Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 05, 2020 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-38534 | |
Entity Registrant Name | Amerant Bancorp Inc. | |
Entity Incorporation, State or Country Code | FL | |
Entity Tax Identification Number | 65-0032379 | |
Entity Address, Address Line One | 220 Alhambra Circle | |
Entity Address, City or Town | Coral Gables, | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33134 | |
City Area Code | (305) | |
Local Phone Number | 460-4038 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001734342 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Class A Common Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Class A Common Stock | |
Trading Symbol | AMTB | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 28,858,853 | |
Class B Common Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Class B Common Stock | |
Trading Symbol | AMTBB | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 13,286,137 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and due from banks | $ 34,091 | $ 28,035 |
Interest earning deposits with banks | 193,069 | 93,289 |
Cash and cash equivalents | 227,160 | 121,324 |
Securities | ||
Debt securities available for sale | 1,317,724 | 1,568,752 |
Debt securities held to maturity | 61,676 | 73,876 |
Equity securities with readily determinable fair value not held for trading | 24,381 | 23,848 |
Federal Reserve Bank and Federal Home Loan Bank stock | 65,015 | 72,934 |
Securities | 1,468,796 | 1,739,410 |
Loans held for investment, gross | 5,924,617 | 5,744,339 |
Less: Allowance for loan losses | 116,819 | 52,223 |
Loans held for investment, net | 5,807,798 | 5,692,116 |
Bank owned life insurance | 216,130 | 211,852 |
Premises and equipment, net | 126,895 | 128,824 |
Deferred tax assets, net | 16,206 | 5,480 |
Goodwill | 19,506 | 19,506 |
Accrued interest receivable and other assets | 94,556 | 66,887 |
Total assets | 7,977,047 | 7,985,399 |
Deposits | ||
Noninterest bearing | 916,889 | 763,224 |
Interest bearing | 1,210,639 | 1,098,323 |
Savings and money market | 1,496,119 | 1,475,257 |
Time | 2,253,899 | 2,420,339 |
Total deposits | 5,877,546 | 5,757,143 |
Advances from the Federal Home Loan Bank and other borrowings | 1,050,000 | 1,235,000 |
Senior notes | 58,498 | 0 |
Junior subordinated debentures held by trust subsidiaries | 64,178 | 92,246 |
Accounts payable, accrued liabilities and other liabilities | 97,292 | 66,309 |
Total liabilities | 7,147,514 | 7,150,698 |
Commitments and contingencies (Note 15) | ||
Stockholders’ equity | ||
Additional paid in capital | 359,553 | 419,048 |
Retained earnings | 433,929 | 444,124 |
Accumulated other comprehensive income | 31,836 | 13,234 |
Total stockholders' equity | 829,533 | 834,701 |
Total liabilities and stockholders' equity | 7,977,047 | 7,985,399 |
Class A Common Stock | ||
Stockholders’ equity | ||
Common stock | 2,886 | 2,893 |
Class B Common Stock | ||
Stockholders’ equity | ||
Common stock | 1,329 | 1,775 |
Treasury stock, at cost; 3,532,457 shares of Class B common stock in 2019. | $ 0 | $ (46,373) |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 |
Class A Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 |
Common stock, shares issued (in shares) | 28,860,423 | 28,927,576 |
Common stock, shares outstanding (in shares) | 28,860,423 | 28,927,576 |
Class B Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 13,286,137 | 17,751,053 |
Common stock, shares outstanding (in shares) | 13,286,137 | 14,218,596 |
Treasury stock (in shares) | 0 | 3,532,457 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Interest income | ||||
Loans | $ 52,736 | $ 66,118 | $ 166,007 | $ 199,641 |
Investment securities | 9,120 | 11,325 | 30,813 | 35,792 |
Interest earning deposits with banks | 61 | 761 | 579 | 2,304 |
Total interest income | 61,917 | 78,204 | 197,399 | 237,737 |
Interest expense | ||||
Interest bearing demand deposits | 97 | 191 | 336 | 766 |
Savings and money market deposits | 1,278 | 4,125 | 6,113 | 11,872 |
Time deposits | 10,874 | 13,284 | 36,764 | 38,577 |
Advances from the Federal Home Loan Bank | 2,820 | 6,253 | 10,342 | 18,750 |
Senior notes | 942 | 0 | 1,026 | 0 |
Junior subordinated debentures | 558 | 1,748 | 1,918 | 5,943 |
Securities sold under agreements to repurchase | 0 | 3 | 0 | 3 |
Total interest expense | 16,569 | 25,604 | 56,499 | 75,911 |
Net interest income | 45,348 | 52,600 | 140,900 | 161,826 |
Provision for (reversal of) loan losses | 18,000 | (1,500) | 88,620 | (2,850) |
Net interest income after provision for (reversal of) loan losses | 27,348 | 54,100 | 52,280 | 164,676 |
Noninterest income | ||||
Deposits and service fees | 3,937 | 4,366 | 11,665 | 12,793 |
Brokerage, advisory and fiduciary activities | 4,272 | 3,647 | 12,730 | 11,071 |
Change in cash surrender value of bank owned life insurance | 1,437 | 1,449 | 4,278 | 4,272 |
Securities gains, net | 8,600 | 906 | 25,957 | 1,902 |
Cards and trade finance servicing fees | 345 | 1,034 | 1,013 | 3,368 |
Gain (loss) on early extinguishment of advances from the Federal Home Loan Bank, net | 0 | 0 | (73) | 557 |
Data processing and fees for other services | 0 | 70 | 0 | 955 |
Other noninterest income | 1,701 | 2,364 | 6,385 | 6,221 |
Total noninterest income | 20,292 | 13,836 | 61,955 | 41,139 |
Noninterest expense | ||||
Salaries and employee benefits | 28,268 | 33,862 | 79,164 | 101,356 |
Occupancy and equipment | 4,281 | 3,878 | 12,304 | 12,152 |
Telecommunication and data processing | 3,228 | 3,408 | 9,849 | 9,667 |
Professional and other services fees | 3,403 | 4,295 | 10,322 | 11,693 |
Depreciation and amortization | 1,993 | 1,928 | 5,912 | 5,880 |
FDIC assessments and insurance | 1,898 | 597 | 4,256 | 3,167 |
Other operating expenses | 2,429 | 4,769 | 5,300 | 13,672 |
Total noninterest expenses | 45,500 | 52,737 | 127,107 | 157,587 |
Income (loss) before income tax | 2,140 | 15,199 | (12,872) | 48,228 |
Income tax (expense) benefit | (438) | (3,268) | 2,677 | (10,369) |
Net income (loss) | 1,702 | 11,931 | (10,195) | 37,859 |
Other comprehensive (loss) income, net of tax | ||||
Net unrealized holding gains on debt securities available for sale arising during the period | 3,824 | 6,866 | 39,887 | 37,457 |
Net unrealized holding (losses) gains on cash flow hedges arising during the period | (28) | 68 | (1,702) | 57 |
Reclassification adjustment for items included in net income | (6,687) | (965) | (19,583) | (2,242) |
Other comprehensive (loss) income | (2,891) | 5,969 | 18,602 | 35,272 |
Comprehensive (loss) income | $ (1,189) | $ 17,900 | $ 8,407 | $ 73,131 |
Earnings Per Share (Note 17): | ||||
Basic earnings (loss) per common share (in dollars per share) | $ 0.04 | $ 0.28 | $ (0.24) | $ 0.89 |
Diluted earnings (loss) per common share (in dollars per share) | $ 0.04 | $ 0.28 | $ (0.24) | $ 0.88 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Class A | Class B | Common StockClass A | Common StockClass B | Additional Paid in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Shares outstanding (in shares) at Dec. 31, 2018 | 26,851,832 | 16,330,917 | |||||||
Beginning balance at Dec. 31, 2018 | $ 747,418 | $ 2,686 | $ 1,775 | $ 385,367 | $ (17,908) | $ 393,662 | $ (18,164) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Common stock issued (in shares) | 2,132,865 | ||||||||
Common stock issued | 29,218 | $ 213 | 29,005 | ||||||
Repurchase of Class B common stock (in shares) | (2,112,321) | ||||||||
Repurchase of Class B common stock | (28,465) | (28,465) | |||||||
Restricted stock issued (in shares) | 1,299 | ||||||||
Restricted stock issued | 0 | ||||||||
Stock-based compensation expense | 1,492 | 1,492 | |||||||
Net income (loss) | 13,071 | 13,071 | |||||||
Other comprehensive (loss) income | 16,015 | 16,015 | |||||||
Shares outstanding (in shares) at Mar. 31, 2019 | 28,985,996 | 14,218,596 | |||||||
Ending balance at Mar. 31, 2019 | 778,749 | $ 2,899 | $ 1,775 | 415,864 | (46,373) | 406,733 | (2,149) | ||
Shares outstanding (in shares) at Dec. 31, 2018 | 26,851,832 | 16,330,917 | |||||||
Beginning balance at Dec. 31, 2018 | 747,418 | $ 2,686 | $ 1,775 | 385,367 | (17,908) | 393,662 | (18,164) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | 37,859 | ||||||||
Other comprehensive (loss) income | 35,272 | ||||||||
Shares outstanding (in shares) at Sep. 30, 2019 | 28,985,996 | 14,218,596 | |||||||
Ending balance at Sep. 30, 2019 | 825,751 | $ 2,899 | $ 1,775 | 418,821 | (46,373) | 431,521 | 17,108 | ||
Shares outstanding (in shares) at Mar. 31, 2019 | 28,985,996 | 14,218,596 | |||||||
Beginning balance at Mar. 31, 2019 | 778,749 | $ 2,899 | $ 1,775 | 415,864 | (46,373) | 406,733 | (2,149) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock-based compensation expense | 1,474 | 1,474 | |||||||
Net income (loss) | 12,857 | 12,857 | |||||||
Other comprehensive (loss) income | 13,288 | 13,288 | |||||||
Shares outstanding (in shares) at Jun. 30, 2019 | 28,985,996 | 14,218,596 | |||||||
Ending balance at Jun. 30, 2019 | 806,368 | $ 2,899 | $ 1,775 | 417,338 | (46,373) | 419,590 | 11,139 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock-based compensation expense | 1,483 | 1,483 | |||||||
Net income (loss) | 11,931 | 11,931 | |||||||
Other comprehensive (loss) income | 5,969 | 5,969 | |||||||
Shares outstanding (in shares) at Sep. 30, 2019 | 28,985,996 | 14,218,596 | |||||||
Ending balance at Sep. 30, 2019 | 825,751 | $ 2,899 | $ 1,775 | 418,821 | (46,373) | 431,521 | 17,108 | ||
Shares outstanding (in shares) at Dec. 31, 2019 | 28,927,576 | 14,218,596 | 28,927,576 | 14,218,596 | |||||
Beginning balance at Dec. 31, 2019 | 834,701 | $ 2,893 | $ 1,775 | 419,048 | (46,373) | 444,124 | 13,234 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Repurchase of Class B common stock (in shares) | (932,459) | ||||||||
Repurchase of Class B common stock | (15,239) | (15,239) | |||||||
Treasury stock retired | 0 | $ (446) | (61,166) | 61,612 | |||||
Restricted stock issued (in shares) | 6,591 | ||||||||
Restricted stock issued | 0 | $ 1 | (1) | ||||||
Restricted stock surrendered (in shares) | (129) | ||||||||
Restricted stock surrendered | (2) | (2) | |||||||
Restricted stock forfeited (in shares) | (54,462) | ||||||||
Restricted stock forfeited | 0 | $ (6) | 6 | ||||||
Stock-based compensation expense | 392 | 392 | |||||||
Net income (loss) | 3,382 | 3,382 | |||||||
Other comprehensive (loss) income | 17,883 | 17,883 | |||||||
Shares outstanding (in shares) at Mar. 31, 2020 | 28,879,576 | 13,286,137 | |||||||
Ending balance at Mar. 31, 2020 | 841,117 | $ 2,888 | $ 1,329 | 358,277 | 0 | 447,506 | 31,117 | ||
Shares outstanding (in shares) at Dec. 31, 2019 | 28,927,576 | 14,218,596 | 28,927,576 | 14,218,596 | |||||
Beginning balance at Dec. 31, 2019 | 834,701 | $ 2,893 | $ 1,775 | 419,048 | (46,373) | 444,124 | 13,234 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | (10,195) | ||||||||
Other comprehensive (loss) income | 18,602 | ||||||||
Shares outstanding (in shares) at Sep. 30, 2020 | 28,860,423 | 13,286,137 | 28,860,423 | 13,286,137 | |||||
Ending balance at Sep. 30, 2020 | 829,533 | $ 2,886 | $ 1,329 | 359,553 | 0 | 433,929 | 31,836 | ||
Shares outstanding (in shares) at Mar. 31, 2020 | 28,879,576 | 13,286,137 | |||||||
Beginning balance at Mar. 31, 2020 | 841,117 | $ 2,888 | $ 1,329 | 358,277 | 0 | 447,506 | 31,117 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Restricted stock forfeited (in shares) | (9,819) | ||||||||
Restricted stock forfeited | 0 | $ (1) | 1 | ||||||
Restricted stock units vested (in shares) | 3,439 | ||||||||
Restricted stock units vested | 0 | ||||||||
Stock-based compensation expense | 750 | 750 | |||||||
Net income (loss) | (15,279) | (15,279) | |||||||
Other comprehensive (loss) income | 3,610 | 3,610 | |||||||
Shares outstanding (in shares) at Jun. 30, 2020 | 28,873,196 | 13,286,137 | |||||||
Ending balance at Jun. 30, 2020 | 830,198 | $ 2,887 | $ 1,329 | 359,028 | 0 | 432,227 | 34,727 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Restricted stock forfeited (in shares) | (12,773) | ||||||||
Restricted stock forfeited | 0 | $ (1) | 1 | ||||||
Stock-based compensation expense | 524 | 524 | |||||||
Net income (loss) | 1,702 | 1,702 | |||||||
Other comprehensive (loss) income | (2,891) | (2,891) | |||||||
Shares outstanding (in shares) at Sep. 30, 2020 | 28,860,423 | 13,286,137 | 28,860,423 | 13,286,137 | |||||
Ending balance at Sep. 30, 2020 | $ 829,533 | $ 2,886 | $ 1,329 | $ 359,553 | $ 0 | $ 433,929 | $ 31,836 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities | ||
Net (loss) income | $ (10,195) | $ 37,859 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities | ||
Provision for (reversal of) loan losses | 88,620 | (2,850) |
Net premium amortization on securities | 11,174 | 10,763 |
Depreciation and amortization | 5,912 | 5,880 |
Stock-based compensation expense | 1,666 | 4,449 |
Change in cash surrender value of bank owned life insurance | (4,278) | (4,272) |
Securities gains, net | (25,957) | (1,902) |
Deferred taxes and others | (16,180) | (935) |
Loss (gain) on early extinguishment of advances from the FHLB | 73 | (557) |
Net changes in operating assets and liabilities: | ||
Accrued interest receivable and other assets | 3,885 | 16,917 |
Accounts payable, accrued liabilities and other liabilities | (4,412) | 10,511 |
Net cash provided by operating activities | 50,308 | 75,863 |
Purchases of investment securities: | ||
Available for sale | (380,226) | (290,059) |
Federal Home Loan Bank stock | (8,568) | (24,319) |
Purchases of investment securities | (388,794) | (314,378) |
Maturities, sales and calls of investment securities: | ||
Available for sale | 673,836 | 430,118 |
Held to maturity | 11,658 | 7,182 |
Federal Home Loan Bank stock | 16,487 | 24,336 |
Maturities, sales and calls of investment securities | 701,981 | 461,636 |
Net increase in loans | (221,372) | (98,478) |
Proceeds from loan sales | 17,126 | 259,754 |
Net purchases of premises and equipment and others | (3,846) | (8,384) |
Net cash provided by investing activities | 105,095 | 300,150 |
Cash flows from financing activities | ||
Net increase (decrease) in demand, savings and money market accounts | 286,843 | (232,420) |
Net decrease in time deposits | (166,440) | (107,418) |
Proceeds from Advances from the Federal Home Loan Bank and other borrowings | 700,000 | 935,000 |
Repayments of Advances from the Federal Home Loan Bank and other borrowings | (885,073) | (930,447) |
Proceeds from issuance of Senior Notes, net of issuance costs | 58,412 | 0 |
Redemption of junior subordinated debentures | (28,068) | (25,864) |
Proceeds from common stock issued - Class A | 0 | 29,218 |
Repurchase of common stock - Class B | (15,239) | (28,465) |
Common stock retired to cover tax withholding | (2) | 0 |
Net cash used in financing activities | (49,567) | (360,396) |
Net increase in cash and cash equivalents | 105,836 | 15,617 |
Cash and cash equivalents | ||
Beginning of period | 121,324 | 85,710 |
End of period | 227,160 | 101,327 |
Supplemental disclosures of cash flow information | ||
Cash paid for Interest | 57,247 | 74,928 |
Cash paid for Income taxes | $ 6,230 | $ 6,699 |
Business, Basis of Presentation
Business, Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business, Basis of Presentation and Summary of Significant Accounting Policies | Business, Basis of Presentation and Summary of Significant Accounting Policies a) Business Amerant Bancorp Inc. (the “Company”), is a Florida corporation incorporated in 1985, which has operated since January 1987. The Company is a bank holding company registered under the Bank Holding Company Act of 1956, as a result of its 100% indirect ownership of Amerant Bank, N.A. (the “Bank”). The Company’s principal office is in the City of Coral Gables, Florida. The Bank is a member of the Federal Reserve Bank of Atlanta (“Federal Reserve Bank”) and the Federal Home Loan Bank of Atlanta (“FHLB”). The Bank has three principal subsidiaries, Amerant Investments, Inc., a securities broker-dealer (“Amerant Investments”), Amerant Trust, N.A, a non-depository trust company (“Amerant Trust”), and Elant Bank & Trust (the “Cayman Bank”), a bank and trust company domiciled in the Cayman Islands acquired in November 2019. The Company’s Class A common stock, par value $0.10 per common share, and Class B common stock, par value $0.10 per common share, are listed and trade on the Nasdaq Global Select Market under the symbols “AMTB” and “AMTBB,” respectively. The Company is managed using a single segment concept, on a consolidated basis, and management determined that no separate current or historical reportable segment disclosures are required under generally accepted accounting principles in the United States of America (“U.S. GAAP”). Initial Public Offering and Shares Repurchase On December 21, 2018, the Company completed an initial public offering (the “IPO”). In March 2019, the Company repurchased the remaining shares of its Class B common stock held by Mercantil Servicios Financieros, C.A., the Company’s former parent company (“the Former Parent”). For more information about the IPO and the repurchase of Class B common stock previously held by the Former Parent, see Note 15 to our audited consolidated financial statements included in the Company’s annual report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 16, 2020 (the “Form 10-K”). COVID-19 Pandemic On March 11, 2020, the World Health Organization recognized an outbreak of a novel strain of the coronavirus, COVID-19, as a pandemic. On March 13, 2020, the President of the Unites States of America (U.S.) declared a national state of emergency. In response to this outbreak, the governments of many states, cities and municipalities in the U.S., including the States of Florida, New York and Texas, have taken preventative or protective actions, such as imposing restrictions on business operations and advising or requiring individuals to limit or forego their time outside of their homes. On March 16, 2020, the Company activated its Business Continuity Plan (“BCP”) to continue to provide its products and services during the COVID-19 pandemic. The Company’s BCP plan is framed within regulatory guidelines and subject to periodic testing and independent audits. On June 3, 2020, the Company started Phase 1 of reintroducing employees working remotely back to the workplace. This involves following a careful, phased-approach which includes a voluntary return of a limited number of employees, based on work location, roles and responsibilities, and various safety protocols. On September 8, 2020, the Company started a new phase of reintroducing an increased number of employees back to the office, while ramping up safety protocols to protect the health and safety of employees. All Banking centers continue to operate on a regular schedule under strict federal, state and local government safety guidlines. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), an approximately $2.0 trillion COVID-19 response bill to provide emergency economic relief to individuals, small businesses, mid-size companies, large corporations, hospitals and other public health facilities, and state and local governments, was enacted. The CARES Act allocated the Small Business Administration, or SBA, $350.0 billion to provide loans of up to $10.0 million per small business as defined in the CARES Act. On April 2, 2020, the Bank began participating in the SBA’s Paycheck Protection Program, or “PPP”, by providing loans to these businesses to cover payroll, rent, mortgage, healthcare, and utilities costs, among other essential expenses. On April 24, 2020, the Paycheck Protection Program and Health Care Enhancement Act, increasing funding to the PPP, was enacted. On July 4, 2020, new legislation was signed into law that extended the deadline to apply for loans under the PPP from June 30, 2020 until August 8, 2020. As of September 30, 2020, total PPP loans were $223.5 million, representing over 2,000 loan applications booked. On March 26, 2020, the Company began offering loan payment relief options to customers impacted by the COVID-19 pandemic, including interest-only and/or forbearance options. These programs continued in the second and third quarters of 2020. Consistent with accounting and regulatory guidance, temporary modifications granted under these programs are not considered TDRs. Loans which have been modified under these programs totaled $1.1 billion as of September 30, 2020. As of this date, $101.2 million were still under the interest-only deferral and/or forbearance period. This includes $76.3 million of loans under a second deferral and $12.6 million under third deferral, which the Company began to selectively offer as additional temporary loan modifications under section 4013, “Temporary Relief from Troubled Debt Restructurings” of the CARES Act, allowing the extension of the deferral and/or forbearance period beyond 180 days. The following table summarizes the loan balances in these programs as of September 30, 2020: Program Detail September 30, 2020 (in thousands) 90-day payment deferral; interest added to principal balance upon modification and continues to accrue each month $ 73,400 90-day interest payment deferral with no escrow payments 23,049 90-day interest payment deferral including escrow payments 4,748 180-day interest payment deferral — $ 101,197 b) Basis of Presentation and Summary of Significant Accounting Policies The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and the instructions to Form 10-Q and Article 10 of SEC Regulation S-X. Accordingly, they do not include all of the information and footnotes required for a fair statement of financial position, results of operations and cash flows in conformity with U.S. GAAP. These unaudited interim consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. These adjustments are of a normal, recurring nature. Interim period operating results may not be indicative of the operating results for a full year or any other period. These unaudited interim consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements as of December 31, 2019 and 2018 and for each of the three years in the period ended December 31, 2019 and the accompanying footnote disclosures for the Company, which are included in the Form 10-K. For a complete summary of our significant accounting policies, please see Note 1 to the Company’s audited consolidated financial statements in the Form 10-K. Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates made by management include: (i) the determination of the allowance for loan losses; (ii) the fair values of securities and the value assigned to goodwill during periodic goodwill impairment tests; (iii) the cash surrender value of bank owned life insurance; and (iv) the determination of whether the amount of deferred tax assets will more likely than not be realized. Management believes that these estimates are appropriate. Actual results could differ from these estimates. The COVID-19 pandemic has severely restricted the level of economic activity in the U.S. and around the world since March 2020. Several states and cities across the U.S., including the States of Florida, New York and Texas and cities where the Company has banking centers, LPOs and where the Company’s principal place of business is located, have also implemented quarantines, restrictions on travel, “shelter at home” orders, and restrictions on types of business that may continue to operate. While some of these measures and restrictions have been lifted and most businesses began to reopen, the Company cannot predict when restrictions currently in place may be lifted, or whether restrictions that have been lifted will need to be imposed or tightened in the future if viewed as necessary due to public health concerns. The Company considered the impact of COVID-19 on the significant estimates management used. The Company recorded a provision for loan losses of $18.0 million and $88.6 million in the three and nine months ended September 30, 2020, respectively, including $12.2 million and $52.2 million in each of those same periods, respectively, mostly related to the estimated deterioration of our loan portfolio caused by the COVID-19 pandemic. The Company released $1.5 million and $2.9 million from the allowance for loan losses in the three and nine months ended September 30, 2019, respectively. In addition, the Company considered if events or circumstances indicating that potential potential impairment existed as of September 30, 2020, and determined it was more likely than not that goodwill was not impaired at that date and, therefore, no impairment charges were recorded. Given the uncertainty regarding the spread and severity of COVID-19 and its adverse effects on the U.S. and global economies, the extent to which the COVID-19 pandemic may impact the anticipated amount of estimated loan defaults and losses and consequently, the adequacy of the provision for loan losses, whether it will result in impairments to goodwill or other intangibles in future periods or, in general, impact the Company’s financial condition or results of operations is uncertain and cannot be accurately predicted at this time. c) Recently Issued Accounting Pronouncements Issued and Not Yet Adopted Facilitation of the Effects of Reference Rate Reform on Financial Reporting On March 12, 2020, the Financial Accounting Standards Board (“FASB”) issued amendments to guidance applicable to contracts, hedging relationships, and other transactions affected that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. These amendments provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The amendments also allow entities to make a one-time election to sell, transfer, or both sell and transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform and that are classified as held to maturity before January 1, 2020. These amendments are effective for all entities as of March 12, 2020 through December 31, 2022. An entity may elect to apply these amendments to eligible hedging relationships existing as of the beginning of the interim period that includes March 12, 2020 and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020. An entity may elect to apply the amendments for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected, these amendments must be applied prospectively for all eligible contract modifications and hedging relationships. The Company did not elect any of optional expedients as of September 30, 2020. The Company is in the process of evaluating the implications of these amendments to its current efforts for reference rate reform implementation. New Guidance on Leases In December 2018, the FASB issued amendments to new guidance issued in February 2016 for the recognition and measurement of all leases which has not yet been adopted by the Company. The amendments address certain lessor’s issues associated with: (i) sales taxes and other similar taxes collected from lessees, (ii) certain lessor costs and (iii) recognition of variable payments for contracts with lease and nonlease components. The new guidance on leases issued in February 2016 requires lessees to recognize a right-of-use asset and a lease liability for most leases within the scope of the guidance. There were no significant changes to the guidance for lessors. These amendments, and the related pending new guidance, can be adopted using a modified retrospective transition at the beginning of the earliest comparative period presented, and provides for certain practical expedients. In May 2020, the FASB again amended the effective date of the new guidance on leases. Previously, the amendments and related new guidance on leases were effective for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021, for private companies. The new guidance on leases is now effective for fiscal years beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022. Early adoption is still permitted. The Company has completed the process of gathering a complete inventory of its lease contracts, migrating identified lease data onto a new system, and is in the final stages of testing and evaluating the results of testing. Based on these results, we currently expect to recognize an asset and a corresponding lease liability for an amount to be less than 1% of the Company’s total consolidated assets at adoption. The Company plans to adopt the new guidance in its consolidated financial statements for the year ending December 31, 2021. New Guidance on Accounting for Credit Losses on Financial Instruments In June 2016, the FASB issued the new guidance on accounting for current expected credit losses on financial instruments (“CECL.”) The new guidance introduces an approach based on expected losses to estimate credit losses on various financial instruments, including loans. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. In November 2018, the FASB issued amendments to pending new guidance on CECL to, among other things, align the implementation date for private companies’ annual financial statements with the implementation date for their interim financial statements. Prior to the issuance of these amendments, the guidance on accounting for CECL was effective for private companies for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. These amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years, for private companies. In November 2019, the FASB amended the effective date of the new guidance on CECL. Previously, the amendments and related new guidance on CECL was effective for fiscal years beginning after December 15, 2021, and interim periods within those years, for private companies. The new guidance on CECL is now effective for fiscal years beginning after December 15, 2022 and interim periods within those years. Early adoption is still permitted. The new guidance on CECL is effective for fiscal years beginning after December 15, 2019, and interim periods within those years, for public companies. The Company is currently assessing the impact that these changes will have on its consolidated financial statements, when adopted. As an Emerging Growth Company, or EGC, the Company currently plans to adopt the new guidance on CECL in its consolidated financial statements for the year ending December 31, 2023, or earlier in the event the Company ceases to be an EGC. d) Subsequent Events |
Interest Earning Deposits with
Interest Earning Deposits with Banks | 9 Months Ended |
Sep. 30, 2020 | |
Cash and Cash Equivalents [Abstract] | |
Interest Earning Deposits with Banks | Interest Earning Deposits with Banks At September 30, 2020 and December 31, 2019, interest earning deposits with banks are mainly comprised of deposits with the Federal Reserve of approximately $193 million and $93 million, respectively. At September 30, 2020 and December 31, 2019, the average interest rate on these deposits was approximately 0.38% and 2.19%, respectively. These deposits mature within one year. |
Securities
Securities | 9 Months Ended |
Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities Amortized cost and approximate fair values of debt securities available for sale are summarized as follows: September 30, 2020 Amortized Gross Unrealized Estimated (in thousands) Gains Losses U.S. government-sponsored enterprise debt securities $ 711,769 $ 24,190 $ (916) $ 735,043 Corporate debt securities 302,368 9,274 (1,586) 310,056 U.S. government agency debt securities 212,823 4,375 (2,107) 215,091 U.S. treasury securities 2,506 8 — 2,514 Municipal bonds 50,905 4,115 — 55,020 $ 1,280,371 $ 41,962 $ (4,609) $ 1,317,724 December 31, 2019 Amortized Gross Unrealized Estimated (in thousands) Gains Losses U.S. government sponsored enterprise debt securities $ 927,205 $ 9,702 $ (3,795) $ 933,112 Corporate debt securities 247,836 5,002 (2) 252,836 U.S. government agency debt securities 230,384 895 (2,882) 228,397 U.S. treasury securities 106,112 1 (1,877) 104,236 Municipal bonds 47,652 2,519 — 50,171 $ 1,559,189 $ 18,119 $ (8,556) $ 1,568,752 In the three and nine month periods ended September 30, 2020 and 2019, proceeds from sales, gross realized gains, gross realized losses of debt securities available for sale were as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Proceeds from sales, redemptions and calls of debt securities available for sale $ 169,210 $ 42,603 $ 408,948 $ 258,815 Gross realized gains 8,769 911 25,572 2,484 Gross realized losses (125) 5 (148) (582) Realized gains, net $ 8,644 $ 906 $ 25,424 $ 1,902 The Company’s investment in debt securities available for sale with unrealized losses that are deemed temporary, aggregated by the length of time that individual securities have been in a continuous unrealized loss position, are summarized below: September 30, 2020 Less Than 12 Months 12 Months or More Total (in thousands) Estimated Unrealized Estimated Unrealized Estimated Unrealized U.S. government-sponsored enterprise debt securities $ 39,688 $ (502) $ 16,833 $ (414) $ 56,521 $ (916) Corporate debt securities 54,568 (1,586) — — 54,568 (1,586) U.S. government agency debt securities 7,129 (27) 85,480 (2,080) 92,609 (2,107) $ 101,385 $ (2,115) $ 102,313 $ (2,494) $ 203,698 $ (4,609) December 31, 2019 Less Than 12 Months 12 Months or More Total (in thousands) Estimated Unrealized Estimated Unrealized Estimated Unrealized U.S. government sponsored enterprise debt securities $ 239,446 $ (1,740) $ 180,274 $ (2,055) $ 419,720 $ (3,795) Corporate debt securities 8,359 (1) 300 (1) 8,659 (2) U.S. government agency debt securities 41,300 (251) 117,040 (2,631) 158,340 (2,882) U.S. treasury securities 97,471 (1,877) — — 97,471 (1,877) $ 386,576 $ (3,869) $ 297,614 $ (4,687) $ 684,190 $ (8,556) At September 30, 2020 and December 31, 2019, the Company held certain debt securities issued or guaranteed by the U.S. government and U.S. government-sponsored entities and agencies. The Company believes these issuers to present little credit risk. The Company considers these securities are not other-than-temporarily impaired because the decline in fair value is attributable to changes in interest rates and investment securities markets, generally, and not credit quality. The Company does not intend to sell these debt securities and it is more likely than not that it will not be required to sell the securities before their anticipated recovery. Unrealized losses on corporate debt securities are attributable to changes in interest rates and investment securities markets, generally, and as a result, temporary in nature. The Company considers these securities are not other-than-temporarily impaired because the issuers of these debt securities are considered to be high quality, and generally present little credit risk. The Company does not intend to sell these investments and it is more likely than not that it will not be required to sell these investments before their anticipated recovery. Contractual maturities of debt securities at September 30, 2020 are as follows: Available for Sale Held to Maturity (in thousands) Amortized Estimated Amortized Estimated Within 1 year $ 24,889 $ 25,027 $ — $ — After 1 year through 5 years 140,217 143,636 — — After 5 years through 10 years 299,581 313,242 11,463 12,020 After 10 years 815,684 835,819 50,213 52,136 $ 1,280,371 $ 1,317,724 $ 61,676 $ 64,156 Equity securities with readily available fair value not held for trading consist of mutual funds with an original cost of $24.0 million, and fair value of $24.4 million and $23.8 million as of September 30, 2020 and December 31, 2019, respectively. These equity securities have no stated maturities. The Company recognized unrealized losses of $44.0 thousand and unrealized gains of $0.5 million during the three and nine month periods ended September 30, 2020, respectively, related to the change in fair value of these mutual funds. No gains or losses were recognized during the three and nine month periods ended September 30, 2019. |
Loans
Loans | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Loans | Loans The loan portfolio consists of the following loan classes: (in thousands) September 30, December 31, Real estate loans Commercial real estate Non-owner occupied $ 1,797,230 $ 1,891,802 Multi-family residential 853,159 801,626 Land development and construction loans 335,184 278,688 2,985,573 2,972,116 Single-family residential 597,280 539,102 Owner occupied 937,946 894,060 4,520,799 4,405,278 Commercial loans 1,197,156 1,234,043 Loans to financial institutions and acceptances 16,623 16,552 Consumer loans and overdrafts 190,039 88,466 $ 5,924,617 $ 5,744,339 At September 30, 2020 and December 31, 2019, loans with an outstanding principal balance of $1.4 billion and $1.6 billion, respectively, were pledged as collateral to secure advances from the FHLB. The amounts above include loans under syndication facilities of approximately $458 million and $562 million at September 30, 2020 and December 31, 2019, respectively, which include Shared National Credit facilities and agreements to enter into credit agreements with other lenders (club deals), and other agreements. The following tables summarize international loans by country, net of loans fully collateralized with cash of approximately $12.4 million and $15.2 million at September 30, 2020 and December 31, 2019, respectively. September 30, 2020 December 31, 2019 (in thousands) Venezuela Others (1) Total Venezuela Others (1) Total Real estate loans Single-family residential (2) $ 90,768 $ 9,898 $ 100,666 $ 103,979 $ 7,692 $ 111,671 Commercial loans — 44,491 44,491 — 43,850 43,850 Loans to financial institutions and acceptances — 15 15 — 5 5 Consumer loans and overdrafts (3)(4) 236 5,908 6,144 8,318 7,593 15,911 $ 91,004 $ 60,312 $ 151,316 $ 112,297 $ 59,140 $ 171,437 __________________ (1) Loans to borrowers in 13 other countries at September 30, 2020 which do not individually exceed 1% of total assets (14 countries at December 31, 2019). (2) Corresponds to mortgage loans secured by single-family residential properties located in the U.S. (3) At December 31, 2019, Venezuela balances are mostly comprised of credit card extensions of credit to customers with deposits with the Bank. The Company phased out its legacy credit card products to further strengthen its credit quality. During the first quarter of 2020, the remaining balances related to the credit card product were repaid, therefore, there are no outstanding credit card balances as of September 30, 2020. (4) Overdrafts to customers outside the United States were de minimis at September 30, 2020 and December 31, 2019. The age analysis of the loan portfolio by class, including nonaccrual loans, as of September 30, 2020 and December 31, 2019 are summarized in the following tables: September 30, 2020 Total Loans, Past Due Total Loans in Total Loans (in thousands) Current 30-59 60-89 Greater than Total Past Real estate loans Commercial real estate Non-owner occupied $ 1,797,230 $ 1,790,583 $ 157 $ — $ 6,490 $ 6,647 $ 8,289 $ — Multi-family residential 853,159 853,159 — — — — 1,484 — Land development and construction loans 335,184 335,184 — — — — — — 2,985,573 2,978,926 157 — 6,490 6,647 9,773 — Single-family residential 597,280 594,172 — 312 2,796 3,108 11,071 1 Owner occupied 937,946 931,192 3,881 — 2,873 6,754 14,539 — 4,520,799 4,504,290 4,038 312 12,159 16,509 35,383 1 Commercial loans 1,197,156 1,169,103 7,293 6,061 14,699 28,053 50,991 — Loans to financial institutions and acceptances 16,623 16,623 — — — — — — Consumer loans and overdrafts 190,039 189,949 15 19 56 90 104 1 $ 5,924,617 $ 5,879,965 $ 11,346 $ 6,392 $ 26,914 $ 44,652 $ 86,478 $ 2 December 31, 2019 Total Loans, Past Due Total Loans in Total Loans (in thousands) Current 30-59 60-89 Greater than Total Past Real estate loans Commercial real estate Non-owner occupied $ 1,891,802 $ 1,891,801 $ 1 $ — $ — $ 1 $ 1,936 $ — Multi-family residential 801,626 801,626 — — — — — — Land development and construction loans 278,688 278,688 — — — — — — 2,972,116 2,972,115 1 — — 1 1,936 — Single-family residential 539,102 530,399 4,585 1,248 2,870 8,703 7,291 — Owner occupied 894,060 888,158 1,360 1,724 2,818 5,902 14,130 — 4,405,278 4,390,672 5,946 2,972 5,688 14,606 23,357 — Commercial loans 1,234,043 1,226,320 4,418 608 2,697 7,723 9,149 — Loans to financial institutions and acceptances 16,552 16,552 — — — — — — Consumer loans and overdrafts 88,466 88,030 215 176 45 436 416 5 $ 5,744,339 $ 5,721,574 $ 10,579 $ 3,756 $ 8,430 $ 22,765 $ 32,922 $ 5 |
Allowance for Loan Losses
Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Allowance for Loan Losses | Allowance for Loan Losses The analyses by loan segment of the changes in the allowance for loan losses for the three and nine month periods ended September 30, 2020 and 2019, and its allocation by impairment methodology and the related investment in loans, net as of September 30, 2020 and 2019 are summarized in the following tables: Three Months Ended September 30, 2020 (in thousands) Real Estate Commercial Financial Consumer Total Balances at beginning of the period $ 54,498 $ 57,579 $ — $ 7,575 $ 119,652 Provision for loan losses 1,259 11,048 — 5,693 18,000 Loans charged-off Domestic — (20,910) — (135) (21,045) International — — — (4) (4) Recoveries — 123 — 93 216 Balances at end of the period $ 55,757 $ 47,840 $ — $ 13,222 $ 116,819 Nine Months Ended September 30, 2020 (in thousands) Real Estate Commercial Financial Consumer Total Balances at beginning of the period $ 25,040 $ 22,482 $ 42 $ 4,659 $ 52,223 Provision for (reversal of) loan losses 30,717 49,120 (42) 8,825 88,620 Loans charged-off Domestic — (24,086) — (401) (24,487) International — (34) — (262) (296) Recoveries — 358 — 401 759 Balances at end of the period $ 55,757 $ 47,840 $ — $ 13,222 $ 116,819 September 30, 2020 (in thousands) Real Estate Commercial Financial Consumer Total Allowance for loan losses by impairment methodology: Individually evaluated $ 2,450 $ 23,154 $ — $ 947 $ 26,551 Collectively evaluated 53,307 24,686 — 12,275 90,268 $ 55,757 $ 47,840 $ — $ 13,222 $ 116,819 Investment in loans, net of unearned income: Individually evaluated $ 9,772 $ 68,964 $ — $ 8,005 $ 86,741 Collectively evaluated 2,950,354 2,215,505 16,623 655,394 5,837,876 $ 2,960,126 $ 2,284,469 $ 16,623 $ 663,399 $ 5,924,617 Three Months Ended September 30, 2019 (in thousands) Real Estate Commercial Financial Consumer Total Balances at beginning of the period $ 21,900 $ 25,824 $ 60 $ 9,620 $ 57,404 Provision for (reversal of) loan losses 487 (388) (2) (1,597) (1,500) Loans charged-off Domestic — (907) — (98) (1,005) International — — — (1,661) (1,661) Recoveries — 190 — 212 402 Balances at end of the period $ 22,387 $ 24,719 $ 58 $ 6,476 $ 53,640 Nine Months Ended September 30, 2019 (in thousands) Real Estate Commercial Financial Consumer Total Balances at beginning of the period $ 22,778 $ 30,018 $ 445 $ 8,521 $ 61,762 (Reversal of) provision for loan losses (391) (3,065) (387) 993 (2,850) Loans charged-off Domestic — (2,773) — (504) (3,277) International — (61) — (2,961) (3,022) Recoveries — 600 — 427 1,027 Balances at end of the period $ 22,387 $ 24,719 $ 58 $ 6,476 $ 53,640 September 30, 2019 (in thousands) Real Estate Commercial Financial Consumer Total Allowance for loan losses by impairment methodology: Individually evaluated $ 397 $ 1,722 $ — $ 1,185 $ 3,304 Collectively evaluated 21,990 22,997 58 5,291 50,336 $ 22,387 $ 24,719 $ 58 $ 6,476 $ 53,640 Investment in loans, net of unearned income: Individually evaluated $ 1,936 $ 19,234 $ — $ 6,007 $ 27,177 Collectively evaluated 3,137,980 2,036,150 24,815 525,669 5,724,614 $ 3,139,916 $ 2,055,384 $ 24,815 $ 531,676 $ 5,751,791 The following is a summary of the recorded investment amount of loan sales by portfolio segment: Three Months Ended September 30,(in thousands) Real Estate Commercial Financial Consumer Total 2020 $ — $ — $ — $ 1,891 $ 1,891 2019 $ — $ 43,190 $ — $ 2,148 $ 45,338 Nine Months Ended September 30,(in thousands) Real Estate Commercial Financial Consumer Total 2020 $ — $ 11,901 $ — $ 5,225 $ 17,126 2019 $ 23,475 $ 229,310 $ — $ 6,969 $ 259,754 The following is a summary of impaired loans as of September 30, 2020 and December 31, 2019: September 30, 2020 Recorded Investment (in thousands) With a Valuation Allowance Without a Valuation Allowance Total Year Average (1) Total Unpaid Principal Balance Valuation Allowance Real estate loans Commercial real estate Non-owner occupied $ 8,289 $ — $ 8,289 $ 5,147 $ 8,296 $ 2,450 Multi-family residential — 1,484 1,484 371 1,477 — Land development and construction — — — — — — 8,289 1,484 9,773 5,518 9,773 2,450 Single-family residential 5,246 6,085 11,331 8,093 11,462 913 Owner occupied 658 13,881 14,539 13,610 14,372 221 14,193 21,450 35,643 27,221 35,607 3,584 Commercial loans 33,975 17,020 50,995 29,588 72,777 22,933 Consumer loans and overdrafts 95 8 103 264 100 34 $ 48,263 $ 38,478 $ 86,741 $ 57,073 $ 108,484 $ 26,551 _______________ (1) Average using trailing four quarter balances. December 31, 2019 Recorded Investment (in thousands) With a Valuation Allowance Without a Valuation Allowance Total Year Average (1) Total Unpaid Principal Balance Valuation Allowance Real estate loans Commercial real estate Non-owner occupied $ 1,936 $ — $ 1,936 $ 1,459 $ 1,936 $ 1,161 Multi-family residential — — — 342 — — Land development and construction loans — — — — — — 1,936 — 1,936 1,801 1,936 1,161 Single-family residential 4,739 729 5,468 5,564 5,598 946 Owner occupied 6,169 7,906 14,075 9,548 13,974 501 12,844 8,635 21,479 16,913 21,508 2,608 Commercial loans 8,415 13 8,428 8,552 8,476 1,288 Consumer loans and overdrafts 395 9 404 153 402 378 $ 21,654 $ 8,657 $ 30,311 $ 25,618 $ 30,386 $ 4,274 _______________ (1) Average using trailing four quarter balances. The following table shows information about loans modified in troubled debt restructurings (“TDRs’’) as of September 30, 2020 and December 31, 2019: As of September 30, 2020 As of December 31, 2019 (in thousands) Number of Contracts Recorded Investment Number of Contracts Recorded Investment Real estate loans Commercial real estate Non-owner occupied 1 $ 1,798 1 $ 1,936 Single-family residential 2 270 4 438 Owner occupied 4 6,918 4 6,580 7 8,986 9 8,954 Commercial loans 8 881 2 2,682 Consumer loans and overdrafts 1 8 1 9 Total (1) 16 $ 9,875 12 $ 11,645 _________________ (1) As of September 30, 2020 and December 31, 2019, include $7.0 million and $9.8 million, respectively, related to a multiple loan relationship with a South Florida customer, including CRE, owner occupied and commercial loans. This TDR consisted of extending repayment terms and adjusting future periodic payments which resulted in no additional reserves at the time of its modification. Four residential loans totaling $2.0 million and $2.2 million at September 30, 2020 and December 31, 2019, respectively, included in this loan relationship, were not modified. During the first nine months of 2020, the company charged off $1.9 million against the allowance for loan losses associated with this commercial loan relationship. The Company believes the specific reserves associated with this loan relationship, which total $1.1 million at September 30, 2020, are adequate to cover probable losses given updated collateral values, current facts and circumstances. The following table shows information about new loans modifications considered TDRs during the three and nine month periods ended September 30, 2020 and 2019: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (in thousands) Number of Contracts Recorded Investment Number of Contracts Recorded Investment Number of Contracts Recorded Investment Number of Contracts Recorded Investment Real estate loans Commercial real estate Non-owner occupied — $ — 1 $ 1,936 — $ — 1 $ 1,936 Single-family residential — — — — — — 1 187 Owner occupied 1 820 2 4,891 1 820 2 4,891 1 820 3 6,827 1 820 4 7,014 Commercial loans 6 190 1 2,708 6 190 1 2,708 Total (1) 7 $ 1,010 4 $ 9,535 7 $ 1,010 5 $ 9,722 __________________ (1) During the first nine months of 2020, TDR loans modified that subsequently defaulted within the 12 month of restructuring consisted of a $7.0 million multiple loan relationship with a South Florida customer, including CRE, owner occupied and commercial loans. This TDR consisted of extending repayment terms and adjusting future periodic payments which resulted in no additional reserves at the time of its modification. Loans by Credit Quality Indicators Loans by credit quality indicators as of September 30, 2020 and December 31, 2019 are summarized in the following tables: September 30, 2020 Credit Risk Rating Nonclassified Classified (in thousands) Pass Special Mention Substandard Doubtful Loss Total Real estate loans Commercial real estate Non-owner occupied $ 1,771,416 $ 16,780 $ 7,236 $ 1,798 $ — $ 1,797,230 Multi-family residential 851,675 — 1,484 — — 853,159 Land development and construction loans 327,983 7,201 — — — 335,184 2,951,074 23,981 8,720 1,798 — 2,985,573 Single-family residential 586,208 — 11,072 — — 597,280 Owner occupied 888,747 34,556 14,643 — — 937,946 4,426,029 58,537 34,435 1,798 — 4,520,799 Commercial loans 1,118,851 27,111 37,338 13,856 — 1,197,156 Loans to financial institutions and acceptances 16,623 — — — — 16,623 Consumer loans and overdrafts 189,928 — 111 — — 190,039 $ 5,751,431 $ 85,648 $ 71,884 $ 15,654 $ — $ 5,924,617 December 31, 2019 Credit Risk Rating Nonclassified Classified (in thousands) Pass Special Mention Substandard Doubtful Loss Total Real estate loans Commercial real estate Non-owner occupied $ 1,879,780 $ 9,324 $ 762 $ 1,936 $ — $ 1,891,802 Multi-family residential 801,626 — — — — 801,626 Land development and construction loans 268,733 9,955 — — — 278,688 2,950,139 19,279 762 1,936 — 2,972,116 Single-family residential 531,811 — 7,291 — — 539,102 Owner occupied 871,682 8,138 14,240 — — 894,060 4,353,632 27,417 22,293 1,936 — 4,405,278 Commercial loans 1,217,399 5,569 8,406 2,669 — 1,234,043 Loans to financial institutions and acceptances 16,552 — — — — 16,552 Consumer loans and overdrafts 88,042 — 67 357 — 88,466 $ 5,675,625 $ 32,986 $ 30,766 $ 4,962 $ — $ 5,744,339 |
Time Deposits
Time Deposits | 9 Months Ended |
Sep. 30, 2020 | |
Time Deposits Disclosure [Abstract] | |
Time Deposits | Time DepositsTime deposits in denominations of $100,000 or more amounted to approximately $1.4 billion at September 30, 2020 and December 31, 2019. Time deposits in denominations of more than $250,000 amounted to approximately $763 million and $733 million at September 30, 2020 and December 31, 2019, respectively. As of September 30, 2020 and December 31, 2019, brokered time deposits amounted to $487 million and $662 million, respectively. |
Advances from the Federal Home
Advances from the Federal Home Loan Bank and Other Borrowings | 9 Months Ended |
Sep. 30, 2020 | |
Advances from Federal Home Loan Banks [Abstract] | |
Advances from the Federal Home Loan Bank and Other Borrowings | Advances from the Federal Home Loan Bank and Other Borrowings At September 30, 2020 and December 31, 2019, the Company had outstanding advances from the FHLB and other borrowings as follows: Outstanding Balance Year of Maturity Interest Interest At September 30, 2020 At December 31, 2019 (in thousands) 2020 0.44% to 2.35% Fixed $ — $ 135,000 2020 1.73% to 2.03% Variable — 150,000 2021 1.75% to 3.08% Fixed — 210,000 2022 0.65% to 2.80% Fixed 50,000 120,000 2023 and after (1) 0.62% to 3.23% Fixed 1,000,000 620,000 $ 1,050,000 $ 1,235,000 _______________ (1) As of September 30, 2020 and December 31, 2019, includes $530 million (fixed interest rates raging from 0.62% to 0.97%) in advances from the FHLB that are callable prior to maturity. |
Senior Notes
Senior Notes | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Senior Notes | Senior NotesOn June 23, 2020, the Company completed a $60.0 million offering of senior notes with a coupon rate of 5.75% and due 2025 (the “Senior Notes”). The net proceeds, after direct issuance costs of $1.6 million, totaled $58.4 million. As of September 30, 2020, these Senior Notes amounted to $58.5 million, net of direct unamortized issuance costs of $1.5 million. The Senior Notes are presented net of direct issuance costs in the consolidated financial statements. These costs have been deferred and are being amortized over the term of the Senior Notes of 5 years as an adjustment to yield. These Senior Notes are unsecured and unsubordinated, rank equally with all of our existing and future unsecured and unsubordinated indebtedness, and are fully and unconditionally guaranteed by our wholly-owned intermediate holding company subsidiary Amerant Florida Bancorp. |
Junior Subordinated Debentures
Junior Subordinated Debentures Held by Trust Subsidiaries | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Junior Subordinated Debentures Held by Trust Subsidiaries | Junior Subordinated Debentures Held by Trust Subsidiaries The following table provides information on the outstanding Trust Preferred Securities issued by, and the junior subordinated debentures issued to, each of the statutory trust subsidiaries as of September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 (in thousands) Amount of Principal Amount of Principal Year of Annual Rate of Trust Year of Commercebank Capital Trust I $ — $ — $ 26,830 $ 28,068 1998 8.90% 2028 Commercebank Capital Trust VI 9,250 9,537 9,250 9,537 2002 3-M LIBOR + 3.35% 2033 Commercebank Capital Trust VII 8,000 8,248 8,000 8,248 2003 3-M LIBOR + 3.25% 2033 Commercebank Capital Trust VIII 5,000 5,155 5,000 5,155 2004 3-M LIBOR + 2.85% 2034 Commercebank Capital Trust IX 25,000 25,774 25,000 25,774 2006 3-M LIBOR + 1.75% 2038 Commercebank Capital Trust X 15,000 15,464 15,000 15,464 2006 3-M LIBOR + 1.78% 2036 $ 62,250 $ 64,178 $ 89,080 $ 92,246 |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments At September 30, 2020 and December 31, 2019, the fair values of the Company’s derivative instruments were as follows: September 30, 2020 December 31, 2019 (in thousands) Other Assets Other Liabilities Other Assets Other Liabilities Interest rate swaps designated as cash flow hedges $ — $ 1,824 $ 301 $ — Interest rate swaps not designated as hedging instruments: Customers 44,738 — 11,236 527 Third party broker — 44,738 527 11,236 44,738 44,738 11,763 11,763 Interest rate caps not designated as hedging instruments: Customers — 26 — 46 Third party broker 6 — 33 — 6 26 33 46 $ 44,744 $ 46,588 $ 12,097 $ 11,809 No hedge ineffectiveness gains or losses were recognized on derivatives designated as hedging instruments in the three and nine month periods ended September 30, 2020 and 2019. Derivatives Not Designated as Hedging Instruments Interest Rate Swaps At September 30, 2020 and December 31, 2019, the Company had 68 and 49 interest rate swap contracts with customers, respectively, with a total notional amount of $455.7 million and $405.2 million, respectively. These instruments involve the payment of variable-rate amounts in exchange for the Company receiving fixed-rate amounts over the life of the contract. In addition, at September 30, 2020 and December 31, 2019, the Company had 68 and 49 interest rate swap mirror contracts, respectively, with third party brokers with similar terms. In 2019, the Company entered into swap participation agreements with other financial institutions to manage the credit risk exposure on certain interest rate swaps with customers. Under these agreements, the Company, as the beneficiary or guarantor, will receive or make payments from/to the counterparty if the borrower defaults on the related interest rate swap contract. As of September 30, 2020 and December 31, 2019, the Company had two and three swap participation agreements, respectively, with total notional amounts of approximately $32.0 million and $50.2 million, respectively. The notional amount of these agreements is based on the Company’s pro-rata share of the related interest rate swap contracts. As of September 30, 2020 and December 31, 2019, the fair value of swap participation agreements was not significant. |
Stock-based Incentive Compensat
Stock-based Incentive Compensation Plan | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based Incentive Compensation Plan | Stock-based Incentive Compensation Plan The Company sponsors the 2018 Equity and Incentive Compensation Plan (the “2018 Equity Plan”). See Note 11 to the Company’s audited consolidated financial statements in the 2019 annual report on Form 10-K for more information on the 2018 Equity Plan and stock-based compensation awards for the year ended 2019, including restricted stocks and restricted stock units (“RSUs”). Restricted Stock Awards The following table shows the activity of restricted stock awards during the nine months ended September 30, 2020: Number of restricted shares Weighted-average grant date fair value Non-vested shares, beginning of year 495,131 $ 13.48 Granted 6,591 15.17 Vested (433) 13.58 Forfeited (77,054) 13.45 Non-vested shares at September 30, 2020 424,235 $ 13.51 The Company recorded compensation expense related to the restricted stock awards of $0.4 million and $1.5 million during the three months ended September 30, 2020 and 2019, respectively, and $1.4 million and $4.4 million during the nine months ended September 30, 2020 and 2019, respectively.The total unamortized deferred compensation expense of $1.6 million for all unvested restricted stock outstanding at September 30, 2020 will be recognized over a weighted average period of 1.0 year. Restricted Stock Units The following table shows the activity of RSUs during the nine months ended September 30, 2020: Stock-settled RSUs Cash-settled RSUs Total RSUs Number of RSUs Weighted-average grant date fair value Number of RSUs Weighted-average grant date fair value Number of RSUs Weighted-average grant date fair value Nonvested, beginning of year 35,489 $ 13.91 19,230 $ 13.45 54,719 $ 13.75 Granted 22,302 13.45 11,151 13.45 33,453 13.45 Vested (3,439) 18.17 — — (3,439) 18.17 Forfeited — — — — — — Non-vested, end of year 54,352 $ 13.45 30,381 $ 13.45 84,733 $ 13.45 ` The Company recorded compensation expense related to RSUs of $28 thousand and $0.2 million during the three and nine months ended September 30, 2020, respectively. The total unamortized deferred compensation expense of $0.3 million for all unvested stock-settled RSUs outstanding at September 30, 2020 will be recognized over a weighted average period of 0.8 years. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesThe Company uses an estimated annual effective tax rate method in computing its interim tax provision. This effective tax rate is based on forecasted annual consolidated pre-tax income, permanent tax differences and statutory tax rates. Under this method, the tax effect of certain items that do not meet the definition of ordinary income or expense are computed and recognized as discrete items when they occur. The effective combined federal and state tax rates for the nine months ended September 30, 2020 and 2019 were 20.80% and 21.50%, respectively. Effective tax rates differ from the statutory rates mainly due to the impact of forecasted permanent non-taxable interest and other income, and the effect of corporate state taxes. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (“AOCI”) | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (“AOCI”) | Accumulated Other Comprehensive Income (“AOCI”): The components of AOCI are summarized as follows using applicable blended average federal and state tax rates for each period: September 30, 2020 December 31, 2019 (in thousands) Before Tax Tax Net of Tax Before Tax Tax Net of Tax Net unrealized holding gains on debt securities available for sale $ 37,353 $ (9,132) $ 28,221 $ 9,563 $ (2,338) $ 7,225 Net unrealized holding gains on interest rate swaps designated as cash flow hedges 4,785 (1,170) 3,615 7,953 (1,944) $ 6,009 Total AOCI $ 42,138 $ (10,302) $ 31,836 $ 17,516 $ (4,282) $ 13,234 The components of other comprehensive loss/income for the periods presented is summarized as follows: Three Months Ended September 30, 2020 2019 (in thousands) Before Tax Tax Net of Tax Before Tax Tax Net of Tax Net unrealized holding (losses) gains on debt securities available for sale: Change in fair value arising during the period $ 5,062 $ (1,238) $ 3,824 $ 9,087 $ (2,221) $ 6,866 Reclassification adjustment for net gains included in net income (8,644) 2,113 (6,531) (906) 221 (685) (3,582) 875 (2,707) 8,181 (2,000) 6,181 Net unrealized holding losses on interest rate swaps designated as cash flow hedges: Change in fair value arising during the period (37) 9 (28) 90 (22) 68 Reclassification adjustment for net interest income included in net income (207) 51 (156) (370) 90 (280) (244) 60 (184) (280) 68 (212) Total other comprehensive (loss) income $ (3,826) $ 935 $ (2,891) $ 7,901 $ (1,932) $ 5,969 Nine Months Ended September 30, 2020 2019 (in thousands) Before Tax Tax Net of Tax Before Tax Tax Net of Tax Net unrealized holding gains on Change in fair value arising during the period $ 52,794 $ (12,907) $ 39,887 $ 49,578 $ (12,121) $ 37,457 Reclassification adjustment for net gains included in net income (25,004) 6,113 (18,891) (1,902) 465 (1,437) 27,790 (6,794) 20,996 47,676 (11,656) 36,020 Net unrealized holding losses on interest rate swaps designated as cash flow hedges: Change in fair value arising during the period (2,252) 550 (1,702) 75 (18) 57 Reclassification adjustment for net interest income included in net income (916) 224 (692) (1,065) 260 (805) (3,168) 774 (2,394) (990) 242 (748) Total other comprehensive income $ 24,622 $ (6,020) $ 18,602 $ 46,686 $ (11,414) $ 35,272 |
Stockholders_ Equity
Stockholders’ Equity | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Stockholders’ Equity | Stockholders’ Equity a) Class A Common Stock Shares of the Company’s Class A common stock issued and outstanding as of September 30, 2020 and December 31, 2019 were 28,860,423 and 28,927,576, respectively. b) Class B Common Stock and Treasury Stock Shares of the Company’s Class B common stock issued as of September 30, 2020 and December 31, 2019 were 13,286,137 and 17,751,053, respectively. As of September 30, 2020 and December 31, 2019, there were 13,286,137 shares and 14,218,596 shares, respectively, of Class B common stock outstanding. As of September 30, 2020, the Company had no shares of Class B common stock held as treasury stock. At December 31, 2019, the Company had 3,532,457 shares of Class B common stock held as treasury stock under the cost method. On February 14 and February 21, 2020, the Company repurchased an aggregate of 932,459 shares of nonvoting Class B common stock in two privately negotiated transactions (collectively, the “2020 Repurchase”) for $16.00 per share of Class B common stock. The aggregate purchase price for these transactions was approximately $15.2 million, including $0.3 million in broker fees and other expenses. The Company funded the 2020 Repurchase with available cash. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company and its subsidiaries are parties to various legal actions arising in the ordinary course of business. In the opinion of management, the outcome of these proceedings will not have a significant effect on the Company’s consolidated financial position or results of operations. The Company occupies various premises under noncancelable lease agreements expiring through the year 2046. Actual rental expenses may include deferred rents that are recognized as rent expense on a straight line basis. Rent expense under these leases was approximately $1.7 million and $1.3 million for the three months ended September 30, 2020 and 2019, respectively, and $4.7 million an d $4.1 million for the nine months ended September 30, 2020 and 2019, respectively. Financial instruments whose contract amount represents off-balance sheet credit risk at September 30, 2020 are generally short-term and are as follows: (in thousands) Approximate Commitments to extend credit $ 764,621 Standby letters of credit 12,075 Commercial letters of credit 355 $ 777,051 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Assets and liabilities measured at fair value on a recurring basis are summarized below: September 30, 2020 (in thousands) Quoted Third-Party Internal Total Assets Debt securities available for sale U.S. government-sponsored enterprise debt securities $ — $ 735,043 $ — $ 735,043 Corporate debt securities — 310,056 — 310,056 U.S. government agency debt securities — 215,091 — 215,091 Municipal bonds — 55,020 — 55,020 U.S treasury securities — 2,514 — 2,514 — 1,317,724 — 1,317,724 Equity securities with readily determinable fair values not held for trading — 24,381 — 24,381 Bank owned life insurance — 216,130 — 216,130 Derivative instruments — 44,744 — 44,744 $ — $ 1,602,979 $ — $ 1,602,979 Liabilities Derivative instruments $ — $ 46,588 $ — $ 46,588 December 31, 2019 (in thousands) Quoted Third-Party Internal Total Assets Debt securities available for sale U.S. government-sponsored enterprise debt securities $ — $ 933,112 $ — $ 933,112 Corporate debt securities — 252,836 — 252,836 U.S. government agency debt securities — 228,397 — 228,397 U.S treasury securities — 104,236 — 104,236 Municipal bonds — 50,171 — 50,171 — 1,568,752 — 1,568,752 Equity securities with readily determinable fair values not held for trading — 23,848 — 23,848 Bank owned life insurance — 211,852 — 211,852 Derivative instruments — 12,097 — 12,097 $ — $ 1,816,549 $ — $ 1,816,549 Liabilities Derivative instruments $ — $ 11,809 $ — $ 11,809 Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis There were no significant assets or liabilities measured at fair value on a nonrecurring basis at September 30, 2020 and December 31, 2019. Fair Value of Financial Instruments The estimated fair value of financial instruments where fair value differs from carrying value are as follows: September 30, 2020 December 31, 2019 (in thousands) Carrying Estimated Carrying Estimated Financial assets: Loans $ 3,001,353 $ 2,914,257 $ 2,819,477 $ 2,721,291 Financial liabilities: Time deposits 1,767,243 1,794,380 1,745,735 1,759,347 Advances from the FHLB 1,050,000 1,082,595 1,235,000 1,244,515 Senior notes 58,498 61,765 — — Junior subordinated debentures 64,178 48,484 92,246 86,738 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table shows the calculation of basic and diluted earnings per share: Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share data) 2020 2019 2020 2019 Numerator: Net income (loss) available to common stockholders $ 1,702 $ 11,931 $ (10,195) $ 37,859 Denominator: ` Basic weighted average shares outstanding 41,722 42,466 41,875 42,562 Dilutive effect of share-based compensation awards 343 449 — 319 Diluted weighted average shares outstanding 42,065 42,915 41,875 42,881 Basic earnings (loss) per common share $ 0.04 $ 0.28 $ (0.24) $ 0.89 Diluted earnings (loss) per common share $ 0.04 $ 0.28 $ (0.24) $ 0.88 |
Business, Basis of Presentati_2
Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and the instructions to Form 10-Q and Article 10 of SEC Regulation S-X. Accordingly, they do not include all of the information and footnotes required for a fair statement of financial position, results of operations and cash flows in conformity with U.S. GAAP. These unaudited interim consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. These adjustments are of a normal, recurring nature. Interim period operating results may not be indicative of the operating results for a full year or any other period. |
Estimates | EstimatesThe preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates made by management include: (i) the determination of the allowance for loan losses; (ii) the fair values of securities and the value assigned to goodwill during periodic goodwill impairment tests; (iii) the cash surrender value of bank owned life insurance; and (iv) the determination of whether the amount of deferred tax assets will more likely than not be realized. Management believes that these estimates are appropriate. Actual results could differ from these estimates. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Issued and Not Yet Adopted Facilitation of the Effects of Reference Rate Reform on Financial Reporting On March 12, 2020, the Financial Accounting Standards Board (“FASB”) issued amendments to guidance applicable to contracts, hedging relationships, and other transactions affected that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. These amendments provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The amendments also allow entities to make a one-time election to sell, transfer, or both sell and transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform and that are classified as held to maturity before January 1, 2020. These amendments are effective for all entities as of March 12, 2020 through December 31, 2022. An entity may elect to apply these amendments to eligible hedging relationships existing as of the beginning of the interim period that includes March 12, 2020 and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020. An entity may elect to apply the amendments for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected, these amendments must be applied prospectively for all eligible contract modifications and hedging relationships. The Company did not elect any of optional expedients as of September 30, 2020. The Company is in the process of evaluating the implications of these amendments to its current efforts for reference rate reform implementation. New Guidance on Leases In December 2018, the FASB issued amendments to new guidance issued in February 2016 for the recognition and measurement of all leases which has not yet been adopted by the Company. The amendments address certain lessor’s issues associated with: (i) sales taxes and other similar taxes collected from lessees, (ii) certain lessor costs and (iii) recognition of variable payments for contracts with lease and nonlease components. The new guidance on leases issued in February 2016 requires lessees to recognize a right-of-use asset and a lease liability for most leases within the scope of the guidance. There were no significant changes to the guidance for lessors. These amendments, and the related pending new guidance, can be adopted using a modified retrospective transition at the beginning of the earliest comparative period presented, and provides for certain practical expedients. In May 2020, the FASB again amended the effective date of the new guidance on leases. Previously, the amendments and related new guidance on leases were effective for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021, for private companies. The new guidance on leases is now effective for fiscal years beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022. Early adoption is still permitted. The Company has completed the process of gathering a complete inventory of its lease contracts, migrating identified lease data onto a new system, and is in the final stages of testing and evaluating the results of testing. Based on these results, we currently expect to recognize an asset and a corresponding lease liability for an amount to be less than 1% of the Company’s total consolidated assets at adoption. The Company plans to adopt the new guidance in its consolidated financial statements for the year ending December 31, 2021. New Guidance on Accounting for Credit Losses on Financial Instruments In June 2016, the FASB issued the new guidance on accounting for current expected credit losses on financial instruments (“CECL.”) The new guidance introduces an approach based on expected losses to estimate credit losses on various financial instruments, including loans. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. In November 2018, the FASB issued amendments to pending new guidance on CECL to, among other things, align the implementation date for private companies’ annual financial statements with the implementation date for their interim financial statements. Prior to the issuance of these amendments, the guidance on accounting for CECL was effective for private companies for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. These amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years, for private companies. In November 2019, the FASB amended the effective date of the new guidance on CECL. Previously, the amendments and related new guidance on CECL was effective for fiscal years beginning after December 15, 2021, and interim periods within those years, for private companies. The new guidance on CECL is now effective for |
Subsequent Events | Subsequent EventsThe effects of significant subsequent events, if any, have been recognized or disclosed in these unaudited interim consolidated financial statements. |
Business, Basis of Presentati_3
Business, Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Loan Balances due to Unusual or Infrequent Items | The following table summarizes the loan balances in these programs as of September 30, 2020: Program Detail September 30, 2020 (in thousands) 90-day payment deferral; interest added to principal balance upon modification and continues to accrue each month $ 73,400 90-day interest payment deferral with no escrow payments 23,049 90-day interest payment deferral including escrow payments 4,748 180-day interest payment deferral — $ 101,197 |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of available for sale securities from amortized cost to fair value | Amortized cost and approximate fair values of debt securities available for sale are summarized as follows: September 30, 2020 Amortized Gross Unrealized Estimated (in thousands) Gains Losses U.S. government-sponsored enterprise debt securities $ 711,769 $ 24,190 $ (916) $ 735,043 Corporate debt securities 302,368 9,274 (1,586) 310,056 U.S. government agency debt securities 212,823 4,375 (2,107) 215,091 U.S. treasury securities 2,506 8 — 2,514 Municipal bonds 50,905 4,115 — 55,020 $ 1,280,371 $ 41,962 $ (4,609) $ 1,317,724 December 31, 2019 Amortized Gross Unrealized Estimated (in thousands) Gains Losses U.S. government sponsored enterprise debt securities $ 927,205 $ 9,702 $ (3,795) $ 933,112 Corporate debt securities 247,836 5,002 (2) 252,836 U.S. government agency debt securities 230,384 895 (2,882) 228,397 U.S. treasury securities 106,112 1 (1,877) 104,236 Municipal bonds 47,652 2,519 — 50,171 $ 1,559,189 $ 18,119 $ (8,556) $ 1,568,752 |
Schedule of realized gain (loss) | In the three and nine month periods ended September 30, 2020 and 2019, proceeds from sales, gross realized gains, gross realized losses of debt securities available for sale were as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Proceeds from sales, redemptions and calls of debt securities available for sale $ 169,210 $ 42,603 $ 408,948 $ 258,815 Gross realized gains 8,769 911 25,572 2,484 Gross realized losses (125) 5 (148) (582) Realized gains, net $ 8,644 $ 906 $ 25,424 $ 1,902 |
Schedule of available for sale securities with unrealized losses | The Company’s investment in debt securities available for sale with unrealized losses that are deemed temporary, aggregated by the length of time that individual securities have been in a continuous unrealized loss position, are summarized below: September 30, 2020 Less Than 12 Months 12 Months or More Total (in thousands) Estimated Unrealized Estimated Unrealized Estimated Unrealized U.S. government-sponsored enterprise debt securities $ 39,688 $ (502) $ 16,833 $ (414) $ 56,521 $ (916) Corporate debt securities 54,568 (1,586) — — 54,568 (1,586) U.S. government agency debt securities 7,129 (27) 85,480 (2,080) 92,609 (2,107) $ 101,385 $ (2,115) $ 102,313 $ (2,494) $ 203,698 $ (4,609) December 31, 2019 Less Than 12 Months 12 Months or More Total (in thousands) Estimated Unrealized Estimated Unrealized Estimated Unrealized U.S. government sponsored enterprise debt securities $ 239,446 $ (1,740) $ 180,274 $ (2,055) $ 419,720 $ (3,795) Corporate debt securities 8,359 (1) 300 (1) 8,659 (2) U.S. government agency debt securities 41,300 (251) 117,040 (2,631) 158,340 (2,882) U.S. treasury securities 97,471 (1,877) — — 97,471 (1,877) $ 386,576 $ (3,869) $ 297,614 $ (4,687) $ 684,190 $ (8,556) |
Schedule of contractual maturities of securities | Contractual maturities of debt securities at September 30, 2020 are as follows: Available for Sale Held to Maturity (in thousands) Amortized Estimated Amortized Estimated Within 1 year $ 24,889 $ 25,027 $ — $ — After 1 year through 5 years 140,217 143,636 — — After 5 years through 10 years 299,581 313,242 11,463 12,020 After 10 years 815,684 835,819 50,213 52,136 $ 1,280,371 $ 1,317,724 $ 61,676 $ 64,156 |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Schedule of loan portfolio by classes and countries | The loan portfolio consists of the following loan classes: (in thousands) September 30, December 31, Real estate loans Commercial real estate Non-owner occupied $ 1,797,230 $ 1,891,802 Multi-family residential 853,159 801,626 Land development and construction loans 335,184 278,688 2,985,573 2,972,116 Single-family residential 597,280 539,102 Owner occupied 937,946 894,060 4,520,799 4,405,278 Commercial loans 1,197,156 1,234,043 Loans to financial institutions and acceptances 16,623 16,552 Consumer loans and overdrafts 190,039 88,466 $ 5,924,617 $ 5,744,339 The following tables summarize international loans by country, net of loans fully collateralized with cash of approximately $12.4 million and $15.2 million at September 30, 2020 and December 31, 2019, respectively. September 30, 2020 December 31, 2019 (in thousands) Venezuela Others (1) Total Venezuela Others (1) Total Real estate loans Single-family residential (2) $ 90,768 $ 9,898 $ 100,666 $ 103,979 $ 7,692 $ 111,671 Commercial loans — 44,491 44,491 — 43,850 43,850 Loans to financial institutions and acceptances — 15 15 — 5 5 Consumer loans and overdrafts (3)(4) 236 5,908 6,144 8,318 7,593 15,911 $ 91,004 $ 60,312 $ 151,316 $ 112,297 $ 59,140 $ 171,437 __________________ (1) Loans to borrowers in 13 other countries at September 30, 2020 which do not individually exceed 1% of total assets (14 countries at December 31, 2019). (2) Corresponds to mortgage loans secured by single-family residential properties located in the U.S. (3) At December 31, 2019, Venezuela balances are mostly comprised of credit card extensions of credit to customers with deposits with the Bank. The Company phased out its legacy credit card products to further strengthen its credit quality. During the first quarter of 2020, the remaining balances related to the credit card product were repaid, therefore, there are no outstanding credit card balances as of September 30, 2020. (4) Overdrafts to customers outside the United States were de minimis at September 30, 2020 and December 31, 2019. |
Schedule of loan portfolio delinquencies | The age analysis of the loan portfolio by class, including nonaccrual loans, as of September 30, 2020 and December 31, 2019 are summarized in the following tables: September 30, 2020 Total Loans, Past Due Total Loans in Total Loans (in thousands) Current 30-59 60-89 Greater than Total Past Real estate loans Commercial real estate Non-owner occupied $ 1,797,230 $ 1,790,583 $ 157 $ — $ 6,490 $ 6,647 $ 8,289 $ — Multi-family residential 853,159 853,159 — — — — 1,484 — Land development and construction loans 335,184 335,184 — — — — — — 2,985,573 2,978,926 157 — 6,490 6,647 9,773 — Single-family residential 597,280 594,172 — 312 2,796 3,108 11,071 1 Owner occupied 937,946 931,192 3,881 — 2,873 6,754 14,539 — 4,520,799 4,504,290 4,038 312 12,159 16,509 35,383 1 Commercial loans 1,197,156 1,169,103 7,293 6,061 14,699 28,053 50,991 — Loans to financial institutions and acceptances 16,623 16,623 — — — — — — Consumer loans and overdrafts 190,039 189,949 15 19 56 90 104 1 $ 5,924,617 $ 5,879,965 $ 11,346 $ 6,392 $ 26,914 $ 44,652 $ 86,478 $ 2 December 31, 2019 Total Loans, Past Due Total Loans in Total Loans (in thousands) Current 30-59 60-89 Greater than Total Past Real estate loans Commercial real estate Non-owner occupied $ 1,891,802 $ 1,891,801 $ 1 $ — $ — $ 1 $ 1,936 $ — Multi-family residential 801,626 801,626 — — — — — — Land development and construction loans 278,688 278,688 — — — — — — 2,972,116 2,972,115 1 — — 1 1,936 — Single-family residential 539,102 530,399 4,585 1,248 2,870 8,703 7,291 — Owner occupied 894,060 888,158 1,360 1,724 2,818 5,902 14,130 — 4,405,278 4,390,672 5,946 2,972 5,688 14,606 23,357 — Commercial loans 1,234,043 1,226,320 4,418 608 2,697 7,723 9,149 — Loans to financial institutions and acceptances 16,552 16,552 — — — — — — Consumer loans and overdrafts 88,466 88,030 215 176 45 436 416 5 $ 5,744,339 $ 5,721,574 $ 10,579 $ 3,756 $ 8,430 $ 22,765 $ 32,922 $ 5 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Schedule of allowance for loan losses | The analyses by loan segment of the changes in the allowance for loan losses for the three and nine month periods ended September 30, 2020 and 2019, and its allocation by impairment methodology and the related investment in loans, net as of September 30, 2020 and 2019 are summarized in the following tables: Three Months Ended September 30, 2020 (in thousands) Real Estate Commercial Financial Consumer Total Balances at beginning of the period $ 54,498 $ 57,579 $ — $ 7,575 $ 119,652 Provision for loan losses 1,259 11,048 — 5,693 18,000 Loans charged-off Domestic — (20,910) — (135) (21,045) International — — — (4) (4) Recoveries — 123 — 93 216 Balances at end of the period $ 55,757 $ 47,840 $ — $ 13,222 $ 116,819 Nine Months Ended September 30, 2020 (in thousands) Real Estate Commercial Financial Consumer Total Balances at beginning of the period $ 25,040 $ 22,482 $ 42 $ 4,659 $ 52,223 Provision for (reversal of) loan losses 30,717 49,120 (42) 8,825 88,620 Loans charged-off Domestic — (24,086) — (401) (24,487) International — (34) — (262) (296) Recoveries — 358 — 401 759 Balances at end of the period $ 55,757 $ 47,840 $ — $ 13,222 $ 116,819 September 30, 2020 (in thousands) Real Estate Commercial Financial Consumer Total Allowance for loan losses by impairment methodology: Individually evaluated $ 2,450 $ 23,154 $ — $ 947 $ 26,551 Collectively evaluated 53,307 24,686 — 12,275 90,268 $ 55,757 $ 47,840 $ — $ 13,222 $ 116,819 Investment in loans, net of unearned income: Individually evaluated $ 9,772 $ 68,964 $ — $ 8,005 $ 86,741 Collectively evaluated 2,950,354 2,215,505 16,623 655,394 5,837,876 $ 2,960,126 $ 2,284,469 $ 16,623 $ 663,399 $ 5,924,617 Three Months Ended September 30, 2019 (in thousands) Real Estate Commercial Financial Consumer Total Balances at beginning of the period $ 21,900 $ 25,824 $ 60 $ 9,620 $ 57,404 Provision for (reversal of) loan losses 487 (388) (2) (1,597) (1,500) Loans charged-off Domestic — (907) — (98) (1,005) International — — — (1,661) (1,661) Recoveries — 190 — 212 402 Balances at end of the period $ 22,387 $ 24,719 $ 58 $ 6,476 $ 53,640 Nine Months Ended September 30, 2019 (in thousands) Real Estate Commercial Financial Consumer Total Balances at beginning of the period $ 22,778 $ 30,018 $ 445 $ 8,521 $ 61,762 (Reversal of) provision for loan losses (391) (3,065) (387) 993 (2,850) Loans charged-off Domestic — (2,773) — (504) (3,277) International — (61) — (2,961) (3,022) Recoveries — 600 — 427 1,027 Balances at end of the period $ 22,387 $ 24,719 $ 58 $ 6,476 $ 53,640 September 30, 2019 (in thousands) Real Estate Commercial Financial Consumer Total Allowance for loan losses by impairment methodology: Individually evaluated $ 397 $ 1,722 $ — $ 1,185 $ 3,304 Collectively evaluated 21,990 22,997 58 5,291 50,336 $ 22,387 $ 24,719 $ 58 $ 6,476 $ 53,640 Investment in loans, net of unearned income: Individually evaluated $ 1,936 $ 19,234 $ — $ 6,007 $ 27,177 Collectively evaluated 3,137,980 2,036,150 24,815 525,669 5,724,614 $ 3,139,916 $ 2,055,384 $ 24,815 $ 531,676 $ 5,751,791 The following is a summary of the recorded investment amount of loan sales by portfolio segment: Three Months Ended September 30,(in thousands) Real Estate Commercial Financial Consumer Total 2020 $ — $ — $ — $ 1,891 $ 1,891 2019 $ — $ 43,190 $ — $ 2,148 $ 45,338 Nine Months Ended September 30,(in thousands) Real Estate Commercial Financial Consumer Total 2020 $ — $ 11,901 $ — $ 5,225 $ 17,126 2019 $ 23,475 $ 229,310 $ — $ 6,969 $ 259,754 |
Schedule of impaired loans | The following is a summary of impaired loans as of September 30, 2020 and December 31, 2019: September 30, 2020 Recorded Investment (in thousands) With a Valuation Allowance Without a Valuation Allowance Total Year Average (1) Total Unpaid Principal Balance Valuation Allowance Real estate loans Commercial real estate Non-owner occupied $ 8,289 $ — $ 8,289 $ 5,147 $ 8,296 $ 2,450 Multi-family residential — 1,484 1,484 371 1,477 — Land development and construction — — — — — — 8,289 1,484 9,773 5,518 9,773 2,450 Single-family residential 5,246 6,085 11,331 8,093 11,462 913 Owner occupied 658 13,881 14,539 13,610 14,372 221 14,193 21,450 35,643 27,221 35,607 3,584 Commercial loans 33,975 17,020 50,995 29,588 72,777 22,933 Consumer loans and overdrafts 95 8 103 264 100 34 $ 48,263 $ 38,478 $ 86,741 $ 57,073 $ 108,484 $ 26,551 _______________ (1) Average using trailing four quarter balances. December 31, 2019 Recorded Investment (in thousands) With a Valuation Allowance Without a Valuation Allowance Total Year Average (1) Total Unpaid Principal Balance Valuation Allowance Real estate loans Commercial real estate Non-owner occupied $ 1,936 $ — $ 1,936 $ 1,459 $ 1,936 $ 1,161 Multi-family residential — — — 342 — — Land development and construction loans — — — — — — 1,936 — 1,936 1,801 1,936 1,161 Single-family residential 4,739 729 5,468 5,564 5,598 946 Owner occupied 6,169 7,906 14,075 9,548 13,974 501 12,844 8,635 21,479 16,913 21,508 2,608 Commercial loans 8,415 13 8,428 8,552 8,476 1,288 Consumer loans and overdrafts 395 9 404 153 402 378 $ 21,654 $ 8,657 $ 30,311 $ 25,618 $ 30,386 $ 4,274 _______________ (1) Average using trailing four quarter balances. |
Schedule of loans modified in troubled debt restructurings | The following table shows information about loans modified in troubled debt restructurings (“TDRs’’) as of September 30, 2020 and December 31, 2019: As of September 30, 2020 As of December 31, 2019 (in thousands) Number of Contracts Recorded Investment Number of Contracts Recorded Investment Real estate loans Commercial real estate Non-owner occupied 1 $ 1,798 1 $ 1,936 Single-family residential 2 270 4 438 Owner occupied 4 6,918 4 6,580 7 8,986 9 8,954 Commercial loans 8 881 2 2,682 Consumer loans and overdrafts 1 8 1 9 Total (1) 16 $ 9,875 12 $ 11,645 _________________ (1) As of September 30, 2020 and December 31, 2019, include $7.0 million and $9.8 million, respectively, related to a multiple loan relationship with a South Florida customer, including CRE, owner occupied and commercial loans. This TDR consisted of extending repayment terms and adjusting future periodic payments which resulted in no additional reserves at the time of its modification. Four residential loans totaling $2.0 million and $2.2 million at September 30, 2020 and December 31, 2019, respectively, included in this loan relationship, were not modified. During the first nine months of 2020, the company charged off $1.9 million against the allowance for loan losses associated with this commercial loan relationship. The Company believes the specific reserves associated with this loan relationship, which total $1.1 million at September 30, 2020, are adequate to cover probable losses given updated collateral values, current facts and circumstances. The following table shows information about new loans modifications considered TDRs during the three and nine month periods ended September 30, 2020 and 2019: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (in thousands) Number of Contracts Recorded Investment Number of Contracts Recorded Investment Number of Contracts Recorded Investment Number of Contracts Recorded Investment Real estate loans Commercial real estate Non-owner occupied — $ — 1 $ 1,936 — $ — 1 $ 1,936 Single-family residential — — — — — — 1 187 Owner occupied 1 820 2 4,891 1 820 2 4,891 1 820 3 6,827 1 820 4 7,014 Commercial loans 6 190 1 2,708 6 190 1 2,708 Total (1) 7 $ 1,010 4 $ 9,535 7 $ 1,010 5 $ 9,722 __________________ (1) During the first nine months of 2020, TDR loans modified that subsequently defaulted within the 12 month of restructuring consisted of a $7.0 million multiple loan relationship with a South Florida customer, including CRE, owner occupied and commercial loans. This TDR consisted of extending repayment terms and adjusting future periodic payments which resulted in no additional reserves at the time of its modification. |
Schedule of credit quality indicators | Loans by credit quality indicators as of September 30, 2020 and December 31, 2019 are summarized in the following tables: September 30, 2020 Credit Risk Rating Nonclassified Classified (in thousands) Pass Special Mention Substandard Doubtful Loss Total Real estate loans Commercial real estate Non-owner occupied $ 1,771,416 $ 16,780 $ 7,236 $ 1,798 $ — $ 1,797,230 Multi-family residential 851,675 — 1,484 — — 853,159 Land development and construction loans 327,983 7,201 — — — 335,184 2,951,074 23,981 8,720 1,798 — 2,985,573 Single-family residential 586,208 — 11,072 — — 597,280 Owner occupied 888,747 34,556 14,643 — — 937,946 4,426,029 58,537 34,435 1,798 — 4,520,799 Commercial loans 1,118,851 27,111 37,338 13,856 — 1,197,156 Loans to financial institutions and acceptances 16,623 — — — — 16,623 Consumer loans and overdrafts 189,928 — 111 — — 190,039 $ 5,751,431 $ 85,648 $ 71,884 $ 15,654 $ — $ 5,924,617 December 31, 2019 Credit Risk Rating Nonclassified Classified (in thousands) Pass Special Mention Substandard Doubtful Loss Total Real estate loans Commercial real estate Non-owner occupied $ 1,879,780 $ 9,324 $ 762 $ 1,936 $ — $ 1,891,802 Multi-family residential 801,626 — — — — 801,626 Land development and construction loans 268,733 9,955 — — — 278,688 2,950,139 19,279 762 1,936 — 2,972,116 Single-family residential 531,811 — 7,291 — — 539,102 Owner occupied 871,682 8,138 14,240 — — 894,060 4,353,632 27,417 22,293 1,936 — 4,405,278 Commercial loans 1,217,399 5,569 8,406 2,669 — 1,234,043 Loans to financial institutions and acceptances 16,552 — — — — 16,552 Consumer loans and overdrafts 88,042 — 67 357 — 88,466 $ 5,675,625 $ 32,986 $ 30,766 $ 4,962 $ — $ 5,744,339 |
Advances from the Federal Hom_2
Advances from the Federal Home Loan Bank and Other Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Advances from Federal Home Loan Banks [Abstract] | |
Schedule of outstanding advances from the FHLB | At September 30, 2020 and December 31, 2019, the Company had outstanding advances from the FHLB and other borrowings as follows: Outstanding Balance Year of Maturity Interest Interest At September 30, 2020 At December 31, 2019 (in thousands) 2020 0.44% to 2.35% Fixed $ — $ 135,000 2020 1.73% to 2.03% Variable — 150,000 2021 1.75% to 3.08% Fixed — 210,000 2022 0.65% to 2.80% Fixed 50,000 120,000 2023 and after (1) 0.62% to 3.23% Fixed 1,000,000 620,000 $ 1,050,000 $ 1,235,000 |
Junior Subordinated Debenture_2
Junior Subordinated Debentures Held by Trust Subsidiaries (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Summary of the Outstanding Trust Preferred Securities | The following table provides information on the outstanding Trust Preferred Securities issued by, and the junior subordinated debentures issued to, each of the statutory trust subsidiaries as of September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 (in thousands) Amount of Principal Amount of Principal Year of Annual Rate of Trust Year of Commercebank Capital Trust I $ — $ — $ 26,830 $ 28,068 1998 8.90% 2028 Commercebank Capital Trust VI 9,250 9,537 9,250 9,537 2002 3-M LIBOR + 3.35% 2033 Commercebank Capital Trust VII 8,000 8,248 8,000 8,248 2003 3-M LIBOR + 3.25% 2033 Commercebank Capital Trust VIII 5,000 5,155 5,000 5,155 2004 3-M LIBOR + 2.85% 2034 Commercebank Capital Trust IX 25,000 25,774 25,000 25,774 2006 3-M LIBOR + 1.75% 2038 Commercebank Capital Trust X 15,000 15,464 15,000 15,464 2006 3-M LIBOR + 1.78% 2036 $ 62,250 $ 64,178 $ 89,080 $ 92,246 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | At September 30, 2020 and December 31, 2019, the fair values of the Company’s derivative instruments were as follows: September 30, 2020 December 31, 2019 (in thousands) Other Assets Other Liabilities Other Assets Other Liabilities Interest rate swaps designated as cash flow hedges $ — $ 1,824 $ 301 $ — Interest rate swaps not designated as hedging instruments: Customers 44,738 — 11,236 527 Third party broker — 44,738 527 11,236 44,738 44,738 11,763 11,763 Interest rate caps not designated as hedging instruments: Customers — 26 — 46 Third party broker 6 — 33 — 6 26 33 46 $ 44,744 $ 46,588 $ 12,097 $ 11,809 |
Stock-based Incentive Compens_2
Stock-based Incentive Compensation Plan (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Share-based Payment Arrangement | The following table shows the activity of restricted stock awards during the nine months ended September 30, 2020: Number of restricted shares Weighted-average grant date fair value Non-vested shares, beginning of year 495,131 $ 13.48 Granted 6,591 15.17 Vested (433) 13.58 Forfeited (77,054) 13.45 Non-vested shares at September 30, 2020 424,235 $ 13.51 The following table shows the activity of RSUs during the nine months ended September 30, 2020: Stock-settled RSUs Cash-settled RSUs Total RSUs Number of RSUs Weighted-average grant date fair value Number of RSUs Weighted-average grant date fair value Number of RSUs Weighted-average grant date fair value Nonvested, beginning of year 35,489 $ 13.91 19,230 $ 13.45 54,719 $ 13.75 Granted 22,302 13.45 11,151 13.45 33,453 13.45 Vested (3,439) 18.17 — — (3,439) 18.17 Forfeited — — — — — — Non-vested, end of year 54,352 $ 13.45 30,381 $ 13.45 84,733 $ 13.45 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (“AOCI”) (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Components of AOCI | The components of AOCI are summarized as follows using applicable blended average federal and state tax rates for each period: September 30, 2020 December 31, 2019 (in thousands) Before Tax Tax Net of Tax Before Tax Tax Net of Tax Net unrealized holding gains on debt securities available for sale $ 37,353 $ (9,132) $ 28,221 $ 9,563 $ (2,338) $ 7,225 Net unrealized holding gains on interest rate swaps designated as cash flow hedges 4,785 (1,170) 3,615 7,953 (1,944) $ 6,009 Total AOCI $ 42,138 $ (10,302) $ 31,836 $ 17,516 $ (4,282) $ 13,234 |
Components of Other Comprehensive Income | The components of other comprehensive loss/income for the periods presented is summarized as follows: Three Months Ended September 30, 2020 2019 (in thousands) Before Tax Tax Net of Tax Before Tax Tax Net of Tax Net unrealized holding (losses) gains on debt securities available for sale: Change in fair value arising during the period $ 5,062 $ (1,238) $ 3,824 $ 9,087 $ (2,221) $ 6,866 Reclassification adjustment for net gains included in net income (8,644) 2,113 (6,531) (906) 221 (685) (3,582) 875 (2,707) 8,181 (2,000) 6,181 Net unrealized holding losses on interest rate swaps designated as cash flow hedges: Change in fair value arising during the period (37) 9 (28) 90 (22) 68 Reclassification adjustment for net interest income included in net income (207) 51 (156) (370) 90 (280) (244) 60 (184) (280) 68 (212) Total other comprehensive (loss) income $ (3,826) $ 935 $ (2,891) $ 7,901 $ (1,932) $ 5,969 Nine Months Ended September 30, 2020 2019 (in thousands) Before Tax Tax Net of Tax Before Tax Tax Net of Tax Net unrealized holding gains on Change in fair value arising during the period $ 52,794 $ (12,907) $ 39,887 $ 49,578 $ (12,121) $ 37,457 Reclassification adjustment for net gains included in net income (25,004) 6,113 (18,891) (1,902) 465 (1,437) 27,790 (6,794) 20,996 47,676 (11,656) 36,020 Net unrealized holding losses on interest rate swaps designated as cash flow hedges: Change in fair value arising during the period (2,252) 550 (1,702) 75 (18) 57 Reclassification adjustment for net interest income included in net income (916) 224 (692) (1,065) 260 (805) (3,168) 774 (2,394) (990) 242 (748) Total other comprehensive income $ 24,622 $ (6,020) $ 18,602 $ 46,686 $ (11,414) $ 35,272 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Financial Instruments Whose Contract Amount Represents Off-Balance Sheet Credit Risk | Financial instruments whose contract amount represents off-balance sheet credit risk at September 30, 2020 are generally short-term and are as follows: (in thousands) Approximate Commitments to extend credit $ 764,621 Standby letters of credit 12,075 Commercial letters of credit 355 $ 777,051 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis | Assets and liabilities measured at fair value on a recurring basis are summarized below: September 30, 2020 (in thousands) Quoted Third-Party Internal Total Assets Debt securities available for sale U.S. government-sponsored enterprise debt securities $ — $ 735,043 $ — $ 735,043 Corporate debt securities — 310,056 — 310,056 U.S. government agency debt securities — 215,091 — 215,091 Municipal bonds — 55,020 — 55,020 U.S treasury securities — 2,514 — 2,514 — 1,317,724 — 1,317,724 Equity securities with readily determinable fair values not held for trading — 24,381 — 24,381 Bank owned life insurance — 216,130 — 216,130 Derivative instruments — 44,744 — 44,744 $ — $ 1,602,979 $ — $ 1,602,979 Liabilities Derivative instruments $ — $ 46,588 $ — $ 46,588 December 31, 2019 (in thousands) Quoted Third-Party Internal Total Assets Debt securities available for sale U.S. government-sponsored enterprise debt securities $ — $ 933,112 $ — $ 933,112 Corporate debt securities — 252,836 — 252,836 U.S. government agency debt securities — 228,397 — 228,397 U.S treasury securities — 104,236 — 104,236 Municipal bonds — 50,171 — 50,171 — 1,568,752 — 1,568,752 Equity securities with readily determinable fair values not held for trading — 23,848 — 23,848 Bank owned life insurance — 211,852 — 211,852 Derivative instruments — 12,097 — 12,097 $ — $ 1,816,549 $ — $ 1,816,549 Liabilities Derivative instruments $ — $ 11,809 $ — $ 11,809 |
Summary of Estimated Fair Value of Financial Instruments Where Fair Value Differs from Carrying Value | The estimated fair value of financial instruments where fair value differs from carrying value are as follows: September 30, 2020 December 31, 2019 (in thousands) Carrying Estimated Carrying Estimated Financial assets: Loans $ 3,001,353 $ 2,914,257 $ 2,819,477 $ 2,721,291 Financial liabilities: Time deposits 1,767,243 1,794,380 1,745,735 1,759,347 Advances from the FHLB 1,050,000 1,082,595 1,235,000 1,244,515 Senior notes 58,498 61,765 — — Junior subordinated debentures 64,178 48,484 92,246 86,738 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | The following table shows the calculation of basic and diluted earnings per share: Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share data) 2020 2019 2020 2019 Numerator: Net income (loss) available to common stockholders $ 1,702 $ 11,931 $ (10,195) $ 37,859 Denominator: ` Basic weighted average shares outstanding 41,722 42,466 41,875 42,562 Dilutive effect of share-based compensation awards 343 449 — 319 Diluted weighted average shares outstanding 42,065 42,915 41,875 42,881 Basic earnings (loss) per common share $ 0.04 $ 0.28 $ (0.24) $ 0.89 Diluted earnings (loss) per common share $ 0.04 $ 0.28 $ (0.24) $ 0.88 |
Business, Basis of Presentati_4
Business, Basis of Presentation and Summary of Significant Accounting Policies (Details) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020USD ($)$ / shares | Sep. 30, 2020USD ($)loan$ / shares | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)subsidiary$ / shares | Sep. 30, 2019USD ($) | Dec. 31, 2019$ / shares | |
Class of Stock [Line Items] | ||||||
Number of subsidiaries | subsidiary | 3 | |||||
Program Detail | ||||||
Allowance for credit loss | $ 18,000,000 | $ 1,500,000 | $ 88,600,000 | $ (2,900,000) | ||
Goodwill impairment | $ 0 | |||||
Maximum | Plan | ||||||
Program Detail | ||||||
Right-of-use asset, percent | 1.00% | 1.00% | 1.00% | |||
COVID-19 | ||||||
Class of Stock [Line Items] | ||||||
Loans, net | $ 1,100,000,000 | $ 1,100,000,000 | $ 1,100,000,000 | |||
Program Detail | ||||||
Loans, net | 1,100,000,000 | 1,100,000,000 | 1,100,000,000 | |||
Allowance for credit loss | 12,200,000 | 52,200,000 | ||||
COVID-19 | Interest-only and/or Forbearance Period Expired | ||||||
Class of Stock [Line Items] | ||||||
Loans, net | 101,197,000 | 101,197,000 | 101,197,000 | |||
Program Detail | ||||||
90-day payment deferral; interest added to principal balance upon modification and continues to accrue each month | 73,400,000 | 73,400,000 | 73,400,000 | |||
90-day interest payment deferral with no escrow payments | 23,049,000 | 23,049,000 | 23,049,000 | |||
90-day interest payment deferral including escrow payments | 4,748,000 | 4,748,000 | 4,748,000 | |||
180-day interest payment deferral | 0 | 0 | 0 | |||
Loans, net | 101,197,000 | 101,197,000 | 101,197,000 | |||
COVID-19 | Second Deferral | ||||||
Class of Stock [Line Items] | ||||||
Loans, net | 76,300,000 | 76,300,000 | 76,300,000 | |||
Program Detail | ||||||
Loans, net | 76,300,000 | 76,300,000 | 76,300,000 | |||
COVID-19 | Third Deferral | ||||||
Class of Stock [Line Items] | ||||||
Loans, net | $ 12,600,000 | 12,600,000 | 12,600,000 | |||
Period | 180 days | |||||
Program Detail | ||||||
Loans, net | $ 12,600,000 | 12,600,000 | $ 12,600,000 | |||
PPP Loans | ||||||
Class of Stock [Line Items] | ||||||
Amount of loans approved | $ 223,500,000 | |||||
Number of loans approved | loan | 2,000 | |||||
Class A Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | ||
Class B Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | ||
Amerant Bank, N.A | ||||||
Class of Stock [Line Items] | ||||||
Ownership percentage of subsidiary | 100.00% | 100.00% | 100.00% |
Interest Earning Deposits wit_2
Interest Earning Deposits with Banks (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Cash and Cash Equivalents [Abstract] | ||
Interest earning deposits with banks | $ 193,069 | $ 93,289 |
Average interest rate on deposits with banks | 0.38% | 2.19% |
Interest earning deposits with banks, maturity | 1 year |
Securities - Amortized Cost to
Securities - Amortized Cost to Fair Value of Available for Sale Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 1,280,371 | $ 1,559,189 |
Gross Unrealized Gains | 41,962 | 18,119 |
Gross Unrealized Losses | (4,609) | (8,556) |
Estimated Fair Value | 1,317,724 | 1,568,752 |
U.S. government-sponsored enterprise debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 711,769 | 927,205 |
Gross Unrealized Gains | 24,190 | 9,702 |
Gross Unrealized Losses | (916) | (3,795) |
Estimated Fair Value | 735,043 | 933,112 |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 302,368 | 247,836 |
Gross Unrealized Gains | 9,274 | 5,002 |
Gross Unrealized Losses | (1,586) | (2) |
Estimated Fair Value | 310,056 | 252,836 |
U.S. government agency debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 212,823 | 230,384 |
Gross Unrealized Gains | 4,375 | 895 |
Gross Unrealized Losses | (2,107) | (2,882) |
Estimated Fair Value | 215,091 | 228,397 |
U.S. treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,506 | 106,112 |
Gross Unrealized Gains | 8 | 1 |
Gross Unrealized Losses | 0 | (1,877) |
Estimated Fair Value | 2,514 | 104,236 |
Municipal bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 50,905 | 47,652 |
Gross Unrealized Gains | 4,115 | 2,519 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | $ 55,020 | $ 50,171 |
Securities - Narrative (Details
Securities - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Debt Securities, Available-for-sale [Line Items] | |||||
Debt securities available for sale | $ 1,317,724,000 | $ 1,317,724,000 | $ 1,568,752,000 | ||
Investments | 1,468,796,000 | 1,468,796,000 | 1,739,410,000 | ||
Original cost | 24,000,000 | 24,000,000 | |||
Equity securities with readily determinable fair value not held for trading | 24,381,000 | 24,381,000 | 23,848,000 | ||
Foreign Corporate Debt Securities | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Investments | 16,800,000 | 16,800,000 | 5,200,000 | ||
Mutual funds | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Unrealized loss | 44,000 | $ 0 | $ 0 | ||
Unrealized gains | $ 0 | 500,000 | $ 0 | ||
Foreign sovereign debt securities | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Debt securities available for sale | $ 0 | $ 0 | $ 0 |
Securities - Gross Realized Gai
Securities - Gross Realized Gains (Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Proceeds from sales, redemptions and calls of debt securities available for sale | $ 169,210 | $ 42,603 | $ 408,948 | $ 258,815 |
Gross realized gains | 8,769 | 911 | 25,572 | 2,484 |
Gross realized losses | (125) | 5 | (148) | (582) |
Realized gains, net | $ 8,644 | $ 906 | $ 25,424 | $ 1,902 |
Securities - Unrealized Loss on
Securities - Unrealized Loss on Available for Sale Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Estimated Fair Value | $ 101,385 | $ 386,576 |
12 Months or More, Estimated Fair Value | 102,313 | 297,614 |
Total, Estimated Fair Value | 203,698 | 684,190 |
Less Than 12 Months, Unrealized Loss | (2,115) | (3,869) |
12 Months or More, Unrealized Loss | (2,494) | (4,687) |
Total, Unrealized Loss | (4,609) | (8,556) |
U.S. government-sponsored enterprise debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Estimated Fair Value | 39,688 | 239,446 |
12 Months or More, Estimated Fair Value | 16,833 | 180,274 |
Total, Estimated Fair Value | 56,521 | 419,720 |
Less Than 12 Months, Unrealized Loss | (502) | (1,740) |
12 Months or More, Unrealized Loss | (414) | (2,055) |
Total, Unrealized Loss | (916) | (3,795) |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Estimated Fair Value | 54,568 | 8,359 |
12 Months or More, Estimated Fair Value | 0 | 300 |
Total, Estimated Fair Value | 54,568 | 8,659 |
Less Than 12 Months, Unrealized Loss | (1,586) | (1) |
12 Months or More, Unrealized Loss | 0 | (1) |
Total, Unrealized Loss | (1,586) | (2) |
U.S. government agency debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Estimated Fair Value | 7,129 | 41,300 |
12 Months or More, Estimated Fair Value | 85,480 | 117,040 |
Total, Estimated Fair Value | 92,609 | 158,340 |
Less Than 12 Months, Unrealized Loss | (27) | (251) |
12 Months or More, Unrealized Loss | (2,080) | (2,631) |
Total, Unrealized Loss | $ (2,107) | (2,882) |
U.S. treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Estimated Fair Value | 97,471 | |
12 Months or More, Estimated Fair Value | 0 | |
Total, Estimated Fair Value | 97,471 | |
Less Than 12 Months, Unrealized Loss | (1,877) | |
12 Months or More, Unrealized Loss | 0 | |
Total, Unrealized Loss | $ (1,877) |
Securities - Contractual Maturi
Securities - Contractual Maturities on Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Available for Sale, Amortized Cost | ||
Within 1 year | $ 24,889 | |
After 1 year through 5 years | 140,217 | |
After 5 years through 10 years | 299,581 | |
After 10 years | 815,684 | |
Amortized Cost | 1,280,371 | $ 1,559,189 |
Available for Sale, Estimated Fair Value | ||
Within 1 year | 25,027 | |
After 1 year through 5 years | 143,636 | |
After 5 years through 10 years | 313,242 | |
After 10 years | 835,819 | |
Estimated Fair Value | 1,317,724 | 1,568,752 |
Held to Maturity, Amortized Cost | ||
Within 1 year | 0 | |
After 1 year through 5 years | 0 | |
After 5 years through 10 years | 11,463 | |
After 10 years | 50,213 | |
Amortized Cost | 61,676 | $ 73,876 |
Held to Maturity, Estimated Fair Value | ||
Within 1 year | 0 | |
After 1 year through 5 years | 0 | |
After 5 years through 10 years | 12,020 | |
After 10 years | 52,136 | |
Estimated Fair Value | $ 64,156 |
Loans - Loan Portfolio by Class
Loans - Loan Portfolio by Classes (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 5,924,617 | $ 5,744,339 | $ 5,751,791 |
Real estate loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 4,520,799 | 4,405,278 | 3,139,916 |
Real estate loans | Non-owner occupied | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 1,797,230 | 1,891,802 | |
Real estate loans | Multi-family residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 853,159 | 801,626 | |
Real estate loans | Land development and construction loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 335,184 | 278,688 | |
Real estate loans | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 2,985,573 | 2,972,116 | |
Real estate loans | Single-family residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 597,280 | 539,102 | |
Real estate loans | Owner occupied | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 937,946 | 894,060 | |
Commercial loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 1,197,156 | 1,234,043 | 2,055,384 |
Loans to financial institutions and acceptances | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 16,623 | 16,552 | 24,815 |
Consumer loans and overdrafts | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 190,039 | $ 88,466 | $ 531,676 |
Loans - Narrative (Details)
Loans - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Receivables [Abstract] | ||
Loans pledged as collateral | $ 1,400 | $ 1,600 |
Syndication facilities included in loans | 458 | 562 |
Cash collateral on loans | $ 12.4 | $ 15.2 |
Loans - Loan Portfolio by Count
Loans - Loan Portfolio by Countries (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 5,924,617,000 | $ 5,744,339,000 | $ 5,751,791,000 |
Credit Cards | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 0 | ||
Others | Assets, total | Geographic concentration risk | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration risk, percentage | 1.00% | ||
International | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 151,316,000 | 171,437,000 | |
International | Venezuela | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 91,004,000 | 112,297,000 | |
International | Others | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 60,312,000 | 59,140,000 | |
Real estate loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 4,520,799,000 | 4,405,278,000 | 3,139,916,000 |
Real estate loans | International | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 100,666,000 | 111,671,000 | |
Real estate loans | International | Venezuela | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 90,768,000 | 103,979,000 | |
Real estate loans | International | Others | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 9,898,000 | 7,692,000 | |
Commercial loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 1,197,156,000 | 1,234,043,000 | 2,055,384,000 |
Commercial loans | International | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 44,491,000 | 43,850,000 | |
Commercial loans | International | Venezuela | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 0 | 0 | |
Commercial loans | International | Others | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 44,491,000 | 43,850,000 | |
Loans to financial institutions and acceptances | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 16,623,000 | 16,552,000 | 24,815,000 |
Loans to financial institutions and acceptances | International | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 15,000 | 5,000 | |
Loans to financial institutions and acceptances | International | Venezuela | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 0 | 0 | |
Loans to financial institutions and acceptances | International | Others | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 15,000 | 5,000 | |
Consumer loans and overdrafts | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 190,039,000 | 88,466,000 | $ 531,676,000 |
Consumer loans and overdrafts | International | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 6,144,000 | 15,911,000 | |
Consumer loans and overdrafts | International | Venezuela | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 236,000 | 8,318,000 | |
Consumer loans and overdrafts | International | Others | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 5,908,000 | $ 7,593,000 |
Loans - Loans by Delinquency (D
Loans - Loans by Delinquency (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Financing Receivable, Past Due [Line Items] | |||
Total Loans, Net of Unearned Income | $ 5,924,617 | $ 5,744,339 | $ 5,751,791 |
Current | 5,879,965 | 5,721,574 | |
Past Due | 44,652 | 22,765 | |
Total Loans in Nonaccrual Status | 86,478 | 32,922 | |
Total Loans 90 Days or More Past Due and Accruing | 2 | 5 | |
30-59 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 11,346 | 10,579 | |
60-89 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 6,392 | 3,756 | |
Greater than 90 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 26,914 | 8,430 | |
Real estate loans | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans, Net of Unearned Income | 4,520,799 | 4,405,278 | 3,139,916 |
Current | 4,504,290 | 4,390,672 | |
Past Due | 16,509 | 14,606 | |
Total Loans in Nonaccrual Status | 35,383 | 23,357 | |
Total Loans 90 Days or More Past Due and Accruing | 1 | 0 | |
Real estate loans | 30-59 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 4,038 | 5,946 | |
Real estate loans | 60-89 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 312 | 2,972 | |
Real estate loans | Greater than 90 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 12,159 | 5,688 | |
Real estate loans | Non-owner occupied | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans, Net of Unearned Income | 1,797,230 | 1,891,802 | |
Current | 1,790,583 | 1,891,801 | |
Past Due | 6,647 | 1 | |
Total Loans in Nonaccrual Status | 8,289 | 1,936 | |
Total Loans 90 Days or More Past Due and Accruing | 0 | 0 | |
Real estate loans | Non-owner occupied | 30-59 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 157 | 1 | |
Real estate loans | Non-owner occupied | 60-89 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 0 | 0 | |
Real estate loans | Non-owner occupied | Greater than 90 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 6,490 | 0 | |
Real estate loans | Multi-family residential | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans, Net of Unearned Income | 853,159 | 801,626 | |
Current | 853,159 | 801,626 | |
Past Due | 0 | 0 | |
Total Loans in Nonaccrual Status | 1,484 | 0 | |
Total Loans 90 Days or More Past Due and Accruing | 0 | 0 | |
Real estate loans | Multi-family residential | 30-59 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 0 | 0 | |
Real estate loans | Multi-family residential | 60-89 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 0 | 0 | |
Real estate loans | Multi-family residential | Greater than 90 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 0 | 0 | |
Real estate loans | Land development and construction loans | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans, Net of Unearned Income | 335,184 | 278,688 | |
Current | 335,184 | 278,688 | |
Past Due | 0 | 0 | |
Total Loans in Nonaccrual Status | 0 | 0 | |
Total Loans 90 Days or More Past Due and Accruing | 0 | 0 | |
Real estate loans | Land development and construction loans | 30-59 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 0 | 0 | |
Real estate loans | Land development and construction loans | 60-89 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 0 | 0 | |
Real estate loans | Land development and construction loans | Greater than 90 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 0 | 0 | |
Real estate loans | Commercial real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans, Net of Unearned Income | 2,985,573 | 2,972,116 | |
Current | 2,978,926 | 2,972,115 | |
Past Due | 6,647 | 1 | |
Total Loans in Nonaccrual Status | 9,773 | 1,936 | |
Total Loans 90 Days or More Past Due and Accruing | 0 | 0 | |
Real estate loans | Commercial real estate | 30-59 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 157 | 1 | |
Real estate loans | Commercial real estate | 60-89 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 0 | 0 | |
Real estate loans | Commercial real estate | Greater than 90 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 6,490 | 0 | |
Real estate loans | Single-family residential | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans, Net of Unearned Income | 597,280 | 539,102 | |
Current | 594,172 | 530,399 | |
Past Due | 3,108 | 8,703 | |
Total Loans in Nonaccrual Status | 11,071 | 7,291 | |
Total Loans 90 Days or More Past Due and Accruing | 1 | 0 | |
Real estate loans | Single-family residential | 30-59 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 0 | 4,585 | |
Real estate loans | Single-family residential | 60-89 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 312 | 1,248 | |
Real estate loans | Single-family residential | Greater than 90 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 2,796 | 2,870 | |
Real estate loans | Owner occupied | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans, Net of Unearned Income | 937,946 | 894,060 | |
Current | 931,192 | 888,158 | |
Past Due | 6,754 | 5,902 | |
Total Loans in Nonaccrual Status | 14,539 | 14,130 | |
Total Loans 90 Days or More Past Due and Accruing | 0 | 0 | |
Real estate loans | Owner occupied | 30-59 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 3,881 | 1,360 | |
Real estate loans | Owner occupied | 60-89 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 0 | 1,724 | |
Real estate loans | Owner occupied | Greater than 90 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 2,873 | 2,818 | |
Commercial loans | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans, Net of Unearned Income | 1,197,156 | 1,234,043 | 2,055,384 |
Current | 1,169,103 | 1,226,320 | |
Past Due | 28,053 | 7,723 | |
Total Loans in Nonaccrual Status | 50,991 | 9,149 | |
Total Loans 90 Days or More Past Due and Accruing | 0 | 0 | |
Commercial loans | 30-59 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 7,293 | 4,418 | |
Commercial loans | 60-89 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 6,061 | 608 | |
Commercial loans | Greater than 90 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 14,699 | 2,697 | |
Loans to financial institutions and acceptances | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans, Net of Unearned Income | 16,623 | 16,552 | 24,815 |
Current | 16,623 | 16,552 | |
Past Due | 0 | 0 | |
Total Loans in Nonaccrual Status | 0 | 0 | |
Total Loans 90 Days or More Past Due and Accruing | 0 | 0 | |
Loans to financial institutions and acceptances | 30-59 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 0 | 0 | |
Loans to financial institutions and acceptances | 60-89 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 0 | 0 | |
Loans to financial institutions and acceptances | Greater than 90 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 0 | 0 | |
Consumer loans and overdrafts | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans, Net of Unearned Income | 190,039 | 88,466 | $ 531,676 |
Current | 189,949 | 88,030 | |
Past Due | 90 | 436 | |
Total Loans in Nonaccrual Status | 104 | 416 | |
Total Loans 90 Days or More Past Due and Accruing | 1 | 5 | |
Consumer loans and overdrafts | 30-59 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 15 | 215 | |
Consumer loans and overdrafts | 60-89 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 19 | 176 | |
Consumer loans and overdrafts | Greater than 90 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | $ 56 | $ 45 |
Allowance for Loan Losses - All
Allowance for Loan Losses - Allowances by Loan Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | |
Allowance for Credit Losses | |||||||
Balances at beginning of the period | $ 119,652 | $ 57,404 | $ 52,223 | $ 61,762 | |||
Provision for (reversal of) loan losses | 18,000 | (1,500) | 88,620 | (2,850) | |||
Recoveries | 216 | 402 | 759 | 1,027 | |||
Balances at end of the period | 116,819 | 53,640 | 116,819 | 53,640 | |||
Allowance for loan losses by impairment methodology, Individually evaluated | $ 26,551 | $ 3,304 | |||||
Allowance for loan losses by impairment methodology, Collectively evaluated | 90,268 | 50,336 | |||||
Allowance for credit loss | 116,819 | 53,640 | 116,819 | 61,762 | 116,819 | $ 52,223 | 53,640 |
Investment in loans, net of unearned income, Individually evaluated | 86,741 | 27,177 | |||||
Investment in loans, net of unearned income, Collectively evaluated | 5,837,876 | 5,724,614 | |||||
Total Loans, Net of Unearned Income | 5,924,617 | 5,744,339 | 5,751,791 | ||||
Domestic | |||||||
Allowance for Credit Losses | |||||||
Loans charged-off | (21,045) | (1,005) | (24,487) | (3,277) | |||
International | |||||||
Allowance for Credit Losses | |||||||
Loans charged-off | (4) | (1,661) | (296) | (3,022) | |||
Total Loans, Net of Unearned Income | 151,316 | 171,437 | |||||
Real Estate | |||||||
Allowance for Credit Losses | |||||||
Balances at beginning of the period | 54,498 | 21,900 | 25,040 | 22,778 | |||
Provision for (reversal of) loan losses | 1,259 | 487 | 30,717 | (391) | |||
Recoveries | 0 | 0 | 0 | 0 | |||
Balances at end of the period | 55,757 | 22,387 | 55,757 | 22,387 | |||
Allowance for loan losses by impairment methodology, Individually evaluated | 2,450 | 397 | |||||
Allowance for loan losses by impairment methodology, Collectively evaluated | 53,307 | 21,990 | |||||
Allowance for credit loss | 55,757 | 22,387 | 55,757 | 22,778 | 55,757 | 25,040 | 22,387 |
Investment in loans, net of unearned income, Individually evaluated | 1,936 | ||||||
Investment in loans, net of unearned income, Collectively evaluated | 3,137,980 | ||||||
Total Loans, Net of Unearned Income | 4,520,799 | 4,405,278 | 3,139,916 | ||||
Real Estate | Financing Receivable | |||||||
Allowance for Credit Losses | |||||||
Investment in loans, net of unearned income, Individually evaluated | 9,772 | ||||||
Investment in loans, net of unearned income, Collectively evaluated | 2,950,354 | ||||||
Total Loans, Net of Unearned Income | 2,960,126 | ||||||
Real Estate | Domestic | |||||||
Allowance for Credit Losses | |||||||
Loans charged-off | 0 | 0 | 0 | 0 | |||
Real Estate | International | |||||||
Allowance for Credit Losses | |||||||
Loans charged-off | 0 | 0 | 0 | 0 | |||
Total Loans, Net of Unearned Income | 100,666 | 111,671 | |||||
Commercial | |||||||
Allowance for Credit Losses | |||||||
Balances at beginning of the period | 57,579 | 25,824 | 22,482 | 30,018 | |||
Provision for (reversal of) loan losses | 11,048 | (388) | 49,120 | (3,065) | |||
Recoveries | 123 | 190 | 358 | 600 | |||
Balances at end of the period | 47,840 | 24,719 | 47,840 | 24,719 | |||
Allowance for loan losses by impairment methodology, Individually evaluated | 23,154 | 1,722 | |||||
Allowance for loan losses by impairment methodology, Collectively evaluated | 24,686 | 22,997 | |||||
Allowance for credit loss | 47,840 | 24,719 | 47,840 | 30,018 | 47,840 | 22,482 | 24,719 |
Investment in loans, net of unearned income, Individually evaluated | 19,234 | ||||||
Investment in loans, net of unearned income, Collectively evaluated | 2,036,150 | ||||||
Total Loans, Net of Unearned Income | 1,197,156 | 1,234,043 | 2,055,384 | ||||
Commercial | Financing Receivable | |||||||
Allowance for Credit Losses | |||||||
Investment in loans, net of unearned income, Individually evaluated | 68,964 | ||||||
Investment in loans, net of unearned income, Collectively evaluated | 2,215,505 | ||||||
Total Loans, Net of Unearned Income | 2,284,469 | ||||||
Commercial | Domestic | |||||||
Allowance for Credit Losses | |||||||
Loans charged-off | (20,910) | (907) | (24,086) | (2,773) | |||
Commercial | International | |||||||
Allowance for Credit Losses | |||||||
Loans charged-off | 0 | 0 | (34) | (61) | |||
Total Loans, Net of Unearned Income | 44,491 | 43,850 | |||||
Financial Institutions | |||||||
Allowance for Credit Losses | |||||||
Balances at beginning of the period | 0 | 60 | 42 | 445 | |||
Provision for (reversal of) loan losses | 0 | (2) | (42) | (387) | |||
Recoveries | 0 | 0 | 0 | 0 | |||
Balances at end of the period | 0 | 58 | 0 | 58 | |||
Allowance for loan losses by impairment methodology, Individually evaluated | 0 | 0 | |||||
Allowance for loan losses by impairment methodology, Collectively evaluated | 0 | 58 | |||||
Allowance for credit loss | 0 | 58 | 42 | 58 | 0 | 42 | 58 |
Investment in loans, net of unearned income, Individually evaluated | 0 | ||||||
Investment in loans, net of unearned income, Collectively evaluated | 24,815 | ||||||
Total Loans, Net of Unearned Income | 16,623 | 16,552 | 24,815 | ||||
Financial Institutions | Financing Receivable | |||||||
Allowance for Credit Losses | |||||||
Investment in loans, net of unearned income, Individually evaluated | 0 | ||||||
Investment in loans, net of unearned income, Collectively evaluated | 16,623 | ||||||
Total Loans, Net of Unearned Income | 16,623 | ||||||
Financial Institutions | Domestic | |||||||
Allowance for Credit Losses | |||||||
Loans charged-off | 0 | 0 | 0 | 0 | |||
Financial Institutions | International | |||||||
Allowance for Credit Losses | |||||||
Loans charged-off | 0 | 0 | 0 | 0 | |||
Total Loans, Net of Unearned Income | 15 | 5 | |||||
Consumer and Others | |||||||
Allowance for Credit Losses | |||||||
Balances at beginning of the period | 7,575 | 9,620 | 4,659 | 8,521 | |||
Provision for (reversal of) loan losses | 5,693 | (1,597) | 8,825 | 993 | |||
Recoveries | 93 | 212 | 401 | 427 | |||
Balances at end of the period | 13,222 | 6,476 | 13,222 | 6,476 | |||
Allowance for loan losses by impairment methodology, Individually evaluated | 947 | 1,185 | |||||
Allowance for loan losses by impairment methodology, Collectively evaluated | 12,275 | 5,291 | |||||
Allowance for credit loss | 13,222 | 6,476 | 4,659 | 6,476 | 13,222 | 4,659 | 6,476 |
Investment in loans, net of unearned income, Individually evaluated | 6,007 | ||||||
Investment in loans, net of unearned income, Collectively evaluated | 525,669 | ||||||
Total Loans, Net of Unearned Income | 190,039 | 88,466 | $ 531,676 | ||||
Consumer and Others | Financing Receivable | |||||||
Allowance for Credit Losses | |||||||
Investment in loans, net of unearned income, Individually evaluated | 8,005 | ||||||
Investment in loans, net of unearned income, Collectively evaluated | 655,394 | ||||||
Total Loans, Net of Unearned Income | 663,399 | ||||||
Consumer and Others | Domestic | |||||||
Allowance for Credit Losses | |||||||
Loans charged-off | (135) | (98) | (401) | (504) | |||
Consumer and Others | International | |||||||
Allowance for Credit Losses | |||||||
Loans charged-off | $ (4) | $ (1,661) | $ (262) | $ (2,961) | |||
Total Loans, Net of Unearned Income | $ 6,144 | $ 15,911 |
Allowance for Loan Losses - Rec
Allowance for Loan Losses - Recorded Investment of Loan Sales (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Financing Receivable, Impaired [Line Items] | ||||
Amount of loan sales | $ 1,891 | $ 45,338 | $ 17,126 | $ 259,754 |
Real Estate | ||||
Financing Receivable, Impaired [Line Items] | ||||
Amount of loan sales | 0 | 0 | 0 | 23,475 |
Commercial | ||||
Financing Receivable, Impaired [Line Items] | ||||
Amount of loan sales | 0 | 43,190 | 11,901 | 229,310 |
Financial Institutions | ||||
Financing Receivable, Impaired [Line Items] | ||||
Amount of loan sales | 0 | 0 | 0 | 0 |
Consumer and Others | ||||
Financing Receivable, Impaired [Line Items] | ||||
Amount of loan sales | $ 1,891 | $ 2,148 | $ 5,225 | $ 6,969 |
Allowance for Loan Losses - Imp
Allowance for Loan Losses - Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With a Valuation Allowance | $ 48,263 | $ 21,654 | |
Recorded Investment, Without a Valuation Allowance | 38,478 | 8,657 | |
Recorded Investment, Total | 86,741 | 30,311 | |
Year Average | $ 25,618 | 57,073 | |
Total Unpaid Principal Balance | 108,484 | 30,386 | |
Valuation Allowance | 26,551 | 4,274 | |
Real estate loans | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With a Valuation Allowance | 14,193 | 12,844 | |
Recorded Investment, Without a Valuation Allowance | 21,450 | 8,635 | |
Recorded Investment, Total | 35,643 | 21,479 | |
Year Average | 16,913 | 27,221 | |
Total Unpaid Principal Balance | 35,607 | 21,508 | |
Valuation Allowance | 3,584 | 2,608 | |
Real estate loans | Non-owner occupied | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With a Valuation Allowance | 8,289 | 1,936 | |
Recorded Investment, Without a Valuation Allowance | 0 | 0 | |
Recorded Investment, Total | 8,289 | 1,936 | |
Year Average | 1,459 | 5,147 | |
Total Unpaid Principal Balance | 8,296 | 1,936 | |
Valuation Allowance | 2,450 | 1,161 | |
Real estate loans | Multi-family residential | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With a Valuation Allowance | 0 | 0 | |
Recorded Investment, Without a Valuation Allowance | 1,484 | 0 | |
Recorded Investment, Total | 1,484 | 0 | |
Year Average | 342 | 371 | |
Total Unpaid Principal Balance | 1,477 | 0 | |
Valuation Allowance | 0 | 0 | |
Real estate loans | Land development and construction loans | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With a Valuation Allowance | 0 | 0 | |
Recorded Investment, Without a Valuation Allowance | 0 | 0 | |
Recorded Investment, Total | 0 | 0 | |
Year Average | 0 | 0 | |
Total Unpaid Principal Balance | 0 | 0 | |
Valuation Allowance | 0 | 0 | |
Real estate loans | Commercial real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With a Valuation Allowance | 8,289 | 1,936 | |
Recorded Investment, Without a Valuation Allowance | 1,484 | 0 | |
Recorded Investment, Total | 9,773 | 1,936 | |
Year Average | 1,801 | 5,518 | |
Total Unpaid Principal Balance | 9,773 | 1,936 | |
Valuation Allowance | 2,450 | 1,161 | |
Real estate loans | Single-family residential | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With a Valuation Allowance | 5,246 | 4,739 | |
Recorded Investment, Without a Valuation Allowance | 6,085 | 729 | |
Recorded Investment, Total | 11,331 | 5,468 | |
Year Average | 5,564 | 8,093 | |
Total Unpaid Principal Balance | 11,462 | 5,598 | |
Valuation Allowance | 913 | 946 | |
Real estate loans | Owner occupied | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With a Valuation Allowance | 658 | 6,169 | |
Recorded Investment, Without a Valuation Allowance | 13,881 | 7,906 | |
Recorded Investment, Total | 14,539 | 14,075 | |
Year Average | 9,548 | 13,610 | |
Total Unpaid Principal Balance | 14,372 | 13,974 | |
Valuation Allowance | 221 | 501 | |
Commercial loans | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With a Valuation Allowance | 33,975 | 8,415 | |
Recorded Investment, Without a Valuation Allowance | 17,020 | 13 | |
Recorded Investment, Total | 50,995 | 8,428 | |
Year Average | 8,552 | 29,588 | |
Total Unpaid Principal Balance | 72,777 | 8,476 | |
Valuation Allowance | 22,933 | 1,288 | |
Consumer loans and overdrafts | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With a Valuation Allowance | 95 | 395 | |
Recorded Investment, Without a Valuation Allowance | 8 | 9 | |
Recorded Investment, Total | 103 | 404 | |
Year Average | $ 153 | 264 | |
Total Unpaid Principal Balance | 100 | 402 | |
Valuation Allowance | $ 34 | $ 378 |
Allowance for Loan Losses - TDR
Allowance for Loan Losses - TDR Loans (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020USD ($)contract | Sep. 30, 2019USD ($)contract | Sep. 30, 2020USD ($)contract | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($)contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Contracts | contract | 16 | 16 | 12 | ||
Recorded Investment | $ 9,875 | $ 9,875 | $ 11,645 | ||
Recorded investment | $ 86,741 | $ 86,741 | $ 30,311 | ||
Number of Contracts | contract | 7 | 4 | 7 | 5 | |
Recorded Investment | $ 1,010 | $ 9,535 | $ 1,010 | $ 9,722 | |
TDR loans modified that subsequently defaulted | $ 7,000 | ||||
Real estate loans | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Contracts | contract | 7 | 7 | 9 | ||
Recorded Investment | $ 8,986 | $ 8,986 | $ 8,954 | ||
Recorded investment | $ 35,643 | $ 35,643 | $ 21,479 | ||
Number of Contracts | contract | 1 | 3 | 1 | 4 | |
Recorded Investment | $ 820 | $ 6,827 | $ 820 | $ 7,014 | |
Real estate loans | South Florida | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Recorded Investment | $ 7,000 | $ 7,000 | $ 9,800 | ||
Real estate loans | Non-owner occupied | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Contracts | contract | 1 | 1 | 1 | ||
Recorded Investment | $ 1,798 | $ 1,798 | $ 1,936 | ||
Recorded investment | $ 8,289 | $ 8,289 | $ 1,936 | ||
Write-offs | $ 1,900 | ||||
Number of Contracts | contract | 0 | 1 | 0 | 1 | |
Recorded Investment | $ 0 | $ 1,936 | $ 0 | $ 1,936 | |
Real estate loans | Single-family residential | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Contracts | contract | 2 | 2 | 4 | ||
Recorded Investment | $ 270 | $ 270 | $ 438 | ||
Recorded investment | $ 11,331 | $ 11,331 | $ 5,468 | ||
Number of Contracts | contract | 0 | 0 | 0 | 1 | |
Recorded Investment | $ 0 | $ 0 | $ 0 | $ 187 | |
Real estate loans | Owner occupied | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Contracts | contract | 4 | 4 | 4 | ||
Recorded Investment | $ 6,918 | $ 6,918 | $ 6,580 | ||
Recorded investment | $ 14,539 | $ 14,539 | $ 14,075 | ||
Number of Contracts | contract | 1 | 2 | 1 | 2 | |
Recorded Investment | $ 820 | $ 4,891 | $ 820 | $ 4,891 | |
Real estate loans | Residential Loans | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Recorded investment | $ 2,000 | $ 2,000 | $ 2,200 | ||
Commercial loans | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Contracts | contract | 8 | 8 | 2 | ||
Recorded Investment | $ 881 | $ 881 | $ 2,682 | ||
Recorded investment | $ 50,995 | $ 50,995 | $ 8,428 | ||
Number of Contracts | contract | 6 | 1 | 6 | 1 | |
Recorded Investment | $ 190 | $ 2,708 | $ 190 | $ 2,708 | |
Consumer loans and overdrafts | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Contracts | contract | 1 | 1 | 1 | ||
Recorded Investment | $ 8 | $ 8 | $ 9 | ||
Real Estate and Commercial | Owner occupied | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Specific reserves | $ 1,100 | $ 1,100 |
Allowance for Loan Losses - Cre
Allowance for Loan Losses - Credit Risk Quality (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | $ 5,924,617 | $ 5,744,339 | $ 5,751,791 |
Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 5,751,431 | 5,675,625 | |
Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 85,648 | 32,986 | |
Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 71,884 | 30,766 | |
Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 15,654 | 4,962 | |
Loss | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Real estate loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 4,520,799 | 4,405,278 | 3,139,916 |
Real estate loans | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 4,426,029 | 4,353,632 | |
Real estate loans | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 58,537 | 27,417 | |
Real estate loans | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 34,435 | 22,293 | |
Real estate loans | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 1,798 | 1,936 | |
Real estate loans | Loss | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Real estate loans | Non-owner occupied | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 1,797,230 | 1,891,802 | |
Real estate loans | Non-owner occupied | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 1,771,416 | 1,879,780 | |
Real estate loans | Non-owner occupied | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 16,780 | 9,324 | |
Real estate loans | Non-owner occupied | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 7,236 | 762 | |
Real estate loans | Non-owner occupied | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 1,798 | 1,936 | |
Real estate loans | Non-owner occupied | Loss | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Real estate loans | Multi-family residential | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 853,159 | 801,626 | |
Real estate loans | Multi-family residential | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 851,675 | 801,626 | |
Real estate loans | Multi-family residential | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Real estate loans | Multi-family residential | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 1,484 | 0 | |
Real estate loans | Multi-family residential | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Real estate loans | Multi-family residential | Loss | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Real estate loans | Land development and construction loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 335,184 | 278,688 | |
Real estate loans | Land development and construction loans | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 327,983 | 268,733 | |
Real estate loans | Land development and construction loans | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 7,201 | 9,955 | |
Real estate loans | Land development and construction loans | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Real estate loans | Land development and construction loans | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Real estate loans | Land development and construction loans | Loss | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Real estate loans | Commercial real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 2,985,573 | 2,972,116 | |
Real estate loans | Commercial real estate | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 2,951,074 | 2,950,139 | |
Real estate loans | Commercial real estate | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 23,981 | 19,279 | |
Real estate loans | Commercial real estate | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 8,720 | 762 | |
Real estate loans | Commercial real estate | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 1,798 | 1,936 | |
Real estate loans | Commercial real estate | Loss | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Real estate loans | Single-family residential | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 597,280 | 539,102 | |
Real estate loans | Single-family residential | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 586,208 | 531,811 | |
Real estate loans | Single-family residential | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Real estate loans | Single-family residential | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 11,072 | 7,291 | |
Real estate loans | Single-family residential | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Real estate loans | Single-family residential | Loss | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Real estate loans | Owner occupied | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 937,946 | 894,060 | |
Real estate loans | Owner occupied | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 888,747 | 871,682 | |
Real estate loans | Owner occupied | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 34,556 | 8,138 | |
Real estate loans | Owner occupied | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 14,643 | 14,240 | |
Real estate loans | Owner occupied | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Real estate loans | Owner occupied | Loss | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Commercial loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 1,197,156 | 1,234,043 | 2,055,384 |
Commercial loans | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 1,118,851 | 1,217,399 | |
Commercial loans | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 27,111 | 5,569 | |
Commercial loans | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 37,338 | 8,406 | |
Commercial loans | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 13,856 | 2,669 | |
Commercial loans | Loss | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Loans to financial institutions and acceptances | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 16,623 | 16,552 | 24,815 |
Loans to financial institutions and acceptances | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 16,623 | 16,552 | |
Loans to financial institutions and acceptances | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Loans to financial institutions and acceptances | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Loans to financial institutions and acceptances | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Loans to financial institutions and acceptances | Loss | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Consumer loans and overdrafts | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 190,039 | 88,466 | $ 531,676 |
Consumer loans and overdrafts | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 189,928 | 88,042 | |
Consumer loans and overdrafts | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Consumer loans and overdrafts | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 111 | 67 | |
Consumer loans and overdrafts | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 357 | |
Consumer loans and overdrafts | Loss | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | $ 0 | $ 0 |
Time Deposits (Details)
Time Deposits (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Time Deposits Disclosure [Abstract] | ||
Time deposits, $100,000 or more | $ 1,400 | $ 1,400 |
Time deposits, $250,000 or more | 763 | 733 |
Brokered time deposits | $ 487 | $ 662 |
Advances from the Federal Hom_3
Advances from the Federal Home Loan Bank and Other Borrowings (Details) - USD ($) $ in Thousands | Apr. 01, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
2020 | $ 0 | ||
2020 | $ 135,000 | ||
2020, Variable | 0 | ||
2020, Variable | 150,000 | ||
2021 | 0 | 210,000 | |
2022 | 50,000 | 120,000 | |
2023 | 1,000,000 | 620,000 | |
Advances from Federal Home Loan Banks | 1,050,000 | 1,235,000 | |
Advances from Federal Home Loan Banks with modified maturities | $ 420,000 | ||
Loss on Advances from Federal Home Loan Banks with modified maturities | $ 17,000 | ||
Callable Option | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Advances from Federal Home Loan Banks | $ 530,000 | $ 530,000 | |
Minimum | Callable Option | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Fixed interest rate | 0.62% | ||
Maximum | Callable Option | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Fixed interest rate | 0.97% | 0.97% | |
3-month LIBOR | Minimum | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Interest Rate 2020 | 0.44% | ||
Interest Rate 2020, Variable | 1.73% | ||
Interest Rate 2021 | 1.75% | ||
Interest Rate 2022 | 0.65% | ||
Interest Rate 2023 | 0.62% | ||
3-month LIBOR | Maximum | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Interest Rate 2020 | 2.35% | ||
Interest Rate 2020, Variable | 2.03% | ||
Interest Rate 2021 | 3.08% | ||
Interest Rate 2022 | 2.80% | ||
Interest Rate 2023 | 3.23% |
Senior Notes (Details)
Senior Notes (Details) - Senior Notes - 5.75% Senior Notes due 2025 - USD ($) $ in Millions | Jun. 23, 2020 | Sep. 30, 2020 |
Debt Instrument [Line Items] | ||
Face amount | $ 60 | |
Interest rate, stated percentage | 5.75% | |
Debt issuance costs | $ 1.6 | $ 1.5 |
Proceeds from issuance of debt | $ 58.4 | $ 58.5 |
Debt issuance costs, amortization period | 5 years |
Junior Subordinated Debenture_3
Junior Subordinated Debentures Held by Trust Subsidiaries - Narrative (Details) - USD ($) $ in Millions | Jan. 30, 2020 | Mar. 31, 2020 |
Trust Redemption | ||
Debt Instrument [Line Items] | ||
Decrease in cash and cash equivalents | $ 27.1 | |
Decrease in financing liabilities | 28.1 | |
Decrease in other assets | 3.4 | |
Decrease in other liabilities | 2.2 | |
Unamortized issuance costs | 0.3 | |
Decrease in Company’s Tier 1 equity capital | $ 24.7 | |
8.90% Trust Preferred Securities | ||
Debt Instrument [Line Items] | ||
Preferred stock, redemption amount | $ 26.8 | |
Interest rate, stated percentage | 8.90% | |
Contractual call price | 100.00% |
Junior Subordinated Debenture_4
Junior Subordinated Debentures Held by Trust Subsidiaries - Outstanding Securities (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Amount of Trust Preferred Securities Issued by Trust | $ 62,250 | $ 89,080 |
Principal Amount of Debenture Issued to Trust | 64,178 | 92,246 |
Commercebank Capital Trust I | Junior Subordinated Notes, Maturing 2028 | Junior Subordinated Debt | ||
Debt Instrument [Line Items] | ||
Principal Amount of Debenture Issued to Trust | $ 0 | 28,068 |
Annual Rate of Trust Preferred Securities and Debentures | 8.90% | |
Commercebank Capital Trust VI | Junior Subordinated Notes, Maturing 2033 | Junior Subordinated Debt | ||
Debt Instrument [Line Items] | ||
Principal Amount of Debenture Issued to Trust | $ 9,537 | 9,537 |
Commercebank Capital Trust VI | Junior Subordinated Notes, Maturing 2033 | Junior Subordinated Debt | 3-M LIBOR | ||
Debt Instrument [Line Items] | ||
Annual Rate of Trust Preferred Securities and Debentures | 3.35% | |
Commercebank Capital Trust VII | Junior Subordinated Notes, Maturing 2033 | Junior Subordinated Debt | ||
Debt Instrument [Line Items] | ||
Principal Amount of Debenture Issued to Trust | $ 8,248 | 8,248 |
Commercebank Capital Trust VII | Junior Subordinated Notes, Maturing 2033 | Junior Subordinated Debt | 3-M LIBOR | ||
Debt Instrument [Line Items] | ||
Annual Rate of Trust Preferred Securities and Debentures | 3.25% | |
Commercebank Capital Trust VIII | Junior Subordinated Notes, Maturing 2034 | Junior Subordinated Debt | ||
Debt Instrument [Line Items] | ||
Principal Amount of Debenture Issued to Trust | $ 5,155 | 5,155 |
Commercebank Capital Trust VIII | Junior Subordinated Notes, Maturing 2034 | Junior Subordinated Debt | 3-M LIBOR | ||
Debt Instrument [Line Items] | ||
Annual Rate of Trust Preferred Securities and Debentures | 2.85% | |
Commercebank Capital Trust IX | Junior Subordinated Notes, Maturing 2038 | Junior Subordinated Debt | ||
Debt Instrument [Line Items] | ||
Principal Amount of Debenture Issued to Trust | $ 25,774 | 25,774 |
Commercebank Capital Trust IX | Junior Subordinated Notes, Maturing 2038 | Junior Subordinated Debt | 3-M LIBOR | ||
Debt Instrument [Line Items] | ||
Annual Rate of Trust Preferred Securities and Debentures | 1.75% | |
Commercebank Capital Trust X | Junior Subordinated Notes, Maturing 2036 | Junior Subordinated Debt | ||
Debt Instrument [Line Items] | ||
Principal Amount of Debenture Issued to Trust | $ 15,464 | 15,464 |
Commercebank Capital Trust X | Junior Subordinated Notes, Maturing 2036 | Junior Subordinated Debt | 3-M LIBOR | ||
Debt Instrument [Line Items] | ||
Annual Rate of Trust Preferred Securities and Debentures | 1.78% | |
Commercebank Capital Trust I | Junior Subordinated Notes, Maturing 2028 | ||
Debt Instrument [Line Items] | ||
Amount of Trust Preferred Securities Issued by Trust | $ 0 | 26,830 |
Commercebank Capital Trust VI | Junior Subordinated Notes, Maturing 2033 | ||
Debt Instrument [Line Items] | ||
Amount of Trust Preferred Securities Issued by Trust | 9,250 | 9,250 |
Commercebank Capital Trust VII | Junior Subordinated Notes, Maturing 2033 | ||
Debt Instrument [Line Items] | ||
Amount of Trust Preferred Securities Issued by Trust | 8,000 | 8,000 |
Commercebank Capital Trust VIII | Junior Subordinated Notes, Maturing 2034 | ||
Debt Instrument [Line Items] | ||
Amount of Trust Preferred Securities Issued by Trust | 5,000 | 5,000 |
Commercebank Capital Trust IX | Junior Subordinated Notes, Maturing 2038 | ||
Debt Instrument [Line Items] | ||
Amount of Trust Preferred Securities Issued by Trust | 25,000 | 25,000 |
Commercebank Capital Trust X | Junior Subordinated Notes, Maturing 2036 | ||
Debt Instrument [Line Items] | ||
Amount of Trust Preferred Securities Issued by Trust | $ 15,000 | $ 15,000 |
Derivative Instruments - Schedu
Derivative Instruments - Schedule of Derivatives (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | $ 44,744 | $ 12,097 |
Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | 46,588 | 11,809 |
Derivatives Designated as Hedging Instruments | Interest Rate Swap Contracts | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 0 | 301 |
Derivatives Designated as Hedging Instruments | Interest Rate Swap Contracts | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | 1,824 | 0 |
Derivatives Not Designated as Hedging Instruments | Interest Rate Swap Contracts | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 44,738 | 11,763 |
Derivatives Not Designated as Hedging Instruments | Interest Rate Swap Contracts | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | 44,738 | 11,763 |
Derivatives Not Designated as Hedging Instruments | Interest Rate Swap Contracts | Customers | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 44,738 | 11,236 |
Derivatives Not Designated as Hedging Instruments | Interest Rate Swap Contracts | Customers | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | 0 | 527 |
Derivatives Not Designated as Hedging Instruments | Interest Rate Swap Contracts | Third Party Broker | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 0 | 527 |
Derivatives Not Designated as Hedging Instruments | Interest Rate Swap Contracts | Third Party Broker | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | 44,738 | 11,236 |
Derivatives Not Designated as Hedging Instruments | Interest Rate Cap Contracts | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 6 | 33 |
Derivatives Not Designated as Hedging Instruments | Interest Rate Cap Contracts | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | 26 | 46 |
Derivatives Not Designated as Hedging Instruments | Interest Rate Cap Contracts | Customers | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 0 | 0 |
Derivatives Not Designated as Hedging Instruments | Interest Rate Cap Contracts | Customers | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | 26 | 46 |
Derivatives Not Designated as Hedging Instruments | Interest Rate Cap Contracts | Third Party Broker | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 6 | 33 |
Derivatives Not Designated as Hedging Instruments | Interest Rate Cap Contracts | Third Party Broker | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | $ 0 | $ 0 |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020USD ($)instrument | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)instrument | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($)instrument | |
Derivatives, Fair Value [Line Items] | |||||
Derivative, net hedge ineffectiveness gain (loss) | $ | $ 0 | $ 0 | $ 0 | $ 0 | |
Derivatives Not Designated as Hedging Instruments | Interest Rate Swap Contracts | Customers | |||||
Derivatives, Fair Value [Line Items] | |||||
Number of instruments held | instrument | 68 | 68 | 49 | ||
Notional amount | $ | $ 455,700,000 | $ 455,700,000 | $ 405,200,000 | ||
Derivatives Not Designated as Hedging Instruments | Interest Rate Swap Contracts | Third Party Broker | |||||
Derivatives, Fair Value [Line Items] | |||||
Number of instruments held | instrument | 68 | 68 | 49 | ||
Derivatives Not Designated as Hedging Instruments | Credit Risk Contract | |||||
Derivatives, Fair Value [Line Items] | |||||
Number of instruments held | instrument | 2 | 2 | 3 | ||
Notional amount | $ | $ 32,000,000 | $ 32,000,000 | $ 50,200,000 | ||
Derivatives Not Designated as Hedging Instruments | Interest Rate Cap Contracts | Customers | |||||
Derivatives, Fair Value [Line Items] | |||||
Number of instruments held | instrument | 18 | 18 | 16 | ||
Notional amount | $ | $ 360,900,000 | $ 360,900,000 | $ 315,200,000 | ||
Derivatives Not Designated as Hedging Instruments | Interest Rate Cap Contracts | Third Party Broker | |||||
Derivatives, Fair Value [Line Items] | |||||
Number of instruments held | instrument | 11 | 11 | 13 | ||
Notional amount | $ | $ 184,700,000 | $ 184,700,000 | $ 234,100,000 |
Stock-based Incentive Compens_3
Stock-based Incentive Compensation Plan - Restricted Stock (Details) | 9 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Number of restricted shares (in shares) | |
Non-vested shares, end of year (in shares) | 478,587 |
Restricted Stock | |
Number of restricted shares (in shares) | |
Non-vested shares, beginning of year (in shares) | 495,131 |
Grants in period (in shares) | 6,591 |
Vested (in shares) | (433) |
Forfeited (in shares) | (77,054) |
Non-vested shares, end of year (in shares) | 424,235 |
Weighted-average grant date fair value (in dollars per share) | |
Non-vested shares, beginning of year (in dollars per share) | $ / shares | $ 13.48 |
Granted, Weighted average grant date fair value (in dollars per share) | $ / shares | 15.17 |
Vested, Weighted average grant date fair value (in dollars per share) | $ / shares | 13.58 |
Forfeited, Weighted average grant date fair value (in dollars per share) | $ / shares | 13.45 |
Non-vested shares, end of year (in dollars per share) | $ / shares | $ 13.51 |
Stock-based Incentive Compens_4
Stock-based Incentive Compensation Plan - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Restricted Stock | Class A Common Stock | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Share-based compensation expense | $ 400 | $ 1,500 | $ 1,400 | $ 4,400 |
Nonvested awards, compensation not yet recognized | 1,600 | $ 1,600 | ||
Nonvested awards, compensation cost not yet recognized, period | 1 year | |||
RSUs | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Share-based compensation expense | 28 | $ 200 | ||
Nonvested awards, compensation not yet recognized | $ 300 | $ 300 | ||
Nonvested awards, compensation cost not yet recognized, period | 9 months 18 days |
Stock-based Incentive Compens_5
Stock-based Incentive Compensation Plan - Restricted Stock Units (Details) | 9 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Number of restricted shares (in shares) | |
Non-vested shares, end of year (in shares) | 478,587 |
Stock-settled RRSUs | |
Number of restricted shares (in shares) | |
Non-vested shares, beginning of year (in shares) | 35,489 |
Grants in period (in shares) | 22,302 |
Vested (in shares) | (3,439) |
Forfeited (in shares) | 0 |
Non-vested shares, end of year (in shares) | 54,352 |
Weighted-average grant date fair value (in dollars per share) | |
Non-vested shares, beginning of year (in dollars per share) | $ / shares | $ 13.91 |
Granted, Weighted average grant date fair value (in dollars per share) | $ / shares | 13.45 |
Vested, Weighted average grant date fair value (in dollars per share) | $ / shares | 18.17 |
Forfeited, Weighted average grant date fair value (in dollars per share) | $ / shares | 0 |
Non-vested shares, end of year (in dollars per share) | $ / shares | $ 13.45 |
Cash-settled RSUs | |
Number of restricted shares (in shares) | |
Non-vested shares, beginning of year (in shares) | 19,230 |
Grants in period (in shares) | 11,151 |
Vested (in shares) | 0 |
Forfeited (in shares) | 0 |
Non-vested shares, end of year (in shares) | 30,381 |
Weighted-average grant date fair value (in dollars per share) | |
Non-vested shares, beginning of year (in dollars per share) | $ / shares | $ 13.45 |
Granted, Weighted average grant date fair value (in dollars per share) | $ / shares | 13.45 |
Vested, Weighted average grant date fair value (in dollars per share) | $ / shares | 0 |
Forfeited, Weighted average grant date fair value (in dollars per share) | $ / shares | 0 |
Non-vested shares, end of year (in dollars per share) | $ / shares | $ 13.45 |
RSUs | |
Number of restricted shares (in shares) | |
Non-vested shares, beginning of year (in shares) | 54,719 |
Grants in period (in shares) | 33,453 |
Vested (in shares) | (3,439) |
Forfeited (in shares) | 0 |
Non-vested shares, end of year (in shares) | 84,733 |
Weighted-average grant date fair value (in dollars per share) | |
Non-vested shares, beginning of year (in dollars per share) | $ / shares | $ 13.75 |
Granted, Weighted average grant date fair value (in dollars per share) | $ / shares | 13.45 |
Vested, Weighted average grant date fair value (in dollars per share) | $ / shares | 18.17 |
Forfeited, Weighted average grant date fair value (in dollars per share) | $ / shares | 0 |
Non-vested shares, end of year (in dollars per share) | $ / shares | $ 13.45 |
Income Taxes (Details)
Income Taxes (Details) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 20.80% | 21.50% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (“AOCI”) - Componenets of AOCL (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Before Tax Amount | $ 42,138 | $ 17,516 |
Tax Effect | (10,302) | (4,282) |
Net of Tax Amount | 31,836 | 13,234 |
Net unrealized holding gains on debt securities available for sale | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Before Tax Amount | 37,353 | 9,563 |
Tax Effect | (9,132) | (2,338) |
Net of Tax Amount | 28,221 | 7,225 |
Net unrealized holding gains on interest rate swaps designated as cash flow hedges | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Before Tax Amount | 4,785 | 7,953 |
Tax Effect | (1,170) | (1,944) |
Net of Tax Amount | $ 3,615 | $ 6,009 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (“AOCI”) - Components of Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Before Tax Amount | ||||||||
Total other comprehensive (loss) income, Before Tax Amount | $ (3,826) | $ 7,901 | $ 24,622 | $ 46,686 | ||||
Tax Effect | ||||||||
Total other comprehensive (loss) income, Tax Effect | 935 | (1,932) | (6,020) | (11,414) | ||||
Net of Tax Amount | ||||||||
Reclassification adjustment for net gains (losses) included in net income, Net of Tax Amount | (6,687) | (965) | (19,583) | (2,242) | ||||
Other comprehensive (loss) income | (2,891) | $ 3,610 | $ 17,883 | 5,969 | $ 13,288 | $ 16,015 | 18,602 | 35,272 |
Net unrealized holding (losses) gains on debt securities available for sale: | ||||||||
Before Tax Amount | ||||||||
Change in fair value arising during the period, Before Tax Amount | 5,062 | 9,087 | 52,794 | 49,578 | ||||
Reclassification adjustment for net gains (losses) included in net income, Before Tax Amount | (8,644) | (906) | (25,004) | (1,902) | ||||
Total other comprehensive (loss) income, Before Tax Amount | (3,582) | 8,181 | 27,790 | 47,676 | ||||
Tax Effect | ||||||||
Change in fair value arising during the period, Tax Effect | (1,238) | (2,221) | (12,907) | (12,121) | ||||
Reclassification adjustment for net gains (losses) included in net income, Tax Effect | 2,113 | 221 | 6,113 | 465 | ||||
Total other comprehensive (loss) income, Tax Effect | 875 | (2,000) | (6,794) | (11,656) | ||||
Net of Tax Amount | ||||||||
Change in fair value arising during the period, Net of Tax Amount | 3,824 | 6,866 | 39,887 | 37,457 | ||||
Reclassification adjustment for net gains (losses) included in net income, Net of Tax Amount | (6,531) | (685) | (18,891) | (1,437) | ||||
Other comprehensive (loss) income | (2,707) | 6,181 | 20,996 | 36,020 | ||||
Net unrealized holding losses on interest rate swaps designated as cash flow hedges: | ||||||||
Before Tax Amount | ||||||||
Change in fair value arising during the period, Before Tax Amount | (37) | 90 | (2,252) | 75 | ||||
Reclassification adjustment for net gains (losses) included in net income, Before Tax Amount | (207) | (370) | (916) | (1,065) | ||||
Total other comprehensive (loss) income, Before Tax Amount | (244) | (280) | (3,168) | (990) | ||||
Tax Effect | ||||||||
Change in fair value arising during the period, Tax Effect | 9 | (22) | 550 | (18) | ||||
Reclassification adjustment for net gains (losses) included in net income, Tax Effect | 51 | 90 | 224 | 260 | ||||
Total other comprehensive (loss) income, Tax Effect | 60 | 68 | 774 | 242 | ||||
Net of Tax Amount | ||||||||
Change in fair value arising during the period, Net of Tax Amount | (28) | 68 | (1,702) | 57 | ||||
Reclassification adjustment for net gains (losses) included in net income, Net of Tax Amount | (156) | (280) | (692) | (805) | ||||
Other comprehensive (loss) income | $ (184) | $ (212) | $ (2,394) | $ (748) |
Stockholders_ Equity (Details)
Stockholders’ Equity (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 21, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Class A Common Stock | |||
Class of Stock [Line Items] | |||
Common stock, shares outstanding (in shares) | 28,860,423 | 28,927,576 | |
Common stock, shares issued (in shares) | 28,860,423 | 28,927,576 | |
Class B Common Stock | |||
Class of Stock [Line Items] | |||
Common stock, shares outstanding (in shares) | 13,286,137 | 14,218,596 | |
Common stock, shares issued (in shares) | 13,286,137 | 17,751,053 | |
Treasury stock (in shares) | 0 | 3,532,457 | |
Treasury stock, acquired (in shares) | 932,459 | ||
Treasury stock acquired (in dollars per share) | $ 16 | ||
Treasury stock acquired | $ 15.2 | ||
Broker fees and other expenses | $ 0.3 | ||
Treasury stock authorized for cancellation (in shares) | 4,464,916 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Rent expense | $ 1.7 | $ 1.3 | $ 4.7 | $ 4.1 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Off-Balance Sheet Credit Risk (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Approximate Contract Amount | $ 777,051 |
Commitments to extend credit | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Approximate Contract Amount | 764,621 |
Standby letters of credit | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Approximate Contract Amount | 12,075 |
Commercial letters of credit | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Approximate Contract Amount | $ 355 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Debt securities available for sale | ||
Debt securities available for sale | $ 1,317,724 | $ 1,568,752 |
Equity securities with readily determinable fair value not held for trading | 24,381 | 23,848 |
Fair Value, Measurements, Recurring | ||
Debt securities available for sale | ||
Debt securities available for sale | 1,317,724 | 1,568,752 |
Equity securities with readily determinable fair value not held for trading | 24,381 | 23,848 |
Bank owned life insurance | 216,130 | 211,852 |
Derivative instruments | 44,744 | 12,097 |
Assets, fair value | 1,602,979 | 1,816,549 |
Liabilities | ||
Derivative instruments | 46,588 | 11,809 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Debt securities available for sale | ||
Debt securities available for sale | 0 | 0 |
Equity securities with readily determinable fair value not held for trading | 0 | 0 |
Bank owned life insurance | 0 | 0 |
Derivative instruments | 0 | 0 |
Assets, fair value | 0 | 0 |
Liabilities | ||
Derivative instruments | 0 | 0 |
Fair Value, Measurements, Recurring | Third-Party Models with Observable Market Inputs (Level 2) | ||
Debt securities available for sale | ||
Debt securities available for sale | 1,317,724 | 1,568,752 |
Equity securities with readily determinable fair value not held for trading | 24,381 | 23,848 |
Bank owned life insurance | 216,130 | 211,852 |
Derivative instruments | 44,744 | 12,097 |
Assets, fair value | 1,602,979 | 1,816,549 |
Liabilities | ||
Derivative instruments | 46,588 | 11,809 |
Fair Value, Measurements, Recurring | Internal Models with Unobservable Market Inputs (Level 3) | ||
Debt securities available for sale | ||
Debt securities available for sale | 0 | 0 |
Equity securities with readily determinable fair value not held for trading | 0 | 0 |
Bank owned life insurance | 0 | 0 |
Derivative instruments | 0 | 0 |
Assets, fair value | 0 | 0 |
Liabilities | ||
Derivative instruments | 0 | 0 |
U.S. government-sponsored enterprise debt securities | ||
Debt securities available for sale | ||
Debt securities available for sale | 735,043 | 933,112 |
U.S. government-sponsored enterprise debt securities | Fair Value, Measurements, Recurring | ||
Debt securities available for sale | ||
Debt securities available for sale | 735,043 | 933,112 |
U.S. government-sponsored enterprise debt securities | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Debt securities available for sale | ||
Debt securities available for sale | 0 | 0 |
U.S. government-sponsored enterprise debt securities | Fair Value, Measurements, Recurring | Third-Party Models with Observable Market Inputs (Level 2) | ||
Debt securities available for sale | ||
Debt securities available for sale | 735,043 | 933,112 |
U.S. government-sponsored enterprise debt securities | Fair Value, Measurements, Recurring | Internal Models with Unobservable Market Inputs (Level 3) | ||
Debt securities available for sale | ||
Debt securities available for sale | 0 | 0 |
Corporate debt securities | ||
Debt securities available for sale | ||
Debt securities available for sale | 310,056 | 252,836 |
Corporate debt securities | Fair Value, Measurements, Recurring | ||
Debt securities available for sale | ||
Debt securities available for sale | 310,056 | 252,836 |
Corporate debt securities | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Debt securities available for sale | ||
Debt securities available for sale | 0 | 0 |
Corporate debt securities | Fair Value, Measurements, Recurring | Third-Party Models with Observable Market Inputs (Level 2) | ||
Debt securities available for sale | ||
Debt securities available for sale | 310,056 | 252,836 |
Corporate debt securities | Fair Value, Measurements, Recurring | Internal Models with Unobservable Market Inputs (Level 3) | ||
Debt securities available for sale | ||
Debt securities available for sale | 0 | 0 |
U.S. government agency debt securities | ||
Debt securities available for sale | ||
Debt securities available for sale | 215,091 | 228,397 |
U.S. government agency debt securities | Fair Value, Measurements, Recurring | ||
Debt securities available for sale | ||
Debt securities available for sale | 215,091 | 228,397 |
U.S. government agency debt securities | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Debt securities available for sale | ||
Debt securities available for sale | 0 | 0 |
U.S. government agency debt securities | Fair Value, Measurements, Recurring | Third-Party Models with Observable Market Inputs (Level 2) | ||
Debt securities available for sale | ||
Debt securities available for sale | 215,091 | 228,397 |
U.S. government agency debt securities | Fair Value, Measurements, Recurring | Internal Models with Unobservable Market Inputs (Level 3) | ||
Debt securities available for sale | ||
Debt securities available for sale | 0 | 0 |
Municipal bonds | ||
Debt securities available for sale | ||
Debt securities available for sale | 55,020 | 50,171 |
Municipal bonds | Fair Value, Measurements, Recurring | ||
Debt securities available for sale | ||
Debt securities available for sale | 55,020 | 50,171 |
Municipal bonds | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Debt securities available for sale | ||
Debt securities available for sale | 0 | 0 |
Municipal bonds | Fair Value, Measurements, Recurring | Third-Party Models with Observable Market Inputs (Level 2) | ||
Debt securities available for sale | ||
Debt securities available for sale | 55,020 | 50,171 |
Municipal bonds | Fair Value, Measurements, Recurring | Internal Models with Unobservable Market Inputs (Level 3) | ||
Debt securities available for sale | ||
Debt securities available for sale | 0 | 0 |
U.S treasury securities | ||
Debt securities available for sale | ||
Debt securities available for sale | 2,514 | 104,236 |
U.S treasury securities | Fair Value, Measurements, Recurring | ||
Debt securities available for sale | ||
Debt securities available for sale | 2,514 | 104,236 |
U.S treasury securities | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Debt securities available for sale | ||
Debt securities available for sale | 0 | 0 |
U.S treasury securities | Fair Value, Measurements, Recurring | Third-Party Models with Observable Market Inputs (Level 2) | ||
Debt securities available for sale | ||
Debt securities available for sale | 2,514 | 104,236 |
U.S treasury securities | Fair Value, Measurements, Recurring | Internal Models with Unobservable Market Inputs (Level 3) | ||
Debt securities available for sale | ||
Debt securities available for sale | $ 0 | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets (liabilities) measured at fair value | $ 0 | $ 0 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Instruments Where Fair Value Differes from Carrying Value (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Carrying Value | ||
Financial assets: | ||
Loans | $ 3,001,353 | $ 2,819,477 |
Financial liabilities: | ||
Time deposits | 1,767,243 | 1,745,735 |
Advances from the FHLB | 1,050,000 | 1,235,000 |
Senior notes | 58,498 | 0 |
Junior subordinated debentures | 64,178 | 92,246 |
Estimated Fair Value | ||
Financial assets: | ||
Loans | 2,914,257 | 2,721,291 |
Financial liabilities: | ||
Time deposits | 1,794,380 | 1,759,347 |
Advances from the FHLB | 1,082,595 | 1,244,515 |
Senior notes | 61,765 | 0 |
Junior subordinated debentures | $ 48,484 | $ 86,738 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Earnings Per Share [Abstract] | ||||||||
Net income (loss) available to common stockholders | $ 1,702 | $ (15,279) | $ 3,382 | $ 11,931 | $ 12,857 | $ 13,071 | $ (10,195) | $ 37,859 |
Basic weighted average shares outstanding (in shares) | 41,722,000 | 42,466,000 | 41,875,000 | 42,562,000 | ||||
Dilutive effect of share-based compensation awards (in shares) | 343,000 | 449,000 | 0 | 319,000 | ||||
Diluted weighted average shares outstanding (in shares) | 42,065,000 | 42,915,000 | 41,875,000 | 42,881,000 | ||||
Basic (loss) earnings per common share (in dollars per share) | $ 0.04 | $ 0.28 | $ (0.24) | $ 0.89 | ||||
Diluted (loss) earnings per common share (in dollars per share) | $ 0.04 | $ 0.28 | $ (0.24) | $ 0.88 | ||||
Non-vested shares (in shares) | 478,587 | 789,652 | 478,587 | 789,652 |