ 32,188 |
Gross Unrealized Gains | 882 | 1,140 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 20,693 | 33,328 |
U.S. agency | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 5,099 | |
Gross Unrealized Gains | 26 | |
Gross Unrealized Losses | 0 | |
Estimated Fair Value | 5,125 | |
Obligations of states and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 720 | 730 |
Gross Unrealized Gains | 30 | 41 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 750 | 771 |
Mortgage backed - residential | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 11,686 | 16,050 |
Gross Unrealized Gains | 545 | 618 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 12,231 | 16,668 |
Collateralized mortgage obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 7,405 | 10,309 |
Gross Unrealized Gains | 307 | 455 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | $ 7,712 | $ 10,764 |
Securities - Debt Securities wi
Securities - Debt Securities with Unrealized Losses in Continuous Unrealized Loss Position (Details) $ in Thousands | Sep. 30, 2021USD ($)security | Dec. 31, 2020USD ($)security |
Available-for-sale securities | ||
Estimated Fair Value | $ 49,058 | $ 48,064 |
Unrealized Losses | (796) | (204) |
Estimated Fair Value | 34,065 | 31,568 |
Unrealized Losses | (137) | (300) |
Estimated Fair Value | 83,123 | 79,632 |
Unrealized Losses | $ (933) | $ (504) |
Number of Securities | security | 26 | 28 |
U.S. agency | ||
Available-for-sale securities | ||
Estimated Fair Value | $ 0 | $ 0 |
Unrealized Losses | 0 | 0 |
Estimated Fair Value | 6,389 | 8,996 |
Unrealized Losses | (104) | (208) |
Estimated Fair Value | 6,389 | 8,996 |
Unrealized Losses | $ (104) | $ (208) |
Number of Securities | security | 7 | 7 |
Mortgage backed - residential | ||
Available-for-sale securities | ||
Estimated Fair Value | $ 36,034 | $ 15,251 |
Unrealized Losses | (769) | (146) |
Estimated Fair Value | 2,896 | 7,601 |
Unrealized Losses | (10) | (56) |
Estimated Fair Value | 38,930 | 22,852 |
Unrealized Losses | $ (779) | $ (202) |
Number of Securities | security | 9 | 8 |
Collateralized mortgage obligations | ||
Available-for-sale securities | ||
Estimated Fair Value | $ 13,024 | $ 23,646 |
Unrealized Losses | (27) | (43) |
Estimated Fair Value | 610 | 0 |
Unrealized Losses | (4) | 0 |
Estimated Fair Value | 13,634 | 23,646 |
Unrealized Losses | $ (31) | $ (43) |
Number of Securities | security | 8 | 11 |
Mortgage backed - commercial | ||
Available-for-sale securities | ||
Estimated Fair Value | $ 0 | $ 9,167 |
Unrealized Losses | 0 | (15) |
Estimated Fair Value | 24,170 | 14,971 |
Unrealized Losses | (19) | (36) |
Estimated Fair Value | 24,170 | 24,138 |
Unrealized Losses | $ (19) | $ (51) |
Number of Securities | security | 2 | 2 |
Securities - Additional Informa
Securities - Additional Information (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |||
Pledged securities | $ 466,982,000 | $ 437,223,000 | |
Proceeds from sale and maturity of securities | $ 0 | $ 56,159,000 | |
Gross investment gains | 446,000 | ||
Gross investment gains losses | $ 293,000 |
Securities - Available-for-sa_2
Securities - Available-for-sale Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Amortized Cost | ||
Due within 1 year | $ 66 | |
Due after 1 year through 5 years | 20,442 | |
Due after 5 years through 10 years | 135,566 | |
Due after 10 years | 365,519 | |
Amortized Cost | 521,593 | $ 456,514 |
Estimated Fair Value | ||
Due within 1 year | 67 | |
Due after 1 year through 5 years | 21,008 | |
Due after 5 years through 10 years | 138,722 | |
Due after 10 years | 371,598 | |
Fair value | $ 531,395 | $ 468,586 |
Securities - Held-to-maturity_2
Securities - Held-to-maturity Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Amortized Cost | ||
Due after 1 year through 5 years | $ 720 | |
Due after 5 years through 10 years | 702 | |
Due after 10 years | 18,389 | |
Amortized Cost | 19,811 | $ 32,188 |
Estimated Fair Value | ||
Due after 1 year through 5 years | 750 | |
Due after 5 years through 10 years | 749 | |
Due after 10 years | 19,194 | |
Held-to-maturity securities, Fair Value | $ 20,693 | $ 33,328 |
Loans - Loans Held for Investme
Loans - Loans Held for Investment (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Total loans | $ 3,812,606 | $ 3,856,281 | ||||
Deferred costs, fees, premiums, and discounts | (8,625) | (9,924) | ||||
Allowance for loan losses | (47,868) | $ (42,978) | (47,766) | $ (42,701) | $ (37,896) | $ (28,546) |
Total loans, net | 3,756,113 | 3,798,591 | ||||
Commercial | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Total loans | 2,228,639 | 2,181,552 | ||||
Allowance for loan losses | (32,643) | (28,173) | (32,009) | (26,593) | (22,541) | (17,509) |
Commercial real estate | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Total loans | 1,140,181 | 1,156,668 | ||||
Allowance for loan losses | (13,709) | (13,149) | (13,863) | (14,064) | (13,212) | (9,645) |
Residential real estate | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Total loans | 426,044 | 503,828 | ||||
Allowance for loan losses | (1,277) | (1,305) | (1,606) | (1,745) | (1,868) | (1,056) |
Consumer | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Total loans | 17,742 | 14,233 | ||||
Allowance for loan losses | $ (239) | $ (351) | $ (288) | $ (299) | $ (275) | $ (336) |
Loans - Additional Information
Loans - Additional Information (Details) - USD ($) | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
PPP loans outstanding | $ 3,812,606,000 | $ 3,856,281,000 | ||||
Deferred processing fees | (8,625,000) | (9,924,000) | ||||
Loans, allowance for loan losses | 47,868,000 | 47,766,000 | $ 42,978,000 | $ 42,701,000 | $ 37,896,000 | $ 28,546,000 |
Recorded investment in troubled debt restructurings (TDRs) | 18,750,000 | 13,975,000 | ||||
Increase of allowance for loan losses from modification | 1,441,000 | 1,464,000 | ||||
TDRs loans charged off | 0 | 0 | ||||
Total loans modified as Troubled Debt Restructuring (TDRs) with a subsequent default | 1,759,000 | |||||
Accretable discount on loans acquired | 770,000 | 2,043,000 | ||||
Commercial | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
PPP loans outstanding | 2,228,639,000 | 2,181,552,000 | ||||
Loans, allowance for loan losses | 32,643,000 | 32,009,000 | $ 28,173,000 | $ 26,593,000 | $ 22,541,000 | $ 17,509,000 |
Paycheck Protection Program CARES Act | Commercial | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
PPP loans outstanding | 116,519,000 | 256,336,000 | ||||
Deferred processing fees | 3,153,000 | 5,235,000 | ||||
Loans, allowance for loan losses | $ 0 | $ 0 |
Loans - Allowance for Loan Loss
Loans - Allowance for Loan Losses by Portfolio Type (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Allowance for loan losses | ||||
Balance, beginning of period | $ 42,978 | $ 37,896 | $ 47,766 | $ 28,546 |
Provision for (benefit from) loan losses | 3,500 | 4,800 | 1,750 | 15,100 |
Loans charged off | (66) | (236) | (3,242) | (1,785) |
Recoveries | 1,456 | 241 | 1,594 | 840 |
Balance, end of period | 47,868 | 42,701 | 47,868 | 42,701 |
Commercial | ||||
Allowance for loan losses | ||||
Balance, beginning of period | 28,173 | 22,541 | 32,009 | 17,509 |
Provision for (benefit from) loan losses | 3,030 | 4,030 | 2,210 | 9,567 |
Loans charged off | 0 | (203) | (3,102) | (997) |
Recoveries | 1,440 | 225 | 1,526 | 514 |
Balance, end of period | 32,643 | 26,593 | 32,643 | 26,593 |
Commercial Real Estate | ||||
Allowance for loan losses | ||||
Balance, beginning of period | 13,149 | 13,212 | 13,863 | 9,645 |
Provision for (benefit from) loan losses | 560 | 853 | (163) | 4,728 |
Loans charged off | 0 | (1) | 0 | (581) |
Recoveries | 0 | 0 | 9 | 272 |
Balance, end of period | 13,709 | 14,064 | 13,709 | 14,064 |
Residential real estate | ||||
Allowance for loan losses | ||||
Balance, beginning of period | 1,305 | 1,868 | 1,606 | 1,056 |
Provision for (benefit from) loan losses | (31) | (126) | (350) | 708 |
Loans charged off | 0 | 0 | (2) | (39) |
Recoveries | 3 | 3 | 23 | 20 |
Balance, end of period | 1,277 | 1,745 | 1,277 | 1,745 |
Consumer | ||||
Allowance for loan losses | ||||
Balance, beginning of period | 351 | 275 | 288 | 336 |
Provision for (benefit from) loan losses | (59) | 43 | 53 | 97 |
Loans charged off | (66) | (32) | (138) | (168) |
Recoveries | 13 | 13 | 36 | 34 |
Balance, end of period | $ 239 | $ 299 | $ 239 | $ 299 |
Loans - Allowance for Loan Lo_2
Loans - Allowance for Loan Losses and Recorded Investment by Portfolio Type based on Impairment Method (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Individually evaluated for impairment | $ 31,393 | $ 35,798 | ||||
Collectively evaluated for impairment | 3,781,213 | 3,820,483 | ||||
Total loans | 3,812,606 | 3,856,281 | ||||
Individually evaluated for impairment | 4,358 | 4,080 | ||||
Collectively evaluated for impairment | 43,510 | 43,686 | ||||
Total allowance for loan losses | 47,868 | $ 42,978 | 47,766 | $ 42,701 | $ 37,896 | $ 28,546 |
Commercial | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Individually evaluated for impairment | 19,632 | 23,197 | ||||
Collectively evaluated for impairment | 2,209,007 | 2,158,355 | ||||
Total loans | 2,228,639 | 2,181,552 | ||||
Individually evaluated for impairment | 3,823 | 3,972 | ||||
Collectively evaluated for impairment | 28,820 | 28,037 | ||||
Total allowance for loan losses | 32,643 | 28,173 | 32,009 | 26,593 | 22,541 | 17,509 |
Commercial Real Estate | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Individually evaluated for impairment | 5,203 | 2,933 | ||||
Collectively evaluated for impairment | 1,134,978 | 1,153,735 | ||||
Total loans | 1,140,181 | 1,156,668 | ||||
Individually evaluated for impairment | 387 | 12 | ||||
Collectively evaluated for impairment | 13,322 | 13,851 | ||||
Total allowance for loan losses | 13,709 | 13,149 | 13,863 | 14,064 | 13,212 | 9,645 |
Residential real estate | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Individually evaluated for impairment | 6,555 | 9,630 | ||||
Collectively evaluated for impairment | 419,489 | 494,198 | ||||
Total loans | 426,044 | 503,828 | ||||
Individually evaluated for impairment | 148 | 96 | ||||
Collectively evaluated for impairment | 1,129 | 1,510 | ||||
Total allowance for loan losses | 1,277 | 1,305 | 1,606 | 1,745 | 1,868 | 1,056 |
Consumer | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Individually evaluated for impairment | 3 | 38 | ||||
Collectively evaluated for impairment | 17,739 | 14,195 | ||||
Total loans | 17,742 | 14,233 | ||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 239 | 288 | ||||
Total allowance for loan losses | $ 239 | $ 351 | $ 288 | $ 299 | $ 275 | $ 336 |
Loans - Impaired Financing Rece
Loans - Impaired Financing Receivables (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with No Related Allowance Recorded - Unpaid Principal Balance | $ 17,099 | $ 28,279 |
Impaired Loans with No Related Allowance Recorded - Recorded Investment | 16,547 | 27,565 |
Impaired Loans with No Related Allowance Recorded - Average Recorded Investment | 12,322 | 19,983 |
Impaired Loans with Related Allowance Recorded - Unpaid Principal Balance | 15,129 | 8,452 |
Impaired Loans with Related Allowance Recorded - Recorded Investment | 14,846 | 8,233 |
Impaired Loans with Related Allowance Recorded - Allowance for Loan Losses Allocated | 4,358 | 4,080 |
Impaired Loans with Related Allowance Recorded - Average Recorded Investment | 10,126 | 5,850 |
Impaired Loans - Unpaid Principal Balance | 32,228 | 36,731 |
Impaired Loans - Recorded Investment | 31,393 | 35,798 |
Impaired Loans - Average Recorded Investment | 22,448 | 25,833 |
Commercial | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with No Related Allowance Recorded - Unpaid Principal Balance | 10,013 | 16,370 |
Impaired Loans with No Related Allowance Recorded - Recorded Investment | 9,505 | 15,756 |
Impaired Loans with No Related Allowance Recorded - Average Recorded Investment | 6,964 | 12,189 |
Impaired Loans with Related Allowance Recorded - Unpaid Principal Balance | 10,386 | 7,610 |
Impaired Loans with Related Allowance Recorded - Recorded Investment | 10,127 | 7,441 |
Impaired Loans with Related Allowance Recorded - Allowance for Loan Losses Allocated | 3,823 | 3,972 |
Impaired Loans with Related Allowance Recorded - Average Recorded Investment | 6,962 | 5,304 |
Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with No Related Allowance Recorded - Unpaid Principal Balance | 2,365 | 2,850 |
Impaired Loans with No Related Allowance Recorded - Recorded Investment | 2,307 | 2,838 |
Impaired Loans with No Related Allowance Recorded - Average Recorded Investment | 2,201 | 1,910 |
Impaired Loans with Related Allowance Recorded - Unpaid Principal Balance | 2,949 | 133 |
Impaired Loans with Related Allowance Recorded - Recorded Investment | 2,896 | 95 |
Impaired Loans with Related Allowance Recorded - Allowance for Loan Losses Allocated | 387 | 12 |
Impaired Loans with Related Allowance Recorded - Average Recorded Investment | 1,940 | 67 |
Residential real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with No Related Allowance Recorded - Unpaid Principal Balance | 4,717 | 9,021 |
Impaired Loans with No Related Allowance Recorded - Recorded Investment | 4,732 | 8,933 |
Impaired Loans with No Related Allowance Recorded - Average Recorded Investment | 3,153 | 5,855 |
Impaired Loans with Related Allowance Recorded - Unpaid Principal Balance | 1,794 | 709 |
Impaired Loans with Related Allowance Recorded - Recorded Investment | 1,823 | 697 |
Impaired Loans with Related Allowance Recorded - Allowance for Loan Losses Allocated | 148 | 96 |
Impaired Loans with Related Allowance Recorded - Average Recorded Investment | 1,224 | 479 |
Consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with No Related Allowance Recorded - Unpaid Principal Balance | 4 | 38 |
Impaired Loans with No Related Allowance Recorded - Recorded Investment | 3 | 38 |
Impaired Loans with No Related Allowance Recorded - Average Recorded Investment | $ 4 | $ 29 |
Loans - Credit Risk Profile bas
Loans - Credit Risk Profile based on Bank’s Rating Categories (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | $ 3,812,606 | $ 3,856,281 |
Non-Classified | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 3,754,025 | 3,780,261 |
Classified | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 58,581 | 76,020 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 2,228,639 | 2,181,552 |
Commercial | Non-Classified | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 2,202,979 | 2,145,831 |
Commercial | Classified | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 25,660 | 35,721 |
Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 1,140,181 | 1,156,668 |
Commercial real estate | Non-Classified | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 1,113,753 | 1,126,080 |
Commercial real estate | Classified | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 26,428 | 30,588 |
Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 426,044 | 503,828 |
Residential real estate | Non-Classified | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 419,557 | 494,155 |
Residential real estate | Classified | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 6,487 | 9,673 |
Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 17,742 | 14,233 |
Consumer | Non-Classified | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 17,736 | 14,195 |
Consumer | Classified | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | $ 6 | $ 38 |
Loans - Aging of Loan Portfolio
Loans - Aging of Loan Portfolio (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Total loans | $ 3,812,606 | $ 3,856,281 |
Loans Greater than 90 Days Past Due, Still Accruing | 0 | 777 |
Non-Accrual | 30,303 | 35,249 |
Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,228,639 | 2,181,552 |
Loans Greater than 90 Days Past Due, Still Accruing | 0 | 0 |
Non-Accrual | 18,639 | 22,779 |
Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,140,181 | 1,156,668 |
Loans Greater than 90 Days Past Due, Still Accruing | 0 | 0 |
Non-Accrual | 5,205 | 2,934 |
Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 426,044 | 503,828 |
Loans Greater than 90 Days Past Due, Still Accruing | 0 | 777 |
Non-Accrual | 6,456 | 9,498 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 17,742 | 14,233 |
Loans Greater than 90 Days Past Due, Still Accruing | 0 | 0 |
Non-Accrual | 3 | 38 |
Loans Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 3,768,703 | 3,795,780 |
Loans Not Past Due | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,208,361 | 2,147,310 |
Loans Not Past Due | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,123,875 | 1,144,801 |
Loans Not Past Due | Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 418,746 | 489,482 |
Loans Not Past Due | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 17,721 | 14,187 |
Loans 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 11,077 | 23,304 |
Loans 30-59 Days Past Due | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,639 | 11,415 |
Loans 30-59 Days Past Due | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 9,420 | 8,933 |
Loans 30-59 Days Past Due | Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 2,948 |
Loans 30-59 Days Past Due | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 18 | 8 |
Loans 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,523 | 1,171 |
Loans 60-89 Days Past Due | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 48 |
Loans 60-89 Days Past Due | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,681 | 0 |
Loans 60-89 Days Past Due | Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 842 | 1,123 |
Loans 60-89 Days Past Due | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | $ 0 | $ 0 |
Loans - Troubled Debt Restructu
Loans - Troubled Debt Restructuring (Details) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021USD ($)loan | Dec. 31, 2020USD ($)loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 5 | 16 |
Pre-Modification Outstanding Recorded Investment | $ 6,789 | $ 3,867 |
Post-Modification Outstanding Recorded Investment | $ 5,229 | $ 3,738 |
Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 5 | 11 |
Pre-Modification Outstanding Recorded Investment | $ 6,789 | $ 2,950 |
Post-Modification Outstanding Recorded Investment | $ 5,229 | $ 2,831 |
Residential real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 5 | |
Pre-Modification Outstanding Recorded Investment | $ 917 | |
Post-Modification Outstanding Recorded Investment | $ 907 |
Loans - Schedule of Modified Lo
Loans - Schedule of Modified Loans under the CARES Act (Details) - Residential real estate - Paycheck Protection Program CARES Act $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($)loan | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Number of Loans | loan | 9 |
Recorded Investment | $ | $ 2,517 |
Mortgage Servicing Rights - Unp
Mortgage Servicing Rights - Unpaid Principal Loan Balance of Servicing Portfolio (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Unpaid Principal Balance Of Servicing Portfolio [Line Items] | ||
Unpaid principal loan balance | $ 4,612,047 | $ 4,036,165 |
Federal National Mortgage Association | ||
Financing Receivable, Unpaid Principal Balance Of Servicing Portfolio [Line Items] | ||
Unpaid principal loan balance | 2,278,202 | 2,117,703 |
Federal Home Loan Mortgage Corporation | ||
Financing Receivable, Unpaid Principal Balance Of Servicing Portfolio [Line Items] | ||
Unpaid principal loan balance | 1,425,824 | 948,934 |
Government National Mortgage Association | ||
Financing Receivable, Unpaid Principal Balance Of Servicing Portfolio [Line Items] | ||
Unpaid principal loan balance | 757,859 | 722,138 |
Federal Home Loan Bank | ||
Financing Receivable, Unpaid Principal Balance Of Servicing Portfolio [Line Items] | ||
Unpaid principal loan balance | 148,214 | 245,246 |
Other | ||
Financing Receivable, Unpaid Principal Balance Of Servicing Portfolio [Line Items] | ||
Unpaid principal loan balance | $ 1,948 | $ 2,144 |
Mortgage Servicing Rights - Mor
Mortgage Servicing Rights - Mortgage Servicing Rights at Fair Value (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Servicing Asset at Fair Value, Amount [Roll Forward] | ||||
Balance, beginning of period | $ 40,844 | $ 23,800 | $ 29,144 | $ 29,003 |
Servicing resulting from transfers of financial assets | 5,303 | 6,614 | 18,533 | 15,879 |
Due to changes in valuation inputs or assumptions used in the valuation model | 948 | (2,114) | 5,209 | (13,215) |
Changes in fair value due to pay-offs, pay-downs, and runoff | (3,124) | (2,495) | (8,915) | (5,862) |
Balance, end of period | $ 43,971 | $ 25,805 | $ 43,971 | $ 25,805 |
Mortgage Servicing Rights - Wei
Mortgage Servicing Rights - Weighted-average Key Assumptions to Estimate Fair Value of MSRs (Details) - uSDPerLoan | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Transfers and Servicing [Abstract] | |||
Discount rate | 9.22% | 9.28% | 9.12% |
Total prepayment speeds | 12.15% | 18.79% | 16.99% |
Cost of servicing each loan | 86 | 86 | 85 |
Mortgage Servicing Rights - Sch
Mortgage Servicing Rights - Schedule of Servicing and Ancillary Fees from Mortgage Servicing Portfolio (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Transfers and Servicing [Abstract] | ||||
Servicing fees | $ 3,101 | $ 2,400 | $ 8,853 | $ 6,773 |
Late and ancillary fees | 118 | 92 | 317 | 277 |
Total | $ 3,219 | $ 2,492 | $ 9,170 | $ 7,050 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Derivative [Line Items] | |||||
Carrying amount of hedged loans receivable | $ 209,552 | $ 209,552 | $ 239,591 | ||
Cumulative amount of fair value hedging adjustment | 7,784 | 7,784 | 14,906 | ||
Fair value of derivatives in a net liability position | 18,435 | 18,435 | 28,622 | ||
Posted collateral aggregate fair value | 22,342 | 22,342 | $ 31,400 | ||
Derivative financial instruments not designated as hedging instruments: | |||||
Derivative [Line Items] | |||||
Fee income | $ 246 | $ 1,406 | $ 1,080 | $ 2,967 |
Derivative Financial Instrume_4
Derivative Financial Instruments - The Components Of Derivative Financial Instruments (Details) $ in Thousands | Sep. 30, 2021USD ($)transaction | Dec. 31, 2020USD ($)transaction |
Forward MBS trades | Prepaid Expenses and Other Current Assets | ||
Assets | ||
Outstanding Notional | $ 257,900 | $ 189,900 |
Estimated Fair Value | 987 | 468 |
Forward MBS trades | Accrued Expenses And Other Liabilities | ||
Liabilities: | ||
Outstanding Notional | 150,900 | 433,400 |
Estimated Fair Value | 2,258 | 2,883 |
Interest rate lock commitments (IRLC) | Prepaid Expenses and Other Current Assets | ||
Assets | ||
Outstanding Notional | 188,714 | 462,394 |
Estimated Fair Value | $ 1,420 | $ 5,686 |
Interest rate lock commitments (IRLC) | Derivative financial instruments designated as hedging instruments: | Prepaid Expenses and Other Current Assets | ||
Assets | ||
Number of Transactions | transaction | 1 | 2 |
Outstanding Notional | $ 20,378 | $ 38,978 |
Estimated Fair Value | $ 1,142 | $ 830 |
Interest rate lock commitments (IRLC) | Derivative financial instruments designated as hedging instruments: | Accrued Expenses And Other Liabilities | ||
Liabilities: | ||
Number of Transactions | transaction | 12 | 12 |
Outstanding Notional | $ 181,390 | $ 185,637 |
Estimated Fair Value | $ 8,898 | $ 15,792 |
Interest rate lock commitments (IRLC) | Derivative financial instruments not designated as hedging instruments: | Prepaid Expenses and Other Current Assets | ||
Assets | ||
Number of Transactions | transaction | 38 | 28 |
Outstanding Notional | $ 207,937 | $ 171,609 |
Estimated Fair Value | $ 8,471 | $ 11,348 |
Interest rate lock commitments (IRLC) | Derivative financial instruments not designated as hedging instruments: | Accrued Expenses And Other Liabilities | ||
Liabilities: | ||
Number of Transactions | transaction | 38 | 28 |
Outstanding Notional | $ 207,937 | $ 171,609 |
Estimated Fair Value | $ 8,810 | $ 12,117 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Gains And Losses On Banking Derivatives Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Banking Derivative Assets | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Recorded gain (loss) on banking derivative | $ (186) | $ (221) | $ (420) | $ 8,608 |
Banking Derivative Liability | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Recorded gain (loss) on banking derivative | 337 | 123 | 926 | (9,432) |
Mortgage Banking Derivative Asset | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Recorded gain (loss) on banking derivative | 9,175 | (19,987) | (302) | 7,638 |
Mortgage Banking Derivative Liability | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Recorded gain (loss) on banking derivative | $ (10,241) | $ 1,925 | $ (7,714) | $ (989) |
Deposits - Composition of Depos
Deposits - Composition of Deposits (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Statistical Disclosure for Banks [Abstract] | ||
Noninterest-bearing demand deposit accounts | $ 1,578,306 | $ 1,054,458 |
Interest-bearing deposit accounts: | ||
Interest-bearing demand accounts | 201,510 | 164,870 |
Savings accounts and money market accounts | 2,711,417 | 2,472,965 |
NOW accounts | 37,888 | 95,297 |
Certificate of deposit accounts: | ||
Less than $100 | 151,696 | 164,491 |
$100 through $250 | 104,864 | 113,006 |
Greater than $250 | 72,304 | 88,462 |
Total interest-bearing deposit accounts | 3,279,679 | 3,099,091 |
Total deposits | $ 4,857,985 | $ 4,153,549 |
Deposits - Interest Expense Inc
Deposits - Interest Expense Incurred on Deposits (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Interest-bearing deposit accounts: | ||||
Interest-bearing demand accounts | $ 89 | $ 97 | $ 300 | $ 331 |
Savings accounts and money market accounts | 1,155 | 1,635 | 3,668 | 5,901 |
NOW accounts | 50 | 183 | 336 | 471 |
Certificate of deposit accounts | 684 | 1,433 | 2,427 | 6,178 |
Total interest-bearing deposit accounts | $ 1,978 | $ 3,348 | $ 6,731 | $ 12,881 |
Deposits - Remaining Maturity o
Deposits - Remaining Maturity on Certificate of Deposit Accounts (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Maturities of Time Deposits [Abstract] | |
Remainder of 2021 | $ 59,117 |
2022 | 184,563 |
2023 | 47,911 |
2024 | 14,637 |
2025 | 11,001 |
2026 | 7,474 |
Thereafter | 4,161 |
Total certificate of deposit accounts | $ 328,864 |
Securities Sold Under Agreeme_3
Securities Sold Under Agreements to Repurchase (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Carrying Value of Securities Sold under Repurchase Agreements and Deposits Received for Securities Loaned [Abstract] | ||
Amount outstanding at period-end | $ 117,001 | $ 115,372 |
Average daily balance during the period | $ 131,444 | $ 118,706 |
Average interest rate during the period | 0.05% | 0.15% |
Maximum month-end balance during the period | $ 160,865 | $ 149,844 |
Weighted average interest rate at period-end | 0.04% | 0.05% |
Securities sold under agreements to repurchase, pledged securities | $ 134,701 | $ 121,116 |
Debt - FHLB Advances and Other
Debt - FHLB Advances and Other Borrowings Outstanding (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Short-term Debt [Line Items] | ||
Federal Home Loan Bank advances | $ 40,000 | $ 70,411 |
Variable rate line-of-credit advance | Federal Home Loan Bank Advances | ||
Short-term Debt [Line Items] | ||
Federal Home Loan Bank advances | 0 | $ 20,000 |
Debt effective interest rate | 0.35% | |
Fixed rate term advances | Federal Home Loan Bank Advances | ||
Short-term Debt [Line Items] | ||
Federal Home Loan Bank advances | $ 40,000 | $ 50,411 |
Weighted Average Rate | 1.49% | 1.78% |
Minimum | Fixed rate term advances | Federal Home Loan Bank Advances | ||
Short-term Debt [Line Items] | ||
Debt effective interest rate | 0.91% | 0.91% |
Maximum | Fixed rate term advances | Federal Home Loan Bank Advances | ||
Short-term Debt [Line Items] | ||
Debt effective interest rate | 2.59% | 4.13% |
Debt - Additional Information (
Debt - Additional Information (Details) | Jun. 30, 2021 | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Aug. 31, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Jun. 19, 2017USD ($) |
Debt Conversion [Line Items] | ||||||||
Loans pledged to the FHLB | $ 842,678,000 | $ 842,678,000 | $ 943,376,000 | |||||
Total borrowing capacity with the FHLB | 675,641,000 | 675,641,000 | 702,540,000 | |||||
Additional borrowing availability with the FHLB | 556,547,000 | 556,547,000 | ||||||
Amortization of issuance costs on subordinated debt | 70,000 | $ 23,000 | ||||||
Trust preferred securities, aggregate liquidation valuation amount | 419,000 | 419,000 | ||||||
Trust Preferred Securities Subject to Mandatory Redemption | New Mexico Banquest Capital Trust I (NMBCT I) | ||||||||
Debt Conversion [Line Items] | ||||||||
Debt instrument, face amount | 9,279,000 | 9,279,000 | ||||||
Trust Preferred Securities Subject to Mandatory Redemption | New Mexico Banquest Capital Trust II (NMBCT II) | ||||||||
Debt Conversion [Line Items] | ||||||||
Debt instrument, face amount | 4,640,000 | 4,640,000 | ||||||
Line of Credit | Other Financial Institutions | ||||||||
Debt Conversion [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | $ 95,000,000 | 95,000,000 | ||||||
Amount drawn from line of credit | $ 0 | |||||||
London Interbank Offered Rate (LIBOR) | Trust Preferred Securities Subject to Mandatory Redemption | New Mexico Banquest Capital Trust I (NMBCT I) | ||||||||
Debt Conversion [Line Items] | ||||||||
Interest rate margin on variable rate basis | 3.35% | |||||||
Debt effective interest rate | 3.50% | 3.66% | 3.50% | 3.66% | ||||
London Interbank Offered Rate (LIBOR) | Trust Preferred Securities Subject to Mandatory Redemption | New Mexico Banquest Capital Trust II (NMBCT II) | ||||||||
Debt Conversion [Line Items] | ||||||||
Interest rate margin on variable rate basis | 2.00% | |||||||
Debt effective interest rate | 2.15% | 2.36% | 2.15% | 2.36% | ||||
Convertible Notes Payable | Convertible Debt | ||||||||
Debt Conversion [Line Items] | ||||||||
Debt instrument, face amount | $ 20,673,000 | $ 20,673,000 | ||||||
Convertible debt, conversion ratio | 0.0156717 | |||||||
Debt instrument, interest rate | 3.29% | 3.29% | ||||||
Debt discount on the convertible notes | $ 1,418,000 | $ 1,418,000 | $ 1,977,000 | $ 4,682,000 | ||||
Amortization of debt discount | 186,000 | $ 188,000 | 559,000 | $ 564,000 | ||||
Subordinated Notes Due July 1, 2030 | Subordinated Debt | ||||||||
Debt Conversion [Line Items] | ||||||||
Debt instrument, face amount | $ 40,000,000 | |||||||
Debt instrument, interest rate | 6.00% | 6.00% | 6.00% | |||||
Costs related to the issuance of the subordinated notes | $ 933,000 | |||||||
Amortization of issuance costs on subordinated debt | 23,000 | 70,000 | ||||||
Subordinated Notes Due July 1, 2030 | Subordinated Debt | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||||
Debt Conversion [Line Items] | ||||||||
Interest rate margin on variable rate basis | 5.89% | |||||||
Subordinated Debt related to Trust Preferred Securities | Subordinated Debt | ||||||||
Debt Conversion [Line Items] | ||||||||
Debt instrument, face amount | 13,919,000 | 13,919,000 | ||||||
Debt discount on the convertible notes | 4,293,000 | 4,293,000 | ||||||
Amortization of debt discount | $ 63,000 | $ 63,000 | $ 192,000 | $ 192,000 | ||||
Federal Reserve Bank Advances | Line of Credit | ||||||||
Debt Conversion [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | $ 9,366,000 | $ 9,366,000 | ||||||
Federal Reserve Bank Advances | Fed Funds target rate | Line of Credit | ||||||||
Debt Conversion [Line Items] | ||||||||
Interest rate margin on variable rate basis | 0.50% |
Debt - Schedule of Future Matur
Debt - Schedule of Future Maturities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
2022 | $ 10,000 | |
2025 | 20,000 | |
Thereafter | 10,000 | |
Total | $ 40,000 | $ 70,411 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Net income applicable to common stockholders, basic | $ 8,728 | $ 14,754 | $ 34,347 | $ 36,325 |
Net income applicable to common stockholders, diluted | $ 8,728 | $ 14,754 | $ 34,347 | $ 36,325 |
Weighted Average Shares | ||||
Weighted average common shares outstanding (in shares) | 18,321,659 | 18,320,606 | 18,321,659 | 18,327,164 |
Effect of dilutive securities | ||||
Stock-based awards (in shares) | 449,022 | 0 | 440,838 | 0 |
Weighted average diluted common shares (in shares) | 18,770,681 | 18,320,606 | 18,762,497 | 18,327,164 |
Earnings per common share | ||||
Basic earnings per common share (in usd per share) | $ 0.48 | $ 0.81 | $ 1.87 | $ 1.98 |
Effect of dilutive securities | ||||
Stock-based awards (in usd per share) | (0.02) | 0 | (0.04) | 0 |
Diluted earnings per common share (in usd per share) | $ 0.46 | $ 0.81 | $ 1.83 | $ 1.98 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Convertible notes payable | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Securities excluded from computation of diluted earnings per share (in shares) | 323,984 | 323,984 | 323,984 | 323,984 |
Stock-based awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Securities excluded from computation of diluted earnings per share (in shares) | 98,659 | 161,806 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based payment arrangement, compensation cost | $ 348 | $ 526 | $ 1,501 | $ 1,752 | |
Total unrecognized compensation cost related to non-vested stock options granted | 1,390 | 1,390 | |||
Intrinsic value of the stock options | $ 15,343 | $ 15,343 | $ 10,660 | ||
Share-based Payment Arrangement, Option | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total unrecognized compensation cost related to non-vested stock options granted, period | 3 years 8 months 1 day | ||||
FirstSun Capital Bancorp 2017 Equity Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Aggregate shares of common stock (in shares) | 1,977,292 | 1,977,292 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - $ / shares | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Shares | |||
Outstanding, beginning balance (in shares) | 1,428,940 | ||
Exercised (in shares) | 1,670 | 0 | 4,892 |
Granted (in shares) | 26,336 | ||
Forfeited (in shares) | (42,376) | ||
Outstanding, ending balance (in shares) | 1,412,900 | ||
Options vested or expected to vest (in shares) | 1,412,900 | ||
Options exercisable, end of period (in shares) | 1,166,887 | ||
Weighted-Average Exercise Price, per Share | |||
Outstanding, beginning balance (in dollars per share) | $ 19.97 | ||
Exercised (in dollars per share) | 0 | ||
Granted (in dollars per share) | 32.54 | ||
Forfeited (in dollars per share) | 20.33 | ||
Outstanding, beginning balance (in dollars per share) | 20.19 | ||
Weighted-average exercise price, options vested or expected to vest (in dollars per share) | 20.19 | ||
Weighted-average exercise price, options exercisable, end of period (in dollars per share) | $ 19.89 | ||
Weighted-Average Remaining Contractual Term (years) | |||
Outstanding | 6 years 5 months 15 days | ||
Options exercisable | 6 years 1 month 17 days |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Provision for income taxes | $ 1,851 | $ 3,130 | $ 7,159 | $ 7,707 |
Effective tax provision rate | 17.50% | 17.50% | 17.20% | 17.50% |
Regulatory Capital Matters (Det
Regulatory Capital Matters (Details) $ in Thousands | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Company | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total risk-based capital to risk-weighted assets, actual amount | $ 552,124 | $ 513,949 |
Total risk-based capital to risk-weighted assets, actual ratio | 0.1255 | 0.1219 |
Total risk-based capital to risk-weighted assets, capital adequacy purposes, amount | $ 351,871 | $ 337,327 |
Total risk-based capital to risk-weighted assets, capital adequacy purposes, ratio | 0.0800 | 0.0800 |
Tier 1 risk-based capital to risk-weighted assets, actual amount | $ 453,740 | $ 416,029 |
Tier 1 risk-based capital to risk-weighted assets, actual ratio | 0.1032 | 0.0987 |
Tier 1 risk-based capital to risk-weighted assets, capital adequacy purposes, amount | $ 263,904 | $ 252,995 |
Tier 1 risk-based capital to risk-weighted assets, capital adequacy purposes, ratio | 0.0600 | 0.0600 |
Common Equity Tier 1 (CET 1) to risk-weighted assets, actual amount | $ 453,740 | $ 416,029 |
Common Equity Tier 1 (CET 1) to risk-weighted assets, actual ratio | 0.1032 | 0.0987 |
Common Equity Tier 1 (CET 1) to risk-weighted assets, capital adequacy purposes, amount | $ 197,928 | $ 189,746 |
Common Equity Tier 1 (CET 1) to risk-weighted assets, capital adequacy purposes, ratio | 0.0450 | 0.0450 |
Tier 1 leverage capital to average assets, actual amount | $ 453,740 | $ 416,029 |
Tier 1 leverage capital to average assets, actual ratio | 0.0819 | 0.0853 |
Tier 1 leverage capital to average assets, capital adequacy purposes, amount | $ 221,526 | $ 195,074 |
Tier 1 leverage capital to average assets, capital adequacy purposes, ratio | 0.0400 | 0.0400 |
Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total risk-based capital to risk-weighted assets, actual amount | $ 559,556 | $ 517,077 |
Total risk-based capital to risk-weighted assets, actual ratio | 0.1276 | 0.1230 |
Total risk-based capital to risk-weighted assets, capital adequacy purposes, amount | $ 350,802 | $ 336,276 |
Total risk-based capital to risk-weighted assets, capital adequacy purposes, ratio | 0.0800 | 0.0800 |
Total risk-based capital to risk-weighted assets, to be well-capitalized under prompt corrective action provisions, amount | $ 438,502 | $ 420,345 |
Total risk-based capital to risk-weighted assets, to be well-capitalized under prompt corrective action provisions, ratio | 0.1000 | 0.1000 |
Tier 1 risk-based capital to risk-weighted assets, actual amount | $ 511,100 | $ 468,823 |
Tier 1 risk-based capital to risk-weighted assets, actual ratio | 0.1166 | 0.1115 |
Tier 1 risk-based capital to risk-weighted assets, capital adequacy purposes, amount | $ 263,101 | $ 252,207 |
Tier 1 risk-based capital to risk-weighted assets, capital adequacy purposes, ratio | 0.0600 | 0.0600 |
Tier 1 risk-based capital to risk-weighted assets, to be well-capitalized under prompt corrective action provisions, amount | $ 350,802 | $ 336,276 |
Tier 1 risk-based capital to risk-weighted assets, to be well-capitalized under prompt corrective action provisions, ratio | 0.0800 | 0.0800 |
Common Equity Tier 1 (CET 1) to risk-weighted assets, actual amount | $ 511,100 | $ 468,823 |
Common Equity Tier 1 (CET 1) to risk-weighted assets, actual ratio | 0.1166 | 0.1115 |
Common Equity Tier 1 (CET 1) to risk-weighted assets, capital adequacy purposes, amount | $ 197,326 | $ 189,155 |
Common Equity Tier 1 (CET 1) to risk-weighted assets, capital adequacy purposes, ratio | 0.0450 | 0.0450 |
Common Equity Tier 1 (CET 1) to risk-weighted assets, to be well-capitalized under prompt corrective action provisions, amount | $ 285,026 | $ 273,224 |
Common Equity Tier 1 (CET 1) to risk-weighted assets, to be well-capitalized under prompt corrective action provisions, ratio | 0.0650 | 0.0650 |
Tier 1 leverage capital to average assets, actual amount | $ 511,100 | $ 468,823 |
Tier 1 leverage capital to average assets, actual ratio | 0.0923 | 0.0962 |
Tier 1 leverage capital to average assets, capital adequacy purposes, amount | $ 221,444 | $ 195,008 |
Tier 1 leverage capital to average assets, capital adequacy purposes, ratio | 0.0400 | 0.0400 |
Tier 1 leverage capital to average assets, to be well-capitalized under prompt corrective action provisions, amount | $ 276,805 | $ 243,760 |
Tier 1 leverage capital to average assets, to be well-capitalized under prompt corrective action provisions, ratio | 0.0500 | 0.0500 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Mortgage servicing rights | $ 43,971 | $ 40,844 | $ 29,144 | $ 25,805 | $ 23,800 | $ 29,003 |
Fair Value, Recurring | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Available-for-sale securities | 531,395 | 468,586 | ||||
Loans held-for-sale | 122,217 | 193,963 | ||||
Mortgage servicing rights | 43,971 | 29,144 | ||||
Derivative financial instruments - assets | 12,020 | 18,332 | ||||
Derivative financial instruments - liabilities | (19,966) | (30,792) | ||||
Total | 689,637 | 679,233 | ||||
Fair Value, Recurring | Fair Value, Inputs, Level 1 | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Available-for-sale securities | 20,695 | 0 | ||||
Loans held-for-sale | 0 | 0 | ||||
Mortgage servicing rights | 0 | 0 | ||||
Derivative financial instruments - assets | 0 | 0 | ||||
Derivative financial instruments - liabilities | 0 | 0 | ||||
Total | 20,695 | 0 | ||||
Fair Value, Recurring | Fair Value, Inputs, Level 2 | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Available-for-sale securities | 510,700 | 468,586 | ||||
Loans held-for-sale | 122,217 | 193,963 | ||||
Mortgage servicing rights | 0 | 0 | ||||
Derivative financial instruments - assets | 12,020 | 18,332 | ||||
Derivative financial instruments - liabilities | (19,966) | (30,792) | ||||
Total | 624,971 | 650,089 | ||||
Fair Value, Recurring | Fair Value, Inputs, Level 3 | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Available-for-sale securities | 0 | 0 | ||||
Loans held-for-sale | 0 | 0 | ||||
Mortgage servicing rights | 43,971 | 29,144 | ||||
Derivative financial instruments - assets | 0 | 0 | ||||
Derivative financial instruments - liabilities | 0 | 0 | ||||
Total | $ 43,971 | $ 29,144 |
Fair Value Measurements - Fai_2
Fair Value Measurements - Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | $ 40,844 | $ 23,800 | $ 29,144 | $ 29,003 |
Total losses included in earnings | (2,176) | (4,609) | (3,706) | (19,077) |
Purchases, issuances, sales and settlements: | ||||
Issuances | 5,303 | 6,614 | 18,533 | 15,879 |
Balance, end of period | $ 43,971 | $ 25,805 | $ 43,971 | $ 25,805 |
Fair Value Measurements - Fai_3
Fair Value Measurements - Fair Value Measurements, Nonrecurring (Details) - Fair Value, Nonrecurring - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 10,488 | $ 4,154 |
Commercial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 6,304 | 3,469 |
Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 2,509 | 84 |
Other real estate owned and foreclosed assets, net | 5,747 | 3,354 |
Residential real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 1,675 | $ 601 |
Fair Value Measurements - Fai_4
Fair Value Measurements - Fair Value by Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Assets: | ||
Securities held-to-maturity | $ 20,693 | $ 33,328 |
Restricted equity securities | 16,927 | 23,175 |
Liabilities: | ||
Securities sold under agreements to repurchase | 117,001 | 115,372 |
Carrying Value | ||
Assets: | ||
Cash and cash equivalents | 949,541 | 201,978 |
Securities held-to-maturity | 19,811 | 32,188 |
Loans (excluding impaired loans) | 3,781,213 | 3,820,483 |
Restricted equity securities | 16,927 | 23,175 |
Accrued interest receivable | 16,649 | 15,416 |
Liabilities: | ||
Deposits (excluding demand deposits) | 3,078,169 | 2,934,221 |
Securities sold under agreements to repurchase | 117,001 | 115,372 |
FHLB advances | 40,000 | 70,411 |
Convertible notes payable, net | 19,256 | 18,696 |
Subordinated debt, net | 49,928 | 49,666 |
Accrued interest payable | 2,768 | 2,592 |
Estimated Fair Value | ||
Assets: | ||
Cash and cash equivalents | 949,541 | 201,978 |
Securities held-to-maturity | 20,693 | 33,328 |
Loans (excluding impaired loans) | 3,722,746 | 3,780,649 |
Restricted equity securities | 16,927 | 23,175 |
Accrued interest receivable | 16,649 | 15,416 |
Liabilities: | ||
Deposits (excluding demand deposits) | 3,203,052 | 2,947,287 |
Securities sold under agreements to repurchase | 117,001 | 115,372 |
FHLB advances | 41,821 | 72,770 |
Convertible notes payable, net | 21,201 | 20,804 |
Subordinated debt, net | 52,099 | 49,750 |
Accrued interest payable | 2,768 | 2,592 |
Estimated Fair Value | Fair Value, Inputs, Level 1 | ||
Assets: | ||
Cash and cash equivalents | 949,541 | 201,978 |
Securities held-to-maturity | 0 | 0 |
Loans (excluding impaired loans) | 0 | 0 |
Restricted equity securities | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Liabilities: | ||
Deposits (excluding demand deposits) | 0 | 0 |
Securities sold under agreements to repurchase | 0 | 0 |
FHLB advances | 0 | 0 |
Convertible notes payable, net | 0 | 0 |
Subordinated debt, net | 0 | 0 |
Accrued interest payable | 0 | 0 |
Estimated Fair Value | Fair Value, Inputs, Level 2 | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities held-to-maturity | 20,693 | 33,328 |
Loans (excluding impaired loans) | 0 | 0 |
Restricted equity securities | 16,927 | 23,175 |
Accrued interest receivable | 1,129 | 986 |
Liabilities: | ||
Deposits (excluding demand deposits) | 3,203,052 | 2,947,287 |
Securities sold under agreements to repurchase | 117,001 | 115,372 |
FHLB advances | 41,821 | 72,770 |
Convertible notes payable, net | 21,201 | 20,804 |
Subordinated debt, net | 52,099 | 49,750 |
Accrued interest payable | 2,768 | 2,592 |
Estimated Fair Value | Fair Value, Inputs, Level 3 | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities held-to-maturity | 0 | 0 |
Loans (excluding impaired loans) | 3,722,746 | 3,780,649 |
Restricted equity securities | 0 | 0 |
Accrued interest receivable | 15,520 | 14,430 |
Liabilities: | ||
Deposits (excluding demand deposits) | 0 | 0 |
Securities sold under agreements to repurchase | 0 | 0 |
FHLB advances | 0 | 0 |
Convertible notes payable, net | 0 | 0 |
Subordinated debt, net | 0 | 0 |
Accrued interest payable | $ 0 | $ 0 |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2021segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||
Net interest income (expense) | $ 39,965 | $ 34,338 | $ 114,782 | $ 99,156 | |
Provision for (benefit from) loan losses | 3,500 | 4,800 | 1,750 | 15,100 | |
Noninterest income: | |||||
Service charges on deposit accounts | 3,471 | 2,428 | 8,659 | 7,042 | |
Credit and debit card fees | 2,472 | 2,107 | 7,140 | 5,865 | |
Trust and investment advisory fees | 1,974 | 1,282 | 5,871 | 3,222 | |
(Loss) income from mortgage banking services, net | 20,151 | 35,535 | 68,144 | 89,986 | |
Other noninterest income | 616 | 1,367 | 5,034 | 2,999 | |
Total noninterest income | 28,684 | 42,719 | 94,848 | 109,114 | |
Noninterest expense: | |||||
Salary and employee benefits | 36,061 | 37,949 | 113,129 | 101,998 | |
Occupancy and equipment | 6,643 | 6,365 | 19,867 | 19,251 | |
Other noninterest expenses | 11,866 | 10,059 | 33,378 | 27,889 | |
Total noninterest expense | 54,570 | 54,373 | 166,374 | 149,138 | |
Income before income taxes | 10,579 | 17,884 | 41,506 | 44,032 | |
Other Information | |||||
Depreciation expense | 1,537 | 1,456 | 4,716 | 4,353 | |
Identifiable assets | 5,683,085 | 4,888,757 | 5,683,085 | 4,888,757 | $ 4,995,457 |
Operating Segments | Banking | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income (expense) | 39,297 | 33,452 | 112,517 | 95,789 | |
Provision for (benefit from) loan losses | 3,543 | 4,940 | 2,124 | 15,216 | |
Noninterest income: | |||||
Service charges on deposit accounts | 3,471 | 2,428 | 8,659 | 7,042 | |
Credit and debit card fees | 2,472 | 2,107 | 7,140 | 5,865 | |
Trust and investment advisory fees | 1,974 | 1,282 | 5,871 | 3,222 | |
(Loss) income from mortgage banking services, net | (406) | (400) | (1,516) | (1,755) | |
Other noninterest income | 616 | 1,388 | 5,041 | 3,020 | |
Total noninterest income | 8,127 | 6,805 | 25,195 | 17,394 | |
Noninterest expense: | |||||
Salary and employee benefits | 22,604 | 22,910 | 70,111 | 63,755 | |
Occupancy and equipment | 5,854 | 5,662 | 17,535 | 16,840 | |
Other noninterest expenses | 8,361 | 6,481 | 22,072 | 18,494 | |
Total noninterest expense | 36,819 | 35,053 | 109,718 | 99,089 | |
Income before income taxes | 7,062 | 264 | 25,870 | (1,122) | |
Other Information | |||||
Depreciation expense | 1,516 | 1,463 | 4,428 | 4,061 | |
Identifiable assets | 5,070,287 | 4,272,570 | 5,070,287 | 4,272,570 | |
Operating Segments | Mortgage Operations | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income (expense) | 1,810 | 1,991 | 5,674 | 5,750 | |
Provision for (benefit from) loan losses | (43) | (140) | (374) | (116) | |
Noninterest income: | |||||
Service charges on deposit accounts | 0 | 0 | 0 | 0 | |
Credit and debit card fees | 0 | 0 | 0 | 0 | |
Trust and investment advisory fees | 0 | 0 | 0 | 0 | |
(Loss) income from mortgage banking services, net | 20,557 | 35,935 | 69,660 | 91,741 | |
Other noninterest income | 0 | (21) | (7) | (21) | |
Total noninterest income | 20,557 | 35,914 | 69,653 | 91,720 | |
Noninterest expense: | |||||
Salary and employee benefits | 13,166 | 14,734 | 42,238 | 37,439 | |
Occupancy and equipment | 787 | 700 | 2,329 | 2,407 | |
Other noninterest expenses | 2,915 | 3,410 | 9,237 | 8,853 | |
Total noninterest expense | 16,868 | 18,844 | 53,804 | 48,699 | |
Income before income taxes | 5,542 | 19,201 | 21,897 | 48,887 | |
Other Information | |||||
Depreciation expense | 21 | (7) | 288 | 292 | |
Identifiable assets | 578,475 | 581,128 | 578,475 | 581,128 | |
Corporate | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income (expense) | (1,142) | (1,105) | (3,409) | (2,383) | |
Provision for (benefit from) loan losses | 0 | 0 | 0 | 0 | |
Noninterest income: | |||||
Service charges on deposit accounts | 0 | 0 | 0 | 0 | |
Credit and debit card fees | 0 | 0 | 0 | 0 | |
Trust and investment advisory fees | 0 | 0 | 0 | 0 | |
(Loss) income from mortgage banking services, net | 0 | 0 | 0 | 0 | |
Other noninterest income | 0 | 0 | 0 | 0 | |
Total noninterest income | 0 | 0 | 0 | 0 | |
Noninterest expense: | |||||
Salary and employee benefits | 291 | 305 | 780 | 804 | |
Occupancy and equipment | 2 | 3 | 3 | 4 | |
Other noninterest expenses | 590 | 168 | 2,069 | 542 | |
Total noninterest expense | 883 | 476 | 2,852 | 1,350 | |
Income before income taxes | (2,025) | (1,581) | (6,261) | (3,733) | |
Other Information | |||||
Depreciation expense | 0 | 0 | 0 | 0 | |
Identifiable assets | $ 34,323 | $ 35,059 | $ 34,323 | $ 35,059 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Thousands | May 18, 2021USD ($)beneficiary | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Jun. 14, 2021USD ($) | Dec. 31, 2020USD ($) |
Loss Contingencies [Line Items] | |||||||
Rent expense | $ 1,641 | $ 1,396 | $ 4,955 | $ 4,926 | |||
Commitments including funding of fixed-rate loans | 116,455 | 95,448 | |||||
Commitments including funding of variable-rates loans | 657,403 | $ 602,142 | |||||
Maximum potential amount of future payments required under the Commitments | 13,094 | 13,094 | $ 13,029 | ||||
Standby Letters of Credit | |||||||
Loss Contingencies [Line Items] | |||||||
Standby letters of credit commitment | $ 7,807 | $ 7,807 | $ 16,664 | ||||
Trust Administration Litigation | |||||||
Loss Contingencies [Line Items] | |||||||
Number of remainder Trust beneficiaries | beneficiary | 2 | ||||||
Loss contingency, damages sought, value | $ 19,700 | ||||||
Revocable trust amount | $ 11,800 | ||||||
Minimum | |||||||
Loss Contingencies [Line Items] | |||||||
Fixed-rate interest | 0.90% | 0.90% | 0.90% | ||||
Maturity period | 1 month | 1 month | |||||
Maximum | |||||||
Loss Contingencies [Line Items] | |||||||
Fixed-rate interest | 18.00% | 18.00% | 18.00% | ||||
Maturity period | 24 years | 10 years |
Commitments and Contingencies_2
Commitments and Contingencies - Future Minimum Operating Lease Payments (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Remainder 2021 | $ 6,721 |
2022 | 6,827 |
2023 | 6,529 |
2024 | 6,073 |
2025 | 3,831 |
2026 | 2,376 |
Thereafter | 5,003 |
Total operating leases | $ 37,360 |